Document:

Registration Rights Agreement

 Exhibit 4.14 
 ASIA SILICON TECHNOLOGY HOLDINGS INC. 
 REGISTRATION RIGHTS AGREEMENT 
 September 10, 2007 

 THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is made as of
September 10, 2007, by and among (i) Asia Silicon Technology Holdings Inc., an exempted company incorporated and validly existing with limited liability under the laws of the Cayman Islands (the “Company”),
(ii) Mandra Materials Limited, an exempted company incorporated and validly existing with limited liability under the laws of the British Virgin Islands (“Mandra”), (iii) Deutsche Bank AG (the
“Investor”), and (viii) any other Persons who shall later become signatories to this Agreement (the “Subsequent Shareholders”). 
 RECITALS 
 A. The Company and the Investor have entered into a Subscription
Agreement, dated as of September 7, 2007 (the “CB Subscription Agreement”), providing for the issuance and sale by the Company, and the purchase by the Investor, of Tranche A Floating Rate Secured Bonds due 2009
and Tranche B Floating Rate Secured Convertible Bonds due 2009 (the “Convertible Bonds”) of the Company; 
 B. In
order to induce the Investor to purchase the Convertible Bonds pursuant to the CB Subscription Agreement, this Agreement is entered into to set forth certain terms and conditions concerning the Investor’s and Mandra’s registration rights,
as more precisely described herein; and 
 C. It is a condition to the closing of the transactions contemplated under the CB Subscription
Agreement (the “Closing”) that the Parties shall have executed this Agreement. 
 NOW THEREFORE, in consideration of the
foregoing and the mutual promises, covenants and agreements of the Parties contained herein, the Parties agree as follows: 
 1. Certain
Definitions. As used in this Agreement, the following terms have the following respective meanings: 
 “Affiliate” means, with respect to any Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person and “Affiliates” shall have correlative
meaning. For the purpose of this definition, the term “control” (including with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”), as
used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or by contract or
otherwise. 
 “Agreement” has the meaning set forth in the preamble to this Agreement. 
 “Blue Sky” means the statutes of any state regulating the sale of corporate securities within that state.

 “Board” means the board of directors of the Company. 
 “Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized to
be closed in either the PRC or the Hong Kong Special Administrative Region. 
  

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 “Combined Holders” means the Holders (as defined herein) and the Holders
(as defined in the First Registration Rights Agreement) under the First Registration Rights Agreement. 
 “Combined
Registrable Securities” means the Registrable Securities (as defined herein) and the Registrable Securities (as defined in the First Registration Rights Agreement) under the First Registration Rights Agreement. 
 “Commission” means the United States Securities and Exchange Commission.  
 “Company” has the meaning set forth in the preamble to this Agreement. 
 “Complying IPO” means an Initial Public Offering of Ordinary Shares which satisfies the following requirements:

  

	 	(i)	by way of an offer of such Ordinary Shares (with warrants or other securities, if appropriate) or other related securities to the public for subscription or sale for cash in
conjunction with an international placement of such Shares (with warrants or other securities, if appropriate) or other related securities accompanied by the grant of listing and permission to deal in the Ordinary Shares by NASDAQ, The Stock
Exchange of Hong Kong Limited, the New York Stock Exchange, the main board of the London Stock Exchange plc or any other stock exchange of international standing as may be determined by the Issuer as the principal stock exchange for listing of the
Shares from time to time (and approved for such purpose by the Trustee (acting on the instructions of the Bondholders (pursuant to an Extraordinary Resolution)); and 

  

	 	(ii)	the aggregate amount of the capital raised in connection with the Initial Public Offering is equal to or greater than U.S.$300,000,000 (or its equivalent in any other currency as
determined using a rate of exchange equal to the mid-exchange rate between U.S. dollars and the relevant currency quoted by Deutsche Bank AG, Hong Kong Branch or failing which any other bank of international repute selected by the Trustee at 11:00
a.m. (Hong Kong time) on the date on which the Initial Public Offering price is determined). 

 “Convertible Bonds” has the meaning set forth in the preamble to this Agreement. 
 “Demand
Registration” has the meaning set forth in Section 2.1 of this Agreement. 
 “Damages” has the
meaning set forth in Section 7.1 of this Agreement. 
 “Exchange Act” means the United States Securities
Exchange Act of 1934, as amended. 
 “Existing Shareholders” has the meaning set forth in the preamble to
this Agreement. 
 “First Registration Rights Agreement” means the amended investors’ rights agreement
dated on or about September 7, 2007 by and among the Company, Happy Genius Holdings Limited, TB Silicon Ltd. and Benchmark Europe III, L.P. (as 

  

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nominee for Benchmark Europe III, L.P., Benchmark Europe Founders’ Fund III L.P. and related individuals, acting by its manager Balderton Capital
Management (UK) LLP). 
 “Form F-1” means such form under the Securities Act as in effect on the date hereof
or any successor registration form under the Securities Act subsequently adopted by the Commission. 
 “Form
F-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the Commission, which permits incorporation of substantial information by
reference to other documents filed by the Company with the Commission. 
 “Governmental or Regulatory Authority”
means any applicable State, federal provincial, county and local court, tribunal, arbitrator, authority, agency, commission, official or other instrumentality of any jurisdiction in which a Person conducts business or operations. 
 “Holder” means the Investor, Mandra and any other holder of Registrable Securities (including any Permitted Transferees
of the Investor or Mandra) entitled to the rights, and bound by the obligations under this Agreement, in accordance with Section 5.1. 
 “Initial Public Offering” means the first Public Offering of Equity Securities of a Person upon the consummation of which such securities are listed on an internationally recognized securities
exchange. 
 “Initiating Holder” has the meaning set forth in Section 2.1 of this Agreement.  

 “Investor” has the meaning set forth in the preamble to this Agreement. 
 “NASD” shall mean the National Association of Securities Dealers, Inc.  
 “Ordinary Shares” means the ordinary shares of the Company. 
 “Parties” means collectively the Company, Mandra, the Investor and any Subsequent Shareholder who becomes a party to this
Agreement. Each of the Parties shall be referred to as a “Party”. 
 “Permitted
Transferee” mean any Person entitled to receive Convertible Bonds and/or Ordinary Shares issuable upon conversion of the Convertible Bonds from the Investor in accordance with the terms and conditions of the Convertible Bonds or from
Mandra. 
 “Person” means any natural person, corporation, limited liability company, general partnership,
limited partnership, proprietorship, other business organization, trust, union, association or Governmental or Regulatory Authority. 
 “PRC” or “China” means the People’s Republic of China, but solely for the purposes of this Agreement excluding the Hong Kong Special Administrative Region, Macau Special Administrative Region and the
island of Taiwan. 
  

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 “Prospectus” shall mean the prospectus included in a Registration
Statement, including any preliminary Prospectus, any free-writing Prospectus, and any such Prospectus as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities and
by all other amendments and supplements to such Prospectus, including post-effective amendments, and in each case including all material incorporated by reference therein. 
 “Public Offering” means, in the case of an offering in the United States, an underwritten public offering of Equity
Securities of a Person pursuant to an effective registration statement under the U.S. Securities Act of 1933, as amended, and, in the case of an offering in any other jurisdiction, a widely distributed underwritten offering of Equity Securities of a
Person in which both retail and institutional investors are eligible to buy in accordance with the securities laws of such jurisdiction. 
 “Purchase Agreement” has the meaning set forth in the recitals to this Agreement. 
 “Registration” means a registration effected by preparing and filing a Registration Statement (including, without limitation, the execution of an undertaking to file post-effective amendments and any other governmental
requirements) and the declaration or ordering of the effectiveness of that Registration Statement, and the terms “Register” and “Registered” have meanings correlative with the foregoing. 
 “Registrable Securities” means (i) Ordinary Shares issued or issuable upon conversion of the Convertible Bonds,
(ii) Ordinary Shares held by Mandra, (iii) Ordinary Shares issued in respect of stock referred to in (i) above in any reorganization; or (v) Ordinary Shares issued in respect of the Ordinary Shares referred to in (i),
(ii) or (iii) above as a result of a stock split, stock dividend, recapitalization or combination. Notwithstanding the foregoing, Registrable Securities shall not include otherwise Registrable Securities (x) sold by a person in a
transaction in which his rights under this Agreement are not properly assigned; or (y) (A) sold to or through a broker or dealer or underwriter in a public distribution or a public securities transaction, or (B) sold in a transaction
exempt from the registration and prospectus delivery requirements of the Securities Act under Section 4(1) thereof so that all transfer restrictions, and restrictive legends with respect thereto, if any, are removed upon the consummation of
such sale or (C) the registration rights associated with such securities have been terminated pursuant to Section 5 of this Agreement. 
 “Registration Expenses” means all expenses, other than underwriting discounts and commissions, incurred by the Company in complying with Sections 2 or 3 of this Agreement, including, without
limitation, all Registration, qualification, and filing fees, printing expenses, fees and disbursements of counsels for the Company, reasonable fees and disbursements of one special counsel for all Holders (if different from counsels to the
Company), Blue Sky fees and expenses, and the expense of any special audits incident to or required by any Registration. 
  

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 “Registration Statement” means a registration statement prepared on
Forms F-1, F-3, S-1 or S-3, under the Securities Act, or on any comparable form in connection with registration in a jurisdiction other than the United States. 
 “Securities Act” means the United States Securities Act of 1933, as amended. 
 “Selling Expenses” means all underwriting discounts and selling commissions applicable to the sale of Registrable
Securities pursuant to this Agreement. 
 “Shares” means the Ordinary Shares. 
 “Underwriters’ Representative” has the meaning set forth in Section 2.5(b) of this Agreement. 
 Capitalized terms used but not defined herein shall have the meanings ascribed to them in the CB Subscription Agreement. 
 2. Demand Registration. 
 2.1. Request for Registration on Form Other than Form F-3. On and after the earlier of (i) the third anniversary of the date of this Agreement or (ii) six (6) months after the Registration Statement with respect to the
Company’s Initial Public Offering filed by the Company becomes effective, if the Company receives from the Holders of more than 25% of the Registrable Securities (such Holder or Holders referred to as the “Initiating Holder”) a
request in writing that the Company effect any Registration with respect to at least one-third of the Registrable Securities held by such Initiating Holder then outstanding on a form other than Form F-3, the Company shall (i) within ten
(10) days of receipt of such written request, give written notice of the proposed Registration to all other Holders, and (ii) as soon as practicable, use its commercially reasonable efforts to effect Registration of those Registrable
Securities (“Demand Registration”) that the Company has been so requested to Register by the Initiating Holder and all other Holders to whom notice was given within twenty (20) days after receiving such written notice from the
Company on that form and to cause those Registrable Securities to be qualified in jurisdictions as the Holder or Holders may reasonably request, subject to limitations of this Section 2. The Company shall not be obligated to take any action to
effect any Registration pursuant to this Section 2.1: (x) after the Company has effected two (2) Registrations pursuant to this Section 2.1 and such Registrations have been declared or ordered effective; (y) after the
Company has effected one Registration pursuant to this Section 2.1 during any nine (9)-month period; or (z) if the Initiating Holder proposes to dispose of shares of Registrable Securities that may be immediately Registered on Form F-3
pursuant to a request made pursuant to Section 2.2. Notwithstanding the requirement of holding more than 25% of the Registrable Securities to initiate a Demand Registration, the Investor shall be entitled to effect only one (1) Demand
Registration pursuant to this Section 2.1. In addition to the right of the Investor as an Initiating Holder to request the Company to effect a Demand Registration, in the event the Investor wishes to initiate a Demand Registration but Mandra
does not, the Investor shall be entitled, on one (1) occasion only, to effect Demand Registration pursuant to this Section 2.1 without being required to hold 25% of the Registrable Securities. The substantive provisions of Section 2.5
shall be applicable to the Registration initiated under this Section 2.1. 
  

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 2.2. Request for Registration on Form F-3. If any Holder requests in writing that
the Company file a Registration Statement on Form F-3 (or any comparable form for a Registration in a jurisdiction other than the United States) for a public offering of shares of Registrable Securities, the reasonably anticipated aggregate price to
the public of which would not be less than One million U.S. Dollars (US$1,000,000), and the Company is a registrant entitled to use Form F-3 (or any comparable form for a Registration for an offering in a jurisdiction other than the United States)
to register the Registrable Securities, the Company shall (i) within ten (10) days of receipt of such written request, give written notice of the proposed Registration to all other Holders, and (ii) as soon as practicable use its
commercially reasonable efforts to effect registration of those Registrable Securities which the Company has been so requested to be Registered by the Initiating Holder and all other Holders to whom notice was given by written request given to the
Company within twenty (20) days after written notice from the Company, on that form and to cause those Registrable Securities to be qualified in jurisdictions as the Holder or Holders may reasonably request, subject to limitations of this
Section 2. The Company shall not be obligated to take any action to effect any Registration pursuant to this Section 2.2; (x) within one hundred twenty (120) days of the effective date of any Registration referred to in
Section 2.1 or 3 or (y) if the Company has filed two Registrations pursuant to this Section 2.2 within any twelve-month period. The substantive provisions of Section 2.5 shall be applicable to each Registration initiated under
this Section 2.2. 
 2.3. Right of Deferral. Notwithstanding the foregoing, the Company shall not be obligated to
file a Registration Statement pursuant to this Section 2, if the Company furnishes to the Initiating Holder a certificate signed by a director of the Company certifying that in the good faith judgment of the Board it would be seriously
detrimental to the Company or its shareholders for a Registration Statement to be filed, then the Company’s obligation to file a Registration Statement shall be deferred for a period not to exceed one hundred twenty (120) days from the
receipt of the request to file the registration by that Holder; provided, that the Company shall not exercise the right to delay a request contained in this Section 2.3 more than once in any twelve (12)-month period, and provided
further, that during such one hundred twenty (120)-day period, the Company shall not file a Registration Statement for securities to be issued and sold for its own account. 
 2.4. Registration of Other Securities in Demand Registration. Any Registration Statement filed pursuant to the request of the
Holders under this Section 2 may, subject to the provisions of Section 2.5, include securities of the Company other than Registrable Securities. If the Company, officers or directors of the Company holding securities other than the
Registrable Securities, or holders of securities other than the Registrable Securities, request inclusion of other securities of the Company held thereby in the Registration, the Company may, in its sole discretion, offer to any or all of the
Company, those officers or directors, and the holders of securities other than the Registrable Securities, that their securities be included in the underwriting and may condition that offer on the acceptance by those Persons of the terms of this
Section 2. 
 2.5. Underwriting in Demand Registration. 
  

	 	(a)	 Notice of Underwriting. If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, then
they shall so advise the Company as a part of their request made pursuant to this Section 2, and the Company shall include that information in the written notice referred to in Section 2.1 or 

  

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2.2 of this Agreement, as applicable. In such event, the right of any Holder to Registration pursuant to this Section 2 shall be conditioned upon such
Holder’s agreement to participate in the underwriting and the inclusion of that Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to
the extent provided herein. 

  

	 	(b)	Selection of Underwriter in Demand Registration. The Company shall (together with all Holders proposing to distribute their securities through the underwriting) enter into an
underwriting agreement in customary form with the underwriter or, if more than one, the lead underwriter acting as the representative of the underwriters (the “Underwriters’ Representative”) selected for the underwriting by the
Company; provided, however, that if the majority in interest of the Initiating Holders have not agreed with such underwriter or Underwriters’ Representatives as to the terms and conditions of such underwriting within ten (10) days,
following commencement of such negotiations, a majority in interest of the Initiating Holders may select an underwriter of their choice. 

  

	 	(c)	Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 2, in the event the Underwriters’ Representative advises the
Initiating Holders in writing that marketing factors require a limitation of the number of shares to be underwritten, then the Company shall so advise all Holders, and the number of shares of Registrable Securities that may be included in the
Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities held by all such selling Holders (including the Initiating Holders) at the time of
filing the Registration Statement provided, however, that the right of the underwriter(s) to exclude shares (including Registrable Securities) from the registration and underwriting as described in Section 2.1 shall be restricted
so that (i) the number of Registrable Securities included in such registration and underwriting is not reduced to below thirty percent (30%) of the aggregate number of Registrable Securities for which inclusion has been requested by the
Initiating Holders in total; and (ii) all other securities that are not Registrable Securities, including, but not limited to, Ordinary Shares or all other shares that are not Registrable Securities and are held by any other person, including,
without limitation, any person who is an employee, consultant, officer or director of the Company (or any Subsidiary of the Company) shall first be excluded in entirety from such registration and underwriting before any Registrable Securities are so
excluded. 

  

	 	(d)	 Right of Withdrawal in Demand Registration. If any Holder of Registrable Securities disapproves of the terms of the underwriting, such Holder may elect to
withdraw therefrom by written notice to the Company, the Underwriters’ Representative and the Initiating Holders proposing to distribute their securities through the underwriting, delivered at least ten (10) days prior to the effective
date of the Registration Statement. If, by the withdrawal of such Registrable Securities, a greater number of Registrable Securities held by other Holders may be included in such 

  

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registration (up to the limit imposed by the underwriters) the Company shall offer to all Holders who have included Registrable Securities in the
registration the right to include additional Registrable Securities in the same proportion used in determining the limitation as set forth above. Any Registrable Securities which are excluded from the underwriting by reason of the underwriter’s
marketing limitation or withdrawn from such underwriting shall be withdrawn from such registration. 

 2.6.
Other Securities Laws in Demand Registration. In the event of any Registration pursuant to this Section 2, the Company shall exercise its commercially reasonable efforts to Register and qualify the securities covered by the Registration
Statement under the securities laws of any other jurisdictions as shall be reasonably appropriate for the distribution of the securities, except for any particular state or jurisdiction in which the Company would be required to execute a general
consent to service of process in effecting such Registration, qualification, or compliance. 
 3. Unlimited Piggyback Registration. 

 3.1. Notice of Piggyback Registration and Inclusion of Registrable Securities. Subject to the terms of this
Agreement, if the Company decides to Register any of its Ordinary Shares, for its own account, for the account of any of its Shareholders, other than a Registration relating solely to employee benefit plans, or a Registration relating solely to a
Rule 145 transaction, a transaction relating solely to the sale of debt or convertible debt instruments or a Registration on any form (other than Form F-1 or F-3 or their successor forms) which does not include substantially the same information as
would be required to be included in a registration statement covering the sale of Registrable Securities, the Company shall (a) promptly give each Holder written notice thereof prior to filing the registration statement, and (b) include in
that Registration, and in any underwriting involved therein, all the Registrable Securities specified in a written request delivered to the Company by any Holder within fifteen (15) days after delivery of the written notice from the Company.

 3.2. Underwriting in Piggyback Registration. 
  

	 	(a)	Notice of Underwriting in Piggyback Registration. If the Registration of which the Company gives notice is for a Registered Public Offering, the Company shall so advise the
Holders as a part of the written notice given pursuant to Section 3.1. In this event, the right of any Holder to Registration pursuant to Section 3.1 shall be conditioned upon such Holder’s participation in such underwriting and the
inclusion of that Holder’s Registrable Securities in the underwriting, to the extent provided in this Section 3. All Holders proposing to distribute their securities through such underwriting shall (together with the Company and the other
holders distributing their securities through the underwriting) enter into an underwriting agreement in customary form with the Underwriters’ Representative for such offering. 

  

	 	(b)	 Marketing Limitation in Piggyback Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative
determines that marketing factors require a limitation of the number of shares to be 

  

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underwritten, the Underwriters’ Representative (subject to the allocation priority set forth in Section 3.2(c)) may limit the number of Registrable
Securities to be included in the registration and underwriting, or may exclude Registrable Securities entirely from such registration if the registration is the first registered offering for the sale of the Company’s securities to the general
public. The Company shall so advise all Holders and the other Holders distributing their securities through such underwriting pursuant to piggyback registration rights similar to this Section 3, and the number of shares of Registrable
Securities and other securities that may be included in the registration and underwriting shall be allocated among all Holders and other holders in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held by
such Holders and other securities held by other holders at the time of filing the registration statement. 

  

	 	(c)	Allocation of Shares in Piggyback Registration. In the event that the Underwriters’ Representative limits the number of shares to be included in a Registration pursuant
to Section 3.2(b), the number of Registrable Securities to be included in the Registration shall be allocated, first, to the Company and those Registrable Securities (as defined in the First Registration Rights Agreement) requested to be
sold pursuant to a demand registration right exercised pursuant to the First Registration Rights Agreement; second, to all Holders requesting inclusion of their respective Registrable Securities in such Registration Statement on a pro rata
basis based on the number of Registrable Securities held by all such selling Holders at the time of filing the Registration Statement; and third, to any other shareholders of the Company requesting inclusion of their shares in the
Registration; provided that in the first registered offering for the sale of the Company’s securities to the general public such allocations shall be made first, to the Company; second, to all Combined Holders requesting inclusion
of their respective Combined Registrable Securities in such Registration Statement on a pro rata basis based on the number of Combined Registrable Securities held by all such selling Combined Holders at the time of filing the Registration Statement;
and third, to any other shareholders of the Company requesting inclusion of their shares in the Registration. 

  

	 	(d)	 Withdrawal in Piggyback Registration. If any Holder disapproves of the terms of any underwriting, such Holder may elect to withdraw therefrom by written
notice to the Company and the Underwriters’ Representative delivered at least ten (10) days prior to the effective date of the Registration Statement. If, by the withdrawal of such Registrable Securities, a greater number of Registrable
Securities held by other Holders may be included in such registration (up to the limit imposed by the underwriters), the Company shall offer to all Holders who have included Registrable Securities in the registration the right to include additional
Registrable Securities, subject to the priorities set forth in paragraph (c) of this Section. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from such registration. 

  

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	 	(e)	Right to Terminate Registration. The Company shall have the right to terminate or withdraw any Registration initiated by it under this Section 3 prior to the
effectiveness of such Registration whether or not any Holder has elected to include securities in such registration. The Company may suspend the effectiveness and use of any registration statement at any time for an unlimited amount of time whether
or not any Holder has elected to include Registrable Securities in such Registration. 

 4. Expenses of Registration.
All Registration Expenses incurred in connection with each of the Registrations pursuant to Section 2.1 and unlimited Registrations pursuant to Sections 2.2 and 3, shall be borne by the Company. All Selling Expenses shall be borne by the
holders of the securities Registered pro rata on the basis of the number of securities so Registered. 
 5. Assignability of Registration Rights; Termination of Registration Rights; Transfer 
 5.1. Assignability
of Registration Rights. The rights to cause the Company to Register securities granted under Section 2 and 3 of this Agreement shall be assignable by an Investor to any Investor or any Permitted Transferee of such Investor in accordance
with the terms of the Convertible Bonds and the Exchangeable Bonds. No other party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the written consent of the Company, Mandra and the Investor.

 5.2. Termination of Registration Rights. 
  

	 	(a)	The rights to cause the Company to Register securities granted under Sections 2 and 3 of this Agreement shall terminate with respect to such Holder at such time, following a bona
fide, firmly underwritten public offering of shares of the Ordinary Shares registered under the Securities Act (provided that the aggregate gross offering price equals or exceeds $5,000,000), as such Holder is able to dispose of all of his
Registrable Securities in one three-month period pursuant to the provisions of Rule 144, provided that such Holder holds not more than one percent (1%) of the outstanding voting stock of the Company. 

  

	 	(b)	Notwithstanding the provisions of paragraph (a) of this Section 5, all rights of any particular Holder under this Agreement shall terminate at 5:00 P.M. Eastern time on
the date three (3) years after the closing date of the Company’s first firmly underwritten public offering. 

 5.3. Notice of Proposed Transfer. The Holder of each certificate representing Registrable Securities, by acceptance thereof, agrees to comply in all respects with the provisions of this Section 5.3. Each such Holder agrees not
to make any disposition of all or any portion of any Registrable Securities unless and until: 
  

	 	(a)	There is in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement;
or 

  

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	 	(b)    (i)	Such Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed
disposition, and 

 (ii) If reasonably requested by the Company, such Holder shall furnish the Company with an opinion of
counsel, reasonably satisfactory to the Company that such disposition shall not require registration of such shares under the Securities Act. It is agreed, however, that no such opinion will be required for Rule 144 or Rule 144A transactions.

 6. Registration Procedures and Obligations. Whenever required under this Agreement to effect the Registration of any Registrable
Securities, the Company shall, as expeditiously as reasonably possible: 
  

	 	(a)	(i) prepare and file a Registration Statement with the Commission which shall be on Form F-1 or Form F-3 (or any successors to such forms), if available, (ii) use its
commercially reasonable efforts to cause such Registration Statement to become effective as soon as commercially practicable but in any event within one hundred twenty (120) days after receipt of request from the Initiating Shareholders, and in
the case of Registrable Securities registered under Form F-3 in accordance with Rule 415 under the Securities Act or a successor rule, remain effective, until the Holder or Holders have completed the distribution thereto; 

 

	 	(b)	promptly prepare and file with the Commission such amendments, supplements and post-effective amendments to each such Registration Statement and the prospectus used in connection
therewith, as may be necessary to comply with the provisions of the Securities Act and to keep such Registration Statement effective for the applicable period; 

  

	 	(c)	furnish to each Holder for which the Registrable Securities are being registered and to each underwriter of an underwritten offering of the Registrable Securities, if any, without
charge, as many copies of each Prospectus, including, without limitation, each preliminary Prospectus, each free-writing Prospectus and any amendment or supplement thereto and such other documents as such Holder or underwriter may reasonably request
in order to facilitate the public sale or other disposition of the Registrable Securities; 

  

	 	(d)	 (i) use its commercially reasonable efforts to register or qualify the Registrable Securities for offer and sale, under all applicable state securities or Blue Sky
laws of such jurisdictions as each underwriter, if any, or any Holder having Registrable Securities covered by a Registration Statement, shall reasonably request; (ii) use its 

  

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commercially reasonable efforts to keep each such registration or qualification effective during the period such Registration Statement is required to be
kept effective; 

  

	 	(e)	notify each Holder for which the Registrable Securities are being registered promptly, and, if requested by such Holder, confirm such advice in writing, (i) when a Registration
Statement has become effective and when any post-effective amendments and supplements thereto become effective, (ii) of the issuance by the Commission or any state securities authority of any stop order, injunction or other order or requirement
suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (iii) if, between the effective date of a Registration Statement and the closing of any sale of securities covered thereby pursuant
to any agreement to which the Company is a party, the representations and warranties of the Company contained in such agreement cease to be true and correct in all material respects or if the Company receives any notification with respect to the
suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, and (iv) of the happening of any event during the period a Registration Statement is effective as a
result of which such Registration Statement or the related Prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading;

  

	 	(f)	furnish counsels for each such underwriter, if any, and for the Holders for which the Registrable Securities are being registered, copies of any request by the Commission or any
state securities authority for amendments or supplements to a Registration Statement and Prospectus or for additional information; 

  

	 	(g)	use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement, or the lifting of any suspension of the
qualification of any Registrable Securities for sale in any jurisdiction, at the earliest possible time; 

  

	 	(h)	upon request, furnish to the Underwriters’ Representative of a Public Offering of the Registrable Securities, if any, without charge, at least one signed copy of each
Registration Statement and any post-effective amendment thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits; and furnish to each Holder for which the Registrable Securities are
being registered, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment thereto (without documents incorporated therein by reference or exhibits thereto, unless requested);

  

	 	(i)	 cooperate with the selling Holders of the Registrable Securities and the Underwriters’ Representative of a Public Offering of the Registrable Securities, if
any, to facilitate the timely preparation and delivery of certificates 

  

 12 

	 	 
representing the Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such
denominations (consistent with the provisions of the governing documents thereof) and registered in such names as the selling Holders or the Underwriters’ Representative of a Public Offering of the Registrable Securities, if any, may reasonably
request at least three (3) days prior to any sale of the Registrable Securities; 

  

	 	(j)	upon the occurrence of any event contemplated by paragraph (e)(iv) of this Section, use commercially reasonable efforts to prepare a supplement or post-effective amendment to a
Registration Statement or the related Prospectus, or any document incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus will not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

  

	 	(k)	enter into customary agreements (including, in the case of a Public Offering, underwriting agreements in customary form, and including provisions with respect to indemnification and
contribution in customary form and consistent with the provisions relating to indemnification and contribution contained herein) including but not limited to opinions of counsels to the Company, “comfort” letters from the Company’s
independent certified public accountants and other such customary documents and certificates as may be reasonably requested by the majority Holders of the Registrable Securities being sold or by the Underwriters’ Representative and take all
other customary and appropriate actions in order to expedite or facilitate the disposition of such Registrable Securities. 

 The above shall be done (i) at the effectiveness of such Registration Statement (and each post-effective amendment thereto) in connection with any registration, and (ii) at each closing under any underwriting or similar agreement
as and to the extent required thereunder; 
  

	 	(1)	make available for inspection by representatives of the selling Holders of the Registrable Securities and any underwriters participating in any disposition pursuant to a
Registration Statement and any counsel or accountant retained by such Holders or underwriters, all financial and other records, pertinent corporate documents and properties of the Company and cause the respective officers, directors and employees of
the Company to supply all information reasonably requested by any such representative, underwriter, counsel or accountant in connection with a Registration Statement; 

  

	 	(m)	 (i) within a reasonable time prior to the filing of any Registration Statement, any Prospectus, any amendment to a Registration Statement or amendment or
supplement to a Prospectus, provide copies of such document to the selling Holders of the Registrable Securities and to counsel to such Holders and to the underwriter or underwriters of a 

  

 13 

	 	 
Public Offering of the Registrable Securities, if any; fairly consider such reasonable changes in any such document prior to or after the filing thereof as
the counsel to the Holders or the underwriter or the underwriters may request; and make such of the representatives of the Company as shall be reasonably requested by the Holders for which the Registrable Securities are being registered or any
underwriter available for discussion of such document; (ii) within a reasonable time prior to the filing of any document which is to be incorporated by reference into a Registration Statement or a Prospectus, provide copies of such document to
counsel for the selling Holders; fairly consider such reasonable changes in such document prior to or after the filing thereof as counsel for such Holders or such underwriter shall request; and make such of the representatives of the Company as
shall be reasonably requested by such counsel available for discussion of such document; 

  

	 	(n)	cause all Registrable Securities covered by such Registrations to be qualified for inclusion in or listed on NASDAQ, The New York Stock Exchange or any securities exchange National
Market on which securities of the same class issued by the Company are then so qualified or listed if so requested by the majority Holders of the Registrable Securities covered by a Registration Statement, or if so requested by the underwriter or
underwriters of a Public Offering of the Registrable Securities, if any; 

  

	 	(o)	otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, including making available to its security holders an
earnings statement covering at least 12 months which shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

  

	 	(p)	cooperate and assist in any filings required to be made with the NASD and in the performance of any due diligence investigation by any underwriter in an underwritten offering; and

  

	 	(q)	use all reasonable efforts to facilitate the distribution and sale of any Registrable Securities to be offered pursuant to this Agreement, including without limitation by making
road show presentations, holding meetings with potential investors and taking such other actions as shall be requested by the majority Holders of the Registrable Securities covered by a Registration Statement or the lead managing underwriter of an
underwritten offering. 

 Each selling Holder of the Registrable Securities as to which any Registration is being effected
pursuant to this Agreement agrees, as a condition to the Registration obligations with respect to such Holder provided herein, to furnish to the Company such information regarding such Holder required to be included in the Registration Statement,
the ownership of the Registrable Securities by such Holder and the proposed distribution by such Holder of such Registrable Securities as the Company may from time to time reasonably request in writing. 
  

 14 

 The terms of this Agreement are drafted primarily in contemplation of securities offerings in the United
States. The parties recognize, however, the possibility that there may be one or more registrations in a jurisdiction other than the United States. It is, accordingly, the parties’ intention that whenever this Agreement refers to a law or
institution of the United States but the parties wish to effectuate a registration in a different jurisdiction, reference in this Agreement to the laws or institutions of the United States shall be read as referring, mutatis mutandis, to the
comparable laws or institutions of the jurisdiction in question. Without prejudice to the foregoing, in the event of a Complying IPO on a stock exchange in Hong Kong or London, the Company must ensure that the Registrable Securities are admitted to
trading on that stock exchange (and where applicable admitted to any applicable official list) at the same time as all of the other shares of the Company to be listed. 
 7. Indemnification. 
 7.1. Company’s Indemnification of Holders. To the
extent permitted by law, the Company shall indemnify each Holder, each of its officers, directors, partners, agents, legal counsel for the Holders, and each Person controlling that Holder within the meaning of the Securities Act, with respect to
which Registration, qualification, or compliance of the Registrable Securities has been effected pursuant to this Agreement, the respective officers, directors, partners, members, employees, representatives and agents of any such Holder or any such
controlling Person, and each underwriter, if any, and each of its officers, directors, partners, agents and each Person who controls any underwriter within the meaning of the Securities Act against all claims, losses, damages, liabilities, or
actions in respect thereof (collectively, “Damages”) to the extent the Damages arise out of or are based upon any untrue statement (or alleged untrue statement) of a material fact contained in any Registration Statement,
Prospectus or other document incident to any Registration, qualification, or compliance, or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary in order to make the statements made therein
(in the case of a Prospectus, in light of the circumstances under which they were made) not misleading, or any violation by the Company (or alleged violation) of any rule or regulation promulgated under the Securities Act, Exchange Act, applicable
Blue Sky laws, or other applicable laws in the jurisdiction other than the United States in which the Registration occurred, applicable to the Company and relating to action or inaction required of the Company in connection with any Registration,
qualification, or compliance; and the Company shall reimburse each such Holder, each underwriter, each of their respective officers, directors, partners, agents, legal counsels, and each Person who controls any Holder or underwriter, for any legal
and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability, or action; provided, however, that the indemnity contained in this Section 7.1 shall not apply to amounts
paid in settlement of any Damages if settlement is effected without the consent of the Company (which consent shall not unreasonably be withheld); and provided, further, that the Company will not be liable in any case to the extent that any
Damages arise out of or are based upon any untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in that Registration Statement, prospectus, or other document in reliance upon and in conformity with written
information furnished to the Company by a Holder or underwriter, if any, and stated to be specifically for use in connection with the offering of securities of the Company. 
  

 15 

 7.2. Holder’s Indemnification of Company. To the extent permitted by law,
each Holder shall, if the Registrable Securities held by that Holder are included in the securities as to which Registration, qualification or, compliance is being effected pursuant to this Agreement, indemnify the Company, each Person who controls
the Company or underwriter within the meaning of the Securities Act, the respective officers, directors, partners members, employees, representatives and agents of the Company or controlling Person, each underwriter, if any, of the Company’s
securities covered by the Registration Statement and each of its officers, directors, partners, agents and each Person who controls any underwriter within the meaning of the Securities Act, and each other Holder selling securities under such
Registration, and each Person controlling the other Holder and the respective officers, directors, partners, members, employees, representatives and agents of such Holder or controlling Person (each, a “Holder Indemnified Person”),
against all Damages arising out of or based upon any untrue statement (or alleged untrue statement) of a material fact contained in such Registration Statement, prospectus, or other document incident to any Registration, qualification or
compliance, or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary in order to make the statements made therein (in the case of a Prospectus, in light of the circumstances under which they
were made) not misleading, and shall reimburse each Indemnified Person for any legal and any other expenses reasonably incurred in connection with investigating or defending any claim, loss, damage, liability, or action, in each case to the extent,
but only to the extent, that the untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in that Registration Statement, prospectus, or other document in reliance upon and in conformity with written information
furnished to the Company by that Holder and stated to be specifically for use in connection with the offering of securities of the Company, provided, however, that the indemnity contained in this Section 7.2 shall not apply to amounts
paid in settlement of any Damages if settlement is effected without the consent of that Holder (which consent shall not be unreasonably withheld) and provided, further, that each Holder’s liability under this Section 7.2 shall not
exceed the Holder’s proceeds net of Selling Expenses. 
 7.3. Indemnification Procedure. Promptly after receipt by
an indemnified party under this Section 7 of notice of the commencement of any action, the indemnified party shall, if a claim is to be made against an indemnifying party under this Section 7, notify the indemnifying party in writing of
the commencement thereof and generally summarize the action. The indemnifying party shall have the right to participate in and to assume the defense of that claim; provided, however, that the indemnifying party shall be entitled to select
counsel for the defense of the claim with the approval of any parties entitled to indemnification, which approval shall not be unreasonably withheld; provided further, however, that if either party reasonably determines that there may be a
conflict between the position of the Company and the Shareholders in conducting the defense of the action, suit, or proceeding by reason of recognized claims for indemnity under this Section 7, then counsel for that party shall be entitled to
conduct the defense to the extent reasonably determined by counsel to be necessary to protect the interests of that party. The failure to notify an indemnifying party promptly of the commencement of any action, if prejudicial to the ability of the
indemnifying party to defend the action, shall relieve the indemnifying party, to the extent so prejudiced, of any liability to the indemnified party under this Section 7, but the omission to notify the indemnifying party shall not relieve the
party of any liability that the party may have to any indemnified party otherwise than under this Section 7. 
 7.4.
Contribution. If the indemnification provided for in this Section 7 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any Damages, then the indemnifying party, in lieu of indemnifying
the indemnified party hereunder, shall contribute to the amount paid or payable by the indemnified party as a result of those 

  

 16 

 
Damages 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 hand, in connection with the statements or omissions that resulted in Damages as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying or the indemnified party and the parties’ relative intent,
knowledge, access to information, and opportunity to correct or prevent the statement or omission. 
 7.5. Conflicts.
Notwithstanding the foregoing, to the extent that provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing
provisions, the provisions in the underwriting agreement shall control. 
 7.6. Survival of Obligations. Unless
otherwise superseded by an underwriting agreement entered into with the underwritten public offering, the obligations of the Company and Holders under this Section 7 shall survive the completion of any offering of the Registrable Securities in
a Registration Statement under this Agreement or otherwise. 
 8. Lock-Up. Each Holder hereby agrees that, if requested by the
Company or the underwriter or the Underwriters’ Representative (if any) in connection with any Registration of the Company’s securities (whether or not such Holder is participating in such Registration), the Holder shall not sell, make any
short sale of, loan, grant any option for the purchase of, or otherwise transfer or dispose of any Registrable Securities (other than those included in the Registration) or other securities of the Company without the prior written consent of the
Company or the Underwriters’ Representative for such period of time (not to exceed 180 days) following the effective date of a Registration Statement of the Company filed under the Securities Act (or other applicable law in a jurisdiction other
than the United States in which a Registration occurred) as may be requested by the Underwriters’ Representative. 
 9. Reports Under
the Exchange Act. With a view to making available to Holders the benefits of Rule 144 promulgated under the Securities Act and any other rule or regulation of the Commission that may at any time permit a Holder to sell securities of the Company
to the public without Registration, the Company agrees to: 
  

	 	(a)	make and keep public information available, as those terms are understood and defined in Rule 144, at all times after ninety (90) days after the effective date of the first
Registration Statement filed by the Company for the offering of its securities to the public; 

  

	 	(b)	take all commercially reasonable action, necessary to enable the Holders to utilize Form F-3 for the sale of their Registrable Securities, such action to be taken as soon as
practicable after the end of the fiscal year in which the first Registration Statement filed by the Company for the offering of its securities to the general public is declared effective; 

  

 17 

	 	(c)	use its commercially reasonable efforts to file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act; and 

  

	 	(d)	for a Registration in a jurisdiction other than the United States, take actions similar to those set forth in paragraphs (a), (b) and (c) of this Section 9 with a
view to making, available to Holders the benefits of the corresponding provision or provisions of that jurisdiction’s securities laws. 

 10. Compliance with Sarbanes-Oxley Act. The Company covenants that it will fully comply with all the requirements of the United States Sarbanes-Oxley Act of 2002, as amended, and any rules and regulations
thereunder adopted from time to time by the Commission and any other applicable laws, in each case to the extent applicable to the Company. 
 11. Miscellaneous. 
 11.1. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York. 
 11.2. Dispute Resolution Forum. 
 (a) If there is any dispute, claim or controversy arising from, related to or in connection with this Agreement, or the breach,
termination or invalidity hereof, the Parties shall first attempt to resolve such dispute, controversy or claim through friendly consultations. If the dispute, claim or controversy is not resolved through friendly consultations within thirty days
after a Party has delivered a written notice to another Party requesting the commencement of consultation, then the dispute, claim or controversy shall be finally settled by arbitration conducted by the International Chamber of Commerce (the
“ICC”) in accordance with the Arbitration Rules of the ICC then in effect and as may be amended by the rest of this Section 11.2 (the “Rules”). There shall be three arbitrators of whom the Investors, on the
other hand, and the Company and the Existing Shareholders, on the other hand, shall each nominate one (1) in accordance with the Rules. The two named arbitrators shall nominate the third arbitrator within thirty (30) days of the nomination
of the second arbitrator. If any arbitrator has not been named within the time limits specified in the Rules, such appointment shall be made by the International Court of Arbitration of the ICC upon the written request of either Party within thirty
days of such request. The arbitration shall be held and the award shall be rendered in Singapore. The arbitration proceeding shall be conducted and the award shall be rendered in the English language. Each Party shall cooperate in good faith to
expedite (to the maximum extent practicable) the conduct of any arbitral proceedings commenced under this Agreement. 
 (b)
The award shall be final and binding upon the Parties, and shall be the exclusive remedy between the Parties regarding any claims, counterclaims, issues, or accountings presented to the arbitral tribunal. To the fullest extent allowed by applicable
Law, each Party hereby waives any right to appeal such award. Judgment upon the award may be entered in any court having jurisdiction thereof, and for purposes of enforcing any arbitral award made hereunder, each Party irrevocably submits to the
jurisdiction of any court sitting where any of such Party’s material assets may be found. Any arbitration proceedings, decisions or awards rendered hereunder shall be governed by the United Nations Convention on the Recognition and Enforcement
of Foreign Arbitral Awards of June 10, 1958, as amended, and the Parties agree that any award rendered hereunder shall not be deemed a domestic arbitration under the laws of any jurisdiction. 
  

 18 

 (c) By agreeing to arbitration, the Parties do not intend to deprive any court of its
jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of arbitration proceedings and the enforcement of any award. 
 (d) The costs of the arbitration, as defined in the Rules, shall be allocated between the Parties by the arbitrators and shall be set forth in the arbitral award. Any amounts subject to the dispute, controversy or
claim that are ultimately awarded to a Party under this Section 11.2 shall bear interest at the rate of six percent per annum from the earlier of (i) the date of the request for arbitration and (ii) the date such amount would have
become due and owing but for the dispute, controversy or claim until the date the arbitral award is paid in full. 
 11.3.
Specific Performance. Each Party hereby acknowledges that the remedies at law of the other Parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any Party, without posting any bond,
and in addition to all other remedies that may be available, shall be entitled in accordance with Section 11.2(c) to seek equitable relief in the form of specific performance, injunctions or any other equitable remedy. 
 114. Counterparts and Facsimile Execution. This Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. Any counterpart or other signature delivered by facsimile shall be deemed for all purposes as being a good and valid execution and delivery of this Agreement
by that party. 
 11.5. Headings. The headings of the Sections of this Agreement are for convenience and shall not by
themselves determine the interpretation of this Agreement. 
 11.6. Notices. All notices, requests and other
communications hereunder must be in writing and will be deemed to have been duly given only if delivered personally or by facsimile transmission or mailed (first class postage prepaid) to the parties at the following addresses or facsimile numbers:

 If to the Investor, to: 
 Deutsche Bank, AG 
 c/o Deutsche Bank AG, Hong Kong Branch 
 56/F Cheung Kong Center 
 2 Queen’s Road
Central 
 Hong Kong 
 Facsimile
No.: (852) 2203-7266 
 Attn: Derek Leung 
  

 19 

 If to Mandra to: 
 Mandra Materials Limited 
 10th Floor, Fung House 
 19-20 Connaught Road

 Central, Hong Kong 
 Facsimile
No.: (852) 3113-8252 
 Attn: Songyi Zhang 
 If to the Company, to: 
 Asia Silicon Technology Holdings Inc. 
 36/F, Two Exchange Square 
 Central, Hong Kong

 Facsimile No.: (852) 2526-7638 
 Attn: Richard Li/ David Fung 
 with a courtesy copy to: 
 Milbank, Tweed, Hadley & McCloy LLP 
 3007 Alexandra House 
 18 Chater Road 
 Central, Hong Kong 
 Facsimile No.: (852) 2840-0792 
 Attn: Andrew M. Yang 
 All such notices, requests and other
communications will (a) if delivered personally to the address as provided in this Section, be deemed given upon delivery, (b) if delivered by facsimile transmission to the facsimile number as provided in this Section, be deemed given upon
on the date of transmission with receipt of a transmittal confirmation, and (c) if delivered by mail in the manner described above to the address as provided in this Section, be deemed given on the fourth (4th) Business Day following the
date of deposit with such courier service, or such earlier delivery date as may be confirmed in writing to the sender by such courier service (in each case regardless of whether such notice, request or other communication is received by any other
Person to whom a copy of such notice, request or other communication is to be delivered pursuant to this Section). Any party from time to time may change its address, facsimile number or other information for the purpose of notices to that party by
giving notice specifying such change to the other party hereto. 
 11.7. Amendment of Agreement. Any provision of this
Agreement may be amended only by a written instrument signed by the Company and by persons holding not less than 75% of the then outstanding Registrable Securities (calculated on an as-converted basis). 
 11.8. Severability. In case any provision of this Agreement shall be invalid, illegal, or unenforceable, the validity, legality,
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 11.9. Entire
Agreement; Successors and Assigns. This Agreement constitutes the entire contract among the Company and the Shareholders relative to the subject matter of this Agreement. Any previous agreement, whether written or oral, between the Company and
any Shareholder concerning the subject matter of this agreement or registration rights is superseded by this Agreement. Subject to the exceptions specifically set forth in this Agreement, the terms and conditions of this Agreement shall inure to the
benefit of and be binding upon the respective executors, administrators, heirs, successor, and permitted assigns of the parties. 
 [Signatures follow on the next page.] 
  

 20 

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

			
	
	

 Signature Pages to the Registration Rights Agreement 

			
	MANDRA MATERIALS LIMITED
	
	

 Signature Pages to the Registration Rights Agreement 

			
	ASIA SILICON TECHNOLOGY HOLDINGS INC.
	
	

 Signature Pages to the Registration Rights Agreement 

 SIGNATORIES 
  

			
	Mortgagor	  	
		
	EXECUTED as a DEED by	  	 )

		  	 )

	for and on behalf of	  	 )

	ASIA SILICON TECHNOLOGY	  	 )

	HOLDINGS INC.	  	 )

	in the presence of:	  	 )

  

			
		
	Witness signature:	 	
		
	Witness name:	 	
		
	Witness address:	 	

 Security Agent 
  

			
	DB TRUSTEES (HONG KONG) LIMITED
		
	By:	 	

		 	Aric Kay-Russell
		 	Director
		
		 	

		 	Choi Siu Ling
		 	Director

 Share Mortgage (CB)Form of Deposit Agreement

 Exhibit 4.15 
  
  
  
 GCL SILICON TECHNOLOGY HOLDINGS INC. 
 AND

 THE BANK OF NEW YORK MELLON 
 As Depositary 
 AND 
 OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES 
 Deposit Agreement 
 Dated as of                     , 2008 
  
  
  

 TABLE OF CONTENTS 
  

					
	 ARTICLE 1.    DEFINITIONS
	  	1
			
	 SECTION 1 01
	  	 AMERICAN DEPOSITARY SHARES 
	  	1
	 SECTION 1.02 
	  	 COMMISSION
	  	1
	 SECTION 1.03
	  	 COMPANY 
	  	2
	 SECTION 1.04
	  	 CUSTODIAN
	  	2
	 SECTION 1.05
	  	 DELIVER; SURRENDER 
	  	2
	 SECTION 1.06
	  	 DEPOSIT AGREEMENT
	  	2
	 SECTION 1 07
	  	 DEPOSITARY; CORPORATE TRUST OFFICE
	  	2
	 SECTION 1.08
	  	 DEPOSITED SECURITIES 
	  	2
	 SECTION 1.09
	  	 DOLLARS
	  	3
	 SECTION 1.10
	  	 DTC
	  	
	 SECTION 1 11
	  	 FOREIGN REGISTRAR 
	  	3
	 SECTION 1.12
	  	 HOLDER
	  	3
	 SECTION 1.13
	  	 OWNER
	  	3
	 SECTION 1.14
	  	 RECEIPTS
	  	3
	 SECTION 1.15
	  	 REGISTRAR 
	  	3
	 SECTION 1.16
	  	 RESTRICTED SECURITIES
	  	3
	 SECTION 1.17
	  	 SECURITIES ACT OF 1933
	  	3
	 SECTION 1.18
	  	 SHARES
	  	4
		
	ARTICLE 2.    FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES	  	4
			
	 SECTION 2.01
	  	 FORM OF RECEIPTS; REGISTRATION AND
TRANSFERABILITY OF AMERICAN DEPOSITARY SHARES
	  	4
	 SECTION 2.02
	  	 DEPOSIT OF SHARES
	  	5
	 SECTION 2.03
	  	 DELIVERY OF AMERICAN DEPOSITARY SHARES
	  	5
	 SECTION 2.04
	  	 REGISTRATION OF TRANSFER OF AMERICAN DEPOSITARY
SHARES; COMBINATION AND SPLIT-UP OF RECEIPTS; INTERCHANGE OF CERTIFICATED AND
UNCERTIFICATED AMERICAN DEPOSITARY SHARES
	  	6
	 SECTION 2.05
	  	 SURRENDER OF AMERICAN DEPOSITARY SHARES AND
WITHDRAWAL OF DEPOSITED SECURITIES
	  	6
	 SECTION 2.06
	  	 LIMITATIONS ON DELIVERY, TRANSFER AND SURRENDER
OF AMERICAN DEPOSITARY SHARES
	  	7
	 SECTION 2.07
	  	 LOST RECEIPTS, ETC.
	  	8
	 SECTION 2.08
	  	 CANCELLATION AND DESTRUCTION OF SURRENDERED
RECEIPTS
	  	8
	 SECTION 2.09
	  	 PRE-RELEASE OF AMERICAN DEPOSITARY
SHARES
	  	8
	 SECTION 2.10
	  	 DTC DIRECT REGISTRATION SYSTEM AND PROFILE
MODIFICATION SYSTEM
	  	9

					
	 ARTICLE 3.    CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES
	  	9
	 SECTION 3.01
	  	 FILING PROOFS. CERTIFICATES AND OTHER INFORMATION

	  	9
	 SECTION 3.02
	  	 LIABILITY OF OWNER FOR TAXES
	  	9
	 SECTION 3.03
	  	 WARRANTIES ON DEPOSIT OF SHARES
	  	10
		
	 ARTICLE 4.     THE DEPOSITED SECURITIES
	  	10
	 SECTION 4.01
	  	 CASH DISTRIBUTIONS
	  	10
	 SECTION 4.02
	  	 DISTRIBUTIONS OTHER THAN CASH, SHARES OR
RIGHTS 
	  	10
	 SECTION 4.03
	  	 DISTRIBUTIONS IN SHARES
	  	11
	 SECTION 4.04
	  	 RIGHTS
	  	11
	 SECTION 4.05
	  	 CONVERSION OF FOREIGN CURRENCY
	  	12
	 SECTION 4.06
	  	 FIXING OF RECORD DATE
	  	13
	 SECTION 4.07
	  	 VOTING OF DEPOSITED SECURITIES
	  	13
	 SECTION 4.08
	  	 CHANGES AFFECTING DEPOSITED SECURITIES 
	  	14
	 SECTION 4.09
	  	 REPORTS
	  	14
	 SECTION 4.10
	  	 LISTS OF OWNERS
	  	14
	 SECTION 4.11
	  	 WITHHOLDING
	  	15
		
	 ARTICLE 5.    THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY
	  	15
	 SECTION 5.01
	  	 MAINTENANCE OF OFFICE AND TRANSFER BOOKS
BY THE DEPOSITARY
	  	15
	 SECTION 5.02
	  	 PREVENTION OR DELAY IN PERFORMANCE BY
THE DEPOSITARY OR THE COMPANY
	  	15
	 SECTION 5.03
	  	 OBLIGATIONS OF THE DEPOSITARY, THE CUSTODIAN
AND THE COMPANY
	  	16
	 SECTION 5.04
	  	 RESIGNATION AND REMOVAL OF THE
DEPOSITARY
	  	17
	 SECTION 5.05
	  	 THE CUSTODIANS
	  	17
	 SECTION 5.06
	  	 NOTICES AND REPORTS
	  	18
	 SECTION 5.07
	  	 DISTRIBUTION OF ADDITIONAL SHARES, RIGHTS, ETC.

	  	18
	 SECTION 5.08
	  	 INDEMNIFICATION 
	  	18
	 SECTION 5.09
	  	 CHARGES OF DEPOSITARY
	  	19
	 SECTION 5.10
	  	 RETENTION OF DEPOSITARY DOCUMENTS
	  	20
	 SECTION 5.11
	  	 EXCLUSIVITY
	  	20
	 SECTION 5.12
	  	 LIST OF RESTRICTED SECURITIES OWNERS
	  	20
		
	 ARTICLE 6.    AMENDMENT AND TERMINATION
	  	20
	 SECTION 6.01
	  	 AMENDMENT 
	  	20
	 SECTION 6.02
	  	 TERMINATION
	  	21

					
		
	 ARTICLE 7.    MISCELLANEOUS
	  	21
	 SECTION 7 01
	  	 COUNTERPARTS 
	  	21
	 SECTION 7.02
	  	 No THIRD PARTY BENEFICIARIES
	  	22
	 SECTION 7.03
	  	 SEVERABILITY
	  	22
	 SECTION 7.04
	  	 OWNERS AND HOLDERS AS PARTIES; BINDING
EFFECT
	  	22
	 SECTION 7.05
	  	 NOTICES
	  	22
	 SECTION 7.06
	  	 SUBMISSION TO JURISDICTION; APPOINTMENT OF AGENT
FOR SERVICE OF PROCESS; JURY TRIAL WAIVER
	  	22
	 SECTION 7.07
	  	 WAIVER OF IMMUNITIES
	  	23
	 SECTION 7.08
	  	 GOVERNING LAW
	  	23

 DEPOSIT AGREEMENT 
 DEPOSIT AGREEMENT dated as of                     , 2008, among GCL SILICON TECHNOLOGY HOLDINGS INC., a
company incorporated under the laws of the Cayman Islands (herein called the Company), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary), and all Owners and holders from time to time of American Depositary
Shares issued hereunder. 
 W I T N E S S E T H: 
 WHEREAS, the Company desires to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of the Company from time to time with the Depositary or with the
Custodian (as hereinafter defined) as agent of the Depositary for the purposes set forth in this Deposit Agreement, for the creation of American Depositary Shares representing the Shares so deposited and for the execution and delivery of American
Depositary Receipts evidencing the American Depositary Shares; and 
 WHEREAS, the American Depositary Receipts are to be substantially in
the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties hereto as follows: 
 ARTICLE 1.

 DEFINITIONS 
 The following
definitions shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement: 
 SECTION 1.01
American Depositary Shares. 
 The term “American Depositary Shares” shall mean the securities created under this Deposit
Agreement representing rights with respect to the Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities. The form of Receipt annexed as Exhibit A to this Deposit Agreement
shall be the prospectus required under the Securities Act of 1933 for sales of both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit Agreement that refer specifically to Receipts, all the
provisions of this Deposit Agreement shall apply to both certificated and uncertificated American Depositary Shares. Each American Depositary Share shall represent the number of Shares specified in Exhibit A to this Deposit Agreement, until there
shall occur a distribution upon Deposited Securities covered by Section 4.03 or a change in Deposited Securities covered by Section 4.08 with respect to which additional American Depositary Shares are not delivered, and thereafter American
Depositary Shares shall represent the amount of Shares or Deposited Securities specified in such Sections. 
 SECTION 1.02 Commission. 
 The term “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United
States. 
  

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 SECTION 1.03 Company. 
 The term “Company” shall mean GCL Silicon Technology Holdings Inc, a company, organized under the laws of the Cayman Islands, and its successors. 
 SECTION 1.04 Custodian. 
 The term
“Custodian” shall mean the China office of Hong Kong and Shanghai Banking Corp., as agent of the Depositary for the purposes of this Deposit Agreement, and any other firm or corporation which may hereafter be appointed by the Depositary
pursuant to the terms of Section 5.05, as substitute or additional custodian or custodians hereunder, as the context shall require and shall also mean all of them collectively. 
 SECTION 1.05 Deliver; Surrender. 
 (a) The term “deliver”, or its noun form, when used with
respect to Shares or other Deposited Securities, shall mean (i) book-entry transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized under applicable law to effect transfers of such securities
designated by the person entitled to that delivery or (ii) physical transfer of certificates evidencing those Shares or other Deposited Securities registered in the name of, or duly endorsed or accompanied by proper instruments of transfer to,
the person entitled to that delivery. 
 (b) The term “deliver”, or its noun form, when used with respect to American Depositary
Shares, shall mean (i) book-entry transfer of American Depositary Shares to an account at DTC designated by the person entitled to such delivery evidencing American Depositary Shares registered in the name requested by that person
(ii) registration of American Depositary Shares not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled to such delivery and mailing to that person of a statement confirming that registration or
(iii) if requested by the person entitled to such delivery, delivery at the Corporate Trust Office of the Depositary to the person entitled to such delivery of one or more Receipts. 
 (c) The term “surrender”, when used with respect to American Depositary Shares, shall mean (i) one or more book-entry transfers of
American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at its Corporate Trust Office of an instruction to surrender American Depositary Shares not evidenced by a Receipt or (iii) surrender to the
Depositary at its Corporate Trust Office of one or more Receipts evidencing American Depositary Snares. 
 SECTION 1.06 Deposit Agreement. 

The term “Deposit Agreement” shall mean this Agreement, as the same may be amended from time to time in accordance with the provisions
hereof. 
 SECTION 1.07 Depositary; Corporate Trust Office. 
 The term “Depositary” shall mean The Bank of New York Mellon, a New York banking corporation, and any successor as depositary hereunder. The term “Corporate Trust Office”, when used with respect to
the Depositary, shall mean the office of the Depositary which at the date of this Deposit Agreement is 101 Barclay Street, New York, New York 10286. 
 SECTION 1.08 Deposited Securities. 
 The term “Deposited Securities” as of any time shall mean Shares at such time
deposited or deemed to be deposited under this Deposit Agreement, including without limitation Shares that have not been successfully delivered upon surrender of American Depositary Shares, and any and all other securities, property and cash
received by the Depositary or the Custodian in respect thereof and at such time held under this Deposit Agreement, subject as to cash to the provisions of Section 4.05. 
  

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 SECTION 1.09 Dollars. 
 The term “Dollars” shall mean United States dollars. 
 SECTION 1.10 DTC. 
 The term “DTC” shall mean The Depository Trust Company or its successor. 
 SECTION 1.11 Foreign Registrar. 
 The term “Foreign Registrar” shall mean the entity that
presently carries out the duties of registrar for the Shares or any successor as registrar for the Shares and any other agent of the Company for the transfer and registration of Shares, including without limitation any securities depository for the
Shares. 
 SECTION 1.12 Holder. 
 The term
“Holder” shall mean any person holding a Receipt or a security entitlement or other interest in American Depositary Shares, whether for its own account or for the account of another person, but that is not the Owner of that Receipt or
those American Depositary Shares. 
 SECTION 1.13 Owner. 
 The term “Owner” shall mean the person in whose name American Depositary Shares are registered on the books of the Depositary maintained for such purpose. 
 SECTION 1.14 Receipts. 
 The term “Receipts”
shall mean the American Depositary Receipts issued hereunder evidencing certificated American Depositary Shares, as the same may be amended from time to time in accordance with the provisions hereof. 
 SECTION 1.15 Registrar. 
 The term
“Registrar” shall mean any bank or trust company having an office in the Borough of Manhattan, The City of New York, that is appointed by the Depositary to register American Depositary Shares and transfers of American Depositary Shares as
herein provided. 
 SECTION 1.16 Restricted Securities. 
 The term “Restricted Securities” shall mean Shares, or American Depositary Shares representing Shares, that are acquired directly or indirectly from the Company or its affiliates (as defined in Rule 144
under the Securities Act of 1933) in a transaction or chain of transactions not involving any public offering, or that are subject to resale limitations under Regulation D under the Securities Act of 1933 or both, or which are held by an officer,
director (or persons performing similar functions) or other affiliate of the Company, or that would require registration under the Securities Act of 1933 in connection with the offer and sale thereof in the United States, or that are subject to
other restrictions on sale or deposit under the laws of the United States or the Cayman Islands, or under a shareholder agreement or the articles of association or similar document of the Company. 
 SECTION 1.17 Securities Act of 1933. 
 The term
“Securities Act of 1933” shall mean the United States Securities Act of 1933, as from time to time amended. 
  

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 SECTION 1.18 Shares. 
 The term “Shares” shall mean              shares of the Company, that are validly issued and outstanding and fully paid, nonassessable and
that were not issued in violation of any pre-emptive or similar rights of the holders of outstanding securities of the Company; provided, however, that, if there shall occur any change in nominal value, a split-up or consolidation or
any other reclassification or, upon the occurrence of an event described in Section 4.08, an exchange or conversion in respect of the Shares of the Company, the term “Shares” shall thereafter also mean the successor securities
resulting from such change in nominal value, split-up or consolidation or such other reclassification or such exchange or conversion. 
 ARTICLE 2. 
 FORM OF RECEIPTS, DEPOSIT OF SHARES, 
 DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES 
 SECTION 2.01 Form of Receipts; Registration and
Transferability of American Depositary Shares. 
 Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed
to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt
shall have been (i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the
manual signature of a duly authorized signatory of the Depositary or a Registrar. The Depositary shall maintain books on which (x) each Receipt so executed and delivered as hereinafter provided and the transfer of each such Receipt shall be
registered and (y) all American Depositary Shares delivered as hereinafter provided and all registrations of transfer of American Depositary Shares shall be registered. A Receipt bearing the facsimile signature of a person that was at any time
a proper officer of the Depositary shall, subject to the other provisions of this paragraph, bind the Depositary, notwithstanding that such person was not a proper officer of the Depositary on the date of issuance of that Receipt. 
 The Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions
of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or regulations thereunder or with the rules and regulations of any securities exchange upon which American Depositary Shares may be listed
or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject by reason of the date of issuance of the underlying Deposited Securities or otherwise. 

American Depositary Shares evidenced by a Receipt, when properly endorsed or accompanied by proper instruments of transfer, shall be transferable as
certificated registered securities under the laws of New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of New York. The Depositary, notwithstanding any notice
to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit
Agreement and for all other purposes. 
  

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 SECTION 2.02 Deposit of Shares. 
 Subject to the terms and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited by delivery thereof to any Custodian hereunder, accompanied by any appropriate instruments
or instructions for transfer, or endorsement, in form satisfactory to the Custodian, together with all such certifications as may be required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, and, if the
Depositary requires, together with a written order directing the Depositary to deliver to, or upon the written order of, the person or persons stated in such order, the number of American Depositary Shares representing such deposit. 
 No Share shall be accepted for deposit unless accompanied by evidence satisfactory to the Depositary that any necessary approval has been granted by any
governmental body in the Cayman Islands which is then performing the function of the regulation of currency exchange. If required by the Depositary, Shares presented for deposit at any time, whether or not the transfer books of the Company or the
Foreign Registrar, if applicable, are closed, shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary, which will provide for the prompt transfer to the Custodian of any dividend, or right to
subscribe for additional Shares or to receive other property which any person in whose name the Shares are or have been recorded may thereafter receive upon or in respect of such deposited Shares, or in lieu thereof, such agreement of indemnity or
other agreement as shall be satisfactory to the Depositary. 
 At the request and risk and expense of any person proposing to deposit Shares,
and for the account of such person, the Depositary may receive certificates for Shares to be deposited, together with the other instruments herein specified, for the purpose of forwarding such Share certificates to the Custodian for deposit
hereunder. 
 Upon each delivery to a Custodian of a certificate or certificates for Shares to be deposited hereunder, together with the
other documents specified above, such Custodian shall, as soon as transfer and recordation can be accomplished, present such certificate or certificates to the Company or the Foreign Registrar, if applicable, for transfer and recordation of the
Shares being deposited in the name of the Depositary or its nominee or such Custodian or its nominee. 
 Deposited Securities shall be held
by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other place or places as the Depositary shall determine. 
 SECTION 2.03 Delivery of American Depositary Shares. 
 Upon receipt by any Custodian of any deposit pursuant to
Section 2.02 hereunder, together with the other documents required as specified above, such Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order American Depositary Shares are
deliverable in respect thereof and the number of American Depositary Shares to be so delivered. Such notification shall be made by letter or, at the request, risk and expense of the person making the deposit, by cable, telex or facsimile
transmission (and in addition, if the transfer books of the Company or the Foreign Registrar, if applicable, are open, the Depositary may in its sole discretion require a proper acknowledgment or other evidence from the Company or the Foreign
Registrar that any Deposited Securities have been recorded upon the books of the Company or the Foreign Registrar, if applicable, in the name of the Depositary or its nominee or such Custodian or its nominee). Upon receiving such notice from such
Custodian, or upon the receipt of Shares or evidence of the right to receive Shares by the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall deliver, to or upon the order of the person or persons
entitled thereto, the number of American Depositary Shares issuable in respect of that deposit, but only upon payment to the Depositary of the fees and expenses of the Depositary for the delivery of such American Depositary Shares as provided in
Section 5.09, and of all taxes and governmental charges and fees payable in connection with such deposit and the transfer of the Deposited Securities. 
  

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 SECTION 2.04 Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange
of Certificated and Uncertificated American Depositary Shares. 
 The Depositary, subject to the terms and conditions of this Deposit
Agreement, shall register transfers of American Depositary Shares on its transfer books from time to time, upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary Shares, by
the Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction
(including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10), and, in either case, duly stamped as may be required by the laws of the State of New York and of the United States of America. Thereupon
the Depositary shall deliver those American Depositary Shares to or upon the order of the person entitled thereto. 
 The Depositary, subject
to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized
number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 
 The Depositary, upon surrender of a Receipt for the purpose of exchanging for uncertificated American Depositary Shares, shall cancel that Receipt and send the Owner a statement confirming that the Owner is the owner
of the same number of uncertificated American Depositary Shares that the surrendered Receipt evidenced. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in
Section 2.10) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall execute and deliver to the Owner a Receipt evidencing the same number of certificated
American Depositary Shares. 
 The Depositary, may appoint one or more co-transfer agents for the purpose of effecting registration of
transfers of American Depositary Shares and combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with
applicable laws and other requirements by Owners or persons entitled to American Depositary Shares and will be entitled to protection and indemnity to the same extent as the Depositary. The Depositary shall notify the Company in writing of any
co-transfer agent that it appoints under this section 2.04. 
 SECTION 2.05 Surrender of American Depositary Shares and Withdrawal of Deposited
Securities. 
 Upon surrender at the Corporate Trust Office of the Depositary of American Depositary Shares for the purpose of withdrawal
of the Deposited Securities represented thereby, and upon payment of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.09 and payment of all taxes and governmental charges payable in connection
with such surrender and withdrawal of the Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery, to him or as instructed, of the amount of
Deposited Securities at the time represented by those American Depositary Shares. Such delivery shall be made, as hereinafter provided, without unreasonable delay. 
  

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 A Receipt surrendered for such purposes may be required by the Depositary to be properly endorsed in
blank or accompanied by proper instruments of transfer in blank. The Depositary may require the surrendering Owner to execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to
be delivered to or upon the written order of a person or persons designated in such order. Thereupon the Depositary shall direct the Custodian to deliver at the office of such Custodian, subject to Sections 2.06, 3.01 and 3.02 and to the other terms
and conditions of this Deposit Agreement, to or upon the written order of the person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities represented by the surrendered American
Depositary Shares, except that the Depositary may make delivery to such person or persons at the Corporate Trust Office of the Depositary of any dividends or distributions with respect to the Deposited Securities represented by those American
Depositary Shares, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary. 
 At the request, risk and expense of any Owner so surrendering American Depositary Shares, and for the account of such Owner, the Depositary shall direct the Custodian to forward any cash or other property (other than rights) comprising, and
forward a certificate or certificates, if applicable, and other proper documents of title for, the Deposited Securities represented by the American Depositary Shares (evidenced by such Receipt, if applicable) to the Depositary for delivery at the
Corporate Trust Office of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Owner, by cable, telex or facsimile transmission. 
 SECTION 2.06 Limitations on Delivery, Transfer and Surrender of American Depositary Shares. 
 As a
condition precedent to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require
payment from the depositor of Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other
governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as herein provided, may require the
production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of this Deposit Agreement, including, without
limitation, this Section 2,06. 
 The delivery of American Depositary Shares against deposit of Shares generally or against deposit of
particular Shares may be suspended, or the transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period when
the transfer books of the Depositary are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or
commission, or under any provision of this Deposit Agreement, or for any other reason, subject to the provisions of the following sentence. Notwithstanding anything to the contrary in this Deposit Agreement, the surrender of outstanding American
Depositary Shares and withdrawal of Deposited Securities may not be suspended subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of
Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to
the American Depositary Shares or to the withdrawal of the Deposited Securities. Without limitation of the foregoing, the 

  

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Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares which would be required to be registered under the provisions of
the Securities Act of 1933 for public offer and sale in the United States, unless a registration statement is in effect as to such Shares for such offer and sale. 
 SECTION 2.07 Lost Receipts, etc. 
 In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary shall
execute and deliver a new Receipt of like tenor in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt. Before the Depositary shall execute and
deliver a new Receipt in substitution for a destroyed, lost or stolen Receipt, the Owner thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery before the Depositary has notice that the Receipt has
been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and (b) satisfied any other reasonable requirements imposed by the Depositary. 
 SECTION 2.08 Cancellation and Destruction of Surrendered Receipts. 
 All Receipts surrendered to the
Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled. 
 SECTION 2.09 Pre-Release of American
Depositary Shares. 
 Notwithstanding Section 2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt
of Shares pursuant to Section 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not such cancellation is
prior to the termination of such Pre-Release or the Depositary knows that such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each
Pre-Release will be (a) preceded or accompanied by a written representation and agreement from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, (i) owns the Shares or American
Depositary Shares to be remitted, as the case may be, (ii) assigns all beneficial rights, title and interest in such Shares or Receipts, as the case may be, to the Depositary in its capacity as such and for the benefit of the Owners, and
(iii) will not take any action with respect to such Shares or Receipts, as the case may be, that is inconsistent with the transfer of beneficial ownership (including, without the consent of the Depositary, disposing of such Shares or Receipts,
as the case may be), other than in satisfaction of such Pre-Release, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary determines, in good faith, will provide substantially
similar liquidity and security, (c) terminable by the Depositary on not more than five (5) business days notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The number of
Shares not deposited but represented by American Depositary Shares which are outstanding at any time as a result of Pre-Releases will not normally exceed thirty percent (30%) of the Shares deposited hereunder; provided, however, that the
Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate, and may, with the prior written consent of the Company, change such limit for purposes of general application. The Depositary will also set
Dollar limits with respect to Pre-Release transactions to be entered into hereunder with any particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. For purposes of enabling the Depositary to fulfill its obligations to
the Owners under the Deposit Agreement, the collateral referred to in clause (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release
transaction, including the Pre-Releasee’s obligation to deliver Shares or Receipts upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities hereunder). 
 The Depositary may retain for its own account any compensation received by it in connection with the foregoing. 
  

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 SECTION 2.10 DTC Direct Registration System and Profile Modification System. 
 (a) Notwithstanding the provisions of Section 2.04, the parties acknowledge that the Direct Registration System (“DRS”) and Profile
Modification System (“Profile”) shall apply to uncertificated American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of
uncertificated American Depositary Shares, which ownership shall be evidenced by periodic statements issued by the Depositary to the Owners entitled thereto. Profile is a required feature of DRS which allows a DTC participant, claiming to act on
behalf of an Owner of American Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant
without receipt by the Depositary of prior authorization from the Owner to register such transfer. 
 (b) In connection with and in
accordance with the arrangements and procedures relating to DRS/Profile, the parties understand that the Depositary will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner in
requesting a registration of transfer and delivery as described in subsection (a) has the actual authority to act on behalf of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the
provisions of Sections 5.03 and 5.08 shall apply to the matters arising from the use of the DRS. The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and
in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary. 
 ARTICLE 3.

 CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES 
 SECTION 3.01 Filing Proofs, Certificates and Other Information. 
 Any person presenting Shares for
deposit or any Owner or holder may be required from time to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the
Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of
American Depositary Shares or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until such proof or other information is filed or such certificates are executed
or such representations and warranties made. If requested in writing, the Depositary shall, as promptly as practicable, provide the Company, at the expense of the Company, with copies of any such proofs, certificates or other information it receives
pursuant to this section, unless prohibited by applicable law. 
 SECTION 3.02 Liability of Owner for Taxes. 
 If any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to any American Depositary Shares or any
Deposited Securities represented by any American Depositary Shares, such tax or other governmental charge shall be payable by the Owner of such American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those
American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until such payment is made, and may withhold any dividends or other distributions, or may sell for the account of 

  

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the Owner thereof any part or all of the Deposited Securities represented by those American Depositary Shares, and may apply such dividends or other
distributions or the proceeds of any such sale in payment of such tax or other governmental charge and the Owner of such American Depositary Shares shall remain liable for any deficiency. 
 SECTION 3.03 Warranties on Deposit of Shares. 
 Every
person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each certificate therefor, if applicable, are validly issued, fully paid, nonassessable and free of any preemptive rights of
the holders of outstanding Shares and that the person making such deposit is duly authorized so to do. Every such person shall also be deemed to represent that the deposit of such Shares and the sale of American Depositary Shares representing such
Shares by that person are not restricted under the Securities Act of 1933. Such representations and warranties shall survive the deposit of Shares and delivery of American Depositary Shares. 
 ARTICLE 4. 
 THE DEPOSITED SECURITIES 
 SECTION 4.01 Cash Distributions. 
 Whenever the
Depositary shall receive any cash dividend or other cash distribution on any Deposited Securities, the Depositary shall, subject to the provisions of Section 4.05, convert such dividend or distribution into Dollars and shall distribute the
amount thus received (net of the fees and expenses of the Depositary as provided in Section 5.09) to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them
respectively; provided, however, that in the event that the Company or the Depositary shall be required to withhold and does withhold from such cash dividend or such other cash distribution an amount on account of taxes or other
governmental charges, the amount distributed to the Owner of the American Depositary Shares representing such Deposited Securities shall be reduced accordingly. The Depositary shall distribute only such amount, however, as can be distributed without
attributing to any Owner a fraction of one cent. Any such fractional amounts shall be rounded to the nearest whole cent and so distributed to Owners entitled thereto. The Company or its agent will remit to the appropriate governmental agencies in
the Cayman Islands and the People’s Republic of China all amounts withheld and owing to such agencies. The Depositary will forward to the Company or its agent such information from its records as the Company may reasonably request to enable the
Company or its agent to file necessary reports with governmental agencies, and the Depositary or the Company or its agent may file any such reports necessary to obtain benefits under the applicable tax treaties for the Owners. 
 SECTION 4.02 Distributions Other Than Cash, Shares or Rights. 
 Subject to the provisions of Sections 4.11 and 5.09, whenever the Depositary shall receive any distribution other than a distribution described in Section 4.01, 4.03 or 4.04, the Depositary shall cause the securities or property
received by it to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary or any taxes or other governmental charges, in proportion to the number of American Depositary Shares
representing such Deposited Securities held by them respectively, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution; provided, however, that if in the opinion of the Depositary such distribution
cannot be made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement that the Company or the Depositary withhold an amount on account of taxes or other governmental charges or
that such securities must be registered under the Securities Act of 1933 in order to be distributed to Owners or holders) the Depositary deems such distribution not to be feasible, the Depositary may 

  

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adopt such method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or
private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Section 5.09) shall be distributed by the Depositary to the Owners
entitled thereto, all in the manner and subject to the conditions described in Section 4.01. The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under this Section 4.02 that is
sufficient to pay it fees and expenses in respect of that distribution. 
 SECTION 4.03 Distributions in Shares. 
 If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may deliver to the Owners
entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively, an aggregate number of American Depositary Shares representing the amount of Shares received as such
dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and after deduction or upon issuance of American Depositary Shares, including the withholding of any tax or other
governmental charge as provided in Section 4.11 and the payment of the fees and expenses of the Depositary as provided in Section 5.09 (and the Depositary may sell, by public or private sale, an amount of the Shares received sufficient to
pay its fees and expenses in respect of that distribution). The Depositary may withhold any such delivery of American Depositary Shares if it has not received satisfactory assurances from the Company that such distribution does not require
registration under the Securities Act of 1933. In lieu of delivering fractional American Depositary Shares in any such case, the Depositary shall sell the amount of Shares represented by the aggregate of such fractions and distribute the net
proceeds, all in the manner and subject to the conditions described in Section 4.01. If additional American Depositary Shares are not so delivered, each American Depositary Share shall thenceforth also represent the additional Shares
distributed upon the Deposited Securities represented thereby. 
 SECTION 4.04 Rights. 
 In the event that the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares
or any rights of any other nature, the Depositary shall have discretion as to the procedure to be followed in making such rights available to any Owners or in disposing of such rights on behalf of any Owners and making the net proceeds available to
such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such rights available to any Owners or dispose of such rights and make the net proceeds available to such Owners, then the Depositary
shall allow the rights to lapse. If at the time of the offering of any rights the Depositary determines in its discretion that it is lawful and feasible to make such rights available to all or certain Owners but not to other Owners, the Depositary
may distribute to any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the number of American Depositary Shares held by such Owner, warrants or other instruments therefor in such form as it deems appropriate.

 In circumstances in which rights would otherwise not be distributed, if an Owner requests the distribution of warrants or other
instruments in order to exercise the rights allocable to the American Depositary Shares of such Owner hereunder, the Depositary will make such rights available to such Owner upon written notice from the Company to the Depositary that (a) the
Company has elected in its sole discretion to permit such rights to be exercised and (b) such Owner has executed such documents as the Company has determined in its sole discretion are reasonably required under applicable law. 
  

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 If the Depositary has distributed warrants or other instruments for rights to all or certain Owners, then
upon instruction from such an Owner pursuant to such warrants or other instruments to the 
 Depositary from such Owner to exercise such
rights, upon payment by such Owner to the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon the exercise of the rights, and upon payment of the fees and expenses of the Depositary and
any other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares, and the Company shall cause the Shares so purchased to be delivered to the Depositary
on behalf of such Owner. As agent for such Owner, the Depositary will cause the Shares so purchased to be deposited pursuant to Section 2.02 of this Deposit Agreement, and shall, pursuant to Section 2.03 of this Deposit Agreement, deliver
American Depositary Shares to such Owner. In the case of a distribution pursuant to the second paragraph of this Section, such deposit shall be made, and Deposited Securities shall be delivered, under depositary arrangements which provide for
issuance of Deposited Securities subject to the appropriate restrictions on sale, deposit, cancellation, and transfer under applicable United States laws. 
 If the Depositary determines that it is not lawful and feasible to make such rights available to all or certain Owners, it may sell the rights, warrants or other instruments in proportion to the number of American
Depositary Shares held by the Owners to whom it has determined it may not lawfully or feasibly make such rights available, and allocate the net proceeds of such sales (net of the fees and expenses of the Depositary as provided in Section 5.09
and all taxes and governmental charges payable in connection with such rights and subject to the terms and conditions of this Deposit Agreement) for the account of such Owners otherwise entitled to such rights, warrants or other instruments, upon an
averaged or other practical basis without regard to any distinctions among such Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise. 
 The Depositary will not offer rights to Owners unless both the rights and the securities to which such rights relate are either exempt from registration
under the Securities Act of 1933 with respect to a distribution to all Owners or are registered under the provisions of such Act; provided, that nothing in this Deposit Agreement shall create any obligation on the part of the Company to file
a registration statement with respect to such rights or underlying securities or to endeavor to have such a registration statement declared effective. If an Owner requests the distribution of warrants or other instruments, notwithstanding that there
has been no such registration under the Securities Act of 1933, the Depositary shall not effect such distribution unless it has received an opinion from recognized counsel in the United States for the Company upon which the Depositary may rely that
such distribution to such Owner is exempt from such registration. 
 The Depositary shall not be responsible for any failure to determine
that it may be lawful or feasible to make such rights available to Owners in general or any Owner in particular. 
 SECTION 4.05 Conversion of Foreign
Currency. 
 Whenever the Depositary or the Custodian shall receive foreign currency, by way of dividends or other distributions or the
net proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars
transferred to the United States, the Depositary shall convert or cause to be converted by sale or in any other manner that it may determine such foreign currency into Dollars, and such Dollars shall be distributed to the Owners entitled thereto or,
if the Depositary shall have distributed any warrants or other instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments upon surrender thereof for cancellation. Such distribution may be
made upon an averaged or other practicable basis without regard to any distinctions among Owners on account of exchange restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion
into Dollars incurred by the Depositary as provided in Section 5.09. 
  

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 If such conversion or distribution can be effected only with the approval or license of any government or
agency thereof, the Depositary shall file such application for approval or license, if any, as it may deem desirable. 
 If at any time the
Depositary shall determine that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government
or agency thereof which is required for such conversion is denied or in the opinion of the Depositary is not obtainable, or if any such approval or license is not obtained within a reasonable period as determined by the Depositary, or if there are
foreign exchange controls in place that prohibit such conversion, the Depositary may distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency) received by the Depositary to, or in its
discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to receive the same. 
 If any such conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary may in its discretion make such conversion and distribution
in Dollars to the extent permissible to the Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold such balance uninvested and without liability for interest thereon for the respective
accounts of, the Owners entitled thereto. 
 SECTION 4.06 Fixing of Record Date. 
 Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall be
issued with respect to the Deposited Securities, or whenever the Depositary shall receive notice of any meeting of holders of Shares or other Deposited Securities, or whenever for any reason the Depositary causes a change in the number of Shares
that are represented by each American Depositary Share, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date, which date shall be the same date, to the extent practicable, as the record date for
the Deposited Securities or if different, as close thereto as practicable (a) for the determination of the Owners who shall be (i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof,
(ii) entitled to give instructions for the exercise of voting rights at any such meeting or (iii) responsible for any fee or charge assessed by the Depositary pursuant to this Deposit Agreement, (b) on or after which each American
Depositary Share will represent the changed number of Shares or (c) for any other matter. Subject to the provisions of Sections 4.01 through 4.05 and to the other terms and conditions of this Deposit Agreement, the Owners on such record date
shall be entitled, as the case may be, to receive the amount distributable by the Depositary with respect to such dividend or other distribution or such rights or the net proceeds of sale thereof in proportion to the number of American Depositary
Shares held by them respectively and to give voting instructions and to act in respect of any other such matter. 
 SECTION 4.07 Voting of Deposited
Securities. 
 Upon receipt of notice of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the
Company, the Depositary shall, as soon as practicable thereafter, mail to the Owners a notice, the form of which notice shall be in the sole discretion of the Depositary, which shall contain (a) such information as is contained in such notice
of meeting received by the Depositary from the Company, (b) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of law of the Cayman Islands and of the
articles of association or similar document of the Company, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other 

  

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Deposited Securities represented by their respective American Depositary Shares and (c) a statement as to the manner in which such instructions may be
given. Upon the written request of an Owner on such record date, received on or before the date established by the Depositary for such purpose, the Depositary shall endeavor, in so far as practicable, to vote or cause to be voted the amount of
Shares or other Deposited Securities represented by the American Depositary Shares in accordance with the instructions set forth in such request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to the Shares or
other Deposited Securities, other than in accordance with such instructions. 
 There can be no assurance that Owners generally or any Owner
in particular will receive the notice described in the preceding paragraph sufficiently prior to the instruction cutoff date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the provisions set forth in
the preceding paragraph. 
 In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights
relating to Deposited Securities, if the Company will request the Depositary to act under this Section 4.07, the Company shall give the Depositary notice of any such meeting and details concerning the matters to be voted upon not less than 45
days prior to the meeting date. 
 SECTION 4.08 Changes Affecting Deposited Securities. 
 Upon any change in nominal value, change in par value, split-up, consolidation or any other reclassification of Deposited Securities, or upon any
recapitalization, reorganization, merger or consolidation or sale of assets affecting the Company or to which it is a party, or upon the redemption or cancellation by the Company of the Deposited Securities, any securities, cash or property which
shall be received by the Depositary or a Custodian in exchange for, in conversion of, in lieu of or in respect of Deposited Securities, shall be treated as new Deposited Securities under this Deposit Agreement, and American Depositary Shares shall
henceforth represent, in addition to the existing Deposited Securities, the right to receive the new Deposited Securities so received, unless additional Receipts are delivered pursuant to the following sentence. In any such case the Depositary may
execute and deliver additional Receipts as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing such new Deposited Securities. 
 SECTION 4.09 Reports. 
 The Depositary shall make
available for inspection by Owners at its Corporate Trust Office any reports and communications, including any proxy solicitation material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited
Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary shall also, upon written request by the Company, send to the Owners copies of such reports when furnished by the Company
pursuant to Section 5.06. Any such reports and communications, including any such proxy soliciting material, furnished to the Depositary by the Company shall be furnished in English, to the extent such materials are required to be translated
into English pursuant to any regulations of the Commission. 
 SECTION 4.10 Lists of Owners. 
 Promptly upon request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the names,
addresses and holdings of American Depositary Shares by all persons in whose names American Depositary Shares are registered on the books of the Depositary. 
  

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 SECTION 4.11 Withholding. 
 In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to
withhold, the Depositary may by public or private sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay such
taxes or charges and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes or charges to the Owners entitled thereto in proportion to the number of American Depositary Shares held by them respectively. The
Depositary will forward to the Company or its agent, at the expense of the Company, such information from its records as the Company may reasonably request to enable the Company or its agent to file necessary reports with governmental agencies, and
the Company or its agent may file any such reports necessary to obtain benefits under the applicable tax treaties for the Owners of Receipts. 
 ARTICLE 5. 
 THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY 
 SECTION 5.01 Maintenance of Office and Transfer Books by the Depositary. 
 Until termination of this
Deposit Agreement in accordance with its terms, the Depositary shall maintain in the Borough of Manhattan, The City of New York, facilities for the execution and delivery, registration, registration of transfers and surrender of Receipts in
accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books, at its Corporate Trust Office, for the
registration of American Depositary Shares and transfers of American Depositary Shares which at all reasonable times shall be open for inspection by the Owners and the Company, provided that such inspection shall not be for the purpose of
communicating with Owners in the interest of a business or object other than the business of the Company or a matter related to this Deposit Agreement or the American Depositary Shares. 
 The Depositary may close the transfer books, at any time or from time to time, when deemed expedient by it in connection with the performance of its
duties hereunder or at the reasonable written request of the Company. 
 If any American Depositary Shares are listed on one or more stock
exchanges in the United States, the Depositary shall act as Registrar or appoint a Registrar or one or more co-registrars for registry of such American Depositary Shares in accordance with any requirements of such exchange or exchanges. The
Depositary shall notify the Company in writing of any Registrar or co-registrar that it appoints under this section 5.01. 
 SECTION 5.02 Prevention or
Delay in Performance by the Depositary or the Company. 
 Neither the Depositary nor the Company nor any of their respective directors,
officers, employees, agents or affiliates shall incur any liability to any Owner or Holder (i) if by reason of any provision of any present or future law or regulation of the United States or any other country, or of any governmental or
regulatory authority or stock exchange, or by reason of any provision, present or future, of the articles of association or similar document of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any
offering or distribution thereof, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Depositary or the Company shall be prevented, delayed or forbidden from, or be subject to any civil or criminal
penalty on account of, doing or performing any act or thing which by the terms of this Deposit Agreement or the Deposited 

  

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Securities it is provided shall be done or performed, (ii) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act
or thing which by the terms of this Deposit Agreement it is provided shall or may be done or performed, (iii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement, (iv) for the
inability of any Owner or holder to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Owners or
holders, or (v) for any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement. Where, by the terms of a distribution pursuant to Section 4.01, 4.02, or 4.03, or an offering or distribution
pursuant to Section 4.04, or for any other reason, such distribution or offering may not be made available to Owners, and the Depositary may not dispose of such distribution or offering on behalf of such Owners and make the net proceeds
available to such Owners, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable, to lapse. 
 SECTION 5.03 Obligations of the Depositary, the Custodian and the Company. 
 The Company assumes no obligation nor shall it
be subject to any liability under this Deposit Agreement to any Owner or Holder, except that the Company agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 
 The Depositary assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder (including, without
limitation, liability with respect to the validity or worth of the Deposited Securities), except that the Depositary agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 
 Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of
any Deposited Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any other person. 
 Neither the
Depositary nor the Company shall be liable for any action or nonaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or any other person believed by it in
good faith to be competent to give such advice or information. 
 The Depositary shall not be liable for any acts or omissions made by a
successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which
such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. 
 The
Depositary shall not be liable for the acts or omissions made by any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of Deposited Securities or otherwise. 
 The Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which
any such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith. 
 No disclaimer of
liability under the Securities Act of 1933 is intended by any provision of this Deposit Agreement. 
  

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 SECTION 5.04 Resignation and Removal of the Depositary. 
 The Depositary may at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company, such resignation to
take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 
 The Depositary may at any time be removed by the Company by 120 days prior written notice of such
removal, to become effective upon the later of (i) the 120th day after delivery of the notice to the Depositary and (ii) the appointment
of a successor depositary and its acceptance of such appointment as hereinafter provided. 
 In case at any time the Depositary acting
hereunder shall resign or be removed, the Company shall use its reasonable efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor
depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor; but such predecessor, nevertheless, upon payment of all sums due it and on the written request of the Company shall execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Deposited Securities to such successor and shall deliver to such successor a list of the Owners of all outstanding
Receipts. Any such successor depositary shall promptly mail notice of its appointment to the Owners. 
 Any corporation into or with which
the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 
 SECTION 5.05 The Custodians. 
 The Custodian shall be subject at all times and in all respects to the directions of the
Depositary and shall be responsible solely to it. Any Custodian may resign and be discharged from its duties hereunder by notice of such resignation delivered to the Depositary at least 30 days prior to the date on which such resignation is to
become effective. If upon such resignation there shall be no Custodian acting hereunder, the Depositary shall, promptly after receiving such notice, appoint a substitute custodian or custodians, each of which shall thereafter be a Custodian
hereunder. The Depositary in its discretion may appoint a substitute or additional custodian or custodians, each of which shall thereafter be one of the Custodians hereunder. Upon demand of the Depositary any Custodian shall deliver such of the
Deposited Securities held by it as are requested of it to any other Custodian or such substitute or additional custodian or custodians. Each such substitute or additional custodian shall deliver to the Depositary, forthwith upon its appointment, an
acceptance of such appointment satisfactory in form and substance to the Depositary. 
 Upon the appointment of any successor depositary
hereunder, each Custodian then acting hereunder shall forthwith become, without any further act or writing, the agent hereunder of such successor depositary and the appointment of such successor depositary shall in no way impair the authority of
each Custodian hereunder; but the successor depositary so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete
power and authority as agent hereunder of such successor depositary. 
  

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 SECTION 5.06 Notices and Reports. 
 On or before the first date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the
taking of any action in respect of any cash or other distributions or the offering of any rights, the Company agrees to transmit to the Depositary and the Custodian a copy of the notice thereof in the form given or to be given to holders of Shares
or other Deposited Securities. 
 The Company will arrange for the translation into English, if not already in English, to the extent
required pursuant to any regulations of the Commission, and the prompt transmittal by the Company to the Depositary and the Custodian of such notices and any other reports and communications which are made generally available by the Company to
holders of its Shares. If requested in writing by the Company, the Depositary will arrange for the mailing, at the Company’s expense, of copies of such notices, reports and communications to all Owners. The Company will timely provide the
Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings. 
 SECTION 5.07 Distribution of Additional Shares, Rights, etc. 
 If the Company or any affiliate of the
Company determines to make any issuance or distribution of (1) additional Shares, (2) rights to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each a
“Distribution”), the Company shall notify the Depositary in writing in English as promptly as practicable and in any event before the Distribution starts and, if requested in writing by the Depositary, the Company shall promptly furnish to
the Depositary a written opinion from U.S. counsel for the Company that is reasonably satisfactory to the Depositary, stating whether or not the Distribution requires, or, if made in the United States, would require, registration under the
Securities Act of 1933. If, in the opinion of that counsel, the Distribution requires, or, if made in the United States, would require, registration under the Securities Act of 1933, that counsel shall furnish to the Depositary a written opinion as
to whether or not there is a registration statement under the Securities Act of 1933 in effect that will cover that Distribution. 
 The
Company agrees with the Depositary that neither the Company nor any company controlled by, controlling or under common control with the Company will at any time deposit any Shares, either originally issued or previously issued and reacquired by the
Company or any such affiliate, unless a Registration Statement is in effect as to such Shares under the Securities Act of 1933 or the Company delivers to the Depositary an opinion of United States counsel, satisfactory to the Depositary, to the
effect that, upon deposit, those Shares will be eligible for public resale in the United States without further registration under the Securities Act of 1933. 
 SECTION 5.08 Indemnification. 
 The Company agrees to indemnify the Depositary, its directors, employees, agents and
affiliates and any Custodian against, and hold each of them harmless from, any liability or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting such indemnity and the fees and expenses of
counsel) which may arise out of or in connection with (a) any registration with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof in the United States or (b) acts performed or omitted,
pursuant to the provisions of or in connection with this Deposit Agreement and of the Receipts, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective directors,
employees, agents and affiliates, except for any liability or expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates. 
 The indemnities contained in the preceding paragraph shall not extend to any liability or expense which arises solely and exclusively out of a
Pre-Release (as defined in Section 2.9) of a Receipt or Receipts in accordance with Section 2.09 and which would not otherwise have arisen had such Receipt or Receipts not been the subject of a Pre-Release pursuant to Section 2.9;
provided, 

  

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however, that the indemnities provided in the preceding paragraph shall apply to any such liability or expense (i) to the extent that such liability or
expense would have arisen had a Receipt or Receipts not been the subject of a Pre-Release; or (ii) which may arise out of any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy statement,
prospectus (or placement memorandum), or preliminary prospectus (or preliminary placement memorandum) relating to the offer or sale of American Depositary Shares, except to the extent any such liability or expense arises out of information relating
to the Depositary or any Custodian (other than the Company), as applicable, furnished in writing and not materially changed or altered by the Company expressly for use in any of the foregoing documents. 
 The Depositary agrees to indemnify the Company, its directors, employees, agents and affiliates and hold them harmless from any liability or expense
which may arise out of acts performed or omitted by the Depositary or its Custodian or their respective directors, employees, agents and affiliates due to their negligence or bad faith. 
 If an action or proceeding (including, but not limited to, any governmental investigation, claim or dispute) in respect of which indemnity may be sought
by either party is brought or asserted against the other party, the party seeking indemnification (the “Indemnitee”) shall promptly notify the other party (the “Indemnitor”) in writing of such proceeding giving reasonable details
thereof. The Indemnitor shall be entitled to participate in such proceeding and, to the extent no conflict of interest exists in the conduct of the defense, to assume the defense thereof with counsel reasonably satisfactory to the Indemnitee. After
notice from the Indemnitor to the Indemnitee of its election to assume the defense, and provided no conflict of interest exists, the Indemnitor shall not be liable to the Indemnitee for any legal expenses of other counsel or any other expenses, in
each case subsequently incurred by the Indemnitee, in connection with the defense other than reasonable costs of investigation. No compromise or settlement of such action or proceeding may be effected by either party without the other party’s
consent (which shall not be unreasonably withheld) unless (i) there is no finding or admission of any violation of law and no effect on any other claims that may be made against such other party and (ii) the sole relief provided is
monetary damages that are paid in full by the party seeking such compromise or settlement. 
 SECTION 5.09 Charges of Depositary. 
 The Company agrees to pay the fees and out-of-pocket expenses of the Depositary and those of any Registrar in accordance with agreements in writing
entered into between the Depositary and the Company from time to time. 
 The following charges shall be incurred by any party depositing or
withdrawing Shares or by any party surrendering American Depositary Shares or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange
of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant to Section 4.03), or by Owners, as applicable: (1) taxes, stamp duty and other governmental charges,
(2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the
Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable, telex and facsimile transmission expenses as are expressly provided in this Deposit Agreement, (4) such expenses
as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.05, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to
Section 2.03, 4.03 or 4.04 and the surrender of American Depositary Shares pursuant to Section 2.05 or 6.02, (6) a fee of $.02 or less per American Depositary Share (or portion 

  

 19 

 
thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections 4.01 through 4.04 hereof, (7) a fee
for the distribution of securities pursuant to Section 4.02, such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of
such securities (for purposes of this clause 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under clause 6, a fee of $.02 or
less per American Depositary Share (or portion thereof) per annum for depositary services, which will be payable as provided in clause 9 below, and (9) any other charges payable by the Depositary, any of the Depositary’s agents, including
the Custodian, or the agents of the Depositary’s agents in connection with the servicing of Shares or other Deposited Securities (which charge shall be assessed against Owners as of the date or dates set by the Depositary in accordance with
Section 4.06 and shall be payable at the sole discretion of the Depositary by billing such Owners for such charge or by deducting such charge from one or more cash dividends or other cash distributions). 
 The Depositary, subject to Section 2.09 hereof, may own and deal in any class of securities of the Company and its affiliates and in American
Depositary Shares. 
 SECTION 5.10 Retention of Depositary Documents. 
 The Depositary is authorized to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement at the times permitted by the laws or regulations governing the Depositary
unless the Company requests that such papers be retained for a longer period or turned over to the Company or to a successor depositary. 
 SECTION 5.11
Exclusivity. 
 The Company agrees not to appoint any other depositary for issuance of American or global depositary shares or receipts so
long as The Bank of New York Mellon is acting as Depositary hereunder. 
 SECTION 5.12 List of Restricted Securities Owners. 
 From time to time, the Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or entities who
beneficially own Restricted Securities and the Company shall update that list on a regular basis. The Company agrees to advise in writing each of the persons or entities so listed that such Restricted Securities are ineligible for deposit hereunder.
The Depositary may rely on such a list or update but shall not be liable for any action or omission made in reliance thereon. 
 ARTICLE 6.

 AMENDMENT AND TERMINATION 
 SECTION 6.01
Amendment. 
 The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by
agreement between the Company and the Depositary without the consent of Owners or holders in any respect which they may deem necessary or desirable. Any amendment which shall impose or increase any fees or charges (other than taxes and other
governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to
outstanding American Depositary Shares until the expiration of 30 days after notice of such amendment shall have been given to the Owners of outstanding American Depositary Shares. Every Owner and holder, at the time any amendment so becomes
effective, shall be deemed, by continuing to hold such American Depositary Shares or any interest therein, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the
right of the Owner to surrender American Depositary Shares and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. 
  

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 SECTION 6.02 Termination. 
 The Company may at any time terminate this Deposit Agreement by instructing the Depositary to mail a notice of termination to the Owners of all American Depositary Shares then outstanding at least 30 days prior to the
termination date included in such notice. The Depositary may likewise terminate this Deposit Agreement if at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and if a successor depositary
shall not have been appointed and accepted its appointment as provided in Section 5.04; in such case the Depositary shall mail a notice of termination to the Owners of all American Depositary Shares then outstanding at least 30 days prior to
the termination date. On and after the date of termination, the Owner of American Depositary Shares will, upon (a) surrender of such American Depositary Shares, (b) payment of the fee of the Depositary for the surrender of American
Depositary Shares referred to in Section 2.05, and (c) payment of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by those American
Depositary Shares. If any American Depositary Shares shall remain outstanding after the date of termination, the Depositary thereafter shall discontinue the registration of transfers of American Depositary Shares, shall suspend the distribution of
dividends to the Owners thereof, and shall not give any further notices or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited
Securities, shall sell rights and other property as provided in this Deposit Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the
sale of any rights or other property, upon surrender of American Depositary Shares (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American
Depositary Shares in accordance with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges). 
 At any time after the expiration of six months from the date of termination, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other
cash then held by it under this Deposit Agreement, unsegregated and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that have not theretofore been surrendered, such Owners thereupon becoming
general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except for its obligations to the Company under Section 5.08
and to account for such net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance
with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges. Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for
its obligations to the Depositary under Sections 5.08 and 5.09. 
 ARTICLE 7. 
 MISCELLANEOUS 
 SECTION 7.01 Counterparts. 
 This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts shall
constitute one and the same instrument. 
  

 21 

 Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be open
to inspection by any Owner or Holder during business hours. 
 SECTION 7.02 No Third Party Beneficiaries. 
 This Deposit Agreement is for the exclusive benefit of the parties hereto and shall not be deemed to give any legal or equitable right, remedy or claim
whatsoever to any other person. 
 SECTION 7.03 Severability. 
 In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 
 SECTION 7.04 Owners and Holders as
Parties; Binding Effect. 
 The Owners and Holders from time to time shall be parties to this Deposit Agreement and shall be bound by all
of the terms and conditions hereof and of the Receipts by acceptance of American Depositary Shares or any interest therein. 
 SECTION 7.05 Notices. 

 Any and all notices to be given to the Company shall be deemed to have been duly given if personally delivered or sent by mail or cable,
telex or facsimile transmission confirmed by letter, addressed to GCL Silicon Technology Holdings Inc., 36/F Two Exchange Square, Central, Hong Kong or any other place to which the Company may have transferred its principal office with notice to the
Depositary. 
 Any and all notices to be given to the Depositary shall be deemed to have been duly given if in English and personally
delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter, addressed to The Bank of New York Mellon, 101 Barclay Street, New York, New York 10286, Attention: American Depositary Receipt Administration, or any other
place to which the Depositary may have transferred its Corporate Trust Office with notice to the Company. 
 Any and all notices to be given
to any Owner shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter, addressed to such Owner at the address of such Owner as it appears on the transfer books for
American Depositary Shares of the Depositary, or, if such Owner shall have filed with the Depositary a written request that notices intended for such Owner be mailed to some other address, at the address designated in such request. 
 Delivery of a notice sent by mail or cable, telex or facsimile transmission shall be deemed to be effected at the time when a duly addressed letter
containing the same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office letter box. The Depositary or the Company may, however, act upon any cable, telex or facsimile
transmission received by it, notwithstanding that such cable, telex or facsimile transmission shall not subsequently be confirmed by letter as aforesaid. 
 SECTION 7.06 Submission to Jurisdiction; Appointment of Agent for Service of Process; Jury Trial Waiver. 
 The Company hereby (i) irrevocably designates and appoints CT Corporation System, 111 Eighth
Avenue, 13th Floor, New York City, in the State of New York, as the Company’s authorized agent upon which process may be served in any suit or
proceeding 

  

 22 

 
arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consents and
submits to the jurisdiction of any state or federal court in the State of New York in which any such suit or proceeding may be instituted, and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect
effective service of process upon the Company in any such suit or proceeding. The Company agrees to deliver, upon the execution and delivery of this Deposit Agreement, a written acceptance by such agent of its appointment as such agent. The Company
further agrees to take any and all action, including the filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment in full force and effect for so long as any American Depositary Shares or
Receipts remain outstanding or this Agreement remains in force. In the event the Company fails to continue such designation and appointment in full force and effect, the Company hereby waives personal service of process upon it and consents that any
such 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, and service so made shall be deemed completed five (5) days after the
same shall have been so mailed. 
 EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE
SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING WITHOUT LIMITATION ANY QUESTION REGARDING
EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 
 SECTION 7.07 Waiver of Immunities. 
 To the extent that the Company or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to it, any
right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process,
from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction
in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited Securities, the American Depositary Shares, the Receipts or
this Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such relief and enforcement. 
 SECTION 7.08 Governing Law. 
 This Deposit Agreement
and the Receipts shall be interpreted and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by the laws of the State of New York, except with respect to its authorization and execution by the Company, which
shall be governed by the laws of the Cayman Islands. 
  

 23 

 IN WITNESS WHEREOF, GCL SILICON TECHNOLOGY HOLDINGS INC. and THE BANK OF NEW YORK MELLON have duly
executed this Deposit Agreement as of the day and year first set forth above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares or any interest therein. 
  

			
	GCL SILICON TECHNOLOGY HOLDINGS INC.
		
	By: 	 	 
		 	 Name:
 Title:

	
	 THE BANK OF NEW YORK MELLON,
 as Depositary

		
	By: 	 	 
		 	 Name:
 Title:

  

 24 

 EXHIBIT A 
 AMERICAN DEPOSITARY SHARES 
 (Each American Depositary Share represents 
              deposited Shares) 
 THE BANK OF NEW YORK MELLON 
 AMERICAN DEPOSITARY RECEIPT 
 FOR              SHARES OF  
 THE PAR VALUE OF              EACH OF 
 GCL SILICON TECHNOLOGY HOLDINGS INC. 
 (INCORPORATED UNDER THE LAWS OF the Cayman Islands) 
 The Bank of New York Mellon, as depositary (hereinafter called the
“Depositary”), hereby certifies that _____________________ ___________________________, or registered assigns IS THE OWNER OF ___________________________ 
 AMERICAN DEPOSITARY SHARES 
 representing deposited
                     shares (herein called “Shares”) of GCL Silicon Technology Holdings Inc., incorporated under the laws of the
Cayman Islands (herein called the “Company”). At the date hereof, each American Depositary Share represents              Shares deposited or subject to deposit under the
Deposit Agreement (as such term is hereinafter defined) at the China office of Hong Kong and Shanghai Banking Corp, (herein called the “Custodian”). The Depositary’s Corporate Trust Office is located at a different address than its
principal executive office. Its Corporate Trust Office is located at 101 Barclay Street, New York, N.Y. 10286, and its principal executive office is located at One Wall Street, New York, N.Y. 10286. 
 THE DEPOSITARY’S CORPORATE TRUST OFFICE ADDRESS IS 
 101 BARCLAY STREET, NEW YORK, N.Y. 10286 
  

 25 

	 	1.	THE DEPOSIT AGREEMENT. 

 This American Depositary Receipt
is one of an issue (herein called “Receipts”), all issued and to be issued upon the terms and conditions set forth in the deposit agreement, dated as of
                    , 2008 (herein called the “Deposit Agreement”), by and among the Company, the Depositary, and all Owners and
holders from time to time of American Depositary Shares issued thereunder, each of whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions thereof. The Deposit Agreement sets
forth the rights of Owners and holders and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of such Shares and held
thereunder (such Shares, securities, property, and cash are herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at the Depositary’s Corporate Trust Office in New York City and at the office of the
Custodian. 
 The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and
are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit Agreement and not defined herein shall have the meanings set forth in the Deposit
Agreement. 
  

	 	2.	SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES. 

 Upon
surrender at the Corporate Trust Office of the Depositary of American Depositary Shares, and upon payment of the fee of the Depositary provided in this Receipt, and subject to the terms and conditions of the Deposit Agreement, the Owner of those
American Depositary Shares is entitled to delivery, to him or as instructed, of the amount of Deposited Securities at the time represented by those American Depositary Shares. Such delivery will be made at the option of the Owner hereof, either at
the office of the Custodian or at the Corporate Trust Office of the Depositary, provided that the forwarding of certificates for Shares or other Deposited Securities for such delivery at the Corporate Trust Office of the Depositary shall be at the
risk and expense of the Owner hereof. 
  

	 	3.	TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS. 

 Transfers of American Depositary Shares may be registered on the books of the Depositary upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary Shares, by the
Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including,
for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10), and, in either case, duly stamped as may be required by the laws of the State of New York and of the United States of America and upon payment of
funds for any applicable transfer taxes and the expenses of the Depositary and upon compliance with such regulations, if any, as the Depositary may establish for such purpose. This Receipt may be split into other such Receipts, or may be combined
with other such Receipts into one Receipt, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. The Depositary, upon surrender of a Receipt for the purpose of exchanging for uncertificated
American Depositary Shares, shall cancel that Receipt and send the Owner a statement confirming that the Owner is the Owner of the same number of uncertificated American Depositary Shares that the surrendered Receipt evidenced. The Depositary, upon
receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10 of the Deposit Agreement) from the Owner of uncertificated American Depositary Shares for the purpose of
exchanging for certificated American Depositary Shares, shall execute and deliver to the Owner a Receipt evidencing the same number of certificated American Depositary Shares. As a condition precedent to the delivery, registration of transfer, or
surrender of any American Depositary Shares or split-up or combination of any Receipt or withdrawal of any Deposited Securities, 

  

 26 

 
the Depositary, the Custodian, or Registrar may require payment from the depositor of the Shares or the presenter of the Receipt or instruction for
registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including
any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in the Deposit Agreement, may require the production of proof satisfactory to it as to the identity and genuineness of
any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement. 
 The delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the transfer of American Depositary Shares in particular instances may be
refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary are closed, or if any such action is deemed necessary or advisable by the
Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of the Deposit Agreement, or for any other reason, subject to the provisions
of the following sentence. Notwithstanding anything to the contrary in the Deposit Agreement or this Receipt, the surrender of outstanding American Depositary Shares and withdrawal of Deposited Securities may not be suspended subject only to
(i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends,
(ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or to the withdrawal of the Deposited Securities. Without
limitation of the foregoing, the Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares which would be required to be registered under the provisions of the Securities Act of 1933 for public offer and sale in the
United States, unless a registration statement is in effect as to such Shares for such offer and sale. 
  

	 	4.	LIABILITY OF OWNER FOR TAXES. 

 If any tax or other
governmental charge shall become payable with respect to any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares, such tax or other governmental charge shall be payable by the Owner to the Depositary.
The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until such payment is made, and may withhold any dividends or other
distributions, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares, and may apply such dividends or other distributions or the proceeds of any such sale in payment of
such tax or other governmental charge and the Owner shall remain liable for any deficiency. 
  

	 	5.	WARRANTIES ON DEPOSIT OF SHARES. 

 Every person depositing
Shares under the Deposit Agreement shall be deemed thereby to represent and warrant, that such Shares and each certificate therefor, if applicable, are validly issued, fully paid, nonassessable and free of any preemptive rights of the holders of
outstanding Shares and that the person making such deposit is duly authorized so to do. Every such person shall also be deemed to represent that the deposit of such Shares and the sale of American Depositary Shares representing such Shares by that
person are not restricted under the Securities Act of 1933. Such representations and warranties shall survive the deposit of Shares and delivery of American Depositary Shares. 
  

 27 

	 	6.	FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION. 

 Any
person presenting Shares for deposit or any Owner or holder may be required from time to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the
registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery
or registration of transfer of any American Depositary Shares or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until such proof or other information is filed
or such certificates are executed or such representations and warranties made. If requested in writing, the Depositary shall, as promptly as practicable, provide the Company, at the expense of the Company, with copies of any such proofs,
certificates or other information it receives pursuant to this section, unless prohibited by applicable law. No Share shall be accepted for deposit unless accompanied by evidence satisfactory to the Depositary that any necessary approval has been
granted by any governmental body in the Cayman Islands, which is then performing the function of the regulation of currency exchange. 
  

	 	7.	CHARGES OF DEPOSITARY. 

 The following charges shall be
incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split
declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant to Section 4.03 of the Deposit Agreement), or by Owners, as applicable:
(1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to
transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals under the terms of the Deposit Agreement, (3) such cable, telex and facsimile transmission
expenses as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.05 of the Deposit Agreement, (5) a fee of $5.00 or less per
100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.03, 4.03 or 4.04 of the Deposit Agreement and the surrender of American Depositary Shares pursuant to Section 2.05 or
6.02 of the Deposit Agreement, (6) a fee of $.02 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to Sections 4.01 through 4,04 of the
Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.02 of the Deposit Agreement, such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above
which would have been charged as a result of the deposit of such securities (for purposes of this clause 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in
addition to any fee charged under clause 6, a fee of $.02 or less per American Depositary Share (or portion thereof) per annum for depositary services, which will be payable as provided in clause 9 below, and (9) any other charges payable by
the Depositary, any of the Depositary’s agents, including the Custodian, or the agents of the Depositary’s agents in connection with the servicing of Shares or other Deposited Securities (which charge shall be assessed against Owners as of
the date or dates set by the Depositary in accordance with Section 4.06 of the Deposit Agreement and shall be payable at the sole discretion of the Depositary by billing such Owners for such charge or by deducting such charge from one or more
cash dividends or other cash distributions). 
 The Depositary, subject to Article 8 hereof, may own and deal in any class of securities of
the Company and its affiliates and in American Depositary Shares. 
  

 28 

	 	8.	PRE-RELEASE OF RECEIPTS. 

 Notwithstanding
Section 2.03 of the Deposit Agreement, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.02 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to
Section 2.05 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release or the Depositary knows that
such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation
from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, (i) owns the Shares or American Depositary Shares to be remitted, as the case may be, (ii) assigns all beneficial rights,
title and interest in such Shares or Receipts, as the case may be, to the Depositary in its capacity as such and for the benefit of the Owners, and (iii) will not take any action with respect to such Shares or Receipts, as the case may be, that
is inconsistent with the transfer of beneficial ownership (including, without the consent of the Depositary, disposing of such Shares or Receipts, as the case may be), other than in satisfaction of such Pre-Release, (b) at all times fully
collateralized with cash or such other collateral as the Depositary determines in good faith will provide substantially similar liquidity and security, (c) terminable by the Depositary on not more than five (5) business days notice, and
(d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally
exceed thirty percent (30%) of the Shares deposited under the Deposit Agreement; provided, however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate, and may with prior written
consent of the Company, change such limits for purposes of general application. The Depositary will also set Dollar limits with respect to Pre-Release transactions to be entered into hereunder with any particular Pre-Releasee on a case-by-case basis
as the Depositary deems appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the Deposit Agreement, the collateral referred to in clause (b) above shall be held by the Depositary as security for
the performance of the Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or Receipts upon termination of a Pre-Release transaction (and
shall not, for the avoidance of doubt, constitute Deposited Securities hereunder). 
 The Depositary may retain for its own account any
compensation received by it in connection with the foregoing. 
  

	 	9.	TITLE TO RECEIPTS. 

 It is a condition of this Receipt and
every successive Owner and Holder of this Receipt by accepting or holding the same consents and agrees that when properly endorsed or accompanied by proper instruments of transfer, shall be transferable as certificated registered securities under
the laws of New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of New York. The Depositary, notwithstanding any notice to the contrary, may treat the Owner of
American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement and for all other purposes.

  

	 	10.	VALIDITY OF RECEIPT. 

 This Receipt shall not be entitled
to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt shall have been executed by the Depositary by the manual signature of a duly authorized signatory of the Depositary; provided,
however that such signature may be a facsimile if a Registrar for the Receipts shall have been appointed and such Receipts are countersigned by the manual signature of a duly authorized officer of the Registrar. 
  

 29 

	 	11.	REPORTS; INSPECTION OF TRANSFER BOOKS. 

 The Company is
subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports with the Securities and Exchange Commission. Such materials will either be available for inspection and copying at the
public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington, D.C. 20549 [or at the Company’s website at _____________, or at an electronic information delivery system at _____________]. 
 The Depositary will make available for inspection by Owners at its Corporate Trust Office any reports, notices and other communications, including any
proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The
Depositary will also, upon written request by the Company, send to Owners copies of such reports when furnished by the Company pursuant to the Deposit Agreement. Any such reports and communications, including any such proxy soliciting material,
furnished to the Depositary by the Company shall be furnished in English to the extent such materials are required to be translated into English pursuant to any regulations of the Commission. 
 The Depositary will keep books, at its Corporate Trust Office, for the registration of American Depositary Shares and transfers of American Depositary
Shares which at all reasonable times shall be open for inspection by the Owners, provided that such inspection shall not be for the purpose of communicating with Owners in the interest of a business or object other than the business of the Company
or a matter related to the Deposit Agreement or the American Depositary Shares. 
  

	 	12.	DIVIDENDS AND DISTRIBUTIONS. 

 Whenever the Depositary
receives any cash dividend or other cash distribution on any Deposited Securities, the Depositary will, if at the time of receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable
basis into United States dollars transferable to the United States, and subject to the Deposit Agreement, convert such dividend or distribution into dollars and will distribute the amount thus received (net of the fees and expenses of the Depositary
as provided in Article 7 hereof and Section 5.09 of the Deposit Agreement) to the Owners entitled thereto; provided, however, that in the event that the Company or the Depositary is required to withhold and does withhold from any
cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares representing such Deposited
Securities shall be reduced accordingly. 
 Subject to the provisions of Section 4.11 and 5.09 of the Deposit Agreement, whenever the
Depositary receives any distribution other than a distribution described in Section 4.01, 4.03 or 4.04 of the Deposit Agreement, the Depositary will cause the securities or property received by it to be distributed to the Owners entitled
thereto, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution; provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among the
Owners of Receipts entitled thereto, or if for any other reason the Depositary deems such distribution not to be feasible, the Depositary may adopt such method as it may deem equitable and practicable for the purpose of effecting such distribution,
including, but not limited to, the public or private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Article 7 hereof and
Section 5.09 of the Deposit Agreement) will be distributed by the Depositary to the Owners of Receipts entitled thereto all in the manner and subject to the conditions described in Section 4.01 of the Deposit Agreement. The Depositary may
sell, by public or private sale, an amount of securities or other property it would otherwise distribute under this Article that is sufficient to pay its fees and expenses in respect of that distribution. 
  

 30 

 If any distribution consists of a dividend in, or free distribution of, Shares, the Depositary may
deliver to the Owners entitled thereto, an aggregate number of American Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to
the deposit of Shares and after deduction or upon issuance of American Depositary Shares, including the withholding of any tax or other governmental charge as provided in Section 4.11 of the Deposit Agreement and the payment of the fees and
expenses of the Depositary as provided in Article 7 hereof and Section 5.09 of the Deposit Agreement (and the Depositary may sell, by public or private sale, an amount of Shares received sufficient to pay its fees and expenses in respect of
that distribution). In lieu of delivering fractional American Depositary Shares in any such case, the Depositary will sell the amount of Shares represented by the aggregate of such fractions and distribute the net proceeds, all in the manner and
subject to the conditions described in Section 4.01 of the Deposit Agreement. If additional American Depositary Shares are not so delivered, each American Depositary Share shall thenceforth also represent the additional Shares distributed upon
the Deposited Securities represented thereby. 
 The Company or its agent will remit to the appropriate governmental agencies in the Cayman
Islands and the People’s Republic of China all amounts withheld and owing to such agencies. The Depositary will forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or
its agent to file necessary reports with governmental agencies, and the Depositary or the Company or its agent may file any such reports necessary to obtain benefits under the applicable tax treaties for the Owners of Receipts. In the event that the
Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private
sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay any such taxes or charges, and the Depositary shall
distribute the net proceeds of any such sale after deduction of such taxes or charges to the Owners of Receipts entitled thereto. 
  

	 	13.	RIGHTS. 

 In the event that the Company shall offer or
cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares or any rights of any other nature, the Depositary shall have discretion as to the procedure to be followed in making such rights available
to any Owners or in disposing of such rights on behalf of any Owners and making the net proceeds available to such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such rights available
to any Owners or dispose of such rights and make the net proceeds available to such Owners, then the Depositary shall allow the rights to lapse. If at the time of the offering of any rights the Depositary determines in its discretion that it is
lawful and feasible to make such rights available to all or certain Owners but not to other Owners, the Depositary may distribute to any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the number of American
Depositary Shares held by such Owner, warrants or other instruments therefor in such form as it deems appropriate. 
 In circumstances in
which rights would otherwise not be distributed, if an Owner requests the distribution of warrants or other instruments in order to exercise the rights allocable to the American Depositary Shares of such Owner under the Deposit Agreement, the
Depositary will make such rights available to such Owner upon written notice from the Company to the Depositary that (a) the Company has elected in its sole discretion to permit such rights to be exercised and (b) such Owner has executed
such documents as the Company has determined in its sole discretion are reasonably required under applicable law. 
  

 31 

 If the Depositary has distributed warrants or other instruments for rights to all or certain Owners, then
upon instruction from such an Owner pursuant to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to the Depositary for the account of such Owner of an amount equal to the
purchase price of the Shares to be received upon the exercise of the rights, and upon payment of the fees and expenses of the Depositary and any other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf of
such Owner, exercise the rights and purchase the Shares, and the Company shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary will cause the Shares so purchased to be
deposited pursuant to Section 2.02 of the Deposit Agreement, and shall, pursuant to Section 2.03 of the Deposit Agreement, deliver American Depositary Shares to such Owner. In the case of a distribution pursuant to the second paragraph of
this Article 13, such deposit shall be made, and Deposited Securities shall be delivered, under depositary arrangements which provide for issuance of Deposited Securities subject to the appropriate restrictions on sale, deposit, cancellation, and
transfer under applicable United States laws. 
 If the Depositary determines that it is not lawful and feasible to make such rights
available to all or certain Owners, it may sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may not lawfully or feasibly make such rights
available, and allocate the net proceeds of such sales (net of the fees and expenses of the Depositary as provided in Section 5.09 of the Deposit Agreement and all taxes and governmental charges payable in connection with such rights and
subject to the terms and conditions of the Deposit Agreement) for the account of such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practical basis without regard to any distinctions among such
Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise. 
 The Depositary will not
offer rights to Owners unless both the rights and the securities to which such rights relate are either exempt from registration under the Securities Act of 1933 with respect to a distribution to all Owners or are registered under the provisions of
such Act; provided, that nothing in the Deposit Agreement shall create any obligation on the part of the Company to file a registration statement with respect to such rights or underlying securities or to endeavor to have such a registration
statement declared effective. If an Owner requests the distribution of warrants or other instruments, notwithstanding that there has been no such registration under the Securities Act of 1933, the Depositary shall not effect such distribution unless
it has received an opinion from recognized counsel in the United States for the Company upon which the Depositary may rely that such distribution to such Owner is exempt from such registration. 
 The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make such rights available to Owners in general
or any Owner in particular. 
  

	 	14.	CONVERSION OF FOREIGN CURRENCY. 

 Whenever the Depositary
or the Custodian shall receive foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the
judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall convert or cause to be converted by sale or in any other manner that it may determine, such
foreign currency into Dollars, and such Dollars shall be distributed to the Owners entitled thereto or, if the Depositary shall have distributed 

  

 32 

 
any warrants or other instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments upon surrender
thereof for cancellation. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners on account of exchange restrictions, the date of delivery of any American Depositary Shares or
otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.09 of the Deposit Agreement. 
 If such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary shall file such application for approval or license, if any, as it may deem
desirable. 
 If at any time the Depositary shall determine that in its judgment any foreign currency received by the Depositary or the
Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof which is required for such conversion is denied or in the opinion of the Depositary
is not obtainable, or if any such approval or license is not obtained within a reasonable period as determined by the Depositary, or if there are foreign exchange controls in place that prohibit such conversion, the Depositary may distribute the
foreign currency (or an appropriate document evidencing the right to receive such foreign currency) received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the
respective accounts of, the Owners entitled to receive the same. 
 If any such conversion of foreign currency, in whole or in part, cannot
be effected for distribution to some of the Owners entitled thereto, the Depositary may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto and may distribute the balance of the
foreign currency received by the Depositary to, or hold such balance uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled thereto. 
  

	 	15.	RECORD DATES. 

 Whenever any cash dividend or other cash
distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the Deposited Securities, or whenever the Depositary shall receive notice of any meeting of holders of Shares or
other Deposited Securities, or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary shall find it necessary or convenient, the Depositary
shall fix a record date, which date shall be the same date, to the extent practicable, as the record date for the Deposited Securities or if different, as close thereto as practicable (a) for the determination of the Owners who shall be
(i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof, (ii) entitled to give instructions for the exercise of voting rights at any such meeting or (iii) responsible for any fee or charge
assessed by the Depositary pursuant to the Deposit Agreement, (b) on or after which each American Depositary Share will represent the changed number of Shares or (c) for any other matter, subject to the provisions of the Deposit Agreement.

  

	 	16.	VOTING OF DEPOSITED SECURITIES. 

 Upon receipt of notice of
any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, mail to the Owners of Receipts a notice, the form of which notice shall be in the sole
discretion of the Depositary, which shall contain (a) such information as is contained in such notice of meeting 

  

 33 

 
received by the Depositary from the Company, (b) a statement that the Owners as of the close of business on a specified record date will be entitled,
subject to any applicable provision of law and of the articles of association or similar document of the Company, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other Deposited
Securities represented by their respective American Depositary Shares and (c) a statement as to the manner in which such instructions may be given. Upon the written request of an Owner on such record date, received on or before the date
established by the Depositary for such purpose, the Depositary shall endeavor insofar as practicable to vote or cause to be voted the amount of Shares or other Deposited Securities represented by such American Depositary Shares in accordance with
the instructions set forth in such request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to the Shares or other Deposited Securities, other than in accordance with such instructions. 
 There can be no assurance that Owners generally or any Owner in particular will receive the notice described in the preceding paragraph sufficiently
prior to the instruction cutoff date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the provisions set forth in the preceding paragraph. 
 In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Deposited Securities, if the
Company will request the Depositary to act under this Article, the Company shall give the Depositary notice of any such meeting and details concerning the matters to be voted upon not less than 45 days prior to the meeting date, 
  

	 	17.	CHANGES AFFECTING DEPOSITED SECURITIES. 

 In circumstances
where the provisions of Section 4.03 of the Deposit Agreement do not apply, upon any change in nominal value, change in par value, split-up, consolidation, or any other reclassification of Deposited Securities, or upon any recapitalization,
reorganization, merger or consolidation, or sale of assets affecting the Company or to which it is a party, or upon the redemption or cancellation by the Company of the Deposited Securities, any securities, cash or property which shall be received
by the Depositary or a Custodian in exchange for, in conversion of, in lieu of or in respect of Deposited Securities shall be treated as new Deposited Securities under the Deposit Agreement, and American Depositary Shares shall thenceforth
represent, in addition to the existing Deposited Securities, the right to receive the new Deposited Securities so received, unless additional Receipts are delivered pursuant to the following sentence. In any such case the Depositary may execute and
deliver additional Receipts as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing such new Deposited Securities. 
  

	 	18.	LIABILITY OF THE COMPANY AND DEPOSITARY. 

 Neither the
Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or Holder, (i) if by reason of any provision of any present or future law or regulation of the United
States or any other country, or of any governmental or regulatory authority, or by reason of any provision, present or future, of the articles of association or similar document of the Company, or by reason of any provision of any securities issued
or distributed by the Company, or any offering or distribution thereof, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Depositary or the Company shall be prevented, delayed or forbidden from or be
subject to any civil or criminal penalty on account of doing or performing any act or thing which by the terms of the Deposit Agreement or the Deposited Securities it is provided shall be done or performed, (ii) by reason of any non-performance
or delay, caused as aforesaid, in the performance of any act or thing which by the terms of the Deposit Agreement it is provided shall or may be done or performed, (iii) by reason of any exercise of, or failure to exercise, any discretion
provided for in the Deposit Agreement, (iv) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, 

  

 34 

 
under the terms of the Deposit Agreement, made available to Owners or holders, or (v) for any special, consequential or punitive damages for any breach
of the terms of the Deposit Agreement. Where, by the terms of a distribution pursuant to Section 4.01, 4.02 or 4.03 of the Deposit Agreement, or an offering or distribution pursuant to Section 4.04 of the Deposit Agreement, such
distribution or offering may not be made available to Owners of Receipts, and the Depositary may not dispose of such distribution or offering on behalf of such Owners and make the net proceeds available to such Owners, then the Depositary shall not
make such distribution or offering, and shall allow any rights, if applicable, to lapse. Neither the Company nor the Depositary assumes any obligation or shall be subject to any liability under the Deposit Agreement to Owners or Holders, except that
they agree to perform their obligations specifically set forth in the Deposit Agreement without negligence or bad faith. The Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited Securities. Neither
the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit, or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares, on behalf of any Owner or
Holder or any other person. Neither the Depositary nor the Company shall be liable for any action or nonaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner
or holder, or any other person believed by it in good faith to be competent to give such advice or information. The Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities or for the
manner in which any such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with
a previous act or omission of the Depositary or in connection with a matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises, the Depositary
performed its obligations without negligence or bad faith while it acted as Depositary. The Depositary shall not be liable for the acts or omissions made by any securities depository, clearing agency or settlement system in connection with or
arising out of book-entry settlement of Deposited Securities or otherwise. The Company agrees to indemnify the Depositary, its directors, employees, agents and affiliates and any Custodian against, and hold each of them harmless from, any liability
or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting such indemnity and the fees and expenses of counsel) which may arise out of or in connection with (a) any registration with the
Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof in the United States or (b) acts performed or omitted, pursuant to the provisions of or in connection with the Deposit Agreement and of the Receipts,
as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective directors, employees, agents and affiliates, except for any liability or expense arising out of the
negligence or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates. No disclaimer of liability under the Securities Act of 1933 is intended by any provision of the Deposit Agreement.

  

	 	19.	RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN. 

 The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice
of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed
by the Company by 120 days prior written notice of such removal, to become effective upon the later of (i) the 120th day after delivery of the
notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary in its discretion may appoint a substitute or additional custodian or
custodians. 
  

 35 

	 	20.	AMENDMENT. 

 The form of the Receipts and any provisions of
the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary without the consent of Owners or holders in any respect which they may deem necessary or desirable. Any amendment which shall
impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise prejudice any substantial
existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of thirty days after notice of such amendment shall have been given to the Owners of outstanding American Depositary
Shares. Every Owner and holder of American Depositary Shares, at the time any amendment so becomes effective, shall be deemed, by continuing to hold such American Depositary Shares or any interest therein, to consent and agree to such amendment and
to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive therefor the Deposited Securities represented thereby, except in order to
comply with mandatory provisions of applicable law. 
  

	 	21.	TERMINATION OF DEPOSIT AGREEMENT. 

 The Company may
terminate the Deposit Agreement by instructing the Depositary to mail notice of termination to the Owners of all American Depositary Shares then outstanding at least 30 days prior to the termination date included in such notice. The Depositary may
likewise terminate the Deposit Agreement, if at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and if a successor depositary shall not have been appointed and accepted its appointment
as provided in the Deposit Agreement; in such case the Depositary shall mail a notice of termination to the Owners of all American Depositary Shares then outstanding at least 30 days prior to the termination date. On and after the date of
termination, the Owner of American Depositary Shares will, upon (a) surrender of such American Depositary Shares, (b) payment of the fee of the Depositary for the surrender of American Depositary Shares referred to in Section 2.05,
and (c) payment of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by those American Depositary Shares. If any American Depositary Shares shall
remain outstanding after the date of termination, the Depositary thereafter shall discontinue the registration of transfers of American Depositary Shares, shall suspend the distribution of dividends to the Owners thereof, and shall not give any
further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights and other property as provided in
the Deposit Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, upon surrender of American
Depositary Shares (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of
the Deposit Agreement, and any applicable taxes or governmental charges). At any time after the expiration of six months from the date of termination, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and may
thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it thereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that have
not theretofore been surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement,
except for its obligations to the Company under Section 5.08 and to account for such net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the
account of the Owner of such American Depositary Shares in 

  

 36 

 
accordance with the terms and conditions of the Deposit Agreement, and any applicable taxes or governmental charges). Upon the termination of the Deposit
Agreement, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary with respect to indemnification, charges, and expenses. 
  

	 	22.	DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM 

 (a) Notwithstanding the provisions of Section 2.04 of the Deposit Agreement, the parties acknowledge that the Direct Registration System (“DRS”) and Profile Modification System (“Profile”) shall apply to
uncertificated American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated American Depositary Shares, which ownership shall be
evidenced by periodic statements issued by the Depositary to the Owners entitled thereto. Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the
Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the
Owner to register such transfer. 
 (b) In connection with and in accordance with the arrangements and procedures relating to DRS/Profile,
the parties understand that the Depositary will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in
subsection (a) has the actual authority to act on behalf of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.03 and 5.08 of the Deposit Agreement shall
apply to the matters arising from the use of the DRS. The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and in accordance with the Deposit Agreement
shall not constitute negligence or bad faith on the part of the Depositary. 
  

	 	23.	SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF IMMUNITIES. 

 In the Deposit Agreement, the Company has (i) appointed CT Corporation System, 111 Eighth
Avenue, 13th Floor, New York City, in the State of New York, as the Company’s authorized agent upon which process may be served in any suit or
proceeding arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consented and submitted to the jurisdiction of any state or federal court in the State of New York
in which any such suit or proceeding may be instituted, and (iii) agreed that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding.

 EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES,
THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING WITHOUT LIMITATION ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 
  

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 To the extent that the Company or any of its properties, assets or revenues may have or hereafter become
entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or counterclaim, from the
jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment,
in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited Securities, the American Depositary Shares,
the Receipts or the Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such relief and enforcement. 

 

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