Document:

EX-4.15

 Exhibit 4.15 

THE SYMBOL “[Redacted]” DENOTES PLACES WHERE CERTAIN 

IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE 

EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL, AND (II) IS 

THE TYPE THAT THE COMPANY TREATS AS PRIVATE OR 

CONFIDENTIAL 
 DADA AUTO
INC. 
 SERIES A SHARE PURCHASE AGREEMENT 

Date: January 26, 2022 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 1. DEFINITIONS
	  	 	2	 
		
	 2. SALE AND PURCHASE, CLOSING
	  	 	12	 
		
	 3. REPRESENTATIONS AND WARRANTIES OF THE WARRANTORS
	  	 	13	 
		
	 4. REPRESENTATIONS AND WARRANTIES OF THE FOUNDER AND THE CONTROLLING SHAREHOLDER
	  	 	34	 
		
	 5. REPRESENTATIONS AND WARRANTIES OF THE INVESTOR
	  	 	37	 
		
	 6. COVENANTS OF THE WARRANTORS
	  	 	38	 
		
	 7. CONDITIONS TO INVESTOR’S OBLIGATIONS AT THE CLOSING
	  	 	43	 
		
	 8. CONDITIONS TO COMPANY’S OBLIGATIONS AT THE CLOSING
	  	 	45	 
		
	 9. INDEMNIFICATION
	  	 	46	 
		
	 10. MISCELLANEOUS
	  	 	48	 
		
	 SCHEDULE OF NOTICE
	  	 	60	 
		
	 EXHIBIT A LIST OF PRC SUBSIDIARIES
	  	 	61	 
		
	 EXHIBIT B LIST OF KEY EMPLOYEES
	  	 	62	 
		
	 EXHIBIT C CAPITALIZATION TABLE
	  	 	63	 
		
	 EXHIBIT D DISCLOSURE SCHEDULE
	  	 	64	 
		
	 EXHIBIT E AMENDED M&AA
	  	 	66	 
		
	 EXHIBIT F SHAREHOLDERS’ AGREEMENT
	  	 	67	 
		
	 EXHIBIT G CONDUCT OF GROUP COMPANIES PRE-CLOSING
	  	 	68	 
		
	 EXHIBIT H REORGANIZATION PLAN
	  	 	69	 

 EXHIBITS 
  

			
	Schedule of Notice
		
	Exhibit A	  	List of PRC Subsidiaries
		
	Exhibit B	  	List of Key Employees
		
	Exhibit C	  	Capitalization Table
		
	Exhibit D	  	Disclosure Schedule
		
	Exhibit E	  	Amended M&AA
		
	Exhibit F	  	Shareholders’ Agreement
		
	Exhibit G	  	Conduct of Group Companies Pre-Closing
		
	Exhibit H	  	Reorganization Plan

 THIS SERIES A SHARE PURCHASE AGREEMENT (the “Agreement”) is made and
entered into as of January 26, 2022 by and among: 
 (1) Dada Auto Inc., an exempted company duly incorporated and validly
existing under the Laws of the Cayman Islands with its registered address at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman
Islands (the “Company”); 
 (2) Fleetin HK Limited, a company duly incorporated and validly existing under the Laws
of Hong Kong with its registered address at Suite 3101, Everbright Centre 108, Gloucester Road, Wanchai, Hong Kong (the “HK Company”); 

(3) Zhejiang Anji Intelligent Electronics Holding Co., Ltd.
(浙江安吉智电控股有限公司), a limited
liability company duly incorporated and validly existing under the Laws of the PRC (the “WFOE”); 
 (4) Each of the
Major PRC Subsidiaries listed in Part I of Exhibit A; 
 (5) Kuaidian Power (Beijing) New Energy Technology Co., Ltd. (快电动力(北京)新能源科技有限公司
), a limited liability company duly incorporated and validly existing under the Laws of the PRC (the “Domestic Company”); 

(6) Newlinks Technology Limited, an exempted company duly incorporated and validly existing under the Laws of the Cayman Islands (the
“Controlling Shareholder”); 
 (7) DAI Zhen (戴震), a Chinese citizen, ID number [Redacted] (the “Founder”); and 

(8) BCPE Nutcracker Cayman, L.P. (the “Investor”). 

The Company, the HK Company, the WFOE, the Domestic Company, the Major PRC Subsidiaries, the Controlling Shareholder and the Investor may
hereinafter collectively be referred to as the “Parties” and respectively referred to as a “Party”. 

Unless otherwise defined herein, capitalized terms used in this Agreement shall have the meanings ascribed to them in Section 1. 

RECITALS 
 A.
Subject to the terms and conditions set forth in this Agreement, the Company desires to issue and sell to the Investor certain number of series A preferred shares par value of US$0.0001 each of the Company (the “Series A Preferred
Shares”), and the Investor intends to subscribe for and purchase such Series A Preferred Shares from the Company. 
 B. The Parties
intend to enter into this Agreement and make the respective representations, warranties, covenants and agreements set forth herein. 

  
 1 

 1. DEFINITIONS. 

1.1 Certain Defined Terms. 

For purposes of this Agreement: 

“Action” means any notice, charge, claim, action, demand, complaint, petition, investigation, suit or other proceeding,
whether administrative, civil or criminal, whether at law or in equity, and whether or not before any mediator, arbitrator or Governmental Authority. 

“Additional HK Companies” means the Hong Kong companies that shall have been established by the Company prior to the Closing
Date in accordance with the Reorganization Plan and Section 7.11 of this Agreement. 
 “Additional WFOEs” means the
wholly foreign owned enterprises that the relevant Additional HK Companies will establish under the Laws of PRC after the Closing Date in accordance with the Reorganization Plan and Section 6.17 of this Agreement. 

“Affiliate” means, (a) with respect to a Person, any other Person that, directly or indirectly, Controls, is Controlled
by or is under common Control with such Person; and (b) in the case of an individual, shall include immediate family members of such individual (including his spouse, child, brother, sister, parent, mother-in-law, father-in-law, brother-in-law, sister-in-law, collectively, his “Immediate Family Members”), and trustee of any trust in which such individual or any of his Immediate Family Members
is a beneficiary or a discretionary object, or any entity or company Controlled by any of the aforesaid persons. In the case of an Investor, the term “Affiliate” also includes (v) any direct or indirect shareholder of such Investor,
(w) any of such shareholder’s or such Investor’s general partners or limited partners, (x) the fund manager managing or advising such shareholder or such Investor (and general partners, limited partners and officers thereof) and
other funds managed or advised by such fund manager, (y) trusts controlled by or for the benefit of any such Person referred to in (v), (w) or (x), and (z) any fund or holding company formed for investment purposes that is promoted,
sponsored, managed, advised or serviced by such Investor. For the avoidance of doubt, the Investor shall not be deemed to be an Affiliate of any Group Company. 

“Approval” means any approval, license, permit, authorization, release, order, consent or franchise required to be obtained
from, or any registration, qualification, certificate, designation, declaration, filing, notice, statement or other communication required to be filed with or delivered to, any Governmental Authority or any other Person, or any waiver of any of the
foregoing. 
 “Benefit Plan” means any deferred compensation agreement, bonus plan, incentive plan, profit sharing plan,
retirement agreement or other employment compensation agreement or any other plan established or maintained by any Group Company (or any predecessor of a Group Company) which provides or provided benefits for any employee of any Group Company or
with respect to which contributions are or have been made by any Group Company on account of an employee of any Group Company. 

  
 2 

 “Business Day” means any day that is not a Saturday, Sunday, legal holiday
or other day on which commercial banks are required or authorized by Laws to be closed in the PRC or the Cayman Islands. 

“Business” means the business any Group Company conducts or proposes to conduct from time to time. 

“Captive Structure” means the structure under which the WFOE Controls Domestic Company through the Restructuring Documents
and the financial statements of Domestic Company will be fully consolidated with those of the Company and the WFOE in accordance with the applicable accounting standards. 

“CFC” means a controlled foreign corporation as defined in the Code. 

“Charter Documents” means, as to a Person, such Person’s certificate of incorporation, formation or registration
(including, if relevant, certificates of change of name), memorandum of association, articles of association or incorporation, charter, by-laws, trust deed, trust instrument, joint venture or
shareholders’ agreement or equivalent documents, and business license, in each case as amended; and means, as to PRC limited liability companies, the business license, articles of association, shareholders’ agreement or equivalent
documents. 
 “Circular 37” means the Circular 37, issued by SAFE on July 4, 2014, titled “Circular on Issues
concerning Foreign Exchange Administration over the Overseas Investment and Financing and Round-trip Investment by Domestic Residents via Special Purpose Vehicles
(关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知
 )”, effective as of July 4, 2014, and any implementation successor rule or regulation under the PRC Law, and in each case, as amended. 

“CICC” means CICC (Changde) Emerging Industry Venture Capital Partnership L.P. (中金(常德)新兴产业创业投资合伙企业(有限合伙)). 
 “Code” means the Internal Revenue Code of 1986, as
amended. 
 “Contract” means, as to any Person, any contract, agreement, undertaking, understanding, indenture, note, bond,
loan, instrument, lease, mortgage, deed of trust, franchise, or license to which such Person is a party or by which such Person or any of its property is bound, whether oral or written. 

  
 3 

 “Control” of a given Person means the power or authority, whether exercised
or not, to direct the business, management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, which power or authority shall conclusively be presumed to exist upon
possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of more than fifty
percent (50%) of the board of directors of such Person; the term “Controlled” and “Controlling” have the meaning correlative to the foregoing. 

“Contributed Assets” means the Transferred Assets, the Transferred Contracts, and the Transferred Employees. 

“Disclosure Schedule” means the Disclosure Schedule attached to this Agreement as Exhibit D, dated as of the date
hereof delivered by the Warrantors to the Investor on the date hereof in connection with this Agreement. Notwithstanding anything to the contrary contained in the Disclosure Schedule or in this Agreement, the information and disclosures contained in
any section of the Disclosure Schedule shall be deemed to be disclosed and incorporated by reference in any other section of the Disclosure Schedule as though fully set forth in such other section for which the applicability of such information and
disclosure is reasonably apparent on the face of such information or disclosure. 
 “Domestic Resident” has the meaning set
forth in Circular 37 and/or other Law related to Circular 37. 
 “Equity Securities” means, with respect to a Person, any
shares, share capital, registered capital, ownership interest, equity interest, or other securities of such Person, and any option, warrant, or right to subscribe for, acquire or purchase any of the foregoing, or any other security or instrument
convertible into or exercisable or exchangeable for any of the foregoing, or any equity appreciation, phantom equity, equity plans or similar rights with respect to such Person, or any Contract of any kind for the purchase or acquisition from such
Person of any of the foregoing, either directly or indirectly. 
 “Fully Diluted Basis” means the calculation is to be made
assuming the exercise of all options, warrants or other securities that are convertible, exercisable or exchangeable into Company’s shares and the conversion of all outstanding Preferred Shares (or would be outstanding assuming full exercise of
all options, warrants or other securities that are convertible, exercisable or exchangeable into Company’s Preferred Shares) into Company’s Ordinary Shares. 

“Governmental Authority” means any nation or government, or any federation, province or state or any other political
subdivision thereof; any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board, commission or
instrumentality of the PRC, the Cayman Islands, Hong Kong or any other country, or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization. 

  
 4 

 “Governmental Order” means any applicable order, ruling, decision, verdict,
decree, writ, subpoena, mandate, precept, command, directive, consent, approval, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental Authority. 

“Group Companies” means the Company and its Subsidiaries (including the HK Company, the WFOE, the Domestic Company, the PRC
Subsidiaries, each Person (except individuals) Controlled by the Company and their respective Subsidiaries from time to time), and “Group Company” means any of them, unless otherwise specified in this Agreement. For the avoidance of
doubt, “Group Companies” shall include the Additional WFOEs and the Additional HK Companies (upon their incorporation or establishment under the Laws of applicable jurisdictions). 

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

“IFRS” means the International Financial Reporting Standards promulgated by the International Accounting Standards Board
(IASB) (which includes standards and interpretations approved by the IASB and International Accounting Principles issued under previous constitutions), together with its pronouncements thereon from time to time, and applied on a consistent basis.

 “Indemnifiable Loss” means, with respect to any Person, any action, claim, cost, damage, diminution in value,
disbursement, expense, liability, loss, obligation, penalty, settlement, or suit of any kind or nature, together with all interest, penalties, and reasonable and documented legal, accounting and other professional fees and expenses incurred in the
investigation, collection, prosecution and defense of claims and amounts paid in settlement, that have been actually imposed on or otherwise actually incurred or suffered by such Person, whether directly or indirectly. 

“Intellectual Property” means any and all intellectual property, industrial property and proprietary rights in any
jurisdiction throughout the world, including: (a) patents, all patent rights and all applications therefor and all reissues, reexaminations, continuations,
continuations-in-part, divisions, and patent term extensions thereof, (b) inventions (whether patentable or not), discoveries, improvements, concepts, innovations
and industrial models, (c) registered and unregistered copyrights, copyright registrations and applications, author’s rights, moral rights, mask works, copyrightable works, and works of authorship (including artwork of any kind and
software of all types in whatever medium, inclusive of computer programs, and related documentation), (d) domain names and social media accounts, and any part thereof, (e) technical information, know-how,
trade secrets, drawings, designs, design protocols, specifications for parts and devices, quality assurance and control procedures, design tools, manuals, research data concerning historic and current research and development efforts, and
confidential information, including the results of successful and unsuccessful designs, databases and proprietary data, (f) proprietary processes, technology, engineering, formulae, algorithms and operational procedures, (g) trade names,
corporate names, trade dress, trademarks, service marks, other indicia of source, origin or quality, and registrations and applications therefor, and (h) the goodwill of the business symbolized or represented by the foregoing, customer lists
and other proprietary information and common-law rights. 

  
 5 

 “Key Employees” means the key employees of the Group Companies listed in
Exhibit B, and each a “Key Employee”. 
 “Knowledge” including the phrase “to the best
Knowledge of the Warrantors” or “to the Knowledge of the Warrantor” means, (i) with respect to a Warrantor that is an individual, the actual knowledge of such Warrantor, and that knowledge which should have been acquired by such
individual after making such due inquiry and exercising such due diligence as a prudent business person would have made or exercised in the management of his or her business affairs, and (ii) with respect to a Warrantor that is an institution,
the Warrantor will be deemed to have Knowledge of a particular fact or other matter if any of its officers at the department head level or above, directors, Key Employees, consultants and professional advisers (including attorneys, accountants and
auditors and to the extent of such individuals who are principally responsible for handling current matters for the Group Companies) is actually aware of such fact or other matter or should have become aware of such fact or other matter after making
such due inquiry and exercising such due diligence as a prudent business person would have made or exercised in the management of his or her business affairs, and where any statement in the representations and warranties hereunder is expressed to be
given or made to a Person’s Knowledge, or so far as a party is aware, or is qualified in some other manner having a similar effect, the statement shall be deemed to be supplemented by the additional statement that such party has made such due
inquiry and due diligence. 
 “Law” or “Laws” means any constitutional provision, statute or other law,
rule, regulation, official policy or interpretation of any Governmental Authority and any Governmental Order. 

“Liabilities” means, with respect to any Person, all debts, obligations, liabilities owed by such Person of any nature,
whether accrued, absolute, contingent or otherwise, and whether due or to become due. 
 “Lien” means any mortgage, pledge,
claim, security interest, encumbrance, title defect, lien, charge, easement, adverse claim, restrictive covenant, or other restriction or limitation of any kind whatsoever, including any restriction on the use, voting, transfer, receipt of income,
or exercise of any attributes of ownership. 
 “Material Adverse Effect” means any (a) event, occurrence, fact,
condition, change or development that has had, has, or would reasonably be expected to have a material adverse effect on the business, properties, assets, results of operations, condition (financial or otherwise), prospects or liabilities of the
Group Companies taken as a whole, (b) material impairment of the ability of any Warrantor to perform its obligations under any Transaction Document or the Restructuring Documents that are material to the transactions contemplated therein, or
(c) material impairment on the validity or enforceability of the Transaction Documents or the Restructuring Documents against the Warrantors which are a party thereto; provided, however, that in no event shall any change or event
generally affecting the economic, financial market or political conditions in which the Group Companies operate be deemed to constitute a Material Adverse Effect unless such event has had a disproportionate impact on the Group Companies compared to
other companies that operate in the territories or industries in which the Group Companies operate. 

  
 6 

 “MIIT” mean the Ministry of Industry and Information Technology of the PRC,
including its local counterparts. 
 “MOFCOM” means the Ministry of Commerce of the PRC, including its local counterparts.

 “NDRC” means the National Development and Reform Commission of the PRC, including its local counterparts. 

“Ordinary Shares” means the ordinary shares in the capital of the Company with a par value of US$0.0001 per share. 

“PBOC” means the People’s Bank of China or any of its local branches. 

“Person” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability
company, firm, trust, estate or other enterprise or entity. 
 “PFIC” means a passive foreign investment company as defined
in the Code. 
 “PRC Anti-Corruption Law” means any Laws, regulations, rules, provisions, implementation regulations,
orders, notices, guidance and procedures issued by legislators and/or empowered Governmental Authorities of the PRC, that are effective and are amended from time to time, regulating corruption, governmental bribery, commercial and private bribery,
bribery facilitation, unfair-competition, unlawful solicitation and any other related activity or conduct, which includes, but is not limited to, the Criminal Law of the People’s Republic of China, the Anti-Unfair Competition Law of the
People’s Republic of China, the Interim Provisions on the Prohibition of Commercial Bribery, the Implementation Measures for the Code of Ethics for Officials of the Communist Party of China, the rules and procedures set by the Supreme
People’s Court of the People’s Republic of China and the Supreme People’s Procuratorate of the People’s Republic of China, and the rules and procedures of the Commission for Discipline Inspection of the Central Committee of the
Chinese Communist Party and its local counterparts. 
 “PRC Companies” means the WFOE, the Domestic Company, and the PRC
Subsidiaries. 
 “PRC Subsidiaries” means the entities listed in Exhibit A. 

“PRC GAAP” means the generally accepted accounting principles in the PRC in effect from time to time. 

  
 7 

 “PRC” means the People’s Republic of China but solely for purposes of
this Agreement, does not include Hong Kong, the Macau Special Administrative Region and Taiwan. 
 “Preferred Shares” means
the Series A Preferred Shares. 
 “Public Official” means (a) any employee or official of any Governmental Authority,
including any employee or official of any entity owned or controlled by a Governmental Authority, (b) any employee or official of a political party, (c) any candidate for political office or his employee or associate, (d) any employee
or official of an international organization, or (e) any person who acts in an official capacity for or on behalf of any of the foregoing. 

“Reorganization Plan” means the transactions for the transfer of the Contributed Assets to the Group Companies from third
parties and from other Subsidiaries of the Controlling Shareholder. 
 “Restructuring Documents” means the restructuring
documents executed by the WFOE, the Domestic Company, the shareholders of the Domestic Company and other relevant parties on January 5, 2022, which includes the Exclusive Business Cooperation Agreement, Equity Interest Pledge Agreement,
Exclusive Option Agreement and Power of Attorney. 
 “RMB” means Renminbi, the lawful currency of the PRC. 

“SAFE” means the State Administration of Foreign Exchange of the PRC, including its local counterparts. 

“SAMR” means the State Administration for Market Regulation of the PRC, including its local counterparts. 

“Securities Act” means the U.S. Securities Act of 1933, as amended from time to time, and the rules and regulations
promulgated thereunder. 
 “Statement Date” means July 31, 2021. 

“Subsidiary” means, with respect to a specific entity, (i) any entity (x) more than fifty percent (50%) of whose
shares or other interests entitled to vote or (y) more than fifty percent (50%) of whose interests in the profits or capital of such entity are owned or Controlled directly or indirectly by the subject entity or through one (1) or more
Subsidiaries of the subject entity; (ii) any entity whose assets, or portions thereof, are consolidated with the net earnings of the subject entity and are recorded on the books of the subject entity for financial reporting purposes in
accordance with PRC GAAP, U.S. GAAP or IFRS; or (iii) any entity with respect to which the subject entity has the power to otherwise direct the business and policies of that entity directly or indirectly. For the avoidance of doubt, the
Subsidiaries of the Company shall include the HK Company, the WFOE, the Domestic Company, the PRC Subsidiaries, the Additional HK Companies and the Additional WFOEs (upon their incorporation or establishment under the Laws of applicable
jurisdictions) and any other Subsidiary to be established by any of them from time to time. 

  
 8 

 “Tax Return” means any return, declaration, report, estimate, claim for
refund, claim for extension, information return, or statement relating to any Tax, including any schedule or attachment thereto. 

“Tax” means any national, provincial or local income, sales and use, excise, franchise, real and personal property, gross
receipt, capital stock, production, business and occupation, disability, employment, payroll, severance or withholding tax or any other type of tax, levy, assessment, custom duty or charge imposed by any Governmental Authority, any interest and
penalties (civil or criminal) related thereto or to the non-payment thereof, and any loss or tax Liability incurred in connection with the determination, settlement or litigation of any Liability arising
therefrom. 
 “Transaction Documents” means this Agreement, the Amended M&AA, the Shareholders’ Agreement, the
Restructuring Documents, the exhibits attached to any of the foregoing and each of the agreements and other documents otherwise required in connection with implementing the transactions contemplated by any of the foregoing. 

“Transferred Assets” means all the assets (whether tangible and intangible, including without limitation the Intellectual
Property), which are not currently owned by any Group Company that are wholly attributable to the Business and set forth with particularity in the Reorganization Plan. 

“Transferred Contracts” means all the Contracts, which were not previously signed by any Group Company that are wholly
attributable to the Business and set forth with particularity in the Reorganization Plan. 
 “Transferred Employees” means
all the employees, who are not currently employed by a Group Company but who will be employed by a Group Company as set forth with particularity in the Reorganization Plan. 

“U.S.” means the United States of America. 

“U.S. GAAP” means the generally accepted accounting principles in the 

U.S. in effect from time to time. 

“US$” or “$” means the lawful currency of the U.S. 

“Warrants” means certain warrants to be issued by the Company to certain investors, pursuant to which and under the
conditions provided therein the investors are granted with warrants to acquire 9,354,953 Series A Preferred Shares. 

  
 9 

 1.2 Definitions. 

The following terms have the meanings set forth in the Sections set forth below: 

 

			
	 Agreement
	  	Preamble
		
	 Amended M&AA
	  	Section 2.1
		
	 Anti-Corruption Laws
	  	Section 3.18(d)
		
	 Arbitration Rules
	  	Section 10.13
		
	 Board
	  	Section 3.2(a)
		
	 Capital Injection Amount
	  	Section 6.16
		
	 Closing
	  	Section 2.2
		
	 Closing Date
	  	Section 2.2
		
	 Company
	  	Preamble
		
	 Confidential Information
	  	Section 10.10(a)
		
	 Conversion Shares
	  	Section 3.2(c)
		
	 Disclosing Party
	  	Section 10.10(c)
		
	 Domestic Company
	  	Preamble
		
	 ESOP
	  	Section 3.2(a)(iii)
		
	 FCPA
	  	Section 3.18(d)
		
	 Financial Statements
	  	Section 3.13(a)
		
	 HK Company
	  	Preamble
		
	 HKIAC
	  	Section 10.13
		
	 Immediate Family Members
	  	Section 1.1
		
	 Indemnified Person
	  	Section 9.1
		
	 Investor
	  	Preamble
		
	 Material Contracts
	  	Section 3.17(a)
		
	 Money Laundering Laws
	  	Section 3.20
		
	 Party or Parties
	  	Preamble
		
	 Permits
	  	Section 3.22
		
	 Per Share Purchase Price
	  	Section 2.1
		
	 Purchase Price
	  	Section 2.1
		
	 Purchased Shares
	  	Section 2.1
		
	 Proceeds
	  	Section 6.1
		
	 Prohibited Person
	  	Section 3.19(a)

  
 10 

			
		
	 Related Party
	  	Section 3.24
		
	 Related Party Contract
	  	Section 3.24
		
	 Representatives
	  	Section 3.18(d)
		
	 Sanctioned Country
	  	Section 3.19(a)(ii)
		
	 Sanctions
	  	Section 3.19(a)(i)
		
	 Shareholders’ Agreement
	  	Section 2.1
		
	 Series A Preferred Shares
	  	Recitals
		
	 Social Welfare
	  	Section 3.26(c)
		
	 Warrantor or Warrantors
	  	Section 3
		
	 WFOE
	  	Preamble

 1.3 Interpretation and Rules of Construction. 

In this Agreement, except to the extent otherwise provided or that the context otherwise requires: 

(a) when a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an Article or Section of, or
an Exhibit or Schedule to, this Agreement unless otherwise indicated; 
 (b) the table of contents and headings for this Agreement are for
reference purposes only and do not affect in any way the meaning or interpretation of this Agreement; 
 (c) whenever the words
“include,” “includes” or “including” are used in this Agreement, they are deemed to be followed by the words “without limitation”; 

(d) the words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement, refer
to this Agreement as a whole and not to any particular provision of this Agreement; 
 (e) all terms defined in this Agreement have the
defined meanings when used in any certificate or other document made or delivered pursuant hereto, unless otherwise defined therein; 
 (f)
the definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms; 
 (g) references to a
Person are also to its successors and permitted assigns; 

  
 11 

 (h) the use of “or” is not intended to be exclusive unless expressly indicated
otherwise; 
 (i) any reference to a contract or document is to that contract or document as amended, novated, supplemented, restated or
replaced from time to time; and 
 (j) if any rights or obligations under this Agreement fall on a day or date which is not a Business Day,
such rights or obligations shall instead fall on the next succeeding Business Day after such stated day or date. 
 2. SALE AND
PURCHASE, CLOSING 
 2.1 Subscription of Preferred Shares. 

As of the Closing, the Company shall issue and sell to the Investor, pursuant to the terms and conditions of this Agreement, a total of 568,182
Series A Preferred Shares (the “Purchased Shares”), for an aggregate purchase price of US$5,000,000 (the “Purchase Price”), at a per share purchase price of US$8.8000 (the “Per Share Purchase
Price”), each having the rights, preferences, privileges and restrictions set forth in the Third Amended and Restated Memorandum and Articles of Association of the Company attached hereto as Exhibit E (the “Amended
M&AA”) and the Amended and Restated Shareholders’ Agreement attached hereto as Exhibit F (the “Shareholders’ Agreement”). 

2.2 Closing. 
 The
consummation of the purchase and sale of the Purchased Shares shall be conducted remotely by exchange of documents and signatures, on a date no later than fifteen (15) Business Days after the fulfilment or waiver of the conditions to the
Closing as set forth in Section 7 and Section 8 respectively, or at such other place and time as the Company and the Investor may mutually agree upon (the “Closing”, and the date of the Closing, the “Closing
Date”). 
 2.3 Pre-Money Valuation. 

The Purchase Price and the Per Share Purchase Price payable by the Investor for purchasing the Purchased Shares represents a pre-money valuation of the Company equal to US$500,000,000, including 6,818,182 Ordinary Shares reserved under the ESOP but excluding the Series A Preferred Shares to be issued pursuant to the Warrants. 

2.4 Deliverables by the Company at the Closing. 

Subject to Sections 7 and 8, prior to or at the Closing, the Company shall deliver the following items to the Investor: 

(a) the counterparts of each Transaction Document duly executed by each of the parties thereto (other than the Investor); 

  
 12 

 (b) the certified true copies of the board and/or shareholders resolutions of each Warrantor
approving, among other things, the transactions contemplated by this Agreement and any other Transaction Documents to which it is a party; 

(c) a copy of updated register of members of the Company dated as of the Closing Date, reflecting the issuance of the Purchased Shares to the
Investor; 
 (d) scanned copies of duly executed share certificates representing the Purchased Shares subscribed for by the Investor at the
Closing, original copies of which shall be delivered to the Investor after the Closing; and 
 (e) a compliance certificate dated as of the
Closing signed by each Warrantor or a duly authorized representative of each Warrantor, as applicable, certifying that all of the conditions set forth in Section 7 have been fulfilled. 

2.5 Deliverables by the Investor at the Closing. 

Subject to the satisfaction or waiver of all the conditions set forth in Section 7 below and against the delivery of applicable items set
forth in Section 2.4 above, on the Closing Date, the Investor shall pay the Purchase Price by wire transfer of United States dollars in immediately available funds to the bank account as designated in writing by the Company. 

3. REPRESENTATIONS AND WARRANTIES OF THE WARRANTORS 

Each of the Founder, the Controlling Shareholder, the Company, the HK Company, the WFOE, the Domestic Company and the Major PRC Subsidiaries
(collectively the “Warrantors” and each a “Warrantor”) hereby jointly and severally represents and warrants to the Investor that, except as set forth in the Disclosure Schedule, which exceptions shall be deemed to
be part of the representations and warranties made hereunder, each of the statements contained in this Section 3 is true, accurate and complete from the date hereof to the Closing Date (unless otherwise specified) hereunder (or, if such
representations and warranties are made with respect to a certain date, as of such date). 
 3.1 Organization, Good Standing and
Qualification. 
 Each Group Company is duly organized, validly existing and in good standing (or equivalent status in the relevant
jurisdiction) under, or by virtue of, the Laws of the jurisdiction of its incorporation or establishment. Each Group Company has all requisite legal and corporate power and authority to own, lease and operate its properties and assets and to carry
on the Business, and is duly qualified to transact business in each jurisdiction in which the failure to so qualify would reasonably be expected to result in a Material Adverse Effect. Each of the Company and the HK Company was formed solely to
acquire and hold the equity interests in the other Group Companies and since its formation has not engaged in any other business and has not incurred any Liability. No order has been made or petition presented or resolution passed for the winding
up, liquidation or dissolution of any Group Company and no distress, execution or other process has been levied on any Group Company’s assets. 

  
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 3.2 Capitalization. 

Immediately prior to the Closing (but after giving effect to the adoption of the Amended M&AA, which will become effective on the Closing
Date), the authorized share capital of the Company consists of the following: 
 (a) Ordinary Shares. 490,076,865 Ordinary Shares, par
value US$0.0001 per share, of which: 
 (i) 50,000,000 shares are issued and outstanding; 

(ii) 9,923,135 shares are reserved for issuance upon conversion of the Series A Preferred Shares; and 

(iii) 6,818,182 shares are reserved for issuance to the selected employees and members of the Group Companies’ management team as
approved by the board of directors of the Company (the “Board”) pursuant to the Company’s employee share option plan (or any equivalent equity incentive program or arrangement) (the “ESOP”) adopted by the
Company. 
 (b) Series A Preferred Shares. 9,923,135 Series A Preferred Shares, par value US$0.0001 per share, none of which are
issued and outstanding. 
 (c) Options, Warrants, Reserved Shares. The Company has reserved sufficient Ordinary Shares for issuance
(i) upon the conversion of the Preferred Shares, and (ii) pursuant to ESOP (collectively, the “Conversion Shares”). The Company has reserved sufficient Preferred Shares for issuance upon the exercise of the Warrants.
Except (i) as described above and (ii) as contemplated under the Transaction Documents, there are no options, warrants, conversion privileges or other rights, or agreements with respect to the issuance thereof, presently outstanding to
purchase any of the Equity Securities of the Group Companies. Apart from the exceptions noted in this Section 3.2 and the Transaction Documents, no shares (including the Ordinary Shares and Series A Preferred Shares) of the Company’s
outstanding share capital, or shares issuable upon exercise or exchange of any outstanding options or other shares issuable by the Company, are subject to any pre-emptive rights, rights of first refusal or
other rights to purchase such shares (whether in favor of the Company or any other Person). 
 (d) Section 3.2(d) of the Disclosure
Schedule completely and accurately lists, as of (i) immediately prior to the Closing; (ii) immediately after the Closing, the outstanding and authorized Equity Securities of each Group Company, and the record and beneficial holders
thereof. 

  
 14 

 (e) The registered capital of the Domestic Company has been timely paid in accordance with
the PRC Law and its articles of association as of the date hereof. 
 (f) All presently outstanding Equity Securities of each of the Company
or the HK Company were duly and validly issued (or subscribed for) in compliance with all applicable Laws, pre-emptive rights of any Person, and applicable Contracts, and are fully paid and non-assessable. All share capital of each Group Company is and as of the Closing shall be free and clear of any and all Liens or other third-party rights, claims or interests (except as provided under the
Transaction Documents). Except as contemplated under the Transaction Documents, there are no 
 (a) resolutions pending to increase the share
capital of any Group Company or cause the liquidation, winding up, or dissolution of any Group Company or (b) dividends which have accrued or been declared but are unpaid by any Group Company. 

(g) Other than the Transaction Documents, no Group Company’s Contracts relating to its Equity Securities that are subject to any vesting
schedule provides for acceleration of vesting (or lapse of a repurchase right) or other changes in the vesting provisions or other terms of such agreement or understanding upon the occurrence of any event or combination of events. Other than those
contemplated in the Transaction Documents, no Group Company has ever adjusted or amended the exercise price of any share options previously awarded (if any), whether through amendment, cancellation, replacement grant, repricing, or any other means.

 (h) After giving effect to the transactions contemplated in the Transaction Documents, except as provided in the Shareholders’
Agreement, the Company has not granted or agreed to grant any person or entity any registration rights (including piggyback registration rights). 

3.3 Subsidiaries. 

Section 3.3 of the Disclosure Schedule sets forth a complete structure chart showing the Group Companies, and
indicating the ownership and Control relationships among all Group Companies, the Controlling Shareholder and other shareholders (if any). The Company is the sole legal and beneficial owner of the HK Company free and clear of any and all Liens or
other third-party rights, claims or interests, and the HK Company is the sole legal and beneficial owner of the WFOE free and clear of any and all Liens or other third-party rights, claims or interests. Except for the Restructuring Documents, there
is no agreement among the Controlling Shareholder or any Group Company, on one hand, and any Group Company, any other shareholder of any Group Company and/or any other Person, on the other hand, with respect to the ownership or Control of any of the
Group Companies. No Group Company currently owns or Controls, directly or indirectly, any interest or share in any other Person (other than another Group Company) or is currently a participant in any joint venture, partnership or similar
arrangement. No Group Company is obligated to make any investment in or capital contribution in or on behalf of any other Person. Other than the Warrants, no Group Company has or is bound by any outstanding subscriptions, options, warrants, calls,
commitments, rights agreements or agreements of any character calling for it to issue, deliver or sell, or cause to be issued, delivered or sold, any of its Equity Securities. Other than the Transaction Documents, there are no outstanding
contractual obligations of any Group Company to repurchase, redeem or otherwise acquire any of its Equity Securities. 

  
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 3.4 PRC Companies. 

Except as disclosed in Section 3.4 of the Disclosure Schedule: 

(a) The registered capital of the WFOE is fully paid as required under its articles of association and one hundred percent (100%) of the equity
interest of the WFOE is duly vested in the HK Company as the sole investor in and owner of the WFOE in accordance with applicable PRC Law. 

(b) One hundred percent (100%) of the equity interests of each PRC Company is duly vested in its shareholders as its sole investors and owners
in accordance with applicable PRC Law. 
 (c) Except as provided under the Restructuring Documents, there are no outstanding rights, or
commitments made by each of the PRC Companies to issue or sell or any of its investors and owners, to purchase any equity interest in each of the PRC Companies. 

(d) Except as contemplated under the Transaction Documents, there are no bonds, debentures, notes or other indebtedness of any of the PRC
Companies having the right to vote (or convertible into, or exchangeable for, securities having the right to vote) on any matters on which holders of equity interests of each of the PRC Companies may vote. 

(e) Each of the WFOE and the Domestic Company has operations in its respective registered office. 

(f) The incorporation documents relating to each of the PRC Companies are valid and have been duly approved or issued (as applicable) by the
appropriate PRC authorities and are valid and in full force. 
 (g) Except as disclosed in Section 3.4(g) of the
Disclosure Schedule, all material Approvals from Governmental Authorities required for the qualifications of each PRC Companies for its Businesses under PRC Laws as currently operated, or contemplated to be operated, have been duly obtained from
the appropriate PRC authorities and are in full force and effect. 
 (h) All filings and registrations with the PRC Governmental Authorities
required in respect of each of the PRC Companies and its operations, including MOFCOM, SAMR, SAFE, MIIT, PBOC, the supervision and administration department of safety in production, tax bureau, customs authorities, product registration authorities
and health regulatory authorities, as applicable, have been duly completed, in all material respects, in accordance with the relevant Laws. 

  
 16 

 (i) None of the PRC Companies has received any letter or notice from any relevant
Governmental Authority notifying each of the PRC Companies of the revocation of any Approvals from Governmental Authorities issued to it for non-compliance or the need for compliance or remedial actions in respect of the activities carried out
directly or indirectly by each of the PRC Companies. 
 (j) No Group Company has any reason to believe that any Approvals from Governmental
Authorities requisite for the conduct of any part of each of the PRC Companies’ Business which are subject to periodic renewal will not be granted or renewed by the relevant PRC Governmental Authorities. 

(k) With respect to any land use right, building, property and investment held or leased by each of the PRC Companies, it has exclusive, full
and unimpaired legal and beneficial ownership of its rights, leasehold interests, property and investments free from any mortgages or security interests of any nature, third party rights, conditions, orders or other restrictions and has obtained all
necessary Approvals and effected all necessary registrations with Government Authorities with respect thereto. 
 (l) All applicable Laws
with respect to the opening and operation of foreign exchange accounts and foreign exchange activities of each of the PRC Companies have been fully complied with in all material respects, and all requisite Approvals from the SAFE in relation thereto
have been duly obtained. 
 (m) With regard to employment and staff or labour management, each of the PRC Companies has complied in material
respects with all applicable PRC Laws, other than Laws pertaining to Social Welfare, with regard to which each of the PRC Companies has complied with all such Laws, except for any such failure to comply with Laws pertaining to Social Welfare that
would not reasonably be expected to result in, individually or in the aggregate, a Material Adverse Effect. 
 (n) There are no outstanding
stock options with respect to each of the PRC Companies. 
 3.5 Restructuring Documents. 

(a) The execution, delivery and performance by each and all of the Warrantors of their respective obligations under each and all of the
Restructuring Documents, and the consummation of the transactions contemplated thereunder, do not and will not result in any violation of their respective Charter Documents or any applicable PRC Laws. 

(b) Each Restructuring Document is, and all the Restructuring Documents taken as a whole are, legal, valid, enforceable and admissible as
evidence under PRC Laws, and constitute the legal and binding obligations of the relevant parties. 

  
 17 

 (c) As of the Closing Date, the WFOE shall have effective control of the Domestic Company
and is the sole beneficiary of the Domestic Company, such that the financial statements of the Domestic Company can be consolidated with those of the other Group Companies in accordance with the applicable accounting principles. There have been no
disputes, disagreements, claims or any legal proceedings of any nature, raised by any Governmental Authority or any other party, pending or, to the Knowledge of the Warrantors, threatened against or affecting any of the Company, WFOE or the Domestic
Company that: (i) challenge the validity or enforceability of any part or all of the Restructuring Documents taken as whole; (ii) challenge the Captive Structure as set forth in the Restructuring Documents; (iii) claim any ownership,
share, equity or interest in WFOE or the Domestic Company, or claim any compensation for not being granted any ownership, share, equity or interest in WFOE or the Domestic Company; or (iv) claim any of the Restructuring Documents or the Captive
Structure thereof or any arrangements or performance of or in accordance with the Restructuring Documents was, is or will violate any PRC Laws. 

3.6 Due Authorization. 

Each Warrantor has all requisite power and authority to execute and deliver the Transaction Documents to which it is a party and to carry out
and perform its obligations thereunder. All action on the part of each Warrantor (and, as applicable, its officers, directors and shareholders) necessary for the authorization, execution and delivery of the Transaction Documents to which it is a
party, the performance of all obligations of each Warrantor thereunder, and, in the case of the Company, the authorization, issuance (or reservation for issuance), sale, transfer and delivery of the Purchased Shares and the Conversion Shares
issuable upon conversion of the Series A Preferred Shares, will be taken at the Closing pursuant to Section 2.2. The Company has, prior to the date hereof, obtained irrevocable waivers from all existing shareholders or warrant holders of the
Company of their pre-emptive rights to subscribe for the Purchased Shares. This Agreement has been duly executed and delivered by each Warrantor. This Agreement and each of the other Transaction Documents are,
or when executed and delivered by such Warrantor shall be, valid and legally binding obligations of such Warrantor, enforceable against such Warrantor in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, and other Laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by Laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies. 
 3.7 Valid Issuance. 

(a) The Purchased Shares when issued, sold and delivered in accordance with the terms of this Agreement for the consideration expressed herein,
will be duly and validly issued, fully paid and non-assessable, free and clear of any Liens (except as provided under applicable securities Laws and under the Transaction Documents). The Conversion Shares with
respect to the Purchased Shares have been duly and validly reserved for issuance and, upon issuance in accordance with the terms of the Amended M&AA, will be duly and validly issued, fully paid and
non-assessable (except as provided under the Transaction Documents and applicable Laws). 

  
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 (b) All currently outstanding Equity Securities of the Company are duly and validly issued,
fully paid and non-assessable and free of any Liens, and in each case such Equity Securities have been issued in full compliance with the requirements of all applicable securities Laws and regulations,
including the Securities Act, and all other antifraud and other provisions of applicable securities Laws. 
 3.8 Governmental
Consents. 
 No Approval from Governmental Authorities with respect to or on the part of any Group Company or the Controlling Shareholder
is required in connection with its valid execution, delivery, or performance of this Agreement, Restructuring Documents or the other Transaction Documents or the offer, sale, issuance, transfer or reservation for issuance of any Purchased Shares in
accordance with and as contemplated by this Agreement. 
 3.9 Exempt Offering. 

The offer, sale, transfer and issuance of the Purchased Shares as contemplated by the Transaction Documents, are exempt from the qualification,
registration and prospectus delivery requirements of the Securities Act and any other applicable securities Laws of any Governmental Authorities. 

3.10 Regulatory Matters. 

(a) Without limiting any particular representations and warranties of the foregoing, (i) the Founder and the Group Companies have obtained
any and all material Approvals from applicable Governmental Authorities and have fulfilled any and all material filings and registration requirements with applicable Governmental Authorities necessary with respect to the Group Companies and their
operations; and (ii) all material filings and registrations with applicable Governmental Authorities required with respect to the Group Companies and the Founder have been duly completed in accordance with applicable Laws. No Group Company or
Founder has received any letter or notice from any applicable Governmental Authorities notifying it of the revocation of any Approval issued to it or the need for compliance or remedial actions with respect to the activities carried out directly or
indirectly by such Person. Each Group Company has been substantively conducting its Business activities within the permitted scope of business or is otherwise operating its Businesses in substantive compliance with all relevant Laws in all material
respects. There are no outstanding fines or penalties asserted against the Group Companies by any Governmental Authority, and none of the Founder and the Group Companies has reason to believe that any authorization of any Governmental Authority,
license or permit required for the conduct of any part of its Business which is subject to periodic renewal will not be granted or renewed by the relevant Governmental Authorities. 

  
 19 

 (b) The Founder has completed the reporting and registration requirements for the Founder
under Circular 37 or any other applicable SAFE rules and regulations (collectively, the “SAFE Rules and Regulations”) in order to effect his indirect holding of Ordinary Shares of the Company and believes that he can update the
Circular 37 Registration in connection with the transactions as contemplated under the Transaction Documents if required by applicable Laws (including the SAFE Rules and Regulations) or by SAFE. To the best Knowledge of the Warrantors, each holder
of any Equity Securities of the Company (for the avoidance of doubt, excluding the holders of the Preferred Shares and the holders of the preferred shares of the Controlling Shareholder) (each, a “Company Security Holder”), who is a
Domestic Resident (or has Domestic Resident(s) as its beneficial owner) and subject to any of the registration or reporting requirements of SAFE Rules and Regulations, will complete such reporting and registration requirements under the SAFE Rules
and Regulations in order to effect his or her direct or indirect holding of Ordinary Shares of the Company, prior to the recording to the name of such Company Security Holder on the register of members of the Company. Neither the Warrantors nor, to
the best Knowledge of the Warrantors, any of the Company Security Holders has received any oral or written inquiries, notifications, orders or any other forms of official correspondence from SAFE or any of its local branches with respect to any
actual or alleged non-compliance with the SAFE Rules and Regulations and the Company and, to the best Knowledge of the Warrantors, the Company Security Holders have made all written filings, registrations,
reporting or any other communications required by SAFE or any of its local branches. The Domestic Company has not conducted any foreign exchange transactions or other transactions subject to Approvals from SAFE. To the best Knowledge of the
Warrantors, there exists no grounds on which any of the Group Companies may be subject to liability or penalties for any Person’s failure or defect of registration, misrepresentation or failure to disclose any material information to the
issuing SAFE authority. 
 3.11 Tax Matters. 

(a) Each Group Company (i) has timely filed (taking into account any extension of time within which to file) all Tax Returns that are
required to be filed by it with any Governmental Authority, (ii) has timely paid all Taxes owed by it which are due and payable (whether or not shown on any Tax Return) and withheld and remitted to the appropriate Governmental Authority all
Taxes which it is obligated to withhold and remit from amounts owing to any employee, creditor, customer or third party, and (iii) has not waived any statute of limitations with respect to Taxes or agreed to any extension of time with respect
to a Tax assessment or deficiency other than, in the case of clauses (i) and (ii), unpaid Taxes that are in contest with the Tax authority by any Group Company in good faith or are nonmaterial in amount. 

(b) Each Tax Return referred to in paragraph (a) above was properly prepared in compliance with applicable Laws and was (and will be)
true, correct and complete in all respects. None of such Tax Returns contains a statement that is false or misleading or omits any matter that is required to be included or without which the statement would be false or misleading. No reporting
position was taken on any such Tax Return which has not been disclosed to the appropriate Tax authority or in such Tax Return, as may be required by Law. All records relating to such Tax Returns or to the preparation thereof required by applicable
Law to be maintained by applicable Group Company have been duly maintained. No written claim has been made by a Governmental Authority in a jurisdiction where any Group Company does not file Tax Returns that such Group Company is or may be subject
to taxation by that jurisdiction. 

  
 20 

 (c) The assessment of any additional Taxes with respect to the applicable Group Company for
periods for which Tax Returns have been filed is not expected to exceed the recorded Liability therefor in the most recent balance sheet in the Financial Statements, and to the Knowledge of the Warrantors, there are no unresolved questions or claims
concerning any Tax Liability of any Group Company. Since the Statement Date, no Group Company has incurred any Liability for Taxes outside the ordinary course of business or otherwise inconsistent with past custom and practice. There is no pending
dispute with, or notice from, any Tax authority relating to any of the Tax Returns filed by any Group Company, and to the best Knowledge of the Warrantors, there is no proposed Liability for a deficiency in any Tax to be imposed upon the properties
or assets of any Group Company. 
 (d) No Group Company has been the subject of any examination or investigation by any Tax authority
relating to the conduct of its Business or the payment or withholding of Taxes that has not been resolved or is currently the subject of any examination or investigation by any Tax authority relating to the conduct of its Business or the payment or
withholding of Taxes. No Group Company is responsible for the Taxes of any other Person by reason of contract, successor liability or otherwise. 

(e) No Group Company is or has ever been a PFIC or CFC. To the best Knowledge of the Warrantors, no Group Company anticipates that it will
become a PFIC or CFC for the current taxable year or any future taxable year. 
 3.12 Charter Documents; Books and Records. 

The Charter Documents of each Group Company are in the form provided to the Investor. Each Group Company has made available to the Investor or
its counsel a copy of its minute books. Such copy is true, correct and complete, and contains all amendments and all minutes of meetings and actions taken by its shareholders and directors since the time of formation through the date hereof and
reflects in all material respects all transactions referred to in such minutes accurately. Each Group Company maintains its books of accounts and records in the usual, regular and ordinary manner, on a basis consistent with prior practice. 

  
 21 

 3.13 Financial Statements and Internal Controls. 

(a) The Warrantors have provided the Investor with the financial statements of the Group Companies consisting of the unaudited balance sheet,
income statement and cash flow statement of the Group Companies for the period from January 1, 2019 to the Statement Date prepared by the respective Group Company in accordance with PRC GAAP applied on a consistent basis (the “Financial
Statements”). The Financial Statements (i) have been prepared in accordance with the books and records of the relevant Group Company, (ii) are true, correct and complete to the extent that they fairly present, in accordance with
PRC GAAP, the financial condition and position of the relevant Group Company as of the dates indicated therein and the results of operations and cash flows of the relevant Group Company for the periods indicated therein in all material respects, and
(iii) were prepared in accordance with PRC GAAP applied on a consistent basis throughout the periods involved, except for the omission of notes thereto and normal year-end audit adjustments. All of the
accounts receivable owing to any of the Group Companies, including all accounts receivable set forth on the Financial Statements, constitute valid and enforceable claims and are good and collectible in the ordinary course of business, net of any
reserves shown on the Financial Statements (which reserves are adequate and were calculated on a basis consistent with PRC GAAP), and no further goods or services are required to be provided in order to complete the sales and to entitle the
applicable Group Company to collect in full. To the best Knowledge of the Warrantors, there are no material contingent or asserted claims, refusals to pay, or other rights of set-off with respect to any
accounts receivable of the Group Companies. The Group Companies have good and marketable title to all assets set forth in the Financial Statements, except for such assets as have been spent, sold or transferred in the ordinary course of business
since the Statement Date. Each Group Company maintains and will continue to maintain a standard system of accounting established and administered in accordance with generally accepted accounting principles as required in the jurisdiction where it is
incorporated. 
 (b) Each Group Company has maintained its (x) books and records reflecting its assets and liabilities that are accurate
in all material respects, and (y) adequate and effective internal accounting controls which provide the assurance that (i) such system is in accordance with applicable Laws and applicable accounting principles, (ii) transactions by it are
executed in accordance with management’s general or specific authorization, (iii) transactions by it are recorded as necessary to permit preparation of financial statements in conformity with the applicable accounting principles and to
maintain asset accountability, (iv) access to assets of it is permitted only in accordance with management’s general or specific authorization, (v) the recorded inventory of assets is compared with the existing tangible assets at
reasonable intervals and appropriate action is taken with respect to any material differences, (vi) segregating duties for cash deposits, cash reconciliation, cash payment, proper approval is established, and (vii) no personal assets or
bank accounts of the employees, directors, officers are mingled with the corporate assets or corporate bank account, and no Group Company uses any personal bank accounts of any employees, directors, officers thereof during the operation of the
Business. 
 3.14 Activities since the Statement Date. 

Since the Statement Date and except as provided by or contemplated under the Transaction Documents or otherwise disclosed in
Section 3.14 of the Disclosure Schedule, the Group Companies have (i) operated the Business in the ordinary course of business consistent with past practice, (ii) used its reasonable best efforts to
preserve its Business, (iii) collected receivables and paid payables and similar obligations in the ordinary course of business consistent with past practice, and (iv) not engaged in any new line of business outside the Business or entered
into any material agreement, transaction or activity or made any commitment with respect to the following, except those in the ordinary course of business or pursuant to the Reorganization Plan, and there has not been any material adverse change in
the way the Group Companies conduct the Business, including that there has not been by or with respect to any Group Company, except any act taken or omission made in accordance with paragraph 2 of Exhibit G: 

  
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 (a) any purchase, acquisition, sale, lease, disposal of or other transfer of any assets
(including any (i) license of, grant of other rights under, Intellectual Property rights to third parties, (ii) abandonment or permission to lapse of, or permission to be subject to any Lien with respect to, Intellectual Property rights,
or (iii) other than in the ordinary course of business consistent with past practice and under appropriate confidentiality agreements, disclosure of confidential information) that are individually or in the aggregate material to its Business,
whether tangible or intangible, other than the purchase or sale of inventory in the ordinary course of business consistent with past practice, and no acquisition (by merger, consolidation or other combination, or acquisition of stock or assets, or
otherwise) of any business or other Person or division thereof; 
 (b) any waiver, termination, settlement or compromise of a right, debt or
claim exceeding RMB5,000,000; 
 (c) any incurrence, creation, assumption, repayment, satisfaction, or discharge of (i) any Lien in an
amount exceeding RMB5,000,000 or (ii) any indebtedness or guarantee, or the making of any loan or advance (other than reasonable and normal advances to employees for bona fide expenses that are incurred in the ordinary course of business
consistent with past practice), or the making of any investment or capital contribution; 
 (d) any amendment to any Material Contract, any
entering of any new Contract, or any termination of any Contract that would have been a Material Contract if in effect on the date hereof, or any amendment to any Charter Document, or any amendment to or waiver under any Charter Document; 

(e) any material change in any compensation arrangement or agreement with the Key Employee, or adoption of any new Benefit Plan, or any change
in any existing Benefit Plan; 
 (f) any resignation or termination of any Key Employee; 

(g) any declaration, setting aside or payment or other distribution with respect to any Equity Securities, or any direct or indirect
redemption, purchase or other acquisition of any Equity Securities; 
 (h) any damage, destruction or loss, whether or not covered by
insurance, that would have a Material Adverse Effect to any Group Company; 
 (i) any material change in accounting methods or practices or
any revaluation of any of its assets other than those contemplated in the Financial Statements; 

  
 23 

 (j) except in the ordinary course of business consistent with past practice, entry into any
closing agreement with respect to Taxes, settlement of any claim or assessment with respect to any Taxes, or consent to any extension or waiver of the limitation period applicable to any claim or assessment with respect to any Taxes, entry or change
of any Tax election, change of any method of accounting resulting in any amount of additional Tax or filing of any amended Tax Return; 
 (k)
any commencement or settlement of any Action; 
 (l) except for the issuance of Equity Securities as contemplated in the Transaction
Documents, any action to authorize, create or issue new shares or new securities of any class or series of any Group Company; 
 (m) to the
Knowledge of the Warrantors, any other event or condition of any character which is reasonably expected to have, individually or in the aggregate, a Material Adverse Effect; or 

(n) any agreement or commitment to do any of the things described above in this Section 3.14. 

3.15 Action and Governmental Orders. 

There is no Governmental Order restraining, enjoining or otherwise prohibiting the operation of the Business or the consummation of the
transactions contemplated by this Agreement, Restructuring Documents or any other Transaction Documents. Except as set forth in Section 3.15 of the Disclosure Schedule, there is no Action pending or, to the best Knowledge
of the Warrantors, currently threatened against any Group Company or any of the directors or Key Employees of any Group Company with respect to the respective businesses or proposed business activities of each Group Company, nor is any Warrantor
aware of any basis for any of the foregoing, including with respect to any Action involving the prior employment of any employees of any Group Company, their use in connection with such Group Company’s Business of any information or
technologies allegedly proprietary to any of their former employers or their obligations under any agreements with prior employers. 
 3.16
Liabilities. 
 Except as set forth in Section 3.16 of the Disclosure Schedule, no Group Company has any
Liabilities except for (i) Liabilities set forth in the Financial Statements that have not been satisfied since the Statement Date, and (ii) current Liabilities incurred since the Statement Date in the ordinary course of business
consistent with past practice. None of the Group Companies is a guarantor or indemnitor of any Liabilities of any other Person that is not a Group Company. 

  
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 3.17 Material Contracts. 

(a) Section 3.17 of the Disclosure Schedule contains the Contracts the term of which has not yet expired and to which a Group Company is
bound that (i) are material operating agreements, (ii) are material strategic cooperation agreements, (iii) are agreements in relation to the sale, issuance, purchase, repurchase or redemption of Series A Preferred Shares, (iv) are
preferred equity financing agreements or debt financing, (v) are material real property lease agreements and material service agreements, (vi) if any, are material agreements involving Intellectual Property that is material to a Group
Company (other than generally-available “off-the-shelf” shrink-wrap software licenses obtained by the Group Companies on
non-exclusive and non-negotiated terms), (vii) if any, restrict the ability of a Group Company to compete or to conduct or engage in any business or activity in any territory, (viii) if any, are with a
Related Party (as defined below), (ix) if any, involve the lease, license, sale, use, disposition or acquisition of a material amount of assets (including any Intellectual Property rights) or of a business, (x) if any, involve the
establishment, contribution to, or operation of a partnership, joint venture or involving a sharing of profits or losses, or any investment in, loan to or acquisition or sale of the securities, equity interests or assets of any Person, (xi) are
with any Governmental Authority, (xii) are with any state-owned enterprise and material to the Group Companies, (xiii) are with any commercial bank or any other financial institution, and (xiv) contain any performance metrics
provision (collectively, the “Material Contracts”). 
 (b) A complete, accurate, true, and fully-executed copy of each
Material Contract has been delivered to the Investor. Each Material Contract is a valid and binding agreement of the Group Company that is a party thereto, the performance of which does not and will not violate any applicable Law in any material
respect, and is in full force and effect, and such Group Company has duly performed all of its material obligations under each Material Contract to the extent that such obligations to perform have accrued, and no material breach or default, alleged
material breach or default, or event which would (with the passage of time, notice or both) constitute a material breach or default thereunder by such Group Company or any other party or obligor with respect thereto, has occurred, or as a result of
the execution, delivery, and performance of the Restructuring Documents and the other Transaction Documents will occur. No Group Company has given notice (whether or not written) that it intends to terminate a Material Contract or that any other
party thereto has breached, violated or defaulted under any Material Contract. No Group Company has received any notice (whether written or not) that it has breached, violated or defaulted under any Material Contract or that any other party thereto
intends to terminate such Material Contract. 
 3.18 Compliance with Laws. 

(a) Each Group Company has been and is in compliance with all Laws in all material respects that are applicable to it or to the conduct or
operation of its Business or the ownership or use of any of its assets or properties. 
 (b) To the Knowledge of the Warrantors, no event
has occurred and no circumstance exists that (with or without notice or lapse of time) (i) may constitute or result in a violation by any Group Company of, or a failure on the part of such Group Company to comply with, any Law, in any material
respect, or (ii) may give rise to any obligation on the part of a Group Company to undertake, or to bear all or any portion of the cost of, any remedial action of any nature in order to comply with applicable Laws in all material respects. 

  
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 (c) No Group Company (i) has received any notice from any Governmental Authority
regarding any actual, alleged, possible or potential violation of, or failure to comply with, any Law or (ii) has received any notice from any Governmental Authority regarding any actual, alleged, possible or potential obligation on the part of
such Group Company to undertake, or to bear all or any portion of the cost of, any remedial action of any nature or (iii) is under investigation by any Governmental Authority with respect to a violation of any Law of which it has received
notice from such Governmental Authority. 
 (d) Each Group Company, and each of its directors, officers, employees, agents and other persons
explicitly authorized to act on its behalf (collectively, the “Representatives”), are familiar with and are in compliance with and have complied with, in all material respects, all applicable anti-bribery, anti-corruption,
anti-money laundering, recordkeeping and internal controls Laws (collectively, the “Anti-Corruption Laws”) including the Foreign Corrupt Practices Act of the United States of America (the “FCPA”) as if it were a
U.S. Person, the UK Bribery Act of 2020, and the PRC Anti-Corruption Law. Without limiting the foregoing, neither any Group Company nor any Representative has, directly or indirectly, in any material respect, offered, authorized, promised, condoned,
participated in, or received notice of any allegation of the following: (i) the making of any gift or payment of anything of value to any Public Official by any Person to obtain any improper advantage, affect or influence any act or decision of
any such Public Official with respect to any Group Company or the Business of any Group Company, or assist any Group Company in obtaining or retaining business for, or with, or directing business to, any Person; (ii) the taking of any action by
any Person which would violate the PRC Anti-Corruption Law; (iii) the taking of any action by any Person which would violate the FCPA, as amended, if taken by an entity subject to the FCPA, or could reasonably be expected to constitute a violation
of any applicable Law; (iv) the making of any false or fictitious entries in the books or records of any Group Company by any Person; or (v) the using of any assets of any Group Company for the establishment of any unlawful or unrecorded
fund of monies or other assets, or the making of any unlawful or undisclosed payment. No Group Company or any of its Representatives has ever been found by a Governmental Authority to have violated any criminal or securities Laws or is subject to
any indictment or any government investigation for bribery. No Public Official (a) holds an ownership or other economic interest, direct or indirect, in any of the Group Companies or in the contractual relationship formed hereunder, or
(b) serves as an officer, director or employee of any Group Company. Neither the Company nor any of its Affiliates has violated the applicable anti-bribery Laws by offering or taking property or other interests to obtain improper benefits, such
as corruptly paying anything of value to business partners, including but not limited to Governmental Authorities, non-government customers, suppliers or distributors, owners, directors, managers or other
employees of the entities identified above (“Business Partners”), that would result in a violation of any applicable anti-bribery Laws, or receiving anything of value from Business Partners that constitutes commercial bribery in
violation of applicable anti-bribery Laws. 

  
 26 

 (e) The Business of each Group Company as now conducted is, in compliance with all Laws and
regulations that may be applicable, including all Laws of the PRC with respect to telecommunication, dangerous chemicals, mergers, acquisitions, foreign investment and foreign exchange transactions. 

3.19 Compliance with OFAC. 

(a) No Group Company or, to the best Knowledge of the Warrantors, any of its directors, officers, employees, Affiliates, shareholders or any
other Person acting on behalf thereof is, or is Controlled or 50% or more owned in the aggregate by or is acting on behalf of, one or more individuals or entities (collectively, the “Prohibited Person”) that are: 

(i) the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC),
the United Nations Security Council (UN), the European Union (EU), Her Majesty’s Treasury (UK HMT), the Swiss Secretariat of Economic Affairs (SECO), the Hong Kong Monetary Authority (HKMA), the Monetary Authority of Singapore (MAS), or other
relevant sanctions authority (collectively, “Sanctions”); nor 
 (ii) located, organized or resident in a country or
territory that is the subject of Sanctions (including, without limitation, Crimea, Burma/Myanmar, Cuba, Iran, North Korea, Venezuela and Syria) (each a “Sanctioned Country”). and no one that to the Knowledge of the Warrantors is a
Prohibited Person has been given or will be given an offer to become an employee, officer, consultant or director of any Group Company. 

(b) The Company represents and covenants that it will not, directly or indirectly, use any Proceeds, or lend, contribute or otherwise make
available such Proceeds to any Subsidiary, joint venture partner or other person or entity: 
 (i) to fund or facilitate any activities of
or business with any Person that, at the time of such funding or facilitation, is the subject or the target of any Sanctions, 
 (ii) to
fund or facilitate any activities of or any business in any Sanctioned Country, or 
 (iii) in any other manner that will result in a
violation by any Person of any Sanctions. 
 (c) The Group Companies have not conducted or agreed to conduct any business, or entered into
or agreed to enter into any dealings or transactions, and will not conduct or agree to conduct any business, or enter into or agree to enter into any dealings or transactions, with any Prohibited Person or Sanctioned Country, or in any country or
territory, that at the time of the dealing or transaction is or was the subject of Sanctions. 

  
 27 

 3.20 Compliance with Money Laundering Laws. 

The operations of each Group Company are and have been conducted at all times in compliance with applicable financial recordkeeping and
reporting and other requirements of the money laundering Laws of all relevant jurisdictions (including but not limited to the PRC Anti-Money Laundering Law, applicable financial recordkeeping and reporting requirements of the U.S. Currency and
Foreign Transaction Reporting Act of 1970, as amended, the U.S. Money Laundering Control Act of 1986, as amended) (collectively, the “Money Laundering Laws”), and no Action by or before any Governmental Authority involving any Group
Company or the Founder with respect to the Money Laundering Laws is pending or, to the best of the Warrantors’ Knowledge, threatened. 

3.21 Titles and Properties. 

(a) Except as described in the Financial Statements, the Group Companies have good and valid title to, or a valid leasehold interest in, all
of their material assets they use or may need to use in the conduct of their respective Businesses, whether real, personal or mixed (including but not limited to all such assets reflected in the Financial Statements), free and clear of any and all
Liens or third party claims, including any creditors’ rights. The foregoing assets collectively represent all material assets, rights and properties necessary for the conduct of the Business of the Group Companies in the manner conducted during
the periods covered by the Financial Statements. All material leases of real or personal property to which a Group Company is a party are fully effective and afford the Group Company valid leasehold possession and subletting rights of the real or
personal property that is the subject of such lease. 
 (b) All machinery, vehicles, equipment and other tangible personal property owned or
leased by a Group Company that are material to the Business of the Group Companies are (i) in good condition and repair (reasonable wear and tear excepted) and (ii) not obsolete or in need of renewal or replacement, except for renewal or
replacement in the ordinary course of business. 
 3.22 Permits. 

Each Group Company has all Approvals, including any special approval or permits required under the Laws of the PRC (the
“Permits”), necessary for its incorporation, existence and qualification for respective Business as now conducted. Each such Permit is valid and in full force and effect; no Group Company is in default or violation in any respect of
any such Permit; no Group Company has received any written notice from any Governmental Authority regarding any actual or possible default or violation of any such Permit; and to the Knowledge of the Warrantors, no suspension, cancellation or
termination of any such Permits is threatened or imminent. 

  
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 3.23 Compliance with Other Instruments. 

No Group Company is in violation, breach or default of its Charter Documents. The execution, delivery and performance by each Group Company of
and compliance by each Group Company with each of the Transaction Documents to which it is a party, and the consummation by it of the transactions contemplated hereby and thereby, will not result in (a) any violation, breach or default, or be
in conflict with or constitute, with or without the passage of time or the giving of notice or both, a default under (i) the Charter Documents of any Group Company, (ii) any Material Contract, or (iii) any applicable Law in any
material respect, (b) the creation or imposition of any Lien upon, or with respect to, any of the properties, assets or rights of any Group Company, or (c) any termination, modification, cancellation, or suspension of any right of, or any
augmentation or acceleration of any obligation of, any Group Company (other than those contemplated or intended by the Restructuring Documents, the Warrants and any other Transaction Documents). 

3.24 Related Party Transactions. 

Except as set forth in Section 3.24 of the Disclosure Schedule, the Restructuring Documents to which the relevant
Group Companies are parties, the Reorganization Plan, the employment agreements, confidentiality agreements, non-compete agreements and other Contracts (each of which Contract, to the extent entered into by a
Founder or any Key Employee or any of his or her Affiliates, is disclosed in Section 3.24 of the Disclosure Schedule) in similar nature with any Group Company, and in any Contract between a Group Company and a
Subsidiary of the Controlling Shareholder that is not a Group Company (a) neither the Controlling Shareholder, nor any shareholder that beneficially owns five percent (5%) or more of the share capital of the Company or the Domestic Company, or
any director or Key Employee of any Group Company, or any Affiliate of any of them (other than another Group Company) (each of the foregoing, a “Related Party”), has any Contract (whether oral or written, each, a “Related
Party Contract”), understanding, proposed transaction with, or is indebted to, any Group Company, nor is there currently any proposed Related Party Contract and nor is any Group Company indebted (or committed to make loans or extend
or guarantee credit) to any of such Related Party (other than for accrued salaries, reimbursable expenses or other standard employee benefits). Except for the transactions under the Reorganization Plan and any Contract between a Group Company and a
Subsidiary of the Controlling Shareholder that is not a Group Company, (a) each Related Party Contract is on terms and conditions as favorable to the applicable Group Company as would have been obtainable by it at the time in a comparable arm’s-length transaction with an unrelated party; (b) no Related Party has any direct or indirect ownership interest in any Person (other than a Group Company) with which a Group Company is affiliated or
with which a Group Company has a business relationship, or any Person (other than a Group Company) that directly or indirectly competes with any Group Company (except that a Related Party may have a passive investment of less than 1% of the stock of
any publicly traded company that engages in the foregoing); and (c) no Related Party has any right, title or interest, either directly or indirectly, in (i) any Person which purchases from or sells, licenses, grants or furnishes to a Group
Company any goods, property, Intellectual Property or other property rights or services or (ii) any Contract to which a Group Company is a party or by which it may be bound or affected. 

  
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 3.25 Intellectual Property Rights. 

(a) To the best Knowledge of the Warrantors, the Group Companies own or otherwise have the sufficient right or license to use all Intellectual
Property that is used in, held for use in, or necessary to conduct their Businesses, free and clear of any and all Liens. There is no pending or, to the best Knowledge of the Warrantors, threatened Action against any Group Company contesting the
ownership of, or right to use, such Intellectual Property, asserting the misuse, invalidity or unenforceability thereof, or asserting the infringement, misappropriation or other violation of any Intellectual Property of any third party (including
any demand or offer to license any Intellectual Property). All inventions, know-how and other Intellectual Property conceived, created or developed by employees or contractors of the Group Companies, to the
extent they are used in, held for use in, or necessary to the Businesses of the Group Companies, are “works made for hire”, and all right, title, and interest therein, including any applications therefor, have been transferred and assigned
to, and are currently exclusively owned by, the Group Companies. The Group Companies have complied with all remuneration and compensation requirements relating to such Intellectual Property under applicable Laws. Section 3.25
of the Disclosure Schedule contains a true, complete and accurate list of all Intellectual Property for which registrations or patents are owned by or held in the name of, or for which applications have been made in the name of, any Group
Company, including for each such registration, patent or application, the relevant name or description, registration or certification or application number, filing or registration or issue date. 

(b) No Actions in which any Group Company alleges that any Person is infringing, misappropriating, or otherwise violating, any Group
Company’s Intellectual Property rights are pending, and none has been served, instituted or asserted by any Group Company. Neither the Business nor any Group Company has infringed, misappropriated or violated during the past four
(4) years, or is infringing, misappropriating or violating, any Intellectual Property rights of any Person. To the best Knowledge of the Warrantors, no Person has infringed, misappropriated or violated, or is infringing, misappropriating or
violating, any Intellectual Property rights of any Group Company. 
 (c) To the best Knowledge of the Warrantors, none of the Key Employees
is obligated under any Contract, or subject to any judgment, decree or order of any court or administrative agency, that would interfere with the use of his or her best efforts to promote the interests of the Group Companies or that would conflict
with the Business of any Group Company as presently conducted. It will not be necessary to utilize in the course of any Group Company’s business operations any inventions of any of the respective Key Employees of the Group Companies made prior
to their employment by the Group Companies, except for inventions that have been validly and properly assigned or licensed to the Group Companies as of the date hereof. 

(d) The Group Companies have each taken all reasonable security measures that are commercially prudent in order to protect the secrecy,
confidentiality and value of their respective Intellectual Property and the confidentiality, integrity and security of the Business IT Systems. The Business IT Systems (i) are sufficient for the immediate and currently anticipated future needs
of the Business, and (ii) are in sufficiently good working condition to effectively perform all information technology operations and include a sufficient number of licenses for all software as necessary for the Business. 

  
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 (e) Except for those data that shall remain the sole property of users and thus are not
permitted to be disclosed or disposed of by the Group Companies pursuant to applicable Laws, each Group Company owns all right, title and interest in and to all data it collects from or discloses about users of its products and services. Its
practices regarding the collection and use of consumer personal information are and have been in accordance in all material respects with applicable Laws of all jurisdictions in which it operates and does not violate any Person’s right, title
or interest in any material respect. The Group Companies (i) maintain policies and procedures regarding data security and privacy and maintain administrative, technical, and physical safeguards that are commercially reasonable and, in any
event, in compliance in all material respects with all applicable Laws and Contracts applicable to any Group Company, and (ii) are and have been in compliance with such policies and procedures in all material respects. To the Knowledge of the
Warrantors, there have been no security breaches relating to, or violations of any security policy regarding, any data or information of Group Companies’ customers or used by the Group Companies or any Business IT Systems. There has been no
loss, unauthorized access or alteration, misappropriation, or misuse of any data or information of Group Companies’ customers or used by the Group Companies to conduct the Business or any Business IT Systems. There is no pending or, to the best
Knowledge of the Warrantors, threatened Action against any Group Company relating to any of the foregoing or any non-compliance with any such Laws, policies or procedures. 

(f) No source code for any software owned by any Group Company has been disclosed, licensed, distributed or otherwise made available to any
Person, and no Group Company has any obligation (whether present, contingent or otherwise) to disclose, license, distribute or otherwise make available any such source code to any Person. No free or open source or similar software has been
incorporated in, bundled with, or used, distributed or made available in connection with, any software owned by any Group Company. 
 3.26
Labor and Employment Matters. 
 (a) Each Key Employee is currently devoting substantially all of his or her business time to the
conduct of the business of the respective Group Company. No Key Employee has given any notice of an intention to resign, and, to the best Knowledge of the Warrantors, no Group Company has any intention of terminating the employment of any Key
Employee. No Group Company is a party to any collective bargaining agreements or other Contract with any union or guild, and none of the Group Companies has been informed by their employees regarding the establishment of any trade union, work
council or other organizations representing the employees of the Group Company. Each employee, officer and director (other than those appointed by the holders of Preferred Shares) of the Group Companies has duly executed the employment and
confidential information and invention assignment agreement in the form reasonably satisfactory to the Investor. To the best Knowledge of the Warrantors, no Key Employee is obligated under, or in violation of any term of, any Contract or any
Governmental Order relating to the right of any such Key Employee to be employed by, or to contract with, such Group Company. No Group Company has received any written notice alleging that any such violation has occurred. 

  
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 (b) There is no pending or threatened claim or litigation against any Key Employee or PRC
Companies in respect of full commitment, non-competition, non-solicitation or confidentiality obligation of any Key Employee. 

(c) Except as set forth in Section 3.26(c) of the Disclosure Schedule, (i) there is no, and there has not been
during the previous three (3) years, any material Action relating to the violation or alleged violation of any Law by any Group Company pertaining to labor relations or employment matters, including any charge or complaint filed by an employee
with any Governmental Authority or any Group Company; (ii) each Group Company has complied with Laws in all material respects relating to employment, wages, hours, overtime, working conditions, benefits, retirement, termination, Taxes, and
health and safety; (iii) each Group Company has withheld and reported all amounts required by any applicable Law or any Contract to be withheld and reported with respect to wages, salaries and other payments to employees (including employees
who have been treated as consultants); (iv) other than the statutory social insurance plans and the housing fund plan (the “Social Welfare”) operated under the applicable PRC Laws, each Group Company has no Liability for any payment
to any trust or fund governed by or maintained by or on behalf of any Governmental Authority with respect to unemployment compensation benefits, social security or social insurance, housing or other benefits or obligations for employees; and (v)
each Group Company is in compliance with each applicable Law relating to its payment and provision of any form of Social Welfare operated under the applicable PRC Laws and has made all contributions to the statutory social insurance plans and
housing fund plan as required to be made under applicable PRC Laws, except any such non-compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. To the
Knowledge of the Warrantors, there has not been, and there is not now pending or, threatened, any strike, union organization activity, lockout, slowdown, picketing, or work stoppage with respect to the employees of any Group Company or any unfair
labor practice charge against any Group Company. 
 (d) Except for statutory social insurance schemes and housing fund schemes, the Group
Companies have not adopted or implemented any Benefit Plan. There are no material actual, threatened or pending investigations by any Governmental Authority involving any Benefit Plan and no material actual, threatened or pending claims against any
Benefit Plan. All contributions to, and payments from, each Benefit Plan have been timely made. Each Group Company maintains, and has fully funded, in all material respects, any pension plan and any other labor-related plans that it is required by
Law or by Contract to maintain. 

  
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 (e) Neither the execution and delivery of this Agreement nor the consummation of the
transaction contemplated by this Agreement, any other Transaction Documents or the Restructuring Documents will (i) entitle any current or former employee or director of any Group Company to severance pay, or any payment contingent upon a
change in control of any Group Company, (ii) increase or enhance any benefits payable under any Benefit Plan, or (iii) accelerate the time of payment or vesting, or increase the amount of any compensation due to any employee or former
employee. 
 3.27 Insurance. 

Each Group Company has obtained the insurance coverage of the types and at the coverage levels as would be reasonable and customary for other
similar situated companies. No Group Company has done or omitted to do or suffered anything to be done or not to be done other than any acts in the ordinary course of business which has or would render any policies of insurance taken out by it or by
any other Person in relation to any of such Group Company’s assets void or voidable or which would result in an increase in the rate of premiums on the said policies. There is no claim pending, and no Group Company has made since its formation
any claim individually or in the aggregate in excess of RMB1,000,000, under the insurance policies and bonds maintained by each Group Company as to which, in each case, coverage has been questioned, denied or disputed. No Group Company has suffered
any uninsured loss individually or in the aggregate in excess of RMB1,000,000 or waived any rights or claims of material or substantial value with respect to any insurance policy or bond or allowed any insurance policy or bond to lapse since its
formation. All premiums due and payable under all such policies and bonds have been timely paid, and each Group Company is otherwise in compliance in all respects with the terms of such policies and bonds. All such policies and bonds are in full
force and effect and will not terminate or lapse by reason of the transactions contemplated by this Agreement or any other Transaction Documents. 

3.28 No Brokers. 
 None
of the Warrantors has any Contract with or retained any broker, finder or similar agent with respect to or in connection with the transactions contemplated by this Agreement, any other Transaction Documents or the Restructuring Documents, and none
of them has incurred any Liability for any brokerage fees, agents’ fees, commissions or finders’ fees in connection with any of the Transaction Documents or the Restructuring Documents, or the consummation of the transactions contemplated
therein. 
 3.29 Power of Attorney. 

Except as contemplated in the Transaction Documents, none of the Group Companies has granted any power of attorney or similar power or
authorization to any other Person (including any director or shareholder) in respect of its equity interest, voting rights or substantial assets, other than powers of attorney issued to their directors, officers, or employees for purpose of
executing contracts or agreements or conducting operations for and on behalf of the Group Companies, as the case may be, in the ordinary course of business. 

  
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 3.30 No Winding-up; No Insolvency. 

None of the Group Companies has engaged in any discussion (i) with any Person or Persons or any representative thereof regarding the
consolidation or merger of such Group Company with or into any such Person or Persons; (ii) with any Person regarding the sale, conveyance, or disposition of all or substantially all of the assets of such Group Company, or a transaction or
series of related transactions in which more than fifty percent (50%) of the voting power of such Group Company is disposed of, or (iii) regarding any other form of liquidation, dissolution or winding up, of such Group Company. Each Group Company is
not bankrupt, insolvent or unable to pay its debts and there is no unfulfilled decree or court order outstanding against it. No Governmental Order has been made or petition presented or resolution passed for the bankruptcy, liquidation, dissolution
or winding up (as applicable) of such Group Company, and no process has been levied against such Group Company. 
 3.31 Disclosure.

 Each Warrantor has provided the Investor with all the information regarding the Group Companies requested by the Investor for deciding
whether to purchase the Purchased Shares and all the information that such Warrantor believes is reasonably necessary to enable the Investor to make such decision. No representation or warranty of the Warrantors contained in this Agreement or any
certificate furnished or to be furnished to the Investor at the Closing under this Agreement, and no information set forth in the Disclosure Schedule, when taken as a whole, contains any untrue statement of a material fact or omits to state a
material fact necessary in order to make the statements contained herein or therein not misleading in light of the circumstances under which they were made. Except as set forth in this Agreement or the Disclosure Schedule, there is no fact that the
Warrantors have not disclosed to the Investor in response to the Investor’s enquiry and of which any of its officers, directors or executive employees has Knowledge and that has had or would reasonably be expected to have a Material Adverse
Effect. 
 4. REPRESENTATIONS AND WARRANTIES OF THE FOUNDER AND THE CONTROLLING SHAREHOLDER 

In addition to those representations and warranties made in Section 3 above, the Founder and the Controlling Shareholder hereby jointly
and severally represent and warrant the following to the Investor from the date hereof to the Closing Date (or, if such representations and warranties are made with respect to a certain date, as of such date). 

4.1 Conflicting Agreements. 

The Founder is not, as a result of the nature of the Business or for any other reason, in violation of (a) any fiduciary or confidential
relationship, (b) any term of any Contract or covenant (either with any Group Company or with another entity) relating to employment, Intellectual Property, confidentiality, proprietary information disclosure,
non-competition or non-solicitation, or (c) any material respect of any other Contract or Governmental Order binding on the Founder and relating to or affecting the
right of the Founder to be employed by or serve as a director or consultant to any Group Company. No such relationship, term, Contract, or Governmental Order conflicts with the Founder’s or Controlling Shareholder’s obligations to use its
best efforts to promote the interests of any Group Company nor does the execution and delivery of this Agreement and other Transaction Documents, nor the Founder’s carrying on any Group Company’s Business as a director, officer, consultant
or Founder of any Group Company, conflict with any such relationship, term, Contract or Governmental Order. 

  
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 4.2 Litigation. 

There is no material Action pending or, to the Founder’s Knowledge, threatened against the Founder, and there is no basis for any such
material Action. 
 4.3 Shareholders Agreement. 

Except as contemplated by or disclosed in the Transaction Documents or the Restructuring Documents, neither the Founder nor the Controlling
Shareholder is a party to or has Knowledge of any agreements, written or oral, relating to the acquisition, disposition, registration under the Securities Act or any equivalent Law in another jurisdiction, or voting, of the Equity Securities of any
Group Company. 
 4.4 Prior Legal Matters. 

The Founder has not been (a) subject to voluntary or involuntary petition under any bankruptcy or insolvency Law or the appointment of a
receiver, fiscal agent or similar officer by a court for his business or property; (b) convicted in a criminal proceeding or named as a subject of a pending criminal proceeding (excluding traffic violations and other minor offenses); (c)
subject to any order, judgment, or decree (not subsequently reversed, suspended, or vacated) of any court of competent jurisdiction permanently or temporarily enjoining him from engaging, or otherwise imposing limits or conditions on his engagement
in any securities, investment advisory, banking, insurance, or other type of business or acting as an officer or director of a public company; or (d) found by a court of competent jurisdiction in a civil action or by any governmental or
regulatory authority to have violated any securities, commodities or unfair trade practices Law, which such judgment or finding has not been subsequently reversed, suspended, or vacated. 

4.5 Founder’s Intellectual Property Rights. 

The Founder has assigned to the Group Companies all Intellectual Property rights owned by the Founder that are related to the Group
Companies’ Business. 

  
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 4.6 Non-Compete. 

Other than through the Group Companies, the Founder, either on his own account or through any of his Affiliates, or in conjunction with or on
behalf of any other Person, does not carry on or is engaged, concerned or interested directly or indirectly whether as shareholder, director, employee, partner, agent or otherwise carries on any business that competes with the Business of the Group
Companies. The Founder is not subject to any Contracts or any other obligations which prohibit, restrict or otherwise adversely affect the Founder’s investment or involvement in any Group Company. 

4.7 No Liabilities and Claims. 

Except as otherwise contemplated under the Reorganization Plan, (i) there are no outstanding loans, amounts payable or any other
Liabilities between any Group Company, on the one hand, and the Founder or the Controlling Shareholder or any of its Affiliates, on the other hand, and (ii) none of the Founder, the Controlling Shareholder or its Affiliates has, may have or may
claim to have any claims, obligations or Liabilities against any Group Company, other than, in each case of clauses (i) and (ii), any salaries and other compensations, business expense advancements and reimbursements in the ordinary course of
business consistent with past practice. 
 4.8 Authorizations. 

Each of the Controlling Shareholder and the Founder has all requisite power and authority to execute and deliver the Transaction Documents to
which it is a party and to carry out and perform its obligations thereunder. All action on the part of the Controlling Shareholder necessary for the authorization, execution and delivery of the Transaction Documents to which it is a party, and the
performance of all obligations of it thereunder, has been taken or will be taken prior to the Closing. This Agreement has been duly executed and delivered by the Controlling Shareholder. This Agreement, each of the other Transaction Documents to
which the Controlling Shareholder is a party are, or when executed and delivered by it shall be, valid and legally binding obligations of it, enforceable against it in accordance with its terms, except (i) as limited by applicable Laws of
general application affecting enforcement of creditors’ rights generally, and (ii) as limited by Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 

4.9 Holding for Own Account. 

Each of the Founder and the Controlling Shareholder holds and has been holding its Equity Securities in the Company solely for his or its own
account. He or it is not, nor has he or it been, holding the Equity Securities in the Company, as a nominee or agent, or with a view to the resale or distribution of any part thereof, and he or it does not have any present intention of selling,
granting any participation in, or otherwise distributing the same. 
 4.10 No Other Agreements. 

There is no Contract between or among the Founder, the Controlling Shareholder or any of their Affiliates, on the one hand, and any other
shareholder or other equity holder of any Group Company or any Affiliate of such shareholder or equity holder, on the other hand, in each case, with respect to the ownership or control of any Group Company or relating to such shareholder or equity
holder’s investment in such Group Company. 

  
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 5. REPRESENTATIONS AND WARRANTIES OF THE INVESTOR 

The Investor hereby represents and warrants to the Company as follows as of the date hereof and the Closing Date: 

5.1 Organization and Good Standing. 

It is an entity duly organized, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or formation.

 5.2 Authorization. 

(a) It has all requisite power and authority to execute and deliver the Transaction Documents to which it is a party and to carry out and
perform its obligations thereunder. All action on the part of the Investor (and, as applicable, its officers, directors and shareholders) necessary for the authorization, execution and delivery of the Transaction Documents to which it is a party,
and the performance of all obligations of the Investor thereunder, has been taken or will be taken prior to the Closing. This Agreement has been duly executed and delivered by the Investor. Each of this Agreement and the other Transaction Documents
to which the Investor is a party is, or when executed and delivered by the Investor shall be, valid and legally binding obligations of the Investor, enforceable against the Investor in accordance with its terms, except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, and other Laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by Laws relating to the availability of specific performance,
injunctive relief, or other equitable remedies. 
 (b) The execution and delivery of this Agreement and other Transaction Documents to which
it is a party by the Investor do not, and the performance of this Agreement and other Transaction Documents to which it is a party by the Investor and the consummation by the Investor of the transactions as contemplated hereby and thereby will not,
require any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Authority. 
 5.3 Purchase
for Own Account. 
 The Purchased Shares purchased by the Investor will be acquired for investment purposes for the Investor’s own
account or the account of one or more of the Investor’s Affiliates, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof. 

5.4 Status of Investor. 

If applicable to the Company’s compliance with U.S. securities Law, the Investor is either (a) an “accredited investor”
within the meaning of Securities and Exchange Commission Rule 501 of Regulation D, as presently in effect, under the Securities Act, or (b) not a “U.S. person” as defined in Rule 902 of Regulation S of the Securities Act. The Investor
is not with a view or any present intention toward effecting a distribution, or resale in violation of any applicable securities Laws. 

  
 37 

 5.5 Sufficiency of Funds. 

The Investor will have all funds necessary to consummate the transactions contemplated hereby and pay the Purchase Price in accordance with
Section 2.5. 
 6. COVENANTS OF THE WARRANTORS 

The Warrantors jointly and severally covenant to the Investor as follows: 

6.1 Use of Proceeds. 

The Company shall use the proceeds received from the issuance and sale of the Purchased Shares (the “Proceeds”) to finance
the research and development, business expansion, marketing, working capital and for other general corporate purposes of the Group Companies and the Persons that will become Group Companies pursuant to the Reorganization Plan, and in accordance with
the business plan or budget as approved by the Board. 
 Unless otherwise agreed to in writing by the Investor, or otherwise contemplated in
the preceding paragraph, no Proceeds shall be used (i) in the purchase of Equity Securities of any Person other than any Group Companies except for the Persons that may be acquired pursuant to the Reorganization Plan, (ii) in the
investment of any Person other than any Group Companies except for investments that may be contemplated under the Reorganization Plan, (iii) in the repayment of any loan or debt of any Group Companies except as otherwise contemplated under the
Reorganization Plan, (iv) in the repurchase, redemption or cancellation of Equity Securities of any Group Company held by any shareholders of such Group Company, or (v) in the payments to shareholders, directors or officers of any Group
Company outside the ordinary course of business of the Group Companies. 
 6.2 No Solicitation or Negotiation. 

During the period between the date of this Agreement and the earlier of (a) the Closing and (b) the termination of this Agreement,
none of the Warrantors shall (and each Warrantor shall cause its representatives, advisors and agents and, as applicable to such Warrantor, its officers, directors and employees, not to) (i) solicit, initiate, consider, encourage or accept any
other proposals or offers from any Person (A) relating to any acquisition or purchase of all or any portion of the Equity Securities of any Group Company or assets of any Group Company, (B) to enter into any merger, consolidation or other
business combination with any Group Company or the business of any Group Company or (C) to enter into a recapitalization, reorganization or any other extraordinary business transaction involving or otherwise relating to any Group Company or
(ii) participate in any discussions, conversations, negotiations and other communications regarding, or furnish to any other Person any information with respect to, or otherwise cooperate in any way, assist or participate in, facilitate or
encourage any effort or attempt by any other Person to seek to do any of the forgoing. The Warrantors shall immediately cease and cause to be terminated all existing discussions, conversations, negotiations and such proposal or offer, or any inquiry
or other contact with any Person with respect thereto. The Warrantors shall notify the Investor promptly if any such proposal or offer, or any inquiry or other contact with any Person with respect thereto is made and shall, in any such notice to the
Investor, indicate in reasonable detail the identity of the Person making such proposal, offer, inquiry or contact and the terms and conditions of such proposal, offer, inquiry or other contact. Each of the Warrantors agrees not to, without the
prior written consent of the Investor, release any Person from, or waive any provision of, any confidentiality or standstill agreement to which such Warrantor is a party. 

  
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 6.3 Conduct of Group Companies Pre-Closing.

 Unless otherwise expressly required by this Agreement, during the period between the date of this Agreement and the Closing Date, the
Group Companies shall, and the Warrantors shall use their respective reasonable best efforts to cause each of the Group Companies to, carry on their respective businesses in the ordinary course consistent with past practice (which includes
implementing the Reorganization Plan in accordance with its terms), and shall comply with its obligations set out in Exhibit G. 

6.4 Satisfaction of Condition Precedent. 

The Warrantors shall use their respective reasonable best efforts to cause each of the conditions precedent as set forth in Section 7 to
be satisfied as soon as reasonably practicable. 
 6.5 Compliance with Applicable Law. 

Each of the Group Companies shall, and the Founder and the Controlling Shareholder shall cause each of the Group Companies to, in all material
respects, comply with all applicable Laws, including applicable PRC Laws relating to retail of refined oil, third-party payment, telecommunication business, insurance intermediary business, medical services, publication, advertisement, culture,
Intellectual Property (including software), anti-monopoly, Taxes, employment, Social Welfare and benefits and foreign exchange (including Circular 37 and the foreign exchange procedures governing individuals participating in employee stock option
plans as defined in Circular 7 issued by the SAFE on February 15, 2012). 
 Each of the Group Companies shall, and the Founder and the
Controlling Shareholder shall cause each of the Group Companies to (i) conduct its operations in compliance with Sanctions, and Money Laundering Laws applicable to the Business and (ii) ensure that no officer, director, employee, or agent
of the Group Companies is a Prohibited Person. 

  
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 6.6 Validity of Approvals. 

Each of the Group Companies shall, and the Founder and the Controlling Shareholder shall cause each of the Group Companies to, in all material
respects, at all times maintain the validity of, and comply with the legal and regulatory requirements with respect to, the Approvals and Permits that it has obtained and shall be obtained after the Closing for its qualification for its then current
or intended Business (other than any portion of the Business that the Company will not maintain as approved pursuant to the Shareholders’ Agreement and the Amended M&AA). 

6.7 ESOP. 
 From time to
time, the Company may grant options to employees, advisors, officers, and directors of, and consultants to, the Company and other Group Companies pursuant to ESOP, provided that the total number of shares issued or issuable under any such ESOP shall
not exceed 6,818,182 Ordinary Shares as proportionally adjusted to reflect any share dividends, share splits, or similar transactions. 

6.8 Additional Covenants. 

If at any time before the Closing, any of the Warrantors comes to know of any fact or event which (i) shall have been in any way
materially inconsistent with any of the representations and warranties given by any of the Warrantors, and/or (ii) shall have caused any material fact as warranted becoming untrue, or inaccurate in material aspects, after the date of this
Agreement, and such inconsistency or untruth is not curable, then the Warrantors shall give immediate written notice thereof to the Investor, in which event the Investor may within fifteen (15) Business Days of receiving such notice terminate
this Agreement by written notice without any penalty or future obligations whatsoever; provided, however, nothing herein shall relieve the Warrantors from liability for any breach of this Agreement. 

6.9 Anti-corruption. 

The Company represents that it shall not and shall not permit any of its Subsidiaries or Affiliates or any of its or their respective
directors, officers, managers, employees, independent contractors, representatives or agents to promise, authorize, make or cause to be made any payment to, or otherwise contribute any item of value to, directly or indirectly, any Public Official,
in each case, in violation of the FCPA, the PRC Anti-Corruption Law or any other applicable Anti-Corruption Laws. The Company further represents that it shall and shall cause each of its Subsidiaries and Affiliates to cease all of its or their
respective activities, as well as remediate any actions taken by the Company, its Subsidiaries or Affiliates, or any of their respective directors, officers, managers, employees, independent contractors, representatives or agents in violation of the
FCPA, the PRC Anti-Corruption Law or any other applicable anti-bribery or anti-corruption Law. The Company further represents that it shall and shall cause each of its Subsidiaries and Affiliates to maintain systems of internal controls (including,
but not limited to, policies, training programs, accounting systems, purchasing systems and billing systems) sufficient to ensure compliance with the FCPA, the PRC Anti-Corruption Law or any other applicable Anti-Corruption Laws. The Company further
represents that it shall not permit any Public Official to (i) hold an ownership or other economic interest, direct or indirect, in any of the Group Companies, or (ii) serve as an officer, director or employee of any Group Company. 

  
 40 

 6.10 Filing of Amended M&AA. 

The Company shall file the Amended M&AA with the Registrar of Companies of the Cayman Islands within five (5) days after the Closing
and shall provide the Investor a copy of the duly registered Amended M&AA with the official seal affixed by the Registrar of Companies in the Cayman Islands within ten (10) days after the Closing. 

6.11 Compliance with Overseas Investment Laws. 

The Founder shall comply with the SAFE Rules and Regulations applicable to him in all material respects, including completing all necessary
filings or registrations with the relevant local SAFE in connection with the Founder’s participation in the investment and operations of the Group Companies and the consummation of the transactions as contemplated by this Agreement and other
Transaction Documents, and applying for and complete all necessary filings or registrations (including filing the amendments to the previous registrations under Circular 37) as required by the SAFE Rules and Regulations. 

6.12 Legal Compliance of Business. 

Following the Closing, each Warrantor shall use its respective reasonable best efforts to take, or cause to be taken, all actions and shall
do, or cause to be done, all things that are necessary, desirable or appropriate to develop the Business of the Group Companies in compliance with, in all material respects, legal requirements as may be promulgated by the PRC Governmental Authority
from time to time, including but not limited to, as soon as practicable after the Closing, and to the extent necessary, (i) any applicable Group Company shall complete requisite procedures (including making public announcements in electricity
exchange centres) with respect to the sales of electricity within the applicable territory in accordance with applicable Laws, and (ii) upon the request of any applicable Governmental Authority, the Group Companies shall, and the Warrantors
shall cause the applicable Group Company to, (x) apply for, or otherwise obtain Control over a company which holds, the Payment Business License
(支付业务许可证), (y) improve their business processes in connection with online payment
element in their businesses, and/or (z) cooperate with commercial banks or other qualified online payment service providers for the purposes of ensuring that any Group Company no longer holds, clears or transfers funds of its users, customers
or clients, and the operation of such business is in compliance with applicable Laws in the PRC relating to online payment. 

  
 41 

 6.13 Intellectual Property Protection. 

The Group Companies shall establish and maintain appropriate system to protect the Intellectual Property of the Group Companies, and file and
prosecute applications for registration and patent and maintain registrations and patents with relevant authorities in respect of any Intellectual Property of the Group Companies, to the extent applicable, in accordance with applicable Laws and
regulations. The Group Companies shall, and the Founder and the Controlling Shareholder shall cause the Group Companies to comply with the Laws in all material respects in respect of the protection of the Intellectual Property and refrain from
infringing, misappropriating or otherwise violating, in any manner, any Intellectual Property of other Persons. 
 6.14 Employee
Matters. 
 The Group Companies shall comply with, in all material respects, applicable Laws with respect to labour and employment,
including Laws pertaining to welfare funds, social benefits, medical benefits, insurance, retirement benefits and pensions in a manner appropriate to the business needs of the Group Companies. 

6.15 Tax Matters. 
 The
Group Companies shall comply with, in all material respects, applicable Laws with respect to tax, including Laws pertaining to income tax, value added tax and business tax. 

6.16 Tax Basis in Relation to an Indirect Transfer. 

As of the date hereof, the WFOE has not yet paid its registered capital in full. The Company undertakes to inject all or substantially all of
the Proceeds into the registered capital of the WFOE (the “Capital Injection Amount”) following the Closing, so that in the event of any subsequent sale of Equity Securities in the Company by the Investor, to the extent permitted by
the applicable Law, the Investor could be entitled to apply the entire Capital Injection Amount that corresponds to the Investor’s purchase price under this Agreement, to the Investor’s indirect basis in the equity of any Subsidiary of the
Company in the PRC with respect to any Tax filing, Tax position and other communication with the relevant PRC Tax Governmental Authorities for purposes of determining any income Tax, capital gains Tax or any other Tax calculated with reference to
gains made through the subscription, purchase and sale of the Company’s Equity Securities. The Company further undertakes to use reasonable efforts to assist the Investor to communicate with the competent Tax Governmental Authorities and
provide any and all information required by competent Tax Governmental Authorities in connection with the filing and payment of any applicable Taxes (if any) with respect to any subsequent sale of Equity Securities in the Company by the Investor.

 6.17 Reorganization Plan. 

The Warrantors shall use best efforts to implement the transactions under the Reorganization Plan that have not been completed as of the
Closing as soon as practicable after the Closing, but in no event later than the date of the submission of prospectus materials for a Qualified IPO. 

  
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 Notwithstanding the foregoing, no later than one (1) month after the Closing Date, the
relevant Group Companies shall, and the Warrantors shall procure such Group Companies to, duly establish Additional WFOEs pursuant to the Laws of PRC in accordance with the Reorganization Plan, and relevant Additional HK Companies shall have
acquired and held all the equity interests in the respective Additional WFOEs in accordance with the Reorganization Plan. 
 6.18 Other
Issues in the Disclosure Schedule. 
 As soon as practicable after the Closing and at any time upon the request of the Investor, the
relevant Group Companies shall, to the satisfaction of the Investor, resolve the issues in a practically reasonable manner, which are disclosed in the Disclosure Schedule but not expressly specified as a specific covenant under this Section 6
or a specific condition for any Closing under Section 7. 
 6.19 Termination. 

The provisions under this Section 6 shall terminate upon the earlier of (a) the consummation of a Qualified IPO (as defined in the
Amended M&AA) or (b) the date on which the Investor ceases to hold any Equity Securities in the Company. 
 7. CONDITIONS TO
INVESTOR’S OBLIGATIONS AT THE CLOSING 
 The obligation of the Investor to purchase the Purchased Shares at the Closing is
subject to the fulfilment of each of the following conditions at or prior to the Closing, unless otherwise waived by such Investor: 
 7.1
Representations and Warranties. 
 The representations and warranties made by each Warrantor in Section 3 and the
representations and warranties made by the Founder and the Controlling Shareholder in Section 4 shall be true, correct and complete when made, and shall be true and correct and complete as of the Closing Date with the same force and effect as
if they had been made on and as of such date, unless any representations and warranties are made with respect to a specified date, in which case, as of such date. 

7.2 Performance of Obligations. 

Each Warrantor shall have performed and complied with all covenants, agreements, obligations and conditions contained in the Transaction
Documents and the Restructuring Documents that are required to be performed or complied with by it on or before the Closing. 
 7.3
Proceedings and Documents. 
 All corporate and other proceedings of the Warrantors in connection with the transactions contemplated
hereby at the Closing and all documents incidental to such proceedings shall have been completed or produced, and the Investor shall have received all such counterpart copies of the board and/or shareholders resolutions of each Warrantor. 

  
 43 

 7.4 Approvals, Consents and Waivers. 

Each Warrantor shall have obtained any and all Approvals, if any, necessary for consummation of the transactions contemplated by this
Agreement and other Transaction Documents, including the waiver from all existing shareholders or warrant holders of the Group Companies (if applicable) of any anti-dilution rights, rights of first refusal,
pre-emptive rights and all similar rights in connection with the issuance of the Purchased Shares and such waiver is irrevocable. 

7.5 Compliance Certificate. 

Each Warrantor shall have delivered to the Investor a certificate (together with all potent supporting documents), dated the Closing Date,
certifying that the conditions specified in Section 7 have been fulfilled and stating that there shall have been no Material Adverse Effect since the Statement Date. 

7.6 Constitutional Documents. 

The Amended M&AA shall have been duly adopted by the Company by all necessary corporate action of its shareholders and its Board, and
shall have become and remain effective under the Laws of the Cayman Islands, pursuant to which CICC shall be entitled to designate one person as observer to the Board. 

7.7 Execution and Delivery of Transaction Documents. 

The Company shall have delivered to the Investor the Transaction Documents, other than the Amended M&AA, which shall be duly executed by
the Company and/or all the other Parties thereto. 
 7.8 Internal Approval. 

The Investor shall have received internal approval and authorization for the transactions contemplated hereunder. 

7.9 Legal Opinions. 
 The
Investor shall have received (i) from the Cayman Islands counsel for the Company, an opinion, dated as of the Closing, and (ii) from the PRC counsel for the Company, an opinion, dated as of the Closing, each in form and substance
satisfactory to the Investor. 
 7.10 Due Diligence. 

The Investor shall have completed its legal, financial, commercial, technical and Intellectual Property due diligence investigation and other
investigations on the business of the Group Companies to its satisfaction. 

  
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 7.11 Reorganization. 

The following procedures and steps of the Reorganization Plan shall have been completed, (a) WFOE shall have acquired and held all the
equity interests of Beijing Chezhubang New Energy Technology Co., Ltd.(北京车主邦新能源科技有限公司), (b) WFOE shall have entered into the Restructuring Documents with the Domestic Company and other relevant parties thereto, and the Restructuring Documents shall have taken effect and been
binding upon and enforceable by the parties thereto, and (c) Additional HK Companies shall have been duly established and validly existing under the Laws of Hong Kong, and the Company shall have been the sole shareholder of the Additional HK
Companies. 
 7.12 No Material Adverse Effect. 

There shall not have been any Material Adverse Effect since the Statement Date. There shall not be on the Closing Date any Governmental Order
or any condition imposed under any applicable Law which would, (a) prohibit or restrict (i) the sale and issuance of the Purchased Shares, or (ii) the consummation of the transactions contemplated by this Agreement, (b) subject the
Investor to any material penalty or onerous condition under or pursuant to any Law if the Purchased Shares were to be sold and issued hereunder to the Investor or (c) restrict the operation of the Business of any Group Company in a manner that
would have a Material Adverse Effect. 
 8. CONDITIONS TO COMPANY’S OBLIGATIONS AT THE CLOSING 

The obligations of the Company under this Agreement to consummate the Closing with respect to the Investor are subject to the fulfilment of
each of the following conditions by the Investor at or prior to the Closing, unless otherwise waived by the Company: 
 8.1
Representations and Warranties. 
 The representations and warranties of the Investor contained in Section 5 shall be true,
correct and complete when made, and shall be true and correct and complete as of the Closing Date with the same force and effect as if they had been made on and as of such date, unless any representations and warranties are made with respect to a
specified date, in which case, as of such date. 
 8.2 Performance of Obligations. 

The Investor shall have performed and complied with all covenants, agreements, obligations and conditions contained in the Transaction
Documents that are required to be performed or complied with by it on or before the Closing. 

  
 45 

 8.3 Approvals. 

The Investor shall have obtained any and all Approvals necessary for consummation of the transactions contemplated by this Agreement. 

8.4 Execution of Transaction Documents. 

The Investor shall have executed and delivered to the Company the Transaction Documents to which it is a party. 

9. INDEMNIFICATION 

9.1 Each of the Warrantors hereby agrees to jointly and severally indemnify and hold harmless the Investor, and the Investor’s
Affiliates, shareholders, partners, directors, officers, agents and assigns, from and against any and all Indemnifiable Losses suffered by the Investor, or the Investor’s Affiliates, shareholders, partners, directors, officers, agents and
assigns (each, an “Indemnified Person”), directly or indirectly, as a result of, or based upon or arising from (i) any breach or violation of, or inaccuracy or misrepresentation in, any representation or warranty made by the
Warrantors contained herein or any other Transaction Documents or the Restructuring Documents, or (ii) any breach or violation of any covenant or agreement by the Warrantors contained herein or any other Transaction Documents or the
Restructuring Documents. The rights contained in this Section 9 shall not be deemed to preclude or otherwise limit in any way the exercise of any other rights or pursuit of other remedies for the breach of this Agreement or with respect to any
misrepresentation. This Section 9 shall survive any termination of this Agreement. 
 9.2 Without limiting generality of the foregoing,
each of the Group Companies hereby agrees to jointly and severally indemnify and hold harmless each Indemnified Person from and against any and all Indemnifiable Loss, directly or indirectly, as a result of, or based upon or arising from: 

(a) any Tax Liability of any Group Company not reflected in the Financial Statements or arising out of any failure, whether intentional or not,
by any Warrantor to comply with any applicable Laws of the PRC or of any other applicable jurisdiction relating to Tax, 
 (b) any Liability
of any Group Company arising out of any failure, whether intentional or not, by any Warrantor to comply with any applicable Laws of the PRC or of any other applicable jurisdiction relating to Social Welfare, 

(c) any business activities of any Group Company at any time from its establishment including any
non-compliance with any applicable Laws, and any failure to obtain, renew and keep effective of any requisite Approval or Permit for any Group Company to conduct its Business, and 

(d) any Action against the Group Companies due to any event occurred or existed prior to the Closing. 

  
 46 

 9.3 The indemnification under Section 9.2 shall not be prejudiced by or be otherwise
subject to any disclosure (in the Disclosure Schedule or otherwise) and shall apply regardless of whether the Group Companies have any actual or constructive knowledge with respect thereto. 

9.4 The representations and warranties made by the Warrantors herein shall survive the Closing for a period of five (5) years, or, if the
applicable statute of limitation for the relevant claims expires prior to the end of such five (5)-year period for such statutes of limitation. Such representations and warranties of the Warrantors shall in no way be affected by any investigation of
the subject matter thereof made by or on behalf of the Investor. All covenants or agreements shall survive the Closing Date and remain in full force and effect in accordance with their terms. 

9.5 Any Indemnified Person seeking indemnification with respect to any Indemnifiable Loss shall give written notice to any of the Warrantors.
The Warrantors shall not be liable pursuant to this Section 9 for any Indemnifiable Loss that arise from any individual item, occurrence, circumstance, act or omission (or series of related items, occurrences, circumstances, acts or omissions)
unless and until the aggregate amount of Indemnifiable Losses resulting therefrom exceeds US$150,000, after which and in which case the Warrantors shall be liable for the total aggregated amounts of such Indemnifiable Loss back to the first dollar
and not for the excess amount only. To the extent permitted by applicable Law, upon and following receipt of the written notice above, the Company shall use best efforts to procure that the profits of each Subsidiary of the Company (including the
Major PRC Subsidiaries and other PRC Subsidiaries) for the time being available for distribution shall be paid to the Company by way of dividend if and to the extent that, but for such payment, the Company would not itself otherwise have sufficient
profits available to indemnify and hold harmless any Indemnified Person from and against any and all Indemnifiable Loss pursuant to this Section 9 and such written notice above. 

9.6 Except for fraud, intentional breach, wilful misconduct and gross negligence, the Founder’s accumulative liability to all Indemnified
Persons for breaches of the representations and warranties under this Agreement but exclusive of the covenants and undertakings under this Agreement and the other Transaction Documents, shall be limited to the fair market value of the Equity
Securities owned or held directly or indirectly by the Founder, or by other parties for the benefit of the Founder (including those held by the Founder’s Immediate Family Members of the Founder), in the Group Companies; provided that the fair
market value of such Equity Securities shall be the higher of (a) such value determined by an independent appraiser mutually agreed upon by the claiming Investor and the Company; or (b) such value calculated based on the post-money
valuation of the latest round of financing of the Company. 
 9.7 For purpose of clarity, in the event a breach or violation of
representations, warranties or covenants made by the Warrantors contained herein or any other Transaction Documents or the Restructuring Documents also constitutes a breach or violation of other agreements by and between the relevant Warrantors and
the Indemnified Persons, or their respective Affiliates, the liabilities of the Warrantors should not be duplicated and the Indemnified Persons shall only enforce indemnification liability against the Warrantors under either of these agreements (but
not both) with respect to the same loss. 

  
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 10. MISCELLANEOUS 

10.1 Successors and Assigns. 

Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the
respective successors and assigns of the Parties hereto whose rights or obligations hereunder are affected by such terms and conditions. This Agreement, and the rights and obligations hereunder, shall not be assigned without the mutual written
consent of the Controlling Shareholder, the Investor and the Company, provided that the Investor may assign its rights and obligations hereunder without the written consent of any other Parties to this Agreement to an Affiliate
of the Investor. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of
this Agreement, except as expressly provided in this Agreement. A Person who is not a party to this Agreement has no rights under the Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the Laws of Hong Kong) to enforce any term of this
Agreement, but this does not affect any right or remedy of a third party which exists or is available apart from the said Ordinance. 
 10.2
Entire Agreement. 
 This Agreement, Restructuring Documents, the other Transaction Documents and the schedules and exhibits hereto
and thereto, which are hereby expressly incorporated herein by this reference, constitute the entire agreement and supersede all other prior agreements, understandings, representations and warranties, both written and oral, among the Parties, with
respect to the subject matter hereof. 
 10.3 Notices. 

Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement shall be
in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other Parties; (b) when sent by facsimile at the number set forth in the Schedule of Notice attached hereto; (c) seven
(7) Business Days after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid and addressed to the other party as set forth in Schedule of Notice; or (d) three (3) Business Days after deposit with an
overnight delivery service, postage prepaid, addressed to the Parties as set forth in the Schedule of Notice with next-Business-Day delivery guaranteed, provided that the sending Party receives a
confirmation of delivery from the delivery service provider. 
 Each Person making a communication hereunder by facsimile shall promptly
confirm by telephone to the Person to whom such communication was addressed each communication made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication. A Party may change
or supplement the addresses given above, or designate additional addresses, for purposes of this Section 10.3 by giving, the other Parties written notice of the new address in the manner set forth above. 

  
 48 

 10.4 Amendments and Waivers. 

Any term of this Agreement may be amended only with the written consent of all the Parties hereto. 

10.5 Delays or Omissions. 

No delay or omission to exercise any right, power or remedy accruing to any Warrantor or the Investor, upon any breach or default of any Party
hereto under this Agreement, shall impair any such right, power or remedy of such Warrantor or Investor nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach or default
thereafter occurring; nor shall any waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Warrantor or the Investor of any breach or default
under this Agreement or any waiver on the part of any Warrantor or the Investor of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies,
either under this Agreement, or by Law or otherwise afforded to the Warrantors and the Investor shall be cumulative and not alternative. 

10.6 Finder’s Fees. 

Unless otherwise disclosed, each Party hereto (a) represents and warrants to each other Party hereto that it has retained no finder or
broker in connection with the transactions contemplated by this Agreement, and (b) hereby agrees to indemnify and to hold harmless the other Party hereto from and against any liability for any commission or compensation in the nature of a
finder’s fee of any broker or other Person or firm (and the costs and expenses of defending against such liability or asserted liability) for which the indemnifying party or any of its employees or representatives are responsible. 

10.7 Interpretation; Titles and Subtitles. 

This Agreement shall be construed according to its fair language. The rule of construction to the effect that ambiguities are to be resolved
against the drafting party shall not be employed in interpreting this Agreement. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

  
 49 

 10.8 Counterparts. 

This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. The counterparts of this Agreement may be executed and delivered by electronic signature, signature image or digital signature (including but not limited to portable document format, facsimile or email) by any Party and
the Parties consent to the receipt of such counterpart(s) so executed and delivered electronically as if the original had been received. Any Party in executing this Agreement electronically acknowledges that having regard to all the relevant
signature is reliable and appropriate for the purpose for which the information contained in this Agreement is communicated. 
 10.9
Severability. 
 If any provision of this Agreement is found to be invalid or unenforceable, then such provision shall be construed,
to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on substantially the same terms as originally set forth herein, and if no feasible interpretation would
save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is essential to the rights or benefits intended by the Parties. In such event, the Parties shall
use best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which most closely effectuates the Parties’ intent in entering into this Agreement. 

10.10 Confidentiality and Non-Disclosure. 

(a) The terms and conditions of this Agreement, Restructuring Documents and the other Transaction Documents, any term sheet or memorandum of
understanding entered into in connection with the transactions contemplated hereby, all exhibits and schedules attached hereto and thereto, the transactions contemplated hereby and thereby, including their existence, and all information furnished by
any Party hereto and by representatives of such Party to any other Party hereof or any of the representatives of such Parties (collectively, the “Confidential Information”), shall be considered confidential information and shall not
be disclosed by any Party hereto to any third party except in accordance with the provisions set forth below. The obligations of each Party hereto under this Section 10.10 shall survive and continue to be binding upon such Party after the
termination of this Agreement. 
 (b) Notwithstanding the foregoing, the Company and the Investor may disclose (i) the Confidential
Information to its current or bona fide prospective investor, Affiliates of the Company and the Investor and their respective directors, officers, employees, bankers, lenders, accountants, legal counsels, business partners or representatives or
advisors who need to know such information, in each case only where such persons or entities are informed of the confidential nature of the Confidential Information and are under appropriate nondisclosure obligations substantially similar to those
set forth in this Section 10.10, (ii) such Confidential Information as is required to be disclosed pursuant to routine examination requests from Governmental Authorities with authority to regulate such Party’s operations, in each case as
such Party deems appropriate in its sole discretion, and (iii) the Confidential Information to any Person to which disclosure is approved in writing by the other Parties hereto. Any Party hereto may also provide disclosure in order to comply
with applicable Laws, as set forth in Section 10.10(c) below. 

  
 50 

 (c) Except as set forth in Section 10.10(b) above, in the event that any Party is
requested or becomes legally compelled (including pursuant to any applicable Tax, securities, or other Laws and regulations of any jurisdiction or the rules of any stock exchange) to disclose any Confidential Information, such Party (the
“Disclosing Party”) shall, to the extent legally permitted and reasonably possible, provide the other Parties hereto with prompt written notice of that fact and consult with the other Parties hereto regarding such disclosure. At the
request of the other Parties, the Disclosing Party shall, to the extent reasonably possible and with the cooperation and reasonable efforts of the other Parties, seek a protective order, confidential treatment or other appropriate remedy. In any
event, the Disclosing Party shall furnish only that portion of the information that is legally required and shall exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded to such information. 

(d) Notwithstanding any other provision of this Section 10.10, the confidentiality obligations of the Parties shall not apply to:
(i) information which a Party learns from a third party which the receiving Party reasonably believes to have the right to make the disclosure, provided the receiving Party complies with any restrictions imposed by the third party;
(ii) information which is rightfully in the receiving Party’s possession prior to the time of disclosure by the Disclosing Party and not acquired by the receiving Party under a confidentiality obligation; or (iii) information which
enters the public domain without breach of confidentiality by the receiving Party. 
 10.11 Further Assurances. 

Each Party shall from time to time and at all times hereafter make, do, execute, or cause to be made, done and executed such further acts,
deeds, conveyances, consents and assurances without further consideration, which may reasonably be required to effect the transactions contemplated by this Agreement. 

10.12 Use of Name or Logo of the Investor. 

Without the prior written consent of the Investor and whether or not the Investor is then a shareholder of the Company, none of the Warrantors
shall use, publish or reproduce the name of the Investor or its trademark or logo in any advertisement, press release, professional or trade publication, marketing or advertising or promotional materials, or in any other manner. 

10.13 Governing Law. 

This Agreement shall be governed by and construed under the Laws of Hong Kong, without regard to principles of conflict of Laws thereunder.

  
 51 

 Each of the Parties hereto irrevocably (i) agrees that any dispute or controversy
arising out of, relating to, or concerning any interpretation, construction, performance or breach of this Agreement, shall be settled by arbitration to be held in Hong Kong which shall be administered by the Hong Kong International Arbitration
Centre (“HKIAC”) in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules in force at the time of the commencement of the arbitration (the “Arbitration Rules”), (ii) waives,
to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying of venue of any such arbitration, and (iii) submits to the exclusive jurisdiction of Hong Kong in any such arbitration. There shall
be three (3) arbitrators. The claimant shall select one (1) arbitrator, and the respondent shall select one (1) arbitrator. The third arbitrator, who shall be the presiding arbitrator, shall be jointly appointed by the claimant and
respondent. If either the claimant or the respondent fails to select the third arbitrator or the parties fail to agree on the choice of the third arbitrator, HKIAC shall make the appointment on their behalf. The arbitration shall be conducted in
English. The decision of the arbitration tribunal shall be final, conclusive and binding on the Parties to the arbitration. Judgment may be entered on the arbitration tribunal’s decision in any court having jurisdiction. The Parties to the
arbitration shall each pay an equal share of the costs and expenses of such arbitration, and each Party shall separately pay for its respective counsel fees and expenses; provided, however, that the prevailing Party in any such arbitration shall be
entitled to recover from the non-prevailing Party its reasonable costs and attorney fees. The Parties acknowledge and agree that, in addition to contract damages, the arbitrator may award provisional and final
equitable relief, including injunctions, specific performance, and lost profits. The validity, construction and interpretation of this dispute resolution clause shall be governed by the Laws of Hong Kong. 

10.14 Expenses. 
 The
Group Companies shall pay all of their own costs and expenses incurred in connection with the negotiation, execution, delivery and performance of this Agreement and any other Transaction Documents and the transactions contemplated hereby and
thereby, including all legal fees incurred by the Group Companies. 
 If the Closing does not occur due to the causes that cannot be
attributable to the Investor, the Group Companies shall reimburse all reasonable, out-of-pocket documented legal, professional and other third-party fees, costs and
expenses incurred by the Investor in connection with the conduct of its industry, legal and financial due diligence and its negotiation, preparation, execution and completion of this Agreement and any other Transaction Documents hereunder and
thereunder, which, however, shall be capped at US$100,000. 
 10.15 Termination of this
Agreement. 
 This Agreement may be terminated at any time prior to the Closing as between the Company and the Investor: 

(a) by mutual written consent of the Parties; or 

  
 52 

 (b) by the Investor or the Company, after the ninetieth (90th) day following the execution
of this Agreement, by written notice to all the Parties hereto, if the Closing has not occurred on or prior to such date; provided that neither Investor may terminate this Agreement pursuant to this Section 10.15(b) if the reason
the Closing has not occurred on or prior to such date is due to a breach of this Agreement by the Investor, and the Company may not terminate this Agreement pursuant to this Section 10.15(b) if the reason the Closing has not occurred on or
prior to such date is due to a breach of this Agreement by any Warrantor. Such termination under this Section 10.15 shall be without prejudice to any claims for damages or other remedies that the Investor may have under this Agreement or
applicable Law. 
 If this Agreement is terminated pursuant to this Section 10.15, then all provisions of this Agreement will thereupon
become void without any Liability on the part of any Party hereto to any other Party hereto except that (x) this Section 10.15, Section 9 and Section 10 will survive any such termination, and (y) nothing herein will relieve
any Party from any Liability for any breach hereof occurring prior to such termination nor prejudice the right of any Party to seek indemnification under Section 9 in respect of such breach. 

10.16 Supremacy of this Agreement. 

If and to the extent that there are inconsistencies between the provisions of this Agreement and those of the Amended M&AA, the terms of
this Agreement shall prevail as between the Parties hereto only (with the exception of the Company), who hereby undertake to take all actions necessary or advisable, as promptly as practicable after the discovery of such inconsistency, to amend the
Amended M&AA so as to eliminate such inconsistency to the largest extent as permitted by the applicable Law. 
 10.17 Specific
Performance. 
 Notwithstanding anything to the contrary set forth herein, the Parties acknowledge and agree that irreparable harm may
occur for which money damages would not be an adequate remedy in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or otherwise breached. It is accordingly agreed that the Parties shall
be entitled to enforce specifically the terms and provisions of this Agreement. 
 10.18 Cumulative Rights in Transaction Documents.

 Except as expressly otherwise stated in the Transaction Documents, all remedies, privileges, rights and benefits of the Investor under
the Transaction Documents (or by law or otherwise afforded to the Investor) shall be cumulative and not alternative. Notwithstanding any provisions to the contrary, the execution, delivery and performance of this Agreement shall not prejudice any
remedy, privilege, right or benefit of the Investor under any other Transaction Documents or any other Contract or document, and vice versa. 

— REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK — 

  
 53 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	THE COMPANY:
	
	Dada Auto Inc.
		
	By:	 	 /s/ WANG Yang

	Name:	 	WANG Yang
	Title:	 	Director
	
	HK COMPANY:
	
	Fleetin HK Limited
		
	By:	 	 /s/ DAI Zhen

	Name:	 	DAI Zhen
	Title:	 	Director

 SIGNATURE PAGE TO SERIES A SHARE PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	 WFOE:
  

Zhejiang Anji Intelligent Electronics Holding Co., Ltd.
(浙江安吉智电控股有限公司) (Seal)

		
	By:	 	 /s/ WANG Yang

	Name: WANG Yang
	Title: Legal Representative
	
	 DOMESTIC COMPANY:
  

Kuaidian Power (Beijing) New Energy Technology Co., Ltd. (快电动力 (北京) 新能源科技有限公司) (Seal)

		
	By:	 	 /s/ ZHENG Linyi

	Name: ZHENG Linyi
	Title: Legal Representative

 SIGNATURE PAGE TO SERIES A SHARE PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	CONTROLLING SHAREHOLDER:
	
	Newlinks Technology Limited
		
	By:	 	 /s/ DAI Zhen

	Name: DAI Zhen
	Title: Director

 SIGNATURE PAGE TO SERIES A SHARE PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	FOUNDER:
	
	DAI Zhen 
		
	By:	 	 /s/ DAI Zhen 

 SIGNATURE PAGE TO SERIES A SHARE PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	 MAJOR PRC SUBSIDIARIES:
  

北京车主邦新能源科技有限公司
 (Seal)

		
	By:	 	 /s/ DAI Zhen (戴震)

	Name: DAI Zhen (戴震)
	Title: Legal Representative
	
	智电优通科技有限公司 (Seal)
		
	By:	 	 /s/ DAI Zhen (戴震)

	Name: DAI Zhen (戴震)
	Title: Legal Representative

 SIGNATURE PAGE TO SERIES A SHARE PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	INVESTOR:
	
	BCPE Nutcracker Cayman, L.P.
	
	 By: BCPE Nutcracker GP, LLC
 its
general partner

	 By: Bain Capital Asia Fund IV, L.P.

its member

	By: Bain Capital Investors Asia IV, LLC
	its general partner
	 By: Bain Capital Investors, LLC
 its
manager

		
	By:	 	 /s/ David Gross-Loh

	Name: David Gross-Loh
	Title: Authorized Signatory

 SIGNATURE PAGE TO SERIES A SHARE PURCHASE AGREEMENT 

 SCHEDULE OF NOTICE 

 EXHIBIT A 

LIST OF PRC SUBSIDIARIES 

 EXHIBIT B 

LIST OF KEY EMPLOYEES 

 EXHIBIT C 

CAPITALIZATION TABLE 

 EXHIBIT D 

DISCLOSURE SCHEDULE 

 EXHIBIT E 

AMENDED M&AA 

 EXHIBIT F 

SHAREHOLDERS’ AGREEMENT 

 EXHIBIT G 

CONDUCT OF GROUP COMPANIES PRE-CLOSING 

 EXHIBIT H 

REORGANIZATION PLANEX-4.16

 Exhibit 4.16 

THE SYMBOL “[Redacted]” DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH
(I)NOT MATERIAL, AND (II)IS THE TYPE THAT THE COMPANY TREATS AS PRIVATE OR CONFIDENTIAL 
 DADA AUTO INC. 

AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 

March 18, 2022 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 1.
	  	DEFINITIONS	  	 	3	 
			
	 1A.
	  	INTERPRETATION AND RULES OF CONSTRUCTION	  	 	11	 
			
	 2.
	  	INFORMATION RIGHTS, INSPECTION RIGHTS AND BOARD REPRESENTATION	  	 	12	 
			
	 3.
	  	REGISTRATION RIGHTS	  	 	14	 
			
	 4.
	  	RIGHT OF PARTICIPATION	  	 	31	 
			
	 5.
	  	TRANSFER RESTRICTIONS	  	 	34	 
			
	 6.
	  	LIQUIDATION	  	 	43	 
			
	 7.
	  	REDEMPTION AND PURCHASE OF SHARES	  	 	45	 
			
	 8.
	  	PROTECTIVE PROVISIONS	  	 	49	 
			
	 9.
	  	CONFIDENTIALITY AND NON-DISCLOSURE	  	 	51	 
			
	 10.
	  	ASSIGNMENT AND AMENDMENT	  	 	53	 
			
	 11.
	  	OTHER UNDERTAKINGS OF THE COMPANY	  	 	54	 
			
	 12.
	  	GENERAL PROVISIONS	  	 	59	 
		
	 SCHEDULE OF NOTICE
	  	 	75	 
		
	 EXHIBIT A LIST OF INVESTORS
	  	 	76	 
		
	 Exhibit B LIST OF COMPETITORS OF THE GROUP COMPANIES
	  	 	77	 
		
	 EXHIBIT C LIST OF PRC SUBSIDIARIES
	  	 	78	 

 EXHIBITS 
 Schedule of
Notice 
  

			
	Exhibit A  	 	List of Investors
		
	Exhibit B	 	List of Competitors of the Group Companies
		
	Exhibit C	 	Schedule of PRC Subsidiaries

 THIS AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT (this
“Agreement”) is made and entered into as of March 18, 2022 by and among: 
 (1) Dada Auto Inc., an exempted company
duly incorporated and validly existing under the Laws of the Cayman Islands with its registered address at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands (the “Company”); 
 (2) Fleetin HK Limited, a company duly
incorporated and validly existing under the Laws of Hong Kong with its registered address at Suite 3101, Everbright Centre 108, Gloucester Road, Wanchai, Hong Kong (the “HK Company”); 

(3) Zhejiang Anji Intelligent Electronics Holding Co., Ltd.
(浙江安吉智电控股有限公司), a limited
liability company duly incorporated and validly existing under the Laws of the PRC (the “WFOE”); 
 (4) Kuaidian
Power (Beijing) New Energy Technology Co., Ltd. (快电动力( 北京)新能源科技有限公司), a limited liability company
duly incorporated and validly existing under the Laws of the PRC (the “Domestic Company”); 
 (5) Each of the Major
PRC Subsidiaries listed in Part I of Exhibit C; 
 (6) Newlinks Technology Limited, an exempted company duly
incorporated and validly existing under the Laws of the Cayman Islands (the “Controlling Shareholder”); 
 (7) DAI Zhen (戴震), a Chinese citizen, ID number [Redacted] (the “Founder”); and 

(8) Each of the entities listed in Exhibit A (collectively the “Investors” and each an “Investor”).

 Each of the Controlling Shareholder, the Investors and any and all other persons and entities holding any shares of the Company from time
to time shall be hereinafter referred to as a “Shareholder” and collectively, the “Shareholders”. The Company, the HK Company, the WFOE, the Domestic Company, the Major PRC Subsidiaries, the Controlling Shareholder, the Founder
and the Investors may hereinafter collectively be referred to as the “Parties” and respectively referred to as a “Party”. Capitalized terms used in this Agreement shall have the meanings ascribed to them in
Section 1, and capitalized terms used herein without definition shall have the meanings set forth in the Series A Purchase Agreements (as defined below). 

RECITALS 
 A. On
January 14, 2022, a Series A Purchase Agreement (the “First Series A Purchase Agreement”) was entered into by and among the Investors (except for Bain), the Company, the Controlling Shareholder, the HK Company, the
Domestic Company and certain other parties, pursuant to which the Company agreed to sell to the Investors (except for Bain) certain Warrants (as defined below). 

  
 1 

 B. On January 26, 2022, a Series A Purchase Agreement (the “ Bain Series
A Purchase Agreement”, together with the First Series A Purchase Agreement, the “Series A Purchase Agreements”) was entered into by and among Bain, the Company, the Controlling Shareholder, the HK Company, the Domestic
Company and certain other parties, pursuant to which the Company agreed to sell to Bain certain Series A Preferred Shares. 
 C. The Company
has issued certain warrants (the “Warrants”) to the Investors (except for Bain), pursuant to which and under the conditions provided therein the Investors (except for Bain) are granted with warrants to acquire 9,354,953 Series A
Preferred Shares of the Company. The Parties hereby waive any and all of their rights of participation, pre-emptive rights, rights of the first offer or other similar rights with respect to the Shares to be
issued pursuant to the Warrants. 
 D. The Company, Founder, the Investors (except for Bain) and certain other Parties entered into the
shareholders’ agreement to record the respective information, registration and other rights and obligations of the shareholders of the Company on January 26, 2022 (as amended from time to time, the “Prior Agreement”). 

E. It is a condition precedent of the closing under the Bain Series A Purchase Agreement that the parties hereto enter into this Agreement. The
Parties desire to enter into this Agreement, which shall amend, replace and supersede the Prior Agreement in its entirety, make the respective representations, warranties, covenants and agreements and accept the rights, covenants and obligations set
forth herein on the terms and conditions set forth herein. 
 F. For the purpose of this Agreement and the Amended M&AA (as defined
below), subject to terms and conditions herein and therein and to the maximum extent legally permissible under applicable Laws, any series of Preferred Shares referred to in this Agreement shall include such series of Preferred Shares issuable under
any Warrant, whether such Warrant has been exercised, and the Warrant Holders (as defined below) shall be deemed as the holders of the corresponding series of Preferred Shares of the Company and shall be entitled to all the rights and privileges the
holders of the corresponding series of the Preferred Shares have under this Agreement and the Amended M&AA in each case as if all the Preferred Shares issuable to the relevant Investors upon exercise of the Warrants had been issued and such
Investor had been registered as a Shareholder holding the corresponding number of Preferred Shares of the Company. To the maximum extent permitted by applicable Laws and without prejudice to the rights and privileges of the Shareholders under this
Agreement and the Amended M&AA, any economic interest actually payable by the Company to any Investor that holds any Warrants pursuant to the foregoing may be paid by one or more Group Companies in the PRC to such Investor as long as the payment
is agreed on and recorded as the consideration for the corresponding Advanced Investment Funds which are required to provide to the Domestic Company and the fees associated therewith under the Onshore Investment Agreements. If the full and effective
exercise of any rights by any Warrant Holder under this Agreement and the Amended M&AA requires its prior exercise of the Warrant, all the Shareholders shall, subject to applicable Laws, use their voting and management power to allow the
exercise of such Warrant or allow such rights of the Warrant Holders to be exercised to the maximum extent permitted under the applicable Laws, and to provide such commercially reasonable assistance (including the reasonable extension of any time
constraint pertaining to the exercise of any rights of the Warrant Holders) as may be reasonably requested by such Warrant Holders. 

  
 2 

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

AGREEMENT 
  

	1.	 DEFINITIONS 

For purposes of this Agreement, the following terms shall have the following meanings: 

“Additional HK Companies” has the meaning set forth in the Series A Purchase Agreements. 

“Additional Number” has the meaning set forth in Section 4.3(b). 

“Additional WFOEs” has the meaning set forth in the Series A Purchase Agreements. 

“Additional Offered Shares” has the meaning set forth in Section 5.2(a)(iv). 

“Advanced Investment Funds” has the meaning set forth in the First Series A Purchase Agreement. 

“Affiliate” means, (a) with respect to a Person, any other Person that, directly or indirectly, Controls, is Controlled by or
is under common Control with such Person; and (b) in the case of an individual, shall include immediate family members of such individual (including his spouse, child, brother, sister, parent, mother-in-law, father-in-law, brother-in-law,
sister-in-law, collectively, his “Immediate Family Members”), and trustee of any trust in which such individual or any of his Immediate Family Members is a beneficiary or a discretionary object, or any entity or company Controlled
by any of the aforesaid persons. In the case of an Investor, the term “Affiliate” also includes (v) any shareholder of such Investor, (w) any of such shareholder’s or such Investor’s general partners or limited partners, (x) the
fund manager managing or advising such shareholder or such Investor (and general partners, limited partners and officers thereof) and other funds managed or advised by such fund manager, and (y) trusts controlled by or for the benefit of any such
Person referred to in (v), (w) or (x), and (z) any fund or holding company formed for investment purposes that is promoted, sponsored, managed, advised or serviced by such Investor. For the avoidance of doubt, the Investors shall not be deemed to be
an Affiliate of any Group Company. 

  
 3 

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

“Amended M&AA” means the Third Amended and Restated Memorandum and Articles of Association of the Company. 

“As Adjusted” means as appropriately adjusted for any subsequent bonus issue, share split, consolidation, subdivision,
reclassification, recapitalization or similar arrangement. 
 “Bain” means BCPE Nutcracker Cayman, L.P.. 

“Bain Series A Purchase Agreement” has the meaning set forth in the recitals. 

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

“Business Days” means any day that is not a Saturday, Sunday, legal holiday or other day on which commercial banks are
required or authorized by Law to be closed in the PRC or the Cayman Islands. 
 “Business” means the business that any
Group Company conducts or proposes to conduct from time to time. 
 “Buyer” or “Buyers” has the meaning
set forth in Section 5.10(b). 
 “CFC” has the meaning set forth in Section 11.2(a). 

“CICC” means CICC (Changde) Emerging Industry Venture Capital Partnership L.P. ( 中金( 常德) 新兴产业创业投资合伙企业( 有限合伙) ). “Circular 37” means the Circular 37, issued by SAFE on July 4, 2014, titled “Circular on Issues concerning Foreign Exchange Administration over the Overseas
Investment and Financing and Round-trip Investment by Domestic Residents via Special Purpose Vehicles
(关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知
),” effective as of July 4, 2014, and any implementation successor rule or regulation under the PRC Law. 

“Code” has the meaning set forth in Section 11.2(a). 

“Combined Meeting” has the meaning set forth in Section 8.2. 

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

“Competitor” has the meaning set forth in Section 5.10(b). 

“Confidential Information” has the meaning set forth in Section 9.1. 

  
 4 

 “Control” of a given Person means the power or authority, whether exercised
or not, to direct the business, management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, which power or authority shall conclusively be presumed to exist upon
possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of more than fifty
percent (50%) of the board of directors of such Person; the term “Controlled” has the meaning correlative to the foregoing. 

“Conversion Shares” means the Ordinary Shares issued or issuable pursuant to conversion of the Preferred Shares. 

“Co-Sale Holder” has the meaning set forth in Section 5.3. 

“Co-Sale Notice” has the meaning set forth in Section 5.3. 

“Co-Sale Pro Rata Portion” has the meaning set forth in Section 5.3(a). 

“Co-Sale Subscription Amount” has the meaning set forth in Section 5.3(e). 

“Closing Date” has the meaning set forth in the Bain Series A Purchase Agreement. 

“Disclosing Party” has the meaning set forth in Section 9.4. 

“Directors” or “Director” means members or a member of the Board. 

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

“Effective Date” has the meaning set forth in Section 12.15(a). 

“Equity Securities” means, with respect to a Person, any shares, share capital, registered capital, ownership interest,
equity interest, or other securities of such Person, and any option, warrant, or right to subscribe for, acquire or purchase any of the foregoing, or any other security or instrument convertible into or exercisable or exchangeable for any of the
foregoing, or any equity appreciation, phantom equity, equity plans or similar rights with respect to such Person, or any Contract of any kind for the purchase or acquisition from such Person of any of the foregoing, either directly or indirectly.

 “Extension Period” has the meaning set forth in Section 5.2(a)(iv). 

“Financing Terms” has the meaning set forth in Section 9.1. 

“First Participation Notice” has the meaning set forth in Section 4.3(a). 

“First Refusal Expiration Notice” has the meaning set forth in Section 5.2(d). 

“First Refusal Period” has the meaning set forth in Section 5.2(a)(i). 

  
 5 

 “First Series A Purchase Agreement” has the meaning set forth in the
recitals. 
 “Fully Diluted Basis” means assuming the exercise of all options, warrants or other securities that are
convertible, exercisable or exchangeable into Company’s Shares and the conversion of all outstanding Preferred Shares (or would be outstanding assuming full exercise of all options, warrants or other securities that are convertible, exercisable
or exchangeable into Company’s Preferred Shares) into Company’s Ordinary Shares. 
 “Fully Participating
Investors” has the meaning set forth in Section 4.3(b). 
 “Governmental Authority” means any nation or
government or any province or state or any other political subdivision thereof, or any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any
government authority, agency, department, board, commission or instrumentality or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization. 

“Governmental Order” means any applicable order, ruling, decision, verdict, decree, writ, subpoena, mandate, precept,
command, directive, consent, approval, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental Authority. 

“Group Companies” means the Company and its Subsidiaries (including the HK Company, the WFOE, the Domestic Company, the PRC
Subsidiaries, each Person (except individuals) Controlled by the Company and their respective Subsidiaries from time to time), and “Group Company” means any of them, unless otherwise specified in this Agreement. For the avoidance of
doubt, “Group Companies” shall include the Additional WFOEs and the Additional HK Companies (upon their incorporation or establishment under the Laws of applicable jurisdictions). 

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

“HKIAC” has the meaning set forth in Section 12.12. 

“Hong Kong” means the Hong Kong Special Administrative Region of the PRC. 

“IFRS” means the International Financial Reporting Standards promulgated by the International Accounting Standards Board
(IASB) (which includes standards and interpretations approved by the IASB and International Accounting Principles issued under previous constitutions), together with its pronouncements thereon from time to time, and applied on a consistent basis.

 “Information Rights” has the meaning set forth in Section 2.1(a)(v). 

“Initial Redemption Notice” has the meaning specified in Section 7.1(a)(ii). 

“Initiating Holders” has the meaning set forth in Section 3.3(c). 

  
 6 

 “Inspection Rights” has the meaning set forth in Section 2.1(b). 

“Investor Notice” has the meaning set forth in Section 5.10(b). 

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

“Law” or “Laws” means any constitutional provision, statute or other law, rule, regulation, official policy
or interpretation of any Governmental Authority and any Governmental Order. 
 “Liquidation Event” has the meaning
specified in Section 6.2. 
 “Majority Shareholders” means the holders of more than fifty percent (50%) of the then
outstanding Equity Securities of the Company (calculated on a Fully Diluted Basis), including the affirmative vote or prior written consent of the Preferred Majority. 

“New Securities” has the meaning set forth in Section 4.2. 

“Non-Competition Period” has the meaning set forth in Section 11.1(a). 

“Non-Selling Shareholders” has the meaning set forth in Section 5.1. 

“Observers” has the meaning set forth in Section 2.2(a). 

“Offered Shares” has the meaning set forth in Section 5.1. 

“Onshore Investment Agreements” has the meaning set forth in the First Series A Purchase Agreement. 

“Ordinary Director” or “Ordinary Directors” has the meaning set forth in Section 2.2(a). 

“Ordinary Shares” means the ordinary shares in the capital of the Company with par value of US$0.0001 per share. 

“Original Series A Preferred Issue Price” means a price of US$8.80 per Series A Preferred Share. 

“Overallotment New Securities” has the meaning set forth in Section 4.3(b). 

“Over-Purchasing Holder” has the meaning set forth in Section 5.2(a)(iv). 

“Oversubscribing Fully Participating Investor” has the meaning set forth in Section 4.3(b). 

“Participation Rights Holder” has the meaning set forth in Section 4. 

“Party” or “Parties” has the meaning set forth in the preamble. 

“Permitted Transfer” has the meaning set forth in Section 5.5. 

  
 7 

 “Permitted Transferee” has the meaning set forth in Section 5.5. 

“Person” means any individual, sole proprietorship, partnership, limited partnership, limited liability company, firm, joint
venture, estate, trust, unincorporated organization, association, corporation, institution, public benefit corporation, entity or governmental or regulatory authority or other enterprise or entity of any kind or nature. 

“PFIC” has the meaning set forth in Section 11.1(b). 

“PRC Companies” means the WFOE, the Domestic Company and the PRC Subsidiaries; and “PRC Company” means any
of them. 
 “PRC Subsidiaries” means the entities listed in Exhibit C, which are referred to collectively as the
“PRC Subsidiaries” and each a “PRC Subsidiary”. 
 “PRC” or “China”
means the People’s Republic of China but solely for the purposes of this Agreement, excluding Hong Kong, the Macau Special Administrative Region and Taiwan. 

“Preferred Majority” means the holders of at least fifty percent (50%) of the Preferred Shares (calculated on a Fully Diluted
Basis). 
 “Preferred Shares” means the Series A Preferred Shares. 

“Prohibited Transfer” has the meaning set forth in 5.3(f). 

“Pro Rata Share” has the meaning set forth in Section 4.1. 

“Purchase Period” has the meaning set forth in Section 5.10(b). 

“Purchasing Holders” has the meaning set forth in Section 5.2(a)(iv). 

“Put Right” has the meaning set forth in 5.3(f). 

“Qualified IPO” has the meaning given to such term in the Amended M&AA. 

“Re-allotment Notice” has the meaning set forth in Section 5.2(a)(iv). 

“Redeeming Preferred Shares” has the meaning specified in Section 7.1(a)(ii). 

“Redeeming Preferred Shareholder” has the meaning specified in Section 7.1(a)(ii). 

“Redemption Date” has the meaning specified in Section 7.1(a)(ii). 

“Redemption Event” has the meaning specified in Section 7.1(a)(i). 

“Redemption Notice” has the meaning specified in Section 7.1(a)(ii). 

  
 8 

 “Redemption Participation Notice” has the meaning specified in
Section 7.1(a)(ii). 
 “Redemption Price” has the meaning specified in Section 7.1(a)(iii). 

“Remaining Offered Shares” has the meaning set forth in Section 5.2(a)(iv). 

“Request Notice” has the meaning set forth in Section 3.3(a). 

“Respective Liquidation Amount” has the meaning specified in Section 6.3. 

“Restructuring Documents” means the restructuring documents executed by the WFOE, the Domestic Company, the shareholders of
the Domestic Company and other relevant parties on January 5, 2022, which includes Exclusive Business Cooperation Agreement, Equity Interest Pledge Agreement, Exclusive Option Agreement and Power of Attorney. 

“Right of First Refusal Closing” has the meaning set forth in Section 5.2(a)(vi). 

“Right of Participation” has the meaning set forth in Section 4. 

“SAFE” means the State Administration of Foreign Exchange of the PRC, including its local counterparts. 

“Second Participation Notice” has the meaning set forth in Section 4.3(b). 

“Securities Act” means the U.S. Securities Act of 1933, as amended and interpreted from time to time. 

“Selling Shareholder” has the meaning set forth in Section 5.1. 

“Series A Liquidation Preference Amount” has the meaning specified in Section 6.1(a). 

“Series A Original Issue Date” means (i) January 26, 2022, with respect to the Investors other than Bain and
Jiaxing Haohe Equity Investment Partnership L.P.; (ii) March 18, 2022, with respect to Bain and Jiaxing Haohe Equity Investment Partnership L.P.. 

“Series A Preferred Shares” means the series A preferred shares in the capital of the Company then outstanding and issued and
Series A Preferred Shares to be issued pursuant to the Warrants, whether such Warrant has been exercised (calculated on a Fully Diluted Basis), par value US$0.0001 per share, having the rights and privileges in this Agreement and Amended M&AA.

 “Series A Purchase Agreements” has the meaning set forth in the recitals. 

“Shareholder” or “Shareholders” has the meaning set forth in the preamble. 

  
 9 

 “Shares” means the Ordinary Shares, the Series A Preferred Shares, and
shares of any other class or series in the share capital of the Company, and includes any fraction of a share. 
 “Special
Warrant” has the meaning set forth in Section 4.3(c). 
 “Statute” means the Companies Law (as amended) of
the Cayman Islands, as amended, and every statutory modification or re-enactment thereof for the time being in force. 

“Subsidiary” means, with respect to a specific entity, (i) any entity (x) more than fifty percent (50%) of whose
shares or other interests entitled to vote in the election of directors or (y) more than a fifty percent (50%) of whose interests in the profits or capital of such entity are owned or Controlled directly or indirectly by the subject entity or
through one (1) or more Subsidiaries of the subject entity; (ii) any entity whose assets and financial results are consolidated with the net earnings of the subject entity and are recorded on the books of the subject entity for financial
reporting purposes in accordance with U.S. GAAP or IFRS; or (iii) any entity with respect to which the subject entity has the power to otherwise direct the business and policies of that entity directly or indirectly through another subsidiary.
For the avoidance of doubt, the Subsidiaries of the Company shall include the HK Company, the PRC Companies, the Additional HK Companies and the Additional WFOEs (upon their incorporation or establishment under the Laws of applicable jurisdictions)
and any other Subsidiary to be established by any of them from time to time. 
 “Trade Sale” means (i) a merger,
amalgamation, consolidation or other business combination of any Group Company with or into any Person, or any other transaction or series of transactions, as a result of which the Shareholders of the Company immediately prior to such transaction or
series of transactions will cease to own a majority of the voting power of the surviving entity immediately after consummation of such transaction or series of transactions, (ii) the sale, lease, transfer, exclusive license to a third party or
other disposition of all or substantially all of the assets of the Group Companies taken as a whole (including the Equity Securities and/or contractual arrangements by which any Group Company owns and/or Controls any other Group Company, the
licenses and permits necessary to conduct the business of the Group Companies in the PRC and the intellectual property assets of the Group Companies taken as a whole) or (iii) the sale (whether by merger, reorganization or other transaction) of
a majority of the issued and outstanding share capital of the Company or a majority of the voting power of the Company, provided, that in the case of each of (i) through (iii), a transaction that qualifies as a Qualified IPO shall not be
deemed to be a Trade Sale. 
 “Transaction Documents” means this Agreement, the Series A Purchase Agreements, the Amended
M&AA, the Warrants, the Onshore Investment Agreements, the Restructuring Documents, the exhibits attached to any of the foregoing and each of the agreements and other documents otherwise required in connection with implementing the transactions
contemplated by any of the foregoing. 

  
 10 

 “Transfer” has the meaning set forth in Section 5.6(a). 

“Transfer Notice” has the meaning set forth in Section 5.1. 

“Transferred Preferred Shares” has the meaning set forth in Section 5.10(b). 

“U.S. GAAP” means the generally accepted accounting principles in the United States of America in effect from time to time.

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

“Warrants” has the meaning set forth in the recitals. After issuance of any Special Warrants, the reference to
“Warrants” in this Agreement shall deem to include such Special Warrants as well. 
 “Warrant Holders” has
the meaning set forth in Section 4.3(c). 
 “WFOE” has the meaning set forth in the preamble. 

“WH Shares” has the meaning set forth in Section 5.2(a)(viii). 

“Zhenwei” means Anji Zhenwei Liangshan Venture Capital Partnership L.P.
(安吉真为两山创业投资合伙企业(有限合伙)) and Ningbo Zhenwei Qihang Equity Investment Partnership L.P.
(宁波真为起航股权投资合伙企业(有限合伙)), collectively. 
 “Zhenwei Director” has the meaning set forth
in Section 2.2(a). 
  

	1A.	 INTERPRETATION AND RULES OF CONSTRUCTION. 

In this Agreement, except to the extent otherwise provided or that the context otherwise requires: 

 

	 	(a)	 when a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an
Article or Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated; 

  

	 	(b)	 the table of contents and headings for this Agreement are for reference purposes only and do not affect in any
way the meaning or interpretation of this Agreement; 

  

	 	(c)	 whenever the words “include,” “includes” or “including” are used in this
Agreement, they are deemed to be followed by the words “without limitation”; 

  

	 	(d)	 the words “hereof,” “herein” and “hereunder” and words of similar import, when
used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement; 

  
 11 

	 	(e)	 all terms defined in this Agreement have the defined meanings when used in any certificate or other document
made or delivered pursuant hereto, unless otherwise defined therein; 

  

	 	(f)	 the definitions contained in this Agreement are applicable to the singular as well as the plural forms of such
terms; 

  

	 	(g)	 references to a Person are also to its successors and permitted assigns; 

 

	 	(h)	 the use of “or” is not intended to be exclusive unless expressly indicated otherwise;

  

	 	(i)	 any reference to a contract or document is to that contract or document as amended, novated, supplemented,
restated or replaced from time to time; and 

  

	 	(j)	 if any rights or obligations under this Agreement fall on a day or date which is not a Business Day, such
rights or obligations shall instead fall on the next succeeding Business Day after such stated day or date. 

  

	2.	 INFORMATION RIGHTS, INSPECTION RIGHTS AND BOARD REPRESENTATION 

2.1 Information Rights and Inspection Rights. 

(a) Information Rights. 

The Company covenants and agrees that, commencing on the Effective Date, so long as any Investor holds any Preferred Share, Conversion Share
and/or Warrant, the Company will deliver to such Investor: 
 (i) within ninety (90) days after the end of each fiscal year, audited
annual consolidated financial statements of the Group Companies for such fiscal year, audited by an accounting firm approved by the Board in accordance with IFRS or U.S. GAAP; 

(ii) within sixty (60) days after the end of the first six (6) months of each fiscal year, an unaudited semi-annual consolidated
financial statements of the Group Companies for such six-month period; 
 (iii) within thirty
(30) days after the end of each calendar quarter, unaudited quarterly consolidated financial statements and a quarterly operational report of the Group Companies; 

(iv) prompt written notice of any material litigation, material judgment against any of the Group Companies, and any notice from any
Governmental Authority of the material non-compliance with, or any regulation by any of the Group Companies; and 

  
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 (v) no later than thirty (30) days before the beginning of each fiscal year, an annual
consolidated budget and business plan of the Group Companies for such fiscal year (the rights to have access to the information set out in (i) and (iv) collectively, the “Information Rights”). 

All the financial statements to be provided to the Investors pursuant to this Section 2.1(a) shall be prepared in conformance with IFRS,
U.S. GAAP or other accounting principles as approved by the Board and shall consolidate all of the financial results of the Group Companies. All the information (including the financial statements) provided by the Company to the Investors pursuant
to clauses (i) and (ii) of this Section 2.1(a) shall be verified and certified as true, correct and not misleading by the Chief Executive Officer or the Chief Financial Officer of the Company. 

(b) Inspection Rights. 

Each of the Group Companies covenants and agrees that, commencing on the Effective Date, so long as any Investor holds any Preferred Share,
Conversion Share and/or Warrant, such Investor and Persons appointed by such Investor shall have the right to (i) visit and inspect the facilities and properties of each of the Group Companies, and examine and copy records, accounting vouchers
and books of each of the Group Companies at any time during regular working hours upon reasonable prior notice to the relevant Group Company without disrupting the normal business of the relevant Group Company; and (ii) discuss the business,
operations and conditions of the Group Companies with their respective directors, officers, employees, accountants and legal counsel, during regular working hours upon reasonable prior notice to the relevant Group Company without disrupting the
normal business of the relevant Group Company; provided that such Investor agrees to keep confidential any information so obtained in accordance with Section 9 (Confidentiality and
Non-Disclosure) (the “Inspection Rights”). 
 (c) Termination of Rights.

 The Information Rights and Inspection Rights shall terminate upon consummation of a Qualified IPO. 

2.2 Board of Directors. 

(a) Number of Directors. 

The Company’s Amended M&AA shall provide that the Board consists of up to four (4) members, and the maximum number of directors
shall not be changed except pursuant to an amendment to the Amended M&AA. The holders of a majority of the Ordinary Shares, voting as a separate class, may appoint three (3) Directors (the “Ordinary Directors” and each an
“Ordinary Director”) and may in like manner remove with or without cause any Ordinary Director so appointed and may in like manner appoint another person in his/her stead. Zhenwei may appoint one (1) Director (the
“Zhenwei Director”) and may in like manner remove with or without cause the Zhenwei Director so appointed and may in like manner appoint another Person in his/her stead. 

  
 13 

 Each of Bain and CICC shall be entitled to appoint one observer (the
“Observers”) to the Board to attend board meetings of the Company in a non-voting observer capacity. The Company shall provide the Observers copies of all notices and materials at the same
time and in the same manner as the same are provided to the Directors. 
 (b) Expenses. 

The Company shall reimburse the Zhenwei Director and the Observers for all reasonable and documented out-of-pocket expenses incurred by such Zhenwei Director and Observers in attending Board meetings and for any other services as a Director or an Observer of the Company and/or any Subsidiary in accordance
with the expenses reimbursement policy of the Company. 
 (c) Termination. 

This Section 2.2 shall terminate upon consummation of a Qualified IPO and thereafter election and removal of the Directors shall be made
pursuant to the Amended M&AA or other constitutional documents of the Company to be effective upon or after the consummation of the Qualified IPO, provided that, the Directors appointed before the consummation of a Qualified IPO shall
have the right but not the obligation to resign or be removed from the Board. 
  

	3.	 REGISTRATION RIGHTS 

3.1 Applicability of Rights. 

The Investors shall be entitled to the following rights with respect to any potential public offering of the Company’s Ordinary Shares in
the United States and shall be entitled to reasonably analogous or equivalent rights with respect to any other offering of the Company’s securities in any other jurisdiction in which the Company undertakes to publicly offer or list such
securities for trading on a recognized securities exchange. These rights set forth in this Section 3 shall survive an IPO of the Company in the United States. 

3.2 Definitions. 
 For
purposes of this Section 3: 
 (a) Registration. The terms “register,” “registered,” and
“registration” refer to a registration effected by filing a registration statement which is in a form which complies with, and is declared effective by the SEC (as defined below) in accordance with, the Securities Act. 

(b) “Excluded Registration” means (i) a registration relating to the sale or grant of securities to employees of the
Company or a Subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan; (ii) a registration relating to an SEC Rule 145 transaction or other acquisition, amalgamation, merger, arrangement, business combination or
similar transaction by any Group Company of or with any other businesses; (iii) a registration in which the only Ordinary Shares being registered is Ordinary Shares issuable upon conversion of debt securities that are also being registered, or
(iv) a registration on any registration form that does not permit secondary sales. 

  
 14 

 (c) Registrable Securities. The term “Registrable Securities” means:
(1) any Ordinary Shares of the Company issued or issuable pursuant to conversion of any of the Preferred Shares, and (2) any Ordinary Shares issued (or issuable upon the conversion or exercise of any warrant, right or other security which is
issued) as a dividend or other distribution with respect to, or in exchange for or in replacement of, any Preferred Shares described in clause (1) of this subsection (c), and (3) Ordinary Shares issued or issuable in respect of the
Ordinary Shares described in clauses (1) and (2) above upon any share split, share dividend, share combination or consolidation, recapitalization, reclassification or other similar event in relation to the Shares, and (4) any depositary
receipts issued by an institutional depositary representing any of the foregoing. Notwithstanding the foregoing, “Registrable Securities” shall exclude any Registrable Securities sold by a Person in a transaction in which rights
under this Section 3 are not assigned in accordance with this Agreement, and any Registrable Securities which are sold in a registered public offering under the Securities Act or analogous statute of another jurisdiction, or sold pursuant to
Rule 144 promulgated under the Securities Act or analogous rule of another jurisdiction. 
 (d) Registrable Securities Then
Outstanding. The number of shares of “Registrable Securities Then Outstanding” shall mean the number of Ordinary Shares of the Company that are Registrable Securities and are then issued and outstanding or would be outstanding
assuming full conversion of all securities, warrants or other rights which are, directly or indirectly, convertible, exercisable or exchangeable into or for Registrable Securities. 

(e) IPO. The term “IPO” means the firm-commitment underwritten initial public offering by the Company of its Ordinary
Shares pursuant to a registration statement that is filed with and declared effective by either the SEC under the Securities Act or another Governmental Authority for a Registration in a jurisdiction other than the United States. 

(f) Holder. For purposes of this Section 3, the term “Holder” means any person owning or having the rights to
acquire Registrable Securities or any permitted assignee of record of such Registrable Securities to whom rights under this Section 3 have been duly assigned in accordance with this Agreement. 

(g) Form F-3 or Form S-3. The term “Form F-3” or “Form S-3” means such respective form under the Securities Act (including Form S-3 or Form F-3, as appropriate) or any successor registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents
filed by the Company with the SEC. 
 (h) SEC. The term “SEC” means the U.S. Securities and Exchange Commission. 

  
 15 

 (i) Registration Expenses. The term “Registration Expenses” shall
mean all expenses incurred by the Company in complying with Sections 3.3, 3.4 and 3.5 hereof, including all registration and filing fees, printing expenses, fees, disbursements of counsels for the Company, reasonable and documented fees and
disbursements of one counsel for the Holders, fees and disbursements for any special legal opinions as requested by the Company, the underwriters or their counsels, “blue sky” fees and expenses and the expense of any special audits
incidental to or required by any such registration (but excluding any Selling Expenses, fees and disbursement of other counsel for the Holders, and the compensation of regular employees of the Company which shall be paid in any event by the
Company). 
 (j) “Rule 144 Qualified Holder” or “Rule 144 Qualified Holders” has the meaning set forth in
Section 3.10 below. 
 (k) Selling Expenses. The term “Selling Expenses” shall mean all underwriting discounts
and selling commissions applicable to the sale of Registrable Securities pursuant to Sections 3.3, 3.4 or 3.5 hereof. 
 (l) Exchange
Act. The term “Exchange Act” shall mean the United States Securities Exchange Act of 1934, as amended, and any successor statute. 

(m) “Restricted Securities” has the meaning set forth in SEC Rule 144(a)(3). 

(n) “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

(o) “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

3.3 Demand Registration. 

(a) Request by Holders. Subject to the terms of this Agreement, if the Company shall, at any time after the earlier of (i) the
fifth (5th) anniversary of the Closing Date, or (ii) expiry of one hundred eighty (180) days following the effective date of a registration statement for an IPO, receive a written
request from the Holders of at least fifty percent (50%) of the Registrable Securities Then Outstanding that the Company file a registration statement under the Securities Act (other than Form F-3 or Form S-3) covering the registration of a minimum twenty percent (20%) of the Registrable Securities of such requesting Holders (or any lesser percentage if the anticipated gross proceeds to the Company from the
registration shall exceed US$5,000,000) pursuant to this Section 3.3, then the Company shall, within ten (10) Business Days of the receipt of such written request, give written notice of such request (“Request Notice”) to
all the Holders, and use its best efforts to effect, as soon as practicable, the registration under the Securities Act of all the Registrable Securities that the Holders request to be registered and included in such registration by written notice
given by such Holders to the Company within twenty (20) days after receipt of the Request Notice. 

  
 16 

 (b) Limitations on Requested Registration. The Company shall not be obligated to
effect, or to take any action to effect, any such registration pursuant to this Section 3.3: 
 (i) in any particular jurisdiction in
which the Company would be required to execute a general consent to service of process in effecting such registration, qualification, or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required
by the Securities Act; 
 (ii) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate
of the date of filing of, and ending on a date one hundred twenty (120) days after the effective date of, a Company-initiated registration; provided that the Company is actively employing in good faith reasonable best efforts to cause
such registration statement to become effective; or 
 (iii) if the Initiating Holders (as defined below) propose to dispose of shares of
Registrable Securities that may be immediately registered on Form S-3 or F-3 pursuant to a request made pursuant to Section 3.5 below. 

(c) Underwriting. If the Holders initiating the registration request under this Section 3.3 (the “Initiating
Holders”) intend to distribute the Registrable Securities covered by their request by means of an underwriting, then they shall so advise the Company as a part of their request made pursuant to this Section 3.3 and the Company shall
include such information in the Request Notice. In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of
such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the
managing underwriter or underwriters selected for such underwriting by the Company and reasonably acceptable to the Holders of a majority of the Registrable Securities being registered. Notwithstanding any other provision of this Section 3.3,
if the underwriter(s) advise(s) the Company in writing that marketing factors require a limitation of the number of securities to be underwritten, then the Company shall so advise all Holders of Registrable Securities which would otherwise be
registered and underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be reduced as required by the underwriter(s) and allocated among the Holders of Registrable Securities on a pro rata
basis according to the number of Registrable Securities Then Outstanding held by each Holder requesting registration (including the Initiating Holders); provided, however, that the number of shares of Registrable Securities to be
included in such underwriting and registration shall not be reduced unless all other securities are first entirely excluded from the underwriting and registration including all shares that are not Registrable Securities and are held by any other
Person, including any Person who is an employee, officer or director of the Company or any Subsidiary of the Company. 

  
 17 

 (d) Maximum Number of Demand Registrations. The Company shall not be obligated to
effect more than two (2) such demand registrations as requested by the Holders of the Registrable Securities pursuant to this Section 3.3 provided that if the sale of all of the Registrable Securities sought to be included pursuant
to this Section 3.3 is not consummated for any reason other than due to the action or inaction of the Holders including Registrable Securities in such Registration, such Registration shall not be deemed to constitute one of the Registration
rights granted pursuant to this Section 3.3. 
 (e) Deferral. Notwithstanding the foregoing, if the Company shall furnish to the
Holders requesting registration pursuant to this Section 3.3, a certificate signed by the President or Chief Executive Officer of the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the
Company and its shareholders for such registration statement to be filed at such time, then the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders;
provided, however, that the Company may not utilize this right more than once in any twelve (12) month period; provided further, that the Company shall not register any other of its Shares during such ninety
(90) day period (other than an Excluded Registration). A demand right shall not be deemed to have been exercised until such deferred registration shall have been effected. 

(f) Other Shares. For the avoidance of doubt, the registration statement filed pursuant to the request of the Initiating Holders may, subject
to the provisions of Section 3.3(c), include securities of the Company being sold for the account of the Company. 
 3.4 Piggyback
Registrations. 
 Subject to the terms of this Agreement, if the Company proposes to register for its own account any of its Ordinary
Shares (or Ordinary Share equivalent) in connection with the public offering of such securities, or if any demand registration of Equity Securities is requested by investors making equity investment in the Company subsequent to the equity investment
in the Company by the Holders, the Company shall notify all the Holders of the Registrable Securities in writing at least thirty (30) days (or such a shorter period of time reasonably determined by the Company (after consultation with counsel)
in order to avoid selected disclosure of material non-public information in violation of, or other violation of, any applicable securities law) prior to the anticipated filing of any registration statement
under the Securities Act for purposes of effecting a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding registration
statement for the IPO, registration statements relating to any registration under Section 3.3 or Section 3.5 of this Agreement, an Excluded Registration or any exchange offer of the Company for purposes of retiring or repurchasing any
securities of any Group Company), and shall afford each such Holder an opportunity to include in such registration statement all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to include in any such
registration statement all or any part of the Registrable Securities held by it shall within twenty (20) days (or such a shorter period of time reasonably determined by the Company (after consultation with counsel) as specified in the
Company’s notice if the Company’s notification period is less than thirty (30) days pursuant to this provision) after receipt of the above described notice from the Company, so notify the Company in writing, and in such notice shall
inform the Company of the number of Registrable Securities such Holder wishes to include in such registration statement. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the
Company or any subsequent investors, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company or any subsequent
investors with respect to offerings of its securities, all upon the terms and conditions set forth herein. 

  
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 (a) Underwriting. If a registration statement under which the Company gives notice
under this Section 3.4 is for an underwritten offering, then the Company shall so advise the Holders of the Registrable Securities. In such event, the right of any such Holder’s Registrable Securities to be included in a registration
pursuant to this Section 3.4 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All the Holders
proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting. Notwithstanding any other
provision of this Agreement but subject to Section 3.13, if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may
exclude shares from the registration and the underwriting, and the number of shares that may be included in the registration and the underwriting shall be allocated, first, to the Company, second, to each of the Holders requesting
inclusion of their Registrable Securities in such registration statement on a pro rata basis based on the total number of shares of Registrable Securities then held by each such Holder, and third, to holders of other securities of the
Company; provided, however, that the right of the underwriter(s) to exclude shares (including the Registrable Securities) from the registration and underwriting as described above shall be restricted so that (i) the number of the
Registrable Securities included in any such registration is not reduced below thirty percent (30%) of the aggregate number of shares of the Registrable Securities, on a pro rata basis, for which inclusion has been requested; and (ii) all shares that
are not Registrable Securities and are held by any other Person, including any Person who is an employee, officer or director of the Company (or any subsidiary of the Company) shall first be excluded from such registration and underwriting before
any Registrable Securities are so excluded. 
 (b) Not Demand Registration. Registration pursuant to this Section 3.4 shall not be
deemed to be a demand registration as described in Section 3.3 above. There shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 3.4. 

  
 19 

 (c) Right to Terminate Registration. The Company shall have the right to terminate or
withdraw any registration initiated by it under this Section 3.4 before or after the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. 

3.5 Form F-3 or Form S-3 Registration. 

If at any time when it is eligible to use a Form S-3 or Form
F-3 registration statement, in case the Company shall receive from the Holders of at least fifty percent (50%) of the Registrable Securities Then Outstanding a written request or requests that the Company
effect (i) a registration on Form F-3 or Form S-3 for which the reasonably anticipated aggregate offering price to the public would be no less than US$5,000,000 and
(ii) any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, then the Company will: 

(a) Notice. Promptly give written notice of the proposed registration and the Holder’s or Holders’ request therefor, and any
related qualification or compliance, to all other Holders of the Registrable Securities; and 
 (b) Registration. As soon as
practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities
as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within twenty (20) days after the Company
provides the notice contemplated by Section 3.5(a); provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 3.5: 

(i) if Form F-3 or Form S-3 is not available for such offering
by the Holders; 
 (ii) if the Company shall furnish to the Holders a certificate signed by the Chief Executive Officer of the Company
stating that in the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such Form F-3 or Form S-3 registration
to be effected at such time, in which event the Company shall have the right to defer the filing of the Form F- 3 or Form S-3 registration statement no more than once during any twelve (12) month period
for a period of not more than sixty (60) days after receipt of the request of the Holder or Holders initiating such registration request pursuant to this Section 3.5; provided that the Company shall not register any of its other
Shares during such sixty (60) day period (other than an Excluded Registration). A registration right under Section 3.5 shall not be deemed to have been exercised until such deferred registration shall have been effected; 

  
 20 

 (iii) if the Company has, within the twelve (12) month period preceding the date of
such request, already effected two Form F-3 or Form S-3 registrations pursuant to this Section 3.5; 

(iv) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to
service of process in effecting such registration, qualification or compliance; or 
 (v) during the period starting with the date thirty
(30) days prior to the Company’s good faith estimate of the date of filing of, and ending on a date ninety (90) days after the effective date of, a Company-initiated registration; provided that the Company is actively employing in
good faith reasonable best efforts to cause such registration statement to become effective. 
 Subject to the foregoing, the Company shall file a Form F-3 or Form S-3 registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the
request or requests of the Holders. 
 (c) Not Demand Registration. Form F-3 or Form S-3 registrations shall not be deemed to be demand registrations as described in Section 3.3 above. 

(d) Maximum Number of Form F-3 or Form S-3 Registration.
The Company shall not be obligated to effect more than two (2) such F-3 or Form S-3 registrations as requested by the Holders of the Registrable Securities within
twelve (12) months and pursuant to this Section 3.5 provided that if the sale of all of the Registrable Securities sought to be included pursuant to this Section 3.5 is not consummated for any reason other than due to the
action or inaction of the Holders including Registrable Securities in such Registration, such Registration shall not be deemed to constitute one of the Registration rights granted pursuant to this Section 3.5. 

(e) Underwriting. If the Holders of Registrable Securities requesting registration under this Section 3.5 intend to distribute the
Registrable Securities covered by their request by means of an underwriting, the provisions of Section 3.3(c) shall apply to such registration. 

(f) Other Shares. For the avoidance of doubt, the registration statement filed pursuant to the request of the Initiating Holders may,
subject to the provisions of Section 3.5(e), include securities of the Company being sold for the account of the Company. 
 3.6
Expenses. 
 All Registration Expenses incurred in connection with any registration pursuant to Sections 3.3, 3.4 or 3.5 (but
excluding the Selling Expenses) shall be borne by the Company, provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding for demand registration or registration on Form S-3 or Form F-3 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case
all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their
right to one registration pursuant to provisions herein. Each Holder participating in a registration pursuant to Sections 3.3, 3.4 or 3.5 shall bear such Holder’s proportionate share (based on the total number of shares sold in such
registration other than for the account of the Company) of all the Selling Expenses, in connection with such offering by the Holders. 

  
 21 

 3.7 Obligations of the Company. 

Whenever required to affect the registration of any Registrable Securities under this Agreement the Company shall, as expeditiously as
reasonably possible: 
 (a) Registration Statement. Prepare and file with the SEC a registration statement with respect to such
Registrable Securities and use its best efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement
effective for a period of up to ninety (90) days or if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such ninety (90) day period shall be
extended for a period of time equal to the period any Holder refrains from selling any securities included in such registration at the request of the underwriter(s), and (ii) in the case of any registration of the Registrable Securities on Form
S-3 or Form F-3 which are intended to be offered on a continuous or delayed basis, in accordance with Rule 415 under the Securities Act or a successor rule, such ninety
(90) day period shall be extended, if necessary, to keep the registration statement effective until all such Registrable Securities are sold. 

(b) Amendments and Supplements. Prepare and file with the SEC such amendments and supplements to such registration statement and the
prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement. 

(c) Prospectuses. Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with
the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such registration. 

(d) Blue Sky. Use its best efforts to register and qualify the securities covered by such registration statement under such other
securities or “blue sky” laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to
file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act. 

  
 22 

 (e) Underwriting. In the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement in usual and customary form, with the managing underwriter(s) of such offering. 

(f) Notification. Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus
relating thereto is required to be delivered under the Securities Act of (i) the issuance of any stop order by the SEC in respect of such registration statement, or (ii) the happening of any event as a result of which the prospectus
included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of
the circumstances then existing. 
 (g) Opinion and Comfort Letter. Furnish, at the request of any Holder requesting registration of
the Registrable Securities, on the date that such Registrable Securities are delivered to the underwriter(s) for sale, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the
date that the registration statement with respect to such securities becomes effective, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is
customarily given to underwriters in an underwritten public offering and reasonably satisfactory to Holders of at least fifty percent (50%) of the Registrable Securities being included in such sale, or in an underwritten offering, to the lead
underwriter(s), addressed to the underwriters, and (ii) letters dated as of (x) the effective date of the registration statement covering such Registrable Securities, or the date of, or required in, the underwriting agreement, as the case
may be. and (y) the closing date of the offering, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten
public offering and reasonably satisfactory to Holders of at least fifty percent (50%) of the Registrable Securities being included in such sale, or in an underwritten offering, to the lead underwriter(s), addressed to the underwriters, if any. 

3.8 Furnish Information. 

It shall be a condition precedent to the obligations of the Company to take any action pursuant to Sections 3.3, 3.4 or 3.5 that the selling
Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to timely effect the registration of their Registrable
Securities. 
 3.9 Indemnification. 

In the event any Registrable Securities are included in a registration statement under Sections 3.3, 3.4 or 3.5: 

  
 23 

 (a) By the Company. To the extent permitted by applicable Laws, the Company will
indemnify and hold harmless each Holder, its partners, officers, directors, legal counsel, any underwriter (as defined in the Securities Act) for such Holder and each Person, if any, who controls such Holder or underwriter within the meaning of the
Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act, or other United States federal or state law, insofar as such
losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): 

(i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary
prospectus or final prospectus contained therein or any amendments or supplements thereto; 
 (ii) the omission or alleged omission to state
therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or 
 (iii) any violation
or alleged violation by the Company of the Securities Act, the Exchange Act, any United States federal or state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any United States federal or state
securities law in connection with the offering covered by such registration statement; 
 and the Company will reimburse each such Holder, its partner,
officer, director, legal counsel, underwriter or controlling Person for any legal or other expenses reasonably incurred by them and documented, as such expenses are incurred, in connection with investigating or defending any such loss, claim,
damage, liability or action; provided, however, that the indemnity agreement contained in this subsection (a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is
effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based
upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, partner, officer, director, legal counsel, underwriter or controlling Person
of such Holder. 
 (b) By Selling Holders. To the extent permitted by applicable Laws, each selling Holder will, if the Registrable
Securities held by such Holder are included in the securities as to which such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its partners, officers, directors, legal counsel, each
Person, if any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors, officers, legal
counsel or any Person who controls such Holder within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such director, officer, legal counsel,
controlling Person, underwriter or such other Holder, partner or director, officer or controlling Person of such other Holder may become subject under the Securities Act, the Exchange Act or other United States federal or state law, insofar as such
losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written
information furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred (and documented) by the Company or any such director, officer,
controlling Person, underwriter or other Holder, partner, officer, director or controlling Person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however,
that the indemnity agreement contained in this subsection (b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent
shall not be unreasonably withheld; and provided, further, that in no event shall any indemnity under this subsection (b) exceed the net proceeds received by such Holder in the registered offering out of which the applicable
Violation arises. 

  
 24 

 (c) Notice. Promptly after receipt by an indemnified party under this
Section 3.9 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 3.9, deliver to the
indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to
assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party,
if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential conflict of interests between such indemnified party and any other party represented by such counsel in
such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of liability to the indemnified party under this Section 3.9
to the extent the indemnifying party is prejudiced as a result thereof, but the omission to so deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this
Section 3.9. 
 (d) Contribution. In order to provide for just and equitable contribution to joint liability under the Securities
Act in any case in which either (i) any indemnified party makes a claim for indemnification pursuant to this Section 3.9 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and
the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 3.9 provides for indemnification in such case, or (ii)
contribution under the Securities Act may be required on the part of any indemnified party in circumstances for which indemnification is provided under this Section 3.9; then, and in each such case, the indemnified party and the indemnifying
party will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion so that a Holder (together with its related persons) is responsible for the portion
represented by the percentage that the public offering price of its Registrable Securities offered by and sold under the registration statement bears to the public offering price of all securities offered by and sold under such registration
statement, and the Company and other selling Holders are responsible for the remaining portion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions,
or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a
court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case: (A) no Holder will be required to contribute any amount in excess of the
net proceeds to such Holder from the sale of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, except in the case of willful misconduct or fraud by such Holder; and (B) no person or entity
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

  
 25 

 (e) Survival; Consents to Judgments and Settlements. Unless otherwise superseded by
an underwriting agreement entered into in connection with the underwritten public offering, the obligations of the Company and Holders under this Section 3.9 shall survive the completion of any offering of Registrable Securities in a
registration statement, regardless of the expiration of any statutes of limitation or extensions of such statutes. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party,
consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or
litigation. 
 3.10 Termination of the Company’s Obligations. 

The Company’s obligations under Sections 3.3, 3.4 and 3.5 with respect to any Registrable Securities proposed to be sold by a Holder in a
registration pursuant to Section 3.3, 3.4 or 3.5 shall terminate upon the earlier of (i) such time after consummation of the Company’s first registered public offering of Ordinary Shares as Rule 144 or another similar exemption under
the Securities Act is available for the sale of all of such Holder’s shares of Registrable Securities during a three-month period without registration (such a Holder, a “Rule 144 Qualified Holder”); and (ii) the fifth
(5th) anniversary of the Qualified IPO; provided, however, that notwithstanding anything to the contrary in clause (i) of this Section 3.10, prior to the fifth (5th) anniversary of the Qualified IPO, in the event that any
Rule 144 Qualified Holder holds Registrable Securities that represent more than five percent (5%) of the Ordinary Shares of the Company that are issued and outstanding or would be outstanding assuming full conversion of all securities, warrants or
other rights which are, directly or indirectly, convertible, exercisable or exchangeable into or for the Ordinary Shares of the Company (with depositary receipts being calculated in the corresponding number of Ordinary Shares), at the proposed time
of the registration of securities for an offering (or for the avoidance of doubt, if the offering is made under a shelf registration, at the proposed time of filing the prospectus supplement for such offering) as contemplated in Section 3.4,
such Rule 144 Qualified Holder shall continue to be entitled to the piggyback right for such registration for such offering as set forth in Section 3.4; provided further that notwithstanding anything to the contrary in this
Section 3 (Registration Rights), the aggregate number of all Registrable Securities that are so included in such registration for being part of such offering pursuant to requests of Rule 144 Qualified Holders shall not exceed twenty percent
(20%) of the aggregate number of all securities included in such registration for being part of such offering (each measured in the number of corresponding Ordinary Shares). 

  
 26 

 3.11 No Registration Rights to Third Parties. 

Without the prior written consent of the Holders of a majority of the Registrable Securities Then Outstanding, the Company covenants and agrees
that it shall not grant, or cause or permit to be created, for the benefit of any Person any registration rights of any kind (whether similar to the demand, “piggyback” or Form F- 3 or Form S-3
registration rights described in this Section 3, or otherwise) relating to any securities of the Company which are senior to, or on a parity with, those granted to the Holders of Registrable Securities. In any event, if the Company grants to
any holder of the Company’s security any registration right of any nature that are superior to the Holders, as determined in good faith by the Board, the Company shall grant such superior registration right to the Holders as well. 

3.12 Assignment of Registration Rights. 

Subject to prior written notification by the Holder to the Company, the right to cause the Company to register Registrable Securities pursuant
to this Agreement may be assigned by a Holder provided that: (i) the Holder is transferring all its Registrable Securities; (ii) the Holder is transferring at least 100,000 Registrable Securities; (iii) the Holder is transferring its
Registrable Securities to a constituent partner or shareholder who agrees to act through a single representative; or (iv) the Holder is transferring its Registrable Securities to an Affiliate of such Holder; provided that: (a) the Company
is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; and (b) such transferee
or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement. In the event of a transfer or assignment of Registrable Securities which does not satisfy the conditions set forth above, such securities shall
no longer be deemed to constitute “Registrable Securities” for purposes of this Agreement. 

  
 27 

 3.13 Market Stand-Off. 

Each of the Controlling Shareholder, the Investors and other Shareholders hereby agrees that, if and to the extent requested by the Company or
the underwriters managing the initial public offering of the Company’s securities, it will not (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any
option, right, or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any securities of the Company (other than those permitted to be included in the registration and other transfers to Affiliates (which shall be
subject to the same market stand-off provisions as the Investor/Shareholder transferor) permitted by law), or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Ordinary Shares or other securities, in cash, or otherwise (including to make
any short sale of, or enter into any hedging or similar transaction with the same economic effect as a sale), without the prior written consent of the Company or such underwriters, as the case may be, for a period of time specified by the
representative of the underwriters not to exceed one hundred and eighty (180) days from the effective date of the registration statement covering such initial public offering or the pricing date of such offering as may be requested by the
underwriters. The foregoing provision of this Section 3.13 applies only to the IPO, but not to the Registrable Securities actually sold pursuant to such registration statement, and shall only be applicable to the Holders if all officers,
directors and holders of five percent (5%) or more of the Company’s outstanding share capital enter into similar agreements, and if the Company or any underwriter releases any officer, director or holder of five percent (5%) or more of the
Company’s outstanding share capital from his or her sale restrictions so undertaken, then each Holder shall be notified prior to such release and shall itself be simultaneously released to the same proportional extent (other than the release of
any officer or director for bona fide tax or estate planning purposes). The Company shall require all future acquirers of the Company’s securities holding at least five percent (5%) of the then outstanding share capital of the Company to
execute prior to a Qualified IPO a market stand-off agreement containing substantially similar provisions as those contained in this Section 3.13. The underwriters in connection with such registration are
intended third-party beneficiaries of this Section 3.13 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be
reasonably requested by the underwriters in connection with such registration that are consistent with this Section 3.13 or that are necessary to give further effect thereto. 

3.14 Rule 144 Reporting. 

With a view to making available to the Holders the benefits of certain rules and regulations of the SEC which may at any time permit the sale
of the Registrable Securities to the public without registration or pursuant to a registration on Form F-3 or Form S-3, after such time as a public market exists for the
Ordinary Shares, the Company agrees to: 

  
 28 

 (a) make and keep public information available, as those terms are understood and defined in
Rule 144 under the Securities Act, at all times after the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 

(b) file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act
(at any time after it has become subject to such reporting requirements); and 
 (c) so long as a Holder owns any Registrable Securities, to
furnish to such Holder forthwith upon request (i) a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the Company’s
initial public offering), the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or its qualification as a registrant whose securities may be resold pursuant to Form F-3 or Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such other reports and documents
of the Company as a Holder may reasonably request in availing itself of any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to Form F-3 or Form S-3. 
 3.15 Delay of Registration. 

No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as
the result of any controversy that might arise with respect to the interpretation or implementation of this Section 3. 
 3.16
Restrictions on Transfer. The provisions of Section 3.16(a) will take effect only if and when the Company becomes a “reporting company” under the Exchange Act, or before the Company becomes a “reporting company”, if
and when the proposed sale, assignment, transfer, pledge or other disposition may constitute a distribution or public offering within the meaning of the Securities Act or other similar Laws in other applicable jurisdictions. 

(a) The Holder of each certificate representing Registrable Securities by acceptance thereof agrees to comply in all respects with the
provisions of this Section 3.16. Each Holder agrees not to make any sale, assignment, transfer, pledge or other disposition of all or any portion of the Restricted Securities, or any beneficial interest therein, unless and until: 

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

  
 29 

 (ii) Such Holder shall have given prior written notice to the Company of such Holder’s
intention to make such disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, and, if reasonably requested by the Company, such Holder shall have furnished the
Company, at its expense, with (A) an opinion of counsel, reasonably satisfactory to the Company, to the effect that such disposition will not require registration of such Restricted Securities under the Securities Act, (B) a “no
action” letter from the SEC to the effect that the transfer of such securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto, or (C) any other evidence reasonably
satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be
entitled to transfer such Restricted Securities in accordance with the terms of the notice delivered by the Holder to the Company. 
 (b)
Each certificate representing Registrable Securities shall (unless otherwise permitted by the provisions of this Agreement) be stamped or otherwise imprinted with a legend substantially similar to the following (in addition to any legend required
under applicable state securities laws): 
 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES
LAWS PURSUANT TO REGISTRATION OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY
APPLICABLE STATE SECURITIES LAWS.” 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY
AND RESALE, INCLUDING A LOCK-UP PERIOD OF UP TO 180 DAYS IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN A SHAREHOLDERS’ AGREEMENT, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE
COMPANY.” 
 The Holders consent to the Company making a notation on its records and giving instructions to any transfer agent of the Restricted
Securities in order to implement the restrictions on transfer established in this Section 3.16. 
 (c) The first legend referring to
federal and state securities laws identified in Section 3.16(b) hereof stamped on a certificate evidencing the Restricted Securities and the share transfer instructions and record notations with respect to such Restricted Securities shall be
removed and the Company shall issue a certificate without such legend to the holder of such Restricted Securities if (i) such securities are registered under the Securities Act, or (ii) such holder provides the Company with an opinion of
counsel reasonably acceptable to the Company to the effect that a public sale or transfer of such securities may be made without registration under the Securities Act. 

  
 30 

 (d) A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the
Preferred Shares and/or the Registrable Securities held by such Holder to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement. 

 

	4.	 RIGHT OF PARTICIPATION 

The Investors, any other holder of the Preferred Shares to which rights under this Section 4 have been duly assigned in accordance with
Section 10.1 (each hereinafter referred to as a “Participation Rights Holder”, collectively the “Participation Rights Holders”) shall have the right of first refusal to purchase such Participation Rights
Holder’s Pro Rata Share (as defined in Section 4.1), of all (or any part) of any New Securities (as defined in Section 4.2) that the Company may from time to time issue after the Effective Date (the “Right of
Participation”). Each Participation Rights Holder may apportion, at its sole discretion, its Pro Rata Shares among its Affiliates in any proportion. 

4.1 Pro Rata Share. 
 A
Participation Rights Holder’s “Pro Rata Share” for purposes of the Right of Participation is the ratio of (a) the number of Ordinary Shares (calculated on a Fully Diluted Basis) held by such Participation Rights Holder, to
(b) the total number of the Ordinary Shares (calculated on a Fully Diluted Basis) then outstanding immediately prior to the issuance of the New Securities giving rise to the Right of Participation. 

4.2 New Securities. 

“New Securities” shall mean any Preferred Shares, any other Shares of the Company designated as “preferred shares”,
Ordinary Shares or other Shares of the Company, whether now authorized or not, or rights, options or warrants to purchase such Equity Securities, or securities of any class whatsoever that are, or may become, convertible or exchangeable into such
Equity Securities, provided, however, that the term “New Securities” shall not include: 
 (a) any Ordinary
Shares issued as a dividend or distribution on the Preferred Shares; 
 (b) any Ordinary Shares issued or issuable upon conversion or
exercise of the Preferred Shares; 
 (c) up to 6,818,182 Ordinary Shares (or options, warrants or other Equity Securities therefor) issued or
issuable to the Group Companies’ employees, officers, directors, contractors, advisors, consultants or any other Persons qualified pursuant to the equity incentive plans approved by the Board; 

  
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 (d) any Equity Securities issued or issuable under Series A Purchase Agreements, including
such Equity Securities issued or issuable pursuant to the exercise of the Warrants; 
 (e) any Equity Securities issued or issuable in
connection with any share split, share dividend, share combination, recapitalization or other similar transaction of the Company in which all the Participation Rights Holders are entitled to participate on a pro rata basis or which have an
anti-dilution effect in accordance with the Amended M&AA; 
 (f) any Equity Securities issued in connection with a Qualified IPO; and

 (g) any Equity Securities issued or issuable in connection with a Trade Sale or an acquisition of another corporation or a joint venture
approved pursuant to Section 8. 
 4.3 Procedures. 

(a) First Participation Notice. In the event that the Company proposes to undertake an issuance of any New Securities (in a single
transaction or a series of related transactions), it shall give to each Participation Rights Holder written notice of its intention to issue such New Securities (the “First Participation Notice”), describing the amount and class of
the New Securities, the price and the general terms upon which the Company proposes to issue such New Securities. Each Participation Rights Holder shall have thirty (30) days from the date of receipt of any such First Participation Notice to
agree on behalf of itself or its Affiliates in writing to purchase such Participation Rights Holder’s Pro Rata Share of such New Securities for the price and upon the terms and conditions specified in the First Participation Notice by giving
written notice to the Company and stating therein the quantity of the New Securities to be purchased (not to exceed such Participation Rights Holder’s Pro Rata Share). If any Participation Rights Holder fails to so agree in writing within such
thirty (30) day period to purchase such Participation Rights Holder’s full Pro Rata Share of an offering of such New Securities, then such Participation Rights Holder shall forfeit the right hereunder to purchase that part of its Pro Rata
Share of such New Securities that it did not agree to purchase. 

  
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 (b) Second Participation Notice; Oversubscription. If any Participating Rights Holder
fails or declines to fully exercise its Right of Participation in accordance with subsection (a) above, the Company shall promptly give notice (the “Second Participation Notice”) to the other Participation Rights Holders who
have fully exercised their Right of Participation (the “Fully Participating Investors”) in accordance with subsection (a) above, which notice shall set forth the number of the New Securities not purchased by the other
Participating Rights Holders pursuant to subsection (a) above (such shares, the “Overallotment New Securities”). Each Fully Participating Investor shall have thirty (30) days from the date of receipt of the Second
Participation Notice to notify the Company of its desire to purchase more than its Pro Rata Share of the New Securities, stating the number of the additional New Securities it proposes to buy (the “Additional Number”). Such notice
may be made by telephone if confirmed in writing within two (2) Business Days. If, as a result thereof, the total number of additional New Securities the Fully Participating Investors propose to buy exceeds the total number of the Overallotment
New Securities, each Fully Participating Investor who proposes to buy more than such number of additional New Securities equal to the product obtained by multiplying (i) the number of the Overallotment New Securities by (ii) a fraction, the
numerator of which is the number of the Ordinary Shares (calculated on a Fully Diluted Basis) held by such Fully Participating Investor and the denominator of which is the total number of Ordinary Shares (calculated on a Fully Diluted Basis) held by
all Fully Participating Investors (an “Oversubscribing Fully Participating Investor”) will be cut back by the Company with respect to its oversubscription to that number of the Overallotment New Securities equal to the lesser
of (x) its Additional Number and (y) the product obtained by multiplying (i) the number of the Overallotment New Securities available for subscription by (ii) a fraction, the numerator of which is the number of the Ordinary
Shares (calculated on a Fully Diluted Basis) held by such Oversubscribing Fully Participating Investor and the denominator of which is the total number of the Ordinary Shares (calculated on a Fully Diluted Basis) held by all the Oversubscribing
Fully Participating Investors. Each Fully Participating Investor shall be obligated to buy such number of New Securities as determined by the Company pursuant to this Section 4.3 and the Company shall so notify the Fully Participating Investors
within thirty (30) days following the date of the Second Participation Notice. 
 (c) Notwithstanding the foregoing, with respect to the
Investors holding Warrants (the “Warrant Holders”), in the event any Warrant Holder exercises its Right of Participation (if such Warrant Holder is an entity incorporated in PRC) in accordance with this Section 4.3, at the
election of the Warrant Holder, either (i) an offshore Affiliate of such Warrant Holder shall be entitled to purchase the Participation Rights Holder’s Pro Rata Share and the Additional Number of such New Securities, which such Warrant
Holder is entitled to purchase, for the price and upon the terms and conditions specified in the First Participation Notice and the Second Participation Notice, or (ii) subject to Section 12.14, the Company shall issue a warrant (the
“Special Warrant”) to such Warrant Holder, under which such Warrant Holder shall be entitled to exercise such Special Warrant in whole to purchase its Participation Rights Holder’s Pro Rata Share and the Additional
Number of such New Securities for the price and upon the terms and conditions specified in the First Participation Notice and the Second Participation Notice and in accordance with the terms and conditions as provided in such Special Warrant, and
the Warrant Holder, as the case may be, shall enter into an onshore loan agreement with the Domestic Company and disburse an amount equal to the price of the New Securities which the Warrant Holder is entitled to purchase to the Domestic Company
simultaneously with other Participating Participation Rights Holders. 

  
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 4.4 Failure to Exercise. 

If Participating Rights Holders fail or decline to exercise their rights or purchase all New Securities included in the First Participation
Notice in accordance with Section 4.3, the Company shall have ninety (90) days following the expiration of the date of the First Participation Notice or the Second Participation Notice, as the case may be, to sell the New Securities
described in the First Participation Notice (with respect to which the Right of Participation hereunder were not exercised) at the same or higher price and upon non-price terms no more favorable to the
purchasers thereof than those specified in the First Participation Notice. In the event that the Company has not issued and sold such New Securities within such ninety (90)-day period, then the Company shall
not thereafter issue or sell any New Securities without again first offering such New Securities to the Participation Rights Holders pursuant to this Section 4. 

4.5 Termination. 
 The
Right of Participation shall terminate upon consummation of a Qualified IPO. 
  

	5.	 TRANSFER RESTRICTIONS 

5.1 Sale by Shareholder; Notice of Sale. 

Subject to Sections 5.5 of this Agreement, if the Controlling Shareholder and any other holder of the Ordinary Shares (excluding any Ordinary
Shares converted from the Preferred Shares held by any Investor pursuant to the Amended M&AA), any of his/her/its Affiliates and/or any of his/her/its permitted assignees to whom his/her/its rights under this Section 5 have been duly
assigned in accordance with this Agreement and the Amended M&AA (the “Selling Shareholder”) proposes to sell or transfer or exchange all or any Shares or other securities of the Company held by it/him/her directly or indirectly,
then the Selling Shareholder shall promptly give written notice (the “Transfer Notice”) to the Investors and other holders of the Preferred Shares (collectively, the “Non-Selling
Shareholders”) and the Company prior to such sale or transfer or exchange. The Transfer Notice shall describe in reasonable detail the proposed sale or transfer or exchange including the number of Shares to be sold or transferred or
exchanged (the “Offered Shares”), the nature of such sale or transfer or exchange, the consideration to be paid, and the name and address of each prospective purchaser or transferee or acquirer. 

5.2 Right of First Refusal. 

(a) Non-Selling Shareholders’ Right of First Refusal. 

(i) Each Non-Selling Shareholder shall have the right for a period of thirty (30) days following
the Non-Selling Shareholder’s receipt of the Transfer Notice (the “First Refusal Period”) to elect to purchase its respective pro rata share of the Offered Shares at the same price and
subject to the same material terms and conditions as described in the Transfer Notice. 
 (ii) Each
Non-Selling Shareholder may exercise such right of first refusal and, thereby, purchase all or any portion of its pro rata share of the Offered Shares, by notifying the Selling Shareholder and the Company in
writing, before expiration of the thirty (30) day period as to the number of such Offered Shares that it wishes to purchase. 

  
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 (iii) Each Non-Selling Shareholder’s pro rata
share of the Offered Shares shall be a fraction, the numerator of which shall be the total number of the Shares and other Equity Securities of the Company (calculated on a Fully Diluted Basis) owned by such
Non-Selling Shareholder on the date of the Transfer Notice and the denominator of which shall be the total number of the Shares and other Equity Securities of the Company (calculated on a Fully Diluted Basis)
held by all the Non- Selling Shareholders on such date. 
 (iv) If any Non-Selling Shareholder
elects not to exercise or fully exercise or fails to fully exercise such right of first refusal pursuant to Section 5.2(a)(ii), the Selling Shareholder shall give notice of such election or failure to elect (the “Re-allotment Notice”) to each other Non-Selling Shareholder that elected to purchase its entire pro rata share of the Offered Shares (the “Purchasing
Holders”), which notice shall set forth the number of the Offered Shares not purchased by the other Non-Selling Shareholders pursuant to Section 5.2(a)(ii) (such shares, the
“Remaining Offered Shares”). Such Re-allotment Notice may be made by telephone if confirmed in writing within two (2) Business Days. The Purchasing Holders shall have a right of
re-allotment such that they shall have thirty (30) days from the date such Re-allotment Notice was given (the “Extension Period”) to elect to increase the number of the Offered Shares
they agreed to purchase under Section 5.2(a)(ii). Such right of re-allotment shall be subject to the following conditions: each Purchasing Holder shall first notify the Selling Shareholder of its desire to increase the number of the Offered
Shares it agreed to purchase under Section 5.2(a)(ii), stating the number of the additional Offered Shares it proposes to buy (the “Additional Offered Shares”). Such notice may be made by telephone if confirmed in writing
within two (2) Business Days. If, as a result thereof, the total number of Additional Offered Shares the Purchasing Holders propose to buy exceeds the total number of the Remaining Offered Shares, each Purchasing Holder who proposes to buy more
than such number of additional Offered Shares equal to the product obtained by multiplying (i) the number of the Remaining Offered Shares by (ii) a fraction, the numerator of which is the number of the Ordinary Shares (calculated on a
Fully Diluted Basis) held by such Purchasing Holder and the denominator of which is the total number of Ordinary Shares (calculated on a Fully Diluted Basis) held by all Purchasing Holders (an “Over-Purchasing Holder”) will be cut
back by the Selling Shareholder with respect to its over-purchase to that number of the Remaining Offered Shares equal to the lesser of (x) its Additional Offered Shares and (y) the product obtained by multiplying (i) the number of
the Remaining Offered Shares available for over-purchase by (ii) a fraction, the numerator of which is the number of the Ordinary Shares (calculated on a Fully Diluted Basis) held by such Over-Purchasing Holder and the denominator of which is
the total number of the Ordinary Shares (calculated on a Fully Diluted Basis) held by all the Over- Purchasing Holders. 

  
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 (v) Subject to applicable securities Laws, the Investors and other holders of the Preferred
Shares shall be entitled to apportion the Offered Shares to be purchased among its partners and Affiliates upon written notice to the Company and the Selling Shareholder. 

(vi) If a Non-Selling Shareholder gives the Selling Shareholder notice that it desires to purchase the
Offered Shares, then payment for the Offered Shares to be purchased shall be made by check or wire transfer in immediately available funds of the appropriate currency, against delivery of such Offered Shares to be purchased at a place agreed by the
Selling Shareholder and all the participating Non- Selling Shareholders and at the time of the scheduled closing therefor (the “Right of First Refusal Closing”), which shall be no later than ninety (90) days after the
Non- Selling Shareholder’s receipt of the Transfer Notice, unless such notice contemplated a later closing with the prospective third party transferee or unless the value of the purchase price has not yet been established pursuant to
Section 5.2(b). 
 (vii) Calculation of Shares. The number of Shares shall be calculated on a Fully Diluted Basis. 

(viii) Rights of Investor as a Warrant Holder. Notwithstanding the foregoing, with respect to any Warrant Holder, in the event it
exercises its right of first refusal to purchase the Offered Shares in accordance with subsections (i) to (vi) above, at the election of the Warrant Holder, either (x) subject to Section 12.14, the Company shall issue a Special
Warrant to such Warrant Holder, under which the Warrant Holder shall be entitled to purchase its initial pro rata share of the Offered Shares and re-allotment pro rata share of the Additional Offered Shares
(as the case may be, the “WH Shares”) for the price and upon the terms and conditions specified in the Transfer Notice and in accordance with the terms and conditions as provided in such Special Warrant, and after the payment of the
price of the WH Shares specified in the Transfer Notice by such Warrant Holder to the Domestic Company pursuant to an onshore loan agreement with the Domestic Company, the Company shall repurchase the WH Shares from the Selling Shareholder for the
same price and reserve such number of shares for future issuance to such Warrant Holder upon exercise of the Special Warrant; or (y) an offshore Affiliate of such Warrant Holder shall be entitled to purchase the WH Shares for the price and upon
the terms and conditions specified in the Transfer Notice. 
 (b) Purchase Price. The purchase price for the Offered Shares to be
purchased by the Non-Selling Shareholders exercising their right of first refusal will be the price set forth in the Transfer Notice. If the purchase price in the Transfer Notice includes consideration other
than cash, the cash equivalent value of the non-cash consideration will be as previously determined by the Board in good faith, which determination will be binding upon the Company and the Non-Selling Shareholder, absent fraud or error. 

  
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 (c) Rights of Selling Shareholder. If any
Non-Selling Shareholder exercises its right of first refusal to purchase the Offered Shares, then, upon the Right of First Refusal Closing, the Selling Shareholder will have no further rights as a holder of
such Offered Shares except the right to receive outstanding payment for such Offered Shares from the Non-Selling Shareholder in accordance with the terms of this Agreement, and the Selling Shareholder will
forthwith cause all certificate(s) evidencing such Offered Shares to be surrendered to the Non-Selling Shareholder for transfer to the Non-Selling Shareholder. 

(d) Application of Co-Sale Right. Within ten (10) days after expiration of the First
Refusal Period or the Extension Period, as applicable, the Selling Shareholder shall give each Non-Selling Shareholder a written notice (the “First Refusal Expiration Notice”)
specifying either (i) that all of the Offered Shares have been subscribed by the Non-Selling Shareholders exercising rights of first refusal, or (ii) that the
Non-Selling Shareholders have not subscribed for all of the Offered Shares and that such Offered Shares that have not been subscribed by the Non-Selling Shareholders
shall be subject to the co-sale right of the Co-Sale Holder (as defined in Section 5.3 below) described in Section 5.3 below, in which case the First Refusal
Expiration Notice shall specify the Co-Sale Pro Rata Portion (as defined in Section 5.3 below) of the Offered Shares for the purpose of such co-sale right. 

5.3 Co-Sale Right. 

Each of the Non-Selling Shareholders that has not exercised its right of first refusal with respect to
the Offered Shares proposed to be sold or transferred or exchanged by the Selling Shareholder (the “Co-Sale Holder”) shall have the right, exercisable upon written notice to the Selling
Shareholder and the Company (the “Co- Sale Notice”) within thirty (30) days after receipt of the First Refusal Expiration Notice, to participate in the sale of the Offered Shares at the same price and subject to the same
terms and conditions as set forth in the Transfer Notice. The Co-Sale Notice shall set forth the number of Shares (on a Fully Diluted Basis) that such Co-Sale Holder
wishes to include in such sale or transfer or exchange, which amount shall not exceed the Co- Sale Pro Rata Portion (as defined below) of such Co-Sale Holder. To the extent the Co- Sale Holder exercises such
right of co-sale in accordance with the terms and conditions set forth below, the number of the Offered Shares that the Selling Shareholder may sell in the transaction shall be correspondingly reduced. The co-sale right of each Co-Sale Holder shall be subject to the following terms and conditions: 

(a) Co-Sale Pro Rata Portion. A Co-Sale Holder may sell
all or any part of that number of Ordinary Shares held by it (on a Fully Diluted Basis) that is equal to the product obtained by multiplying (x) the aggregate number of the Offered Shares subject to the
co-sale right hereunder by (y) a fraction, the numerator of which is the number of Ordinary Shares (on a Fully Diluted Basis) owned by such Co-Sale Holder at the
time of the sale or transfer or exchange and the denominator of which is the combined number of Ordinary Shares (on a Fully Diluted Basis) at the time owned by all the Co-Sale Holders exercising the co-sale right hereunder and the Selling Shareholder (the “Co-Sale Pro Rata Portion”). The co-sale right under this
Section 5.3 shall not apply with respect to any Shares sold or to be sold to the Non-Selling Shareholders under the right of first refusal under Section 5.2. 

  
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 (b) Transferred Shares. A Co-Sale Holder
shall effect its participation in the sale by promptly delivering to the Selling Shareholder for transfer to the prospective purchaser one or more certificates, properly endorsed for transfer, which represent: 

(i) the number of Ordinary Shares which such Co-Sale Holder elects to sell; 

(ii) such number of Preferred Shares that are at such time convertible into the number of Ordinary Shares that the Co-Sale Holder elects to sell (on a Fully Diluted Basis); provided in such case that, if the prospective purchaser objects to the sale, transfer or exchange of the Preferred Shares in lieu of the Ordinary Shares,
the Co-Sale Holder shall convert such Preferred Shares into Ordinary Shares and deliver certificates for Ordinary Shares as provided in subsection 5.3(b)(i) above. The Company agrees to make any such
conversion concurrent with the actual transfer of such shares to the prospective purchaser; or 
 (iii) a combination of the above. 

(c) Payment to Co-Sale Holders; Registration of Transfer. The share certificate or certificates
that a Co-Sale Holder delivers to the Selling Shareholder pursuant to subsection (b) above shall be transferred to the prospective purchaser upon consummation of the sale of the Offered Shares pursuant to
the terms and conditions specified in the Transfer Notice, and the Selling Shareholder shall concurrently therewith remit to the Co-Sale Holder exercising the co-sale
right that portion of the sale proceeds to which the Co-Sale Holder is entitled by reason of its participation in such sale. To the extent that any prospective purchaser or purchasers prohibits such assignment
or otherwise refuses to purchase shares or other securities from the Co-Sale Holders exercising the co-sale right hereunder, the Selling Shareholder shall not sell to
such prospective purchaser or purchasers any Offered Shares unless and until, simultaneously with such sale, the Selling Shareholder shall purchase such shares or other securities from the Co-Sale Holders
exercising the co-sale right. The Company shall, upon surrendering by the prospective purchaser or the Selling Shareholder of the certificates for the Preferred Shares or Ordinary Shares being transferred from
the Co- Sale Holders as provided above, make proper entries in the register of members of the Company and cancel the surrendered certificates and issue any new certificates in the name of the prospective purchase or the Selling Shareholder, as the
case may be, as necessary to consummate the transactions in connection with the exercise by the Co- Sale Holder of its co-sale rights under this Section 5.3. 

(d) Calculation of Shares. The number of Shares shall be calculated on a Fully Diluted Basis. 

  
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 (e) Rights of Investor as a Warrant Holder. Notwithstanding the foregoing, in the
event any Warrant Holder exercises its co-sale right in accordance with subsections (a) to (c) above, such Warrant Holder shall have the right to transfer such number of Shares issued or issuable upon
exercise of its Warrant equal to its Co- Sale Pro Rata Portion (on a Fully Diluted Basis) at the same price and subject to commercially the same terms and conditions as set forth in the Transfer Notice to the prospective purchaser in accordance with
the transfer mechanism as set forth in the Warrants. For the purposes of such transfer or assignment, upon the request of the relevant Warrant Holder, the Company and the Selling Shareholder shall procure the prospective purchaser to subscribe for
the respective Co-Sale Pro Rata Portion of the Offered Shares from the Company, and upon receipt of the subscription price (the “Co- Sale Subscription Amount” of such Warrant Holder) for such Shares
from the prospective purchaser by the Company, the Group Companies and the Selling Shareholder shall (i) pay its Co-Sale Subscription Amount to an offshore designee of the Warrant Holder, or (ii) use
its commercially reasonable best efforts to assist such Warrant Holder to receive considerations, distributions or proceeds equal to its Co-Sale Subscription Amount in Renminbi within the PRC by the means
permitted by applicable Laws (the exchange rate under this subsection (e) shall be the central parity rate of Renminbi against US dollars published by the People’s Bank of China on the date such payment in Renminbi is made), and for the
avoidance of doubt, in no event shall any Warrant Holder be entitled to any duplication of payments (in foreign exchange or in Renminbi) or any claim thereof for its Co-Sale Subscription Amount. Upon
completion of the transfer or assignment, such Warrant Holder’s Warrant shall be amended so as to reflect the transfer or assignment. 

(f) Prohibited Transfer. In the event the Selling Shareholder transfers any Equity Securities of the Company in contravention of the co-sale right of the Co-Sale Holders hereunder (a “Prohibited Transfer”), each of the Co-Sale Holders, in addition to
such other remedies as may be available at Law, in equity or hereunder, shall have the right (the “Put Right”) to sell to the Selling Shareholder, at the same price and subject to commercially the same terms and conditions as set
forth in the Transfer Notice, the number of Shares equal to the number of Shares such Co-Sale Holder would have been entitled to transfer to the prospective purchaser hereunder had the Prohibited Transfer been
effected pursuant to and in compliance with the terms hereof. 
 5.4 Right to Transfer. 

To the extent the Non-Selling Shareholders do not elect to purchase, and the Co-Sale Holders do not elect to participate in the sale of, the Offered Shares subject to the Transfer Notice, the Selling Shareholder may, not later than ninety (90) days following delivery to the Company and
the Non-Selling Shareholders of the Transfer Notice, conclude a transfer of the Offered Shares covered by the Transfer Notice which shall have not been elected to be purchased by the Non-Selling Shareholders and the number of which shall have not been reduced pursuant to the co-sale right of the Co- Sale Holders hereunder, provided that, in each
case, (i) such transfer shall be at the same or higher price and upon non-price terms no more favorable to the transferees thereof than those described in the Transfer Notice; and (ii) the
third-party transferee of such Offered Shares shall have executed a deed of accession in form and substance approved by the Board (and such approval shall not be unreasonably delayed) and become a party to, and to be bound by, this Agreement (and
each other relevant Transaction Documents), assuming all the rights and obligations of the Selling Shareholder under this Agreement (and each other relevant Transaction Documents) with respect to such Offered Shares. Any proposed transfer at lower
price or upon non- price terms more favorable to the transferees thereof than or otherwise different from those described in the Transfer Notice, as well as any subsequent proposed transfer of any Offered Shares by the Selling Shareholder, shall
again be subject to the right of first refusal of the Non-Selling Shareholders and the co-sale rights of the Co-Sale Holders and
shall require compliance by the Selling Shareholder with the procedures described in Sections 5.2 and 5.3 of this Agreement. 

  
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 5.5 Permitted Transfers. 

The right of first refusal of the Non-Selling Shareholders and the
co-sale rights of the Co-Sale Holders hereunder and the restrictions under Section 5.6 shall not apply to (a) a repurchase of Shares from a Selling Shareholder
by the Company or its Subsidiaries at a price no greater than that originally paid by such Selling Shareholder for such Shares and pursuant to an agreement containing vesting and/or repurchase provisions approved by the Board; (b) any sale or
transfer of Shares to the Company or its Subsidiaries pursuant to any Transaction Document or the terms of the equity incentive plans approved by the Board, (c) if a Selling Shareholder is an entity, any sale or transfer of any Shares to any
Affiliate wholly owned by such Selling Shareholder, (d) any bona fide gift or sale or transfer to an Affiliate or other affiliated Persons for tax or estate planning purposes, and (e) any sales or transfer, or acquisition by designated Persons,
as permitted or contemplated in the Warrants and Restructuring Documents (each such transfer, a “Permitted Transfer”, collectively the “Permitted Transfers” and each foregoing transferee, a “Permitted
Transferee”, collectively the “Permitted Transferees”), provided, that adequate documentation therefor shall be provided to the Company and each Non-Selling Shareholder and
that any Permitted Transferee (other than the Company) shall agree in writing to be bound by this Agreement (and each other relevant Transaction Documents) in place of the relevant transferor and shall execute a deed of accession in form and
substance approved by the Board (and such approval shall not be unreasonably delayed) and become a party to, and to be bound by, this Agreement (and each other relevant Transaction Documents) as was the Selling Shareholder and that the Permitted
Transferee shall not transfer its Shares except to the Selling Shareholder or other Permitted Transferee(s) of the Selling Shareholder. 

5.6 Restriction on Transfers of Shares of the Company. 

(a) Notwithstanding anything to the contrary contained herein, without the prior written consent of the Preferred Majority, the Founder, the
Controlling Shareholder, or any Shareholder who is manager of any Group Company (or an Affiliate of such manager), shall not, and shall cause his/her/its Permitted Transferees not to, directly or indirectly (a “Transfer”): 

(i) sell, assign, exchange or transfer through one or a series of transactions any Shares or securities of the Company held directly or
indirectly by such Person to any other Person before a Qualified IPO or Trade Sale of the Company; or 

  
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 (ii) pledge, hypothecate, mortgage, encumber or otherwise dispose of through one or a
series of transactions any Shares or securities of the Company held directly or indirectly by such Person to any other Person before a Qualified IPO or Trade Sale of the Company. 

(b) Following the Qualified IPO, the Founder, the Controlling Shareholder, or any Shareholder who is senior management of the Company shall
comply with all applicable rules and requirements in connection with lock-up or disposal of shares imposed by the stock exchange where the Qualified IPO has occurred. 

(c) Any attempt by any Selling Shareholder to transfer any Shares or securities of the Company in violation of this Section 5 shall be
void and the Company hereby agrees it will not effect such a transfer nor will it treat any alleged transferee as the holder of such Shares or securities without the prior written approval of the Preferred Majority. 

(d) Each of the Selling Shareholders shall not, and shall cause his/her/its Permitted Transferees not to, without the prior written consent of
the Board, transfer or dispose of any of his/her/its Shares to any person or entity that at the time of the transfer such Selling Shareholder or Permitted Transferee knows, or has reasonable grounds to know, to be engaging in a business that is in
direct competition with the Business of the Group Companies, or to any third party acting on behalf of such Person, unless such transfers or sales are on the open market after the date of a Qualified IPO. 

(e) Notwithstanding anything to the contrary contained herein, without the prior written consent of the Preferred Majority: 

(i) Except as provided in the Restructuring Documents, the Founder shall not, and shall not cause or permit any other Person to, directly or
indirectly, sell, assign, transfer, pledge, mortgage, encumber or otherwise dispose through one or a series of transactions any equity interest held or controlled by him/her in any PRC Company to any Person. Any transfer in violation of this Section
shall be void and each PRC Company hereby agrees it will not effect such a transfer nor will it treat any alleged transferee as the holder of such equity interest. 

(ii) Except as provided in this Agreement, the Series A Purchase Agreements and the Restructuring Documents, each PRC Company shall not, and
the Founders shall cause each PRC Company not to, issue to any Person any Equity Securities of such PRC Company or any options or warrants for, or any other securities exchangeable for or convertible into, such Equity Securities of each PRC Company.

 (f) For the avoidance of doubt, any Transfer of Equity Securities of the Controlling Shareholder by the holders of the preferred shares of
the Controlling Shareholder shall not deemed a Transfer of Shares of the Company, and shall not be subject to the restrictions under this Section 5. 

  
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 5.7 Term. 

The provisions under this Section 5 shall terminate upon consummation of a Qualified IPO. 

5.8 Legend. 
 Each
certificate representing the Ordinary Shares (excluding the Ordinary Shares issued or issuable pursuant to conversion of the Preferred Shares) shall bear legends in the following form (in addition to any legend required under any other applicable
securities laws): 
 THE ORDINARY SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN THE
SHAREHOLDERS’ AGREEMENT, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE SHARES. 

5.9 Accession to this Agreement. 

Each party agrees that, if any Shareholder transfers any Shares to any third party transferee, such Shareholder shall cause such third party
transferee to execute a deed of accession in form and substance approved by the Board (and such approval shall not be unreasonably delayed) and become a party to, and to be bound by, this Agreement (and each other relevant Transaction Documents),
assuming, subject to Sections 10.1 and 12.5, all the rights and obligations of such Shareholder under this Agreement (and each other relevant Transaction Documents) with respect to the Shares to be transferred. 

5.10 Transfer by the Investors. 

(a) For the avoidance of doubt, any Investor (including for the avoidance of doubt holders of Warrants) may assign and transfer any Shares of
the Company held by it to any Person (other than the transactions restricted pursuant to Section 5.10(b)), provided that such Investor shall notify the Company of such proposed transfer and assignment in advance. The transfer
restrictions and requirements provided in this Section 5 (except for Section 5.8 and Section 5.10(b)) shall not apply to any sale or transfer of any Shares by any Investor. 

  
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 (b) In the event that any Investor proposes to transfer any of its Preferred Shares,
Conversion Shares and/or other Equity Securities of any Group Company (the “Transferred Preferred Shares”) to (x) any Competitor (as defined below), (y) any Person that is, directly or indirectly, Controlled by any Competitor,
or (z) any limited partnership or fund with any Competitor (A) acting as its general partner or fund manager or (B) holding, directly or indirectly, two-thirds (2/3) or more limited partnership
interest thereof and also controlling a majority of seats in a decision-making committee, such Investor shall give to the Controlling Shareholder a written notice of the transfer of its Transferred Preferred Shares (the “Investor
Notice”), describing (I) the number of its Transferred Preferred Shares to be transferred, (II) the consideration and the general terms upon which such Investor proposes to transfer such Transferred Preferred Shares,
(III) the name and address of the prospective transferee, (IV) to the best knowledge of such Investor, whether such prospective transferee constitutes as a Person that is, directly or indirectly, Controlled by any Competitor, and
(V) to the best knowledge of such Investor, whether such prospective transferee constitutes as a limited partnership or fund with any Competitor acting as its general partner or fund manager or holding, directly or indirectly, two-thirds (2/3) or more limited partnership interest thereof and also controlling a majority of seats in a decision-making committee; provided that the foregoing shall not apply to any proposed transfer of
Transferred Preferred Shares by any Investor to any of its Affiliates or to any other Person, which holds a passive minority investment in any Competitor, directly or indirectly, and does not possess the power or authority to direct, directly or
indirectly, the business, management and policies of such Person other than certain protective rights for minority investors. Each of the holders of the Ordinary Shares, the Controlling Shareholder, the designated Persons of the Controlling
Shareholder (collectively, the “Buyers”, and each a “Buyer”) shall have one (1) month (the “Purchase Period”) following receipt of the Investor Notice to elect to purchase all (but not part)
the Transferred Preferred Shares at the same price and subject to the same material terms and conditions as described in the Investor Notice, by notifying such Investor in writing before expiration of the Purchase Period as to its decision. In the
event the Buyers fail to notify their intention to exercise their right of first refusal within the Purchase Period in accordance with the terms hereof, the right of first refusal of the Buyers shall be terminated. To the extent the Buyers do not
elect to purchase or fail to exercise such right of first refusal pursuant to this Section 5.10(b), the Transferred Preferred Shares subject to the Investor Notice, such Investor may conclude a transfer of the Transferred Preferred Shares
covered by the Investor Notice which shall have not been elected to be purchased by the Buyers, provided that, in each case, (i) such transfer shall be at the same or higher price and upon
non-price terms no more favorable to the transferee thereof than those described in the Investor Notice; and (ii) the transferee of such Transferred Preferred Shares shall have executed a deed of
accession and become a party to, and to be bound by, this Agreement, assuming, subject to Sections 10.1 and 12.5, all the rights and obligations of such Investor under this Agreement with respect to such Transferred Preferred Shares. A
“Competitor” shall mean such Persons whose business is in direct competition with the Business of the Group Companies, with the list of which attached as Exhibit B hereto. The list of Competitors may be updated by the
Controlling Shareholder once every six (6) months, subject to the prior written consent of the Board, and provided that the total number of the Competitors under the updated list shall in no event exceed five (5). 

 

	6.	 LIQUIDATION 

6.1 Liquidation Preferences. Upon the occurrence of any Liquidation Event, whether voluntary or involuntary, the assets of the Company
legally available for distribution or the proceeds from a Trade Sale (as the case may be) shall be distributed among the holders of the outstanding Shares in the following order and manner: 

  
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 (a) In priority to any payment to the holders of Ordinary Shares and any other Shares, pay
to each holder of Series A Preferred Shares, an amount per Series A Preferred Share equal to (w) 100% of the Original Series A Preferred Issue Price (As Adjusted), plus (x) annual interest calculated at an interest rate of eight percent (8%)
per annum on Original Series A Preferred Issue Price (As Adjusted), compounded annually from the date of the Series A Original Issue Date and up to and including the date of receipt by the holder thereof of the full Series A Liquidation Preference
Amount (as defined below), plus (y) all accrued declared but unpaid dividends (collectively, the “Series A Liquidation Preference Amount”). If the Company has insufficient assets to permit payment of the Series A Liquidation
Preference Amount in full to all holders of Series A Preferred Shares, then the assets of the Company shall be distributed to the holders of the Series A Preferred Shares in proportion to the full Series A Liquidation Preference Amount each such
holder of Series A Preferred Shares would otherwise be entitled to receive under this Section 6. 
 (b) After the payment of Series A
Liquidation Preference Amount has been fully made in accordance with Section 6.1(a), pay and distribute all of the remaining assets and/or the remaining proceeds resulting from the Trade Sale (as the case may be) of the Company available for
distribution ratably among all the Shareholders (including the holders of Series A Preferred Shares who has received its applicable Preference Amount) according to the relative number of Ordinary Shares held by such Shareholders (calculated on a
Fully Diluted Basis). 
 6.2 Liquidation Event. Any of the following events shall be treated as a liquidation (each, a
“Liquidation Event”) under this Section 6 unless waived in writing by the Preferred Majority (i) any voluntary or involuntary liquidation, winding-up, or dissolution of the Company
and (ii) any Trade Sale. 
 6.3 Rights of Investor as a Warrant Holder. For the avoidance of doubt and notwithstanding any other
provision of this Agreement and Amended M&AA to the contrary, upon the occurrence of any Liquidation Event, each Warrant Holder shall be entitled to exercise its Warrant (pursuant to its terms and conditions) immediately before the closing of
such Liquidation Event, and thereafter enjoy the rights to receive its respective distributions as the holders of relevant Preferred Shares (as the case may be) pursuant to this Section 6 (the “Respective Liquidation Amount”),
and each of the Group Companies and other shareholders shall, upon the request of the relevant Warrant Holder, use its commercially reasonable best efforts to assist such Warrant Holder to exercise its Warrant (pursuant to its terms and conditions)
and provide commercially reasonable assistance. In the event that such Warrant Holder has not completed the requisite registrations and/or fillings and obtain relevant approvals from the competent Governmental Authority of the PRC with respect to
its outbound direct investment to the Company or fails to exercise its Warrant (pursuant to its terms and conditions) due to other reasons, upon the request of the relevant Warrant Holder, the Group Companies shall (i) pay such amount of the
Respective Liquidation Amount to an offshore designee of such Warrant Holder or (ii) use its commercially reasonable best efforts to assist such Warrant Holder to receive considerations, distributions or proceeds equal to its Respective
Liquidation Amount in Renminbi within the PRC by the means permitted by applicable Laws (the exchange rate under this Section 6.3 shall be the central parity rate of Renminbi against US dollars published by the People’s Bank of China on
the date such payment in Renminbi is made), and for the avoidance of doubt, in no event shall any Warrant Holder be entitled to any duplication of payments (in foreign exchange or in Renminbi) for its Respective Liquidation Amount. 

  
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	7.	 REDEMPTION AND PURCHASE OF SHARES 

7.1 The Preferred Shares shall be redeemable at the option of holders of such Preferred Shares in accordance with this Section 7.1: 

(a) Optional Redemption 
 (i) At
any time and from time to time, 
 (1) in the event that the Company has not achieved a Qualified IPO or a Trade Sale approved pursuant to
the Amended M&AA and this Agreement on or before September 30, 2022; 
 (2) in the event that there is any material breach by any
Warrantor (as defined in the Series A Purchase Agreements) of any of the Transaction Documents applicable to the Investors (including but not limited to that any Group Company fails to obtain or maintain any consent, license or permit from the
competent Government Authority to the extent that (x) such consent, license or permit is necessary for the operation of the Business, (y) such Business has been or may be otherwise expected to be suspended or terminated without such
consent, license or permit, at the time of delivery of the Initial Redemption Notice, and (z) such Group Company fails to obtain or maintain such consent, license or permit (or alternatively provide any alternative plan) satisfactory to the
Investors within ninety (90) days (or such a longer period of time agreed by the Investors) of the receipt of such Investors’ written request); 

(3) in the event that (A) there is any material breach of the Restructuring Documents by any of the parties thereto, or (B) there is
any material adverse change in the regulatory environment, under which circumstance the Restructuring Documents have become or will become invalid, illegal or unenforceable, or (C) the validity and/or enforceability of the Restructuring
Documents is being materially impaired, as a result of which impairment the assets and net earnings of the Domestic Company can no longer be consolidated with the assets and net earnings of the Company or can no longer be recorded on the books of
the Company for financial reporting purposes in accordance with applicable accounting principles, and without limiting the application of other Redemption Events and in and only in the case of (B) and (C), the Company fails to provide any
alternative restructuring plan in such form and substance satisfactory to the Investor, within nine (9) months of the receipt of such Investor’ written request; 

  
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 (4) in the event that there is any Warrantor’s conviction of breaches or violation of
applicable Laws and/or regulations which is reasonably expected to have a Material Adverse Effect (as defined in the Series A Purchase Agreements) on the Group Companies (including but not limited to the violation by the Founder of any criminal
Laws, misrepresentation or moral turpitude or violation of applicable securities Law, violation of any anti-corruption/anti-bribery Laws, regulations or policies or any conviction, in each case causing the Founder unable to perform his duties to the
Group Companies); or 
 (5) in the event that any other Shareholder requests the Company to redeem its Shares pursuant to the terms and the
conditions of this Agreement, the Amended M&AA or other instrument entitling them to such redemption right (together with the events set out in (1) through (4) collectively, the “Redemption Events”), 

each Investor may require the Company to redeem or purchase, as applicable, up to all of the then outstanding Series A Preferred Shares held
by such Investor subject to and in accordance with this Section 7.1. 
 (ii) Any Investor electing redemption pursuant to
Section 7.1(a)(i) shall deliver a written notice (the “Initial Redemption Notice”) to the Company specifying the intended date of redemption and the number of its Series A Preferred Shares to be redeemed pursuant to this
Section 7.1, in which case the Company shall (1) promptly thereafter provide all of the other Investors notice of the Initial Redemption Notice and of their right to participate in such redemption (“Redemption Participation
Notice”), which right is exercisable by each such holder in their own discretion by delivering a written notice (each, a “Redemption Notice”) to the Company within fifteen (15) days of the giving of such notice by the
Company, requesting and specifying redemption of all or part of their Series A Preferred Shares (together with the Series A Preferred Shares requested to be redeemed in the Initial Redemption Notice, the “Redeeming Preferred
Shares”, each, a “Redeeming Preferred Share”), and (2) subject to Section 7.1(b), pay to each Investor (each, a “Redeeming Preferred Shareholder”) for which an Initial Redemption Notice or
a Redemption Notice has been timely submitted in respect of such Redeeming Preferred Shares, the Redemption Price for each Redeeming Preferred Share, in any event within sixty (60) days of the date of the delivery of Initial Redemption Notice
(such date of payment, the “Redemption Date”). 
 (iii) In the event of any redemption pursuant to this
Section 7.1(a), the redemption price per Series A Preferred Share shall be the sum of (x) the Original Series A Preferred Issue Price (As Adjusted), and (y) interest calculated at an interest rate of eight percent (8%) per annum on
Original Series A Preferred Issue Price (As Adjusted), compounded annually from the date of the Series A Original Issue Date and up to and including the date of receipt by the holder thereof of the full redemption amount (the “Redemption
Price”). 

  
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 (iv) If the Company’s assets and funds which are legally available on the date that
any amount of aggregate Redemption Price for the Preferred Shares under this Section 7.1 is due are insufficient to pay in full such amount of aggregate Redemption Price to be paid on such due date, or if the Company is otherwise prohibited by
applicable Law from making such redemption, the funds that are legally available shall nonetheless be paid and applied on the Redemption Date in a pro-rata manner against each Redeeming Preferred Share in
accordance with the relative full amounts owed thereon, and the shortfall shall be paid and applied from time to time out of legally available funds immediately as and when such funds become legally available in a
pro-rata manner against each Redeeming Preferred Share in accordance with the relative remaining amounts owed thereon. Notwithstanding any provision to the contrary in this Agreement and the Amended M&AA,
none of any other class of Shares of the Company (except the Preferred Shares) shall be redeemed, and no redemption or repurchase payment for any such other class of Shares of the Company shall be paid, unless and until all of the Preferred Shares
have been redeemed and the applicable aggregate Redemption Price for all Preferred Shares have been fully and irrevocably paid pursuant to this Section 7.1, if a Redemption Event occurs. Once the Company has received the Redemption Notice, it
shall not, and shall procure that none of the Group Companies shall, take any action which might have the effect of delaying, undermining or restricting the redemption, and the Company shall in good faith use all best efforts to increase as
expeditiously as possible the amount of legally available redemption funds including causing any other Group Companies to distribute any and all available funds to the Company for purposes of paying the applicable Redemption Price for all redeeming
Preferred Shares on the Redemption Date. If the Company fails (for any reason other than the failure of any Redeeming Preferred Shareholder to take any action or do anything required by such Redeeming Preferred Shareholder in connection with the
redemption of such Redeeming Preferred Shareholder’s shares) to redeem any Preferred Shares on its due date for redemption then, as from such date until the date on which the same are redeemed, the Company shall not declare or pay any dividend
nor otherwise make any distribution of or otherwise decrease its profits available for distribution. 
 (b) For the avoidance of doubt, any
Redeeming Preferred Shareholder shall have the right to elect in writing at any time prior to the Redemption Date to convert any or all of its Preferred Shares into Ordinary Shares at the then- effective Applicable Conversion Price (as defined in
the Amended M&AA), in which case such Redeeming Preferred Shareholder shall not be entitled to or receive any Redemption Price in respect of any Redeeming Preferred Shares converted (or to be converted). 

(c) Before any Redeeming Preferred Shareholder shall be entitled to receive the aggregate Redemption Price under this Section 7.1, such
Redeeming Preferred Shareholder shall deliver a duly executed instrument of transfer in favor of the Company and shall surrender such Redeeming Preferred Shareholder’s certificate or certificates, in each case representing such Redeeming
Preferred Shares, to the Company, and thereupon the applicable amount of the aggregate Redemption Price shall be payable to the order of the Person whose name appears on the Register of Members of the Company as the owner of such Shares and each
such certificate shall be cancelled after all the Shares represented by such certificate are redeemed. In the event less than all the Shares represented by any such certificate are redeemed, a new certificate shall be promptly issued representing
the unredeemed Shares. Unless there has been a default in payment of the applicable amount of the aggregate Redemption Price, upon cancellation of the certificate representing such Redeeming Preferred Shares, all dividends on such Preferred Shares
designated for redemption on the Redemption Date shall cease to accrue and all rights of the Redeeming Preferred Shareholders thereof, except the right to receive the applicable amount of the aggregate Redemption Price thereof (including all
declared and unpaid dividend up to the applicable Redemption Date), without interest, shall cease and terminate and such Redeeming Preferred Shares shall cease to be issued shares of the Company. 

  
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 (d) Without limiting any rights of the Redeeming Preferred Shareholders which are set forth
in the Amended M&AA and this Agreement, or are otherwise available under applicable Laws, the balance of any Redeeming Preferred Shares subject to redemption hereunder with respect to which the Company has become obligated to pay the applicable
amount of aggregate Redemption Price but which it has not paid in full shall not be redeemed until the Company has paid in full the Redemption Price required with respect to the redemption of such Redeeming Preferred Shares, and prior to such
payment and redemption, such Redeeming Preferred Shares shall continue to have all the powers, designations, preferences and relative participating, optional, and other special rights (including rights to dividends) which such Shares had prior to
such date. Nothing in this Section 7.1 shall be deemed to limit in any way the obligation of the Company to effect the redemption of any Redeeming Preferred Shares, or to make any payment required, pursuant to this Section 7.1. 

(e) For the avoidance of doubt and notwithstanding any other provision of the Transaction Documents to the contrary, upon the occurrence of the
Redemption Event, each Warrant Holder shall be entitled to exercise its Warrant (pursuant to its terms and conditions) immediately before the closing of such Redemption Event, and thereafter enjoy the rights to initiate or participate in the
redemption by delivering the Initial Redemption Notice or the Redemption Notice to the Company as the holders of relevant Preferred Shares (as the case may be) pursuant to this Section 7.1, and each of the Group Companies and other Shareholders
shall, upon the request of the relevant Warrant Holder, use its commercially reasonable best efforts to assist such Warrant Holder to exercise its Warrant (pursuant to its terms and conditions) and provide commercially reasonable assistance. In the
event that such Warrant Holder has not completed the requisite registrations and/or fillings and obtain relevant approvals from the competent Governmental Authority of the PRC with respect to its outbound direct investment to the Company or fails to
exercise its Warrant (pursuant to its terms and conditions) due to other reasons, upon the request of the relevant Warrant Holder, the Group Companies shall (i) pay the respective Redemption Price to an offshore designee of such Warrant Holder
or (ii) use its commercially reasonable best efforts to assist such Warrant Holder to receive considerations, distributions or proceeds equal to its respective Redemption Price in Renminbi within the PRC by the means permitted by applicable
Laws (the exchange rate under this subsection (e) shall be the central parity rate of Renminbi against US dollars published by the People’s Bank of China on the date such payment in Renminbi is made), and for the avoidance of doubt, in no
event shall any Warrant Holder be entitled to any duplication of payments (in foreign exchange or in Renminbi) for its respective Redemption Price. 

  
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 (f) The Controlling Shareholder hereby irrevocably and unconditionally guarantees to the
Redeeming Preferred Shareholders the proper and punctual performance by the Company of the Company’s obligations under this Section 7. The Controlling Shareholder further undertakes and covenants to the Redeeming Preferred Shareholders that,
upon the occurrence of any event set forth in Section 7(a)(i), and if the Company’s assets or funds legally available are insufficient to pay the Redemption Price of such Redeeming Preferred Shareholders in full, such Redeeming Preferred
Shareholders shall have a put option to sell to the Controlling Shareholder or any party designated by the foregoing all or any portion of the Redeeming Preferred Shares which has not been redeemed by the Company at the per share price equal to the
Redemption Price. The Founder further undertakes and covenants to the Redeeming Preferred Shareholders that, upon the occurrence of any event set forth in Section 7(a)(i), and if the Company’s assets or funds legally available are
insufficient to pay the Redemption Price of such Redeeming Preferred Shareholders in full and the Controlling Shareholder fails to pay all the outstanding Redemption Price, such Redeeming Preferred Shareholders shall have a put option to sell to the
Founder or any party designated by the foregoing all or any portion of the Redeeming Preferred Shares which has not been redeemed by the Company and purchased by the Controlling Shareholder at the per share price equal to the Redemption Price. For
the avoidance of doubt, the obligations of the Company, the Controlling Shareholder and the Founder under this Section 7 shall be on a joint and several basis. Notwithstanding the foregoing, the obligations of each of the Controlling
Shareholder and the Founder hereunder shall be limited to the value of the Shares of the Company directly or indirectly owned by it/him and the proceeds received by the foregoing by selling such Shares of the Company. 

 

	8.	 PROTECTIVE PROVISIONS 

8.1 Matters Requiring Consent of the Majority Shareholders. 

In addition to any other vote or consent required elsewhere in this Agreement, the Amended M&AA or by any applicable statute, each Group
Company shall not, and the Controlling Shareholder shall procure that each Group Company shall not, take any of the following actions without the affirmative vote or prior written consent of the Majority Shareholders: 

(a) adoption, change or waiver of any provision of the memorandum and articles of association or other charter documents of any Group Company;

 (b) any increase, decrease, cancellation, or alteration of authorized share capital of any Group Company; 

(c) any Trade Sale, Liquidation Event, reorganization, split or any filing by or against any Group Company for the appointment of a receiver,
administrator or other form of external manager, or the winding up, liquidation, bankruptcy or insolvency of any Group Company; 

  
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 (d) change the number or composition of the board of directors of any Group Company, or
establishment of any committees of the board of directors of any Group Company; 
 (e) any amendment or change of the rights, preferences,
privileges or powers of, or the restrictions provided for the benefit of the Preferred Shares; 
 (f) any authorization, creation or issuance
by the Company of any class or series of securities, any instruments that are convertible into securities, or the reclassification of any outstanding securities into other securities (in each case excluding the issuance of Equity Securities
described in any of subsections (a) to (e) of Section 4.2 and subsection (g) of Section 4.2); 
 (g) any repurchase,
redemption or cancellation of any Equity Securities of the Company other than pursuant to (x) the respective redemption right of the holders of the Preferred Shares as provided in this Agreement and the Amended M&AA, (y) contractual
rights to repurchase Ordinary Shares from the employees, officers, directors or consultants of the Group Companies upon termination of their employment or services pursuant to an agreement containing vesting and/or repurchase provisions approved
pursuant to Section 8.1 of this Agreement, or (z) the Warrants; and 
 (h) adoption, termination or material amendment of any
employee stock option plan and determination of terms and conditions thereof (including total number of shares to be granted, exercise price and vesting schedule), or any other agreement containing vesting and/or repurchase provisions to repurchase
Ordinary Shares from the employees, officers, directors or consultants of the Group Companies upon termination of their employment or services, 

provided that, where a special resolution or an ordinary resolution, as the case may be, is required by applicable statute to approve
any of the matters listed above, and such matter has not received the affirmative vote or prior written consent of the Majority Shareholders, then the Shares held by the holders who voted against the special resolution or the ordinary resolution, as
the case may be, shall together carry the number of votes equal to the votes of all members who voted for the resolution plus one. 
 8.2
Voting With Warrant Holders. 
 For the purpose of all shareholders’ meetings of the Company, and voting on corporate matters in
accordance with the Amended M&AA and this Agreement in respect of the Company, all Parties hereto agree to convene a meeting of all holders of Equity Securities of the Company, including the Warrant Holders (such meeting, a “Combined
Meeting”), prior to any shareholders’ meeting of the Company or action of the Shareholders of the Company by resolution in writing or written consent, in order to solicit the votes of all holders of Shares of the Company, including the
Warrant Holders, calculated on a Fully Diluted Basis. The provisions of this Agreement and the Amended M&AA applicable to shareholders’ meetings of the Company shall apply to any such Combined Meeting, mutatis mutandis, unless
otherwise agreed by such holders who are entitled to participate in the Combined Meeting. Each Party hereby agrees to exercise its respective voting rights: (i) at any shareholders’ meeting of the Company in the same proportion and manner
as the votes of each class of Shares of the Company were cast (on a Fully Diluted Basis) at the Combined Meeting held to consider the same subject matter as such shareholders’ meeting; (ii) upon a resolution in writing or written consent
of the shareholders of the Company, in such manner as to ensure such a resolution in writing or written consent is consistent with the decision of the applicable Combined Meeting; or (iii) to, subject to applicable Laws, procure the Board of
the Company and the board of directors of the Domestic Company to adopt the same resolution on the same matters resolved by the Combined Meeting, so as to have the resolutions made by the Combined Meeting fully honored and executed. 

  
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 8.3 Qualified IPO. 

Each Shareholder agrees that, notwithstanding anything set forth in Section 8.1, in the event that a Qualified IPO is to be consummated,
such Shareholder will vote, and to the extent applicable cause any Director appointed by it to vote (i) in favor of such Qualified IPO and (ii) against any action, agreement or transaction that is intended to prevent, impede, or, in any
material respect, interfere with, delay or adversely affect, such Qualified IPO. 
 8.4 Termination of Protective Provisions. 

The provisions under Sections 8.1, 8.2 and 8.3 shall be terminated upon consummation of a Qualified IPO. 

 

	9.	 CONFIDENTIALITY AND NON-DISCLOSURE 

9.1 Disclosure of Terms. 

The terms and conditions of this Agreement and the other Transaction Documents, any term sheet or memorandum of understanding entered into
pursuant to the transactions contemplated hereby and thereby, all exhibits and schedules attached hereto and thereto, the transactions contemplated hereby and thereby, the documents, materials, and other information obtained by the holders of the
Preferred Shares upon exercising the Information Rights and Inspection Rights (collectively, the “Financing Terms”), including their existence and all information of a confidential nature furnished by any party hereto and by
representatives of such party to any other party hereto or any of the representatives of such party shall be considered confidential information (the “Confidential Information”) and shall not be disclosed by any party hereto to any
third party except in accordance with the provisions set forth below. 

  
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 9.2 Press Release. 

No announcement regarding any of the Financing Terms in a press release, conference, advertisement, announcement, professional or trade
publication, mass marketing materials or otherwise to the general public may be made without the prior consent of the Board. 
 Without prior
written consent of CICC, under no circumstance shall any other Party hereto (i) publicly use
“中国国际金融股份有限公司”, “中金”,“CICC”, “China International Corporation Limited” or any names, tradenames, trademarks, service
marks, symbols or any other short names, abbreviations or logos similar to those aforementioned that are owned or used by any Affiliate of CICC, or use the name of the partners or the employees of CICC or any of its Affiliates (but such name that is
duplicate and does not refer to the partners or the employees of CICC or any of its Affiliates based on the judgment of good faith, is not subject to this restriction) for advertising, promotion or other purposes; or (ii) directly or indirectly
declare that any product or service provided by it have been licensed and supported by CICC or its Affiliates. 
 9.3 Permitted
Disclosures. 
 Notwithstanding the foregoing, the Company and the Investors may disclose (i) the Confidential Information to its
Affiliates, its or its Affiliates’ current or bona fide prospective investors, and their respective directors, officers, employees, bankers, lenders, accountants, legal counsels, business partners or representatives or advisors who need to know
such information, in each case only where such Persons are informed of the confidential nature of the Confidential Information and are under appropriate nondisclosure obligations substantially similar to those set forth in this Section 9,
provided, however, that the Company may not disclose any Financing Terms (including any terms of Sections 4 and 5 of this Agreement) to any of its prospective investors, Affiliates and their respective directors, officers, employees,
bankers, lenders, accountants, legal counsels, business partners or representatives or advisors unless such prospective investors have executed a term sheet or similar instrument with the Company, (ii) such Confidential Information as is
required to be disclosed pursuant to routine examination requests from governmental authorities with authority to regulate such party’s operations, in each case as such party reasonably deems appropriate, and (iii) the Confidential Information
to any Person to which disclosure is approved in writing by the other parties hereto. Any Party hereto may also provide disclosure in order to comply with applicable Laws, as set forth in Section 9.4 below. 

9.4 Legally Compelled Disclosure. 

Except as set forth in Section 9.2 above, in the event that any Party is requested or becomes legally compelled (including pursuant to any
applicable tax, securities, or other Laws and regulations of any jurisdiction) to disclose any Confidential Information, such party (the “Disclosing Party”) shall, to the extent legally permitted and reasonably possible, provide the
other parties hereto with prompt written notice of that fact and consult with the other parties hereto regarding such disclosure. At the request of the other parties, the Disclosing Party shall, to the extent reasonably possible and with the
cooperation and reasonable efforts of the other parties, seek a protective order, confidential treatment or other appropriate remedy. In any event, the Disclosing Party shall furnish only that portion of the information that is legally required and
shall exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded to such information. 

  
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 9.5 Other Exceptions. 

Notwithstanding any other provision of this 9 10, the confidentiality obligations of the parties shall not apply to: (i) information which
a restricted party learns from a third party having the right to make the disclosure, provided the restricted party complies with any restrictions imposed by the third party; (ii) information which is rightfully in the restricted
party’s possession prior to the time of disclosure by the protected party and not acquired by the restricted party under a confidentiality obligation; or (iii) information which enters the public domain without breach of confidentiality by
the restricted party. 
 9.6 Other Information. 

The provisions of this Section 9 shall be in addition to, and not in substitution for, the provisions of any separate nondisclosure
agreement executed by any of the parties with respect to the transactions contemplated hereby. 
 9.7 Survival. 

The obligations of each Party hereto under this Section 9 shall survive and continue to be binding upon such Party regardless of the
termination of this Agreement. 
  

	10.	 ASSIGNMENT AND AMENDMENT 

10.1 Assignment. 

Notwithstanding anything herein to the contrary: 

(a) Information Rights, Inspection Rights. The rights of any Investor under Section 2.1 may be assigned to any holder of Preferred
Shares in connection with such holder’s acquisition of Preferred Shares from such Investor to the extent that such acquisition is permitted under this Agreement; provided, however, that no party may be assigned any of the
foregoing rights (except for assignment of any of the foregoing rights by any Investor to its Affiliate) unless the Company is given written notice by the assigning party stating the name and address of the assignee and identifying the securities of
the Company as to which the rights in question are being assigned; and provided further, that any such assignee shall receive such assigned rights subject to all the terms and conditions of this Agreement, including the provisions of this
Section 10. 

  
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 (b) Rights of Participation; Right of First Refusal;
Co-Sale Rights; Protective Provisions; other Preference Rights. In connection with a transfer of any Shares by any Investor in accordance with Sections 5.9 and 5.10, (i) the rights of such Investor
under Sections 4, 5, 6 and 7 with respect to such Shares are fully assignable to the transferee of such transfer, and (ii) the rights of such Investor under Sections 2.2 and 8 with respect to such Shares, (A) if the transfer is made to the
Investor’s Affiliates, are fully assignable to such Affiliates, and (B) if the transfer is made to any Persons other than Investor’s Affiliates, shall not be assignable until the Investor obtains the Company’s prior written
consent; provided, however, that no party may be assigned any of the foregoing rights (except for any assignment of any of the foregoing rights by any Investor to its Affiliate) unless the Company is given written notice by such
assigning party at the time of such assignment, stating the name and address of the assignee and identifying the securities of the Company as to which the rights in question are being assigned; and provided further, that any such
assignee shall receive such assigned rights subject to all the terms and conditions of this Agreement, including the provisions of this Section 10. 

10.2 Amendment of Rights. 

Any provision in this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and
either retroactively or prospectively), only by the written consent of 
 (i) as to the Company, only by the Company; (ii) as to the
Investors, only by the Investors that would be affected by such amendment; and (iii) as to the Controlling Shareholder, only by the Controlling Shareholder; provided, however, that any of the Persons described in clauses
(i) to (iii) of this Section 10.2 may waive any of its/his/her own rights hereunder without obtaining the consent of any other Shareholders. Any amendment or waiver effected in accordance with this Section 10 shall be binding upon the
Company, the Investors, the Controlling Shareholder and each holder of the Shares and their respective Permitted Transferees. 
  

	11.	 OTHER UNDERTAKINGS OF THE COMPANY 

11.1 Non-Competition. 

(a) Each of the Founder and the Controlling Shareholder undertakes and covenants to the Investors that commencing from the Effective Date until
twenty four (24) months after the date he/it ceases to beneficially own any shares or securities of any Group Company (the “Non-Competition Period”), the Neither the Founder nor the
Controlling Shareholder will, without the prior written consent of the Investors, either on his/its own account or through any of his/its Affiliates (for the avoidance of doubt, other than through any Group Company) or in conjunction with or on
behalf of any other Person: (i) carry out, be engaged, concerned or interested directly or indirectly whether as shareholder, director, employee, partner, agent in any business in direct competition with the principal business engaged by the
Group Companies taken as a whole except for a passive investment of less than one percent (1%) of the stock of any publicly traded company that engages in the foregoing; and (ii) solicit or entice away or attempt to solicit or entice away from
any Group Company, any Person, firm, company or organization who is an employee, customer, client, representative or agent of such Group Company. 

  
 54 

 (b) During the Non-Competition Period, in the event
any entity directly or indirectly established or managed by the Founder or Controlling Shareholder (other than any Group Company), engages or will engage in any business which is the same or similar to or otherwise directly competes with the
principal business of the Group Companies, he/it shall transfer such lawful business to a third party that is not an Affiliate within three (3) months after the Closing Date. 

11.2 Tax Matters. 
 (a) The
Company shall not, without the written consent of the Majority Shareholders, issue or transfer securities in the Company to any investor if following such issuance or transfer the Company, in the determination of counsel or accountants for any
Investor, would be a “Controlled Foreign Corporation” (“CFC”) as defined in the U.S. Internal Revenue Code of 1986, as amended (or any successor thereto) (the “Code”) with respect to the securities held by
investor. No later than two (2) months following the end of each Company taxable year, the Company shall provide the following information to each Investor: (i) the Company’s capitalization table as of the end of the last day of such
taxable year and (ii) a report regarding the Company’s status as a CFC. In addition, the Company shall provide each Investor with access to such other Company information as may be required by such Investor to determine the Company’s
status as a CFC to determine whether such Investor is required to report its pro rata portion of the Company’s “Subpart F income” (as defined in Section 952 of the Code) on its United States federal income tax return, or to allow
such Investor to otherwise comply with applicable United States federal income tax laws. The Company shall make due inquiry with its tax advisors on at least an annual basis regarding its status as a CFC and regarding whether any portion of the
Company’s income is Subpart F income. In the event that the Company is determined by the Company’s tax advisors or by counsel or accountants for any Investor to be a CFC with respect to the securities held by such Investor, the Company
agrees to use commercially reasonable efforts to avoid generating Subpart F income. In the event that the Company is reasonably determined by counsel or accountants for any Investor to be a CFC for any taxable year with respect to the securities
held by such Investor, the Company agrees, to the extent permitted by applicable Laws, to make dividend distributions to such Investor in an amount equal to the reasonably estimated amount of income tax on any income deemed distributed to such
Investor for such year pursuant to Section 951(a) of the Code (for the avoidance of doubt, after giving effect to any applicable reduction therein). 

  
 55 

 (b) The Company will not be at any time during the calendar year in which the Closing (as
defined in the Series A Purchase Agreements) occurs a “passive foreign investment company” within the meaning of Section 1297 of the Code (a “PFIC”). The Company shall use its best efforts to avoid being a PFIC. The
Company shall make due inquiry with its tax advisors on at least an annual basis regarding its status as a PFIC, and if the Company is informed by its tax advisors that it has become a PFIC, or that there is a reasonable likelihood of the Company
being classified as a PFIC for any taxable year, the Company shall promptly notify each Investor of such status or risk, as the case may be. In connection with a “Qualified Electing Fund” election made by any Investor pursuant to
Section 1295 of the Code or a “Protective Statement” filed by such Investor pursuant to Treasury Regulation Section 1.1295-3, as amended (or any successor thereto), the Company shall
provide annual financial information to any Investor in the form satisfactory to such Investor as soon as reasonably practicable following the end of each taxable year of such Investor (but in no event later than 90 days following the end of each
such taxable year), and shall provide such Investor with access to such other Company information as may be required for purposes of filing U.S. federal income tax returns in connection with such Qualified Electing Fund election or Protective
Statement. In the event that any Investor who has made a “Qualified Electing Fund” election must include in its gross income for a particular taxable year its pro rata share of the Company’s earnings and profits pursuant to
Section 1293 of the Code, the Company agrees, to the extent permitted by applicable Laws, to make a dividend distribution to such Investor (no later than 90 days following the end of such Investor’s taxable year or, if later, 90 days after
the Company is informed by such Investor that such Investor has been required to recognize such an income inclusion) in an amount equal to the reasonably estimated amount of income tax on of the amount so included by the Investors. 

(c) The Company shall take such actions, including making an election to be treated as a corporation or refraining from making an election to
be treated as a partnership, as may be required to ensure that at all times the Company is treated as corporation for United States federal income tax purposes. 

(d) Subject to Investors’ provision of information necessary for the Company to make such determination, the Company shall make due
inquiry with its tax advisors on at least an annual basis regarding whether any Investor’s interest in the Company is subject to the reporting requirements of either or both of Sections 6038 and 6038B (and the Company shall duly inform such
Investor of the results of such determination), and in the event that the Company’s tax advisors or any Investor’s tax advisors determine that such Investor’s interest in the Company is subject to any such reporting requirements, the
Company agrees, upon a request from such Investor, to provide such information to such Investor as may be necessary to fulfill such Investor’s obligations thereunder. 

11.3 Control of Subsidiaries. 

(a) All material aspects of the formation, maintenance and compliance of any direct or indirect Subsidiary or entity Controlled by the Company,
whether now in existence or formed in the future, shall be subject to the review and approval by the Board and the Company shall promptly provide the Investors with copies of all material related documents and correspondence. 

(b) The Company shall at any time institute and shall keep in place arrangements reasonably satisfactory to the Board such that the Company
will be permitted to properly consolidate the financial results for any direct or indirect Subsidiary of the Company (including the PRC Companies) in consolidated financial statements for the Company prepared under IFRS or U.S. GAAP. 

  
 56 

 (c) The Company shall take all necessary actions to maintain any direct or indirect
Subsidiary or entity Controlled by it, whether now in existence or formed in the future, as is necessary to conduct the Business as conducted or as proposed to be conducted. 

(d) The Company shall use its best efforts to cause any direct or indirect Subsidiary, whether now in existence or formed in the future, to
comply in all material respects with all applicable Laws. 
 11.4 Restructuring Documents. 

Each Group Company and the Controlling Shareholder, hereby jointly and severally represent, warrant and covenant the following to the
Investors: 
 (a) As of the Effective Date, and during the term of the relevant Restructuring Documents, each of the statements contained in
this Section 11.4(a) is true, accurate and complete: 
 (i) Each Group Company has the legal right, power and authority (corporate and
other) to enter into and perform its obligations under each Restructuring Document to which it is a party and has taken all necessary corporate action to authorize the execution, delivery and performance of, and has authorized, executed and
delivered, each Restructuring Document to which it is a party. 
 (ii) Each Restructuring Document constitutes a valid and legally binding
obligation of the Group Companies that are a party thereto enforceable in accordance with its terms, except (x) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other Laws of general
application relating to or affecting the enforcement of creditors’ rights generally, (y) as limited by Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 

(iii) The execution and delivery by any Group Company of each Restructuring Document to which it is a party, and the performance by such party
of its obligations thereunder and the consummation by it of the transactions contemplated therein shall not (x) result in any violation of, be in conflict with, or constitute a default under, with or without the passage of time or the giving of
notice, (A) any provision of its constitutional documents as in effect at the date hereof, or (B) any applicable Law in any material respect, or any Material Contract, (y) accelerate, or constitute an event entitling any Person to
accelerate, the maturity of any indebtedness or other liability of any Group Company or to increase the rate of interest presently in effect with respect to any indebtedness of any Group Company (other than those contemplated or intended by the
Transaction Documents) or (z) result in the creation of any lien, claim, charge or encumbrance upon any of the properties or assets of any Group Company. 

  
 57 

 (iv) None of the Group Companies is in breach or default in the performance or observance
of any of the terms or provisions of any Restructuring Document. None of the Group Companies has sent any communication regarding termination of or intention not to renew any Restructuring Document, and no such termination or non-renewal has been threatened by any of the Group Companies. 
 (b) As of the Effective Date, each of the
statements contained in this Section 11.4(b) is true, accurate and complete: 
 (i) All permits and consents required to enter into the
Restructuring Documents have been made or unconditionally obtained in writing, and no such permit or consent has been withdrawn or be subject to any condition precedent which has not been fulfilled or performed. 

(ii) Each Restructuring Document is in full force and effect and no party to any Restructuring Document is in breach or default in the
performance or observance of any of the terms or provisions of such Restructuring Document. To the knowledge of the Company after due inquiry, none of the parties to any Restructuring Document has sent or received any communication regarding
termination of or intention not to renew any Restructuring Document, and no such termination or non-renewal has been threatened by any of the parties thereto. 

11.5 Compliance with Law. 

The Group Companies shall, and the Controlling Shareholder shall cause the Group Companies to, comply with in all material aspects (i) all
applicable PRC Laws and regulations including but not limited to Circular 37 and other applicable SAFE rules and regulations, and (ii) the US Foreign Corrupt Practices Act and PRC Anti-Corruption Laws, as amended, on an ongoing basis. 

11.6 Investor Favorable Terms. 

In the event the Company grants or has granted as of the date hereof any other existing investors or shareholders any rights, privileges or
protections more favorable than those granted to any Investor, such Investor shall, at its option, be entitled to the same rights, privileges or protections ranked pari passu with such other existing investors or shareholders. 

11.7 IPO. 
 The Parties
agree that a firm commitment underwritten public offering of the Controlling Shareholder does not obligate the Controlling Shareholder in any way to consolidate any or all of the Group Companies into the group structure of the Controlling
Shareholder pursuant to such public offering. Any determination of such consolidation will be made by the Controlling Shareholder in accordance with the agreements binding on it in this regard. 

  
 58 

 11.8 Termination. 

The provisions under this Section 11 shall be terminated upon consummation of a Qualified IPO. 

 

	12.	 GENERAL PROVISIONS 

12.1 Notices. 
 Except as
may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party,
upon delivery; (b) when sent by facsimile at the number set forth in Schedule of Notice hereto, upon receipt of confirmation of error-free transmission; (c) when sent by electronic mail at the email address set forth in Schedule of Notice
hereto, on the same day that it was sent and it shall not be necessary for the receipt of the electronic mail to be acknowledged by the recipient, (d) seven (7) Business Days after deposit in the mail as air mail or certified mail, receipt
requested, postage prepaid and addressed to the other party as set forth in Schedule of Notice; or (e) three (3) Business Days after deposit with an international overnight delivery service, postage prepaid, addressed to the parties as set
forth in Schedule of Notice with next Business Day delivery guaranteed, provided that the sending party receives a confirmation of delivery from the delivery service provider. 

Each person making a communication hereunder by facsimile shall promptly confirm by telephone to the person to whom such communication was
addressed for each communication made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication. A party may change or supplement the addresses given in Schedule of Notice, or
designate additional addresses, for purposes of this Section 12.1 by giving the other party written notice of the new address in the manner set forth above. 

12.2 Entire Agreement. 

This Agreement, the Series A Purchase Agreements and any other Transaction Document, together with all the exhibits hereto and thereto,
constitute and contain the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements, understandings, duties or obligations between the
parties respecting the subject matter hereof. For the avoidance of doubt, the Parties agree that this Agreement shall supersede and replace the prior shareholders agreement(s) (and other legal documents of the same nature) of any Group Company,
including the Prior Agreement. 
 12.3 Severability. 

If any provision of this Agreement is found to be invalid or unenforceable, then such provision shall be construed, to the extent feasible, so
as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on substantially the same terms as originally set forth herein, and if no feasible interpretation would save such provision, it shall
be severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is essential to the rights or benefits intended by the parties. In such event, the parties shall use best efforts to negotiate,
in good faith, a substitute, valid and enforceable provision or agreement which most nearly effects the parties’ intent in entering into this Agreement. 

  
 59 

 12.4 Third Parties. 

Nothing in this Agreement, express or implied, is intended to confer upon any Person, other than the parties hereto and their permitted
successors and assigns any rights or remedies under or by reason of this Agreement. 
 12.5 Successors and Assigns. 

Subject to the provisions of Section 10.1, the provisions of this Agreement shall inure to the benefit of, and shall be binding upon, the
successors and permitted assigns of the parties hereto. None of the Controlling Shareholder, the Investors or the Group Companies or other Parties hereto may assign its rights or delegate its obligations under this Agreement without the written
consent of the other Parties except in connection with a transfer in compliance with Section 5 of this Agreement and in compliance with Section 10.1. For the avoidance of doubt, subject to Sections 5.10 and 10.1 of this Agreement, any
Investor shall be entitled to assign all or part of its rights and/or obligations under this Agreement to any of its Affiliates without the written consent of any other Party, and the Company and other Parties hereto shall facilitate to effectuate
such assignment upon such Investor’s request. 
 12.6 Interpretation; Captions. 

This Agreement shall be construed according to its fair language. The rule of construction to the effect that ambiguities are to be resolved
against the drafting party shall not be employed in interpreting this Agreement. The captions to sections of this Agreement have been inserted for identification and reference purposes only and shall not be used to construe or interpret this
Agreement. Unless otherwise expressly provided herein, all references to Sections and Exhibits herein are to Sections and Exhibits of this Agreement. 

12.7 Counterparts. 
 This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail or other transmission method and any
counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

  
 60 

 12.8 Adjustments for Share Splits, Etc. 

Wherever in this Agreement there is a reference to a specific number of shares of the Preferred Shares, Ordinary Shares of the Company, then,
upon the occurrence of any subdivision, combination or share dividend of the Preferred Shares, or Ordinary Shares, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted to reflect the effect on
the outstanding shares of such class or series of shares by such subdivision, combination or share dividend. 
 12.9 Aggregation of
Shares. 
 All the Preferred Shares, or Ordinary Shares held or acquired by the affiliated entities or persons (as defined in Rule 144
under the Securities Act) shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

12.10 Shareholders’ Agreement to Control. 

If and to the extent that there are inconsistencies between the provisions of this Agreement and those of the Amended M&AA, the terms of
this Agreement shall prevail as between the parties hereto only (with the exception of the Company), who hereby undertake to take all actions necessary or advisable, as promptly as practicable after the discovery of such inconsistency, to amend the
Amended M&AA so as to eliminate such inconsistency to the fullest extent as permitted by the applicable Laws. 
 12.11 Governing
Law. 
 This Agreement shall be governed by and construed under the Laws of Hong Kong, without regard to principles of conflict of laws
thereunder. 
 12.12 Dispute Resolution. 

Each of the parties hereto irrevocably (i) agrees that any dispute or controversy arising out of, relating to, or concerning any
interpretation, construction, performance or breach of this Agreement, shall be settled by arbitration to be held in Hong Kong which shall be administered by the Hong Kong International Arbitration Centre (“HKIAC”) in accordance
with the Hong Kong International Arbitration Centre Administered Arbitration Rules in force at the time of the commencement of the arbitration, (ii) waives, to the fullest extent it may effectively do so, any objection which it may now or
hereafter have to the laying of venue of any such arbitration, and (iii) submits to the exclusive jurisdiction of Hong Kong in any such arbitration. There shall be three (3) arbitrators. The claimant shall select one (1) arbitrator,
and the respondent shall select one (1) arbitrator. The third arbitrator, who shall be the presiding arbitrator, shall be jointly appointed by the claimant and respondent. If either the claimant or the respondent fails to select the third
arbitrator or the parties fail to agree on the choice of the third arbitrator, HKIAC shall make the appointment on their behalf. The arbitration shall be conducted in English. The decision of the arbitration tribunal shall be final, conclusive and
binding on the parties to the arbitration. Judgment may be entered on the arbitration tribunal’s decision in any court having jurisdiction. The parties to the arbitration shall each pay an equal share of the costs and expenses of such
arbitration, and each party shall separately pay for its respective counsel fees and expenses; provided, however, that the prevailing party in any such arbitration shall be entitled to recover from the
non-prevailing party its reasonable costs and attorney fees. The parties acknowledge and agree that, in addition to contract damages, the arbitrator may award provisional and final equitable relief, including
injunctions, specific performance, and lost profits. The validity, construction and interpretation of this dispute resolution clause shall be governed by the Laws of Hong Kong. 

  
 61 

 12.13 Assistance of Group Companies. 

Notwithstanding anything to the contrary contained in this Agreement, the Company and its Subsidiaries shall not be required to take any
actions specified in this Agreement or otherwise assist any Warrant Holder to exercise its rights as a deemed holder of Shares to receive considerations, distributions or proceeds in Renminbi within the PRC if such action or assistance or any part
or step of it is not permitted by, or could result in any breach or violation of, any applicable Law, or any charter documents of any Group Company which will incur liabilities of punishment or fines on any Group Company. 

12.14 Warrant Holders. 

Each Party hereto acknowledges and agrees to the arrangements and commitments set forth in paragraph D of the recital of this Agreement. Each
Warrant Holder hereby acknowledges that it will not be registered as a holder of any Shares of the Company (including on any register of members) or receive any certificate evidencing any Shares until and unless it completes its exercise of the
relevant Warrant. In the event that any Shares issued upon exercise of the Warrant are designated to be held by any Affiliate(s) of the Shareholder that is the Warrant Holder making such exercise or acquisition thereunder, as required or permitted
under the relevant Warrant, (i) any reference in this Agreement to such Shareholder (including definitions covering such holder of the Ordinary Shares, and such Investor, as the case maybe) shall be read as referring to such new designated holder(s)
as well; and (ii) such designated holders shall execute a deed of accession in form and substance approved by the Board (and such approval shall not be unreasonably delayed) and become a party to, and to be bound by, this Agreement (and as
applicable, each other relevant Transaction Documents), assuming all the rights and obligations of such Investor under this Agreement (and as applicable, each other relevant Transaction Documents) with respect to such shares so designated to such
holder; provided that such designated holder(s) shall not have any deemed shareholder rights associated with such Shareholder in its capacity of a Warrant Holder. 

In the event (i) any Warrant Holder fails to obtain the relevant approvals from the competent Governmental Authority for its outbound
investment in the Company to hold the shares issued or issuable upon exercise of its Warrant, or (ii) any Warrant remains unexercised, in each case of clauses (i) and (ii), before the date when the Company determines to initiate an initial
public offering, the Company and such Warrant Holder, shall use their best efforts to negotiate and determine the alternative mechanism then suggested by the underwriters or sponsors of such initial public offering to deal with such Warrant. 

  
 62 

 Except as otherwise provided in this Agreement or any other Transaction Documents and
subject to Sections 6 and 7.1, the Warrant Holders shall have the right to participate in or receive payments from Group Companies in connection with any redemption, liquidation or distribution of the Company, or other economic rights that would
otherwise entitle them to receive payments from the Company, in respect of any Warrant Shares (or the corresponding portion of Warrant) if and when (i) the exercise price for such Warrant Shares has been paid in full or deducted from payments
pursuant to the terms and conditions of the relevant Warrant or (ii) the corresponding amount of the relevant Onshore Investment Agreements remains outstanding; and for the avoidance of doubt, in no event shall any Warrant Holder be entitled to
any duplication of payments (in foreign exchange or in Renminbi) for such Respective Liquidation Amount, Redemption Price, distribution or other economic rights (for the avoidance of doubt, including duplication due to the payment as the
consideration of the corresponding Advanced Investment Funds (and/or fees associated therewith) which are required to provide to the Domestic Company under the Onshore Investment Agreements, as applicable). 

For the avoidance of doubt and notwithstanding any other provision of any Transaction Document or Warrant to the contrary, upon the
consummation of a Qualified IPO, any outstanding Warrant with an exercise period surviving the Qualified IPO shall only be exercisable for Ordinary Shares instead of any Preferred Shares. 

12.15 Effective and Termination. 

(a) Notwithstanding anything to the contrary contained in any Transaction Document, this Agreement shall only become effective upon the
occurrence of the closing under the Bain Series A Purchase Agreement (the “Effective Date”). In the event that the Bain Series A Purchase Agreement is terminated in accordance with its terms prior to such closing, this
Agreement and all rights and obligations of the parties hereunder shall automatically terminate and be of no further force or effect, in which case the Prior Agreement shall remain in full force and effect. 

(b) This Agreement may be terminated by written consent of each of the Parties hereto. 

(c) With respect to any Party other than the Group Companies, it shall cease to be a party to this Agreement when it ceases to hold any Equity
Securities of the Company (including any Warrants). 
 (d) In both cases of Section 12.15(b) and Section 12.15(c), the obligations
of each Party under Section 9 (Confidentiality and Non-Disclosure) shall survive and continue to be binding. 

— REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK — 

  
 63 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	THE COMPANY:
	
	Dada Auto Inc.
		
	By:	 	/s/ WANG Yang
	Name: WANG Yang
	Title: Director
	
	HK COMPANY:
	
	Fleetin HK Limited
		
	By:	 	/s/ DAI Zhen
	Name: DAI Zhen
	Title: Director

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS' AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	WFOE:
	
	Zhejiang Anji Intelligent Electronics Holding Co., Ltd.
	
	(浙江安吉智电控股有限公司)(Seal)

		
	By:	 	/s/ WANG Yang 
	Name: WANG Yang
	Title: Legal Representative
	
	DOMESTIC COMPANY
	
	Kuaidian Power (Beijing) New Energy Technology Co., Ltd.
	(快电动力 (北京)
新能源科技有限公司)(Seal)
		
	By:	 	ZHENG Linyi 
	Name: ZHENG Linyi
	Title: Legal Representative

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS' AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	MAJOR PRC SUBSIDIARIES:
	
	北京车主邦新能源科技有限公司(Seal)
		
	By:	 	/s/ DAI Zhen 
	Name: DAI Zhen
	Title: Legal Representative
	
	智电优通科技有限公司(Seal)
		
	By:	 	/s/ DAI Zhen 
	Name: DAI Zhen
	Title: Legal Representative

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS' AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	CONTROLLING SHAREHOLDER:
	
	Newlinks Technology Limited
		
	By:	 	/s/ DAI Zhen 
	Name: DAI Zhen
	Title: Director

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS' AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	FOUNDER:
	
	DAI Zhen (戴震)
		
	By:	 	/s/ DAI Zhen

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS' AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	INVESTORS:
	
	Shenzhen Haiju Xinneng Investment Partnership L.P.
	
	(深圳市海聚新能投资合伙企业 (有限合伙) )(Seal)
		
	By:	 	/s/ LI Shiwei
	Name: LI Shiwei
	Title: Authorized Signatory

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS' AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	INVESTORS:
	
	Anji Zhenwei Liangshan Venture Capital Partnership L.P.
	
	(安吉真为两山创业投资合伙企业 (有限合伙) ) (Seal)
		
	By:	 	 /s/ WANG Zeqi

	Name: WANG Zeqi
	Title: Authorized Signatory

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS' AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	INVESTORS:
	
	Ningbo Zhenwei Qihang Equity Investment Partnership L.P.
	
	(宁波真为起航股权投资合伙企业 (有限合伙) )(Seal)
		
	By:	 	/s/ LIU Bin
	Name: LIU Bin
	Title: Authorized Signatory

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS' AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	INVESTORS:
	
	CICC (Changde) Emerging Industry Venture Capital Partnership L.P.
	
	(中金(常德)新兴产业创业投资合伙企业 (有限合伙)
)(Seal)
		
	By:	 	/s/ SHEN Yuanjiang
	Name: SHEN Yuanjiang
	Title: Authorized Signatory

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS' AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	INVESTORS:
	
	Jiaxing Haohe Equity Investment Partnership L.P.
	
	(嘉兴浩和股权投资合伙企业 (有限合伙) )(Seal)
		
	By:	 	/s/ PAN Xiaofeng
	Name: PAN Xiaofeng
	Title: Authorized Signatory

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS' AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	INVESTORS:
	
	BCPE Nutcracker Cayman, L.P.
	
	By: BCPE Nutcracker GP, LLC its general partner
	By: Bain Capital Asia Fund IV, L.P. its member
	By: Bain Capital Investors Asia IV, LLC
	its general partner
	By: Bain Capital Investors, LLC
	Its manager
		
	By:	 	/s/ David Gross-Loh
	Name: David Gross-Loh
	Title: Authorized Signatory

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS' AGREEMENT 

 SCHEDULE OF NOTICE 

 EXHIBIT A 

LIST OF INVESTORS 

 EXHIBIT B 

LIST OF COMPETITORS OF THE GROUP COMPANIES 

 EXHIBIT C 

LIST OF PRC SUBSIDIARIES

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}]]