Document:

EX-10.15

 Exhibit 10.15 

EXECUTION VERSION 
 THIRD
AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 
 Dated January 8, 2018 

by and among 
 TENCENT
MUSIC ENTERTAINMENT GROUP 

(腾讯音乐娱乐集团), 

PARTIES LISTED ON SCHEDULE A, 

XIE GUOMIN, 
 XIE
ZHENYU, 
 and 

OTHER PERSON WHO BECOMES A PARTY BY EXECUTING JOINDER AGREEMENT 

 THIRD AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

THIS THIRD AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this “Agreement”) is made on January 8, 2018 by and
among: 
 (a) Tencent Music Entertainment Group
(腾讯音乐娱乐集团), an exempted company incorporated under the Laws of the
Cayman Islands (the “Company”), 
 (b) parties listed on Schedule A (collectively, the
“Shareholders”, and each a “Shareholder”), 
 (c) Mr. Xie Guomin, a PRC citizen
with his identification card number being 350627197309240534 (“Xie Guomin”), 
 (d) Mr. Xie Zhenyu, a PRC
citizen with his identification card number being 440104197407271019 (“Xie Zhenyu”), and 
 (e) any other person who
becomes a party hereto by executing the Joinder Agreement. 
 RECITALS 

 

	A.	The Company, the Shareholders, Xie Guomin, Xie Zhenyu and certain other parties thereto have entered into the Second Amended and Restated Shareholders Agreement on December 8, 2017 (the “Prior
Agreement”). 

  

	B.	Prior to or substantially concurrently with the signing of this Agreement, the Board of the Company has approved the issuance of a certain number of ordinary shares, par value $0.000083 each, of the Company (the
“Ordinary Shares”) pursuant to one or more share subscription agreements (the “Subscription Agreements”) to be entered into by and between the Company and the purchasers thereunder. 

 

	C.	The parties hereto desire to amend and restate in its entirety the Prior Agreement by entering into this Agreement with respect to the rights and obligations between and among the Company and its shareholders.

 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 AGREEMENT

  

	 	1.	DEFINITIONS 

 For purposes of this Agreement the following terms have the
following meanings: 
 “2014 ESOP” means the 2014 share incentive plan of the Company approved by the Board, under
which 116,400,000 Ordinary Shares were originally reserved, among which 11,640,000 reserved Ordinary Shares had been canceled as of July 12, 2016.  

 “ADRs” means American Depositary Receipts representing the right to
receive Ordinary Shares. 
 “ADSs” means American Depositary Shares representing the right to receive Ordinary
Shares. 
 “Affiliate” means, (i) with respect to a person that is a natural person, such person’s
relatives and any other person (other than natural persons) directly or indirectly Controlled by such person, and (ii) with respect to a person that is not a natural person, a person that directly, or indirectly through one or more
intermediaries, Controls, or is Controlled by, or is under common Control with, such person. For the purposes of this definition, “relative” of a person means such person’s spouse, parent, grandparent, child, grandchild, sibling,
uncle, aunt, nephew, niece or great-grandparent or the spouse of such person’s child, grandchild, sibling, uncle, aunt, nephew or niece. Notwithstanding the foregoing, for purposes of this Agreement, no Shareholder shall be deemed an Affiliate
of any other Shareholder solely by reason of the existence of any rights or obligations under this Agreement or holding of the Company Securities by such Shareholder and any other Shareholder. 

“Agreement” has the meaning ascribed to it in the preamble. 

“Amended Control Documents” has the meaning ascribed to it in Section 10.3 (Control
Documents). 
 “Arbitration Notice” has the meaning ascribed to it in Section 11.4
(Governing Law and Dispute Resolution). 
 “Articles” means the Memorandum and Articles of Association of the
Company as the same may be amended from time to time. 
 “Anti-Dilution Issuance Shares” has the meaning ascribed to
it in Section 11.20 (Release of Obligations). 
 “Anti-Dilution Issuance to
Tencent” has the meaning ascribed to it in Section 11.20 (Release of Obligations). 

“Available For Sale Target Shares” has the meaning ascribed to it in Section 4.7 (Non-Exercise of Right). 
 “Board” means the board of directors of the
Company. 
 “Business Day” means a day (other than a Saturday or a Sunday) that the banks in New York, London, Hong
Kong, the PRC or the Cayman Islands are generally open for business. 
 “Cap Table” has the meaning ascribed to it
in Section 11.20 (Release of Obligations). 
 “CIFH” means PAGAC Music Holding II
Limited, an exempted company incorporated under the Laws of the Cayman Islands. 
 “Company” has the meaning
ascribed to it in the preamble. 

  
 -3- 

 “Company GC” has the meaning ascribed to it in
Section 8.8 (Management). 
 “Company Securities” means any share, share capital,
registered capital, ownership interest, partnership interest, equity interest, joint venture or other ownership interest of the Company, or any option, warrant, or right to subscribe for, acquire or purchase any of the foregoing, or any other
security or instrument convertible into or exercisable or exchangeable for any of the foregoing, or any equity appreciation, phantom equity, equity plan or similar right with respect to the Company, or any contract of any kind for the purchase or
acquisition from the Company of any of the foregoing, either directly or indirectly. 
 “Confidential Information”
has the meaning ascribed to it in Section 11.12 (Confidentiality). 
 “Control”
means the possession, direct or indirect, of the power to direct, or cause the direction of, the management and policies of a person, whether through the ownership of voting securities, by contract or otherwise. 

“Control Documents” means a series of agreements and documents entered into by and between any wholly-owned PRC
Subsidiary of the Company and VIE Affiliates and their shareholders, through which such wholly-owned PRC Subsidiary has acquired the Control and is able to consolidate the financial statements of such VIE Affiliates. 

“Core Business” includes: 

(i) provision of digital music service; 

(ii) production and sales of digital music devices; 

(iii) provision of online and offline music show service and other performance; 

(iv) production and promotion of music content; 

(v) operation of music-related licensing business; 

(vi) other music-related business; 

(vii) operation, research and development of online gaming and commercial advertisement; and 

(viii) other business as approved by the Board. 

“Co-Sale Notice” has the meaning ascribed to it in
Section 5.1 (Right of Co-Sale). 
 “Disclosed Issuance
Obligation” means the following: 
 (i) 104,760,000 Ordinary Shares issued or issuable as of July 12, 2016 to
qualified employees of the Company pursuant to the 2014 ESOP, or any options to purchase such shares; and 
 (ii) the issuance of
Ordinary Shares in connection with the acquisition of 彩虹世纪(北京)
文化传媒有限公司 as contemplated by the form of share purchase agreement
attached to the loan agreement entered into between Ocean Interactive (Beijing) Technology Co., Ltd. and 彩虹世纪 (北京) 文化传媒有限公司 on February 20, 2014, which issuance has been completed as of
the date of this Agreement. 

  
 -4- 

 “Disclosing Party” has the meaning ascribed to it in
Section 11.12 (Confidentiality). 
 “Disposition Notice” has the meaning ascribed
to it in Section 4.6 (Exercise of Right of First Refusal). 
 “Dispute” has the
meaning ascribed to it in Section 11.4 (Governing Law and Dispute Resolution). 
 “Drag-Along
Right” has the meaning ascribed to it in Section 7.1 (Grant of Drag-Along Right). 

“ESOP” means collectively, the 2014 ESOP, the 2017 Share Option Plan approved by the Board under which the maximum
aggregate number of Ordinary Shares available for exercise of the options to be granted thereunder is 34,826,662 Ordinary Shares (including awards of up to 8,055,153 Ordinary Shares that had not been granted under the 2014 ESOP and have been granted
under the 2017 Share Option Plan) and the 2017 Restricted Share Award Scheme approved by the Board under which the maximum aggregate number of Ordinary Shares which may be issued pursuant to all awards of restricted shares to be granted thereunder
is 40,157,263 Ordinary Shares (including awards of up to 12,637,194 Ordinary Shares reserved for issuance under the Tencent ESOP).  

“Exchange Act” has the meaning ascribed to it in Section 2.9(a) (Indemnification).

 “Excluded Related Party Transaction” has the meaning ascribed to it in Section 8.10
(Related Party Transactions). 
 “Existing Shareholders” means the holders of Ordinary Shares of the Company
as of December 8, 2017. 
 “First Participation Notice” has the meaning ascribed to it in
Section 3.2(a) (First Participation Notice). 
 “Form
F-3” or “Form S-3” means such form under the Securities Act as in effect on the date hereof or any successor form under the
Securities Act. 
 “Form F-4” or “Form S-4” means such form under the Securities Act as in effect on the date hereof or any successor form under the Securities Act. 

“Fully-Exercising ROFR Shareholder” has the meaning ascribed to it in Section 4.6
(Exercise of Right of First Refusal). 
 “GMHL” means Guomin Holdings Limited, a company limited by shares
incorporated under the Laws of the British Virgin Islands. 
 “Group Companies” means the Company and the
entities whose financial results are consolidated with those of the Company in accordance with US GAAP, and each, a “Group Company”. 

  
 -5- 

 “Holder” means any Shareholder holding Registrable Securities or any
assignee thereof in accordance with Section 2.10 (Assignment of Registration Rights). 

“HKIAC” has the meaning ascribed to it in Section 11.4 (Governing Law and Dispute
Resolution). 
 “HKIAC Rules” has the meaning ascribed to it in Section 11.4
(Governing Law and Dispute Resolution). 
 “Hong Kong” means the Hong Kong Special Administrative Region of
the People’s Republic of China. 
 “IFRS” means the International Financial Reporting Standards. 

“Initiating Holders” has the meaning ascribed to it in Section 2.1(b) (Demand
Registration). 
 “IPO” has the meaning ascribed to it in Section 10.4 (IPO).

 “Issuance Obligation” has the meaning ascribed to it in Section 11.20 (Release of
Obligations). 
 “July 2016 SHA” has the meaning ascribed to it in Section 11.3
(Entire Agreement). 
 “Key Management” means Xie Zhenyu and Xie Guomin. 

“Kugou” means Guangzhou Kugou Computer Technology Co., Ltd.
(广州酷狗计算机科技有限公司). 

“Largest Financial Investor” has the meaning ascribed to it in Section 8.2 (Election of
Directors). 
 “Law” means any law, rule, constitution, code, ordinance, statute, treaty, decree, regulation,
common law, order, official policy, circular, provision, administrative order, interpretation, injunction, judgment, ruling, assessment, writ or other legislative measure, in each case of any governmental authority. 

“Lechang” means Guangzhou Lechang Software Technology Co., Ltd. (广州乐畅软件科技有限公司), a company incorporated under the
laws of the PRC. 
 “Lechang Spinoff” means a series of transactions that contemplate: (i) the transfer
of Lechang to Beijing Quku Technology Co., Ltd.
(北京趣酷科技有限公司) (“Quku”); (ii) the
joint ownership in Quku by (A) Beijing Quxing Tianxia Technology Co., Ltd. (北京趣行天下科技有限公司 (“Quxing”)), (B) a holding entity (“Entity A”) to be jointly owned by the Shareholders or their respective nominees and (C) certain other
persons, with Quxing and Entity A collectively owning 75.5% of Quku; and (iii) the subscription by the Shareholders or their respective nominees for, and the issuance by Entity A to the Shareholders or their respective nominees, the equity
interests in Entity A on a pro rata basis in proportion to the Shareholders’ equity interests in the issued and outstanding share capital of the Company immediately after the Tencent Closing. 

  
 -6- 

 “Lock-up Period” has the meaning
ascribed to it in Section 2.13 (“Market Stand-Off” Agreement). 

“March 2016 SHA” has the meaning ascribed to it in Section 11.3 (Entire Agreement).

 “Material Adverse Effect” means, with respect to the Company, any change, event, or effect that is materially
adverse to the business, operations, assets, liabilities, financial condition, results of operations or prospects of that person and its Subsidiaries taken as a whole. 

“Music Fund” means an investment fund formed for the purpose of making investments in music content businesses, whose
limited partners include (i) Tencent or its Affiliates and (ii) the Company or another Group Company. Notwithstanding the definition of Affiliates, the parties agree that for purposes of this definition of “Music Fund”,
Affiliates of Tencent shall exclude the Group Companies or any of the Group Companies’ Controlled Affiliates. 
 “New
Securities” means any share, share capital, registered capital, ownership interest, partnership interest, equity interest, joint venture or other ownership interest of the Company, or any option, warrant, or right to subscribe for,
acquire or purchase any of the foregoing, or any other security or instrument convertible into or exercisable or exchangeable for any of the foregoing, or any equity appreciation, phantom equity, equity plan or similar right with respect to the
Company, or any contract of any kind for the purchase or acquisition from the Company of any of the foregoing, either directly or indirectly, provided, however, that the term “New Securities” does not include:

  

	 	(i)	104,760,000 Ordinary Shares issued or issuable to qualified employees of the Company pursuant to the 2014 ESOP, or any options to purchase such shares; 

 

	 	(ii)	any other Company Securities issued or to be issued under the ESOP; 

  

	 	(iii)	any securities issued in connection with any share dividend, distribution, share split, share consolidation, or other similar event in which the Shareholders are otherwise entitled to participate; 

 

	 	(iv)	any shares issued upon exercise of options, warrants or other types of awards as approved by the Board; 

  

	 	(v)	any shares issued pursuant to the QIPO; 

  

	 	(vi)	any securities of the Company issued or issuable pursuant to the Issuance Obligation; 

  

	 	(vii)	any Anti-Dilution Issuance Shares or any securities of the Company issued or issuable pursuant to the Anti-Dilution Issuance to Tencent; 

  
 -7- 

	 	(viii)	any shares reserved and issuable to any Shareholder, if applicable, pursuant to its exercise of right of participation under the Prior SHAs in relation to the transactions contemplated under the Tencent Subscription
Agreement; 

  

	 	(ix)	any shares issued under the R2G Agreement (provided that, if any shares are issued under this clause (ix), CIFH shall have returned an equivalent number of Ordinary Shares to the Company); 

 

	 	(x)	up to 69,844,564 Ordinary Shares issued or issuable to investors other than Existing Shareholders and the Ordinary Shares issued or issuable pursuant to the Spotify Subscription Agreement; and 

 

	 	(xi)	any securities of the Company issued pursuant to the acquisition of another corporation or entity by the Company by consolidation, merger, purchase of assets, or other reorganization in a single transaction or series of
related transactions, in each case, duly approved in accordance with Section 10.2(b) (Protective Provisions). 

“Non-Disclosing Party” has the meaning ascribed to it in
Section 11.12 (Confidentiality). 
 “Non-Tencent
Shareholders” has the meaning ascribed to it in Section 8.2(b) (Election of Directors). 

“Non-Transferring Shareholders” has the meaning ascribed to it in
Section 4.6 (Exercise of Right of First Refusal). 
 “Ordinary Shares” has the
meaning ascribed to it in the Recitals. 
 “Overallotment Notice” has the meaning ascribed to it in
Section 4.6 (Exercise of Right of First Refusal). 
 “Participation Pro Rata Share”
of any Shareholder means, the ratio of (a) the number of Ordinary Shares held by such Shareholder, to (b) the total number of Ordinary Shares then outstanding and held by all Shareholders immediately prior to the issuance of New Securities
giving rise to the Right of Participation. 
 “PRC” means the People’s Republic of China and for purposes of
this Agreement, excludes Hong Kong, Macao Special Administrative Region and Taiwan. 
 “Preemptive Right
Participants” has the meaning ascribed to it in Section 3.2(b) (Second Participation Notice; Oversubscription). 

“Prior Agreement” has the meaning ascribed to it in the preamble. 

“Prior SHAs” has the meaning ascribed to it in Section 11.3 (Entire Agreement). 

“Prospective Transferee” has the meaning ascribed to it in Section 4.6 (Exercise of Right
of First Refusal). 

  
 -8- 

 “Qualified Transfer” has the meaning ascribed to it in
Section 4.2(a) (Key Management Lock-up). 

“QIPO” means a firm underwritten public offering of the Ordinary Shares or any equity securities in any of the
Company’s Subsidiaries in the U.S., pursuant to an effective registration statement under the Securities Act, or in a similar public offering of the Ordinary Shares or any equity securities in any of the Company’s Subsidiaries in another
jurisdiction which results in such shares trading publicly on the Hong Kong Stock Exchange, New York Stock Exchange, NASDAQ Stock Market, A-Share Market or such other stock exchange approved by the Board
(each, a “Qualified Stock Exchange”) where the Company meets the listing requirements of such Qualified Stock Exchange, and which, in each case, has an offering price per share that results in a post-money valuation of the
Company at a minimum of US$6 billion on a fully diluted basis upon the consummation of the public offering. 
 “Related
Party” means any shareholder, officer or director of a Group Company, or any Affiliate of any such person or of any Group Company, except for any other Group Company. Notwithstanding the definition of Affiliates, the parties agree that
for purposes of this definition of “Related Party”, Affiliates of Tencent shall exclude the Group Companies or any of the Group Companies’ Controlled Affiliates. 

“Related Party Transaction” means a transaction between any Group Company, on the one hand, and any Related Party, on
the other hand; provided that the following transactions shall not be considered as Related Party Transaction for purposes of this Agreement: (i) any co-investment transaction by a Group Company
and a Related Party in a third party; and (ii) any issuance of Company Securities to any Related Party in compliance with the provisions of this Agreement. 

“Released Parties” has the meaning ascribed to it in Section 11.20 (Release of
Obligations). 
 “Releasing Parties” has the meaning ascribed to it in Section 11.20
(Release of Obligations). 
 “Replacement Nominee” has the meaning ascribed to it in
Section 8.4 (Vacancies). 
 “R2G Agreement” means the amended and restated share
purchase and exchange agreement dated as of October 30, 2013, by and among R2G Limited, certain of its shareholders and the Company, as amended, supplemented, or otherwise modified from time to time. 

“register,” “registered,” and “registration” refer to a registration
effected by preparing and filing a registration statement or similar document in compliance with the Securities Act (or other applicable securities regulations, as the case may be) and the declaration or ordering of effectiveness of such
registration statement or document. 
 “Registrable Securities” means any Ordinary Shares held by any Shareholder
including any Ordinary Shares issued as (or issuable upon the exchange, conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution; provided, however, that the foregoing
definition shall exclude in all cases any Registrable Securities sold by a person in a transaction in which his or her rights under this Agreement are not assigned. Notwithstanding the foregoing, Ordinary Shares or other securities shall only be
treated as Registrable Securities if and so long as they have not been (A) sold to or through a broker or dealer or underwriter in a public distribution or a public securities transaction, (B) sold in a transaction exempt from the
registration and prospectus delivery requirements of the Securities Act under Section 4(1) thereof or analogous rule of another jurisdiction so that all transfer restrictions, and restrictive legends with respect thereto, if any, are removed
upon the consummation of such sale, or (C) sold pursuant to Rule 144 promulgated under the Securities Act or analogous rule of another jurisdiction. Reference to Registrable Securities in this Agreement shall include ADRs or ADSs representing
such Registrable Securities. 

  
 -9- 

 The number of shares of “Registrable Securities then outstanding” shall
be determined by the number of Ordinary Shares outstanding which are, and the number of Ordinary Shares issuable pursuant to then exchangeable, exercisable or convertible securities which are, Registrable Securities. 

“Restricted Person” means each person listed on Schedule B hereto and each of their respective Affiliates and
any entity that a Restricted Person or any of its Affiliates directly or indirectly holds or beneficially owns at least twenty percent (20%) in ownership interest, registered capital, voting power or the decision-making power, whether though
contractual arrangements or otherwise. 
 “Right of First Refusal” has the meaning ascribed to it in
Section 4.5 (Grant of Right of First Refusal). 
 “Right of Participation” means
the pre-emptive right of each Shareholder under Section 3 (Right of Participation) to purchase such Shareholder’s Participation Pro Rata Share of all (or any part) of any New Securities that the
Company may from time to time issue after the date hereof. 
 “ROFR First Response Period” has the meaning ascribed
to it in Section 4.6 (Exercise of Right of First Refusal). 
 “ROFR Pro Rata
Portion” has the meaning ascribed to it in Section 4.6 (Exercise of Right of First Refusal). 

“ROFR Second Response Period” has the meaning ascribed to it in Section 4.6 (Exercise of
Right of First Refusal). 
 “Sale Notice” has the meaning ascribed to it in
Section 7.1 (Grant of Drag-Along Right). 
 “SEC” means the United States
Securities and Exchange Commission. 
 “Second Largest Financial Investor” has the meaning ascribed to it in
Section 8.2 (Election of Directors). 
 “Second Participation Notice” has the
meaning ascribed to it in Section 3.2(b) (Second Participation Notice; Oversubscription). 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and any successor statute. 

  
 -10- 

 “Selection Period” has the meaning ascribed to it in
Section 11.4 (Governing Law and Dispute Resolution). 
 “Shareholder” and
“Shareholders” has the meaning ascribed to it in the preamble. 
 “Shareholder
Representative” has the meaning ascribed to it Section 8.11 (Enforcement of Tencent Transaction Documents). 

“Shortened Lock-up Triggering Event” has the meaning ascribed to it in
Section 4.2(a) (Key Management Lock-up). 
 “Spotify
Investor Agreement” means that certain Investor Agreement dated December 15, 2017 by and among the Company, Spotify AB, Spotify Technology S.A. and Tencent Holdings Limited. 

“Spotify Investor” has the meaning ascribed to “Investor” in the Spotify Investor Agreement. 

“Spotify Subscription Agreement” means that certain Subscription Agreement, dated December 8, 2017, by and among
the Company, Tencent Music Entertainment Hong Kong Limited, Spotify Technology S.A. and Spotify AB. 
 “Subscription
Agreements” has the meaning ascribed to it in the recitals. 
 “Subsidiary” means, with respect to any
given person, any person of which the given person directly or indirectly Controls. 
 “Target Shares” has the
meaning ascribed to it in Section 4.6 (Exercise of Right of First Refusal). 

“Tencent” means Min River Investment Limited, a company incorporated under the laws of the British Virgin Islands.

 “Tencent Closing” has the same meaning as ascribed to the definition of “Closing” in the Tencent
Subscription Agreement. 
 “Tencent Closing Date” has the same meaning as ascribed to the definition of
“Closing Date” in the Tencent Subscription Agreement. 
 “Tencent Directors” has the meaning ascribed to
it in Section 8.2 (Election of Directors). 
 “Tencent ESOP” means the equity
incentive, purchase or participation plan, employee stock option plan or similar plan of the Company approved by the Board, under which 12,637,194 Ordinary Shares have been issued or reserved for issuance. 

“Tencent GC” has the meaning ascribed to it in Section 8.8 (Management). 

“Tencent Subscription Agreement” means that certain Share Subscription Agreement, dated July 12, 2016, by and
among the Company, Tencent and certain other parties thereto. 

  
 -11- 

 “Tencent Transaction Documents” has the meaning ascribed to the term
“Transaction Documents” in the Tencent Subscription Agreement. 
 “Territory” means the People’s
Republic of China, excluding Hong Kong, the Macao Special Administrative Region and Taiwan. 
 “Trade Sale” means
(i) a sale, lease, transfer or other disposition of all or substantially all of the assets of the Group Companies as a whole, (ii) an exclusive licensing out of all or substantially all of the Intellectual Property of the Group Companies
as a whole, (iii) any transaction (or a series of related transactions) in which a majority of the Company’s voting power or a majority of the voting power of any material Subsidiary of the Company is transferred to a third party (or
multiple third parties) or to Tencent or its Affiliates (whether by share transfer or share issuance), or (iv) a merger, consolidation or other business combination of the Company or any material Subsidiary of the Company with or into any other
person. 
 “Transaction Documents” means the Subscription Agreements, the Spotify Subscription Agreement, this
Agreement, the Articles, and any other agreement, document or instrument required to be executed and delivered in connection with the transactions contemplated by the Subscription Agreements and the Spotify Subscription Agreement. 

“Transfer” means, with respect to any Company Securities, (i) when used as a verb, to sell, assign, dispose of,
exchange, pledge, encumber, hypothecate or otherwise transfer such Company Securities or any participation or interest therein, whether directly or indirectly (including pursuant to a derivative transaction or a transfer or new issuance of ownership
interests in a direct or indirect holder of such Company Securities), or agree or commit to do any of the foregoing and (ii) when used as a noun, a direct or indirect sale, assignment, disposition, exchange, pledge, encumbrance, hypothecation,
or other transfer of such Company Securities or any participation or interest therein or any agreement or commitment to do any of the foregoing. 

“Transferring Shareholder” has the meaning ascribed to it in Section 4.6 (Exercise of
Right of First Refusal). 
 “US GAAP” means the generally accepted accounting principles and practices in the
United States as in effect from time to time. 
 “VIE Affiliate” means each of Beijing Kuwo Technology Co., Ltd. (北京酷我科技有限公司) and Kugou, collectively, the “VIE
Affiliates”. 
 “Violation” has the meaning ascribed to it in
Section 2.9(a) (Indemnification). 
 “Xie Guomin” has the meaning ascribed to it in
the preamble. 
 “Xie Zhenyu” has the meaning ascribed to it in the preamble. 

“2013 SHA” has the meaning ascribed to it in Section 11.3 (Entire Agreement). 

“2014 SHA” has the meaning ascribed to it in Section 11.3 (Entire Agreement). 

  
 -12- 

	 	2.	REGISTRATION RIGHTS 

  

	 	2.1	Demand Registration. 

 (a) If the Company receives, upon the expiration of six
(6) months after the effective date of a QIPO, a written request from Holders of at least thirty percent (30%) of the Registrable Securities then outstanding, then the Company shall, within thirty (30) days after the receipt thereof, give
a written notice of such request to all Holders and shall, subject to the limitations of Section 2.1(b) (Demand Registration), use its best efforts to effect as soon as practicable, the registration under the
Securities Act of all Registrable Securities which the Holders request to be registered within twenty (20) days after the mailing of such notice by the Company. Registrations under this Section 2.1 (Demand
Registration) shall be on such appropriate registration form of the SEC or other governmental entity as shall be selected by the Company and shall permit the disposition of such Registrable Securities in accordance with the intended method or
methods of disposition specified in the request for such registration. 
 (b) If the Holders initiating the registration request under this
Section 2.1 (Demand Registration) (the “Initiating Holders”) intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the
Company as a part of their request made pursuant to this Section 2.1 (Demand Registration) and the Company shall include such information in the written notice referred to in Section 2.1(a)
(Demand Registration). The underwriter will be selected by the Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include its Registrable Securities in
such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the
Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in Section 2.4(e)
(Obligations of the Company)) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of this Section 2.1
(Demand Registration), if the underwriter advises the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of the
Registrable Securities which would otherwise be underwritten pursuant hereto, and the amount of Registrable Securities that may be included in the underwriting shall be allocated among all Holders thereof, including the Initiating Holders, in
proportion (as nearly as practicable) to the amount of Registrable Securities of the Company held by each Holder; provided, however, that in each case the amount of Registrable Securities to be included in such underwriting shall not
be reduced unless all securities other than Registrable Securities are first entirely excluded from the underwriting; and provided, further, that in the case of registration pursuant to Section 2.1(a)
(Demand Registration), that if the reduction reduces the total amount of Registrable Securities included in such underwriting to less than thirty percent (30%) of the Registrable Securities initially requested for registration by the
Initiating Holders, such offering shall not be counted as a registration for the purpose of subsection (d)(i). 
 (c) Notwithstanding the
foregoing, if the Company furnishes to the Initiating Holders a certificate signed by the president or chief executive officer of the Company stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and
its shareholders for such registration statement to be filed and it is therefore essential to defer the filing of such registration statement, the Company shall have the right to defer such filing for a period of not more than one hundred and twenty
(120) days after receipt of the request from the Initiating Holders; provided, however, that the Company may not utilize this right more than twice in any twelve (12) month period. 

  
 -13- 

 (d) In addition to and without prejudice to Section 2.14
(Termination of Registration Rights), the Company shall not be obligated to effect, or take any action to effect, any registration pursuant to this Section 2.1 (Demand Registration): 

(i) after the Company has effected two (2) registrations pursuant to Section 2.1(a) (Demand
Registration) (with ADRs or ADSs and their underlying Ordinary Shares constituting a single registration) and such registrations (x) have been declared or ordered effective, or (y) have been closed or withdrawn at the request of the
Initiating Holders (other than as a result of a Material Adverse Effect); 
 (ii) during the period commencing on the date sixty
(60) days prior to the date of filing (as estimated by the Company in good faith) of, and ending on the date one hundred and eighty (180) days after the effective date of (subject to such extension as provided in
Section 2.13 (“Market Stand-Off” Agreement)), a registration subject to Section 2.2 (Company Registration) (other than a registration
relating solely to the sale of securities to participants in a Company share plan, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale
of the Registrable Securities, or a registration in which the only Ordinary Shares being registered are Ordinary Shares issuable upon conversion of debt securities that are also being registered or an SEC Rule 145 transaction); provided that
the Company uses its reasonable best efforts to cause such registration statement under Section 2.2 (Company Registration) to become effective; or 

(iii) if the Initiating Holders propose to dispose of Registrable Securities that may be immediately registered on Form F-3 or Form S-3 (or any successor form that provides for short-form registration), as the case may be. 

2.2 Company Registration. If (but without any obligation to do so) the Company proposes to register (including, for this purpose, a
registration effected by the Company for Shareholders other than the Holders) any of its securities under the Securities Act (or such applicable securities laws, as the case may be), in connection with the public offering of such securities solely
for cash (other than a registration relating solely to the sale of securities to participants in a Company share plan, an offering or sale of securities pursuant to a registration statement on Form F-4 or Form
S-4 (or any successor form), as the case may be, a registration in which the only shares being registered are Ordinary Shares issuable upon conversion of debt securities which are also being registered, a
registration of securities in a transaction under Rule 145 promulgated under the Securities Act, or in any registration on any form which does not include substantially the same information as would be required to be included in a registration
statement covering the sale of the Registrable Securities), the Company shall, at such time, promptly give each Holder a written notice of such registration. Upon the written request of any Holder given within twenty (20) days after mailing of
such notice by the Company, the Company shall, subject to the provisions of Section 2.7 (Underwriting Requirements), cause to be registered under the Securities Act the Registrable Securities that each such Holder
has requested to be registered. For the avoidance of doubt, registration pursuant to this Section 2.2 (Company Registration) shall not be deemed to be a demand registration as described in
Section 2.1 (Demand Registration) above. There shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 2.2 (Company
Registration). 

  
 -14- 

 2.3 Form F-3 or
S-3 Registration. In case the Company receives from Holders of at least thirty percent (30%) of the Registrable Securities then outstanding, a written request or requests that the Company effect a
registration on Form F-3 or Form S-3, as the case may be, and any related qualification or compliance with respect to all or a part of the Registrable Securities held by
such Holders, as the case may be, the Company shall: 
 (a) promptly give a written notice of the proposed registration, and any related
qualification or compliance, to all other Holders; and 
 (b) as soon as practicable, effect such registration and all such qualifications
and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders’ Registrable Securities as are specified in such request, together with all or such portion of the
Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company; provided, however, that the
Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 2.3 (Form F-3 or S-3
Registration): 
 (i) if Form F-3 or Form S-3, as the
case may be, is not available for such offering by the Holder(s); 
 (ii) if the Holder(s), together with the holders of any other
securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate offering price to the public (before any underwriters’ discounts or commissions) of
less than one million U.S. dollars (US$1,000,000); 
 (iii) if the Company furnishes to the Holder(s) a certificate signed by the president
or chief executive officer of the Company stating that, in the good faith judgment of the Board, it would be seriously detrimental to the Company and its shareholders for such registration on Form F-3 or Form S-3 (as the case may be) to be effected at such time, the Company shall have the right to defer the filing of the registration statement on Form F-3 or Form S-3 (as the case may be) for a period of not more than sixty (60) days after receipt of the request of the Holder or Holders under this Section 2.3 (Form F-3 or S-3 Registration); provided, however, that the Company shall not utilize this right more than twice in any twelve (12) month period; 

(iv) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to
service of process in effecting such registration, qualification or compliance; or 
 (v) during the period ending on the date one hundred
and eighty (180) days after the effective date of a registration statement subject to Section 2.2(Company Registration), which period may be extended pursuant to Section 2.13
(“Market Stand-Off” Agreement). 

  
 -15- 

 (c) Subject to the foregoing, the Company shall file a registration statement covering the
Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. Registrations effected pursuant to this Section 2.3 (Form F-3 or S-3 Registration) shall not be counted as demands for registration or registrations effected pursuant to Sections 2.1 (Demand Registration) or
2.2 (Company Registration). 
 2.4 Obligations of the Company. Whenever required under this
Section 2 (Registration Rights) to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) prepare and file with the SEC (or such other governmental authorities, as the case may be) a registration statement with respect to such
Registrable Securities and use its best efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement
effective for up to one hundred and twenty (120) days; 
 (b) prepare and file with the SEC (or such other governmental authorities,
as the case may be) such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act (or such other
applicable securities laws, as the case may be) with respect to the disposition of all securities covered by such registration statement for up to one hundred and twenty (120) days; 

(c) furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of
the Securities Act (or such other applicable securities laws, as the case may be), and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities held by them; 

(d) use its reasonable best efforts to register and qualify the securities covered by such registration statement under such other securities
or blue sky laws of such jurisdictions as may be reasonably requested by the Holders; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions; 
 (e) in the event of any underwritten public offering, enter
into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering, and each Holder participating in such underwriting shall also enter into and perform its obligations under
such agreement; 
 (f) notify each Holder of the Registrable Securities covered by such registration statement at any time when a
prospectus relating thereto is required to be delivered under the Securities Act (or such other applicable securities laws, as the case may be) of the occurrence of any event as a result of which the prospectus included in such registration
statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances then existing, not misleading;
such obligation shall continue until the earlier of (i) the sale of all Registrable Securities registered pursuant to the registration statement of which such prospectus forms a part, or (ii) withdrawal of such registration statement; 

  
 -16- 

 (g) cause all such Registrable Securities registered pursuant to this Agreement to be listed on
each securities exchange on which similar securities issued by the Company are then listed; 
 (h) provide a transfer agent and registrar
for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case no later than the effective date of such registration; and 

(i) use its reasonable best efforts to furnish, at the request of any Holder requesting registration of the Registrable Securities pursuant
to this Section 2 (Registration Rights), on the date such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 2
(Registration Rights), if such securities are being sold through underwriters, or on the date the registration statement with respect to such securities becomes effective, if such securities are not being sold through underwriters,
(i) an opinion, dated such date, from the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters,
if any, and to the Holders requesting registration of the Registrable Securities; and (ii) a letter dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders requesting registration of the Registrable Securities. 

2.5 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this
Section 2 (Registration Rights) with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it,
and the intended method of disposition of such securities as shall be required to effect the registration of such Holder’s Registrable Securities. The Company shall have no obligation with respect to any registration requested pursuant to
Sections 2.1 (Demand Registration) and 2.3 (Form F-3 or S-3 Registration) if, as a result of the application of the preceding sentence, the number
of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration fails to reach or exceed the number of shares or the anticipated aggregate offering price originally required to trigger the
Company’s obligation to initiate such registration as specified in Sections 2.1(a) (Demand Registration) or 2.3(b)(ii) (Form F-3 or S-3
Registration), whichever is applicable. 
 2.6 Expenses of Registration. 

(a) Expenses of Demand Registration. All expenses (other than underwriting discounts and commissions and such underwriting expenses to
be borne by the underwriters and stock transfer taxes) incurred in connection with registrations, filings or qualifications pursuant to Section 2.1 (Demand Registration), including all registration, filing and
qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of counsel for the selling Holders shall be borne by the Company; provided, however,
that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 2.1 (Demand Registration) if the registration request is subsequently withdrawn at the request
of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses pro rata based on their Registrable Securities included in such registration), unless the Holders of a
majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 2.1 (Demand Registration). 

  
 -17- 

 (b) Expenses of Company Registration. All expenses (other than underwriting discounts and
commissions and such underwriting expenses to be borne by the underwriters) incurred in connection with registrations, filings or qualifications of Registrable Securities pursuant to Section 2.2 (Company
Registration) for each Holder (which right may be assigned as provided in Section 2.10 (Assignment of Registration Rights)), including all registration, filing, and qualification fees, printers’ and
accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of counsel for the selling Holder or Holders shall be borne by the Company. 

(c) Expenses of Registration on Form F-3 or Form S-3.
All expenses (other than underwriting discounts and commissions and such underwriting expenses to be borne by the underwriters) incurred in connection with registrations requested pursuant to Section 2.3 (Form F-3 or S-3 Registration), including all registration, filing, qualification, printers’ and legal and accounting fees, fees and disbursements of counsel for the
Company and the reasonable fees and disbursements of counsel for the selling Holders shall be borne by the Company. 
 2.7 Underwriting
Requirements. If a registration statement for which the Company gives a notice pursuant to Section 2.2 (Company Registration) is for an underwritten offering, then the Company shall so advise the Holders of
Registrable Securities as part of such written notice. In such event, the right of any Holder to include its Registrable Securities in a registration pursuant to Section 2.2 (Company Registration) shall be
conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities
through such underwriting shall (together with the Company and the other holders of securities of the Company whose securities are to be included in such registration and underwriting) enter into an underwriting agreement in customary form with the
managing underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of this Agreement, if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation on the number of shares
to be underwritten, then the managing underwriter(s) may exclude shares (including Registrable Securities) from the registration and the underwriting, and the number of shares that may be included in the registration and the underwriting shall be
allocated (i) first, to the Company, (ii) second, to each of the Holders requesting inclusion of their Registrable Securities in such registration statement on a pro rata basis based upon the total number of Registrable Securities then
held by each such Holder; provided, however, that no exclusion of such Holders’ Registrable Securities shall be made unless all other Shareholders’ securities are first excluded; and provided, further, that in
any underwriting that is not in connection with the Company’s initial public offering, the amount of Registrable Securities included in the offering shall not be reduced below twenty percent (20%) of the Registrable Securities requested to be
included in such offering, and (iii) third, to the other Shareholders. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter at least
thirty (30) days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder that is a venture capital
fund, partnership or corporation, the affiliated venture capital funds, partners, retired partners and stockholders of such Holder, or the estates and family members of any such partners, stockholders and retired partners and any trusts for the
benefit of any of the foregoing persons shall be deemed to be a single “Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by
all entities and individuals included in such “Holder,” as defined in this sentence. 

  
 -18- 

 2.8 Delay of Registration. No Holder shall have any right to obtain or seek an injunction
restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2 (Registration Rights). 

2.9 Indemnification. In the event any Registrable Securities are included in a registration statement under this
Section 2 (Registration Rights): 
 (a) To the extent permitted by applicable Laws, the Company will
indemnify and hold harmless each Holder, any “underwriter” (as defined in the Securities Act) for such Holder and each person, if any, who Controls such Holder or underwriter within the meaning of the Securities Act or the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or
state law, insofar as such losses, claims, damages, or liabilities (or actions, proceedings or settlements in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (each, a
“Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained in such registration statement
or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged
violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law; and the Company will pay to each such Holder,
underwriter or Controlling person, as incurred, any legal or other expenses reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, damage, liability, or action; provided, however, that
the indemnity agreement contained in this Section 2.9(a) (Indemnification) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without
the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable to any Holder, underwriter or Controlling person for any such loss, claim, damage, liability, or action to the extent that it arises out
of or is based upon a Violation which occurs solely as a result of any written information furnished expressly for use in connection with such registration by such Holder, underwriter or Controlling person. 

  
 -19- 

 (b) To the extent permitted by applicable Laws, each selling Holder will indemnify and hold
harmless the Company, each of its directors, each of its officers who has signed the registration statement, each person, if any, who Controls the Company within the meaning of the Securities Act, any underwriter, any other Holder selling securities
in such registration statement and any Controlling person of any such underwriter or other Holder, against any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons may become subject, under the Securities
Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon any Violation by such Holder, in each case to the extent (and only to the
extent) that such Violation occurs solely as a result of any written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will pay, as incurred, any legal or other expenses reasonably
incurred by any person intended to be indemnified pursuant to this Section 2.9(b) (Indemnification), in connection with investigating, defending or settling any such loss, claim, damage, liability, or action;
provided, however, that the indemnity agreement contained in this Section 2.9(b) (Indemnification) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if
such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld); provided further, that in no event shall any indemnity under this Section 2.9(b)
(Indemnification) exceed the net proceeds from the offering received by such Holder. 
 (c) Promptly after receipt by an indemnified
party under this Section 2.9 (Indemnification) of a notice of the commencement of any action (including any governmental action), such indemnified party shall, if a claim in respect thereof is to be made against any
indemnifying party under this Section 2.9 (Indemnification), deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to
the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party
(together with all other indemnified parties which may be represented without conflict by one counsel) shall have the right to retain one (1) separate counsel, with the reasonable fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such
proceeding. The failure to deliver a written notice to the indemnifying party within a reasonable time after the commencement of any such action, if actually and materially prejudicial to its ability to defend such action, shall relieve such
indemnifying party from any liability to the indemnified party under this Section 2.9 (Indemnification), but the omission to deliver a written notice to the indemnifying party will not relieve the indemnifying party
from any liability that it may have to any indemnified party otherwise than under this Section 2.9 (Indemnification). No indemnifying party, in the defense of any such claim or litigation, shall, except with the
consent of each indemnified party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect of such claim or litigation. 
 (d) If the indemnification provided for in this Section 2.9
(Indemnification) is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the indemnifying party, in lieu of indemnifying
such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations;
provided, however, that in no event shall any contribution by a Holder under this Section 2.9(d) (Indemnification) exceed the net proceeds from the offering received by such Holder. The relative fault
of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 

  
 -20- 

 (e) The obligations of the Company and Holders under this Section 2.9
(Indemnification) shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 2 (Registration Rights). 

2.10 Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this
Section 2 (Registration Rights) may be assigned (but only with all related obligations) by a Holder to (i) any partner or retired partner or affiliated fund of any Holder which is a partnership, (ii) any
member or former member of any Holder which is a limited liability company, (iii) any family member or trust for the benefit of any individual Holder, (iv) any Affiliate of a Holder, or (v) a transferee or assignee who acquires at
least 20% of the shares of Registrable Securities originally purchased by the Holder (as adjusted for any share dividends, combinations, reclassifications or splits with respect to such shares); provided, in each case, that the Company is, within a
reasonable time after such transfer, furnished with a written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned, and, provided further, that the
transferee or assignee of such registration rights assumes in writing the obligations of such Holder under this Section 2 (Registration Rights). For the purposes of determining the amount of Registrable Securities
held by a transferee or assignee, the holdings of transferees and assignees of a business entity who are Affiliates, retired Affiliates of such entity (including spouses and ancestors, lineal descendants and siblings of such Affiliates or Affiliates
who acquire Registrable Securities by gift, will or intestate succession) shall be aggregated together and with the business entity; provided that all assignees and transferees who would not qualify individually for assignment of registration
rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices or taking any action under this
Section 2 (Registration Rights). 
 2.11 Limitations on Subsequent Registration Rights. From and
after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the outstanding Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of
the Company which would allow such holder or prospective holder (a) to include such securities in any registration filed under Section 2.2 (Company Registration), unless under the terms of such agreement, such
holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of its securities will not reduce the amount of the Registrable Securities of the Holders which is included, or (b) to make
a demand registration. 

  
 -21- 

 2.12 Reports under the Exchange Act. With a view to making available to the Holders the
benefits of Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public pursuant to a registration on Form F-3 or Form S-3, as the case may be, or without registration, the Company agrees to: 
 (a) make and keep public
information available, as those terms are understood and defined in Rule 144, at all times after the effective date of the first registration statement filed by the Company for the offering of its securities to the general public so long as the
Company remains subject to the periodic reporting requirements under Sections 13 or 15(d) of the Exchange Act; 
 (b) take such action,
including the voluntary registration of its Ordinary Shares under Section 12 of the Exchange Act, as is necessary to enable the Holders to utilize Form F-3 or Form S-3 (or any successor form that provides for short-form registration), as the case may be, for the sale of their Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal
year in which the first registration statement filed by the Company for the offering of its securities to the general public is declared effective; 

(c) file with the SEC (or such governing authorities, as applicable) in a timely manner all reports and other documents required of the
Company under the Securities Act and the Exchange Act, or other applicable securities regulations; and 
 (d) furnish to any Holder, so
long as accurate and so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after ninety (90) days
after the effective date of the first registration statement filed by the Company), the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose
securities may be resold pursuant to Form F-3 or Form S-3 (or any successor form that provides for short-form registration) (at any time after it so qualifies), as the
case may be, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of
any rule or regulation of the SEC which permits the selling of any such securities without registration or pursuant to such form. 
 2.13
“Market Stand-Off” Agreement. 
 (a) Each Holder hereby agrees
that, during the period (the “Lock-up Period”) of duration (up to, but not exceeding, one hundred and eighty (180) days unless extended as provided below) specified in the relevant
underwriting agreement by the Company and an underwriter of the Ordinary Shares, following the date of the final prospectus which forms a part of a registration statement of the Company filed under the Securities Act, it shall not, to the extent
requested by the Company and such underwriter, directly or indirectly sell, offer to sell, contract to sell (including any short sale), grant any option to purchase or otherwise transfer or dispose of (other than to donees who agree to be similarly
bound) any securities of the Company held by it at any time during such period except Registrable Securities included in such registration, if any. Each Holder agrees to execute an agreement with said underwriters in customary form consistent with
the provisions of this Section 2.13 (“Market Stand-Off” Agreement), provided, however, that (i) all directors, officers and holders of the
outstanding Ordinary Shares shall sign substantially identical agreements and (ii) the agreement permits transfers to Affiliates or other transferees if, in each case, the transferee enters into a substantially similar agreement. 

  
 -22- 

 (b) In order to enforce the foregoing covenant, the Company may impose stop-transfer
instructions with respect to the Registrable Securities of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such Lock-up Period and each
Holder agrees that, if so requested, such Holder will execute an agreement in the form provided by the underwriter containing terms which are essentially consistent with the provisions of this Section 2.13 (“Market Stand-Off” Agreement). 
 (c) Notwithstanding the foregoing, the obligations described in this
Section 2.13 (“Market Stand-Off” Agreement) shall not apply to a registration relating solely to employee benefit plans on Form
S-8 or similar forms which may be promulgated in the future, or a registration relating solely to an SEC Rule 145 transaction on Form S-4 or similar forms which may be
promulgated in the future. 
 2.14 Termination of Registration Rights. No Holder shall be entitled to exercise any right provided for
in this Section 2 (Registration Rights) (except for Section 2.9 (Indemnification)) after the earlier of (i) five (5) years following the consummation of a QIPO, and
(ii) such time as Rule 144 is available for the sale of all (and not less than all) of such Holder’s Ordinary Shares (with all transfer restrictions and restrictive legends removed upon such sale) to the public during a ninety
(90) day period without registration. 
 2.15 Foreign Registrations. To the extent the Company effects a public offering or
registration in a jurisdiction outside the U.S., the registration rights afforded to the Holders, and the intent of the related provisions hereunder shall, subject to the applicable securities regulations, be carried out and applied as nearly as
possible in such foreign jurisdiction as if such public offering or registration were effected in the U.S. 
  

	 	3.	RIGHT OF PARTICIPATION 

 3.1 General. Each Shareholder shall have the Right
of Participation to purchase its Participation Pro Rata Share of any New Securities that the Company may from time to time issue after the date of this Agreement, provided that the Shareholder exercising the Right of Participation must
undertake to the Company and the other Shareholders that it purchases the New Securities entirely for its own account, and not as a nominee holder for any third party. 

3.2 Procedures. 
 (a)
First Participation Notice. In the event that the Company proposes to issue New Securities, it shall give to each Shareholder a written notice (the “First Participation Notice”), describing the amount and type of New
Securities, the price and the general terms upon which the Company proposes to issue such New Securities. Each Shareholder shall have the right to purchase all or a portion of such Shareholder’s Participation Pro Rata Share of such New
Securities for the price and upon the terms and conditions specified in the First Participation Notice by giving a written notice to the Company within twenty (20) days from the date of receipt of such First Participation Notice and stating
therein the quantity of New Securities to be purchased by such Shareholder (not to exceed its Participation Pro Rata Share of such New Securities). If any Shareholder fails to so notify in writing within such twenty (20) day period to purchase
its full Participation Pro Rata Share of the New Securities, such Shareholder shall forfeit the right hereunder to purchase that part of its Participation Pro Rata Share of such New Securities that it did not elect to purchase but without prejudice
to participating in any future or other offerings of New Securities. 

  
 -23- 

 (b) Second Participation Notice; Oversubscription. If any Shareholder does not exercise
in full its Right of Participation within the above twenty (20) day period, the Company shall promptly give a written notice (the “Second Participation Notice”) to each of the Shareholders who has exercised in full its
Right of Participation in accordance with Section 3.2(a) (First Participation Notice) above (the “Preemptive Right Participants”). Each Preemptive Right Participant shall have ten
(10) days from the date of receipt of the Second Participation Notice to notify the Company of its desire to purchase more than its Participation Pro Rata Share of the New Securities, stating the number of the additional New Securities it
proposes to buy. If, as a result thereof, such oversubscription exceeds the total number of the remaining New Securities available for purchase, each oversubscribing Preemptive Right Participant will be cut back by the Company with respect to its
oversubscription to that number of remaining New Securities equal to the lesser of (x) the number of the additional New Securities such oversubscribing Preemptive Right Participant proposed to buy, and (y) the product obtained by
multiplying (i) the number of the remaining New Securities available for subscription by (ii) a fraction, the numerator of which is the number of Ordinary Shares held by such oversubscribing Preemptive Right Participant and the denominator
of which is the total number of Ordinary Shares held by all the oversubscribing Preemptive Right Participants. Each Preemptive Right Participant shall be obligated to buy such number of New Securities as determined by the Company pursuant to this
Section 3.2(b) (Second Participation Notice; Oversubscription). 
 (c) Notwithstanding anything to the
contrary in this Section 3 (Right of Participation), the Company shall have the right to consummate an issuance of New Securities at any time with one or more Shareholders who have exercised their Right of
Participation and are able to consummate such issuance before the expiration of the periods contemplated in Section 3.2(a) (First Participation Notice) and Section 3.2(b) (Second
Participation Notice; Oversubscription); provided that (i) such Shareholders shall not be entitled to acquire more New Securities than they would have been entitled to acquire if such periods had lapsed in full, and (ii) each
other Shareholder shall continue to be entitled to acquire the same number of New Securities during such periods contemplated above as such Shareholder would have been entitled to acquire if the Company had not consummated any issuances before such
periods had lapsed in full.
 3.3 Failure to Exercise. Upon the expiration of a ten (10) day period from the date of the Second
Participation Notice, or the twenty (20) day period from the date of the First Participation Notice (if no Shareholder exercises its Right of Participation within such 20-day period), the Company shall
have ninety (90) days thereafter to sell the New Securities described in the First Participation Notice (with respect to which the Rights of Participation hereunder were not exercised) at the same or higher price and on terms not more favorable
to the purchasers thereof than those specified in the First Participation Notice. In the event that the Company has not issued and sold such New Securities within such ninety (90) day period, the Company shall not thereafter issue or sell any
such New Securities without again first offering such New Securities to the Shareholders pursuant to this Section 3 (Right of Participation). 

  
 -24- 

 3.4 No Obligation to Consummate. The Company shall not be obligated to consummate any
proposed issuance of New Securities, nor be liable to any Shareholder if the Company has not consummated any proposed issuance of New Securities pursuant to this Section 3 (Right of Participation) for whatever
reason, regardless of whether it shall have delivered a First Participation Notice or received any exercise notice in respect of such proposed issuance (provided that in such case the Company shall use its best efforts to consummate the
issuance of New Securities to the Shareholders that have delivered such exercise notice). 
  

	4.	RIGHT OF FIRST REFUSAL; OTHER TRANSFER RESTRICTIONS 

 4.1
Restriction on Transfer. For so long as there are Company Securities issued and outstanding, none of the Shareholders shall directly or indirectly Transfer any Company Securities in contravention of the Articles, this
Section 4 (Right of First Refusal; Other Transfer Restrictions) or Section 5 (Right of Co-sale). Such restrictions, however,
shall not be applicable to any Transfer of the Company Securities (a) to an Affiliate of such Shareholder, (b) to a custodian or a trustee, including a trustee of a voting trust, or partnership solely for the account and benefit of a
Shareholder, (c) among the Shareholders, (d) by CIFH to certain designees of shareholders of R2G Limited of up to 9,977,004 Ordinary Shares, in one or more transactions, as an alternative method to achieve the economic purpose contemplated
by the R2G Agreement (in which case (i) the Company shall pay to CIFH on behalf of the relevant recipients of such shares at US$0.3333 per share, as if the Company had repurchased such shares from CIFH and
re-issued the same to the relevant shareholders of R2G Limited and (ii) the Company’s right to issue an equivalent number of shares under (ix) of the definition of “New Securities”
shall forfeit), (e) by the designees of shareholders of R2G Limited by way of waiving or non-exercising their right to receive any shares under the above (d) in exchange for cash consideration payable by
CIFH or (f) to the Company in connection with the exercise of any put right of such Shareholder as set forth in the applicable Subscription Agreements, provided that in each case of (a), (b), (c) and (d), each such transferee or
assignee, prior to the completion of the Transfer shall have executed documents fully and unconditionally assuming all of the obligations of such Shareholder under this Agreement with respect to the Transferred Company Securities; provided,
further, that in the case of (a), if such transferee at any time ceases to be an Affiliate of such Shareholder, such transferee shall, prior to its ceasing to be an Affiliate of such Shareholder, Transfer such Company Securities back to such
Shareholder. Notwithstanding anything to the contrary herein, no Transfer of the Company Securities shall be made unless it is in compliance with any and all other restrictions on Transfer as may be provided in the applicable Subscription Agreements
or restrictions otherwise agreed between the Company and the applicable Shareholder. 

  
 -25- 

 4.2 Lock-up Covenant. 

(a) Key Management Lock-up. Notwithstanding anything otherwise provided in this Agreement, each
of the Key Management agrees and covenants that, without the prior written consent of Tencent, (i) at any time during the first three (3) years after the Tencent Closing Date, he will not, Transfer, directly or indirectly, any Company
Securities that are in excess of thirty percent (30%) of the aggregate Company Securities held or beneficially owned by him (subject to subsequent adjustment for share splits, share dividends, reverse share splits,
re-capitalizations and the like) as of the Tencent Closing Date, whether in a single transaction or a series of transactions; and (ii) at any time during each
one-year period for the three (3) years after the third (3rd) anniversary of the Tencent Closing Date, he will not, Transfer, directly or indirectly,
any Company Securities that are in excess of one-third (1/3) of the aggregate remaining Company Securities held or beneficially owned by him (subject to subsequent adjustment for share splits, share dividends,
reverse share splits, re-capitalizations and the like) as of the third (3rd) anniversary of the Tencent Closing Date, whether in a single transaction or a
series of transactions; provided that with respect to any Key Management, if at any time during the four-year period after the Tencent Closing Date, (x) such Key Management has been removed as officer and employee of all Group Companies
and all the employment agreements with such Key Management have been terminated by all Group Companies, or (y) such Key Management becomes a key executive of the general partner of the Music Fund (for the avoidance of doubt, once such Key
Management becomes a key executive of the general partner of the Music Fund, such Key Management should have resigned and no longer been a director, officer or employee of any Group Company) (either (x) or (y), the “Shortened Lock-up Triggering Event”), then upon the resignation by such Key Management as directors of all Group Companies, the above Key Management lock-up provision shall
be replaced by the following: without the prior written consent of Tencent, at any time during each one-year period for the two (2) years after the Shortened
Lock-up Triggering Event, he will not, Transfer, directly or indirectly, any Company Securities that are in excess of one-half (1/2) of the aggregate Company Securities
held or beneficially owned by him (subject to subsequent adjustment for share splits, share dividends, reverse share splits, re-capitalizations and the like) as of the Shortened
Lock-up Triggering Event, whether in a single transaction or a series of transactions (any Transfer made as permitted pursuant to this proviso shall be a “Qualified Transfer”);
provided further that, notwithstanding anything to the contrary in Section 4.1, any proposed Transfer of Company Securities held or beneficially owned by such Key Management that is a Qualified Transfer
(including any Transfer made by such Key Management’s Affiliates or permitted transferees) to any person (including to any other Shareholder) shall comply with, and be subject to the Right of First Refusal of each Shareholder in accordance
with the respective provisions under this Section 4 (Right of First Refusal; Other Transfer Restrictions). The lock-up contemplated under this
Section 4.2(a) (Key Management Lock-up) shall terminate upon the earliest of (i) the second (2nd) anniversary of the
Shortened Lock-up Triggering Event (only if the Shortened Lock-up Triggering Event is applicable); (ii) the sixth
(6th) anniversary of the Tencent Closing Date; and (iii) six months after the consummation of a QIPO. 

4.3 Restrictions on Transfer to Restricted Persons. Notwithstanding anything to the contrary contained herein, without the prior written
consent of Tencent, none of the Shareholders other than Tencent shall Transfer, directly or indirectly, any Company Securities held or beneficially owned by it to any Restricted Person. 

4.4 Transferee Obligations; Future Holders. Each person to whom the Company Securities are Transferred by means of one of the permitted
Transfers specified in Section 4.1 (Restriction on Transfer) must, as a condition precedent to the validity of such Transfer, execute and deliver to each of the other parties a Joinder in the form set forth in
Exhibit A, pursuant to which such transferee or assignee shall agree to be bound by this Agreement as if it were an original party hereto. Additionally, the Company agrees that any future issuance of any New Securities to any person or entity
which results in such person or entity holding any Ordinary Shares (including Ordinary Shares issued or issuable upon the conversion or exercise of convertible or exercisable securities outstanding on the date of, and immediately following, the
adoption of this Agreement, the issuance of which shall have been approved pursuant to the Articles), as a condition for such issuance, the recipient must execute and deliver to the parties hereto a Joinder in the form set forth in
Exhibit A, pursuant to which such subscriber shall agree to be bound by this Agreement as if it were an original party hereto. This Section 4.4 shall not apply to the issuance, or permitted
Transfer by any Shareholder, of Ordinary Shares to any Spotify Investor, or to any Transfers by any Spotify Investor in accordance with the Spotify Investor Agreement. Further, each Shareholder understands and agrees that the Spotify Investors are
not parties to or bound by this Agreement and that the Spotify Investor Agreement shall apply to the Spotify Investors in lieu of any provisions of this Agreement. 

  
 -26- 

 4.5 Grant of Right of First Refusal. Subject to the Drag-Along Right as set forth in
Section 6, each of the Shareholders is hereby granted a right of first refusal (the “Right of First Refusal”), exercisable in connection with any proposed Transfer of the Company Securities held by any other Shareholder,
provided that the Shareholder exercising such Right of First Refusal must undertake to the Company and the other Shareholders that it purchases such Company Securities entirely for its own account, and not as a nominee holder for any third
party. This Section 4 (Right of First Refusal; Other Transfer Restrictions) shall not apply to any of the permitted Transfers under Section 4.1 (Restriction on Transfer). 

4.6 Exercise of Right of First Refusal. In the event a Shareholder (the “Transferring Shareholder”) desires to
accept a bona fide offer from a third party (other than the Restricted Persons) (the “Prospective Transferee”) for any or all of the Company Securities then held by such Transferring Shareholder (the Company Securities
subject to such offer to be hereinafter called the “Target Shares”), the Transferring Shareholder shall promptly (i) deliver to each of the other Shareholders (the
“Non-Transferring Shareholders”) a written notice (the “Disposition Notice”) describing the terms and conditions of the offer, including the purchase price and
the identity of the Prospective Transferee; and (ii) provide satisfactory proof that the disposition of the Target Shares to such Prospective Transferee would not be in contravention of the provisions set forth in this
Section 4 (Right of First Refusal; Other Transfer Restrictions). Each Non-Transferring Shareholder may exercise the Right of First Refusal and, thereby, purchase all or any
part of its ROFR Pro Rata Portion (as defined below and with any re-allotments as provided below) of the Target Shares at the same price and subject to the same material terms and conditions as described in
the Disposition Notice, by notifying the Transferring Shareholder in writing within thirty (30) days after receiving the Disposition Notice (the “ROFR First Response Period”) as to the number of such Target Shares that
it wishes to purchase. No Shareholder shall have a right to purchase any of the Target Shares unless it exercises its Right of First Refusal within the ROFR First Response Period. If any Prospective Transferee has offered to pay for any Target
Shares with property, services or any other non-cash consideration, the Non-Transferring Shareholders shall nevertheless have the right to pay for such Target Shares
with cash in an amount equal to the fair market value of the non-cash consideration offered by the Prospective Transferee in question, where the fair market value of such
non-cash consideration shall be conclusively determined in good faith by the Board. For purposes of this Section 4.6 (Exercise of Right of First Refusal), the term
“ROFR Pro Rata Portion” means that number of Company Securities equal to the product obtained by multiplying (i) the aggregate number of Target Shares covered by the Disposition Notice by (ii) a fraction, the
numerator of which is the number of Company Securities held by such Non-Transferring Shareholder (assuming the conversion of all securities convertible into Ordinary Shares and exercise of all warrants,
options and other securities exercisable for Ordinary Shares) at the time of the sale or transfer and the denominator of which is the total number of Company Securities held by all Non-Transferring
Shareholders (assuming the conversion of all securities convertible into Ordinary Shares and exercise of all warrants, options and other securities exercisable for Ordinary Shares). If any Non-Transferring
Shareholder fails to notify the Transferring Shareholder of such Non-Transferring Shareholder’s exercise of its Right of First Refusal, or, if any Non-Transferring
Shareholder notifies the Transferring Shareholder that such Non-Transferring Shareholder will only partially exercise its Right of First Refusal, in each case within the ROFR First Response Period, then the
Transferring Shareholder shall, as soon as possible but in any event within two (2) days after the expiration of the ROFR First Response Period, give a written notice (the “Overallotment Notice”) to each Non-Transferring Shareholder who has elected to exercise in full its ROFR Pro Rata Portion of the Target Shares (the “Fully-Exercising ROFR Shareholders”) specifying the Target Shares that
are still available to be purchased by the Fully-Exercising ROFR Shareholders. Such Overallotment Notice may be made by telephone if confirmed in writing within two (2) days. The Fully-Exercising ROFR Shareholders shall have a right of
overallotment, exercisable within five (5) days upon receiving the Overallotment Notice (the “ROFR Second Response Period”), to buy up to all of the unsold Target Shares, or if more than one Fully-Exercising ROFR
Shareholders exercise their overallotment right, the number of unsold Target Shares to be purchased by each Fully-Exercising ROFR shall be reduced, to the extent necessary, to such number based on the number of Company Securities held by each
Fully-Exercising ROFR Shareholder who has exercised its overallotment right (assuming the conversion of all securities convertible into Ordinary Shares and exercise of all warrants, options and other securities exercisable for Ordinary Shares)
divided by the number of Company Securities held by all Fully-Exercising ROFR Shareholders who have exercised their overallotment right (assuming the conversion of all securities convertible into Ordinary Shares and exercise of all warrants, options
and other securities exercisable for Ordinary Shares). 

  
 -27- 

 4.7 Non-Exercise of Right. If, after applying the
procedure set forth in Section 4.6 (Exercise of Right of First Refusal), there are still Target Shares not yet been purchased by the Non-Transferring Shareholders (such shares,
the “Available For Sale Target Shares”), the Transferring Shareholder shall have a period of ninety (90) days thereafter to sell or otherwise dispose of such Available For Sale Target Shares, subject to the provisions of
Section 5 (Right of Co-sale) below, to the Prospective Transferee(s) identified in the Disposition Notice, upon terms and conditions (including the purchase price) no more
favorable to such Prospective Transferee(s) than those specified in the Disposition Notice. If the Transferring Shareholder has not completed the sale or disposition of the Available For Sale Target Shares within the specified ninety (90) day
period, the Non-Transferring Shareholders’ Right of First Refusal hereunder shall once again apply to the transfer of the Available For Sale Target Shares. 

4.8 Recapitalization. In the event of any share dividend, share split, sub-division or
consolidation of shares, recapitalization or other transaction affecting the Company’s outstanding Company Securities as a class effected without receipt of consideration, then any new, substituted or additional securities or other property
that is by reason of such transaction distributed with respect to the Company Securities shall be immediately subject to the Non-Transferring Shareholders’ Right of First Refusal hereunder. 

  
 -28- 

 4.9 Payment. Payment of the purchase price for the Target Shares (or a portion thereof, as
applicable) shall be made at the time as agreed between the Transferring Shareholder and each of the Non-transferring Shareholders that has elected to exercise the Right of First Refusal, provided that such
time shall not be later than the closing time specified in the Disposition Notice, unless otherwise agreed by the Transferring Shareholder and the relevant Non-transferring Shareholders. Payment of the
purchase price shall be made by wire transfer or check as directed by the Transferring Shareholder against delivery of the Target Shares to be purchased (or a portion thereof, as applicable). 

 

	 	5.	RIGHT OF CO-SALE 

 5.1 Subject to
Section 4 (Right of First Refusal; Other Transfer Restrictions ) above, and to the extent that (i) there are Available For Sale Target Shares, and (ii) the sale of Available For Sale Target
Shares would result in a third party other than Tencent owning at least 50% of the total share capital of the Company on a fully diluted basis, each Non-Transferring Shareholder shall have the right,
exercisable upon written notice (the “Co-Sale Notice”) delivered to the Transferring Shareholder within ten (10) days after the expiration of the ROFR Second Response Period or, if
none of the Non-Transferring Shareholders have exercised their Right of First Refusal within the ROFR First Response Period, within ten (10) days after the expiration of the ROFR First Response Period, to
participate in the sale of the Available For Sale Target Shares on the terms and conditions as set forth in Section 5.2 below. 

5.2 Each Non-Transferring Shareholder may participate in the proposed sale and sell that number of
Company Securities not to exceed the number of shares calculated by multiplying the aggregate number of the Available For Sale Target Shares by a fraction, the numerator of which is the number of Company Securities held by such Non-Transferring Shareholder (assuming the conversion of all securities convertible into Ordinary Shares and exercise of all warrants, options and other securities exercisable for Ordinary Shares) at the time of the
Co-Sale Notice and the denominator of which is the sum of (A) the aggregate number of Company Securities held by all Shareholders exercising the co-sale right
hereunder plus (B) the number of the Company Securities held by the Transferring Shareholder (assuming the conversion of all securities convertible into Ordinary Shares and exercise of all warrants, options and other securities exercisable for
Ordinary Shares), and the Company Securities that can be sold by the Transferring Shareholder to the Prospective Transferee shall be correspondingly reduced. 

5.3 The Non-Transferring Shareholders shall effect their participation in the proposed sale by
promptly delivering to the Transferring Shareholder an instrument of transfer, together with one or more certificates that represent the number of Company Securities that the Non-Transferring Shareholder
elects to sell. 
 5.4 The Transferring Shareholder shall deliver to the Company the instrument(s) of transfer and share certificate(s) in
respect of the transfer of any Company Securities pursuant to Section 5.3 promptly upon receipt of the same. Upon receipt of the instrument(s) of transfer and share certificate(s) referred to above from the Transferring
Shareholder, the Company shall register such transfer and make the appropriate entries on the register of members of the Company to reflect such transfer, and the Transferring Shareholder shall concurrently therewith remit to the Company for
delivery to each of the Non-Transferring Shareholders that portion of the sale proceeds to which such Non-Transferring Shareholder is entitled by reason of its participation in such transfer. To the extent
that any Prospective Transferee prohibits such assignment or otherwise refuses to purchase Company Securities from a Non-Transferring Shareholder exercising its right of
co-sale hereunder, the Transferring Shareholder shall not sell to such Prospective Transferee any Company Securities unless and until, simultaneously with such sale, the Prospective Transferee shall purchase
from such Non-Transferring Shareholder the Company Securities that such Non-Transferring Shareholder is entitled to sell under this Section 5
(Right of Co-Sale). 

  
 -29- 

 5.5 The exercise or non-exercise of the right of co-sale by the Non-Transferring Shareholders hereunder shall not adversely affect their right to participate in subsequent sales of Company Securities subject to
Section 5.1. 
 5.6 Exempt Transfers. Notwithstanding anything to the contrary, this
Section 5 (Right of Co-Sale) shall not apply to any transfer permitted under Section 4.1 (Restriction on Transfer). 

 

	 	6.	LEGEND 

 6.1 Each certificate representing the Ordinary Shares now or hereafter
owned by the Shareholders or issued to any person in connection with a transfer pursuant to Sections 4 (Right of First Refusal; Other Transfer Restrictions) or 5 (Right of Co-sale)
or otherwise shall be endorsed with the following legend: 
 “THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A SHAREHOLDERS AGREEMENT BY AND AMONG THE HOLDER HEREOF, THE COMPANY AND THE OTHER SHAREHOLDERS OF THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN
REQUEST TO THE SECRETARY OF THE COMPANY.” 
 6.2 The register of members of the Company shall be endorsed with the following legend
during the term of this Agreement: 
 “CERTAIN ORDINARY SHARES OF THE COMPANY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A
SHAREHOLDERS AGREEMENT BY AND AMONG THE HOLDER OF THE SHARES, THE COMPANY AND THE OTHER SHAREHOLDERS OF THE COMPANY, CONTAINING TRANSFER AND OTHER RESTRICTIONS, AND BY ACCEPTING ANY INTEREST IN SUCH SHARES THE PERSON ACCEPTING SUCH SHARES
SHALL BE DEEMED TO AGREE AND SHALL BECOME BOUND BY THE PROVISIONS OF SAID AGREEMENT. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.” 

  
 -30- 

 6.3 Each Shareholder agrees that the Company may instruct its transfer agent to impose transfer
restrictions on the Ordinary Shares represented by certificates bearing the legend referred to in this Section 6 (Legend) above to enforce the provisions of this Agreement and the Company agrees to promptly do so.
The legend shall be removed upon termination of this Agreement. 
  

	 	7.	DRAG-ALONG RIGHT 

 7.1 Grant of Drag-Along Right. Subject to
Section 7.3 (No Trade Sale to Restricted Persons), at any time prior to an IPO, if Tencent proposes a Trade Sale at an equity valuation of the Company of not less than US$6 billion on a fully diluted basis, and:

 (a) in the event that such proposed Trade Sale is to a bona fide third party (other than Tencent or any Affiliate of Tencent), such
Trade Sale has been approved by (x) no less than 75% of the Board, and (y) holders of no less than 75% of the issued and outstanding Ordinary Shares of the Company; or 

(b) in the event that such proposed Trade Sale is to Tencent or any Affiliate of Tencent, such Trade Sale has been approved by holders of no
less than 66.7% of the issued and outstanding Ordinary Shares of the Company (other than any Ordinary Shares held by Tencent or any of its Affiliates), then upon a written request from Tencent, each of the other Shareholders shall (i) vote all
voting Company Securities held by them in favor of the Trade Sale and cause each director designated by it to vote in favor of the Trade Sale, (ii) refrain from exercising any dissenters’ rights or rights of appraisal under applicable Law
at any time with respect to the Trade Sale, (iii) execute and deliver all related documentation and take such other action in support of the Trade Sale as shall reasonably be requested by Tencent or the Company, and (iv) if the Trade Sale
is structured as a transfer of Ordinary Shares or other Company Securities, transfer all of the Ordinary Shares or other Company Securities to the third party to consummate the Trade Sale (the “Drag-Along Right”). When
exercising the Drag-Along Right, Tencent shall send written notice (the “Sale Notice”) to all other Shareholders with copy to the Company specifying the names of the purchaser(s), the nature of the Trade Sale, the
consideration payable per share or the total consideration payable and a summary of the material terms and conditions of such transaction. Upon receipt of a Sale Notice, all other Shareholders shall be obligated to consummate such Trade Sale in
accordance with this Section 7.1 (Grant of Drag-Along Right). Notwithstanding the definition of Affiliates, the parties agree that for purposes of this Section 7.1, Affiliates of Tencent
shall exclude the Group Companies or any of the Group Companies’ Controlled Affiliates. 
 7.2 Other Provisions. In the event
that any other Shareholder fails for any reason to take any of the foregoing actions specified in Section 7.1 after reasonable notice thereof, such Shareholder hereby grants an irrevocable power of attorney and proxy to any
director approving the Trade Sale to take all necessary actions and execute and deliver all documents deemed by such director to be reasonably necessary to effectuate the terms hereof. None of the transfer restrictions set forth in
Section 4 (Right of First Refusal; Other Transfer Restrictions) or Section 5 (Right of Co-Sale) of this Agreement shall apply in connection
with the Trade Sale proposed by Tencent pursuant to Section 7.1, notwithstanding anything contained to the contrary herein. The power of attorney granted hereby is intended to secure an interest in property and, in
addition, the obligations of each relevant Shareholder under this Agreement, and shall be irrevocable. 

  
 -31- 

 7.3 No Trade Sale to Restricted Persons. Notwithstanding anything to the contrary
contained herein, without the prior written consent of Tencent, no Trade Sale shall be effected, or be permitted to be effected, to any Restricted Person. 
  

	 	8.	BOARD AND MANAGEMENT 

 8.1 Board Size. Each Shareholder shall vote at the
shareholders meetings, or give written consents with respect to all its Ordinary Shares, to ensure that the size of the Board shall be set and remain at nine (9) directors and the term of a director shall be three (3) years. 

8.2 Election of Directors. On all matters relating to the election of one or more directors of the Company, each Shareholder shall vote
at the shareholders meetings, or give written consents with respect to all their Ordinary Shares, to elect directors to the Board in the following manner: 

(a) (v) five (5) directors shall be appointed by Tencent and its Affiliates (the “Tencent Directors”) by notice
in writing to the Company as long as Tencent and its Affiliates directly or indirectly hold no less than 50% of the Company’s issued and outstanding share capital; (w) four (4) directors shall be appointed by Tencent and its Affiliates by
notice in writing to the Company as long as Tencent and its Affiliates directly or indirectly hold 35% or more than 35% but less than 50% of the Company’s issued and outstanding share capital; (x) three (3) directors shall be appointed by
Tencent and its Affiliates by notice in writing to the Company as long as Tencent and its Affiliates directly or indirectly hold 25% or more than 25% but less than 35% of the Company’s issued and outstanding share capital; (y) two (2)
directors shall be appointed by Tencent and its Affiliates by notice in writing to the Company as long as Tencent and its Affiliates directly or indirectly hold 10% or more than 10% but less than 25% of the Company’s issued and outstanding
share capital; and (z) one (1) director shall be appointed by Tencent and its Affiliates by notice in writing to the Company as long as Tencent and its Affiliates directly or indirectly hold 5% or more than 5% but less than 10% of the
Company’s issued and outstanding share capital. For the avoidance of doubt, subclauses (v), (w), (x), (y) and (z) are mutually exclusive; 

  
 -32- 

 (b) (w) four (4) directors shall be appointed by all Shareholders other than Tencent and
its Affiliates (such other Shareholders, the “Non-Tencent Shareholders”) to the Company as long as the holders of Ordinary Shares other than Tencent and its Affiliates collectively hold not
less than 35% of the Company’s issued and outstanding share capital; (x) three (3) directors shall be appointed by all Non-Tencent Shareholders by notice in writing to the Company as long as the
holders of Ordinary Shares other than Tencent and its Affiliates collectively hold 25% or more than 25% but less than 35% of the Company’s issued and outstanding share capital; (y) two (2) directors shall be appointed by all Non-Tencent Shareholders by notice in writing to the Company as long as the holders of Ordinary Shares other than Tencent and its Affiliates collectively hold 10% or more than 10% but less than 25% of the
Company’s issued and outstanding share capital; and (z) one (1) director shall be appointed by all Non-Tencent Shareholders by notice in writing to the Company as long as the holders of Ordinary
Shares other than Tencent and its Affiliates collectively hold 5% or more than 5% but less than 10% of the Company’s issued and outstanding share capital. For the avoidance of doubt, subclauses (w), (x), (y) and (z) are mutually exclusive.
In the event that subclause (w) applies, the four (4) directors shall be appointed as follows: (i) each Key Management shall be a director as long as (A) such Key Management continues to hold not less than 70% of the Ordinary
Shares held by such Key Management as of the date hereof; and (B) such Key Management remains as an officer or employee of any Group Company and complies with the provisions under Section 8.9 hereof (for the avoidance of doubt,
(A) the failure of any one Key Management to meet the foregoing qualification requirements will not result in the other Key Management forfeiting his right to serve as a director of the Company if the other Key Management satisfies the
foregoing qualification requirements; and (B) upon the occurrence of any Shortened Lock-up Triggering Event with respect to any Key Management, such Key Management’s right to serve as a director of
the Company shall be immediately forfeited); and (ii) the remaining two (2) directors shall be appointed by the Shareholders holding the largest and the second largest portion of the Company’s share capital, other than Tencent, the
Key Management and, for the avoidance of doubt, the Spotify Investors, respectively (such Shareholder holding the largest portion, the “Largest Financial Investor”; and such Shareholder holding the second largest portion, the
“Second Largest Financial Investor”) by notice in writing, as long as the Largest Financial Investor and the Second Largest Financial Investor each holds not less than 5% of the Company’s issued and outstanding share
capital (for the avoidance of doubt, the failure of the Largest Financial Investor to meet the foregoing qualification requirement will not result in the Second Largest Financial Investor forfeiting its right to appoint a director of the Company if
the Second Largest Financial Investor satisfies the foregoing qualification requirement, and vice versa); provided that if (i) any one of the Key Management fails to satisfy the qualification requirements as described in this
Section 8.2(b) for him to serve as a director to the Board or loses the director seat upon the occurrence of any Shortened Lock-up Triggering Event, or (ii) either the Largest Financial Investor or
the Second Largest Financial Investor holds less than 5% of the Company’s issued and outstanding share capital, the Non-Tencent Shareholders shall hold a special meeting to fill the vacancy of the Board
as a result thereof, and any Shareholder who has obtained the highest vote at such special meeting shall have the right to appoint one (1) director to fill in such vacant director seat. In the event that subclause (x), (y) or (z) applies,
the Non-Tencent Shareholders shall hold a special meeting, on which meeting each Non-Tencent Shareholder has the right to nominate three (3), two (2) or one
(1) candidates, as applicable, and the candidate(s) who have received the highest votes of the Non-Tencent Shareholders at such special meeting shall serve as the three (3), two (2) or one
(1) directors, as applicable; 
 (c) one of the Tencent Directors shall be the chairman of the Board as long as Tencent holds not less
than 35% of the Company’s issued and outstanding share capital; and 
 (d) each Shareholder agrees to vote in favor of the appointees
as indicated above to ensure that any such appointment, of a director appointed pursuant to this Section 8.2 shall be made in accordance with this Section 8.2 and the Articles as soon as
practicable after the relevant notice in writing is delivered to the Company. 
 Notwithstanding the definition of Affiliates, the parties
agree that for purposes of this Section 8.2, Affiliates of Tencent shall exclude the Group Companies or any of the Group Companies’ Controlled Affiliates. 

  
 -33- 

 8.3 Removal. Each Shareholder shall have the right to require the removal or replacement
of a Director appointed by it at any time. Each Shareholder agrees that, if at any time it is then entitled to vote for the removal of directors from the Board, it shall not vote any of its Ordinary Shares or execute proxies or written consents, as
the case may be, in favor of the removal of any director who shall have been designated pursuant to Section 8.2 (Election of Directors) or Section 8.4 (Vacancies), unless the person
or persons entitled to appoint such director pursuant to Section 8.2 (Election of Directors) shall have consented to such removal in writing; provided that, if the person or persons entitled to designate any
director pursuant to Section 8.2 (Election of Directors) shall request in writing the removal, with or without cause, of such director, each Shareholder shall vote all of its Ordinary Shares or execute proxies or
written consents, as the case may be, in favor of such removal. 
 8.4 Vacancies. If, as a result of death, disability, retirement,
resignation, removal or otherwise, there shall exist or occur any vacancy on the Board: 
 (a) the person or persons entitled under
Section 8.2 (Election of Directors) to designate such director whose death, disability, retirement, resignation or removal resulted in such vacancy, subject to the provisions of Section 8.2
(Election of Directors), shall have the exclusive right to designate another individual (the “Replacement Nominee”) to fill such vacancy and serve as a director on the Board; and 

(b) subject to Section 8.2 (Election of Directors), each Shareholder agrees that if it is then entitled to
vote for the election of directors to the Board, it shall vote all of its Ordinary Shares, or execute proxies or written consents, as the case may be, in order to ensure that the Replacement Nominee be elected to the Board. 

8.5 Actions of the Board. All actions of the Board shall require at least a majority of the votes cast by the directors present at a
duly-convened meeting of the Board at which a quorum is present or by written consent of all the directors of the Board. 
 8.6
Committees. The Board may establish such committees with such powers as may be permitted by applicable Law and the Articles; provided, that any such committees shall be subject to the direction of and any policies adopted by the Board. Unless
otherwise prohibited by applicable Law, as long as Tencent directly or indirectly holds no less than 50% of the Company’s issued and outstanding share capital, at least a majority of the members of each such committee shall be the Tencent
Directors. 
 8.7 Board Composition of the Other Group Companies. The Company and the Shareholders shall, unless otherwise prohibited
by applicable Law, and to the extent agreed by the relevant directors, cause the board of directors of each other Group Company to consist of the same persons as those directors then on the Board. 

  
 -34- 

 8.8 Management. Each Shareholder shall cause the directors appointed by it to vote at the
Board meetings to ensure that the candidates nominated by Tencent be appointed as the chief executive officer, the chief financial officer and the general counsel of the Company. The chief financial officer of the Company and the general counsel of
the Company shall report to the chief executive officer of the Company. The chief financial officer of Tencent Holdings Limited shall have the consultation right to discuss and consult with the chief financial officer of the Company regarding the
business, operations, affairs, finances and accounts of the Group Companies and to examine the books of account and records of the Group Companies at any time. The chief financial officer of the Company shall work closely with the chief financial
officer of Tencent Holdings Limited to ensure compliance with the requirement of Tencent Holdings Limited regarding the treasury and financing policies of Tencent Holdings Limited, and those financial policies related to compliance under the rules
of The Stock Exchange of Hong Kong Limited. The general counsel of the Company (the “Company GC”) will work closely with the general counsel of Tencent Holdings Limited (the “Tencent GC”) so as to
ensure full compliance with all applicable requirements of The Stock Exchange of Hong Kong Limited, and the Tencent GC shall have the right to discuss and consult with the Company GC regarding the Company’s legal function and legal strategy,
including without limitation matters relating to litigation, intellectual property and regulatory compliance. The remaining senior management members of the Company shall be proposed by the chief executive officer of the Company and appointed by the
Board. 
 8.9 Key Management Covenant. Each Key Management covenants and undertakes to the Company and Tencent that, for so long as
he remains an officer or employee of any Group Company, he will manage the affairs of the Group Companies on a full time basis and be fully devoted to developing and operating the business of the Group Companies and will not pursue any other
business or investment interests, or any other opportunities outside of the Group Companies. 
 8.10 Related Party
Transactions. Notwithstanding any other provision of this Agreement, other than as expressly provided in this Agreement, the Tencent Transaction Documents, the Spotify Subscription Agreement or the other Transaction Documents, and except
for all the existing Related Party Transactions as of the date hereof (each, an “Excluded Related Party Transaction”), (i) any Related Party Transaction that involves a transaction value in excess of RMB 35,000,000
individually or RMB 150,000,000 in the aggregate during any twelve (12)-month period shall be approved by at least 50% of the directors who are not interested in such Related Party Transaction before any Group Company may carry out or agree to carry
out such Related Party Transaction; (ii) the Company shall provide a semi-annual written report to all directors of all the Related Party Transactions which the Company or other Group Companies entered into during the past six months (other
than any Related Party Transaction approved pursuant to Section 8.10(i) as described above and any Excluded Related Party Transaction) setting out material terms and conditions of such Related Party Transactions in reasonable detail. A
majority of the directors of the Company who are not interested in a Related Party Transaction (a) may request the management of the Company to provide any further information on such Related Party Transaction, (b) may oppose such Related
Party Transaction (other than any Related Party Transaction approved pursuant to Section 8.10(i) as described above and any Excluded Related Party Transaction), and (c) shall have the right to give direction to the Company to terminate
such Related Party Transaction if such non-interested directors determine in good faith and consistent with their fiduciary duties that such Related Party Transaction is not on arm’s length basis and is
not in the best interest of the Company, upon receipt of which direction the Company shall, and the Shareholders shall procure the Company to, take all necessary actions to terminate such Related Party Transaction. 

  
 -35- 

 8.11 Enforcement of Tencent Transaction Documents.

(a) Each of the Company and Tencent hereby agrees that the Shareholders (other than Tencent or its Affiliates) shall be deemed third party
beneficiaries under the Tencent Subscription Agreement, including, without limitation, Section 8 (Indemnity) of the Tencent Subscription Agreement (subject to the limitations on liability set forth therein) and shall have the full power and
authority to make a direct claim against Tencent or its Affiliates with respect to any and all claims under the Tencent Subscription Agreement, including, without limitation, Section 8 (Indemnity) of the Tencent Subscription Agreement (subject
to the limitations on liability set forth therein); provided that such third party beneficiary right may be exercised by the Shareholders (other than Tencent or its Affiliates) if and only if (x) (i) any director of the Company believes
in good faith that the Company has a valid claim against Tencent or its Affiliates under the Tencent Subscription Agreement and (ii) the Company has failed to initiate any claim against Tencent or its Affiliates thereunder within thirty
(30) days after written request by such director to the Company to make such claim, and (y) the Shareholders holding at least 66.7% of the issued and outstanding Ordinary Shares of the Company (other than any Ordinary Shares held by
Tencent or its Affiliates) and representing no less than 3.3% of the issued and outstanding share capital of the Company, agree in writing, in their own discretion, to appoint a Shareholder as a representative (the “Shareholder
Representative”) to so pursue a claim against Tencent on behalf of the Shareholders (other than Tencent or its Affiliates) pursuant to this Section 8.11; provided further that any claims by the
Company under Section 8 (Indemnity) of the Tencent Subscription Agreement and any claim by the Shareholder Representative pursuant to this Section 8.11 shall be taken together when determining the application of the
limitations on liability under Section 8 (Indemnity) of the Tencent Subscription Agreement. Any such claim pursued by the Shareholder Representative pursuant to this Section 8.11 shall follow the provisions set
forth in Section 9.10 (Dispute Resolution) of the Tencent Subscription Agreement, mutantis mutandis. Notwithstanding the definition of Affiliates, the parties agree that for purposes of this Section 8.11,
Affiliates of Tencent shall exclude the Group Companies or any of the Group Companies’ Controlled Affiliates. 
 (b) The Shareholders
(other than Tencent or its Affiliates) hereby irrevocably appoint the Shareholder Representative as the attorney-in-fact of the Shareholders (other than Tencent or its
Affiliates), with full power and authority to act in the name of and for and on behalf of the Shareholders (other than Tencent or its Affiliates) with respect to all matters arising in connection with a claim against Tencent made by such
Shareholders pursuant to Section 8.11(a) hereof, including, but not limited to, the power and authority to take any and all of the following actions: (i) to seek any preliminary injunctive relief from any court
of competent jurisdiction and/or to commence any arbitral proceedings in accordance with Section 9.10 (Dispute Resolution) of the Tencent Subscription Agreement, as provided under Section 8.11(a) hereof,
(iii) to negotiate any settlement agreement or settle any arbitral proceedings, (iv) to enforce any arbitration awards, (v) to retain legal counsel in connection with any and all matters referred to herein, (vi) to disclose to
the court or arbitration tribunal such Confidential Information necessary for the Shareholder Representative to pursue a claim pursuant to Section 8.11(a) hereof, and (vii) to incur reasonable costs and expenses
including legal costs in connection with such actions. It is understood that the Shareholder Representative shall serve without compensation. For the avoidance of doubt, any actions taken by the Shareholder Representative shall be fully binding upon
all Shareholders (other than Tencent or its Affiliates). 

  
 -36- 

 (c) Each of the Company and Tencent hereby acknowledges the appointment, powers and authority of
the Shareholder Representative pursuant to this Section 8.11 and agrees that it will not, and it will procure its Affiliates and the Group Companies and their Controlled Affiliates not to, dispute the appointment, powers
and authority of the Shareholder Representative at any court or arbitral proceedings; provided that the Shareholder Representative is duly appointed pursuant to Section 8.11(a). Each of the Company and
Tencent further agrees that, in respect to any claim pursued by the Shareholder Representative on behalf of the Shareholders (other than Tencent or its Affiliates) pursuant to this Section 8.11, the Shareholder
Representative (i) shall have the full power and authority to claim against Tencent and its Affiliates (other than the Group Companies and their Controlled Affiliates) with respect to any and all claims that the Company may be entitled to under
the Tencent Subscription Agreement, including injunctive relief and monetary indemnity, and (ii) shall be entitled to claim the full amount of any and all Losses (as defined in the Tencent Subscription Agreement) incurred by the Company
Indemnitees (for the avoidance of doubt, the Losses that may be claimed by the Shareholder Representative are not limited to the Losses suffered by the Shareholders (other than Tencent or its Affiliates) in their capacity of the shareholders of the
Company), provided that any such Losses payable by Tencent or its Affiliates pursuant to this Section 8.11 shall be subject to applicable limitations on liability under Section 8 (Indemnity) of the Tencent
Subscription Agreement. 
 (d) The Company agrees, promptly and in any event within ten (10) Business Days upon demand, to pay and
reimburse the Shareholder Representative any and all reasonable and documented costs and expenses (including legal costs) incurred by the Shareholder Representative in connection with claiming against Tencent pursuant to this
Section 8.11; provided that the Company is not obligated to pay or reimburse any costs and expenses that are incurred by the Shareholder Representative in bad faith or as a result of gross negligence or willful
misconduct of the Shareholder Representative, or if such costs and expenses are unreasonably wasteful. 
 (e) The Shareholders (other than
Tencent or its Affiliates) agree that any and all Losses recovered by the Shareholder Representative pursuant to this Section 8.11 shall be held to the account of the Company and transferred in full to the Company, net of
reasonable out-of-pocket costs and expenses incurred by such Shareholder Representative in such claim for which the Shareholder Representative shall be entitled to be
reimbursed pursuant to Section 8.11(d) but had not been so reimbursed. 
 (f) Nothing in this
Section 8.11 shall be interpreted to limit or restrict the ability or power of any Shareholder to make any claim against the Company or any other Shareholder under this Agreement (in respect of matters not covered by this
Section 8.11) or applicable law. 
 8.12 Tencent Information Right. 

(a) The Company shall timely provide to Tencent any financial information of the Group Companies and its Controlled Affiliates and portfolio
companies reasonably requested by it that is available to the Company in order for Tencent Holdings Limited to consolidate financial statements of the Group Companies, including such financial statements of the Group Companies converted from
US GAAP to IFRS. 
 (b) Tencent shall have (i) the right to inspect facilities, records and books of the Group Companies at any
time during regular working hours on reasonable prior notice to the Company, and (ii) the right to discuss the business, operations and conditions of the Company and any of the Group Companies with the Company’s directors, officers,
employees, accountants and legal counsel. 

  
 -37- 

	 	9.	INFORMATION RIGHTS  

 9.1 Delivery of Financial Statements and
Other Information. Upon written request of any Shareholder, the Company shall deliver to such Shareholder, for as long as such Shareholder (together with its Affiliates) continues to hold at least 2% of the Company’s share capital on a
fully diluted basis, the information set forth below: 
 (a) as soon as practicable, but in any event within one hundred and twenty
(120) days after the end of each fiscal year of the Company, an unaudited income statement for such fiscal year, an unaudited balance sheet of the Company and statement of shareholder’s equity as of the end of such fiscal year, and an
unaudited statement of cash flows for such fiscal year, such year-end financial reports to be in reasonable detail, on a consolidated basis, prepared in accordance with IFRS or US GAAP; and 

(b) as soon as practicable, but in any event within fifty (50) days after the end of each of the first three (3) fiscal quarters of
each fiscal year of the Company, an unaudited quarterly management accounts on a consolidated basis, prepared in accordance with IFRS or US GAAP applied on a consistent basis; 

 

	 	10.	ADDITIONAL COVENANTS 

 10.1 Directors Indemnification; Insurance. The
Articles shall at all times provide for the indemnification of the directors and their Affiliates to the maximum extent provided by the Law of the jurisdiction in which the Company is organized. At the request of any director of the Board, the
Company will promptly enter into an indemnification agreement with such director on customary terms and conditions covering such director and such director’s Affiliates and in form and substance reasonably satisfactory to the Shareholder
designating such director. At the request of any director of the Board, the Company shall obtain and pay for (subject to a reasonable annual premium) directors’ and officers’ insurance covering each of its directors and officers. 

10.2 Protective Provisions. 

(a) The Company shall not sell or issue any New Securities without first obtaining the approval (by vote or written consent, as provided by
applicable Laws or the Articles) of the Shareholders holding at least 66.7% of the then total issued and outstanding Ordinary Shares held by all Shareholders. The Company shall not sell or issue any New Securities at a purchase price that has a pre-money valuation of the Company of less than US$6 billion without first obtaining the approval (by vote or written consent, as provided by applicable Laws or the Articles) of the Shareholders holding at
least 90% of the then total issued and outstanding Ordinary Shares held by all Shareholders. 

  
 -38- 

 (b) Without prejudice to Section 10.2(a) above, the Company
shall not, and shall not permit any other applicable Group Company to, except as expressly permitted under this Agreement or in connection with any put right of a Shareholder as set forth in the applicable Subscription Agreements, carry out any of
the following actions involving itself or any of its Subsidiaries as applicable without first obtaining the approval (by vote or written consent, as provided by applicable Laws or the Articles) of the Shareholders holding at least 66.7% of the then
total issued and outstanding Ordinary Shares held by all Shareholders: 
 (i) altering or changing the rights, or privileges of the
Ordinary Shares or creating (by reclassification or otherwise) any new class or series of shares having rights, preferences or privileges senior to or on a parity with the Ordinary Shares; 

(ii) reclassifying any outstanding Ordinary Shares into shares having rights, preferences or privileges with respect to dividends or assets
senior to or on a parity with the Ordinary Shares; 
 (iii) declaring or paying any dividend or distribution or otherwise redeeming or
repurchasing any issued and outstanding shares of the Company; 
 (iv) making any acquisition, sale of control or assets, merger,
consolidation, joint venture or partnership arrangements exceeding the materiality threshold established by the Board from time to time, except pursuant to the exercise of the Drag-Along Right; 

(v) effecting an increase or reduction of the authorized share capital, split-off, spin-off, dissolution, liquidation, winding-up or bankruptcy of the Company or any material Subsidiary thereof (for the avoidance of doubt, issuance of any shares under the
exceptional proviso of the definition of “New Securities” shall not be subject to such approvals); 
 (vi) selling, mortgaging,
pledging, leasing, transferring, incurring a lien on or otherwise disposing of substantially all of its assets or any of the assets which are outside the ordinary course of business of the Company and exceeding the materiality threshold established
by the Board from time to time; 
 (vii) making any material changes to or engaging in any business materially different from the Core
Business, or ceasing any material existing business line or activities of the Company; 
 (viii) incurring any material indebtedness or
assuming any material financial obligation exceeding the materiality threshold established by the Board from time to time and outside the ordinary course of business of the Company; 

(ix) making any capital expenditures or investment in any other company exceeding US$400,000,000 or such other materiality threshold
established by the Board from time to time; 
 (x) creating any encumbrance over the whole or part of the share capital, undertaking,
material property or material assets of the Company or any material Subsidiary thereof, other than as permitted by the annual budget or the business and financial plan approved by the Board; 

(xi) increasing or decreasing the authorized size of the Board; or 

  
 -39- 

 (xii) amending or waiving any provision of the Articles in a manner that would alter or change
the rights, preferences or privileges of the Ordinary Shares. 
 (c) The Company shall not, and shall not permit any other Group Company
to, make any changes to any of the Control Documents including any transfer or assignment of any party’s rights and obligations under any of the Control Documents and any appointment of representatives, specified persons or proxies under the
Control Documents, except as contemplated in this Agreement or by the Tencent Transaction Documents, without first obtaining the approval (by vote or written consent, as provided by applicable Laws or the Articles) of the holders of at least 66.7%
of the then total issued and outstanding Ordinary Shares of the Company. 
 (d) Without prejudice to
Section 10.2(b) above, the Company shall not, and shall not permit any other Group Company to, carry out any of the following actions involving itself or any of its Subsidiaries without first obtaining the prior
written approval of Tencent: 
 (i) any merger, consolidation, transfer of shares or other form of restructuring of the Company involving a
Restricted Person; 
 (ii) any sale of all or substantially all of the assets of the Group Companies to a Restricted Person; 

(iii) any issuance of New Securities by the Company to any Restricted Person; 

(iv) entering into any joint venture or partnership arrangement with a Restricted Person; or 

(v) engaging in any business other than the Core Business. 

10.3 Control Documents. The Company and the Shareholders shall, and shall cause the other applicable Group Companies and their
respective Controlled Affiliates or nominee shareholders to, take all actions necessary or desirable in order to amend the Control Agreements in form and substance approved by Tencent (“Amended Control Documents”), such that
following the entry of the Amended Control Documents by the respective parties thereto, (i) the registered capital of each of the VIE Affiliates shall be held in the manner as provided in the Amended Control Documents; and (ii) the
Company, indirectly through its Subsidiary, shall continue to exercise control over the economic interest in, and the operations of, the VIE Affiliates, such that the financial statements of the VIE Affiliates can be consolidated with those of the
other applicable Group Companies in accordance with the generally accepted accounting principles of the U.S. In the event that the shareholding percentages of the Shareholders in the Company have changed, at the request of the Company, the
Shareholders shall, and shall cause the other applicable Group Companies and their respective Controlled Affiliates or nominee shareholders to, take all actions necessary or desirable to adjust the corresponding shareholding percentages in each of
the VIE Affiliates in a tax efficient manner, such that the shareholding percentages in each of the VIE Affiliates shall be consistent with those in the Company. 

  
 -40- 

 10.4 IPO. Each of the Shareholders agrees to use its reasonable best efforts to cause an
IPO of the Company on the Qualified Stock Exchange (“IPO”) as soon as practicable and no later than the second anniversary of the Tencent Closing Date. If the IPO of the Company fails to occur on or prior to the second
anniversary of the Tencent Closing Date, each of the Shareholders agrees to use its reasonable best efforts to cause the IPO of the Company as soon as practicable thereafter. In the event that an IPO would meet all the conditions for an QIPO,
(i) in any applicable proceeding of a meeting of the Board, all Shareholders shall procure their respective appointed directors to vote in favor of such IPO, and (ii) in any applicable proceeding of a general meeting of the Company, all
Shareholders shall vote in favor of such IPO. 
 10.5 Tencent ESOP. The parties hereto agree and acknowledge that (a) 12,637,194
Ordinary Shares have been reserved for issuance under the Tencent ESOP as of the date hereof; (b) the Board shall administer the Tencent ESOP; provided that Tencent shall have the sole discretion and full and exclusive power to determine
(x) the participants who are to receive awards under the Tencent ESOP and (y) the number and types of awards that each such participant shall be granted under the Tencent ESOP; and (c) upon the request of Tencent, the Board shall
promptly adopt and approve the Tencent ESOP and the form of award agreements. 
 10.6 Ownership Interest in Lechang. The Company
and the Shareholders shall take all actions necessary or desirable, including passing board and/or shareholder resolutions, in order to ensure that (i) upon the consummation of the Lechang Spinoff, each Shareholder’s ultimate beneficial
ownership in Lechang shall be in proportion to such Shareholder’s equity interest in the issued and outstanding share capital of the Company as of July 12, 2016 immediately after the Tencent Closing, unless such Shareholder elects not to
subscribe for its pro rata portion of the equity interest in Entity A; (ii) each Shareholder shall be paid a special dividend in proportion to such Shareholder’s equity interest in the issued and outstanding share capital of the Company as
of July 12, 2016 immediately after the Tencent Closing, so that each such Shareholder may use such special dividend to subscribe for the equity interest in Entity A, provided that the Shareholder may use such special dividend for any
purpose it may deem fit in the event that such Shareholder elects not to subscribe for its pro rata portion of the equity interest in Entity A; provided further that the unsubscribed portion of the equity interest in Entity A as a
result of any Shareholder electing not to subscribe such portion shall be allocated to the other Shareholders who elects to subscribe the equity interest in Entity A on a pro rata basis in proportion to such other Shareholders’ equity interests
in the issued and outstanding share capital of the Company (excluding those unsubscribed shareholder(s)) as of July 12, 2016 immediately after the Tencent Closing; (iii) if any Shareholder has been paid any special dividend that is
inconsistent with the arrangement in subclause (ii), such Shareholder shall return the same amount of such special dividend to the Company, so that the arrangement in subclause (ii) will be achieved. 

  
 -41- 

	 	11.	MISCELLANEOUS 

 11.1 Effectiveness of Agreement/Termination of the
Covenants. This Agreement shall be effective (a) with respect to the Company, Xie Guomin, Xie Zhenyu and each Shareholder listed on Schedule A, upon the due execution and delivery of this Agreement by the Company and the Shareholders
holding at least 75% of the issued and outstanding Ordinary Shares held by all Shareholders as of the date hereof, and (b) with respect to the other persons that become Shareholders after the date hereof, upon their due execution and delivery
of a Joinder in the form set forth in Exhibit A. The covenants set forth in Section 3 (Right of Participation), Section 4 (Right of First Refusal; Other Transfer
Restrictions), Section 5 (Right of Co-sale), Section 6 (Legend), Section 7 (Drag-Along Right),
Section 8.10 (Related Party Transactions), Section 8.11 (Enforcement of Tencent Transaction Documents), Section 9 (Information Rights),
Section 10.2(a), (b) and (c) (Protective Provisions), Section 10.3 (Control Documents) and Section 10.4 (IPO) shall terminate as to each
Shareholder and be of no further force or effect upon the earlier of (i) immediately prior to the consummation of a QIPO, or (ii) the date when the Company becomes subject to the reporting requirements of the Exchange Act or analogous
reporting requirements in an alternative listing jurisdiction. The covenants set forth in and Section 10.2(d) (Protective Provisions) shall terminate and be of no further force or effect if it is determined by the
underwriter of a QIPO and the Company’s legal counsel with respect to a QIPO that such covenants constitute a commercial or regulatory substantive impediment to the process of the QIPO. The parties hereto agree that each party shall negotiate
in good faith to terminate or amend the covenants set forth in Section 8 (Board and Management) (other than those in Section 8.10 (Related Party Transactions) and
Section 8.11 (Enforcement of Tencent Transaction Documents)) upon the earlier of (i) immediately prior to the consummation of a QIPO, or (ii) the date when the Company becomes subject to the reporting
requirements of the Exchange Act or analogous reporting requirements in an alternative listing jurisdiction, to the extent that the termination or amendment of any such covenant shall be necessary or desirable in order for the Company to comply with
applicable Law or rules or regulations of applicable securities exchanges in connection with a QIPO. Any person who ceases to be a Shareholder shall have no further right under this Agreement, but for the avoidance of doubt, such person shall
continue to be subject to the obligations hereunder that by their terms apply to such person after it ceases to be a Shareholder. 
 11.2
Enforceability/Severability. The parties hereto agree that each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable Laws. If any provision of this Agreement is found to be invalid or
unenforceable, then such provision shall be construed, to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on substantially the same terms as originally set
forth herein, and if no feasible interpretation would save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is essential to the rights or benefits
intended by the parties. In such event, the parties shall use best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which most nearly effects the parties’ intent in entering into this Agreement.

 11.3 Entire Agreement. This Agreement, together with all the exhibits hereto and thereto, constitutes and contains the entire
agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements, understandings, duties or obligations between the parties respecting the subject matter
hereof, including the Prior Agreement, the Shareholders Agreement dated July 12, 2016 by and among the Company and certain other parties named therein (“July 2016 SHA”), the Shareholders Agreement dated March 8,
2016 by and among the Company and certain other parties named therein (“March 2016 SHA”), the Shareholders Agreement dated May 26, 2014 by and among the Company and certain other parties named therein (“2014
SHA”) and the Amended and Restated Shareholders Agreement dated December 4, 2013 by and among the Company and certain other parties named therein (“2013 SHA”, together with the 2014 SHA, the March 2016
SHA, the July 2016 SHA and the Prior Agreement, the “Prior SHAs”). 

  
 -42- 

 Without limiting the generality of the foregoing, the Shareholders agree that in the event of any
conflict or inconsistency between any of the terms of this Agreement and any of the terms of the Articles, the terms of this Agreement shall prevail in all respects as among the Shareholders. The Shareholders shall give full effect to and act in
accordance with the provisions of this Agreement over the provisions of the Articles and the parties hereto shall exercise all voting and other rights and powers (including the power to procure any required alteration to the Articles to the extent
permitted by applicable Law to resolve such conflict or inconsistency) to make the provisions of this Agreement effective. Without limitation of the foregoing, each Shareholder agrees to vote all of its Company Securities or execute proxies or
written consents, as the case may be, and to take all other actions necessary, to ensure that the Articles (i) facilitate, and do not at any time conflict with, any provision of this Agreement, (ii) permit each Shareholder to receive the
benefits to which each such Shareholder is entitled under this Agreement and (iii) are adopted concurrently with or as soon as practicable after the effectiveness of this Agreement pursuant to Section 11.1 and registered promptly
thereafter. 
 11.4 Governing Law and Dispute Resolution. This Agreement shall be governed by and construed exclusively in accordance
with the Laws of Hong Kong without giving effect to any choice of law rule that would cause the application of the Laws of any jurisdiction other than the Laws of Hong Kong to the rights and duties of the parties hereunder. 

Any dispute, controversy or claim (each, a “Dispute”) arising out of or relating to this Agreement, or the
interpretation, breach, termination, validity or invalidity thereof, shall be referred to arbitration upon the demand of either party to the dispute with notice (the “Arbitration Notice”) to the other. The Dispute shall be
settled by arbitration in Hong Kong by the Hong Kong International Arbitration Centre (the “HKIAC”) in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules (the “HKIAC
Rules”) in force at the time when the Arbitration Notice is submitted. The seat of arbitration shall be Hong Kong. There shall be three (3) arbitrators. The complainant and the respondent to such dispute shall each select one
arbitrator within thirty (30) days after giving or receiving the demand for arbitration (the “Selection Period”). Such arbitrators shall be freely selected, and the parties shall not be limited in their selection to any
prescribed list. The chairman of the HKIAC shall select the third arbitrator. If either party to the arbitration fail to appoint an arbitrator with the Selection Period, the relevant appointment shall be made by the chairman of the HKIAC. The
arbitral proceedings shall be conducted in English. To the extent that the HKIAC Rules are in conflict with the provisions of this Section 11.4 (Governing Law and Dispute Resolution), including the provisions concerning the
appointment of the arbitrators, this Section 11.4 (Governing Law and Dispute Resolution) shall prevail. Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure
of and providing complete access to all information and documents requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. The award of the arbitral tribunal
shall be final and binding upon the parties thereto, and the prevailing party may apply to a court of competent jurisdiction for enforcement of such award. Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if
possible, from any court of competent jurisdiction pending the constitution of the arbitral tribunal. During the course of the arbitral tribunal’s adjudication of the Dispute, this Agreement shall continue to be performed except with respect to
the part in dispute and under adjudication. 

  
 -43- 

 11.5 Counterparts. This Agreement may be executed in counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. Any counterpart or signature of a party delivered by facsimile, email or similar electronic transmission pursuant to which the signature of (or on behalf of)
such party can be seen shall be deemed for all purposes as being a good and valid execution and delivery of this Agreement by such party. 

11.6 Headings. The section headings of this Agreement are for convenience and shall not by themselves determine the interpretation of
this Agreement. 
 11.7 Notices. Except as may be otherwise provided herein, any notice required or permitted hereunder shall be
given in writing and shall be conclusively deemed effectively given (i) upon personal delivery, (ii) upon delivery by overnight courier, or (iii) five (5) days after deposit in the mail, by registered or certified mail, postage
prepaid, addressed (a) if to the Company, to its principal office, and (b) if to a Shareholder, to such Shareholder’s address as is on file with the records of the Company, or at such other address as the parties may designate by a
ten (10) days’ advance written notice to the other parties. 
 11.8 Amendment of Agreement. Any provision of this Agreement
may be amended by a written instrument signed by the Company and the Shareholders holding at least 75% of the then issued and outstanding Ordinary Shares held by all Shareholders (which Shareholders must include Tencent); provided that any
provision herein that expressly requires the consent of a higher threshold of Ordinary Shares may not be amended except with the consent of such higher threshold of Ordinary Shares. In addition, any amendment, waiver or modification of any provision
of this Agreement that would materially and adversely affect any Shareholder in a manner that is disparate from the manner in which it affects other Shareholders may be effected only with the written consent of the Shareholder so affected. Any
amendment or modification to Section 4.2(a) may be effected only with the written consent of the Key Management. 

11.9 Successors and Assigns. Except as otherwise expressly provided to the contrary, the provisions of this Agreement and the rights
and obligations of the parties hereunder shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and be binding upon each Shareholder and each Shareholder’s legal representatives, heirs, legatees,
distributees, assigns and transferees by operation of Law, whether or not any such person has become a party to this Agreement or has agreed in writing to join herein and to be bound by the terms, conditions and restrictions hereof. Nothing in this
Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective permitted successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as
expressly provided in this Agreement. No party may assign any rights or delegate any obligations hereunder except in connection with the Transfer of Company Securities in accordance with the terms of this Agreement. 

11.10 Expenses. Each party shall bear its own expenses, including legal fees, in connection with the transactions contemplated by this
Agreement. 

  
 -44- 

 11.11 Delays or Omissions. No delay or omission to exercise any right, power or remedy
accruing to any party, upon any breach or default of another party under this Agreement shall impair any such right, power or remedy of such first party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence
therein, or of or 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. Any waiver, permit, consent or
approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the
extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party shall be cumulative and not alternative. 

11.12 Confidentiality. 

(a) The existence, terms and conditions of this Agreement, the Spotify Subscription Agreement, the other Transaction Documents, the
Tencent Transaction Documents and any information received by any Shareholder pursuant to Section 9 (Information Rights) or any other confidential information, knowledge or data concerning or relating to the business
or financial affairs of the Company to which such Shareholder has been or shall become privy by reason of this Agreement or the other Transaction Documents, discussions or negotiations relating to this Agreement or the other Transaction Documents,
and the performance of its obligations hereunder or thereunder (collectively, the “Confidential Information”) shall be considered confidential information and shall not be disclosed by any party to any third party except in
accordance with the provisions set forth below; provided that such Confidential Information shall not include any information that is in the public domain other than by reason of the breach of the confidentiality obligations hereunder. 

(b) Each party may disclose the existence of the transactions contemplated under the Tencent Subscription Agreement and the other Tencent
Transaction Documents in a press release jointly approved by the Company, Tencent and the Shareholders holding at least 66.7% of the then issued and outstanding Ordinary Shares. No other announcement regarding any of the Confidential
Information in a press release, conference, advertisement, announcement, professional or trade publication, mass marketing materials or otherwise to the general public may be made without the prior written consent of the Company, Tencent and the
Shareholders holding at least 66.7% of the then issued and outstanding Ordinary Shares held by all Shareholders. 
 (c) Notwithstanding the
foregoing, any party may disclose any of the Confidential Information to its current or bona fide prospective investors, permitted assignees or transferees, directors, officers, shareholders, employees, investment bankers, lenders, partners,
accountants and attorneys, in each case only where such persons or entities are under appropriate nondisclosure obligations. 
 (d) In the
event that any party is requested or becomes legally compelled (including, without limitation, pursuant to securities laws and regulations and other applicable laws and stock exchange rules) to disclose any Confidential Information in contravention
of the provisions of this Section 11.12 (Confidentiality), such party (the “Disclosing Party”) shall provide the Company and any other Party to whom such Confidential Information relates
(the “Non-Disclosing Parties”) with prompt written notice of that fact and use all reasonable efforts to seek (with the cooperation and reasonable efforts of the other parties) a
protective order, confidential treatment or other appropriate remedy. In such event, the Disclosing Party shall furnish only that portion of the information which is requested or legally required to be disclosed and shall exercise reasonable efforts
to keep confidential such information to the extent reasonably requested by any Non-Disclosing Party. 

  
 -45- 

 (e) The provisions of this Section 11.12 (Confidentiality)
shall be in addition to, and not in substitution for, the provisions of any separate nondisclosure agreement executed by any of the parties hereto. 

(f) All notices required under this section shall be made pursuant to Section 11.7 (Notices) of this
Agreement. 
 11.13 Specific Performance. Each of the parties hereto recognizes and acknowledges that a breach by it of any covenants
or agreements contained in this Agreement will cause the other parties to sustain damage for which they would not have an adequate remedy at law for money damages, and therefore each of the parties hereto agrees that in the event of any such breach
the aggrieved parties shall be entitled to the remedy of specific performance of such covenants and agreements and injunctive and other equitable relief in addition to any other remedy to which they may be entitled, at law or in equity. 

11.14 Parties in Interest. Except as expressly provided elsewhere in this Agreement, a person who is not a party to this Agreement
shall not have any rights under the Contracts (Right of Third Parties) Ordinance (Chapter 623, Laws of Hong Kong) to enforce any terms of this Agreement. This does not affect any right or remedy of a third party which exists, or is available, apart
from the Contracts (Right of Third Parties) Ordinance. For the avoidance of doubt, any holder of Company Securities that is not a party to this Agreement is not, and shall not be deemed, a Shareholder and shall not have any rights, interests,
obligations or remedies as a Shareholder under this Agreement. 
 11.15 Adjustments for Share Splits, Etc. Wherever in this Agreement
there is a reference to a specific number of shares of Company Securities of the Company, then, upon the occurrence of any subdivision, combination or share dividend of the Company Securities, the specific number of shares so referenced in this
Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of such class or series of shares by such subdivision, combination or share dividend. 

11.16 Aggregation of Shares. All Company Securities held or acquired by affiliated entities or persons (as defined in Rule 144 under
the Securities Act) shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

11.17 Amendment and Restatement of Prior Agreement. The Prior Agreement is hereby amended and superseded in its entirety and restated
in this Agreement. Such amendment and restatement is effective upon effectiveness of this Agreement in accordance with Section 11.1. Upon such effectiveness, all provisions of, rights granted and covenants made in the Prior
Agreement are hereby waived, released and superseded in their entirety and shall have no further force and effect. 

  
 -46- 

 11.18 Representations and Warranties. Each party hereby represents and warrants to each
other party, as of the date hereof, and as of the effective date of this Agreement, as follows: 
 (a) such party, if not a natural person,
is duly organized, validly existing and, to the extent applicable, in good standing under the applicable law of its jurisdiction of organization; 

(b) such party is a natural person, or is a corporate body with the legal capacity, power, authority and right to execute, deliver and
perform its obligations under this Agreement, and all actions on its part necessary for the authorization, execution, delivery of and the performance of all of its obligations under this Agreement have been taken; 

(c) this Agreement will when executed be a legal, valid and binding obligation, enforceable against it in accordance with its terms, except
where such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally; and 

(d) the execution and delivery by such party of this Agreement and the consummation by it of all the transactions contemplated hereunder
(i) do not and will not require any approval, consent or authorization, except for such approvals, consents or authorizations that have been duly obtained and remain in full force and effect as of the date hereof; (ii) breach or constitute
(or with notice or lapse of time or both constitute) a default under its constitutional documents, existing shareholders agreement or any material contract or agreement to which such party is bound; and (iii) result in a violation or breach of
or constitute (or with notice or lapse of time or both constitute) a default under any applicable Law by which such party or any of its assets is bound. 

11.19 Waivers; Consents. Each Shareholder hereby consents to the transactions contemplated by the Spotify Subscription Agreement and
this Agreement, including the issue and allotment of the Ordinary Shares under the Spotify Subscription Agreement, and irrevocably waives any and all rights arising under the Prior SHAs, the Articles or under applicable Law, in respect of pre-emptive rights, notice rights, rights of participation, rights of first refusal, co-sale rights, veto rights and all similar rights, and irrevocably waives any breach of
the Prior SHAs or the Articles relating to such issuance. 

  
 -47- 

 11.20 Release of Obligations. The Company hereby irrevocable agrees and confirms that with
respect to each Shareholder that is an Existing Shareholder and the Company itself, and each Shareholder that is an Existing Shareholder hereby irrevocably agrees and confirms only with respect to subclauses (i) and (iii) below, severally and
not jointly, that, solely with respect to such Shareholder, (i) the number of Ordinary Shares held by such Shareholder as set forth in the Cap Table in Schedule D to the July 2016 SHA (“Cap Table”) was true and
accurate as of July 12, 2016; (ii) each issuance of shares by the Company as shown in the Cap Table and the register of members of the Company to each Shareholder as of July 12, 2016 had been duly authorized and approved; and (iii) as
of July 12, 2016, other than the Tencent ESOP and the Disclosed Issuance Obligation, there were no outstanding options, warrants, convertible securities or other rights, agreements, arrangements or commitments of any kind by which the Company
is bound obligating it to issue, deliver or sell any Company Securities to such Shareholder or any other person (such obligations of the Company as of July 12, 2016, together with the Disclosed Issuance Obligation but, for the avoidance of
doubt, excluding the Tencent ESOP and the issuance of Ordinary Shares upon the exercise of options under the 2014 ESOP, the “Issuance Obligation”). This Agreement shall constitute an unconditional and irrevocable waiver and
release by each Shareholder that is an Existing Shareholder, on behalf of itself and its Subsidiaries, Affiliates, current and former officers, directors, employees, commissioners, and agents, and predecessors, successors and assigns (collectively,
“Releasing Parties”) of (a) all Issuance Obligations of the Company to each such Shareholder or its Affiliates, except for the Disclosed Issuance Obligation, and (b) any and all actions, causes of action, suits,
proceedings, claims and demands whatsoever, in law or in equity, of every kind and description, which such Releasing Party ever had, now has, or hereafter can, shall or may have against the Company, its Subsidiaries, Affiliates, current and former
officers, directors, employees, commissioners, and agents, and predecessors, successors and assigns (collectively, “Released Parties”), in each case in respect of any of the Released Parties with respect to any breach of any
provisions under the Prior SHAs, the subscription or purchase agreement that such Shareholder or its Affiliates invest or acquire shareholding in the Company or any other Group Company, the Articles and applicable Law occurring or arising prior to
July 12, 2016. Notwithstanding anything to the contrary contained herein, the Company and each Shareholder that is an Existing Shareholder hereby agree that, (i) concurrently with or before the issuance, delivery or sale of any Company
Securities by the Company to any person (other than Tencent) in connection with any Issuance Obligation, the Company shall unconditionally issue, at no consideration, to Tencent such number of Ordinary Shares that equals to the result of (x) 110%,
multiplied by (y) the same number of the Company Securities proposed to be issued, delivered or sold by the Company in connection with such Issuance Obligations (the “Anti-Dilution Issuance to Tencent”, and such Ordinary
Shares issuable to Tencent, the “Anti-Dilution Issuance Shares”); and (ii) all consideration received by the Company as a result of the issuance, delivery or sale of any Company Securities to any person in connection
with any Issuance Obligation shall be distributed or otherwise allocated to all the shareholders of the Company immediately prior to July 12, 2016 (including Tencent) ratably in proportion to the number of Ordinary Shares held by such
shareholder in the Company immediately prior to July 12, 2016. The Company and each Shareholder shall take all necessary actions to give effect to and consummate the Anti-Dilution Issuance to Tencent in accordance with the foregoing provisions,
and any Anti-Dilution Issuance Shares, when issued and delivered to Tencent, shall be deemed fully paid, duly issued and non-assessable. In the event that the Company receives a request from any person for the
issuance, delivery or sale by the Company of any Company Securities to such person in connection with the Issuance Obligation, the Board shall ascertain, and if any director of the Company reasonably objects to such request with good faith basis for
such objection, use reasonable efforts to take all necessary actions to contest the validity of such request before the issuance, delivery or sale by the Company of any Company Securities to such person. The obligation of the Company with respect to
the Anti-Dilution Issuance to Tencent under this Section 11.20 shall terminate and be of no further force or effect upon the earlier of (i) immediately prior to the consummation of a QIPO, or (ii) the date when
the Company becomes subject to the reporting requirements of the Exchange Act or analogous reporting requirements in an alternative listing jurisdiction. Notwithstanding the definition of Affiliates, the parties agree that for purposes of this
Section 11.20, Affiliates of Tencent shall exclude the Group Companies or any of the Group Companies’ Controlled Affiliates. 

  
 -48- 

 11.21 Interpretation; Absence of Presumption. 

(a) For the purposes hereof, (i) words in the singular shall be held to include the plural and vice versa and words of one gender shall
be held to include the other gender as the context requires; (ii) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as
a whole (including the schedules, exhibits and annexes hereto) and not to any particular provision of this Agreement, and Article, Section, paragraph, and clause references are to the Articles, Sections, paragraphs, and clauses to this Agreement
unless otherwise specified; (iii) the word “including” and words of similar import when used in this Agreement shall mean “including without limitation”; (iv) the word “or” shall not be exclusive;
(v) references to a person are also to its successors and permitted assigns; provisions shall apply, when appropriate, to successive events and transactions; (vi) all references to any period of days shall be deemed to be to the relevant
number of calendar days unless otherwise specified; (vii) references to any agreement, instrument or statute means such agreement, instrument or statute as from time to time amended, qualified or supplemented, including (in the case of
agreements and instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and all attachments thereto and instruments incorporated therein and (viii) all terms defined herein shall have the
defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
 (b)
The parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no
presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. 

— REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK - 

  
 -49- 

 IN WITNESS WHEREOF, the parties to this Agreement have executed this Shareholders Agreement as of
the date first above written. 
  

			
	 THE COMPANY:

 
 TENCENT MUSIC

ENTERTAINMENT GROUP

	
(腾讯音乐娱乐集团)

		
	By:	 	 /s/ PANG Kar Shun Cussion

		 	Name: PANG Kar Shun Cussion
		 	Title: Director

 [Signature Page to Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties to this Agreement have executed this Shareholders Agreement as of
the date first above written. 
  

			
	SHAREHOLDER:
	
	MIN RIVER INVESTMENT LIMITED
		
	By:	 	 /s/ Huateng Ma

		 	Name:
		 	Title: Authorized Signatory

 [Signature Page to Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties to this Agreement have executed this Shareholders Agreement as of
the date first above written. 
  

			
	 SHAREHOLDER:
  

	 PAGAC MUSIC HOLDING II

LIMITED

		
	By:	 	 /s/ Wong Tak Wai

		 	Name: Wong Tak Wai
		 	Title: Director

 [Signature Page to Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties to this Agreement have executed this Shareholders Agreement as of
the date first above written. 
  

			
	SHAREHOLDER:
	
	CHINA INVESTMENT CORPORATION FINANCIAL HOLDINGS
		
		 	 For and on behalf of

China Investment Corporation Financial Holdings

		
	By:	 	 /s/ Liang Tang

		 	Name:
		 	Title:

 [Signature Page to Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties to this Agreement have executed this Shareholders Agreement as of
the date first above written. 
  

			
		 	SHAREHOLDER:
		
		 	CICFH GROUP LIMITED
		
		 	 For and on behalf of

CICFH Group Limited

		
	By:	 	 /s/ Liang Tang

		 	Name:
		 	Title:

 [Signature Page to Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties to this Agreement have executed this Shareholders Agreement as of
the date first above written. 
  

			
	SHAREHOLDER:
	
	CICFH MUSIC INVESTMENT LIMITED
		
		 	 For and on behalf of

CICFH Music Investment Limited

		
	By:	 	 /s/ Liang Tang

		 	Name:
		 	Title:

 [Signature Page to Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties to this Agreement have executed this Shareholders Agreement as of
the date first above written. 
  

			
	SHAREHOLDER:
	
	GREEN TECHNOLOGY HOLDINGS LIMITED
		
		 	 For and on behalf of

Green Technology Holdings Limited

绿色科技控股有限公司

		
	By:	 	 /s/ Jiamin Zhou

		 	Name:
		 	Title:

 [Signature Page to Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties to this Agreement have executed this Shareholders Agreement as of
the date first above written. 
  

			
	SHAREHOLDER:
	
	PAN ASIA VENTURE GROUP LIMITED
		
		 	 For and on behalf of

Pan Asia Venture Group Limited

		
	By:	 	 /s/ Liang Tang

		 	Name:
		 	Title:

 [Signature Page to Shareholders Agreement]EX-10.16

 Exhibit 10.16 

EXECUTION VERSION 
 SHARE
SUBSCRIPTION AGREEMENT 
 Dated January 15, 2018 

by and between 
 TENCENT
MUSIC ENTERTAINMENT GROUP 

(腾讯音乐娱乐集团) 

and 
 THE PURCHASERS
HEREUNDER 

 SHARE SUBSCRIPTION AGREEMENT 

THIS SHARE SUBSCRIPTION AGREEMENT (this “Agreement”) is made and entered into on January 15, 2018 by and between: 

(a) Tencent Music Entertainment Group
(腾讯音乐娱乐集团), an exempted company incorporated under the Laws of the
Cayman Islands (the “Company”); and 
 (b) each of the investors listed on Schedule A attached hereto and any
other investor who shall become Parties to this Agreement after the date hereof in accordance with Section 2.1 (each, a “Purchaser” and collectively, the “Purchasers”). 

RECITALS 
  

	A.	The Company desires to issue and sell to each Purchaser, and each Purchaser desires to subscribe for and purchase from the Company, a certain number of the ordinary shares, par value US$0.000083 per share, of the
Company (the “Ordinary Shares”), on the terms and conditions set forth in this Agreement; and 

  

	B.	The Parties desire to enter into this Agreement and make the respective representations, warranties, covenants and agreements set forth herein on the terms and conditions set forth herein. 

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

 

	1.	DEFINITIONS 

 In this Agreement, unless the context otherwise requires, the following
words and expressions have the meanings as follows: 
 “Action” means any litigation or arbitration proceeding. 

“Affiliate” means, (i) with respect to a Person that is a natural person, such Person’s relatives and any other
Person (other than natural persons) directly or indirectly Controlled by such Person, and (ii) with respect to a Person that is not a natural person, a Person that directly, or indirectly through one or more intermediaries, Controls, or is
Controlled by, or is under common Control with, such Person. For the purposes of this definition, “relative” of a Person means such Person’s spouse, parent, grandparent, child, grandchild, sibling, uncle, aunt, nephew, niece or
great-grandparent or the spouse of such Person’s child, grandchild, sibling, uncle, aunt, nephew or niece. 

 “Agreement” has the meaning set forth in the preamble. 

“Applicable Basket” has the meaning set forth in Section 7.2(a). 

“Applicable Cap” has the meaning set forth in Section 7.2(a). 

“Approval” means any approval, consent, waiver, license or permit required to be obtained from, or any registration or
qualification required to be filed with or delivered to, any Governmental Authority or any other Person. 
 “Arbitration
Notice” has the meaning set forth in Section 9.15. 
 “Attorney” has the meaning set forth in
Section 9.4(c). 
 “Balance Sheet Date” means June 30, 2017. 

“Bankruptcy and Equity Exception” has the meaning set forth in Section 3.4. 

“Board” means the Board of Directors of the Company. 

“Business Day” means a day (other than a Saturday or a Sunday) that the banks in New York, Hong Kong, the PRC, and the Cayman
Islands are generally open for business. 
 “Closing” has the meaning set forth in Section 2.2. 

“Closing Date” has the meaning set forth in Section 2.2. 

“Company” has the meaning set forth in the preamble. 

“Company Indemnitee” has the meaning set forth in Section 7.2(b). 

“Confidential Information” has the meaning set forth in Section 5.3(a). 

“Contracts” means legally binding contracts, agreements, commitments, understandings, instruments, or any other contractual
arrangements or obligations, which are currently subsisting and not terminated or completed (with each of such Contracts being referred to as a “Contract”). 

“Control” means the possession, direct or indirect, of the power to direct, or cause the direction of, the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Control Documents”
has the meaning set forth in Section 3.3. 
 “De Minimis Claim Threshold” has the meaning set forth in
Section 7.2(a). 

  
 -2- 

 “Disclosure Schedule” means the disclosure schedule delivered by the Company to
each Purchaser on the date hereof. 
 “Dispute” has the meaning set forth in Section 9.15. 

“Dual-Class Structure and Re-Designation” has the meaning set forth in
Section 9.4(a). 
 “Effective Event” has the meaning set forth in Section 9.4(a). 

“ESOP” means collectively, the 2014 Share Incentive Plan, the 2017 Share Option Plan and the 2017 Restricted Share Award
Scheme of the Company. 
 “Fair Market Value” has the meaning set forth in Section 7.5(a)(i). 

“Financial Statements” means the management account of consolidated income statements of the Company for the year ended
December 31, 2016 and for the three-month periods ended March 31, 2017 and June 30, 2017. 
 “Financing
Shares” has the meaning set forth in Section 9.3. 
 “Governmental Authorities” means any nation, government,
province, state, or any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board, commission or
instrumentality of any government or any political subdivision thereof, court, tribunal, arbitrator, the governing body of any securities exchange, and self-regulatory organization, in each case having competent jurisdiction (with each of such
Governmental Authorities being referred to as a “Governmental Authority”). 
 “Group Companies” means
the Company and its Subsidiaries. 
 “HKIAC” has the meaning set forth in Section 9.15. 

“HKIAC Rules” has the meaning set forth in Section 9.15. 

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

“Indemnified Party” has the meaning set forth in Section 7.3. 

“Indemnifying Party” has the meaning set forth in Section 7.3. 

“IPO” has the meaning set forth in Section 7.1. 

“Knowledge of the Company” means the actual knowledge of the Chief Executive Officer, the Chief Financial Officer and the
General Counsel of the Company as of the date of this Agreement. 

  
 -3- 

 “Law” means any law, rule, constitution, code, ordinance, statute, treaty,
decree, regulation, common law, order, official policy, circular, provision, administrative order, interpretation, injunction, judgment, ruling, assessment, writ or other legislative measure, in each case of any Governmental Authority. 

“Lien” means, with respect to any property or asset, any mortgage, charge, lien, pledge, charge, security interest or
encumbrance in respect of such property or asset. 
 “Liquidated Damages” has the meaning set forth in Section 7.5(b).

 “Losses” has the meaning set forth in Section 7.2(a). 

“Material Adverse Effect” means any event, circumstance, occurrence or change that (a) prevents or materially alters the
ability of the Company to consummate the transactions contemplated by this Agreement, or (b) has a material adverse effect on the business, assets or financial condition of the Group Companies, taken as a whole, provided, however,
that in determining whether a Material Adverse Effect has occurred, there shall be excluded any effect on the Group Companies to the extent relating to, resulting from or arising in connection with (i) any action required to be taken pursuant
to the terms and conditions of this Agreement or any other Transaction Documents or taken at the written direction of a Purchaser or any of its Affiliates, (ii) any event or circumstance arising out of or relating to any matter disclosed in the
Disclosure Schedule, (iii) the issuance of any Financing Shares, or any arrangement, agreement or understanding entered into or any actions taken in connection therewith, (iv) changes affecting the industry in which the Group Companies
operate, the economy or financial, credit or securities markets or political conditions generally in the PRC or any other market where the Group Companies have operations or sales generally (including any change relating to, resulting from or
arising in connection with any outbreak or escalation of war, terrorism or other conflict); (v) changes in accounting requirements or principles or any change in applicable Law or the interpretation or enforcement thereof, (vi) any acts of, or
on behalf of, a Purchaser or its Affiliates, including any change relating to, resulting from or arising in connection with any breach of this Agreement or any other Transaction Documents by a Purchaser; (vii) something consented to in writing
by a Purchaser or its Affiliates, or (viii) the announcement, pendency or consummation of this Agreement, any other Transaction Documents or the transactions contemplated by this Agreement or any other Transaction Documents (including, in
the case of clause (viii), any reduction in users or sales, any disruption in user, licensor, distributor, partner or similar relationships or any loss of employees). 

“Material Contracts” has the meaning set forth in Section 3.9(a). 

“Material Subsidiary” has the meaning set forth in Schedule B. 

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

 “Ordinary Shares” has the meaning set forth in the recitals. 

  
 -4- 

 “Parties” means the named parties to this Agreement and their respective
successors and permitted assigns (with each of such Parties being referred to as a “Party”). 

“Person” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability
company, firm, trust, estate or other enterprise, entity or legal person. 
 “PRC” means the People’s Republic of
China and for purposes of this Agreement, excludes Hong Kong, Macao Special Administrative Region and Taiwan. 
 “Purchased
Shares” has the meaning set forth in Section 2.1. 
 “Purchaser” has the meaning set forth in the preamble.

 “Purchasers” has the meaning set forth in the preamble. 

“Purchaser Indemnitee” has the meaning set forth in Section 7.2(a). 

“Purchaser Owned Shares” has the meaning set forth in Section 9.4(b)(iii). 

“Related Party” means any shareholder, officer or director of any Group Company, or any Affiliate of any such Person or of
any Group Company, except for the Group Companies. 
 “Representatives” has the meaning set forth in Section 5.3(a).

 “Restated Articles” means the Fourth Amended and Restated Memorandum and Articles of Association of the Company adopted
on or around January 8, 2018. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Selection Period” has the meaning set forth in Section 9.15. 

“Shareholders Agreement” means the Third Amended and Restated Shareholders Agreement of the Company entered into on or around
January 8, 2018 by and among the Company and other parties named therein. 
 “Subscription Price” has the meaning set
forth in Section 2.1. 
 “Subsidiary” means companies whose financial results are consolidated with those of the
Company in accordance with the generally accepted accounting principles in the United States. 
 “Tax Return” means any
return, report or statement showing Taxes, used to pay Taxes, or required to be filed with respect to any Tax. 

  
 -5- 

 “Taxes” means (i) in the PRC: (a) any national, provincial, municipal
or local taxes, charges, fees, levies or other assessments, (b) all interest, penalties or additional amounts imposed by any Governmental Authority having jurisdiction over the assessment, determination, collection or other imposition of any
items described in clause (a) above in connection therewith, and (ii) in any jurisdiction other than the PRC: all similar liabilities as described in clause (i) above. 

“Transaction Documents” means this Agreement, the Shareholders Agreement, the Restated Articles, and any other agreement,
document or instrument executed and delivered in connection with the transactions contemplated by this Agreement. 

“Transfer” means (i) when used as a verb, to sell, assign, dispose of, exchange, pledge, encumber, hypothecate or
otherwise transfer any Ordinary Shares or other securities of the Company or any participation or interest therein, whether directly or indirectly (including pursuant to a derivative transaction or a transfer or new issuance of ownership interests
in a direct or indirect holder of such Ordinary Shares or other securities of the Company), or agree or commit to do any of the foregoing and (ii) when used as a noun, a direct or indirect sale, assignment, disposition, exchange, pledge,
encumbrance, hypothecation, or other transfer of such Ordinary Shares or other securities of the Company or any participation or interest therein or any agreement or commitment to do any of the foregoing. 

“US$” means United States Dollars, the lawful currency of the U.S. 

 

	2.	PURCHASE AND SALE 

 2.1. Purchase and Sale of Ordinary Shares. Subject to the
terms and conditions of this Agreement, the Company hereby agrees to issue and sell to each Purchaser, and each Purchaser agrees to subscribe for and purchase from the Company, at the Closing with respect to such Purchaser, that number of Ordinary
Shares set forth opposite such Purchaser’s name on Schedule A attached hereto (the “Purchased Shares”) at a purchase price of US$4.0363 per Ordinary Share. The aggregate subscription price for the Purchased Shares of
each Purchaser (the “Subscription Price”) is set forth opposite such Purchaser’s name on Schedule A and shall be paid in cash as provided in Section 2.3(a). Within thirty (30) days after the date of
this Agreement, with the consent of the Company, one or more Purchasers may become party to this Agreement by executing a counterpart signature page after which the total number of Purchased Shares and the total Subscription Price on
Schedule A to this Agreement will be amended to reflect the Purchased Shares of such Purchaser and such Purchaser shall become obligated to close at the Closing in respect of such Purchaser in accordance with the terms hereof. 

  
 -6- 

 2.2. Closing. The closing of the purchase and sale of the Purchased Shares contemplated
under Section 2.1 (the “Closing”) with respect to each Purchaser shall take place remotely via the exchange of documents and signatures on the next Business Day after satisfaction or waiver (to the extent permissible by the
Party entitled to such conditions) of the conditions set forth in Section 6 (other than those conditions to be satisfied at the Closing, but subject to the satisfaction or waiver thereof at the Closing) with respect to such Purchaser, or at
such other time or place as the Company and such Purchaser may agree in writing (with respect to each Purchaser, the date on which the Closing occurs, the “Closing Date”). For the avoidance of doubt, the Company shall have the
discretion to consummate a Closing with one or more Purchasers, and the Closings of the transactions with different Purchasers are not conditional upon each other. 
  

	 	2.3.	Deliveries. 

 (a) At the Closing in respect of a Purchaser, such
Purchaser shall (i) pay the Subscription Price by wire transfer of immediately available funds in U.S. dollars to the Company’s bank account set forth in Schedule E hereto, and (ii) deliver a copy of the Shareholders Agreement
or a joinder to the Shareholders Agreement, as applicable, duly executed by such Purchaser. 
 (b) At the Closing in respect
of a Purchaser, against payment of the Subscription Price by such Purchaser, the Company shall update the register of members to reflect the issuance to such Purchaser of its Purchased Shares and shall provide a copy of an extract of the relevant
portion of the updated register of members reflecting such issuance to such Purchaser of its Purchased Shares. As soon as reasonably practicable after the Closing, the Company will deliver to such Purchaser a copy of the share certificate issued in
the name of such Purchaser representing its Purchased Shares, if requested by such Purchaser. 
  

	3.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

 Except as set forth in the
Disclosure Schedule, the Company hereby represents and warrants to each Purchaser that as of the date of this Agreement and as of the applicable Closing Date in respect of such Purchaser: 

 

	 	3.1.	Organization, Standing and Qualification. 

 (a) Each of the Company and
its Material Subsidiaries is duly organized, validly existing and in good standing (to the extent such concept is recognized) under the Laws of its jurisdiction of organization and has all requisite corporate power and authority to own its
properties and assets and to carry on its business as presently conducted in all material respects. Each of the Company and its Material Subsidiaries is qualified to do business in each other jurisdiction in which it is currently transacting
business, except for those jurisdictions where failure to be so qualified would not have a Material Adverse Effect. 
 (b)
None of the Company or its Material Subsidiaries has filed (or has had filed against it) any petition for its liquidation, dissolution, bankruptcy or winding-up, or is insolvent under the Laws of its
jurisdiction of organization. 

  
 -7- 

	 	3.2.	Capitalization. 

 (a) The summary table of the issued and outstanding
share capital (which does not include the identification of each individual shareholder or recipient of an award under the ESOP or the identification of all shareholders holding less than 2% of the total number of the issued and outstanding
Ordinary Shares) of the Company as of the date of this Agreement and, to the Knowledge of the Company as of the date of this Agreement, immediately prior to the issuance of any Financing Shares is set forth in Section 3.2(a) of the Disclosure
Schedule. Assuming the consummation of the issuance of all Financing Shares, there will be a total of 3,089,967,945 issued and outstanding Ordinary Shares of the Company and 132,426,118 Ordinary Shares reserved for issuance pursuant to the grant,
exercise or vesting of options or other types of awards granted or to be granted under the ESOP. 
 (b) Except (i) as
contemplated under the Transaction Documents, (ii) as set forth in Section 3.2(b) of the Disclosure Schedule, (iii) the shares underlying awards issued under the ESOP and (iv) the Financing Shares, there are no outstanding
options, warrants, convertible securities or other rights, agreements, arrangements or commitments of any kind to which the Company is a party or by which it is bound obligating the Company (i) to issue, deliver or sell, or refrain from
issuing, delivering or selling, any shares of the Company, or to grant, extend or enter into any such option, right or agreement, or (ii) to repurchase, redeem or otherwise acquire, or to refrain from repurchasing, redeeming or otherwise
acquiring, any shares of the Company, or to grant, extend or enter into any such option, right or agreement. 
 (c) Except as
set forth in this Agreement or the other Transaction Documents and except as required under applicable Laws, no outstanding shares of the Company are subject to any preemptive rights, rights of first refusal, or other rights to purchase such shares
of the Company (whether in favor of the Company or any other Person).  
 3.3. Group Structure. Section 3.3 of the
Disclosure Schedule sets forth a complete and accurate structure chart showing the Company and all Material Subsidiaries, and indicating the ownership and Control relationships among the Company and its Material Subsidiaries, and the jurisdiction in
which the Company and each of its Material Subsidiaries was organized. There are no Liens on any shares or equity interests owned by the Company in any Material Subsidiary or any arrangements or obligations to create such Liens, except for any
transfer restrictions under applicable Laws or as provided in the Transaction Documents or the Contracts that enable the Company to effect control over and consolidate with its financial results the financial results of those Material Subsidiaries
of which the Company does not, directly or indirect, hold of record any shares of capital stock, equity interests or partnership interests (the “Control Documents”). 

  
 -8- 

 3.4. Due Authorization. As of the date of this Agreement, all corporate actions on the
part of the Company necessary for (i) the authorization, execution and delivery of, and the performance of all of its obligations under, this Agreement and the other Transaction Documents and (ii) the authorization, issuance and
delivery of the Purchased Shares of such Purchaser have been taken. The Company has the requisite corporate power, capacity and authority to enter into, execute and deliver this Agreement and the other Transaction Documents and to perform all the
obligations to be performed by it hereunder and thereunder. This Agreement has been duly executed and delivered by the Company. Assuming due authorization, execution and delivery of the other parties hereto and thereto, this Agreement and the other
Transaction Documents, when executed and delivered by the Company, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with its terms, subject, as to enforcement of remedies, to applicable
bankruptcy, insolvency, moratorium, reorganization and similar Laws affecting creditors’ rights generally and to general equitable principles (the “Bankruptcy and Equity Exception”). 

3.5. Consents and Approvals. Assuming the accuracy of the representations made by each Purchaser in Section 4, except as expressly
provided in this Agreement and the other Transaction Documents, no Approval is required to be obtained or made by or with respect to the Company in connection with the execution, delivery or performance of this Agreement and the other Transaction
Documents by the Company, or the consummation of the transactions contemplated hereby or thereby by the Company, except for any such Approvals as to which the failure to obtain or make would not have a Material Adverse Effect. 

3.6. Valid Issuance. The Purchased Shares, when issued, sold and delivered in accordance with the terms of this Agreement for the
consideration expressed herein, will be duly and validly issued, fully paid and non-assessable, free from any Liens (except for any restrictions on transfer under applicable Laws and under the Transaction
Documents and any Liens created or imposed by such Purchaser). 
 3.7. No Violation. Neither the execution and delivery of this
Agreement or the other Transaction Documents nor the full performance of its obligations by the Company hereunder or thereunder will (a) violate any applicable Law to which the Company is subject, (b) conflict with, result in a violation
or breach of, or constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate or cancel any Material Contract by which the Company is bound, or (c) violate the Restated Articles of the
Company, in each case, except as would not have a Material Adverse Effect. 
 3.8. Financial Statements. The Company has delivered to
the Purchaser on the date hereof a copy of the Financial Statements. The Financial Statements (i) have been prepared in accordance with the books and records of the Group Companies, (ii) were prepared in accordance with generally accepted
accounting principles and practices, applied on a consistent basis throughout the periods involved, except as set forth in the notes thereto, and (iii) fairly present in all material respects the results of operations of the Group Companies on
a consolidated basis for the respective periods indicated therein, subject to any notes thereto and normal recurring year-end audit adjustments. 

  
 -9- 

	 	3.9.	Material Contracts. 

 (a) Except for the Control Documents or as set
forth in Section 3.9(a) of the Disclosure Schedule, each of the Group Companies is not a party to or bound by: 
 (i)
any Contract that contains a put, call or similar right pursuant to which the Company could be required to purchase or sell, as applicable, any assets that are material to the Group Companies, taken as a whole; or 

(ii) any Contract under which the Company is obligated to sell, issue, grant, exercise, award, purchase, repurchase or redeem
any shares of the Company, except for those under the ESOP and those relating to the issuance of the Financing Shares. 
 Each such Contract described
above is referred to herein as a “Material Contract.” For clarification, any Contract that is no longer effective as of the date hereof shall not be deemed to be a Material Contract. 

(b) Except as would not have a Material Adverse Effect, each of the Group Companies is not in breach or violation of, or
default under, any Material Contract. 
 3.10. Litigation. Except as would not have a Material Adverse Effect or as set forth in
Section 3.10 of the Disclosure Schedule:  
 (a) there is no Action pending against the Group Companies;
and 
 (b) none of the Group Companies is a party or is subject to the provisions of any Order. 

3.11. Compliance. Except as set forth in Section 3.11 of the Disclosure Schedule and as would not have a Material Adverse Effect,
(i) the Company and its Material Subsidiaries are in compliance with all applicable Laws, and (ii) the Company and its Material Subsidiaries have all Approvals necessary for the conduct of their respective business and are in compliance
thereof. 
 3.12. Activities Since Balance Sheet Date. Since the Balance Sheet Date, except as contemplated hereunder or under any
other Transaction Document or as set forth in Section 3.12 of the Disclosure Schedule, (i) the Company and its Material Subsidiaries have operated their respective business in the ordinary course of business in all material respects and
(ii) there has not been any Material Adverse Effect. 

  
 -10- 

	 	3.13.	Tax Matters. 

 (a) Each of the Company and its Material Subsidiaries has
duly and timely filed all Tax Returns required to have been filed by it, except to the extent that any failure to do so would not have a Material Adverse Effect, and all such Tax Returns were, at the time of such filing, in compliance with
applicable Laws in all material respects.  
 (b) Each of the Company and its Material Subsidiaries has timely
paid, or has made adequate provisions for, all Taxes assessed which are due and payable (whether or not shown on any Tax Return), except to the extent that any failure to do so would not have a Material Adverse Effect. 

3.14. Related Party Transactions. To the Knowledge of the Company, there is no material Contract other than on arm’s length terms
between a Related Party, on the one hand, and the Company and its Material Subsidiaries, on the other hand, except for such Contract that is between the Company and any of its Material Subsidiaries or between the Company’s Material
Subsidiaries. 
 3.15. Employee Matters. Except as set forth in Section 3.15 of the Disclosure Schedule and as would not have a
Material Adverse Effect, (i) each of the Company and its Material Subsidiaries is in compliance with all applicable Laws respecting employment, employment practices and terms and conditions of employment, including without limitation the
applicable PRC Laws pertaining to welfare funds, social benefits, medical benefits, insurance, retirement benefits and pensions; (ii) no labor dispute exists, or to the Knowledge of the Company, is threatened with respect to any of the
employees of the Company or any of its Material Subsidiaries. 
 3.16. Finders’ Fees. There is no investment banker, broker,
finder or other intermediary that has been retained by or is authorized to act on behalf of any the Company or its Affiliates who might be entitled to any fee or commission payable by such Purchaser in connection with the transactions contemplated
by this Agreement. 
 3.17. No More Favorable Terms. The Subscription Price per Ordinary Share at which such Purchaser will subscribe
for and purchase its Purchased Shares under this Agreement is no less favorable than that at which any other Purchaser will subscribe for and purchase its Purchased Shares under this Agreement. 

  
 -11- 

	4.	REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER 

 Each Purchaser hereby represents and
warrants to the Company, in respect of itself, as of the date of this Agreement and as of the applicable Closing Date in respect of such Purchaser: 
  

	 	4.1.	Organization; Standing and Qualification. 

 (a) Such Purchaser is duly
organized, validly existing and in good standing (to the extent such concept is recognized) under the Laws of its jurisdiction of organization and has all requisite corporate power and authority to carry on its business as presently conducted in all
material respects. 
 (b) Such Purchaser has not filed (or has had filed against it) any petition for its liquidation,
dissolution, bankruptcy or winding-up, or is insolvent under the Laws of its jurisdiction of organization. 

4.2. Due Authorization. Such Purchaser has all requisite power, authority and capacity to enter into this Agreement and the other
Transaction Documents and to perform its obligations hereunder and thereunder. The execution, delivery and performance by such Purchaser of this Agreement and the other Transaction Documents have been duly authorized by all necessary corporate
action on the part of such Purchaser. This Agreement has been duly executed and delivered by such Purchaser. Assuming due authorization, execution and delivery of the other parties hereto and thereto, this Agreement and the other Transaction
Documents, when executed and delivered by such Purchaser, will constitute valid and legally binding obligations of such Purchaser, enforceable against such Purchaser in accordance with its terms and subject, as to enforcement of remedies, to the
Bankruptcy and Equity Exception. 
 4.3. Purchase for Own Account. The Purchased Shares of such Purchaser are being acquired for
investment for such Purchaser’s own account, not as a nominee or agent of any Person other than such Purchaser, and not with a view to, or for sale in connection with, any distribution of any part thereof, and that such Purchaser has no present
intention of selling, granting any participation in or otherwise distributing the same to any Person. Such Purchaser does not presently have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant
participations to such Person or to any third Person, with respect to any of its Purchased Shares. 
 4.4. Exempt from Registration;
Restricted Securities. Such Purchaser understands that its Purchased Shares will not be registered under the Securities Act or registered or listed publicly pursuant to any other applicable securities Laws, on the ground that the sale provided
for in this Agreement is exempt from registration under the Securities Act or the registration or listing requirements of any other applicable securities Laws. Such Purchaser understands that its Purchased Shares are restricted securities within the
meaning of Rule 144 under the Securities Act and that its Purchased Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or
listing is available. 

  
 -12- 

 4.5. Status of Purchaser. Such Purchaser is (a) an accredited investor as defined in
Rule 501(a) of Regulation D promulgated under the Securities Act and/or (b) is not a “U.S. person” within the meaning of Regulation S under the Securities Act and is acquiring its Purchased Shares in an offshore transaction under Rule
903 of Regulation S under the Securities Act. Such Purchaser (i) has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks involved in purchasing its Purchased Shares and
(ii) is capable of bearing the economic risk of its investment. Such Purchaser has undertaken such investigation and has been provided with and has evaluated such documents and information as it has deemed necessary or appropriate for making an
informed and intelligent decision with respect to the purchase of its Purchased Shares and the execution, delivery and performance of this Agreement and the other Transaction Documents. 

4.6. Consents and Approvals. Except for any Approval that has been obtained or made by such Purchaser and provided to the Company as of
the date of this Agreement, no Approval is required to be obtained or made by or with respect to such Purchaser or any of its Affiliates in connection with the execution, delivery or performance of this Agreement and the other Transaction Documents
by such Purchaser or any of its Affiliates that is a party to any Transaction Document, or the consummation of the transactions contemplated hereby or thereby by such Purchaser or any of its Affiliates. 

4.7. No Violation. Neither the execution and delivery of this Agreement or any of the other Transaction Documents nor the full
performance of its obligations by such Purchaser hereunder or thereunder will (a) violate any applicable Law to which such Purchaser is subject, or (b) violate any constitutive documents of such Purchaser, in each case, except as would not
materially affect such Purchaser’s ability to perform its obligations under this Agreement and the other Transaction Documents and consummate the transactions contemplated hereby and thereby. 

4.8. Litigation. There is no Action pending or, to the knowledge of such Purchaser, threatened against or affecting such Purchaser
before any court or arbitrator or any Governmental Authority, and such Purchaser is not a party or subject to the provisions of any Order, which in any manner challenges or seeks to prevent, enjoin, alter or materially delay the transactions
contemplated by this Agreement. 
 4.9. Financing. Such Purchaser has sufficient cash, available lines of credit or other sources of
immediately available funds to enable it to make payment of the Subscription Price and any other amounts to be paid by it under this Agreement. 

4.10. Finders’ Fees. There is no investment banker, broker, finder or other intermediary that has been retained by or is
authorized to act on behalf of such Purchaser, any of its Affiliates or their respective directors, officers, employees or equity holders and might be entitled to any fee or commission payable by the Company or any of its Subsidiaries in connection
with the transactions contemplated by this Agreement. 
 4.11. No Other Representations. Such Purchaser acknowledges that, except for
the representations and warranties of the Company contained in Section 3, the Company is not making and has not made, and no other Person is making or has made on behalf of the Company, any express or implied representation or warranty in
connection with this Agreement or the transactions contemplated hereby, and any such other representations and warranties are expressly disclaimed. 

  
 -13- 

	5.	COVENANTS 

 5.1. Further Assurances. Each Party shall from time to time and at all
times hereafter uses reasonable best efforts to make, do, execute, or cause or procure to be made, done and executed such further acts, deeds, conveyances, consents and assurances without further consideration, which may reasonably be required or
advisable to effect the transactions contemplated by this Agreement and the other Transaction Documents. 
 5.2. Approvals, Consents and
Waivers. Without limiting the generality of Section 5.1, prior to the Closing, each Purchaser shall, and shall cause all of its Affiliates to, take all actions necessary to obtain or make all Approvals, if any, of Governmental Authorities
and other Persons which are to be obtained or made by such Purchaser or any of its Affiliates and are necessary in connection with the consummation of the transactions contemplated by this Agreement and the other Transaction Documents. In the event
that the Company waives the condition set forth in Section 6.3(c) at the Closing, each Purchaser shall, and shall ensure that all of its Affiliates, within one (1) month or such other time period after the Closing as may be reasonably
required by the Company, obtain or make any and all Approvals necessary for the consummation of the transactions contemplated by this Agreement and the other Transaction Documents which have not been obtained or made as of the Closing. 

 

	 	5.3.	Confidentiality and Non-Disclosure. 

(a) Prior to the Closing Date or after any termination of this Agreement, each Party shall hold, and shall cause its Affiliates
to which it has provided any Confidential Information and the respective officers, directors, members, limited partners, employees, accountants, counsel, consultants, advisors and agents of such Party and such Affiliates (collectively,
the “Representatives”) to hold, in confidence, unless otherwise approved in writing by the Party to which the Confidential Information pertains, legally compelled by judicial or administrative process or by other requirements
of any applicable Laws (including, without limitation, pursuant to securities laws or regulations and applicable securities exchange rules) or requested by any Governmental Authority having competent jurisdiction, all documents and information
concerning the Company or any Subsidiary furnished to such Party or its Representatives in connection with the transactions contemplated by this Agreement and the other Transaction Documents (the “Confidential Information”),
including the terms and conditions of this Agreement, the other Transaction Documents and all exhibits and schedules attached to such agreements, including their existence, and the identity of each party thereto, except to the extent that such
information can be shown to have been (i) previously known on a non-confidential basis by such Purchaser, (ii) in the public domain through no fault of such Purchaser or (iii) later lawfully
acquired by such Purchaser from sources other than the Company; provided that a Party may disclose such information to its Representatives who need to know such information for the purpose of consummating the transactions
contemplated by this Agreement so long as such Representatives are informed by such Purchaser of the confidential nature of such information and have entered into a nonuse and nondisclosure agreement that covers the Confidential Information (or are
otherwise subject to similar confidentiality obligations) prior to the disclosure of such Confidential Information to such Representatives; provided, further, without the Company’s prior written consent, in no event shall
any Purchaser disclose, or permit any of its Affiliates to disclose, to any non-Affiliate of such Purchaser that is a member, limited partner or other equity interest holder of such Purchaser or such
Purchaser’s Affiliates, any Confidential Information other than the name and valuation of the Company and such Purchaser’s Subscription Price and its shareholding percentage in the Company. 

  
 -14- 

 (b) Each Party shall be responsible for any failure to treat such information
confidentially by its Representatives. If this Agreement is terminated in respect of any Purchaser, such Purchaser will, and will cause its Representatives to, destroy or deliver to the Company, upon request, all documents and other materials, and
all copies thereof, obtained by such Purchaser or its Representatives or on their behalf from the Company or any Subsidiary in connection with this Agreement that are subject to such confidence. 

(c) Notwithstanding anything to the contrary in this Agreement, each Purchaser hereby consents to the disclosure by the Company
or its Affiliates of the existence of the transactions contemplated by the Transaction Documents in a press release or announcement that may be issued by the Company or its Affiliates; provided, that such press release or announcement shall
not name or otherwise identify any Purchaser without such Purchaser’s consent, which consent shall not be unreasonably withheld or delayed. 

(d) The provisions of this Section 5.3 shall be in addition to, and not in substitution for, the provisions of any
separate nondisclosure agreement executed by the Company and any Purchaser or its Affiliate in connection with the transactions contemplated hereby prior to the date of this Agreement; provided that in the event of a conflict between the
terms of any such separate nondisclosure agreement and this Section 5.3, the terms of this Section 5.3 shall prevail. 
 5.4.
No Use of Company or Purchaser Name. Except for any permitted disclosure of the name or other information pertaining to a Party made in accordance with Section 5.3(a) or 5.3(c), 

(a) without the prior written consent of the Company, none of the Purchasers or their respective Representatives shall be
entitled to use, publish or reproduce the name, trademarks, trade names, domain names, service marks, business names, or logos of the Company or its Affiliates, including without limitation “Tencent”, “腾讯”, “Tencent Music”,
“腾讯音乐”, “QQ Music”, “Kugou”, “Kuwo”, or any similar
name, trademark or logo in any discussion, documents or materials, including without limitation for marketing or other purposes; and 

  
 -15- 

 (b) without the prior written consent of a Purchaser, none of the Company or its
Representatives shall be entitled to use, publish or reproduce the name, trademarks, trade names, domain names, service marks, business names, or logos of such Purchaser or its Affiliates in any discussion, documents or materials, including without
limitation for marketing or other purposes. 
 5.5. IPO. Each Purchaser hereby agrees that, after the Closing, it shall, and shall
cause its Affiliates to, take any and all reasonable actions to facilitate an IPO of the Company as may be requested by the Company and/or the lead underwriter(s) of an IPO. The obligations of each Purchaser and its Affiliates under this
Section 5.5 shall be additional to, and not in substitution for, any other obligations of such Purchaser or its Affiliates under the Transaction Documents in relation to an IPO. 

 

	6.	CONDITIONS TO CLOSING 

 6.1. Condition to Obligations of Purchasers and Company.
The obligations of each Purchaser and the Company to consummate the Closing are subject to the satisfaction or waiver, at or prior to the Closing, of the following condition: 

(a) No Injunctions or Legal Prohibitions. No provision of applicable Laws, and no Order, shall prohibit the consummation
of the Closing. 
 6.2. Conditions to Obligations of Purchasers. The obligations of each Purchaser under this Agreement to consummate
the Closing are subject to the satisfaction or waiver by such Purchaser, at or prior to the Closing, of each of the following conditions: 

(a) Representations and Warranties True and Correct. The representations and warranties of the Company set forth in
Section 3 (A) that are qualified by Material Adverse Effect shall be true and correct at and as of the Closing, and (B) that are not qualified by Material Adverse Effect shall be true and correct at and as of the Closing with only
exceptions as would not in the aggregate have a Material Adverse Effect. 
 (b) Performance. The Company shall have
performed and complied in all material respects with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 

  
 -16- 

 6.3. Conditions to Obligations of Company. The obligations of the Company under this
Agreement to consummate the Closing in respect of each Purchaser are subject to the satisfaction or waiver by the Company, at or prior to the Closing, of each of the following conditions: 

(a) Representations and Warranties True and Correct. The representations and warranties of such Purchaser set forth
in Section 4 (A) that are qualified by materiality shall be true and correct at and as of the Closing, and (B) that are not qualified by materiality shall be true and correct in all material respects at and as of the Closing. 

(b) Performance. Such Purchaser shall have performed and complied in all material respects with all covenants,
agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 

(c) Approvals, Consents and Waivers. Such Purchaser and all of its Affiliates shall have obtained or made any and all
Approvals necessary for the consummation of the transactions contemplated by this Agreement and the other Transaction Documents, each of which shall be in full force and effect as of the Closing, and in each case, in proper form and without imposing
or proposing the imposition of any terms or conditions which, individually or in the aggregate, could be reasonably expected to materially impair the ability of such Purchaser to consummate, or prevent or materially delay, the transactions
contemplated by this Agreement and the other Transaction Documents. 
  

	7.	REMEDIES; INDEMNITY 

 7.1. Survival. The representations and warranties of the
Company and each Purchaser contained in this Agreement shall survive the Closing until the earlier of (i) the consummation of a public offering and/or listing of the shares of the Company (an “IPO”), or (ii) the
end of a period of eighteen (18) months after the Closing. The covenants and agreements of the Company and each Purchaser set forth in this Agreement shall survive the Closing until fully discharged in accordance with their terms, except for
those covenants and agreements which shall be complied with or discharged prior to the Closing in accordance with the terms of this Agreement. 
  

	 	7.2.	Indemnification. 

 (a) Effective at and after the Closing, subject to the
other provisions of this Section 7.2(a) and Schedule C, the Company shall indemnify and hold harmless each Purchaser and its Affiliates (each, a “Purchaser Indemnitee”) against any losses, liabilities,
damages and expenses, including reasonable advisor’s fees and other reasonable expenses of investigation and defense of any of the foregoing (“Losses”), actually suffered by such Purchaser Indemnitee arising out of (i) any
misrepresentation or breach of warranty made by the Company in this Agreement; and (ii) any breach or violation of, or failure to perform, any covenants or agreements made by or on behalf of, or to be performed by, the Company in this
Agreement; provided that the Company shall not be liable under this Section 7.2(a) to any Purchaser Indemnitee in respect of any Purchaser (i) for any diminution in value of the Purchased Shares, (ii) for any and all Losses
arising out of any individual claim (or a series of claims arising from substantially identical facts or circumstances) where the Loss relating thereto is less than US$500,000.00 (the “De Minimis Claim Threshold”), or (iii) in
respect of each individual claim where the Loss relating thereto is equal to or greater than the De Minimis Claim Threshold, unless the aggregate amount of all Losses by the Purchaser Indemnitees of such Purchaser in respect of claims that exceed
the De Minimis Claim Threshold exceeds 5% of the Subscription Price (the “Applicable Basket”) of such Purchaser and then only to the extent of such excess; provided further, that the maximum aggregate
liability of the Company under this Section 7.2(a) to all Purchaser Indemnitees in respect of a Purchaser shall not exceed an amount equal to 30% of the Subscription Price (the “Applicable Cap”) of such Purchaser. 

  
 -17- 

 (b) Effective at and after the Closing, subject to the other provisions of this
Section 7.2(b) and Schedule C, each Purchaser shall indemnify and hold harmless the Company and its Affiliates (each, a “Company Indemnitee”) against any Losses actually suffered by such Company
Indemnitee arising out of (i) any misrepresentation or breach of warranty made by such Purchaser in this Agreement (other than in the case of any breach of Section 4.3, in which case Section 7.5 shall apply); and (ii) any breach
or violation of, or failure to perform, any covenants or agreements made by or on behalf of, or to be performed by, such Purchaser in this Agreement; provided that no Purchaser shall be liable under this Section 7.2(b) to any
Company Indemnitee (i) for any and all Losses arising out of any individual claim (or a series of claims arising from substantially identical facts or circumstances) where the Loss relating thereto is less than the De Minimis Claim Threshold,
or (iii) in respect of each individual claim where the Loss relating thereto is equal to or greater than the De Minimis Claim Threshold, unless the aggregate amount of all Losses by the Company Indemnitees in respect of claims that exceed the
De Minimis Claim Threshold exceeds the Applicable Basket of such Purchaser and then only to the extent of such excess; provided further, that the maximum aggregate liability of any Purchaser under this Section 7.2(b) to all
Company Indemnitees shall not exceed an amount equal to the Applicable Cap of such Purchaser. 
 7.3. Procedure. Any Party seeking
indemnification under this Section 7 (an “Indemnified Party”) shall notify the Party from whom indemnification is being sought (an “Indemnifying Party”) in writing of any Action against such Indemnified
Party in respect of which any Indemnifying Party is or may be obligated to provide indemnification hereunder promptly after the receipt of notice or knowledge of the commencement thereof. Such notice shall set forth in reasonable detail such claim
and the basis for indemnification (taking into account the information then available to the Indemnified Party). The failure to so notify an Indemnifying Party shall relieve the Indemnifying Party of its obligations hereunder to the extent such
failure shall have adversely prejudiced such Indemnifying Party. 

  
 -18- 

 7.4. Exclusive Remedy. Notwithstanding any other provision contained herein, from and
after the Closing, this Section 7 shall be the sole and exclusive remedy of the Parties for any claim arising out of any misrepresentation, breach of warranty, covenant or other agreement (other than those contained in Sections 4.3, 5.3, 5.4,
9.3, 9.4 and 9.5) or other claim arising out of this Agreement and the transactions contemplated hereby, except that no limitation or exceptions with respect to the obligations or liabilities on the Company or any Purchaser provided in the foregoing
sub-sections under this Section 7 or Schedule C, shall apply to a Loss incurred by any Company Indemnitee or Purchaser Indemnitee, as applicable, arising due to the fraud or fraudulent
misrepresentation of such Purchaser or the Company, as applicable. 
  

	 	7.5.	Remedies for Breach of Section 4.3. 

 (a) In the event
that the Company reasonably believes that there is a breach by any Purchaser of any of its representations and warranties in Section 4.3, the Company may, at its option, provide a written notice to such Purchaser describing the basis for such
belief of the Company. Each Purchaser hereby agrees that, upon delivery of such notice and unless such Purchaser has provided proof to the satisfaction of the Company that there is not and has not been any breach by such Purchaser of
Section 4.3, the Company has the right to elect to, in its sole and absolute discretion and at any time: 
 (i) redeem
all or a portion of the Purchased Shares of such Purchaser at a redemption price per Ordinary Share equal to the lower of the Fair Market Value per Ordinary Share or US$3.22904 (which represents a 20% discount to the per Ordinary Share Subscription
Price under this Agreement), as appropriately adjusted for any share dividends, combinations, reclassifications, splits or other similar events with respect to the Ordinary Shares. For purposes of this paragraph (i), “Fair Market
Value” means (A) upon the Company’s IPO, the average reported closing price of an Ordinary Share on their principal trading market for the three trading days immediately prior to the date of the redemption; or (B) prior to
the Company’s IPO, the fair market value on the date of redemption as determined by the board of directors of the Company in good faith; 

(ii) refuse to recognize any Transfer of the Purchased Shares or any other shares of the Company owned by such Purchaser or any
of its Affiliates in the register of members of the Company without assigning any reason therefor; and/or 
 (iii) to the
extent permitted by applicable Laws, refuse to (A) declare or pay any dividend or other distribution of the Company’s assets or otherwise recognize the economic interests or benefits in respect of the Purchased Shares and any other shares
of the Company owned by such Purchaser or any of its Affiliates; and (B) treat such Purchaser or any of its Affiliates owning shares in the Company as a member or shareholder of the Company, recognize the vote by such Purchaser or any of its
Affiliates, or count such Purchaser or any of its Affiliates in determining the total number of issued shares at any time, for purposes of the Restated Articles or the Shareholders Agreement or for any other purposes, in each case, in respect of the
Purchased Shares and any other shares of the Company owned by such Purchaser or any of its Affiliates. 

  
 -19- 

 (b) Notwithstanding Subsection (a), in the event that the Company
(x) reasonably believes that there is any breach by a Purchaser of any of its representations and warranties in Section 4.3 and (y) determines that the actions which may be taken pursuant to clauses (i) through
(iii) in Subsection (a) would not adequately compensate the Company compared to the harm caused by such Purchaser’s breach of Section 4.3, upon written notice by the Company, such Purchaser shall pay to the Company an amount
equal to 100% of the Subscription Price of such Purchaser (the “Liquidated Damages”). The Parties intend that the Liquidated Damages constitute compensation, and not a penalty. The Parties acknowledge and agree that
the Company’s harm caused by a breach of Section 4.3 would be impossible or very difficult to be accurately estimated at the time of the execution and delivery of this Agreement, and that the Liquidated Damages are a reasonable
estimate of the anticipated or actual harm that might arise from such breach. 
  

	8.	TERMINATION 

 8.1. Grounds for Termination. This Agreement may be terminated, in
respect of any Purchaser, at any time prior to the applicable Closing in respect of such Purchaser: 
 (a) by mutual written
agreement of the Company and such Purchaser; or 
 (b) by either the Company or such Purchaser if the Closing shall not have
been consummated on or before January 31, 2018; provided that the right to terminate this Agreement pursuant to this Subsection (b) shall not be available to any Party who has failed to perform any of its covenants or obligations or
breached any of its representations, warranties or agreements contained in this Agreement (in the case of the Company, in respect of such Purchaser) if such failure or breach has been the primary cause of, or primarily resulted in, the failure to
consummate the Closing in respect of such Purchaser by such date. 
 The Party desiring to terminate this Agreement pursuant to Section 8.1(a) or
8.1(b) shall give notice of such termination to the other Party. 
 8.2. Effect of Termination. If this Agreement is terminated in
respect of a Purchaser as permitted by Section 8.1, such termination shall be without liability of the Company or the Purchaser with respect to which such termination is effective (or any shareholder, director, officer, employee, agent,
consultant or representative of such Party) to the applicable Purchaser or the Company, as applicable; provided that if such termination shall result from the willful (i) failure of a Party to fulfill a condition to the performance of
the obligations of the other Party, (ii) failure to perform a covenant of this Agreement or (iii) breach by a Party hereto of any representation or warranty or agreement contained herein, such Party shall be fully liable for any and
all Losses incurred or suffered by the other Parties as a result of such failure or breach. The provisions of Sections 5.3, 5.4, 8.2, 9.1, 9.15 and 9.16 shall survive any termination hereof pursuant to Section 8.1. 

  
 -20- 

	9.	MISCELLANEOUS 

 9.1. Governing Law. This Agreement shall be governed by and
construed exclusively in accordance with the Laws of Hong Kong without giving effect to any choice of law rule that would cause the application of the Laws of any jurisdiction other than the Laws of Hong Kong to the rights and duties of the Parties
hereunder. 
 9.2. Disclosure Schedule. The Company has set forth information on the Disclosure Schedule in a section thereof
that corresponds to the section of this Agreement to which it relates. A matter set forth in one section of the Disclosure Schedule need not be set forth in any other section so long as its relevance to such other section of the Disclosure Schedule
or section of the Agreement is reasonably apparent on the face of the information disclosed therein to the Person to which such disclosure is being made. The parties acknowledge and agree that the Disclosure Schedule may include certain items and
information solely for informational purposes for the convenience of the Purchasers and that the disclosure by the Company of any matter in the Disclosure Schedule shall not be deemed to constitute an acknowledgment by the Company that the matter is
required to be disclosed by the terms of this Agreement or that the matter is material. 
 9.3. Consent to Issuance of Financing Shares.
By executing this Agreement, each Purchaser hereby acknowledges that, on or around the date of this Agreement, the Company has proposed (but is not obligated) to issue up to 119,394,895 Ordinary Shares in the aggregate to the Purchasers and
one or more other Persons (the “Financing Shares”). Each Purchaser hereby irrevocably and unconditionally consents to, and waives any pre-emptive rights, notice rights, rights of
participation, veto rights and all similar rights (whether arising at contract or in law), including without the limitation the right of participation it may have upon the Closing under the Shareholders Agreement and the Restated Articles, in
respect of, the issuance of the Financing Shares, and any documents entered into and actions taken in connection therewith. 
  

	 	9.4.	Agreements Relating to Dual-Class Structure and Re-Designation. 

(a) Each Purchaser, on behalf of itself and its Affiliates, acknowledges and agrees that: 

(i) the Company’s Board may, at any time at or prior to the completion of an IPO of the Company, adopt a
dual-class share structure such that its share capital will include Class A ordinary shares and Class B ordinary shares upon the completion of the IPO (the “Effective Event”); 

  
 -21- 

 (ii) in connection with such adoption of a dual-class share structure,
(A) the Purchased Shares and any other shares of the Company that are owned by such Purchaser, any of its Affiliates or any other Person as may be designated by the Company (whether as a result of any subscription of new shares by, or any
Transfer by another holder of shares to, such Purchaser, any of its Affiliates or such other Person, or otherwise) immediately prior to the Effective Event may, if determined by the Board, be designated as Class A ordinary shares upon
the Effective Event; (B) any shares of the Company that will be issued and sold in the IPO will be designated as Class A ordinary shares; and (C) all or a portion of the shares of the Company that are owned by any existing
holder of Ordinary Shares of the Company as of December 8, 2017 or any of its Affiliates or any other Person as may be designated by the Company (whether as a result of any subscription of new shares by, or any Transfer by another holder of
shares to, such holder, its Affiliates or such other Person, or otherwise) immediately prior to the Effective Event may, if determined by the Board, be designated as Class B ordinary shares upon the Effective Event; 

(iii) each Class A ordinary share will be entitled to one (1) vote and each Class B ordinary share will be
entitled to up to fifteen (15) votes on all matters to be voted upon by or otherwise requiring the consent of the Company’s shareholders; 

(iv) Class B ordinary shares will automatically and immediately convert into an equal number of Class A ordinary shares
upon the occurrence of any transfer of such Class B ordinary shares by the holder thereof or an Affiliate of such holder to any Person that is not an Affiliate of such holder, or any other event that may be designated by the Company; and 

(v) any re-designation or conversion described in this Section 9.4 may be effected
by way of a repurchase by the Company of all such shares to be re-designated or converted in exchange for the issuance by the Company to the relevant shareholder(s) in the Company of the relevant number of
fully paid new shares in the Company, and each Purchaser, on behalf of itself and its Affiliates, hereby unconditionally and irrevocably agrees that such Purchaser’s execution of this Agreement shall constitute its consent to the repurchase of
all of its shares in the Company in connection with the matters described in paragraphs (i) through (v) for the purposes of the Restated Articles of the Company, as may be amended from time to time. 

The matters described in (i) through (v) above shall be referred to as the “Dual-Class Structure and Re-Designation.” 
 (b) Each Purchaser, on behalf of itself and its Affiliates,
hereby unconditionally and irrevocably: 
 (i) consents to the Dual-Class Structure and
Re-Designation, including without limitation for all purposes under the Shareholders Agreement, as may be amended from time to time, and the Restated Articles, as may be amended from time to time; 

  
 -22- 

 (ii) waives any veto rights and all similar rights (whether arising at contract
or in law or otherwise) in respect of the Dual-Class Structure and Re-Designation; 

(iii) agrees to vote, or cause to be voted, the Purchased Shares or any other shares in the Company that are owned by such
Purchaser or its Affiliates from time to time and at any time after the date of this Agreement (the “Purchaser Owned Shares”), at every meeting (or in connection with any action by written consent) of the Company’s
shareholders at which such matters are considered and at any adjournment or postponement thereof prior to the Effective Event, (A) in favor of, and (B) against any action, proposal, transaction or agreement that could reasonably be
expected to impede, interfere with, delay, discourage, adversely affect or inhibit, the Dual-Class Structure and Re-Designation and the adoption of any amendment to the Articles of the Company to reflect the
Dual-Class Structure and Re-Designation and other changes as necessary or appropriate to facilitate an IPO of the Company; and 

(iv) agrees to promptly execute, deliver and enter into any other agreement, document, consent, approval or instrument, and
take any other actions, which may be reasonably necessary or advisable to effect the Dual-Class Structure and Re-Designation and the adoption of any amendment to the Articles of the Company to reflect the
Dual-Class Structure and Re-Designation and other changes as necessary or appropriate to facilitate an IPO of the Company. 

(c) Each Purchaser, on behalf of itself and its Affiliates, hereby irrevocably makes, constitutes and appoints each of the
Chairman of Board of Directors and the Chief Executive Officer of the Company from time to time a true and lawful proxy and attorney-in-fact (each,
an “Attorney”) of such Purchaser and any of its Affiliates owning any Purchaser Owned Shares, with full power and authority, in the name and on behalf of such Purchaser and its Affiliates, (i) to exercise their voting
rights with respect to all of the Purchaser Owned Shares in accordance with Sections 9.4(b)(iii) and (b)(iv) in any vote of the Company’s shareholders or proposed action by written consent by the Company’s shareholders, and
(ii) to make, execute and deliver all resolutions, consents and other writings and to do such things and to take such actions in each case to the extent the applicable Attorney considers necessary to exercise the voting rights of such Purchaser
or any of its Affiliates pursuant to clause (i) above, as fully as could such Purchaser or its Affiliate, as applicable, if personally present and acting. The above proxy and power of attorney is given to secure the performance of the duties of
each Purchaser and its Affiliates under Section 9.4(b)(iii) and (b)(iv). Each Purchaser shall, and shall procure its Affiliates, take such further action or execute such other instruments as may be necessary to effectuate the intent of this
proxy. The power of attorney granted by each Purchaser and its Affiliates herein is a durable power of attorney and shall survive the dissolution, bankruptcy, death or incapacity of such Purchaser and any of its Affiliates. The above proxy and
power of attorney from each Purchaser and its Affiliates to the Attorneys is coupled with an interest and is irrevocable and continuously effective during the period from the date of this Agreement until the earlier of (i) the first date
on which such Purchaser and its Affiliates no longer own any Purchaser Owned Shares or (ii) the Effective Event. 

  
 -23- 

 (d) Each Purchaser further acknowledges and agrees that, prior to
the Effective Event, unless otherwise requested or permitted by the Company in writing, (i) such Purchaser shall not, and shall procure that its Affiliates do not, in any way and for any purpose, (A) claim that any or all of
the Purchaser Owned Shares, are of a separate class of shares in the Company, individually or collectively with any shares in the Company held by any other Person, from the other Ordinary Shares; or (B) request that the Company acknowledge
that the Purchaser Owned Shares are in a separate class of shares or seek its consent as a holder of a separate class of shares in the Company, individually or collectively with any shares in the Company held by any other Person, from the other
Ordinary Shares, in relation to any matter to be voted upon or otherwise requiring the consent of any of the Company’s shareholders; and (ii) such Purchaser shall not, and shall procure that its Affiliates do not, in any way and for any
purpose vote or attempt to vote any or all of the Purchaser Owned Shares in a separate shareholder class meeting or by way of a written resolution of holder(s) of a separate class of shares, individually or collectively with any shares held by any
other Person, from the other Ordinary Shares, in respect of any matter to be voted upon or otherwise requiring the consent of any of the Company’s shareholders. 

9.5. Transfer. Without prejudice to any other restriction on Transfer applicable to the Purchaser Owned Shares, prior to the Effective
Event, each Purchaser shall not, and shall procure its Affiliates do not, directly or indirectly, Transfer any Purchaser Owned Shares unless the transferee of such proposed Transfer (except for any transferee otherwise designated by
the Company) duly executes and delivers to the Company an agreement in form and substance reasonably acceptable to the Company pursuant to which such transferee shall agree to be bound by Sections 9.1, 9.3, 9.4, 9.5, 9.10 and 9.15 as if it were
a Purchaser hereunder, after which, in the event of any amendment to Section 9.1, 9.3, 9.4, 9.5, 9.10 or 9.15 of this Agreement, such transferee shall be deemed the “Purchaser” in respect of the Purchaser Owned Shares subject to
such Transfer in lieu of the Transferring Purchaser for purposes of Section 9.10. 
 9.6. Successors and Assigns. Except as
otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, permitted assigns, heirs, executors and administrators of the Parties. Except as otherwise provided in this Agreement,
this Agreement and the rights and obligations herein may not be assigned by any Party without the written consent of the other Parties. 

  
 -24- 

 9.7. Entire Agreement. This Agreement and the other Transaction Documents, including the
schedules and exhibits hereto and thereto, which are hereby expressly incorporated herein by this reference, constitute the entire understanding and agreement among the Parties with regard to the subjects hereof and thereof. 

9.8. Parties in Interest. Except as expressly provided elsewhere in this Agreement, a person who is not a Party to this Agreement
shall not have any rights under the Contracts (Right of Third Parties) Ordinance (Chapter 623, Laws of Hong Kong) to enforce any terms of this Agreement. This does not affect any right or remedy of a third party which exists, or is available, apart
from the Contracts (Right of Third Parties) Ordinance. 
 9.9. Notices. Except as may be otherwise provided herein, all notices,
requests, waivers and other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other Parties, upon delivery; (b) when sent by facsimile
at the number set forth in Schedule D, upon receipt of confirmation of error-free transmission; (c) seven Business Days after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid and addressed to the
other Parties as set forth in Schedule D; or (d) three Business Days after deposit with an overnight delivery service, postage prepaid, addressed to the Parties as set forth in Schedule D with next
business-day delivery guaranteed, provided that the sending Party receives a confirmation of delivery from the delivery service provider. Each Party making a communication hereunder by facsimile shall
promptly confirm by telephone to the Party to whom such communication was addressed each communication made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication. A Party may
change or supplement the addresses given above, or designate additional addresses, for purposes of this Section 9.9 by giving, the other Parties written notice of the new address in the manner set forth above. 

9.10. Amendments. Subject to Section 9.5, any term of this Agreement may be amended (i) as such term applies between the
Company and any Purchaser, with the written consents of both the Company and such Purchaser (and without the consent or approval of any other Purchaser), or (ii) with the written consents of the Company and the Purchasers of a majority of the
total number of Purchased Shares of all the Purchasers in respect of which this Agreement has not been terminated pursuant to Section 8.1(a) or 8.1(b); provided, however, that in the case of clause (ii) above, (x) no
amendment to the number of Purchased Shares and the Subscription Price in respect of a Purchaser may be effected without the written consent of such Purchaser, and (y) no amendment that would materially and adversely affect any Purchaser in a
manner that is disparate from the manner in which it affects any other Purchaser may be effected without the written consent of such Purchaser that would be materially and adversely affected in such disparate manner; provided, further,
that one or more Purchasers may become Parties to this Agreement after the date of this Agreement in accordance with Section 2.1 without any consent or approval of any other Purchaser. Any amendment effected in accordance with clause
(ii) of the foregoing sentence shall be binding upon the Company and all the Purchasers (and to the extent provided for in Section 9.5, any and all permitted transferees of the Purchaser Owned Shares as if it were a Purchaser hereunder).

  
 -25- 

 9.11. Delays or Omissions; Waivers. No delay or omission to exercise any right, power or
remedy accruing to any Party, upon any breach or default of any Party under this Agreement, shall impair any such right, power or remedy of such Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence
therein, or of any similar breach of default thereafter occurring; nor shall any waiver of any other breach or default theretofore or thereafter occurring. Notwithstanding anything to the contrary in this Agreement, any Party may waive any of its
rights under this Agreement without obtaining the consent of any other Party. Any waiver by any Party of any condition or breach of default under this Agreement must be in writing and shall be effective only to the extent specifically set forth in
such writing. All remedies, either under this Agreement or by Laws or otherwise afforded to any Party shall be cumulative and not alternative. 

9.12. Interpretation; Titles and Subtitles. This Agreement shall be construed according to its fair language. The rule of construction
to the effect that ambiguities are to be resolved against the drafting Party shall not be employed in interpreting this Agreement. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be
considered in construing this Agreement. Unless otherwise expressly provided herein, all references to sections and schedules herein are to sections and schedules of this Agreement. Unless a provision hereof expressly provides otherwise:
(i) the term “or” is not exclusive; (ii) the terms “herein”, “hereof”, and other similar words refer to this Agreement as a whole and not to any particular section, subsection, paragraph, clause, or other
subdivision; (iii) the masculine, feminine, and neuter genders will each be deemed to include the others; and (iv) whenever the words “include”, “includes” or “including” are used in this Agreement, they shall
be deemed to be followed by the words “without limitation.” 
 9.13. Counterparts; Effectiveness. This Agreement may be
executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. This Agreement shall become effective (i) with respect to the Company and each Purchaser as of the date
of this Agreement, upon such Party’s due execution and delivery of this Agreement and (ii) with respect to each Purchaser who shall become a Party after the date of this Agreement in accordance with the last sentence of Section 2.1,
such Purchaser’s due execution and delivery to the Company of a counterpart signature page to this Agreement. 
 9.14.
Severability. If any provision of this Agreement is found to be invalid or unenforceable, then such provision shall be construed, to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the
transactions contemplated hereby on substantially the same terms as originally set forth herein, and if no feasible interpretation would save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force
and effect unless the severed provision is essential to the rights or benefits intended by the Parties. In such event, the Parties shall use best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which
most nearly affects the Parties’ intent in entering into this Agreement. 

  
 -26- 

 9.15. Dispute Resolution. Any dispute, controversy or claim (each,
a “Dispute”) arising out of or relating to this Agreement, or the interpretation, breach, termination, validity or invalidity thereof, shall be referred to arbitration upon the demand of either party to the dispute with notice
(the “Arbitration Notice”) to the other. The Dispute shall be settled by arbitration in Hong Kong by the Hong Kong International Arbitration Centre (the “HKIAC”) in accordance with the Hong Kong International
Arbitration Centre Administered Arbitration Rules (the “HKIAC Rules”) in force at the time when the Arbitration Notice is submitted. The seat of arbitration shall be Hong Kong. There shall be three (3) arbitrators. The
complainant and the respondent to such dispute shall each select one arbitrator within thirty (30) days after giving or receiving the demand for arbitration (the “Selection Period”). Such arbitrators shall be freely selected,
and the parties shall not be limited in their selection to any prescribed list. The chairman of the HKIAC shall select the third arbitrator. If either party to the arbitration fails to appoint an arbitrator with the Selection Period, the relevant
appointment shall be made by the chairman of the HKIAC. The arbitral proceedings shall be conducted in English. To the extent that the HKIAC Rules are in conflict with the provisions of this Section 9.15, including the provisions concerning the
appointment of the arbitrators, this Section 9.15 shall prevail. Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of and providing complete access to all information and documents
requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. The award of the arbitral tribunal shall be final and binding upon the parties thereto, and the
prevailing party may apply to a court of competent jurisdiction for enforcement of such award. Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the
constitution of the arbitral tribunal. During the course of the arbitral tribunal’s adjudication of the Dispute, this Agreement shall continue to be performed except with respect to the part in dispute and under adjudication. 

9.16. Expenses. Each Party shall bear its own costs and expenses in connection with the negotiation, execution and delivery of this
Agreement and the other Transaction Documents. 
 — REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK — 

  
 -27- 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered as a deed as of the date
first above written. 
  

					
	 EXECUTED and DELIVERED

as a deed by and in the name of 
 TENCENT MUSIC
ENTERTAINMENT GROUP
 (腾讯音乐娱乐集团)

by its duly authorised attorney
 in the presence of :
	 	 )
 )

)
 )

)
	  	

  

			
	 /s/ Zou Wenting
	  	 /s/ Cussion Pang

	Signature of Witness	  	Signature of authorised attorney
		
	Name of Witness: Zou Wenting	  	
	Address:	  	

 17F, Malata building, No.9998 Shennan road 

Nanshan district, Shenzhen, 518057, China 

[Signature Page to Share Subscription Agreement] 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered as a deed as of the date
first above written. 
  

					
	 EXECUTED and DELIVERED

as a deed by and in the name of
 CICFH GLORY
LIMITED
 by its duly authorised attorney
 in the presence
of :
	 	 )
 )

)
 )
	  	

			
		 		  	 For and on behalf of
 CICFH Glory
Limited

			
	 /s/ Ma Jie
	 		  	 /s/ Li Sha

	Signature of Witness	 		  	Signature of authorised attorney
			
	Name of Witness: Ma Jie	 		  	
	Address: 24 Liuyin Street, Xicheng District, Beijing	 		  	

 [Signature Page to Share Subscription Agreement] 

 SCHEDULE A 

Schedule of Purchasers 
  

									
	 Name of Purchaser as of the Date of the
Agreement
	  	Number of
Purchased Shares	 	  	Subscription
Price	 
	 CICFH Glory Limited
	  	 	2,477,517	 	  	 	US$10,000,001.87	 
	 [REDACTED]
	  				  			

  

			
	 Total Number of Purchased Shares
	  	
Total Subscription Price

	 42,613,284
	  	US$172,000,038.60

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}]]