Document:

Form of Deposit Agreement

 Exhibit 4.3 

 
  
 [—], 2011 
 DEPOSIT AGREEMENT

 by and among 
 BCD SEMICONDUCTOR MANUFACTURING LIMITED 
 as Issuer 

and 
 DEUTSCHE
BANK TRUST COMPANY AMERICAS 
 as Depositary 
 and 
 THE HOLDERS AND BENEFICIAL OWNERS FROM TIME TO TIME 

OF AMERICAN DEPOSITARY SHARES EVIDENCED BY AMERICAN 
 DEPOSITARY RECEIPTS ISSUED HEREUNDER 
  

 
 White & Case
LLP 
 5 Old Broad Street 
 London EC2N 1DW 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 SECTION 1.1
	 	 “ADS Record Date”
	  	 	1	  
	 SECTION 1.2
	 	 “Affiliate”
	  	 	1	  
	 SECTION 1.3
	 	 “American Depositary Receipt(s)”, “Receipt(s)” and “ADR(s)”
	  	 	1	  
	 SECTION 1.4
	 	 “American Depositary Share(s)” and “ADS(s)”
	  	 	2	  
	 SECTION 1.5
	 	 “Articles of Association”
	  	 	2	  
	 SECTION 1.6
	 	 “Beneficial Owner”
	  	 	2	  
	 SECTION 1.7
	 	 “Business Day”
	  	 	2	  
	 SECTION 1.8
	 	 “Commission”
	  	 	2	  
	 SECTION 1.9
	 	 “Company”
	  	 	2	  
	 SECTION 1.10
	 	 “Custodian”
	  	 	2	  
	 SECTION 1.11
	 	 “Deliver” and “Delivery”
	  	 	2	  
	 SECTION 1.12
	 	 “Deposit Agreement”
	  	 	3	  
	 SECTION 1.13
	 	 “Depositary”
	  	 	3	  
	 SECTION 1.14
	 	 “Deposited Securities”
	  	 	3	  
	 SECTION 1.15
	 	 “Dollars”, “$” and “U.S. $”
	  	 	3	  
	 SECTION 1.16
	 	 “DRS/Profile”
	  	 	3	  
	 SECTION 1.17
	 	 “DTC”
	  	 	3	  
	 SECTION 1.18
	 	 “Exchange Act”
	  	 	3	  
	 SECTION 1.19
	 	 “Foreign Currency”
	  	 	3	  
	 SECTION 1.20
	 	 “Foreign Registrar”
	  	 	3	  
	 SECTION 1.21
	 	 “Holder”
	  	 	3	  
	 SECTION 1.22
	 	 “Indemnified Person” and “Indemnifying Person”
	  	 	3	  
	 SECTION 1.23
	 	 “Partial Entitlement Receipts(s)”, “Partial Entitlement ADS(s)” and “Partial Entitlement
Share(s)”
	  	 	3	  
	 SECTION 1.24
	 	 “Pre-Release Transaction”
	  	 	3	  
	 SECTION 1.25
	 	 “Principal Office”
	  	 	4	  
	 SECTION 1.26
	 	 “Registrar”
	  	 	4	  
	 SECTION 1.27
	 	 “Restricted Securities”
	  	 	4	  
	 SECTION 1.28
	 	 “Restricted Shares, Restricted ADS(s) and Restricted Receipt(s)”
	  	 	4	  
	 SECTION 1.29
	 	 “Securities Act”
	  	 	4	  
	 SECTION 1.30
	 	 “Shares”
	  	 	4	  
	 SECTION 1.31
	 	 “United States” or “U.S.”
	  	 	4	  
	 ARTICLE II APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES;
	  	 	5	  
		 	 EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS
	  			
	 SECTION 2.1
	 	 Appointment of Depositary
	  	 	5	  
	 SECTION 2.2
	 	 Form and Transferability of Receipts
	  	 	5	  
	 SECTION 2.3
	 	 Deposits
	  	 	6	  
	 SECTION 2.4
	 	 Execution and Delivery of Receipts
	  	 	8	  
	 SECTION 2.5
	 	 Transfer of Receipts; Combination and Split-up of Receipts
	  	 	8	  
	 SECTION 2.6
	 	 Surrender of Receipts and Withdrawal of Deposited Securities
	  	 	9	  
	 SECTION 2.7
	 	 Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc.
	  	 	10	  
	 SECTION 2.8
	 	 Lost Receipts, etc.
	  	 	11	  
	 SECTION 2.9
	 	 Cancellation and Destruction of Surrendered Receipts; Maintenance of Records
	  	 	11	  

  
 A- 

							
	 SECTION 2.10
	 	 Pre-Release
	  	 	12	  
	 SECTION 2.11
	 	 Partial Entitlement ADSs
	  	 	12	  
	 SECTION 2.12
	 	 Restricted ADSs
	  	 	13	  
	 SECTION 2.13
	 	 Escheatment
	  	 	14	  
	 ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF

                       
       RECEIPTS
	  	 	14	  
	 SECTION 3.1
	 	 Proofs, Certificates and Other Information
	  	 	14	  
	 SECTION 3.2
	 	 Liability for Taxes and Other Charges
	  	 	15	  
	 SECTION 3.3
	 	 Representations and Warranties on Deposit of Shares
	  	 	15	  
	 SECTION 3.4
	 	 Compliance with Information Requests
	  	 	16	  
	 SECTION 3.5
	 	 Ownership Restrictions
	  	 	16	  
	 SECTION 3.6
	 	 Reporting Obligations and Regulatory Approvals
	  	 	16	  
	 ARTICLE IV THE DEPOSITED SECURITIES
	  	 	17	  
	 SECTION 4.1
	 	 Cash Distributions
	  	 	17	  
	 SECTION 4.2
	 	 Distribution in Shares
	  	 	17	  
	 SECTION 4.3
	 	 Elective Distributions in Cash or Shares
	  	 	18	  
	 SECTION 4.4
	 	 Distribution of Rights to Purchase Shares
	  	 	18	  
	 SECTION 4.5
	 	 Distributions Other Than Cash, Shares or Rights to Purchase Shares
	  	 	20	  
	 SECTION 4.6
	 	 Conversion of Foreign Currency
	  	 	21	  
	 SECTION 4.7
	 	 Fixing of Record Date
	  	 	22	  
	 SECTION 4.8
	 	 Voting of Deposited Securities
	  	 	22	  
	 SECTION 4.9
	 	 Changes Affecting Deposited Securities
	  	 	23	  
	 SECTION 4.10
	 	 Available Information
	  	 	24	  
	 SECTION 4.11
	 	 Reports
	  	 	24	  
	 SECTION 4.12
	 	 List of Holders
	  	 	24	  
	 SECTION 4.13
	 	 Taxation; Withholding
	  	 	25	  
	 SECTION 4.14
	 	 Redemption
	  	 	26	  
	 ARTICLE V THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY
	  	 	26	  
	 SECTION 5.1
	 	 Maintenance of Office and Transfer Books by the Registrar
	  	 	26	  
	 SECTION 5.2
	 	 Exoneration
	  	 	27	  
	 SECTION 5.3
	 	 Standard of Care
	  	 	27	  
	 SECTION 5.4
	 	 Resignation and Removal of the Depositary; Appointment of Successor Depositary
	  	 	28	  
	 SECTION 5.5
	 	 The Custodian
	  	 	29	  
	 SECTION 5.6
	 	 Notices and Reports
	  	 	30	  
	 SECTION 5.7
	 	 Issuance of Additional Shares, ADSs, etc.
	  	 	30	  
	 SECTION 5.8
	 	 Indemnification
	  	 	31	  
	 SECTION 5.9
	 	 Fees and Charges of Depositary
	  	 	32	  
	 SECTION 5.10
	 	 Restricted Securities Owners/Ownership Restrictions
	  	 	34	  
	 ARTICLE VI AMENDMENT AND TERMINATION
	  	 	34	  
	 SECTION 6.1
	 	 Amendment/Supplement
	  	 	34	  
	 SECTION 6.2
	 	 Termination
	  	 	35	  
	 ARTICLE VII MISCELLANEOUS
	  	 	36	  
	 SECTION 7.1
	 	 Counterparts
	  	 	36	  
	 SECTION 7.2
	 	 No Third-Party Beneficiaries
	  	 	36	  
	 SECTION 7.3
	 	 Severability
	  	 	36	  
	 SECTION 7.4
	 	 Holders and Beneficial Owners as Parties; Binding Effect
	  	 	36	  
	 SECTION 7.5
	 	 Notices
	  	 	37	  
	 SECTION 7.6
	 	 Governing Law and Jurisdiction
	  	 	37	  
	 SECTION 7.7
	 	 Assignment
	  	 	38	  

							
	 SECTION 7.8
	 	 Agents.
	  	 	38	  
	 SECTION 7.9
	 	 Exclusivity.
	  	 	38	  
	 SECTION 7.10
	 	 Compliance with U.S. Securities Laws.
	  	 	38	  
	 SECTION 7.11
	 	 Titles and References.
	  	 	39	  
	 SECTION 7.12
	 	 Cayman Islands Law References.
	  	 	39	  
	 EXHIBIT A – [FORM OF FACE OF RECEIPT]
	  	 	A-1	  
	 EXHIBIT B – [FORM OF REVERSE OF RECEIPT]
	  	 	B-1	  

 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT, dated as of [—], 2011 by and among (i) BCD Semiconductor
Manufacturing Limited, an exempted company incorporated under the laws of the Cayman Islands, and its successors (the “Company”), (ii) Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank AG,
acting in its capacity as depositary, and any successor depositary hereunder (the “Depositary”), and (iii) all Holders and Beneficial Owners from time to time of American Depositary Shares evidenced by American Depositary Receipts
issued hereunder (all such capitalized terms as hereinafter defined). 
 W I T N E S S E T H T H A T: 

WHEREAS, the Company desires to establish an ADR facility with the Depositary to provide inter alia for the deposit of the
Shares and the creation of American Depositary Shares representing the Shares so deposited; 
 WHEREAS, the Depositary is
willing to act as the Depositary for such ADR facility upon the terms set forth in this Deposit Agreement; 
 WHEREAS,
the American Depositary Receipts evidencing the American Depositary Shares issued pursuant to the terms of this Deposit Agreement are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and
omissions, as hereinafter provided in this Deposit Agreement; 
 WHEREAS, the American Depositary Shares to be issued
pursuant to the terms of this Deposit Agreement are listed on the NASDAQ Global Market (“NASDAQ”); and 

WHEREAS, the Board of Directors of the Company (or an authorized committee thereof) has duly approved the establishment of an ADR
facility upon the terms set forth in this Deposit Agreement, the execution and delivery of this Deposit Agreement on behalf of the Company, and the actions of the Company and the transactions contemplated herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 All capitalized terms used, but not otherwise defined, herein
shall have the meanings set forth below, unless otherwise clearly indicated: 
 SECTION
1.1        “ADS Record Date” shall have the meaning given to such term in Section 4.7. 
 SECTION 1.2        “Affiliate” shall have the meaning assigned to such term by the Commission under Regulation C promulgated under the Securities
Act. 
 SECTION 1.3        “American Depositary Receipt(s)”,
“Receipt(s)” and “ADR(s)” shall mean the certificate(s) or DRS/Profile statements issued by the Depositary evidencing the American Depositary Shares issued under the terms of this Deposit Agreement, as such Receipts
may be amended from time to time in accordance with the provisions of this Deposit 

  
 A- 

 
Agreement. References to Receipts shall include physical certificated Receipts as well as ADSs issued through DRS/Profile, unless the context otherwise requires. 

SECTION 1.4        “American Depositary Share(s)” and “ADS(s)” shall
mean the securities representing the rights and interests in the Deposited Securities granted to the Holders and Beneficial Owners pursuant to the terms and conditions of this Deposit Agreement and evidenced by the American Depositary Receipts
issued hereunder. Each American Depositary Share shall represent the right to receive [—] Shares, until there shall occur a distribution upon Deposited Securities referred to in Section 4.2 or a
change in Deposited Securities referred to in Section 4.9 with respect to which additional American Depositary Receipts are not executed and delivered, and thereafter each American Depositary Share shall represent the Shares or Deposited
Securities specified in such Sections. 
 SECTION 1.5        “Articles of
Association” shall mean the memorandum and articles of association of the Company, as amended from time to time. 

SECTION 1.6        “Beneficial Owner” shall mean as to any ADS, any person or
entity having a beneficial interest in any ADSs. A Beneficial Owner need not be the Holder of the ADR evidencing such ADSs. A Beneficial Owner may exercise any rights or receive any benefits hereunder solely through the Holder of the ADR(s)
evidencing the ADSs in which such Beneficial Owner has an interest. 
 SECTION
1.7        “Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not (a) a day on which banking institutions in the Borough of Manhattan, The City of New
York are authorized or obligated by law or executive orders to close and (b) a day on which NASDAQ or any other market(s) in which ADSs are traded is closed. 
 SECTION 1.8        “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental agency thereto
in the United States. 
 SECTION 1.9        “Company” shall mean BCD
Semiconductor Manufacturing Limited, an exempted company incorporated and existing under the laws of the Cayman Islands, and its successors. 
 SECTION 1.10        “Custodian” shall mean, as of the date hereof, Deutsche Bank AG, Hong Kong Branch, having its principal office at 52/F Cheung
Kong Center, 2 Queens Road, Central, Hong Kong S.A.R., People’s Republic of China., as the custodian for the purposes of this Deposit Agreement, and any other firm or corporation which may hereinafter be appointed by the Depositary pursuant to
the terms of Section 5.5 as a successor or an additional custodian or custodians hereunder, as the context shall require. The term “Custodian” shall mean all custodians, collectively. 

SECTION 1.11        “Deliver” and “Delivery” shall mean, when used in
respect of American Depositary Shares, Receipts, Deposited Securities and Shares, the physical delivery of the certificate representing such security, or the electronic delivery of such security by means of book-entry transfer, as appropriate,
including, without limitation, through DRS/Profile. With respect to DRS/Profile ADRs, the terms “execute”, “issue”, “register”, “surrender”, “transfer” or
“cancel” refer to applicable entries or movements to or within DRS/Profile. 

  
 2 

 SECTION 1.12        “Deposit
Agreement” shall mean this Deposit Agreement and all exhibits hereto, as the same may from time to time be amended and supplemented in accordance with the terms hereof. 

SECTION 1.13        “Depositary” shall mean Deutsche Bank Trust Company
Americas, an indirect wholly owned subsidiary of Deutsche Bank AG, in its capacity as depositary under the terms of this Deposit Agreement, and any successor depositary hereunder. 

SECTION 1.14        “Deposited Securities” as of any time shall mean Shares at
such time deposited or deemed to be deposited under this Deposit Agreement and any and all other securities, property and cash received or deemed to be received by the Depositary or the Custodian in respect thereof and held hereunder, subject, in
the case of cash, to the provisions of Section 4.6. The collateral delivered in connection with Pre-Release Transactions described in Section 2.10 shall not constitute Deposited Securities. 

SECTION 1.15        “Dollars”, “$” and “U.S. $” shall refer
to the lawful currency of the United States. 
 SECTION
1.16        “DRS/Profile” means the system for the uncertificated registration of ownership of securities pursuant to which ownership of ADSs is maintained on the books of the Depositary
without the issuance of a physical certificate and transfer instructions may be given to allow for the automated transfer of ownership between the books of DTC and the Depositary. Ownership of ADSs held in DRS/Profile are evidenced by periodic
statements issued by the Depositary to the Holders entitled thereto. 
 SECTION
1.17        “DTC” shall mean The Depository Trust and Clearing Corporation, the central book-entry clearinghouse and settlement system for securities traded in the United States, and any
successor thereto. 
 SECTION 1.18        “Exchange Act” shall mean the
United States Securities Exchange Act of 1934, as from time to time amended. 
 SECTION
1.19        “Foreign Currency” shall mean any currency other than Dollars. 
 SECTION 1.20        “Foreign Registrar” shall mean the entity, if any, that carries out the duties of registrar for the Shares or any successor as
registrar for the Shares and any other appointed agent of the Company for the transfer and registration of Shares. 
 SECTION
1.21        “Holder” shall mean the person in whose name a Receipt is registered on the books of the Depositary (or the Registrar, if any) maintained for such purpose. A Holder may or may not
be a Beneficial Owner. A Holder shall be deemed to have all requisite authority to act on behalf of those Beneficial Owners of the ADRs registered in such Holder’s name. 
 SECTION 1.22        “Indemnified Person” and “Indemnifying Person” shall have the meaning set forth in Section 5.8.

 SECTION 1.23        “Partial Entitlement Receipts(s)”,
“Partial Entitlement ADS(s)” and “Partial Entitlement Share(s)” shall have the meaning set forth in Section 2.11 
 SECTION 1.24        “Pre-Release Transaction” shall have the meaning set forth in Section 2.10. 

  
 3 

 SECTION 1.25        “Principal
Office” when used with respect to the Depositary, shall mean the principal office of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of this Deposit Agreement, is
located at 60 Wall Street, New York, New York 10005, U.S.A. 
 SECTION
1.26        “Registrar” shall mean the Depositary or any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to
register ownership of Receipts and transfer of Receipts as herein provided, shall include any co-registrar appointed by the Depositary for such purposes. Registrars (other than the Depositary) may be removed and substitutes appointed by the
Depositary. 
 SECTION 1.27        “Restricted Securities” shall mean
Shares, or American Depositary Shares representing such Shares, which (i) have been acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving any public offering and
subject to resale limitations under the Securities Act or the rules issued thereunder, or (ii) are held by an officer or director (or persons performing similar functions) or other Affiliate of the Company, or (iii) are subject to other
restrictions on sale or deposit under the laws of the United States, the Cayman Islands, or under a shareholders’ agreement or the Articles of Association or under the regulations of an applicable securities exchange unless, in each case, such
Shares are being sold to persons other than an Affiliate of the Company in a transaction (x) covered by an effective resale registration statement or (y) exempt from the registration requirements of the Securities Act (as hereinafter
defined), and the Shares are not, when held by such person, Restricted Securities. 
 SECTION
1.28        “Restricted Shares, Restricted ADS(s) and Restricted Receipt(s)” shall have the respective meanings set forth in Section 2.12. 

SECTION 1.29        “Securities Act” shall mean the United States Securities Act
of 1933, as from time to time amended. 
 SECTION 1.30        “Shares”
shall mean ordinary shares in registered form of the Company, par value U.S. $0.001 each, heretofore validly issued and outstanding and fully paid or hereafter validly issued and outstanding and fully paid. References to Shares shall include
evidence of rights to receive Shares, whether or not stated in the particular instance; provided, however, that in no event shall Shares include evidence of rights to receive Shares with respect to which the full purchase price has not
been paid or Shares as to which pre-emptive rights have theretofore not been validly waived or exercised; provided further, however, that, if there shall occur any change in par value, split-up, consolidation, exchange,
reclassification, conversion or any other event described in Section 4.9, in respect of the Shares of the Company, the term “Shares” shall thereafter, to the extent permitted by law, represent the successor securities resulting from
such change in par value, split-up, consolidation, exchange, conversion, reclassification or event. 
 SECTION
1.31        “United States” or “U.S.” shall have the meaning assigned to it in Regulation S as promulgated by the Commission under the Securities Act. 

  
 4 

 ARTICLE II 
 APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; 
 DEPOSIT OF SHARES;
EXECUTION 
 AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS 

SECTION 2.1        Appointment of Depositary. The Company hereby appoints the Depositary
as exclusive depositary for the Deposited Securities and hereby authorizes and directs the Depositary to act in accordance with the terms and conditions set forth in this Deposit Agreement and the applicable Receipt. Each Holder and each Beneficial
Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of this Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of this Deposit Agreement
and the applicable Receipt and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in this Deposit Agreement and the applicable Receipt, to adopt any
and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of this Deposit Agreement and the applicable Receipt (the taking
of such actions to be the conclusive determinant of the necessity and appropriateness thereof). 
 SECTION
2.2        Form and Transferability of Receipts. 
  

	 (a)
	 Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as hereinafter provided. Receipts may be issued in denominations of any number of American Depositary Shares. No definitive Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory
for any purpose, unless such Receipt shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary. The Depositary shall maintain books on which each Receipt so executed and
delivered, in the case of definitive Receipts, and each Receipt issued through the DRS/Profile, in either case as hereinafter provided and the transfer of each such Receipt shall be registered. Receipts in certificated form bearing the manual or
facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory has ceased to hold such office prior to the execution and
delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts. 

 In addition to the foregoing, the Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Deposit
Agreement as may be reasonably required by the Depositary and the Company in order to comply with any applicable law or regulations thereunder or with the rules and regulations of any securities exchange upon which American Depositary Shares may be
listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject by reason of the date of issuance of the underlying Deposited Securities or otherwise.

 Notwithstanding anything in this Deposit Agreement or in the Receipt to the contrary, to the extent available
by the Depositary, American Depositary Shares shall be evidenced by Receipts issued through DRS/Profile unless certificated Receipts are specifically requested by the Holder. Holders and Beneficial Owners shall be bound

  
 5 

 
by the terms and conditions of this Deposit Agreement and of the form of Receipt, regardless of whether their Receipts are certificated or issued through DRS/Profile. 

 

	 (b)
	 Subject to the limitations contained herein and in the form of Receipt, title to a Receipt (and to the American Depositary Shares evidenced
thereby), when properly endorsed (in the case of certificated Receipts) or upon delivery to the Depositary of proper instruments of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument under the
laws of the State of New York; provided, however, that the Depositary, notwithstanding any notice to the contrary, may treat the Holder thereof as the absolute owner thereof for the purpose of determining the person entitled to distribution of
dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under the Deposit Agreement to any
holder of a Receipt, unless such holder is the Holder thereof. 

 SECTION
2.3        Deposits. 
  

	 (a)
	 Subject to the terms and conditions of this Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares (other than
Restricted Securities) from the Company, the Company’s registrar or any other entity recording share ownership for the Company, may be deposited by any person (including the Depositary in its individual capacity but subject, however, in the
case of the Company or any Affiliate of the Company, to Section 5.7) at any time, whether or not the transfer books of the Company or the Foreign Registrar, if any, are closed, by Delivery of the Shares to the Custodian. Every deposit of Shares
shall be accompanied by the following: (A)(i) in the case of Shares issued in registered form, appropriate instruments of transfer or endorsement, in a form satisfactory to the Custodian, and (ii) in the case of Shares delivered by book-entry
transfer, confirmation of such book-entry transfer to the Custodian or that irrevocable instructions have been given to cause such Shares to be so transferred, (B) such certifications and payments (including, without limitation, the
Depositary’s fees and related charges) and evidence of such payments (including, without limitation, stamping or otherwise marking such Shares by way of receipt) as may be required by the Depositary or the Custodian in accordance with the
provisions of this Deposit Agreement, (C) if the Depositary so requires, a written order directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the
number of American Depositary Shares representing the Shares so deposited, (D) evidence reasonably satisfactory to the Depositary (which may include an opinion of counsel reasonably satisfactory to the Depositary provided at the cost of the
person seeking to deposit Shares) that all conditions to such deposit have been met and all necessary approvals have been granted by, and there has been compliance with the rules and regulations of, any applicable governmental agency in the Cayman
Islands, and (E) if the Depositary so requires, (i) an agreement, assignment or instrument reasonably satisfactory to the Depositary or the Custodian which provides for the prompt transfer by any person in whose name the Shares are or have
been recorded to the Custodian of any distribution, or right to subscribe for additional Shares or to receive other property in respect of any such deposited Shares or, in lieu thereof, such indemnity or other agreement as shall be reasonably
satisfactory to the Depositary or the Custodian and (ii) if the Shares are registered in the name of the person on whose behalf they are 

  
 6 

	 	 
presented for deposit, a proxy or proxies entitling the Custodian to exercise voting rights in respect of the Shares for any and all purposes until the Shares so deposited are registered in the
name of the Depositary, the Custodian or any nominee. Without limiting any other provision of the Deposit Agreement, the Depositary shall instruct the Custodian not to, and the Depositary shall not knowingly accept for deposit (a) any
Restricted Securities (except as contemplated by Section 2.12) nor (b) any fractional ADSs. No Share shall be accepted for deposit unless accompanied by evidence, if any is required by the Depositary, that is reasonably satisfactory to the
Depositary or the Custodian that all conditions to such deposit have been satisfied by the depositor depositing such Shares under the laws and regulations of the Cayman Islands and any necessary approval has been granted by any applicable
governmental body in the Cayman Islands, if any. Persons depositing Shares, other than the Company in connection with (i) the initial deposit of Shares in connection with the initial public offering by the Company as registered with the
Commission on Registration Statement on Form F-1 under the Securities Act (Registration No: 333-[—]) and (ii) the deposit of Shares constituting a free distribution of Shares by way of dividend
or stock split, may be required by the Depositary to present appropriate evidence (including, if requested, opinions of counsel), at such persons’ expense, satisfactory to the Depositary and the Company that such Shares and the issuance of ADSs
issuable upon such deposit are not Restricted Securities. In addition, the Depositary and the Custodian shall refuse to accept Shares for deposit (i) whenever notified that the Company has restricted transfer of such Shares to comply with
delivery or transfer requirements and/or ownership restrictions referred to in this Deposit Agreement, under applicable law or otherwise and (ii) in the case of a deposit of Shares requested under this Section 2.3, if such deposit is not
permitted under any restriction notified by the Company to the Depositary from time to time. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement (A) any Shares or other
securities required to be registered under the provisions of the Securities Act, unless (i) a registration statement is in effect as to such Shares or other securities or (ii) the deposit is made upon terms contemplated in
Section 2.12, or (B) any Shares or other securities the deposit of which the Depositary would knowingly violate any provisions of the Articles of Association. The Depositary will use commercially reasonable efforts to comply with
reasonable written instructions of the Company that the Depositary shall not accept for deposit hereunder any Shares specifically identified in such instructions at such times and under such circumstances as may reasonably be specified in such
instructions in order to facilitate the Company’s compliance with the securities laws in the United States or contractual restrictions pursuant to which shareholders of the Company are bound. 

 

	 (b)
	 As soon as practicable after receipt of any permitted deposit hereunder and compliance with the provisions of this Deposit Agreement, the Custodian
shall present the Shares so deposited, together with the appropriate instrument or instruments of transfer or endorsement, duly stamped, to the Foreign Registrar for transfer and registration of the Shares (as soon as transfer and registration can
be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either. Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the
order of the Depositary or a nominee, in each case for the account of the Holders and 

  
 7 

	 	 
Beneficial Owners, at such place or places as the Depositary or the Custodian shall determine. 

  

	 (c)
	 In the event any Shares are deposited which entitle the holders thereof to receive a per-share distribution or other entitlement in an amount
different from the Shares then on deposit, the Depositary is authorized to take any and all actions as may be necessary (including, without limitation, making the necessary notations on Receipts) to give effect to the issuance of such ADSs and to
ensure that such ADSs are not fungible with other ADSs issued hereunder until such time as the entitlement of the Shares represented by such non-fungible ADSs equals that of the Shares represented by ADSs prior to the original such deposit. The
Company agrees to give timely written notice to the Depositary if any Shares issued or to be issued contain rights different from those of any other Shares theretofore issued and shall assist the Depositary with the establishment of procedures
enabling the identification of such non-fungible Shares upon Delivery to the Custodian. 

 SECTION
2.4        Execution and Delivery of Receipts. After the deposit of any Shares pursuant to Section 2.2, the Custodian shall notify the Depositary of such deposit and the person or persons to whom
or upon whose written order a Receipt or Receipts are deliverable in respect thereof and the number of American Depositary Shares to be evidenced thereby. Such notification shall be made by letter, first class airmail postage prepaid, or, at the
request, risk and expense of the person making the deposit, by cable, telex, SWIFT, facsimile or electronic transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement and applicable law
(including, without limitation, the payment of the fees, expenses, taxes and other charges owing hereunder), shall issue the ADSs representing the Shares so deposited to or upon the order of the person or persons named in the notice delivered to the
Depositary and shall execute and deliver a Receipt registered in the name or names requested by such person or persons evidencing in the aggregate the whole number of American Depositary Shares to which such person or persons are entitled. Nothing
herein shall prohibit any Pre-Release Transaction upon the terms set forth in this Deposit Agreement. 
 SECTION
2.5        Transfer of Receipts; Combination and Split-up of Receipts. 
  

	 (a)
	 Transfer. The Depositary, or, if a Registrar (other than the Depositary) for the Receipts shall have been appointed, the Registrar, subject
to the terms and conditions of this Deposit Agreement, shall register transfers of Receipts on its books, upon surrender at the Principal Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized attorney, properly
endorsed in the case of a certificated Receipt or accompanied by, or in the case of DRS/Profile Receipts receipt by the Depositary of, proper instruments of transfer (including signature guarantees in accordance with standard industry practice) and
duly stamped if required by the laws of the State of New York and of the United States and any other applicable law. Subject to the terms and conditions of this Deposit Agreement and the applicable Receipt, including payment of the applicable fees
and charges of the Depositary set forth in Section 5.9 and Exhibit A hereto, the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of
American Depositary Shares as those evidenced by the Receipts surrendered. 

  
 8 

	 (b)
	 Combination & Split Up. The Depositary, subject to the terms and conditions of this Deposit Agreement shall, upon surrender of a
Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts and upon payment to the Depositary of the applicable fees and charges set forth in Section 5.9 and Exhibit A hereto, execute and deliver a
new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 

 

	 (c)
	 Co-Transfer Agents. The Depositary may appoint one or more co-transfer agents for the purpose of effecting transfers, combinations and
split-ups of Receipts at designated transfer offices on behalf of the Depositary and the Depositary shall notify the Company of any such appointment. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance
with applicable laws and other requirements by Holders or persons entitled to such Receipts and will be entitled to protection and indemnity, in each case to the same extent as the Depositary. Such co-transfer agents may be removed and substitutes
appointed by the Depositary and the Depositary shall notify the Company of such removal or substitution. Each co-transfer agent appointed under this Section 2.5 (other than the Depositary) shall give notice in writing to the Depositary
accepting such appointment and agreeing to be bound by the applicable terms of this Deposit Agreement and upon receipt of such notice, the Depositary shall notify the Company of such appointment. 

 

	 (d)
	 At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated Receipt with a Receipt issued through DRS/Profile,
or vice versa, execute and deliver a certificated Receipt or DRS/Profile statement, as the case may be, for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as those
evidenced by the certificated Receipt or DRS/Profile statement, as the case may be, substituted. 

 SECTION
2.6        Surrender of Receipts and Withdrawal of Deposited Securities. Upon surrender, at the Principal Office of the Depositary, of American Depositary Shares for the purpose of withdrawal of the
Deposited Securities represented thereby, and upon payment of (i) the fees and charges of the Depositary for the making of withdrawals of Deposited Securities and cancellation of Receipts (as set forth in Section 5.9 and Exhibit A) and
(ii) all applicable taxes and/or governmental charges payable in connection with such surrender and withdrawal, and subject to the terms and conditions of this Deposit Agreement and the applicable Receipt, the Articles of Association,
Section 7.9 and any other provisions of or governing the Deposited Securities and other applicable laws, the Holder of such American Depositary Shares shall be entitled to Delivery, to him or upon his order, of the Deposited Securities at the
time represented by the American Depositary Shares so surrendered. American Depositary Shares may be surrendered for the purpose of withdrawing Deposited Securities by delivery of a Receipt evidencing such American Depositary Shares (if held in
certificated form) or by book-entry delivery of such American Depositary Shares to the Depositary. 
 A Receipt surrendered for
such purposes shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a
written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of a person or persons designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver
(without unreasonable delay) 

  
 9 

 
at the designated office of the Custodian or through a book entry delivery of the Shares (in either case, subject to Sections 2.7, 3.1, 3.2, 5.9, and to the other terms and conditions of this
Deposit Agreement and the applicable Receipt, to the Articles of Association, to the provisions of or governing the Deposited Securities and to applicable laws, now or hereafter in effect) to or upon the written order of the person or persons
designated in the order delivered to the Depositary as provided above, the Deposited Securities represented by such American Depositary Shares, together with any certificate or other proper documents of or relating to title of the Deposited
Securities as may be legally required, as the case may be, to or for the account of such person. 
 The Depositary may, in its
discretion, refuse to accept for surrender a number of American Depositary Shares representing a number other than a whole number of Shares. In the case of surrender of a Receipt evidencing a number of American Depositary Shares representing other
than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and deliver to
the person surrendering such Receipt a new Receipt evidencing American Depositary Shares representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt so surrendered in a riskless
principal capacity, in a public sale or if no public market is available, in a private sale, and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld)
to the person surrendering the Receipt. 
 At the request, risk and expense of any Holder so surrendering a Receipt, and for the
account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate or certificates and other proper documents of or
relating to title to, the Deposited Securities represented by such Receipt to the Depositary for delivery at the Principal Office of the Depositary, and for further delivery to such Holder. Such direction shall be given by letter or, at the request,
risk and expense of such Holder, by cable, telex or facsimile transmission. Upon receipt by the Depositary, the Depositary may make delivery to such person or persons entitled thereto at the Principal Office of the Depositary of any dividends or
cash distributions with respect to the Deposited Securities represented by such American Depositary Shares, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary. 

SECTION 2.7        Limitations on Execution and Delivery, Transfer, etc. of Receipts;
Suspension of Delivery, Transfer, etc. 
  

	 (a)
	 Additional Requirements. As a condition precedent to the execution and delivery, registration, registration of transfer, split-up,
combination or surrender of any Receipt, the delivery of any distribution thereon or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of the Receipt of a
sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any
applicable fees and charges of the Depositary as provided in Section 5.9 and Exhibit A, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by
Section 3.1 and (iii) compliance with (A) any laws or governmental regulations relating to the execution and delivery of Receipts or American Depositary Shares or

  
 10 

	 	 
to the withdrawal or delivery of Deposited Securities and (B) such reasonable regulations as the Depositary may establish consistent with the provisions of this Deposit Agreement, the
applicable Receipt and applicable law. 

  

	 (b)
	 Additional Limitations. The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended,
or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfers of Receipts generally may be suspended, during any
period when the transfer books of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary (whereupon the Depositary shall notify the Company) or the Company, in good faith, at any time or from time to time
because of any requirement of law, any government or governmental body or commission or any securities exchange on which the ADSs or Shares are listed, or under any provision of this Deposit Agreement or provisions of, or governing, the Deposited
Securities, or any meeting of shareholders of the Company or for any other reason, subject, in all cases, to Section 7.10. 

  

	 (c)
	 Regulatory Restrictions. Notwithstanding any provision of the Deposit Agreement and of any applicable Receipt to the contrary, Holders are
entitled to surrender outstanding ADSs to withdraw the Deposited Securities associated herewith at any time subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in
connection with voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the ADRs or
ADSs or to the withdrawal of the Deposited Securities, and (iv) other circumstances specifically contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended from time to time).

 SECTION 2.8        Lost Receipts, etc. In case any Receipt
shall be mutilated, destroyed, lost or stolen, unless the Depositary has notice that such ADR has been acquired by a bona fide purchaser, subject to Section 5.9, the Depositary shall execute and deliver a new Receipt (which, in the discretion
of the Depositary may be issued through DRS/Profile unless specifically requested otherwise) in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen
Receipt. Before the Depositary shall execute and deliver a new Receipt in substitution for a destroyed, lost or stolen Receipt, the Holder thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery
before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond in form and amount acceptable to the Depositary and (b) satisfied any other reasonable requirements imposed
by the Depositary. 
 SECTION 2.9        Cancellation and Destruction of Surrendered
Receipts; Maintenance of Records. All Receipts surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled in accordance with its customary practices provided that the
Depositary maintains a record of all destroyed Receipts. Cancelled Receipts shall not be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose. 

  
 11 

 SECTION 2.10        Pre-Release. Subject to
the further terms and provisions of this Section 2.10, the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. In its capacity as
Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may, unless otherwise instructed by the Company, (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 hereof and
(ii) deliver Shares prior to the receipt and cancellation of ADSs, which were issued under (i) above, but for which Shares may not yet have been received (each such transaction, a “Pre-Release Transaction”). The Depositary may
receive ADSs in lieu of Shares under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) accompanied by or subject to a written agreement whereby the person or entity (the
“Applicant”) to whom ADSs or Shares are to be delivered (1) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant under such
Pre-Release Transaction, (2) agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the Depositary or the
Custodian, (3) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs and (4) agrees to any additional restrictions or requirements that the Depositary deems appropriate, (b) at
all times fully collateralized with cash, United States government securities or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five business days’ notice (save for a prescribed
termination event in which case any such Pre-Release Transaction may be immediately terminable by the Depositary) and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will
normally limit the number of ADSs and Shares involved in such Pre-Release Transactions at any one time to 30% of the ADSs outstanding (without giving effect to ADSs outstanding pursuant to any Pre-Release Transaction under (i) above),
provided, however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares involved in
Pre-Release Transactions with any one person on a case by case basis as it deems appropriate. 
 The Depositary may retain for
its own account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held as security for the performance of the Applicant’s obligations in
respect of the relevant Pre-Release Transaction and shall not constitute Deposited Securities. 
 SECTION
2.11        Partial Entitlement ADSs. In the event any Shares are deposited which (i) entitle the holders thereof to receive a per-share distribution or other entitlement in an amount different from the
Shares then on deposit or (ii) are not fully fungible (including, without limitation, as to settlement or trading) with the Shares then on deposit (the Shares then on deposit collectively, “Full Entitlement Shares” and the Shares with
different entitlement, “Partial Entitlement Shares”), the Depositary shall (i) cause the Custodian to hold Partial Entitlement Shares separate and distinct from Full Entitlement Shares, and (ii) subject to the terms of the
Deposit Agreement, issue ADSs representing Partial Entitlement Shares which are separate and distinct from the ADSs representing Full Entitlement Shares, by means of separate CUSIP numbering and legending (if necessary) and, if applicable, by
issuing Receipts evidencing such ADSs with applicable notations thereon (“Partial Entitlement ADSs/Receipts” and “Full Entitlement ADSs/Receipts”, respectively). If and when Partial Entitlement Shares become Full Entitlement
Shares, the Depositary shall (a) give notice 

  
 12 

 
thereof to Holders of Partial Entitlement ADSs and give Holders of Partial Entitlement Receipts the opportunity to exchange such Partial Entitlement Receipts for Full Entitlement Receipts,
(b) cause the Custodian to transfer the Partial Entitlement Shares into the account of the Full Entitlement Shares, and (c) take such actions as are necessary to remove the distinctions between (i) the Partial Entitlement Receipts and
ADSs, on the one hand, and (ii) the Full Entitlement Receipts and ADSs on the other. Holders and Beneficial Owners of Partial Entitlement ADSs shall only be entitled to the entitlements of Partial Entitlement Shares. Holders and Beneficial
Owners of Full Entitlement ADSs shall be entitled only to the entitlements of Full Entitlement Shares. All provisions and conditions of the Deposit Agreement shall apply to Partial Entitlement Receipts and ADSs to the same extent as Full Entitlement
Receipts and ADSs, except as contemplated by this Section 2.11. The Depositary is authorized to take any and all other actions as may be necessary (including, without limitation, making the necessary notations on Receipts) to give effect to the
terms of this Section 2.11. The Company agrees to give timely written notice to the Depositary if any Shares issued or to be issued are Partial Entitlement Shares and shall assist the Depositary with the establishment of procedures enabling the
identification of Partial Entitlement Shares upon Delivery to the Custodian. 
 SECTION
2.12        Restricted ADSs. The Depositary shall, at the request and expense of the Company, establish procedures enabling the deposit hereunder of Shares that are Restricted Securities in order to
enable the holder of such Shares to hold its ownership interests in such Restricted Shares in the form of ADSs issued under the terms hereof (such Shares, “Restricted Shares”). Upon receipt of a written request from the Company to accept
Restricted Shares for deposit hereunder, the Depositary agrees to establish procedures permitting the deposit of such Restricted Shares and the issuance of ADSs representing such deposited Restricted Shares (such ADSs, the “Restricted
ADSs,” and the Receipts evidencing such Restricted ADSs, the “Restricted Receipts”). The Company shall assist the Depositary in the establishment of such procedures and agrees that it shall take all steps necessary and reasonably
satisfactory to the Depositary to ensure that the establishment of such procedures does not violate the provisions of the Securities Act or any other applicable laws. The depositors of such Restricted Shares and the holders of the Restricted ADSs
may be required prior to the deposit of such Restricted Shares, the transfer of the Restricted Receipts and the Restricted ADSs evidenced thereby or the withdrawal of the Restricted Shares represented by Restricted ADSs to provide such written
certifications or agreements as the Depositary or the Company may require. The Company shall provide to the Depositary in writing the legend(s) to be affixed to the Restricted Receipts, which legends shall (i) be in a form reasonably
satisfactory to the Depositary and (ii) contain the specific circumstances under which the Restricted Receipts and the Restricted ADSs represented thereby may be transferred or the Restricted Shares withdrawn. The Restricted ADSs issued upon
the deposit of Restricted Shares shall be separately identified on the books of the Depositary and the Restricted Shares so deposited shall be held separate and distinct from the other Deposited Securities held hereunder. The Restricted Shares and
the Restricted ADSs shall not be eligible for Pre-Release Transactions. The Restricted ADSs shall not be eligible for inclusion in any book-entry settlement system, including, without limitation, DTC, and shall not in any way be fungible with the
ADSs issued under the terms hereof that are not Restricted ADSs. The Restricted Receipts and the Restricted ADSs evidenced thereby shall be transferable only by the Holder thereof upon delivery to the Depositary of (i) all documentation
otherwise contemplated by the Deposit Agreement and (ii) an opinion of counsel reasonably satisfactory to the Depositary setting forth, inter alia, the conditions upon which the Restricted Receipt presented is, and the Restricted ADSs evidenced
thereby are, transferable 

  
 13 

 
by the Holder thereof under applicable securities laws and the transfer restrictions contained in the legend set forth on the Restricted Receipt presented for transfer. Except as set forth in
this Section 2.12 and except as required by applicable law, the Restricted Receipts and the Restricted ADSs evidenced thereby shall be treated as Receipts and ADSs issued and outstanding under the terms of the Deposit Agreement. In the event
that, in determining the rights and obligations of parties hereto with respect to any Restricted ADSs, any conflict arises between (a) the terms of the Deposit Agreement (other than this Section 2.12) and (b) the terms of
(i) this Section 2.12 or (ii) the applicable Restricted Receipt, the terms and conditions set forth in this Section 2.12 and of the Restricted Receipt shall be controlling and shall govern the rights and obligations of the
parties to the Deposit Agreement pertaining to the deposited Restricted Shares, the Restricted ADSs and Restricted Receipts. 

If the Restricted Receipts, the Restricted ADSs and the Restricted Shares cease to be Restricted Securities, the Depositary, upon receipt
of (x) an opinion of counsel reasonably satisfactory to the Depositary setting forth, inter alia, that the Restricted Receipts, the Restricted ADSs and the Restricted Shares are not as of such time Restricted Securities, and
(y) instructions from the Company to remove the restrictions applicable to the Restricted Receipts, the Restricted ADSs and the Restricted Shares, shall (i) eliminate the distinctions and separations between the applicable Restricted
Shares held on deposit under this Section 2.12 and the other Shares held on deposit under the terms of the Deposit Agreement that are not Restricted Shares, (ii) treat the newly unrestricted Receipts and ADSs on the same terms as, and
fully fungible with, the other Receipts and ADSs issued and outstanding under the terms of the Deposit Agreement that are not Restricted Receipts or Restricted ADSs, (iii) take all actions necessary to remove any distinctions, limitations and
restrictions previously existing under this Section 2.12 between the applicable Restricted Receipts and Restricted ADSs, respectively, on the one hand, and the other Receipts and ADSs that are not Restricted Receipts or Restricted ADSs,
respectively, on the other hand, including, without limitation, by making the newly-unrestricted ADSs eligible for Pre-Release Transactions and for inclusion in the applicable book-entry settlement systems. 

SECTION 2.13        Escheatment. In the event any unclaimed property relating to the ADSs,
for any reason, is in the possession of Depositary and has not been claimed by the Holder thereof or cannot be delivered to the Holder thereof through usual channels, the Depositary shall, upon expiration of any applicable statutory period relating
to abandoned property laws, escheat such unclaimed property to the relevant authorities in accordance with the laws of each of the relevant states of the United States. 
 ARTICLE III 
 CERTAIN OBLIGATIONS OF HOLDERS 

AND BENEFICIAL OWNERS OF RECEIPTS 
 SECTION 3.1        Proofs, Certificates and Other Information. Any person presenting Shares for deposit, any Holder and any Beneficial Owner may be required,
and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary or the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control
approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of this Deposit Agreement and the provisions of, or governing, the Deposited Securities or other information; to execute such
certifications and to make such representations and warranties, and to provide such other information and documentation as the Depositary may reasonably deem necessary or proper or as the Company may reasonably require by written request to

  
 14 

 
the Depositary consistent with its obligations hereunder. The Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration of transfer of any Receipt or the
distribution or sale of any dividend or distribution of rights or of the proceeds thereof, or to the extent not limited by the terms of Section 7.10, the delivery of any Deposited Securities, until such proof or other information is filed or
such certifications are executed, or such representations and warranties are made, or such other documentation or information provided, in each case to the Depositary’s and the Company’s satisfaction. The Depositary shall from time to
time, and in a timely manner, on the written request advise the Company of the availability of any such proofs, certificates or other information and shall, at the Company’s expense, provide or otherwise make available copies thereof or
originals if necessary to the Company upon written request thereof by the Company, unless such disclosure is prohibited by law. Each Holder and Beneficial Owner agrees to provide any information requested by the Company or the Depositary pursuant to
this paragraph. Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners or (ii) verify or vouch for the accuracy of the information so provided by the
Holders or Beneficial Owners. 
 SECTION 3.2        Liability for Taxes and Other
Charges. If any present or future tax or other governmental charge shall become payable by the Depositary or the Custodian with respect to any ADR or any Deposited Securities or American Depositary Shares, such tax or other governmental charge
shall be payable by the Holders and Beneficial Owners to the Depositary and such Holders and Beneficial Owners shall be deemed liable therefor. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in
respect of Deposited Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and
penalties) or charges, with the Holder and the Beneficial Owner remaining fully liable for any deficiency. In addition to any other remedies available to it, the Depositary and the Custodian may refuse the deposit of Shares, and the Depositary may
refuse to issue ADSs, to deliver Receipts, register the transfer, split-up or combination of Receipts and (subject to Section 7.10) the withdrawal of Deposited Securities, until payment in full of such tax, charge, penalty or interest is
received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, and each of their respective agents, officers, directors, employees and Affiliates for, and to hold each of them harmless from, any claims
with respect to taxes or additions to taxes (including applicable interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. The obligations of Holders and Beneficial Owners of Receipts under this
Section 3.2 shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities, or the termination of this Deposit Agreement. 
 SECTION 3.3        Representations and Warranties on Deposit of Shares. Each depositor depositing Shares under the Deposit Agreement shall be deemed thereby
to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully paid, non-assessable and were legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with
respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge,
mortgage or adverse claim, and are not, and the American Depositary Shares issuable upon such deposit will not be, Restricted Securities and (v) the Shares presented for deposit have not been stripped of any rights or entitlements. Such
representations and warranties shall survive the 

  
 15 

 
deposit and withdrawal of Shares, the issuance and cancellation of American Depositary Shares in respect thereof and the transfer of such American Depositary Shares. If any such representations
or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the depositor depositing Shares, to take any and all actions necessary to correct the consequences thereof. 

SECTION 3.4        Compliance with Information Requests. Notwithstanding any other
provision of this Deposit Agreement and the applicable Receipt, the Articles of Association and applicable law, each Holder and Beneficial Owner agrees to (a) provide such information as the Company or the Depositary may request pursuant to law
(including, without limitation, relevant Cayman Islands law, any applicable law of the United States), the Articles of Association, any resolutions of the Company’s Board of Directors adopted pursuant to such Articles of Association, the
requirements of NASDAQ or any other markets or exchanges upon which the Shares, ADSs or Receipts are listed or traded, or to any requirements of any electronic book-entry system by which the ADSs or Receipts may be transferred, and (b) be bound
by and subject to applicable provisions of the laws of the Cayman Islands, the Articles of Association and the requirements of NASDAQ or any other markets or exchanges upon which the ADSs, Receipts or Shares are listed or traded, or pursuant to any
requirements of any electronic book-entry system by which the ADSs, Receipts or Shares may be transferred, to the same extent as if such Holder and Beneficial Owner held Shares directly, in each case irrespective of whether or not they are Holders
or Beneficial Owners at the time such request is made. The Depositary agrees to use its reasonable efforts to forward upon the request of the Company, and at the Company’s expense, any such request from the Company to the Holders and to forward
to the Company any such responses to such requests received by the Depositary. 
 SECTION
3.5        Ownership Restrictions. Notwithstanding any other provision in the Deposit Agreement or any Receipt, the Company may restrict transfers of the Shares where such transfer might result in
ownership of Shares exceeding limits imposed by applicable law or the Articles of Association. The Company may also restrict, in such manner as it deems appropriate, transfers of the ADSs where such transfer may result in the total number of Shares
represented by the ADSs owned by a single Holder or Beneficial Owner to exceed any such limits. The Company may, in its sole discretion but subject to applicable law, instruct the Depositary to take action with respect to the ownership interest of
any Holder or Beneficial Owner in excess of the limits set forth in the preceding sentence, including, but not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting rights or mandatory sale or
disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the Articles
of Association of the Company. Nothing herein shall be interpreted as obligating the Depositary or the Company to ensure compliance with ownership restrictions described in this Section 3.5. 

SECTION 3.6        Reporting Obligations and Regulatory Approvals. Applicable laws and
regulations may require holders and beneficial owners of Shares, including the Holders and Beneficial Owners of ADSs, to satisfy reporting requirements and obtain regulatory approvals in certain circumstances. Holders and Beneficial Owners of ADSs
are solely responsible for complying with such reporting requirements and obtaining such approvals. Each Holder and each Beneficial Owner hereby agrees to file such reports and obtain such approvals to the extent and in the form required by
applicable laws and regulations as in 

  
 16 

 
effect from time to time. Neither the Depositary, the Custodian, the Company or any of their respective agents or affiliates shall be required to take any actions whatsoever on behalf of Holders
or Beneficial Owners to satisfy such reporting requirements or obtain such regulatory approvals under applicable laws and regulations. 
 ARTICLE IV 
 THE DEPOSITED SECURITIES 

SECTION 4.1        Cash Distributions. Whenever the Depositary receives confirmation from
the Custodian of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights, securities or other entitlements under the terms hereof, the Depositary will, if at the
time of receipt thereof any amounts received in a Foreign Currency can in the judgment of the Depositary (pursuant to Section 4.6) be converted on a practicable basis into Dollars transferable to the United States, promptly convert or cause to
be converted such cash dividend, distribution or proceeds into Dollars (on the terms described in Section 4.6) and will distribute promptly the amount thus received (net of (a) the applicable fees and charges of, and expenses incurred by,
the Depositary and (b) taxes withheld) to the Holders of record as of the ADS Record Date in proportion to the number of American Depositary Shares held by such Holders respectively as of the ADS Record Date. The Depositary shall distribute
only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional amounts shall be rounded to the nearest whole cent and so distributed to Holders entitled thereto. Holders and Beneficial
Owners understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which exceeds three or four decimal places (the number of decimal places used by the Depositary to report distribution rates). The excess
amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment. If the Company, the Custodian or the Depositary is required
to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the American Depositary
Shares representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company
shall be forwarded by the Company to the Depositary upon request. The Depositary will forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file necessary
reports with governmental agencies, such reports necessary to obtain benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts. 
 SECTION 4.2        Distribution in Shares. If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the
Company shall cause such Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or any of their nominees. Upon receipt of confirmation of such deposit from the Custodian, the
Depositary shall establish the ADS Record Date upon the terms described in Section 4.7 and shall, subject to Section 5.9, either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of American
Depositary Shares held as of the ADS Record Date, additional American Depositary Shares, which represent in the aggregate the number of Shares received as such dividend, or free distribution, subject to the other terms of this Deposit Agreement
(including, without 

  
 17 

 
limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or (ii) if additional American Depositary Shares are not so
distributed, each American Depositary Share issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional Shares distributed upon the Deposited Securities
represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes). In lieu of delivering fractional American Depositary Shares, the Depositary shall sell the number of Shares
represented by the aggregate of such fractions and distribute the proceeds upon the terms described in Section 4.1. The Depositary may withhold any such distribution of Receipts if it has not received satisfactory assurances from the Company
(including an opinion of counsel to the Company furnished at the expense of the Company) that such distribution does not require registration under the Securities Act or is exempt from registration under the provisions of the Securities Act. To the
extent such distribution may be withheld, the Depositary may dispose of all or a portion of such distribution in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the
Depositary shall distribute the net proceeds of any such sale (after deduction of applicable (a) taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon the terms described in
Section 4.1. 
 SECTION 4.3        Elective Distributions in Cash or Shares.
Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution
stating whether or not it wishes such elective distribution to be made available to Holders of ADSs. Upon receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary shall
consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall make
such elective distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders of ADRs, (ii) the Depositary shall have determined that such distribution is
reasonably practicable and (iii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7. If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to
the Holders, on the basis of the same determination as is made in the local market in respect of the Shares for which no election is made, either (x) cash upon the terms described in Section 4.1 or (y) additional ADSs representing
such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date (on the terms described in Section 4.7) and establish procedures to enable Holders to
elect the receipt of the proposed dividend in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. Subject to Section 5.9, if a Holder elects to receive the proposed
dividend (x) in cash, the dividend shall be distributed upon the terms described in Section 4.1, or (y) in ADSs, the dividend shall be distributed upon the terms described in Section 4.2. Nothing herein shall obligate the
Depositary to make available to Holders a method to receive the elective dividend in Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective
distributions on the same terms and conditions as the holders of Shares. 

  
 18 

 SECTION 4.4        Distribution of Rights to
Purchase Shares. 
 Distribution to ADS Holders. Whenever the Company intends to distribute to the holders of the
Deposited Securities rights to subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least 45 days prior to the proposed distribution stating whether or not it wishes such rights to be made available to Holders
of ADSs. Upon receipt of a notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall determine, whether it is lawful and
reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to Holders only if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the
Depositary shall have received satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. In the event any of the
conditions set forth above are not satisfied, the Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b) below or, if timing or market conditions may not permit, do nothing thereby allowing such rights to lapse.
In the event all conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in Section 4.7) and establish procedures (x) to distribute such rights (by means of warrants or
otherwise) and (y) to enable the Holders to exercise the rights (upon payment of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges). Nothing herein shall obligate
the Depositary to make available to the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs). 
  

	 (a)
	 Sale of Rights. If (i) the Company does not timely request the Depositary to make the rights available to Holders or requests that the
rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5.7 or determines it is not lawful or reasonably practicable to make the rights available to Holders, or
(iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, in a riskless principal capacity or otherwise, at such place
and upon such terms (including public or private sale) as it may deem proper. The Company shall assist the Depositary to the extent necessary to determine such legality and practicability. The Depositary shall, upon such sale, convert and distribute
proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges) upon the terms set forth in Section 4.1. 

 

	 (b)
	 Lapse of Rights. If the Depositary is unable to make any rights available to Holders upon the terms described in Section 4.4(a) or to
arrange for the sale of the rights upon the terms described in Section 4.4(b), the Depositary shall allow such rights to lapse. 

 The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular,
(ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution. 

Notwithstanding anything to the contrary in this Section 4.4, if registration (under the Securities Act or any other
applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not
distribute such rights to the Holders (i) unless and until a 

  
 19 

 
registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes at its expense the Depositary with opinion(s) of counsel for the
Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactory to the Depositary, to the effect that the offering and sale of such securities to Holders and
Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does
withhold from any distribution of property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary determines that any
distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or charges. 

There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to exercise
rights on the same terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired
upon the exercise of such rights. 
 SECTION 4.5        Distributions Other Than
Cash, Shares or Rights to Purchase Shares. Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase additional Shares, the Company shall give notice thereof to the
Depositary at least 30 days prior to the proposed distribution and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating that the Company wishes such distribution be made to
Holders of ADSs, the Depositary shall determine whether such distribution to Holders is lawful and practicable. The Depositary shall not make such distribution unless (i) the Company shall have timely requested the Depositary to make such
distribution to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution is reasonably practicable. 

 

	 (a)
	 Upon receipt of satisfactory documentation and the request of the Company to distribute property to Holders of ADSs and after making the requisite
determinations set forth in (a) above, the Depositary may distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to the number of ADSs held by such Holders respectively and in such manner as the
Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes and/or governmental charges
withheld. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes
(including applicable interest and penalties) and/or other governmental charges applicable to the distribution. 

  

	 (b)
	 If (i) the Company does not request the Depositary to make such distribution to Holders or requests not to make such distribution to Holders,
(ii) the Depositary does 

  
 20 

 
not receive satisfactory documentation within the terms of Section 5.7, or (iii) the Depositary determines that all or a portion of such distribution is not reasonably practicable or
feasible, the Depositary shall endeavor to sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem proper and shall distribute the net proceeds, if any, of such sale received by
the Depositary (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges) to the Holders as of the ADS Record Date upon the terms of Section 4.1. If the Depositary
is unable to sell such property, the Depositary may dispose of such property in any way it deems reasonably practicable under the circumstances for nominal or no consideration and Holders and Beneficial Owners shall have no rights thereto or arising
therefrom. 
 SECTION 4.6        Conversion of Foreign Currency. Whenever the
Depositary or the Custodian shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and in the judgment of the Depositary such Foreign Currency can at such time
be converted on a practicable basis (by sale or in any other manner that it may determine in accordance with applicable law) into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary shall
convert or cause to be converted, by sale or in any other manner that it may determine, such Foreign Currency into Dollars, and shall distribute such Dollars (net of any fees, expenses, taxes and/or governmental charges incurred in the process of
such conversion) in accordance with the terms of the applicable sections of this Deposit Agreement. If the Depositary shall have distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary shall
distribute such Dollars to the holders of such warrants and/or instruments upon surrender thereof for cancellation, in either case without liability for interest thereon. Such distribution may be made upon an averaged or other practicable basis
without regard to any distinctions among Holders on account of exchange restrictions, the date of delivery of any Receipt or otherwise. 
 Holders understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which may exceed the number of decimal places used by the Depositary to report distribution
rates (which in any case will not be less than two decimal places). Any excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be
subject to escheatment. 
 If such conversion or distribution can be effected only with the approval or license of any
government or agency thereof, the Depositary may file such application for approval or license, if any, as it may deem necessary, practicable and at nominal cost and expense. Nothing herein shall obligate the Depositary to file or cause to be filed,
or to seek effectiveness of any such application or license. 
 If at any time the Depositary shall determine that in its
judgment the conversion of any Foreign Currency and the transfer and distribution of proceeds of such conversion received by the Depositary is not practical or lawful, or if any approval or license of any governmental authority or agency thereof
that is required for such conversion, transfer and distribution is denied, or not obtainable at a reasonable cost, within a reasonable period or otherwise sought, the Depositary shall, in its sole discretion but subject to applicable laws and
regulations, either (i) distribute the Foreign Currency (or an appropriate document evidencing the right to receive such foreign currency) received by the Depositary to the Holders entitled to receive

  
 21 

 
such foreign currency, or (ii) hold such Foreign Currency uninvested and without liability for interest thereon for the respective accounts of the Holders entitled to receive the same.

 SECTION 4.7        Fixing of Record Date. Whenever necessary in connection
with any distribution (whether in cash, Shares, rights, or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary
shall receive notice of any meeting of or solicitation of holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date (the “ADS Record Date”), as
close as practicable to the record date fixed by the Company with respect to the Shares, for the determination of the Holders who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such
meeting, or to give or withhold such consent, or to receive such notice or solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each American Depositary Share.
Subject to applicable law and the provisions of Section 4.1 through 4.6 and to the other terms and conditions of this Deposit Agreement, only the Holders of record at the close of business in New York on such ADS Record Date shall be entitled
to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action. 
 SECTION 4.8        Voting of Deposited Securities. Subject to the next sentence, as soon as practicable after receipt of notice of any meeting at which the
holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of consent or proxy, in
accordance with Section 4.7. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at least
21 Business Days prior to the date of such vote or meeting) and at the Company’s expense, unless otherwise agreed in writing by the Company and the Depositary and provided no U.S. legal prohibitions exist, mail by regular, ordinary mail
delivery, or by electronic transmission, or otherwise distribute to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders at the close of business on the ADS
Record Date will be entitled, subject to any applicable law, the provisions of the Deposit Agreement, the Articles of Association and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent
part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s ADSs; and (c) a brief statement as to the manner in which such voting
instructions may be given. Voting instructions may be given only in respect of a number of ADSs representing an integral number of Deposited Securities. 
 Notwithstanding anything contained in the Deposit Agreement or any Receipt, the Depositary may, to the extent not prohibited by law, regulations or applicable stock exchange requirements, in lieu of
distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides Holders with a means to
retrieve such materials or receive such materials upon request (i.e., by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials). 

The Depositary has been advised by the Company that under the Articles of Association, voting at any meeting of shareholders of the
Company is by poll only. 

  
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 Upon the timely receipt of voting instructions from a Holder of ADSs as of the ADS Record
Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit Agreement, the Articles of Association and the provisions of the Deposited
Securities, to vote or cause the Custodian to vote, the Deposited Securities (in person or by proxy) represented by such Holder’s ADSs as follows: when voting takes place at a shareholders’ meeting by poll, the Depositary will instruct the
Custodian to vote the Deposited Securities in accordance with the voting instructions received from the Holders of ADSs. 

Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting, and neither the Depositary
nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of, for purposes of establishing a quorum or otherwise, the Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting
instructions timely received from Holders or as otherwise contemplated herein. If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities
represented by such Holder’s ADSs, the Depositary will deem such Holder (unless otherwise specified in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items set forth in such voting instructions.
Deposited Securities represented by ADSs for which no timely voting instructions are received by the Depositary from the Holder shall not be voted. Notwithstanding the above, save for applicable provisions of Cayman Islands law, and in accordance
with the terms of Section 5.3, the Depositary shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which such vote is cast or the effect of any such vote, provided that
the Depositary has exercised due care in accordance with the standards set out in Section 5.3 hereof. Notwithstanding anything else contained herein, the Depositary shall, if so required in writing by the Company, represent all Deposited
Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose of establishing quorum at a meeting of shareholders. 

Notwithstanding anything else contained in the Deposit Agreement or any Receipt, the Depositary shall not have any obligation to take any
action with respect to any meeting, or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. laws. The Company agrees to take any and all actions reasonably necessary to enable
Holders and Beneficial Owners to exercise the voting rights relating to the Deposited Securities and to deliver to the Depositary an opinion of U.S. counsel addressing any actions requested to be taken if so requested by the Depositary. 

There can be no assurance that Holders generally or any Holder in particular will receive the notice described above with sufficient time
to enable the Holder to return voting instructions to the Depositary in a timely manner. 
 SECTION
4.9        Changes Affecting Deposited Securities. Upon any change in par value, split-up, cancellation, consolidation or any other reclassification of Deposited Securities, or upon any
recapitalization, reorganization, merger, amalgamation, consolidation or sale of assets affecting the Company or to which it is otherwise a party, any securities which shall be received by the Depositary or the Custodian in exchange for, or in
conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under this Deposit Agreement, and the Receipts shall, subject to the provisions of this
Deposit Agreement and applicable law, evidence American Depositary Shares representing the right to receive such additional 

  
 23 

 
securities. Alternatively, the Depositary may, with the Company’s approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement and receipt of an
opinion of counsel to the Company furnished at the Company’s expense reasonably satisfactory to the Depositary that such distributions are not in violation of any applicable laws or regulations, execute and deliver additional Receipts as in the
case of a stock dividend on the Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts, in either case, as well as in the event of newly deposited Shares, with necessary modifications to the form of Receipt
contained in Exhibit A hereto, specifically describing such new Deposited Securities and/or corporate change. The Company agrees to, jointly with the Depositary, amend the Registration Statement on Form F-6 as filed with the Commission to permit the
issuance of such new form of Receipts. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company’s approval, and shall, if the Company
requests, subject to receipt of an opinion of the Company’s counsel furnished at the Company’s expense reasonably satisfactory to the Depositary that such action is not in violation of any applicable laws or regulations, sell such
securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes
and/or governmental charges) for the account of the Holders otherwise entitled to such securities upon an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the
extent practicable as in the case of a distribution received in cash pursuant to Section 4.1. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible to make such securities available to
Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such securities. 

SECTION 4.10        Available Information. The Company is subject to the periodic
reporting requirements of the Exchange Act and, accordingly, is required to file or submit certain reports with the Commission. These reports can be retrieved from the Commission’s website (www.sec.gov) and can be inspected and copied at the
public reference facilities maintained by the Commission located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington, D.C. 20549. 
 SECTION 4.11        Reports. The Depositary shall make available during normal business hours on any Business Day for inspection by Holders at its Principal
Office any reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities
and (b) made generally available to the holders of such Deposited Securities by the Company. The Company agrees to provide to the Depositary, at the Company’s expense, all documents that it provides to the Custodian. The Depositary shall,
at the expense of the Company, unless otherwise agreed in writing by the Company and the Depositary and in accordance with Section 5.6, also mail by regular, ordinary mail delivery or by electronic transmission (if agreed by the Company and the
Depositary) to Holders copies of such reports when furnished by the Company pursuant to Section 5.6. 
 SECTION
4.12        List of Holders. Promptly upon written request by the Company, the Depositary shall furnish to it a list, as of a recent date, of the names, addresses and holdings of American Depositary
Shares by all persons in whose names Receipts are registered on the books of the Depositary. 

  
 24 

 SECTION 4.13        Taxation; Withholding.
The Depositary will, and will instruct the Custodian to, forward to the Company or its agents such information from its records as the Company may reasonably request to enable the Company or its agents to file necessary tax reports with governmental
authorities or agencies. The Depositary, the Custodian or the Company and its agents may, but shall not be obligated to, file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of
Deposited Securities under applicable tax treaties or laws for the Holders and Beneficial Owners. Holders and Beneficial Owners of American Depositary Shares may be required from time to time, and in a timely manner, to file such proof of taxpayer
status, residence and beneficial ownership (as applicable), to execute such certificates and to make such representations and warranties, or to provide any other information or documents, as the Depositary or the Custodian may deem necessary or
proper to fulfill the Depositary’s or the Custodian’s obligations under applicable law. The Holders and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian and any of their respective directors, employees, agents
and Affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other
tax benefit obtained by the Beneficial Owner or Holder. 
 The Company shall remit to the appropriate governmental authority or
agency any amounts required to be withheld by the Company and owing to such governmental authority or agency. Upon any such withholding, the Company shall remit to the Depositary information, in a form reasonably satisfactory to the Depositary,
about such taxes or governmental charges withheld or paid, and, if so requested, the tax receipt (or other proof of payment to the applicable governmental authority) therefor. The Depositary shall, to the extent required by U.S. law, report to
Holders: (i) any taxes withheld by it; (ii) any taxes withheld by the Custodian, subject to information being provided to the Depositary by the Custodian; and (iii) any taxes withheld by the Company, subject to information being
provided to the Depositary by the Company. The Depositary and the Custodian shall not be required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the
Company, except to the extent the evidence is provided by the Company to the Depositary. Neither the Depositary, the Custodian nor the Company shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the
basis of non-U.S. tax paid against such Holder’s or Beneficial Owner’s income tax liability. 
 In the event that the
Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary shall withhold the amount
required to be withheld and may by public or private sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay
such taxes or charges and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes or charges to the Holders entitled thereto in proportion to the number of American Depositary Shares held by them respectively.

 The Depositary is under no obligation to provide the Holders and Beneficial Owners with any information about the tax status
of the Company. The Depositary shall not incur any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the American Depositary Shares. 

  
 25 

 SECTION 4.14        Redemption. If the
Company intends to exercise any right of redemption in respect of any of the Deposited Securities, the Company shall give timely notice thereof to the Depositary which shall set forth the particulars of the proposed redemption. Upon timely receipt
of (i) such notice and (ii) satisfactory documentation given by the Company to the Depositary within the terms of Section 5.7, (iii) the provision by the Company to the Depositary of a legal opinion (at the expense of the
Company) reasonably satisfactory to the Depositary that such redemption is allowed under applicable law and only if the Depositary shall have determined that such proposed redemption is practicable, the Depositary shall provide to each Holder a
notice setting forth the intended exercise by the Company of the redemption rights and any other particulars set forth in the Company’s notice to the Depositary. The Depositary shall instruct the Custodian to present to the Company the
Deposited Securities in respect of which redemption rights are being exercised against payment of the applicable redemption price. Upon receipt of confirmation from the Custodian that the redemption has taken place and that funds representing the
redemption price have been received, the Depositary shall convert, transfer, and distribute the proceeds (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary, and (b) taxes), retire ADSs and cancel Receipts,
if applicable, upon delivery of such ADSs by Holders thereof and the terms set forth in Sections 4.1 and 6.2 hereof. If less than all outstanding Deposited Securities are redeemed, the ADSs to be retired will be selected by lot or on a pro rata
basis, as may be determined by the Depositary. The redemption price per ADS shall be the dollar equivalent of the per share amount received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited
Securities represented by ADSs (subject to the terms of Section 4.6 hereof and the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied by the number of Deposited Securities represented by each ADS
redeemed. 
 ARTICLE V 
 THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY 
 SECTION
5.1        Maintenance of Office and Transfer Books by the Registrar. Until termination of this Deposit Agreement in accordance with its terms, the Depositary or if a Registrar for the Receipts shall
have been appointed, the Registrar shall maintain in the Borough of Manhattan, the City of New York, an office and facilities for the execution and delivery, registration, registration of transfers, combination and split-up of Receipts, the
surrender of Receipts and the delivery and withdrawal of Deposited Securities in accordance with the provisions of this Deposit Agreement. 
 The Depositary or the Registrar as applicable, shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Company and by
the Holders of such Receipts, provided that such inspection shall not be, to the Depositary’s or the Registrar’s knowledge, for the purpose of communicating with Holders of such Receipts in the interest of a business or object other than
the business of the Company or other than a matter related to this Deposit Agreement or the Receipts. 
 The Depositary or the
Registrar, as applicable, may close the transfer books with respect to the Receipts, at any time or from time to time, when deemed necessary or advisable by it in connection with the performance of its duties hereunder, or at the reasonable written
request of the Company. 
 If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more stock
exchanges or automated quotation systems in the United States, the Depositary 

  
 26 

 
shall act as Registrar or appoint a Registrar or one or more co-registrars for registration of Receipts and transfers, combinations and split-ups, and to countersign such Receipts in accordance
with any requirements of such exchanges or systems. Such Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary. 
 If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more securities exchanges, markets or automated quotation systems, (i) the Depositary shall be entitled to,
and shall, take or refrain from taking such action(s) as it may deem necessary or appropriate to comply with the requirements of such securities exchange(s), market(s) or automated quotation system(s) applicable to it, notwithstanding any other
provision of this Deposit Agreement; and (ii) upon the reasonable request of the Depositary, the Company shall provide the Depositary such information and assistance as may be reasonably necessary for the Depositary to comply with such
requirements, to the extent that the Company may lawfully do so. 
 SECTION
5.2        Exoneration. Neither the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with the provisions of this Deposit Agreement or shall
incur any liability (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required by the terms of this
Deposit Agreement, by reason of any provision of any present or future law or regulation of the United States or any state thereof, the Cayman Islands or any other country, or of any other governmental authority or regulatory authority or stock
exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any provision, present or future, of the Articles of Association or any provision of or governing any Deposited Securities, or by reason of any act of
God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions, explosions and computer
failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement or in the Articles of Association or provisions of or governing Deposited Securities, (iii) for any action or
inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any
Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or Beneficial Owner to benefit from any distribution,
offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Holders of American Depositary Shares or (v) for any special, consequential,
indirect or punitive damages for any breach of the terms of this Deposit Agreement or otherwise. 
 The Depositary, its
controlling persons, its agents, the Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request, opinion or other document believed by it to be genuine and to have
been signed or presented by the proper party or parties. 
 No disclaimer of liability under the Securities Act is intended by
any provision of this Deposit Agreement. 
 SECTION 5.3        Standard of Care.
The Company and the Depositary and their respective agents assume no obligation and shall not be subject to any liability under this Deposit 

  
 27 

 
Agreement or any Receipts to any Holder(s) or Beneficial Owner(s) or other persons, except in accordance with Section 5.8, provided, that the Company and the Depositary and their respective
agents agree to perform their respective obligations specifically set forth in this Deposit Agreement or the applicable Receipt without gross negligence or bad faith. 
 Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons, or agents, shall be under any obligation to appear in, prosecute or defend
any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expenses (including fees and
disbursements of counsel) and liabilities be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary).

 The Depositary and its agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited
Securities, or for the manner in which any vote is cast or the effects of any vote provided that any such action or omission is in accordance with the provisions of the Deposit Agreement. The Depositary shall not incur any liability for any failure
to determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any
investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the
creditworthiness of any third party, for allowing any rights to lapse upon the terms of this Deposit Agreement or for the failure or timeliness of any notice from the Company, or for any action or non action by it in reliance upon the opinion,
advice of or information from legal counsel, accountants, any person representing Shares for deposit, any Holder or any other person believed by it in good faith to be competent to give such advice or information. The Depositary and its agents shall
not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary,
provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without gross negligence or bad faith while it acted as Depositary. 

SECTION 5.4        Resignation and Removal of the Depositary; Appointment of Successor
Depositary. Subject to any other agreements otherwise agreed in writing between the Company and the Depositary from time to time relating to resignation and removal of the Depositary, the Depositary may at any time resign as Depositary hereunder
by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall, in the event no successor depositary has been
appointed by the Company, be entitled to take the actions contemplated in Section 6.2), or (ii) upon the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any
amounts, fees, costs or expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such
resignation. 
 The Company shall use reasonable efforts to appoint such successor depositary, and give notice to the Depositary
of such appointment, not more than 90 days after delivery by the Depositary of written notice of resignation as provided in this paragraph. In the event that 

  
 28 

 
notice of the appointment of a successor depositary is not provided by the Company in accordance with the preceding sentence, the Depositary shall be entitled to take the actions contemplated in
Section 6.2. 
 The Depositary may at any time be removed by the Company by written notice of such removal, which removal
shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2), or (ii) upon the appointment by the Company of
a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between
the Company and the Depositary from time to time shall be paid to the Depositary prior to such removal. 
 In case at any time
the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every
successor depositary shall be required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed
(except as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, upon payment of all sums due to it and on the written request of the Company, shall
(i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9), (ii) duly assign, transfer and deliver all right, title and
interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders thereof as the successor may reasonably
request. Any such successor depositary shall promptly mail notice of its appointment to such Holders. 
 Any corporation into or
with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 
 SECTION 5.5        The Custodian. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of
the Depositary for the Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other
Custodian has previously been appointed hereunder, the Depositary shall promptly appoint a substitute custodian. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all
such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, in its discretion, that it is appropriate to do
so, it may appoint an additional entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian
hereunder with respect to the Deposited Securities. After any such change, the Depositary shall give notice thereof in writing to all Holders. 
 Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities without
any further act or writing and shall be subject to the direction of 

  
 29 

 
the successor depositary. The successor depositary so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be
proper to give to such Custodian full and complete power and authority to act on the direction of such successor depositary. 

SECTION 5.6        Notices and Reports. On or before the first date on which the Company
gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a meeting, or of the taking of
any action in respect of any cash or other distributions or the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in English but otherwise in the
form given or to be given to holders of Shares or other Deposited Securities. The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions of the Articles of
Association that may be relevant or pertain to such notice of meeting or be the subject of a vote thereat. 
 The Company will
also transmit to the Depositary (a) English language versions of the other notices, reports and communications which are made generally available by the Company to holders of its Shares or other Deposited Securities and (b) English
language versions of the Company’s annual and other reports prepared in accordance with the applicable requirements of the Commission. The Depositary shall arrange, at the request of the Company and at the Company’s expense, unless
otherwise agreed in writing by the Company and the Depositary, for the mailing of copies thereof to all Holders, or by any other means as agreed between the Company and the Depositary (at the Company’s expense, unless otherwise agreed in
writing by the Company and the Depositary) or make such notices, reports and other communications available for inspection by all Holders, provided, that, the Depositary shall have received evidence sufficiently satisfactory to it, including in the
form of an opinion of local and/or U.S. counsel or counsel of other applicable jurisdiction, furnished at the expense of the Company, as the Depositary reasonably requests, that the distribution of such notices, reports and any such other
communications to Holders from time to time is valid and does not or will not infringe any local, U.S. or other applicable jurisdiction regulatory restrictions or requirements if so distributed and made available to Holders. The Company will timely
provide the Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings. The Company has delivered to the Depositary and the
Custodian a copy of the Articles of Association along with the provisions of or governing the Shares and any other Deposited Securities issued by the Company or any Affiliate of the Company, in connection with the Shares, in each case along with a
certified English translation thereof, and promptly upon any amendment thereto or change therein, the Company shall deliver to the Depositary and the Custodian a copy of such amendment thereto or change therein (along with a certified English
translation thereof). The Depositary may rely upon such copy for all purposes of this Deposit Agreement. 
 The Depositary will
make available a copy of any such notices, reports or communications issued by the Company and delivered to the Depositary for inspection by the Holders of the Receipts evidencing the American Depositary Shares representing such Shares governed by
such provisions at the Depositary’s Principal Office, at the office of the Custodian and at any other designated transfer office. 
 SECTION 5.7        Issuance of Additional Shares, ADSs, etc. The Company agrees that in the event it or any of its Affiliates proposes (i) an issuance,
sale or distribution of additional 

  
 30 

 
Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an issuance of securities convertible into or exchangeable for Shares, (iv) an
issuance of rights to subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited Securities, (vii) a meeting of holders of Deposited Securities, or
solicitation of consents or proxies, relating to any reclassification of securities, merger, subdivision, amalgamation or consolidation or transfer of assets or (viii) any reclassification, recapitalization, reorganization, merger,
amalgamation, consolidation or sale of assets which affects the Deposited Securities, it will obtain U.S. legal advice and take all steps necessary to ensure that the application of the proposed transaction to Holders and Beneficial Owners does not
violate the registration provisions of the Securities Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act or the securities laws of the states of the United States). In
support of the foregoing, at the reasonable request of the Depositary, the Company will furnish to the Depositary, at the Company’s own expense, (a) a written opinion of U.S. counsel (reasonably satisfactory to the Depositary) stating
whether or not application of such transaction to Holders and Beneficial Owners (1) requires a registration statement under the Securities Act to be in effect or (2) is exempt from the registration requirements of the Securities Act and/or
(3) dealing with such other issues reasonably requested by the Depositary; and (b) a written opinion of Cayman Islands counsel (reasonably satisfactory to the Depositary) stating that (1) making the transaction available to Holders
and Beneficial Owners does not violate the laws or regulations of the Cayman Islands and (2) all requisite regulatory consents and approvals have been obtained in the Cayman Islands. If the filing of a registration statement is required, the
Depositary shall not have any obligation to proceed with the transaction unless it shall have received evidence reasonably satisfactory to it that such registration statement has been declared effective and that such distribution is in accordance
with all applicable laws or regulations. If, being advised by counsel, the Company determines that a transaction is required to be registered under the Securities Act, the Company will either (i) register such transaction to the extent
necessary, (ii) alter the terms of the transaction to avoid the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures, in each case as contemplated in this Deposit Agreement, to prevent
such transaction from violating the registration requirements of the Securities Act. 
 The Company agrees with the Depositary
that neither the Company nor any of its Affiliates will at any time (i) deposit any Shares or other Deposited Securities, either upon original issuance or upon a sale of Shares or other Deposited Securities previously issued and reacquired by
the Company or by any such Affiliate, or (ii) issue additional Shares, rights to subscribe for such Shares, securities convertible into or exchangeable for Shares or rights to subscribe for such securities, unless such transaction and the
securities issuable in such transaction are exempt from registration under the Securities Act or have been registered under the Securities Act (and such registration statement has been declared effective). 

Notwithstanding anything else contained in this Deposit Agreement, nothing in this Deposit Agreement shall be deemed to obligate the
Company to file any registration statement in respect of any proposed transaction. 
 SECTION
5.8        Indemnification. The Company agrees to indemnify the Depositary, any Custodian and each of their respective directors, officers, employees, agents and Affiliates against, and hold each of
them harmless from, any direct losses, liabilities, taxes, costs, claims, judgments, proceedings, actions, demands and any charges or expenses of any kind 

  
 31 

 
whatsoever (including, but not limited to, reasonable attorney’s fees and irrevocable value added tax and any similar tax charged or otherwise imposed in respect thereof) (collectively
referred to as “Losses”) which the Depositary or any agent thereof may incur or which may be made against it as a result of or in connection with its appointment or the exercise of its powers and duties under this Agreement or that may
arise (a) out of or in connection with any offer, issuance, sale, resale, transfer, deposit or withdrawal of Receipts, American Depositary Shares, the Shares, or other Deposited Securities, as the case may be, (b) out of or in connection
with any offering documents in respect thereof or (c) out of or in connection with acts performed or omitted, including, but not limited to, any delivery by the Depositary on behalf of the Company of information regarding the Company in
connection with this Deposit Agreement, the Receipts, the American Depositary Shares, the Shares, or any Deposited Securities, in any such case (i) by the Depositary, the Custodian or any of their respective directors, officers, employees,
agents and Affiliates, except to the extent any such Losses arises out of the negligence, bad faith or willful misconduct of any of them, or (ii) by the Company or any of its directors, officers, employees, agents and Affiliates. The
indemnities contained in this paragraph shall not extend to any Loss that arises out of information (or omissions from such information) relating to the Depositary or the Custodian, furnished in writing to the Company by the Depositary or the
Custodian expressly for use in any registration statement, prospectus or proxy statement under the Securities Act. 
 The
Depositary agrees to indemnify the Company, its directors, officers, employees, agents and Affiliates against and hold each of them harmless from any Losses which may arise out of acts performed or omitted to be performed by the Depositary or the
Custodian or their directors, employees, agents and Affiliates due to their negligence, bad faith or willful misconduct. Notwithstanding the above, in no event shall the Depositary or any of its directors, officers, employees, agents and/or
Affiliates be liable for any indirect, special, punitive or consequential damages to the Company, Holders, Beneficial Owners or any other person. 
 Any person seeking indemnification hereunder (an “Indemnified Person”) shall notify the person from whom it is seeking indemnification (the “Indemnifying Person”) of the commencement
of any indemnifiable action or claim promptly after such Indemnified Person becomes aware of such commencement (and in no event more than ten (10) days after receipt of notice of such commencement; provided that the failure to make such
notification shall not affect such Indemnified Person’s rights to indemnification except to the extent the Indemnifying Person is materially prejudiced by such failure) and shall consult in good faith with the Indemnifying Person as to the
conduct of the defense of such action or claim that may give rise to an indemnity hereunder, which defense shall be reasonable under the circumstances. No Indemnified Person shall compromise or settle any action or claim that may give rise to an
indemnity hereunder without the consent of the Indemnifying Person, which consent shall not be unreasonably withheld. 
 The
obligations set forth in this Section shall survive the termination of this Deposit Agreement and the succession or substitution of any party hereto. 
 SECTION 5.9        Fees and Charges of Depositary. The Company, the Holders, the Beneficial Owners, and persons depositing Shares or surrendering ADSs for
cancellation and withdrawal of Deposited Securities shall be required to pay to the Depositary the Depositary’s fees and related charges identified as payable by them respectively as provided for under Article 9 of the Form of Receipt attached
hereto as Exhibits A and B; provided, however, that no fees shall be payable upon distribution of cash dividends so long as the 

  
 32 

 
charging of such fee is prohibited by the exchange, if any, upon which the ADSs are listed. All fees and charges so payable may, at any time and from time to time, be changed by agreement between
the Depositary and the Company, but, in the case of fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1. The Depositary shall provide, without charge, a copy of its latest fee schedule to
anyone upon request. 
 The Depositary and the Company may reach separate agreement in relation to the payment of any additional
remuneration to the Depositary in respect of any exceptional duties which the Depositary finds necessary or desirable and agreed by both parties in the performance of its obligations hereunder and in respect of the actual costs and expenses of the
Depositary in respect of any notices required to be given to the Holders in accordance with Article 20 of the Form of Receipt attached hereto as Exhibits A and B. 
 In connection with any payment by the Company to the Depositary: 
  

	 	 (i)
	 all fees, taxes, duties, charges, costs and expenses which are payable by the Company shall be paid or be procured to be paid by the Company (and
any such amounts which are paid by the Depositary shall be reimbursed to the Depositary by the Company upon demand therefor); 

  

	 	 (ii)
	 such payment shall be subject to all necessary Cayman Islands exchange control and other consents and approvals having been obtained. The Company
undertakes to use its reasonable endeavors to obtain all necessary approvals that are required to be obtained by it in this connection; and 

  

	 	 (iii)
	 the Depositary may request, in its sole but reasonable discretion after reasonable consultation with the Company, an opinion of counsel regarding
New York law, the laws of the Cayman Islands, or the laws of any other relevant jurisdiction, to be furnished at the expense of the Company, if at any time the Company or the Depositary reasonably believes that such payment may not be practicable
under applicable law and the Depositary deems it necessary to seek such an opinion of counsel. 

 The Company
agrees to promptly pay to the Depositary such other fees, charges and expenses and to reimburse the Depositary for such out-of-pocket expenses as the Depositary and the Company may agree to in writing from time to time. Responsibility for payment of
such charges may at any time and from time to time be changed by agreement between the Company and the Depositary. Unless otherwise agreed, the Depositary shall present its statement for such expenses and fees or charges to the Company once every
three months. 
 All payments by the Company to the Depositary under this Section 5.9 shall be paid without set-off or
counterclaim, and free and clear of and without deduction or withholding for or on account of, any present or future taxes, levies, imports, duties, fees, assessments or other charges of whatever nature, imposed by the Cayman Islands or by any
department, agency or other political subdivision or taxing authority thereof or therein, and all interest, penalties or similar liabilities with respect thereto. 
 The Depositary has agreed with the Company to reimburse the Company for a portion of certain expenses incurred in connection with the Company’s initial public offering and the establishment and
maintenance of the ADR program and to provide the Company with 

  
 33 

 
assistance in relation to our investor relations program, the training of staff and certain other matters. Further, the depositary has agreed to share with the Company certain fees payable to the
depositary by holders of ADSs. Neither the depositary bank nor the Company can determine the exact amount to be made available to us because (i) the number of ADSs that will be issued and outstanding, (ii) the level of service fees to be
charged to holders of ADSs and (iii) the Company’s reimbursable expenses related to the program are not known at this time. 
 The right of the Depositary to receive payment of fees, charges and expenses as provided above shall survive the termination of this Deposit Agreement. As to any Depositary, upon the resignation or
removal of such Depositary as described in Section 5.4, such right shall extend for those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal. 

SECTION 5.10        Restricted Securities Owners/Ownership Restrictions. From time to time
or upon the reasonable request of the Depositary, the Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or entities who beneficially own Restricted Securities and the Company shall
update that list on a regular basis. The Depositary may rely on such a list or update but shall not be liable for any action or omission made in reliance thereon. The Company agrees to advise in writing each of the persons or entities who, to the
knowledge of the Company, holds Restricted Securities (other than the Restricted Securities that are allowed to be deposited with the Depositary in accordance with Section 2.12 of this Deposit Agreement) that such Restricted Securities are
ineligible for deposit hereunder. The Company shall, in accordance with the Deposit Agreement and the applicable Receipt, inform Holders and Beneficial Owners and the Depositary of any other limitations on ownership of Shares that the Holders and
Beneficial Owners may be subject to by reason of the number of American Depositary Shares held under the Articles of Association or applicable Cayman Islands law, as such restrictions may be in force from time to time. 

ARTICLE VI 

AMENDMENT AND TERMINATION 
 SECTION 6.1        Amendment/Supplement. Subject to the terms and conditions of this Section 6.1 and applicable law, the Receipts outstanding at any
time, the provisions of this Deposit Agreement and the form of Receipt attached hereto and to be issued under the terms hereof may at any time and from time to time be amended or supplemented by written agreement between the Company and the
Depositary in any respect which they may deem necessary or desirable and not materially prejudicial to the Holders without the consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or
charges (other than charges in connection with foreign exchange control regulations, and taxes and/or other governmental charges, delivery and other such expenses payable by Holders or Beneficial Owners), or which shall otherwise materially
prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding Receipts until 30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding
Receipts. Notice of any amendment to the Deposit Agreement or form of Receipts shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such
notice invalid; provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission’s,

  
 34 

 
the Depositary’s or the Company’s website or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as
agreed by the Company and the Depositary) in order for (a) the American Depositary Shares to be registered on Form F-6 under the Securities Act or (b) the American Depositary Shares or the Shares to be traded solely in electronic
book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial
Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such American Depositary Share or Shares, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as
amended and supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and
the Depositary may amend or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective
before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, rules or regulations. 
 SECTION 6.2        Termination. The Depositary shall, at any time at the written direction of the Company, terminate this Deposit Agreement by mailing notice
of such termination to the Holders of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination, provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it
in accordance with the terms of this Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the Depositary from time to time, prior to such termination shall take effect. If 90 days shall
have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and in
either case a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4, the Depositary may terminate this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts
then outstanding at least 30 days prior to the date fixed for such termination. On and after the date of termination of this Deposit Agreement, the Holder will, upon surrender of such Receipt at the Principal Office of the Depositary, upon the
payment of the charges of the Depositary for the surrender of Receipts referred to in Section 2.6 and subject to the conditions and restrictions therein set forth, and upon payment of any applicable taxes or governmental charges, be entitled to
delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain outstanding after the date of termination of this Deposit Agreement, the Registrar thereafter shall discontinue the
registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform any further acts under this Deposit Agreement, except that the Depositary
shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights or other property as provided in this Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the conditions
and restrictions set forth in Section 2.6, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to

  
 35 

 
the Depositary (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in
accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges or assessments). At any time after the expiration of six months from the date of termination of this Deposit Agreement, the
Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated account, without liability for interest
for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement with respect to the Receipts and
the Shares, Deposited Securities and American Depositary Shares, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for the surrender of a Receipt,
any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges or assessments). Upon the termination of this Deposit Agreement, the Company shall be
discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary hereunder. 

ARTICLE VII 

MISCELLANEOUS 
 SECTION 7.1        Counterparts. This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of
such counterparts together shall constitute one and the same agreement. Copies of this Deposit Agreement shall be maintained with the Depositary and shall be open to inspection by any Holder during business hours. 

SECTION 7.2        No Third-Party Beneficiaries. This Deposit Agreement is for the
exclusive benefit of the parties hereto (and their successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except to the extent specifically set forth in this Deposit Agreement.
Nothing in this Deposit Agreement shall be deemed to give rise to a partnership or joint venture among the parties hereto nor establish a fiduciary or similar relationship among the parties. The parties hereto acknowledge and agree that (i) the
Depositary and its Affiliates may at any time have multiple banking relationships with the Company and its Affiliates, (ii) the Depositary and its Affiliates may be engaged at any time in transactions in which parties adverse to the Company or
the Holders or Beneficial Owners may have interests and (iii) nothing contained in this Agreement shall (a) preclude the Depositary or any of its Affiliates from engaging in such transactions or establishing or maintaining such
relationships, or (b) obligate the Depositary or any of its Affiliates to disclose such transactions or relationships or to account for any profit made or payment received in such transactions or relationships. 

SECTION 7.3        Severability. In case any one or more of the provisions contained in
this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced
or disturbed thereby. 
 SECTION 7.4        Holders and Beneficial Owners as Parties;
Binding Effect. The Holders and Beneficial Owners from time to time of American Depositary Shares shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of any Receipt by acceptance hereof or
any beneficial interest therein. 

  
 36 

 SECTION 7.5        Notices. Any and all
notices to be given to the Company shall be deemed to have been duly given if personally delivered or sent by mail, air courier or cable, telex, facsimile transmission or electronic transmission, confirmed by letter, addressed to BCD Semiconductor
Manufacturing Limited, No. 1600 ZiXing Road, Shanghai ZiZhu Science–based Industrial Park, Shanghai 200241, China, Attention: Chief Executive Officer (fax number: +8621-2416-2277), or to any other address which the Company may specify in
writing to the Depositary. 
 Any and all notices to be given to the Depositary shall be deemed to have been duly given if
personally delivered or sent by mail, air courier or cable, telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense, unless otherwise agreed in writing between the
Company and the Depositary, confirmed by letter, addressed to Deutsche Bank Trust Company Americas, 60 Wall Street, New York, New York 10005, USA Attention: ADR Department, telephone: (001)212602-1044, facsimile: (001)212797 0327 or to any other
address which the Depositary may specify in writing to the Company. 
 Any and all notices to be given to any Holder shall be
deemed to have been duly given if personally delivered or sent by mail or cable, telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense, unless otherwise agreed in
writing between the Company and the Depositary, addressed to such Holder at the address of such Holder as it appears on the transfer books for Receipts of the Depositary, or, if such Holder shall have filed with the Depositary a written request that
notices intended for such Holder be mailed to some other address, at the address specified in such request. Notice to Holders shall be deemed to be notice to Beneficial Owners for all purposes of this Deposit Agreement. 

Delivery of a notice sent by mail, air courier or cable, telex, facsimile or electronic transmission shall be deemed to be effective at
the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a cable, telex, facsimile or electronic transmission) is deposited, postage prepaid, in a post-office letter box or delivered to an air courier
service. The Depositary or the Company may, however, act upon any cable, telex, facsimile or electronic transmission received by it from the other or from any Holder, notwithstanding that such cable, telex, facsimile or electronic transmission shall
not subsequently be confirmed by letter as aforesaid, as the case may be. 
 SECTION
7.6        Governing Law and Jurisdiction. This Deposit Agreement and the Receipts shall be interpreted in accordance with, and all rights hereunder and thereunder and provisions hereof and thereof
shall be governed by, the laws of the State of New York without reference to the principles of choice of law thereof. Except as set forth in the following paragraph of this Section 7.6, the parties to this Deposit Agreement agree that the
federal or state courts in the City of New York shall have jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection with this Deposit Agreement and, for such
purposes, each irrevocably submits to the non-exclusive jurisdiction of such courts. The Company hereby irrevocably designates, appoints and empowers National Corporate Research, Ltd. (the “Agent”) now at 225 W. 34th Street, Suite 910, New
York, New York 10122 as its authorized agent to receive and accept for and on its behalf, and on behalf of its properties, assets and revenues, service by mail of any and all legal process, summons, notices and documents that may be served in any
suit, action or proceeding brought against the Company in any federal or state court as described in the preceding sentence or in the next paragraph of this Section 7.6. If for any reason the

  
 37 

 
Agent shall cease to be available to act as such, the Company agrees to designate a new agent in the City of New York on the terms and for the purposes of this Section 7.6 reasonably
satisfactory to the Depositary. The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a
copy thereof upon the Agent (whether or not the appointment of such Agent shall for any reason prove to be ineffective or such Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air
mail, postage prepaid, to its address provided in Section 7.5. The Company agrees that the failure of the Agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered
in any action or proceeding based thereon. 
 Notwithstanding the foregoing, the Depositary and the Company unconditionally
agree that in the event that a Holder or Beneficial Owner brings a suit, action or proceeding against (a) the Company, (b) the Depositary in its capacity as Depositary under this Deposit Agreement or (c) against both the Company and
the Depositary, in any state or federal court of the United States, and the Depositary or the Company have any claim, for indemnification or otherwise, against each other arising out of the subject matter of such suit, action or proceeding, then the
Company and the Depositary may pursue such claim against each other in the state or federal court in the United States in which such suit, action, or proceeding is pending, and for such purposes, the Company and the Depositary irrevocably submit to
the non-exclusive jurisdiction of such courts. The Company agrees that service of process upon the Agent in the manner set forth in the preceding paragraph shall be effective service upon it for any suit, action or proceeding brought against it as
described in this paragraph. 
 The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any
objection that it may now or hereafter have to the laying of venue of any actions, suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally waives and agrees not to plead or
claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 
 The provisions of this Section 7.6 shall survive any termination of this Deposit Agreement, in whole or in part. 
 SECTION 7.7        Assignment. Subject to the provisions of Section 5.4, this Deposit Agreement may not be assigned by either the Company or the
Depositary. 
 SECTION 7.8        Agents. The Depositary shall be entitled, in
its sole discretion, to appoint one or more agents (the “Agents”) of which it shall have control for the purpose, inter alia, of making distributions to the Holders or otherwise carrying out its obligations under this Agreement.

 SECTION 7.9        Exclusivity. The Company agrees not to appoint any other
depositary for the issuance or administration of depositary receipts evidencing any class of stock of the Company so long as Deutsche Bank Trust Company Americas is acting as Depositary hereunder. 

SECTION 7.10        Compliance with U.S. Securities Laws. Notwithstanding anything in this
Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by 

  
 38 

 
Instruction I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the Securities Act. 

SECTION 7.11        Titles and References.  

 

	 (a)
	 Deposit Agreement. All references in the Deposit Agreement to exhibits, articles, sections, subsections, and other subdivisions refer to the
exhibits, articles, sections, subsections and other subdivisions of this Deposit Agreement unless expressly provided otherwise. The words “the Deposit Agreement”, “herein”, “hereof”, “hereby”,
“hereunder”, and words of similar import refer to the Deposit Agreement as a whole as in effect between the Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless expressly so
limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa unless the context otherwise requires. Titles to
sections of this Deposit Agreement are included for convenience only and shall be disregarded in construing the language contained in the Deposit Agreement. 

 

	 (b)
	 Receipts. All references in any Receipt(s) to paragraphs, exhibits, articles, sections, subsections, and other subdivisions refer to the
paragraphs, exhibits, articles, sections, subsections and other subdivisions of the Receipt(s) in question unless expressly provided otherwise. The words “the Receipt”, “the Receipt”, “herein”, “hereof”,
“hereby”, “hereunder”, and words of similar import used in any Receipt refer to the Receipt as a whole and as in effect at the relevant time, and not to any particular subdivision unless expressly so limited. Pronouns in
masculine, feminine and neuter gender in any Receipt shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa unless the context otherwise requires. Titles to paragraphs
of any Receipt are included for convenience only and shall be disregarded in construing the language contained in the Receipt. References to “applicable laws and regulations” shall refer to laws and regulations applicable to Receipts, ADSs
or Deposited Securities as in effect at the relevant time of determination, unless otherwise required by law or regulation. 

 SECTION 7.12        Cayman Islands Law References. Any summary or reference of the Cayman Islands laws and regulations and of the terms of the Articles of
Association set forth in the Deposit Agreement have been provided by the Company solely for the convenience of Holders, Beneficial Owners and the Depositary. While such summaries or references are believed by the Company to be accurate as of the
date of the Deposit Agreement, (i) they are summaries or references and as such may not include all aspects of the materials summarized or referenced applicable to a Holder or Beneficial Owner, and (ii) these laws and regulations and the
Articles of Association may change after the date of the Deposit Agreement. Neither the Depositary nor the Company has any obligation under the terms of the Deposit Agreement to update any such summaries or references. 

  
 39 

 IN WITNESS WHEREOF, BCD SEMICONDUCTOR MANUFACTURING LIMITED and DEUTSCHE BANK TRUST
COMPANY AMERICAS have duly executed this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial Owners shall become parties hereto upon acceptance by them of American Depositary Shares evidenced by Receipts
issued in accordance with the terms hereof or upon acquisition of any beneficial interest therein. 
  

							
		  	 BCD SEMICONDUCTOR MANUFACTURING LIMITED

				
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		  	 DEUTSCHE BANK TRUST COMPANY AMERICAS

							
				
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 40 

			
		  	 CUSIP: 055347108

		  	 ISIN: US0553471089

		
		  	 American Depositary Shares
 (Each American Depositary
 Share representing
[—] of Fully
 Paid Common Shares)

EXHIBIT A 

[FORM OF FACE OF RECEIPT] 
 AMERICAN DEPOSITARY RECEIPT 
 FOR 

AMERICAN DEPOSITARY SHARES 
 representing 
 DEPOSITED ORDINARY SHARES 

Of 
 BCD
SEMICONDUCTOR MANUFACTURING LIMITED 
 (Incorporated under the laws of the Cayman Islands) 

DEUTSCHE BANK TRUST COMPANY AMERICAS, as depositary (herein called the “Depositary”), hereby certifies that
                     is the owner of
                     American Depositary Shares (hereinafter “ADS”), representing deposited ordinary shares, each of Par Value of
U.S. $0.001 including evidence of rights to receive such ordinary shares (the “Shares”) of BCD Semiconductor Manufacturing Limited (the “Company”), a company incorporated under the laws of the Cayman Islands (the
“Company”). As of the date of the Deposit Agreement (hereinafter referred to), each ADS represents [—] Shares deposited under the Deposit Agreement with the Custodian which at the date of
execution of the Deposit Agreement is Deutsche Bank AG, Hong Kong Branch (the “Custodian”). The ratio of Depositary Shares to shares of stock is subject to subsequent amendment as provided in Article IV of the Deposit Agreement. The
Depositary’s Principal Office is located at 60 Wall Street, New York, New York 10005, U.S.A. 
  

	 (1)
	 The Deposit Agreement. This American Depositary Receipt is one of an issue of American Depositary Receipts (“Receipts”), all issued
and to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of [—], 2010 (as amended from time to time, the “Deposit Agreement”), by and among the Company,
the Depositary, and all Holders and Beneficial Owners from time to time of Receipts 

  
 A-1

	 	 
issued thereunder. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners of Receipts and the rights and duties of the Depositary in respect of the Shares
deposited thereunder and any and all other securities, property and cash from time to time, received in respect of such Shares and held thereunder (such Shares, other securities, property and cash are herein called “Deposited Securities”).
Copies of the Deposit Agreement are on file at the Principal Office of the Depositary and the Custodian. 

 Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement, shall be deemed for all purposes
to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable Receipt, and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions
contemplated in the Deposit Agreement and the applicable Receipt, to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out
the purposes of the Deposit Agreement and the applicable Receipt, the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof. 

The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement
and the Articles of Association (as in effect on the date of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. All capitalized terms used herein which are
not otherwise defined herein shall have the meanings ascribed thereto in the Deposit Agreement. The Depositary makes no representation or warranty as to the validity or worth of the Deposited Securities. The Depositary has made arrangements for the
acceptance of the American Depositary Shares into DTC. Each Beneficial Owner of American Depositary Shares held through DTC must rely on the procedures of DTC and the DTC participants to exercise and be entitled to any rights attributable to such
American Depositary Shares. The Receipt evidencing the American Depositary Shares held through DTC will be registered in the name of a nominee of DTC. So long as the American Depositary Shares are held through DTC or unless otherwise required by
law, ownership of beneficial interests in the Receipt registered in the name of DTC (or its nominee) will be shown on, and transfers of such ownership will be effected only through, records maintained by (i) DTC (or its nominee), or
(ii) DTC participants (or their nominees). 
  

	 (2)
	 Surrender of Receipts and Withdrawal of Deposited Securities. Upon surrender, at the Principal Office of the Depositary, of ADSs evidenced by
this Receipt for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the charges of the Depositary for the making of withdrawals and cancellation of Receipts (as set forth in Article (9) and
in Section 5.9 and Exhibit A of the Deposit Agreement) and (ii) all fees, taxes and/or governmental charges payable in connection with such surrender and withdrawal, and, subject to the terms and conditions of the Deposit Agreement, the
Articles of Association, Section 7.9 of the Deposit Agreement, Article (22) of this Receipt and the provisions of or governing the Deposited Securities and other applicable laws, the Holder of the American Depositary Shares evidenced
hereby is entitled to delivery, to him or upon his order, of the Deposited Securities represented by the ADS so surrendered. Subject to the 

  
 A-2

	 	 
last sentence of this paragraph, such Deposited Securities may be delivered in certificated form or by electronic delivery. ADS may be surrendered for the purpose of withdrawing Deposited
Securities by delivery of a Receipt evidencing such ADS (if held in registered form) or by book-entry delivery of such ADS to the Depositary. 

 A Receipt surrendered for such purposes shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary so requires,
the Holder thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be delivered to or upon the written order of a person or persons designated in such order.
Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian (subject to the terms and conditions of the Deposit Agreement, the Articles of Association, and the provisions of
or governing the Deposited Securities and applicable laws, now or hereafter in effect), to or upon the written order of the person or persons designated in the order delivered to the Depositary as provided above, the Deposited Securities represented
by such ADSs, together with any certificate or other proper documents of or relating to title for the Deposited Securities or evidence of the electronic transfer thereof (if available) as the case may be to or for the account of such person. The
Depositary may make delivery to such person or persons at the Principal Office of the Depositary of any dividends or distributions with respect to the Deposited Securities represented by such Receipt, or of any proceeds of sale of any dividends,
distributions or rights, which may at the time be held by the Depositary. 
 The Depositary may, in its
discretion, refuse to accept for surrender a number of American Depositary Shares representing a number of Shares other than a whole number of Shares. In the case of surrender of a Receipt evidencing a number of ADSs representing other than a whole
number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and deliver to the person
surrendering such Receipt representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Share represented by the Receipt so surrendered in a riskless principal capacity, in a public sale or if no public market is
available, in a private sale, and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the person surrendering the Receipt. At the request, risk and
expense of any Holder so surrendering a Receipt, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect of, and any
certificate or certificates and other proper documents of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary for delivery at the Principal Office of the Depositary, and for further delivery to such
Holder. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission 
  

	 (3)
	 Transfers, Split-Ups and Combinations of Receipts. Subject to the terms and conditions of the Deposit Agreement, the Registrar shall register
transfers of Receipts on its books, upon surrender at the Principal Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer (including
signature guarantees in 

  
 A-3

	 	 
accordance with standard industry practice) and duly stamped if required by the laws of the State of New York and of the United States of America, of the Cayman Islands and of any other
applicable jurisdiction. Subject to the terms and conditions of the Deposit Agreement, including payment of the applicable fees and charges of the Depositary, the Depositary shall execute and deliver a new Receipt(s) (and if necessary, cause the
Registrar to countersign such Receipt(s)) and deliver same to or upon the order of the person entitled to such Receipts evidencing the same aggregate number of ADSs as those evidenced by the Receipts surrendered. Upon surrender of a Receipt or
Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts upon payment of the applicable fees and charges of the Depositary, and subject to the terms and conditions of the Deposit Agreement, the Depositary shall
execute and deliver a new Receipt or Receipts for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as the Receipt or Receipts surrendered. 

 

	 (4)
	 Pre-Conditions to Registration, Transfer, Etc. As a condition precedent to the execution and delivery, registration of transfer, split-up,
combination or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse it for any tax
or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the
Depositary as provided in the Deposit Agreement and in this Receipt, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matters and (iii) compliance with (A) any laws or
governmental regulations relating to the execution and delivery of Receipts and ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations of the Depositary or the Company consistent with the Deposit Agreement and
applicable law. 

 The issuance of ADSs against deposits of Shares generally or against
deposits of particular Shares may be suspended, or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfer of
Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time
because of any requirement of law, any government or governmental body or commission or any securities exchange upon which the Receipts or Share are listed, or under any provision of the Deposit Agreement or provisions of, or governing, the
Deposited Securities or any meeting of shareholders of the Company or for any other reason, subject in all cases to Article (22). Notwithstanding any provision of the Deposit Agreement or any Receipt to the contrary, Holders are entitled to
surrender outstanding ADSs to withdraw the Deposited Securities associated herewith at any time subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection
with voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the Receipts or ADSs or to
the withdrawal of the Deposited Securities, and (iv) other circumstances specifically contemplated by Instruction 

  
 A-4

 
I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended from time to time). Without limitation of the foregoing, the Depositary shall not knowingly accept for
deposit under the Deposit Agreement (A) any Shares or other Deposit Securities required to be registered under the provisions of the Securities Act, unless (i) a registration statement is in effect as to such Shares or other securities or
(ii) the deposit is made upon terms contemplated in Section 2.12 of the Deposit Agreement, or (B) any Shares or other securities the deposit of which would violate any provisions of the Articles of Association. 

 

	 (5)
	 Compliance With Information Requests. Notwithstanding any other provision of the Deposit Agreement or this Receipt, each Holder and
Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to the laws of the Cayman Islands, the rules and requirements of NASDAQ and any other stock exchange on which the Shares are, or will be
registered, traded or listed, the Articles of Association, which are made to provide information as to the capacity in which such Holder or Beneficial Owner owns ADSs and regarding the identity of any other person interested in such ADSs and the
nature of such interest and various other matters whether or not they are Holders and/or Beneficial Owner at the time of such request. The Depositary agrees to use reasonable efforts to forward any such requests to the Holders and to forward to the
Company any such responses to such requests received by the Depositary. 

  

	 (6)
	 Liability of Holder for Taxes, Duties and Other Charges. If any tax or other governmental charge shall become payable by the Depositary or
the Custodian with respect to any Receipt or any Deposited Securities or ADSs, such tax, or other governmental charge shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or the Depositary may
withhold or deduct from any distributions made in respect of Deposited Securities and may sell for the account of the Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of
such taxes (including applicable interest and penalties) or charges, with the Holder and the Beneficial Owner hereof remaining fully liable for any deficiency. The Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue
ADSs, to deliver Receipts, register the transfer, split-up or combination of Receipts and (subject to Article (22)) the withdrawal of Deposited Securities, until payment in full of such tax, charge, penalty or interest is received. Every Holder
and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian and each of their respective agents, officers, directors, employees and Affiliates for, and hold each of them harmless from, any claims with respect to taxes
(including applicable interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. 

 Holders understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which may exceed the number of decimal places used by the Depositary to report distribution
rates (which in any case will not be less than two decimal places). Any excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be
subject to escheatment. 
  

	 (7)
	 Representations and Warranties of Depositors. Each depositor depositing Shares under the Deposit Agreement shall be deemed thereby to
represent and warrant that 

  
 A-5

	 	 
(i) such Shares (and the certificates therefor) are duly authorized, validly issued, fully paid, non-assessable and were legally obtained by such person, (ii) all preemptive (and similar)
rights, if any, with respect to such Shares, have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien, encumbrance,
security interest, charge, mortgage or adverse claim and are not, and the ADSs issuable upon such deposit will not be, Restricted Securities and (v) the Shares presented for deposit have not been stripped of any rights or entitlements. Such
representations and warranties shall survive the deposit and withdrawal of Shares and the issuance, cancellation and transfer of ADSs. If any such representations or warranties are false in any way, the Company and Depositary shall be authorized, at
the cost and expense of the depositor depositing Shares, to take any and all actions necessary to correct the consequences thereof. 

  

	 (8)
	 Filing Proofs, Certificates and Other Information. Any person presenting Shares for deposit, any Holder and any Beneficial Owner may be
required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control approval,
legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of the Deposit Agreement and the provisions of, or governing, the Deposited Securities or other information as the Depositary deem
necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations under the Deposit Agreement. Subject to Article (22) and the terms of the Deposit Agreement, the Depositary and
the Registrar, as applicable, may withhold the delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities
until such proof or other information is filed, or such certifications are executed, or such representations and warranties made, or such information and documentation are provided. 

 

	 (9)
	 Charges of Depositary. The Depositary shall charge the following fees for the services performed under the terms of the Deposit Agreement,
unless otherwise agreed in writing by the Company and the Depositary; provided, however, that no fees shall be payable upon distribution of cash dividends so long as the charging of such fee is prohibited by the exchange, if any, upon which the ADSs
are listed: 

  

	 	 (i)
	 to any person to whom ADSs are issued or to any person to whom a distribution is made in respect of ADS distributions pursuant to stock dividends or
other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) so issued under the terms of the Deposit Agreement to
be determined by the Depositary; 

  

	 	 (ii)
	 to any person surrendering ADSs for cancellation and withdrawal of Deposited Securities including, inter alia, cash distributions made
pursuant to a cancellation or withdrawal, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) so surrendered; 

  
 A-6

	 	 (iii)
	 to any Holder of ADSs, a fee not in excess of U.S. $2.00 per 100 ADSs held for the distribution of cash proceeds, including cash dividends or sale
of rights and other entitlements, not made pursuant to a cancellation or withdrawal; 

  

	 	 (iv)
	 to any holder of ADSs, a fee not in excess of U.S. $5.00 per 100 ADSs (or portion thereof) issued upon the exercise of rights;

  

	 	 (v)
	 for the operation and maintenance costs in administering the ADSs an annual fee of up to U.S. $2.00 per 100 ADSs, such fee to be assessed against
Holders of record as of the date or dates set by the Depositary as it sees fit and collected at the sole discretion of the Depositary by billing such Holders for such fee or by deducting such fee from one or more cash dividends or other cash
distributions. 

 In addition, Holders, Beneficial Owners, any depositor depositing Shares for
deposit and any person surrendering ADSs for cancellation and withdrawal of Deposited Securities will be required to pay the following charges: 
  

	 	 (i)
	 taxes (including applicable interest and penalties) and other governmental charges; 

 

	 	 (ii)
	 such registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities with the Foreign Registrar
and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any nominees upon the making of deposits and withdrawals, respectively; 

 

	 	 (iii)
	 such cable, telex, facsimile and electronic transmission and delivery expenses as are expressly provided in the Deposit Agreement to be at the
expense of the depositor depositing or person withdrawing Shares or Holders and Beneficial Owners of ADSs; 

  

	 	 (iv)
	 the expenses and charges incurred by the Depositary in the conversion of Foreign Currency; 

 

	 	 (v)
	 such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and other regulatory
requirements applicable to Shares, Deposited Securities, ADSs and ADRs; 

  

	 	 (vi)
	 the fees and expenses incurred by the Depositary in connection with the delivery of Deposited Securities, including any fees of a central depository
for securities in the local market, where applicable; and 

  

	 	 (vii)
	 any additional fees, charges, costs or expenses that may be incurred by the Depositary from time to time. 

Any other charges and expenses of the Depositary under the Deposit Agreement will be paid by the Company upon agreement
between the Depositary and the Company. All fees and charges may, at any time and from time to time, be changed by agreement between the Depositary and Company but, in the case of fees and charges payable by Holders or Beneficial Owners, only in the
manner contemplated by Article (20) of this Receipt. 

  
 A-7

	 (10)
	 Title to Receipts. It is a condition of this Receipt, and every successive Holder of this Receipt by accepting or holding the same consents
and agrees, that title to this Receipt (and to each ADS evidenced hereby) is transferable by delivery of the Receipt, provided it has been properly endorsed or accompanied by proper instruments of transfer, such Receipt being a certificated security
under the laws of the State of New York. Notwithstanding any notice to the contrary, the Depositary may deem and treat the Holder of this Receipt (that is, the person in whose name this Receipt is registered on the books of the Depositary) as the
absolute owner hereof for all purposes. The Depositary shall have no obligation or be subject to any liability under the Deposit Agreement or this Receipt to any holder of this Receipt or any Beneficial Owner unless such holder is the Holder of this
Receipt registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner’s representative is the Holder registered on the books of the Depositary. 

 

	 (11)
	 Validity of Receipt. This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any
purpose, unless this Receipt has been (i) dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the Depositary, (iii) if a Registrar for the Receipts shall have been appointed, countersigned by the
manual or facsimile signature of a duly authorized signatory of the Registrar and (iv) registered in the books maintained by the Depositary or the Registrar, as applicable, for the issuance and transfer of Receipts. Receipts bearing the
facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly-authorized signatory of the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding
the fact that such signatory has ceased to be so authorized prior to the execution and delivery of such Receipt by the Depositary or did not hold such office on the date of issuance of such Receipts. 

 

	 (12)
	 Available Information; Reports; Inspection of Transfer Books. The Company is subject to the periodic reporting requirements of the Exchange
Act and accordingly is required to file or submit certain reports with the Commission. These reports can be retrieved from the Commission’s website (www.sec.gov) and can be inspected and copied at the public reference facilities maintained by
the Commission located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington, D.C. 20549. The Depositary shall make available during normal business hours on any Business Day for inspection by Holders at its Principal Office
any reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities and
(b) made generally available to the holders of such Deposited Securities by the Company. 

The Depositary or the Registrar, as applicable, shall keep books for the registration of Receipts and transfers of
Receipts which at all reasonable times shall be open for inspection by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary’s or the Registrar’s knowledge, for the purpose of
communicating with Holders of such Receipts in the interest of a business or object other than the business of the Company or other than a matter related to the Deposit Agreement or the Receipts. 

  
 A-8

 The Depositary or the Registrar, as applicable, may close the transfer books
with respect to the Receipts, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all
cases, to Article (22). 
  

									
	 Dated:
	 		 		 	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

		 		 		 	 as Depositary

					
		 		 		 	 By:
	 	  

		 		 		 	 [—]
	 	

 The address of the Principal Office of the Depositary is 60 Wall Street, New York, New York 10005,
U.S.A. 

  
 A-9

 EXHIBIT B 
 [FORM OF REVERSE OF RECEIPT] 
 SUMMARY OF CERTAIN ADDITIONAL PROVISIONS

 OF THE DEPOSIT AGREEMENT 
  

	 (13)
	 Dividends and Distributions in Cash, Shares, etc. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash
dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights securities or other entitlements under the Deposit Agreement, the Depositary will, if at the time of receipt thereof any
amounts received in a foreign currency can, in the judgment of the Depositary (upon the terms of the Deposit Agreement), be converted on a practicable basis, into Dollars transferable to the United States, promptly convert or cause to be converted
such dividend, distribution or proceeds into Dollars and will distribute promptly the amount thus received (net of applicable fees and charges of, and expenses incurred by, the Depositary and taxes withheld) to the Holders of record as of the ADS
Record Date in proportion to the number of ADS representing such Deposited Securities held by such Holders respectively as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing
to any Holder a fraction of one cent. Any such fractional amounts shall be rounded to the nearest whole cent and so distributed to Holders entitled thereto. If the Company, the Custodian or the Depositary is required to withhold and does withhold
from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing such Deposited Securities shall
be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Any foreign currency received by the Depositary shall be converted upon the terms and conditions
set forth in the Deposit Agreement. 

 If any distribution upon any Deposited Securities
consists of a dividend in, or free distribution of, Shares, the Company shall or cause such Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their nominees. Upon receipt of
confirmation of such deposit, the Depositary shall, subject to and in accordance with the Deposit Agreement, establish the ADS Record Date and either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs
held as of the ADS Record Date, additional ADSs, which represent in aggregate the number of Shares received as such dividend, or free distribution, subject to the terms of the Deposit Agreement (including, without limitation, the applicable fees and
charges of, and expenses incurred by, the Depositary, and taxes), or (ii) if additional ADSs are not so distributed, each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent
rights and interest in the additional Shares distributed upon the Deposited Securities represented thereby (net of the applicable fees and charges of, and the expenses incurred by, the Depositary, and taxes). In lieu of delivering fractional ADSs,
the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute the proceeds upon the terms set forth in the Deposit Agreement. 

  
 B-1

 In the event that (x) the Depositary determines that any distribution
in property (including Shares) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, (y) if the Company, in the fulfillment of its obligations under the Deposit Agreement, has either
(a) furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders (and no such registration statement has been declared effective), or (b) fails
to timely deliver the documentation contemplated in the Deposit Agreement, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or
private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of taxes and fees and charges of, and expenses incurred by, the Depositary) to Holders entitled
thereto upon the terms of the Deposit Agreement. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement. 

Upon timely receipt of a notice indicating that the Company wishes an elective distribution to be made available to
Holders upon the terms described in the Deposit Agreement, the Depositary shall, upon provision of all documentation required under the Deposit Agreement, (including, without limitation, any legal opinions of counsel the Depositary may reasonably
request under the Deposit Agreement) determine whether such distribution is lawful and reasonably practicable. If so, the Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish an ADS Record Date according to
Article (14) and establish procedures to enable the Holder hereof to elect to receive the proposed distribution in cash or in additional ADSs. If a Holder elects to receive the distribution in cash, the dividend shall be distributed as in the
case of a distribution in cash. If the Holder hereof elects to receive the distribution in additional ADSs, the distribution shall be distributed as in the case of a distribution in Shares upon the terms described in the Deposit Agreement. If such
elective distribution is not lawful or reasonably practicable or if the Depositary did not receive satisfactory documentation set forth in the Deposit Agreement, the Depositary shall, to the extent permitted by law, distribute to Holders, on the
basis of the same determination as is made in Cayman Islands in respect of the Shares for which no election is made, either (x) cash or (y) additional ADSs representing such additional Shares, in each case, upon the terms described in the
Deposit Agreement. Nothing herein shall obligate the Depositary to make available to the Holder hereof a method to receive the elective distribution in Shares (rather than ADSs). There can be no assurance that the Holder hereof will be given the
opportunity to receive elective distributions on the same terms and conditions as the holders of Shares. 
 Upon
receipt by the Depositary of a notice indicating that the Company wishes rights to subscribe for additional Shares to be made available to Holders of ADSs, the Company shall determine whether it is lawful and reasonably practicable to make such
rights available to the Holders. The Depositary shall make such rights available to any Holders only if the Company shall have timely requested that such rights be made available to Holders, the Depositary shall have received the documentation
required by the Deposit Agreement, and the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. If such conditions are not satisfied, the Depositary shall sell the rights as described below. In the
event all conditions set forth above are satisfied, the Depositary shall, subject to and in 

  
 B-2

 
accordance with the Deposit Agreement, establish an ADS Record Date and establish procedures (x) to distribute such rights (by means of warrants or otherwise) and (y) to enable the
Holders to exercise the rights (upon payment of the applicable fees and charges of, and expenses incurred by, the Depositary and taxes). Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a
method to exercise such rights to subscribe for Shares (rather than ADSs). If (i) the Company does not timely request the Depositary to make the rights available to Holders or if the Company requests that the rights not be made available to
Holders, (ii) the Depositary fails to receive the documentation required by the Deposit Agreement or determines it is not lawful or reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not
exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, in a riskless principal capacity or otherwise, at such place and upon such terms (including public and
private sale) as it may deem proper. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary and taxes) upon the terms hereof and in the
Deposit Agreement. If the Depositary is unable to make any rights available to Holders or to arrange for the sale of the rights upon the terms described above, the Depositary shall allow such rights to lapse. The Depositary shall not be responsible
for (i) any failure to determine that it may be lawful or feasible to make such rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or
exercise, or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution. 
 Notwithstanding anything herein to the contrary, if registration (under the Securities Act or any other applicable law) of the rights or the securities to which any rights relate may be required in order
for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the
Securities Act covering such offering is in effect or (ii) unless the Company furnishes to the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights
would be distributed, in each case reasonably satisfactorily to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the
Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes or other
governmental charges, the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or
other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or
private sale, as the Depositary deems necessary and practicable to pay any such taxes or charges. 
 There can be
no assurance that Holders generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions as the holders of Shares or to exercise such rights. Nothing herein shall obligate the

  
 B-3

 
Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights. 

Upon receipt of a notice regarding property other than cash, Shares or rights to purchase additional Shares, to be made to
Holders of ADSs, the Depositary shall determine, upon consultation with the Company, whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the Company shall have
timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received the documentation required by the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution is
lawful and reasonably practicable. Upon satisfaction of such conditions, the Depositary shall distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to the number of ADSs held by such Holders
respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of
any taxes withheld. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any
taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution. 
 If the conditions above are not satisfied, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem proper and
shall distribute the proceeds of such sale received by the Depositary (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to the Holders upon the terms hereof and of the Deposit Agreement. If
the Depositary is unable to sell such property, the Depositary may dispose of such property in any way it deems reasonably practicable under the circumstances. 
  

	 (14)
	 Fixing of Record Date. Whenever necessary in connection with any distribution (whether in cash, shares, rights or other distribution), or
whenever for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, or whenever the Depositary shall receive notice of any meeting of holders of Shares or other Deposited Securities, or whenever the
Depositary shall find it necessary or convenient in connection with the giving of any notice, or any other matter, the Depositary shall fix a record date (“ADS Record Date”), as close as practicable to the record date fixed by the Company
with respect to the Shares, for the determination of the Holders who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, or to give or withhold such consent, or to receive such
notice or solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS. Subject to applicable law and the terms and conditions of this Receipt and the Deposit
Agreement, only the Holders of record at the close of business in New York on such ADS Record Date shall be entitled to receive such distributions, to give such voting instructions, to receive such notice or solicitation, or otherwise take action.

  

	 (15)
	 Voting of Deposited Securities. Subject to the next sentence, as soon as practicable after receipt of notice of any meeting at which the
holders of Deposited Securities are 

  
 B-4

	 	 
entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of
consent or proxy, in accordance with Section 4.7 of the Deposit Agreement. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not
have been received by the Depositary at least 21 Business Days prior to the date of such vote or meeting) and at the Company’s expense, unless otherwise agreed in writing by the Company and the Depositary and provided no U.S. legal prohibitions
exist, mail by regular, ordinary mail delivery, or by electronic transmission, or otherwise distribute to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders
at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of the Deposit Agreement, the Articles of Association and the provisions of or governing the Deposited Securities (which provisions, if
any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s ADSs; and (c) a brief statement as
to the manner in which such voting instructions may be given. Voting instructions may be given only in respect of a number of ADSs representing an integral number of Deposited Securities. 

Notwithstanding anything contained in the Deposit Agreement or any Receipt, the Depositary may, to the extent not
prohibited by law, regulations or applicable stock exchange requirements, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation of consents or proxies from, holders of Deposited
Securities, distribute to the Holders a notice that provides Holders with a means to retrieve such materials or receive such materials upon request (i.e., by reference to a website containing the materials for retrieval or a contact for requesting
copies of the materials). 
 The Depositary has been advised by the Company that under the Articles of
Association, voting at any meeting of shareholders of the Company is by poll only. 
 Upon the timely receipt of
voting instructions from a Holder of ADSs as of the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit Agreement, the
Articles of Association and the provisions of the Deposited Securities, to vote or cause the Custodian to vote, the Deposited Securities (in person or by proxy) represented by such Holder’s ADSs as follows: when voting takes place at a
shareholders’ meeting by poll, the Depositary will instruct the Custodian to vote the Deposited Securities in accordance with the voting instructions received from the Holders of ADSs. 

Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting, and neither
the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of, for purposes of establishing a quorum or otherwise, the Deposited Securities represented by ADSs, except pursuant to and in accordance
with the voting instructions timely received from Holders or as otherwise contemplated herein. If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited
Securities represented by such Holder’s ADSs, the 

  
 B-5

 
Depositary will deem such Holder (unless otherwise specified in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items set forth in such voting
instructions. Deposited Securities represented by ADSs for which no timely voting instructions are received by the Depositary from the Holder shall not be voted. Notwithstanding the above, save for applicable provisions of Cayman Islands law, and in
accordance with the terms of Section 5.3 of the Deposit Agreement, the Depositary shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which such vote is cast or the
effect of any such vote, provided that the Depositary has exercised due care in accordance with the standards set out in Section 5.3 of the Deposit Agreement. Notwithstanding anything else contained herein, the Depositary shall, if so required
in writing by the Company, represent all Deposited Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose of establishing quorum at a
meeting of shareholders. 
 Notwithstanding anything else contained in the Deposit Agreement or any Receipt, the
Depositary shall not have any obligation to take any action with respect to any meeting, or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. laws. The Company agrees to take any
and all actions reasonably necessary to enable Holders and Beneficial Owners to exercise the voting rights relating to the Deposited Securities and to deliver to the Depositary an opinion of U.S. counsel addressing any actions requested to be taken
if so requested by the Depositary. 
 There can be no assurance that Holders generally or any Holder in
particular will receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner. 
  

	 (16)
	 Changes Affecting Deposited Securities. Upon any change in par value, split-up, cancellation, consolidation or any other reclassification of
Deposited Securities, or upon any recapitalization, reorganization, merger, amalgamation or consolidation or sale of assets affecting the Company or to which it otherwise is a party, any securities which shall be received by the Depositary or a
Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under the Deposit Agreement, and the Receipts shall,
subject to the provisions of the Deposit Agreement and applicable law, evidence ADSs representing the right to receive such additional securities. Alternatively, the Depositary may, with the Company’s approval, and shall, if the Company shall
so request, subject to the terms of the Deposit Agreement and receipt of satisfactory documentation contemplated by the Deposit Agreement, execute and deliver additional Receipts as in the case of a stock dividend on the Shares, or call for the
surrender of outstanding Receipts to be exchanged for new Receipts, in either case, as well as in the event of newly deposited Shares, with necessary modifications to this form of Receipt specifically describing such new Deposited Securities and/or
corporate change. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company’s approval, and shall if the Company requests, subject to
receipt of satisfactory legal documentation contemplated in the Deposit Agreement, sell such securities at public or private sale, 

  
 B-6

	 	 
at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of fees and charges of, and expenses incurred by, the Depositary and taxes)
for the account of the Holders otherwise entitled to such securities and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to the Deposit Agreement. The Depositary shall not
be responsible for (i) any failure to determine that it may be lawful or feasible to make such securities available to Holders in general or any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with
such sale, or (iii) any liability to the purchaser of such securities. 

  

	 (17)
	 Exoneration. Neither the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with the
provisions of the Deposit Agreement or shall incur any liability (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents shall be prevented or forbidden from, or subjected to any civil or criminal
penalty or restraint on account of, or delayed in, doing or performing any act or thing required by the terms of the Deposit Agreement and this Receipt, by reason of any provision of any present or future law or regulation of the United States, the
Cayman Islands or any other country, or of any other governmental authority or regulatory authority or stock exchange, or by reason of any provision, present or future of the Articles of Association or any provision of or governing any Deposited
Securities, or by reason of any act of God or war or other circumstances beyond its control, (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions,
rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the Articles of Association or provisions of or governing Deposited Securities,
(iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for
deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for any inability by a Holder or Beneficial Owner to
benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADS or (v) for any consequential or
punitive damages for any breach of the terms of the Deposit Agreement. The Depositary, its controlling persons, its agents, any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any
written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. No disclaimer of liability under the Securities Act is intended by any provision of the Deposit
Agreement. 

  

	 (18)
	 Standard of Care. The Company and the Depositary and their respective agents assume no obligation and shall not be subject to any liability
under the Deposit Agreement or the Receipts to Holders or Beneficial Owners or other persons, except in accordance with Section 5.8 of the Deposit Agreement, provided, that the Company and the Depositary and their respective agents agree to
perform their respective obligations specifically set forth in the Deposit Agreement without gross negligence or bad faith. The Depositary and its agents shall not be liable for any failure to carry

  
 B-7

	 	 
out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and
in accordance with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to
it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities or
for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or
timeliness of any notice from the Company. In no event shall the Depositary or any of its Agents be liable for any indirect, special, punitive or consequential damage. 

 

	 (19)
	 Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary under the
Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company, or (ii) upon the appointment of a successor depositary
and its acceptance of such appointment as provided in the Deposit Agreement, save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise agreed in writing
between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation. The Company shall use reasonable efforts to appoint such successor depositary, and give notice to the Depositary of such appointment,
not more than 90 days after delivery by the Depositary of written notice of resignation as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by written notice of such removal which notice shall be effective
on the later of (i) the 90th day after delivery thereof to the Depositary, or (ii) upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement save that, any amounts, fees,
costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such
removal. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary which shall be a bank or trust company having an office in the Borough of Manhattan,
the City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed,
shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, upon payment of all sums due it and on the written request of the Company, shall (i) execute and deliver an instrument
transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in the Deposit Agreement), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such
successor, and (iii) deliver to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders thereof as the successor may reasonably request. Any such successor depositary shall
promptly mail notice of its appointment to such Holders. 

  
 B-8

	 	 
Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act.

  

	 (20)
	 Amendment/Supplement. Subject to the terms and conditions of this Article (20), and applicable law, this Receipt and any provisions of the
Deposit Agreement may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable without the consent of the Holders or Beneficial
Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than the charges of the Depositary in connection with foreign exchange control regulations, and taxes and/or other governmental charges, delivery and other
such expenses payable by Holders or Beneficial Owners), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding Receipts until 30 days after
notice of such amendment or supplement shall have been given to the Holders of outstanding Receipts. Notice of any amendment to the Deposit Agreement or form of Receipts shall not need to describe in detail the specific amendments effectuated
thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid; provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to
retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission’s, the Depositary’s or the Company’s website or upon request from the Depositary). The parties hereto agree that any amendments or supplements
which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs or Shares to be traded solely in electronic book-entry
form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any
amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADS, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended or supplemented thereby. In no event shall any
amendment or supplement impair the right of the Holder to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing,
if any governmental body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement
and the Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to
Holders or within any other period of time as required for compliance with such laws, or rules or regulations. 

  

	 (21)
	 Termination. The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by mailing notice of
such termination to the Holders of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in
accordance with the terms of the 

  
 B-9

	 	 
Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the Depositary from time to time, prior to such termination shall take effect.
If 90 days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the
Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment as provided herein and in the Deposit Agreement, the Depositary may terminate the Deposit Agreement by mailing notice of such
termination to the Holders of all Receipts then outstanding at least 30 days prior to the date fixed for such termination. On and after the date of termination of the Deposit Agreement, the Holder will, upon surrender of such Holder’s Receipt
at the Principal Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of Receipts referred to in Article (2) and in the Deposit Agreement and subject to the conditions and restrictions therein set forth,
and upon payment of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain outstanding after the date of
termination of the Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices
or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights as provided in the Deposit Agreement, and shall
continue to deliver Deposited Securities, subject to the conditions and restrictions set forth in the Deposit Agreement, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights
or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in
accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges or assessments). At any time after the expiration of one year from the date of termination of the Deposit Agreement, the Depositary
may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated account, without liability for interest for the
pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement with respect to the Receipts and the
Shares, Deposited Securities and ADSs, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case the charges of the Depositary for the surrender of a Receipt, any expenses for the account
of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges or assessments). Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations
under the Deposit Agreement except as set forth in the Deposit Agreement. 

  

	 (22)
	 Compliance with U.S. Securities Laws; Regulatory Compliance. Notwithstanding any provisions in this Receipt or the Deposit Agreement to the
contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Section I.A.(1) of the General

  
 B-10

	 	 
Instructions to the Form F-6 Registration Statement, as amended from time to time, under the Securities Act. 

 

	 (23)
	 Certain Rights of the Depositary; Limitations. Subject to the further terms and provisions of this Article (23), the Depositary, its
Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any agent of
the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Such evidence of rights shall consist of written blanket or specific guarantees of
ownership of Shares furnished on behalf of the holder thereof. In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may, unless otherwise instructed by the Company,
(i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 of the Deposit Agreement and (ii) deliver Shares prior to the receipt and cancellation of ADSs pursuant to Section 2.6 of the Deposit Agreement, including ADSs
which may have been issued under (i) above but for which Shares may not have been received (each such transaction, a “Pre-Release Transaction”). The Depositary may receive ADSs in lieu of Shares under (i) above and receive Shares
in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) accompanied by or subject to a written agreement whereby the person or entity (the “Applicant”) to whom ADSs or Shares are to be delivered
(1) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (2) agrees to indicate the Depositary as
owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian, (3) unconditionally guarantees to deliver to the Depositary or
the Custodian, as applicable, such Shares or ADSs and (4) agrees to any additional restrictions or requirements that the Depositary deems appropriate; (b) at all times fully collateralized with cash, U.S. government securities or such
other collateral as the Depositary deems appropriate; (c) terminable by the Depositary on not more than five business days’ notice (save for a prescribed termination event in which case any such Pre-Release Transaction may be immediately
terminable by the Depositary); and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release Transactions at
any one time to 30% of the ADSs outstanding (without giving effect to ADSs outstanding pursuant to any Pre-Release Transaction under (i) above), provided, however, that the Depositary reserves the right to change or disregard such
limit from time to time as it deems appropriate. The Depositary may also set limits with respect to the number of ADSs involved in Pre-Release Transactions with any one person on a case by case basis as it deems appropriate. The Depositary may
retain for its own account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above, but not earnings thereon, shall be held as security for the performance of the Applicant’s obligations
in respect of the relevant Pre-Release Transaction and shall not constitute Deposited Securities. 

  

	 (24)
	 Ownership Restrictions. Holders and Beneficial Owners shall comply with any limitations on ownership of Shares under the Articles of
Association of the Company or applicable Cayman Islands law as if they held the number of Shares their American 

  
 B-11

	 	 
Depositary Shares represent. The Company shall inform the Holders, Beneficial Owners and the Depositary of any such ownership restrictions in place from time to time.

  
 B-12

 (ASSIGNMENT AND TRANSFER SIGNATURE LINES) 

FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto
                     whose taxpayer identification number is
                     and whose address including postal zip code is
                    , the within Receipt and all rights thereunder, hereby irrevocably constituting and appointing
                     attorney-in-fact to transfer said Receipt on the books of the Depositary with full power of substitution in the premises.

  

									
	 Dated:
	 		 		 	 Name:
	 	  

		 		 		 	 By:
	 	
		 		 		 	 Title:
	 	

  

			
		  	 NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular,
without alteration or enlargement or any change whatsoever.

		
		  	 If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title
in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this Receipt.

 SIGNATURE GUARANTEED 

	
	
	  

  
 B-13Second Amended and Restated Investors' Rights Agreement

 Exhibit 4.4 
 BCD SEMICONDUCTOR MANUFACTURING LIMITED 
 SECOND AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 
 September 21, 2009 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	1.	 	Covenants of the Company and the Investors	  	 	1	  
				
		 	1.1	  	[Reserved]	  	 	1	  
		 	1.2	  	Financial Information	  	 	1	  
		 	1.3	  	Inspection	  	 	2	  
		 	1.4	  	Drag Along Rights	  	 	3	  
		 	1.5	  	Tag-Along Rights	  	 	4	  
		 	1.6	  	Articles of Association	  	 	5	  
		 	1.7	  	Termination of Covenants	  	 	5	  
			
	2.	 	Registration Rights	  	 	6	  
				
		 	2.1	  	Restrictions on Transferability	  	 	6	  
		 	2.2	  	Certain Definitions	  	 	6	  
		 	2.3	  	Restrictive Legend	  	 	8	  
		 	2.4	  	Notice of Proposed Transfers	  	 	9	  
		 	2.5	  	Requested Registration	  	 	10	  
		 	2.6	  	Company Registration	  	 	12	  
		 	2.7	  	Registration on Form F-3	  	 	13	  
		 	2.8	  	Expenses of Registration	  	 	13	  
		 	2.9	  	Registration Procedures	  	 	14	  
		 	2.10	  	Indemnification	  	 	15	  
		 	2.11	  	Information by Holder	  	 	17	  
		 	2.12	  	Rule 144 Reporting	  	 	17	  
		 	2.13	  	Transfer of Registration Rights	  	 	18	  
		 	2.14	  	Standoff Agreement	  	 	18	  
		 	2.15	  	Delay	  	 	18	  
		 	2.16	  	Termination	  	 	18	  
			
	3.	 	Right of First Offer.	  	 	19	  
				
		 	3.1	  	Right of First Offer	  	 	19	  
		 	3.2	  	Termination of Right	  	 	20	  
			
	4.	 	Right to Approve Certain Transactions	  	 	20	  
				
		 	4.1	  	Right to Approve Future Issuance of Shares	  	 	21	  
		 	4.2	  	Right to Approve Certain Related Party Transactions	  	 	21	  
		 	4.3	  	Right to Approve Certain Acquisition Transactions	  	 	21	  
		 	4.4	  	Termination of Rights	  	 	21	  
			
	5.	 	[Reserved]	  	 	21	  
			
	6.	 	Miscellaneous.	  	 	21	  
				
		 	6.1	  	Term and Termination	  	 	21	  
		 	6.2	  	Waivers and Amendments	  	 	21	  
		 	6.3	  	Governing Law	  	 	22	  

  
 i 

									
		 	6.4	  	Other Remedies; Specific Performance	  	 	23	  
		 	6.5	  	Successors and Assigns	  	 	23	  
		 	6.6	  	Entire Agreement	  	 	23	  
		 	6.7	  	Notices, etc.	  	 	23	  
		 	6.8	  	Severability of this Agreement	  	 	24	  
		 	6.9	  	Information Confidential	  	 	24	  
		 	6.10	  	Titles and Subtitles	  	 	24	  
		 	6.11	  	Counterparts	  	 	25	  
		 	6.12	  	Delays or Omissions	  	 	25	  
		 	6.13	  	Share Splits	  	 	25	  
		 	6.14	  	Aggregation of Stock	  	 	25	  
		 	6.15	  	Beneficial Ownership	  	 	25	  
		 	6.16	  	Exercise of Rights	  	 	25	  
		 	6.17	  	Amendment and Restatement	  	 	25	  

  
 ii 

 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This Second Amended and Restated Investors’ Rights Agreement (the “Agreement”) is made as of the 21st
day of September, 2009 (the “Effective Date”), by and among BCD Semiconductor Manufacturing Limited, a Cayman Islands exempted limited liability company (the “Company”), members of the
Company, including the holders (the “Series A Holders”) of the Company’s Series A Preference Shares (the “Series A Shares”), the holders
(the “Series B Holders”) of the Company’s Series B Preference Shares (the “Series B Shares”) and the purchasers (the “Series C Holders”)
of the Company’s Series C Preference Shares (the “Series C Shares” and, together with the Series A shares and the Series B shares, the “Preference Shares”) as set
forth on Exhibit A hereto (the Series A Holders, Series B Holders and Series C Holders are collectively referred to as the “Holders” or
“Investors”, and each individually referred to as a “Holder” or an “Investor”) and the Founders named herein. 

R E C I T A L S 
 A.        WHEREAS, in connection with its issuance of Series C Shares pursuant to that certain Series C Preference Shares Purchase Agreement dated as of
April 27, 2004, by and among the Company and the Series C Holders (the “Series C Agreement”), the Company entered into that certain Investors’ Rights Agreement dated as of April 27, 2004 with the
Investors and the Founders named therein, as amended and restated on September 29, 2005 (as amended, the “Prior Agreement”); and 
 B.        WHEREAS, pursuant to Section 6.2 of the Prior Agreement, the Prior Agreement may be amended with the written consent of the Company and the Holders
(as defined therein) holding more than a majority of the then outstanding Registrable Securities (as defined therein) (including Holders holding more than a majority of the then outstanding Registrable Securities issued pursuant to the Series C
Agreement, but not including Founders Shares (as defined therein)). 
 NOW THEREFORE, the parties hereto agree as follows:

 1.        Covenants of the Company and the Investors. 

1.1 [Reserved]. 
 1.2 Financial Information. 
 (a) The Company will deliver the
following reports (in accordance with the provisions set forth in Section 6.7 hereof) to each Investor who, together with its Affiliates, continues to hold at least 800,000 Preference Shares (and/or an equivalent number (on an
as-converted basis) of Ordinary Shares issued upon conversion of the Preference Shares) as appropriately adjusted for Recapitalizations: 
 (i)        As soon as practicable after the end of each fiscal year, and in any event within ninety (90) days thereafter, the audited consolidated balance
sheets of the Company and its subsidiaries, if any, as of the end of such fiscal year, and consolidated statements of operations and consolidated statements of cash flows of the Company and its subsidiaries, if any, for such fiscal

  
 1 

 
year, all in English and prepared in accordance with U.S. GAAP and audited by an internationally recognized accounting firm; 

(ii)        As soon as practicable, and in any event within forty-five (45) days, after the
end of each of the first, second, and third quarterly accounting periods in each fiscal year of the Company, unaudited consolidated balance sheets of the Company and its subsidiaries, if any, as of the end of such fiscal quarter, and consolidated
statements of operations and consolidated statements of cash flows of the Company and its subsidiaries, if any, for such fiscal quarter, all in English and prepared in accordance with U.S. GAAP; and 

(iii)        An annual operating budget in English for the following fiscal year within 30 days
prior to the commencement of each fiscal year. 
 (b) For purposes of determining the minimum holdings pursuant to this
Section 1.2, with respect to any Investor which is a partnership, such Investor shall be deemed to hold any Preference Shares originally purchased by such Investor and subsequently distributed to partners of such Investor, but which have not
been resold by such partners. If the partnership is still in existence, the Company may satisfy any obligation to distribute reports to individual partners of the partnership by delivering a single copy of each report to the partnership as agent for
the constituent partners. 
 (c) The Investors’ rights under Sections 1.2 and 1.3 hereof may be assigned
to (A) a transferee or assignee in connection with any transfer or assignment by such Investor of at least 800,000 Preference Shares (and/or an equivalent number (on an as-converted basis) of Ordinary Shares issued upon conversion of the
Preference Shares) as appropriately adjusted for Recapitalizations, (B) any partner or retired partner of any such Investor which is a partnership (or any member or retired member of any such Investor which is a limited liability company
or any shareholder of any such Investor which is a corporation), (C) any Affiliate of any such Investor, or (D) any family member or trust for the benefit of any such Investor which is an individual, provided in each case that:
(i) such transfer may otherwise be effected in accordance with applicable securities laws, (ii) the Company is given five (5) days’ notice of the transfer, and (iii) such assignee or transferee agrees to be bound by the
terms of this Agreement. “Affiliate” of a party hereto shall mean any person or entity that such party controls, is controlled by, or is under common control with such party; and for purposes of this Agreement, the term
“control” shall mean the ability, either directly or indirectly, to direct, or cause the direction of, or to influence the direction of that person or party or the management of that party or person, whether through ownership of voting
securities or by contract or otherwise. 
 1.3 Inspection. The Company will afford to each Investor who,
together with its Affiliates, continues to hold at least 800,000 Preference Shares (or an equivalent number of Ordinary Shares issued upon conversion of the Preference Shares) as appropriately adjusted for Recapitalizations, and to such
Investor’s accountants, counsel and other professional advisors reasonably acceptable to the Company, reasonable access during normal business hours to its shareholder lists, its accounting books and the records and minutes and written consents
of its shareholders and Board of Directors (including committees thereof), to visit and inspect the Company’s properties, and to its officers for a discussion of the Company’s affairs, finances and accounts. The Company also shall
furnish promptly to such Investors (or their accountants, counsel and professional advisors 

  
 2 

 
reasonably acceptable to the Company) upon request a copy of each report, schedule, registration statement and other document filed or received by it pursuant to the requirements of U.S. federal,
U.S. state and non-U.S. securities laws, other than any document filed or received by the Company on a confidential basis. The Company shall not be required to disclose details of contracts with or work performed for specific customers and other
business partners where to do so would violate confidentiality obligations to those parties. Investors may exercise their rights under this Section 1.3 only for purposes reasonably related to their interests under this Agreement and related
agreements as shareholders of the Company. 
 1.4 Drag Along Rights. If, prior to the closing of any underwritten
public offering of Ordinary Shares, (a) holders of a majority of the aggregate number of the Company’s outstanding Ordinary Shares and (b) holders of a majority of the aggregate number of the Company’s outstanding Preference
Shares, and (c) holders of a majority of the aggregate number of the Company’s outstanding Series C Preference Shares, each voting as a separate class (the “Approving Members”), vote in favor of,
otherwise consent in writing to, and/or otherwise agree in writing to sell or transfer all of their shares in any Acquisition Transaction or Sale of Assets (each as defined below), then the Company shall promptly notify each of the remaining
Members (“Remaining Members”) in writing of such vote, consent and/or agreement and the material terms and conditions of such Acquisition Transaction or Sale of Assets, whereupon each Remaining Member shall, in
accordance with instructions received from the Company, vote all of its voting securities of the Company in favor of, otherwise consent in writing to, and/or otherwise sell or transfer all of its shares in such Acquisition Transaction or Sale of
Assets (including without limitation tendering original share certificates for transfer, signing and delivering share transfer certificates, share sale or exchange agreements, and certificates of indemnity relating to any shares in the capital
of the Company in the event that such Remaining Member has lost or misplaced the relevant share certificate) on the same terms and conditions as were agreed to by the Approving Members, provided, however, that such terms and
conditions, including with respect to price paid or received per share, may differ as between the Ordinary Shares and the Preference Shares and different series of Preference Shares (including without limitation, in order to reflect the
Liquidation Preference and participation rights of the Preference Shares as set forth in the Articles). As used herein, an “Acquisition Transaction” means any reorganization, consolidation, merger, sale or transfer of
the Company’s outstanding shares or similar transaction in which Members immediately prior to such reorganization, merger or consolidation, sale or transfer of shares or similar transaction do not (by virtue of their ownership of
securities of the Company immediately prior to such transaction) beneficially own shares possessing a majority of the voting power of the surviving company or companies (or parent corporation thereof if the surviving company or companies is
(are) wholly owned by the parent corporation) immediately following such transaction. As used herein, a “Sale of Assets” means any sale of all or substantially all of the Company’s assets. In furtherance of the
foregoing, the Company is hereby expressly authorized by each Remaining Member to take any or all of the following actions on such Remaining Member’s behalf (without receipt of any further consent by such Remaining Member): (i) vote
all of the voting securities of such Remaining Member in favor of any such Acquisition Transaction or Sale of Asset; (ii) otherwise consent on such Remaining Member’s behalf to such Acquisition Transaction or Sale of Asset; (iii) sell
all of such Remaining Member’s shares in such Acquisition Transaction or Sale of Assets, in accordance with the terms and conditions of this Section 1.4; and/or (iv) act as the Remaining Member’s attorney-in-fact in relation
to any such Acquisition Transaction or Sale of Assets and have the full authority to sign and deliver, on behalf of such Remaining Member, share transfer certificates, share 

  
 3 

 
sale or exchange agreements and certificates of indemnity relating to any shares in the capital of the Company in the event that such Remaining Member has lost or misplaced the relevant share
certificate. Notwithstanding the foregoing provisions of this Section 1.4, the Remaining Members shall not be obligated to vote, consent and/or sell their shares in connection with any such Acquisition Transaction or Sale of Assets to the
extent that all of the Approving Members do not also do so with respect to all of the applicable class or series of the Company’s shares held by them. 
 1.5 Tag-Along Rights. Prior to any underwritten public offering of Ordinary Shares, if Members (as such term is used in the Articles) (the “Selling
Members”) propose to transfer shares of the Company held by them representing at least sixty-six and two-thirds percent (66-2/3%) of the aggregate number of the Company’s outstanding shares (on an as-if converted
basis) (the “Tag-Along Shares”) in a transaction or series of related transactions that do not constitute or involve a Change of Control (a “Major Stock Sale”), then each Member
shall have the right to participate in such Major Stock Sale with respect to all of their Shares as follows (the “Tag-Along Right”): 
 (a) Prior to the Selling Members transferring any of their Shares in such Major Stock Sale, the Selling Members shall deliver to the Company a written notice (the “Transfer
Notice”) stating: (i) the Selling Members’ bona fide intention to sell or otherwise transfer such Tag-Along Shares; (ii) the name, address and phone number of each proposed purchaser or other
transferee (“Proposed Transferee”); (iii) the aggregate number of Tag-Along Shares to be transferred to each Proposed Transferee; (iv) the bona fide cash price or other consideration for which the Seller
proposes to transfer the Tag-Along Shares (the “Offered Price”); and (v) a deadline within which the Members must exercise their Tag-Along Rights (the “Tag-Along Period”).
The Company shall deliver within five (5) business days such Transfer Notice to each Member who is not a Selling Member. Notwithstanding anything to the contrary in this Section 1.5, in the event that the Tag-Along Shares consist of more
than one class or series of Shares and the Transfer Notice sets forth different prices for which Shares of such different classes or series are proposed to be sold to the Proposed Transferee, then for purposes of this Section 1.5,
the “Offered Price” shall be the price specified in the Transfer Notice for the applicable class or series of Shares. 
 (b) Each such Member that notifies the Selling Members by written notice (the “Additional Selling Member Notice”) within ten (10) days after delivery of the
Transfer Notice by the Company of such Member’s desire to participate in such Major Stock Sale shall have the right to participate in such sale of Tag-Along Shares on the same terms and conditions as specified in the Transfer Notice, subject to
the terms of this Section 1.5, including without limitation those regarding differing Offered Prices for different classes or series of Shares. Each Member who delivers an Additional Selling Member Notice pursuant to the preceding
sentence (each, an “Additional Selling Member”), and each Selling Member, may sell up to that number of Shares held by such Member equal to the product of the maximum number of Shares the Proposed Transferees are
willing to purchase from all Members multiplied by such Member’s Pro-Rata Share (as defined herein). Each such Member’s “Pro-Rata Share” shall be equal to the quotient of the number of Shares held by such
Member (on an as-if converted basis) divided by the total number of Shares then outstanding (on an as-if converted basis) held by all Selling Members and Additional Selling Members. Each Additional Selling Member shall, in its
Additional Selling Member Notice, indicate the number of Shares it then holds that it wishes to sell pursuant to this Section 1.5 (the “Additional Selling Member Shares”). The aggregate number of Shares that each
Additional 

  
 4 

 
Selling Member may sell in the Major Stock Sale pursuant to this Section 1.5 may not exceed such Additional Selling Member’s Pro-Rata Share. The sale of the Additional Selling Member
Shares shall occur on the later of (i) the date fifteen (15) days from the beginning of the Tag-Along Period and (ii) the date set among the Selling Members and the Proposed Transferees, if any, for the closing of the
Major Stock Sale (the “Major Stock Sale Closing Date”). 
 (c) Additional Selling Members may
exercise the Tag-Along Right by delivering to the Selling Members at or before the Major Stock Sale Closing Date one or more certificates, properly endorsed for transfer, representing a number of shares not to exceed the number of shares to which
Additional Selling Member is entitled in this Section 1.5, representing such shares to be transferred by the Selling Members on behalf of the Additional Selling Member. If the Additional Selling Member does not hold a certificate in that
series, class or type of shares representing the number of shares owned and to be sold by such Additional Selling Member pursuant to this Section 1.5, then, and in accordance with the relevant provisions of the Articles and applicable law, the
Company shall reflect the transfer of shares by the Additional Selling Member in its Register of Members and may issue a certificate representing the proper number and type of shares to be sold pursuant to the Tag-Along Right. Following the Major
Stock Sale Closing Date, the Company shall update its Register of Members to reflect the sale of shares by the Additional Selling Member and the Company may deliver a certificate for the remaining balance of the shares held by the Additional Selling
Member, if any, to such Additional Selling Member. At the Major Stock Sale Closing Date, such certificates or other instruments will be transferred and delivered to the Transferee, if any, as set forth in the Transfer Notice in consummation of the
Transfer of the Tag-Along Shares pursuant to the terms and conditions specified in the Transfer Notice, and the Selling Members will remit, or will cause to be remitted, to each Additional Selling Member, within ten (10) days after such
Major Stock Sale Closing Date, that portion of the proceeds of the transfer to which each Additional Selling Member is entitled by reason of each Additional Selling Member’s participation in such transfer pursuant to the Tag-Along Right.

 1.6 Articles of Association. The Company shall abide by, and take all actions necessary to achieve the economic
effect of, all of its obligations under the Company’s Memorandum of Association, as amended from time to time (“Memorandum”) and the Company’s Articles of Association, as amended from time to time
(the “Articles”), including, but not limited to, the provisions related to the conversion of the Preference Shares, the adjustment to the conversion prices of the Preference Shares, the declaration and payment of
dividends, the winding up of the Company, payment of liquidation and dividend preferences on the Preference Shares and the redemption of Preference Shares, if any. 
 1.7 Termination of Covenants. The covenants set forth in Sections 1.2 and 1.3 shall terminate and be of no further force or effect immediately prior to the earliest of: (i) the
closing of the Company’s IPO; (ii) the date on which the Company is required to file reports with the Commission (as defined below) pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”); or (iii) with respect to an Investor, when such Investor, together with its Affiliates, ceases to hold at least 800,000 Preference Shares (and/or an equivalent number (on an as-converted
basis) of Ordinary Shares issued upon conversion of the Preference Shares) as appropriately adjusted for Recapitalizations. The covenants set forth in Sections 1.4, 1.5 and 1.6 shall terminate and be of no further force or effect immediately
prior to the closing of the 

  
 5 

 
Company’s IPO, provided, that any termination of Section 1.6 shall not be deemed to be an amendment to the Memorandum or Articles. 

2.        Registration Rights. 

2.1 Restrictions on Transferability. The Preference Shares and the Conversion Shares (as defined below) shall not
be sold, assigned, transferred or pledged except upon the conditions specified in this Section 2, which conditions are intended to ensure compliance with the provisions of the Securities Act. Each Holder will cause any proposed purchaser,
assignee, transferee or pledgee of any shares held by such Holder to agree in writing to take and hold such shares subject to the provisions and upon the conditions specified in this Section 2. 

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

 (a) “Articles” means the Company’s Articles of Association, as may be amended
from time to time. 
 (b) “Buy-Out Agreement” shall mean the Buy-Out Agreement dated as of April 27, 2004
between the Company and Intel Capital Corporation. 
 (c) “Change of Control” shall mean
a Sale of Assets or an Acquisition Transaction. 
 (d) “Commission” shall mean the
Securities and Exchange Commission or any other federal agency at the time administering the Securities Act. 
 (e)
“Conversion Shares” means the Ordinary Shares issued or issuable pursuant to conversion of the Preference Shares, including the Preference Shares issued or issuable upon the exercise of the Warrants. 

(f) “Founders” shall mean Herbert Chang, Fred Wong, Joseph Liu, Chieh Chang and Jiwei Sun.

 (g) “Founders Shares” shall mean the Ordinary Shares other than the Conversion Shares
held by the Founders as of the date of this Agreement or subsequently acquired by the Founders. 
 (h)
“Holder” shall mean (i) any Investor holding Registrable Securities, (ii) any person holding Registrable Securities to whom the rights under this Section 2 have been transferred in accordance
with Section 2.13 hereof, and (iii) with respect to any registration pursuant to Section 2.6 hereof, the Founders. A holder of Preference Shares (or a Warrant exercisable for Preference Shares) shall be deemed to be a
Holder of the Registrable Securities issuable upon conversion of such Preference Shares and that Holders of Registrable Securities shall not be required by this Agreement to convert their Preference Shares into Ordinary Shares or exercise their
Warrants for Preference Shares in order to exercise registration rights hereunder, until immediately prior to the closing of the relevant offering to which the registration relates. 

  
 6 

 (i) “Initiating Holders” shall mean Holders who in
the aggregate hold at least 50% of the outstanding Registrable Securities. 
 (j) “IPO”
shall mean the Company’s first firm commitment underwritten public offering of any of its Ordinary Shares to the general public pursuant to (a) a registration statement filed under the Securities Act or (b) the securities
laws applicable to an offering of securities in another jurisdiction pursuant to which such securities will be listed on an internationally-recognized securities exchange (approved by holders of a majority of the Series C Preference Shares).

 (k) “Memorandum” shall mean Company’s Memorandum of Association, as amended from
time to time. 
 (l) “Ordinary Shares” shall mean Ordinary Shares of the Company.

 (m) “Preference Shares” shall mean Preference Shares of the Company. 

(n) “Preference Shares Directors” shall mean the directors appointed by the holders of the Series A
Preference Shares, the Series B Preference Shares and the Series C Preference Shares pursuant to the Articles. 
 (o)
“Qualified IPO” shall mean a firm commitment underwritten public offering pursuant to an effective registration statement under the Securities Act (or similar securities laws, to the extent applicable, in
connection with an offering of securities in another jurisdiction pursuant to which such securities will be listed upon an internationally-recognized securities exchange approved by holders of a majority of the Series C Preference Shares)
covering the offer and sale of Ordinary Shares to the public with net cash proceeds to the Company (after deduction of underwriters’ discounts and commissions) in respect of all such Ordinary Shares so offered of not less than US$50,000,000.00
and a per share offering price of at least US$5.00 (as appropriately adjusted for Recapitalizations). 
 (p)
“Recapitalizations” shall mean any share split, share dividend, share distribution or share combination, recapitalization, reclassification or other similar event in relation to the shares of the Company.

 (q) “Registrable Securities” means (i) the Conversion Shares and any Ordinary
Shares of the Company issued or issuable in respect of the Conversion Shares upon any Recapitalization, or any Ordinary Shares otherwise issuable with respect to the Conversion Shares and (ii) with respect to any registration pursuant to
Section 2.6 hereof, the Founders Shares; provided, however, that Ordinary Shares shall only be treated as Registrable Securities if and so long as (A) they have not been sold to or through a broker or dealer or underwriter in
a public distribution or a public securities transaction, or (B) they have not been sold in a transaction that, in the opinion of counsel for the Company was exempt from the registration and prospectus delivery requirements of the
Securities Act so that all transfer restrictions and restrictive legends with respect thereto are removed upon the consummation of such sale. 
 (r) “Registrable Securities then outstanding” (and similar expressions herein) shall mean the number of Ordinary Shares which are Registrable Securities that are
then (1) issued and 

  
 7 

 
outstanding, or (2) issuable pursuant to the conversion of then outstanding Preference Shares, or Preference Shares that are issuable upon exercise of then outstanding Warrants
therefor. 
 (s) The terms “register,” “registered” and
“registration” refer to (i) a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such
registration statement, or (ii) in the context of a public offering in a jurisdiction other than the United States, a registration, qualification or filing under the applicable securities laws of such other jurisdiction. 

(t) “Registration Expenses” shall mean all expenses, except as otherwise stated below, incurred by
the Company in complying with Sections 2.5, 2.6 and 2.7 hereof, including, without limitation, all registration, qualification and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company, blue sky
fees and expenses, the expense of any special audits incident to or required by any such registration but excluding (i) the compensation of regular employees of the Company which shall be paid in any event by the Company and (ii) Selling
Expenses. 
 (u) “Restricted Securities” shall mean the securities of the Company that are
“restricted securities” within the meaning of Rule 144 of the Securities Act. 
 (v)
“Securities Act” shall mean the Securities Act of 1933, as amended. 
 (w)
“Selling Expenses” shall mean all underwriting discounts, selling commissions and share transfer taxes applicable to the securities registered by the Holders and all fees and disbursements of counsel for any
Holder. 
 (x) “Warrants” shall mean any and all warrants issued by the Company to the
Series A Holders, the Series B Holders and the Series C Holders that are exercisable for Preference Shares of the Company. 
 2.3 Restrictive Legend. On and after the date of this Agreement, each certificate representing (i) the Preference Shares, (ii) the Conversion Shares and (iii) any
other securities issued in respect of the Preference Shares or the Conversion Shares upon any share split, share dividend, recapitalization, merger, consolidation or similar event, shall (unless otherwise permitted by the provisions of
Section 2.4 below) be stamped or otherwise imprinted with legends substantially in the following form (in addition to any legend required under applicable federal, state, local or non-United States law): 

 

	 	(a)	“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). SUCH SECURITIES MAY NOT BE TRANSFERRED UNLESS (A) A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER OR (B) PURSUANT TO RULE 144, OR (C) IN THE REASONABLE OPINION OF THE COMPANY,
REGISTRATION UNDER THE ACT IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE SECURITIES ACT.” 

  
 8 

	 	(b)	“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS FOLLOWING THE EFFECTIVE DATE OF THE INITIAL
REGISTRATION STATEMENT OF THE COMPANY FILED UNDER THE SECURITIES ACT, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. SUCH LOCK-UP
PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.” 

 Each Holder consents to the Company making a notation
on its records and giving instructions to any transfer agent of the Preference Shares or the Ordinary Shares in order to implement the restrictions on transfer established in this Section 2. 

2.4 Notice of Proposed Transfers. The holder of each certificate representing Restricted Securities by acceptance
thereof agrees to comply in all respects with the provisions of this Section 2.4. Prior to any proposed sale, assignment or transfer or pledge of any Restricted Securities (other than (i) a transfer not involving a change in
beneficial ownership, (ii) in transactions involving the distribution without consideration of Restricted Securities by the holder to any of its partners, shareholders, members, or retired partners, shareholders or members, or to the estate of
any of its partners, shareholders or members or retired partners, shareholders or members, (iii) in transactions in compliance with Rule 144 promulgated under the Securities Act (“Rule 144”),
(iv) with respect to members that are entities, transfers by such members without consideration to their Affiliates, or (v) transfers by members that are individuals to their immediate family members or any trust for any of the foregoing)
unless there is in effect a registration statement under the Securities Act covering the proposed transfer, the holder thereof shall give written notice to the Company of such holder’s intention to effect such transfer, sale, assignment or
pledge. Each such notice shall describe the manner and circumstances of the proposed transfer, sale, assignment or pledge in sufficient detail, and if reasonably requested by the Company, shall be accompanied, at such holder’s expense by
either (i) a written opinion of legal counsel who shall be, and whose legal opinion shall be, reasonably satisfactory to the Company addressed to the Company, to the effect that the proposed transfer of the Restricted Securities may be
effected without registration under the Securities Act, or (ii) a “no action” letter from the Commission to the effect that the transfer of such securities (or transfer of securities in a transaction that is, in the
reasonable opinion of counsel for the Company, the same in all material respects to a transfer of securities which is the subject matter of such no action letter) without registration will not result in a recommendation by the staff of the
Commission that action be taken with respect thereto, whereupon the holder of such Restricted Securities shall be entitled to transfer such Restricted Securities in accordance with the terms of the notice delivered by the holder to the Company. The
transferees shall be bound by the obligations of the transferor in this Agreement, including the Standoff Agreement (as set forth in Section 2.14) below. Each certificate evidencing the Restricted Securities transferred as above
provided shall bear, except if such transfer is made pursuant to Rule 144, the appropriate restrictive legends set forth in Section 2.3 above, except that such certificate shall not bear such restrictive legends if in the opinion of
counsel for such holder and the Company such legend is not required in order to establish compliance with any provision of the Securities Act. 

  
 9 

 2.5 Requested Registration. 

(a) Request for Registration. If, at any time following six months after the Company’s IPO, the Company shall receive from
Initiating Holders a written request that the Company effect any registration, qualification or compliance with respect to their outstanding Registrable Securities for an anticipated aggregate offering price equal to or exceeding $10,000,000, the
Company will: 
 (i)        give written notice within ten (10) business days of
the proposed registration, qualification or compliance to all other Holders; and 

(ii)        as soon as practicable, use its commercially reasonable efforts to effect such
registration, qualification or compliance (including, without limitation, appropriate qualification under applicable blue sky or other applicable securities laws and appropriate compliance with applicable regulations issued under the Securities
Act and any other governmental requirements or regulations) as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Registrable Securities as are specified in such request, together with
all or such portion of the Registrable Securities of any Holder or Holders joining in such request as are specified in a written request received by the Company within ten (10) business days after receipt of such written notice from the
Company; provided, however, that the Company shall not be obligated to take any action to effect any such registration, qualification or compliance pursuant to this Section 2.5: 

(1)        In any particular non-U.S. jurisdiction in which the Company would be required to
execute a general consent to service of process in effecting such registration, qualification or compliance unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(2)        In any jurisdiction other than (A) the jurisdiction(s) in which the
Company has already effected a registered public offering of its equity securities, or (B) if the Initiating Holders are precluded from exercising their rights under Section 2.5 by reason of Section 2.5(a)(ii)(6), the United
States; 
 (3)        During the period starting with the date
sixty (60) days prior to the Company’s estimated date of filing of, and ending on the date six (6) months immediately following the effective date of, any registration statement pertaining to securities of the
Company (other than a registration of securities in a transaction under Rule 145 promulgated under the Securities Act (“Rule 145”) or with respect to an employee benefit plan), provided, that the
Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective and (ii) such registration is subject to the piggyback registration rights of the Holders under
Section 2.6.; 
 (4)        After the Company has effected two (2) such
registrations pursuant to this Section 2.5(a), and such registrations have been declared or ordered effective (which, for the avoidance of doubt, shall mean that the registrations shall have been continuously effective for thirty (30)
calendar days, or until all Registrable Securities covered thereby have been sold, whichever earlier); 

  
 10 

 (5)        If the Initiating Holders may dispose of
shares of Registrable Securities pursuant to a registration statement on Form F-3 pursuant to a request made under Section 2.7 hereof; 
 (6)        In the event the Initiating Holders have requested a registration to be effected in a jurisdiction other than the United States, to the extent the Board
of Directors determines in good faith in its sole discretion that such registration would impose materially more burdensome or costly obligations on the part of the Company as compared to those to which the Company would be subject if the request
was for a registration to be effected in the United States; or 
 (7)        If
(i) the Initiating Holders have indicated in the request for registration that they intend that the Registrable Securities covered by such request be distributed by means of an underwriting and (ii) the Company and the Initiating Holders
are unable to obtain the commitment of an underwriter selected by the Company (subject to the reasonable approval of a majority in interest of the Initiating Holders) to underwrite the offering. 

(b) Underwriting. In the event that a registration pursuant to Section 2.5 is for a registered public
offering involving an underwriting, the Company shall so advise the Holders as part of the notice given pursuant to Section 2.5(a)(i). In such event, the right of any Holder to registration pursuant to Section 2.5 shall be conditioned upon
such Holder’s participation in the underwriting arrangements required by this Section 2.5(b), and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent requested shall be limited to the extent
provided herein. 
 The Company shall (together with all Holders proposing to distribute their securities through such
underwriting) enter into an underwriting agreement in customary form with the managing underwriter selected for such underwriting by the Company, but subject to reasonable approval of a majority in interest of the Initiating Holders.
Notwithstanding any other provision of this Section 2.5, if the managing underwriter advises the Initiating Holders in writing that marketing factors require a limitation of the number of shares to be underwritten, then the Company shall so
advise all holders of Registrable Securities who have requested that their shares be included in the registration and underwriting and the number of shares of Registrable Securities that may be included in the registration and underwriting shall be
allocated, among all Holders in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held by such Holders at the time of filing the registration statement, provided, however, that the number of
shares of Registrable Securities to be included in such underwriting and registration shall not be reduced unless all securities that are not Registrable Securities are first entirely excluded from the underwriting and registration. No Registrable
Securities excluded from the underwriting by reason of the underwriter’s marketing limitation shall be included in such registration. To facilitate the allocation of shares in accordance with the above provisions, the Company or the
underwriters may round the number of shares allocated to any Holder to the nearest 100 shares. 
 If any Holder of Registrable
Securities disapproves of the terms of the underwriting, such person may elect to withdraw therefrom by written notice to the Company, the managing underwriter and the Initiating Holders. The Registrable Securities and/or other securities so
withdrawn shall also be withdrawn from registration, and such Registrable Securities shall not be 

  
 11 

 
transferred in a public distribution prior to ninety (90) days after the effective date of such registration, or such other shorter period of time as the underwriters may require.

 2.6 Company Registration. 
 (a) Notice of Registration. If at any time or from time to time the Company shall determine to register any of its securities, either for its own account or the account of a security holder or
holders, other than (i) a registration relating solely to employee benefit plans, or (ii) a registration relating solely to a Rule 145 transaction: 
 (i)         give to each Holder written notice within ten (10) business days thereof; and 

(ii)        (subject to the limitations set forth in Section 2.6(b)(i) below), include in
such registration (and any related qualification under blue sky laws or other compliance), and in any underwriting involved therein, all the Registrable Securities specified in a written request or requests, made within ten (10) business
days after receipt of such written notice from the Company, by any Holder. 
 (b) Underwriting. 

(i)        If the registration of which the Company gives notice is for a registered public
offering involving an underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 2.6(a)(i). In such event the right of any Holder to registration pursuant to Section 2.6 shall be
conditioned upon such Holder’s participation in such underwriting and the inclusion of Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting
shall (together with the Company and the other holders distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the managing underwriter selected for such underwriting by the
Company. Notwithstanding any other provision of this Section 2.6, if the managing underwriter determines that marketing factors require a limitation of the number of shares to be underwritten, the managing underwriter may limit the number of
Registrable Securities to be included in, such registration and underwriting, and the Company shall include in such registration (1) first, the securities the Company proposes to sell, (2) second, the Registrable Securities (other than
Founders Shares) requested to be included in such registration, pro rata among the respective Holders thereof on the basis of the amount such Registrable Securities (other than Founders Shares) owned by each such Holder, and (3) third,
other securities (including Founders Shares) requested to be included in such registration. No such reduction shall reduce the amount of securities of the selling Holders (excluding the Founders) included in the registration
below twenty-five percent (25%) of the total amount of securities included in such registration. Notwithstanding the foregoing, if such offering is the initial public offering of the Company in the relevant jurisdiction, any or all of the
Registrable Securities of the Holders may be excluded in accordance with this Section 2.6(b)(ii). The Company shall so advise all Holders and other holders distributing their securities through such underwriting and the number of shares of
Registrable Securities that may be included in the registration and underwriting shall be allocated among all the Holders in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held by such Holder at the time of
filing the Registration Statement. To facilitate the allocation of shares in accordance 

  
 12 

 
with the above provisions, the Company may round the number of shares allocated to any Holder or holder to the nearest 100 shares. 

(ii)        If any Holder disapproves of the terms of any such underwriting, it may elect to
withdraw therefrom by written notice to the Company and the managing underwriter. Any securities excluded or withdrawn from such underwriting shall be withdrawn from such registration, and shall not be transferred in a public distribution prior to
ninety (90) days after the effective date of the registration statement relating thereto, or such other shorter period of time as the underwriters may require. 
 (c) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.6 prior to the effectiveness of such
registration whether or not any Holder has elected to include securities in such registration. Registration Expenses of such withdrawn registration shall be borne by the Company. 

2.7 Registration on Form F-3. 
 (a) If any Holder or Holders request that the Company file a registration statement on Form F-3 (or any successor form to Form F-3) for a public offering of shares of the Registrable
Securities with a reasonably anticipated aggregate offering price equal to or exceeding $1,000,000, and the Company is a registrant entitled to use Form F-3 to register the Registrable Securities for such an offering, the Company shall use its
commercially reasonable efforts to cause such Registrable Securities to be registered for the offering on such form and to cause such Registrable Securities to be qualified in such jurisdictions as such Holder or Holders may reasonably request,
provided, however, that the Company shall not be required to effect more than two (2) registrations pursuant to this Section 2.7 in any twelve (12) month period. The Company shall inform other Holders of the
proposed registration and offer them the opportunity to participate. The substantive provisions of Section 2.5(b) shall be applicable to each registration initiated under this Section 2.7. 

(b) Notwithstanding the foregoing, the Company shall not be obligated to take any action pursuant to this Section 2.7: (i) in
any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, qualification or compliance unless the Company is already subject to service in such jurisdiction
and except as may be required by the Securities Act; or (ii) during the six (6) month period following the effective date of any registration statement pertaining to any underwritten registration of securities of the Company in
which Holders have piggyback registration rights under Section 2.6. Form F-3 registrations initiated under this Section 2.7 shall not be considered demand registrations as described in Section 2.5. References in this
Section 2.7 to Form F-3 shall also include Form S-3 (or any successor form to Form S-3) if the Company is then eligible to use such form. 
 2.8 Expenses of Registration. All Registration Expenses 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 2.5 hereof 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), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 2.5 hereof, provided, further, however, that if
the requested registration is withdrawn and 

  
 13 

 
at the time of such withdrawal the Holders have learned of a material adverse change in the condition, business or prospects of the Company from the condition, business or prospects of the
Company known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such
expenses or to forfeit their right to one demand registration and shall retain their rights pursuant to Section 2.5 hereof. All Selling Expenses incurred in connection with all registrations pursuant to Sections 2.5, 2.6 and 2.7
hereof shall be borne by the Holders of the securities so registered pro rata on the basis of the number of their shares so registered. 
 2.9 Registration Procedures. In the case of each registration, qualification or compliance effected by the Company pursuant to this Section 2, the Company will keep each Holder advised
in writing as to the initiation of each registration, qualification and compliance and as to the completion thereof. At its expense the Company will use its commercially reasonable efforts to: 

(a) In the case of a registration of securities in the United States, (1) prepare and file with the Commission a registration
statement with respect to such securities and subject to Section 2.6(c), cause such registration statement to become and remain effective for (i) with respect to a registration filed pursuant to Section 2.5, thirty (30) days or
until the distribution described in the registration statement has been completed, whichever is shorter, or (ii) with respect to a registration filed pursuant to Section 2.6 or 2.7, ninety (90) days or until the distribution described
in the registration statement has been completed, whichever is shorter; provided, however, the Company may suspend the availability of a registration statement and the use of the related prospectus (x) in order to prevent
premature disclosure of any material non-public information related to corporate developments or (y) if any event shall occur as a result of which it shall be necessary, in the good faith determination of the Board of Directors of the Company,
to amend or supplement any prospectus or prospectus supplement thereunder in order that each such document not include any untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in light of the
circumstances under which they were made, no misleading, provided, further, that (i) the Company may exercise the right to such suspension only twice in any 12-month period and for a period in the aggregate not to exceed
ninety (90) days and (ii) the period of such suspension shall not count towards the applicable period the Company is obligated to maintain the effectiveness of the registration statement. 

(b) In the case of registration of securities in the United States, prepare and file with the Commission 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 with respect to the disposition of all securities covered by such
registration statement, and in the case where the availability of the registration statement is suspended pursuant to Section 2.9(a) above, such amendments and supplements shall be filed as soon as practicable; 

(c) In the case of a registration, qualification or compliance effected by the Company pursuant to this Section 2 in a non-U.S.
jurisdiction, use its commercially reasonable efforts to register, qualify or comply the Company’s securities for sale to the public in such jurisdiction such that the securities covered by the registration, qualification or compliance may be
sold for periods as those contemplated under Section 2.9(a); 

  
 14 

 (d) Furnish to the Holders participating in such registration and to the underwriters of
the securities being registered such reasonable number of copies of the registration statement, if applicable, preliminary prospectus, final prospectus and such other documents as such underwriters may reasonably request in order to facilitate the
public offering of such securities; 
 (e) Cause all such Registrable Securities registered pursuant hereunder to be listed on
each securities exchange on which similar securities issued by the Company are then listed; 
 (f) 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(s) of such offering; and 

(g) Notify each Holder of Registrable Securities covered by such registration statement of any suspension of the availability of such
registration statement in accordance with Section 2.9(a) above. 

2.10        Indemnification. 

(a) The Company will indemnify each Holder, each of its officers, directors, trustees and partners and any underwriter (as defined
in the Securities Act), and each person controlling such Holder or underwriter within the meaning of Section 15 of the Securities Act, with respect to the registration, qualification or compliance of Registrable Securities effected pursuant to
this Section 2, against all expenses, claims, losses, damages or liabilities (or actions in respect thereof), including any of the foregoing incurred in settlement of any litigation, commenced or threatened, arising out of or based on any
untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, offering circular or other document, or any amendment or supplement thereto, incident to any such registration,
qualification or compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made,
not misleading, or any violation (or alleged violation) by the Company of the Securities Act, the Exchange Act or any other federal, state or foreign securities law or any rule or regulation promulgated thereunder applicable to the Company in
connection with any such registration, qualification or compliance, and the Company will reimburse each such Holder (within thirty (30) days of a request in writing), each of its officers, trustees, directors and partners and any
underwriter (as defined in the Securities Act) for such Holder, and each person controlling such Holder or underwriter, for any legal and any other expenses reasonably incurred in connection with investigating, preparing or defending any
such claim, loss, damage, liability or action; provided, that the Company will not be liable to any specific Holder or such Holder’s officers, directors, trustees and partners and any underwriter (as defined in the Securities
Act) and each person controlling such specific Holder or underwriter in any such case to the extent that any such claim, loss, damage, liability or expense arises out of or is based on any untrue statement or omission or alleged untrue
statement or omission, made in reliance upon and in conformity with written information furnished to the Company by an instrument duly executed by such specific Holder, or controlling person or underwriter for such specific Holder and stated to be
specifically for use therein. 
 (b) Each Holder will, if Registrable Securities held by such Holder are included in the
securities as to which such registration, qualification or compliance is being effected pursuant to this 

  
 15 

 
Section 2, indemnify the Company, each of its directors and officers, each person who controls the Company within the meaning of Section 15 of the Securities Act, and each other such
Holder, each of its officers, trustees, directors and partners and any underwriter (as defined in the Securities Act) and each person controlling such Holder or underwriter within the meaning of Section 15 of the Securities Act,
against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any such registration statement,
prospectus, offering circular or other document, or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they
were made, not misleading, and will reimburse the Company (within thirty (30) days of a request in writing), such other Holders, such directors, officers, trustees, persons, partners, underwriters or control persons for any legal or any other
expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or
omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished to the Company by an instrument duly executed by
such Holder and stated to be specifically for use therein. Notwithstanding the foregoing, the liability of each Holder under this subsection (b) shall be limited to an amount equal to the proceeds of the shares sold by such Holder in the
applicable registration out of which the claims arises, less any applicable underwriting discounts and commissions 
 (c) Each
party entitled to indemnification under this Section 2.10 (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly
after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and the Indemnifying Party shall have the option to assume the defense of any such claim or any litigation resulting therefrom, provided, that
counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not unreasonably be withheld), and the Indemnified Party may participate in such
defense at such party’s expense, and, provided, further, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 2 unless the
failure to give such notice is materially prejudicial to an Indemnifying Party’s ability to defend such action and, provided, further, that the Indemnifying Party shall not assume the defense for matters as to which there is a
conflict of interest or separate and different defenses. No claim may be settled without the consent of the Indemnifying Party (which consent shall not be unreasonably withheld). No Indemnifying Party, in the defense of any such claim or
litigation, shall, except with the consent of each Indemnified Party (which consent shall not be unreasonably withheld), consent to entry of any judgment or enter into any settlement which 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 to such claim or litigation. 

(d) If the indemnification provided for in this Section 2.10 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 or violations that 

  
 16 

 
resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations, provided, that in no event shall any contribution by a Holder under this
Subsection 2.10(d) exceed the net proceeds from the public offering received by such Holder, and provided, further, that no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent,
knowledge, access to information, and opportunity to correct or prevent such statement or omission. 
 (e) The obligations of
the Company and Holders under this Section 2.10 shall survive the completion of any offering of Registrable Securities in a registration statement, and otherwise. 
 2.11        Information by Holder. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this
Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding such Holder or Holders, the Registrable Securities held by them and the distribution proposed by
such Holder or Holders as the Company may reasonably request in writing and as shall be required in connection with any registration, qualification or compliance referred to in this Section 2. 

2.12        Rule 144 Reporting. With a view to making available the benefits
of certain rules and regulations of the Commission which may at any time permit the sale of the Restricted Securities to the public without registration, after such time as a public market exists for the Ordinary Shares of the Company, the Company
agrees to use its commercially reasonable efforts to: 
 (a) Make and keep public information available, as those terms are
understood and defined in Rule 144 under the Securities Act, at all times after the effective date that the Company becomes subject to the reporting requirements of the Securities Act or the Exchange Act. 

(b) File with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act (at any time after it has become subject to such reporting requirements); 
 (c) So long as the Investor owns
any Restricted Securities, to furnish to the Investor forthwith upon request a written statement by the Company as to its compliance with the reporting requirements of said Rule 144 (at any time after ninety (90) days after the
effective date of the first registration statement filed by the Company for an offering of its securities to the general public in the United States), and of the Securities Act and the Exchange Act (at any time after it has become subject to
such reporting requirements), a copy of the most recent annual or quarterly report of the Company, and such other reports and documents of the Company and other information in the possession of or reasonably obtainable by the Company as the Investor
may reasonably request in availing itself of any rule or regulation of the Commission allowing the Investor to sell any such securities without registration. 

  
 17 

 2.13        Transfer of Registration
Rights. The rights to cause the Company to register securities granted Investor under Sections 2.5, 2.6 and 2.7 may be assigned to a transferee or assignee in connection with any transfer or assignment of Registrable Securities by
the Purchaser, provided, that: (i) such transfer may otherwise be effected in accordance with applicable securities laws, (ii) the Company is given ten (10) days’ notice of the transfer, (iii) such assignee or
transferee agrees to be bound by the terms of this Agreement, and (iv) such assignee or transferee is (1) any partner or retired partner of any Holder which is a partnership (or any member or retired member of any Holder which is
a limited liability company), (2) any Affiliate of any Holder, (3) any family member or trust for the benefit of any individual holder, (4) any shareholder of any Holder which is a corporation, or (5) any transferee of at
least Two Hundred Fifty Thousand (250,000) shares of the Company’s Registrable Securities (as appropriately adjusted for Recapitalizations). 
 2.14        Standoff Agreement. In connection with an IPO only, upon request of the Company or the underwriters managing any underwritten offering of
the Company’s securities, except for transfers by an Investor to a donee or any current or retired partner, member or shareholder who agrees to be similarly bound, each Investor shall not offer, pledge, sell, contract to sell, sell any option
or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares (or other securities) of the Company
or enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Ordinary Shares (or other securities) of the Company held by such
Investor (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days from
the effective date of such registration as may be requested by the Company or such underwriters (the “Standoff Period”), provided, that all officers and directors of the Company and holders of at least one
percent (1%) of the Company’s voting securities enter into similar agreements (the “Market Standoff”). Each Investor agrees to execute and deliver such other agreements as may be reasonably requested by
the Company or the underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. 

2.15        Delay. If the Company shall furnish to such Holders a certificate
signed by the President of the Company stating that in the good faith judgment of the Board of Directors it would be seriously detrimental to the Company or its members for a registration statement to be filed in the near future, then the
Company’s obligation to use its commercially reasonable efforts to register, qualify or comply under Sections 2.5 or 2.7 shall be deferred for a period not to exceed ninety (90) days from the date of receipt of written request
from the Initiating Holders, provided, however, that the Company may not exercise its rights under this Section 2.15 more than once in a twelve-month period. 

2.16        Termination. The rights to cause the Company to register securities
granted Investor under Sections 2.5, 2.6 and 2.7 shall expire (i) as to a particular Holder, at such time as such Holder is able to dispose of all such securities in one three-month period pursuant to Rule 144, and such
securities are then listed for trading on the NASDAQ Stock Market, the NYSE or an internationally recognized stock exchange approved by holders of a majority of the Series C Preference Shares, or (ii) as to all Holders, the earlier of
(x) five (5) years after the closing of a IPO, and (y) upon the effectiveness of a Change of Control involving solely cash or securities of a successor entity which are then listed on the NASDAQ Stock Market, the American Stock
Exchange, the NYSE or an 

  
 18 

 
internationally recognized stock exchange approved by holders of a majority of the Series C Preference Shares. 
 3.        Right of First Offer. 
 3.1 Right of First Offer. Subject to the terms and conditions specified in this Section 3.1, the Company hereby grants to each Investor who, together with its Affiliates, hold at least
500,000 Preference Shares (and/or an equivalent number (on an as-converted basis) of Ordinary Shares issued upon the conversion of Preference Shares) (an “Eligible Investor”) a right of first offer to purchase its Pro
Rata Share (as hereinafter defined) (in whole or in part) with respect to future sales by the Company of New Securities (as hereinafter defined). For purposes of this Section 3.1, an Investor’s “Pro Rata
Share” shall mean that number of New Securities that equals the total number of such New Securities to be sold by the Company, multiplied by the ratio that (i) the number of Ordinary Shares issuable or issued upon conversion
or exercise of the Preference Shares, Preference Shares subject to Warrants or other securities ultimately exercisable for Ordinary Shares held by such Investor bears to (ii) the total number of Ordinary Shares of the Company then
outstanding (assuming full conversion and exercise of all convertible or exercisable securities, whether vested or unvested, then outstanding). 
 Subject to Section 3.1(d), each time the Company proposes to offer any shares of, or securities convertible into or exercisable for any shares of, any class of its shares (“New
Securities”), the Company shall first make an offering of such New Securities to each Eligible Investor in accordance with the following provisions: 
 (a) The Company shall deliver a written notice (“Notice”) pursuant to Section 4.7 hereof to each of the Investors stating (i) its bona fide intention to offer
such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and a summary of the terms, if any, upon which it proposes to offer such New Securities. 

(b) By written notification received by the Company within ten (10) days after delivery of the Notice, each Eligible Investor
may elect to purchase or obtain, at the price and on the terms specified in the Notice, up to its Pro Rata Share of such New Securities. 
 (c) If all New Securities that the Eligible Investors are entitled to purchase pursuant to subsection 3.1(b) are not so purchased, the Company may, during the ninety (90) day period
following the expiration of the period provided in subsection 3.1(b) hereof, offer the remaining unsubscribed portion of such New Securities to any person or persons at a price not less than, and upon terms no more favorable to the offeree than
those specified in the Notice. If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within sixty (60) days of the execution thereof, the right
provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Investors in accordance herewith. 
 (d) Notwithstanding the foregoing, New Securities does not include the Series C Shares issued pursuant to the Series C Agreement and the Securities issued or issuable: 

(i)        upon conversion of Preference Shares; 

  
 19 

 (ii)        to employees, officers, directors or
consultants of the Company pursuant to stock option or restricted stock purchase plans, employment agreements or other compensation arrangements approved by the Board of Directors; (b) to financial institutions or lessors in connection with
credit arrangements, equipment financing arrangements or other similar transactions approved by the Board of Directors; and (c) pursuant to any other transaction of primarily a strategic nature approved by the Board of Directors including, but
not limited to, shares issued to joint venture partners, suppliers of goods and services or pursuant to licensing arrangements; provided, that, the aggregate number of Ordinary Shares issued or issuable or deemed issued pursuant to subclauses
(a), (b) and (c) of this clause (ii) together shall not exceed thirty-four million (34,000,000); 

(iii)        as part of any Recapitalization; 

(iv)        upon exercise or conversion of options, warrants, notes or other rights to acquire
securities of the Company outstanding on or prior to the date hereof other than the options, warrants, notes or other rights described in clause (ii) above; 
 (v)        in an IPO; 

(vi)        pursuant to an acquisition by the Company of assets or share capital of another
entity that is approved by the Board of Directors provided, that the aggregate number of Ordinary Shares issued or issuable or deemed to be pursuant to this clause (vi) shall not exceed fifteen million (15,000,000); 

(vii)        by the Company to a third party buyer as contemplated by the Buy-Out Agreement,
where such securities represent securities repurchased by the Company pursuant to the Buy-Out Agreement; and 

(viii)        pursuant to other transactions expressly excluded from this Section 3.1 by
resolution of the Board of Directors, which resolution is passed by a majority of the Preference Shares Directors. 
 (e) The
right of first offer is not assignable except by each such Eligible Investor: (i) to any wholly-owned subsidiary, constituent partner, shareholder or member who acquires at least Five Hundred Thousand (500,000) Preference Shares (and/or an
equivalent number of Ordinary Shares issued upon conversion of the Preference Shares) as appropriately adjusted for Recapitalizations, (ii) to any other party who purchases all of such Eligible Investor’s Preference Shares (or Ordinary
Shares issued upon conversion of the Preference Shares) or (iii) without limits as to share numbers, to any Affiliate of such Investor. 
 3.2 Termination of Right. The right of first offer granted hereunder shall expire immediately prior to the first to occur of the following: (i) the closing of an IPO;
or (ii) the effectiveness of a Change of Control involving solely cash or securities of a successor entity which are then listed on the NASDAQ Stock Market, the American Stock Exchange, the NYSE or an internationally recognized stock
exchange approved by holders of a majority of the Series C Preference Shares. 

  
 20 

 4.        Right to Approve Certain Transactions

 4.1 Right to Approve Future Issuance of Shares. Any issuance of Ordinary Shares by the Company (other than
an issuance of Ordinary Shares in connection with an IPO) that would cause the total number of Ordinary Shares outstanding and issuable upon conversion or exercise of outstanding Preference Shares and other outstanding securities of the Company to
exceed one hundred and thirty million (130,000,000) shall be approved by all of the Preference Shares Directors. 
 4.2
Right to Approve Certain Related Party Transactions. Except for the transactions set forth in Schedule 4.2 hereof, any transaction entered into by the Company in which (i) the amount involved exceeds $250,000 and (ii) a
director or executive officer of the Company has or will have, a material interest, shall be approved by a majority of the Preference Shares Directors. 
 4.3 Right to Approve Certain Acquisition Transactions. The Company shall not, without the approval of at least 75% of the authorized number of directors, authorize, enter into, agree to or
permit (i) any merger, combination or consolidation involving the Company whereby Members immediately prior to such merger, combination or consolidation do not beneficially own shares possessing voting power of at least 80% of the surviving
entity (or parent entity thereof if the surviving entity is wholly owned by the parent) immediately following such transaction (on account of shares of the Company owned prior to the transaction) (ii) any reorganization, consolidation, merger,
or the sale or transfer of shares or substantially all assets or any similar transaction or series of related transactions involving any of the Company’s direct or indirect subsidiaries (except where the Company and/or another direct or
indirect wholly-owned subsidiary of the Company are the only counter-parties to such transaction) in which either (a) the subsidiary involved has assets in excess of $10,000,000 or (b) the consideration to be paid in such transaction has a
value in excess of $10,000,000. 
 4.4 Termination of Rights. The rights to approve certain transactions granted
pursuant to Sections 4.1, 4.2 and 4.3 shall terminate immediately prior to the first to occur of the following: (i) the closing of an IPO; or (ii) the effectiveness of a Change of Control. 

5.        [Reserved] 
 6.        Miscellaneous. 

6.1 Term and Termination. This Agreement shall become effective upon the Effective Date. Section 1 shall terminate in
accordance with Section 1.7; the registration rights granted pursuant to Section 2 shall terminate in accordance with Section 2.16; Section 3 shall terminate in accordance with Section 3.2, and the rights granted pursuant to
Section 4 shall terminate in accordance with Section 4.4. 
 6.2 Waivers and Amendments. 

(a) With the written consent of the Company and the Holders holding more than a majority of the then outstanding Registrable Securities
(including Holders holding more than a majority of the then outstanding Registrable Securities issued pursuant to the Series C Agreement, but not including Founders Shares), the obligations of the Company and the rights of the Investors under
this Agreement may be amended and any of its terms may be waived (either generally or in a particular instance, either retroactively or prospectively and either for a specified period of time or indefinitely) and any amendments or waivers
so approved shall be binding as to all parties, provided, 

  
 21 

 
however, that any amendment, waiver, discharge or termination of any provision under Sections 2.2 and 2.6 hereof which would materially and adversely affect the express rights of the
holders of the Founders Shares in relation to the rights of holders of other Registrable Securities hereunder shall not be effective unless approved by the holders of a majority of the Founders Shares. Without limiting the foregoing and for the
avoidance of doubt, it is expressly agreed that any such amendment or waiver affecting the express rights of holders of Founders Shares which eliminates, restricts or otherwise modifies piggyback registration rights equally for all holders of
Registrable Securities shall not be deemed to require the separate consent of holders of a majority of the Founders Shares. 

(b) Notwithstanding anything to the contrary in this Section 6.2(a), if an amendment or waiver affects a Holder in a manner that is
different from the effect on all other Holders, or imposes any material obligation or liability on a Holder beyond that already imposed on such Holder hereunder prior to such amendment or waiver, then such amendment or waiver will not be applied to
or enforceable against such Holder without the prior written consent of such Holder. Notwithstanding anything to the contrary in this Section 6.2(a), Sections 1.2 and 1.3 of this Agreement may be amended and the observance thereof may be
waived as to any Investor entitled to the rights set forth therein only with the written consent of such Investor. 
 (c) Upon
the effectuation of each such waiver, consent, agreement, amendment or modification the Company shall promptly give written notice thereof to the record holders of the Preference Shares or Conversion Shares who have not previously consented thereto
in writing. Neither this Agreement nor any provisions hereof may be changed, waived, discharged or terminated orally, but only by a signed statement in writing. 
 6.3 Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of California as such laws are applied to agreements
between California residents entered into and to be performed within California. Each of the parties hereto irrevocably (i) agrees that any dispute or controversy arising out of, relating to, or concerning any interpretation, construction,
performance or breach of this Agreement, shall be settled by arbitration to be held in Santa Clara County, California, in accordance with the rules then in effect of the American Arbitration Association; (ii) waives, to the fullest extent it
may effectively do so, any objection which it may now or hereafter have to the laying of venue of any such arbitration; and (iii) submits to the non-exclusive jurisdiction of the State of California in any such arbitration. The decision of
the arbitrator shall be final, conclusive and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. The parties to the arbitration shall each pay an equal share of the
costs and expenses of such arbitration, and each party shall separately pay for its respective counsel fees and expenses, provided, however, that the prevailing party in any such arbitration shall be entitled to recover from the
non-prevailing party its reasonable costs and attorney fees. The Company has appointed CT Corporation System at 818 West 7th Street, Los Angeles, California 90017 as its authorized agent (the “Authorized Agent”)
upon whom process may be served in any such action arising out of or based on this Agreement or the transactions contemplated hereby, expressly consents to the jurisdiction of the State of California in respect of any such arbitration, and waives
any other requirements of or objections to personal jurisdiction with respect thereto. Such appointment shall be irrevocable unless and until the Board of Directors appoints another entity to act as the Authorized Agent of the Company; the Company
shall promptly notify each party hereto of any such appointment of a successor Authorized Agent. 

  
 22 

 
The Company represents and warrants that the Authorized Agent has agreed to act as such agent for service of process and agrees to take any and all action, including the filing of any and all
documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service to the Company shall be deemed, in every respect,
effective service of process upon the Company. Notwithstanding the foregoing, the parties retain their right to, and shall not be prohibited, limited or in any other way restricted from, seeking or obtaining specific performance, injunctive relief
or other equitable remedies from a court having jurisdiction over the parties. 
 6.4 Other Remedies; Specific
Performance. Except as otherwise provided herein, any and all remedies herein expressly conferred upon a party will be deemed cumulative with and not exclusive of any other remedy conferred hereby, or by law or equity upon such party, and
the exercise by a party of any one remedy will not preclude the exercise of any other remedy. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. It is accordingly agreed that, the parties shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof
in any federal or state court in the State of California, or other court with jurisdiction, this being in addition to any other remedy to which they are entitled at law or in equity. Each of the parties hereby irrevocably and unconditionally agrees
to be subject to, and hereby consents and submits to, the jurisdiction of the federal and state courts in the State of California. 
 6.5 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors
and administrators of the parties hereto. Other than an assignment pursuant to one or more transactions approved by holders of a majority of Series C Preference Shares or a majority of the Preference Shares Directors, the Company may not assign
its obligations hereunder without the prior written consent of Holders of a majority of the then outstanding Registrable Securities (excluding Founders Shares). 
 6.6 Entire Agreement. This Agreement constitutes the full and entire understanding and agreement between the parties with regard to the subject matter hereof, and any and all other prior
written or oral agreements relating to the specific subject matter hereof existing between the parties hereto are expressly superseded. 
 6.7 Notices, etc. All notices and other communications required or permitted hereunder shall be in writing and may be given by hand, messenger, courier, electronic mail or facsimile
addressed (i) if to an Investor, at the Investor’s address, as shown on Exhibit A hereto, or at such other address as the Investors shall have furnished to the Company in writing, or (ii) if to any other holder
of any shares subject to this Agreement, at such address as such holder shall have furnished the Company in writing, or, until any such holder so furnishes an address to the Company, then to and at the address of the last holder of such shares who
has so furnished an address to the Company, or (iii) if to the Company, at No. 1600, Zi Xing Road, Shanghai ZiZhu Science-based Industrial Park, 200241, P.R.C. (attention: Chief Executive Officer), Fax No. (8621) 2416-2277 or at
such other contact details as the Company shall have furnished to Investor in writing, with a copy to Wilson Sonsini Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto, CA 94304 (attention: Carmen Chang), Fax No. (+1-650) 493-6811.

  
 23 

 Where a notice is delivered by hand or by messenger, service of the notice shall be deemed
to be effected upon delivery. Where a notice is sent by courier, service of the notice shall be deemed to be effected by delivery of the notice to a courier company, and shall be deemed to have been received on the 3rd day following the day on which the notice was delivered to the
courier. Where a notice is given by electronic mail service shall be deemed to be effected by transmitting the electronic mail to the electronic mail address provided by the intended recipient and shall be deemed to have been received on the same
day that it was sent, and it shall not necessary for the receipt of the electronic mail to be acknowledged by the recipient. Where a notice is sent by facsimile, service of the notice shall be deemed to be effected by properly addressing and sending
such notice and shall be deemed to have been received on the same day that it was transmitted with confirmation of receipt. 

6.8 Severability of this Agreement. If one or more provisions of this Agreement are held by any court or arbitrator of
competent jurisdiction to be unenforceable under applicable law, such clause or provision shall be stricken from this Agreement and the remainder of this Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision
had never been contained in this Agreement. 
 6.9 Information Confidential. Each Investor will hold in strict
confidence and will not use, except for purposes of enforcing their rights under and making investment decisions relating to this Agreement, any confidential information about the Company (which shall include, but is not limited to, any
information provided to Investors pursuant to Section 1.2 hereof) or its business received from the Company hereunder except information (i) which the Company authorizes the Investors to use or disclose, (ii) which is known
to the Investors prior to its disclosure by the Company, (iii) which becomes publicly known through no fault of the Investors, (iv) which Investors are compelled by law to reveal, (v) which is disclosed by an Investor for the purpose
of fund reporting or interfund reporting, and to such Investor’s Affiliates or Representatives of such Investor or such Investor’s Affiliates, provided, that prior to receipt by any Affiliate or Representative of the confidential
information of the Company, Purchaser shall inform such Affiliates or Representative of the obligation of non-disclosure pursuant to this Agreement and are under an appropriate non-disclosure obligation imposed by professional ethics, law or
otherwise, and (vi) with respect to Purchasers that are funds, is disclosed to its insures or the insurers of its fund manager. Investor will not use such information in violation of the Exchange Act or reproduce, disclose or disseminate such
information to any person, except as permitted herein. Any Investor may disclose such information to its attorneys, accountants or other professional advisors; provided, that such other professional advisors are reasonably acceptable to the Company.
Any Investor, which is a partnership, corporation or limited liability company shall be allowed to disclose confidential information received from the Company about the Company or its business to partners, shareholders or members of such Investor on
a confidential basis to the extent necessary to meet its existing obligations to such partners, shareholder or members. “Representatives” of an Investor as used herein shall include fund managers, partners, directors, officers,
employees, auditors, accountants, counsel, consultants and insurers of such Investor. 

6.10        Titles and Subtitles. The titles of the paragraphs and subparagraphs of
this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

  
 24 

 6.11        Counterparts. 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. 
 6.12        Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to the Investor, upon any
breach or default of the Company under this Agreement, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach or default, or any acquiescence therein, or of any similar breach or default thereafter
occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character by the
Investor of any breach or default under this Agreement, or any waiver by the Investor of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in writing and that all
remedies, either under this Agreement, or by law or otherwise afforded to the Investor, shall be cumulative and not alternative. 
 6.13        Share Splits. All references to the number of shares in this Agreement shall be appropriately adjusted to reflect any Recapitalizations,
which may be made by the Company after the Closing (as defined in the Series C Agreement). 

6.14        Aggregation of Stock. All Preference Shares or Ordinary Shares held or
acquired by affiliated entities or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 
 6.15        Beneficial Ownership. Each Investor shall execute and deliver to the Company a Certificate of Ownership in the form attached hereto as
Exhibit B-1 (the “Certificate of Ownership”), whereby such Investor shall either (i) certify that it is not a Single Purpose Funding Entity (as defined in the Certificate of Ownership),
or (ii) (A) disclose a complete list of such Investor’s beneficial owners, and (B) cause each such beneficial owner to execute and deliver to the Company a beneficial owner letter in the form attached hereto as
Exhibit B-2. Each Investor that is a Single Purpose Funding Entity hereby further covenants to the Company and each other Investor that it shall not permit the transfer of any of its securities (“SPE
Securities”) unless such transfer would be permitted under Section 2 hereof assuming that the Preference Shares and/or Conversion Shares held by such Investor, rather than such SPE Securities, were being transferred. 

6.16        Exercise of Rights. Any right of JAFCO Asia Technology Fund
(“JAFCO”) under this agreement may, without prejudice to the right of JAFCO to exercise any such right, be exercised by JAFCO Investment (Asia Pacific) Ltd. as its fund manager unless JAFCO has given notice to the other
parties that any such right cannot be exercised by JAFCO Investment (Asia Pacific) Ltd. 

6.17        Amendment and Restatement. The Prior Agreement is hereby superseded and
amended in its entirety and restated in this Agreement, with retroactive effect as of July 29, 2009. All provisions of, rights granted and covenants made in the Prior Agreement are hereby terminated, waived, released and superseded in their
entirety and shall have no further force or effect. 
 [Remainder of Page Intentionally Left Blank] 

  
 25 

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

			
	THE COMPANY
	
	BCD SEMICONDUCTOR MANUFACTURING LIMITED
		
	By:	 	 /s/ Chieh Chang

		 	Name: Chieh Chang
		 	Title:    Chief Executive Officer

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

	
	THE FOUNDERS
	
	 /s/ Joseph Y. Liu

	JOSEPH Y. LIU
	
	  
 CHIEH CHANG

	
	  
 HERBERT CHANG

	
	  
 FRED WONG

	
	  
 JIWEI SUN

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
		
	By:	 	 /s/ David
Tunick

			
		
	Name:	 	 David
Tunick

			
		
	Title:	 	  

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	VENROCK ASSOCIATES IV, L.P.
		
	By:	 	 /s/ Anthony
Sun

			
		
	Name:	 	 Anthony
Sun

			
		
	Title:	 	
Partner

			
	
	VENROCK PARTNERS, L.P.
		
	By:	 	 /s/ Anthony
Sun

			
		
	Name:	 	 Anthony
Sun

			
		
	Title:	 	
Partner

			
	
	VENROCK ENTREPRENEURS FUND IV, L.P.
		
	By:	 	 /s/ Anthony
Sun

			
		
	Name:	 	 Anthony
Sun

			
		
	Title:	 	 Partner

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	C Squared Investment Inc.
	
	C Squared Venture Capital Inc.
		
	By:	 	 /s/ K.T.
Chang

			
		
	Name:	 	 Kwang-Tao
Chang

			
		
	Title:	 	 Director

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	His-Chen International Ltd.
		
	By:	 	 /s/ Mary
Tong

			
		
	Name:	 	 Mary
Tong

			
		
	Title:	 	 Director

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	Mintong International Ltd.

			
		
	By:	 	 /s/ Mary
Tong

			
		
	Name:	 	 Mary
Tong

			
		
	Title:	 	 Director

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	Yi Ling Lin

			
		
	By:	 	 /s/ Yi-Ling
Lin

			
		
	Name:	 	 Yi-Ling
Lin

			
		
	Title:	 	  

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	We Sure Inc.

			
		
	By:	 	 /s/ Yi-Ling
Lin

			
		
	Name:	 	 Yi-Ling
Lin

			
		
	Title:	 	 Director

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	IP FUND ONE, L.P.
		
	By:	 	 /s/ Richard
Chang

			
		
	Name:	 	 Richard
Chang

			
		
	Title:	 	 Authorized Representative

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	CORE ASIA CAPITAL LIMITED

			
		
	By:	 	 /s/ Chen-Hwa
Chang

			
		
	Name:	 	 Chen-Hwa
Chang

			
		
	Title:	 	 Director

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
		
	By:	 	 /s/ Joseph Y.
Liu

			
		
	Name:	 	 Joseph Y.
Liu

			
		
	Title:	 	  

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	Dynamic Capital Corporation

			
		
	By:	 	 /s/ Wang
Tse-Ming

			
		
	Name:	 	 Wang
Tse-Ming

			
		
	Title:	 	 Chairman

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
		
	By:	 	 /s/ Yue-Ling
Yu

			
		
	Name:	 	 Yue-Ling Yu

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:

			
		
	By:	 	 /s/ Ya-Ching
Jen

			
		
	Name:	 	 Ya-Ching Jen

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:

			
		
	By:	 	 /s/ Max KC
Fang

			
		
	Name:	 	 Max KC Fang

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:

			
		
	By:	 	 /s/ Hsiao-Ying
Lee

			
		
	Name:	 	 Hsiao-Ying Lee

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:

			
		
	By:	 	 /s/ Yi-Fen
Kung

			
		
	Name:	 	 Yi-Fen Kung

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
		
	By:	 	 /s/ Christopher
Wadsworth

			
		
	Name:	 	 Christopher Wadsworth
 For
Manitou Ventures I, L.P.

		
	Title:	 	Managing Member
		 	 Manitou Venture Management I, LLC
 Its General Partner

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
		
	By:	 	 /s/ Yu-I
Tseng

			
		
	Name:	 	 Yu-I
Tseng

			
		
	Title:	 	 Chairman & CEO

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	GRANITE GLOBAL VENTURES (Q.P.) L.P.

			
		
	By:	 	 /s/ Scott
Bonham

			
		
	Name:	 	 Scott
Bonham

			
		
	Title:	 	 Managing
Director

			
	
	GRANITE GLOBAL VENTURES L.P.

			
		
	By:	 	 /s/ Scott
Bonham

			
		
	Name:	 	 Scott
Bonham

			
		
	Title:	 	 Managing Director

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	NEW ENTERPRISE ASSOCIATES 11, LIMITED PARTNERSHIP
	
	By: NEA Partners 11, Limited Partnership, its general partner
	
	By: NEA 11GP, LLC, its general partner

			
		
	By:	 	 /s/ Charles W. Newhall,
III

			
		
	Name:	 	 Charles W. Newhall
III

			
		
	Title:	 	
Manager

			
	
	NEW VENTURES 2004, LIMITED PARTNERSHIP

			
		
	By:	 	 /s/ J. Daniel
Moore

			
		
	Name:	 	 J. Daniel
Moore

			
		
	Title:	 	 General Partner

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	smac partners Fund III L.P.

			
		
	By:	 	 /s/ Karen
Haith

			
		
	Name:	 	 Karen
Haith

			
		
	Title:	 	 Director

  
 SIGNATURE
PAGE TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 EXHIBIT A 

 

	
	Series A Holders
	
	 We Sure Inc.
 7F, #92-2 Sung
Kao Road
 Hsin Yi Dist.
 Taipei,
Taiwan

	
	 Core Asia Capital Limited
 6F,
#7, Alley 43, Lane 311
 E. Ho Ping Road, Sec. 2
 Taipei, Taiwan

	
	 Joseph Y. Liu
 40743 Rainwater
Ct.
 Fremont, CA 94539

	
	 Mintong International Ltd.
 7F,
#92-2 Sung Kao Road
 Hsin Yi Dist., Taipei
 Taiwan

	
	 Max KC Fang
 7F, #11, Lane
188,
 Chun Kin Road,
 Taipei
Taiwan

	
	 Shen-Gang Mai
 7F, #92-2 Sung
Kao Road
 Hsin Yi Dist., Taipei

Taiwan

	
	 Ping-Chun Su
 7F, #92-2 Sung
Kao Road
 Hsin Yi Dist., Taipei

Taiwan

	
	 Shirley Chen
 12333 Crayside
Lane
 Saratoga, CA 95070

	
	 Norman T. H. Liu
 2823 Rio
Ciaro Dr.
 Hacienda Heights, CA 91745

  
 A - 1

	
	Series A Holders
	
	 Ariene Chou
 685 Montana
Vista
 Fremont, CA 94539

	
	 Chiu-Hua Chang
 3F, #4, Alley
21, Lane 650
 Sung Shan Road
 Taipei,
Taiwan

	
	 David G. Tunick
 2847 Scotts
Valley Drive
 Henderson, NV 89052

	
	 James V. Chai Revocable Trust

1343 Carter Crest Rd.
 Edmonton, AB. T6R
2L6
 Canada

	
	 Min-Ji Lein
 4704 Hollowcrest
Ct.
 Dallas, TX 75287

	
	 Midas Technology, Inc.
 7F,
#92-2 Sung Kao Road
 Hsin Yi Dist., Taipei
 Taiwan

	
	 Raymond B. Sia
 P.O. Box
6146
 Bellevue, WA 98008

	
	 Teddy Tam
 1162 Cherry
Avenue
 San Bruno, CA 94066

	
	 Yen Shu
 7F, #92-2, Sung Kao
Road
 Hsin Yi Dist., Taipei

Taiwan

	
	 Gwo-Fen Chang
 7F, #92-2, Sung
Kao Road
 Hsin Yi Dist., Taipei

Taiwan

  
 A - 2

	
	Series A Holders
	
	 Lei Wang
 1189 Mountain Quail
Circle
 San Jose, CA 95120

	
	 Cheow Fatt Yeo
 1156 Corvallis
Ct.
 San Jose, CA 95120

	
	 Yi Ling Lin
 12F, 13, Jen-Al
Road
 Sec. 2 Taipei

Taiwan

	
	 Yasujuki Yoshizawa
 572-7
Kamitsuruma
 Sagamihara-shi 228-0802

Kanagawa Japan

	
	 Abraham Chen
 12333 Crayside
Lane
 Saratoga, CA 95070

	
	 Li-Chi Cheng
 3F, #10, Lane
135
 Wen-Hwa Road
 Yun-Ho,
Taipei
 Taiwan

	
	 Judi Ding
 Room 1001, Building
45
 No. 1285 Shing Zhong Road (W)

Shanghai, China

	
	 Hsiao-Ying Lee
 11F, #195,
Section 2
 Hueng-Ho West Road

Yun-Ho, Taipei
 Taiwan

	
	 Hui-Chu Ni
 Room 202, Building
4, No. 6
 Tianlin New Residence

Shanghai, China

  
 A - 3

	
	Series A Holders
	
	 Fenglian Wu
 Room 202, Building
4, No. 6
 Tianlin New Residence

Shanghai, China

	
	 Jen-Yeong Yu
 9F, 14, #88 Lane,
Section 2
 Pao Fu Road
 Yung Ho,
Taipei
 Taiwan

	
	 Instilink Co., Ltd.
 7F,
#420
 Fusing N. Road
 Taipei,
Taiwan

	
	Sino-Alliance International, Ltd.
	
	 Ya-Ching Jen
 7F, No. 27,
Lane 473
 Kwang Fu South Road
 Taipei,
Taiwan, R.O.C.

	
	 Yi-Fen Kung
 1F, No. 28,
Lane 58
 Kwang Fu South Road
 Taipei,
Taiwan, R.O.C.

	
	 Fu Mei Kuo
 524 East Warren
Avenue
 Fremont, CA 94539

	
	Mobiletron Electronics Co., Ltd.
	
	 Emily W. Wang
 4115 Miramar
Drive
 Hacienda Heights, CA 91745

  
 A - 4

	
	Series A Holders
	
	 Yue-Ling Yu
 4F, No. 28,
Lane 58
 Kwang Fu South Road
 Taipei,
Taiwan, R.O.C

  
 A - 5

	
	Series B Holders
	
	 IP Fund One, L.P.
 The Offices
of Maples and Calder
 Ugland House

P.O. Box 309 George Town
 Grand Cayman

Cayman Islands
 British West
Indies

	
	 JAFCO Asia Technology Fund
 c/o
JAFCO Investment (Asia Pacific) Limited
 6 Battery Road
 #42-01
 Singapore 049909

	
	Mobiletron Electronics Co., Ltd.
	
	 Dynamic Capital Corp.
 Room
706, 7F, No. 205, sec. 1
 Tun Hwa S. Road
 Taipei, Taiwan

	
	 UOB Hermes Asia Technology Fund

c/o UOB Venture Management
 Pte Ltd. Of 80
Raffles Place
 #30-20 UOB Plaza 2

Singapore 048624

	
	 Intel Capital Corporation
 c/o
32F, Two Pacific Place
 88 Queensway

Central, Hong Kong

	
	 C Squared Investment Inc.
 3F,
no. 13, Sec. 2
 Chi Nan Road
 Taipei,
Taiwan

  
 A - 6

	
	Series B Holders
	
	 Somjai Chuangcharoendee

36/36M, Villa Royal
 Budtamonton, Sai 2,
Bangpai
 Paseecharoen Bankok
 Thailand
10160

	
	 Chang Yong Chen

No. 402
 Chin Nien First Road

Kaohsiung, Taiwan

	
	 Yu-I (Wayne) Tseng
 8F,
No. 50, Lane 10,
 Kee Hu Road
 Nei
Hu, Taipei
 Taiwan

	
	 Chih Hui Tsai
 No. 18,
Lane 126, Lungshan 1st Street

Da Ya Shiang, Taichung Hsien
 Taiwan
42846

	
	 Ane Vile Mu Venture Limited

Room 1003-1005 Allied Kajima Building
 138
Gloucester Rd.
 Wan Chai, Hong Kong

	
	 Su Wan Chien
 No. 13, Lane
494
 Jung Shan North Road
 Daya
Shiang
 Taichung Hsien
 Taiwan
42860

	
	 Lin Wei Tsai Chien
 39, Sec. 3,
Chung Ching Road
 Ta Ya, Taichung Hsien

Taiwan 428

	
	 Wen Chen Tsai
 39, Sec., 3
Chung Ching Road
 Ta Ya Taichung Hsien

Taiwan 428

  
 A - 7

	
	Series B Holders
	
	 Chen Ku Wei
 No. 310
Fushing Road
 Nantou City
 Nantou
Taiwan 54045

	
	 Chen Tu Wei
 No. 23, Alley
1, Lane 137, Wenhua Road
 Nantou City

Nantou, Taiwan 54043

	
	 Yu Sheng Wang
 10F1-5,
No. 559
 Yungchuendung 1st Road
 Nantuen
Chiu, Taichung
 Taiwan 40877

	
	 Jo Hao Chiao
 No. 8, Lane
292, Shaluen Road
 Tianjung Jen

Changhua, Taiwan 52042

	
	 Hao Jan Lu
 10F, No. 17-9,
Jinjiung Street
 Taichung, Taiwan 40455

  
 A - 8

	
	Series C Holders
	
	 New Enterprise Associates 11, Limited Partnership
 1119 St. Paul Street
 Baltimore, MD 21202

	
	 NEA Ventures 2004, Limited Partnership
 1119 St. Paul Street
 Baltimore, MD 21202

	
	 Granite Global Ventures (Q.P.) L.P.
 2494 Sand Hill Road, Suite 201
 Menlo Park, CA 94025

	
	 Granite Global Ventures L.P.

2494 Sand Hill Road, Suite 201
 Menlo Park, CA
94025

	
	 Venrock Entrepreneurs Fund IV, L.P.
 2494 Sand Hill Road,
 Suite 200 Menlo Park, CA 94025

	
	 Venrock Associates IV, L.P.

2494 Sand Hill Road,
 Suite 200 Menlo Park, CA
94025

	
	 Venrock Partners, L.P.
 2494
Sand Hill Road,
 Suite 200 Menlo Park, CA 94025

	
	 Manitou Ventures I, L.P.
 460
Bush Street, 2nd Floor

San Francisco, CA 94108

	
	 Pinnacle Equity Investment Inc.

58 Belmont Road
 Singapore
269890

  
 A - 9

	
	Series C Holders
	
	 Matthew Ocko
 P.O. Box
6146
 Bellevue, WA 98008

	
	 John T. Olds
 250 Steiner
Street
 San Francisco, CA 94133

	
	 UOB Hermes Asia Technology Fund

c/o UOB Venture Management
 Pte Ltd. Of 80
Raffles Place
 #30-20 UOB Plaza 2

Singapore 048624

	
	 Midas Technology Inc.
 7F,
#92-2 Sung Kao Road
 Hsin Yi Dist., Taipei Taiwan

	
	 C Squared Investment Inc.
 3F,
No. 13, Sec. 2
 Chi Nan Road Taipei, Taiwan

	
	 C Squared Venture Capital Inc.

3F, No. 13, Sec. 2
 Chi Nan Road Taipei,
Taiwan

	
	 Mintong International Ltd.
 7F,
#92-2 Sung Kao Road
 Hsin Yi Dist., Taipei
 Taiwan

	
	 JAFCO Asia Technology Fund
 c/o
JAFCO Investment (Asia Pacific) Ltd.
 6 Battery Road #42-01
 Singapore 049909

	
	 We Sure Inc.
 7F, #92-2 Sung
Kao Road
 Hsin Yi Dist., Taipei

Taiwan

  
 A -10

	
	Series C Holders
	
	 IP Fund One, L.P.
 The Offices
of Maples and Calder
 Ugland House

P.O. Box 309 George Town
 Grand Cayman

Cayman Islands
 British West
Indies

	
	 Intel Capital Corporation
 c/o
32F, Two Pacific Place
 88 Queensway

Central, Hong Kong

	
	 Dynamic Capital Corp.
 Room
706, 7F, No. 205, Sec. 1
 Tun Hwa S. Road
 Taipei, Taiwan

	
	 Mustek Systems Inc.

No. 25, R&D Road II
 Science-Based
Industrial Park
 Hsin Chu, Taiwan

	
	 Redpoint Ventures II, LP
 3000
Sand Hill Road
 Bldg. 2, Suite 290

Menlo Park, CA 94025

	
	 Redpoint Associates II, LLC

3000 Sand Hill Road
 Bldg. 2, Suite
290
 Menlo Park, CA 94025

	
	 Chien-Cheng Chang
 375 Pepper
Avenue
 Hillsborough, CA 94010

	
	 Chiu-Hua Chang
 3F, #4, Alley
21, Lane 650 Sung Shan Road
 Taipei, Taiwan

	
	 Liang Dong Chu
 21861 Granada
Ave.
 Cupertino, CA 95014

  
 A -11

	
	Series C Holders
	
	 Wen-Tsung Cheng
 No. 25,
R&D Road II
 Science-Based Industrial Park
 Hsin Chu, Taiwan

	
	 Tsu-Chieh Cheng
 7F, No.226,
Section 7, Chung-Shan North Road
 Taipei, Taiwan

	
	 Ariene Chou
 685 Montana
Vista
 Fremont, CA 94539

	
	 Max KC Fang
 7F, #11, Lane
188
 Chun Kin Road,
 Taipei
Taiwan

	
	 Yvonne Huang
 235 Millcreek
Lane
 Naperville, IL 60540

	
	 Yi Ling Lin
 12F, 13, Jen-Al
Road
 Sec. 2 Taipei

Taiwan

	
	 Norman T. H. Liu
 2823 Rio
Ciaro Dr.
 Hacienda Heights, CA 91745

	
	 Raymond B. Sia
 P.O. Box
6146
 Bellevue, WA 98008

	
	 Ping-Chun Su
 7F, #92-2 Sung
Kao Road
 Hsin Yi Dist., Taipei

Taiwan

	
	 Ronald D. Verdoorn
 18850
Bellavina
 Saratoga, CA 95070

  
 A -12

	
	Series C Holders
	
	 Yu-Ching Wang
 4F-1
No. 282, Lecyun II Rd
 Jhongshan District
 Taipei City 104, Taiwan

	
	 Redpine Finance Holdings, Inc.

2400 Geng Rd., Suite 200
 Mail Sort NC
712
 Palo Alto, CA 94303

	
	Hsi-Chen International Ltd.
	
	 Ya-Ching Jen
 7F, No. 27,
Lane 473
 Kwang Fu South Road
 Taipei,
Taiwan, R.O.C.

	
	 Emily W. Wang
 4115 Miramar
Drive
 Hacienda Heights, CA 91745

	
	 Yue-Ling Yu
 4F, No. 28,
Lane 58
 Kwang Fu South Road
 Taipei,
Taiwan, R.O.C.

  
 A -13

 EXHIBIT B-1 

FORM OF CERTIFICATE OF OWNERSHIP 

  
 B - 1

 CERTIFICATE OF OWNERSHIP 

The undersigned duly authorized representative of the below-listed shareholder (the “Member”) of BCD
Semiconductor Manufacturing Limited, a Cayman Islands company (the “Company”), hereby certifies on behalf of the Member as follows: 
 1.    The Member is a single purpose funding entity.    No   ̈    Yes   ̈ 
 For purposes hereof, a shareholder shall be deemed a “single purpose
funding entity” if, immediately following its investment in the Company, less than 50% of the book value of its total assets would consist of assets other than equity interests in the Company. 

2.    If the Member is a single purpose funding entity, the following is a complete list of each underlying
beneficial owner of the Member (include attachments if necessary): 
  

					
	Beneficial owner:	 	  
	  	
			
	Beneficial owner:	 	  
	  	
			
	Beneficial owner:	 	  
	  	

 3.    If the undersigned is a single purpose funding entity, the undersigned
will (a) cause each of the aforementioned beneficial owners to execute the attached beneficial owner side letter and (b) return each executed letter to the Company. 

On behalf of the Member, the undersigned hereby certifies that the foregoing statements are correct, to the best of my knowledge and
belief after due inquiry. 

Dated:                     

 

			
	[Member Name]
		
	By:	 	
 

			
		
	Name:	 	
 

			
		
	Title:	 	  

  
 B - 2

 EXHIBIT B-2 

FORM OF BENEFICIAL OWNER LETTER 

  
 B - 3

 [Letterhead of Beneficial Owner] 
 [Date] 
 BCD Semiconductor Manufacturing Limited 

[                         
   ] 

[                         
   ] 
 Dear Sirs: 
 This is to confirm that the undersigned agrees, for the benefit of you and your shareholders, that the undersigned shall not, directly or indirectly, take or permit to be taken any action, including any
disposition or other transfer of direct or beneficial ownership of any securities of or rights with respect to any entity over which the undersigned exercises control or influence by way of ownership of securities or
otherwise (a “Controlled Entity”), which would, if taken directly by such Controlled Entity, result in such Controlled Entity being in breach or violation of any agreement between or among such Controlled Entity,
you, your shareholders and/or other stakeholders. Without limiting the generality of the foregoing, the undersigned shall not transfer, and shall prevent any other entity from transferring, any securities of such Controlled Entity unless such
transfer would be permitted under Section 2 of the Second Amended and Restated Investors’ Right Agreement dated as of September 21, 2009 among you and certain of your shareholders (the “Investors’ Rights
Agreement”), assuming that the Series A Shares and/or Conversion Shares (as such terms are defined in the Investors’ Right Agreement) held by such Controlled Entity, rather than the securities of such Controlled
Entity, were being transferred. 
 The undersigned agrees that this letter will only be distributed to BCD Semiconductor
Manufacturing Limited and its legal counsel. 
  

			
	Very truly yours,
	
	[PRINT NAME OF BENEFICIAL OWNER]
		
	By:	 	
 

			
		
	Name:	 	
 

			
		
	Title:	 	  

  
 B - 4

 SCHEDULE 4.2 

Related Party Transactions 
 The following transactions with Techlink Equipment and Technology are exempted from the requirement of Section 4.2 that certain related party transactions be approved by a majority of Preference
Shares Directors: 
 1. Purchase Contract Valued at $410,000 for Varian 3290 Sputter 
 2. Purchase Contract Valued at $1,000,000 for NV10-160SD Implantor 
 3. Purchase Contract Valued
at $350,000 for POCAL3 Vertical Furnace 
 4. Purchase Contract Valued at $475,000 for SVG8800 2 Track Sys(Coater) 

5. Purchase Contract Valued at $285,000 for SVG8800 2 Track Sys(Developer) 
 6. Purchase Contract Valued at $290,000 for LAM 590 Oxide Etcher 
 7. Purchase Contract Valued at
$1,320,000 for BTU Bank 
 8. Purchase Contract Valued at $1,200,000 for Universal Wet Station

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]