Document:

Exhibit 4.6

 

RIGHTS AGREEMENT

 

This Rights Agreement
(this “Agreement”) is made as of [   ], 2020 between East Stone Acquisition Corporation, a British Virgin
Islands company, with offices at 25 Mall Road, Suite 330, Burlington, MA 01803 (“Company”), and Continental Stock Transfer&
Trust Company, a New York corporation, with offices at One State Street, 30th Floor, New York, New York 10004 (“Rights
Agent”).

 

WHEREAS, the Company
has received binding commitments from Double Ventures Holdings Limited, a British Virgin Islands company(the “Sponsor”),
from anchor investors, Mr. Hua Hao and Mr. Cheng Zhao (“Anchor Investors”), and from I-Bankers Securities, Inc. (the
“Representative”) to purchase up to an aggregate of 323,750 units (or 350,000 if the over-allotment option is exercised
in full by the underwriters), each unit (“Unit”) comprised of one ordinary share, with no par value, of the Company
(“Ordinary Share”), one warrant to purchase one-half of one Ordinary Share (“Warrant”) and one right to
receive one-tenth of one Ordinary Share upon the happening of the triggering event described herein (“Right”), and
in connection therewith, will issue and deliver up to an aggregate of 350,000 Rights as part of such Units upon consummation of
such private placement (the “Private Offering”); and

 

WHEREAS, the Company
is engaged in a public offering (“Public Offering”) of Units and, in connection therewith, will issue and deliver up
to 115,000,000 Rights to the public investors; and

 

WHEREAS, in order to
finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined in the Company’s
Amended and Restated Memorandum and Articles of Association), the Sponsor or an affiliate of the Sponsor or certain of the Company’s
executive officers and directors may loan to the Company funds as may be required, of which up to $1,500,000 of such loans may
be convertible into up to an additional 150,000 Units, and in connection therewith, will issue and deliver up to an aggregate of
150,000 Rights; and

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, File No. 333-[   ]
(“Registration Statement”), and related Prospectus (“Prospectus”) for the registration, under the Securities
Act of 1933, as amended (“Act”), of, among other securities, the Rights and the Ordinary Shares issuable to the holders
of the Rights; and

 

WHEREAS, the Company
desires the Rights Agent to act on behalf of the Company, and the Rights Agent is willing to so act, in connection with the issuance,
registration, transfer and exchange of the Rights; and

 

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

 

WHEREAS, all acts and
things have been done and performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned
by or on behalf of the Rights Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize
the execution and delivery of this Agreement.

 

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

 

1. Appointment of Rights Agent.
The Company hereby appoints the Rights Agent to act as agent for the Company for the Rights, and the Rights Agent hereby accepts
such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2. Rights.

 

2.1. Form of
Right. Each Right shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions
of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board or Chief
Executive Officer and the Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event the person
whose facsimile signature has been placed upon any Right shall have ceased to serve in the capacity in which such person signed
the Right before such Right is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date
of issuance.

 

     

     

    

 

2.2. Effect
of Countersignature. Unless and until countersigned by the Rights Agent pursuant to this Agreement, a Right shall be invalid
and of no effect and may not be exchanged for Ordinary Shares.

 

2.3. Registration.

 

2.3.1. Right
Register. The Rights Agent shall maintain books (“Right Register”) for the registration of original issuance and
the registration of transfer of the Rights. Upon the initial issuance of the Rights, the Rights Agent shall issue and register
the Rights in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered
to the Rights Agent by the Company.

 

2.3.2. Registered
Holder. Prior to due presentment for registration of transfer of any Right, the Company and the Rights Agent may deem and treat
the person in whose name such Right shall be registered upon the Right Register (“registered holder”) as the absolute
owner of such Right and of each Right represented thereby (notwithstanding any notation of ownership or other writing on the Right
Certificate made by anyone other than the Company or the Rights Agent), for the purpose of the exchange thereof, and for all other
purposes, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary.

 

2.4. Detachability
of Rights. The securities comprising the Units, including the Rights, will not be separately transferable until the earlier
to occur of: (i) the 90th day following the date of the Prospectus or (ii) the announcement by the Representative,
as representative of the underwriters in the Public Offering, of its intention to allow separate earlier trading, except that in
no event will the securities comprising the Units be separately tradeable until the Company files a Current Report on Form 8-K
with the SEC which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public
Offering including the proceeds received by the Company from the exercise of the over-allotment option, if the over-allotment option
is exercised by the date thereof and the Company issues a press release and files a Current Report on Form 8-K with the SEC announcing
when such separate trading shall begin.

 

3. Terms and Exchange of Rights

 

3.1. Rights.
Each Right shall entitle the holder thereof to receive one-tenth of one Ordinary Share upon the happening of an Exchange Event
(defined below). No additional consideration shall be paid by a holder of Rights in order to receive his, her or its Ordinary Shares
upon an Exchange Event as the purchase price for such Ordinary Shares has been included in the purchase price for the Units. In
no event will the Company be required to net cash settle the Rights or issue fractional Ordinary Shares.

 

3.2. Exchange
Event. An “Exchange Event” shall occur upon the Company’s consummation of an initial Business Combination
(as defined in the Company’s Amended and Restated Memorandum and Articles of Association).

 

3.3. Exchange
of Rights.

 

3.3.1. Issuance
of Ordinary Shares. As soon as practicable upon the occurrence of an Exchange Event, the Company shall direct holders of the
Rights to return their Rights Certificates to the Rights Agent. Upon receipt of a valid Rights Certificate, the Company shall issue
to the registered holder of such Right(s) the number of full Ordinary Shares to which he, she or it is entitled, registered in
such name or names as may be directed by him, her or it and issue to such registered holder(s) a certificate or book-entry position
for the such shares. Notwithstanding the foregoing, or any provision contained in this Agreement to the contrary, in no event will
the Company be required to net cash settle the Rights. The Company shall not issue fractional shares upon exchange of Rights. In
the event that any holder would otherwise be entitled to any fractional share upon exchange of Rights, at the time of an Exchange
Event, the Company will instruct the Right Agent how any such entitlement will be addressed. To the fullest extent permitted by
the Company’s Amended and Restated Memorandum and Articles of Association the Company reserves the right to deal with any
such fractional entitlement at the relevant time in any manner permitted by the Act and the Amended and Restated Memorandum and
Articles, which would include the rounding down of any entitlement to receive Ordinary Shares to the nearest whole share (and in
effect extinguishing any fractional entitlement), or the holder being entitled to hold any remaining fractional entitlement (without
any share being issued) and to aggregate the same with any future fractional entitlement to receive shares in the Company until
the holder is entitled to receive a whole number. Any rounding down and extinguishment may be done with or without any in lieu
cash payment or other compensation being made to the holder of the relevant Rights, such that value received on exchange of the
Rights may be considered less than the value that the holder would otherwise expect to receive.

 

    2

     

    

 

3.3.2. Valid
Issuance. All Ordinary Shares issued upon an Exchange Event in conformity with this Agreement shall be validly issued, fully
paid and nonassessable.

 

3.3.3. Date of
Issuance. Each person in whose name any such certificate or book-entry position for Ordinary Shares is issued shall for all
purposes be deemed to have become the holder of record of such shares on the date of the Exchange Event, irrespective of the date
of delivery of such certificate or entry of position.

 

3.3.4 Company
Not Surviving Following Exchange Event. Upon an Exchange Event in which the Company does not continue as the publicly held
reporting entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration the
holders of the Ordinary Shares will receive in such transaction, for the number of shares such holder is entitled to pursuant to
Section 3.3.1 above. If the Company does not continue as the publicly held reporting entity upon an Exchange Event, each holder
of a Right will be required to affirmatively convert his/her or its rights in order to receive the 1/10 share underlying each right
(without paying any additional consideration) upon consummation of the Exchange Event. In such a case, each holder of a Right will
be required to indicate his, her or its election to convert the Rights into underlying shares as well as to return the original
certificates evidencing the Rights to the Company.

 

3.5 Duration
of Rights. If an Exchange Event does not occur within the time period set forth in the Company’s Amended and Restated
Memorandum and Articles of Association, as the same may be amended from time to time, the Rights shall expire and shall be worthless;
provided that for as long as any of the Rights sold in the Private Offering are held by the Representative or its designees or
affiliates, such Rights may not be exercised after five years from the effective date of the Registration Statement.

 

4. Transfer and Exchange of Rights.

 

4.1. Registration
of Transfer. The Rights Agent shall register the transfer, from time to time, of any outstanding Right upon the Right Register,
upon surrender of such Right for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate
instructions for transfer. Upon any such transfer, a new Right representing an equal aggregate number of Rights shall be issued
and the old Right shall be cancelled by the Rights Agent. The Rights so cancelled shall be delivered by the Rights Agent to the
Company from time to time upon request.

 

4.2. Procedure
for Surrender of Rights. Rights may be surrendered to the Rights Agent, together with a written request for exchange or transfer,
and thereupon the Rights Agent shall issue in exchange therefor one or more new Rights as requested by the registered holder of
the Rights so surrendered, representing an equal aggregate number of Rights; provided, however, that in the event that a Right
surrendered for transfer bears a restrictive legend and the new Rights to be issued will not bear a restrictive legend, the Rights
Agent shall not cancel such Right and issue new Rights in exchange therefor until the Rights Agent has received an opinion of counsel
for the Company stating that such transfer may be made and indicating no restrictive legend is required.

 

4.3. Fractional
Rights. The Rights Agent shall not be required to effect any registration of transfer or exchange which will result in the
issuance of a Right Certificate for a fraction of a Right.

 

4.4. Service
Charges. No service charge shall be made for any exchange or registration of transfer of Rights.

 

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4.5. Adjustments
to Conversion Ratios. The number of Ordinary Shares that the holders of Rights are entitled to receive as a result of the occurrence
of an Exchange Event shall be equitably adjusted to reflect appropriately the effect of any share split, reverse share split, share
dividend, reorganization, recapitalization, reclassification, combination, exchange of shares or other like change with respect
to the Ordinary Shares occurring on or after the date hereof and prior to the Exchange Event.

 

4.6. Right
Execution and Countersignature. The Rights Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Rights required to be issued pursuant to the provisions of this Section 4, and the Company, whenever
required by the Rights Agent, will supply the Rights Agent with Rights duly executed on behalf of the Company for such purpose.

 

5. Other Provisions Relating to
Rights of Holders of Rights.

 

5.1. No Rights
as Shareholder. Until exchange of a Right for Ordinary Shares as provided for herein, a Right does not entitle the registered
holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends,
or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of
the meetings of shareholders or the election of directors of the Company or any other matter.

 

5.2. Lost,
Stolen, Mutilated, or Destroyed Rights. If any Right is lost, stolen, mutilated, or destroyed, the Company and the Rights Agent
may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Right, include the surrender thereof), issue a new Right of like denomination, tenor, and date as the Right so lost, stolen, mutilated,
or destroyed. Any such new Right shall constitute a substitute contractual obligation of the Company, whether or not the allegedly
lost, stolen, mutilated, or destroyed Right shall be at any time enforceable by anyone.

 

5.3. Reservation
of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary
Shares that will be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.

 

6. Concerning the Rights Agent
and Other Matters.

 

6.1. Payment
of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Rights Agent in respect of the issuance or delivery of Ordinary Shares upon the exchange of Rights, but the Company shall not be
obligated to pay any transfer taxes in respect of the Rights or such Ordinary Shares.

 

6.2. Resignation,
Consolidation, or Merger of Rights Agent.

 

6.2.1. Appointment
of Successor Rights Agent. The Rights Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the
office of the Rights Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Rights Agent in place of the Rights Agent. If the Company shall fail to make such appointment within a period of 30
days after it has been notified in writing of such resignation or incapacity by the Rights Agent or by the holder of the Right
(who shall, with such notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply
to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Rights Agent at the
Company’s cost. Any successor Rights Agent, whether appointed by the Company or by such court, shall be a corporation organized
and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan,
City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination
by federal or state authority. After appointment, any successor Rights Agent shall be vested with all the authority, powers, rights,
immunities, duties, and obligations of its predecessor Rights Agent with like effect as if originally named as Rights Agent hereunder,
without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Rights Agent shall
execute and deliver, at the expense of the Company, an instrument transferring to such successor Rights Agent all the authority,
powers, and rights of such predecessor Rights Agent hereunder; and upon request of any successor Rights Agent the Company shall
make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming
to such successor Rights Agent all such authority, powers, rights, immunities, duties, and obligations. 

 

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

 

6.2.3. Merger
or Consolidation of Rights Agent. Any corporation into which the Rights Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Rights Agent shall be a party shall be the successor
Rights Agent under this Agreement without any further act.

 

6.3. Fees and Expenses of Rights
Agent.

 

6.3.1. Remuneration.
The Company agrees to pay the Rights Agent reasonable remuneration for its services as such Rights Agent hereunder and will reimburse
the Rights Agent upon demand for all expenditures that the Rights Agent may reasonably incur in the execution of its duties hereunder.

 

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

 

6.4. Liability
of Rights Agent.

 

6.4.1. Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement, the Rights Agent shall deem it necessary
or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a statement signed by the Chief Executive Officer or Chief Financial Officer and delivered to the Rights
Agent. The Rights Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions
of this Agreement.

 

6.4.2. Indemnity.
The Rights Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. Subject to Section
6.6 below, the Company agrees to indemnify the Rights Agent and save it harmless against any and all liabilities, including judgments,
costs and reasonable counsel fees, for anything done or omitted by the Rights Agent in the execution of this Agreement except as
a result of the Rights Agent’s gross negligence, willful misconduct, or bad faith.

 

6.4.3. Exclusions.
The Rights Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Right (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant to this Agreement or any Right
or as to whether any Ordinary Shares will when issued be valid and fully paid and nonassessable. 

 

6.5. Acceptance
of Agency. The Rights Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth.

 

6.6 Waiver.
The Rights Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of
the date hereof, by and between the Company and the Rights Agent as trustee thereunder) and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

    5

     

    

 

7. Miscellaneous Provisions.

 

7.1. Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure
to the benefit of their respective successors and assigns.

 

7.2. Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right
to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail
or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is
filed in writing by the Company with the Rights Agent), as follows:

 

East Stone
Acquisition Corporation

25 Mall Road,
Suite 330

Burlington,
MA 01803

Attn: Xiaoma
(Sherman) Lu, Chief Executive Officer

 

Any notice, statement or demand authorized
by this Agreement to be given or made by the holder of any Right or by the Company to or on the Rights Agent shall be sufficiently
given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days
after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Rights Agent with the
Company), as follows:

 

Continental Stock Transfer &
Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Compliance Department

 

with a copy to:

Ellenoff Grossman & Schole,
LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Barry Grossman, Esq

 

and

 

Schiff Hardin LLP

901 K Street NW

Suite 700

Washington, D.C. 20001

Attn: Ralph V. De Martino, Esq.

 

 

and

 

Ogier

Ritter House, 6th Floor

Wickhams Cay II

PO Box 3170

Road Town, Tortola

British Virgin Islands, VG1110

Attn: Michael Killourhy

 

 and

 

I-Bankers Securities Inc

535 5th Ave.

New York, NY 10017

Attn: Shelley Leonard, President

 

    6

     

    

 

7.3. Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Rights shall be governed in all respects by
the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of
the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement may be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction. The Company hereby waives
any objection to such jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the forgoing, nothing
in this Section 7.3 shall limit or restrict the federal district court in which a registered holder may bring a claim under the
Act or the federal or state court in which a registered holder may bring a claim under the Securities Exchange Act of 1934, as
amended. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 7.2 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

7.4. Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the registered holders of the Rights and, for the purposes of Sections 7.4 and 7.8 hereof, the Representative, any right, remedy,
or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representative
shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 7.4 and 7.8 hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto
(and the Representative with respect to the Sections 7.4 and 7.8 hereof) and their successors and assigns and of the registered
holders of the Rights. The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent
of the Representative.

 

7.5. Examination
of the Right Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Rights Agent
in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Right. The Rights Agent
may require any such holder to submit his, her or its Right for inspection by it.

 

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

 

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

 

7.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any
ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
deem shall not adversely affect the interest of the registered holders. All other modifications or amendments shall require the
written consent or vote of the registered holders of a majority of the then outstanding Rights. The provisions of this Section
7.8 may not be modified, amended or deleted without the prior written consent of the Representative.

 

7.9 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[Signature Page Follows]

 

    7

     

    

 

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

 

	 	EAST STONE ACQUISITION CORPORATION

 

	 	By:	 
	 	 	Name: Xiaoma (Sherman) Lu
	 	 	Title: Chief Executive Officer
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

[Signature Page to Rights Agreement]

 

 

8Exhibit 4.7

 

THE
REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE
WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN,
PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW)
TO ANYONE OTHER THAN (I) I-BANKERS SECURITIES, INC. OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR
(II) A BONA FIDE OFFICER OR PARTNER OF I-BANKERS SECURITIES, INC. OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS
PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO THE LATER OF THE CONSUMMATION BY EAST STONE ACQUISITION CORPORATION (“COMPANY”)
OF A MERGER, SHARE EXCHANGE, ASSET ACQUISITION, RECAPITALIZATION, REORGANIZATION OR OTHER SIMILAR BUSINESS COMBINATION (“BUSINESS
COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (DEFINED HEREIN)) AND THE FIRST
ANNIVERSARY OF THE EFFECTIVE DATE (AS DEFINED HEREIN). VOID AFTER 5:00 P.M. NEW YORK CITY LOCAL TIME, ON THE EARLIER OF THE LIQUIDATION
OF THE COMPANY’S TRUST ACCOUNT (AS DESCRIBED IN THE REGISTRATION STATEMENT) IF THE COMPANY HAS NOT COMPLETED A BUSINESS
COMBINATION WITHIN THE REQUIRED TIME PERIODS OR FIVE YEARS FROM THE EFFECTIVE DATE.

  

SHARE
PURCHASE WARRANT

 

For
the Purchase of [●]1 Shares

of

EAST
STONE ACQUISITION CORPORATION

 

1.
Purchase Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of I-Bankers Securities, Inc.
(“Holder”), as registered owner of this Purchase Warrant, to East Stone Acquisition Corporation, a British
Virgin Islands company (the “Company”), Holder is entitled, at any time or from time to time upon the later
of the consummation of a Business Combination or one-year from the effective date (“Effective Date”) of the
Company’s registration statement on Form S-1 (File No. 333-235949) (the “Registration Statement”) (the
“Commencement Date”), and at or before 5:00 p.m., Eastern time, on the earlier of (i) the liquidation of the
Company’s Trust Account (as described in the Company’s Registration Statement pursuant to which the Company’s
securities are offered for sale to the public in the Company’s initial public offering (“Offering”) in
the event the Company has not completed a Business Combination within the required time periods and (ii) five years from the Effective
Date of the Registration Statement (“Expiration Date”), but not thereafter, to subscribe for, purchase and
receive, in whole or in part, up to [●]2 ordinary shares, no par value (the “Shares”), of
the Company, subject to adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking institutions
are authorized by law to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day
in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action
that would terminate this Purchase Warrant, except as otherwise provided herein or with the Holder’s consent. This Purchase
Warrant is initially exercisable at $12.00 per Share; provided, however, that upon the occurrence of any of the
events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise price per Share and
the number of Shares to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise Price”
shall mean the initial exercise price or the adjusted exercise price, depending on the context. 

 

 

1
Insert 5% of number of Units sold in Offering]

2
[Insert 5% of number of Units sold in Offering]

 

    1

     

    

 

2.
Exercise.

 

2.1
Exercise Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and
completed and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being
purchased payable in cash by wire transfer of immediately available funds to an account designated by the Company
or by certified check or official bank check. If the subscription rights represented hereby shall not be exercised at or before
5:00 p.m., Eastern time, on the Expiration Date, this Purchase Warrant shall become and be void without further force or effect,
and all rights represented hereby shall cease and expire.

 

2.2
Cashless Exercise. In lieu of exercising this Purchase Warrant by payment of cash or check payable to the order of
the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal to the value of this Purchase
Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise
form attached hereto, in which event the Company will issue to Holder Shares in accordance with the
following formula:

 

	X	=	Y(A-B)	 
	A	 

 

	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share; and
	 	B	=	The Exercise Price.

 

For
purposes of this Section 2.2, the fair market value of a Share is defined as follows:

 

	 	(i)	
if the Company’s Shares are traded on a national securities exchange, the fair market value shall be deemed to be the closing
price on such exchange on the trading day immediately preceding the date on which the Holder elects to exercise this Purchase
Warrant, which shall be set forth in the in the applicable notice of exercise; or
	 	 	 
	 	(ii)	if
the Company’s Shares are traded on any tier of the OTC Markets or any successor over-the-counter market, the fair market
value shall be deemed to be the closing bid price on the over-the-counter market on the trading day immediately preceding date
on which Holder elects to exercise this Purchase Warrant, which shall be set forth in the applicable notice of exercise; or
	 	 	 
	 	(iii)	if
clauses (i) or (ii) do not apply, the fair market value shall be the fair market value of the Shares as determined in good faith
by the Company’s Board of Directors.

 

    2

     

    

 

2.3
Legend. Each certificate for the Shares purchased under this Purchase Warrant shall bear a legend as follows unless such
Shares have been registered under the Securities Act of 1933, as amended (the “Act”):

 

“The
securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”),
or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred
except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the
Act and applicable state law which, in the opinion of counsel to the Company, is available.”

 

3.
Transfer.

 

3.1
General Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that
such Holder will not: (a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant for a period of 360 days following
the Effective Date to anyone other than: (i) I-Bankers Securities, Inc. (the “Underwriter”) or an underwriter
or a selected dealer participating in the offering being made pursuant to the Registration Statement (the “Offering”),
or (ii) a bona fide officer or partner of the Underwriter or of any such underwriter or selected dealer, in each case in accordance
with FINRA Conduct Rule 5110(g)(1), or (b) cause this Purchase Warrant or the securities issuable hereunder to be the subject
of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of this
Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(g)(2). After 360 days after the Effective
Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make
any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed,
together with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall
within five (5) Business Days upon receipt of the completed assignment form and payment of all transfer taxes, if any, transfer
this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of
like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable
hereunder or such portion of such number as shall be contemplated by any such assignment. The term “Business Day”
means any day other than a Saturday, Sunday or a legal holiday or a day on which banking institutions are authorized or obligated
by law to close in New York, New York.

 

3.2
Restrictions Imposed by the Act. The Shares evidenced by this Purchase Warrant shall not be transferred unless and until:
(i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption
from registration under the Act and applicable state securities laws, the availability of which is established to the reasonable
satisfaction of the Company (the Company hereby agreeing that the opinion of Schiff Hardin LLP shall be deemed satisfactory evidence
of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration
Statement relating to the offer and sale of such Shares has been filed by the Company and declared effective by the U.S. Securities
and Exchange Commission (the “Commission”) and compliance with applicable state securities law has been
established. The Company acknowledges that this Purchase Warrant and the Shares issuable upon exercise of this Purchase Warrant
have been registered pursuant to the Registration Statement.

 

    3

     

    

 

4.
Registration Rights

 

4.1
Demand Registration

 

4.1.1
Grant of Right. If at any time prior to the earlier of the Expiration Date or the five-year anniversary of the Effective
Date, a Registration Statement covering the issuance or resale of the Registrable Securities is no longer effective, the Company,
upon written demand (“Initial Demand Notice”) of the Holder(s) of at least 51% of the Purchase Warrant and/or
the underlying Shares (“Majority Holders”), agrees to use its best efforts to register (the “Demand
Registration”) under the Act on one occasion, the Shares underlying all or any portion of the Purchase
Warrant (collectively, the “Registrable Securities”). On such occasion, the Company will use its best efforts
to file a registration statement or a post-effective amendment to the Registration Statement covering the Registrable Securities
as expeditiously as possible after receipt of the Initial Demand Notice and use its best efforts to have such registration statement
or post-effective amendment declared effective as soon as possible thereafter. The Initial Demand Notice shall specify the number
of shares of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. The Company will notify
all holders of the Purchase Warrant and/or Registrable Securities of the demand within ten days from the date of the receipt of
any such Initial Demand Notice. Each holder of Registrable Securities who wishes to include all or a portion of such holder’s
Registrable Securities in the Demand Registration (each such holder including shares of Registrable Securities in such registration,
a “Demanding Holder”) shall so notify the Company within fifteen (15) days after the receipt by the holder
of the notice from the Company. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities
included in the Demand Registration. The Company shall not be required to effect more than one (1) Demand Registration under this
Section 4.1 in respect of all Registrable Securities.

 

4.1.2
Effective Registration. Notwithstanding Section 4.1.5, a registration will not count as a Demand Registration until the
registration statement filed with the Commission, with respect to such Demand Registration, has been declared effective and the
Company has complied with all of its obligations under this Purchase Warrant with respect thereto.

 

4.1.3
Underwritten Offering. If the Majority Holders so elect and such holders so advise the Company as part of the Initial Demand
Notice, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten
offering. 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 Demanding Holders proposing to distribute their securities through such underwriting
shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting
by the Majority Holders.

 

4.1.4
Reduction of Offering. If the managing underwriter or underwriters for a Demand Registration that is to be an underwritten
offering advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities
which the Demanding Holders desire to sell, taken together with all other Shares or other securities which the Company desires
to sell and the Shares, if any, as to which registration has been requested pursuant to written contractual piggy-back registration
rights held by other shareholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of shares
that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method,
or the probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum
Number of Shares”), then the Company shall include in such registration: (i) first, the Registrable Securities as to
which Demand Registration has been requested by the Demanding Holders (pro rata in accordance with the number of shares that each
such person has requested be included in such registration, regardless of the number of shares held by each such person (such
proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Shares;
(ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the Shares or
other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii) third,
to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the Shares or other
securities registrable pursuant to the terms of the Registration Rights Agreement between the Company and the Sponsor and initial
shareholders in the Company, dated as of [ ], 2020 (the “Registration Rights Agreement” and such registrable
securities, the “Investor Securities”) as to which “piggy-back” registration has been requested
by the holders thereof, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clauses (i), (ii), and (iii), the Shares or other securities
for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements with such
persons and that can be sold without exceeding the Maximum Number of Shares.

 

    4

     

    

 

4.1.5
Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled
to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to
withdraw from such offering by giving written notice to the Company and the underwriter or underwriters of their request to withdraw
prior to the effectiveness of the registration statement filed with the Commission with respect to such Demand Registration. If
the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then the
Company does not have to continue its obligations under Section 4.1, provided that, any such withdrawal will not count as the
Demand Registration if the Demanding Holders pay all of the Company’s out-of-pocket expenses, with respect to such withdrawn
registration.

 

4.1.6
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the
expenses of one legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities,
but the Holders shall pay any and all underwriting commissions. The Company agrees to use its reasonable best efforts to qualify
or register the Registrable Securities in such states as are reasonably requested by the Majority Holder(s); provided, however,
that in no event shall the Company be required to register the Registrable Securities in a state in which such registration would
cause (i) the Company to be obligated to qualify to do business in such state, or would subject the Company to taxation as a foreign
corporation doing business in such jurisdiction or (ii) the principal shareholders of the Company to be obligated to escrow their
shares of capital stock of the Company. The Company shall use its best efforts to cause any registration statement or post-effective
amendment filed pursuant to the demand rights granted under Section 4.1.1 to remain effective for a period of nine consecutive
months from the effective date of such registration statement or post-effective amendment.

 

4.2
Piggy-Back Registration.

 

4.2.1
Piggy-Back Rights. If at any time during the seven year period commencing on the Effective Date the Company proposes to
file a registration statement under the Act with respect to an offering of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into, equity securities, by the Company for its own account or for shareholders
of the Company for their account (or by the Company and by shareholders of the Company including, without limitation, pursuant
to Section 4.1), other than a registration statement (i) filed in connection with any employee stock option or other benefit plan,
(ii) for an exchange offer or offering of securities solely to the Company’s existing shareholders, (iii) for an offering
of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall
(x) give written notice of such proposed filing to the holders of Registrable Securities as soon as practicable but in no event
less than ten (10) days before the anticipated filing date, which notice shall describe the amount and type of securities to be
included in such offering, the intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters,
if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the opportunity to register the
sale of such number of shares of Registrable Securities as such holders may request in writing within five (5) days following
receipt of such notice (a “Piggy-Back Registration”). The Company shall cause such Registrable Securities to
be included in such registration and shall use its best efforts to cause the managing underwriter or underwriters of a proposed
underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms
and conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable Securities
in accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing to distribute
their securities through a Piggy-Back Registration that involves an underwriter or underwriters shall enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such Piggy-Back Registration.

 

    5

     

    

 

4.2.2
Reduction of Offering. If the managing underwriter or underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of Shares which
the Company desires to sell, taken together with Shares, if any, as to which registration has been demanded pursuant to written
contractual arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable Securities as
to which registration has been requested under this Section 4.2, and the Shares, if any, as to which registration has been requested
pursuant to the written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number
of Shares, then the Company shall include in any such registration:

 

(a)
If the registration is undertaken for the Company’s account: (A) first, Shares or other securities that the Company desires
to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of
Shares has not been reached under the foregoing clause (A), the Shares or other securities, if any, comprised of Registrable Securities,
as to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights of such
security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C) third, to the extent that
the Maximum Number of shares has not been reached under the foregoing clauses (A) and (B), the Shares or other securities for
the account of other persons that the Company is obligated to register pursuant to written contractual piggy-back registration
rights with such persons and that can be sold without exceeding the Maximum Number of Shares;

 

(b)
If the registration is a “demand” registration undertaken at the demand of holders of Investor Securities, (A) first,
the Shares or other securities for the account of the demanding persons, Pro Rata, that can be sold without exceeding the Maximum
Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause
(A), the Shares or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of
Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B),
the shares of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof, that
can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has
not been reached under the foregoing clauses (A), (B) and (C), the Shares or other securities for the account of other persons
that the Company is obligated to register pursuant to written contractual arrangements with such persons, that can be sold without
exceeding the Maximum Number of Shares; and

 

(c)
If the registration is a “demand” registration undertaken at the demand of persons other than either the holders of
Registrable Securities or of Investor Securities, (A) first, the Shares or other securities for the account of the demanding persons
that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has
not been reached under the foregoing clause (A), the Shares or other securities that the Company desires to sell that can be sold
without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clauses (A) and (B), collectively the Shares or other securities comprised of Registrable Securities and Investor
Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof and of the Registration Rights
Agreement, as applicable, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that
the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the Shares or other securities
for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements with such
persons, that can be sold without exceeding the Maximum Number of Shares.

 

    6

     

    

 

4.2.3
Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable
Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness
of the registration statement. The Company (whether on its own determination or as the result of a withdrawal by persons making
a demand pursuant to written contractual obligations) may withdraw a registration statement at any time prior to the effectiveness
of the registration statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders
of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 4.2.4.

 

4.2.4
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the
expenses of one legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities
but the Holders shall pay any and all underwriting commissions related to the Registrable Securities. In the event of such a proposed
registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen days
written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue
to be given for each applicable registration statement filed (during the period in which the Purchase Warrant is exercisable)
by the Company until such time as all of the Registrable Securities have been registered and sold. The Holders of the Registrable
Securities shall exercise the “piggy-back” rights provided for herein by giving written notice within ten days of
the receipt of the Company’s notice of its intention to file a registration statement. The Company shall use its best efforts
to cause any registration statement filed pursuant to the above “piggyback” rights to remain effective for at least
nine months from the date that the Holders of the Registrable Securities are first given the opportunity to sell all of such securities.

 

4.3
General Terms.

 

4.3.1
Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration
statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section
20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage,
expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating,
preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether arising out of any action
between the underwriter and the Company or between the underwriter and any third party or otherwise) to which any of them may
become subject under the Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent
and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the underwriters contained in
Section 5 of the Underwriting Agreement between the Company, the Underwriter and the other underwriters named therein dated the
Effective Date (“Underwriting Agreement”). The Holder(s) of the Registrable Securities to be sold pursuant
to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, its
officers and directors and each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section
20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees
and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may
become subject under the Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders,
or their successors or assigns for specific inclusion in such registration statement or arising from any omission or the alleged
omission to state a material fact required to be stated therein or necessary to make the statement contained therein not misleading
in connection with the registration of the Registrable Securities, to the same extent and with the same effect as the provisions
contained in Section 5 of the Underwriting Agreement pursuant to which the underwriters have agreed to indemnify the Company.

 

    7

     

    

 

4.3.2
Exercise of Purchase Warrant. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s)
to exercise their Purchase Warrant prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

4.3.3
Documents Delivered to Holders. The Company shall furnish the Underwriter, for as long as it is a Holder, as representative
of the Holders participating in any of the foregoing offerings, a signed counterpart, addressed to the participating Holders,
of (i) an opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration
includes an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related thereto),
and (ii) a “cold comfort” letter dated the effective date of such registration statement (and, if such registration
includes an underwritten public offering, a letter dated the date of the closing under the underwriting agreement) signed by the
independent public accountants who have issued a report on the Company’s financial statements included in such registration
statement, in each case covering substantially the same matters with respect to such registration statement (and the prospectus
included therein) and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial
statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters
in underwritten public offerings of securities. The Company shall also deliver promptly to the Underwriter, as representative
of the Holders participating in the offering, the correspondence and memoranda described below and copies of all correspondence
between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission
or its staff with respect to the registration statement and permit the Underwriter, as representative of the Holders, to do such
investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement
as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include
access to books, records and properties and opportunities to discuss the business of the Company with its officers and independent
auditors, all to such reasonable extent and at such reasonable times and as often as the Underwriter, as representative of the
Holders, shall reasonably request. The Company shall not be required to disclose any confidential information or other records
to the Underwriter, as representative of the Holders, or to any other person, until and unless such persons shall have entered
into reasonable confidentiality agreements (in form and substance reasonably satisfactory to the Company), with the Company with
respect thereto.

 

4.3.4
Underwriting Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any,
selected by any Holders whose Registrable Securities are being registered pursuant to this Section 4, which managing underwriter
shall be reasonably acceptable to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company,
each Holder and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and
such other terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be
parties to any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option,
require that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters
shall also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties
to or agreements with the Company or the underwriters except as they may relate to such Holders and their intended methods of
distribution. Such Holders, however, shall agree to such covenants and indemnification and contribution obligations for selling
shareholders as are customarily contained in agreements of that type used by the managing underwriter. Further, such Holders shall
execute appropriate custody agreements and otherwise cooperate fully in the preparation of the registration statement and other
documents relating to any offering in which they include securities pursuant to this Section 4. Each Holder shall also furnish
to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition
of such securities as shall be reasonably required to effect the registration of the Registrable Securities.

 

    8

     

    

 

4.3.5
Rule 144 Sale. Notwithstanding anything contained in this Section 4 to the contrary, the Company shall have no obligation
pursuant to Sections 4.1 or 4.2 to use its best efforts to obtain the registration of Registrable Securities held by any Holder
(i) where such Holder would then be entitled to sell under Rule 144 all of the Registrable Securities then held by such Holder,
or (ii) where the number of Registrable Securities held by such Holder is within the volume limitations under paragraph (e) of
Rule 144 (calculated as if such Holder were an affiliate within the meaning of Rule 144).

 

4.3.6
Supplemental Prospectus. Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event
as a result of which the prospectus included in the registration statement, as then in effect, includes an untrue statement of
a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing, such Holder will immediately discontinue disposition of Registrable Securities
pursuant to the registration statement covering such Registrable Securities until such Holder’s receipt of the copies of
a supplemental or amended prospectus, and, if so desired by the Company, such Holder shall deliver to the Company (at the expense
of the Company) or destroy (and deliver to the Company a certificate of such destruction) all copies, other than permanent file
copies then in such Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt
of such notice.

 

4.3.7.
Information to be Provided by Holders to Company. It shall be a condition precedent to the obligations of the Company to
take any action pursuant to this Section 4 with respect to the Registrable Securities of any selling Holder that such Holder shall
furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition
of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. In addition,
each Holder confirms that it shall comply with any and all prospectus delivery requirements under applicable Commission rules
and regulations.

 

5.
New Purchase Warrants to be Issued.

 

5.1
Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or
assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase
Warrant for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise
Price and/or transfer tax if exercised pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without
charge a new Purchase Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder
to purchase the number of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

 

5.2
Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation
of this Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and
deliver a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such
loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

    9

     

    

 

6.
Adjustments.

 

6.1
Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase
Warrant shall be subject to adjustment from time to time as hereinafter set forth: 

 

6.1.1
Share Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of
outstanding Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then,
on the effective day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in
outstanding Shares, and the Exercise Price shall be proportionately decreased.

 

6.1.2
Aggregation of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective
date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Shares,
and the Exercise Price shall be proportionately increased.

 

6.1.3
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding
Shares other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in
the case of any share reconstruction or amalgamation or consolidation or merger of the Company with or into another corporation
(other than a consolidation or share reconstruction or amalgamation or merger in which the Company is the continuing corporation
and that does not result in any reclassification or reorganization of the outstanding Shares), or in the case of any sale or conveyance
to another corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with
which the Company is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the
right of exercise of this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable
hereunder immediately prior to such event, the kind and amount of shares of stock or other securities or property (including cash)
receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution
following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable upon exercise of this Purchase
Warrant immediately prior to such event; and if any reclassification also results in a change in Shares covered by Section 6.1.1
or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this
Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, share reconstructions or amalgamations,
or consolidations, sales or other transfers.

 

6.1.4
Changes in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to
this Section 6.1, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares
as are stated in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance
of new Purchase Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring
after the Commencement Date or the computation thereof.

 

    10

     

    

 

6.2
Substitute Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation
or merger of the Company with or into, another corporation (other than a consolidation or share reconstruction or amalgamation
or merger which does not result in any reclassification or change of the outstanding Shares), the corporation formed by such consolidation
or share reconstruction or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant
providing that the holder of each Purchase Warrant then outstanding or to be outstanding shall have the right thereafter (until
the stated expiration of such Purchase Warrant) to receive, upon exercise of such Purchase Warrant, the kind and amount of shares
of stock and other securities and property receivable upon such consolidation or share reconstruction or amalgamation or merger,
by a holder of the number of Shares of the Company for which such Purchase Warrant might have been exercised immediately prior
to such consolidation, share reconstruction or amalgamation or merger, sale or transfer. Such supplemental Purchase Warrant shall
provide for adjustments which shall be identical to the adjustments provided for in this Section 6. The above provision of this
Section shall similarly apply to successive consolidations or share reconstructions or amalgamations.

 

6.3
Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of
Shares upon the exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional
interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or
down, as the case may be, to the nearest whole number of Shares or other securities, properties or rights.

 

7.
Reservation and Listing. The Company shall at all times reserve and keep available out of its authorized Shares, solely
for the purpose of issuance upon exercise of the Purchase Warrants, such number of Shares or other securities, properties or rights
as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants
and payment of the Exercise Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon
such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder.
As long as the Purchase Warrants shall be outstanding, the Company shall use its commercially reasonable efforts to cause all
Shares issuable upon exercise of the Purchase Warrants to be listed (subject to official notice of issuance) on a national securities
exchange or quoted on any tier of the OTC Bulletin Board or any successor trading market on which the Shares issued to the public
in the Offering may then be listed and/or quoted.

 

8.
Certain Notice Requirements.

 

8.1
Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote
or consent or to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever
as a shareholder of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise,
any of the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice
of such event at least ten (10) days prior to the date fixed as a record date or the date of closing the transfer books for the
determination of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription
rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record
date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the
Company shall deliver to each Holder a copy of each notice given to the other shareholders of the Company in connection with the
events described in Section 8.2 below at the same time and in the same manner that such notice is given to the shareholders.

 

    11

     

    

 

8.2
Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more
of the following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them
to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than
out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company,
(ii) the Company shall offer to all the holders of its Shares any additional shares of capital stock of the Company or securities
convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor,
or (iii) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or share reconstruction
or amalgamation) or a sale of all or substantially all of its property, assets and business shall be proposed.

 

8.3
Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price
pursuant to Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price
Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and
accurate by the Company’s Chief Financial Officer.

 

8.4
Transmittal of Notices. All communications hereunder, except as herein otherwise specifically provided, shall be in writing
and addressed to the other party at its address set forth below (or to such other address that the receiving party may designate
from time to time in accordance with this Section 8.4), and shall be deemed to have been given (a) three (3) days after mailing
if sent by certified mail return receipt requested, (b) one (1) day after mailing if sent by receipted overnight carrier (i.e.
Federal Express), provided that proof of delivery or rejection is obtained, or (c) when delivered if by hand or sent by email
to the physical address or email address set forth below.

 

If
to the Holder:

____________

____________

____________

 

If
to the Company:

 

East
Stone Acquisition Corporation

25
Mall Road, Suite 330

Burlington,
MA 01803

Attn:
Xiaoma (Sherman) Lu, Chief Executive Officer

 

9.
Miscellaneous.

 

9.1
Amendments. The Company and the Underwriter may from time to time supplement or amend this Purchase Warrant without the
approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may
be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions
arising hereunder that the Company and the Underwriter may deem necessary or desirable and that the Company and the Underwriter
deem shall not adversely affect the interest of the Holders. All other modifications or amendments shall require the written consent
of and be signed by the party against whom enforcement of the modification or amendment is sought.

 

9.2
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way
limit or affect the meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

 

    12

     

    

 

9.3.
Entire Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or
in connection with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter
hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter
hereof.

 

9.4
Binding Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the
Company and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have
or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant
or any provisions herein contained.

 

9.5
Governing Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and
enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The
Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase
Warrant shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court
for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The
Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process
or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return
receipt requested, postage prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed
personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder
agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable
attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor.
The Company and the Holder hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial
by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

 

9.6
Waiver, etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant
shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity
of this Purchase Warrant or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every
provision of this Purchase Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this
Purchase Warrant shall be effective unless set forth in a written instrument executed by the party or parties against whom or
which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed
or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

 

9.7
Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees
that, at any time prior to the complete exercise of this Purchase Warrant by Holder, if the Company and the Underwriter enter
into an agreement (“Exchange Agreement”) pursuant to which they agree that all outstanding Purchase Warrants
will be exchanged for securities or cash or a combination of both, then Holder shall agree to such exchange and become a party
to the Exchange Agreement.

 

[Signature
Page Follows]

 

    13

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the [●]
day of [●], 2020. 

 

EAST
STONE ACQUISITION CORPORATION

 

	By:
    	 	 
	 	Name:
    	 
	 	Title:
    	 

 

    14

     

    

 

[Form
to be used to exercise Purchase Warrant]

 

Date:
__________, 20___

 

The
undersigned hereby elects irrevocably to exercise the Purchase Warrant for ______ ordinary shares, no par value (the “Shares”),
of East Stone Acquisition Corporation, a British Virgin Islands company (the “Company”), and hereby makes payment
of $____ (at the rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which
this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant
representing the number of Shares for which this Purchase Warrant has not been exercised.

 

or

 

The
undersigned hereby elects irrevocably to convert its right to purchase ___ Shares of the Company under the Purchase Warrant for
______ Shares, as determined in accordance with the following formula:

 

	 	X	=	Y(A-B)	 
	A	 

 

	Where,	 	 	 
	 	X	=	The
    number of Shares to be issued to Holder;
	 	Y	=	The
    number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The
    fair market value of one Share which is equal to $_____; and
	 	B	=	The
    Exercise Price which is equal to $______ per share

 

The
undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement
with respect to the calculation shall be resolved by the Company in its sole discretion.

 

Please
issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable,
a new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been converted.

  

	Signature
    	 	 

 

	Signature
    Guaranteed 	 	 

 

    15

     

    

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

	Name:
    	 	 
	 	(Print
    in Block Letters)	 
	 	 	 
	Address:  	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by
a firm having membership on a registered national securities exchange.

 

    16

     

    

  

[Form
to be used to assign Purchase Warrant]

 

ASSIGNMENT

 

(To
be executed by the registered Holder to effect a transfer of the within Purchase Warrant):

 

FOR
VALUE RECEIVED, __________________ does hereby sell, assign and transfer unto the right to purchase ordinary shares, no par value,
of East Stone Acquisition Corporation, a British Virgin Islands company (the “Company”), evidenced by the Purchase
Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated:
__________, 20__

 

	Signature
    	 	 

 

	Signature
    Guaranteed 	 	 

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration
or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or
by a firm having membership on a registered national securities exchange.

 

 

 17

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