Document:

EX-4.4

 Exhibit 4.4 

QUHUO LIMITED 

SHAREHOLDERS AGREEMENT 

Date: August 23, 2019 

 Shareholders Agreement 

Preface 
 This Shareholders
Agreement (the “Agreement”) was entered into on August 23, 2019 by and among: 
  

	(1)	 QUHUO LIMITED, a company duly established and validly existing in the Cayman Islands (the
“Company”); 

  

	(2)	 QUHUO INVESTMENT LIMITED, a company duly established and validly existing in the British Virgin Islands
(the “BVI Company”); 

  

	(3)	 QUHUO TECHNOLOGY INVESTMENT (HONG KONG) LIMITED, a company duly established and validly existing in
Hong Kong (the “HK Company”); 

  

	(4)	 Beijing Quhuo Information Technology Co., Ltd., a wholly foreign-owned enterprise duly established and validly
existing in China (the “WFOE”); 

  

	(5)	 Beijing Quhuo Technology Co., Ltd., a limited liability company duly established and validly existing in
China (the “VIE”); 

  

	(6)	 YU Leslie, a citizen of [REDACTED], with passport number of [REDACTED] and contact address of
[REDACTED]; 

  

	(7)	 YANG Shuyi, a citizen of [REDACTED], with ID card number of [REDACTED] and contact address of
[REDACTED]; 

  

	(8)	 BA Zhen, a citizen of [REDACTED], with ID card number of [REDACTED] and contact address of [REDACTED]
(together with YANG Shuyi and YU Leslie collectively referred to as the “Founding Individual Shareholders”); 

  

	(9)	 QUHUO HOLDING (BVI) LIMITED, a company duly established and validly existing in the British Virgin
Islands (the “ESOP SPV”); 

  

	(10)	 Each entity as listed in Item 1 of Appendix A (collectively, the “Founding Entity
Shareholders”; together with the Founding Individual Shareholders, collectively referred to as the “Founding Shareholders”) 

  

	(11)	 Each entity as listed in Item 2 of Appendix A (collectively, “Series Angel Investor”);

  
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	(12)	 Each entity as listed in Item 3 of Appendix A (collectively, “Series A Investors”);

  

	(13)	 Each entity as listed in Item 4 of Appendix A (collectively, “Series B Investors”);

  

	(14)	 Each entity as listed in Item 5 of Appendix A (collectively, “Series
C-1 Investors”); 

  

	(15)	 Each entity as listed in Item 6 of Appendix A (collectively, “Series
C-2 Investors”); 

  

	(16)	 Each entity as listed in Item 7 of Appendix A (collectively, “Series D Investors”).

 In this Agreement, YU Leslie is hereinafter referred to the “Actual Controller”; the Founding
Shareholders, ESOP SPV and Series Angel Investor are hereinafter collectively referred to as the “Original Shareholders”; the Series A Investors, Series B Investors, Series C-1 Investors, Series C-2 Investors and Series D Investors are hereinafter collectively referred to as the “Investors”; the Original
Shareholders and the Investors are hereinafter individually referred to as a “Shareholder” and collectively as the “Shareholders”; the Company, BVI Company, HK Company, WFOE,
VIE, the Original Shareholders and the Investors are hereinafter individually referred to as a “Party” and collectively as the “Parties”. 

The above Parties hereby reached the following Agreement through friendly negotiation on the principle of equality and mutual benefit. 

Recital 
  

	(1)	 The Company is an exempted company with limited liability duly established and validly existing in the
Cayman Islands. As at the date hereof, the authorized share capital of the Company is US$50,000, divided into 500 million shares with a par value of US$0.0001 per share, of which the number of issued shares is 48,606,410.

  

	(2)	 The Company intends to restructure (the “Restructure”) its Group Companies (as
defined below) to complete the initial public offering of its shares (or the ADRs representing such shares) and listing on a stock exchange in the United States or any other stock exchanges approved by the Shareholders. 

  
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	(3)	 The Shareholders or their Affiliates are shareholders of VIE before restructuring. For the
purpose of restructuring, the Shareholders and the Company entered into a Share Subscription Agreement (the “Share Subscription Agreement”) on August 23, 2019, under which the Shareholders agree to
subscribe for the shares issued by the Company, and the Company agrees to issue the shares to the Shareholders, so that the ownership structure of the Company immediately upon the completion of the restructuring is the
same as that of the VIE immediately prior to the restructuring (“Share Subscription”). 

  

	(4)	 After the completion of the said Share Subscription, the Shareholders shall be the shareholders
of the Company. The Parties hereby agree in this Agreement the rights and obligations of each Shareholder as a shareholder of the Company. 

THEREFORE, the Parties hereto agree as follows: 

Article 1     Basic Information 
  

	1.1	 Establishment of the Company 

The Company is an exempted company with limited liability duly established and validly existing in Cayman Island. 

 

	1.2	 The name and the registered address of the Company 

 

	1.2.1	 The name of the Company is: QUHUO LIMITED. 

 

	1.2.2	 The registered address of the Company is: Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands. 

 

	1.3	 The effective date of this Agreement: 

This Agreement shall take effect after the legal date of signature by the Parties (the “Effective Date”). 

  
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 Article 2     Share Capital 

 

	2.1	 Share Capital and Shareholding Ratio 

 

	2.1.1	 Immediately following the completion of the Share Subscription, the authorized share capital of the
Company shall be US$50,000, consisting of 500 million shares (“Shares”) with a par value of US$0.0001 per share, including: (i) 475,868,900 ordinary shares of the Company with a par value of US$0.0001 per share
(“Ordinary Shares”), including 24,475,310 issued Ordinary Shares of the Company (in which 9,502,550 shares are used in the employee incentive plan of the Group Companies); (ii) 1,335,370 issued series A
preferred shares with a par value of US$0.0001 per share (“Series A Preferred Shares”); (iii) 9,500,030 issued series B preferred shares with a par value of US$0.0001 per share (“Series B Preferred Shares”); (iv)
5,107,720 issued series C-1 preferred shares with a par value of US$0.0001 per share (“Series C-1 Preferred Shares”); (v) 2,377,370 issued series C-2 preferred shares with a par value of US$0.0001 per share (“Series C-2 Preferred Shares”); and (vi) 5,810,610 issued series D preferred shares with a par
value of US$0.0001 per share (“Series D Preferred Shares”). 

  
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	2.1.2	 Immediately after the completion of the Share Subscription, the shareholding of each Shareholder
in the share capital of the Company is as follows: 

  

									
	 Name of the Shareholder
	  	 Description
	  	 Class of Shares
	  	 Number of Shares Held
	  	 Shareholding Ratio

	LESYU INVESTMENTS LIMITED	  	Founding Entity Shareholders	  	Ordinary Shares	  	6,296,630	  	12.95%
	YGS INVESTMENT LIMITED	  	Founding Entity Shareholders	  	Ordinary Shares	  	6,113,540	  	12.58%
	BZB INVESTMENT LIMITED	  	Founding Entity Shareholders	  	Ordinary Shares	  	2,363,030	  	4.86%
	QUHUO HOLDING (BVI) LIMITED	  	ESOP	  	Ordinary Shares	  	9,502,550	  	19.55%
	Wanquan Investment (BVI) Limited	  	Series Angel Investor	  	Ordinary Shares	  	199,560	  	0.41%
	iStart Venture Limited	  	Series A Investors	  	Series A Preferred Shares	  	1,335,370	  	2.75%
	  	Series B Investors	  	Series B Preferred Shares	  	554,000	  	1.14%
	  	Series C-1Investors	  	Series C-1 Preferred Shares	  	488,000	  	1.00%
	SBCVC Fund IV, L.P.	  	Series B Investors	  	Series B Preferred Shares	  	4,266,740	  	8.78%
	  	Series C-1Investors	  	Series C-1 Preferred Shares	  	488,000	  	1.00%
	  	Series D Investors	  	Series D Preferred Shares	  	919,040	  	1.89%
	Baidu Online Network Technology (Beijing) Co., Ltd.	  	Series B Investors	  	Series B Preferred Shares	  	4,679,290	  	9.63%
	  	Series C-1 Investors	  	Series C-1 Preferred Shares	  	1,271,000	  	2.61%
	ClearVue YummyExpress Holdings, Ltd.	  	Series C-1 Investors	  	Series C-1 Preferred Shares	  	2,860,720	  	5.89%
	  	Series D Investors	  	Series D Preferred Shares	  	755,910	  	1.56%
	CDIB Private Equity (Fujian) Enterprise (Limited Partnership)	  	Series C-2 Investors	  	Series C-2 Preferred Shares	  	1,359,850	  	2.80%
	  	Series D Investors	  	Series D Preferred Shares	  	657,110	  	1.35%
	Zhongnan Capital (Hong Kong) Limited	  	Series C-2 Investors	  	Series C-2 Preferred Shares	  	1,017,520	  	2.09%
	  	Series D Investors	  	Series D Preferred Shares	  	491,690	  	1.01%
	FUSI Irvine L.P.	  	Series D Investors	  	Series D Preferred Shares	  	597,370	  	1.23%
	Beijing ErQu Management Consultant LLP	  	Series D Investors	  	Series D Preferred Shares	  	1,943,760	  	4.00%
	Delta Electronics Capital Company	  	Series D Investors	  	Series D Preferred Shares	  	445,730	  	0.92%
	Total	  	48,606,410	  	100.00%

  
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	2.2	 Share Certificate and Share Registration 

The Company shall provide each Shareholder with a Share Certificate and an updated Register of Members to prove the shareholding
ratio of each Shareholder. 
 Article 3 Board of Directors 

 

	3.1	 Authorities of the Company 

 

	3.1.1	 The Board of Directors (the “Board of Directors”) is the highest authority of the
Company and shall determine all major matters of the Company. The Shareholders agree that, any resolution of the shareholders’ meeting shall first be deliberated by the Board of Directors in accordance with Article 3
(including the special resolution of the Board of Directors in Article 3.5). If such matter has been approved by the Board of Directors in accordance with this Article and still needs the consent of the board of shareholders of the
Company as required by Applicable Laws, the Shareholders shall vote in favor of the matter at the shareholders’ meeting. 

  

	3.1.2	 For the avoidance of doubt, the functions and powers of the Board of Directors include but are not
limited to: 

  

	 	(1)	 decide on the business policy and the investment plan of the Group Companies;

  

	 	(2)	 examine and approve the annual financial budget plan and final accounts of the Group Companies;

  
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	 	(3)	 examine and approve the profit distribution plan and the loss recovery plan of the Group Companies;

  

	 	(4)	 make resolutions on the share capital increase or decrease of the Group Companies;

  

	 	(5)	 make resolutions on merger, division, dissolution, liquidation or form change of the Group Companies;

  

	 	(6)	 modify constitutional documents such as the Articles of Association of the Group Companies (and
any amendments thereto); 

  

	 	(7)	 decide on the internal management structure of the Group Companies; 

 

	 	(8)	 examine and approve the basic management system of the Group Companies; 

 

	 	(9)	 decide on the scope of senior management of the Group Companies and their appointment and dismissal as
well as their remuneration and welfare; 

  

	 	(10)	 other functions and powers set forth herein and the Articles of Association (and any amendments
thereto), including but not limited to the resolution matters set forth in Article 3.5 hereof. 

  

	3.2	 Headcount, Authority and Directors’ Term of the Board of Directors 

 

	3.2.1	 The Board of Directors should be composed of nine (9) directors (the “Headcount of the
Board of Directors”), in which SBCVC SPV and iStart SPV shall be entitled to appoint one (1) director together, Baidu SPV shall be entitled to appoint one (1) director,
ClearVue SPV shall be entitled to appoint one (1) director, and Fusi SPV shall be entitled to appoint one (1) director (the said four (4) directors are collectively referred to as the “Investor
Shareholders”); the remaining five (5) directors shall be appointed jointly by the Founding Shareholders. CDIB SPV and Zhongnan Capital SPV shall appoint one (1) observer jointly, who shall be
entitled to receive notice of the Board of Directors, to attend the Board of Directors and to have access to all information on meetings of Board of Directors without the voting right. 

 

	3.2.2	 Each director shall serve a term of office of three (3) years and may be
re-elected by the Shareholders with the right to appoint such directors. Prior to the expiration of the term, the appointing party shall be entitled to request the removal or replacement of any of its
appointed directors at the board meeting. 

  
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	3.3	 Chairman of the Board 

 

	3.3.1	 The Chairman of the Board of the Company (the “Chairman”) shall be one
(1) director appointed by the Founding Shareholders. 

  

	3.3.2	 The Chairman shall exercise its powers within the limits prescribed by the Board of Directors. If
the Chairman is unable to perform its duties for any reason, one of the directors elected by more than half of the directors shall perform such duties on its behalf. 

 

	3.4	 Rules of Procedure of the Board of the Directors 

 

	3.4.1	 The meetings of Board of Directors shall be convened and presided over by the Chairman.

  

	3.4.2	 The Company shall hold the meetings of Board of Directors at least once (1) each quarter to
review the performance of previous fiscal quarters. 

  

	3.4.3	 The quorum of the meetings of Board of Directors shall be more than
two-thirds of the directors and include all four (4) Investor Directors. The directors may attend meetings in person, by proxy or by telephone. A resolution made at the meetings of Board of
Directors that the quorum referred to herein fails to be formed shall be invalid. Notwithstanding of the foregoing, if the number of directors attending the meetings of Board of Directors is less than the number of the quorum as provided
in this Article, such meetings of Board of Directors shall be postponed and reconvened seven (7) days later at the same time and place. If the number of directors present at the postponed meetings of Board of Directors is still
less than the requirement of the quorum for the resolution provided in this Article, subject to further provisions in Article 3.5 hereof, the resolution made at the postponed meetings of Board of Directors shall be valid.

  

	3.4.4	 The notice of the meetings of Board of Directors shall be given at least ten (10) days in advance,
in which shall set out the matters to be considered, the date and place of the meeting. The meetings of Board of Directors shall not discuss and vote on the matters which are not included in the notice of the meetings. 

  
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	3.4.5	 The meetings of Board of Directors shall be attended by the directors in person. If the director is
unable to attend the meeting for any reason, he/she may appoint a proxy to attend the meeting in writing. The power of attorney shall specify the scope of authorization. Each director shall have one vote when voting at a meeting of Board of
Directors. 

  

	3.4.6	 The directors may attend the meetings of Board of Directors by audio or video phone, which shall be
deemed that such director attends the meetings of Board of Directors in person, and such director attending the meetings of Board of Directors by such method shall be included in the quorum and effective voting of directors attended
the meeting. 

  

	3.4.7	 Resolutions agreed by all directors of the Company in writing shall be directly made without convening
the meetings of Board of Directors, provided that such resolutions shall be signed by all directors. 

  

	3.5	 Matters Requiring Special Resolution of the Board of Directors 

 

	3.5.1	 Matters Requiring the Consent of the Investor Directors 

Unless otherwise agreed herein, subject to a quorum under Article 3.4.3 hereof and before the Qualified IPO, the following matters shall
not be valid unless approved by more than two-thirds (including the number) of the directors present at the meetings of Board of Directors, and the directors approving such matters shall include at
least three Investor Directors (if the following matters have been approved by the Board of Directors in accordance with this Article and still need the unanimous consent of all directors present at the meetings of Board of
Directors as required by Applicable Laws, the Parties shall cause their respective appointed directors to vote in favor of such matter at the meetings of Board of Directors): 

 

	 	(1)	 To increase, decrease or transfer the share capital of the Group Companies and other ways to restructure
or adjust the ownership structure of the Group Companies; 

  

	 	(2)	 To merge, divide, suspend, terminate, dissolve, liquidate, bankrupt, restructure or change the form of the
Group Companies; 

  

	 	(3)	 To sell the Subsidiaries of the Group Companies or acquire other enterprises by the Group
Companies; 

  
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	 	(4)	 To sell, transfer, license, mortgage, pledge or authorize any third party to use or otherwise dispose of any
material tangible and intangible assets of the Group Companies, including but not limited to patents, trademarks, copyrights or other intellectual property; 

 

	 	(5)	 To cancel the rights enjoyed by the Investors hereunder and pursuant to the Articles of
Association of the Company or grant any rights to any third party superior to the rights of the Investors; 

  

	 	(6)	 To provide any form of warranties, guarantees or loan to any entity other than the Group Companies;

 Unless otherwise agreed herein, before the Qualified IPO, the following matters shall not be valid unless
approved by more than two-thirds (including the number) of the directors present at the meetings of Board of Directors, and the directors approving such matters shall include at least three Investor
Directors. If the following matters have been approved by the Board of Directors in accordance with this Article and still needs the unanimous consent of all directors present at the meetings of Board of Directors as required by
Applicable Laws, the Parties shall cause their respective appointed directors to vote in favor of such matter at the meetings of Board of Directors: 
  

	 	(1)	 To modify or waive the major provisions in the constitutional documents or procedures including the Articles
of Association of the Group Companies; to modify and terminate VIE Contractual Arrangement Related Documents (as defined in Share Subscription Agreement); 

 

	 	(2)	 To declare or pay any dividend, bonus or loss recovery plan; 

 

	 	(3)	 To provide any warranties or loans to any third party (including the shareholders or its Affiliates of
the Group Companies); 

  

	 	(4)	 To approve or change the scale or distribution of seats in the Board of Directors of the Company;

  

	 	(5)	 To approve or modify the employees’ shares incentive plan of the Group Companies;

  

	 	(6)	 To issue any securities, shares, preferred shares or warrants, options and other rights in or outside China
that may be purchased for any security; 

  

	 	(7)	 To engage in any business area materially different from the existing business plan, change the name or
terminate any existing business; 

  
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	 	(8)	 To decrease or dispose of any shares of the Company in any way within three years after the Effective
Date hereof by the Founding Shareholders, including directly or indirectly selling, presenting, pledging, imposing encumbrances of property rights or imposing sanctions in other ways; or 

 

	 	(9)	 To approve or modify the annual budget, operation plan, including any capital expenditure budget, operation
budget and financial plan. 

  

	3.5.2	 Matters Requiring the Consent of any Investor Director 

Unless otherwise agreed herein, before the Qualified IPO, the following matters shall not be valid unless approved by more than two-thirds (including the number) of the directors present at the meetings of Board of Directors, and the directors approving such matters shall include at least one Investor Director: 

 

	 	(1)	 Decisions on the appointment and employment of the chief executive officer (CEO), chief financial officer (CFO)
and other key positions and employees of the Group Companies; 

  

	 	(2)	 A major capital expenditure or investment with consideration paid by the Group Companies at or above
RMB500,000; 

  

	 	(3)	 Purchase, sale, mortgage, pledge, lease, pawn or other disposal of assets that goes beyond the normal business
operation scope or exceed the budget of the Group Companies and whose total transaction amount exceeds RMB500,000 within twelve (12) months; 

  

	 	(4)	 Any debts and payment obligations incurred by the Group Companies with an amount of more than
RMB200,000, unless incurred in the normal business process; 

  

	 	(5)	 Major cooperation agreements signed by the Group Companies; 

 

	 	(6)	 The Group Companies enter into material agreements with one or more Affiliates, in which the
Group Companies makes unlimited commitments, warranties or obligations, or the single payment amount under which is more than RMB200,000, or the cumulative total payment amount under which exceeds RMB500,000 during any twelve (12) month
period; or 

  

	 	(7)	 Other material events in the daily operation and management of the Group Companies that need to be
decided by the Board of Directors; 

  
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	3.5.3	 In addition to the normal decision-making process of the Board of Directors, the following matters shall
not be valid unless it is approved with a written consent letter by the Series C-2 Investors who hold more than 50% (including the number) of the total shares of the Company in series C-2 investment: 

  

	 	(1)	 To increase, decrease or transfer the share capital of the Group Companies and other ways to restructure
or adjust the ownership structure of the Group Companies; 

  

	 	(2)	 To merge, divide, suspend, terminate, dissolve, liquidate, bankrupt, restructure or change the form or
organizational structure of the Group Companies; 

  

	 	(3)	 To sell any of its Subsidiaries or acquire other enterprises by the Group Companies;

  

	 	(4)	 To sell, transfer, license, mortgage, pledge or authorize any third party to use or otherwise dispose of any
material tangible and intangible assets of the Group Companies, including but not limited to patents, trademarks, copyrights or other intellectual property; 

 

	 	(5)	 To cancel the rights enjoyed by the Series C-2 Investors
hereunder and pursuant to the Articles of Association of the Company or grant any rights to any third party superior to the rights of the Series C-2 Investors; 

 

	 	(6)	 To provide any form of warranties, guarantees or loan to any entity other than the Group Companies;

  

	 	(7)	 To modify or waive the major provisions in the constitutional documents or procedures including the Articles of
Association of the Group Companies; 

  

	 	(8)	 To issue any securities, shares, preferred shares or warrants, options and other rights that may be purchased
for any security by the Group Companies or the target company in or outside China; 

  

	 	(9)	 To engage in any business area materially different from the existing business plan, change the name or
terminate any existing business of the Group Companies; 

  
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	3.6	 Other Matters Requiring Resolution of the Board of Directors 

Except as provided in Article 3.5 hereof, other matters requiring resolutions of the Board of Directors shall be approved and become
effective only with the consent of a majority of the directors present at the meetings of Board of Directors. 
  

	3.7	 Resolutions of the Board of Directors and the Board of Shareholders 

The resolutions of the Board of Directors or the Board of Shareholders shall be written in English and be filed by
the Company and copied to the Parties after they are signed by the shareholders, shareholder representatives, directors or the proxy appointed by the directors. 
  

	3.8	 Expense Burden 

The expenses necessary for the directors of the Company to exercise their functions and powers under this Agreement, the
Articles of Association (and any amendments thereto) and Applicable Laws and regulations shall be borne by the Company. Meanwhile, the Company shall cover customary insurance for directors and make every effort to ensure the
safety of members of Board of Directors. 
 Article 4     Management Organization 

 

	4.1	 Chief Executive Officer 

 

	4.1.1	 The Company shall have one (1) CEO, who shall be responsible for the daily operation and management
of the Group Companies. 

  

	4.1.2	 The CEO is nominated by the Founding Shareholders and appointed and dismissed by the Board of
Directors in accordance with Article 3.5 hereof. 

  

	4.2	 Functions and Powers of the CEO 

The CEO is responsible for implementing the resolutions of the board meeting, leading the daily operation management of the Group
Companies and exercising other functions and powers as authorized by the Board of Directors. 

  
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	4.3	 Term of Office, Dismissal and Replacement of the CEO 

 

	4.3.1	 The CEO shall serve a term of three (3) years and shall be re-elected upon resolution of the Board of
Directors. 

  

	4.3.2	 If the CEO is dismissed or leave, his/her successor shall be reappointed in accordance with Article 4.1 hereof.

  

	4.4	 Scope of the Officers 

Officers refer to the CEO, CFO, chief operation officer (COO) and other persons deemed to be officers by the Board of Directors. 

 

	4.5	 Obligations of the Officers 

 

	4.5.1	 The CEO and other officers of the Company shall be diligent and responsible and work in the best
interests of the Group Companies. 

  

	4.5.2	 The CEO and other officers shall not use their positions to seek business opportunities belonging to the
Group Companies for themselves or others, nor shall they engage in any business of the same kind or compete with the business of the Group Companies. 

 

	4.5.3	 The CFO shall report to the Board of Directors and the CEO, but such report shall not adversely affect
the normal operation of the Group Companies. 

 Article 5    Labor Management 

 

	5.1	 Labor Management 

The CEO of the Company shall formulate relevant plans for the enrollment, recruitment, dismissal, wages, labor insurance, welfare,
rewards and punishments of the employees of the Group Companies in accordance with relevant laws and regulations. Upon the approval of the Board of Directors, the CEO/general manager of the Group Companies shall, on behalf of
the Group Companies, enter into labor contracts with the employees.  
  

	5.2	 Employee Recruitment 

The employees and workers needed by the Group Companies shall be recruited mainly through open recruitment and selected on the basis of
merit after examination. All employees and workers formally employed shall sign labor contracts. 

  
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 Article 6    Tax, Finance and Audit 

 

	6.1	 Tax 

6.1.1    The Group Companies and the Parties shall pay taxes in accordance with relevant laws and
regulations. 
 6.1.2    The Parties shall endeavor to obtain all current and future tax exemptions, tax
reductions and preferential treatment that may be enjoyed in accordance with relevant laws and regulations for the Group Companies, the Parties and all personnel. 

 

	6.2	 Financial and Accounting System 

The Company shall establish a financial accounting system in accordance with the accounting principles generally accepted at the place
of Qualified IPO. The financial statements prepared for the Company shall be written in English to truly, completely and impartially reflect the financial situation of the Company on the date of the statement and the operating
effect during the accounting period involved in the statement. 
  

	6.3	 Account Book 

All management account books of the Company shall be prepared in Chinese and available for audit by either Party or its representative
at any reasonable time. Each Party shall be entitled to employ an independent accountant to review the books and records of the Company at its own expense. The Company and other Parties shall provide such accountants with
full cooperation to facilitate their access to all account books and documents of the Company. 
  

	6.4	 Information Right and Inspection Right of the Investors 

 

	6.4.1	 From the Effective Date hereof, the Company shall regularly and promptly deliver the following
information to the Investors for any period of time during which the Investors hold the shares of the Company (unless the Company has completed the Qualified IPO at that time) and without affecting any rights of
the Investors hereunder: 

  

	 	(1)	 Within five (5) calendar days after the end of each month, (i) monthly financial report of the
Group Companies; (ii) report of a matter that may have a Material Adverse Effect on the operations or financial position of the Group Companies; 

  
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	 	(2)	 Within thirty (30) calendar days after the end of each quarter, (i) the unaudited quarterly financial
report prepared by the Group Companies in accordance with generally accepted accounting standards; (ii) report of a matter that may have a Material Adverse Effect on the operations or financial position of the Group
Companies; 

  

	 	(3)	 Within ninety (90) calendar days after the end of each fiscal year, on a yearly basis, (i) audited
financial statements of Group Companies; and (ii) report on the business operation of the Group Companies for the fiscal year, including report on a matter that may have a Material Adverse Effect on the operation or
financial position of the Group Companies; 

  

	 	(4)	 (i) Report of the financial budget for the following fiscal year within thirty (30) calendar days before
the end of each fiscal year; and (ii) thirty (30) calendar days’ notice of any material changes to the approved annual budget, including changes to the salaries of officers; 

 

	 	(5)	 (i) Notice of a meeting of Board of Directors with the relevant agenda, informed thirty(30) calendar
days in advance; (ii) immediate notification of any Litigation/Arbitration related to the Group Companies, important judgments against the Group Companies and other matters that may have a Material Adverse Effect on
the operations and financial position of the Group Companies; (iii) Immediate notification of the failure of the Group Companies to comply with relevant laws issued by any competent authority or government department; and
(iv) immediate notification of any change in the nature or scope of business of the Group Companies; and 

  

	 	(6)	 Other information about the financial position, business or legal person status of the Group Companies
as required by the Investors. 

  

	6.4.2	 The Actual Controller and the Founding Shareholders shall cause the Company to permit the
Investors, at all reasonable times during normal working hours, to access and inspect the property of the Group Companies, to inspect the account books and records of the Group Companies, and to discuss the affairs, finances and
accounts of the Group Companies with its managers, directors and auditors, financial advisers and lawyers upon reasonable request and with reasonable notice one (1) Business Day in advance, provided that any examination,
inspection, inquiry, conducted or not, or whether the Investors have any knowledge of the information (including but not limited to any information the Investors obtained relating to such examination, inspection and inquiry) or not,
shall not constitute a waiver by the Investors of any rights they may enjoy under any representations, warranties, covenants or terms or agreements under any relevant agreements. Any examination, inspection or inquiry made by the said
Investors shall not affect the normal operation of the Group Companies. 

  
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	6.5	 Independent Auditor 

The independent auditor selected by the Company should be one of the “Big Four” accounting firms routinely employed by the
industry, who is able to perform the accounting activities in accordance with domestic accounting standards of China, international standards or U.S. standards. If the Board of Directors determines that the independent auditor does not
meet the above criteria, the independent auditor may be removed and replaced in accordance with the criteria of the Company for selecting an independent auditor under this Article. 

 

	6.6	 Currency 

The Company uses RMB as its unit of account. When foreign currencies are converted into RMB for bookkeeping purposes, the exchange rate
shall be calculated at the rate normally adopted for the relevant transaction. 
  

	6.7	 Fiscal Year 

The fiscal year of the Company starts from January 1 of each year and ends on December 31 of the current year (the last fiscal
year ends on the date of expiration hereof or the date of early dissolution of the Company in accordance with this Agreement). 
  

	6.8	 Report 

The Company shall distribute monthly, quarterly and annual financial statements to the Board of Directors. The independent
auditor shall conduct an annual audit of the account books and statements of the Company. The audit report shall be approved by the Board of Directors and delivered to the Parties and relevant government departments (if
necessary). 

  
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 Article 7     Insurance 

 

	7.1	 Insurance 

The Group Companies shall cover all kinds of insurance with the insurance companies which are qualified and commonly chosen in
industries. The insurance coverage, amount and duration and other relevant matters shall be determined by the Board of Directors of the Company or any other Persons authorized by the Board of Directors. 

Article 8     Profit Distribution 
  

	8.1	 Profit Distribution 

The remaining profits from the operations of the Company in this fiscal year, after the Company pays the income tax and makes any
deductions or payments (up to the minimum amount required by laws) as required by laws and regulations shall be distributed in accordance with the resolutions of the Board of Directors of the Company. 

 

	8.2	 Principles for Profit Distribution 

The Parties shall distribute the profits based on their shareholding ratio in the Company. 

Article 9     Shareholders’ Rights 
  

	9.1	 Pre-emptive Rights in Capital Increase 

 

	9.1.1	 The Actual Controller, the Company and the Original Shareholders jointly undertake and
ensure that, unless otherwise agreed in Article 9, the Company, without prior written consent of the Investors, shall not increase its share capital, or dilute the shares of the Investors in the Company by amending the
Articles of Association, or restructuring, integrating, shares selling, merging or asset selling or other actions that may cause the dilution of such shares. 

 

	9.1.2	 Unless with prior written consent of the Investors, The unit price of the increased share capital of the
Company shall not be lower than the price of each share that such Investors subscribe for or receive in the corresponding series of financing of the Company. 

  
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	 	(1)	 The Actual Controller, the Company and the Original Shareholders undertake that, in the
following financing, if any entity or person subscribes any increased share capital of the Company at the rate less than the post-money valuation of the Company (i.e., US$195.29 million) after Series D Capital Increase
(“Series D Depreciation Financing”), the Series D Investors shall be entitled to re-determine the shareholding ratio due to previous capital increases and/or share transfers at the capital increase price of Series D
Depreciation Financing, and the Founding Shareholders shall transfer the corresponding shares to the Series D Investors based on the proportion of the shares they hold in the Company at that time. 

 

	 	(2)	 If the Actual Controller and Founding Shareholders sell old shares to outside investors other
than the existing Shareholders, unless agreed by the Series C-2 Investors, the price of such share transfer shall not be lower than the comprehensive shareholding cost of the Series C-2 Investors, i.e., the pre-transfer valuation of the Company shall not be lower than US$175,896,151. (“MFN Protection Clause on Old Shares
Trading”) 

 Provided that there is no conflict with Article 9.1.2 (1) and the share compensation in Article
9.1.2 (1) can be fully satisfied, the Actual Controller, the Company and the Original Shareholders undertake that, in the following financing, if any entity or person subscribes any increased share capital of the Company
at the rate less than the post-money valuation of the Company (i.e., US$ 175,896,151) after series C-2 Capital Increase (“Series C-2 Depreciation
Financing”), the Series C-2 Investors shall be entitled to re-determine the shareholding ratio that the Series
C-2 Investors should obtain due to the series C-2 investment at the capital increase price of Series C-2 Depreciation
Financing, and the Founding Shareholders shall transfer the corresponding shares to the Series C-2 Investors based on the proportion of the shares they hold in the Company at that
time. 
  

	 	(3)	 Provided that there is no conflict with Article 9.1.2 (1) and/or 9.1.2 (2) and the share compensation in
Article 9.1.2 (1) and/or 9.1.2 (2) can be fully satisfied, the Actual Controller, the Company and the Original Shareholders undertake that, in the following financing, if any entity or person subscribes any increased share
capital of the Company at the rate less than the post-money valuation of the Company (i.e., US$ 100 million) after series C-1 capital increase (“Series
C-1 Depreciation Financing”), the Series C-1 Investors shall be entitled to re-determine the shareholding ratio
that the Series C-1 Investors should obtain due to the said increased capital in series C-1 investment agreement at the capital increase price of Series C-1 Depreciation Financing, and the Founding Shareholders shall transfer the corresponding shares to the Series C-1 Investors based on the proportion of
shares they hold in the Company at that time. 

  
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	 	(4)	 Provided that there is no conflict with Article 9.1.2 (1) and/or 9.1.2 (2) and/or 9.1.2 (3) and the share
compensation in Article 9.1.2 (1) and/or 9.1.2 (2) and/or 9.1.2 (3) can be fully satisfied, the Actual Controller, the Company and the Original Shareholders undertake that, in the following financing, if any entity or person
subscribes any increased share capital of the Company at the rate less than the post-money valuation of the Company (i.e., RMB 150 million) after series B capital increase (“Series B Depreciation Financing”), the
Series B Investors shall be entitled to re-determine the shareholding ratio that the Series B Investors should obtain due to the said increased capital and share transfer in the series B
investment agreement at the capital increase price of Series B Depreciation Financing, and the Founding Shareholders shall transfer the corresponding shares to the Series B Investors based on the proportion of the shares they
hold in the Company at that time. 

  

	 	(5)	 Provided that there is no conflict with Article 9.1.2 (1) and/or 9.1.2 (2) and/or 9.1.2 (3) and/or 9.1.2 (4)
and the share compensation in Article 9.1.2 (1) and/or 9.1.2 (2) and/or 9.1.2 (3) and/or 9.1.2 (4) can be fully satisfied, the Company undertakes that, in the following financing, if any entity or person subscribes any increased share capital
at the rate less than the post-money valuation of the Company (i.e., RMB 85 million) after series A capital increase (“Series A Depreciation Financing”), the Series A Investors shall be entitled to re-determine the shareholding ratio that the Series A Investors should obtain due to the series A investment agreement at the capital increase price of Series A Depreciation Financing, and the
Founding Shareholders shall transfer the corresponding shares to the Series A Investors based on the proportion of the shares they hold in the Company at that time. 

 

	 	(6)	 If the shares are transferred by the Founding Shareholders to the Investors in accordance with
Article 9.1.2 (1) and/or 9.1.2 (2) and/or 9.1.2 (3) and/or 9.1.2 (4) and/or 9.1.2 (5), such share transfer shall be free. If such transfer is not free as required by Applicable Laws, the share transfer price shall be the minimum price
permitted by Applicable Laws and accepted by the competent government authorities. The Founding Shareholders shall, at the same time or after the execution of the Share Transfer Agreement, sign another document exempting the payment
obligation of the share transfer as required by the Investors. If such exemption is not permitted by then Applicable Laws or competent government authorities, after the Investors pay the transfer price, the Founding
Shareholders shall immediately compensate the Investors for the same amount in other appropriate ways to ensure that the Investors do not pay any fees for the share transfer. If the Investors are required by Applicable
Laws to pay any taxes for the share transfer, such taxes shall be borne by the Founding Shareholders or compensated by the Founding Shareholders after the payment by the Investors to ensure that the Investors do not
pay any taxes for the share transfer. 

  
 21 

	 	(7)	 In the event of any shareholding ratio adjustment under Article 9.1.2 (1), 9.1.2 (2), 9.1.2 (3), 9.1.2 (4) and
9.1.2 (5), or the share transfer price adjustment under Article 9.1.2 (6), if the said adjustment of the Founding Shareholders is prohibited by Applicable Laws, the Parties shall fully comply with such provisions to the extent
not prohibited by Applicable Laws and shall immediately implement other adjustments that have not been implemented upon the removal of such legal obstacles. 

 

	9.1.3	 Pre-emptive Rights of the Investors 

Subject to the exemptions as agreed in Article 9.1.4 hereof, if the Company intends to increase its share capital: 

 

	 	(1)	 The Company shall first send a written notice (“Notice of Share Capital
Increase”) to the Investors, specifying the amount of share capital it intends to increase (“Share Capital to be Increased”), the shareholding ratio representing the Share Capital to be Increased after
dilution, the offering price and payment schedule of the Share Capital to be Increased of the Company (provided that this Article shall be finally approved in advance by the Board of Directors as required herein). The notice
shall also state that the Investors shall be entitled to subscribe the corresponding Share Capital to be Increased as determined in Article 9.1.3 (2), (3), (4), (5), (6) and (7) below at a price expressly specified in the
Notice of Share Capital Increase in accordance with the terms and conditions set forth in the Notice of Share Capital Increase. The maximum amount of shares that the Investors can subscribe shall be equal to the
Share Capital to be Increased; 

  

	 	(2)	 Pre-emptive Rights of Series D Investors 

Subject to Article 9.1.3 (7) below, within fifteen (15) days after the Series D Investors receive the Notice of Share
Capital Increase (“Series D Pre-emptive Rights Period”), the Series D Investors shall enjoy the priority over any other shareholders and third party to send a written notice to
the Company requesting to subscribe for the Share Capital to be Increased (“Series D Increased Share Capital Subject to Pre-emptive Rights”). In accordance with the provisions
specified in the Notice of Share Capital Increase, the Series D Investors shall subscribe all or part of the increased share capital in proportion to their respective shareholding ratio. 

  
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	 	(3)	 Pre-emptive Rights of Series
C-2 Investors 

 Upon the expiration of Series D Pre-emptive Rights Period or when the Series D Investors clearly inform the Company in writing that they do not subscribe for the Increased Share Capital Subject to
Pre-emptive Rights, whichever is earlier, the Company shall send a written notice to the Series C-2 Investors, stating the detailed information about the
series D pre-emptive rights exercised by the Series D Investors. If the Share Capital to be Increased is not completely subscribed by the Series D Investors, within fifteen (15) days
after the Series C-2 Investors receive the said written notice (“Series C-2 Pre-emptive Rights Period”),
the Series C-2 Investors shall enjoy the priority over any other shareholders (other than the Series D Investors) and third party to send a written notice to the Company requesting to
subscribe for the remaining Share Capital to be Increased (“Series C-2 Increased Share Capital Subject to Pre-emptive Rights”). In accordance
with the provisions specified in the Notice of Share Capital Increase, each Series C-2 Investor shall subscribe all or part of the Series
C-2 Increased Share Capital Subject to Pre-emptive Rights. The Series C-2 Investors exercising their pre-emptive rights shall subscribe for the remaining increased share capital in proportion to their respective shareholding ratio. 
  

	 	(4)	 Pre-emptive Rights of Series
C-1 Investors 

 Upon the expiration of Series C-2 Pre-emptive Rights Period or when the Series C-2 Investors clearly inform the Company in writing that they do not
subscribe for the Increased Share Capital Subject to Pre-emptive Rights, whichever is earlier, the Company shall send a written notice to the Series C-1
Investors, stating the detailed information about the series C-2 pre-emptive rights exercised by the Series C-2
Investors. If the Share Capital to be Increased is not completely subscribed by the Series D Investors and the Series C-2 Investors, within fifteen (15) days after the Series C-1 Investors receive the said written notice (“Series C-1 Pre-emptive Rights Period”), the Series C-1 Investors shall enjoy the priority over any shareholders (other than the Series D Investors and the Series C-2 Investors) and third party to send a
written notice to the Company requesting to subscribe for the remaining Share Capital to be Increased (“Series C-1 Increased Share Capital Subject to
Pre-emptive Rights”). In accordance with the provisions specified in the Notice of Share Capital Increase, each Series C-1 Investor
shall subscribe all or part of the Series C-1 Increased Share Capital Subject to Pre-emptive Rights. The Series C-1
Investors exercising their pre-emptive rights shall subscribe for the Series C-1 Increased Share Capital Subject to
Pre-emptive Rights in proportion to their respective shareholding ratio. 

  
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	 	(5)	 Pre-emptive Rights of Series B Investors 

Upon the expiration of Series C-1 Pre-emptive Rights
Period or when the Series C-1 Investors clearly inform the Company in writing that they do not subscribe for the increased share capital subject to
pre-emptive rights, whichever is earlier, the Company shall send a written notice to the Series B Investors, stating the detailed information about the series C-1 pre-emptive rights exercised by the Series C-1 Investors. If the Share Capital to be Increased is not completely
subscribed by the Series D Investors, the Series C-2 Investors and the Series C-1 Investors, within fifteen (15) days after the Series B
Investors receive the said written notice (“Series B Pre-emptive Rights Period”), the Series B Investors shall enjoy the priority over any shareholders (other than the Series D
Investors, the Series C-2 Investors and the Series C-1 Investors) and third party to send a written notice to the Company requesting to
subscribe for the remaining Share Capital to be Increased (“Series B Increased Share Capital Subject to Pre-emptive Rights”). In accordance with the provisions specified in the
Notice of Share Capital Increase, each Series B Investor shall subscribe for all or part of the Series B Increased Share Capital Subject to Pre-emptive Rights. The Series
B Investors exercising their pre-emptive rights shall subscribe for the Series B Increased Share Capital Subject to Pre-emptive Rights in proportion to their
respective shareholding ratio. 
  

	 	(6)	 Pre-emptive Rights of Series A Investors 

Upon the expiration of Series B Pre-emptive Rights Period or when the Series B Investors
clearly inform the Company in writing that they do not subscribe for the Increased Share Capital Subject to Pre-emptive Rights, whichever is earlier, the Company shall send a written notice to
the Series A Investors, stating the detailed information about the series B pre-emptive rights exercised by the Series B Investors. If the Share Capital to be Increased is not completely
subscribed for by the Series D Investors, the Series C-2 Investors, the Series C-1 Investors and the Series B Investors, within fifteen
(15) days after the Series A Investors receive the said written notice (“Investors’ Pre-emptive Rights Period”), the Series A Investors shall be entitled to subscribe
for all or part of the remaining Share Capital to be Increased by sending a notice to the Company. After such notice, the Series A Investors shall subscribe for the remaining all or part Share Capital to be Increased in
proportion to their respective shareholding ratio in accordance with the provisions and price specified in the Notice of Share Capital Increase. 

  
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	 	(7)	 The Investors shall, within the Investors’ Pre-emptive
Rights Period, give a written notice (“Notice of Investors’ Pre-emptive Rights”) to the Company stating relevant requirements; otherwise the Investors shall be
deemed to have waived the subscription of any increased share capital. If (1) an Investor specifies in the Notice of Investors’ Pre-emptive Rights that it shall not subscribe any
increased share capital or subscribe only a portion of the increased share capital of the Company to which it has a prorated right to subscribe; (2) an Investor fails to deliver the Notice of Investors’ Pre-emptive Rights to the Company within the pre-emptive rights period, the Company shall inform other Investors who have fully exercised the pre-emptive rights hereunder that the said Investor who has the subscription rights fails to subscribe the share capital. Such other Investors shall be entitled to, within ten (10) days
(“Investors’ Second Pre-emptive Rights Period”) after receiving the notice of the Company, exercise their preemption rights and subscribe such share capital in proportion to their
respective shareholding ratio; 

  

	 	(8)	 Notwithstanding the provisions in Article 9.1.3 (2) to Article 9.1.3 (7), in any subsequent financing
arrangements (“Subsequent Financing”) of the Company after the series D Closing Date (i.e., April 28, 2018) and prior to the application of provisions in Article 9.1.3 (2) to Article 9.1.3 (7), Baidu shall,
within fifteen (15) days after receiving the Notice of Share Capital Increase, enjoy the priority over any other shareholders and third party to send a written notice to the Company requesting to subscribe for the Share
Capital to be Increased and subscribe for all or part increased share capital in accordance with the provisions as specified in the Notice of Share Capital Increase at the Preferential Price of Baidu. For the avoidance of
doubt, the share of share capital increase to which Baidu may exercise the Preferential Price of Baidu referred to in this Article in a Subsequent Financing shall not be higher than 20% of the total amount of the Share
Capital to be Increased in such Subsequent Financing. The said “Preferential Price of Baidu” refers to the sum of the valuation of the following two business categories of the Company, of which the
“Valuation of the two Business Categories” refers to: (1) the valuation of the real-time logistics business of the Company (including food, fresh food, fruits and vegetables, clothing and delivery business of other
products agreed by the Company and Baidu), the amount of which shall be calculated in the following manner: Company’s valuation reflected in the Notice of Share Capital Increase × (1- one-third of the proportion of orders brought by Baidu or its Affiliates in the total orders of real-time logistics business of the Company) (the proportion of orders of the said real-time
logistics business shall be counted and confirmed by the Company and Baidu or its Affiliates) × the percentage of the annual revenue of real-time logistics business in the total annual revenue of the Company; and
(2) the valuation of all the non-real-time logistics business of the Company, the amount of which shall be calculated in the following manner: Company valuation reflected in the Notice
of Share Capital Increase × the percentage of the annual revenue of non-real-time logistics business in the total annual revenue of the Company. For the avoidance of doubt, in the event of
multiple rounds of Subsequent Financing by the Company, Baidu shall be entitled to require the application of the provisions of this Article in each round of Subsequent Financing. 

  
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	 	(9)	 If the Investors fail to subscribe all Share Capital to be Increased in accordance with Article
9.1.3 (1) to Article 9.1.3 (8), the Company shall be entitled to, within ninety (90) consecutive days after the expiration of the Investors’ Pre-emptive Rights Period (or the expiration
of the Investors’ Second Pre-emptive Rights Period, if applicable, or the date on which all Investors give written notice to the Company to waive the
pre-emptive rights for subscription, whichever is earlier), sell the Share Capital to be Increased not subscribed for by the Investors to the potential subscribers (including but not limited to
the Original Shareholders) at a price not lower than the price specified in the Notice of Share Capital Increase and on terms not more favorable than those offered to the Investors. If, for any reason, the potential
subscribers (including but not limited to the Original Shareholders) fail to purchase the Share Capital to be Increased not subscribed by the Investors and sign the corresponding capital increase contract at the above price and
conditions within the said period, the offering rights of Capital Increase of the Company to the potential subscribers (including but not limited to the Original Shareholders) in accordance with the Notice of Share Capital
Increase shall be terminated and provisions in Article 9.1 shall be reapplied to the Share Capital to be Increased (if the Company intends to continue to increase its share capital). 

  
 26 

	9.1.4	 Exempted Share Capital Increase 

The Investors’ rights to the Share Capital to be Increased of the Company provided in Article 9 shall not apply to
the subscription of the shares issued under the shares incentive plan or for Restructuring as approved by the Board of Directors, and other capital increase waived by other Investors in writing and approved by the Board of
Directors, as well as the additional shares issued by the Company in accordance with Article 9.6. 
  

	9.1.5	 Obligations of the Company and the Original Shareholders 

 

	 	(1)	 For the avoidance of doubt, the Original Shareholders undertake and warrant that, they shall, upon the
Investors exercising the said preferential subscription rights, sign the documents certifying the waiver of the pre-emptive right of capital increase and all other necessary documents related to capital
increase as required by the Investors. 

  

	 	(2)	 In terms of any proposed capital increase actions of the Company under Article 9 hereof, the
Parties agree to make best efforts to complete all legal procedures required by such capital increase, including but not limited to signing capital increase agreement and other related contracts, procuring their appointed directors to approve
such share capital increase in relevant resolution of Board of Directors, conducting asset valuation (if necessary) and performing relevant government registration procedures within the time limit stipulated herein. 

  
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	9.2	 Share Transfer Procedures 

 

	9.2.1	 Rights of First Refusal of the Investors 

 

	 	(1)	 Priority Notice of Share Transfer 

Subject to the provisions of Article 9.2.4 and Article 9.2.5, if any Founding Shareholders, Original Shareholders
(“Share Transferor”) intends to transfer any of their share interest in the Company, they shall, prior to such transfer, send a written notice (“Notice of Share Transfer”) to all Investors, specifying
the Shares to be Transferred in a reasonable manner, including but not limited to the proportion of share interests to be sold or transferred (“Shares to be Transferred”), the nature of such sale or transfer, the consideration to be
paid for the proposed transfer and the name and address of each potential purchaser or transferee. 
  

	 	(2)	 Rights of First Refusal of the Series D Investors 

Each Series D Investor shall be entitled to purchase such Shares to be Transferred in accordance with the proportion of shares
it holds in the Company at that time. The Series D Investors exercising the right of first refusal shall, within fifteen (15) days (“Series D Share Transfer Preferential Period”) after receiving the Notice
of Share Transfer, send a written notice to the Company and the Share Transferor requesting the purchase of all or part of the Shares to be Transferred and purchase all or part of the Shares to be Transferred in
accordance with the price, the material terms and conditions as provided in the Notice of Share Transfer. 
  

	 	(3)	 Expiration Notice of the Series D Share Transfer Preferential Period 

Upon the expiration of the Series D Share Transfer Preferential Period (or the date on which the Series D Investors expressly
notify the Company in writing to waive such rights of first refusal, whichever is earlier), the Company shall send a written notice (“Expiration Notice of the Series D Share Transfer Preferential Period”) to the
Share Transferor, the Series A Investors, the Series B Investors, the Series C-1 Investors and Series C-2 Investors respectively,
specifying that (i) all Shares to be Transferred are purchased by the Series D Investors; or (ii) the Shares to be Transferred are not purchased or fully purchased by the Series D Investors. Under clause (ii),
the Expiration Notice of the Series D Share Transfer Preferential Period shall expressly set forth the remaining Shares to be Transferred and the Series C-2 Investors may exercise
the rights of first refusal in respect of the remaining Shares to be Transferred in accordance with Article 9.2.1(4) below. 

  
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	 	(4)	 Rights of First Refusal of the Series C-2 Investors

 Each Series C-2 Investor shall be entitled to purchase such Shares to
be Transferred in accordance with the proportion of shares it holds in the Company at that time. The Series C-2 Investors exercising the rights of first refusal shall, within fifteen
(15) days (“Series C-2 Share Transfer Preferential Period”) after receiving the Expiration Notice of the Series D Share Transfer Preferential Period, send a written notice
requesting the purchase of all or part of the Shares to be Transferred to the Company and the Share Transferor and purchase all or part of the Shares to be Transferred in accordance with the price, the material terms and
conditions as provided in the Notice of Share Transfer. 
  

	 	(5)	 Expiration Notice of the Series C-2 Share Transfer Preferential
Period 

 Upon the expiration of the Series C-2 Share Transfer Preferential
Period (or the date on which the Series C-2 Investors expressly notify the Company in writing to waive such rights of first refusal, whichever is earlier), the Company shall send a
written notice (“Expiration Notice of Series C-2 Share Transfer Preferential Period”) to the Share Transferor, the Series A Investors, the Series B Investors, the
Series C-1 Investors respectively, specifying that (i) all Shares to be Transferred are purchased by the Series C-2 Investors and/or
Series D Investors; or (ii) the Shares to be Transferred are not purchased or fully purchased by the Series C-2 Investors and/or Series D
Investors. Under such circumstances, the Expiration Notice of Series C-2 Share Transfer Preferential Period shall expressly set forth the remaining Shares to be Transferred and the
Series C-1 Investors may exercise the rights of first refusal in respect of the remaining Shares to be Transferred in accordance with Article 9.2.1(6) below. 

  
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	 	(6)	 Rights of First Refusal of the Series C-1 Investors

 Each Series C-1 Investor shall be entitled to purchase all or part of
the remaining Shares to be Transferred in accordance with the proportion of shares it holds in the Company at that time. The Series C-1 Investors exercising the rights of first refusal
shall, within fifteen (15) days (“Series C-1 Share Transfer Preferential Period”) after receiving the Expiration Notice of the Series C-2
Share Transfer Preferential Period, send a written notice requesting the purchase of all or part of the Shares to be Transferred to the Company and the Share Transferor and purchase all or part of the Shares to be
Transferred in accordance with the price, the material terms and conditions as provided in the Notice of Share Transfer. 
  

	 	(7)	 Expiration Notice of the Series C-1 Share Transfer Preferential
Period 

 Upon the expiration of the Series C-1 Share Transfer Preferential
Period (or the date on which the Series C-1 Investors expressly notify the Company in writing to waive such rights of first refusal, whichever is earlier), the Company shall send a
written notice (“Expiration Notice of the Series C-1 Share Transfer Preferential Period”) to the Share Transferor, the Series A Investors and the Series B Investors
respectively, specifying that (i) all Shares to be Transferred are purchased by the Series C-1 Investors and/or Series C-2 Investors and/or
Series D Investors; or (ii) the Shares to be Transferred are not purchased or fully purchased by the Series D Investors and/or the Series C-2 Investors and/or Series C-1 Investors as agreed herein. Under such circumstances, the Expiration Notice of the Series C-1 Share Transfer Preferential Period shall expressly set forth the
remaining Shares to be Transferred and the Series B Investors may exercise the rights of first refusal with respect to the remaining Shares to be Transferred in accordance with Article 9.2.1(8) below. 

 

	 	(8)	 Rights of First Refusal of the Series B Investors 

In the event that the Shares to be Transferred are not purchased or fully purchased by the Series D Investors and/or Series C-2 Investors and/or Series C-1 Investors as agreed herein, each Series B Investor shall be entitled to purchase such Shares to be Transferred
in accordance with the proportion of shares it holds in the Company at that time. The Series B Investors exercising the rights of first refusal shall, within fifteen (15) days (“Series B Share Transfer Preferential
Period”) after receiving the Expiration Notice of the Series C-1 Share Transfer Preferential Period, send a written notice requesting the purchase of all or part of the Shares to be
Transferred to the Company and the Share Transferor and purchase all or part of the Shares to be Transferred in accordance with the price, the material terms and conditions as provided in the Notice of Share
Transfer. 

  
 30 

	 	(9)	 Expiration Notice of the Series B Share Transfer Preferential Period 

Upon the expiration of the Series B Share Transfer Preferential Period (or the date on which the Series B Investors expressly
notify the Company in writing to waive such rights of first refusal, whichever is earlier), the Company shall send a written notice (“Expiration Notice of the Series B Share Transfer Preferential Period”) to the
Share Transferor and the Series A Investors respectively, specifying that (i) all Shares to be Transferred are purchased by the Series D Investors, the Series C-2
Investors, the Series C-1 Investors and/or Series B Investors exercising the right of first refusal; or (ii) the Shares to be Transferred are not purchased or fully purchased by
the Series D Investors, the Series C-2 Investors, the Series C-1 Investors and/or the Series B Investors as agreed herein. Under Clause (ii),
the Expiration Notice of the Series B Share Transfer Preferential Period shall expressly set forth the remaining Shares to be Transferred and the Series A Investors may exercise the right of first refusal in respect of the
remaining Shares to be Transferred in accordance with Article 9.2.1(10) below. 
  

	 	(10)	 Rights of First Refusal of the Series A Investors 

In the event that the Shares to be Transferred are not purchased or fully purchased by the Series D Investors and/or Series C-2 Investors and/or Series C-1 Investors and/or Series B Investors as agreed herein, each Series A Investor shall be entitled to purchase such
Shares to be Transferred in accordance with the proportion of shares it holds in the Company at that time. The Series A Investors exercising the rights of first refusal shall, within fifteen (15) days (“Series A
Share Transfer Preferential Period”) after receiving the Expiration Notice of the Series B Share Transfer Preferential Period, send a written notice requesting the purchase of all or part of the Shares to be Transferred
to the Company and the Share Transferor and purchase all or part of the Shares to be Transferred in accordance with the price, the material terms and conditions as provided in the Notice of Share Transfer. 

  
 31 

	 	(11)	 Expiration Notice of the Series A Share Transfer Preferential Period 

Upon the expiration of the Series A Share Transfer Preferential Period (or the date on which the Series A Investors expressly
notify the Company in writing to waive such rights of first refusal, whichever is earlier), the Company shall send a written notice (“Expiration Notice of the Series A Share Transfer Preferential Period”) to the
Share Transferor, specifying that (i) all Shares to be Transferred are purchased by the Series D Investors, the Series C-2 Investors, the Series C-1 Investors, the Series B Investors and/or the Series A Investors exercising the rights of first refusal; or (ii) the Shares to be Transferred are not purchased or fully purchased by
the Series D Investors, the Series C-2 Investors, the Series C-1 Investors, the Series B Investors and/or the Series A Investors as
agreed herein. Under Clause (ii), if the Share Transferor is one of the Original Shareholders, the Expiration Notice of the Series A Share Transfer Preferential Period shall expressly state that the Investors who have not
exercised their rights of first refusal shall exercise the tag-along rights in respect of the remaining Shares to be Transferred in accordance with Article 9.2.2
(Tag-along Rights) below. 
  

	 	(12)	 Purchase Price 

The purchase price of the Shares to be Transferred of the Investors exercising the right of first refusal shall be specified in
the Notice of Share Transfer and paid within the time limits as agreed herein. 
  

	 	(13)	 Payment 

Upon the completion of the shares change, the obligee of preferred share transfer shall pay the purchase price of the Shares to be
Transferred. The obligee of preferred share transfer shall pay the purchase price by telegraphic transfer or check as directed by the Share Transferor. If the transferor and the transferee agree otherwise, such other agreement shall
prevail. 

  
 32 

	 	(14)	 Application of Tag-along Rights 

If the Investors fail to fully purchase the Shares to be Transferred, and the Share Transferor is one of the Original
Shareholders, the Investors not purchasing the Shares to be Transferred (“Tag-along Investors”) shall be entitled to exercise the
tag-along rights in accordance Article 9.2.2 in terms of the Shares to be Transferred that are to be sold by the Share Transferor and the Investors do not exercise the right of first
refusal. 
  

	9.2.2	 Tag-along Rights 

 

	 	(1)	 Tag-along System 

The number of tag-along shares participated by the
Tag-along Investors shall be calculated in the following manner: the number of Shares to be Tagged-along of the Tag-along Investor = (the Shares
to be Transferred - the Shares to be Transferred which has been purchased by the investor in accordance with the right of first refusal stipulated in Article 9.2.1) × the shareholding ratio of such
Tag-along Investor /(the shareholding ratio of all Tag-along Investors + shareholding ratio of the Share Transferor) (the “Number of Shares
to be Tagged-along ”). Within fifteen (15) days from receiving the Expiration Notice of the Series A Share Transfer Preferential Period (“Period of Tag-along Right”), the Tag-along Investors shall send a written notice (the “Tag-along Notice”) to the Company and the Share Transferor and are entitled (but
not obliged) to participate in the sale of the Company’ shares within the scope of the Number of Shares to be Tagged-along in accordance with the same terms and conditions as set forth in the Notice of Share Transfer. The
Tag-along Notice shall specify the amount of shares amount in the Company that the Investor with Tag-along Rights wishes to include in such sale or
transfer (“Shares to be Tagged-along”). 

  
 33 

	 	(2)	 Payment to the Investors 

The Share Transferor, the Tag-along Investors and the purchasers (including but not
limited to other Original Shareholders) shall, within five (5) days after the expiration of the Period of Tag-along Right, sign a share purchase agreement on terms and conditions
substantially identical to those set out in the Notice of Share Transfer. Upon the sale of the Shares to be Tagged-along in accordance with the share purchase agreement, the purchaser shall pay the share transfer funds obtained
by the Tag-along Investors and the Share Transferor through such share transfer to the corresponding share transferors. If any one or more potential purchasers prohibit such tag-along right or otherwise refuse to purchase any shares from the Tag-along Investors, the Share Transferor shall not sell any share of the Company to
such potential purchasers, unless such Share Transferor, at their own discretion, purchase all Shares to be Tagged-along that has not been purchased at the same price and terms. 

 

	9.2.3	 Transfer Rights 

If the Investors fail to purchase the Shares to be Transferred under the Notice of Share Transfer in accordance with the
provisions in Article 9.2.1 and Article 9.2.2 (if applicable) and participate in the tag-along in accordance with Article 9.2.2, the Share Transferor may, within 120 days after the Company and
the Investors receive the Notice of Share Transfer, complete the transfer of the Shares to be Transferred that the Investors do not purchase under the Notice of Share Transfer on terms and conditions
substantially identical to those set out in the Notice of Share Transfer. In terms of any proposed transfer, (i) if the terms and conditions on which it is based are materially different from those set out in the Notice of
Share Transfer, or (ii) if it fails to be completed at any time not later than the expiration of 120 days from the date of receipt of the Notice of Share Transfer (including the failure to obtain the necessary approvals
and registrations in connection with the transfer), the transfer shall again be subject to the rights of first refusal for the share transfer and tag-along rights of the Investors set forth in Article
9.2.1 and Article 9.2.2 (if applicable) hereof, and the Share Transferor shall be required to comply with the procedures set out in Article 9.2.1 and Article 9.2.2 hereof. 

  
 34 

	9.2.4	 Exempted Transfer 

Notwithstanding any contrary provisions set forth herein, the rights of first refusal and tag-along
rights enjoyed by the Investors shall not apply in the following circumstances: 
  

	 	(1)	 The employees’ shares transferred by the Founding Shareholders of the Company and the
trustee appointed to hold shares on behalf of employees under employee incentive plan to the officers and other employees of the Company, consultants or persons who shall be entitled to obtain the incentive shares under the employee incentive
plans as approved by the Board of Directors; 

  

	 	(2)	 Any share transfer in accordance with the drag-along rights as set forth in Article 9.2.6 hereof;

  

	 	(3)	 The transfer of all shares of the Company by the Actual Controller to its Affiliates,
or by the Affiliates of the Actual Controller to the Actual Controller, according to the agreement between the Founding Shareholders and Investors. 

 

	 	(4)	 Domestic capital reduction and overseas capital increase or transfer for Restructuring.

  

	9.2.5	 Prohibited Transfer 

  

	 	(1)	 Except for the transfer stipulated in Article 9.2.4, without prior written consent of the Investors and
the Board of Directors of the Company, any Original Shareholders shall not transfer, mortgage, pledge, guarantee all or any part of their shares in the Company or otherwise impose any third party rights or debt burdens on
such shares. Even with the prior written consent of the Investors and the Board of Directors, no Original Shareholder shall, in violation of the provisions of Article 9.2, transfer any shares in the Company it holds
currently to any other Persons. 

  

	 	(2)	 If any Party transfers any shares it holds in the Company in violation of the provisions as set forth in
Article 9.2 hereof, such transfer shall be invalid. Without the unanimous prior written consent of all Directors, the Company shall not assist in such transfer, nor shall it treat any so-called
transferees as the holders of such shares in the Company. 

  
 35 

	9.2.6	 Drag-along Right 

If the Investors and the potential purchasers (“Purchasers”) reach an agreement on the transfer of all or part shares
in the Company, the overall valuation of the Company on which the acquisition made by such Purchasers is based is not less than US$ 600 million, and (i) the Series A Investors who jointly hold more than 50%
(including the number) of the total shares of the Company held by Series A Investors agree; (ii) Series B Investors agree, (iii) the Series C-1 Investors who jointly hold
more than 80% (including the number) of the total shares of the Company held by Series C-1 Investors agree, and (iv) the Series C-2 Investors
who jointly hold more than 80% (including the number) of the total shares of the Company held by Series C-2 Investors agree, and (v) the Series D Investors who jointly hold more
than 80% (including the number) of the total shares of the Company held by Series D Investors agree, to sell all or part of the shares in the Company to the potential Purchasers, under the premise of ensuring that all the shares
that the Investors intend to sell is sold to the potential Purchasers, the Investors may require other Shareholders to sell all or part of the shares in the Company to the Purchasers on terms and conditions
substantially identical to those of the Investors. Such transfer of other Shareholders’ own shares shall be in accordance with their respective shareholding ratio in the Company at that time. 

 

	9.2.7	 Share Transfer of the Investors 

 

	 	(1)	 Notwithstanding any contrary provisions hereof, if the Investors transfer the shares they hold in the
Company to their Affiliates, other Shareholders of the Company shall then agree to the transfer and shall waive their rights of first refusal in respect of the transferred shares (if applicable). Meanwhile, if the
Company, other Shareholders and their appointed directors are required to sign, provide relevant documents or take other actions in accordance with Applicable Laws or the requirements of the relevant government authorities, the
other Shareholders shall cooperate and shall cause the Company and its appointed directors to cooperate with such actions. 

  

	 	(2)	 Notwithstanding any contrary provisions hereof, if the Investors transfer any share they hold in the
Company to any non-competitive third party of the Company (the “Competitive Third Party” of the Company refers to Daojia, Ele.me, Dianwoba, Linghaoxian, Life
Radius, Yitao Shi, DADA Express, Renren Express, Shansong Express, Fengxiansheng or their Affiliates; the “Non-Competitive Third Party” of the
Company refers to any party other than the said Competitive Third Party, but the Non-Competitive Third Party of the Company do not include the Competitors of Baidu (as
defined below)), then other Shareholders shall, under the same conditions, have rights of first refusal to the Shares to be Transferred, provided that the exercise of such rights of first refusal shall be premised on the purchase of
all the Shares to be Transferred by other Shareholders individually or jointly. If other Shareholders waive such rights of first refusal, the Company, other Shareholders and their appointed directors shall cooperate with
such share transfer, including but not limited to signing, providing relevant documents or taking other actions. 

  
 36 

	 	(3)	 Notwithstanding any contrary provisions hereof, if any Investor (including Series A
Investor, Series B Investor, Series C-1 Investor, Series C-2 Investor and Series D Investor) intends to
transfer the shares it holds in the Company to any Competitive Third Party of the Company, then other Investors (excluding the Investor as a transferor), as the Shareholders of the Company, shall enjoy the
priority over other Shareholders of the Company to receive all or part of the shares to be transferred on the same conditions. If more than one Investor claims to exercise the rights of first refusal herein, the share of the
Shares to be Transferred that each Investor may preempt shall be calculated in proportion to the total share capital of the Company it then holds divided by the aggregate share capital of the Company owned by all the
Investors who claim to exercise the rights of first refusal referred to herein. If the Investors waive or fail to fully purchase such Shares to be Transferred, the Actual Controller or its Affiliates shall be
entitled to purchase all or part of the remaining Shares to be Transferred on same conditions. 

  

	9.2.8	 Special Commitments 

  

	 	(1)	 The Group Companies and the Shareholders (including Series A Investors, Series C-1 Investors, Series C-2 Investors and Series D Investors) agree, In the event that Baidu or its Affiliates hold any shares of the Group
Companies, if the Group Companies and any of its Shareholders (including Series A Investors, Series C-1 Investors, Series C-2
Investors and Series D Investors) intend to transfer any shares or share interest in the Group Companies to the Competitors of Baidu, or the Group Companies intend to accept any form of investment from its
competitors, Baidu or its Affiliates shall be entitled to preempt, on equal conditions, of all or part of the shares or share interest to be transferred, or Baidu shall be entitled to have preemptive rights to invest in the
Group Companies (to subscribe for all or part of the new share capital of the Company) on equal conditions. “Competitors of Baidu” hereunder refers to Qihoo 360, Alibaba, Tecent, Dianping,
Meituan, Ele.me, Daojia and their Affiliates. 

  
 37 

	 	(2)	 After Qualified IPO, if the proceeds from the disposal of all shares of Series D Investors and
Series C-2 Investors in the Company in the secondary market are less than the amount calculated based on the following formula, the Group Companies or the Actual Controller and the
Founding Shareholders shall jointly and severally compensate the relevant difference to Series D Investors and Series C-2 Investors: 

Investment Amount of the Investors × (1+ annual interest of 8% × Investment Period) 

In the above formula, the investment amount and investment period of the Investors shall be calculated based on the corresponding
investment amount and investment period of each Investor provided in Article 9.3. For the avoidance of doubt, the investment period shall be calculated to the date when the Investors dispose of all the shares held by the Company and
obtain the corresponding income. 
  

	9.2.9	 Obligations of the Parties 

With respect to any share transfer in accordance with Article 9.2 hereof, the Parties agree to make their best efforts to complete all
legal procedures required for such transfer, including but not limited to the execution of the share purchase agreement and other relevant contracts, urging its appointed directors to vote for approval of such share transfer in relevant
resolutions of Board of Director, conducting asset evaluation (if necessary), and registering with relevant government departments within the time limit specified herein. 

  
 38 

	9.3	 Share Repurchase Procedures and Share Capital Decrease 

 

	9.3.1	 After the closing date of the shares of the Company acquired by the Investors (i.e., the date on
which the Investors make investment as provided in Appendix A), under any of the following (1) to (5) circumstances (the “Repurchase Event”), any Investor, without violating any laws and regulations, is
entitled (but not obliged) to require the Founding Shareholders and/or the Actual Controller to redeem the shares in the Company held by such Investor. The Investors shall be entitled to immediately request for the
repurchase after knowing any of the following situations, and the Group Companies, the Actual Controller and the Original Shareholders shall cooperate in the execution: 

 

	 	(1)	 The Company fails to complete the Qualified IPO before December 31, 2020;

  

	 	(2)	 The directors of the Company nominated or appointed by the Investors propose to conduct the
initial public offering and all the quantitative indicators of the Company have met the requirements of Qualified IPO (subject to the certificate issued by an independent accounting firm), but the directors appointed by the Founding
Shareholders vote against the initial public offering on the meetings of Board of Directors; 

  

	 	(3)	 The control of the Company changes without the consent of the Investors; 

 

	 	(4)	 The Group Companies and the Founding Shareholders are subject to or may be subject to any
administrative or criminal punishment for violating laws and regulations, so that the purpose of Qualified IPO the Company cannot be realized or the Investors suffer significant Losses; or 

 

	 	(5)	 The Group Companies, the Actual Controller and the Founding Shareholders have materially
violated all the agreements (including Appendices and subsidiary documents) signed with the Investors and/or the Articles of Association and caused significant Losses to the interests of the Investors.

  

	9.3.2	 The Founding Shareholders and the Actual Controller undertake, as soon as an Investor
gives notice (“Repurchase Notice”) to the Founding Shareholders and/or the Actual Controller requesting them to purchase all shares in the Company (“Repurchased Shares”) at the following share
repurchase price, they shall immediately notify other Investors upon receipt of such notice, and, within ninety (90) days, purchase the Repurchased Shares at the repurchase price set forth in Article 9.3.3 to Article 9.3.8 below
and make one-time full payment of the purchase price of the shares; 

  
 39 

 Notwithstanding the foregoing, the Parties agree, except where the repurchase is
caused by Article 9.3.1 (2), (3), (4) and (5) hereof, the share repurchase price payable by the Founding Shareholders shall be the net asset value of the Group Companies held by the Founding Shareholders or the fair market
value of equity interests held by the Founding Shareholders of the Company at that time, whichever is higher. The Founding Shareholders and/or the Actual Controller hereby undertake that the provision of this paragraph
constitutes an irrevocable undertaking to be legally binding and enforceable, and hereby waive all defenses against its legally binding or enforceable force (unless it is then mandatory by law). 

 

	9.3.3	 Notwithstanding any provision in Article 9.3.2 above, the Parties agree: 

 

	 	(1)	 Series D Investors shall be entitled to request the Founding Shareholders and/or the Actual
Controller to repurchase all or part of the shares held by then Series D Investors in the Company; 

  

	 	(2)	 If there are remaining assets after the Founding Shareholders and/or the Actual Controller fully
repurchase all or part of the shares held by Series D Investors in the Company at that time, Series C-2 Investors shall be entitled to require the Founding Shareholders and/or the
Actual Controller to preemptively repurchase all or part of the shares held by Series C-2 Investors in the Company at that time; 

 

	 	(3)	 If there are remaining assets after the Founding Shareholders and/or the Actual Controller fully
repurchase all or part of the shares held by Series C-2 Investors in the Company at that time, Series C-1 Investors shall be entitled to require the
Founding Shareholders and/or the Actual Controller to preemptively repurchase all or part of the shares held by Series C-1 Investors in the Company at that time;

  

	 	(4)	 If there are remaining assets after the Founding Shareholders and/or the Actual Controller fully
repurchase all or part of the shares in the Company held by Series C-1 Investors at that time, Series B Investors shall be entitled to require the Founding Shareholders and/or the Actual
Controller to preemptively repurchase all or part of the shares in the Company held by Series B Investors at that time; 

  
 40 

	 	(5)	 If there are remaining assets after the Founding Shareholders and/or the Actual Controller fully
repurchase all or part of the shares held by Series B Investors in the Company at that time, such assets shall be used to repurchase all or part of the shares held by Series A Investors in the Company at that time.

  

	9.3.4	 Series D share repurchase price shall be calculated as follows: 

Series D share repurchase price = investment amount of Series D Investors × (1+ annual interest rate of 10% × series D
investment period) + payable but unpaid dividends enjoyed by Series D Investors during their ownership of the shares in the Company 

In the said formula: 
  

	 	(1)	 Investment amount of Series D Investors: shall include all capital increase amounts actually paid by
Series D Investors to VIE in accordance with Series D Investment Agreement. 

  

	 	(2)	 For Zhongnan Capital SPV, the investment amount of Series D Investors refer to all VIE share
transfer price paid by it to Chengdu Softbank Tiantou Venture Capital Center (Limited Partnership) and Guiyang High-tech Softbank Venture Capital Partnership (Limited Partnership) , i.e., RMB14,659,687. For CDIB SPV, the investment amount of
Series D Investors refer to all VIE share transfer price paid by it to Chengdu Softbank Tiantou Venture Capital Center (Limited Partnership) and Guiyang High-tech Softbank Venture Capital Partnership (Limited Partnership), i.e.,
RMB19,591,813. 

  

	 	(3)	 Annual interest rate of 10%: shall be calculated at simple interest from the Closing Date (the date on
which Series D Investors make investment as provided in Appendix A) to the date on which Series D Investors receive all share repurchase price; 

 

	 	(4)	 Series D investment period: the period/360 days between the Closing Date (the date on which Series D
Investors make investment as provided in Appendix A) to the date of the shares repurchase; 

  
 41 

	 	(5)	 payable but unpaid dividends: refer to all outstanding dividends declared but not paid by the Company to
Series D Investors from the date on which the VIE shares are held by Series D Investors (the date on which Series D Investors make investment as provided in Appendix A) to the date on which the Company has
fully paid the share repurchase price; 

 The said share repurchase price shall be adjusted in accordance with the
dividends, share splitting, share allotment, capital increase and decrease of the Company. 
  

	9.3.5	 Series C-2 share repurchase price shall be calculated as follows: 

Series C-2 share repurchase price = investment amount of Series C-2 Investors × (1+ annual interest rate of 10% × series C-2
investment period) + payable but unpaid dividends enjoyed by Series C-2 Investors during their ownership of the shares in the Company 

In the said formula: 
  

	 	(1)	 For Zhongnan Capital SPV, the investment amount of Series C-2
Investors refer to all VIE share transfer price paid by it to Shanghai iStart Venture Capital Partnership (Limited Partnership), i.e., RMB22,753,100. For CDIB SPV, the investment amount of Series
C-2 Investors refer to all VIE share transfer price paid by it to Shanghai iStart Venture Capital Partnership (Limited Partnership), i.e., RMB 30,408,187. 

 

	 	(2)	 Annual interest rate of 10%: shall be calculated at simple interest from the Closing Date (the date on
which Series C-2 Investors make investment as provided in Appendix A) to the date on which Series C-2 Investors receive all share repurchase price;

  

	 	(3)	 Series C-2 investment period: the period/360 days between the
Closing Date (the date on which Series C-2 Investors make investment as provided in Appendix A) to the date of the share repurchase; 

 

	 	(4)	 payable but unpaid dividends: refer to all outstanding dividends declared but not paid by the Company to
Series C-2 Investors from the date on which the VIE shares are held by Series C-2 Investors (the date on which Series C-2 Investors make investment as provided in Appendix A) to the date on which the Company has fully paid the share repurchase price; 

  
 42 

 The said share repurchase price shall be adjusted in accordance with the dividends, share
splitting, share allotment, capital increase and decrease of the Company. 
  

	9.3.6	 Series C-1 share repurchase price shall be calculated as follows:

 Series C-1 share repurchase price = investment amount of Series C-1 Investors × (1+ annual interest rate of 10% × series C-1 investment period) + payable but unpaid dividends enjoyed by Series C-1 Investors during their ownership of the shares in the Company 
 In the said formula: 

 

	 	(1)	 Investment amount of Series C-1 Investors: shall include all
capital increase amounts actually paid by Series C-1 Investors to VIE in accordance with Series C-1 Investment Agreement. For iStart SPV, series C-1 investment amount shall be RMB 7,750,000. 

  

	 	(2)	 Annual interest rate of 10%: shall be calculated at simple interest from the Closing Date (the date on
which Series C-1 Investors make investment as provided in Appendix A) to the date on which Series C-1 Investors receive all share repurchase price;

  

	 	(3)	 Series C-1 investment period: the period/360 days between the
Closing Date (the date on which Series C-1 Investors make investment as provided in Appendix A) to the date of the share repurchase; 

 

	 	(4)	 payable but unpaid dividends: refer to all outstanding dividends declared but not paid by the Company to
Series C-1 Investors from the date on which the VIE shares are held by Series C-1 Investors (the date on which Series C-1 Investors make investment as provided in Appendix A) to the date on which the Company has fully paid the share repurchase price; 

The said share repurchase price shall be adjusted in accordance with the dividends, share splitting, share allotment, capital increase and
decrease of the Company. 

  
 43 

	9.3.7	 Series B share repurchase price shall be calculated as follows: 

Series B share repurchase price = investment amount of Series B Investors × (1+ annual interest rate of 10% × series C-1 investment period) + payable but unpaid dividends enjoyed by Series B Investors during their ownership of the shares in the Company 

In the said formula: 
  

	 	(1)	 Investment amount of Series B Investors: shall include all capital increase amounts actually paid by
Series B Investors to VIE in accordance with Series B Investment Agreement, and the share transfer price paid by it for 19,956 VIE shares from Shanghai Leili Science Technology Venture Capital Center (Limited Partnership) and LI
Tongtong as agreed in series B investment agreement. For iStart SPV, series B investment amount shall be RMB1,266,000. 

  

	 	(2)	 Annual interest rate of 10%: shall be calculated at simple interest from the date on which Series B
Investors actually pay the VIE share capital increase amounts and the share transfer price in accordance with series B investment documents (the date on which Series B Investors make investment as provided in Appendix A) to
the date on which Series B Investors receive all share repurchase price; 

  

	 	(3)	 Series B investment period: the period/360 days between the date on which Series B Investors actually
pay the VIE share capital increase amounts and the share transfer price in accordance with series B investment documents (the date on which Series B Investors make investment as provided in Appendix A) to the date of the share
repurchase; 

  

	 	(4)	 payable but unpaid dividends: refer to all outstanding dividends declared but not paid by the Company to
Series B Investors from the date on which the VIE shares are held by Series B Investors (the date on which Series B Investors make investment as provided in Appendix A) to the date on which the Company has
fully paid the share repurchase price; 

 The said share repurchase price shall be adjusted in accordance with the
dividends, share splitting, share allotment, capital increase and decrease of the Company. 

  
 44 

	9.3.8	 Series A share repurchase price shall be calculated as follows: 

Series A share repurchase price = investment amount of Series A Investors × (1+annual interest rate of 10% × Series A
investment period) + payable but unpaid dividends enjoyed by Series A Investors during their ownership of the shares in the Company 

In the said formula: 
  

	 	(1)	 Investment amount of Series A Investors: for iStart SPV, shall include all share capital increase
amounts actually paid by iStart SPV to VIE. For iStart SPV, series A investment amount shall be the balance of capital cost after deducting the transfer price for the transfer of part of series A shares held by it to Series C-2 Investors, i.e., RMB1,758,776.94. 

 And for SBCVC SPV, it shall also include
the share transfer price paid under the Series B investment agreement by SBCVC SPV for the 15% shares of the VIE held by Shanghai Guanhelanzheng Investment Management Co., Ltd. prior to Series B investment, i.e., RMB10,606,500; 

 

	 	(2)	 Annual Interest rate of 10%: shall be calculated at simple interest from the date on which Series A
Investors actually pay share capital increase amounts and the share transfer price in accordance with series A investment documents (the date on which Series A Investors make investment as provided in Appendix A) to the date on which
Series A Investors receive all share repurchase price; for the avoidance of doubt, the date on which SBCVC SPV, the Series A Investor, calculates interest shall be the date on which Shanghai Guanhelanzheng Investment Management Co.,
Ltd., actually pays the VIE share capital increase amounts; 

  

	 	(3)	 Series A investment period: the period/360 days between the date on which Series A Investors
actually pay the VIE share capital increase amounts and the share transfer price in accordance with series A investment documents (the date on which Series A Investors make investment as provided in Appendix A) to the date of
the shares repurchase; 

  
 45 

	 	(4)	 payable but unpaid dividends: refer to all outstanding dividends (whether the distribution is announced or not)
declared but not paid by the Company to Series A Investors from the date on which the VIE shares are held by Series A Investors (the date on which Series A Investors make investment as provided in Appendix
A) to the date on which the Company has fully paid the share repurchase price; 

 The said share repurchase
price shall be adjusted in accordance with the dividends, share splitting, share allotment, capital increase and decrease of the Company. 
  

	9.3.9	 The Parties agree that, Fusi SPV, Series B Investors and/or Series A Investors are still
entitled to respectively appoint one (1) director to the Company and Series C-2 Investors shall be entitled to jointly appoint one (1) observer to the Company, until all shares
held by Series D Investors and/or Series C-2 Investors and/or Series C-1 Investors and/or Series B Investors and/or Series A Investors
in the Company are repurchased and all share repurchase prices are fully paid. 

  

	9.3.10	 The Founding Shareholders and/or the Actual Controller shall, within the repurchase period (i.e.,
within two months after the Investors know the repurchase event, similarly hereinafter), repurchase the repurchased shares offered by the Investors and fully pay the repurchase amounts, or find any third party to purchase the
repurchased shares offered by the Investors at a price not less than the repurchase price agreed herein. 

  

	9.3.11	 Without violating relevant laws and regulations and conflicting with other provisions hereof, the
Investors shall be entitled to choose: 

  

	 	(1)	 In the event of a repurchase situation as agreed herein, and the Founding Shareholders and/or the Actual
Controller refuse to repurchase the shares, the Parties agree that, the Company shall, within thirty (30) days after the expiry of repurchase period, distribute the accumulated profits through the resolutions of the Board, and
directly pay the Investors the amount equivalent to the repurchase price from the accumulated profits payable to each Founding Shareholder; or 

  
 46 

	 	(2)	 If there is no accumulated profits or although the Investors have taken the above measures, the
accumulated profit distribution amount is not enough to realize all the rights and interests of the Investors in the repurchase situation, the Board of Directors of the Company shall, within thirty (30) days after the
expiry of the repurchase period, redeem the purchased shares requested by the Investors by a resolution to reduce the share capital of the Company, until the Investors receive in full the repurchase amount calculated based on
the formula provided in Article 9.3.4 to Article 9.3.8 above. 

  

	9.3.12	 The Parties agree to make best efforts to complete all legal procedures required for the shares
repurchase or capital reduction, if applicable, under Article 9.3, including but not limited to the preparation and execution of any relevant contracts (unless otherwise agreed by the Parties, the contents shall be the same as the terms and
conditions provided in Article 9.3) and other written documents, the voting for the share transfer in relevant resolutions of Board of Directors, completing the registration of the relevant government departments, and other actions
necessary for the completion of the shares repurchase or capital reduction under Article 9.3. The Company and each Founding Shareholders shall be jointly and severally liable to each other for the realization of all the interests
agreed in Article 9.3 by the Investors. 

  

	9.3.13	 The Parties agree, except in the event of any repurchase situation caused by Article 9.3.1 (2), (3), (4)
and (5), the repurchase obligations of the Founding Shareholders shall be terminated, after the Founding Shareholders have used all its shares in the Company for the repurchase and further cooperated with the Parties to
complete the procedures as provided in Article 9.3.11 (1) and (2). 

  

	9.3.14	 The Parties agree, for the avoidance of doubt, the investment amount, investment period and investment price of
each Investor under Article 9.3 shall be the same as those when such Investor and its Affiliates invest in VIE. When calculating the exchange rate, the currency shall be the original currency used for the investment at that
time. 

  

	9.4	 Priority Rights Arrangement of the Investors in Restructuring 

The Parties understand that, during or after a Restructuring to achieve a Qualified IPO, the Investors may be
required by the Company or government authorities to modify or waive some of the priority rights granted herein. In each case, subject to Applicable Laws and without affecting the listing plan of the Company, the Parties
shall make best efforts to adopt various legitimate arrangements, including but not limited to special commitments or agreements between the Shareholders at that time, to ensure that the Investors continue to enjoy the said priority
rights. Through friendly consultation between the Investors and the Original Shareholders, the Original Shareholders shall enter into and maintain relevant document arrangements among Shareholders concerning the priority
rights of the said Investors, and take other actions that may be legally and reasonably required by the Investors. However, if the Company withdraws the application for any reason after the filing of the listing application or
its listing application is rejected, or the Company fails to complete the Qualified IPO within eighteen (18) months or other period recognized by the Investors after the submission of the listing application materials, the
priority rights of the Investors shall be automatically restored to the arrangement hereof. 

  
 47 

	9.5	 Arrangements for Listing of Overseas Group Companies 

If other Group Companies will be used as the listed company to apply for listing due to business needs of the Group, the Founding
Shareholders shall make best business efforts to ensure, to the maximum extent permitted by the laws, regulations and regulatory regulations of the place where the proposed listing is to be conducted and the place where the listed company
located, that the rights of Investors in the Company are reflected in the overseas listed company as far as possible, and that the rights of Investors in the overseas listed company are not less than the shareholders’ rights they
enjoy hereunder. 
  

	9.6	 Share Conversion Rights 

 

	9.6.1	 Each Investor holding the Preferred Shares shall, after the issuance date of such Preferred
Shares, convert such Preferred Shares into the corresponding number of fully paid Ordinary Shares in proportion to the corresponding subscription price of the relevant Preferred Shares divided by the conversion price of the
Preferred Shares (the “Share Conversion Price”). The subscription price for each preferred share shall be the same as the investment amount paid by the Investors for the investment as set out in Article 9.3. The
initial Share Conversion Price shall be equal to the subscription price of the relevant Preferred Shares. For the avoidance of doubt, the initial conversion ratio of Preferred Shares to Ordinary Shares shall be 1:1.

  
 48 

	9.6.2	 The Investors holding the Preferred Shares hereby agree, notwithstanding any provision in Article
9.6.1, each preferred share shall be automatically converted into ordinary share at the then applicable Share Conversion Price upon completion of the Qualified IPO. For the avoidance of doubt, the Share Conversion Price then
applicable is the initial Share Conversion Price under Article 9.6.1, or, if applicable, the Share Conversion Price adjusted under Article 9.6.4. 

 

	9.6.3	 The Investors holding the Preferred Shares hereby agree, if the Ordinary Shares are
further converted into Class A Ordinary Shares and Class B Ordinary Shares (i.e., Ordinary Shares with special voting rights), the Ordinary Shares convertible by the Preferred Shares under this Article shall only include Class A
Ordinary Shares. 

  

	9.6.4	 The Parties agree that the Share Conversion Price under Article 9.6.1 shall be adjusted
accordingly under the following circumstances: 

  

	 	(1)	 If the Company conducts a reverse stock split, stock split, stock dividend or other similar transactions
with respect to the entire remaining share capital, the Share Conversion Price shall be automatically adjusted in the same proportion so that the adjusted share ratio of each Shareholder shall be the same as that before the completion
of the transaction. 

  

	 	(2)	 If the Company increases the issued share capital and the circumstances set forth in Article 9.1 occur,
the Share Conversion Price shall be automatically adjusted accordingly so that the adjusted share ratio of the Investors shall be in line with the adjusted share ratio as provided in Article 9.1; 

 

	 	(3)	 In any case, the Share Conversion Price shall not be lower than the par value per share of the
Company. 

  

	9.7	 Dual-class Share Structure after Qualified IPO 

If the Company intends to adopt dual-class share structure upon Qualified IPO, each Shareholder and its appointed
Directors agree to cooperate with the approval of the following arrangements of the Company: (1) immediately prior to the Qualified IPO, the share capital of the Company shall be changed to Class A Ordinary
Shares and Class B Ordinary Shares, and Class A Ordinary Shares shall enjoy the same rights and obligations as Class B Ordinary Shares except voting and conversion rights. Each Class B ordinary share shall have 15 votes and each
Class A ordinary share shall have 1 vote. Meanwhile, Class A Ordinary Shares shall not be converted into Class B Ordinary Shares while Class B Ordinary Shares may be converted into Class A Ordinary Shares at any time;
(2) Any change in the number of voting rights expected to be represented by each Class B Ordinary Shares prior to the Qualified IPO and in accordance with the provisions of Article 9.7 (1) shall be determined by the Board of
Directors prior to the Qualified IPO; and (3) Upon and immediately after the Qualified IPO, all shares of the Actual Controller Leslie Yu SPV shall be converted into Class B Ordinary Shares at the ratio of 1:1 and
all shares of other Shareholders of the Company will be converted into Class A Ordinary Shares at the ratio of 1:1. 

  
 49 

 Article 10 Representation, Warranties and Obligations of the Parties 

 

	10.1	 Representations and Warranties of the Parties 

 

	10.1.1	 Each Party hereby represents and warrants to the other Parties that: (i) it has the full
capacity and power to sign this Agreement and perform its obligations hereunder; (ii) it or its authorized representative has signed in this Agreement, which shall be binding upon such Party; (iii) from the effective date hereof, the
provisions hereof shall become its statutory, effective and binding obligations. 

  

	10.1.2	 Each Party shall indemnify the other Parties against any direct and foreseeable Loss,
damage, expense or liability arising out of its breach of any of the foregoing representations and warranties. 

  

	10.1.3	 Each Investor undertakes, without affecting its own rights and interests, to make all reasonable efforts
to cooperate with the future listing or other capital operation plans of the Company, including but not limited to providing relevant documents and materials for the Restructuring, signing relevant agreements and resolutions on
schedule, etc. 

  

	10.2	 Compliance with Laws 

The Parties shall comply with Applicable Laws and regulations. 

  
 50 

 Article 11 Liquidation 

 

	11.1	 Dissolution of the Company 

Under any of the following circumstances, any Shareholder may request from the Board of Directors a resolution of dissolution of
the Company. If the Board of Directors passes the resolution, each Shareholder shall take all actions and sign all documents necessary for the lawful dissolution, liquidation and cancellation of the Company: 

 

	 	(1)	 Each Shareholder agrees in writing; 

 

	 	(2)	 The Company needs to be dissolved due to merger or division; 

 

	 	(3)	 The Company shall go into liquidation due to bankruptcy, dissolution, closure of business, revocation of
business license, etc. 

  

	11.2	 Liquidation 

  

	11.2.1	 When the Company is liquidated, dissolved or wound up, it shall be liquidated in accordance with the
then Applicable Laws and this Agreement. In the case of voluntary liquidation, the Board of Directors shall establish a liquidation committee to liquidate the assets of the Company. The number of members of the liquidation
committee shall be the same as that of the Board of Directors, and the distribution of the right of each party to appoint members of the liquidation committee shall correspond to that of appointing directors as provided in Article 3.2.1
hereof (including relevant provisions of the Articles of Association (and any amendments thereto)). 

  

	11.2.2	 In formulating and implementing the liquidation plan, the liquidation committee shall strive to obtain the
highest price for the assets of the Company. Priority should be given to the public auction of the assets in the Company to domestic and foreign purchasers at a reasonable market price. 

 

	11.2.3	 Preferential Liquidation Rights 

The Parties agree, in the event of any dissolution or liquidation of the Company for any reason, after the liquidation committee
has paid all the lawful debts of the Company (including the said liquidation expenses) and other statutory taxes and fees in accordance with the then applicable Articles of Association, the remaining assets of the Company (if
any) shall be distributed among the Parties in accordance with the provisions hereof. 

  
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	11.2.4	 Preferential Distribution Rights of Investors 

 

	 	(1)	 Preferential Distribution Rights of Series D Investors 

Series D Investors shall be entitled to receive the asset distribution from all remaining assets of the Company prior to any
other Shareholders in accordance with the following formula. Each Series D Investor shall be entitled to receive such asset distribution in no particular order in accordance with the relative share proportion of each Series
D Investor in the share capital of the Company at that time. If the remaining assets of the Company include both cash and other forms of assets, the cash assets and the cash obtained after the realization of other forms of
assets shall be first distributed to series D investment. 
 The amount of preferential liquidation rights of Series D Investors=all
actual capital contributions made by Series D Investors under Series D Investment Agreement + payable but unpaid dividends enjoyed by Series D Investors during their ownership of the shares in the Company 

In which: 
  

	 	a)	 all actual capital contributions made by Series D Investors under Series D Investment Agreement include
but are not limited to the total capital contribution amount actually paid to the VIE by Series D Investors under series D investment. For Zhongnan Capital (中南资本)SPV, the investment amount refers to all
share transfer price paid by Zhongnan Capital SPV to Chengdu Softbank Tiantou Venture Capital Center (Limited Partnership) and Guiyang High-tech Softbank Venture Capital Partnership (Limited Partnership), i.e., RMB 14,659,687. For CDIB SPV, the
investment amount refers to all share transfer price paid by CDIB SPV to Chengdu Softbank Tiantou Venture Capital Center (Limited Partnership) and Guiyang High-tech Softbank Venture Capital Partnership (Limited Partnership), i.e., RMB 19,591,813.

  

	 	b)	 payable but unpaid dividends enjoyed by Series D Investors during their ownership of the shares in the
Company refers to the profit distribution plan and dividend related to the shares in the Company held by Series D Investors that have been announced but have not been paid up to the date when Series D Investors receive
all the assets of such preferential distribution. 

  
 52 

	 	(2)	 Preferential Distribution Rights of Series C-2 Investors 

If there are remaining legally distributable assets after the Company makes preferential distribution to Series D Investors,
Series C-2 Investors shall be entitled to receive the asset distribution from the remaining assets of the Company prior to any other Shareholders in accordance with the following formula. Each Series C-2
Investor shall be entitled to receive such asset distribution in no particular order in accordance with the relative share proportion of each Series C-2 Investor in the share capital of the Company at that time. 

The amount of preferential liquidation rights of Series C-2 Investors = all actual capital contributions made by Series C-2
Investors+ payable but unpaid dividends enjoyed by Series C-2 Investors during their ownership of the shares in the Company 

In which: 
  

	 	a)	 All actual capital contributions made by Series C-2 Investors include but are not limited to the total
capital contribution amount actually paid to the VIE by Series C-2 Investors. The actual capital contribution amount of Zhongnan Capital SPV shall be all share transfer price paid to Shanghai iStart Venture Capital Partnership (Limited
Partnership), i.e., RMB22,753,100. The actual capital contribution amount of CDIB SPV shall be all share transfer prices paid to Shanghai iStart Venture Capital Partnership (Limited Partnership), i.e., RMB 30,408,187. 

 

	 	b)	 Payable but unpaid dividends enjoyed by Series C-2 Investors during their ownership of the shares in the
Company refers to the profit distribution plan and dividend related to the shares in the Company held by Series C-2 Investors that have been announced but have not been paid up to the date when Series C-2 Investors
receive all the assets of such preferential distribution. 

  
 53 

	 	(3)	 Preferential Distribution Rights of Series C-1 Investors

 If there are remaining legally distributable assets after the Company makes preferential distribution to
Series C-2 Investors, Series C-1 Investors shall be entitled to receive the asset distribution from the remaining assets of the Company prior
to any other Shareholders in accordance with the following formula. Each Series C-1 Investor shall be entitled to receive such asset distribution in no particular order in accordance with
the relative share proportion of each Series C-1 Investor in the share capital of the Company at that time. 

The amount of preferential liquidation rights of Series C-1 Investors=all actual capital
contributions (also including the amount of share transfer price, if any) made by Series C-1 Investors + payable but unpaid dividends enjoyed by Series C-1
Investors during their ownership of the shares in the Company 
 In which: 

 

	 	a)	 All actual capital contributions made by Series C-1 Investors
under the Series C-1 Investment Agreement include but are not limited to the total capital contribution amount actually paid to the VIE by Series C-1
Investors. For iStart SPV, the series C-1 investment amount shall be RMB 7,750,000. 

  

	 	b)	 payable but unpaid dividends enjoyed by Series C-1 Investors
during their ownership of the shares in the Company refers to the profit distribution plan and dividend related to the shares in the Company held by Series C-1 Investors that have been
announced but have not been paid up to the date when Series C-1 Investors receive all the assets of such preferential distribution. 

 

	 	(4)	 Preferential Distribution Rights of Series B Investors 

If there are remaining legally distributable assets after the Company makes preferential distribution to Series C-1 Investors, Series B Investors shall be entitled to receive the asset distribution from the remaining assets of the Company prior to any other Shareholders in accordance with the
following formula. 

  
 54 

 The amount of preferential liquidation rights of Series B Investors=all actual
capital contributions (also including the amount of share transfer price) made by Series B Investors + payable but unpaid dividends enjoyed by Series B Investors during their ownership of the shares in the Company 

In which: 
  

	 	a)	 All actual capital contributions made by Series B Investors under series B investment agreement include
but are not limited to the total capital contribution amount actually paid to the VIE by Series B Investors, and the share transfer price of RMB174,300 paid by Series B Investors to Shanghai Leili Science Technology Venture
Capital Center (Limited Partnership) and LI Tongtong in accordance with series B investment agreement. For iStart SPV, the Series B investment amount shall be RMB1,266,000. 

 

	 	b)	 Payable but unpaid dividends enjoyed by Series B Investors during their ownership of the shares in the
Company refers to the profit distribution plan and dividend related to the shares in the Company held by Series B Investors that have been announced but have not been paid up to the date when Series B Investors receive
all the assets of such preferential distribution. 

  

	 	(5)	 Preferential Distribution Rights of Series A Investors 

If there are remaining legally distributable assets after the Company makes preferential distribution to Series B Investors,
Series A Investors shall be entitled to receive the asset distribution from the remaining assets of the Company prior to any other Shareholders in accordance with the following formula. Each Series A Investor
shall be entitled to receive such asset distribution in no particular order in accordance with the relative share proportion of each Series A Investor in the share capital of the Company at that time. 

The amount of preferential liquidation rights of Series A Investors=all actual capital contributions made by Series A Investors
+ payable but unpaid dividends enjoyed by Series A Investors during their ownership of the shares in the Company 

  
 55 

 In which: 
  

	 	a)	 All actual capital contributions made by Series A Investors under series A investment agreement: for
iStart SPV, it shall include the total share capital increase amount actually paid to the VIE by Series A Investors under series A investment. For iStart SPV, series A investment amount shall be the balance of capital cost after
deducting the transfer price for the transfer of part of series A shares held by it to Series C-2 Investors, i.e., RMB 1,758,776.94. 

And for SBCVC SPV, it shall also include the share transfer price paid under the Series B investment agreement by SBCVC SPV for the 15% shares
of the VIE held by Shanghai Guanhelanzheng Investment Management Co., Ltd. prior to series B investment, i.e., RMB 10,606,500. 
  

	 	b)	 Payable but unpaid dividends enjoyed by Series A Investors during their ownership of the shares
in the Company refers to the profit distribution plan and dividend related to the shares in the Company held by Series A Investors that have been announced but have not been paid up to the date when Series A Investors
receive all the assets of such preferential distribution. 

  

	11.2.5	 For the avoidance of doubt, if the Company cannot directly distribute the liquidation amount to each
Shareholder in accordance with the above agreement due to relevant legal provisions, the overdrawn Shareholders shall, upon receipt of the liquidation amount, immediately compensate other short-drawn Shareholders in accordance
with the above provisions. The Parties shall make its best efforts to carry out liquidation in the manner agreed above. The remaining legally distributable assets of the Company after the distribution in accordance with Article 11.2.4
shall be distributed in no particular order among all Shareholders (including the Investors) in accordance with the share proportion of all Shareholders in the share capital. 

  
 56 

	11.2.6	 Insufficient Assets of the Company 

If the Company has insufficient assets to be distributed to the Investors as provided in Article 11.2.4, all remaining assets of
the Company shall be first distributed to the Investors, especially Series D Investors. After Series D Investors receive the preferential distribution under Article 11.2.4, the remaining assets shall be first distributed
to Series C-2 Investors; after Series C-2 Investors receive the preferential distribution under Article 11.2.4, the remaining assets shall be first
distributed to Series C-1 Investors; after Series C-1 Investors receive the preferential distribution under Article 11.2.4, the remaining assets shall be
first distributed to Series B Investors; after Series B Investors receive the preferential distribution under Article 11.2.4, the remaining assets shall be first distributed to Series A Investors. 

 

	11.2.7	 Deemed Liquidation 

If any of the Group Companies is merged or acquired by another company, and the Shareholders of the sold or merged Company
before the transaction have no controlling position in the new company or the surviving company, any sale of the assets or the exclusive right to the principal intangible assets of the Group Companies, in whole or in part, shall be deemed to
be a dissolution or liquidation of the Company, thereby applying the asset distribution sequence as set forth in Article 11. In case of liquidation in this Article, all Investors shall distribute assets in accordance with Article 11.
If the property available to Series D Investors as set forth in Article 11 hereof is less than the actual capital contribution of Series D Investors (the distribution amount as set forth in Article 11.2.4 (1)(a)), the Founding
Shareholders and/or the Actual Controller shall repurchase all the shares held by Series D Investors in accordance with this Agreement. For the avoidance of doubt, Restructuring and related arrangements for the Qualified
IPO of the Company shall not be deemed as liquidation 
 Article 12    Amendment 

 

	12.1	 Amendment 

Any amendment hereto shall come into force only by a separate written agreement signed by the Parties. 

  
 57 

 Article 13    Liabilities for Breach of Contract 

 

	13.1	 Event of Breach 

Each Party shall strictly abide by the provisions hereof. Each of the following events shall constitute the event of breach: 

 

	 	(1)	 Any Party fails to perform its substantive obligations or commitments hereunder, thus the other Parties
fail to achieve the purpose hereof; 

  

	 	(2)	 Any representations or warranties made by any Party herein is not true, accurate or complete in any
material respect. 

  

	13.2	 Remedies for Breach 

If either Party breaches this Agreement, the breaching party shall be responsible for compensating the non-breaching party for the Losses caused by its breach, so as to restore the non-breaching party to the state as if the event of breach does not occur. 

 

	13.3	 Joint and Several Indemnities 

Notwithstanding any contrary provisions hereof, the Parties agree that each Founding Shareholder shall be jointly and severally
liable for any breach by any other Founding Shareholders. 
 Article 14    Force Majeure 

In case of any force majeure event, including but not limited to earthquakes, typhoons, floods, fires, explosions, acts of god, acts of civil
or military authorities, labor disputes, riots, wars, financial storms, SARS, influenza (H1N1) or other unforeseeable events beyond the effective control of any Party, or changes in relevant laws, regulations, rules or policies, which prevent any
Party from fulfilling its obligations hereunder, the affected party shall immediately notify the other Parties and shall, within fifteen (15) days after such notice, provide detailed information about such event and notarized documents
certifying such event (if applicable) issued by the notary office, explaining the reasons for the failure or delay in performing all or part of its obligations hereunder. 

Article 15    Governing Laws 

The execution, validity, interpretation, performance and dispute settlement hereof shall be governed by the laws of Hong Kong,
excluding any conflict of rules in such laws of Hong Kong. If any change in the laws of Hong Kong which has a Material Adverse Effect on any Party, the Parties shall amend this Agreement in good faith while
maintaining the original economic interests of the Parties. 

  
 58 

 Article 16     Dispute Settlement 

 

	16.1	 In case of any dispute or claim arising out of this Agreement between the Parties, the
Parties shall make all reasonable efforts to settle it through friendly negotiation. 

  

	16.2	 If the Parties fail to reach a solution to the dispute or claim through friendly negotiation within 30
days, such dispute or claim shall be submitted to the Hong Kong International Arbitration Center for final settlement by arbitration in accordance with its then applicable arbitration rules. The arbitration award shall be final and binding upon the
Parties. 

  

	16.3	 During the occurrence of the dispute and the settlement of the arbitration, the Parties shall continue
to exercise in good faith their respective unaffected rights and obligations hereunder, except for the matters causing the dispute. 

Article 17    Miscellaneous 
  

	17.1	 Definitions 

Unless otherwise defined herein, the terms in bold shall have the following meanings: 

 

			
	“Series A Investors”	 	shall have the meaning set forth in Appendix A
		
	“Series A Preferred Shares”	 	shall have the meaning set forth in Article 2.1.1
		
	“Series A Share Transfer Preferential Period”	 	shall have the meaning set forth in Article 9.2.1 (10)
		
	“Expiration Notice of the Series A Share Transfer Preferential Period”	 	shall have the meaning set forth in Article 9.2.1 (11)

  
 59 

			
	“BVI Company”	 	shall have the meaning set forth in Preface
		
	“Series B Investors”	 	shall have the meaning set forth in Appendix A
		
	“Series B Preferred Shares”	 	shall have the meaning set forth in Article 2.1.1
		
	“Series B Pre-emptive Right Period”	 	shall have the meaning set forth in Article 9.1.3 (5)
		
	“Series B Increased Share Capital Subject to Pre-emptive Rights”	 	shall have the meaning set forth in Article 9.1.3 (5)
		
	“Series B Share Transfer Preferential Period”	 	shall have the meaning set forth in Article 9.2.1 (8)
		
	“Expiration Notice of the Series B Share Transfer Preferential Period”	 	shall have the meaning set forth in Article 9.2.1 (9)
		
	“Series C-1 Investors”	 	shall have the meaning set forth in Appendix A
		
	“Series C-1 Preferred Shares”	 	shall have the meaning set forth in Article 2.1.1
		
	“Series C-1 Pre-emptive Rights Period”	 	shall have the meaning set forth in Article 9.1.3 (4)
		
	“Series C-1 Increased Share Capital Subject to Pre-emptive Rights”	 	shall have the meaning set forth in Article 9.1.3 (4)
		
	“Series C-1 Share Transfer Preferential Period”	 	shall have the meaning set forth in Article 9.2.1 (6)
		
	“Expiration Notice of the Series C-1 Share Transfer Preferential Period”	 	shall have the meaning set forth in Article 9.2.1 (7)

  
 60 

			
		
	“Series C-2 Investors”	 	shall have the meaning set forth in Appendix A
		
	“Series C-2 Preferred Shares”	 	shall have the meaning set forth in Article 2.1.1
		
	“Series C-2 Pre-emptive Rights Period”	 	shall have the meaning set forth in Article 9.1.3 (3)
		
	“Series C-2 Increased Share Capital Subject to Pre-emptive Rights”	 	shall have the meaning set forth in Article 9.1.3 (3)
		
	“Series C-2 Share Transfer Preferential Period”	 	shall have the meaning set forth in Article 9.2.1 (4)
		
	“Expiration Notice of Series C-2 Share Transfer Preferential Period”	 	shall have the meaning set forth in Article 9.2.1 (5)
		
	“Series D Investors”	 	shall have the meaning set forth in Appendix I
		
	“Series D Preferred Shares”	 	shall have the meaning set forth in Article 2.1.1
		
	“Series D Pre-emptive Rights Period”	 	shall have the meaning set forth in Article 9.1.3 (2)
		
	“Series D Increased Share Capital Subject to Pre-emptive Rights”	 	shall have the meaning set forth in Article 9.1.3 (2)
		
	“Series D Share Transfer Preferential Period”	 	shall have the meaning set forth in Article 9.2.1 (2)
		
	“Expiration Notice of the Series D Share Transfer Preferential Period”	 	shall have the meaning set forth in Article 9.2.1 (3)
		
	“HK Company”	 	shall have the meaning set forth in Preface

  
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	“VIE”	 	shall have the meaning set forth in Preface
		
	“WFOE”	 	shall have the meaning set forth in Preface
		
	“Competitors of Baidu”	 	shall have the meaning set forth in Article 9.2.8
		
	“Preferential Price of Baidu”	 	shall have the meaning set forth in Article 9.1.3 (8)
		
	“Agreement”	 	shall have the meaning set forth in Preface
		
	“Founding Individual Shareholders”	 	shall have the meaning set forth in Preface
		
	“Founding Shareholders”	 	shall have the meaning set forth in Preface
		
	“Founding Entity Shareholders”	 	shall have the meaning set forth in Preface
		
	“Board of Directors”	 	shall have the meaning set forth in Article 3.1.1
		
	“Headcount of the Board of Directors”	 	shall have the meaning set forth in Article 3.2.1
		
	“Chairman”	 	shall have the meaning set forth in Article 3.3.1
		
	“Non-Competitive Third Party”	 	shall have the meaning set forth in Article 9.2.7 (2)
		
	“Number of Shares to be Tagged-along ”	 	shall have the meaning set forth in Article 9.2.2 (1)
		
	“Period of Tag-along Right”	 	shall have the meaning set forth in Article 9.2.2 (1)
		
	“Tag-along Notice”	 	shall have the meaning set forth in Article 9.2.2 (1)
		
	“Tag-along Investors”	 	shall have the meaning set forth in Article 9.2.1 (14)
		
	“Purchaser”	 	shall have the meaning set forth in Article 9.2.6

  
 62 

			
		
	“Shareholder” and “Shareholders”	 	shall have the meaning set forth in Preface respectively
		
	“Notice of Share Transfer”	 	shall have the meaning set forth in Article 9.2.1 (1)
		
	“Affiliate”	 	Refers to the Person who controls or jointly controls the other parties together with others, or has material effect to the other parties, or two or more persons who are controlled by one Party, or jointly controlled by one
party, or materially affected by such party. Control refers to the right to determine the financial and business policies of an enterprise and to obtain benefits from the business activities of the enterprise. Material effect refers to the right to
participate in the decision-making of the financial and business policies of the Company. In terms of the Investors, the Affiliate shall include the former and present partners of its shareholders, its wholly owned subsidiaries and the
parent company that owns all of its shares, its former and present shareholders, and other funds related to its shareholders etc.
		
	“Company”	 	shall have the meaning set forth in Preface
		
	“Articles of Association of the Company”	 	Refers to the Amended and Restated Memorandum of Association and Articles of Association of QUHUO LIMITED as approved and adopted by the Shareholders on August 23,
2019.

  
 63 

			
		
	“Qualified IPO”	 	The Company and the proposed listed company after restructuring, registers and publicly issues ordinary shares (or American depositary shares representing such shares) in accordance with the Securities Act of 1933 (as amended
from time to time), and the market value of the proposed listed company upon completion of public offering shall be no less than US$250 million, or publicly issues ordinary shares in Hong Kong or other jurisdiction, resulting in public
transaction of ordinary shares (or the American depositary shares representing such shares) on a recognized international stock exchange. Provided, however, that such offering is reasonably equivalent, in terms of the market value at the time of
listing and regulatory approval, to such U.S. public offering or such other offering as may be mutually agreed in writing by the Investors and the Founding Shareholders.
		
	“Subsequent Financing”	 	shall have the meaning set forth in Article 9.1.2 (8)
		
	“Group Companies”	 	Refers to the Company, BVI Company, HK Company, WFOE, VIE and each of the subsidiaries of any of the above companies, as well as any person (other than a natural person) directly or indirectly
controlled by any of the above entities, including but not limited to any joint venture company in which any of the above companies holds more than 50% of the voting rights.
		
	“Competitive Third Party”	 	shall have the meaning set forth in Article 9.2.7 (2)
		
	“Valuation of the two Business Categories”	 	shall have the meaning set forth in Article 9.1.3 (8)
		
	“Shares to be Tagged-along ”	 	shall have the meaning set forth in Article 9.2.2 (1)
		
	“Shares to be Transferred”	 	shall have the meaning set forth in Article 9.2.1 (1)
		
	“Share Transferor”	 	shall have the meaning set forth in Article 9.2.1 (1)
		
	“Notice of Share Capital Increase”	 	shall have the meaning set forth in Article 9.1.3 (1)
		
	“Share Capital to be Increased”	 	shall have the meaning set forth in Article 9.1.3 (1)
		
	“ Leslie Yu SPV”	 	shall have the meaning set forth in Appendix A

  
 64 

			
		
	“Shuyi Yang SPV”	 	shall have the meaning set forth in Appendix A
		
	“Zhen Ba SPV”	 	shall have the meaning set forth in Appendix A
		
	“ESOP SPV”	 	shall have the meaning set forth in Appendix A
		
	“LI Tongtong SPV”	 	shall have the meaning set forth in Appendix A
		
	“iStart SPV”	 	shall have the meaning set forth in Appendix A
		
	“SBCVC SPV”	 	shall have the meaning set forth in Appendix A
		
	“Baidu SPV”	 	shall have the meaning set forth in Appendix A
		
	“ClearVue SPV”	 	shall have the meaning set forth in Appendix A
		
	“CDIB SPV”	 	shall have the meaning set forth in Appendix A
		
	“Zhongnan Capital SPV”	 	shall have the meaning set forth in Appendix A
		
	“Fusi SPV”	 	shall have the meaning set forth in Appendix A
		
	“Gongqingchengerhong SPV”	 	shall have the meaning set forth in Appendix A
		
	“Delta Electronics Capital Company”	 	shall have the meaning set forth in Appendix A
		
	“Ordinary Shares”	 	shall have the meaning set forth in Article 2.1.1.
		
	“Share Capital”	 	shall have the meaning set forth in Article 2.1.1.
		
	“Person”	 	shall be interpreted as broadly as possible and shall include individuals, partnerships (including limited partnerships), companies, joint ventures, limited liability companies, trusts, joint venture (including Sino-foreign joint
ventures and Sino-foreign cooperative ventures), non-corporate organizations and Government Authorities.

  
 65 

			
		
	“Applicable Laws”	 	For any Person, refers to any constitution, treaty, enactment law, law, statute, rule, regulation, judgment, common law rule, order, decree, injunction, governmental ratification, approval, grant, concession, license,
consent, instruction, demand, any other restriction of any Governmental Authority or any similar form of decree or decision made by it or any requirement relating to the interpretation and application of any of the foregoing which is applicable to
that Person or any of its property or business, whether in force on or after the date of adoption of this Agreement and any amendment or renewal from time to time.
		
	“Litigation”	 	Refers to any litigation, suit, proceeding, claim, arbitration or investigation.
		
	“Loss”	 	Refers to all direct or indirect losses, liabilities, damages, deficiencies, derogation, Litigation, liabilities, interests, interests, penalties, costs, relevant costs and expenses arising from judgments or settlements of
any nature or kind, including but not limited to reasonable attorney fees and expenses of any kind or nature, costs of litigation, settlement and investigation, whether in law or in equity law, known or unknown, foreseeable or
unforeseeable.
		
	“Series Angel Investor”	 	shall have the meaning set forth in Preface
		
	“Investors”	 	shall have the meaning set forth in Preface
		
	“Investors’ Second Pre-emptive Rights Period”	 	shall have the meaning set forth in Article 9.1.3 (7)
		
	“Investor Shareholders”	 	shall have the meaning set forth in Article 3.2.1
		
	“Notice of Investors’ Pre-emptive Rights”	 	shall have the meaning set forth in Article 9.1.3 (7)

  
 66 

			
		
	“Investors’ Pre-emptive Rights Period”	 	shall have the meaning set forth in Article 9.1.3 (7)
		
	“Hong Kong”	 	Refers to Hong Kong Special Administrative Region
		
	“Business Days”	 	Refers to any day on which Banks in China, Hong Kong, the Cayman Islands and the British BVI Islands are normally open (except Saturdays, Sundays and public holidays in China, Hong Kong, the Cayman
Islands and the British BVI Islands).
		
	“Original Shareholders”	 	shall have the meaning set forth in Preface
		
	“Government Authority”	 	Refers to any government or its political branch, whether at the central, provincial, municipal or local level or of an executive, legislative or judicial nature, including any representative office, authority, council, bureau,
commission, court, department or other organs.
		
	“China”	 	Refers to the People’s Republic of China, for the purpose of this Agreement only, it excludes Hong Kong, Macao and Taiwan.
		
	“Material Adverse Effect”	 	Refers to a Material Adverse Effect on the condition (financial or otherwise) of a particular person, the related assets, the results or prospects of operations, or business (current or planned).
		
	“Subsidiary”	 	Refers to a subsidiary in which the Company directly or indirectly owns fifty percent (50%) or more of its shares; “Subsidiaries” refers to all Subsidiaries collectively.
		
	“BVI Company”	 	shall have the meaning set forth in Preface
		
	“HK Company”	 	shall have the meaning set forth in Preface
		
	“VIE”	 	shall have the meaning set forth in Preface

  
 67 

			
		
	“WFOE”	 	shall have the meaning set forth in Preface
		
	“Preferred Shares”	 	Refers to Series A Preferred Shares, Series B Preferred Shares, Series C-1 Preferred Shares, Series C-2 Preferred Shares and
Series D Preferred Shares collectively.
		
	“Share Transfer Price”	 	shall have the meaning set forth in Article 9.6.1 hereof

 For the avoidance of doubt, each series of investment agreement referred to in Article 9 and Article 11 hereof is the
investment agreement executed by each Investor or its affiliates prior to the restructuring when investing in VIE under each series of financing. 
  

	17.2	 Notice 

Notice or other communication between the Shareholders (“Notice”) shall be in writing (including personal service, e-mail, post and fax) and sent to the notified person at the following mailing address or mailing number with the name of the contact person. Each notice shall also be sent by
e-mail. 
 The Founding Shareholders, the Group Companies and ESOP SPV 

Address: [REDACTED] 
 Authorized
Contact Person: YU Leslie 
 E-mail: [REDACTED] 

LI Tongtong SPV Address: [REDACTED] 

Authorized Contact Person: LI Tongtong 

E-mail: [REDACTED] 
 iStart SPV

 Address: [REDACTED] 

Authorized Contact Person: ZHAO Chenxi 

E-mail: [REDACTED] 

  
 68 

 SBCVC SPV Address: [REDACTED] 

Authorized Contact Person: ZHAO Chenxi 

E-mail: [REDACTED] 
 Baidu SPV

 Address: [REDACTED] 

Authorized Contact Person: LI Xinchao 

E-mail: [REDACTED] 
 ClearVue
SPV Address: [REDACTED] 
 Authorized Contact Person: Rachel Hu 

E-mail: [REDACTED] 
 Fusi
SPV and Gongqingchengerhong SPV 
 Address: [REDACTED] 

Authorized Contact Person: CHANG Yung-Hung 

E-mail: [REDACTED] 
 Delta
Electronics Capital Company Address: [REDACTED] 
 Authorized Contact Person: Poly Hsieh 

E-mail: [REDACTED] 
 Zhongnan
Capital SPV Address: [REDACTED] 
 Authorized Contact Person: LI Renjie 

E-mail: [REDACTED] 
 CDIB
SPV Address: [REDACTED] 
 Authorized Contact Person: ZHENG Qianhua 

E-mail: [REDACTED] 
 Any notice
given or served pursuant to Article 17.2 hereof shall be deemed to have been served: (i) if delivered by courier or by hand, when delivered to the said address; (ii) if sent by fax or e-mail, when it
is transmitted to the above fax number or e-mail address and a report of successful transmission is obtained. 

  
 69 

	17.3	 Termination and Exemption of Special Rights 

 

	17.3.1	 Article 3.1.1, 3.2, 3.3.1, 3.4.3, 3.5, 4.1.2, 4.3.2, 6.4, 9.1, 9.2 (including Article 9.2.8), 9.3, 9.6, 11.2.3,
11.2.4, 11.2.5, 11.2.6 and 11.2.7 hereof shall terminate immediately before the Qualified IPO. For the avoidance of doubt, if the Qualified IPO fails, the said provisions shall be automatically recovered upon the failure of
Qualified IPO. In case of any conflict between the foregoing provisions and this Article, this Article shall prevail. 

  

	17.3.2	 Each Shareholder understands that the Company, in order to complete the Qualified
IPO, shall conduct a series of domestic and overseas Restructuring, including the share transfer between the Shareholders and their affiliates. The Shareholders agree and confirm the Restructuring and related
arrangements. In connection with the restructuring and related matters, each Shareholder hereby expressly waives any special rights enjoyed by it (whether under this Agreement or the Articles of Association or any other
agreements or contracts among shareholders), including but not limited to veto rights, rights of first refusal, tag-along rights, restriction on share transfer, repurchase rights, and waives any applicable
notice period. 

  

	17.4	 Entireness 

Each Shareholder confirms that, this Agreement constitutes and covers all and complete agreements between each Shareholder and
the Parties hereto regarding the rights and obligations of Shareholders and matters hereunder, and supersedes any prior (oral or written) agreements between the Parties hereto with respect to matters hereunder. 

 

	17.5	 Priority 

In case of any conflict between the Articles of Association of the Company and this Agreement, the provisions of this Agreement
shall prevail. 
  

	17.6	 Severability 

If any provision hereof is invalid or unenforceable, such provision shall be interpreted to the extent practicable, so as to enable it to be
executed and completed according to substantially the same provision as originally stated. If there is no viable interpretation that would preserve the provision, it shall be removed from the remaining provisions hereof, which shall remain in full
force and effect, unless the stripped provisions are essential to the rights and interests intended by the Parties. In each case, the Parties shall make best efforts to negotiate in good faith a valid and enforceable alternative
provision or agreement to achieve to the maximum extent the intent of the Parties when signing this Agreement. 

  
 70 

	17.7	 Languages 

This Agreement shall be signed in Chinese. 
  

	17.8	 Headings 

The headings of each Article hereof are for convenience only and shall not be used to interpret the contents hereof. 

 

	17.9	 Effectiveness 

This Agreement shall take effect from the Effective Date. In case of any conflict between any provision of this Agreement
and the Investment Agreement signed by the Original Shareholder and/or the Investors or other documents related to the arrangement of Shareholders’ rights of the Company, the provisions of this
Agreement shall prevail. 
  

	17.10	 Counterpart 

This Agreement may be executed in separate copies by each Party. Each copy, when executed, shall be deemed as an original, and all of
them together shall constitute one and the same document. Transmission of an executed copy by e-mail or fax shall be deemed as a legally effective way of transmission. 

[The remainder of this page is intentionally left blank] 

  
 71 

 IN WITNESS WHEREOF, this Agreement has been signed by the Parties on the date first written
above. 
  

			
	YU Leslie
		
	Signature:	 	 /s/ YU Leslie

  

			
	LESYU INVESTMENTS LIMITED
		
	Signature of Authorized Representative:	 	 /s/ YU Leslie

			
	Name:	 	YU Leslie
	Title:	 	Director

 IN WITNESS WHEREOF, this Agreement has been signed by the Parties on the date first written
above. 
  

			
	YANG Shuyi
		
	Signature:	 	 /s/ YANG Shuyi

  

			
	YGS INVESTMENT LIMITED
		
	Signature of Authorized Representative:	 	 /s/ YANG Shuyi

			
	Name:	 	YANG Shuyi
	Title:	 	Director

 IN WITNESS WHEREOF, this Agreement has been signed by the Parties on the date first written
above. 
  

			
	BA Zhen
		
	Signature:	 	 /s/ BA Zhen

  

			
	BZB INVESTMENT LIMITED
		
	Signature of Authorized Representative:	 	 /s/ BA Zhen

			
	Name:	 	BA Zhen
	Title:	 	Director

 IN WITNESS WHEREOF, this Agreement has been signed by the Parties on the date first written
above. 
  

			
	Wanquan Investment (BVI) Limited
		
	Signature of Authorized Representative:	 	 /s/ LI Tongtong

			
	Name:	 	LI Tongtong
	Title:	 	 Director

 IN WITNESS WHEREOF, this Agreement has been signed by the Parties on the date first written
above. 
  

			
	QUHUO HOLDING (BVI) LIMITED
		
	Signature of Authorized Representative:	 	 /s/ CHEN You Rui

			
	Name:	 	CHEN You Rui
	Title:	 	Director

 IN WITNESS WHEREOF, this Agreement has been signed by the Parties on the date first written
above. 
  

			
	iStart Venture Limited
		
	Signature of Authorized Representative:	 	 /s/ CHA Li

			
	Name:	 	CHA Li
	Title:	 	Director

 IN WITNESS WHEREOF, this Agreement has been signed by the Parties on the date first written
above. 
  

			
	SBCVC Fund IV, L.P.
		
	Signature of Authorized Representative:	 	 /s/ CHAUNCEY SHEY

			
	Name:	 	CHAUNCEY SHEY
	Title:	 	Managing Director

 IN WITNESS WHEREOF, this Agreement has been signed by the Parties on the date first written
above. 
  

			
	Baidu Online Network Technology (Beijing) Co., Ltd.
		
	Signature of Authorized Representative:	 	 /s/ CUI Shanshan

			
	Name:	 	CUI Shanshan
	Title:	 	Executive Director

 IN WITNESS WHEREOF, this Agreement has been signed by the Parties on the date first written
above. 
  

			
	ClearVue YummyExpress Holdings, Ltd.
		
	Signature of Authorized Representative:	 	 /s/ Harry Chi Hui

			
	Name:	 	Harry Chi Hui
	Title:	 	Managing Director

 IN WITNESS WHEREOF, this Agreement has been signed by the Parties on the date first written
above. 
  

			
	FUSI IRVINE L.P.
		
	Signature of Authorized Representative:	 	 /s/ ZHOU Lan

			
	Name:	 	ZHOU Lan
	Title:	 	Director

 IN WITNESS WHEREOF, this Agreement has been signed by the Parties on the date first written
above. 
  

			
	Beijing ErQu Management Consultant LLP
		
	Signature of Authorized Representative:	 	 /s/ ZHOU Lan

			
	Name:	 	ZHOU Lan
	Title:	 	Director

 IN WITNESS WHEREOF, this Agreement has been signed by the Parties on the date first written
above. 
  

			
	Delta Electronics Capital Company
		
	Signature of Authorized Representative:	 	 /s/ LIU Liangfu

			
	Name:	 	LIU Liangfu
	Title:	 	Chairman of the Board

 IN WITNESS WHEREOF, this Agreement has been signed by the Parties on the date first written
above. 
  

			
	CDIB Private Equity (Fujian) Enterprise (Limited Partnership)

			
		
	Signature of Authorized Representative:	 	 /s/ ZOU Xusheng

			
	Name:	 	ZOU Xusheng
	Title:	 	Authorized Representative

 IN WITNESS WHEREOF, this Agreement has been signed by the Parties on the date first written
above. 
  

			
	Zhongnan Capital (Hong Kong) Limited
		
	Signature of Authorized Representative:	 	 /s/ LI Renjie

			
	Name:	 	LI Renjie
	Title:	 	Director

 IN WITNESS WHEREOF, this Agreement has been signed by the Parties on the date first written
above. 
  

			
	QUHUO LIMITED
		
	Signature of Authorized Representative:	 	 /s/ YU Leslie

	Name: YU Leslie
	Title: Director

  

			
	QUHUO INVESTMENT LIMITED
		
	Signature of Authorized Representative:	 	 /s/ YU Leslie

	Name: YU Leslie
	Title: Director	 	

  

			
	QUHUO TECHNOLOGY INVESTMENT (HONG KONG) LIMITED

			
		
	Signature of Authorized Representative:	 	 /s/ YU Leslie

	Name: YU Leslie
	Title: Director	 	

			
	Beijing Quhuo Information Technology Co., Ltd. (Seal)

			
		
	Signature of Authorized Representative:	 	 /s/ YU Yiyang

	Name: Yu Yiyang
	Title: Legal Representative

  

			
	Beijing Quhuo Technology Co., Ltd. (Seal)

			
		
	Signature of Authorized Representative:	 	 /s/ YU Leslie

	Name: YU Leslie
	Title: Legal Representative

 Appendix A 

1. Founding Entity Shareholders: 
  

							
	 Name of

Shareholders
	  	 Registered

Address
	  	 Class of

Shares
	  	 Number of Shares

	LESYU INVESTMENTS LIMITED (“Leslie Yu SPV”)	  	Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands	  	Ordinary Shares	  	6,296,630
	YGS INVESTMENT LIMITED (“Shuyi Yang SPV”)	  	Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands	  	Ordinary Shares	  	6,113,540
	BZB INVESTMENT LIMITED (“Zhen Ba SPV”)	  	Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands	  	Ordinary Shares	  	2,363,030

 2. Series Angel Investor 
  

							
	 Name of

Shareholders
	  	 Registered Address
	  	 Class of

Shares
	  	 Number of Shares

	Wanquan Investment (BVI) Limited (“LI Tongtong SPV”)	  	Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands	  	Ordinary Shares	  	199,560

 3. Series A Investors: 
  

											
	 Name of

Shareholders
	  	 Registered Address
	  	 Class of

Shares
	  	Number of Shares	 	  	 Investments Date1

	iStart Venture Limited(“iStart SPV”)	  	UNIT 402, 4/F., FAIRMONT HOUSE, NO.8 COTTON TREE DRIVE,ADMIRALTY, HK	  	Series A Preferred Shares	  	 	1,335,370	 	  	July 26, 2013

  

	1 	 Investments Date refers to the Closing Date on which the Investors or their Affiliates invested in the VIE
prior to the Restructuring. 

 4. Series B Investors 
  

									
	 Name of

Shareholders
	  	 Registered Address
	  	 Class of Shares
	  	 Number of Shares
	  	 Investments Date

	Baidu Online Network Technology (Beijing) Co., Ltd. (“Baidu SPV”)	  	Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing	  	Series B Preferred Shares	  	4,679,290	  	November 7, 2014
	iStart SPV	  	Ditto	  	Series B Preferred Shares	  	554,000	  	April 14, 2014
	SBCVC Fund IV, L.P. (“SBCVC SPV”)	  	Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands	  	Series B Preferred Shares	  	4,266,740	  	October 21, 2014

 5. Series C-1 Investors 

 

									
	 Name of

Shareholders
	  	 Registered Address
	  	 Class of Shares
	  	 Number of Shares
	  	 Investments Date

	iStart SPV	  	Ditto	  	Series C-1 Preferred Shares	  	488,000	  	June 12, 2015
	SBCVC SPV	  	Ditto	  	Series C-1 Preferred Shares	  	488,000	  	June 1, 2015
	Baidu SPV	  	Ditto	  	Series C-1 Preferred Shares	  	1,271,000	  	May 27, 2015
	ClearVue Yummy Express Holdings, Ltd. (“ClearVue SPV”)	  	4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands	  	Series C-1 Preferred Shares	  	2,860,720	  	June 17, 2016

 6. Series C-2 Investors 

 

									
	 Name of

Shareholders
	  	 Registered Address
	  	 Class of Shares
	  	 Number of Shares
	  	 Investments Date

	CDIB Private Equity (Fujian) Enterprise (Limited Partnership) (“CDIB SPV”)	  	 Sixth Floor, Building
 3-5#, Taiwan Pioneer Park, Jinjingwan Area, Pingtan Comprehensive Experimental Area, Fujian Province, China
	  	Series C-2 Preferred Shares	  	1,359,850	  	The date on which such Investor actually pays the transferred share price of VIE in full
	Zhongnan Capital (Hong Kong) Limited (“Zhongnan Capital SPV”)	  	Room 503, 5th Floor, ASEAN Commercial Building, 246 Des Voeux Road Central, Sheung Wan, Hong Kong	  	Series C-2 Preferred Shares	  	1,017,520	  	The date on which such Investor actually pays the transferred share price of VIE in full

 7. Series D Investors 
  

									
	 Name of

Shareholders
	  	 Registered Address
	  	 Class of Shares
	  	 Number of Shares
	  	 Investments Date

	FUSI Irvine L.P. (“Fusi SPV”)	  	c/o Codan Trust Company(Cayman) Limited Cricket Square, Hutchins Drive, P O Box 2681, Grand Cayman, KY1-1111, Cayman Islands	  	Series D Preferred Shares	  	597,370	  	January 11, 2017
	Beijing ErQu Management Consultant LLP (“Gongqingchengerhong SPV”)	  	620, 6th Floor, No. 101and 1st-7th Floor, Building 2, No. 36 Courtyard, Hongjunying South Road, Chaoyang District, Beijing	  	Series D Preferred Shares	  	1,943,760	  	November 28, 2016
	SBCVC SPV	  	Ditto	  	Series D Preferred Shares	  	919,040	  	August 1, 2017
	Delta Electronics Capital Company	  	3F, 99, Ruihu Street, Neihu, Taipei 11494, Taiwan	  	Series D Preferred Shares	  	445,730	  	March 21, 2018
	CDIB SPV	  	Ditto	  	Series D Preferred Shares	  	657,110	  	The date on which such Investor actually pays the transferred share price of VIE in full
	Zhongnan Capital SPV	  	Ditto	  	Series D Preferred Shares	  	491,690	  	The date on which such Investor actually pays the transferred share price of VIE in full
	ClearVue SPV	  	Ditto	  	Series D Preferred Shares	  	755,910	  	July 19, 2017EX-10.1

 Exhibit 10.1 

Exclusive Business Cooperation Agreement 
 This
Exclusive Business Cooperation Agreement (the “Agreement”) was entered into on August 23, 2019 in Beijing, China by and between: 

Party A: Beijing Quhuo Information Technology Co., Ltd. 

Address: [REDACTED] 
 Party B: Beijing Quhuo Technology Co.,
Ltd. 
 Address: [REDACTED] 
 Party A and Party B are
hereinafter individually referred to as a “Party” and collectively as the “Parties.” 
 WHEREAS: 

 

	1.	 Party A is a limited liability company registered in the People’s Republic of China
(“China”, for the purpose of this Agreement only, it excludes Hong Kong, Macao and Taiwan), whose primary business includes technology development, technical consultation, technology transfer, technology promotion and technical
services; computer services; basic software services; software consultation; self-developed products selling; economic and trade consultation; enterprise planning and design; market research; business management consultation. (An enterprise may
choose business items and carry out business activities on its own in accordance with laws. Business activities that are subject to approval should not be carried out unless such approval is obtained from relevant departments. Enterprises shall not
engage in business activities prohibited or restricted by the industrial policies of the city); 

  

	2.	 Party B is a limited liability company registered in China, whose primary business includes computer software
technology development, technical consultation, technical services, technical training, technology transfer, computer system integration, design, manufacture, agency and issuance of advertising, conference services, catering management, economic and
trade consultation, organization of cultural and artistic exchange activities (excluding performance agents); domestic freight forwarding service, selling self-developed software products, building-cleaning service, family labor service. All
business activities conducted and developed by Party B and its controlled subsidiaries (including subsidiaries controlled by Party B as updated from time to time during the term hereof, similarly hereinafter) at present and at any time during the
term hereof are hereinafter collectively referred to as “Primary Business.” 

	3.	 Party A agrees to take advantages of its resources, technology and information to provide exclusive technical
services, technical consultation and other services (see below for the specific scope) to Party B and its controlled subsidiaries during the term hereof, and Party B agrees to accept such services provided by Party A and/or its designated party.

 THEREFORE, Party A and Party B have reached the following agreement through mutual consultation: 

 

	1.	 Provision of Services by Party A 

 

	 	1.1	 In accordance with the terms and conditions hereof, Party B hereby entrusts Party A as the exclusive service
provider of Party B to provide comprehensive business support, technical services and consultation services to Party B during the term hereof, specifically including all or part of the services within the business scope of Party B as determined by
Party A from time to time, including but not limited to technical services, technical consultation, professional training, business consultation, intellectual property license, market consultation, management consultation services related to the
business operation of Party B, and other consultation and services related to the above as required by Party B from time to time and to the extent permitted by the Laws of China (the “Services”). 

 

	 	1.2	 Party B agrees to accept the consultation and Services provided by Party A. Party B further agrees, unless with
the prior written consent of Party A, during the term hereof, for the purpose hereof, Party B shall not and shall cause the controlled subsidiaries not to accept any other consultation and/services provided by any third party other than the
cooperating bank, nor shall they cooperate with any third party other than the cooperating bank. Party A may designate another Party (such designated Party may sign this Agreement and the agreement provided in Article 1.4 in whole or in part) to
provide Party B with the consultation and/or Services hereunder. 

  

	 	1.3	 To ensure that party B meets the requirements of cash flow in daily operation and/or offset any losses arising
therefrom, Party A may, at its own discretion, provide financial support to Party B (only to the extent permitted by the Laws of China) regardless of whether Party B actually suffers from any such operational losses. Party A may provide financial
support to Party B by means of loan permitted by Laws of China (as defined below) and both Parties shall separately sign such loan contract. 

  

	 	1.4	 Method for Providing Services 

 

	 	(1)	 Party A and Party B agree that, during the term hereof, both Parties may directly, or through their respective
affiliates with the ability and resources to provide the corresponding Services, sign other technical service agreements and consultation service agreements for the purpose of providing the Services to Party B, and agree on the specific contents,
methods, personnel and costs of specific services. 

	 	(2)	 To perform this Agreement, Party A and Party B agree that, with the term hereof, both Parties may directly, or
through their respective affiliates, sign the intellectual property license agreements (including but not limited to trademark, software, copyright, patent and technology secret), which shall allow Party B to use relevant intellectual property of
Party A at any time as required by Party B in conducting its business. 

  

	 	(3)	 To perform this Agreement, Party A and Party B agree that, during the term hereof, both Parties may directly,
or through their respective affiliates, sign the lease agreement for equipment, plant or office, which shall allow Party B to use relevant equipment, plant or office of Party A at any time as required by Party B in conducting its business.

  

	 	(4)	 To perform this Agreement, Party A and Party B agree that, during the term hereof, both Parties may directly,
or through their respective affiliates, sign other agreement for the purpose of providing Services to Party B. 

  

	 	(5)	 Party A may, at its own discretion, subcontract all or part of the Services to be provided to Party B hereunder
to any third party capable of providing the corresponding Services and resources. 

  

	 	1.5	 For the purpose of providing Services pursuant to this Agreement, Party A and Party B shall promptly
communicate and exchange various information related to their business and/or clients. 

 The Services provided by Party A
herein are exclusive. For Services provided by any third party with the same or similar nature as those provided by Party A, Party B may continue to perform such agreements provided that they are permitted by Party A in writing. For agreements
disapproved by Party A, Party B shall immediately rescind such agreements with any third party and bear any expenses and liabilities arising from the rescission thereof. Party B shall continue to perform other contracts or legal documents that
stipulate obligations of Party B, and shall not change, modify or terminate such contracts or legal documents without written consent of Party A. 
  

	 	1.6	 To clarify the rights and obligations of both Parties and to cause the effective implementation of the said
service agreements, both Parties agree to, subject to the Laws of China: 

	 	(1)	 Party B shall operate in accordance with the advice or suggestions under the Services provided in Article 1.1
hereof. 

  

	 	(2)	 Except for the retention of the original directors and supervisors of Party B as agreed by Party A, Party B is
obliged to appoint the person recommended by Party A as the director of Party B, and appoint the senior managers recommended and employed by Party A as its general manager, chief financial officer and other officers to supervise the business and
operation of Party B in accordance with the procedures as required by the laws of China (including any laws, regulations, rules, notices, interpretations or other binding documents issued before or after the execution hereof by the central or local
legislative, administrative or judicial authorities, collectively, the “Laws of China”). Under the premise of complying with the Laws of China, except for reasons of retirement, resignation, incompetence or death, Party B shall not
dismiss the directors, supervisors and/or officers of the Company recommended by Party A for any other reason without the prior written consent of Party A. 

  

	 	(3)	 Party B agrees to cause the directors, supervisors and officers of Party B to exercise their functions and
powers under laws, regulations and Articles of Association as directed by Party A. 

  

	 	(4)	 Party A is entitled to set up and adjust the organizational structure of Party B and conduct human resource
management. 

  

	 	(5)	 Party A is entitled to carry out the business related to the Services in the name of Party B, and Party B shall
provide all necessary support and convenience for Party A to carry out the business smoothly, including but not limited to providing Party A with all necessary power of attorney for the provision of the relevant Services. 

 

	 	(6)	 Subject to the Laws of China, Party A is entitled to check the accounts of Party B in a regular manner or at
any time, and Party B shall keep the accurate accounts up to date and provide Party A with its accounts as required by Party A. during the term hereof, Party B agrees to cooperate with Party A and its (direct or indirect) shareholders in audit
(including but not limited to related transaction audit and other types of audit), and provide Party A, its (direct or indirect) shareholders and/or entrusted auditors with relevant information and materials concerning the operation, business,
customers, finance and employees of Party A, and agree to disclose such information and materials to the shareholders of Party A in order to meet the requirements of securities regulation. 

	 	(7)	 Party B agrees to provide relevant certificates and official seals that are important to its daily operation,
including the business license, official seal, contract seal, special financial seal and legal representative seal of Party B, to the executive director, legal representative, manager and/or other officers recommended by Party A and appointed by
Party B in accordance with legal procedures. 

  

	 	1.7	 The Parties agree that the Services provided by Party A to Party B hereunder are also applicable to the
subsidiaries controlled by Party B, and Party B shall cause tits controlled subsidiaries to exercise their rights and perform their obligations in accordance with the provisions hereof. 

 

	2.	 Calculation and Payment Method of Service Fee, Financial Statements, Audit and Tax

  

	 	2.1	 During the term hereof, provided that the Services provided by Party A pursuant to this Agreement do not
violate the mandatory provisions of Laws of China, Party B and its controlled subsidiaries shall, at the end of each financial year, pay all of its net profits and the profits of its subsidiaries (including accumulated income from the Previous
Fiscal Year) as service fee (the “Service Fee”) to Party A after making up the losses in previous years (if necessary) and deducting the necessary costs, expenses, taxes and fees incurred in the corresponding financial year and
drawing the statutory reserve fund that must be drawn in accordance with law. Party A is entitled to determine the said deductible items. The amount of such Service Fee shall be determined by Party A. The calculation method and adjustment shall
subject but not limited to the following factors, and Party A is entitled to adjust the Service Fee at its sole discretion without the consent of Party B: (a) complexity of technical consultation and other Services provided by Party A;
(b) the time limits required by the personnel of Party A to provide such technical consultation and other Services; (c) the specific content and business value of technical consultation and other services provided by Party A; (d) the
market price of the same kind of service. The above Service Fee shall be transferred to the bank account designated by Party A by remittance or other means agreed by both Parties after Party A issues the payment instructions to Party B. Party A may
change such payment instructions from time to time. Both Parties agree that the payment of the above Service Fee shall in principle not make the operation of any Party difficult in the current year. For the above purposes, and within the limits of
realizing the above principles, Party A is entitled to agree to postpone the payment of Party B to avoid any financial difficulties of Party B. Party A is also entitled to make any other adjustment to the Service Fee as it thinks reasonable, with a
prior written notice. 

	 	2.2	 Party A agrees that, during the term hereof, it shall enjoy all economic benefits and bear all risks arising
from any business of Party B. Party A shall provide financial support to Party B in a manner permitted by the Laws of China in case of any operating loss or serious operating difficulties of Party B. In the event of any of the foregoing
circumstances, only Party A is entitled to decide whether Party B shall continue to operate its business, and Party B shall unconditionally recognize and agree to such decision made by Party A. 

 

	 	2.3	 Party B shall, within 90 days after the end of each fiscal year (the “Previous Fiscal Year”)
provide Party A with an audited consolidated financial statement for the Previous Fiscal Year, which shall be audited by an independent certified public accountant approved by Party A. If the audited financial statement shows that there is any
deficiency in the total amount of Service Fee paid to Party A in the Previous Fiscal Year, Party B shall make up the difference to Party A within 5 business days after any Party discovers the difference. 

 

	 	2.4	 Party B shall prepare financial statements as required by Party A in accordance with applicable laws, generally
accepted accounting standards and business practices. 

  

	 	2.5	 Upon prior notice of Party A, Party A and/or its designated auditor are entitled to review the relevant books
and records of Party B at its main office and make copies of such books and records as required to verify the accuracy of the income and statements of Party B. Party B shall provide relevant operation, business, clients, finance, employees and other
information and materials as required by Party A, and agree that Party A or its direct or indirect shareholders may disclose or make public such information and materials when necessary. 

 

	 	2.6	 The tax burden arising from the execution hereof shall be borne by both Parties. 

 

	3.	 Intellectual Property, Confidentiality Clauses and Non-competition

  

	 	3.1	 To perform this Agreement, Party A and Party B agree that, during the term hereof, both Parties may sign
intellectual property license agreement (including but not limited to: software copyrights, trademarks, copyrights, patents, technical secrets, trade secrets and others), which may allow Party B to use relevant intellectual property rights of Party
A free of charge as required by Party B in conducting its business, or where necessary, Party A agrees to transfer part of its intellectual property to Party B or register such intellectual property rights under the name of Party B.

	 	3.2	 Unless agreed by Party A, any rights, ownerships, interests and intellectual property arising or created from
the operation of Party B and its controlled subsidiaries during the performance hereof and based on the consultation services provided by Party A to Party B and its controlled subsidiaries, including but not limited to all present and future
copyrights, trademarks, trade names, brands, trade secrets, all associated goodwill, domain names and any other similar rights (“Such Rights”), whether they are developed by Party A or Party B, shall be exclusively enjoyed by Party
A. Party B shall not claim any Such Rights against Party A. Party B shall sign all documents necessary to make Party A the owner of Such Rights and take all actions necessary to make Party A the owner of Such Rights. Party B warrants that Such
Rights are free from any defects or encumbrances and shall indemnify Party A for any losses caused by such defects or encumbrances (if any). 

  

	 	3.3	 Without the written consent of Party A, Party B shall not and shall cause its controlled subsidiaries not to
transfer, mortgage, license or otherwise dispose of any Such Rights. 

  

	 	3.4	 Party B shall, in accordance with the instructions of Party A from time to time, dispose of Such Rights,
including but not limited to transfer or authorize Such Rights to Party A or its designated persons without violating Laws of China. 

  

	 	3.5	 Both Parties agree that, this Agreement, its contents and any oral or written information exchanged in
connection with this Agreement shall be confidential information. Party B shall keep all such information confidential and shall not disclose any relevant information to any third party without the written consent of Party A, except for:
(a) such information known to the public (but not disclosed by any of the receiving Parties); (b) information required for disclosure by applicable law or any rules or requirements of the stock exchange; or (c) the information that Party B
needs to disclose to its legal or financial consultants in connection with the transactions hereunder, and such legal or financial consultants shall also be subject to the duty of confidentiality similar to the obligations in this Article. The
disclosure of any confidential information by any personnel or institutions employed by Party B shall be deemed as the disclosure of such confidential information by Party B, and Party B shall bear legal liability for the breach. This Article shall
survive after the termination hereof for any reason. 

	 	3.6	 Party B shall not sign any document or make any commitment that conflict with such legal documents as any
agreements signed and being performed by Party A. Party B shall not, by act or omission, cause conflicts of interest between Party B and Party A and its shareholders. In case of such conflict of interest (Party A is entitled to unilaterally
determine whether such conflict of interest arises), Party B shall take measures to eliminate it as soon as possible with the consent of Party A. If Party B refuses to take measures to eliminate such conflict of interests, Party A is entitled to
exercise the equity purchase right under the Exclusive Call Option Agreement signed with Party B and its existing shareholders on the signing date hereof. 

 

	 	3.7	 During the term hereof, all client information and other relevant materials related to the business of Party B
and the Services provided by Party A shall be owned by Party A. 

  

	 	3.8	 The Parties agree that Article 3 shall remain in effect whether or not this Agreement is modified, rescinded or
terminated. 

  

	4.	 Representations and Warranties 

 

	 	4.1	 Party A represents and warrants that: 

 

	 	(1)	 Party A is a company duly registered and validly existing under the Laws of China. It has full and independent
legal status and legal capacity, and has obtained appropriate authorization to execute, deliver and perform this Agreement, and can act as a subject of litigation independently. 

 

	 	(2)	 The execution and performance by Party A of this Agreement is within its legal person status and business
scope. It has the necessary licenses, records and qualifications to provide the Services agreed herein. Party A has taken all necessary corporate actions, acquired all appropriate authorizations, and obtained all necessary consents and approvals
from any third party or government authority, to complete the transaction contemplated hereunder without violating any laws or other restrictions binding upon or affecting it. 

 

	 	(3)	 This Agreement, upon its execution and delivery, shall constitute legal, valid obligations binding upon Party
A, and shall be enforceable in accordance with the terms hereof. 

  

	 	(4)	 There is no existing and pending litigation, arbitration or other judicial or administrative proceedings that
will affect Party A’s ability to perform its obligations hereunder, and, to the knowledge of Party A, no one threatens to take such action. 

	 	(5)	 Party A has disclosed to Party B all the contracts, government approvals, licenses or documents that may
materially and adversely affect its ability to fully perform its obligations hereunder or bind its assets or business. There is no misrepresentation or omission of any important facts in the documents previously provided by Party A to Party B.

  

	 	4.2	 Party B represents and warrants as follows: 

 

	 	(1)	 Party B is a company duly registered and validly existing under the Laws of China. It has full and independent
legal status and legal capacity, and has obtained appropriate authorization to execute, deliver and perform this Agreement, and can act as a subject of litigation independently. 

 

	 	(2)	 Party B’s acceptance of the Services provided by Party A will not violate Laws of China. The execution and
performance by Party B of this Agreement is within its legal person status and business scope. Party B has taken all necessary corporate actions, acquired all appropriate authorizations, and obtained all necessary consents, approvals from, and
completed all necessary filing with, any third party or government authority without violating any laws or other restrictions binding upon or affecting it. 

  

	 	(3)	 This Agreement, upon its execution and delivery, shall constitute legal, valid obligations binding upon Party
B, and shall be enforceable in accordance with the terms hereof. 

  

	 	(4)	 There is no existing and pending litigation, arbitration or other judicial or administrative proceedings that
will affect Party B’s ability to perform its obligations hereunder, and, to the knowledge of it, no one threatens to take such action. If any litigation, arbitration or other judicial or administrative penalty is, or is likely to be, filed or
imposed in connection with its assets, business or income, Party B shall immediately notify Party A upon becoming aware of such litigation, arbitration or other judicial or administrative penalty. 

 

	 	(5)	 Party B has disclosed to Party A all the contracts, government approvals, licenses or documents that may
materially and adversely affect its ability to fully perform its obligations hereunder or bind its assets or business. There is no misrepresentation or omission of any important facts in the documents previously provided by Party B to Party A.

	 	(6)	 Party B shall, in accordance with the provisions hereof, fully pay the Service Fee to Party A in a timely
manner and maintain the continued validity of the licenses and qualifications related to the business of Party B and its subsidiaries during the period of Service. In all matters necessary for Party A to effectively perform its duties and
obligations hereunder, Party B shall provide full cooperation and actively cooperate with the Services provided by Party A, and accept reasonable opinions and suggestions from Party A on the business of Party B and its subsidiaries.

  

	 	(7)	 From the date hereof, without prior written consent of Party A, Party B shall not, and shall cause its
subsidiaries not, sell, transfer, mortgage or otherwise dispose of any of its assets (except for the assets with a value not exceeding RMB 1million in the ordinary course of business), business, management rights or legitimate rights and interests
in income. 

  

	 	(8)	 Without prior written consent of Party A, Party B shall not, except for the reasonable expenses incurred in the
ordinary course of business, pay any expenses to any third party, nor shall it exempt any liabilities of any third party, or borrow or lend loans to/from any third party, or provide any guarantee or security to any third party, or allow any third
party to create any other security interest on its assets or interests. 

  

	 	(9)	 From the date hereof, without prior written consent of Party A, Party B shall not, and shall cause its
subsidiaries not, incur, inherit, warrant or permit the existence of any debt (except for the debts with a value not exceeding RMB1 million in the ordinary course of business). 

 

	 	(10)	 From the date hereof, without prior written consent of Party A, Party B shall not, and shall cause its
subsidiaries not, sign any material contracts (except the contracts with a value not exceeding RMB 1 million signed in ordinary course of business), or sign any other contract, agreement or arrangement in conflict with this Agreement or which
may prejudice the rights and interests of Party A hereunder. 

  

	 	(11)	 Party B shall not, by act or omission, cause conflicts of interest between it and Party A and its shareholders.
In case of such conflict of interest (Party A is entitled to unilaterally determine whether such conflict of interest arises), it shall take measures to eliminate it as soon as possible with the consent of Party A. 

 

	 	(12)	 From the date hereof, without prior written consent of Party A, Party B shall not, and shall cause its
subsidiaries not, merger or form a joint entity with any third party, invest in or acquire any third party, or to be invested, acquired, or controlled, increase or decrease its registered capital, or otherwise change its corporate form or registered
capital structure, or accept investment or capital increase from existing shareholders or a third party, or liquidate or dissolve itself. 

	 	(13)	 To the extent permitted by the Laws of China, Party B shall appoint directors, supervisors and/or officers
recommended by Party A. Party B shall not refuse to appoint any person recommended by Party A for any other reason unless it obtains prior written consent from Party A or has other legal reasons. 

 

	 	(14)	 Party B holds any and all government permissions, licenses, authorizations and approvals necessary to conduct
its business during the term hereof and shall ensure that all such government permissions, licenses, authorizations and approvals shall continue to be valid and legally valid throughout the term hereof. If, during the term hereof, any and all
government permissions, licenses, authorizations and approvals required by Party B in conducting its business need to be changed and/or added due to the changes of regulations of the relevant government departments, Party B shall make such changes
and/or supplement as required by relevant laws. 

  

	 	(15)	 Party B shall promptly inform Party A of any circumstances that may have a material adverse effect on its
business and operations, and shall make its best efforts to prevent the occurrence of such circumstances and/or the expansion of losses. 

  

	 	(16)	 Without prior written consent of Party A, Party B and/or its subsidiaries shall not modify the Articles of
Association, or change the Primary Business, or make major adjustments to the business scope, model, profit model, marketing strategy, business policy or client relationship. 

 

	 	(17)	 Without prior written consent of Party A, Party B and/or its subsidiaries shall not enter into any partnership
or joint venture or profit-sharing arrangement, or any other arrangements to effect profits transfer or profit-sharing in the form of royalties, service fees or consultancy fees, with any third party. 

 

	 	(18)	 At the request of Party A from time to time, Party B shall provide Party A with information concerning its
business management and financial status. 

  

	 	(19)	 Without prior written consent of Party A, Party B shall not declare or distribute dividends or any other
benefits to its shareholders. 

  

	 	(20)	 Party B shall provide Party A with any technology or other information that Party A deems necessary or useful
for providing the Services hereunder, and allow Party A to use its relevant facilities, materials or information that Party A deems necessary or useful for providing the Services hereunder. 

	 	(21)	 Without prior written consent of Party A, Party B shall not change, replace or remove any of its directors,
supervisors or officers. 

  

	 	(22)	 Without prior written consent of Party A, Party B shall not dissolve itself, or liquidate or distribute the
remaining properties. 

  

	5.	 Effectiveness and Term 

This Agreement shall take effect from the date of signing by both Parties. Unless terminated in accordance with Article 6.2 hereof, this
Agreement shall remain valid for 10 years and Party A may choose to renew this Agreement upon expiry. If Party A fails to confirm the renewal hereof upon the expiration, this Agreement shall be automatically renewed until Party A delivers a letter
confirming the renewal period hereof. 
  

	6.	 Termination 

  

	 	6.1	 Unless renewed in accordance with relevant terms hereof, this Agreement shall be terminated on the date of
expiration. 

  

	 	6.2	 This Agreement shall be terminated under any of the following circumstances: 

 

	 	(1)	 If Party B is bankrupt, liquidated, terminated or dissolved according to law during the term hereof, this
Agreement shall be terminated on the effective date of such bankrupt, liquidation, termination or dissolution. 

  

	 	(2)	 All equity of Party B is transferred to Party A and/or its designated Party in accordance with the Exclusive
Call Option Agreement signed between both Parties and the existing shareholder of Party B on August 23, 2019, and relevant industrial and commercial registration is completed; 

 

	 	(3)	 This Agreement shall be terminated on the date on which Party A and/or its designated Party have directly held
all the equity of Party B, legally engaged in its business and formally registered as the shareholders of Party B in accordance with the Laws of China; 

  

	 	(4)	 At any time during the term hereof, Party A shall terminate this Agreement by giving Party B a written notice
30 days in advance, on the expiry date of such written notice; 

	 	(5)	 This Agreement shall be early terminated in accordance with Article 7 hereof. 

 

	 	6.3	 During the term hereof, Party B shall not unilaterally rescind this Agreement. If Party A terminates this
Agreement in accordance with Article 6.2(4) above, it shall not be liable for any breach of contract for its unilateral rescission hereof. 

  

	 	6.4	 After the termination of this Agreement, the rights and obligations of both Parties under Article 3, 7, 8, 10,
11 and 16.3 shall remain effective. 

  

	 	6.5	 Early termination or expiration of this Agreement for any reason shall not release either Party from all
payment obligations (including but not limited to Service Fee) hereunder that have expired on or before the date of termination or expiration, nor shall it release either party from any liability for breach of contract that has occurred before the
termination of this Agreement. The Service Fee payable before the termination or expiration of this Agreement shall be paid by Party B to Party A within fifteen (15) business days from the date of termination. 

 

	7.	 Liability for Breach 

 

	 	7.1	 Unless otherwise agreed in other terms hereof, if either Party (the “Breaching Party”) fails
to perform its obligations hereunder or otherwise breach this Agreement, the other Party (the “Affected Party”) may: (a) send a written notice to the Breaching Party, stating the nature and extent of the breach and
require the Breaching Party to cure the breach at its own expense within a reasonable period specified in the notice (the “Cure Period”). If the Breaching Party fails to cure the breach within the Cure Period, the Affected Party
shall be entitled to require the Breaching Party to assume all liabilities caused by its breach and compensate the Affected Party for all actual economic losses, including but not limited to attorney fees, litigation or arbitration fees incurred
related to litigation or arbitration proceedings in connection with such breach. In addition, the Affected Party shall be entitled to require the Breaching Party to perform its obligations hereunder, and the Affected Party shall be entitled to
request relevant arbitration institution or court to order the actual performance and/or enforcement of the provisions hereof; (b) terminate this Agreement, and require the Breaching Party to assume all liabilities caused by its breach, and pay
all damages; or (c) enjoy the priority to get compensated from the proceeds obtained from the conversion of the pledged equity into money, or the auction or sales of the pledged equity in accordance with the Equity Interest Pledge
Agreement signed by and among both Parties and the existing shareholders of Party B at the date hereof, and require the Breaching Party to bear all losses caused thereby. The exercise of the said remedy by the Affected Party shall not affect its
exercise of other remedies in accordance with this Agreement and relevant laws. 

	 	7.2	 The Parties agree and acknowledge that, unless otherwise required by the Laws of China, if Party B is the
Breaching Party, the Affected Party is entitled to unilaterally terminate this Agreement immediately and demand damages from the Breaching Party. If Party A is the Breaching Party, Party B shall exempt Party A’ liability of for damages. Unless
otherwise stipulated by the Laws of China, Party B is not entitled to unilaterally terminate or rescind this Agreement in any case. 

  

	8.	 Governing Law, Dispute Settlement and Change of Laws 

 

	 	8.1	 The execution, validity, interpretation, performance, amendment and termination hereof or hereto, and disputes
settlement hereunder shall be governed by the Laws of China. 

  

	 	8.2	 In case of any dispute arising from the interpretation and performance hereof, both Parties shall settle the
dispute through negotiation in good faith. If the Parties fail to reach an agreement on the settlement of such dispute within thirty (30) days after the request of either Party through negotiation, either Party may submit the dispute to China
International Economic and Trade Arbitration Commission for arbitration in accordance with the applicable arbitration rules at that time. The arbitration shall be conducted in Beijing and the language of arbitration shall be Chinese. The arbitration
award shall be final and binding upon both Parties. The arbitral tribunal may decide the compensation by the equity interests, assets or property interests of Party B for the losses caused by Party A due to the breach of contract by other Party
hereto, or order the compulsory relief or bankruptcy of Party B in respect of the relevant business or compulsory transfer of assets. After the arbitration award becomes effective, either Party shall apply to the court with jurisdiction for
enforcement of the arbitration award. When necessary, the arbitration institution is entitled to immediately stop the breach of contract by the Breaching Party before making the final award on the disputes between the Parties, or decide that the
Breaching Party not conduct any action that may cause further losses of Party A. 

  

	 	8.3	 In the event of any dispute arising from the interpretation, modification, supplement or performance hereof or
hereto, or any dispute being arbitrated, except for the matters in dispute, the Parties hereto shall continue to exercise their respective rights and perform their respective obligations hereunder. 

	 	8.4	 If, at any time after the date hereof, any laws, regulations and rules of China is enacted or changed, or any
of their interpretation or application is changed, the following provisions shall apply: to the extent permitted by the Laws of China, (a) if the changed law or enacted provision is more favorable to either Party than the relevant laws,
regulations, decrees or provisions in force on the date hereof (and the other Party is not adversely affected), both Parties shall promptly apply for and make their best efforts to obtain the benefits arising from such changes or new regulations; or
(b) if the changed law or enacted provision has adversely affected the rights and interests of either Party, whether directly or indirectly, this Agreement shall continue to be executed in accordance with the original terms. The Parties shall
adopt all lawful means to obtain exemptions from compliance with such changes or provisions. If the adverse effect on the economic interests of either party cannot be solved in accordance with the provisions hereof, after the Affected Party notifies
the other Party, both Parties shall consult and make all necessary modifications hereto in a timely manner to maintain the economic interests of the Affected Party hereunder. 

 

	9.	 Force Majeure 

 

	 	9.1	 “Force Majeure” refers to any unforeseeable, unavoidable and insurmountable event that renders
either Party’s failure to perform any part or all of its obligations hereunder, including but not limited to earthquake, typhoon, flood, war, strike, riot, act of government, change of laws or other applicable changes. 

 

	 	9.2	 In case of any Force Majeure event, the obligations of any Party affected by the Force Majeure hereunder shall
be automatically suspended during the delay period, and its performance period shall be automatically extended. The extended period shall be the suspension period, during which the Party shall not be punished or liable. In the event of a Force
Majeure, both Parties shall immediately consult to seek a just solution and shall make all reasonable efforts to minimize the effect of Force Majeure. 

  

	10.	 Indemnity 

Party B shall indemnify and hold Party A harmless from any loss, damage, liability or expense incurred to Party A resulting from any
litigation, claim or other demand against Party A due to the consultation and Services provided by Party A at the request of Party B, unless such loss, damage, liability or expense is caused by gross negligence or intentional misconduct of Party A.

	11.	 Notice 

  

	 	11.1	 All notices and other communications required or permitted hereunder shall be delivered by hand or by prepaid
registered mail, commercial express service or fax to the address and fax number of such Party as set forth in Appendix I hereto. Each notice shall be accompanied by a confirmation sent by e-mail. Under the
following circumstances the notice is deemed to be validly served: 

  

	 	(1)	 If the notice is given by hand delivery, courier service or prepaid registered mail, it shall be deemed to have
been given on the date of receipt or rejection at the designated addressee. 

  

	 	(2)	 If the notice is given by fax, it shall be deemed to have been given on the date of successful transmission (as
evidenced by the automatically generated transmission confirmation). 

  

	 	11.2	 Either Party may change its contact address, fax and/or email address at any time by giving notice to the other
Party in accordance with this Article. 

  

	12.	 Transfer 

  

	 	12.1	 Without prior written consent of Party A, Party B shall not transfer its rights and obligations hereunder to
any third party. 

  

	 	12.2	 Party B agrees that Party A may transfer its rights and obligations hereunder to any third party by giving
prior written notice to Party B without the consent of Party B. 

  

	13.	 Severability 

If one or more provisions hereof are held to be invalid, illegal or unenforceable in any respect under any law or regulation, the validity,
legality or enforceability of the remaining provisions hereof shall not be affected or impaired in any way. Both Parties shall replace an invalid, illegal or unenforceable agreement with a valid one through the sincerity consultations and to the
fullest extent permitted by law. The economic effect of such valid agreement shall be as similar as possible to that of the invalid, illegal or unenforceable agreement. 
  

	14.	 Amendment and Supplement 

 

	 	14.1	 Any amendment or supplement hereto shall be made in writing. The amended or supplementary agreement signed by
both Parties in connection with this Agreement shall constitute an integral part of, and have the same legal effect as, this Agreement. 

	 	14.2	 If relevant stock exchange or other regulatory authority with jurisdiction proposes any amendment hereto, or
relevant stock exchange listing rules or other relevant provisions, rules, codes or guidelines require the amendment hereto, the Parties shall amend this Agreement accordingly. 

 

	15.	 Counterpart 

This Agreement is made in quadruplicate (4), with each Party holding two of them which shall have the same legal effect. 

 

	16.	 Miscellaneous 

 

	 	16.1	 This Agreement (except for any of its amendment, supplement or modification made in writing after the date
hereof) shall constitute an entire agreement between the Parties hereto with respect to the subject matter hereof, and shall supersede all prior oral and written negotiations, representations and contracts with respect to the subject matter hereof.

  

	 	16.2	 This Agreement shall be binding upon the respective successors and permitted transferees of the Parties.

  

	 	16.3	 Either Party may waive its rights hereunder, but such waiver must be made in writing and signed by both
Parties. A waiver by either Party in respect of a breach by another Party in one case shall not be deemed to be a waiver by such party in respect of a similar breach in any other case. 

 

	 	16.4	 The headings of this Agreement are for convenience only, and shall not be used to interpret, explain or
otherwise affect the meaning of any provision of this Agreement. 

 (The remainder of this page is intentionally left
blank) 

 (This is the signature page of the Exclusive Business Cooperation Agreement only) 

IN WITNESS WHEREOF, this Exclusive Business Cooperation Agreement has been executed by both Parties on the date and at the place first written above.

 Beijing Quhuo Information Technology Co., Ltd. (Seal) 

Signature: /s/ Yiyang Yu 
 Name: Yiyang Yu 

Title: Legal Representative 
 Beijing Quhuo Technology Co.,
Ltd. (Seal) 
 Signature: /s/ Leslie Yu 
 Name:
Leslie Yu 
 Title: Legal Representative 

 Appendix I 

For the purpose of notification, the contact information of both Parties is as follows: 

Party A: Beijing Quhuo Information Technology Co., Ltd. 

Address: [REDACTED] 
 Phone:
[REDACTED] 
 Party B: Beijing Quhuo Technology Co., Ltd. 

Address: [REDACTED] 
 Phone:
[REDACTED]

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