Document:

Exhibit 10.12 - Shareholders Agreement

 Exhibit 10.12 

AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

OF 
 STUDYVIP ONLINE
EDUCATION INTERNATIONAL LIMITED 
 Dated as of September 1, 2017 

 TABLE OF CONTENTS 

 

											
	 	 	 	 	  	 	  	Page	 
	 Article I Definitions
	  	 	4	
	 Section 1.1
	 				  	Definitions	  	 	4	
	 Section 1.2
	 				  	Interpretation and Rules of Construction	  	 	11	
	 Article II Information Rights
	  	 	12	
	 Section 2.1
	 				  	Information Rights	  	 	12	
	 Section 2.2
	 				  	Inspection Rights	  	 	13	
	 Section 2.3
	 				  	Expiration	  	 	13	
	 Article III Registration Rights
	  	 	13	
	 Section 3.1
	 				  	Applicability of Rights	  	 	13	
	 Section 3.2
	 				  	Definitions	  	 	13	
	 Section 3.3
	 				  	Demand Registration	  	 	14	
	 Section 3.4
	 				  	Piggyback Registrations	  	 	17	
	 Section 3.5
	 				  	Form S-3 or Form F-3 Registration	  	 	19	
	 Section 3.6
	 				  	Obligations of the Company	  	 	20	
	 Section 3.7
	 				  	Furnish Information	  	 	21	
	 Section 3.8
	 				  	Indemnification	  	 	22	
	 Section 3.9
	 				  	Rule 144 Reporting	  	 	24	
	 Section 3.10
	 				  	Termination of the Company’s Obligations	  	 	25	
	 Section 3.11
	 				  	No Registration Rights to Third Parties	  	 	25	
	 Section 3.12
	 				  	“Market Stand-Off” Agreement	  	 	25	
	 Section 3.13
	 				  	Public Offering Rights (Non-U.S. Offerings)	  	 	26	
	 Section 3.14
	 				  	Re-sale Rights	  	 	26	
	 Article IV Board of Directors
	  	 	26	
	 Section 4.1
	 				  	Board of Directors	  	 	26	
	 Section 4.2
	 				  	Matters Requiring Director Approval	  	 	27	
	 Section 4.3
	 				  	Expiration	  	 	29	
	 Section 4.4
	 				  	Expenses	  	 	29	
	 Article V Shareholder Protective Provisions
	  	 	29	
	 Section 5.1
	 				  	Matters Requiring Shareholder Approval	  	 	29	
	 Section 5.2
	 				  	Expiration	  	 	30	
	 Article VI Transfer Restrictions
	  	 	30	
	 Section 6.1
	 				  	General Restrictions on Transfer	  	 	30	
	 Section 6.2
	 				  	Right of First Refusal	  	 	31	
	 Section 6.3
	 				  	Right of Co-Sale	  	 	32	
	 Section 6.4
	 				  	Exempt Transfer	  	 	34	
	 Section 6.5
	 				  	Expiration	  	 	34	

									
	 	 	 	  	 	  	Page	 
	 Article VII Pre-emptive Right
	  	 	35	
	 Section 7.1
	 		  	Pre-emptive Right	  	 	35	
	 Section 7.2
	 		  	Procedures	  	 	35	
	 Section 7.3
	 		  	Expiration	  	 	36	
	 Article VIII Additional Agreements
	  	 	36	
	 Section 8.1
	 		  	Qualified IPO	  	 	36	
	 Section 8.2
	 		  	Non-Compete Covenants	  	 	37	
	 Section 8.3
	 		  	ESOP	  	 	37	
	 Section 8.4
	 		  	Orchid Asia’s participation in the Public Offering	  	 	38	
	 Section 8.5
	 		  	Expiration	  	 	38	
	 Section 8.6
	 		  	Management Holdco Ordinary Repurchase	  	 	38	
	 Article IX Miscellaneous
	  	 	39	
	 Section 9.1
	 		  	Governing Law	  	 	39	
	 Section 9.2
	 		  	Dispute Resolution	  	 	39	
	 Section 9.3
	 		  	Specific Performance	  	 	39	
	 Section 9.4
	 		  	Entire Agreement	  	 	39	
	 Section 9.5
	 		  	Successors and Assigns	  	 	40	
	 Section 9.6
	 		  	No Third Party Beneficiaries; No Partnership	  	 	40	
	 Section 9.7
	 		  	Notices	  	 	40	
	 Section 9.8
	 		  	Amendments; Waiver	  	 	41	
	 Section 9.9
	 		  	Delays or Omissions	  	 	42	
	 Section 9.10
	 		  	Counterparts	  	 	42	
	 Section 9.11
	 		  	Severability	  	 	42	
	 Section 9.12
	 		  	Expenses	  	 	42	
	 Section 9.13
	 		  	Confidentiality and Non-Disclosure	  	 	42	
	 Section 9.14
	 		  	Effectiveness; Termination	  	 	44	
	 Section 9.15
	 		  	Shareholders’ Action	  	 	44	
	 SCHEDULE 1 LIST OF KEY GROUP COMPANIES
	  			
	 SCHEDULE 2 LIST OF SHAREHOLDERS
	  			
	 SCHEDULE 3 ADDRESS FOR NOTICES
	  			
	 SCHEDULE 4 LIST OF COMPANY COMPETITORS
	  			
	 EXHIBIT A FORM OF DEED OF ADHERENCE
	  			

  
 2 

 AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

THIS AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this “Agreement”) is made and entered into as of September 1, 2017, by
and among: 
  

	(1)	STUDYVIP ONLINE EDUCATION INTERNATIONAL LIMITED, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Company”); 

 

	(2)	each Person listed in Schedule 1 hereto (each a “Key Group Company”); 

  

	(3)	(i) MR. YIN JIANHONG

, a PRC citizen with the ID number of 370684197703270054, and (ii) MR. LIU TONGBO

 a PRC citizen with the ID number of 510402198603030913 ((i) and (ii), collectively, the “Founders”); 

  

	(4)	(i) STUDYVIP ONLINE EDUCATION LIMITED, a business company incorporated under the laws of the British Virgin Islands, and (ii) SCUPT GLOBAL LIMITED, a business company incorporated under the laws of the British
Virgin Islands ((i) and (ii), collectively, the “Founder Holdcos”); 

  

	(5)	STUDYVIP E-LEARNING LIMITED, a business company incorporated under the laws of the British Virgin Islands (the “Management Holdco”); 

 

	(6)	each Person listed on Schedule 2 - Part A hereto; 

  

	(7)	each Person listed on Schedule 2 - Part B hereto (each a “Series A Preferred Shareholder”); 

  

	(8)	each Person listed on Schedule 2 - Part C hereto (each a “Series B Preferred Shareholder”); and 

  

	(9)	each Person listed on Schedule 2 - Part D hereto (each a “Series B+ Preferred Shareholder” and collectively with the Series A Preferred Shareholders and the Series B Preferred Shareholders, the
“Preferred Shareholders”). 

 Each of the parties listed above is referred to herein individually as a
“Party” and collectively as the “Parties”. 
 RECITALS 

WHEREAS, on the date hereof, Orchid Asia (as defined below) has subscribed from the Company, and the Company has issued and allotted to Orchid
Asia, (i) certain number of Series B+ Preferred Shares (as defined below) pursuant to that Share Subscription Agreement, dated as of September 1, 2017 (the “Series B+ Share Subscription Agreement”), by and between the
Company, Orchid Asia and certain other parties thereto, and (ii) certain number of Ordinary Shares pursuant to that Share Subscription Agreement, dated as of September 1, 2017, by and between the Company, Orchid Asia and certain other
parties thereto (the “Orchid Asia Ordinary Subscription”). 

  
 3 

 WHEREAS, the Management Holdco and the Company entered into a Share Repurchase Agreement, dated
September 1, 2017 (the “Management Holdco Ordinary Repurchase Agreement”), pursuant to which the Company will repurchase certain Ordinary Shares from the Management Holdco on the terms and conditions specified therein (the
“Management Holdco Ordinary Repurchase”). 
 WHEREAS, the Company, the Founders, the Founders Holdcos, the Management
Holdco, the Series A Preferred Shareholders, the Series B Preferred Shareholder and other parties named therein have entered into a shareholders’ agreement (the “Prior Agreement”) on August 15, 2017. 

NOW, in connection with the consummation of the transactions contemplated by the Series B+ Share Subscription Agreement and the Orchid Asia
Ordinary Subscription, the parties hereto now desire to enter into this Agreement to supersede and replace in its entirety the Prior Agreement and to waive any and all rights they may have thereunder in exchange for their rights hereunder, for the
purposes of regulating the rights and obligations among them as well as the business and management of the Group Companies (as defined below) from the date hereof. 

Article I 

Definitions 

Section 1.1    Definitions. 

For purposes of this Agreement, the following terms shall have the meanings specified in this Section 1.1: 

“Additional Number” has the meaning set forth in Section 7.2(b). 

“Affiliate” means, with respect to any specified Person, any other Person who directly or indirectly Controls, is Controlled
by, or is under common Control with such specified Person, provided, however, that for purposes of this Agreement, no Shareholder shall be deemed to be an Affiliate of any Group Company, and vice versa. With respect to any Person who is a natural
Person, such Person’s Affiliates shall also include his or her Immediate Family Members and their respective Affiliates. 

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

“Applicable Accounting Standard” means United States generally accepted accounting principles and practices in effect from
time to time applied consistently throughout the periods involved. 
 “Articles” means the amended and restated memorandum
and articles of association of the Company, as may be further amended, modified, supplemented or restated from time to time in accordance with the terms herein and therein. 

“Beneficial Owner” has the meaning given to “beneficial owner” in Rule 13d-
3 of the Securities Act, and “Beneficially Own” and “Beneficial Ownership” shall have correlative meanings. 
 “Big Four Firms” means Deloitte Touche Tohmatsu,
Ernst & Young, KPMG and PricewaterhouseCoopers, including their local Affiliates. 

  
 4 

 “Board” has the meaning set forth in Section 4.1(a).

 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banking institutions in Hong
Kong, Singapore, the Cayman Islands or the PRC are authorized or required by Law or executive order to close. 
 “Charter
Documents” means, with respect to a particular legal entity, the articles of incorporation, certificate of incorporation, formation or registration (including, if applicable, certificates of change of name), memorandum of association,
articles of association, bylaws, articles of organization, limited liability company agreement, trust deed, trust instrument, operating agreement, joint venture agreement, business license, or similar or other constitutive, governing, or charter
documents, or equivalent documents, of such entity. 
 “Claim Notice” has the meaning set forth in
Section 3.8(c). 
 “Commitment” has the meaning set forth in
Section 8.4. 
 “Company” has the meaning set forth in the Preamble. 

“Company Competitor” has the meaning set forth in Section 9.5. 

“Confidential Information” has the meaning set forth in Section 9.13(a). 

“Contract” means a contract, agreement, understanding, indenture, note, bond, loan, instrument, lease, mortgage, franchise,
license, commitment, purchase order, and other legally binding arrangement, whether written or oral. 
 “Control” means, as
used with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by Contract or otherwise; the
terms “Controlled by” and “under common Control with” shall have correlative meanings. 

“Convertible Securities” means securities issued by the Company that are exercisable or exchangeable for or convertible into
any Equity Securities in the Company. 
 “Deed of Adherence” means the deed of adherence in form of Exhibit A
attached hereto. 
 “Director” has the meaning set forth in Section 4.1(b). 

“Disclosing Party” has the meaning set forth in Section 9.13(c)(i). 

“Domestic Company” means Beijing Shangde Online Education Technology Co., Ltd.

, a limited liability company incorporated under the Laws of the PRC. 
 “Equity Securities”
means the equity securities in the Company, including the Ordinary Shares, the Preferred Shares and the other Convertible Securities, if any. 

“ESOP” means the equity based incentive plans of the Group Companies, as may be adopted and amended from time to time. 

  
 5 

 “Exchange Act” means the U.S. Securities and Exchange Act of 1934, as amended.

 “Exempt Transfer” has the meaning set forth in Section 6.4. 

“Exercise Period” has the meaning set forth in Section 7.2(a). 

“Exercising Shareholder” has the meaning set forth in Section 7.2(b). 

“Existing Competitor” has the meaning set forth in Section 8.2. 

“Final Prospectus” has the meaning set forth in Section 3.8(d). 

“Financing Terms” has the meaning set forth in Section 9.13(a). 

“Form S-3” and “Form F-3”
have the meaning set forth in Section 3.2(e). 
 “Founder Holdcos” has the meaning ascribed to it
in the Preamble. 
 “Founders” has the meaning ascribed to it in the Preamble. 

“Government 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 or national or international stock exchange on which the securities of the applicable Party or its Affiliates are listed. 

“Governmental Approval” means any consent, approval, authorization, waiver, permit, grant, franchise, concession, agreement,
license, certificate, exemption, order, registration, declaration, filing, report or notice of any Government Authority. 
 “Group
Companies” means the Company and all of its Subsidiaries, collectively, and each is herein referred to individually as a “Group Company”, provided, however, that KFYR shall not be deemed a Group Company for purposes of this
Agreement. 
 “HKIAC Rules” has the meaning set forth in Section 9.2. 

“Immediate Family Members” means, with respect to any natural Person, (a) such Person’s spouse, parents, parents-in-law, grandparents, children, grandchildren, siblings and siblings-in-law (in each
case whether adoptive or biological), (b) spouses of such Person’s children, grandchildren and siblings (in each case whether adoptive or biological), and (c) estates, trusts, partnerships and other Persons which directly or indirectly
through one or more intermediaries are Controlled by the foregoing. 
 “Holder” has the meaning set forth in
Section 3.2(d). 
 “Information Rights Holder” has the meaning set forth in
Section 2.1. 
 “Initiating Holders” has the meaning set forth in
Section 3.3(b). 

  
 6 

 “Issuance Notice” has the meaning set forth in
Section 7.2(a). 
 “Key Group Company” has the meaning set forth in the Preamble. 

“KFYR” means Beijing Kafei Yirong Technology Co., Ltd.

 , a company incorporated in the PRC. 
 “Law” means any federal, state, territorial, foreign
or local law, common law, statute, ordinance, rule, regulation, code, measure, notice, circular, opinion or order of any Government Authority, including any rules promulgated by a stock exchange or regulatory body. 

“Liquidation Event” has the meaning set forth in the Articles. 

“Management Holdco” has the meaning set forth in the Preamble. 

“Management Holdco Ordinary Repurchase” has the meaning set forth in the Recitals. 

“Management Holdco Ordinary Repurchase Agreement” has the meaning set forth in the Recitals. 

“Matrix” means 

. 
 “New Oriental”
means ELITE CONCEPT HOLDINGS LIMITED. 
 “New Oriental Director” has the meaning set forth in
Section 4.1(b)(ii). 
 “New Securities” has the meaning set forth in
Section 7.1(b)(ii). 
 “Non-Competition
Period” has the meaning set forth in Section 8.2. 

“Non-Disclosing Parties” has the meaning set forth in
Section 9.13(c)(i). 
 “Observer” has the meaning set forth in
Section 4.1(d). 
 “Offered Securities” has the meaning set forth in
Section 6.2(a). 
 “Offering Shareholder” has the meaning set forth in
Section 6.2(a). 
 “Orchid Asia” means DIAMOND TOWER INVESTMENTS LIMITED. 

“Orchid Asia Ordinary Subscription” has the meaning set forth in the Recitals. 

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

“Over-allotment Exercise Period” has the meaning set forth in Section 7.2(b). 

“Over-allotment New Securities” has the meaning set forth in Section 7.2(b). 

“Over-allotment Notice” has the meaning set forth in Section 7.2(b). 

  
 7 

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

 “Permitted Transferee” means, with respect to any Shareholder or its Affiliates, any Affiliate of such Shareholder. 

“Person” means any individual or any partnership, firm, corporation, limited liability company, association, trust,
unincorporated organization or other entity. 
 “PRC” means the People’s Republic of China, excluding, for purposes of
this Agreement, Hong Kong, Macau and Taiwan. 
 “Preferred Shareholder” has the meaning set forth in the Preamble. 

“Preferred Shares” means, collectively, the Series A Preferred Shares, the Series B Preferred Shares and the Series B+
Preferred Shares, as applicable. 
 “Pre-emptive Portion” has the meaning set forth
in Section 7.1(b)(i). 
 “Pre-emptive
Right” has the meaning set forth in Section 7.1(a). 

“Pre-emptive Rights Holder” has the meaning set forth in
Section 7.1(a). 
 “Primavera” means PV Pluto Limited. 

“Primavera Director” has the meaning set forth in Section 4.1(b)(i). 

“Prior Agreement” has the meaning set forth in the Recitals. 

“Public Offering” has the meaning set forth in Section 8.4. 

“Qualified IPO” means a firm commitment, underwritten public offering of the Shares on any of the New York Stock Exchange,
the NASDAQ Global Market or such other stock exchange approved by the Board in accordance with the provisions herein, and in such public offering, (i) the number of Shares newly issued and sold to the public shall represent not less than 10% of
the fully diluted share capital of the Company as of immediately following such public offering, and (ii) the per Share price to public is not less than the Series B+ Original Issue Price, as proportionally adjusted for share splits, share
dividends, share combinations and similar events. 
 “Re-allotment Notice” has the
meaning set forth in Section 6.2(c). 
 “Re-allotment
Period” has the meaning set forth in Section 6.2(c). 

“Re-allotment Right Holder” has the meaning set forth in
Section 6.2(c). 
 “Registrable Securities” has the meaning set forth in
Section 3.2(b). 
 “Registrable Securities then outstanding” has the meaning set forth in
Section 3.2(c). 
 “Related Party” means any of (i) any Person (other than any Group
Company) who Beneficially Owns more than 5% of the issued and outstanding equity interests in any Group Company, (ii) the directors, officers and Senior Managers of any Group Company, and (iii) the Affiliates of the Persons enumerated
under (i) and (ii). 

  
 8 

 “Request Notice” has the meaning set forth in
Section 3.3(a). 
 “Request Securities” has the meaning set forth in
Section 3.3(a). 
 “Restructuring” has the meaning ascribed to it in the Share Subscription
Agreement. 
 “Restructuring Agreements” has the meaning ascribed to it in the Share Subscription Agreement. 

“Restructuring Plan” has the meaning ascribed to it in the Share Subscription Agreement. 

“ROFR Holders” has the meaning set forth in Section 6.2(a). 

“ROFR Notice” has the meaning set forth in Section 6.2(a). 

“ROFR Period” has the meaning set forth in Section 6.2(b). 

“Sale and Purchase Agreement” has the meaning set forth in the Preamble. 

“Sale Securities” has the meaning set forth in Section 6.3(a). 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the United States Securities Act of 1933, as amended, or any successor federal statute, and the rules
and regulations thereunder. 
 “Senior Managers” of a Person means such Person’s president, chief executive officer,
chief financial officer, chief operating officer, chief technical officer, chief sales and marketing officer and any other individuals serving in comparable positions or having comparable duties and responsibilities. 

“Series A and Series B Share Subscription Agreement” means the share subscription agreement, dated as of June 19, 2017,
by and among the Company, certain Shareholders and certain other parties thereto. 
 “Series A Preferred Shares” means the
series A preferred shares with a par value of US$0.0001 per share in the share capital of the Company, having the rights, preferences, privileges and restrictions set out in the Articles and this Agreement. 

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

“Series A Request Securities” has the meaning set forth in Section 3.3(a)(i).

  
 9 

 “Series A Target IPO” means a firm commitment, underwritten public offering of
the Shares on any of the New York Stock Exchange, the NASDAQ Global Market or such other stock exchange approved by the Board, and in such public offering, (i) the market capitalization of the Company is not less than US$500,000,000 immediately
following such public offering, and (ii) the aggregate gross proceeds to the Company are not less than US$100,000,000. Notwithstanding the foregoing, (x) holders of not less than three- fourths (3/4) of the then issued and outstanding
Series A Preferred Shares may, by written notice to the Company and all other Shareholders at any time, reduce the amounts specified in sub-clauses (i) and (ii), and (y) the Founder Holdcos and
holders of not less than three- fourths (3/4) of the then issued and outstanding Series A Preferred Shares, acting together, may, by written notice to the Company and all other Shareholders at any time after the occurrence of a Series A Put Trigger
Event, adjust the requirements specified in sub-clauses (i) and (ii), provided that such adjustment shall not result in, and could not reasonably be expected to result in, an initial public offering that
constitutes a Qualified IPO to not constitute a Series A Target IPO. 
 “Series B Original Issue Price” means US$217.82 per
Series B Preferred Share, as proportionally adjusted for share sub-divisions, share dividends, share consolidations, recapitalizations and similar events. 

“Series B Preferred Shares” means the Series B preferred shares with a par value of US$0.0001 per share in the share capital
of the Company, having the rights, preferences, privileges and restrictions set out in the Articles and this Agreement. 
 “Series B
Request Notice” has the meaning set forth in Section 3.3(a)(ii). 
 “Series B
Request Securities” has the meaning set forth in Section 3.3(a)(ii). 
 “Series B+
Original Issue Price” means with respect to the Series B+ Preferred Shares, US$283.16 per Series B+ Preferred Share, as proportionally adjusted for share sub-divisions, share dividends, share
consolidations, recapitalizations and similar events. 
 “Series B+ Preferred Shareholder” has the meaning set forth in the
Recitals. 
 “Series B+ Preferred Shares” means the Series B+ preferred shares with a par value of US$0.0001 per share in
the share capital of the Company, having the rights, preferences, privileges and restrictions set out in the Articles and this Agreement. 

“Series B+ Share Subscription Agreement” has the meaning set forth in the Recitals. 

“Share Subscription Agreement” means the Series A and Series B Share Subscription Agreement or the Series B+ Share
Subscription Agreement, as applicable. 
 “Shareholders” means the members of the Company set forth in the Company’s
register of members from time to time and who are Parties to this Agreement. 
 “Shares” means the Ordinary Shares and the
Preferred Shares, collectively. 
 “Subsidiary” means, with respect to any Person, each other Person in which the first
Person (a) Beneficially Owns, directly or indirectly, share capital or other equity interests representing more than fifty percent (50%) of the outstanding voting stock or other equity interests; (b) holds the rights to more than fifty
percent (50%) of the economic interest of such other Person, including interests held through a VIE Structure or other contractual arrangements; or (c) has a relationship such that the financial statements of the other Person may be
consolidated into the financial statements of the first Person under applicable accounting conventions. 

  
 10 

 “Tag Notice” has the meaning set forth in
Section 6.3(a). 
 “Tag Securities” has the meaning set forth in
Section 6.3(b). 
 “Tagging Shareholder” has the meaning set forth in
Section 6.3(a). 
 “Transaction Documents” means this Agreement, the Share Subscription
Agreement, the Articles, the Restructuring Agreements, and any other agreement, document or instrument required to be executed and delivered in connection with the transactions contemplated by this Agreement and the other Transaction Documents. 

“Transfer” means to, directly or indirectly, sell, transfer, assign, gift, pledge, encumber, hypothecate or similarly dispose
of, either voluntarily or involuntarily, or to enter into any Contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or similar disposition, whether or not for
consideration. 
 “Transfer Period” has the meaning set forth in Section 6.3(e). 

“US$” means the lawful money of the United States of America. 

“VIE Agreements” means, collectively, the agreements, contracts, arrangements and documents implementing the VIE Structure of
the Group Companies. 
 “VIE Structure” means the investment structure in which a
PRC-domiciled operating entity and its PRC shareholder(s) enter into a number of Contracts with a non-PRC investor (or a foreign-invested enterprise incorporated in the
PRC invested by the non-PRC investor) pursuant to which the non-PRC investor (or a foreign-invested enterprise incorporated in the PRC invested by the non-PRC investor) achieves Control of the PRC- domiciled operating entity and consolidates the financials of the PRC-domiciled entity
with those of the non-PRC investor. 
 “Violation” has the meaning set forth in
Section 3.8(a). 
 “Xingwang” means

 
 Section 1.2    Interpretation and Rules of Construction. 

(a)    Unless otherwise expressly provided, for purposes of this Agreement, the following rules of interpretation shall
apply: 
 (i)    the provision of a Table of Contents, the division of this Agreement into Articles,
Sections and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement; 

(ii)    any reference in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to
an Article or Section of, or a Schedule or Exhibit to, this Agreement, unless otherwise indicated. All Exhibits and 

  
 11 

 (iii)    Schedules hereto or referred to herein are hereby
incorporated in and made a part of this Agreement as if set forth in full herein; 
 (iv)    any
reference in this Agreement to gender shall include all genders, and words importing the singular number only shall include the plural and vice versa; 

(v)    the word “including” or any variation thereof means (unless the context of its usage
otherwise requires) “including, without limitation” and shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it; 

(vi)    words such as “herein,” “hereinafter,” “hereof” and
“hereunder” refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires; 

(vii)    when calculating the period of time before which, within which or following which any act is to be
done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded; 

(viii)    “fully-diluted” or any variation thereof means all of the issued and outstanding
Shares, treating the maximum number of Shares issuable under any issued and outstanding Convertible Securities and all Shares reserved for issuance under the ESOP as issued and outstanding; 

(ix)    references to “in the ordinary course of business” and comparable expressions mean the
ordinary and usual course of business of the relevant party, consistent in all material respects (including nature and scope) with the prior practice of such party; 

(x)    references to “writing,” “written” and comparable expressions include any mode
of reproducing words in a legible and non-transitory form including emails and faxes, provided the sender complies with the provisions of Section 9.7; and 

(xi)    if any payment hereunder would have been, but for this Section 1.2(a)(x),
due and payable on a date that is not a Business Day, then such payment shall instead be due and payable on the first Business Day after such date. 

(b)    In the event an ambiguity or question of intent or interpretation arises, no presumption or burden of proof shall
arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement. 
 Article II 

Information Rights 

Section 2.1    Information Rights. 

The Company shall deliver to each Preferred Shareholder (each an “Information Rights Holder”): 

  
 12 

 (a)    within ninety (90) days after the end of each fiscal year of the
Company, audited annual consolidated financial statements of the Company for such fiscal year; 
 (b)    within thirty
(30) days after the end of each fiscal quarter of the Company, unaudited quarterly consolidated financial statements of the Company for such fiscal quarter; 

(c)    at least thirty (30) days prior to the beginning of any fiscal year of the Company, an annual consolidated
budget of the Company for such following fiscal year; and 
 (d)    such other information as such Information Rights
Holder may reasonably request from time to time. 
 All financial statements to be provided pursuant to this
Section 2.1 shall include an income statement, a balance sheet and a cash flow statement for the relevant period and items (a) and (b) above shall be prepared in accordance with the Applicable Accounting Standard. All
audits of the Group Companies shall be performed by one of the Big Four Firms or another internationally reputable accounting firm approved in accordance with Section 4.2(r) . 

Section 2.2    Inspection Rights. 

Each Information Rights Holder shall have the right to (i) inspect facilities and books and records of any Group Company, and
(ii) discuss the business, operations and financial conditions of any Group Company with the directors, officers, employees, accountants, financial advisors and legal counsel of such Group Company, in each case, at any time during regular
working hours on reasonable prior notice to the Company and in a manner so as not to interfere with the normal business operations of such Group Company. 

Section 2.3    Expiration. 

This Article II shall immediately and automatically expire and cease to have any force or effect (i) with respect to
holders of the Series A Preferred Shares (in their capacities as such), upon the consummation of a Series A Target IPO, and (ii) with respect to all Parties, upon the consummation of a Qualified IPO. 

Article III 

Registration Rights 

Section 3.1    Applicability of Rights. 

The holders of the Preferred Shares shall be entitled to the following rights with respect to any potential public offering of Ordinary Shares
(or securities representing such Ordinary Shares) in the United States, and to any analogous or equivalent rights with respect to any other offering of shares in any other jurisdiction pursuant to which the Company undertakes to publicly offer or
list such securities for trading on a recognized securities exchange. 
 Section 3.2    Definitions. 

  
 13 

 For purposes of this Article III: 

(a)    Registration. The terms “register” “registered” and “registration” refer to a
registration effected by preparing and filing a registration statement under the Securities Act, and the declaration of effectiveness of such registration statement. 

(b)    Registrable Securities. The term “Registrable Securities” means:
(i) Preferred Shares, (ii) Ordinary Shares of the Company issued or issuable (A) upon conversion of the Preferred Shares and (B) pursuant to the issuance of New Securities by the Company to the holders of Preferred Shares
pursuant to Section 7.1(a); (iii) Ordinary Shares of the Company issued as (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 of the foregoing; (iv) any other Ordinary Share owned or hereafter acquired by the holders of Preferred Shares, including Ordinary Shares issued in respect of the Ordinary Shares
described in (ii) and (iii) above upon any share split, share dividend, recapitalization or a similar event; and (v) any depositary receipts issued by an institutional depositary upon deposit of any of the foregoing. Notwithstanding the
foregoing, “Registrable Securities” shall not include any Registrable Securities sold by a Person in a transaction in which rights under this Article III are not assigned in accordance with this Agreement or any
Registrable Securities sold in a public offering, whether sold pursuant to Rule 144 promulgated under the Securities Act, or in a registered offering, or otherwise. 

(c)    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 Registrable Securities which
are convertible into Ordinary Shares. 
 (d)    Holder. The term “Holder” means any Person who
holds Registrable Securities of record, whether such Registrable Securities were acquired directly from the Company or from another Holder in an Exempt Transfer, to whom the rights under this Article III have been duly assigned in accordance
with this Agreement; provided, however, that for purposes of this Agreement, a record holder of the Preferred Shares convertible into such Registrable Securities shall be deemed to be the Holder of such Registrable Securities; and
provided, further, that (i) the Company shall in no event be obligated to register the Preferred Shares and that (ii) Holders of Registrable Securities will not be required to convert their Preferred Shares into Ordinary
Share in order to exercise the registration rights granted hereunder, until immediately prior to the declaration of effectiveness of the registration statement for the offering to which the registration relates. 

(e)    Form S-3 and Form F-3. The
terms “Form S-3” and “Form F-3” means such respective form under the Securities Act as is in effect on the date hereof or any successor
or comparable 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. 

Section 3.3    Demand Registration. 

(a)    Request by Holders. 

  
 14 

 (i)    Series A Request. If the Company shall receive,
at any time after the earlier of (x) the thirty (30) months following the Series A Closing Date (as defined in the Series A and Series B Share Subscription Agreement), and (y) six (6) months following the closing of a Series A Target
IPO, or such other period(s) as approved by the holders of three fourths (3/4) of the then issued and outstanding Series A Preferred Shares, a written request from the Holders of at least thirty percent (30%) of the Series A Preferred Shares then
outstanding that the Company files a registration statement under the Securities Act covering the registration of a minimum of twenty percent (20%) of the Registrable Securities pursuant to this Section 3.3, then the
Company shall, within ten (10) Business Days after the receipt of such written request, give a written notice of such request (the “Series A Request Notice”) to such Holders of the Series A Preferred Shares. Such Holders of the
Series A Preferred Shares shall send a written notice stating the number of Registrable Securities requested to be registered and included in such registration (the “Series A Preferred Shares Request Securities”) to the Company
within ten (10) Business Days after receipt of the Series A Request Notice. The Company shall thereafter use its reasonable best efforts to effect, as soon as practicable, the registration of the Series A Request Securities, subject only to the
limitations of this Section 3.3. Notwithstanding the foregoing, no Holder may deliver a Series A Request Notice, and the Company shall have no obligations under this
Section 3.3(a)(i), unless the prior written consent of holders of at least two-thirds (2/3) of the then issued and outstanding Series B Preferred Shares and the
then issued and outstanding Series B+ Preferred Shares, voting as the same class and on an as-converted basis, has been obtained. 

(ii)    Series B Request. If the Company shall receive, at any time after the earlier of
(x) the fifth (5th) anniversary of the Series B Closing Date (as defined in the Series A and Series B Share Subscription Agreement), and (y) six (6) months following the closing of a Qualified IPO, a written request from the Holders of at
least thirty percent (30%) of the Series B Preferred Shares and the Series B+ Preferred Shares, voting as the same class and on an as-converted basis, then outstanding that the Company files a registration
statement under the Securities Act covering the registration of a minimum of twenty percent (20%) of the Registrable Securities pursuant to this Section 3.3, then the Company shall, within ten (10) Business Days after
the receipt of such written request, give a written notice of such request (the “Series B Request Notice”, together with Series A Request Notice, the “Request Notice”) to all Holders. The Holders shall send a
written notice stating the number of Registrable Securities requested to be registered and included in such registration (the “Series B Request Securities”, together with the Series A Request Securities, the “Request
Securities”) to the Company within ten (10) Business Days after receipt of the Series B Request Notice. The Company shall thereafter use its reasonable best efforts to effect, as soon as practicable, the registration of the Series B
Request Securities, subject only to the limitations of this Section 3.3. 

  
 15 

 (b)    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 referred to in Section 3.3(a). In the event of an underwritten offering,
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
(unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) 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 approved by the Holders of a majority of the Registrable Securities being registered and reasonably acceptable to the
Company. 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 (x) by more than seventy-five percent (75%) and
(y) 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. Further, if, as a result of such underwriter cutback, the Holders cannot include in the offering all of the Registrable Securities that they have requested to be included therein, then such
registration shall not be deemed to constitute one of the two (2) demand registrations to which the Holders are entitled pursuant to this Section 3.3. If any Holder disapproves of the terms of any such underwriting,
such Holder may elect to withdraw therefrom by delivering a written notice to the Company and the underwriter(s), delivered at least ten (10) Business Days prior to the effective date of the registration statement. Any Registrable Securities
excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder that is a partnership, the Holder and the partners and retired partners of such Holder, or the estates and Immediate Family Members of
any such partners and retired partners and any trusts for the benefit of any of the foregoing Persons, and for any Holder that is a corporation, the Holder and all corporations that are affiliates of such Holder, shall be deemed to be a single
“Holder”, and any pro-rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals
included in such “Holder”, as defined herein. 
 (c)    Maximum Number of Demand Registrations. The
Company shall have no obligation to effect more than two (2) registrations pursuant to this Section 3.3. 

  
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 (d)    Deferral. Notwithstanding the foregoing, if the Company shall
furnish to the Holders requesting the filing of a registration statement 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, 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 during such ninety (90) day period,
the Company shall not file any registration statement pertaining to the public offering of any securities of the Company. 

(e)    Expenses. The Company shall pay all expenses (excluding only underwriting discounts and commissions relating
to the Registrable Securities sold by the Holders) incurred in connection with any registration pursuant to this Section 3.3, including all U.S. federal, “blue sky” and all foreign registration, filing and
qualification fees, printer’s and accounting fees, the fees and expenses (including disbursements) of outside counsels for the Holders and any fee charged by any depositary bank, transfer agent or share registrar. Each Holder participating in a
registration pursuant to this Section 3.3 shall bear such Holder’s proportionate share (based on the total number of shares of Registrable Securities sold in such registration other than for the account of the Company)
of all discounts and commissions relating to the Registrable Securities sold by the Holders. Notwithstanding the foregoing, the Company shall not be required to pay any expense of any registration proceeding begun pursuant to this
Section 3.3 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered, unless the Holders of a majority of the Registrable Securities
then outstanding agree that such registration constitutes the use by the Holders of one (1) demand registration pursuant to this Section 3.3 (in which case such registration shall also constitute the use by all Holders
of Registrable Securities of one (l) such demand registration); provided further, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business, or prospects of
the Company not known to the Holders at the time of their request for such registration and have withdrawn their request for registration with reasonable promptness after learning of such material adverse change, or if the registration proceeding is
terminated for any reason not specifically covered by this Section 3.3(e), then the Company shall be required to pay all of such expenses and such registration shall not constitute the use of a demand registration pursuant
to this Section 3.3. 
 Section 3.4    Piggyback Registrations. 

The Company shall notify all Holders of Registrable Securities in writing at least thirty (30) days prior to filing of any registration
statement under the Securities Act for purposes of effecting a public offering of securities of the Company (including registration statements relating to secondary offerings of securities of the Company, but excluding registration statements
relating to any registration under Section 3.3 or Section 3.5 or to any employee benefit plan or a corporate reorganization) and will 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 such Holder shall within ten
(10) Business Days 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, 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 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 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 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, 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, and 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 Registrable Securities then held by each such Holder;
provided, however, that the right of the underwriter(s) to exclude shares (including Registrable Securities) from the registration and underwriting as described above shall be restricted so that (i) the number of Registrable
Securities included in any such registration is not reduced below twenty-five percent (25%) of the aggregate number of Registrable Securities for which inclusion has been requested, even if this will cause the Company to reduce the number of shares
it wishes to offer; 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. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by delivering a written notice to the Company and
the underwriter(s) at least ten (10) Business Days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any
Holder that is a partnership, the Holder and the partners and retired partners of such Holder, or the estates and Immediate Family Members of any such partners and retired partners and any trusts for the benefit of any of the foregoing Persons, and
for any Holder that is a corporation, the Holder and all corporations that are affiliates of such Holder, shall be deemed to be a single “Holder,” and any pro-rata reduction with respect to such
“Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “Holder,” as defined in this sentence. 

(b)    Expenses. The Company shall pay all expenses (excluding only underwriting and brokers’ discounts and
commissions relating to shares sold by the Holders) incurred in connection with a registration pursuant to this Section 3.4, including all U.S. federal, “blue sky” and all foreign registration, filing and
qualification fees, printers’ and accounting fees, the fees and expenses (including disbursements) of outside counsels for the Holders and any fee charged by any depositary bank, transfer agent or share registrar. For the avoidance of doubt,
the Company shall pay all expenses incurred in connection with a registration pursuant to this Section 3.4 notwithstanding the cancellation or delay of the registration proceeding for any reason. 

  
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 (c)    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. Except as otherwise provided herein, there shall be no limit on the number of times the Holders may request registration of Registrable Securities
under this Section 3.4. 
 Section 3.5    Form S-3 or Form F-3 Registration. 
 After its initial public offering, the Company shall use its best efforts to
qualify for registration on Form S-3 or Form F-3 or any comparable or successor form promptly and to maintain such qualification thereafter. If the Company is qualified
to use Form S-3 or Form F-3, any Holder or Holders shall have a right to request in writing that the Company effect a registration on either Form S-3 or Form F-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, and upon receipt of
each such request, the Company shall perform the tasks set out in paragraphs (a) and (b) below: 

(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 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 Holders 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 date on which 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 S-3 or Form
F-3 becomes unavailable for such offering by the Holders; 

(ii)    if the Holders, together with the holders of any other securities of the Company entitled to
inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price of less than US$1,000,000 to the public; or 

(iii)    if the Company has, within the six (6) month period preceding the date of such request,
already effected a registration under the Securities Act other than a registration from which the Registrable Securities of Holders have been excluded (with respect to all or any portion of the Registrable Securities the Holders requested to be
included in such registration) pursuant to the provisions of Section 3.4(a). 

(c)    Expenses. The Company shall pay all expenses (excluding only underwriting or brokers’ discounts and
commissions relating to shares sold by the Holders) incurred in connection with each registration requested pursuant to this Section 3.5, including all U.S. federal, “blue sky” and all foreign registration, filing
and qualification fees, printers’ and accounting fees, the fees and expenses (including disbursements) of outside counsels for the Holders and any fee charged by any depositary bank, transfer agent or share registrar. For the avoidance of
doubt, the Company shall pay all expenses incurred in connection with a registration pursuant to this Section 3.5 notwithstanding the cancellation or delay of the registration proceeding for any reason. 

  
 19 

 (d)    Maximum Frequency. Except as otherwise provided herein, there
shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 3.5. 

(e)    Deferral. Notwithstanding the foregoing, if the Company shall furnish to Holders requesting the filing of a
registration statement pursuant to this Section 3.5, 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 Form S-3 or Form F-3 registration statement to be filed, 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 during such ninety (90) day period, the Company shall not file any registration statement pertaining to the public offering of any securities of the Company. 

(f)    Not Demand Registration. Form S-3 or Form F-3 registrations shall not be deemed to be demand registrations as described in Section 3.3. 

(g)    Underwriting. If the requested registration under this Section 3.5 is for an
underwritten offering, the provisions of Section 3.3(b) shall apply. 
 (h)    If the Company
fails to perform any of the Company’s obligations set forth above in this Section 3.5 relating to a demand registration made pursuant to Section 3.3, such registration shall not constitute the
use of a demand registration under Section 3.3. 
 Section 3.6    Obligations
of the Company. 
 Whenever required to effect the registration of any Registrable Securities under this Agreement, the
Company shall, as soon as practicable: 
 (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 keep any such registration statement effective for a period of one (1) year or until the
Holder or Holders have completed the distribution described in the registration statement relating thereto, whichever is earlier; 

(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 Registrable Securities covered by such
registration statement; 
 (c)    Prospectuses. Furnish to the Holders such number of copies of a prospectus,
including a preliminary prospectus and any free writing prospectus (as defined in Rule 405 of the Securities Act), 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; 

  
 20 

 (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; 

(e)    Deposit Agreement. If the registration relates to an offering of depositary shares or other securities
representing Ordinary Shares deposited pursuant to a deposit agreement or similar facility, cause the depositary under such agreement or facility to accept for deposit under such agreement or facility all Registrable Securities requested by each
Holder to be included in such registration in accordance with this Article III; 

(f)    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. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement; 

(g)    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. As soon as reasonably practicable at the request of any such Holder of Registrable Securities, file and furnish to all such Holders of Registrable Securities a supplement or amendment to
such prospectus or free writing prospectus (to the extent prepared by or on behalf of the Company) so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material
fact or omit to state any fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. 

(h)    Opinions and Comfort Letter. Furnish, at the request of any Holder requesting registration of Registrable
Securities, on the date that such Registrable Securities are delivered to the underwriter(s) for sale, if such Registrable Securities are being sold through underwriters, or, if such Registrable Securities are not being sold through underwriters, on
the date that the registration statement with respect to such Registrable Securities becomes effective, (i) opinions, each dated as of such date, of the counsels 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 representing a majority of the Registrable Securities requested to be registered, addressed to the underwriters, if any, and
to the Holders requesting registration of Registrable Securities and (ii) a “comfort letter” dated as of such date, 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 representing a majority of the Registrable Securities requested to be registered, addressed to the underwriters, if
any, and to the Holders requesting registration of Registrable Securities. 
 Section 3.7    Furnish
Information. 

  
 21 

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

Section 3.8    Indemnification. 

In the event any Registrable Securities are included in a registration statement under Section 3.3,
Section 3.4 or Section 3.5: 
 (a)    By the Company. To the
extent permitted by Law, the Company shall indemnify and hold harmless each Holder and its Affiliates, partners, officers, directors, employee, legal counsel, agent, any underwriter (as determined 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 applicable 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 (as defined below) 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 of the Securities Act, the Exchange Act, any federal or state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or other applicable Law in connection with the offering covered by such
registration statement; 
 and the Company shall reimburse each such Holder and its Affiliates, partners, officers, directors, employees, legal counsel,
agents, underwriters or controlling Person for any legal or other expenses reasonably incurred by them, in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the
indemnity contained in this Section 3.8(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, conditioned or delayed, 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, underwriter or controlling Person of such Holder. 

  
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 (b)    By Selling Shareholders. To the extent permitted by Law, each
selling Holder will, on a several and not joint basis, indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each Person, if any, who Controls the Company, 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 other such Holder, partner or director, officer or controlling Person of
such other Holder may become subject under the Securities Act, the Exchange Act or other applicable 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 the Company’s reasonable 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 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 contained in this Section 3.8(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 the total amounts payable in
indemnity by a Holder under this Section 3.8(b) plus any amount under Section 3.8(e) in respect of any Violation shall not exceed the net proceeds received by such Holder in the registered offering
out of which such Violation arises absent gross negligence, willful misconduct or fraudulent misrepresentation in furnishing the requested information by such Holder. 

(c)    Notice. Promptly after receipt by an indemnified party under this Section 3.8 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 3.8, deliver to the
indemnifying party a written notice of the commencement thereof (a “Claim Notice”) 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, (i) during the period from the delivery of a Claim Notice until retention of counsel by the indemnifying party; and (ii) 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 a 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 3.8 to the extent the indemnifying party is
prejudiced as a result thereof, but the omission to deliver a written notice to the indemnified party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 3.8.

 (d)    Defect Eliminated in Final Prospectus. The foregoing indemnity of the Company and Holders
are subject to the condition that, insofar as they relate to any Violation made in a preliminary prospectus but eliminated or remedied in the amended prospectus on file with the SEC at the time the registration statement in question becomes
effective or the amended prospectus filed with the SEC pursuant to SEC Rule 424(b) (the “Final Prospectus”), such indemnity shall not inure to the benefit of any Person if a copy of the Final Prospectus was timely furnished to the
indemnified party and was not furnished to the Person asserting the loss, liability, claim or damage at or prior to the time such action is required by the Securities Act. 

  
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 (e)    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 Holder exercising rights under this Agreement, or any controlling Person of any such Holder, makes a claim for indemnification pursuant to this
Section 3.8 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 3.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of
any such selling Holder or any such controlling Person in circumstances for which indemnification is provided under this Section 3.8; then, and in each such case, the Company and such Holder will contribute to the aggregate
losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the
other hand, in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations; provided, however, that, in any such case: (A) no
such Holder will be required to contribute any amount in excess of the net proceeds received by such Holder pursuant to such registration statement absent guilty of such fraudulent misrepresentation; and (B) no Person or entity guilty of
fraudulent misrepresentation as defined in 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. 

(f)    Survival. The obligations of the Company and Holders under this Section 3.8 shall
survive for after 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. 

Section 3.9    Rule 144 Reporting. 

With a view to making available to the Holders the benefits of certain rules and regulations of the SEC which may permit the sale of the
Registrable Securities to the public without registration, the Company agrees to: 
 (a)    make and keep public
information available, as those terms are understood and defined in Rule 144 or any similar or analogous rule promulgated under the Securities Act, at all times after the effective date of the first registration 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 or the Exchange Act, at all times after the effective date of the first registration under the Securities Act filed by the Company; and 

(c)    so long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request, (i) a
written statement by the Company as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such reporting requirements, (ii) a copy of the
most recent annual, interim, quarterly or other report of the Company and, (iii) such other reports and documents as a Holder may reasonably request availing itself of any rule or regulation of the SEC allowing it to sell any such securities
without registration. 

  
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 Section 3.10    Termination of the Company’s Obligations.

 Notwithstanding the foregoing, (a) the Company shall have no obligations pursuant to Section 3.3,
Section 3.4 or Section 3.5 with respect to any Registrable Securities proposed to be sold by a holder of the Series A Preferred Shares in a registered public offering, (i) three (3)
years after the consummation of a Series A Target IPO, or (ii) if, in the opinion of counsel to the Company, all such Registrable Securities proposed to be sold by a holder of the Series A Preferred Shares may then be sold under Rule 144 in one
transaction without exceeding the volume limitations thereunder; and (b) the Company shall have no obligations pursuant to Section 3.3, Section 3.4 or Section 3.5
with respect to any Registrable Securities proposed to be sold by a Holder in a registered public offering (i) three (3) years after the consummation of a Qualified IPO, or (ii) if, in the opinion of counsel to the Company, all such
Registrable Securities proposed to be sold by a Holder may then be sold under Rule 144 in one transaction without exceeding the volume limitations thereunder. 

Section 3.11    No Registration Rights to Third Parties. 

Without the prior written consent of the Holders of more than fifty percent (50%) 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 or entity any registration rights of any kind, whether similar to the demand, “piggyback” or Form
S-3 or Form F-3 registration rights described in this Article III, or otherwise, relating to any Equity Securities of the Company, other than rights that are
subordinate to the rights of the Holders hereunder. 
 Section 3.12    “Market Stand-Off” Agreement. 
 Each Holder hereby agrees that, if and to the extent
requested by the lead underwriter of securities of the Company in connection with a registration relating to a specific proposed public offering (other than a registration on Form S-8 or a related or successor
form relating solely to an employee benefit plan or a registration on Form S-4 or a related or successor form relating solely to a transaction under SEC Rule 145), such Holder will, subject to the following
conditions, enter into a lock-up or standoff agreement in customary form (subject to the following conditions) under which such Holder agrees not to sell or otherwise transfer or dispose of any Registrable
Securities or other shares of the Company owned by such Holder as of the date of such registration for up to one hundred eighty (180) days following the effective date of the related registration statement. The obligations of each Holder under
this Section 3.12 are subject to the following conditions: (i) the lockup or standoff agreement applies only to the first registration statement of the Company which covers securities to be sold on its behalf to the
public in an underwritten offering, but not to Registrable Securities actually sold pursuant to such registration statement; (ii) such Holder is satisfied that all directors, officers, and holders of 1% or more of any class of securities of the
Company are bound by substantially identical restrictions; (iii) the lockup or standoff agreement provides that if any securities of the Company are to be excluded or released in whole or part from such restrictions, the underwriter shall so
notify each Holder within three (3) days and each Holder shall be excluded or released, in proportionate amounts to the extent of the exclusion or release with respect to any other holder of Company’s securities, including any director,
officer, or holder of 1% or more of any class of securities of the Company subject to such restrictions; and (iv) the lockup or standoff agreement by its terms permits transfers of Registrable Securities by any Holder to any Affiliate of such
Holder during the restricted period, provided that such Affiliate executes a lock-up or standoff agreement substantively identical to that signed by the transferring Holder. The
lock-up or standoff agreement shall expire no later than ninety (90) days after execution by the Holder if no underwritten public offering has occurred by the date of such execution. The Company may
impose a stop-transfer restriction with respect to Registrable Securities that are subject to any such lockup or standoff agreement, but shall remove such restriction immediately upon the expiration or termination of such lockup or standoff
agreement. 

  
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 Section 3.13    Public Offering Rights
(Non-U.S. Offerings). 
 If shares of the Company are offered in an underwritten public offering
(whether or not a Qualified IPO) outside of the United States for the account of any holders of Ordinary Shares or other shareholders, each Holder shall have the right to include a pro-rata number of Shares
(based on the number of Shares (on an as-converted basis) then held by such Holder and all other Shareholders of the Company selling in such offering) in such offering on terms and conditions no less favorable
to the Holders than to any other selling Shareholder. 

Section 3.14    Re-sale Rights. 

The Company shall use its best efforts to assist each Holder in the sale or disposition of its Registrable Securities after a Qualified IPO,
including the prompt delivery of applicable instruction letters by the Company and legal opinions from the Company’s counsels in forms reasonably satisfactory to the Holder’s counsel. In the event the Company has depositary receipts listed
or traded on any stock exchange or inter-dealer quotation system, the Company shall pay all costs and fees related to such depositary facility, including conversion fees and maintenance fees for Registrable Securities held by the Holders. 

Article IV 

Board of Directors 

Section 4.1    Board of Directors. 

(a)    The business and affairs of the Company shall be conducted as directed by the board of directors of the Company
(the “Board”). In addition to the powers and authorities expressly conferred upon it by Section 4.2, the Board shall have all such powers and authorities, and may do all such acts and things, to the maximum
extent permitted by applicable Law, the Articles and this Agreement. 
 (b)    The Board shall consist of up to five
(5) members (each, a “Director”) as follows: 
 (i)    for so long as Primavera and
its Affiliates continue to hold, in the aggregate, at least five percent (5%) of the total number of issued and outstanding Ordinary Shares (on an as-converted and fully-diluted basis, including all Equity
Securities reserved under the ESOP), Primavera shall be entitled to appoint and remove one (1) Director (the “Primavera Director”); 

  
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 (ii)    for so long as New Oriental and its Affiliates
continue to hold, in the aggregate, at least five percent (5%) of the total number of issued and outstanding Ordinary Shares (on an as-converted and fully-diluted basis, including all Equity Securities
reserved under the ESOP), New Oriental shall be entitled to appoint and remove one (1) Director (the “New Oriental Director”); and 

(iii)    STUDYVIP ONLINE EDUCATION LIMITED shall be entitled to appoint and remove three
(3) Directors. 
 (c)    The board of directors of each of the Group Companies shall be appointed and removed by
the Board, or as otherwise agreed upon by the Parties, provided, however, that as soon as reasonably practicable after the written request of any Party with respect to any Group Company, the board of directors of such Group Company shall, to the
maximum extent practicable and permissible by Law, be comprised of the same individuals who are Directors of the Company. 

(d)    Each of Matrix, Xingwang and Orchid Asia shall be entitled to appoint one (1) observer (together, the
“Observers”) to the Board. The Observers shall be entitled to attend meetings of the Board and receive copy of all notices, minutes, consents and other material that are provided to the directors at the same time and in the same
manner as provided to the directors, but shall not have any voting or consent right in respect of any matter submitted to or to be determined by the Board. 

Section 4.2    Matters Requiring Director Approval. 

No Group Company shall, and the Parties shall procure that no Group Company shall, except as specifically required under the Share
Subscription Agreement or the Restructuring Plan and except in connection with or to the extent necessary to consummate a Put Sale (as defined in the Articles) or a Series B Drag Sale (as defined in the Articles), directly or indirectly take, permit
to occur, approve, authorize, or agree or commit to do any of the following without the approval of a majority of the Directors then in office, which majority must include each of the Primavera Director and the New Oriental Director: 

(a)    approve or amend the Group Companies’ annual budget including any capital expenditure plan; 

(b)    establish any new direct or indirect Subsidiary of any Group Company or any Subsidiary or affiliated company of any
Group Company, merge or consolidate with another entity or enter into any partnership, profit sharing agreement or joint venture or acquire any material stock or assets of another entity, in each case, in excess of RMB10,000,000 (or its equivalent
in another currency) at any time in respect of any single transaction or a series of related transactions; 

(c)    acquire any business, share capital or other securities or assets of any Person (or commit to make any such
acquisition), in each case, in excess of RMB10,000,000 (or its equivalent in another currency) at any time in respect of any single transaction or a series of related transactions; 

  
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 (d)    create, allow to arise or issue any debenture constituting a pledge,
lien or charge (whether by way of fixed or floating charge, mortgage encumbrance or other security) on all or a material portion of the capital, undertaking, property, assets or rights of any Group Company; 

(e)    approve the making of any loan or advance or give any credit or any financial assistance by any Group Company to
any Person who is not a Group Company or provide any guarantee by any Group Company for the benefit of any Person who is not a Group Company, where such loan, credit, financial assistance and guarantee in any financial year, in the aggregate, exceed
US$1,000,000 (or its equivalent in another currency); 
 (f)    approve or make adjustments or modifications to terms of
transactions involving the interest of any Group Company, on the one hand, and any Related Party, on the other hand; 

(g)    declare or pay any dividend or distribution or otherwise results in the redemption or repurchase of any equity
securities, other than any such action specifically required hereunder or under the Articles (including any redemption or repurchase of Preferred Shares to the extent necessary to effect a conversion of such Preferred Shares into Ordinary Shares
pursuant to the provisions of the Articles); 
 (h)    engage in any business materially different from the business as
currently conducted by the Group Companies, or cease to engage in any business currently conducted by the Group Companies; 

(i)    transfer of any shares or equity interest in any Group Company (other than the Company), except any such transfer
that does not reduce the ultimate Beneficial Ownership of the Company in such Group Company; 
 (j)    make or incur
capital expenditures in excess of RMB10,000,000 (or its equivalent in another currency) in any single transaction or a series of related transactions; 

(k)    sell, lease, transfer or dispose of assets (except for those sale, transfer or disposal of the assets of the Group
Company in ordinary course of business consistent with past practices) in excess of RMB10,000,000 (or its equivalent in another currency) in any single transaction or a series of related transactions; 

(l)    incur any indebtedness for borrowed money or assume any financial obligation or issue, assume, guarantee or create
any liability for borrowed money in excess of US$1,000,000 (or its equivalent in another currency) in any single transaction or a series of related transactions; 

(m)    appoint, remove or replace the chief executive officer, the chief financial officer or the chief strategy officer
of the Company, or alter the salary, bonus, benefits and other compensation of any of the foregoing individuals by more than thirty percent (30%) from the compensation previously approved by the Board; 

(n)    change, amend or terminate any VIE Agreements; 

(o)    approve the valuation, terms and conditions of any public offering (including the initial public offering) of any
equity securities of any Group Company (including the selection of stock exchange on which such equity securities will be listed for trading and, where more than one lead underwriter will be engaged for such public offering, at least one lead
underwriter engaged for such public offering shall have been approved by the Primavera Director); 

  
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 (p)    approve or amend the ESOP or other share incentive plans, or approve,
with respect to any batch of awards to be granted thereunder, the timing and the aggregate amount of awards to be granted in such batch; 

(q)    change the size of the board of directors or the size of any committee of the board of directors of the Company;

 (r)    adopt any accounting standard other than the Applicable Accounting Standard, change the accounting policies in
any material respect, change the fiscal year of any Group Company, or appoint or change the auditors; and 

(s)    agree or commit to do any of the foregoing. 

Section 4.3    Expiration. 

This Article IV shall immediately and automatically expire and cease to have any force or effect (i) with respect to
holders of the Series A Preferred Shares (in their capacities as such), upon the consummation of a Series A Target IPO, and (ii) with respect to all Parties, upon the consummation of a Qualified IPO. 

Section 4.4    Expenses. 

All reasonable expenses incurred by the Primavera Director, New Oriental Director and the Observers in connection with their performance of
duties as a director or observer of the Company, as applicable, shall be borne by the Company. 
 Article V 

Shareholder Protective Provisions 

Section 5.1    Matters Requiring Shareholder Approval. 

No Group Company shall, and the Parties shall procure that no Group Company shall, except as specifically required under the Share
Subscription Agreement or the Restructuring Plan and except in connection with or to the extent necessary to consummate a Put Sale (as defined in the Articles) or a Series B Drag Sale (as defined in the Articles), directly or indirectly take, permit
to occur, approve, authorize, or agree or commit to do any of the following without the approval of (i) the holders of a simple majority of the voting power of the then issued and outstanding Series A Preferred Shares, (ii) the holders of
not less than two-thirds (2/3) of the voting power of the then issued and outstanding Series B Preferred Shares and the then issued and outstanding Series B+ Preferred Shares (with the Series B Preferred
Shares and the Series B+ Preferred Shares voting as the same class), in each case, voting as a separate class and on as-converted basis: 

(a)    alter or change the rights, preferences or privileges of any Preferred Share or create (by reclassification or
otherwise) any new class or series of shares having rights, preferences or privileges senior to or on parity with any Preferred Share; 

  
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 (b)    increase, reduce (by redemption, repurchase or otherwise) or cancel
the authorized or issued share capital of any Group Company, save for (i) the issuance of Ordinary Shares upon the conversion of any Preferred Shares or the redemption of any Preferred Shares in accordance with their terms of issue,
(ii) the redemption or repurchase of Ordinary Shares in accordance with the terms of the ESOP, and (iii) any such action specifically required hereunder or under the Articles; 

(c)    amend or waive any provision of the Charter Documents of any Group Company; 

(d)    sell, lease, transfer or dispose of all or substantially all of the assets of the Group Companies, taken as a
whole; 
 (e)    permit, authorize or approve any merger, acquisition, consolidation, reorganization, split-up, spin-off, other change of control of any other form of business combination of any Group Company with or into one or more third parties; 

(f)    effect a recapitalization, reclassification or bankruptcy of the Company, pass any resolution for the liquidation,
dissolution or winding up of any Group Company or undertake any reorganization, reconstruction, Liquidation Event or liquidation exercise concerning any Group Company or apply for the appointment of a receiver, manager or judicial manager or like
officer; and 
 (g)    agree or commit to do any of the foregoing. 

Section 5.2    Expiration. 

This Article V shall immediately and automatically expire and cease to have any force or effect (i) with respect to holders
of the Series A Preferred Shares (in their capacities as such), upon the consummation of a Series A Target IPO, and (ii) with respect to all Parties, upon the consummation of a Qualified IPO. 

Article VI 

Transfer Restrictions 

Section 6.1    General Restrictions on Transfer. 

(a)    No Shareholder may Transfer any Equity Securities unless such Transfer is conducted in compliance with all
applicable Laws, this Agreement and the Articles. Each Shareholder agrees not to circumvent or otherwise avoid the transfer restrictions or intent thereof set forth in this Section 6.1, whether by holding the Equity
Securities indirectly through another Person or by causing or effecting, directly or indirectly, the Transfer or issuance of any Equity Securities in such Shareholder or another Person or otherwise. Any Transfer or attempted Transfer of any Equity
Securities not made in compliance with this Section 6.1 shall be null and void ab initio and shall not be entered into the Company’s register of members, and the purported transferee in any such Transfer
shall not be treated (and the purported transferor shall continue be treated) as the owner of such Equity Securities for all purposes of this Agreement. 

  
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 (b)    Subject to Section 6.4, prior to a Qualified
IPO, none of the Founders, the Founder Holdcos, the Management Holdco and their respective Permitted Transferees shall, without the prior written approval of each of the Primavera Director and the New Oriental Director, Transfer any Equity
Securities or any securities in any Group Company Beneficially Owned by such Party. Without prejudice to the foregoing sentence, any direct or indirect Transfer of Equity Securities or any securities in any Group Company Beneficially Owned by the
Founders, the Founder Holdcos, the Management Holdco or their respective Permitted Transferees shall also comply with the right of first refusal procedures set forth in Section 6.2 and the
co-sale procedures set forth in Section 6.3. 

(c)    Prior to the consummation of any Transfer of any Equity Securities (whether or not an Exempt Transfer), the
transferring Shareholder shall (i) give written notice to the Company regarding such Transfer, and (ii) as a condition to such Transfer, cause the transferee thereof to execute and deliver to the Company a Deed of Adherence (unless such
transferee is already a party to this Agreement). 
 (d)    In addition to any legends required by applicable Law, each
certificate representing the Shares shall bear a legend substantially in the following form: 
 “THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE
ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION UNDER THE SECURITIES ACT. THE SALE, PLEDGE, HYPOTHECATION, ASSIGNMENT OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS
CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A SHAREHOLDERS AGREEMENT BY AND BETWEEN THE COMPANY AND CERTAIN HOLDERS OF SHARES OF THE COMPANY. A COPY OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE COMPANY.” 

Section 6.2    Right of First Refusal. 

Subject to Section 6.4: 

(a)    If any of the Founders, the Founder Holdcos, the Management Holdco and their respective Permitted Transferees (an
“Offering Shareholder”) proposes to Transfer any of the Equity Securities held by it to any prospective purchaser, then, prior to consummating such proposed Transfer, the Offering Shareholder shall give all other Shareholder (the
“ROFR Holders”) written notice of the Offering Shareholder’s proposal to consummate the Transfer (the “ROFR Notice”). The ROFR Notice shall (i) include a description of the Equity Securities proposed to be
Transferred (the “Offered Securities”), the identity and address of such prospective purchaser, and the consideration and the material terms and conditions upon which the proposed Transfer is to be made, (ii) certify that the
Offering Shareholder has received a definitive offer from the prospective purchaser and in good faith believes a binding agreement for the Transfer is obtainable on the terms set forth in the ROFR Notice, and (iii) offer to sell all or a
portion (as may be elected by the applicable ROFR Holder) of the Offered Securities to the ROFR Holders on the terms and conditions set forth in the ROFR Notice. The ROFR Notice shall also include, if any, a copy of any written proposal, term sheet
or letter of intent or other agreement relating to the proposed Transfer. 

  
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 (b)    Each ROFR Holder shall have an option for a period of twenty
(20) Business Days following receipt of the ROFR Notice (the “ROFR Period”) to elect to purchase all or a portion of the Offered Securities, at the same price and subject to the same terms and conditions set forth in the ROFR
Notice by notifying the Offering Shareholder in writing of the number of such Offered Securities that it elects to purchase. If the total number of the Offered Securities the ROFR Holders elect to purchase exceeds the total number of the Offered
Securities available for purchase by the ROFR Holders, each ROFR Holder shall only be entitled to purchase a number of Offered Securities equal to the product obtained by multiplying (i) the total number of the Offered Securities by (ii) a
fraction, the numerator of which is the number of Ordinary Shares (calculated on an as- converted basis) held by such ROFR Holder and the denominator of which is the total number of Ordinary Shares (calculated
on an as-converted basis) held by all ROFR Holders on the date of the ROFR Notice. 

(c)    If any ROFR Holder does not exercise its right to purchase its pro rata share of the remaining Offered Securities
in full and there is at least one ROFR Holder who has exercised its right to purchase the Offered Securities in full pursuant to Section 6.2(b) (each such ROFR Holder, a
“Re-allotment Right Holder”), the Offering Shareholder shall deliver written notice (the “Re-allotment Notice”) within five
(5) Business Days after the expiration of the ROFR Period to each Re- allotment Right Holder specifying the number of unpurchased remaining Offered Securities. Each
Re-allotment Right Holder shall have a right of re-allotment to purchase all or any portion of its pro rata share of such unpurchased remaining Offered Securities by
notifying the Offering Shareholder in writing within ten (10) Business Days following receipt of the Re-allotment Notice (the “Re- allotment
Period”) of the number of such unpurchased Offered Securities that it elects to purchase. For purposes of this Section 6.2(c), a Re-allotment Right Holder’s “pro
rata share” shall mean a fraction, the numerator of which is the aggregate number of Ordinary Shares (calculated on an as-converted basis) held by such Re-allotment
Right Holder and the denominator of which is the total number of Ordinary Shares (calculated on an as- converted basis) held by all Re-allotment Right Holders, in each
case, as of the date of the Re-allotment Notice. 
 (d)    If any ROFR Holder
gives the Offering Shareholder notice that it elects to purchase any Offered Securities, then payment for the Offered Securities to be purchased shall be made by wire transfer in immediately available funds of the appropriate currency to an account
of the Offering Shareholder, against delivery of the duly executed instrument of transfer of such Offered Securities to be purchased, at a place agreed to by the Offering Shareholder and such ROFR Holder (or at the principal business office of the
Company absent such agreement), at the time of the scheduled closing therefor, which shall take place within twenty (20) Business Days following the delivery of notice by such ROFR Holder, as applicable (subject to the extension of such twenty
(20) Business Days period for a reasonable time agreed between the Offering Shareholder and such ROFR Holder to the extent reasonably necessary to obtain any Governmental Approvals). 

Section 6.3    Right of Co-Sale. 

Subject to Section 6.4: 

  
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 (a)    To the extent any ROFR Holder other than the Founder Holdcos, the
Management Holdco and their respective Permitted Transferees has not exercised its right of first refusal in full with respect to the Offered Securities pursuant to Section 6.2, such ROFR Holder shall have the right to
participate in the sale of the remaining Offered Securities (the “Sale Securities”) by the Offering Shareholder on the terms and conditions specified in this Section 6.3, by notifying the Offering
Shareholder in writing (the “Tag Notice”) within ten (10) Business Days after the expiration of the Re-allotment Period (each such electing ROFR Holder, a “Tagging
Shareholder”). The Tag Notice of a Tagging Shareholder shall specify the number of Equity Securities that it wishes to sell pursuant to this Section 6.3. 

(b)    Each Tagging Shareholder may elect to offer to sell, on the same terms and conditions as applicable to the Offering
Shareholder, up to a number of Shares held by such Tagging Shareholder (as validly elected pursuant to this Section 6.3(b), the “Tag Securities” of such Tagging Shareholder) equal to the product of
(x) the number of Ordinary Shares (on an as-converted basis) held by such Tagging Shareholder on the date of the ROFR Notice, multiplied by (y) a fraction, the numerate of which is the number
of Sale Securities and the denominator of which is the number of Ordinary Shares (on an as- converted basis) held by the Offering Shareholder on the date of the ROFR Notice, less the number of any
Offered Securities purchased or to be purchased by any ROFR Holder pursuant to Section 6.2. 

(c)    Each Tagging Shareholder shall effect its participation in the sale by promptly delivering to the Offering
Shareholder for Transfer to the prospective purchaser, one or more share certificates, properly endorsed for transfer, together with the duly executed instrument of transfer, which represents: 

(i)    the number of Ordinary Shares which such Tagging Shareholder elects to sell; 

(ii)    that number of Preferred Shares which is at such time convertible into the number of Ordinary
Shares that such Tagging Shareholder elects to sell; provided in such case that, if the prospective purchaser objects to the delivery of Preferred Shares in lieu of Ordinary Shares, such Tagging Shareholder shall convert such Preferred Shares into
Ordinary Shares and deliver Ordinary Shares as provided in Section 6.3(c)(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. 

(d)    The share certificate or certificates that each Tagging Shareholder delivers to the Offering Shareholder pursuant
to Section 6.3(c) shall be transferred to the prospective purchaser in consummation of the sale of the Shares pursuant to the terms and conditions specified in the Tag Notice, and the Offering Shareholder shall concurrently
therewith cause the prospective purchaser to remit to such Tagging Shareholder that portion of the sale proceeds to which such Tagging Shareholder is entitled by reason of its participation in such sale. In the event any prospective purchaser
refuses to purchase all of the Sale Securities and the Tag Securities sought to be sold by all Tagging Shareholders, the number of the Sale Securities and the Tag Securities of each Tagging Shareholder shall be reduced on a pro rata basis (based on
the number of Sale Securities and such Tag Securities) so that the total number of the Sale Securities and the Tag Securities after reduction shall be equal to the number of Equity Securities the prospective purchaser elects to purchase (which in
any event shall be no less than the number of Offered Securities set forth in the ROFR Notice). In selling their Tag Securities pursuant to their co-sale right hereunder, the Tagging Shareholders shall
not be required to give any representations or warranties with respect to their Tag Securities except to confirm that they have not transferred or encumbered such Tag Securities. 

  
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 (e)    To the extent the ROFR Holders do not elect to purchase all of the
Offered Securities in accordance with Section 6.2, then, subject to the co-sale right of the ROFR Holders under this Section 6.3, the Offering Shareholder
may, not later than forty (40) Business Days (which may be extended by an additional period of up to fifty (50) Business Days to the extent reasonably required to obtain any necessary governmental approvals) following delivery of the Tag
Notice (the “Transfer Period”), conclude a Transfer of the Sale Securities, which shall be on substantially the same (and in any event no more favorable to the prospective purchaser) terms and conditions as those described in the
ROFR Notice. Any proposed transfer of such Sale Securities on terms and conditions which are materially different from, or more favorable to the prospective purchaser than, those described in the ROFR Notice, or in the event the Offering Shareholder
does not consummate the sale of such Sale Securities within the Transfer Period, any subsequent proposed Transfer of such Sale Securities or any other Equity Securities by the Offering Shareholder, shall again be subject to the right of first
refusal and the co-sale right of the ROFR Holders and shall require compliance by the Offering Shareholder with the procedures described in Section 6.2 and
Section 6.3. Notwithstanding the foregoing, no Offering Shareholder may conclude a Transfer of the Sale Securities unless all Tag Securities are being sold at the same time with such Transfer of the Sale Securities in
accordance with Section 6.3(d). 
 Section 6.4    Exempt Transfer. 

Section 6.1(b), Section 6.2 and Section 6.3 shall
not apply to any Transfer of Equity Securities (i) to the Company pursuant to a repurchase right or right of first refusal held by the Company in the event of a termination of employment or consulting relationship by any employee of the Group
Companies (other than the Founders), (ii) by a Shareholder to its Permitted Transferee, provided that adequate documentation therefor is provided to the holders of Preferred Shares to their satisfaction and that any such Permitted Transferee
agrees in writing to be bound by this Agreement by executing a Deed of Adherence; provided, further, that such transferor shall remain liable for any breach by such Permitted Transferee of any provision hereof, or (iii) any Transfer in
connection with a Series B Drag Sale (as defined in the Articles) or a Series A Drag Sale (as defined in the Articles) (each, an “Exempt Transfer”). 

Section 6.5    Expiration. 

This Article VI shall immediately and automatically expire and cease to have any force or effect (i) with respect to
holders of the Series A Preferred Shares (in their capacities as such), upon the consummation of a Series A Target IPO, and (ii) with respect to all Parties, upon the consummation of a Qualified IPO. 

  
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 Article VII 

Pre-emptive Right 

Section 7.1    Pre-emptive Right. 

(a)    The Company hereby grants to each holder of Preferred Shares (each a
“Pre-emptive Rights Holder”) the right to purchase such holder’s Pre-emptive Portion of any New Securities (the “Pre-emptive Right”) on the terms and conditions set forth in this Article VII. 

(b)    For purposes of this Agreement, 

(i)    “Pre-emptive Portion” means, with respect
to any Pre-emptive Rights Holder, the proportion that the number of Ordinary Shares (on an as- converted basis) held by such
Pre-emptive Rights Holder bears to the number of all of the then issued and outstanding Ordinary Shares (on an as-converted and fully diluted basis, and all the Ordinary
Shares reserved under the ESOP shall be treated as issued and outstanding for this purpose) immediately prior to the issuance of New Securities giving rise to the Pre-emptive Right. 

(ii)    “New Securities” means any Equity Securities of the Company issued after the date
of this Agreement, other than: (A) any Equity Securities issued pursuant to the ESOP; (B) any Equity Securities issued in connection with any pro rata share sub-division, share dividend or
distribution or other similar event; (C) any Equity Securities issued upon the exercise, conversion or exchange of any Convertible Securities; (D) any Equity Securities issued pursuant to the bona fide acquisition (whether by
consolidation, merger, amalgamation, reorganization or otherwise) of any other Person (or assets of any other Person) by any Group Company to relevant counterparties in such transaction, provided that such transaction shall have been duly approved
by the Board; (E) any Equity Securities issued pursuant to a Qualified IPO; and (F) solely for purposes of determining any rights and privileges of the Series A Preferred Shares and the holders thereof, any Equity Securities issued
pursuant to a Series A Target IPO. 
 Section 7.2    Procedures. 

(a)    In the event that the Company proposes to issue any New Securities, it shall give written notice of its intention
to issue New Securities (the “Issuance Notice”) to each Pre-emptive Rights Holder specifying the amount and type of New Securities proposed to be issued, the price and the general terms upon
which the Company proposes to issue such New Securities. Each Pre-emptive Rights Holder shall have twenty (20) Business Days from the date of such Issuance Notice (the “Exercise Period”)
to agree to purchase up to such Pre-emptive Rights Holder’s Pre-emptive Portion of such New Securities for the price and upon the terms and conditions specified in the Issuance Notice by giving written
notice to the Company and stating the quantity of New Securities it wishes to purchase. 

  
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 (b)    If any Pre-emptive Rights
Holder declines or fails to exercise its right to subscribe for its Pre-emptive Portion of the New Securities in full in accordance with Section 7.2(a) and there is at least one
Participating Rights Holder who has fully exercised its Right of Participation (the “Exercising Shareholder”), the Company shall promptly give notice (the “Over-allotment Notice”) to the Exercising Shareholder in
accordance with Section 7.2(a). Each Exercising Shareholder shall have ten (10) Business Days from receipt of the Over-allotment Notice (the “Over-allotment Exercise Period”) to notify the Company of
its wish to subscribe for more than its Pre-emptive Portion of the New Securities, stating the number of the additional New Securities it proposes to subscribe for (the “Additional Number”).
If the total Additional Number the Exercising Shareholder propose to subscribe for exceeds the total number of the remaining New Securities that is subject to the Pre-Emptive Right available for subscription
in such over-allotment (the “Over-allotment New Securities”), each Exercising Shareholder shall only be entitled to subscribe for such number of Over-allotment New Securities equal to the product obtained by multiplying (i) the
total number of the Over-allotment New Securities by (ii) a fraction, the numerator of which is the number of Ordinary Shares (calculated on an as-converted basis) held by such Exercising Shareholder and
the denominator of which is the total number of Ordinary Shares (calculated on an as-converted basis) held by all Exercising Shareholders. Payment for the New Securities to be purchased shall be made by check
or wire transfer in immediately available funds of the appropriate currency, against delivery of such New Securities to be purchased at the business address of the Company at the time of the scheduled closing therefor, which shall be no later than
sixty (60) days after the expiration of the notice period under Section 7.2(a) or Section 7.2(b), unless such notice contemplated a later closing with the prospective third party purchaser.

 (c)    If any portion of the New Securities have not been subscribed for pursuant to the exercise of the Pre-emptive Rights in accordance with Section 7.2(b) before the expiration of the Over-allotment Exercise Period, or, in the event that no
Pre-emptive Rights Holder exercises the Pre-emptive Rights within ten (10) Business Days following the date of the Issuance Notice, the Company shall have forty
(40) Business Days (which may be extended by an additional period of up to fifty (50) Business Days to the extent reasonably required to obtain any necessary governmental approvals) thereafter to complete the sale of the New Securities
described in the Issuance Notice with respect to which the Pre-emptive Rights hereunder were not exercised, at the same or higher price and upon non-price terms not more
favorable to the purchasers thereof than those specified in the Issuance Notice. In the event that the Company has not issued and sold such New Securities within such time period, the Company shall not thereafter issue or sell any New Securities
without again first offering such New Securities to the Pre-emptive Rights Holders pursuant to this Article VII. 

Section 7.3    Expiration. 

This Article VII shall immediately and automatically expire and cease to have any force or effect (i) with respect
to holders of the Series A Preferred Shares (in their capacities as such), upon the consummation of a Series A Target IPO, and (ii) with respect to all Parties, upon the consummation of a Qualified IPO. 

Article VIII 

Additional Agreements 

Section 8.1    Qualified IPO. 

The Founders, the Founder Holdcos and the Company shall use their reasonable best efforts to achieve the Qualified IPO of the Company as soon
as practicable and within five (5) years after the date hereof. The Founders, the Founder Holdcos and the Company shall take all steps consistent with requirements of Laws to minimize lock-up period of
the Preferred Shares (or Ordinary Shares issued upon the conversion thereof) in the event of a Qualified IPO. Upon the proposal by the Founders to the Board and/or the Shareholders for a Qualified IPO, each Party other than the Founders, the Founder
Holdcos and the Company shall use their respective reasonable efforts to support such proposal and the implementation thereof. 

  
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 Section 8.2    Non-Compete
Covenants. 
 Each Founder hereby undertakes to the Preferred Shareholders that commencing from the date of this Agreement until one
(1) year following the effective date of a Qualified IPO (the “Non-Competition Period”), he shall commit all of his business efforts to furthering the businesses of the Group Companies
and shall not, without the prior written consent of each of the Primavera Director and the New Oriental Director, either on his own account or through any of his Affiliates (for the purpose of this Section, the Founders’ Affiliates shall not
include any Group Companies), or in conjunction with or on behalf of any other Person, directly or indirectly, (i) possess the power to direct or cause the direction of the management and business operation of any Person (whether through the
ownership of any equity interest in such Person, by occupying half or more of the board seats of such Person, by contract, or otherwise), (ii) devote professional time to carry out the business operation of any Person (in each case of (i) and
(ii), other than the Founder HoldCo and any Permitted Transferee of such Founder), (iii) carry out or engage in any business in direct or indirect competition with, or become a shareholder, director, employee, partner, agent of any Person whose
principal business is in direct competition with, the principal businesses of the Group Companies on the date hereof or on the date when the Non-Competition Period begins, provided, however, that the foregoing
restrictions shall not prohibit any Founder from (a) acquiring or Beneficially Owning less than one percent (1%) of the outstanding share capital of any Person whose equity securities are listed for trading on a national or international
securities exchange, (b) Beneficially Owning any equity interest in Beijing Haixuewang Education Technology Co., Ltd.

 and Beijing Duiawang Education Technology Co., Ltd.

 (each an “Existing Competitor”) to the extent such equity interests were acquired prior to the date of the Share Subscription Agreement, and (c) making any subsequent investment in any Existing
Competitor to the extent that, after such subsequent investment, the aggregate percentage of the issued and outstanding equity interests in such Existing Competitor Beneficially Owned by such Founder and his Affiliates is not more than such
percentage as of the date of the Share Subscription Agreement, (iv) offer or solicit for any employment to any officer, manager, or employee of any Group Company, and (v) solicit or entice away or attempt to solicit or entice away from any
Group Company, any Person, firm, company or organization who is a customer, client, representative, agent or correspondent of such Group Company or in the habit of dealing with such Group Company. During the
Non-Competition Period, in the event the principal business of any Person directly or indirectly established or managed by such Founder in direct or indirect competition with the principal businesses of the
Group Companies, the Founders, as applicable, shall cause such Person to disclose any relevant information to the Information Rights Holder upon request and transfer such lawful business, at a nominal price, to the Company or any Group Company
designated by the Company immediately. 
 Section 8.3    ESOP. 

  
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 The Parties agree and acknowledge that, (a) as of the date hereof, the Group Companies have
not formally adopted any ESOP, and (b) the Company intends to, as soon as reasonably practicable after the date hereof and in accordance with the terms herein (including Section 4.2), adopt an ESOP under which a
maximum of 241,923 Ordinary Shares may be issued (and have been reserved as contemplated by the Series A and Series B Share Subscription Agreement). 

Section 8.4    Orchid Asia’s participation in the Public Offering. 

In connection with the initial public offering of the Shares (the “Public Offering”), the Company shall sell to Orchid Asia
or its nominee, and Orchid Asia shall subscribe or procure its nominee to subscribe, such number of new Ordinary Shares to be issued in the Public Offering as cornerstone investor or through a concurrent private placement, a cornerstone investment
or another manner which is subject to applicable laws and advice of the underwriters and the Company’s legal counsel for the Public Offering, for an aggregate consideration of US$30,000,000 (the “Commitment”), at the offer
price of the Shares in the Public Offering. The Company is entitled to request Orchid Asia to subscribe or procure its nominee to subscribe, and if so requested Orchid Asia or its nominee shall subscribe, additional new Ordinary Shares of the
Company in the Public Offering, at the offer price of the Shares in the Public Offering as cornerstone investor or through a concurrent private placement, a cornerstone investment or another manner which is subject to applicable laws and advice of
the underwriters and the Company’s legal counsel for the Public Offering, for an aggregate consideration of up to US$50,000,000 (including the Commitment). In each of such events, all the other Parties shall take relevant and necessary actions
to complete such purchase and subscription. For purposes of this paragraph, the nominee of Orchid Asia shall mean a Person nominated by an investment fund managed or advised by Orchid Asia V Group Management Limited or by its Affiliates, provided
that such Person shall be an Affiliate of the investment funds managed or advised by Orchid Asia V Group Management Limited or by its Affiliates and approved by the Company in the condition that such approval shall not be withheld unreasonably. 

Section 8.5    Expiration. 

(a)    Section 8.1 to Section 8.3 shall immediately and automatically expire and cease to
have any force or effect (i) with respect to holders of the Series A Preferred Shares (in their capacities as such), upon the consummation of a Series A Target IPO, and (ii) with respect to all Parties, upon the consummation of a Qualified
IPO. 
 (b)    Except as agreed otherwise, Section 8.4 shall terminate upon the earlier of
(a) the date of the second anniversary of the date of the Closing Date (as defined in the Series B+ Share Subscription Agreement); and (b) completion of a Public Offering. 

Section 8.6    Management Holdco Ordinary Repurchase. 

The Company and the Management Holdco shall, within five (5) Business Days after the date hereof, consummate the Management Holdco
Ordinary Repurchase on the terms and conditions set forth in the Management Holdco Ordinary Repurchase Agreement and shall, promptly upon any Investor’s request, deliver to such Investor a certified true copy of the register of members of the
Company updated to reflect such consummation. 

  
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 Article IX 

Miscellaneous 

Section 9.1    Governing Law. 

This Agreement shall be governed by and construed exclusively in accordance with the Laws of the Hong Kong Special Administrative Region
(without giving effect to any choice of law principles thereof that would cause the application of the Laws of another jurisdiction. 

Section 9.2    Dispute Resolution. 

(a)    Any dispute arising out of or in connection with this Agreement, including any question regarding its existence,
validity or termination, shall be referred to and finally resolved by arbitration in Hong Kong International Arbitration Center in accordance with the Hong Kong International Arbitration Center Administered Arbitration Rules (the “HKIAC
Rules”) in force when the notice of arbitration is submitted in accordance with the HKIAC Rules. The HKIAC Rules are deemed to be incorporated by reference to this clause. The tribunal shall be comprised of three arbitrators. The Company,
on the one hand, and the relevant Preferred Shareholders, on the other hand, shall each nominate one arbitrator and the third, who shall serve as president of the tribunal, shall be nominated by the party-nominated arbitrators. The arbitration shall
be conducted in English. Each Party irrevocably and unconditionally consents to such arbitration as the sole and exclusive method of resolving any dispute arising out of or in connection with this Agreement, including any question regarding its
existence, validity or termination, other than any proceedings to seek the remedies of specific performance as contemplated by Section 9.3. 

(b)    The award of the arbitral tribunal shall be final and binding on the Parties. The Parties agree that they will not
have recourse to any judicial proceedings, in any jurisdiction whatsoever, for the purpose of seeking appeal, annulment, setting aside, modification or any diminution or impairment of its terms or effect insofar as such exclusion can validly be
made. Judgment upon any award rendered may be entered in any court having jurisdiction thereof, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. 

Section 9.3    Specific Performance. 

Each Party acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or agreements in this
Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limitation to any other remedy or right it may have, the non-breaching party will have the
right to seek an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions hereof. 

Section 9.4    Entire Agreement. 

This Agreement, the other Transaction Documents and the schedules and exhibits hereto and thereto, which are hereby expressly incorporated
herein by this reference, constitute the entire understanding and agreement between all the Parties with respect to the subject matter hereof and thereof and supersede all prior agreements, understandings, representatives and warranties, whether
written or oral, among all the Parties hereto with respect to the subject matter hereof. 

  
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 Section 9.5    Successors and Assigns. 

Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors,
assigns, heirs, executors and administrators of the Parties hereto. Except as expressly provided herein, this Agreement and the rights and obligations of each Party hereunder may not be assigned without the prior written consent of the Company and
each of Primavera and New Oriental; provided that any Preferred Shareholder may assign its rights or obligations hereunder to its respective transferees in connection with any Transfer of Preferred Shares without the prior written consent of the
other Parties; provided further that no Preferred Shareholder may, other than in connection with an Exempt Transfer, assign its rights or obligations hereunder to any transferee who is a Company Competitor without the prior written consent of the
Company. As a condition of such assignment, each successor or assignee shall agree in writing to be subject to each of the terms of this Agreement by execution of a Deed of Adherence and shall be deemed to be a party hereto as if the signature of
such successor or assignee appeared on the signature pages of this Agreement. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties 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. For purposes of this Agreement, “Company Competitor” means any Person on the list set forth in Schedule 4
hereto, provided that (A) the Board may update such schedule after the date hereof no more than once in every six (6) months by way of Board resolutions (which resolutions may be adopted by a simple majority of votes), (B) each such
update may not replace more than three (3) Persons set forth in such list and may not add more than two (2) Persons to such list, and (C) any Person appearing on the list (whether as a replacement or an addition) must be, in the good
faith judgment of the Board by resolutions adopted by a simple majority, engaged in business in competition with the Group Companies. 

Section 9.6    No Third Party Beneficiaries; No Partnership. 

A Person who is not a party to this Agreement shall not have any right under, nor shall any such Person be entitled to enforce any provision
of, this Agreement. Notwithstanding the foregoing, the Parties hereto agree that any Person named herein as a Party who executes and delivers to the Company a counterpart signature page hereto, and any Person who executes and delivers to the Company
a Deed of Adherence, after the date hereof shall be deemed to be a party to this agreement from the date of the delivery and shall be afforded the applicable rights and privileges and subject to the applicable obligations under this Agreement in
accordance with the provisions of this Agreement or the Deed of Adherence, as applicable. Nothing in this Agreement shall be deemed to constitute a partnership among any of the Parties hereto. 

Section 9.7    Notices. 

  
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 Except as may be otherwise provided herein, all notices, requests, waivers and other
communications made pursuant to this Agreement shall be in writing to the number or address set forth in Schedule 3 hereto (or in the Deed of Adherence of such Party, as applicable) and shall be conclusively deemed to have been duly given
(a) when hand-delivered to the other Parties, upon delivery; (b) when sent by facsimile or electronic mail at the number or address upon receipt of confirmation of error-free transmission or, in the case of electronic mail, upon such mail
being sent unless the sending party subsequently learns that such electronic mail was not successfully delivered; (c) seven (7) Business Days after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid; or
(d) three (3) Business Days after deposit with an overnight delivery service, postage prepaid with next-business-day delivery guaranteed, provided that the sending party receives a confirmation of
delivery from the delivery service provider. A party may change or supplement the addresses given above, or designate additional addresses, for purposes of this Section 9.7, by giving the other Parties written notice of the
new address in the manner set forth above. 
 Section 9.8    Amendments; Waiver. 

(a)    Any provision of this Agreement may be amended only with the written consent of each of (i) the Company,
(ii) the holders of a majority of the then issued and outstanding Ordinary Shares (voting as a single class) and (iii) the holders of a majority of the then issued and outstanding Preferred Shares (voting as a single class); provided
that (A) the written consent of holders of a majority of the issued and outstanding Preferred Shares in a particular series shall also be required with respect to any amendment to this Agreement hereunder that (x) adversely affects the
rights of holders of such series of Preferred Shares as set forth herein in a manner not so affecting the rights of holders of other series of Preferred Shares, or (y) adversely affects the rights of holders of such series of Preferred Shares
as set forth in the Articles in a manner not so affecting the rights of holders of other series of Preferred Shares, provided further that the written consent of the holder of a series of Preferred Shares shall also be required with respect
to any amendment to this Agreement hereunder that (x) adversely affects the rights of such holder as set forth herein in a manner not so affecting the rights of the other holders of the same series of Preferred Shares, or (y) adversely
affects the rights of such holder as set forth in the Articles in a manner not so affecting the rights of the other holders of the same series of Preferred Shares. Any amendment effected in accordance with this Section 9.8(a)
shall be binding upon all the Parties. 
 (b)    No waiver of any provision of this Agreement shall be effective
unless set forth in a written instrument signed by the party against whom the waiver is to be effective; provided that (i) a written waiver signed by the holders of a majority of the then issued and outstanding Preferred Shares in a
particular series shall be effective against all holders of Preferred Shares in such series, and (ii) a written waiver signed by the holders of a majority of the then issued and outstanding Preferred Shares (voting as a single class) shall be
effective against all holders of Preferred Shares unless such waiver would (x) adversely affect the rights of holders of any particular series of Preferred Shares set forth herein in a manner not so affecting the rights of other series of
Preferred Shares, or (y) adversely affects the rights or privileges of such series of Preferred Shares as set forth in the Articles in a manner not so affecting the rights of other series of Preferred Shares (and in the case of (x) and
(y), such waiver shall be effective against all holders of Preferred Shares other than holders of such particular series of Preferred Shares). 

(c)    Notwithstanding any other provision of this Agreement, each and every Shareholder hereby irrevocably waives any and
all pre-emptive rights, anti-dilution rights, rights of first refusal, put or call rights, co-sale rights, or other similar rights and preference (if any), which it may
have or may be available to it under the Articles or arising under contract or at law or otherwise with respect to the Orchid Asia Ordinary Subscription, the Management Holdco Ordinary Repurchase and the issuance and allotment of the Series B+
Shares pursuant to the Series B+ Share Subscription Agreement and the consummation of other transactions contemplated thereunder, and waives any applicable notice periods that it may be entitled to with respect to such transfer, issuance and/or
allotment and each and every Shareholder hereby agrees that all consents or approvals as may be required from the Shareholders or any of them under the Articles for the Company to enter into the aforementioned agreements and perform all the
transactions contemplated thereby are deemed obtained. 

  
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 Section 9.9    Delays or Omissions. 

No delay or omission to exercise any right, power or remedy accruing to any party hereto, upon any breach or default of any other party hereto
under this Agreement, shall impair any such right, power or remedy of such party, nor shall it be construed to be a waiver of any such breach or default, or of an acquiescence therein, or of any similar breach or default thereafter occurring; nor
shall it be construed to be 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 party hereto of any breach or default under this Agreement
or any waiver on the part of any party hereto 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 any party hereto, shall be cumulative and not alternative. 

Section 9.10    Counterparts. 

This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute
one instrument. Facsimile and e-mailed copies of signatures in portable document format (PDF) shall be deemed to be originals for purposes of the effectiveness of this Agreement. 

Section 9.11    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 their best efforts to
negotiate, in good faith, a substitute, valid and enforceable provision or agreement which most nearly reflects the Parties’ intent in entering into this Agreement. 

Section 9.12    Expenses. 

Except as otherwise specifically provided in the Transaction Documents, each Party will bear its own legal, accounting and other costs and
expenses incurred by such Party in connection with the negotiation, execution and delivery of this Agreement and the other Transaction Documents and the consummation of the transactions contemplated hereby and thereby. 

Section 9.13    Confidentiality and Non-Disclosure. 

  
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 (a)    Disclosure of Terms. The terms and conditions of the
Transaction Documents (collectively, the “Financing Terms”) and any information received by any Shareholder from the Company pursuant to Article II or otherwise (collectively, the “Confidential Information”)
shall be considered confidential information and shall not be disclosed by any Party to any third party except in accordance with the provisions set forth below; provided that such Confidential Information shall not include, with respect to
any Party, any information that is (i) in the public domain other than by reason of the breach of the confidentiality obligations hereunder by any Party hereto, (ii) already in the possession of such Party at the time the information was
disclosed to such Party by other Parties hereto, (iii) is acquired by such Party from a source other than the other Parties hereto, which source, to the knowledge of the receiving Party, is not in breach of any obligation owed to any Party
hereto in respect of such disclosure, (iv) independently developed by such Party without using or making reference to any Confidential Information, or (v) agreed in writing by the Company and the other Parties hereto not to be
confidential. 
 (b)    Press Releases, etc. Each Party may not disclose the existence of the transactions
contemplated under the Financing Terms except by way of a press release in form and substance jointly approved by the Company and the Preferred Shareholders; provided, however, that any press release containing the name of, or making
specific reference to, any Preferred Shareholder or any of its Affiliates shall require the prior written consent of such Preferred Shareholder. 

(c)    Permitted Disclosures. 

(i)    In the event that any Party is requested by any Government Authority or becomes legally compelled
(including, without limitation, pursuant to securities laws and regulations and in connection with any legal, judicial, arbitration or administrative proceedings) to disclose the existence of this Agreement, any other Transaction Documents, any of
the exhibits and schedules attached to such agreements, or any of the Financing Terms hereof in contravention of the provisions of this Section 9.13, such Party (the “Disclosing Party”) shall to the extent
practicable and permitted by Laws, provide the other Parties (the “Non-Disclosing Parties”) with prompt written notice of that fact and use all commercially reasonable efforts to seek (with
the cooperation and reasonable efforts of the other Parties) a protective order, confidential treatment or other appropriate remedy with respect to the information which is requested or legally required to be disclosed. In such event, the Disclosing
Party shall furnish only that portion of the information which is requested or legally required to be disclosed and shall exercise reasonable efforts to keep confidential such information to the extent reasonably requested by any Non-Disclosing Party; 
 (ii)    any Party may disclose any of the
Financing Terms to its current or bona fide prospective investors investment bankers, lenders, accountants and attorneys, in each case only where such Persons are under appropriate nondisclosure obligations; without limiting the generality of the
foregoing, the Preferred Shareholders shall be entitled to disclose the Financing Terms for the purposes of fund reporting or inter-fund reporting or to their fund manager, other funds managed by their fund manager and their respective auditors,
counsel, directors, officers, employees, shareholders or investors; and 

  
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 (iii)  each Preferred Shareholder may, without disclosing the
identities of the other Shareholders or the Financing Terms of their respective investments in the Company without their consent, disclose such Preferred Shareholder’s investment in the Company and the Financing Terms of its investment to third
parties or to the public at its sole discretion and, if it does so, the other Parties shall have the right to disclose to third parties any such information disclosed in a press release or other public announcement by such Preferred Shareholder.

 Section 9.14    Effectiveness; Termination. 

This Agreement shall become effective upon the execution hereof by the Parties or, if not all Preferred Shareholders are executing this
Agreement at the same time, upon the execution hereof by the Company, the Key Group Companies, the Founders, the Founder Holdcos, the Management Holdco and those Preferred Shareholders who have executed this Agreement (in which case this Agreement
shall be effective only with respect to the Parties who have executed this Agreement or subsequently become a party hereto by way of delivering a signature page hereto). This Agreement shall terminate (i) with respect to all Parties, upon
mutual consent of all of the Parties, or (ii) with respect to any Shareholder, upon the time when it no longer holds any Shares. If this Agreement is terminated with respect to any Party, such Party shall be released from its obligations, and
shall cease to enjoy any rights, under this Agreement, provided that (x) the obligations expressly stated herein to survive any termination of this Agreement and the provisions of Article IX shall survive such termination,
(y) no such termination shall release any Party from any liability arising prior to such termination, and (z) any such termination with respect to a Party shall not prejudice any rights or obligations of such Party that were duly assigned
in accordance with the terms hereof prior to such termination, which rights and obligations shall continue unaffected by such termination. 

Section 9.15    Shareholders’ Action. 

The Shareholders shall, to the maximum extent permitted by applicable Law, take all necessary actions to give full force and effect to the
provisions of this Agreement. If there is any conflict between any provision of this Agreement and any provision of the Charter Documents of any Group Company, the provisions of this Agreement shall prevail as among the Shareholders, and the Parties
shall procure that the Charter Documents of such Group Company are promptly amended, to the extent permitted by applicable Laws, in order to remove such conflict. 

** REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK ** 

  
 44 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date first above written. 
  

			
	GROUP COMPANIES:
	
	STUDYVIP ONLINE EDUCATION INTERNATIONAL LIMITED

 
			
		
	By:	 	 /s/ YIN Jianhong

	Name: YIN Jianhong
	Title: Director

  

			
	Wuhan Zhibo Youxuan Online Education Technology Limited

 
			
		
	By:	 	 /s/ LIU Tongbo

	Name: LIU Tongbo
	Title: Director
	/s/ Seal of Wuhan Zhibo Youxuan Online Education Technology Limited

  

			
	STUDYVIP ONLINE EDUCATION HK LIMITED

 
			
		
	By:	 	 /s/ YIN Jianhong

	Name: YIN Jianhong
	Title: Director

  
 45 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date first above written. 
 Beijing Shangde Online Education Technology Co., Ltd.

 
 By: /s/ LIU
Tongbo                     
 Name:
LIU Tongbo 
 Title: Director 

/s/ Seal of Beijing Shangde Online Education Technology Co., Ltd. 

Beijing Shangzhi Jiaye Education Technology Co., Ltd.

 
 By: /s/ YIN
Jianhong                     

Name: YIN Jianhong 
 Title:
Director 
 /s/ Seal of Beijing Shangzhi Jiaye Education Technology Co., Ltd. 

Beijing Shangren Chongye Education Technology Co., Ltd.

 
 By: /s/ seal of GU
Kun                     
 Name: GU
Kun 
 Title: Director 
 /s/
Seal of Beijing Shangren Chongye Education Technology Co., Ltd. 
 Guangdong Shangde Online Education Technology Co., Ltd.

 
 By: /s/ LIU
Tongbo                         

Name: LIU Tongbo 
 Title:
Director 
 /s/ Seal of Guangdong Shangde Online Education Technology Co., Ltd. 

  
 46 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date first above written. 
 Shanghai Shangchi Education Technology Co., Ltd.

 
 By: /s/ LIU
Tongbo                         

Name: LIU Tongbo 
 Title:
Director 
 /s/ Seal of Shanghai Shangchi Education Technology Co., Ltd. 

YIN Jianhong

 
 /s/ YIN Jianhong 
  

STUDYVIP ONLINE EDUCATION LIMITED 

By: /s/ YIN
Jianhong                     

Name: YIN Jianhong 
 Title:
Director 
 LIU Tongbo

 
 /s/ LIU Tongbo 

  
 47 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date first above written. 
  

			
	SCUPT GLOBAL LIMITED
		
	By:	 	/s/ LIU Tongbo
	Name: LIU Tongbo
	Title: Director

  

			
	STUDYVIP E-LEARNING LIMITED
		
	By:	 	/s/ LIU Tongbo
	Name: LIU Tongbo
	Title: Director

  
 48 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date first above written. 
  

			
	SERIES A PREFERRED SHAREHOLDERS: ELITE CONCEPT HOLDINGS LIMITED

 
			
		
	By:	 	/s/ YANG Zhihui

 
			
	Name:	 	YANG Zhihui
	Title:	 	Director

  
 49 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date first above written. 
  

			
	SERIES A PREFERRED SHAREHOLDERS:
	
	Shanghai Chuang Ji Investment Center (Limited Partnership)

 
			
		
	By:	 	 /s/ XIAO Ping

 
			
	Name: XIAO Ping
	Title:	 	Authorized Representative of the Managing Partner
	/s/ Seal of Shanghai Chuang Ji Investment Center (Limited Partnership)

  
 50 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date first above written. 
  

			
	SERIES A PREFERRED SHAREHOLDERS:
	
	Shenzhen Xingwang Hulian II Investment Center (Limited Partnership)

		
	By:	 	/s/ XIONG Mingwang                
	Name:	 	XIONG Mingwang
	Title:	 	Authorized Representative of the Managing Partner
	/s/ Seal of Shenzhen Xingwang Hulian II Investment Center (Limited Partnership)

  
 51 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date first above written. 
  

			
	SERIES B PREFERRED SHAREHOLDERS: PV PLUTO LIMITED
		
	By:	 	 /s/ Ena Leung

 
			
	Name:	 	Ena Leung

 
			
	Title:	 	Director

  
 52 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date first above written. 
  

			
	SERIES B+ PREFERRED SHAREHOLDER:
	
	DIAMOND TOWER INVESTMENTS LIMITED
		
	By:	 	 /s/ Gabriel Li

 

			
	Name:	 	Gabriel Li

 
			
	Title:	 	Director

  
 53Exhibit 10.13 - Share Subscription Agreement

Table of Contents

 Exhibit 10.13 

SHARE SUBSCRIPTION AGREEMENT 

dated as of June 19, 2017 

by and among 
 STUDYVIP ONLINE
EDUCATION INTERNATIONAL LIMITED, 
 THE SERIES A INVESTORS, 

THE SERIES B INVESTORS 
 and 

OTHER PARTIES NAMED HEREIN 

Table of Contents

 TABLE OF CONTENTS 

 

					
	 	  	PAGE	 
	 Article I Definitions
	  	 	2	 
	 Section 1.1. Certain Definitions
	  	 	2	 
	 Section 1.2. Interpretation and Rules of Construction
	  	 	11	 
		
	 Article II Agreement to Subscribe and Issue Shares
	  	 	12	 
	 Section 2.1. Agreement to Subscribe and Issue
	  	 	12	 
	 Section 2.2. Closings
	  	 	13	 
	 Section 2.3. Series A Closing Deliverables
	  	 	14	 
	 Section 2.4. Series B Closing Deliverables
	  	 	16	 
	 Section 2.5. Additional Agreements
	  	 	17	 
		
	 Article III Representations and Warranties of Warrantors in favor of Series A Investors
	  	 	18	 
	 Section 3.1. Organization and Authority
	  	 	18	 
	 Section 3.2. Capitalization
	  	 	19	 
	 Section 3.3. Due Authorization and Enforceability
	  	 	19	 
	 Section 3.4. No Conflicts; Consents
	  	 	20	 
	 Section 3.5. Valid Issuance of Shares
	  	 	20	 
		
	 Article IV Representations and Warranties of Warrantors in favor of Series B Investors
	  	 	20	 
	 Section 4.1. Organization and Authority
	  	 	20	 
	 Section 4.2. Capitalization
	  	 	21	 
	 Section 4.3. Subsidiaries
	  	 	22	 
	 Section 4.4. Due Authorization and Enforceability
	  	 	22	 
	 Section 4.5. No Conflicts; Consents
	  	 	23	 
	 Section 4.6. Valid Issuance of Shares
	  	 	23	 
	 Section 4.7. Corporate Books and Records
	  	 	23	 
	 Section 4.8. Financial Statements
	  	 	24	 
	 Section 4.9. No Undisclosed Liability; Solvency
	  	 	25	 
	 Section 4.10. Absence of Certain Changes
	  	 	25	 
	 Section 4.11. Title to Properties and Assets
	  	 	26	 
	 Section 4.12. Intellectual Property
	  	 	26	 
	 Section 4.13. Material Contracts
	  	 	28	 
	 Section 4.14. Litigation
	  	 	29	 
	 Section 4.15. Compliance with Laws
	  	 	29	 
	 Section 4.16. Taxes
	  	 	30	 
	 Section 4.17. Employee Matters
	  	 	32	 
	 Section 4.18. Transactions with Related Parties
	  	 	32	 
	 Section 4.19. Material Licenses
	  	 	33	 
	 Section 4.20. Entire Business
	  	 	33	 
	 Section 4.21. Full Disclosure
	  	 	33	 
	 Section 4.22. Exempt Offering
	  	 	33	 
	 Section 4.23. Brokers
	  	 	33	 

  
 i 

Table of Contents

					
	 	  	PAGE	 
	 Article V Representations and Warranties of the Investors
	  	 	33	 
	 Section 5.1. Organization and Good Standing
	  	 	34	 
	 Section 5.2. Authorization
	  	 	34	 
	 Section 5.3. No Conflicts
	  	 	34	 
	 Section 5.4. Outbound Investment Registration
	  	 	34	 
		
	 Article VI Covenants and Agreements
	  	 	34	 
	 Section 6.1. Access to Information
	  	 	34	 
	 Section 6.2. Conduct of Business
	  	 	35	 
	 Section 6.3. Notice of Certain Matters
	  	 	35	 
	 Section 6.4. Use of Proceeds
	  	 	36	 
	 Section 6.5. Further Assurances
	  	 	36	 
	 Section 6.6. Restructuring
	  	 	37	 
	 Section 6.7. Amended Articles
	  	 	38	 
	 Section 6.8. Circular 37 Registration
	  	 	38	 
	 Section 6.9. Post-Incorporation Registrations
	  	 	38	 
	 Section 6.10. Right to Appoint Nominee Shareholder
	  	 	38	 
	 Section 6.11. Certain Additional Covenants
	  	 	38	 
		
	 Article VII Conditions
	  	 	39	 
	 Section 7.1. Conditions to the Obligation of Each Party
	  	 	39	 
	 Section 7.2. Additional Conditions to the Obligation of Each Series A Investor
	  	 	40	 
	 Section 7.3. Additional Conditions to the Obligation of Each Series B Investor
	  	 	40	 
	 Section 7.4. Additional Conditions to the Obligation of the Company
	  	 	42	 
	 Section 7.5. Waiver of Certain Closing Conditions; Continuing Obligations
	  	 	42	 
		
	 Article VIII Indemnification
	  	 	43	 
	 Section 8.1. Indemnification by the Warrantors
	  	 	43	 
	 Section 8.2. Survival of Representations and Warranties
	  	 	43	 
	 Section 8.3. Limitation
	  	 	43	 
	 Section 8.4. Procedure
	  	 	44	 
		
	 Article IX Miscellaneous
	  	 	45	 
	 Section 9.1. Governing Law
	  	 	45	 
	 Section 9.2. Dispute Resolution
	  	 	45	 
	 Section 9.3. Specific Performance
	  	 	45	 
	 Section 9.4. Entire Agreement
	  	 	46	 
	 Section 9.5. Successors and Assigns
	  	 	46	 
	 Section 9.6. No Third Party Beneficiaries; No Partnership
	  	 	46	 
	 Section 9.7. Notices
	  	 	46	 
	 Section 9.8. Amendments and Waivers
	  	 	46	 
	 Section 9.9. Delays or Omissions
	  	 	46	 
	 Section 9.10. Counterparts
	  	 	47	 
	 Section 9.11. Severability
	  	 	47	 
	 Section 9.12. Expenses
	  	 	47	 
	 Section 9.13. Confidentiality and
Non-Disclosure
	  	 	47	 
	 Section 9.14. Termination of this Agreement
	  	 	48	 
	 Section 9.15. Effectiveness, Obligations of Investors
	  	 	50	 

  
 ii 

Table of Contents

 SCHEDULES AND EXHIBITS 
  

			
		
	Schedule 1    	  	List of Key Group Companies
	Schedule 2    	  	First Ordinary Subscription Shares
	Schedule 3    	  	Series A Investors and Series A Investor Subscription Shares
	Schedule 4    	  	Second Ordinary Subscription Shares
	Schedule 5    	  	Series B Investors and Series B Investor Subscription Shares
	Schedule 6    	  	Series B Investors and Series B Warrant Shares
	Schedule 7    	  	Company Bank Account
	Schedule 8    	  	Disclosure Schedule
	Schedule 9    	  	Address for Notices
	Schedule 10    	  	Restructuring Plan
	Schedule 11    	  	List of Specified Persons
	Schedule 12    	  	List of Certain Employees
		
	Exhibit A    	  	Form of Shareholders Agreement
	Exhibit B    	  	Form of Amended Articles
	Exhibit C    	  	Form of Cayman Legal Opinion
	Exhibit D    	  	Form of PRC Legal Opinion
	Exhibit E    	  	Form of Series B Warrant
	Exhibit F    	  	Form of Joinder Agreement
	Exhibit G	  	Form of Restructuring Documents
	Exhibit H    	  	Executed Restructuring Documents

  
 iv 

Table of Contents

 SHARE SUBSCRIPTION AGREEMENT 

THIS SHARE SUBSCRIPTION AGREEMENT (this “Agreement”) is made and entered into as of June 19, 2017, by and among: 

(1)    STUDYVIP ONLINE EDUCATION INTERNATIONAL LIMITED, an exempted company incorporated with limited liability under the
laws of the Cayman Islands (the “Company”); 
 (2)    each Person listed in SCHEDULE 1 hereto
(each a “Key Group Company”); 
 (3)    (i) MR. YIN JIANHONG 

, a PRC citizen with the ID number of 370684197703270054, and (ii) MR. LIU TONGBO

 a PRC citizen with the ID number of 510402198603030913 ((i) and (ii), collectively, the “Founders”); 

(4)    (i) STUDYVIP ONLINE EDUCATION LIMITED, a business company incorporated under the laws of the British Virgin
Islands, and (ii) SCUPT GLOBAL LIMITED, a business company incorporated under the laws of the British Virgin Islands ((i) and (ii), collectively, the “Founder Holdcos”); 

(5)    STUDYVIP E-LEARNING LIMITED, a business company incorporated under the laws
of the British Virgin Islands (the “Management Holdco”); 
 (6)    each Person listed on SCHEDULE
3 hereto under the heading “Series A Investor Name” (each a “Series A Investor” and collectively, the “Series A Investors”); and 

(7)    each Person listed on SCHEDULE 5 hereto under the heading “Series B Investor Name” (each a
“Series B Investor” and collectively, the “Series B Investors” and, collectively with the Series A Investors, the “Investors”). 

Each of the parties listed above is referred to herein individually as a “Party” and collectively as the
“Parties”. 
 RECITALS 

WHEREAS, the Company desires to issue and allot to each Series A Investor, and each Series A Investor desires to subscribe for, certain Series
A preferred shares with a par value of US$0.0001 per share in the share capital of the Company (the “Series A Preferred Shares”) pursuant to the terms and subject to the conditions set forth in this Agreement; 

WHEREAS, the Company desires to issue and allot to each Series B Investor, and each Series B Investor desires to subscribe for, certain Series
B preferred shares with a par value of US$0.0001 per share in the share capital of the Company (the “Series B Preferred Shares”) pursuant to the terms and subject to the conditions set forth in this Agreement; 

WHEREAS, in connection with the transactions contemplated hereby, the Group Companies will undertake an internal restructuring in accordance
with the provisions herein; and 

Table of Contents

 WHEREAS, the Company and each Investor desire to make certain representations, warranties,
covenants and agreements with each other in connection with the transactions contemplated hereby. 
 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: 

Article I 
 Definitions

 Section 1.1 Certain Definitions. For purposes of this Agreement, the following terms shall
have the meanings specified in this Section 1.1: 
 “Action” means any claim, action, suit, arbitration,
inquiry, proceeding or investigation by or before any Government Authority. 
 “Affiliate” means, with respect to any
specified Person, any other Person who directly or indirectly Controls, is Controlled by, or is under common Control with such specified Person, provided, however, that for purposes of this Agreement, no Investor shall be deemed to be an Affiliate
of any Group Company, and vice versa. With respect to any Person who is a natural Person, such Person’s Affiliates shall also include his or her Immediate Family Members. 

“Agreement” has the meaning ascribed to it in the Preamble. 

“Amended Articles” means the amended and restated memorandum and articles of association of the Company, in the form attached
hereto as EXHIBIT B. 
 “Applicable Accounting Standard” means, with respect to any Group Company, the generally accepted
accounting principles of the PRC. 
 “Approvals” has the meaning ascribed to it in Section 3.4.

 “Beneficial Owner” has the meaning given to “beneficial owner” in Rule
13d- 3 of the Securities Act, and “Beneficially Own” shall have correlative meanings. 

“Benefit Plan” has the meaning ascribed to it in Section 4.17. 

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

“Business” means, in respect of a Group Company, the business as it currently conducts and as it currently proposes to
conduct and, in respect of the Group Companies, the business as the Group Companies currently conduct and as they currently propose to conduct. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banking institutions in Hong
Kong, New York, Singapore, the Cayman Islands or the PRC are authorized or required by law or executive order to close. 

  
 2 

Table of Contents

 “Charter Documents” means, with respect to a particular legal entity, the
articles of incorporation, certificate of incorporation, formation or registration (including, if applicable, certificates of change of name), memorandum of association, articles of association, bylaws, articles of organization, limited liability
company agreement, trust deed, trust instrument, operating agreement, joint venture agreement, business license, or similar or other constitutive, governing, or charter documents, or equivalent documents, of such entity. 

“Circular 37” means the Circular No. 37

 [2014]37

 issued by the PRC State Administration of Foreign Exchange on July 4, 2014, titled “Notice on Relevant Issues Concerning Foreign Exchange Administration for Domestic Residents to Engage in Overseas Investment
and Financing and Round Trip Investment via Special Purpose Companies

)”, including any amendment, implementing rules, or official interpretation thereof or any replacement, successor or alternative legislation having the same subject matter thereof. 

“Claim Notice” has the meaning ascribed to it in Section 8.4. 

“Closing” with respect to an Investor means the Series A Closing or Series B 

Closing, as applicable, with respect to such Investor. 

“Closing Date” with respect to an Investor means the Series A Closing Date or Series B Closing Date, as applicable, of such
Investor. 
 “Company” has the meaning ascribed to it in the Preamble. 

“Company Intellectual Property” has the meaning ascribed to it in Section 4.12(a). 

“Company IP Agreements” means (a) licenses of Company Intellectual Property by any Group Company to any third party,
(b) licenses of Intellectual Property by any third party to any Group Company, (c) agreements between any Group Company and any third party relating to the development or use of Intellectual Property, and (d) consents, settlements,
decrees, orders, injunctions, judgments or rulings governing the use, validity or enforceability of Company Intellectual Property. 

“Company Security Holder” has the meaning ascribed to it in Section 4.15(e). 

“Company Subsidiary” means each Subsidiary of the Company and any other Person that will become a Subsidiary of the Company
at or prior to the Closing pursuant to the Restructuring. 
 “Contract” means a contract, agreement, understanding,
indenture, note, bond, loan, instrument, lease, mortgage, franchise, license, commitment, purchase order, and other legally binding agreement, whether written or oral. 

“Control” means, as used with respect to any Person, the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of such Person, whether through the ownership of voting securities, by Contract or otherwise; the terms “Controlled by” and “under common Control with” shall have
correlative meanings. 

  
 3 

Table of Contents

 “Disclosing Party” has the meaning ascribed to it in
Section 9.13(c)(i). 
 “Disclosure Schedule” means the disclosure schedule attached hereto as
SCHEDULE 8, as may be updated prior to the Closing of the Series B Investors pursuant to Section 6.3(b). 

“Domestic Company” means Beijing Shangde Online Education Technology Co., Ltd.(

, a limited liability company incorporated under the Laws of the PRC. 
 “ESOP” means the
equity based incentive plans of the Group Companies, as may be adopted and amended from time to time. 
 “Financial
Statements” has the meaning ascribed to it in Section 4.8(a). “Financing Terms” has the meaning ascribed to it in Section 9.13(a). “First Ordinary Closing” has the
meaning ascribed to it in Section 2.2(a). 
 “First Ordinary Closing Date” has the meaning
ascribed to it in Section 2.2(a). 
 “First Ordinary Subscription Price” has the meaning ascribed
to it in Section 2.1(a). 
 “First Ordinary Subscription Shares” has the meaning ascribed to it
in Section 2.1(a). 
 “Founder Holdcos” has the meaning ascribed to it in the Preamble. 

“Founders” has the meaning ascribed to it in the Preamble. 

“Government 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 or national or international stock exchange on which the securities of the applicable party or its Affiliates are listed. 

“Group Companies” means the Company and all of its Subsidiaries, collectively, and each is herein referred to individually as
a “Group Company”, provided, however, that KFYR shall not be deemed a Group Company for purposes of this Agreement. 

“HK Co” means Studyvip Online Education HK Limited

, a company incorporated under the laws of Hong Kong. 
 “HKIAC” has the meaning ascribed to
it in Section 9.2(a). 
 “HKIAC Rules” has the meaning ascribed to it in
Section 9.2(a). 

  
 4 

Table of Contents

 “Immediate Family Members” means, with respect to any natural Person,
(a) such Person’s spouse, parents, parents-in-law, grandparents, children, grandchildren, siblings and siblings-in-law (in each case whether adoptive or biological), (b) spouses of such Person’s children, grandchildren and siblings (in each case whether adoptive or biological), and (c) estates,
trusts, partnerships and other Persons which directly or indirectly through one or more intermediaries are Controlled by the foregoing. 

“Indebtedness” of any Person means, without duplication, (i) the principal of and, accreted value, accrued and unpaid
interest, prepayment premiums or penalties and fees and expenses or similar breakage costs or other fees required to be paid under such indebtedness to be satisfied and discharged in full in respect of (A) indebtedness of such Person for
borrowed money and (B) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable; (ii) all obligations (contingent or otherwise) of such Person issued or
assumed as the deferred purchase price of property or services, all conditional sale obligations of such Person and all obligations of such Person under any title retention the ordinary course of business consistent with the past practice of such
Person); (iii) all capitalized lease obligations; (iv) all obligations and Liabilities payable upon termination of interest rate protection agreements, foreign currency exchange agreements or other interest rate or exchange rate hedging or swap
arrangements; (v) all obligations of the type referred to in clauses (i) through (iv) of any Persons the payment of which such Person is responsible or liable, directly or indirectly, as obligor, guarantor, surety or otherwise; and
(vi) all obligations of the type referred to in clauses (i) through (v) of other Persons secured by any Lien on any property or asset of such Person (whether or not such obligation is assumed by such Person). 

“Indemnifiable Losses” has the meaning ascribed to it in Section 8.1. 

“Indemnified Party” or “Indemnified Parties” has the meaning ascribed to it in
Section 8.1. 
 “Indemnifying Party” has the meaning ascribed to it in
Section 8.1. 
 “Intellectual Property” means all U.S. and
non-U.S. intellectual property, including (i) all intellectual property rights in inventions, discoveries, and processes, and all patents, and patent disclosures, (ii) all trademarks, service marks,
trade names, brand names, trade dress rights, logos, Internet domain names and corporate names, and, to the extent recognized under applicable Law, other source indicators, and the goodwill of the business symbolized thereby, (iii) all
copyrights and works of authorship in any media, including all designs, (iv) all computer software, databases and programs, (v) all trade secrets, know-how, and other proprietary or confidential
information and (vi) all applications, registrations, renewals, foreign counterparts, extensions, continuations, continuations-in-part, re- examinations, reissues, and divisionals of the foregoing. 
 “Investor Subscription
Price” means the Series A Investor Subscription Price or the Series B Investor Subscription Price, as applicable. 

  
 5 

Table of Contents

 “Investor Subscription Shares” means the Series A Investor Subscription Shares
or the Series B Investor Subscription Shares, as applicable. 
 “Investors” has the meaning ascribed to it in the Preamble.

 “Joinder Agreement” has the meaning ascribed to it in Section 9.15. 

“Key Group Company” has the meaning ascribed to it in the Preamble. 

“KFYR” means Beijing Kafei Yirong Technology Co., Ltd.

, a company incorporated in the PRC. 
 “Knowledge” means the knowledge actually possessed, or
should have been possessed after due inquiry. 
 “Law” means any federal, state, territorial, foreign or local law, common
law, statute, ordinance, rule, regulation, code, measure, notice, circular, opinion or order of any Government Authority, including any rules promulgated by a stock exchange or regulatory body. 

“Legacy ESOP Platform” has the meaning ascribed to the term
“

” in the Restructuring Plan. 

“Liability” means any indebtedness, liability or obligation (whether direct or indirect, absolute or contingent, accrued or
unaccrued, liquidated or unliquidated, or due or to become due), including those arising under any Law, Order, Action or Contract and including all costs and expenses relating thereto. 

“Licensed Intellectual Property” means Intellectual Property licensed to any Group Company pursuant to the Company IP
Agreements to which it is a party. 
 “Lien” means any encumbrance, right, interest or restriction, including any mortgage,
judgment lien, materialman’s lien, mechanic’s lien, other lien (statutory or otherwise), charge, security interest, pledge, hypothecation, encroachment, easement, title defect, title retention agreement, voting trust agreement, right of pre-emption, right of first refusal, claim, option, limitation, forfeiture, penalty, equity, adverse interest or other third party right or security interest of any kind or an agreement, arrangement or obligation to
create any of the foregoing. 
 “Long Stop Date” means the date falling three (3) months after the date of this
Agreement. 
 “Management Holdco” has the meaning ascribed to it in the Preamble. “Material Adverse
Effect” means any change, circumstance, event or effect that, individually or in the aggregate, is or would be materially adverse to (a) the business, operations, assets, Liabilities, condition (financial or otherwise) or results of
operations of the Group Companies, taken as a whole; or (b) the ability of the Company to consummate the transactions contemplated by this Agreement and to perform its obligations hereunder and under any other Transaction Documents. 

“Material Contract” has the meaning ascribed to it in Section 4.13(a). 

  
 6 

Table of Contents

 “Material License” means all franchises, permits, licenses, approvals,
authorizations and any similar document issued or granted by any Government Authority that are, individually or in the aggregate, material for the conduct of the Business of the Group Companies. 

“Matrix” means Shanghai Chuang Ji Investment Center (Limited Partnership). 

“New Oriental” means ELITE CONCEPT HOLDINGS LIMITED. 

“Non-Disclosing Parties” has the meaning ascribed to it in
Section 9.13(c)(i). 
 “ODI Alternative Plans” has the meaning ascribed to it in
Section 7.2(c). 
 “ODI Condition” has the meaning ascribed to it in
Section 7.5(a). “ODI Delayed Event” has the meaning ascribed to it in Section 7.5(a). “ODI Investor” means Matrix or Xingwang, as applicable. 

“ODI Long Stop Date” means the date falling one month after the date of this Agreement. 

“ODI Registration” means all necessary filings and registrations with, and all 

necessary approvals from, the relevant Government Authorities and banks in connection with the outbound investment by an ODI Investor into the
Company contemplated hereunder. 
 “Order” means any written order, injunction, judgment, decree, legally binding notice,
ruling, writ, assessment or arbitration award of a Government Authority. 
 “Ordinary Shares” means the ordinary shares
with a par value of US $0.0001 per share in the share capital of the Company. 
 “Party” or “Parties” has
the meaning ascribed to it in the Preamble. 
 “Person” means any individual or any partnership, firm, corporation, limited
liability company, association, trust, unincorporated organization or other entity. 
 “Primavera” means PV Pluto Limited,
a business company incorporated under the laws of the British Virgin Islands. 
 “PRC” means the People’s Republic of
China, excluding, for purposes of this Agreement, Hong Kong, Macau and Taiwan. 
 “Related Party” means any of (i) any
Person (other than any Group Company) who Beneficially Owns more than 5% of the issued and outstanding equity interests in any Group Company, (ii) the directors, officers and Senior Managers of any Group Company, and (iii) the Affiliates
of the Persons enumerated under (i) and (ii). 
 “Related Party Contracts” has the meaning ascribed to it in
Section 4.18(a). 
 “Restructuring” has the meaning ascribed to it in Section 3.1(d).

  
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 “Restructuring Documents” means, collectively, (i) the agreements that have
been or will be entered into by the relevant parties pursuant to the Restructuring Plan (including, for the avoidance of doubt, the restructuring agreement providing for the overall arrangement of the Restructuring (the “Restructuring
Agreement”), the various loan agreements contemplated by the Restructuring Plan, the capital increase agreement, equity interest transfer agreement and the joint venture contract relating to Beijing Shangzhi Jiaye Education Technology Co.,
Ltd.

, the equity interest transfer agreements and capital reduction agreements relating to the transfer and reduction, respectively, of registered capital of the Domestic Company, and the VIE Agreements), the final forms or
the latest drafts, as applicable, of which are attached as EXHIBIT G hereto as of the date hereof and the executed versions of all which will be attached to this Agreement as EXHIBIT H hereto on the Series B Closing Date by the Company, and
(ii) such other agreements, contracts, arrangements or documents that may be entered into in connection with the Restructuring. 

“Restructuring Plan” means the restructuring plan set forth in SCHEDULE 10 hereto. 

“RMB” means the lawful currency of the PRC. 

“SAFE” means the State Administration of Foreign Exchange. 

“SAFE Regulations” has the meaning ascribed to it in Section 4.15(e). 

“Second Ordinary Closing” has the meaning ascribed to it in Section 2.2(c). 

“Second Ordinary Closing Date” has the meaning ascribed to it in Section 2.2(c). 

“Second Ordinary Subscription Price” has the meaning ascribed to it in Section 2.1(c). 

“Second Ordinary Subscription Shares” has the meaning ascribed to it in Section 2.1(c). 

“Securities Act” means the United States Securities Act of 1933, as amended, or any successor federal statute, and the rules
and regulations thereunder. 
 “Senior Manager” of a Person means such Person’s president, chief executive officer,
chief financial officer, chief operating officer, chief technical officer, chief sales and marketing officer and any other individuals serving in comparable positions or having comparable duties and responsibilities. 

“Series A Closing” has the meaning ascribed to it in Section 2.2(b). 

“Series A Closing Date” has the meaning ascribed to it in Section 2.2(b). 

“Series A Investor” or “Series A Investors” has the meaning ascribed to it in the Preamble. 

“Series A Investor Subscription Price” has the meaning ascribed to it in the Preamble. 

“Series A Investor Subscription Shares” has the meaning ascribed to it in Section 2.1(b). 

  
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 “Series A Preferred Shares” has the meaning ascribed to it in the Recitals.
“Series B Closing” has the meaning ascribed to it in Section 2.2(d). “Series B Closing Date” has the meaning ascribed to it in Section 2.2(d). 

“Series B Investor” or “Series B Investors” has the meaning ascribed to it in
Section 2.1(b). 
 “Series B Investor Subscription Price” has the meaning ascribed to it in
Section 2.1(d). 
 “Series B Investor Subscription Shares” has the meaning ascribed to it in
Section 2.1(d). 
 “Series B Preferred Shares” has the meaning ascribed to it in the Recitals. 

“Series B Warrant” has the meaning ascribed to it in Section 2.1(e). 

“Series B Warrant Shares” mans the Series B Preferred Shares to be issued pursuant to an exercise of a Series B Warrant. 

“Shareholders Agreement” means the shareholders agreement, to be entered into by and among the Company, the Series A
Investors, the Series B Investors and certain other parties thereto, in substantially the form attached hereto as EXHIBIT A. 

“Statement Date” means April 30, 2017. 

“Subsidiary” means, with respect to any Person, each other Person in which the first Person (a) Beneficially Owns,
directly or indirectly, share capital or other equity interests representing more than fifty percent (50%) of the outstanding voting stock or other equity interests; (b) holds the rights to more than fifty percent (50%) of the economic interest
of such other Person, including interests held through a VIE Structure or other contractual arrangements; or (c) has a relationship such that the financial statements of the other Person may be consolidated into the financial statements of the
first Person under applicable accounting conventions. 
 “Subsidiary Shares” has the meaning ascribed to it in
Section 4.3(a). 
 “Tax” or “Taxes” means any national, provincial, municipal, or local
taxes, charges, fees, levies, or other assessments, including, without limitation, all net income (including enterprise income tax and individual income withholding tax), turnover (including value-added tax, business tax, and consumption tax),
resource (including urban and township land use tax), special purpose (including land value-added tax, urban maintenance and construction tax, and additional education tax), property (including urban real estate tax and land use taxes),
documentation (including stamp duty and deed tax), filing, recording, social insurance (including pension, medical, unemployment, housing, and other social insurance withholding), tariffs (including import duty and import value-added tax), and
estimated and provisional taxes of any kind whatsoever imposed by any Government Authority, and all interest, penalties (administrative, civil or criminal), or additional amounts imposed in connection with any of the foregoing tax items. 

  
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 “Tax Return” means any return, report or statement required to be filed with
respect to any Tax (including any attachments thereto, and any amendment thereof), including any information return, claim for refund, amended return or declaration of estimated Tax, and including, where permitted or required, combined, consolidated
or unitary returns for any group of entities that includes any Group Company. 
 “Third Party Claim” has the meaning
ascribed to it in Section 8.4. 
 “Transaction Documents” means this Agreement, the Joinder
Agreements, the Shareholders Agreement, the Amended Articles, the Restructuring Documents, the Series B Warrants and any other agreement, document or instrument required to be executed and delivered in connection with the transactions contemplated
by this Agreement and the other Transaction Documents. 
 “VIE Agreements” means, collectively, the agreements, contracts,
arrangements and documents implementing the VIE Structure of the Group Companies consisting of (i) Exclusive Technology Consulting and Service Agreement

, to be entered by and between the WFOE and the Domestic Company, (ii) Business Operation Agreement

, to be entered by and among the WFOE, the Domestic Company and certain other parties thereto, and the Irrevocable Voting Proxy

, to be entered into by the shareholders of the Domestic Company and certain other parties thereto, attached to the Business Operation Agreement

, (iii) Option Agreement

, to be entered by and among the WFOE, the Domestic Company and certain other parties thereto, (iv) Equity Pledge Agreement

, to be entered by and among the WFOE, the Domestic Company and certain other parties thereto, and (v) Letter of Consent

, to be entered into by the spouse of each Founder. 
 “VIE Structure” means the
investment structure in which a PRC-domiciled operating entity and its PRC shareholder(s) enter into a number of contracts with a non-PRC investor (or a foreign-invested
enterprise incorporated in the PRC invested by the non-PRC investor) pursuant to which the non-PRC investor (or a foreign-invested enterprise incorporated in the PRC
invested by the non-PRC investor) achieves Control of the PRC- domiciled operating entity and consolidates the financials of the
PRC-domiciled entity with those of the non-PRC investor. 

“Warrantors” means the Founders, the Founder Holdcos and the Group Companies, collectively. 

“Warrantor Fundamental Warranties” means, collectively, the representations and warranties of the Warrantors as set forth in
Section 4.1 (Organization and Authority), Section 4.2 (Capitalization), Section 4.3 (Subsidiaries), Section 4.4 (Due Authorization and Enforceability),
Section 4.5 (No Conflicts; Consents) and Section 4.6 (Valid Issuance of Shares). 

“WFOE” means the company to be incorporated in the PRC in connection with the Restructuring as the wholly-owned subsidiary of
the HK Co. 
 “Xingwang” means Shenzhen Xingwang Hulian II Investment Center (Limited Partnership). 

  
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 Section 1.2 Interpretation and Rules of Construction.

 (a)    Unless otherwise expressly provided, for purposes of this Agreement, the following rules of
interpretation shall apply: 
 (i)    the provision of a Table of Contents, the division of this
Agreement into Articles, Sections and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement; 

(ii)    any reference in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to
an Article or Section of, or a Schedule or Exhibit to, this Agreement, unless otherwise indicated. All Exhibits and Schedules hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein;

 (iii)    any reference in this Agreement to gender shall include all genders, and words imparting the
singular number only shall include the plural and vice versa; 
 (iv)    the word
“including” or any variation thereof means (unless the context of its usage otherwise requires) “including, without limitation” and shall not be construed to limit any general statement that it follows to the
specific or similar items or matters immediately following it; 
 (v)    words such as
“herein,” “hereinafter,” “hereof” and “hereunder” refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise
requires; 
 (vi)    when calculating the period of time before which, within which or following which
any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded; 

(vii)    references to “in the ordinary course of business” and comparable expressions
mean the ordinary and usual course of business of the relevant party, consistent in all respects (including nature and scope) with the prior practice of such party; 

(viii)    references to “writing,” “written” and comparable expressions
include any mode of reproducing words in a legible and non- transitory form including emails and faxes, provided the sender complies with the provisions of Section 9.7. 

(ix)    if any payment hereunder would have been, but for this
Section 1.2(a)(ix), due and payable on a date that is not a Business Day, then such payment shall instead be due and payable on the first Business Day after such date; and 

  
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 (x)    the term
“non-assessable,” when used with respect to any shares, means that no further sums are required to be paid by the holders thereof in connection with the issue thereof. 

(b)    In the event an ambiguity or question of intent or interpretation arises, no presumption or burden
of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. 
 Article II 

Agreement to Subscribe and Issue Shares 

Section 2.1 Agreement to Subscribe and Issue. 

(a)    First Ordinary Share Issuance and Reservation of Ordinary Shares for ESOP. Subject to the terms and
conditions hereof, the Company hereby agrees to issue and allot to each Founder Holdco and the Management Holdco, and each Founder Holdco and the Management Holdco, severally and not jointly, hereby agrees to subscribe for, on the First Ordinary
Closing Date, the number of Ordinary Shares set forth opposite such Founder Holdco’s and the Management Holdco’s name, respectively, under the heading “Number of First Ordinary Subscription Shares” in SCHEDULE 2
(the “First Ordinary Subscription Shares” of such Founder Holdco or Management Holdco, as applicable), for the aggregate subscription price set forth opposite such Founder Holdco’s or Management Holdco’s name,
respectively, under the heading “First Ordinary Subscription Price” in SCHEDULE 2 (the “First Ordinary Subscription Price” of such Founder Holdco or Management Holdco, as applicable). The First Ordinary
Subscription Price of each Founder Holdco and the Management Holdco reflects a per share subscription price of US$0.0001. The Company hereby irrevocably confirms and acknowledges that it has received the First Ordinary Subscription Price in full. On
the First Ordinary Closing Date, the Company shall simultaneously reserve 180,296 Ordinary Shares for the purpose of the ESOP. 

(b)    Series A Preferred Share Issuance. Subject to the terms and conditions hereof, the Company
hereby agrees to issue and allot to each Series A Investor, and each Series A Investor, severally and not jointly, hereby agrees to subscribe for, on the Series A Closing Date, the number of Series A Preferred Shares set forth opposite such Series A
Investor’s name under the heading “Number of Series A Investor Subscription Shares” in SCHEDULE 3 (the “Series A Investor Subscription Shares” of such Series A Investor), for the aggregate subscription
price set forth opposite such Series A Investor’s name under the heading “Series A Investor Subscription Price” in SCHEDULE 3 (the “Series A Investor Subscription Price” of such Series A Investor). The
Series A Investor Subscription Price of each Series A Investor reflects a per share subscription price of the US$ equivalent of RMB 611.98. 

  
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 (c)    Second Ordinary Share Issuance and Reservation of
Additional Ordinary Shares for ESOP. Subject to the terms and conditions hereof, the Company hereby agrees to issue and allot to the Management Holdco, and the Management Holdco hereby agrees to subscribe for, on the Second Ordinary Closing
Date, the number of Ordinary Shares set forth opposite the Management Holdco’s name under the heading “Number of Second Ordinary Subscription Shares” in SCHEDULE 4 (the “Second Ordinary Subscription
Shares” of the Management Holdco), for the aggregate subscription price set forth opposite the Management Holdco’s name under the heading “Second Ordinary Subscription Price” in SCHEDULE 4 (the “Second
Ordinary Subscription Price” of the Management Holdco). The Second Ordinary Subscription Price of the Management Holdco reflects a per share subscription price of US$0.0001. The Company hereby irrevocably confirms and acknowledges that it
has received the Second Ordinary Subscription Price in full. On the Second Ordinary Closing Date, the Company shall simultaneously reserve additional 61,627 Ordinary Shares for the purpose of the ESOP. 

(d)    Series B Preferred Share Issuance. Subject to the terms and conditions hereof, the Company
hereby agrees to issue and allot to each Series B Investor, and each Series B Investor, severally and not jointly, hereby agrees to subscribe for, on the Series B Closing Date with respect to such Series B Investor, the number of Series B Preferred
Shares set forth opposite such Series B Investor’s name under the heading “Number of Series B Investor Subscription Shares” in SCHEDULE 5 (the “Series B Investor Subscription Shares” of such Series B
Investor), for the aggregate subscription price set forth opposite such Series B Investor’s name under the heading “Series B Investor Subscription Price” in SCHEDULE 5 (the “Series B Investor Subscription
Price” of such Series B Investor). The Series B Investor Subscription Price of each Series B Investor reflects a per share subscription price of US$217.82. 

(e)    Series B Warrant Issuance. Subject to the terms and conditions hereof, the Company hereby
agrees to, on the Series B Closing Date with respect to a Series B Investor, issue to such Series B Investor, for no additional consideration, a warrant to subscribe for additional Series B Preferred Shares (the “Series B Warrant”
of such Series B Investor), by which such Series B Investor shall have the right to subscribe for, in the aggregate, a number of Series B Preferred Shares not exceeding the number set forth opposite such Series B Investor’s name under the
heading “Number of Series B Warrant Shares” in SCHEDULE 6 (as may be adjusted from time to time pursuant to the terms and conditions of the Series B Warrant) for an aggregate subscription price not exceeding the amount set
forth opposite such Series B Investor’s name under the heading “Series B Warrant Shares Subscription Price” in SCHEDULE 6. 

Section 2.2 Closings. 

(a)    First Ordinary Closing. Subject to the terms and conditions of this Agreement, the issuance
and subscription of the First Ordinary Subscription Shares of each Founder Holdco and the Management Holdco (the “First Ordinary Closing”) shall take place via the remote exchange of electronic documents and signatures no later than
ten (10) Business Days after all conditions specified in Section 7.1, Section 7.2, Section 7.3 and Section 7.4 have been waived or satisfied (other than
those conditions to be satisfied at the Series A Closing or Series B Closing, as applicable, but subject to the satisfaction or waiver thereof at the Series A Closing or the Series B Closing), or at such other time and place as the Company, such
Series A Investor and the Series B Investors shall mutually agree in writing (the date on which the First Ordinary Closing takes place, the “First Ordinary Closing Date”). 

  
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 (b)    Series A Closing. Subject to the terms and
conditions of this Agreement, the issuance and subscription of the Series A Investor Subscription Shares of all Series A Investors (the “Series A Closing”) shall take place via the remote exchange of electronic documents and
signatures immediately after the First Ordinary Closing on the same date, or at such other time and place as the Company, the Series A Investors and the Series B Investors shall mutually agree in writing (the date on which the Series A Closing take
place, the “Series A Closing Date”). 
 (c)    Second Ordinary Closing. Subject
to the terms and conditions of this Agreement, the issuance and subscription of the Second Ordinary Subscription Shares of the Management Holdco (the “Second Ordinary Closing”) shall take place via the remote exchange of electronic
documents and signatures immediately after the Series A Closing on the same date, or at such other time and place as the Company, the Series A Investors and the Series B Investors shall mutually agree in writing (the date on which the Second
Ordinary Closing takes place, the “Second Ordinary Closing Date”). 
 (d)    Series B
Closing. Subject to the terms and conditions of this Agreement, the issuance and subscription of the Series B Investor Subscription Shares and the Series B Warrant of each Series B Investor (the “Series B Closing” with respect
to such Series B Investor) shall take place via the remote exchange of electronic documents and signatures immediately after the Second Ordinary Closing on the same date, or at such other time and place as the Company and such Series B Investor
shall mutually agree in writing (the date on which the Series B Closing with respect to a Series B Investor takes place, the “Series B Closing Date” with respect to such Series B Investor). 

(e)    Same Day Closing. For the avoidance of doubt but without prejudice to Article VII, the
Parties hereby agree that the First Ordinary Closing, the Series A Closing, the Second Ordinary Closing and the Series B Closing will occur on the same date. Without the prior written consent of the Series B Investors, no Party shall proceed to
consummate the First Ordinary Closing, the Series A Closing or the Second Ordinary Closing unless the conditions to the Series B Investors’ obligation to proceed to its Series B Closing as set forth in Section 7.1 and
Section 7.3 have been satisfied or duly waived. 
 Section 2.3 Series A
Closing Deliverables. At the Series A Closing, with respect to each Series A Investor, 
 (a)    such
Series A Investor shall deliver or cause to be delivered to the Company: 
 (i)    the Shareholders
Agreement, duly executed by such Series A Investor; and 

  
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 (ii)    if such Series A Investor is an ODI Investor and the
other Investors have not waived their ODI Condition (whether pursuant to Section 7.5(a) or otherwise), true and complete copies of ODI Registration documents evidencing that such ODI Investor (or its applicable Beneficial
Owner) has completed all necessary filings and registrations with, and obtained all necessary approvals from, the relevant Government Authorities and banks in connection with its outbound investment into the Company; and 

(b)    the Company shall deliver or cause to be delivered to such Series A Investor: 

(i)    a copy of the register of members of the Company, dated as of the Series A Closing Date of such
Series A Investor and duly certified by the registered agent of the Company, evidencing that the Series A Investor Subscription Shares of such Series A Investor have been issued and credited as non-paid and
registered under the name of such Series A Investor; 
 (ii)    a copy of a share certificate in the name
of such Series A Investor, dated as of the Series A Closing Date of such Series A Investor and duly executed on behalf of the Company, evidencing such Series A Investor’s ownership of its Series A Investor Subscription Shares; 

(iii)    the Shareholders Agreement, duly executed by the Company and the other parties thereto (other than
the Series A Investors and the Series B Investors); 
 (iv)    subject to
Section 2.5(a), if, pursuant to the Shareholders Agreement and the Amended Articles, such Series A Investor has the right to designate one or more directors to the Board, a copy of the register of directors of the Company,
dated as of the Series A Closing Date of such Series A Investor and duly certified by the registered agent of the Company, evidencing the appointment of the individual(s) designed by such Series A Investor as director(s) of the Company and that the
composition of the Board is otherwise in accordance with the applicable provisions of the Shareholders Agreement and the Amended Articles; 

(v)    a copy of this Agreement (excluding the Restructuring Documents which the Series A Investors have
executed) duly executed by the Company and the other parties thereto (other than the Series A Investors and the Series B Investors); and 

(vi)    copies of the duly adopted resolutions of the Board and the shareholders of the Company, duly
certified by legal counsel to the Company, approving the Transaction Documents and the transactions contemplated thereby and adopting the Amended Articles effective no later than immediately prior to the Series A Closing and, in the case of the
resolutions of the shareholders of the Company, waiving any pre-emptive right, right of first refusal, anti-dilution rights and any other similar rights that the shareholders may have in respect of the
issuance of the Series A Preferred Shares contemplated hereby. 

  
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 Section 2.4 Series B Closing Deliverables. At the
Series B Closing with respect to any Series B Investor, 
 (a)    such Series B Investor shall deliver or
cause to be delivered to the Company: 
 (i)    to the extent not previously delivered, an amount equal
to the Series B Investor Subscription Price of such Series B Investor by wire transfer of immediately available funds in U.S. dollars to the bank account of the Company set forth in SCHEDULE 7; 

(ii)    the Shareholders Agreement, duly executed by such Series B Investor; and 

(iii)    the Series B Warrant of such Series B Investor, duly executed by such Series B Investor. 

(b)    the Company shall deliver or cause to be delivered to such Series B Investor: 

(i)    a copy of the register of members of the Company, dated as of the Series B Closing Date of such
Series B Investor and duly certified by the registered agent of the Company, evidencing that the Series B Investor Subscription Shares of such Series B Investor have been issued and credited as fully-paid and registered under the name of such Series
B Investor; 
 (ii)    a copy of a share certificate in the name of such Series B Investor, dated as of
the Series B Closing Date of such Series B Investor and duly executed on behalf of the Company, evidencing such Series B Investor’s ownership of its Series B Investor Subscription Shares; 

(iii)    the Series B Warrant of such Series B Investor, duly executed by the Company; 

(iv)    an opinion of Travers Thorp Alberga, as Cayman Islands counsel to the Company, addressed to such
Series B Investor and dated as of the Series B Closing Date of such Series B Investor, in the form set forth in EXHIBIT C hereto, and an opinion of Beijing Dentons Law Offices, LLP, as PRC counsel to the Company, addressed to such Series B Investor
and dated as of the Series B Closing Date of such Series B Investor, in the form set forth in EXHIBIT D hereto; 

(v)    a copy of this Agreement, with all executed Restructuring Documents attached as EXHIBIT H (including
but not limited to the Restructuring Agreement and the VIE Agreements), and each Restructuring Document shall have been entered into in accordance with Section 6.6; 

  
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 (vi)    the Shareholders Agreement, duly executed by the
Company and the other parties thereto (other than the Series B Investors); 
 (vii)    if, pursuant to
the Shareholders Agreement and the Amended Articles, such Series B Investor has the right to designate one or more directors to the Board, a copy of the register of directors of the Company, dated as of the Series B Closing Date of such Series B
Investor and duly certified by the registered agent of the Company, evidencing the appointment of the individual(s) designed by such Series B Investor as director(s) of the Company and that the composition of the Board is otherwise in accordance
with the applicable provisions of the Shareholders Agreement and the Amended Articles; and 

(viii)    copies of the duly adopted resolutions of the Board and the shareholders of the Company, duly
certified by legal counsel to the Company, approving the Transaction Documents and the transactions contemplated thereby and adopting the Amended Articles effective no later than immediately prior to the Series B Closing and, in the case of the
resolutions of the shareholders of the Company, waiving any pre-emptive right, right of first refusal, anti-dilution rights and any other similar rights that the shareholders may have in respect of the
issuance of the Series B Preferred Shares, the Series B Warrants and the Series B Warrant Shares contemplated hereby. 
 
Section 2.5 Additional Agreements. 
 (a)    Upon the consummation of the Series B
Closing, the Company shall deliver to the Founder Holdcos and the Series A Investor who has the right to designate one or more directors to the Board a copy of the register of directors of the Company, dated as of the Series B Closing Date and duly
certified by the registered agent of the Company, evidencing the appointment of the individual(s) designed by the Founder Holdcos and such Series A Investor as director(s) of the Company in accordance with the applicable provisions of the
Shareholders Agreement and the Amended Articles. 
 (b)    The Company shall deliver to each Investor the
original of the share certificate evidencing such Investor’s Investor Subscription Shares as soon as practicable (and in any event within ten (10) Business Days) after the Closing of such Investor. 

(c)    Subject to the condition that the Series A Closing has occurred, except as otherwise agreed by the
Parties, each Series A Investor shall, within ten (10) Business Days of and only if the Domestic Company having paid or caused to be paid any amount of the consideration for the capital reduction of the Domestic Company in respect of the
registered capital held by such Series A Investor or its applicable Affiliate as contemplated by the Restructuring Plan, pay or cause to be paid to the Company such amount in equivalent USD as part of the Series A Investor Subscription Price of such
Series A Investor, by wire transfer of immediately available funds in U.S. dollars to the bank account of the Company set forth in SCHEDULE 7, until such Series A Investor has fully paid the Series A Investor Subscription Price of such Series
A Investor. Upon the Company receiving the full amount of the Series A Investor Subscription Price of the Series A Investor, the Company shall update its register of members to reflect that the Series A Investor Subscription Shares of such Series A
Investor have been fully paid, and shall deliver a certified copy of the updated register of members to such Series A Investor. In the event of a breach by any Series A Investor of its obligations under this Section 2.5(c),
unless the Parties agree otherwise, the Company shall forfeit, for no consideration, a pro rata portion of the Series A Investor Subscription Shares of such Series A Investor equal to the portion of the Series A Investor Subscription Price of such
Series A Investor that is not timely paid by such Series A Investor to the Company in accordance with this Section 2.5(c), whereupon the Company shall have no further obligation to issue any Series A Shares to such Series A
Investor, and such Series A Investor shall have no further right to subscribe for any Series A Preferred Shares from the Company, in each case, without prejudice to any other rights and obligations that may have accrued prior to such forfeiture.

  
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 (d)    Each Series A Investor hereby irrevocably and
unconditionally (i) consents to the transactions contemplated hereby with respect to the Series B Investors, and (ii) waives any and all preemptive right, right of first refusal, anti- dilution right and any other similar rights that it
may have now or in the future respect of the transactions contemplated hereby with respect to the Series B Investors, in each case of (i) and (ii), whether pursuant to the Shareholders Agreement, the Amended Articles or otherwise. 

Article III 
 Representations
and Warranties of Warrantors in favor of Series A Investors 
 Except as specifically disclosed in the Disclosure Schedule, each of the
Warrantors hereby jointly and severally represents and warrants to each Series A Investor that the statements contained in this Article III are true, correct and complete as of the date hereof and as of the Closing Date of such Series A
Investor (unless any representations and warranties expressly relate to another date, in which case as of such other date). 
 
Section 3.1 Organization and Authority. 
 (a)    Each Group Company is a company duly
organized, validly existing and in good standing under the Laws of the jurisdiction in which it is incorporated and has all requisite corporate power and authority to own, lease and operate its respective properties and assets and to conduct the
Business, and to perform each of its obligations hereunder and under any other Transaction Document to which it is a party. Each Group Company has been in compliance with its Charter Documents in all material respects, and none of the Group
Companies has violated or breached any of their respective Charter Documents. 

  
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 (b)    Each Founder Holdco is a company duly organized,
validly existing and in good standing under the Laws of the jurisdiction in which it is incorporated and has all requisite corporate power and authority to own, lease and operate its respective properties and assets and to conduct the business, and
to perform each of its obligations hereunder and under any other Transaction Documents to which it is a party. Each Founder Holdco has been in compliance with its Charter Documents in all material respects, and none of the Founder Holdcos has
violated or breached any of their respective Charter Documents. 
 (c)    Each Founder is of sound mind,
has the legal capacity to enter into this Agreement and the other Transaction Documents to which he is a party, has entered into or will enter into this Agreement and the other Transaction Documents to which he is a party on his own will, and
understands the nature of the obligations to be assumed by him under this Agreement and the other Transaction Documents to which he is a party. 

(d)    The Restructuring Plan sets forth a complete and accurate summary of the restructuring transactions
that will be taken by the Group Companies in connection with the transactions contemplated hereby (the “Restructuring”). The Restructuring will not have, and would not reasonably be expected to have, a Material Adverse Effect on any
Group Company. 
 Section 3.2 Capitalization. As of immediately prior to the Series A Closing,
the authorized share capital of the Company will be US$50,000 divided into 500,000,000 shares consisting of the following: 

(a)    Ordinary Shares. A total of 498,993,126 authorized Ordinary Shares, of which 1,909,309 Ordinary
Shares are issued and outstanding. 
 (b)    Preferred Shares. (i) a total of 477,137 authorized
Series A Preferred Shares, of which none has been issued, and (ii) a total of 529,737 authorized Series B Preferred Shares, of which none has been issued. 

Section 3.3 Due Authorization and Enforceability. Each Group Company 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 corporate action on the part of such Group Company necessary to authorize the execution and delivery
of the Transaction Documents to which it is a party, the performance of all obligations of such Group Company thereunder, and, the issuance, sale, transfer and delivery of the Series A Investor Subscription Shares of such Series A Investor by the
Company has been taken or will be taken prior to or at the Series A Closing with respect to such Series A Investor. This Agreement has been duly executed and delivered by each Group Company, and each of the other Transaction Documents to which such
Group Company is a party will be duly executed and delivered by such Group Company. This Agreement and each of the other Transaction Documents are, or when executed and delivered by such Group Company shall be (assuming due execution and delivery by
each of the other parties thereto), valid and legally binding obligations of such Group Company enforceable against such Group Company in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (b) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and to
general equity principles. 

  
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 Section 3.4 No Conflicts; Consents. Neither the
execution, delivery or performance of and compliance with this Agreement and other Transaction Documents to which any Group Company is a party, nor the consummation of the transactions contemplated hereby or thereby by such Group Company, will
(a) result in any violation or breach of any Group Company’s Charter Documents, (b) result in any violation, breach or default under any Material Contract, (c) result in any violation of any applicable Law, or (d) require
any consents, waivers, permits, approvals, Orders, licenses, authorizations, registrations, qualifications, designations, declarations or filings by or with any Government Authority or any third party (collectively, “Approvals”),
including without limitation waivers of preemptive rights, rights of first refusal or other similar rights to be obtained or made by any of the Company in respect of the Series A Investor Subscription Shares (other than (x) Approvals which have
been obtained or granted on or prior to the date of this Agreement and (y) Approvals of relevant Government Authorities in connection with the Restructuring). 

Section 3.5 Valid Issuance of Shares. The Series A Investor Subscription Shares of such Series A
Investor, when issued and allotted in accordance with the terms of this Agreement for the consideration expressed herein, will be duly authorized, validly issued and non-paid (and, upon performance by such
Series A Investor of its obligations under Section 2.5(a), fully-paid and non-assessable), and free and clear of any Liens (other than any Liens due to the non-paid status of such Series A Investor Subscription Shares). 
 Article IV 

Representations and Warranties of Warrantors in favor of Series B Investors 

Except as specifically disclosed in the Disclosure Schedule, each of the Warrantors hereby jointly and severally represents and warrants to
each Series B Investor that the statements contained in this Article IV are true, correct and complete as of the date hereof and as of the Closing Date of such Series B Investor (unless any representations and warranties expressly relate to
another date, in which case as of such other date). 
 Section 4.1 Organization and Authority.

 (a)    Each Group Company is a company duly organized, validly existing and in good standing under the
Laws of the jurisdiction in which it is incorporated and has all requisite corporate power and authority to own, lease and operate its respective properties and assets and to conduct the Business, and to perform each of its obligations hereunder and
under any other Transaction Documents to which it is a party. Each Group Company has been in compliance with its Charter Documents in all material respects, and none of the Group Companies has violated or breached any of their respective Charter
Documents. 

  
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 (b)    Each Founder Holdco is a company duly organized,
validly existing and in good standing under the Laws of the jurisdiction in which it is incorporated and has all requisite corporate power and authority to own, lease and operate its respective properties and assets and to conduct the business, and
to perform each of its obligations hereunder and under any other Transaction Documents to which it is a party. Each Founder Holdco has been in compliance with its Charter Documents in all material respects, and none of the Founder Holdcos has
violated or breached any of their respective Charter Documents. 
 (c)    Each Founder is of sound mind,
has the legal capacity to enter into this Agreement and the other Transaction Documents to which he is a party, has entered into or will enter into this Agreement and the other Transaction Documents to which he is a party on his own will, and
understands the nature of the obligations to be assumed by him under this Agreement and the other Transaction Documents to which he is a party. 

(d)    The Restructuring Plan sets forth a complete and accurate summary of the Restructuring. The
transactions contemplated by the Restructuring Plan are in compliance with all applicable Laws and will not have, and would not reasonably be expected to have, a Material Adverse Effect on any Group Company. 

Section 4.2 Capitalization. As of immediately prior to the Series B Closing of such Series B
Investor, the authorized share capital of the Company will be US$50,000 divided into 500,000,000 shares consisting of the following: 

(a)    Ordinary Shares. A total of 498,993,126 authorized Ordinary Shares, of which 1,982,774 Ordinary
Shares are issued and outstanding. 
 (b)    Preferred Shares. (i) a total of 477,137 authorized
Series A Preferred Shares, all of which are issued and outstanding, and (ii) a total of 529,737 authorized Series B Preferred Shares, of which none has been issued. Section 4.2(b) of the Disclosure Schedule sets forth a
complete and accurate capitalization table of the Company as of immediately prior to the Series B Closing of such Series B Investor. 

(c)    Options, Warrants, Reserved Shares. Other than certain equity interests in the Domestic Company held
by the Legacy ESOP Platform as disclosed in the Restructuring Plan (all of which equity interests will be pledged in favor of the WFOE in connection with the Restructuring and the VIE Agreement), no ESOP has been adopted by any Group Company. Except
for (i) the rights of the Series A Investors and the Series B Investors to subscribe for their respective Series A Investor Subscription Shares, Series B Investor Subscription Shares and Series B Warrants, as applicable, pursuant to this
Agreement, (ii) the rights of the Series B Investors to subscribe for their respective Series B Warrant Shares pursuant to the Series B Warrants, and (iii) rights provided in the Shareholders Agreement and the Amended Articles, there are
no options, warrants, conversion privileges or other rights or agreements presently outstanding to purchase, convert into, exercise for or exchange any of the shares of the Company, and no 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 preemptive rights, rights of first refusal or other rights to purchase such shares (whether in favor of the Company or
any other Person) or any agreement that affects the voting or relates to the giving of written consents with respect to such shares. 

  
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 Section 4.3 Subsidiaries. 

(a)    Section 4.3(a) of the Disclosure Schedule contains a correct and complete list of the Company
Subsidiaries as of the Closing Date of such Series B Investor and, for each such Subsidiary, its name, jurisdiction of incorporation, names of its shareholders and the shareholding percentage of each such shareholder. As of the Closing Date of such
Series B Investor, all of the issued and outstanding shares of, or other equity or voting interests in the Company Subsidiaries (the “Subsidiary Shares”) will be duly authorized, validly issued, fully-paid and non-assessable and will be Beneficially Owned by the Company, free and clear of all Liens. 

(b)    Except for the Subsidiary Shares, there are no equity securities of any class of any Company
Subsidiary or any securities convertible into or exchangeable or exercisable for any such equity securities issued, reserved for issuance or outstanding. There are no outstanding or authorized options, warrants, convertible securities,
subscriptions, call rights, redemption rights, repurchase rights or any other rights, agreements, arrangements or commitments of any kind relating to the issued or unissued share capital of any Company Subsidiary or obligating any Group Subsidiary
to issue or sell any shares of, or any other interest in, such Company Subsidiary. There are no outstanding or authorized share appreciation rights, phantom shares, performance-based rights or profit participation or similar rights or obligations of
any Company Subsidiary. There are no voting trusts, shareholder agreements, proxies or other agreements or understandings in effect with respect to the voting or sale or transfer of any of the Subsidiary Shares or any other equity interests of any
Company Subsidiary. 
 (c)    As of the Closing Date of such Series B Investor, except for the Subsidiary
Shares, no Group Company has any direct or indirect equity interest or similar interest by share ownership or otherwise in any Person or is a participant in any joint venture, partnership or other similar arrangement, and no Group Company is
obligated to make any investment in or capital contribution in or on behalf of any other Person. 

(d)    Since their respective dates of incorporation, each of the Company, the HK Co and the WFOE has not
conducted any business, owned any assets or had any Liability other than in connection with the transactions specifically contemplated hereby or by the Restructuring Plan or the Restructuring Documents, the acquisition and holding of their
respective equity interests in the applicable Company Subsidiaries and business activities incidental thereto in the normal and ordinary course of holding such equity interests. 

Section 4.4 Due Authorization and Enforceability. 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 corporate action on the part of such Warrantor who is not a natural person necessary to authorize the
execution and delivery of the Transaction Documents to which it is a party, the performance of all obligations of such Warrantor thereunder, and, the issuance, sale, transfer and delivery of the Series B Investor Subscription Shares of such Series B
Investor by the Company has been taken or will be taken prior to or at the Closing with respect to such Series B Investor. This Agreement has been duly executed and delivered by each Warrantor, and each of the other Transaction Documents to which
such Warrantor is a party will be duly executed and delivered by such Warrantor. This Agreement and each of the other Transaction Documents are, or when executed and delivered by such Warrantor shall be (assuming due execution and delivery by each
of the other parties thereto), valid and legally binding obligations of such Warrantor enforceable against such Warrantor in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and
other laws of general application affecting enforcement of creditors’ rights generally, and (b) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and to general equity
principles. 

  
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 Section 4.5 No Conflicts; Consents. Neither the
execution, delivery or performance of and compliance with this Agreement and other Transaction Documents to which any Warrantor is a party, nor the consummation of the transactions contemplated hereby or thereby by such Warrantor, will
(a) result in any violation or breach of the Charter Documents of any Group Company or Founder Holdco, (b) result in any violation, breach or default under any Material Contract, (c) result in any violation of any applicable Law, or
(d) require any Approvals, including without limitation waivers of preemptive rights, rights of first refusal or other similar rights to be obtained or made by any of the Group Companies in respect of the Series B Investor Subscription Shares,
the Series B Warrants and the Series B Warrant Shares of such Series B Investor (other than (x) Approvals which have been obtained or granted on or prior to the date of this Agreement and (y) Approvals of relevant Government Authorities in
connection with the Restructuring). 
 Section 4.6 Valid Issuance of Shares. The Series B
Investor Subscription Shares of such Series B Investor, when issued and allotted in accordance with the terms of this Agreement for the consideration expressed herein, will be duly authorized, validly issued, fully paid and non-assessable, and free and clear of any Liens. The Series B Warrant Shares will be duly authorized and reserved for issuance upon exercise of the applicable Series B Warrant and, when issued and allotted in
accordance with the terms of the applicable Series B Warrant for the consideration expressed therein, will be validly issued, fully paid and non-assessable, and free and clear of any Liens. 

Section 4.7 Corporate Books and Records. True and complete copies of all minute books of each Group
Company have been provided to such Series B Investor and such copies contain all amendments and all minutes of meetings and actions taken by the applicable Group Company’s shareholders and directors since the date of its incorporation, and
reflects all transactions referred to in such minutes accurately in all material respects, and true and complete copies of all resolutions of the board and the shareholders of the Company and each other Group Company have been provided to such
Series B Investor and such copies contain resolutions of all meetings of directors and shareholders of each Group Company and all actions by written consent without a meeting by the directors and shareholders of each Group Company since the date of
its incorporation and accurately reflects all actions by the directors (and any committee thereof) and shareholders of each Group Company with respect to all transactions referred to in such resolutions in all material respects. All board and
shareholder resolutions, Charter documents (and any amendments thereto) and any other required filings of the Group Companies have been duly filed with the relevant Government Authority within the required deadlines in all material respects. 

  
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 Section 4.8 Financial Statements. 

(a)    Correct and complete copies of (A) the unaudited consolidated balance sheet of the Group
Companies as of each of December 31, 2015 and December 31, 2016, and the related unaudited consolidated statements of income and cash flow of the Group Companies for each of the fiscal years then ended, together with all related notes and
schedules thereto, and (B) the unaudited consolidated balance sheet of the Group Companies as of April 30, 2017, and the related unaudited consolidated statements of income and cash flow of the Group Companies for the four-month period
then ended, together with all related notes and schedules thereto ((A) and (B) collectively, the “Financial Statements”) have been made available to such Series B Investor. The Financial Statements (i) were prepared in
accordance with the books of account and other financial records of the Group Companies, (ii) present fairly the consolidated financial condition and results of operations of the Group Companies as of the dates thereof and for the periods
covered thereby, (iii) have been prepared in accordance with the Applicable Accounting Standard applied on a basis consistent with the past practices of the Group Companies, and (iv) include all adjustments (consisting only of normal
recurring accruals) that are necessary for a fair presentation of the consolidated financial condition of the Group Companies and the results of the operations of the Group Companies as of the dates thereof and for the periods covered thereby. 

(b)    The books of account and other financial records of the Company and other Group Companies
(i) reflect all items of income and expense and all assets and Liabilities required to be reflected therein in accordance with the Applicable Accounting Standard, and in each case, applied on a basis consistent with the past practices of the
Company, (ii) are in all material respects complete and correct, and do not contain or reflect any material inaccuracies or discrepancies, and (iii) have been, in all material respects, maintained in accordance with all applicable Laws and
good business and accounting practices. 
 (c)    All of the accounts receivable owing to any of the
Group Companies, including without limitation 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 in all material respects, and
reserves therefor shown on the Financial Statements are adequate and on a basis consistent with the Applicable Accounting Standard. No further goods or services are required to be provided in order to complete the sales and to entitle the respective
Group Company to collect such accounts receivable in full. There are no material contingent or asserted claims, refusals to pay, or other rights of set-off with respect to any of the Group Companies. 

  
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 Section 4.9 No Undisclosed Liability; Solvency. 

(a)    None of the Group Companies has any Liabilities other than (i) Liabilities reflected on,
reserved against, or disclosed in the Financial Statements, (ii) incurred since the Statement Date in the ordinary course of business of the Group Companies which do not and could not reasonably be expected to have a Material Adverse Effect.

 (b)    None of the Group Companies is insolvent under the Laws of its jurisdiction of incorporation or
unable to pay its debts as they fall due. There are no ongoing proceedings or negotiations involving any Group Company in relation to any compromise or arrangement with creditors and no Order has been made or petition presented or resolution passed
by or on behalf of any Group Company for the winding-up, liquidation or bankruptcy of any Group Company, and there has not been any petition or Order for administration,
winding-up, liquidation or bankruptcy filed against a Group Company or any appointment of a receiver or liquidator in respect of the assets of a Group Company. 

Section 4.10 Absence of Certain Changes. Except as specifically contemplated by this Agreement, as
set forth in the Restructuring Plan and the Restructuring Documents, or as set forth in the Financial Statements or Section 4.10 of the Disclosure Schedule, since the Statement Date, with respect to the Group Companies,
there has not been any: 
 (a)    change which would, individually or in the aggregate, reasonably be
expected to result in a Material Adverse Effect; 
 (b)    entry into any transaction that was not in the
ordinary course of business consistent with past practice or material changes in the customary methods of operations of any Group Company; 

(c)    purchase, acquisition, sale, lease, disposal of or other transfer of any assets that are
individually or in the aggregate material to any Group Company other than in the ordinary course of business consistent with past practice; 

(d)    waiver, termination, cancellation, settlement or compromise by any Group Company of a right, debt or
claim owed to it that is material to any Group Companies; 
 (e)    declaration, setting aside or payment
or other distribution in respect of any of the Group Companies’ shares, or any direct or indirect redemption, purchase or other acquisition of any of such shares by any Group Company, in each case, other than any such transaction between the
Group Companies; 
 (f)    amendment to or early termination of any Material Contract, entry of any new
agreement or contract that would have been a Material Contract if in effect on the date hereof, or any amendment to any Charter Document; 

  
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 (g)    any amendment to or termination of any material claim
of any Group Company or waiver of any other material right of value to any Group Company; 

(h)    authorization, sale, issuance, transfer, pledge or other disposition of any equity or debt
securities, or issuance or sale of any option, warrant or other rights to acquire any equity or debt securities, of any Group Company; 

(i)    damages, destruction or loss, whether or not covered by insurance, resulting in a Material Adverse
Effect; 
 (j)    material change in the accounting methods or practices followed by any Group Company;

 (k)    capital expenditure or commitment for any capital expenditure in excess of US$1,000,000 (or the
equivalent thereof in another currency) in a single transaction; 
 (l)    incurrence, creation,
assumption, repayment, satisfaction, or discharge of any material Lien or Indebtedness (other than reasonable and normal advances to employees for bona fide expenses or Liens, guarantees, loans or advances that are incurred in the ordinary course of
business consistent with past practice); 
 (m)    material change in any compensation or benefit
arrangement or agreement with any employee of any Group Company; or adoption of any ESOP or issuance of any award thereunder; or 

(n)    agreement or commitment to do any of the things described in this Section 4.10.

 Section 4.11 Title to Properties and Assets. Each Group Company solely owns or leases all
properties and assets reasonably necessary to conduct the Business. Each Group Company has good and marketable title to all its properties and assets, both real and personal, including without limitation all properties and assets set forth on the
Financial Statements, and has good title to all its leasehold interests, in each case not being subject to any Liens. With respect to leased properties and assets, each Group Company is in compliance in all material respects with all applicable
leases. All properties and assets of each Group Company are in a good state of repair and in good working condition other than any normal wear and tear. None of the assets of any Group Company is a state-owned asset. 

Section 4.12 Intellectual Property. 

(a)    Section 4.12(a) of the Disclosure Schedule sets forth a complete list of (i) all Intellectual
Property owned by each Group Company (“Company Intellectual Property”) and (ii) all Company IP Agreements. 

(b)    Except as set forth in Section 4.12(b) of the Disclosure Schedule, each Group
Company is the exclusive owner of the entire and unencumbered right, title and interest in and to the Company Intellectual Property, and has a valid license to use the Licensed Intellectual Property in connection with the Business. Each Group
Company is entitled to use all Company Intellectual Property and the Licensed Intellectual Property in the continued operation of its Business without limitation, subject only to the terms of the Company IP Agreements. 

  
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 (c)    The Company Intellectual Property and the Licensed
Intellectual Property, to the Knowledge of the Warrantors, include all of the Intellectual Property required for the conduct of or used in connection with the Business, and there are no other items of Intellectual Property that are material to the
conduct of the Business. The Company Intellectual Property and, to the Knowledge of the Warrantors, the Licensed Intellectual Property are subsisting, valid and enforceable, and have not been adjudged invalid or unenforceable in whole or part. Each
item of Company Intellectual Property registered with a Government Authority is in compliance with all applicable Laws, and all filings, payments and other actions required to be made or taken to maintain such Intellectual Property rights in full
force and effect have been made or taken in all material respects. Except as set forth in Section 4.12(c) of the Disclosure Schedule, no item of Company Intellectual Property registered with a Government Authority has lapsed or
expired or is scheduled to lapse or expire within the next twelve (12) months hereafter. 

(d)    The conduct of the Business and the use of the Company Intellectual Property and the Licensed
Intellectual Property, do not conflict with, infringe, misappropriate or otherwise violate the Intellectual Property of any third party, and no Action alleging any of the foregoing is pending, and no claim has been asserted against any Group Company
alleging any of the foregoing. To the Knowledge of the Warrantors, there are no infringements or other violations of any Company Intellectual Property by any third party. No Company Intellectual Property is subject to any pending, or to the
Knowledge of the Warrantors, threatened Order or Action challenging or restricting the use of such Company Intellectual Property or that would impair the validity or enforceability of such Company Intellectual Property. 

(e)    Except as set forth in Section 4.12(e) of the Disclosure Schedule, none of
the Group Companies has granted in writing any license or other right to any third party with respect to the Company Intellectual Property or Licensed Intellectual Property. Neither the execution, delivery and performance of this Agreement or the
other Transaction Documents nor the consummation of any of the transactions contemplated hereby or thereby will alter or impair the Company Intellectual Property or Licensed Intellectual Property. 

(f)    Except as set forth in Section 4.12(f) of the Disclosure Schedule, the
Founders, the directors of each Group Company, current and former employee employed, and current and former consultant engaged, by each Group Company as of the Closing of such Series B Investor is under written obligation for the benefit of the
Group Companies, to maintain in confidence all confidential and proprietary information acquired by them during the course of their employment and all rights and title to and ownership of all inventions made by them within the scope of their
employment during such employment and for a reasonable period thereafter are vested in and remain with the Group Companies. Each Group Company has taken commercially reasonable measures to protect the secrecy, and confidentiality of all of their
material trade secrets and, to the Knowledge of the Company, there has been no unauthorized disclosure of any material data or information which, but for any such 

  
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 unauthorized disclosure, such Group Company would consider to be a material trade secret owned by
such Group Company. 
 Section 4.13 Material Contracts. 

(a)    Section 4.13(a) of the Disclosure Schedule lists each of the following currently effective Contracts
(other than the Transaction Documents) to which a Group Company is a party or otherwise bound (each such Contract, a “Material Contract”) that: 

(i)    involves payments (or a series of payments), contingent or otherwise, of RMB2,000,000 (or the
equivalent thereof in another currency), in cash, property or services; 
 (ii)    is with a Government
Authority; 
 (iii)    limits or restricts any Group Company’s ability to compete or otherwise
conduct the Business in any material respect, or that contains any exclusivity or change in control provision; 

(iv)    grants a power of attorney, agency or similar authority; 

(v)    relates to Indebtedness, provides for an extension of credit, provides for indemnification or any
guaranty, or provides for a “keep well” or other agreement to maintain any financial statement condition of another Person; 

(vi)    relates to any Intellectual Property, other than “shrink- wrap” or “off-the-shelf” commercially available software; 

(vii)    is a Related Party Contract; 

(viii)    is a lease on real or personal property; 

(ix)    is an insurance policy; 

(x)    is outside the ordinary course of business of any Group Company; or 

(xi)    is otherwise material to any Group Company or is a Contract on which any Group Company is
substantially dependent. 

  
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 (b)    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 or Order, and is in full force and effect and enforceable in accordance with its terms. To the Knowledge of the
Warrantors, such Group Company has duly performed all of its obligations under each Material Contract to the extent that such obligations to perform have accrued, and no breach or default, alleged breach or alleged default, or event which would
(with the passage of time, notice or both) constitute a 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
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. 

Section 4.14 Litigation. Except as set forth in Section 4.14 of the Disclosure
Schedule, there is no Action against any Group Company, or against any employee, officer or director of any Group Company in connection with their relationship with the Group Companies, pending or, to the Knowledge of the Warrantors, threatened,
including but not limited to any Actions that questions the validity of the Transaction Documents, the right of any Group Company to enter into the Transaction Documents to which such Group Company is a party, the rights and obligations of the
Company to consummate the transactions contemplated by such Transaction Documents, or that would result, either individually or in the aggregate, in a Material Adverse Effect. There is no Order in effect against any Group Company and no Action
initiated by any Group Company pending or which any of them intends to initiate. 
 Section 4.15
Compliance with Laws. 
 (a)    Except as set forth in Section 4.15(a) of the Disclosure
Schedule, each Group Company is, and at all times has been, in compliance in all material respects with all Laws and Orders that are applicable to it or to the conduct or operation of the Business or the ownership or use of any of its properties,
assets and Intellectual Property. 
 (b)    Except as set forth in Section 4.15(b) of
the Disclosure Schedule, no event has occurred or circumstances exist 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 or Order or (ii) may give rise to any obligation on the part of any Group Company to undertake, or to bear all or any portion of the cost of, any remedial action of any nature. 

(c)    Except as set forth in Section 4.15(c) of the Disclosure Schedule, none of
the Group Companies has received any notice or other communication (whether oral or written) from any Government Authority regarding (i) any actual, alleged, possible, or potential violation of, or failure to comply with, any Law or Order or
(ii) 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. 

  
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 (d)    Except as set forth in
Section 4.15(d) of the Disclosure Schedule, the Group Companies have obtained all approvals and authorizations from the relevant Government Authorities and have fulfilled any and all fillings and registration requirements
with the relevant Government Authorities required for the operations of the Group Companies in all material respects. All filings and registrations with the relevant Government Authorities required in respect of the Group Companies, including but
not limited to the registrations with the Ministry of Commerce (or any predecessors), the Ministry of Industry and Information Technology, the State Administration of Industry and Commerce, the State Administration of Foreign Exchange, and tax
bureau and the local counter part of each of the aforementioned PRC Government Authorities, as applicable, have been duly completed in accordance with the relevant Laws in all material respects. No Group Company has received any letter or notice
from any relevant Government Authority notifying it of the revocation of any authorization of any Government Authority, permit or license 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 any Group Company. Each Group Company has been conducting its business activities within the permitted scope of business or is otherwise operating its Businesses in full
compliance with all relevant Laws and Orders in all material respects, including producing, processing and/or distributing products with all requisite licenses, permits and approvals granted by the competent Government Authorities. None of the Group
Companies expects that any authorization of any Government Authority, license or permit requisite for the conduct of any part of its Business which is subject to periodic renewal will not be granted or renewed by the relevant Government Authorities.

 (e)    Except as set forth in Section 4.15(e) of the Disclosure Schedule, each
holder or beneficiary owner of shares or convertible securities of the Company (each, a “Company Security Holder”), who is subject to any of the registration or reporting requirements of Circular 37 has been in compliance with such
reporting and/or registration requirements under Circular 37 and any other then applicable SAFE regulations, (collectively, the “SAFE Regulations”). To the Knowledge of the Warrantors, none of the Company Security Holders and the
Group Companies 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 Regulations and the Company and the Company Security Holders have made all oral or written filings, registrations, reporting or any other communications required by SAFE or any of
its local branches. 
 (f)    Except as set forth in Section 4.15(f) of the
Disclosure Schedule, any increase or decrease of the registered capital, or any issuance or repurchase of shares of each Group Company, and any equity interest transfer or share transfer of each Group Company have been in compliance with all Laws
and the Group Companies have obtained all approvals and authorizations from the relevant Government Authorities and have fulfilled any and all fillings and registration requirements with the relevant Government Authorities required for the foregoing
changes of the Group Companies. 
 Section 4.16 Taxes. 

(a)    Each Group Company has duly and timely filed all Tax Returns as required by Law to have been filed
by it and all such Tax Returns are true, correct, and complete. Except as set forth in Section 4.16(a) of the Disclosure Schedule, each Group Company has paid in full all Taxes required to be paid by it and no Tax Liens (other
than for current Taxes not yet due or payable) are currently in effect against any of the assets of any Group Company. The provisions for Taxes in the Financial Statements fully reflect all unpaid Taxes of each Group Company, whether or not assessed
or disputed as of the date of the applicable Financial Statements. 

  
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 (b)    No examination or audit of any Tax Returns of any
Group Company by any Government Authority is currently in progress or has been threatened. No assessment of Tax has been proposed in writing against any Group Company or any of their assets or properties. None of the Group Companies is subject to
any waivers or extensions of applicable statutes of limitations with respect to Taxes for any year. Since the Statement Date, none of the Group Companies has incurred any Taxes other than in the ordinary course of business. None of the Group
Companies has received any written claim from a Government Authority in a jurisdiction where a Group Company does not file Tax Returns that such Group Company is or may be subject to taxation by that jurisdiction. None of the Group Companies is
treated as a resident for Tax purposes of, or is otherwise subject to income Tax in, a jurisdiction other than the jurisdiction in which it has been established. 

(c)    Each Group Company has withheld and paid all Taxes required to have been withheld and paid in
connection with any amounts due, owing to or paid to any Person. 
 (d)    Each Group Company is in
compliance in all material respects with all terms, conditions and formalities necessary for the continuance of any Tax exemption, Tax holiday, Tax credit, Tax incentive, Tax refund or other Tax reduction agreement or order available under any
applicable Tax Law. Each such Tax exemption, Tax holiday, Tax credit, Tax incentive, Tax refund or other Tax reduction agreement or order enjoyed by any Group Company has been made or granted in compliance with all applicable Laws and is expected to
remain in full effect throughout the current effective period thereof after the Closing Date of such Series B Investor and no Group Company has received any notice to the contrary. Each Group Company is in compliance in all material respects with
all transfer pricing requirements in all jurisdictions in which they are required to comply with applicable transfer pricing regulations, and all the transactions between any Group Company and other related Persons (including any Group Company) have
been effected on an arm’s length basis. All exemptions, reductions and rebates of material Taxes granted to any Group Company by a Government Authority are in full force and effect and have not been terminated. None of the Group Companies is
responsible for Taxes of any other Person by reason of Contract, successor Liability, operation of Law or otherwise. 

(e)    No Group Company will be required to include material amounts in income, or exclude material items
of deduction, or qualification for Tax exemption, Tax holiday, Tax credit, Tax incentive or Tax refund, in a taxable period beginning after the Closing Date of such Series B Investor as a result of a change in method of accounting occurring prior to
the Closing Date of such Series B Investor. The transactions contemplated under this Agreement and the other Transaction Documents to which a Group Company is a party are not in violation of any applicable Law regarding Tax, and will not result in
any Tax exemption, Tax holiday, Tax credit, Tax incentive, Tax refund being revoked, cancelled or terminated or trigger any Tax liability for the Group Companies. 

  
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 Section 4.17 Employee Matters. The Founders and, to
the Knowledge of the Warrantors, all other full-time employees of each Group Company are devoting their full professional time to such Group Company. To the Knowledge of the Warrantors, no employee of any Group Company is in violation of any Law or
Order, or any provision of any Contract, relating to such employee’s relationship with the Group Company or any prior employer. Except as disclosed in Section 4.17 of the Disclosure Schedule or as required by
applicable Law, none of the Group Companies has any Benefit Plan. For purposes hereof, “Benefit Plan” means any plan, Contract or other arrangement, formal or informal, whether oral or written, providing any benefit to any present
or former officer, director or employee, or dependent or beneficiary thereof, including any employment agreement or profit sharing, deferred compensation, share option, performance share, employee share purchase, bonus, severance, retirement, health
or insurance plan. No employee of the Group Companies is owed any back wages or other compensation for services rendered except as set forth on the Financial Statements. Except as set forth in Section 4.17 of the Disclosure
Schedule, there is no labor strike, labor slow down, labor claim, labor dispute or labor union organization activities pending or, to the Knowledge of the Warrantors, threatened between any Group Company and its employees. Each Group Company has
complied with all applicable Laws related to employment and related to the Benefit Plans (including Laws related to the contribution of social insurance and related benefits). 

Section 4.18 Transactions with Related Parties. 

(a)    All Contracts (other than (i) the Transaction Documents, (ii) the employment agreements,
and (iii) the confidential information, invention assignment, non-compete and non-solicitation agreements) to or by which any Group Company, on the one hand, and
any Related Party, on the other hand, are or have been a party or otherwise bound or affected (the “Related Party Contracts”) are set forth on Section 4.18(a) of the Disclosure Schedule. Each Related Party
Contract was made on terms and conditions as favorable to such Group Company as would have been obtainable by it at the time in a comparable arm’s-length transaction with an unrelated party. 

(b)    Except as set forth on Section 4.18(b) of the Disclosure Schedule no Related
Party has any direct or indirect ownership in any Person with which any Group Company has a business relationship, or any Person that competes with or could reasonably be expected to compete with any Group Company, except for ownership of less than
one percent (1%) of any class or other equity of publicly traded companies. Except for transactions in the ordinary course of business of a Group Company on terms and conditions as favorable to the Group Companies as would have been obtainable by
them at the time in a comparable arm’s-length transaction with an unrelated party, no Related Party has any Contract, understanding, business relationship with, proposed transaction with, or is indebted
to, any Group Company, nor is any Group Company indebted (or committed to make loans or extend or guarantee credit) to any of them (other than for accrued salaries, reimbursable expenses or other standard employee benefits). Except as set forth in
Section 4.18(b) of the Disclosure Schedule, no Related Party has had, either directly or indirectly, a material interest in: (i) any Person which purchases from or sells, licenses or furnishes to a Group Company any
goods, property, intellectual 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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 Section 4.19 Material Licenses. Each Group Company has
all the Material Licenses for the conduct of the Business as now being conducted, and the Group Companies can be reasonably expected to obtain all the Material Licenses for the conduct of the Business as proposed to be conducted.
Section 4.19 of the Disclosure Schedule contains a complete and correct list of all Material Licenses held by each Group Company and the termination date of each such Material License. The Material Licenses currently held
by the Group Company are, and will remain, in full force and effect for not less than one (1) year after the Closing of such Series B Investor. No other Material License is necessary for, or otherwise material to, the conduct of the Business by
any such Group Company. The consummation of the transactions contemplated under the Transaction Documents will not result in the termination or revocation of any of the Material Licenses. None of the Group Companies is in default in any material
respect under any of its Material Licenses and has not received any notice (whether written or not) relating to the suspension, revocation or modification of any such Material Licenses. 

Section 4.20 Entire Business. There are no facilities, services, assets or properties shared with
any other Person, which are used in connection with the Business of the Group Companies. 
 Section 4.21
Full Disclosure. Neither this Agreement nor any Exhibit or Schedule hereto contains any untrue statement of any material fact or omits to state any material fact reasonably necessary in order to make the statements contained herein or therein
not misleading. 
 Section 4.22 Exempt Offering. Subject to the accuracy of the representations
of each of the Series B Investors set forth in Article V below, the offer, sale and issuance of the Series B Investor Subscription Shares, the Series B Warrant and the Series B Warrant Shares to such Series B Investor in conformity with the
terms of this Agreement are exempt from the qualification, registration and prospectus delivery requirements of the Securities Act. 
 
Section 4.23 Brokers. No broker, finder or investment banker is entitled to receive from any Group Company any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement or
any other Transaction Document based upon arrangements made by or on behalf of any Group Company. 
 Article V 

Representations and Warranties of the Investors 

Each Investor hereby, severally but not jointly, represents and warrants to the Company that the statements contained in this Article V
are true, correct and complete as of the date hereof and as of the Closing Date of such Investor (unless any representations and warranties expressly relate to another date, in which case as of such other date). 

  
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 Section 5.1 Organization and Good Standing. Such
Investor is duly organized, validly existing and in good standing (or equivalent status in the relevant jurisdiction) under, and by virtue of, the laws of the place of its incorporation or establishment, and has all requisite corporate power and
authority to own its properties and assets and to carry on its business as now conducted. 
 Section 5.2
Authorization. Such Investor has all requisite power and authority to execute and deliver this Agreement and the other Transaction Documents to which such Investor is a party, to perform its obligations hereunder and thereunder and to
consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and the other Transaction Documents to which such Investor is a party and the consummation of the transactions contemplated hereby and thereby
have been duly authorized by all requisite corporate action on the part of such Investor. This Agreement has been, and each of the other Transaction Documents to which such Investor is a party will be at or prior to the Closing, duly and validly
executed and delivered by such Investor and (assuming the due authorization, execution and delivery by the other parties hereto and thereto) this Agreement constitutes, and the other Transaction Documents to which such Investor is a party will
constitute, the legal, valid and binding obligations of such Investor, enforceable against it in accordance with their respective terms. 
 
Section 5.3 No Conflicts. None of the execution, delivery and performance by such Investor of this Agreement or the other Transaction Documents to which such Investor is a party, the consummation of the transactions contemplated
hereby or thereby, or compliance by such Investor with any of the provisions hereof or thereof will breach or conflict with, or result in any violation of or default under (with or without notice or lapse of time, or both), any provision of
(i) the memorandum and articles of association of such Investor; or (ii) any Order or Law applicable to such Investor, in each case of (i) and (ii), except as would not, individually or in the aggregate, materially and adversely
affect the ability of such Investor to carry out its obligations hereunder and under the other Transactions Documents to which it is a party and to consummate the transactions contemplated hereby and thereby. 

Section 5.4 Outbound Investment Registration. If such Investor is an ODI Investor, unless the ODI
Condition for each of the other Investors has been duly waived (whether pursuant to Section 7.5(a) or otherwise), as of the Closing of such ODI Investor, such ODI Investor (or its applicable Beneficial Owner) has completed all
necessary filings and registrations with, and obtained all necessary approvals from, the relevant Government Authorities and banks in connection with its outbound investment into the Company. 

Article VI 
 Covenants and
Agreements 
 Section 6.1 Access to Information. From the date hereof until the Closing Date
of an Investor, the Warrantors shall, and shall cause the Company’s and the other Group Companies’ directors, officers, employees, and other representatives to, give to such Investor, reasonable access during regular business hours to the
offices, properties and books and records of the Company and the other Group Companies and furnish to such Investor such financial and operating data and any other information relating to any of the Group Companies as such Investor may reasonably
request. 

  
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 Section 6.2 Conduct of Business. From the date hereof
until the Closing of an Investor, except as otherwise expressly provided in this Agreement or with the prior written consent of such Investor, the Group Companies shall, and the Founders shall cause the Group Companies to: 

(a)    conduct the respective Business of the Group Companies in the ordinary course and consistent with
the Group Companies’ past practice; 
 (b)    continue the respective promotional activities and
pricing and purchasing policies of the Group Companies consistent with past practice; 
 (c)    use their
best efforts to (i) preserve the present business operations, organization and goodwill of the Group Companies, (ii) keep available the services of its current officers and employees, (iii) preserve the present relationships with
clients of the Group Companies, and (iv) not engage in any practice, take any action, fail to take any action or enter into any transaction which could cause any representation or warranty with respect to the Group Companies in this Agreement
to be untrue or result in a breach of any covenant made by the Company in this Agreement; and 

(d)    not take any of the actions enumerated in Section 4.10. 

Section 6.3 Notice of Certain Matters. 

(a)    From the date hereof until the Closing of an Investor, each Party shall promptly notify the other
Parties of any occurrence of which it is aware that is reasonably likely to result in any of the conditions set forth in Article VII becoming incapable of being satisfied; provided, however, that any Party’s failure to give notice of any
such occurrence as required pursuant to this Section 6.3(a) shall not be (i) deemed to be a breach of the covenant contained in this Section 6.3(a), but instead shall (if applicable) constitute only a breach of
the applicable underlying representation, warranty, covenant or agreement, or (ii) taken into account in determining whether the conditions to Closing set forth in Article VII have been satisfied. 

(b)    Without limitation to Section 6.3(a), if there occurs any facts, events or
circumstances after the date hereof and before the Closing of a Series A Investor that constitutes a material breach of any representations or warranties of the Company, the Founder Holdco and the Management Holdco that are to be repeated at the
Closing of such Series A Investor, the Company, the Founder Holdco and the Management Holdco shall promptly execute a certificate detailing such facts, events or circumstances and deliver such certificate to such Series A Investor. 

  
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 (c)    Without limitation to Section 6.3(a), if there
occurs any facts, events or circumstances after the date hereof and before the Closing of a Series B Investor that constitutes a breach of any representations or warranties of the Warrantors that are to be repeated at the Closing of such Series B
Investor, the Warrantors shall promptly execute a certificate detailing such facts, events or circumstances and deliver such certificate to such Series B Investor, whereupon the Disclosure Schedule shall be deemed to have been updated with such
facts, events or circumstances as set forth in such certificate (but such update shall be deemed to qualify only the representations and warranties (other than the Warrantor Fundamental Warranties) that are repeated at the Closing of such Series B
Investor). Upon and after any such update to the Disclosure Schedule, 
 (i)    if the Warrantors
acknowledge that such facts, events or circumstances are adverse to the interests of the Group Companies or such Series B Investor in a material respect, such Series B Investor shall be entitled to terminate this Agreement as between the Company and
such Series B Investor by written notice to the Company, and 
 (ii)    if such Series B Investor and the
Warrantors, in their respective reasonable beliefs, disagree as to whether such facts, events or circumstances are adverse to the interests of the Group Companies or such Series B Investor in a material respect, such Series B Investor and the
Warrantors shall consult with each other in good faith with a view to resolving such disagreement (including agreeing on any adjustments to the terms of the transactions contemplated hereby that may be necessary) as soon as reasonably practicable,
provided, however, that, notwithstanding anything herein to the contrary, such Series B Investor (x) shall not be obligated to proceed with its Closing unless and until such Series B Investor and the Warrantors have resolved such disagreement
through mutual consultation, and 
 (d)    shall be entitled to terminate this Agreement as between the
Company and such Series B Investor by written notice to the Company at any time after the Long Stop Date if the Closing of such Series B Investor shall not have occurred as of the Long Stop Date. 

Section 6.4 Use of Proceeds. The Company agrees and covenants with each Investor that without the
prior written consent of the Investors, the proceeds from the issue of the Investor Subscription Shares hereunder shall only be used for payment of the consideration or loans payable by a Group Company in connection with the Restructuring, on the
terms and conditions expressly set out in the Restructuring Plan and the Restructuring Documents, and any remaining proceeds shall only be used for business operations, strategic investments, and other general corporate purposes of the Group
Companies. 
 Section 6.5 Further Assurances. Each Party hereto shall use (and the Company shall
cause each other Group Company to use) its commercially reasonable efforts to (a) take all actions necessary or appropriate and do all things (including to execute and deliver documents and other papers) necessary, proper or advisable to
consummate the transactions contemplated by this Agreement, and (b) cause the fulfillment at the earliest practicable date of all of the conditions to the other Parties’ respective obligations to consummate the transactions contemplated by
this Agreement. 

  
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 Section 6.6 Restructuring. 

(a)    The Group Companies shall (and the Founders shall cause the Group Companies to), and each other
Party who (or whose Affiliate) is or will become a party to any Restructuring Document shall (and shall cause its applicable Affiliate to), take all necessary steps to complete the Restructuring as soon as practicable in accordance with the
Restructuring Plan and the Restructuring Documents (including the timing requirements and the other terms and conditions set forth therein) and in compliance with applicable Laws. The Group Companies and the Founders shall keep the Investors
reasonably informed of the status and progress of the Restructuring, and shall promptly notify the Investors upon the completion of each step of the Restructuring and provide all relevant evidence relating thereto. 

(b)    Prior to entering into any Contract (including any Restructuring Document) in connection with the
Restructuring (but other than any such standard short-form Contract solely to be used for filing with the relevant Government Authority, which do not conflict with or override the arrangements set forth in the Restructuring Documents), the
Warrantors shall provide the final execution form of such Contract to the Series B Investors for review and approval, and may not enter into any such Contract unless the Series B Investors shall have provided written consent (including consents by
emails) in respect thereof (whereupon such Contract, if not already a Restructuring Document, shall be deemed a Restructuring Document), provided, however, that (i) if such Contract is in the final form as set forth in EXHIBIT G or in
substantially the form of the latest draft for such Contract as set forth in EXHIBIT G, the Series B Investors shall not withhold such consent, and (ii) in all other cases, the Series B Investors may grant or withhold such consent as reasonably
determined by the Series B Investors (such reasonableness to be determined by the Series B Investors in good faith)). 

(c)    Subject to and without limitation to Section 6.6(a) and
Section 6.6(b), the Warrantors shall not, without the prior written consent of the Series B Investors (which may be granted or withheld as reasonably determined by the Series B Investors (such reasonableness to be
determined by the Series B Investors in good faith)), (i) take, or agree to take, any action in connection with the Restructuring that is not provided for in the Restructuring Plan and the Restructuring Documents or not in accordance with the terms
and conditions therein, or (ii) terminate, amend, modify or supplement any Restructuring Document or any provision thereof, grant or permit to be granted any waiver or consents thereunder, or fail to pursue and rights or remedies thereunder.
Notwithstanding the foregoing and for the avoidance of doubt, 
 (iii)    execution and delivery of
Restructuring Documents in compliance with the provisions of Section 6.6(a) and Section 6.6(b) and performance of the Restructuring Documents in accordance with the terms therein shall not be deemed to be granting of
consents for purposes of Section 6.6(c)(ii), and (y) Section 6.6(c)(ii) shall not apply to any replacement of VIE Agreements that is specifically required by the Restructuring Plan, provided
that the provisions of Section 6.6(a) and Section 6.6(b) shall nevertheless apply with respect to any VIE Agreement proposed to be entered into in connection with such replacement. 

  
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 Section 6.7 Amended Articles. The Company shall, and
the Founders shall procure that the Company duly file the Amended Articles filed with the appropriate corporate registration authorities of the Cayman Islands within 30 days after the first Closing to occur. 

Section 6.8 Circular 37 Registration. Each Company Security Holder who is subject to any of
the registration or reporting requirements of Circular 37 shall, and each Warrantor shall cause such Company Security Holder to, complete all of its necessary reporting and/or registration of Circular 37 and provide evidence relating thereto within
two (2) months after the Series B Closing. 
 Section 6.9 Post-Incorporation Registrations.
The WFOE shall, and the Warrantors shall cause the WFOE to, complete all necessary filings and registrations with the relevant commercial committee, SAFE and the bank authorized by SAFE in connection with the due establishment of the WFOE and
provide relevant evidence relating thereto within one (1)month after the Series B Closing. 

Section 6.10 Right to Appoint Nominee Shareholder. After the Closing of Primavera, Primavera shall
have the right to designate a nominee (and to replace any such designee) from time to time to hold a percentage of the registered capital of the Domestic Company that is equal to the percentage of issued and outstanding Shares held by Primavera and
its Affiliates in the Company, and the Warrantors and the other Parties hereto shall take all necessary actions to effectuate the foregoing (including without limitation entering into relevant transaction agreements, amending the organizational
documents of the Domestic Company, adopting or causing to be adopted shareholders and/or board resolutions and completing the related registrations with the relevant Government Authority). Primavera shall procure its nominee and the other Parties
shall cause their respective onshore Affiliate to enter into all applicable VIE Agreements and to perform their obligations thereunder (including to cooperate with the other parties thereto in connection with the registration of the pledge of the
nominee’s equity interests in the Domestic Company created thereby). After any sale of the Shares held by it or its Affiliates to third parties (other than its Affiliates) resulting in a material reduction in the percentage interest held by
Primavera and its Affiliates in the Company, Primavera shall procure its nominee to correspondingly reduce the percentage equity interest in the Domestic Company held by its nominee (and the Warrantors and the other Parties hereto shall take all
necessary actions to effectuate the foregoing). Without prejudice to the relevant Parties’ rights and obligations under this Section 6.10, the Company and Primavera will discuss in good faith and endeavour to
reasonably agree on the implementation details of the arrangements contemplated by this Section 6.10 with the mutual goal of minimizing costs and administrative burdens to the Company and Primavera in connection with the
foregoing. 
 Section 6.11 Certain Additional Covenants. The Warrantors hereby jointly and
severally undertake in favor of each Investor as follows: 

  
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 (a)    after the Closing of such Series B Investor, the Group
Companies shall, and the Founders shall procure that the Group Companies will, use reasonable best efforts obtain all permits and licenses necessary for the operation of the Business; 

(b)    the Group Companies incorporated in the PRC and their respective branches shall use their respective
reasonable best efforts to include “

” and/or “

” in the business scope of their respective business licenses; 

(c)    the Warrantors shall cause each of the Persons listed in SCHEDULE 11 to be liquidated and de-registered, or all of the equity interests in each such Person to be transferred to a third party who is not an Affiliate of any Warrantor, as soon as reasonably practicable (and in any event within two
(2) years) after the Closing of such Series B Investor; and 
 (d)    the Warrantors shall
(i) ensure that 

 shall, no later than December 31, 2017, repay all amounts owed by it to the Domestic Company and any other Group Company (whether due to intercompany payables, loans or otherwise) (such amounts as of the date
hereof being RMB 44,042,793.23 in the aggregate), and (ii) provide written evidence of such full repayment to the Series B Investors no later than December 31, 2017. The Warrantors further agree that, in the event that any such amount is
not repaid as of December 31, 2017, for purposes of determining the amount of losses suffered by the Series B Investors under Article VIII in connection with such event, each Series B Investor shall be deemed to have suffered a loss equal to
such unpaid amount multiplied by the shareholding percentage of such Series B Investor in the Company at such time. 
 Article VII

 Conditions 
 
Section 7.1 Conditions to the Obligation of Each Party. The obligations of the Company, on the one hand, and each Investor, on the other hand, to proceed to the Closing with respect to such Investor is subject to the satisfaction or
waiver by the Company and such Investor (where legally permissible) of the following conditions: 

(a)    there shall not be in effect any Law or Order by a Government Authority of competent jurisdiction
restraining, enjoining or otherwise prohibiting the consummation of the transactions contemplated hereby with respect to such Investor; and 

(b)    no Action shall have been commenced by or before any Government Authority against such Party seeking
to restrain or materially and adversely alter the transactions contemplated by this Agreement with respect to such Investor which would render it impossible or unlawful to consummate such transactions, provided, however, that the provisions of this
Section 7.1(b) shall not apply if such Party has directly or indirectly solicited or encouraged any such Action. 

  
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 Section 7.2 Additional Conditions to the Obligation of
Each Series A Investor. The obligations of each Series A Investor to proceed to the Closing with respect to such Series A Investor is subject to the satisfaction or waiver by such Series A Investor of the following additional
conditions: 
 (a)    The representations and warranties of the Warrantors set forth in Article
III shall be true and correct in all respects when made and as of the Closing of such Series A Investor with the same force and effect as if made as of the Closing of such Series A Investor; 

(b)    the Warrantors shall have performed and complied with, in all material respects, each of the
obligations and agreements required by this Agreement to be performed or complied with by them on or prior to the Closing Date of such Series A Investor; 

(c)    (i) the steps contemplated by Sections V.1

 BVI2

 BVI

 (for avoidance of doubt, excluding the completion of the registration of Circular 37), V.2

, V.4

 (for the avoidance of doubt, excluding any alternative plans noted thereunder (the “ODI Alternative Plans”)), V.5

 WFOE), V.6

 and V.7

 VIE

 of the Restructuring Plan shall have been completed in accordance with the Restructuring Plan and the relevant Restructuring Documents and in compliance with applicable Laws, and (ii) such Series A Investor shall
have received written evidence (including photographs) of the completion of the foregoing steps to the reasonable satisfaction of such Series A Investor; and 

(d)    such Series A Investor shall have received a certificate signed by an authorized signatory of the
Company certifying that the conditions set forth in Section 7.2(a), Section 7.2(b) and Section 7.2(c)(i) have been satisfied. 

Section 7.3 Additional Conditions to the Obligation of Each Series B Investor. The obligations of
each Series B Investor to proceed to the Closing with respect to such Series B Investor is subject to the satisfaction or waiver by such Series B Investor of the following additional conditions: 

(a)    (i) the Warrantor Fundamental Warranties shall be true and correct in all respects when made and as
of the Closing of such Series B Investor with the same force and effect as if made as of the Closing, except to the extent such representations and warranties relate to another date (in which case such representations and warranties shall be true
and correct in all respects as of such other date with the same force and effect as if made as of such other date), and (ii) the representations and warranties of the Warrantors set forth in Article IV (other than the Warrantor
Fundamental Warranties) (A) that are not qualified by “materiality”, “Material Adverse Effect” or similar qualifiers shall have been true and correct in all respects when made and shall be true and correct in
all material respects as of the Closing of such Series B Investor with the same force and effect as if made as of the Closing of such Series B Investor, and (B) that are qualified by “materiality”, “Material Adverse
Effect” or similar qualifiers shall have been true and correct in all respects when made and as of the Closing of such Series B Investor with the same force and effect as if made as of the Closing of such Series B Investor, in each case of
(A) and (B), other than such representations and warranties that relate to another date (in which case such representations and warranties shall be true and correct in all respects as of such other date with the same force and effect as if made
as of such other date); 

  
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 (b)    the Warrantors shall have performed and complied with,
in all material respects, each of the obligations and agreements required by this Agreement to be performed or complied with by them on or prior to the Closing Date of such Series B Investor; 

(c)    (i) the steps contemplated by Sections V.1

 BVI2

 BVI

 37

 (for avoidance of doubt, excluding the completion of the registration of Circular 37), V.2

, V.4

 (for the avoidance of doubt, excluding any ODI Alternative Plan), V.5

 WFOE), V.6

), V.7

 VIE

 and V.8

 of the Restructuring Plan shall have been completed in accordance with the Restructuring Plan and the relevant Restructuring Documents and in compliance with applicable Laws, and (ii) such Series B Investor shall
have received written evidence of the completion of the foregoing steps to the reasonable satisfaction of such Series B Investor (for avoidance of doubt, as for evidence about the application for the registration of Circular 37 under Section V.1 (

 BVI2

 BVI

,

 37

 of the Restructuring Plan, the Company shall notify the Series B Investor reasonably in advance of the submission of such application, and the Series B Investor shall be entitled to designate a representative to witness
such submission, provided that such representative shall timely appear and witness such submission in good faith); 

(d)    from and after the date hereof, there shall have been no change, event, effect or circumstance that,
individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect; 

(e)    each of the employees set forth in SCHEDULE 12 shall have entered into an employment
agreement containing customary non-competition, confidentiality and non-disparagement covenants with the applicable Group Company in a form reasonably satisfactory to
such Series B Investor and a copy of each such employment agreement shall have been provided to such Series B Investor; 

(f)    the WFOE shall have joined this Agreement as a party by way of a Joinder Agreement pursuant to
Section 9.15; 
 (g)    the First Ordinary Closing, the Series A Closing and the Second Ordinary
Closing shall have been consummated in accordance with the terms and conditions herein immediately prior to the Series B Closing of such Series B Investor; 

(h)    such Series B Investor shall have received a certificate signed by an authorized signatory of the
Company certifying that the conditions set forth in Section 7.3(a), Section 7.3(b), Section 7.3(c)(i), Section 7.3(d) and
Section 7.3(g) have been satisfied; and 

  
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 (i)    no disagreement between such Series B Investor and the
Warrantors as described in Section 6.3(c)(ii) shall have arisen, or such disagreement has arisen but has been resolved in accordance with Section 6.3(c)(ii). 

Section 7.4 Additional Conditions to the Obligation of the Company. The obligation of the Company
to proceed to the Closing with respect to any Investor is subject to the satisfaction or waiver by the Company of the following additional conditions: 

(a)    the representations and warranties of such Investor in Article V shall be true and correct in
all material respects when made and as of the Closing of such Investor with the same force and effect as if made as of the Closing of such Investor; and 

(b)    such Investor shall have performed and complied with, in all material respects, each of the
obligations and agreements required by this Agreement to be performed or complied with by such Investor on or prior to the Closing Date of such Investor. 

Section 7.5 Waiver of Certain Closing Conditions; Continuing Obligations. 

(a)    Without prejudice to any Investor’s general right to waive any condition to its obligation to
proceed to its Closing, in the event that, as of the ODI Long Stop Date, each of the ODI Investors shall have duly and timely submitted its application for ODI Registration but any ODI Investor shall not have duly completed its ODI Registration as
of the ODI Long Stop Date despite its reasonable best efforts (an “ODI Delayed Event”), then, the Warrantors shall be entitled to execute and deliver a certificate to each other Investor certifying that an ODI Delayed Event has
occurred. Upon its receipt of such certificate relating to any ODI Investor or, in the absence of such certificate, a written confirmation from the Series B Investors that the Series B Investors have waived the ODI Condition, each Investor shall be
deemed to have waived the condition to its obligation to proceed to its Closing relating to the completion of the ODI Registration by such ODI Investor as contemplated by Section V.4

 (for the avoidance of doubt, excluding any ODI Alternative Plan) of the Restructuring Plan and Section 7.2(c) or Section 7.3(c), as applicable, of this Agreement (the
“ODI Condition”). 
 (b)    Notwithstanding anything herein to the contrary, in the
event that any Investor waives any condition to its obligation to proceed to its Closing, the relevant Parties shall nevertheless fulfill or cause to be fulfilled the terms of such condition as soon as practicable after the Closing. Without
limitation to the foregoing, in the event that any Investor waives, or is deemed to have waived, pursuant to Section 7.5(a) or otherwise, the ODI Condition, the relevant ODI Investor hereby undertakes to (i) complete
its ODI Registration as soon as practicable and in any event within such timeframe set forth in Section 3.4 of the Restructuring Agreement, and (ii) in the event that its ODI Registration is still not completed within such
timeframe, immediately effect one of the ODI Alternative Plans and, in connection therewith, the relevant Parties will cooperate in good faith to promptly (x) enter into applicable Restructuring Documents (or amendments thereto), and
(y) amend the provisions of this Agreement relating to the consideration of such ODI Investor in respect of its Investor Subscription Shares and the payment arrangements relating thereto, in each case of (x) and (y), to the extent
necessary to give effect to such ODI Alternative Plan and as approved in writing by the Series B Investors, provided, however, that the actions contemplated by sub-clause (x) shall not require the approval of the Series B Investors if such
actions implement the ODI Alternative Plan on the terms and conditions as described in the Restructuring Plan and are not otherwise adverse to the interests of the Group Companies or the Series B Investor in any material respect. 

  
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 Article VIII 

Indemnification 
 
Section 8.1 Indemnification by the Warrantors. Each of the Warrantors (each, an “Indemnifying Party”) hereby shall, from and after the Closing, jointly and severally indemnify and hold harmless each Investor and its
successors and assigns (each, an “Indemnified Party” and collectively, the “Indemnified Parties”) from and against all Liabilities, losses, damages, diminution in value, claims, costs and expenses (including
reasonable attorneys’ fees and expenses incurred in connection with the investigation or defense of any of the same or in responding to or cooperating with any governmental investigation), interest, awards, judgments, fines and penalties
suffered or incurred by the Indemnified Parties (in each case, whether absolute, accrued, conditional or otherwise and whether or not resulting from Third Party Claims) (hereinafter “Indemnifiable Losses”), arising out of or
relating to: 
 (a)    any inaccuracy in or breach of any representation or warranty given by any
Warrantor to such Investor in this Agreement or any other representations, warranties or statements set forth in the other certificates, schedules or other documents delivered by or on behalf of any Warrantor to such Investor hereunder; and 

(b)    any breach of any covenant of any Warrantor (other than any covenant that is specifically made only
in favor of another Investor). 
 Section 8.2 Survival of Representations and Warranties. Each of
the representations and warranties of the Warrantors set forth in Article III shall survive indefinitely after the Closing of the applicable Series A Investor. Each of the Warrantor Fundamental Warranties shall survive indefinitely after the
Closing of the applicable Series B Investor, and each representations and warranties of the Warrantors set forth in Article IV (other than the Warrantor Fundamental Warranties) shall survive until the second (2nd) anniversary of the Closing
Date of the applicable Series B Investor. 
 Section 8.3 Limitation. 

(a)    The aggregate indemnification amount claimed by an Investor or its Indemnified Parties against all
the Warrantors pursuant to Section 8.1(a) shall not exceed an amount equal to the Investor Subscription Price paid by such Investor under this Agreement. 

  
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 (b)    The Founders shall not be obligated to use any of his
personal assets (other than any equity interest in the Group Companies beneficially owned by him or any of his Affiliates) to satisfy his indemnification obligations under this Agreement. 

(c)    The aggregate indemnification amount claimed by an Investor or its Indemnified Parties against all
the Warrantors pursuant to Section 8.1(b) shall not exceed the Put Price (as defined in the Amended Articles) of the Indemnified Party. 

(d)    If any loss incurred by any Indemnified Party is due to the breach or violation of any Warrantors as
set forth in Section 8.1(b) hereunder, and such breach or violation has been fairly disclosed in writing to such Indemnified Party and has been acknowledged and consented to in writing by such Indemnified Party or the
director(s) appointed by such Indemnified Party, the Indemnifying Party shall not be obligated to indemnify such Indemnified Party with respect to such loss. 

(e)    Notwithstanding Section 8.3(a) through
Section 8.3(d), the limitations set forth in Section 8.3(a) through Section 8.3(d) shall not apply with respect to any claims for losses arising out of fraud or willful
misconduct. 
 Section 8.4 Procedure. Any Indemnified Party seeking indemnification under this
Article VIII shall give written notice (a “Claim Notice”) to the Indemnifying Party. The Claim Notice shall include a description in reasonable detail of (i) the basis for, and nature of, such claim, including the facts
constituting the basis for such claim, and (ii) the estimated amount of Indemnifiable Losses that have been or reasonably will be sustained by the Indemnified Party in connection with such claim. In the event of any claim, demand, action or
proceeding asserted against any Indemnified Party by a third party with respect to which such Indemnified Party may claim indemnification under Section 8.1 (a “Third Party Claim”), the Indemnified Party
shall give the Indemnifying Party written notice within ten (10) Business Days of receiving written notice of such Third Party Claim. If the Indemnified Party fails to provide each such notice within such time period, the Indemnifying Party
will not be obligated to indemnify the Indemnified Party with respect to such Third Party Claim to the extent that the Indemnifying Party is prejudiced by such failure of the Indemnified Party. The Indemnifying Party shall notify the Indemnified
Party within thirty (30) days after receipt of such notice as to whether the Indemnifying Party will assume the defense of such Third Party Claim. If the Indemnifying Party assume the defense, (x) the Indemnified Party shall have the right
to participate in such defense and to engage separate counsel of its own choosing at its own cost and expense and (y) the Indemnifying Party shall not agree to any compromise or settlement to which the Indemnified Party has not consented to in
writing (which consent shall not be unreasonably withheld, conditioned or delayed) unless such settlement or compromise includes only the payment of monetary damages which shall be paid by the Indemnifying Party and includes a release of the
Indemnified Party from all Liability in respect of such Third Party Claim. If requested by the Indemnifying Party, the Indemnified Party will, at the cost and expense of the Indemnifying Party, provide reasonable cooperation to the Indemnifying
Party in defending such Third Party Claim. If the Indemnifying Party elects not to assume the defense of such Third Party Claim, the Indemnified Party may assume the defense thereof at the expense of the Indemnifying Party, provided that the
Indemnified Party shall not agree to any compromise or settlement to which the Indemnifying Party has not consented in writing (which consent shall not be unreasonably withheld, conditioned or delayed). 

  
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 Article IX 

Miscellaneous 
 
Section 9.1 Governing Law. This Agreement shall be governed by and construed exclusively in accordance with the laws of the Hong Kong Special Administrative Region (without giving effect to any choice of law principles thereof that
would cause the application of the laws of another jurisdiction). 
 Section 9.2 Dispute
Resolution. 
 (a)    Any dispute arising out of or in connection with this Agreement, including any
question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration in Hong Kong International Arbitration Center (“HKIAC”) in accordance with the Hong Kong International Arbitration
Center Administered Arbitration Rules (the “HKIAC Rules”) in force when the notice of arbitration is submitted in accordance with the HKIAC Rules. The HKIAC Rules are deemed to be incorporated by reference to this clause. The
tribunal shall be comprised of three arbitrators. The Investor, on the one hand, and the Company, on the other hand, shall each nominate one arbitrator and the third, who shall serve as president of the tribunal, shall be nominated by the
party-nominated arbitrators. The arbitration shall be conducted in English. Each Party irrevocably and unconditionally consents to such arbitration as the sole and exclusive method of resolving any dispute arising out of or in connection with this
Agreement, including any question regarding its existence, validity or termination, other than any proceedings to seek the remedies of specific performance as contemplated by Section 9.3. 

(b)    The award of the arbitral tribunal shall be final and binding on the Parties. The Parties agree that
they will not have recourse to any judicial proceedings, in any jurisdiction whatsoever, for the purpose of seeking appeal, annulment, setting aside, modification or any diminution or impairment of its terms or effect insofar as such exclusion can
validly be made. Judgment upon any award rendered may be entered in any court having jurisdiction thereof, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. 

Section 9.3 Specific Performance. Each Party acknowledges that money damages would not be an
adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limitation to any other remedy or right it may have,
the non-breaching Party will have the right to seek an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing
specifically the terms and provisions hereof. 

  
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 Section 9.4 Entire Agreement. This Agreement, the
other Transaction Documents and the schedules and exhibits hereto and thereto, which are hereby expressly incorporated herein by this reference, constitute the entire understanding and agreement between all the parties with respect to the subject
matter hereof and thereof and supersede all prior agreements, understandings, representatives and warranties, whether written or oral, among all the parties hereto with respect to the subject matter hereof. 

Section 9.5 Successors and Assigns. Except as otherwise expressly provided herein, the provisions
hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto whose rights or obligations hereunder are affected by such amendments. This Agreement and the rights and
obligations hereunder, as between the Company and each Investor, may not be assigned by any Party without the prior written consent of the Company (in the case of an assignment by such Investor) or the prior written consent of such Investor (in the
case of an assignment by the Company), provided, however, that each Investor may assign its rights and obligations to any of its Affiliates or, in connection with a transfer that is not prohibited by the Amended Articles or the Shareholders
Agreement, to any transferee of any Investor Subscription Shares, the Series B Warrants or the Series B Warrant Shares of such Investor without the prior written consent of any other Party. 

Section 9.6 No Third Party Beneficiaries; No Partnership. A Person who is not a party to this
Agreement shall not have any right under, nor shall any such Person be entitled to enforce any provision of, this Agreement. Nothing in this Agreement shall be deemed to constitute a partnership among any of the parties hereto. 

Section 9.7 Notices. Except as may be otherwise provided herein, all notices, requests, waivers and
other communications made pursuant to this Agreement shall be in writing to the number or address set forth in SCHEDULE 9 hereto, and shall be conclusively deemed to have been duly given (a) when hand-delivered to the other parties, upon
delivery; (b) when sent by facsimile or electronic mail, upon receipt of confirmation of error-free transmission or, in the case of electronic mail, upon such mail being sent unless the sending party subsequently learns that such electronic
mail was not successfully delivered; (c) seven (7) Business Days after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid; or (d) three (3) Business Days after deposit with an overnight delivery service,
postage prepaid with next-business-day delivery guaranteed, provided that the sending party receives a confirmation of delivery from the delivery service provider. A Party may change or supplement the
addresses given above, or designate additional addresses, for purposes of this Section 9.7, by giving the other parties written notice of the new address in the manner set forth above. 

Section 9.8 Amendments and Waivers. Any term of this Agreement may be amended only with the written
consent of the Company and each of the Investors. Any term of this Agreement may be waived only with the written consent of the Party against whom such waiver is effective. 

Section 9.9 Delays or Omissions. No delay or omission to exercise any right, power or remedy
accruing to any Party hereto, upon any breach or default of any other Party hereto under this Agreement, shall impair any such right, power or remedy of such Party, nor shall it be construed to be a waiver of any such breach or default, or of an
acquiescence therein, or of any similar breach or default thereafter occurring; nor shall it be construed to be 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 Party hereto of any breach or default under this Agreement or any waiver on the part of any Party hereto 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 any Party hereto, shall be cumulative and not alternative. 

  
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 Section 9.10 Counterparts. This Agreement may be
executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. Facsimile and e-mailed copies of signatures in portable document format
(PDF) shall be deemed to be originals for purposes of the effectiveness of this Agreement. 

Section 9.11 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 their best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which most nearly reflects the parties’ intent in entering into this
Agreement. 
 Section 9.12 Expenses. Except as otherwise specifically provided herein, each Party
hereto will bear its own legal, accounting and other costs and expenses incurred by such Party in connection with the negotiation, execution and delivery of this Agreement and the other Transaction Documents and the consummation of the transactions
contemplated hereby and thereby. 
 Section 9.13 Confidentiality and
Non-Disclosure. 
 (a)    Disclosure of Terms. The
existence of the investment hereof and the terms and conditions of the Transaction Documents (collectively, the “Financing Terms”) 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; provided that such confidential information shall not include, with respect to any Party hereto, any information that is (i) in the public domain other than by reason of the
breach of the confidentiality obligations hereunder by such Party, (ii) already in the possession of such Party at the time the information was disclosed to such Party by other parties hereto, (iii) is acquired by such Party from a source
other than the other parties hereto, which source, to the Knowledge of the receiving party, is not in breach of any obligation owed to any Party hereto in respect of such disclosure, (iv) independently developed by such Party without using or
making reference to any confidential information, or (v) agreed in writing by the Company and the other Parties hereto not to be confidential. 

  
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 (b)    Press Releases, Etc. Each Party may not
disclose the existence of the transactions contemplated under this Agreement or the Financing Terms except by way of a press release in form and substance jointly approved by the Company and the Investors; provided, however, that any press release
containing the name of, or making specific reference to, any Investor or any of its Affiliates shall require the prior written consent of such Investor. 

(c)    Permitted Disclosures. Notwithstanding the foregoing: 

(i)    in the event that any Party is requested by any Government Authority or becomes legally compelled
(including, without limitation, pursuant to securities laws and regulations and in connection with any legal, judicial, arbitration or administrative proceedings) to disclose the existence of this Agreement, any other Transaction Documents, any of
the exhibits and schedules attached to such agreements, or any of the Financing Terms hereof in contravention of the provisions of this Section 9.13, such Party (the “Disclosing Party”) shall to the extent practicable and
permitted by laws, provide the other parties (the “Non-Disclosing Parties”) with prompt written notice of that fact and use all commercially reasonable efforts to seek (with the cooperation
and reasonable efforts of the other parties) a protective order, confidential treatment or other appropriate remedy with respect to the information which is requested or legally required to be disclosed. In such event, the Disclosing Party shall
furnish only that portion of the information which is requested or legally required to be disclosed and shall exercise reasonable efforts to keep confidential such information to the extent reasonably requested by any
Non-Disclosing Party; 
 (ii)    any Party may disclose any of
the Financing Terms to its current or bona fide prospective investors, employees, investment bankers, lenders, accountants and attorneys, in each case only where such Persons are under appropriate nondisclosure obligations; without limiting the
generality of the foregoing, the Investors shall be entitled to disclose the Financing Terms for the purposes of fund reporting or inter-fund reporting or to their fund manager, other funds managed by their fund manager and their respective
auditors, counsel, directors, officers, employees, shareholders or investors; and 
 (iii)    each
Investor may, without disclosing the identities of the other Investors or the Financing Terms of their respective investments in the Company without their consent, but subject to the consent of the Company, disclose such Investor’s investment
in the Company and the Financing Terms of its investment to third parties or to the public at its sole discretion and, if it does so, the other Parties shall have the right to disclose to third parties any such information disclosed in a press
release or other public announcement by such Investor. 
 Section 9.14 Termination of this
Agreement. This Agreement may be terminated at any time prior to the Closing: 

  
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 (a)    as between the Company, on the one hand, and any
Investor, on the other hand: 
 (i)    by mutual written consent of the Company and such Investor; 

(ii)    by either the Company or such Investor if the Closing with respect to such Investor shall not have
been consummated as of 11:59 p.m., Beijing time, on the Long Stop Date, provided, however, that the Company or such Investor, as applicable, shall not be entitled to terminate this Agreement pursuant to this subsection (ii) if such Party has
breached this Agreement and such breach has resulted in the Closing with respect to such Investor to not have been consummated as of 11:59 p.m., Beijing time, on the Long Stop Date; 

(iii)    by the Company if, between the date hereof and the Closing with respect to such Investor, there is
a breach of any representation or warranty or failure to perform any covenant or agreement on the part of such Investor set forth in this Agreement, which breach or failure to perform would cause any of the conditions set forth in Section 7.1
and Section 7.4 not to be satisfied on or before the Long Stop Date and cannot be cured, or if curable, is not cured within ten (10) days after written notice of such breach is given to such Investor by the Company; or 

(iv)    by such Investor if, between the date hereof and the Closing with respect to such Investor, there
is a breach of any representation or warranty or failure to perform any covenant or agreement on the part of any Warrantor set forth in this Agreement, which breach or failure to perform would cause any of the conditions set forth in
Section 7.1 and Section 7.2 (if such Investor is a Series A Investor) or Section 7.3 (if such Investor is a Series B Investor) not to be satisfied on or before the Long Stop Date and cannot be cured, or if curable, is not cured within
ten (10) days after written notice of such breach is given to such Warrantor by such Investor; 

(b)    as among all parties hereto, by mutual written consent of the Company and the Investors; and 

(c)    if such Investor is a Series B Investor, by such Series B Investor pursuant to Section 6.3(b).

 Upon any termination of this Agreement under this Section 9.14, this Agreement shall forthwith become wholly void and of no effect
with respect to the applicable parties and the applicable parties shall be released from all future obligations hereunder, provided that (i) nothing herein shall relieve any such Party from Liability for any breach of this Agreement occurring
prior to such termination, and (ii) the provisions of Section 9.1 through Section 9.13 shall remain in final force and effect and survive any termination of this Agreement pursuant to this Section 9.14. 

  
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 Section 9.15 Effectiveness, Obligations of Investors.
This Agreement shall take effect with respect to each Party (other than the WFOE) upon the execution and delivery of this Agreement by each such Party. Upon the WFOE having been incorporated, the Warrantors shall promptly procure that the WFOE join
this Agreement as a party by executing and delivering to each Investor a joinder agreement in the form set out in EXHIBIT F hereto (a “Joinder Agreement”), whereupon this Agreement shall also take effect with respect to the WFOE and
shall be regarded as having become effective to WFOE as of the date hereof. Notwithstanding anything herein to the contrary, each transaction contemplated hereby between the Warrantors, on the one hand, and each Investor, on the other hand, is a
separate and distinct transaction and, accordingly, (i) the representations, warranties, covenants, agreements and obligations of each Investor under this Agreement, including each Investor’s obligation to consummate the transactions
contemplated hereby with respect to such Investor, as applicable, shall be several and not joint; and (ii) except as expressly provided herein, the failure or delay by any Investor to consummate the transactions contemplated hereby with respect
to such Investor shall not affect the rights and obligations of any Warrantor or any other Investor to consummate the transactions contemplated hereby with respect to such Investor on the terms and subject to the conditions set forth herein. 

** REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK ** 

  
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 IN WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to
execute this Agreement as of the date first above written. 
 STUDYVIP ONLINE EDUCATION INTERNATIONAL LIMITED 

By: /s/ YIN
Jianhong                     

Name: YIN Jianhong 
 Title:
Director 
 Beijing Shangzhi Jiaye Education Technology Co., Ltd.

 
 By: /s/ YIN
Jianhong                     

Name: YIN Jianhong 
 Title:
Director 
 /s/ Seal of Beijing Shangzhi Jiaye Education Technology Co., Ltd. 

Studyvip Online Education HK Limited

 
 By: /s/ YIN
Jianhong                     

Name: YIN Jianhong 
 Title:
Director 
 Beijing Shangde Online Education Technology Co., Ltd. 

By: /s/ LIU
Tongbo                     
 Name:
LIU Tongbo 
 Title: Director 

/s/ Seal of Beijing Shangde Online Education Technology Co., Ltd. 

Shanghai Shangchi Education Technology Co., Ltd. 

By: /s/ LIU
Tongbo                     
 Name:
LIU Tongbo 
 Title: Director 

/s/ Seal of Shanghai Shangchi Education Technology Co., Ltd. 

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 Beijing Shangren Chongye Education Technology Co., Ltd. 

By: /s/ GU Kun                    

 Name: GU Kun 
 Title:
Director 
 /s/ Seal of Beijing Shangren Chongye Education Technology Co., Ltd. 

Guangdong Shangde Online Education Technology Co., Ltd. 

By: /s/ LIU
Tongbo                     
 Name:
LIU Tongbo 
 Title: Director 

/s/ Seal of Guangdong Shangde Online Education Technology Co., Ltd. 

YIN Jianhong

 
 /s/ YIN
Jianhong                     

STUDYVIP ONLINE EDUCATION LIMITED 

By: /s/ YIN
Jianhong                     

Name: YIN Jianhong 
 Title:
Director 
 LIU Tongbo

 
 /s/ LIU
Tongbo                 

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 IN WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to
execute this Agreement as of the date first above written. 
 SCUPT GLOBAL LIMITED 

By: /s/ LIU
Tongbo                     

Name: LIU Tongbo 

Title: Director 

STUDYVIP E-LEARNING LIMITED 

By: /s/ LIU
Tongbo                     

Name: LIU Tongbo 

Title: Director 

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 IN WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to
execute this Agreement as of the date first above written. 
 ELITE CONCEPT HOLDINGS LIMITED 

By: /s/ YANG Zhihui                

 Name: YANG Zhihui 

Title: Director 

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 IN WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to
execute this Agreement as of the date first above written. 
 Shanghai Chuang Ji Investment Center (Limited Partnership)

) 
 By: /s/ XIAO
Ping                     

Name: XIAO Ping 

Title: Authorized Representative of the Managing Partner 

/s/ Seal of Shanghai Chuang Ji Investment Center (Limited Partnership) 

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 IN WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to
execute this Agreement as of the date first above written. 
 Shenzhen Xingwang Hulian II Investment Center (Limited Partnership)

) 
 By: /s/ XIONG
Mingwang                     

Name: XIONG Mingwang 
 Title:
Authorized Representative of the Managing Partner 
 /s/ Seal of Shenzhen Xingwang Hulian II Investment Center (Limited Partnership) 

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 IN WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to
execute this Agreement as of the date first above written. 
 PV PLUTO LIMITED 

By: /s/ Ena
Leung                     

Name: Ena Leung 

Title: Director

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