Document:

Exhibit 4.4

 

WARRANT AGENT AGREEMENT

 

WARRANT AGENT AGREEMENT
(this “Warrant Agreement”) dated as of October 2, 2020 (the “Issuance Date”) between The9
Limited., a company incorporated under the laws of the Cayman Islands (the “Company”), and Computershare Inc.,
a Delaware corporation (“Computershare”), and its wholly-owned subsidiary, Computershare Trust Company, N.A.,
a federally chartered trust company (the “Warrant Agent”).

 

WHEREAS, pursuant to
the terms of that certain Underwriting Agreement (“Underwriting Agreement”), dated September 29, 2020, between
the Company and Maxim Group., LLC (“Maxim”), as representative of the underwriters set forth therein, the Company is
engaged in a public offering (the “Offering”) of up to 27,025,000 American Depositary Shares (“ADSs”),
each ADS representing three (3) Class A ordinary shares of the Company, par value US$0.01 per share (“Ordinary Shares”),
and up to 27,025,000 Warrants (the “Warrants”), with each such Warrant representing the right of the holder
thereof to purchase one ADS (each, a “Warrant ADS”) for US$0.37 per ADS, subject to adjustment as described
herein, plus applicable fees, charges and taxes;

 

WHEREAS, the ADSs are
issuable under the Amended and Restated Deposit Agreement dated as of June 28, 2019 (the “Deposit Agreement”)
among the Company, The Bank of New York Mellon, as depositary (the “Depositary”), and all Owners and Holders
(each as defined in the Deposit Agreement) from time to time of the ADSs issued thereunder;

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “Commission”) a Registration Statement, No. 333-240331,
on Form F-1 (as the same may be amended from time to time, the “Registration Statement”) for the registration,
under the Securities Act of 1933, as amended (the “Securities Act”), of, among other securities, the Warrants
and the Ordinary Shares underlying the Warrant ADSs issuable upon exercise of the Warrants (the “Warrant Shares”),
and such Registration Statement was declared effective on September 29, 2020;

 

WHEREAS, the Company
desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance with the terms
set forth in this Warrant Agreement in connection with the issuance, registration, registration of transfer and exercise of the
Warrants;

 

WHEREAS, the Company
desires to provide for the provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective
rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and
things have been done and performed which are necessary to make the Warrants the valid, binding and legal obligations of the Company,
and to authorize the execution and delivery of this Warrant Agreement.

 

NOW, THEREFORE, in
consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

     

     

    

 

1.                 
 Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company
with respect to the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance
with the express terms and conditions set forth in this Warrant Agreement (and no implied terms or conditions).

 

2.                 
Warrants.

 

2.1             
Form of Warrants. The Warrants shall be registered securities in book entry form and shall be evidenced by
a global certificate (“Global Certificate”) in the form of Annex A to this Warrant Agreement, which shall
be deposited on behalf of the Company with a custodian for The Depository Trust Company (“DTC”) and registered
in the name of Cede & Co., a nominee of DTC. If DTC subsequently ceases to make its book-entry settlement system available
for the Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In
the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, book-entry form,
the Company may instruct the Warrant Agent to provide written instructions to DTC to deliver to the Warrant Agent for cancellation
the Global Certificate, and the Company shall instruct the Warrant Agent to deliver each holder of the Warrants separate certificates
in the form of Annex A evidencing Warrants (“Definitive Certificates” and, together with the Global Certificate,
 “Warrant Certificates”) registered as requested through the DTC system. In the event Definitive Certificates
are delivered to the Holders, the transfer, exchange or exercise of the Warrants shall be conducted in accordance with the customary
procedures of the Warrant Agent. The Company shall use its best efforts to enable the Warrants be “DTC eligible” so
that the interests in the Warrants may be held in book-entry through DTC for the term of the Warrants.

 

2.1.1       
Exchange of Interest in Global Certificate for Definitive Certificate. Notwithstanding Section 2.1 above,
a holder of a security entitlement in Warrants evidenced by the Global Certificate has the right to elect at any time to exchange
it for a Definitive Certificate evidencing the same number of Warrants. Upon written notice by a Participant having Warrants credited
to its DTC account for the exchange of some or all that entitlement for a Definitive Certificate evidencing the same number of
Warrants, which request shall be in the form attached hereto as Annex D (a “Warrant Certificate Request Notice”
and the date of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice
Date” and the exchange made pursuant to the Warrant Certificate Request Notice, a “Warrant Exchange”),
and upon surrender by that Participant of the Warrants to be exchanged to the Warrant Agent through DTC’s system, the Warrant
Agent shall, without unreasonable delay, effect the Warrant Exchange by issuing and delivering a Definitive Certificate for such
number of Warrants in the name and mailed to the address set forth in the Warrant Certificate Request Notice. Such Definitive Certificate
shall be dated the original issue date of the Warrants, shall be manually executed by an authorized signatory of the Company and
shall be in the form attached hereto as Annex A In connection with a Warrant Exchange, the Company agrees to deliver, or
to direct the Warrant Agent to deliver, the Definitive Certificate to the specified Holder within ten (10) Business Days of the
Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (the “Warrant
Certificate Delivery Date”). “Business Day” means any day other than a Saturday, Sunday, or a day on which
banking institutions in the State of New York are authorized or obligated by law or executive order to close.

 

     

     

    

 

2.1.2       
 The Company shall provide to the Warrant Agent an opinion of counsel on or prior to the issuance of Warrants to
set up a reserve of Warrant Shares for the outstanding Warrants. The opinion shall state that all Warrants or Warrant Shares, as
applicable, are, (i) registered under the Securities Act of 1933, as amended, and (ii) validly issued, fully paid and non-assessable.

 

2.2             
Issuance and Registration of Warrants.

 

2.2.1       
Warrant Register. Upon the receipt of all relevant information from the Company or its agents, the Warrant
Agent shall maintain books (“Warrant Register”) for the registration of original issuance and the registration
of transfer of the Warrants.

 

2.2.2       
Issuance of Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue the Global
Certificate and deliver the Warrants in the DTC book-entry settlement system in accordance with written instructions delivered
to the Warrant Agent by the Company. Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such
ownership shall be effected through, records maintained (i) by DTC and (ii) by institutions that have accounts with DTC (each,
with respect to a Warrant in its account, a “Participant”).

 

2.2.3       
Beneficial Owner; Holder. Prior to due presentment for registration of transfer of any Warrant, the Company
and the Warrant Agent may deem and treat the person in whose name that Warrant shall be registered on the Warrant Register (the
 “Holder”, which shall include, if the Warrants are held in “street name”, a Participant or a designee
appointed by such Participant) as the absolute owner of such Warrant for purposes of any exercise thereof, and for all other purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing
herein shall prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any
written certification, proxy or other authorization furnished by DTC governing the exercise of the rights of a holder of a beneficial
interest in any Warrant. The rights of beneficial owners in a Warrant evidenced by the Global Certificate shall be exercised by
the Holder or a Participant through the DTC system.

 

2.2.4       
Execution. The Warrant Certificates shall be executed on behalf of the Company by any authorized officer
of the Company (an “Authorized Officer”), which need not be the same authorized signatory for all of the Warrant
Certificates, either manually or by facsimile signature. The Warrant Certificates shall be countersigned by an authorized signatory
of the Warrant Agent either by manual, electronic or facsimile signature, which need not be the same signatory for all of the
Warrant Certificates, and no Warrant Certificate shall be valid for any purpose unless so countersigned. In case any Authorized
Officer of the Company that signed any of the Warrant Certificates ceases to be an Authorized Officer of the Company before countersignature
by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless, may be countersigned by
the Warrant Agent, issued and delivered with the same force and effect as though the person who signed such Warrant Certificates
had not ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by any person
who, at the actual date of the execution of such Warrant Certificate, shall be an Authorized Officer of the Company authorized
to sign such Warrant Certificate, although at the date of the execution of this Warrant Agreement any such person was not such
an Authorized Officer.

 

     

     

    

 

2.2.5       
Registration of Transfer. At any time at or prior to the Expiration Date (as defined below), a transfer of
any Warrants may be registered and any Warrant Certificate or Warrant Certificates may be split up, combined or exchanged for another
Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates
surrendered. Any Holder desiring to register the transfer of Warrants or to split up, combine or exchange any Warrant Certificate
shall make such request in writing delivered to the Warrant Agent, and shall surrender to the Warrant Agent the Warrant Certificate
or Warrant Certificates evidencing the Warrants the transfer of which is to be registered or that is or are to be split up, combined
or exchanged and, in the case of registration of transfer, shall provide a signature guarantee by an “eligible guarantor
institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature
guarantee program.” Thereupon, the Warrant Agent shall countersign and deliver to the person entitled thereto a Warrant Certificate
or Warrant Certificates, as the case may be, as so requested. The Company and the Warrant Agent may require payment, by the Holder
requesting a registration of transfer of Warrants or a split-up, combination or exchange of a Warrant Certificate (but, for purposes
of clarity, not upon the exercise of the Warrants and issuance of Warrant ADS to the Holder), of a sum sufficient to cover any
tax or governmental charge that may be imposed in connection with such registration of transfer, split-up, combination or exchange,
together with reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto. The Warrant Agent
shall not have any duty or obligation to take any action under any section of this Warrant Agreement that requires the payment
of taxes and/or charges unless and until it is satisfied that all such payments have been made.

 

2.2.6       
Loss, Theft and Mutilation of Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence
reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft
or destruction, of indemnity or security acceptable to the Warrant Agent, and reimbursement to the Company and the Warrant Agent
of all reasonable expenses incidental thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate
if mutilated, the Warrant Agent shall, on behalf of the Company, countersign and deliver a new Warrant Certificate of like tenor
to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated. The Warrant Agent may charge the Holder
an administrative fee for processing the replacement of lost Warrant Certificates, which shall be charged only once in instances
where a single surety bond obtained covers multiple certificates. The Warrant Agent may receive compensation from the surety companies
or surety agents for administrative services provided to them. Notwithstanding anything herein to the contrary, in connection with
a Warrant in book entry or electronic form through DTC, no posting of a bond shall be required under this Section 2.2.6.

 

2.2.7       
Proxies. The Holder of a Warrant may grant proxies or otherwise authorize any person, including the Participants
and beneficial holders that may own interests through the Participants, to take any action that a Holder is entitled to take under
this Warrant Agreement or the Warrants; provided, however, that at all times that Warrants are evidenced by a Global
Certificate, exercise of those Warrants shall be effected on their behalf by Participants through DTC in accordance with the procedures
administered by DTC.

 

     

     

    

 

3.                 
 Terms and Exercise of Warrants.

 

3.1             
Exercise Price. Each Warrant shall entitle the Holder, subject to the provisions of the applicable Warrant
Certificate and of this Warrant Agreement, to purchase from the Company the number of ADSs stated therein, at the price of US$0.37
per ADS, subject to the subsequent adjustments provided in Section 4 hereof. The term “Exercise Price” as used
in this Warrant Agreement refers to the price per ADS at which ADSs may be purchased at the time a Warrant is exercised.

 

3.2             
Duration of Warrants. Warrants may be exercised only during the period (“Exercise Period”)
commencing on the Issuance Date and terminating at 5:00 P.M., New York City time (the “close of business”) on
October 2, 2023 (“Expiration Date”). Each Warrant not exercised on or before the Expiration Date shall become
void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement shall cease at the close of business
on the Expiration Date.

 

3.3             
Exercise of Warrants.

 

3.3.1       
Exercise and Payment. (a) Subject to the provisions of this Warrant Agreement, a Holder (or a Participant
acting on behalf of a Holder in accordance with DTC procedures) may exercise Warrants by delivering to the Warrant Agent, not later
than 5:00 P.M., New York City time, on any Business Day during the Exercise Period an election to purchase the Warrant ADSs underlying
the Warrants to be exercised (A) in the form included in Annex B to this Warrant Agreement or (B) via an electronic warrant
exercise through the DTC system (each, an “Election to Purchase”). Within one Trading Day following the delivery
of the Election to Purchase, the Holder shall deliver (i) the Warrants to be exercised by (A) surrender of the Warrant Certificate
evidencing the Warrants to the Warrant Agent at its office designated for such purpose or (B) delivery of the Warrants to an account
of the Warrant Agent at DTC designated for such purpose in writing by the Warrant Agent to DTC from time to time, (ii) and (ii)
the Exercise Price for each Warrant to be exercised (and, if applicable, any taxes or charges due in connection with the exercise
of such Warrants), in lawful money of the United States of America by (A) certified or official bank check or wire transfer from
a United States bank payable to the Warrant Agent or (B) payment to the Warrant Agent through the DTC system, unless cashless exercise
is applicable.

 

(b)              
If any of (i) the Warrants, (ii) the Election to Purchase, or (iii) the Exercise Price therefor (and, if applicable,
any taxes or charges due in connection with the exercise of such Warrants), is received by the Warrant Agent on any date after
5:00 P.M., New York City time, or on a date that is not a Trading Day, the Warrants with respect thereto will be deemed to have
been received and exercised on the Trading Day next succeeding such date. The “Exercise Date” will be the date
on which the Election to Purchase is delivered to the Warrant Agent. However, the Warrants shall not be deemed to be duly
exercised if (i) the Warrants and (ii) the Exercise Price therefore are not received by the Warrant Agent on or prior to the Trading
Day following the delivery of the Election to Purchase. If the Warrants are received or deemed to be received after the Expiration
Date, the exercise thereof will be null and void and any funds delivered to the Warrant Agent will be returned to the Holder or
Participant, as the case may be, as soon as practicable. “Trading Day” means any day on which the ADSs are
traded on the Trading Market, or, if the Trading Market is not the principal trading market for the ADSs, then on the principal
securities exchange or securities market in the United States on which the ADSs are then traded. “Trading Market”
means NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock
Exchange.

 

     

     

    

 

(c)              
The Warrant Agent shall deposit all funds received by it in payment of the Exercise Price in the account maintained
by the Warrant Agent in its name as agent for the Company. The Warrant Agent shall forward funds received for warrant exercises
in a given month by the fifth Business Day of the following month by wire transfer to an account designated by the Company, or
as otherwise from time to time as reasonably requested by the Company. All funds received by Computershare under this Agreement
that are to be distributed or applied by Computershare in the performance of services hereunder (the “Funds”) shall
be held by Computershare as agent for the Company and deposited in one or more bank accounts to be maintained by Computershare
in its name as agent for the Company. Until paid pursuant to the terms of this Warrant Agreement, Computershare will hold the Funds
through such accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating
above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT
Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare shall have no responsibility or liability for
any diminution of the Funds that may result from any deposit made by Computershare in accordance with this Section 3.3.1(c), including
any losses resulting from a default by any bank, financial institution or other third party. Computershare may from time to time
receive interest, dividends or other earnings in connection with such deposits. Computershare shall not be obligated to pay such
interest, dividends or earnings to the Company, any holder or any other party.

 

(d)              
If less than all the Warrants evidenced by a surrendered Warrant Certificate are exercised, the Warrant Agent shall
split up the surrendered Warrant Certificate and return to the Holder a Warrant Certificate evidencing the Warrants that were not
exercised.

 

3.3.2       
Issuance of Warrant Shares. (a) The Warrant Agent shall, by 11:00 a.m., New York City time, on the Trading
Day following the Exercise Date of any Warrant, advise the Company, the transfer agent and registrar for Ordinary Shares and the
Depositary, in respect of (i) the number of Warrant Shares indicated on the Election to Purchase as issuable upon such exercise
with respect to such exercised Warrants, (ii) the instructions of the Holder or Participant, as the case may be, provided to the
Warrant Agent with respect to the delivery of the Warrant ADSs and the number of Warrants that remain outstanding after such exercise
and (iii) such other information as the Company or the Depositary shall reasonably request.

 

(b)              
The Company shall, by no later than 5:00 P.M., New York City time, on the fourth Trading Day following the Exercise
Date of any Warrant, provided the funds in payment of the Exercise Price for each Warrant to be exercised have cleared on the Trading
Day following the Exercise Date, cause its registrar to deliver the Warrant Shares issuable upon that exercise to the Depositary’s
custodian for deposit under the Deposit Agreement and instruct the Depositary to deliver the Warrant ADSs issuable upon that deposit
of Warrant Shares as requested in the Election to Purchase.

 

     

     

    

 

(c)              
 The Company shall, by no later than 5:00 P.M., New York City time, on the fifth Trading Day following the Exercise
Date of any Warrant, provided the funds in payment of the Exercise Price for each Warrant to be exercised have cleared on the Trading
Day following the Exercise Date, cause the Depositary to deliver the Warrant ADSs to the Holder pursuant to the Election to Purchase
(the “Warrant ADS Delivery Date”).

 

3.3.3       
Valid Issuance. All Warrant Shares and Warrant ADSs issuable by the Company upon the proper exercise of a
Warrant in conformity with this Warrant Agreement shall be validly issued, fully paid and non-assessable.

 

3.3.4       
No Fractional Exercise. No fractional Warrant ADSs will be issued upon the exercise of the Warrant, but rather
the Company shall adjust the number of Warrant Shares issued up or down to the nearest integral multiple of the number of Ordinary
Shares at the time represented by one ADS.

 

3.3.5       
No Transfer Taxes. The Company shall not be required to pay any stamp or other tax or charge required to be
paid in connection with the exercise of Warrants; and the Company shall not be required to issue or deliver any Warrant Shares
until such tax or other charge shall have been paid or it has been established to the Company’s and the Warrant Agent’s
satisfaction that no such tax or other charge is due. For purposes of clarity, the Company shall pay any stamp or other tax or
charge required to be paid in connection with any issuance to the Holder of the Warrant ADSs or Warrant Shares upon the exercise
of Warrants.

 

3.3.6       
Date of Issuance. (a) The Holder shall only be deemed for all corporate purposes to have become the holder
of record of the Warrant ADSs on the Exercise Date, except that, if the Exercise Date is a date when the stock transfer books of
the Company are closed, such person shall be deemed to have become the holder of such shares at the open of business on the next
succeeding date on which the stock transfer books are open. However, it is understood and agreed that Warrant ADSs will
not be registered or issued until the Depositary receives notice from its custodian that the Warrant Shares have been deposited
under the Deposit Agreement; provided further, however, it is acknowledged and agreed that the Company shall take all reasonable
steps to ensure the Warrant ADSs are delivered to the Holder on or prior to the Warrant ADS Delivery Date in accordance with Section
3.3.2(c) hereof and, if the Warrant ADSs are not delivered to the Holder on or prior to the Warrant ADS Delivery Date, the provisions
of Section 3.3.9 shall apply.

 

(b)              
No exercising Holder, which Holder effected a Warrant Exchange pursuant to Section 2.1.1 prior to the Exercise Date,
shall be required to surrender its Warrant to the Warrant Agent, unless such exercise is for the remaining numbers of ADSs issuable
upon exercise of such Warrant, in which case the Holder shall deliver the Warrant Certificate to the Warrant Agent within three
(3) Business Days.

 

     

     

    

 

3.3.7       
Restrictive Legend Events; Cashless Exercise Under Certain Circumstances.

 

(i)                
The Company shall use its commercially reasonable efforts to maintain the effectiveness of the Registration Statement
and the current status of the prospectus included therein or to file and maintain the effectiveness of another registration statement
and another current prospectus covering the Warrants and the Warrant Shares at any time that the Warrants are exercisable. The
Company shall provide to the Warrant Agent and each Holder prompt written notice of any time that the Company is unable to deliver
the Warrant ADSs via DTC transfer or otherwise without restrictive legend because (A) the Commission has issued a stop order with
respect to the Registration Statement, (B) the Commission otherwise has suspended or withdrawn the effectiveness of the Registration
Statement, either temporarily or permanently, (C) the Company has suspended or withdrawn the effectiveness of the Registration
Statement, either temporarily or permanently, (D) the prospectus contained in the Registration Statement is not available for
the issuance of the Warrant ADSs to the Holder, (E) the Registration Statement or the prospectus contained in the Registration
Statement is not current and does not conform to the requirements of the applicable rules and regulations, or the SEC has not
declared effective a post-effective amendment to the Registration Statement if one is required to be filed to update the disclosure
in the Registration Statement, or (F) otherwise (each a “Restrictive Legend Event”). To the extent that the
Warrants cannot be exercised as a result of a Restrictive Legend Event or a Restrictive Legend Event occurs after a Holder has
exercised Warrants in accordance with the terms of the Warrants but prior to the delivery of the Warrant ADSs, the Company shall,
at the election of the Holder, which shall be given within five (5) days of receipt of such notice of the Restrictive Legend Event,
either (A) rescind the previously submitted Election to Purchase and the Company shall return all consideration paid by registered
holder for such shares upon such rescission or (B) treat the attempted exercise as a cashless exercise as described in paragraph
(ii) below and refund the cash portion of the exercise price to the Holder.

 

(ii)             
If a Restrictive Legend Event has occurred, the Warrant shall only be exercisable on a cashless basis. Notwithstanding
anything herein to the contrary, other than the rights of any Holder to receive cash payments pursuant to Section 3.3.9 herein,
the Company shall not be required to make any cash payments or net cash settlement to the Holder in lieu of delivery of the Warrant
ADSs. Upon a “cashless exercise”, the Holder shall be entitled to receive the number of Warrant ADSs equal to the quotient
obtained by dividing (A-B) (X) by (A), where:

 

(A)       =
as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Election to Purchase if such Election
to Purchase is (1) both executed and delivered pursuant to Section 3.3.1 hereof on a day that is not a Trading Day or (2) both
executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours”
(as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the
option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Election to Purchase
or (z) the Bid Price of the Ordinary Shares on the principal Trading Market as reported by Bloomberg L.P. as of the time of the
Holder’s execution of the applicable Election to Purchase if such Election to Purchase is executed during “regular
trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the
close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of
the applicable Election to Purchase if the date of such Election to Purchase is a Trading Day and such Election to Purchase is
both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading
Day;

 

     

     

    

 

(B)       = the
Exercise Price of the Warrant, as adjusted as set forth herein; and

 

		(X)	= the number of Warrant ADSs that would be issuable upon exercise of the Warrant in accordance with the terms of the Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If the Warrant ADSs
are issued in such a cashless exercise, the Company acknowledges and agrees that, in accordance with Section 3(a)(9) of the Securities
Act, the Warrant ADSs shall take on the registered characteristics of the Warrants being exercised and the Company agrees not to
take any position contrary thereto. Upon receipt of an Election to Purchase for a cashless exercise, the Warrant Agent will promptly
deliver a copy of the Election to Purchase to the Company to confirm the number of Warrant ADSs issuable in connection with the
cashless exercise. The Company shall calculate and transmit to the Warrant Agent in a written notice, and the Warrant Agent shall
have no duty, responsibility or obligation under this section to calculate, the number of Warrant ADSs issuable in connection with
any cashless exercise. The Warrant Agent shall be entitled to rely conclusively on any such written notice provided by the Company,
and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with such written
instructions or pursuant to this Warrant Agreement.

 

For purposes of this
Warrant Agreement the term “VWAP” shall mean, for any date, the price determined by the first of the following
clauses that applies: (a) if the ADSs are then listed or quoted on a Trading Market, the daily volume weighted average price of
the ADSs for such date (or the nearest preceding date) on the Trading Market on which the ADSs are then listed or quoted as reported
by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) the volume
weighted average price of the ADSs for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the ADSs are
not then listed or quoted for trading on the OTC Bulletin Board and if prices for the ADSs are then reported in the OTCQB maintained
by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent
bid price per ADS so reported, or (d) in all other cases, the fair market value of an ADS as determined by an independent appraiser
selected in good faith by the Company, the fees and expenses of which shall be paid by the Company.

 

Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then
listed or quoted on a Trading Market, the bid price of the Ordinary Shares for the time in question (or the nearest preceding date)
on the Trading Market on which the Ordinary Shares is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day
from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary Shares are
then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the
most recent bid price per share of the Ordinary Shares so reported, or (d) in all other cases, the fair market value of an
Ordinary Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the
Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

     

     

    

 

3.3.8       
 Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation
of the number of Warrant ADSs issuable in connection with any exercise, the Company shall promptly deliver to the Holder the number
of Warrant ADSs that are not disputed.

 

3.3.9       
Compensation for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise.  In addition to any
other rights available to the Holder, if the Company fails to cause the Depositary to deliver the Warrant ADSs to the Holder pursuant
to Section 3.3.2, and if after such date the beneficial owner is required by its broker to purchase (in an open market transaction
or otherwise) or the beneficial owner’s brokerage firm otherwise purchases, ADSs or Ordinary Shares to deliver in satisfaction
of a sale by the beneficial owner of the Warrant ADSs, which the beneficial owner anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the beneficial owner’s total purchase
price (including brokerage commissions, if any) for the Warrant ADSs or Warrant Shares so purchased exceeds (y) the amount obtained
by multiplying (1) the number of Warrant ADSs or Warrant Shares, as applicable, that the Company was required to deliver to the
Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation
was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant
ADSs or Warrant Shares, as applicable, for which such exercise was not honored (in which case such exercise shall be deemed rescinded)
or deliver to the Holder the number of Warrant ADSs or Warrant Shares, as applicable, that would have been issued had the Company
timely complied with its delivery obligations.  For example, if the beneficial owner purchases ADSs or Ordinary Shares having
a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Warrant ADSs with an aggregate sale
price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence, the Company shall
be required to pay the Holder $1,000 for the benefit of the beneficial owner. The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount
of such loss.  Nothing herein shall limit right of a Holder to pursue any other remedies available to it hereunder, at law
or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver Warrant ADSs upon exercise of Warrants as required pursuant to the terms of this Warrant Agreement. The
Warrant Agent shall have no liability for the Company’s failure to deliver to the Holders the Warrant ADSs as set forth in
this Section 3.3.9.

 

In addition, if the Company
fails for any reason to deliver to the Holder the Warrant ADSs subject to an Election to Purchase by the Warrant ADS Delivery Date,
the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant ADSs subject
to such exercise (based on the VWAP of the ADSs on the date of the applicable Election to Purchase), $10 per Trading Day (increasing
to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such
Warrant ADS Delivery Date until such Warrant ADSs are delivered or Holder rescinds such exercise. The Company agrees to maintain
a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. In addition,
if the Company fails to cause the Depository to transmit to the Holder the Warrant ADSs by the Warrant ADS Delivery Date, then
the Holder will have the right to rescind such exercise.

 

     

     

    

 

3.3.10   
Beneficial Ownership Limitation. A Holder shall not have the right to exercise any Warrants to the extent that after giving effect
to the issuance of Warrant ADSs as set forth on the applicable Election to Purchase, such Holder or a person holding through such
Holder (together with such Holder’s or person’s Affiliates (as defined in Rule 405 under the Securities Act), and
any other persons acting as a group together with that Holder or person or any of that Holder’s or person’s Affiliates),
would beneficially own in excess of 4.99% (or, at the election of the Holder prior to the issuance of the Warrants, 9.99%) (“Beneficial
Ownership Limitation”) of the Company’s Ordinary Shares. For purposes of the foregoing sentence, the number of
Ordinary Shares beneficially owned by a person shall include the number of Ordinary Shares underlying ADSs held by the Holder
plus the number of Ordinary Shares underlying the Warrant ADSs that would be owned by that person issuable upon exercise of the
Warrants with respect to which such determination is being made, but shall exclude the number of Ordinary Shares (i) underlying
the Warrant ADSs which would be issuable upon exercise of the remaining, non-exercised Warrants beneficially owned by that person
or any of its Affiliates and (ii) underlying any other securities of the Company held by such Holder or its Affiliates that are
exercisable or convertible into Ordinary Shares and subject to a limitation on conversion or exercise that is analogous to the
limitation contained in this Section 3.3.10. Except as set forth in the preceding sentence, for purposes of this Section 3.3.10,
beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the
 “Exchange Act”) and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that
neither the Warrant Agent nor the Company is representing to the Holder that such calculation is in compliance with Section 13(d)
of the Exchange Act and the Holder or beneficial owner is solely responsible for any schedules required to be filed in accordance
therewith. To the extent that the limitation contained in this Section 3.3.10 applies, the determination of whether a Warrant
is exercisable and of the number of Warrants that are exercisable shall be in the sole discretion of the Holder, and the submission
of an Election to Purchase shall be deemed to be the Holder’s determination of whether such Warrant is exercisable and of
the number of Warrants that are exercisable, and neither the Warrant Agent nor the Company shall have any obligation to verify
or confirm the accuracy of such determination and neither of them shall have any liability for any error made by the Holder or
any other person. In addition, a determination as to any group status as contemplated above shall be determined in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 3.3.10,
in determining the number of outstanding Ordinary Shares, a Holder or other person may rely on the number of outstanding Ordinary
Shares as reflected in (A) the Company’s most recent periodic or annual report filed with the Securities and Exchange Commission,
as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or
the Company’s transfer agent setting forth the number of Ordinary Shares outstanding. For any reason at any time, upon the
written or oral request of a person that represents that it is or is acting on behalf of a Holder, the Company shall, within two
(2) Trading Days, confirm orally or in writing or by e-mail to that person the number of Ordinary Shares then outstanding. Upon
delivery of a written notice to the Company, the Holder may from time to time increase or decrease the Beneficial Ownership Limitation
to any other percentage not in excess of 9.99% as specified in such notice, provided that any increase in the Beneficial Ownership
Limitation will not be effective until the sixty-first (61st) day after such notice is delivered to the Company and
any such increase or decrease will apply only to the Holder and its Affiliates and not to any other holder of Warrants. The provisions
of this Section 3.3.10 shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this
Section 3.3.10 to correct this subsection (or any portion hereof) which may be defective or inconsistent with the intended beneficial
ownership limitation herein contained.

 

     

     

    

 

3.3.11   
The Company shall pay all Warrant Agent and Depositary fees required for timely processing of any Election to Purchase
and all fees to DTC (or another established clearing corporation performing similar functions) required for electronic issuance
and delivery of the Warrant ADSs for timely delivery of Warrant ADSs on or prior to the Warrant ADSs Delivery Date. The Company
shall pay all applicable fees and expenses of the Depositary in connection with the issuance of the Warrants ADSs hereunder.

 

4.                 
Adjustments.

 

4.1             
Adjustment upon Subdivisions or Combinations. If the Company at any time after the Issuance Date subdivides
(by any stock split, stock dividend, recapitalization, reorganization, scheme of arrangement or otherwise) its outstanding Ordinary
Shares into a greater number of Ordinary Shares or the ratio of Ordinary Shares per ADS is reduced (e.g., the ratio is changed
from 3 Ordinary Shares per one ADS to 2 Ordinary Shares per one ADS), the Exercise Price in effect immediately prior to such subdivision
will be proportionately reduced and the number of Warrant ADSs will be proportionately increased. If the Company at any time after
the Issuance Date combines (by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise)
its outstanding Ordinary Shares into a smaller number of Ordinary Shares or the ratio of Ordinary Shares per ADS is increased (e.g.,
the ratio is changed from 3 Ordinary Shares per one ADS to 5 Ordinary Shares per one ADS), the Exercise Price in effect immediately
prior to such combination will be proportionately increased and the number of Warrant ADSs will be proportionately decreased. Any
adjustment under this Section 4.1 shall become effective at the close of business on the date the subdivision or combination or
ratio change becomes effective. The Company shall promptly notify the Warrant Agent in writing of any adjustment to the Warrants
and give specific instructions to the Warrant Agent with respect to any adjustments to the warrant register.

 

4.2             
Adjustment for Other Distributions. In the event the Company shall fix a record date for the making of a dividend
or distribution to all holders of Ordinary Shares of any evidences of indebtedness or assets or subscription rights, options or
warrants (excluding those referred to in Section 4.1 or other dividends paid out of retained earnings), then in each such case
the Holder will, upon the exercise of Warrants, be entitled to receive, in addition to the number of Warrant ADSs issuable thereupon,
and without payment of any additional consideration therefor, the amount of such dividend or distribution, as applicable, which
such Holder would have held on the date of such exercise had such Holder been the holder of record of such Warrant ADSs as of the
date on which holders of ADSs became entitled to receive such dividend or distribution. Such adjustment shall be made whenever
any such distribution is made and shall become effective immediately after the record date mentioned above.

 

     

     

    

 

4.3             
Reclassification, Consolidation, Purchase, Combination, Sale or Conveyance. If, at any time while the Warrants
are outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation
of the Company with or into another person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment,
transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions,
(iii) any direct or indirect purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed
pursuant to which holders of ordinary shares (including those represented by ADSs) are permitted to sell, tender or exchange their
shares for other securities, cash or property and has been accepted by the holders of 50% or more of the total voting power of
the Company’s ordinary shares (including those represented by ADSs) (not including any Ordinary Shares (including those
represented by ADSs) held by the other person or other persons making or party to, or associated or affiliated with the other
persons making, such purchase offer, tender offer or exchange offer), (iv) the Company, directly or indirectly, in one or more
related transactions effects any reclassification, reorganization or recapitalization of ADSs or Ordinary Shares or any compulsory
share exchange pursuant to which the ADSs or Ordinary Shares are effectively converted into or exchanged for other securities,
cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share
purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off
or scheme of arrangement) with another person whereby such other person acquires more than 50% of the total voting power of the
Company’s ordinary shares (including those represented by ADSs) (not including any Ordinary Shares (including those represented
by ADSs) held by the other person or other persons making or party to, or associated or affiliated with the other persons making
or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of a Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction (without regard to any
limitation in Section 3.3.10 on the exercise of the Warrants), the number of shares, if any, of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, or depositary shares representing those shares, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of ADSs for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation
in Section 3.3.10 on the exercise of the Warrants). For purposes of any such exercise, the determination of the Exercise Price
shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one ADS in such Fundamental Transaction and the Company shall apportion the Exercise Price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of
ADSs are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not
the survivor (the “Successor Entity”), to assume in writing all of the obligations of the Company under this
Warrant Agreement in accordance with the provisions of this Section 4.3 pursuant to written agreements in form reasonably satisfactory
to the Warrant Agent and shall, upon the written request of the Holder of Warrants, deliver to that Holder in exchange for those
Warrants a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to those
Warrants that is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity),
if any, plus any Alternate Consideration, receivable as a result of such Fundamental Transaction by a holder of the number of
ADSs for which those Warrants were exercisable immediately prior to such Fundamental Transaction, and with an exercise price which
applies the exercise price hereunder to such shares of capital stock, if any, plus any Alternate Consideration (but taking into
account the relative value of the ADSs or Ordinary Shares prior to such Fundamental Transaction and the value of such shares of
capital stock plus Alternate Consideration after that Fundamental Transaction, for the purpose of protecting the economic value
those Warrants had immediately prior to the consummation of such Fundamental Transaction). Upon the occurrence of any such Fundamental
Transaction the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental
Transaction, the provisions of this Warrant Agreement and the Warrant referring to the “Company” shall refer instead
to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the
Company under this Warrant Agreement and the Warrant with the same effect as if such Successor Entity had been named as the Company
herein.

 

     

     

    

 

The Company shall instruct
the Warrant Agent in writing to mail by first class mail, postage prepaid, to each Holder, written notice of the execution of any
such amendment, supplement or agreement with the Successor Entity. Any supplemented or amended agreement entered into by the successor
corporation or transferee shall provide for adjustments, which shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Section 4.3. The Warrant Agent shall have no duty, responsibility or obligation to determine the correctness
of any provisions contained in such agreement or such notice, including but not limited to any provisions relating either to the
kind or amount of securities or other property receivable upon exercise of warrants or with respect to the method employed and
provided therein for any adjustments, and shall be entitled to rely conclusively for all purposes upon the provisions contained
in any such agreement. The provisions of this Section 4.3 shall similarly apply to successive reclassifications, changes, consolidations,
mergers, sales and conveyances of the kind described above.

 

4.4             
Other Events. If any event occurs of the type contemplated by the provisions of Section 4.1 or 4.2 but not
expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock
rights or other rights with equity features to all holders of ADSs for no consideration), then the Company’s Board of Directors
will, at its discretion and in good faith, make an adjustment in the Exercise Price and the number of Warrant ADSs or designate
such additional consideration to be deemed issuable upon exercise of a Warrant, so as to protect the rights of the registered Holder.
No adjustment to the Exercise Price will be made pursuant to more than one sub-section of this Section 4 in connection with a single
issuance.

 

4.5             
Notices of Changes in Warrant. Upon every adjustment of the Exercise Price or the number of Warrant ADSs
issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state
the Exercise Price resulting from such adjustment and the increase or decrease, if any, in the number of Warrant ADSs purchasable
at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based. Upon the occurrence of any event specified in Sections 4.1 or 4.2, then, in any such event, the
Company shall give written notice to each Holder, at the last address set forth for such holder in the Warrant Register, as of
the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality
or validity of such event. The Warrant Agent shall be entitled to rely conclusively on, and shall be fully protected in relying
on, any certificate, notice or instructions provided by the Company with respect to any adjustment of the Exercise Price or the
number of shares issuable upon exercise of a Warrant, or any related matter, and the Warrant Agent shall not be liable for any
action taken, suffered or omitted to be taken by it in accordance with any such certificate, notice or instructions or pursuant
to this Warrant Agreement. The Warrant Agent shall not be deemed to have knowledge of any such adjustment unless and until it
shall have received written notice thereof from the Company.

 

     

     

    

 

5.                 
Restrictive Legends; Fractional Warrants.

 

In the event that a
Warrant Certificate surrendered for transfer bears a restrictive legend, the Warrant Agent shall not register that transfer until
the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
the Warrants must also bear a restrictive legend upon that transfer. The Warrant Agent shall not be required to effect any registration
of transfer or exchange which will result in the transfer of or delivery of a Warrant Certificate for a fraction of a Warrant.

 

6.                 
Expense Reimbursement. The Company shall reimburse the Holder, upon the Holder’s request, for any reasonable
fees charged to the Holder by the Depositary in connection with the issuance or holding or sale of ADSs, Warrant ADSs and/or Ordinary
Shares.

 

7.                 
Other Provisions Relating to Rights of Holders of Warrants.

 

7.1             
No Rights as Stockholder. Except as otherwise specifically provided herein, a Holder, solely in its capacity
as a holder of Warrants, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company
for any purpose, nor shall anything contained in this Warrant Agreement be construed to confer upon a Holder, solely in its capacity
as the registered holder of Warrants, any of the rights of a stockholder of the Company or any right to vote, give or withhold
consent to any corporate action (whether any reorganization, issue of stock, reclassification of share capital, consolidation,
merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights or rights to participate
in new issues of shares, or otherwise, prior to the issuance to the Holder of the Warrant ADSs which it is then entitled to receive
upon the due exercise of Warrants.

 

7.2             
Reservation of Ordinary Shares. The Company shall at all times reserve and keep available a number of its
authorized but unissued Ordinary Shares that will be sufficient to permit the exercise in full of all outstanding Warrants issued
pursuant to this Warrant Agreement.

 

8.                 
Concerning the Warrant Agent and Other Matters.

 

8.1             
(a) Whether or not any Warrants are exercised, the Company agrees to pay to the Warrant Agent reasonable compensation
for all services rendered by it hereunder in accordance with a fee schedule to be mutually agreed upon and, from time to time,
on demand of the Warrant Agent, to reimburse the Warrant Agent for all of its reasonable expenses and counsel fees and other disbursements
incurred in the preparation, delivery, negotiation, amendment, administration and execution of this Warrant Agreement and the
exercise and performance of its duties hereunder.

 

     

     

    

 

(b)              
All amounts owed by the Company to the Warrant Agent under this Warrant Agreement are due within 30 days of the invoice
date. Delinquent payments are subject to a late payment charge of one and one-half percent (1.5%) per month commencing 45 days
from the invoice date. The Company agrees to reimburse the Warrant Agent for any attorney’s fees and any other costs associated
with collecting delinquent payments.

 

(c)              
No provision of this Warrant Agreement shall require Warrant Agent to expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its duties under this Warrant Agreement or in the exercise of its rights.

 

8.2             
As agent for the Company hereunder the Warrant Agent:

 

(a)              
shall have no duties or obligations other than those specifically set forth in this Warrant Agreement or as may subsequently
be agreed to in writing by the Warrant Agent and the Company;

 

(b)              
shall have no obligation to effect any delivery of Warrant ADSs other than to instruct the Depositary with respect
to that delivery;

 

(c)              
shall be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value,
or genuineness of the Warrants or any Warrant Shares or Warrant ADSs;

 

(d)              
shall not be obligated to take any legal action under this Warrant Agreement; if, however, the Warrant Agent determines
to take any legal action under this Warrant Agreement, and where the taking of such action might, in its judgment, subject or expose
it to any expense or liability it shall not be required to act unless it has been furnished with an indemnity satisfactory to it;

 

(e)              
may rely on and shall be fully authorized and protected in acting or failing to act upon any certificate, instrument,
opinion, notice, letter, telegram, telex, facsimile transmission or other document or security delivered to the Warrant Agent and
believed by it to be genuine and to have been signed by the proper party or parties;

 

(f)               
shall not be liable or responsible for any recital or statement contained in the Registration Statement or any other
documents relating thereto, this Warrant Agreement or any Warrant Certificate except as to its countersignature thereof, or be
required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only;

 

(g)              
shall not have any liability for or be under any responsibility in respect of the validity of this Warrant Agreement
or the execution and delivery hereof (except the due execution hereof by the Warrant Agent) or in respect of the legality or validity
or execution of any Warrant Certificate (including in the case of book entry shares, by notation in book entry accounts reflecting
ownership), except its countersignature thereof; nor shall it be responsible for any breach by the Company of any covenant or
failure by the Company to satisfy any condition contained in this Warrant Agreement or in any Warrant Certificate; nor shall it
be liable or responsible for modification by or order of any court, tribunal, or governmental authority in connection with the
foregoing, any change in the exercisability of the Warrant ADSs or any adjustment required under this Warrant Agreement or responsible
for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such
adjustment;

 

     

     

    

 

(h)              
shall not be liable or responsible for any failure on the part of the Company to comply with any of its covenants
and obligations relating to the Warrants, including without limitation obligations under this Warrant Agreement and applicable
securities laws;

 

(i)                
may rely on and shall be fully authorized and protected in acting or failing to act upon the written, telephonic
or oral instructions with respect to any matter relating to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing
or qualifying any such actions) of officers of the Company, and is hereby authorized and directed to accept instructions with respect
to the performance of its duties hereunder from the Company or counsel to the Company, and may apply to the Company, for advice
or instructions in connection with the Warrant Agent’s duties hereunder, and the Warrant Agent shall not be liable for any
delay in acting while waiting for those instructions; any applications by the Warrant Agent for written instructions from the Company
may, at the option of the Warrant Agent, set forth in writing any action proposed to be taken or omitted by the Warrant Agent under
this Warrant Agreement and the date on or after which such action shall be taken or such omission shall be effective; the Warrant
Agent shall not be liable for any action taken by, or omission of, the Warrant Agent in accordance with a proposal included in
such application on or after the date specified in such application (which date shall not be less than five Business Days after
the date such application is sent to the Company, unless the Company shall have consented in writing to any earlier date) unless
prior to taking any such action, the Warrant Agent shall have received written instructions in response to such application specifying
the action to be taken or omitted;

 

(j)                
may consult with counsel satisfactory to the Warrant Agent and the advice or opinion of such counsel shall be full
and complete authorization and protection in respect of any action taken, suffered, or omitted by it hereunder in accordance with
the advice or opinion of such counsel;

 

(k)              
may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself
or by or through its attorneys or agents, and the Warrant Agent shall not be answerable or accountable for any act, omission, default,
neglect or misconduct of any such attorneys or agents or for any loss to the Company, to Holders or any other person resulting
from any such act, omission, default, neglect or misconduct, absent gross negligence or willful misconduct in the selection and
continued employment thereof (which gross negligence or willful misconduct must be determined by a final, non-appealable judgment
of a court of competent jurisdiction;

 

(l)                
is not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any person;

 

     

     

    

 

(m)            
 shall not be required hereunder to comply with the laws or regulations of any country other than the United States
of America or any political subdivision thereof; and Warrant Agent may, after consulting with the Company to the extent practical,
consult with foreign counsel, the fees and expenses of which shall be at the Company’s expense, to resolve any foreign law
issues that may arise as a result of the Company or any other party being subject to the laws or regulations of any foreign jurisdiction;

 

(n)              
(and any stockholder, affiliate, member, director, officer, agent, representative or employee of the Warrant Agent)
may buy, sell or deal in any of the Warrant ADSs or other securities of the Company or become pecuniarily interested in any transaction
in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though
it were not the Warrant Agent under this Warrant Agreement. Nothing herein shall preclude the Warrant Agent or any such stockholder,
affiliate, director, member, officer, agent, representative or employee from acting in any other capacity for the Company or for
any other person; and

 

(o)              
shall not be required to take notice or be deemed to have notice of any event or condition hereunder, including any
event or condition that may require action by the Warrant Agent, unless the Warrant Agent shall be specifically notified in writing
of such event or condition by the Company, and all notices or other instruments required by this Warrant Agreement to be delivered
to the Warrant Agent must, in order to be effective, be received by the Warrant Agent as specified in Section 8.10 hereof, and
in the absence of such notice so delivered, the Warrant Agent may conclusively assume no such event or condition exists.

 

8.3             
(a) In the absence of gross negligence or willful misconduct on its part (which gross negligence or willful misconduct
must be determined by a final, non-appealable judgment of a court of competent jurisdiction), the Warrant Agent shall not be liable
for any action taken, suffered, or omitted by it or for any error of judgment made by it in the performance of its duties under
this Warrant Agreement. Anything in this Warrant Agreement to the contrary notwithstanding, in no event shall Warrant Agent be
liable for special, indirect, incidental, consequential or punitive losses or damages of any kind whatsoever (including but not
limited to lost profits), even if the Warrant Agent has been advised of the possibility of such losses or damages and regardless
of the form of action. Any liability of the Warrant Agent will be limited in the aggregate to the amount of fees (but not reimbursed
costs, charges or expenses) paid by the Company hereunder for the twelve months preceding the event for which recovery from the
Warrant Agent is being sought. The Warrant Agent shall not be liable for any failures, delays or losses, arising directly or indirectly
out of conditions beyond its reasonable control including, but not limited to, acts of government, exchange or market ruling, suspension
of trading, work stoppages or labor disputes, fires, civil disobedience, riots, rebellions, storms, electrical or mechanical failure,
computer hardware or software failure, communications facilities failures including telephone failure, war, terrorism, insurrection,
earthquakes, floods, epidemics, pandemics, acts of God or similar occurrences.

 

     

     

    

 

(b)              
In the event any question or dispute arises with respect to the proper interpretation of the Warrants or the Warrant
Agent’s duties under this Warrant Agreement or the rights of the Company or of any Holder, the Warrant Agent shall not be
required to act and shall not be held liable or responsible for its refusal to act until the question or dispute has been judicially
settled (and, if appropriate, it may, but shall not be required to, file a suit in interpleader or for a declaratory judgment
for such purpose) by final judgment rendered by a court of competent jurisdiction, binding on all persons interested in the matter
which is no longer subject to review or appeal, or settled by a written document in form and substance satisfactory to Warrant
Agent and executed by the Company and each such Holder. In addition, the Warrant Agent may require for such purpose, but shall
not be obligated to require, the execution of such written settlement by all the Holders and all other persons that may have an
interest in the settlement.

 

(c)              
The Warrant Agent shall not have any duty or responsibility in the case of the receipt of any written demand from
any Holder with respect to any action or default by the Company, including, without limiting the generality of the foregoing, any
duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company
on behalf of any Holder.

 

8.4             
The Company covenants to indemnify the Warrant Agent and hold it harmless from and against loss, liability, damage,
judgment, fine, penalty, claim, demand, settlement, cost or expense (including, without limitation, the reasonable fees and expenses
of legal counsel) that may be paid, incurred or suffered by it, or which it may become subject, without gross negligence or willful
misconduct on the part of the Warrant Agent (which gross negligence or willful misconduct must be determined by a final, non-appealable
judgment of a court of competent jurisdiction), for any action taken, suffered, or omitted to be taken by the Warrant Agent in
connection with the execution, acceptance, administration, exercise and performance of its duties under this Warrant Agreement,
including the costs and expenses of defending against any claim of liability arising therefrom, directly or indirectly, or enforcing
its rights hereunder. The provisions under Sections 8.1, 8.2, 8.3 and this Section 8.4 shall survive the expiration of the Warrant
ADSs and the termination of this Warrant Agreement and the resignation, replacement or removal of the Warrant Agent. The costs
and expenses incurred in enforcing this right of indemnification shall be borne by the Company.

 

8.5             
Unless terminated earlier by the parties hereto, this Warrant Agreement shall terminate 90 days after the earlier
of the Expiration Date and the date on which no Warrants remain outstanding (the “Termination Date”). On the
Business Day following the Termination Date, the Agent shall deliver to the Company any entitlements, if any, held by the Warrant
Agent under this Warrant Agreement. The Agent’s right to be indemnified and held harmless and to be reimbursed for fees,
charges and out-of-pocket expenses as provided in this Section 8 shall survive the termination of this Warrant Agreement.

 

8.6             
If any provision of this Warrant Agreement shall be held illegal, invalid, or unenforceable by any court, this Warrant
Agreement shall be construed and enforced as if such provision had not been contained herein and shall be deemed an agreement among
the parties to it to the full extent permitted by applicable law; provided, however, that if such excluded provision shall adversely
affect the rights, immunities, liabilities, duties or obligations of the Warrant Agent, the Warrant Agent shall be entitled to
resign immediately upon written notice to the Company.

 

     

     

    

 

8.7             
 The Company represents and warrants that (a) it is duly incorporated and validly existing under the laws of its
jurisdiction of incorporation, (b) the offer and sale of the Warrants and the execution, delivery and performance of all transactions
contemplated thereby (including this Warrant Agreement) have been duly authorized by all necessary corporate action and will not
result in a breach of or constitute a default under the articles of association, bylaws or any similar document of the Company
or any indenture, agreement or instrument to which it is a party or is bound, (c) this Warrant Agreement has been duly executed
and delivered by the Company and constitutes the legal, valid, binding and enforceable obligation of the Company, (d) the Warrants
will comply in all material respects with all applicable requirements of law and (e) to the best of its knowledge, there is no
litigation pending or threatened as of the date hereof in connection with the offering of the Warrants.

 

8.8             
In the event of inconsistency between this Warrant Agreement and the descriptions in the Registration Statement,
as they may from time to time be amended, the terms of this Warrant Agreement shall control.

 

8.9             
Set forth in Annex C hereto is a list of the names and specimen signatures of the persons authorized to act
for the Company under this Warrant Agreement and the Company shall, from time to time, certify to you the names and signatures
of any other persons authorized to act for the Company under this Warrant Agreement (collectively, the “Authorized Representatives”).
The Warrant Agent shall be fully authorized and protected in relying upon the advice or instructions received from any such Authorized
Representatives.

 

8.10         
Except as expressly set forth elsewhere in this Warrant Agreement, all notices, instructions and communications under
this Warrant Agreement shall be in writing, by overnight delivery service, first-class mail, postage prepaid, properly addressed
shall be effective upon receipt and shall be addressed, if to the Company, to its address set forth beneath its signature to this
Warrant Agreement, or, if to the Warrant Agent, to:

 

Computershare
Inc.

Computershare
Trust Company, N.A.

150 Royall Street

Canton, MA 02021

Attention:
Client Services

 

or to such other address
of which a party hereto has notified the other party; and, if to a Holder made if sent by first-class mail, postage prepaid, or
overnight delivery service, addressed to such Holder at the last address of such Holder set forth for such holder in the Warrant
Register.

 

8.11         
(a) This Warrant Agreement shall be governed by and construed in accordance with the laws of the State of New York.
All actions and proceedings relating to or arising from, directly or indirectly, this Warrant Agreement may be litigated in courts
located within the Borough of Manhattan in the City and State of New York. The Company hereby submits to the personal jurisdiction
of such courts and consents that any service of process may be made by certified or registered mail, return receipt requested,
directed to the Company at its address last specified for notices hereunder. Each of the parties hereto hereby waives the right
to a trial by jury in any action or proceeding arising out of or relating to this Warrant Agreement.

 

     

     

    

 

 

(b)              
 This Warrant Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties
hereto. This Warrant Agreement may not be assigned, or otherwise transferred, in whole or in part, by either party without the
prior written consent of the other party, which the other party will not unreasonably withhold, condition or delay; except that
(i) consent is not required for an assignment or delegation of duties by Warrant Agent to any affiliate of Warrant Agent and (ii)
any reorganization, merger, consolidation, sale of assets or other form of business combination by Warrant Agent or the Company
shall not be deemed to constitute an assignment of this Warrant Agreement.

 

(c)              
No provision of this Warrant Agreement may be amended, modified or waived, except in a written document signed by
both parties. The Company and the Warrant Agent may amend or supplement this Warrant Agreement without the consent of any Holder
for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding
or changing any other provisions with respect to matters or questions arising under this Warrant Agreement as the parties may deem
necessary or desirable and that the parties determine, in good faith, shall not adversely affect the interest of the Holders in
any material respect.  All other amendments and supplements shall require the vote or written consent of Holders of at
least 50.1% of the then outstanding Warrants, provided, however, that no modification of the terms (including but
not limited to the adjustments described in Section 4 herein) upon which the Warrants are exercisable (including by cashless exercise
or the rights of the holders of Warrants to receive payments in cash from the Company, including, without limitation, pursuant
to Section 3.3.9 of the Warrant, or no reduction of the percentage required for consent to modification of this Warrant Agreement
or no requirement for a holder of Warrants in book entry or electronic form held through DTC to deliver any ink-original Election
to Purchase or any medallion guarantee (or other type of guarantee or notarization) of an Election to Purchase or no or to modification
of the terms of the beneficial ownership limitation in Section 3.3.10 or reimbursement to the Holder pursuant to Section 6 may
be made without the consent of the Holder of each outstanding Warrant affected thereby. As a condition precedent to the Warrant
Agent executing any amendment or supplement, the Company shall deliver a certificate from an Authorized Representative which states
that the proposed supplement or amendment is in compliance with the terms of this Section 8.11(c). Notwithstanding anything in
this Warrant Agreement to the contrary, the Warrant Agent shall not be required to execute any supplement or amendment to this
Warrant Agreement that it has determined would adversely affect its own rights, duties, obligations or immunities under this Warrant
Agreement.

 

8.12         
Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed
upon the Company or the Warrant Agent in respect of the issuance or delivery of Warrant Shares or Warrant ADSs upon the exercise
of Warrants, but the Company may require the Holders to pay any transfer taxes in respect of the Warrants or such shares. The Warrant
Agent may refrain from registering any transfer of Warrants or any delivery of any Warrant ADSs unless or until the persons requesting
the registration or issuance shall have paid to the Warrant Agent for the account of the Company the amount of such tax or charge,
if any, or shall have established to the reasonable satisfaction of the Company and the Warrant Agent that such tax or charge,
if any, has been paid.

 

    

     

    

 

8.13         
Resignation of Warrant Agent.

 

8.13.1   
 Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may
resign its duties and be discharged from all further duties and liabilities hereunder after giving thirty (30) days’ notice
in writing to the Company, or such shorter period of time agreed to by the Company. The Company may terminate the services of the
Warrant Agent, or any successor Warrant Agent, after giving thirty (30) days’ notice in writing to the Warrant Agent or successor
Warrant Agent. In the event any transfer agency relationship in effect between the Company and the Warrant Agent terminates, the
Warrant Agent will be deemed to have resigned automatically and be discharged from its duties under this Warrant Agreement as of
the effective date of such termination, If the office of the Warrant Agent becomes vacant by resignation, termination or incapacity
to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company
shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity
by the Warrant Agent, then the Warrant Agent or any Holder may apply to any court of competent jurisdiction for the appointment
of a successor Warrant Agent at the Company’s cost. Pending appointment of a successor to such Warrant Agent, either by the
Company or by such a court, the duties of the Warrant Agent shall be carried out by the Company. Any successor Warrant Agent (but
not including the initial Warrant Agent), whether appointed by the Company or by such court, shall be a person organized and existing
under the laws of any state of the United States of America, in good standing, and authorized under such laws to exercise corporate
trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant
Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent
with like effect as if originally named as Warrant Agent hereunder, without any further act or deed, and except for executing and
delivering documents as provided in the sentence that follows, the predecessor Warrant Agent shall have no further duties, obligations,
responsibilities or liabilities hereunder, but shall be entitled to all rights that survive the termination of this Warrant Agreement
and the resignation or removal of the Warrant Agent, including but not limited to its right to indemnity hereunder. If for any
reason it becomes necessary or appropriate or at the request of the Company, the predecessor Warrant Agent shall execute and deliver,
at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights
of such predecessor Warrant Agent hereunder, except the rights and immunities retained by the predecessor Warrant Agent under the
terms hereof; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver at the
expense of the Company any and all instruments in writing for more fully and effectually vesting in and confirming to such successor
Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

8.13.2   
Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company
shall give notice thereof to the predecessor Warrant Agent and the transfer agent for the ADSs not later than the effective date
of any such appointment.

 

8.13.3   
Merger or Consolidation of Warrant Agent. Any person into which the Warrant Agent may be merged or converted
or with which it may be consolidated or any person resulting from any merger, conversion or consolidation to which the Warrant
Agent shall be a party or any person succeeding to the shareowner services business of the Warrant Agent or any successor Warrant
Agent shall be the successor Warrant Agent under this Warrant Agreement, without any further act or deed. For purposes of this
Warrant Agreement, “person” shall mean any individual, firm, corporation, partnership, limited liability company,
joint venture, association, trust or other entity, and shall include any successor (by merger or otherwise) thereof or thereto.

 

    

     

    

 

9.                 
Miscellaneous Provisions.

 

9.1             
Persons Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing
that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person
or corporation other than the parties hereto and the Holders any right, remedy, or claim under or by reason of this Warrant Agreement
or of any covenant, condition, stipulation, promise, or agreement hereof.

 

9.2             
Examination of the Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable
times at the office of the Warrant Agent designated for such purpose for inspection by any Holder. Prior to such inspection, the
Warrant Agent may require any such holder to provide reasonable evidence of its interest in the Warrants.

 

9.3             
Counterparts. This Warrant Agreement may be executed in any number of original, facsimile or electronic counterparts
and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument.

 

9.4             
Effect of Headings. The Section headings herein are for convenience only and are not part of this Warrant
Agreement and shall not affect the interpretation thereof.

 

9.5             
Further Assurance. The Company agrees that it will perform, execute, acknowledge and deliver or cause to be
performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be
required or requested by the Warrant Agent for the carrying out or performing by the Warrant Agent of the provisions of this Warrant
Agreement.

 

    

     

    

 

IN WITNESS WHEREOF, this Warrant Agreement
has been duly executed by the parties hereto as of the day and year first above written.

 

 

	 	THE9 LIMITED
	 	 
	 	By: 	/s/ George Lai
	 	Name: George Lai
	 	 
	 	Title: CFO
	 	Address for notices:
	 	17 Floor, No. 130 Wu
    Song Road
	 	Hong Kou District, Shanghai
    201203
	 	People’s Republic
    of China
	 	Attention:
	 	Telephone:
	 	Facsimile:
	 	E-mail:
	 	 
	 	Computershare Inc.,
	 	Computershare Trust Company,
    N.A.,
	 	As Warrant Agent
	 	 
	 	By: 	/s/ Collin Ekeogu
	 	Name: Collin Ekeogu
	 	Title: Manger, Corporate
    Actions

 

Annex A Form of Warrant Certificates

Annex B Election to Purchase

Annex C Authorized Representatives

Annex D Form of Warrant Certificate Request Notice

 

    

     

    

 

ANNEX A

 

[Unless this certificate is presented
by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to issuer or its agent
for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co.
or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.]

 

THE9 LIMITED.

WARRANT CERTIFICATE

NOT EXERCISABLE AFTER OCTOBER 2, 2023

 

This certifies that
the person whose name and address appears below, or registered assigns, is the registered owner of the number of Warrants set forth
below. Each Warrant entitles its registered holder to purchase from The9 Limited., a company incorporated under the laws of the
Cayman Islands (the “Company”) at any time prior to 5:00 P.M. (New York City time) on October 2, 2023, at the
designated office of Computershare Inc. and Computershare Trust Company, N.A., as warrant agent (the “Warrant Agent”)
set forth below, one American Depositary Share (each, an “ADS”), each ADS representing three (3) Class A ordinary
shares, par value US$0.01 per share, of the Company (each, a “Share” and collectively, the “Shares”),
at price of US$0.37 per whole ADS, subject to possible adjustments as provided in the Warrant Agreement (as defined below). The
Company will pay the issuance fee for each ADS issued pursuant to the Warrants to the Depositary under the Amended and Restated
Deposit Agreement dated as of June 28, 2019 (the “Deposit Agreement”) among the Company, The Bank of New York
Mellon, as depositary, and all Owners and Holders (each as defined in the Deposit Agreement) from time to time of the ADSs issued
thereunder.

 

This Warrant Certificate,
with or without other Warrant Certificates, upon surrender at the designated office of the Warrant Agent, may be exchanged for
another Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant
Certificates surrendered. A transfer of the Warrants evidenced hereby may be registered upon surrender of this Warrant Certificate
at the designated office of the Warrant Agent by the registered holder in person or by a duly authorized attorney, properly endorsed
or accompanied by proper instruments of transfer, a signature guarantee, and such other and further documentation as the Warrant
Agent may reasonably request and duly stamped as may be required by the laws of the State of New York and of the United States
of America.

 

The terms and conditions
of the Warrants and the rights and obligations of the holder of this Warrant Certificate are set forth in the Warrant Agent Agreement
dated as of October 2, 2020 (the “Warrant Agreement”) between the Company and the Warrant Agent. A copy of the
Warrant Agreement is available for inspection during business hours at the office of the Warrant Agent.

 

    

     

    

 

This Warrant Certificate
shall not be valid or obligatory for any purpose until it shall have been countersigned by an authorized signatory of the Warrant
Agent.

 

WITNESS the facsimile
signature of a proper officer of the Company.

 

	 	THE9 LIMITED
	 	 
	 	By:	          
	 	Name:
	 	Title:

 

	Dated: _____, 2020	 
	Countersigned	 
	 	 
	__________________________________,	 
	As Warrant Agent	 
	 	 
	By:	                               	 
	Name:	 
	Title:	 

 

PLEASE DETACH HERE

 

Certificate No.:_________ Number of Warrants:__________

 

WARRANT CUSIP NO.: _________

 

THE9 LIMITED

 

	[Name & Address of Holder]	__________________________, Warrant Agent

 

	 	By mail:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	By hand or overnight courier:
	 	 
	 	 
	 	 
	 	 

 

    

     

    

 

ANNEX B

[Form of Election to Purchase]

 

(To Be Executed Upon Exercise Of Warrants
not evidenced by a Global Certificate)

 

The undersigned hereby
irrevocably elects to exercise the right, represented by Warrants evidenced by this Warrant Certificate, to receive                 
ADSs and herewith tenders payment for such ADSs to the order of [_____________], in the amount of US$             
in accordance with the terms hereof.

 

OR

 

[In cases where cashless
exercise is permitted under the Warrant Agreement] — The undersigned hereby irrevocably elects to exercise the right, represented
by Warrants evidenced by this Warrant Certificate, to receive               
ADSs (before giving effect to the cashless exercise provisions) and herewith agrees to make payment therefor pursuant to the cashless
exercise provisions of the Warrant Agreement, all on the terms and the conditions specified in the Warrant Agreement.

 

The undersigned requests
that a certificate for such ADSs be registered in the name of                                                                                                     ,whose
address is                                                                                                     
and that such certificate be delivered to                                                                                whose
address is                                                                                                                                                                                                                                                              

 

If the number of Warrants
being exercised hereby is less than all the Warrants evidenced by this Warrant Certificate, the undersigned requests that a new
Warrant Certificate representing the remaining unexercised Warrants be registered in the name of                                                                                     ,
whose address is                                                                                    and
that such certificate be delivered to                                                                                        whose
address is                                                                                                                                                                                                                                                                       

Date:                                                                                                                                                                                                         

 

(Signature of holder)

 

Place signature guarantee
stamp here:

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Warrant Agent, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee
program” as may be determined by the Warrant Agent in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

    

     

    

 

ANNEX C

AUTHORIZED REPRESENTATIVES

 

 

	Name	 	Title	 	Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    

     

    

 

ANNEX D

Annex D: Form of Warrant Certificate
Request Notice

WARRANT CERTIFICATE REQUEST NOTICE

 

To: ___________________
as Warrant Agent for The9 Limited (the “Company”)

 

The undersigned Holder
of Series _____ American Depositary Share Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the
Company hereby elects to receive a Warrant Certificate evidencing the Warrants held by the Holder as specified below:

 

1.                 
Name of Holder of Warrants in form of Global Warrants:

 

2.                  Name
of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of Global
Warrants)_________________________    

 

3.                 
Number of Warrants in name of Holder in form of Global Warrants: ___________________

 

4.                 
Number of Warrants for which Warrant Certificate shall be issued: __________________

 

5.                 
Number of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate, if any: ___________

 

6.                 
Warrant Certificate shall be delivered to the following address:

 

	
	 	 
	 	 
	 	 

 

The undersigned hereby
acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate, the Holder
is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of
Warrants evidenced by the Warrant Certificate.

 

    

     

    

 

	[SIGNATURE OF HOLDER]	 
	 	 
	Name of Investing Entity:	 
	 	 
	 	 
	 	 
	Signature of Authorized
    Signatory of Investing Entity:	 
	 	 
	 	 
	 	 
	Name of Authorized Signatory:	 
	 	 
	 	 
	 	 
	Title of Authorized Signatory:	 
	 	 
	                           	 
	 	 
	Date:Exhibit 4.6

 

Representative’s Warrant

 

WARRANT TO PURCHASE ORDINARY SHARES

REPRESENTED BY AMERICAN DEPOSITARY SHARES

 

THE9 LIMITED

 

	American Depositary Shares: 1,175,000	Initial Exercise Date: April 1, 2021

 

THIS WARRANT TO PURCHASE
CLASS A ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (the “Warrant”) certifies that, for value
received, Maxim Partners LLC or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations
on exercise and the conditions hereinafter set forth, at any time on or after April 1, 2021 (the “Initial Exercise Date”)
and, in accordance with FINRA Rule 5110(f)(2)(G)(i), will expire at 5:00 p.m. (New York time) on the date that is three (3) years
following the Effective Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from
The9 Limited., an Cayman Islands company (the “Company”), up to 3,525,000 Class A ordinary shares (the “Warrant
Shares”), par value US$0.01 per share, of the Company (“Ordinary Shares”) in the form of American
Depositary Shares (each, an “ADS” and, collectively, the “ADSs” ) as subject to adjustment
hereunder. Each ADS will initially represent three Ordinary Shares deposited pursuant to the Deposit Agreement. The ADSs issuable
upon exercise of this Warrant shall be referred to herein as the “Warrant ADSs”. The purchase price of one Warrant
ADS shall be equal to the Exercise Price, as defined in Section 2(b).

 

1.                 
Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Underwriting Agreement dated September 29, 2020 by and between the Company and Maxim Group, LLC, as representative of the several
underwriters. In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings indicated in
this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

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

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

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

 

“Effective
Date” means the date that the Registration Statement on Form F-1 (File No. 333-240331) was declared effective by the
Commission.

 

     

     

    

 

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

 

“Liens”
means a lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

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

 

“Trading
Day” means a day on which the Nasdaq Stock Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which ADSs and/or the Ordinary Shares are listed or quoted
for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global
Select Market, the New York Stock Exchange (or any successors to any of the foregoing).

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or
quoted on a Trading Market, the daily volume weighted average price of the ADS for such date (or the nearest preceding date) on
the Trading Market on which an ADS is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.
(New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of an ADS for such date (or the nearest preceding date) on the OTCQB or OTCQX as applicable, (c) if ADSs are not
then listed or quoted for trading on the OTCQB or OTCQX and if prices for ADSs are then reported in the “Pink Sheets”
published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the
most recent bid price per share of an ADS so reported, or (d) in all other cases, the fair market value of an ADS as determined
by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company.

 

    2

     

    

 

2.                 
 Exercise.

 

(a)              
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or
after the Initial Exercise Date and on or before the Termination Date by delivery via email to the Company at georgelai@corp.the9.com
and to the registered office provider of the Company at kim.lewis@collascrill.com (or such other office or agency of the Company
as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company
and the Depositary) of a duly executed scanned copy of the Notice of Exercise in the form annexed hereto. Within three (3) Trading
Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant ADSs specified
in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank or, if available,
pursuant to the cashless exercise procedure specified in Section 2(c) below if specified in the applicable Notice of Exercise.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
until the Holder has purchased all of the Warrant ADSs available hereunder and the Warrant has been exercised in full, in which
case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final
Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total
number of Warrant ADSs available hereunder shall have the effect of lowering the outstanding number of Warrant ADSs purchasable
hereunder in an amount equal to the applicable number of Warrant ADSs purchased. The Holder and the Company shall maintain records
showing the number of Warrant ADSs purchased and the date of such purchases. The Company shall deliver any objection to any Notice
of Exercise within two (2) Business Days of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant ADSs
hereunder, the number of Warrant ADSs available for purchase hereunder at any given time may be less than the amount stated on
the face hereof.

 

(b)              
Exercise Price. The exercise price per ADS under this Warrant shall be $0.407 subject to adjustment hereunder (the
 “Exercise Price”).

 

(c)              
Cashless Exercise. If at the time of exercise hereof, the last VWAP immediately preceding the time of delivery of
the Notice of Exercise is higher than the Exercise Price, then this Warrant may also be exercised, in whole or in part, at such
time by means of a “cashless exercise” in which the Holder shall be entitled to receive the number of Warrant ADSs
equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = the last VWAP immediately
preceding the time of delivery of the Notice of Exercise giving rise to the applicable “cashless exercise”, as set
forth in the applicable Notice of Exercise (to clarify, the “last VWAP” will be the last VWAP as calculated over an
entire Trading Day such that, in the event that this Warrant is exercised at a time that the Trading Market is open, the prior
Trading Day’s VWAP shall be used in this calculation);

 

    3

     

    

 

(B) = the Exercise Price of this
Warrant, as adjusted hereunder; and

 

(X) = the number of Warrant ADSs
that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means
of a cash exercise rather than a cashless exercise.

 

If
Warrant ADSs are issued in such a “cashless exercise,” the parties acknowledge and agree that in accordance with Section
3(a)(9) of the Securities Act, the Warrant ADSs shall take on the registered characteristics of the Warrants being exercised, and
the holding period of the Warrants being exercised may be tacked on to the holding period of the Warrant ADSs.  The Company
agrees not to take any position contrary to this Section 2(c).

 

(d)              
Mechanics of Exercise.

 

(i)               Delivery
of Warrant ADSs Upon Exercise. The Company shall cause its registrar to deposit the Warrant Shares subject to such
exercise with the custodian of The Bank of New York Mellon, the Depositary for the ADSs (the
 “Depositary”), and cause the Depositary to credit the account of the Holder’s prime broker with The
Depository Trust Company through its Deposit/Withdrawal At Custodian system (“DWAC”) if the Depositary is
then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the
Warrant ADSs to or resale by the Holder or (B) the Warrant ADSs are eligible for resale by the Holder without volume or
manner-of-sale limitations pursuant to Rule 144 and, in either case, the Warrant ADSs have been sold by the Holder prior to
the Warrant ADS Delivery Date (as defined below), by the date that is fifth (5) Trading Days after the delivery to the
Company of the Notice of Exercise (such date, the “Warrant ADS Delivery Date”), provided that the Company
shall not be obligated to deliver the Warrant ADSs hereunder unless the Company has received the aggregate Exercise Price on
or before the Warrant ADS Delivery Date. If the Warrant ADSs can be delivered via DWAC, then in addition to the delivery of
the Warrant Shares to the Depositary, within 3 Trading Days of the applicable exercise, the Depositary shall have received
any legal opinions or other documentation required by the Depositary to deliver such ADSs without legend (subject to receipt
by the Company of reasonable back up documentation from the Underwriter, including with respect to affiliate status) and, if
applicable and requested by the Company prior to the Warrant ADS Delivery Date, the Depositary shall have received from the
Holder a confirmation of sale of the Warrant ADSs (provided the requirement of the Holder to provide a confirmation as to the
sale of Warrant ADSs shall not be applicable to the issuance of unlegended Warrant ADSs upon a cashless exercise of this
Warrant if the Warrant ADSs are then eligible for resale pursuant to Rule 144(b)(1)). If the Company fails for any reason to
deliver to the Holder the Warrant ADSs subject to a Notice of Exercise by the Warrant ADS Delivery Date, the Company shall
pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant ADSs subject to such
exercise (based on the VWAP of an ADS on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to
$20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day following
such Warrant ADS Delivery Date until such Warrant ADSs are delivered or Holder rescinds such exercise.

 

    4

     

    

 

(ii)              
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at
the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant ADSs, deliver to
the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant ADSs called for by this Warrant,
which new Warrant shall in all other respects be identical with this Warrant.

 

(iii)              
Rescission Rights. If the Company fails to cause the Depositary to deliver to the Holder the Warrant ADSs pursuant
to Section 2(d)(i) by the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise; provided,
however, that the Holder shall be required to return any Warrant ADSs subject to any such rescinded exercise notice concurrently
with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant ADSs and the restoration of Holder’s
right to acquire such Warrant ADSs pursuant to this Warrant (including, issuance of a replacement warrant certificate evidencing
such restored right).

 

(iv)              
No Fractional Shares or Scrip. No fractional Warrant Shares or Warrant ADSs shall be issued upon the exercise of
this Warrant. As to any fraction of an ADS which the Holder would otherwise be entitled to purchase upon such exercise, the Company
shall round up to the next whole ADS.

 

(v)              
Charges, Taxes and Expenses. Issuance of Warrant ADSs shall be made without charge to the Holder for any issue or
transfer tax or other incidental expense in respect of the issuance of such Warrant ADSs, all of which taxes and expenses shall
be paid by the Company, and such Warrant ADSs shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that in the event that Warrant ADSs are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed
by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer
tax incidental thereto. The Company shall pay all Depositary fees required for same-day processing of any Notice of Exercise.

 

(vi)              
 Closing of Books. The Company will not close its shareholder books or records in any manner which prevents the timely
exercise of this Warrant, pursuant to the terms hereof.

 

    5

     

    

 

(e)               Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and the Holder shall not have the right
to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such
issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such
Persons, collectively, the “Attribution Parties”) would beneficially own in excess of the Beneficial
Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of Ordinary Shares beneficially
owned by the Holder and its Attribution Parties shall include the number of Ordinary Shares underlying ADSs held by the
Holder and its Attribution Parties plus the number of Ordinary Shares underlying ADSs issuable upon exercise of this Warrant
with respect to which the determination is being made, but shall exclude the number of Ordinary Shares underlying ADSs which
would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder
or any Attribution Parties and (ii) exercise or conversion of the nonexercised or nonconverted portion of any other
securities of the Company (including, without limitation, any Ordinary Share or ADS equivalents) subject to a limitation on
conversion or exercise analogous to the limitation contained herein that are beneficially owned by the Holder or any of its
Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership
shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is
in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be
filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of
whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Attribution
Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the
submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is
exercisable (in relation to other securities owned by the Holder together with any Attribution Parties) and of which portion
of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no
obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as
contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Ordinary Shares, the
Holder may rely on the number of Ordinary Shares as reflected in (x) the Company’s most recent Annual Report on Form
20-F, Current Report on Form 6-K or other public filing with the Commission, as the case may be, (y) a more recent public
announcement by the Company or (z) any other written notice by the Company or Depositary setting forth the number of Ordinary
Shares outstanding. Upon the written request of the Holder, the Company shall within two (2) Trading Days confirm in writing
or by electronic mail to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding
Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including
this Warrant, by the Holder and any Attribution Party since the date as of which such number of outstanding Ordinary Shares
was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of Ordinary Shares
outstanding immediately after giving effect to the issuance of Ordinary Shares or ADSs issuable upon exercise of this
Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of
this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Ordinary
Shares outstanding immediately after giving effect to the issuance of Ordinary Shares upon exercise of this Warrant held by
the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership
Limitation will not be effective until the sixty-first (61st) day after such notice is delivered to the Company.
The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the
terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the
intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to
properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of
this Warrant.

 

    6

     

    

 

3.                 
Certain Adjustments.

 

(a)              
Share Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend
or otherwise makes a distribution or distributions on its Ordinary Shares or ADSs or any other equity or equity equivalent securities
payable in Ordinary Shares or ADSs (which, for avoidance of doubt, shall not include any ADSs issued by the Company upon exercise
of this Warrant), as applicable, (ii) subdivides outstanding Ordinary Shares or ADSs into a larger number of shares or ADSs, as
applicable, (iii) combines (including by way of reverse share split) outstanding Ordinary Shares or ADSs into a smaller number
of shares or ADSs, as applicable, or (iv) issues by reclassification of Ordinary Shares or any shares of capital stock of the Company,
as applicable, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number
of Ordinary Shares or ADSs, as applicable, (excluding treasury shares, if any) outstanding immediately before such event and of
which the denominator shall be the number of Ordinary Shares or ADSs, as applicable, outstanding immediately after such event,
and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise
Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately
after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

(b)               Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or
other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares or ADSs, by way of return of
capital or otherwise, other than cash (including, without limitation, any distribution of stock or other securities, property
or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar
transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case,
the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant
(without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation)
immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of
which the record holders of Ordinary Shares or ADSs are to be determined for the participation in such Distribution
(provided, however, to the extent that the Holder's right to participate in any such Distribution would result
in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such
Distribution to such extent (or in the beneficial ownership of any Ordinary Shares or ADSs as a result of such Distribution
to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time,
if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

    7

     

    

 

(c)              
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Ordinary Share or ADS equivalents or rights to purchase shares, warrants, securities or other property
pro rata to the record holders of any class of Ordinary Shares or ADSs (the “Purchase Rights”), then the Holder
will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant
(without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately
before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken,
the date as of which the record holders of Ordinary Shares or ADSs are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in
the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase
Right to such extent (or beneficial ownership of such ADSs as a result of such Purchase Right to such extent) and such Purchase
Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in
the Holder exceeding the Beneficial Ownership Limitation).

 

(d)               Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more
related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or
substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary
Shares or ADSs are permitted to sell, tender or exchange their shares for other securities, cash or property and has been
accepted by the holders of 50% or more of the total voting power of the Company’s ordinary shares, (iv) the Company,
directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of the Ordinary Shares or ADSs or any compulsory share exchange pursuant to which the Ordinary Shares or ADSs is effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or
more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons
whereby such other Person or group acquires more than 50% of the total voting power of the Company’s ordinary shares
(not including any Ordinary Shares or ADSs held by the other Person or other Persons making or party to, or associated or
affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination)
(each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall
have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the
occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on
the exercise of this Warrant), the number of Ordinary Shares or shares of common stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate
Consideration”) receivable by holders of Ordinary Shares or ADSs as a result of such Fundamental Transaction for
each Ordinary Share or ADS for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without
regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the
determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the
amount of Alternate Consideration issuable in respect of one Ordinary Shares or ADS in such Fundamental Transaction, and the
Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of Ordinary Shares or ADSs are given any choice
as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same
choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the
survivor (the “Successor Entity;) to assume in writing all of the obligations of the Company under this Warrant and the
other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and
substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which
is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity)
equivalent to the Ordinary Shares or ADSs acquirable and receivable upon exercise of this Warrant (without regard to any
limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies
the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary
Shares or ADSs pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares
of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately
prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the
Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other
Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise
every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other
Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

    8

     

    

 

(e)              
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an
ADS, as the case may be. For purposes of this Section 3, the number of Ordinary Shares or ADSs, as applicable, deemed to be issued
and outstanding as of a given date shall be the sum of the number of Ordinary Shares or ADSs, as applicable, (excluding treasury
shares, if any) issued and outstanding.

 

(f)               
Notice to Holder.

 

(i)     
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3,
the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant ADSs and setting forth a brief statement of the facts requiring such adjustment.

 

(ii)         Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on
the Ordinary Shares or ADSs, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the
Ordinary Shares or ADSs, (C) the Company shall authorize the granting to all holders of the Ordinary Shares or ADSs rights or
warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any
shareholders of the Company shall be required in connection with any reclassification of the Ordinary Shares or ADSs, any
consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of
the Company, or any compulsory share exchange whereby the Ordinary Shares or ADSs are converted into other securities, cash
or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the
affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last address as it
shall appear upon the Warrant Register of the Company, at least 10 calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the
Ordinary Shares or ADSs of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be
determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is
expected to become effective or close, and the date as of which it is expected that holders of the Ordinary Shares or ADSs of
record shall be entitled to exchange their Ordinary Shares or ADSs for securities, cash or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice
or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be
specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material,
non-public information regarding the Company or any of the Subsidiaries or Affiliated Entities, the Company shall
simultaneously file such notice with the Commission pursuant to a Report on Form 6-K. The Holder shall remain entitled to
exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

    9

     

    

 

4.                 
Transfer of Warrant.

 

(a)              
Transferability. Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant ADSs issued upon exercise
of this Warrant shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative,
put, or call transaction that would result in the effective economic disposition of the securities by any person for a period of
180 days immediately following the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant
is being issued, except the transfer of any security:

 

(i)        
by operation of law or by reason of reorganization of the Company;

 

(ii)        
to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred
remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period;

 

(iii)        
if the aggregate amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities
being offered;

 

(iv)         that
is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member
manages or otherwise directs investments by the fund, and participating members in the aggregate do not own more than 10% of
the equity in the fund; or

 

    10

     

    

 

(v)        
the exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this
Section 4(a) for the remainder of the time period.

 

Subject to the foregoing restriction,
any applicable securities laws and the conditions set forth in Section 4(d), this Warrant and all rights hereunder (including,
without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal
office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the
purchase of Warrant ADSs without having a new Warrant issued.

 

(b)              
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant ADSs issuable
pursuant thereto.

 

(c)              
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time.

 

(d)              
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring
this Warrant and, upon any exercise hereof, will acquire the Warrant ADSs issuable upon such exercise, for its own account and
not with a view to or for distributing or reselling such Warrant ADSs or any part thereof in violation of the Securities Act or
any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

    11

     

    

 

5.                 
 Registration Rights

 

(a) Piggy-Back Registration.

 

i. Piggy-Back Rights. If at any time during the
seven year period after the Effective Date, the Company proposes to file a registration statement under the Securities Act with
respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible
into, equity securities, by the Company for its own account or for shareholders of the Company for their account (or by the Company
and by shareholders of the Company), other than a registration statement (i) filed in connection with any employee share option
or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing shareholders,
or (iii) for a dividend reinvestment plan, then the Company shall (x) give written notice of such proposed filing to the holders
of the Ordinary Shares issued or issuable upon the exercise of the Warrants (the “Registrable Securities”) as soon
as practicable but in no event less than ten days before the anticipated filing date, which notice shall describe the amount and
type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing
underwriter or underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the
opportunity to register the sale of such number of Warrant Shares held by such holder (the “Piggy-Back Registrable Securities”),
as such holders may request in writing within five days following receipt of such notice (a “Piggy-Back Registration”).
The Company shall cause such Piggy-Back Registrable Securities to be included in such registration and shall use its commercially
reasonable efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Piggy-Back
Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities
of the Company and to permit the sale or other disposition of such Piggy-Back Registrable Securities in accordance with the intended
method(s) of distribution thereof. All holders of Piggy-Back Registrable Securities proposing to distribute their securities through
a Piggy-Back Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary
form with the underwriter or underwriters selected for such Piggy-Back Registration.

 

ii. Reduction of
Offering. If the managing underwriter or underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of
Ordinary Shares which the Company desires to sell, taken together with Ordinary Shares, if any, as to which registration has
been requested pursuant to written contractual arrangements with persons other than the holders of Piggy-Back Registrable
Securities hereunder, the Piggy-Back Registrable Securities as to which registration has been requested under this Section
5(b), and the Ordinary Shares, if any, as to which registration has been requested pursuant to the written contractual
piggy-back registration rights of other shareholders of the Company, exceeds the maximum dollar amount or maximum number of
shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the
distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares,
as applicable, the “Maximum Number of Shares”), then the Company shall include in any such
registration:

 

    12

     

    

 

(x) If the registration is undertaken for the Company’s
account: (A) first, the Ordinary Shares or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; and (B) second, subject to the requirements of registration rights granted by the Company prior to
the date hereof, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), up to the
amount of shares of Ordinary Shares or other securities that can be sold without exceeding the Maximum Number of Shares, on a pro
rata basis, from (i) Piggy-Back Registrable Securities as to which registration has been requested and (ii) the Ordinary Shares
or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
piggy-back registration rights with such persons;

 

iii. Withdrawal. Any holder of Piggy-Back Registrable
Securities may elect to withdraw such holder’s request for inclusion of such Piggy-Back Registrable Securities in any Piggy-Back
Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the registration
statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a demand pursuant to
written contractual obligations) may withdraw a registration statement at any time prior to the effectiveness of the registration
statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders of Piggy-Back Registrable
Securities in connection with such Piggy-Back Registration as provided in Section 5(b)(iv).

 

iv. Terms. The Company
shall bear all fees and expenses attendant to registering the Piggy-Back Registrable Securities, including the expenses of one
legal counsel selected by the Holders to represent them in connection with the sale of the Piggy-Back Registrable Securities but
the Holders shall pay any and all underwriting commissions related to the Piggy-Back Registrable Securities. In the event of such
a proposed registration, the Company shall furnish the then Holders of outstanding Piggy-Back Registrable Securities with not
less than fifteen days written notice prior to the proposed date of filing of such registration statement. Such notice to the
Holders shall continue to be given for each applicable registration statement filed (during the period in which the Warrant is
exercisable) by the Company until such time as all of the Piggy-Back Registrable Securities have been registered and sold. The
Holders of the Piggy-Back Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving
written notice, within ten days of the receipt of the Company’s notice of its intention to file a registration statement.
The Company shall cause any registration statement filed pursuant to the above “piggyback” rights to remain effective
for at least nine (9) months from the date that the Holders of the Piggy-Back Registrable Securities are first given the opportunity
to sell all of such securities.

 

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(b) General Terms.
These additional terms shall relate to registration under Sections 5(a) above:

 

i. Indemnification.

 

(w) The Company shall, to the fullest extent permitted
by applicable law, indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder
and each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20(a) of the Exchange
Act against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably
incurred in investigating, preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether
arising out of any action between the underwriter and the Company or between the underwriter and any third party or otherwise)
to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement;
provided, however, that, with respect to any Holder of Registrable Securities, this indemnity shall not apply to
any loss, liability, claim, damage or expense to the extent arising out of an 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 such Holder expressly
for use in the registration statement (or any amendment thereto), or any preliminary prospectus or the prospectus (or any amendment
or supplement thereto).

 

(x) The Holder(s) of the Registrable Securities to be
sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the
Company, its officers and directors and each person, if any, who controls the Company within the meaning of Section 15 of the Act
or Section 20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including all reasonable attorneys’
fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they
may become subject under the Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders,
or their successors or assigns, in writing, for specific inclusion in such registration statement(or any amendment thereto), or
any preliminary prospectus or the prospectus (or any amendment or supplement thereto).

 

(y) Each indemnified party
shall give prompt notice to each indemnifying party of any action commenced against it in respect of which indemnity may be
sought hereunder, but failure to so notify an indemnifying party shall not relieve the indemnifying party from any liability
it may have under this Agreement, except to the extent that the indemnifying party is prejudiced thereby. If it so elects,
after receipt of such notice, an indemnifying party, jointly with any other indemnifying parties receiving such notice, may
assume the defense of such action with counsel chosen by it; provided, however, that the indemnified party
shall be entitled to participate in (but not control) the defense of such action with counsel chosen by it, the reasonable
fees and expenses of which shall be paid by such indemnified party, unless a conflict would arise if one counsel were to
represent both the indemnified party and the indemnifying party, in which case the reasonable fees and expenses of counsel to
the indemnified party shall be paid by the indemnifying party or parties. In no event shall the indemnifying party or parties
be liable for a settlement of an action with respect to which they have assumed the defense if such settlement is effected
without the written consent of such indemnifying party, or for the reasonable fees and expenses of more than one counsel for
(i) the Company, its officers, directors and controlling persons as a group, and (ii) the selling Holders and their
controlling persons as a group, in each case, in connection with any one action or separate but similar or related actions in
the same jurisdiction arising out of the same general allegations or circumstances; provided, however, that if,
in the reasonable judgment of an indemnified party, a conflict of interest may exist between such indemnified party and the
Company or any other of such indemnified parties with respect to such claim, the indemnifying party shall be obligated to pay
the reasonable fees and expenses of such additional counsel.

 

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(z) If the indemnification
provided for in or pursuant to Section 5(b)(i) is due in accordance with the terms hereof, but held by a court of competent jurisdiction
to be unavailable or unenforceable in respect of any losses, claims, damages, liabilities or expenses referred to therein, then
each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable
by such indemnified party as a result of such losses, claims, damages, liabilities or expenses 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 which result in such losses, claims, damages, liabilities or expenses as well as any other relevant
equitable considerations. The relative fault of the indemnifying party on the one hand and of the indemnified party on the other
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified
party, and by such party’s relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission.

 

ii. Supplemental
Prospectus. Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event as a
result of which the prospectus included in the registration statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing, such Holder will immediately discontinue disposition of Registrable
Securities pursuant to the registration statement covering such Registrable Securities until such Holder’s receipt of
the copies of a supplemental or amended prospectus, and, if so desired by the Company, such Holder shall deliver to the
Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of such destruction) all copies,
other than permanent file copies then in such Holder’s possession, of the prospectus covering such Registrable
Securities current at the time of receipt of such notice. Immediately after discovering of such an event which causes the
prospectus included in the registration statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing, the Company shall prepare and file, as soon as practicable, a supplement or
amendment to the prospectus so that such registration statement does not include any untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing and distribute such supplement or amendment to each Holder.

 

    15

     

    

 

6.                 
Miscellaneous.

 

(a)              
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a holder of Warrant ADSs prior to the Warrant ADSs Delivery Date.

 

(b)              
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any certificate relating to the
Warrant ADSs, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the
case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

(c)              
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised
on the next succeeding Business Day.

 

(d)               Authorized
Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and
unissued Ordinary Shares a sufficient number of shares to provide for the issuance of the Warrant ADSs and underlying
Ordinary Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance
of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary
Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action
as may be necessary to assure that such Warrant ADSs may be issued as provided herein without violation of any applicable law
or regulation, or of any requirements of the applicable Trading Market upon which the Ordinary Shares and ADSs may be listed.
The Company covenants that all Warrant ADSs which may be issued upon the exercise of the purchase rights represented by this
Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant ADSs in
accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and
charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue).

 

    16

     

    

 

Except and to the extent as waived
or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of
incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will
at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality
of the foregoing, the Company will (i) not increase the par value of any Warrant ADSs above the amount payable therefor upon such
exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and nonassessable Warrant ADSs upon the exercise of this Warrant and
(iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking any action which
would result in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable or in the Exercise Price, the
Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

 

(e)                Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be determined in accordance with the provisions of the Underwriting Agreement.

 

(f)               
Restrictions. The Holder acknowledges that the Warrant ADSs acquired upon the exercise of this Warrant, if not registered,
will have restrictions upon resale imposed by state and federal securities laws.

 

(g)              
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part
of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without
limiting any other provision of this Warrant or the Underwriting Agreement, if the Company willfully and knowingly fails to comply
with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such
amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees,
including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise
enforcing any of its rights, powers or remedies hereunder.

 

    17

     

    

 

(h)              
 Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the
Company shall be delivered in accordance with the notice provisions of the Underwriting Agreement.

 

(i)                
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise
this Warrant to purchase Warrant ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to
any liability of the Holder for the purchase price of any Ordinary Shares or ADSs or as a shareholder of the Company, whether such
liability is asserted by the Company or by creditors of the Company.

 

(j)                
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

(k)              
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors
and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time
of this Warrant and shall be enforceable by the Holder or holder of Warrant ADSs.

 

(l)                
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the
Company and the Holder.

 

(m)            
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

(n)              
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose,
be deemed a part of this Warrant.

 

********************

 

(Signature Page Follows)

 

    18

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	THE9 LIMITED.
	 	 	 
	 	By: 	/s/ George Lai
	 	 	Name: George Lai
	 	 	Title: CFO

 

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NOTICE OF EXERCISE

 

	To:	THE9 LIMITED,

THE BANK OF NEW YORK MELLON

 

(1) The undersigned hereby
elects to purchase ________ Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only if exercised in full),
and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment shall take
the form of (check applicable box):

 

 ̈
in lawful money of the United States; or

 

 ̈
if permitted the cancellation of such number of Warrant ADSs as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant ADSs purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3) Please register and
issue said Warrant ADSs in the name of the undersigned or in such other name as is specified below:

 

	 	 	 

 

The Warrant ADSs shall be delivered to the following DWAC Account
Number or by physical delivery of a certificate to:

 

	 	 	 
	 	 	 
	 	 	 

 

[SIGNATURE OF HOLDER]

 

	Name of Investing Entity:	 

 

	Signature of Authorized Signatory of Investing Entity:	 
	Name of Authorized Signatory:	 
	 	 	 

	Title of Authorized Signatory:	 
	Date:	 	 

 

    20

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR VALUE RECEIVED, [____]
all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

_____________________________________________________ whose
address is

 

______________________________________________________________________

 

______________________________________________________________________

 

	 	Dated: ______________, _______

 

	 	Holder’s Signature:	 	 
	 	 	 	 
	 	Holder’s Address:	 	 

 

NOTE: The signature to this Assignment Form must correspond
with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever. Officers of
corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign
the foregoing Warrant.

 

    21

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