Document:

Form of Deposit Agreement

 Exhibit 4.3 
  

  
 BAIDU.COM, INC. 
  
 AND 
  
 THE BANK OF NEW YORK 
  
                                       
                                        
                                        
                                       as Depositary

  
 AND 
  
 OWNERS AND BENEFICIAL OWNERS OF AMERICAN DEPOSITARY RECEIPTS

  
 Deposit Agreement 
  
 Dated as of
                    , 2005 
  

 DEPOSIT AGREEMENT 
  
 DEPOSIT AGREEMENT dated as of
                    , 2005 among BAIDU.COM, INC., incorporated under the laws of the Cayman Islands (herein called the Company), THE BANK OF
NEW YORK, a New York banking corporation (herein called the Depositary), and all Owners and Beneficial Owners from time to time of American Depositary Receipts issued hereunder. 
  
 W I T N E S S E T H : 
  
 WHEREAS, the Company desires to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of
the Company from time to time with the Depositary or with the Custodian (as hereinafter defined) as agent of the Depositary for the purposes set forth in this Deposit Agreement, for the creation of American Depositary Shares representing the Shares
so deposited and for the execution and delivery of American Depositary Receipts evidencing the American Depositary Shares; and 
  
 WHEREAS, the American Depositary Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions,
modifications and omissions, as hereinafter provided in this Deposit Agreement; 
  
 NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties hereto as follows: 
  
 ARTICLE 1.    DEFINITIONS. 
  
 The following definitions shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement:

  
 SECTION 1.1    American Depositary
Shares. 
  
 The term “American Depositary Shares”
shall mean the securities representing the interests in the Deposited Securities and evidenced by the Receipts issued hereunder. Each American Depositary Share shall represent the number of Shares specified in Exhibit A annexed hereto, until there
shall occur a distribution upon Deposited Securities covered by Section 4.3 or a change in Deposited Securities covered by Section 4.8 with respect to which additional Receipts are not executed and delivered, and thereafter American Depositary
Shares shall evidence the amount of Shares or Deposited Securities specified in such Sections. 

 SECTION 1.2    Article; Section. 
  
 Wherever references are made in this Deposit Agreement to an
“Article” or “Articles” or to a “Section” or “Sections”, such references shall mean an article or articles or a section or sections of this Deposit Agreement, unless otherwise required by the context.

  
 SECTION 1.3    Beneficial Owner.

  
 The term “Beneficial Owner” shall mean each person
owning from time to time any beneficial interest in the American Depositary Shares evidenced by any Receipt. 
  
 SECTION 1.4    Commission. 
  
 The term “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United
States. 
  
 SECTION 1.5    Company.

  
 The term “Company” shall mean Baidu.com, Inc.,
incorporated under the laws of the Cayman Islands, and its successors. 
  
 SECTION 1.6    Custodian. 
  
 The term “Custodian” shall mean the principal Hong Kong office of The Hongkong and Shanghai Banking Corporation Limited, as agent of the Depositary for the purposes of this Deposit Agreement, and any other firm or corporation
which may hereafter be appointed by the Depositary pursuant to the terms of Section 5.5, as substitute or additional custodian or custodians hereunder, as the context shall require and shall also mean all of them collectively. 
  
 SECTION 1.7    deposit, deliver, execute, issue,
register, surrender, transfer, withdraw or cancel. 
  
 The
terms “deposit”, “deliver”, “execute”, “issue”, “register”, “surrender”, “transfer”, “withdraw” or “cancel”, when used with respect to Shares, shall refer,
where the context requires, to an entry or entries or an electronic transfer or transfers in an account or accounts maintained by institutions authorized under the laws of the Cayman Islands to effect transfers of securities and not to the physical
transfer of certificates representing the Shares. 
  
 SECTION
1.8    Deposit Agreement. 
  
 The term
“Deposit Agreement” shall mean this Agreement, as the same may be amended from time to time in accordance with the provisions hereof. 
  
 SECTION 1.9    Depositary; Corporate Trust Office. 
  
 The term “Depositary” shall mean The Bank of New York, a New York banking corporation and any successor as
depositary hereunder. The term “Corporate Trust Office”, when used with respect to the Depositary, shall mean the office of the Depositary which at the date of this Agreement is 101 Barclay Street, New York, New York, 10286. 
  

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 SECTION 1.10    Deposited Securities. 
  
 The term “Deposited Securities” as of any time shall mean Shares
at such time deposited or deemed to be deposited under this Deposit Agreement and any and all other securities, property and cash received by the Depositary or the Custodian in respect thereof and at such time held hereunder, subject as to cash to
the provisions of Section 4.5. 
  
 SECTION
1.11    Dollars. 
  
 The term
“Dollars” shall mean United States dollars. 
  
 SECTION
1.12    Foreign Registrar. 
  
 The
term “Foreign Registrar” shall mean the entity that presently carries out the duties of registrar for the Shares or any successor as registrar for the Shares and any other appointed agent of the Company for the transfer and registration of
Shares. 
  
 SECTION 1.13    Owner.

  
 The term “Owner” shall mean the person in whose
name a Receipt is registered on the books of the Depositary maintained for such purpose. 
  
 SECTION 1.14    Receipts. 
  
 The term “Receipts” shall mean the American Depositary Receipts issued hereunder evidencing American Depositary Shares. 
  
 SECTION 1.15    Registrar. 
  
 The term “Registrar” shall mean any bank or trust company having an office in the Borough of Manhattan, The City
of New York, which shall be appointed by the Depositary to register Receipts and transfers of Receipts as herein provided. 
  
 SECTION 1.16    Restricted Securities. 
  
 The term “Restricted Securities” shall mean collectively or individually, as the context may require, Shares, or
Receipts representing such Shares, which are acquired directly or indirectly from the Company or its affiliates (as defined in Rule 144 under the Securities Act) in a transaction or chain of transactions not involving any public offering or which
are subject to resale limitations under Regulation D under that Act or both, or which are held directly or indirectly by an officer, director (or persons performing similar functions) or other affiliate of the Company, or which would require
registration under the Securities Act in connection with the public offer and sale thereof in the United States, or which are subject to other restrictions on sale or deposit under the laws of the United States, the People’s Republic of China,
the Cayman Islands or Hong Kong, or under a shareholder agreement or the Memorandum and Articles of Association of the Company unless the sale of such Shares in the United States would be covered by an effective registration statement under the
Securities Act. 
  

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 SECTION 1.17    Securities Act. 
  
 The term “Securities Act” shall mean the United States Securities
Act of 1933, as from time to time amended. 
  
 SECTION
1.18    Shares. 
  
 The term
“Shares” shall mean Class A Ordinary Shares in registered form of the Company, heretofore validly issued and outstanding and fully paid, nonassessable and that were not issued in violation of any pre-emptive rights of the holders of
outstanding Shares or hereafter validly issued and outstanding and fully paid, nonassessable and that were not issued in violation of any pre-emptive rights of the holders of outstanding Shares or interim certificates representing such Shares.

  
 ARTICLE 2.    FORM OF RECEIPTS, DEPOSIT OF SHARES,
EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS. 
  
 SECTION 2.1    Form and Transferability of Receipts. 
  
 Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. No Receipt shall be
entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt shall have been executed by the Depositary by the manual signature of a duly authorized signatory of the Depositary;
provided, however, that such signature may be a facsimile if a Registrar for the Receipts shall have been appointed and such Receipts are countersigned by the manual or facsimile signature of a duly authorized officer of the Registrar.
The Depositary shall maintain books on which each Receipt so executed and delivered as hereinafter provided and the transfer of each such Receipt shall be registered. Receipts bearing the manual or facsimile signature of a duly authorized signatory
of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory has ceased to hold such office prior to the execution and delivery of such Receipts by the Registrar or did not
hold such office on the date of issuance of such Receipts. 
  
 The
Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary or required to comply with any
applicable law or regulations thereunder or with the rules and regulations of any securities exchange (which, for all purposes hereof, shall include the Nasdaq Stock Market Inc.) upon which American Depositary Shares may be listed or to conform with
any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject by reason of the date of issuance of the underlying Deposited Securities or otherwise. 
  

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 Title to a Receipt (and to the American Depositary Shares evidenced thereby), when properly endorsed or
accompanied by proper instruments of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York; provided, however, that the Depositary, notwithstanding any notice to the
contrary, may treat the Owner thereof as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other
purposes. 
  
 SECTION 2.2    Deposit of
Shares. 
  
 Subject to the terms and conditions of this
Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited by delivery thereof to any Custodian hereunder, accompanied by any appropriate instrument or instruments of transfer, or endorsement, in form satisfactory to the
Custodian, together with all such certifications as may reasonably be required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, and, if the Depositary requires, together with a written order directing
the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order, a Receipt or Receipts for the number of American Depositary Shares representing such deposit. No Share shall be accepted for deposit
unless accompanied by evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in the Cayman Islands or the People’s Republic of China which is then performing the function of the regulation
of currency exchange. If required by the Depositary, Shares presented for deposit at any time, whether or not the transfer books of the Company or the Foreign Registrar, if applicable, are closed, shall also be accompanied by an agreement or
assignment, or other instrument satisfactory to the Depositary, which will provide for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property which any person in whose name the
Shares are or have been recorded may thereafter receive upon or in respect of such deposited Shares, or in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. 
  
 At the request and risk and expense of any person proposing to deposit
Shares, and for the account of such person, the Depositary may receive certificates for Shares to be deposited, together with the other instruments herein specified, for the purpose of forwarding such Share certificates to the Custodian for deposit
hereunder. 
  
 Upon each delivery to a Custodian of a certificate
or certificates for Shares to be deposited hereunder, together with the other documents above specified, such Custodian shall, as soon as transfer and recordation can be accomplished, present such certificate or certificates to the Company or the
Foreign Registrar, if applicable, for transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or such Custodian or its nominee. 
  
 Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or
at such other place or places as the Depositary shall determine. 
  

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 SECTION 2.3    Execution and Delivery of Receipts. 
  
 Upon receipt by any Custodian of any deposit pursuant to Section 2.2
hereunder (and in addition, if the transfer books of the Company or the Foreign Registrar, if applicable, are open, the Depositary may in its sole discretion require a proper acknowledgment or other evidence from the Company that any Deposited
Securities have been recorded upon the books of the Company or the Foreign Registrar, if applicable, in the name of the Depositary or its nominee or such Custodian or its nominee), together with the other documents required as above specified, such
Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order a Receipt or Receipts are deliverable in respect thereof and the number of American Depositary Shares to be evidenced thereby. Such
notification shall be made by letter or, at the request, risk and expense of the person making the deposit, by cable, telex or facsimile transmission. Upon receiving such notice from such Custodian, or upon the receipt of Shares by the Depositary,
the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver at its Corporate Trust Office, to or upon the order of the person or persons entitled thereto, a Receipt or Receipts, registered in the name or
names and evidencing any authorized number of American Depositary Shares requested by such person or persons, but only upon payment to the Depositary of the fees and expenses of the Depositary for the execution and delivery of such Receipt or
Receipts as provided in Section 5.9, and of all taxes and governmental charges and fees payable in connection with such deposit and the transfer of the Deposited Securities. 
  
 SECTION 2.4    Transfer of Receipts; Combination and Split-up of Receipts. 
  
 The Depositary, subject to the terms and conditions of this Deposit
Agreement, shall register transfers of Receipts on its transfer books from time to time, upon any surrender of a Receipt, by the Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer,
and duly stamped as may be required by the laws of the State of New York and of the United States of America. Thereupon the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto.

  
 The Depositary, subject to the terms and conditions of this
Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number of American Depositary
Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 
  
 The Depositary may, with notice given as promptly as practicable to the Company, appoint one or more co-transfer agents for the purpose of effecting
transfers, combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other
requirements by Owners or persons entitled to Receipts and will be entitled to protection and indemnity to the same extent as the Depositary. The Depositary shall require each co-transfer agent that it appoints under this Section 2.4 to give notice
in writing to the Depositary accepting such appointment and agreeing to abide by the applicable terms of this Deposit Agreement. 
  

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 SECTION 2.5    Surrender of Receipts and Withdrawal of Shares. 
  
 Upon surrender at the Corporate Trust Office of the Depositary of a Receipt
for the purpose of withdrawal of the Deposited Securities represented by the American Depositary Shares evidenced by such Receipt, and upon payment of the fee of the Depositary for the surrender of Receipts as provided in Section 5.9 and payment of
all taxes and governmental charges payable in connection with such surrender and withdrawal of the Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of such Receipt shall be entitled to delivery, to
him or upon his order, of the amount of Deposited Securities at the time represented by the American Depositary Shares evidenced by such Receipt. Delivery of such Deposited Securities may be made by the delivery of (a) certificates for Shares in the
name of such Owner or as ordered by him or by certificates properly endorsed or accompanied by proper instruments of transfer to such Owner or as ordered by him and (b) any other securities, property and cash to which such Owner is then entitled in
respect of such Receipts to such Owner or as ordered by him. Such delivery shall be made, as hereinafter provided, without unreasonable delay. 
  
 A Receipt surrendered for such purposes may be required by the Depositary to be properly endorsed in blank or accompanied by proper instruments of
transfer in blank, and if the Depositary so requires, the Owner thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be delivered to or upon the written
order of a person or persons designated in such order. Thereupon the Depositary shall direct the Custodian to deliver at the office of such Custodian, subject to Sections 2.6, 3.1 and 3.2 and to the other terms and conditions of this Deposit
Agreement, to or upon the written order of the person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities represented by the American Depositary Shares evidenced by such Receipt,
except that the Depositary may make delivery to such person or persons at the Corporate Trust Office of the Depositary of any dividends or distributions with respect to the Deposited Securities represented by the American Depositary Shares evidenced
by such Receipt, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary. 
  
 At the request, risk and expense of any Owner so surrendering a Receipt, and for the account of such Owner, the Depositary shall direct the Custodian to
forward any cash or other property (other than rights) comprising, and forward a certificate or certificates, if applicable, and other proper documents of title for, the Deposited Securities represented by the American Depositary Shares evidenced by
such Receipt to the Depositary for delivery at the Corporate Trust Office of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Owner, by cable, telex or facsimile transmission. 
  

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 The Depositary shall not deliver the Deposited Securities except (i) upon surrender of Receipts under
this Section 2.5, (ii) in a surrender of the Deposited Securities to the Company or its agent in a transaction to which Section 4.8 applies or (iii) in connection with a sale of the Deposited Securities permitted under Section 3.2, 4.3, 4.4, 4.11 or
6.2. 
  
 SECTION 2.6    Limitations on
Execution and Delivery, Transfer and Surrender of Receipts. 
  
 As a condition precedent to the execution and delivery, registration of transfer, split-up, combination or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from
the depositor of Shares or the presenter of the Receipt of a sum sufficient to reimburse it for any tax, stamp duty or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and
fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as herein provided, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require
compliance with any regulations the Depositary may establish consistent with the provisions of this Deposit Agreement, including, without limitation, this Section 2.6. 
  
 The delivery of Receipts against deposits of Shares generally or against deposits of particular Shares may be suspended, or
the transfer of Receipts in particular instances may be refused, or the registration of transfer of outstanding Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed as provided in Section 5.1,
or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of this
Deposit Agreement, or for any other reason, subject to the provisions of Section 7.7. Notwithstanding any other provision of this Deposit Agreement or the Receipts, the surrender of outstanding Receipts and withdrawal of Deposited Securities may not
be suspended subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment
of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the Receipts or to the withdrawal of the Deposited Securities. Without limitation of the foregoing, the Depositary shall
not knowingly accept for deposit under this Deposit Agreement any Shares required to be registered under the provisions of the Securities Act for public sale in the United States, unless a registration statement is in effect as to such Shares.

  

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 SECTION 2.7    Lost Receipts, etc. 
  
 In case any Receipt shall be mutilated, destroyed, lost or stolen, the
Depositary shall execute and deliver a new Receipt of like tenor in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt. Before the Depositary
shall execute and deliver a new Receipt in substitution for a destroyed, lost or stolen Receipt, the Owner thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery before the Depositary has notice that the
Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and (b) satisfied any other reasonable requirements imposed by the Depositary. 
  
 SECTION 2.8    Cancellation and Destruction of Surrendered Receipts. 
  
 All Receipts surrendered to the Depositary shall be cancelled by the
Depositary. The Depositary is authorized to destroy Receipts so cancelled. 
  
 SECTION 2.9    Pre-Release of Receipts. 
  
 The Depositary may, notwithstanding Section 2.3, execute and deliver Receipts prior to the receipt of Shares pursuant to Section 2.2
(“Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the receipt and cancellation of Receipts which have been Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release or
the Depositary knows that such Receipt has been Pre-Released. The Depositary may receive Receipts in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation and agreement from
the person to whom Receipts are to be delivered (the “Pre-Releasee”) that the Pre-Releasee, or its customer, (i) owns the shares or Receipts to be remitted, as the case may be, (ii) assigns all beneficial rights, title and interest in such
Shares or Receipts, as the case may be, to the Depositary in its capacity as such and for the benefit of the Owners, and (iii) will not take any action with respect to such Shares or Receipts, as the case may be, that is inconsistent with the
transfer of beneficial ownership (including, without the consent of the Depositary, disposing of such Shares or Receipts, as the case may be), other than in satisfaction of such Pre-Release, (b) at all times fully collateralized with cash, U.S.
government securities or such other collateral as the Depositary determines, in good faith, will provide substantially similar liquidity and security, (c) terminable by the Depositary on not more than five (5) business days notice, and (d) subject
to such further indemnities and credit regulations as the Depositary deems appropriate. The number of Shares not deposited but represented by American Depositary Shares outstanding at any time as a result of Pre-Releases will not normally exceed
thirty percent (30%) of the Shares deposited hereunder; provided, however, that the Depositary reserves the right to disregard such limit from time to time as it deems reasonably appropriate, and may, with the prior written consent of the Company,
change such limit for purposes of general application. The Depositary will also set Dollar limits with respect to Pre-Release transactions to be entered into hereunder with any particular Pre-Releasee on a case-by-case basis as the Depositary deems
appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the Deposit Agreement, the collateral referred to in clause (b) above shall be held by the Depositary as security for the performance of the
Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or Receipts upon termination of a Pre-Release transaction (and shall not, for the
avoidance of doubt, constitute Deposited Securities hereunder). 
  
 The Depositary may retain for its own account any compensation received by it in connection with the foregoing. 
  

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 ARTICLE 3.    CERTAIN OBLIGATIONS OF OWNERS AND BENEFICIAL OWNERS OF RECEIPTS. 
  
 SECTION 3.1    Filing Proofs, Certificates and Other
Information. 
  
 Any person presenting Shares for deposit or
any Owner or Beneficial Owner of a Receipt may be required from time to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the
books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of
transfer of any Receipt or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until such proof or other information is filed or such certificates are executed or
such representations and warranties made. If requested in writing, the Depositary shall, as promptly as practicable, provide the Company, at the expense of the Company, with copies of any such proofs, certificates or other information it receives
pursuant to this section, unless prohibited by applicable law. 
  
 SECTION 3.2    Liability of Owner for Taxes. 
  
 If any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to any Receipt or any Deposited Securities represented by any Receipt, such tax or other governmental charge
shall be payable by the Owner of such Receipt to the Depositary. The Depositary may refuse to effect any transfer of such Receipt or any withdrawal of Deposited Securities represented by American Depositary Shares evidenced by such Receipt until
such payment is made, and may withhold any dividends or other distributions, or may sell for the account of the Owner thereof any part or all of the Deposited Securities represented by the American Depositary Shares evidenced by such Receipt, and
may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax or other governmental charge and the Owner of such Receipt shall remain liable for any deficiency. 
  

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 SECTION 3.3    Warranties on Deposit of Shares. 
  
 Every person depositing Shares under this Deposit Agreement shall be deemed
thereby to represent and warrant that such Shares and each certificate therefor, if applicable, are validly issued, fully paid, nonassessable and were not issued in violation of any pre-emptive rights of the holders of outstanding Shares and that
the person making such deposit is duly authorized so to do. Every such person shall also be deemed to represent that the Shares are eligible for deposit in accordance with this Deposit Agreement and the General Instructions to Form F-6 under the
Securities Act, and Receipts evidencing American Depositary Shares representing the Shares would not be, Restricted Securities. All representations and warranties deemed made under this Section 3.3 shall survive the deposit of Shares and delivery or
surrender of Receipts. 
  
 ARTICLE 4.    THE DEPOSITED
SECURITIES. 
  
 SECTION 4.1    Cash
Distributions. 
  
 Whenever the Depositary shall receive any
cash dividend or other cash distribution on any Deposited Securities, the Depositary shall, subject to the provisions of Section 4.5, convert such dividend or distribution into Dollars and shall distribute the amount thus received (net of the fees
and expenses of the Depositary as provided in Section 5.9 hereof, if applicable) to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively; provided,
however, that in the event that the Company or the Depositary shall be required to withhold and does withhold from such cash dividend or such other cash distribution an amount on account of taxes, the amount distributed to the Owner of the Receipts
evidencing American Depositary Shares representing such Deposited Securities shall be reduced accordingly. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Owner a fraction of one cent. Any
such fractional amounts shall be rounded to the nearest whole cent and so distributed to Owners entitled thereto. The Company or its agent will remit to the appropriate governmental agency in the Cayman Islands or the People’s Republic of China
all amounts withheld and owing to such agency. The Depositary will forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file necessary reports with
governmental agencies, and the Depositary or the Company or its agent may file any such reports necessary to obtain benefits under the applicable tax treaties for the Owners of Receipts. 
  
 SECTION 4.2    Distributions Other Than Cash, Shares or Rights. 
  
 Subject to the provisions of Section 4.11 and Section 5.9, whenever the
Depositary shall receive any distribution other than a distribution described in Sections 4.1, 4.3 or 4.4, the Depositary shall, subject to all applicable laws, cause the securities or property received by it to be distributed to the Owners entitled
thereto, after deduction or upon payment of any fees and expenses of the Depositary or any taxes or other governmental charges, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them
respectively, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution; provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among
the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement that the Company or the Depositary withhold an amount on account of taxes or other governmental charges or that such securities must be
registered under the Securities Act in order to be distributed to Owners or Beneficial Owners) the Depositary deems such distribution not to be feasible, the Depositary may adopt such method as it may deem equitable and practicable for the purpose
of effecting such distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale (net of the fees and expenses of the Depositary as
provided in Section 5.9) shall be distributed by the Depositary to the Owners entitled thereto as in the case of a distribution received in cash. The Depositary may refuse to effect any distribution of securities under this Section 4.2 unless it has
received an opinion of United States counsel for the Company that is satisfactory to the Depositary that the distribution does not require registration under the Securities Act. 
  

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 SECTION 4.3    Distributions in Shares. 
  
 If any distribution upon any Deposited Securities consists of a dividend in,
or free distribution of, Shares, the Depositary may, and shall if the Company shall so request in writing, distribute to the Owners of outstanding Receipts entitled thereto, in proportion to the number of American Depositary Shares representing such
Deposited Securities held by them respectively, additional Receipts evidencing an aggregate number of American Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject to the terms and conditions of
the Deposit Agreement with respect to the deposit of Shares and the issuance of American Depositary Shares evidenced by Receipts, including the withholding of any tax or other governmental charge as provided in Section 4.11 and the payment of fees
and expenses of the Depositary as provided in Section 5.9. In lieu of delivering Receipts for fractional American Depositary Shares in any such case, the Depositary shall use reasonable efforts to sell the amount of Shares represented by the
aggregate of such fractions and distribute any net proceeds to the Owners entitled to them, all in the manner and subject to the conditions described in Section 4.1. If additional Receipts are not so distributed, each American Depositary Share shall
thenceforth also represent the additional Shares distributed upon the Deposited Securities represented thereby. 
  
 SECTION 4.4    Rights. 
  
 In the event that the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares
or any rights of any other nature, the Depositary shall have discretion as to the procedure to be followed in making such rights available to any Owners entitled to them or in disposing of such rights on behalf of any Owners otherwise entitled to
them and making the net proceeds available to such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such rights available to any Owners or dispose of such rights and make the net proceeds
available to such Owners, then the Depositary shall allow the rights to lapse. If at the time of the offering of any rights the Depositary determines in its reasonable discretion that it is lawful and feasible to make such rights available to all
Owners or to certain Owners but not to other Owners, the Depositary may distribute to any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the number of American Depositary Shares held by such Owner, warrants
or other instruments therefor in such form as it deems appropriate. 
  

 12 

 In circumstances in which rights would otherwise not be distributed, if an Owner of Receipts requests the
distribution of warrants or other instruments in order to exercise the rights allocable to the American Depositary Shares of such Owner hereunder, the Depositary will make such rights available to such Owner upon written notice from the Company to
the Depositary that (a) the Company has elected in its sole discretion to permit such rights to be exercised and (b) such Owner has executed such documents as the Company has determined in its sole discretion are reasonably required under applicable
law. 
  
 If the Depositary has distributed warrants or other
instruments for rights to all or certain Owners, then upon instruction from such an Owner pursuant to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to the Depositary for the
account of such Owner of an amount equal to the purchase price of the Shares to be received upon the exercise of the rights, and upon payment of the fees and expenses of the Depositary and any other charges as set forth in such warrants or other
instruments, the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares, and the Company shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the
Depositary will cause the Shares so purchased to be deposited pursuant to Section 2.2 of this Deposit Agreement, and shall, pursuant to Section 2.3 of this Deposit Agreement, execute and deliver Receipts to such Owner. In the case of a distribution
pursuant to the second paragraph of this section, such Receipts shall be legended in accordance with applicable U.S. laws, and shall be subject to the appropriate restrictions on sale, deposit, cancellation, and transfer under such laws. 

 
 If the Depositary determines in its reasonable discretion that it is not
lawful and feasible to make such rights available to all or certain Owners, it may sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may not
lawfully or feasibly make such rights available, and allocate the net proceeds of such sales (net of the fees and expenses of the Depositary as provided in Section 5.9 and all taxes and governmental charges payable in connection with such rights and
subject to the terms and conditions of this Deposit Agreement) for the account of such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practical basis without regard to any distinctions among such
Owners because of exchange restrictions or the date of delivery of any Receipt or otherwise. 
  

 13 

 The Depositary will not offer rights to Owners unless both the rights and the securities to which such
rights relate are either exempt from registration under the Securities Act with respect to a distribution to Owners or are registered under the provisions of such Act; provided, however, that nothing in this Deposit Agreement shall
create any obligation on the part of the Company to file a registration statement with respect to such rights or underlying securities or to endeavor to have such a registration statement declared effective. If an Owner of Receipts requests
distribution of warrants or other instruments, notwithstanding that there has been no such registration under the Securities Act, the Depositary shall not effect such distribution unless it has received an opinion from recognized counsel in the
United States for the Company upon which the Depositary may rely that such distribution to such Owner is exempt from such registration; provided, however, that the Company will have no obligation to cause its counsel to issue such
opinion at the request of such Owner. 
  
 The Depositary shall not
be responsible for any reasonable failure to determine that it may be lawful or feasible to make such rights available to Owners in general or any Owner in particular. 
  
 SECTION 4.5    Conversion of Foreign Currency. 
  
 Whenever the Depositary or the Custodian shall receive foreign currency, by
way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a
reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall convert or cause to be converted, by sale or in any other manner that it may determine, such foreign currency into Dollars, and such
Dollars shall be distributed to the Owners entitled thereto or, if the Depositary shall have distributed any warrants or other instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments
upon surrender thereof for cancellation. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners on account of exchange restrictions, the date of delivery of any Receipt or otherwise
and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9. 
  
 If such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary shall file such
application for approval or license, if any, as it may deem desirable. 
  
 If at any time the Depositary shall determine that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval
or license of any government or agency thereof which is required for such conversion is denied or in the opinion of the Depositary is not obtainable without excessively burdensome or otherwise unreasonable efforts, or if any such approval or license
is not obtained within a reasonable period as determined by the Depositary, or if there are foreign exchange controls in place that prohibit such conversion, the Depositary may distribute the foreign currency (or an appropriate document evidencing
the right to receive such foreign currency) received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to receive the
same. 
  

 14 

 If any such conversion of foreign currency, in whole or in part, cannot be effected for distribution to
some of the Owners entitled thereto, the Depositary may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto and may distribute the balance of the foreign currency received by
the Depositary to, or hold such balance uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled thereto. 
  
 SECTION 4.6    Fixing of Record Date. 
  

Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall
be issued with respect to the Deposited Securities, or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary shall receive notice of any
meeting of holders of Shares or other Deposited Securities or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date, which date shall be the same date, to the extent practicable, as the record date for
the Deposited Securities or if different, as close thereto as practicable (a) for the determination of the Owners who shall be (i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof or (ii) entitled to
give instructions for the exercise of voting rights at any such, (b) on or after which each American Depositary Share will represent the changed number of Shares or (c) for any other matter. Subject to the provisions of Sections 4.1 through 4.5 and
to the other terms and conditions of this Deposit Agreement, the Owners on such record date shall be entitled, as the case may be, to receive the amount distributable by the Depositary with respect to such dividend or other distribution or such
rights or the net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively and to give voting instructions and to act in respect of any other such matter. 
  

 15 

 SECTION 4.7    Voting of Deposited Securities. 
  
 Upon receipt of notice of any meeting of holders of Shares or other
Deposited Securities, if requested in writing by the Company the Depositary shall, as soon as practicable thereafter, mail to the Owners a notice, the form of which notice shall be in the discretion of the Depositary and shall contain (a) such
information as is contained in such notice of meeting, and (b) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of the People’s Republic of China and Cayman
Islands law and of the Memorandum and Articles of Association of the Company, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities represented by their
respective American Depositary Shares and (c) a statement as to the manner in which such instructions may be given, including an express indication that such instructions may be given or deemed given in accordance with the last sentence of this
paragraph if no instruction is received, to the Depositary to give a discretionary proxy to a person designated by the Company. Upon the written request of an Owner of a Receipt on such record date, received on or before the date established by the
Depositary for such purpose (the “Instruction Date”), the Depositary shall endeavor, in so far as practicable, to vote or cause to be voted the amount of Shares or other Deposited Securities represented by the American Depositary Shares
evidenced by such Receipt in accordance with the instructions set forth in such request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to such Shares or other Deposited Securities other than in accordance with
such instructions or deemed instructions. If no instructions are received by the Depositary from any Owner with respect to any of the Deposited Securities represented by the American Depositary Shares evidenced by such Owner’s Receipts
on or before the date established by the Depositary for such purpose, the Depositary shall deem such Owner to have instructed the Depositary to give a discretionary proxy to a person designated by the Company with respect to such Deposited
Securities and the Depositary shall give a discretionary proxy to a person designated by the Company to vote such Deposited Securities, provided, that no such instruction shall be deemed given and no such discretionary proxy shall be given
with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing) that (x) the Company does not wish such proxy given, (y) substantial opposition
exists or (z) such matter materially and adversely affects the rights of holders of Shares. 
  
 In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Deposited Securities, if the Company requests the Depositary to act under the preceding
paragraph, the Company shall give the Depositary notice of any such meeting not less than 30 days prior to the meeting date. 
  
 There can be no assurance that Owners generally or any Owner in particular will receive the notice described in the first paragraph of this Section 4.7
sufficiently prior to the Instruction Date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the provisions of that paragraph. 
  
 SECTION 4.8    Changes Affecting Deposited Securities. 
  
 In circumstances where the provisions of Section 4.3 do not apply, upon any
change in nominal value, change in par value, split-up, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or sale of assets affecting the Company or to which it
is a party, any securities which shall be received by the Depositary or a Custodian in exchange for or in conversion of or in respect of Deposited Securities, shall be treated as new Deposited Securities under this Deposit Agreement, and American
Depositary Shares shall thenceforth represent, in addition to the existing Deposited Securities, if any, the new Deposited Securities so received in exchange or conversion, unless additional Receipts are delivered pursuant to the following sentence.
In any such case the Depositary may execute and deliver additional Receipts as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing such new Deposited
Securities. 
  

 16 

 SECTION 4.9    Reports. 
  
 The Depositary shall make available for inspection by Owners at its
Corporate Trust Office, as promptly as practicable after receipt, any reports and communications, including any proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited
Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary shall also send to the Owners copies of such reports furnished by the Company pursuant to Section 5.6. Any such reports and
communications, including any such proxy soliciting material, furnished to the Depositary by the Company shall be furnished in English. 
  
 SECTION 4.10    Lists of Owners. 
  
 Promptly upon request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the names,
addresses and holdings of American Depositary Shares by all persons in whose names Receipts are registered on the books of the Depositary. 
  
 SECTION 4.11    Withholding. 
  
 The Company or its agent will remit to the appropriate governmental agencies in the Cayman Islands and the People’s Republic of China all amounts
withheld and owing to such agencies. The Depositary will forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file necessary reports with governmental
agencies, and the Depositary or the Company or its agent may file any such reports necessary to obtain benefits under the applicable tax treaties for the Owners of Receipts. 
  
 In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe
therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor)
in such amounts and in such manner as the Depositary deems necessary and practicable to pay any such taxes or charges and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes or charges to the Owners
entitled thereto in proportion to the number of American Depositary Shares held by them respectively. 
  

 17 

 ARTICLE 5.    THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY. 
  
 SECTION 5.1    Maintenance of Office and Transfer
Books by the Depositary. 
  
 Until termination of this
Deposit Agreement in accordance with its terms, the Depositary shall maintain in the Borough of Manhattan, The City of New York, facilities for the execution and delivery, registration, registration of transfers and surrender of Receipts in
accordance with the provisions of this Deposit Agreement. 
  
 The
Depositary shall keep books at its Corporate Trust Office for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Owners and the Company, provided that such inspection shall not be
for the purpose of communicating with Owners in the interest of a business or object other than the business of the Company or a matter related to this Deposit Agreement or the Receipts. 
  
 The Depositary may close the transfer books, at any time or from time to time, when deemed expedient by it in connection
with the performance of its duties hereunder or at the reasonable written request of the Company. 
  
 If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more stock exchanges in the United States, the Depositary shall
act as Registrar or, with notice given as promptly as practicable to the Company, appoint a Registrar or one or more co-registrars for registry of American Depositary Shares in accordance with any requirements of that exchange or exchanges. The
Depositary shall require each Registrar and co-registrar that it appoints under this Section 5.1 to give notice in writing to the Depositary accepting such appointment and agreeing to abide by the applicable terms of this Deposit Agreement.

  
 SECTION 5.2    Prevention or Delay in
Performance by the Depositary or Company. 
  
 Neither the
Depositary nor the Company nor any of their respective directors, officers, employees, agents or affiliates shall incur any liability to any Owner or Beneficial Owner of any Receipt, if by reason of any provision of any present or future law or
regulation of the United States, the People’s Republic of China or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any provision, present or future, of the Memorandum and Articles of
Association of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution thereof, or by reason of any act of God or war or terrorism or other circumstances beyond its control,
the Depositary or the Company shall be prevented, delayed or forbidden from, or be subject to any civil or criminal penalty on account of, doing or performing any act or thing which by the terms of this Deposit Agreement or the Deposited Securities
it is provided shall be done or performed; nor shall the Depositary or the Company or any of their respective directors, officers, employees, agents or affiliates incur any liability to any Owner or Beneficial Owner of any Receipt by reason of any
non-performance or delay, caused as aforesaid, in the performance of any act or thing which by the terms of this Deposit Agreement it is provided shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any
discretion provided for in this Deposit Agreement. Where, by the terms of a distribution pursuant to Sections 4.1, 4.2, or 4.3 of the Deposit Agreement, or an offering or distribution pursuant to Section 4.4 of the Deposit Agreement, or for any
other reason, such distribution or offering may not be made available to Owners, and the Depositary may not dispose of such distribution or offering on behalf of such Owners and make the net proceeds available to such Owners, then the Depositary
shall not make such distribution or offering, and shall allow any rights, if applicable, to lapse, in each such case without liability to the Company or the Depositary. 
  

 18 

 SECTION 5.3    Obligations of the Depositary, the Custodian and the Company.

  
 Neither the Company, nor its directors, officers, employees
and agents assume any obligation nor shall it or any of them be subject to any liability under this Deposit Agreement to Owners or Beneficial Owners, except that the Company agrees to perform its obligations specifically set forth in this Deposit
Agreement without negligence or bad faith. 
  
 Neither the
Depositary nor its directors, officers, employees and agents assume any obligation nor shall it or any of them be subject to any liability under this Deposit Agreement to any Owner or Beneficial Owner of any Receipt (including, without limitation,
liability with respect to the validity or worth of the Deposited Securities), except that the Depositary agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 
  
 Neither the Depositary nor the Company shall be under any obligation to
appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all
expenses and liability shall be furnished as often as may be required, and the Custodian shall not be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary. 

 
 Neither the Depositary nor the Company shall be liable for any action or
nonaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or any other person believed by it in good faith to be competent to give such advice or information.

  
 The Depositary shall not be liable for any acts or omissions
made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out
of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. 
  

 19 

 The Depositary shall not be responsible for any failure to carry out any instructions to vote any of the
Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith. 
  
 No disclaimer of liability under the Securities Act is intended by any provision of this Deposit Agreement. 
  
 SECTION 5.4    Resignation and Removal of the
Depositary. 
  
 The Depositary may at any time resign as
Depositary hereunder by written notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 
  
 The Depositary may at any time be removed by the Company by 120 days prior
written notice of such removal, which shall become effective upon the later to occur of (i) the 120th day after
delivery of the notice to the Depositary or (ii) the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 
  
 In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use reasonable efforts to appoint a successor
depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its
appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor; but such predecessor, nevertheless, upon payment of
all sums due it and on the written request of the Company shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and
interest in the Deposited Securities to such successor, and shall deliver to such successor a list of the Owners of all outstanding Receipts. Any such successor depositary shall promptly mail notice of its appointment to the Owners. 
  
 Any corporation into or with which the Depositary may be merged or
consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 
  
 SECTION 5.5    The Custodians. 
  
 The Custodian shall be subject at all times and in all respects to the directions of the Depositary and shall be responsible solely to it. Any Custodian
may resign and be discharged from its duties hereunder by notice of such resignation delivered to the Depositary at least 30 days prior to the date on which such resignation is to become effective. If upon the effectiveness of such resignation there
would be no Custodian acting hereunder, the Depositary shall, promptly after receiving such notice, appoint a substitute custodian or custodians, each of which shall thereafter be a Custodian hereunder. Whenever the Depositary in its discretion
determines that it is in the best interest of the Owners to do so, it may appoint a substitute or additional custodian or custodians, each of which shall thereafter be one of the Custodians hereunder. Upon demand of the Depositary any Custodian
shall deliver such of the Deposited Securities held by it as are requested of it to any other Custodian or such substitute or additional custodian or custodians. Each such substitute or additional custodian shall deliver to the Depositary, forthwith
upon its appointment, an acceptance of such appointment satisfactory in form and substance to the Depositary. 
  

 20 

 Upon the appointment of any successor depositary hereunder, each Custodian then acting hereunder shall
forthwith become, without any further act or writing, the agent hereunder of such successor depositary and the appointment of such successor depositary shall in no way impair the authority of each Custodian hereunder; but the successor depositary so
appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority as agent hereunder of such successor
depositary. 
  
 SECTION 5.6    Notices and
Reports. 
  
 On or before the first date on which the Company
gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action in respect of any cash or other distributions or the offering
of any rights, the Company agrees to transmit to the Depositary and the Custodian a copy of the notice thereof in the form given or to be given to holders of Shares or other Deposited Securities. 
  
 The Company will arrange for the translation into English, if not already in
English, to the extent required pursuant to any regulation of the Commission, and the prompt transmittal by the Company to the Depositary and the Custodian of such notices and any other reports and communications which are made generally available
by the Company to holders of its Shares. If requested in writing by the Company, the Depositary will arrange for the mailing, at the Company’s expense, of copies of such notices, reports and communications to all Owners. The Company will timely
provide the Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings. 
  
 SECTION 5.7    Distribution of Additional Shares,
Rights, etc. 
  
 If the Company or any affiliate of the
Company determines to make any issuance or distribution of (1) additional Shares, (2) rights to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each a “Distribution”), the
Company shall notify the Depositary in writing in English as promptly as practicable and in any event before the Distribution starts and, if requested in writing by the Depositary, the Company shall promptly furnish to the Depositary a written
opinion from U.S. counsel for the Company that is reasonably satisfactory to the Depositary, stating whether or not the Distribution requires, or, if made in the United States, would require, registration under the Securities Act of 1933. If, in the
opinion of that counsel, the Distribution requires, or, if made in the United States, would require, registration under the Securities Act of 1933, that counsel shall furnish to the Depositary a written opinion as to whether or not there is a
registration statement under the Securities Act of 1933 in effect that will cover that Distribution. 
  

 21 

 The Company agrees with the Depositary that neither the Company nor any entity or person controlled by,
controlling or under common control with the Company will at any time deposit any Shares, either originally issued or previously issued and reacquired by the Company or any such affiliate, unless a Registration Statement is in effect as to such
Shares under the Securities Act or the Company furnishes to the Depositary a written opinion from U.S. counsel for the Company, which counsel shall be reasonably satisfactory to the Depositary, stating that the Shares to be deposited could be
offered and sold publicly by the holder in the United States without further registration of those Shares under the Securities Act. 
  
 SECTION 5.8    Indemnification. 
  
 The Company agrees to indemnify the Depositary, its directors, employees, agents and affiliates and any Custodian against, and hold each of them harmless
from, any liability or expense (including, but not limited to, the fees and expenses of counsel) which may arise out of (a) any registration with the Commission of Receipts, American Depositary Shares or Deposited Securities or the offer or sale
thereof in the United States or (b) acts performed or omitted, pursuant to the provisions of this Deposit Agreement and of the Receipts, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a
Custodian or their respective directors, employees, agents and affiliates, except for any liability or expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and
affiliates. 
  
 The Depositary agrees to indemnify the Company,
its directors, employees, agents and affiliates and hold them harmless from any liability or expense (including, but not limited to, the reasonable fees and expense of counsel), which may arise out of acts performed or omitted by the Depositary or
its Custodian or their respective directors, employees, agents and affiliates due to their negligence or bad faith. 
  

 22 

 If an action, proceeding (including, but not limited to, any governmental investigation), claim or
dispute (collectively, a “Proceeding”) in respect of which indemnity may be sought by either party is brought or asserted against the other party, the party seeking indemnification (the “Indemnitee”) shall promptly (and in no
event more than ten (10) days after receipt of notice of such Proceeding) notify the party obligated to provide such indemnification (the “Indemnitor”) of such Proceeding. The failure of the Indemnitee to so notify the Indemnitor shall not
impair the Indemnitee’s ability to seek indemnification from the Indemnitor (but only for costs, expenses and liabilities incurred after such notice) unless such failure adversely affects the Indemnitor’s ability to adequately oppose or
defend such Proceeding. Upon receipt of such notice from the Indemnitee, the Indemnitor shall be entitled to participate in such Proceeding and, to the extent that it shall so desire and provided no conflict of interest exists as specified in
subparagraph (b) below or there are no other defenses available to Indemnitee as specified in subparagraph (d) below, to assume the defense thereof with counsel reasonably satisfactory to the Indemnitee (in which case all attorney’s fees and
expenses shall be borne by the Indemnitor and the Indemnitor shall in good faith defend the Indemnitee). The Indemnitee shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees
and expenses of such counsel shall be borne by the Indemnitee unless (a) the Indemnitor agrees in writing to pay such fees and expenses, (b) the Indemnitee shall have reasonably and in good faith concluded that there is a conflict of interest
between the Indemnitor and the Indemnitee in the conduct of the defense of such action, (c) the Indemnitor fails, within ten (10) days prior to the date the first response or appearance is required to be made in such Proceeding, to assume the
defense of such Proceeding with counsel reasonably satisfactory to the Indemnitee or (d) there are legal defenses available to Indemnitee that are different from or are in addition to those available to the Indemnitor. No compromise or settlement of
such Proceeding may be effected by either party without the other party’s consent unless (i) there is no finding or admission of any violation of law and no effect on any other claims that may be made against such other party and (ii) the sole
relief provided is monetary damages that are paid in full by the party seeking the settlement. Neither party shall have any liability with respect to any compromise or settlement effected without its consent, which shall not be unreasonably
withheld. The Indemnitor shall have no obligation to indemnify and hold harmless the Indemnitee from any loss, expense or liability incurred by the Indemnitee as a result of a default judgment entered against the Indemnitee unless such judgment was
entered after the Indemnitor agreed, in writing, to assume the defense of such Proceeding. 
  
 SECTION 5.9    Charges of Depositary. 
  
 The Company agrees to pay the fees, reasonable expenses and out-of-pocket charges of the Depositary and those of any Registrar only in accordance with
agreements in writing entered into between the Depositary and the Company from time to time. The Depositary shall present its statement for such charges and expenses to the Company once every three months. The charges and expenses of the Custodian
are for the sole account of the Depositary. 
  

 23 

 The following charges shall be incurred by any party depositing or withdrawing Shares or by any party
surrendering Receipts or to whom Receipts are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the Receipts or Deposited Securities or a
distribution of Receipts pursuant to Section 4.3), or by Owners, as applicable: (1) taxes, stamp duty and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares
generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3)
such cable, telex and facsimile transmission expenses as are expressly provided in this Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.5, (5) a fee of $5.00 or less
per 100 American Depositary Shares (or portion thereof) for the execution and delivery of Receipts pursuant to Section 2.3, 4.3 or 4.4 and the surrender of Receipts pursuant to Section 2.5 or 6.2, (6) a fee of $.02 or less per American Depositary
Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to Sections 4.1 through 4.4 hereof, (7) a fee for the distribution of securities pursuant to Section 4.2, such fee being in an
amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities (for purposes of this clause 7 treating all such securities as if they
were Shares) but which securities are instead distributed by the Depositary to Owners, (8) a fee of $.02 or less per American Depositary Share (or portion thereof) for depositary services, which will accrue on the last day of each calendar year and
which will be payable as provided in clause (9) below; provided, however, that no fee will be assessed under this clause (8) to the extent a fee of $.02 was charged pursuant to clause (6) above during that calendar year and (9) any
other charge payable by the Depositary, any of the Depositary’s agents, including the Custodian, or the agents of the Depositary’s agents in connection with the servicing of Shares or other Deposited Securities (which charge shall be
assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6 and shall be payable at the sole discretion of the Depositary by billing such Owners for such charge or by deducting such charge from one or more
cash dividends or other cash distributions). 
  
 The Depositary,
subject to Section 2.9 hereof, may own and deal in any class of securities of the Company and its affiliates and in Receipts. 
  
 SECTION 5.10    Retention of Depositary Documents. 
  
 The Depositary is authorized to destroy those documents, records, bills and other data compiled during the term of this
Deposit Agreement at the times permitted by the laws or regulations governing the Depositary unless the Company reasonably requests that such papers be retained for a longer period or be delivered to the Company or to a successor depositary.

  
 SECTION 5.11    Exclusivity.

  
 Subject to Sections 5.4 and 6.2, the Company agrees not to
appoint any other depositary for issuance of American or global depositary receipts so long as The Bank of New York is acting as Depositary hereunder. 
  

 24 

 SECTION 5.12    List of Restricted Securities Owners. 
  
 From time to time, the Company shall provide to the Depositary a list
setting forth, to the actual knowledge of the Company, those persons or entities who beneficially own Restricted Securities. The Company agrees to advise in writing each of the persons or entities so listed that such Restricted Securities are
ineligible for deposit hereunder. The Depositary may rely on such a list or update but shall not be liable for any action or omission made in reliance thereon. 
  

ARTICLE 6.    AMENDMENT AND TERMINATION. 
  
 SECTION 6.1    Amendment. 
  
 The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company
and the Depositary without the consent of Owners and Beneficial Owners in any respect which they may deem necessary or desirable. Any amendment which shall impose or increase any fees or charges (other than taxes and other governmental charges,
registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding Receipts
until the expiration of thirty days after notice of such amendment shall have been given to the Owners of outstanding Receipts. Every Owner at the time any amendment so becomes effective shall be deemed, by continuing to hold such Receipt, to
consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Owner of any Receipt to surrender such Receipt and receive therefor the Deposited Securities
represented thereby, except in order to comply with mandatory provisions of applicable law. 
  
 SECTION 6.2    Termination. 
  
 The Depositary shall at any time at the direction of the Company terminate this Deposit Agreement by mailing notice of such termination to the Owners of all Receipts then outstanding at least 30 days prior to the date
fixed in such notice for such termination. The Depositary may likewise terminate this Deposit Agreement by mailing notice of such termination to the Company and the Owners of all Receipts then outstanding if at any time 60 days shall have expired
after the Depositary shall have delivered to the Company a written notice of its election to resign and a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4. On and after the date of
termination, the Owner of a Receipt will, upon (a) surrender of such Receipt at the Corporate Trust Office of the Depositary, (b) payment of the fee of the Depositary for the surrender of Receipts referred to in Section 2.5, and (c) payment of any
applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by the American Depositary Shares evidenced by such Receipt. If any Receipts shall remain outstanding
after the date of termination, the Depositary thereafter shall discontinue the registration of transfers of Receipts, shall suspend the distribution of dividends to the Owners thereof, and shall not give any further notices or perform any further
acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights and other property as provided in this Deposit Agreement, and shall
continue to deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary
(after deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the terms and conditions of this Deposit Agreement, and any applicable taxes or
governmental charges). At any time after the expiration of six months from the date of termination, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together
with any other cash then held by it hereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of Receipts which have not theretofore been surrendered, such Owners thereupon becoming general creditors of the
Depositary with respect to such net proceeds. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except for its obligations to the Company under Section 5.8 and to account for such net
proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the terms and conditions of this Deposit Agreement, and
any applicable taxes or governmental charges). Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary under Sections 5.8 and 5.9
hereof. 
  

 25 

	ARTICLE	7.    MISCELLANEOUS. 

  
 SECTION 7.1    Counterparts. 
  
 This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts shall
constitute one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be open to inspection by any Owner or Beneficial Owner of a Receipt during business hours. 
  
 SECTION 7.2    No Third Party Beneficiaries.

  
 This Deposit Agreement is for the exclusive benefit of the
parties hereto (which shall include the Owners and Beneficial Owners) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except as otherwise specifically provided in this Agreement with
respect to co-transfer agents and the Custodian. 
  
 SECTION
7.3    Severability. 
  
 In case any
one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or
therein shall in no way be affected, prejudiced or disturbed thereby. 
  
 SECTION 7.4    Owners and Beneficial Owners as Parties; Binding Effect. 
  
 The Owners and Beneficial Owners of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and
conditions hereof and of the Receipts by acceptance thereof. 
  

 26 

 SECTION 7.5    Notices. 
  
 Any and all notices to be given to the Company shall be deemed to have been
duly given if personally delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter, addressed to Baidu.com, Inc., 12/F Ideal International Plaza, No. 58 West-North 4th Ring Beijing 100080, China: Attention: CEO, or any other place to which the Company may have transferred its principal office with notice to the Depositary.

  
 Any and all notices to be given to the Depositary shall be
deemed to have been duly given if in English and personally delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter, addressed to The Bank of New York, 101 Barclay Street, New York, New York 10286, Attention: American
Depositary Receipt Administration, or any other place to which the Depositary may have transferred its Corporate Trust Office with notice to the Company. 
  
 Any and all notices to be given to any Owner shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or facsimile
transmission confirmed by letter, addressed to such Owner at the address of such Owner as it appears on the transfer books for Receipts of the Depositary, or, if such Owner shall have filed with the Depositary a written request that notices intended
for such Owner be mailed to some other address, at the address designated in such request. 
  
 Delivery of a notice sent by mail or cable, telex or facsimile transmission shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a
cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office letter box. The Depositary or the Company may, however, act upon any cable, telex or facsimile transmission received by it, notwithstanding that such cable,
telex or facsimile transmission shall not subsequently be confirmed by letter as aforesaid. 
  
 SECTION 7.6    Governing Law. 
  
 This Deposit Agreement and the Receipts shall be interpreted and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by the laws of the State of New York without regard to conflicts
of laws, rules or principles thereof. 
  

 27 

 SECTION 7.7    Compliance with U.S. Securities Laws. 
  
 Notwithstanding anything in this Deposit Agreement to the contrary, the
Company and the Depositary each agrees that it will not exercise any rights it has under this Deposit Agreement to permit the withdrawal or delivery of Deposited Securities in a manner which would violate the U.S. securities laws, including, but not
limited to, Section I.A.(1) of the General Instructions to the Form F-6 Registration Statement, as amended from time to time, under the Securities Act. 
  
 SECTION 7.8    Submission to Jurisdiction; Appointment of Agent for Service of Process. 
  
 The Company hereby (i) irrevocably designates and appoints CT Corporation
System, 111 Eighth Avenue, New York, New York, as the Company’s authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the
Receipts or this Agreement, (ii) consents and submits to the jurisdiction of any state or federal court in the State of New York in which any such suit or proceeding may be instituted, and (iii) agrees that service of process upon said authorized
agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. The Company agrees to deliver, upon the execution and delivery of this Deposit Agreement, a written acceptance by such agent of its
appointment as such agent. The Company further agrees to take any and all action, including the filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment in full force and effect for so
long as any American Depositary Shares or Receipts remain outstanding or this Agreement remains in force. In the event the Company fails to continue such designation and appointment in full force and effect, the Company hereby waives personal
service of process upon it and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices hereunder, and service so made shall be
deemed completed five (5) days after the same shall have been so mailed. 
  
 SECTION 7.9    Arbitration. 
  
 In the event the Depositary is advised that a judgment of a court in the United States may not be recognized, the following provisions shall apply: 
  
 (i) Any controversy, claim or cause of action brought by any party or parties hereto against any other party or parties
hereto arising out of or relating to the Deposit Agreement shall be settled by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrators may be
entered in any court having jurisdiction thereof. 
  
 (ii) The
place of the arbitration shall be the City of New York, State of New York, United States of America, and the language of the arbitration shall be English. 
  

 28 

 (iii) The number of arbitrators shall be three, each of whom shall be disinterested in the dispute or
controversy, shall have no connection with any party thereto, and shall be an attorney experienced in international securities transactions. Each party shall appoint one arbitrator and the two arbitrators shall select a third arbitrator who shall
serve as chairperson of the tribunal. If a dispute, controversy or cause of action shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant and respondent), each of which shall appoint one
arbitrator as if there were only two parties to such dispute, controversy or cause of action. If either or both parties fail to select an arbitrator, or if such alignment (in the event there is more than two parties) shall not have occurred, within
sixty (60) calendar days after the initiating party serves the arbitration demand or the two arbitrators fail to select a third arbitrator within sixty (60) calendar days of the selection of the second arbitrator, the American Arbitration
Association shall appoint the arbitrator or arbitrators in accordance with its rules. The parties and the American Arbitration Association may appoint the arbitrators from among the nationals of any country, whether or not a party is a national of
that country. 
  
 (iv) The arbitrators shall have no authority to
award damages not measured by the prevailing party’s actual damages and shall have no authority to award any consequential, special or punitive damages, and may not, in any event, make any ruling, finding or award that does not conform to the
terms and conditions of this Deposit Agreement. 
  
 (v) In the
event any third-party action or proceeding is instituted against the Depositary relating to or arising from any act or failure to act by the Company, the Company hereby submits to the personal jurisdiction of the court or administrative agency in
which such action or proceeding is brought. 
  
  

 29 

 IN WITNESS WHEREOF, BAIDU.COM, INC. and THE BANK OF NEW YORK have duly executed this agreement as of the
day and year first set forth above and all Owners and Beneficial Owners shall become parties hereto upon acceptance by them of Receipts issued in accordance with the terms hereof. 
  
  

			
	 BAIDU.COM, INC.

		
	By:	 	 
	 	 	 Name:
 Title:

  
  

			
	 THE BANK OF NEW YORK,
 as Depositary

		
	By:	 	 
	 	 	 Name:
 Title:

  
  

 2 

 Exhibit A to Deposit Agreement 
  

			
	No.             	 	 
	 	 	 AMERICAN DEPOSITARY SHARES
 (Each American
Depositary Share represents              deposited Shares)

  
  
 THE BANK OF NEW YORK 
 AMERICAN
DEPOSITARY RECEIPT 
 FOR CLASS A ORDINARY SHARES, 
 PAR VALUE $0.00005 PER SHARE, OF 
 BAIDU.COM, INC. 
 (INCORPORATED UNDER THE LAWS OF THE CAYMAN ISLANDS) 
  
 The Bank of New York as depositary (hereinafter called the Depositary), hereby certifies that
                    , or registered assigns IS THE OWNER OF 
  
 AMERICAN DEPOSITARY SHARES 
  
 representing deposited Class A Ordinary Shares (herein called Shares) of Baidu.com, Inc., incorporated under the laws of the Cayman Islands (herein called the Company).
At the date hereof, each American Depositary Share represents              Shares which are either deposited or subject to deposit under the Deposit Agreement referred to below at
the principal Hong Kong office of The Hongkong and Shanghai Banking Corporation Limited (herein called the Custodian). The Depositary’s Corporate Trust Office is located at a different address than its principal executive office. Its Corporate
Trust Office is located at 101 Barclay Street, New York, N.Y. 10286, and its principal executive office is located at One Wall Street, New York, N.Y. 10286. 
  
 THE DEPOSITARY’S CORPORATE TRUST OFFICE ADDRESS IS 
 101 BARCLAY STREET, NEW YORK, N.Y. 10286 
  
  

 A-1 

	1.	THE DEPOSIT AGREEMENT. 

  
 This American Depositary Receipt is one of an issue (herein called Receipts), all issued and to be issued upon the terms and conditions set forth in the
deposit agreement, dated as of                     , 2005 (the “Deposit Agreement”), by and among the Company, the Depositary, and
all Owners and Beneficial Owners from time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees to become a party thereto and become bound by all the terms and conditions thereof. The Deposit Agreement sets forth the
rights of Owners and Beneficial Owners of the Receipts and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of such Shares
and held thereunder (such Shares, securities, property, and cash are herein called Deposited Securities). Copies of the Deposit Agreement are on file at the Depositary’s Corporate Trust Office in New York City and at the office of the
Custodian. 
  
 The statements made on the face and reverse of this
Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms not defined herein shall have the
meanings set forth in the Deposit Agreement. 
  

	2.	SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES. 

  
 Upon surrender at the Corporate Trust Office of the Depositary of this Receipt, and upon payment of the fee of the Depositary provided in this Receipt,
and subject to the terms and conditions of the Deposit Agreement, the Owner hereof is entitled to delivery, to him or upon his order, of the amount of Deposited Securities at the time represented by the American Depositary Shares for which this
Receipt is issued. Delivery of such Deposited Securities may be made by the delivery of (a) certificates for Shares in the name of the Owner hereof or as ordered by him or by certificates properly endorsed or accompanied by proper instruments of
transfer to such Owner or as ordered by him and (b) any other securities, property and cash to which such Owner is then entitled in respect of this Receipt to such Owner or as ordered by him. Such delivery will be made at the option of the Owner
hereof, either at the office of the Custodian or at the Corporate Trust Office of the Depositary, provided that the forwarding of certificates for Shares or other Deposited Securities for such delivery at the Corporate Trust Office of the Depositary
shall be at the risk and expense of the Owner hereof. Notwithstanding any other provision of the Deposit Agreement or this Receipt, the surrender of outstanding Receipts and withdrawal of Deposited Securities may be suspended only for (i) temporary
delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and
(iii) compliance with any U.S. or foreign laws or governmental regulations relating to the Receipts or to the withdrawal of the Deposited Securities. 
  

 A-2 

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

  
 The transfer of this Receipt is registrable on the books of the Depositary at its Corporate Trust Office by the Owner hereof in person or by a duly
authorized attorney, upon surrender of this Receipt properly endorsed for transfer or accompanied by proper instruments of transfer and funds sufficient to pay any applicable transfer taxes and the expenses of the Depositary and upon compliance with
such regulations, if any, as the Depositary may establish for such purpose. This Receipt may be split into other such Receipts, or may be combined with other such Receipts into one Receipt, evidencing the same aggregate number of American Depositary
Shares as the Receipt or Receipts surrendered. As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary, the
Custodian, or Registrar may require payment from the depositor of Shares or the presenter of the Receipt of a sum sufficient to reimburse it for any tax, stamp duty or other governmental charge and any stock transfer or registration fee with respect
thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in this Receipt, may require the production of proof satisfactory to it as to the identity and
genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement or this Receipt. 
  
 The delivery of Receipts against deposits of Shares generally or against deposits of particular Shares may be suspended, or
the transfer of Receipts in particular instances may be refused, or the registration of transfer of outstanding Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed as provided in Section 5.1 of
the Deposit Agreement, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any
provision of the Deposit Agreement or this Receipt, or for any other reason. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares required to be registered under the
provisions of the Securities Act for public sale in the United States, unless a registration statement is in effect as to such Shares. 
  

	4.	LIABILITY OF OWNER FOR TAXES. 

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

 A-3 

	5.	WARRANTIES OF DEPOSITORS. 

  
 Every person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each certificate
therefor, if applicable, are validly issued, fully paid, nonassessable and were not issued in violation of any pre-emptive rights of the holders of outstanding Shares and that the person making such deposit is duly authorized so to do. Every such
person shall also be deemed to represent that the Shares are eligible for deposit in accordance with the Deposit Agreement and the General Instructions to Form F-6 under the Securities Act, and Receipts evidencing American Depositary Shares
representing the Shares would not be, Restricted Securities. All representations and warranties deemed made under Section 3.3 of the Deposit Agreement shall survive the deposit of Shares and delivery or surrender of Receipts. 
  

	6.	FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION. 

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

	7.	CHARGES OF DEPOSITARY. 

  
 The Company agrees to pay the fees, reasonable expenses and out-of-pocket charges of the Depositary and those of any Registrar only in accordance with
agreements in writing entered into between the Depositary and the Company from time to time. The Depositary shall present its statement for such charges and expenses to the Company once every three months. The charges and expenses of the Custodian
are for the sole account of the Depositary. 
  

 A-4 

 The following charges shall be incurred by any party depositing or withdrawing Shares or by any party
surrendering Receipts or to whom Receipts are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the Receipts or Deposited Securities or a
distribution of Receipts pursuant to Section 4.3 of the Deposit Agreement), or by Owners, as applicable: (1) taxes, stamp duty and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of
transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or
withdrawals under the Deposit Agreement, (3) such cable, telex and facsimile transmission expenses as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant
to Section 4.5 of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the execution and delivery of Receipts pursuant to Section 2.3, 4.3 or 4.4 of the Deposit Agreement and the surrender of
Receipts pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of $.02 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to Sections
4.1 through 4.4 of the Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement, such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares
referred to above which would have been charged as a result of the deposit of such securities (for purposes of this clause 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary to
Owners, (8) a fee of $.02 or less per American Depositary Share (or portion thereof) for depositary services, which will accrue on the last day of each calendar year and which will be payable as provided in clause (9) below; provided,
however, that no fee will be assessed under this clause (8) to the extent a fee of $.02 was charged pursuant to clause (6) above during that calendar year and (9) any other charge payable by the Depositary, any of the Depositary’s
agents, including the Custodian, or the agents of the Depositary’s agents in connection with the servicing of Shares or other Deposited Securities (which charge shall be assessed against Owners as of the date or dates set by the Depositary in
accordance with Section 4.6 of the Deposit Agreement and shall be payable at the sole discretion of the Depositary by billing such Owners for such charge or by deducting such charge from one or more cash dividends or other cash distributions).

  
 The Depositary, subject to Section 2.9 of the Deposit
Agreement, may own and deal in any class of securities of the Company and its affiliates and in Receipts. 
  

 A-5 

	8.	PRE-RELEASE OF RECEIPTS. 

  
 The Depositary may, notwithstanding Section 2.3 of the Deposit Agreement, execute and deliver Receipts prior to the receipt of Shares pursuant to Section
2.2 of the Deposit Agreement (“Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement, deliver Shares upon the receipt and cancellation of Receipts which have been Pre-Released, whether or not such cancellation
is prior to the termination of such Pre-Release or the Depositary knows that such Receipt has been Pre-Released. The Depositary may receive Receipts in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or
accompanied by a written representation and agreement from the person to whom Receipts are to be delivered (the “Pre-Releasee”) that the Pre-Releasee, or its customer, (i) owns the shares or Receipts to be remitted, as the case may be,
(ii) assigns all beneficial rights, title and interest in such Shares or Receipts, as the case may be, to the Depositary in its capacity as such and for the benefit of the Owners, and (iii) will not take any action with respect to such Shares or
Receipts, as the case may be, that is inconsistent with the transfer of beneficial ownership (including, without the consent of the Depositary, disposing of such Shares or Receipts, as the case may be), other than in satisfaction of such
Pre-Release, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary determines, in good faith, will provide substantially similar liquidity and security, (c) terminable by the
Depositary on not more than five (5) business days notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The number of Shares not deposited but represented by American Depositary Shares
outstanding at any time as a result of Pre-Releases will not normally exceed thirty percent (30%) of the Shares deposited hereunder; provided, however, that the Depositary reserves the right to disregard such limit from time to time as it deems
reasonably appropriate, and may, with the prior written consent of the Company, change such limit for purposes of general application. The Depositary will also set Dollar limits with respect to Pre-Release transactions to be entered into hereunder
with any particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the Deposit Agreement, the collateral referred to in clause (b)
above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or Receipts
upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities hereunder). 
  
 The Depositary may retain for its own account any compensation received by it in connection with the foregoing. 
  

	9.	TITLE TO RECEIPTS. 

  
 It is a condition of this Receipt and every successive Owner and Beneficial Owner of this Receipt by accepting or holding the same consents and agrees,
that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; under the laws of New York; provided,
however, that the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person
entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement and for all other purposes. 
  

 A-6 

	10.	VALIDITY OF RECEIPT. 

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

	11.	REPORTS; INSPECTION OF TRANSFER BOOKS. 

  
 The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports with the
Securities and Exchange Commission (hereinafter called the “Commission”). 
  
 Such reports and communications will be available for inspection and copying at the public reference facilities maintained by the Commission located at 450 Fifth Street, N.W., Washington, D.C. 20549. 
  
 The Depositary will make available for inspection by Owners of Receipts at
its Corporate Trust Office, as promptly as practicable after receipt, any reports and communications, including any proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited
Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary shall also send to the Owners of Receipts copies of such reports when furnished by the Company pursuant to the Deposit Agreement.
Any such reports and communications, including any such proxy soliciting material, furnished to the Depositary by the Company shall be furnished in English. 
  
 The Depositary shall keep books at its Corporate Trust Office for the registration of Receipts and transfers of Receipts which at all reasonable times
shall be open for inspection by the Owners and the Company, provided that such inspection shall not be for the purpose of communicating with Owners of Receipts in the interest of a business or object other than the business of the Company or a
matter related to the Deposit Agreement or the Receipts. 
  

	12.	DIVIDENDS AND DISTRIBUTIONS. 

  
 Whenever the Depositary shall receive any cash dividend or other cash distribution on any Deposited Securities, the Depositary shall, if at the time of
receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into United States dollars transferable to the United States, and subject to the Deposit Agreement, convert such
dividend or distribution into Dollars and shall distribute the amount thus received (net of the fees and expenses of the Depositary as provided in the Deposit Agreement, if applicable) to the Owners of Receipts entitled thereto, provided,
however, that in the event that the Company or the Depositary shall be required to withhold and does withhold from such cash dividend or such other cash distribution in respect of any Deposited Securities an amount on account of taxes, the
amount distributed to the Owners of the Receipts evidencing American Depositary Shares representing such Deposited Securities shall be reduced accordingly. 
  

 A-7 

 Subject to the provisions of Sections 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary
shall receive any distribution other than a distribution described in Sections 4.1, 4.3 or 4.4 of the Deposit Agreement, the Depositary shall, subject to all applicable laws, cause the securities or property received by it to be distributed to the
Owners of Receipts entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary or any taxes or other governmental charges, in any manner that the Depositary may deem equitable and practicable for accomplishing such
distribution; provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners of Receipts entitled thereto, or if for any other reason the Depositary deems such distribution
not to be feasible, the Depositary may adopt such method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or property thus received,
or any part thereof, and the net proceeds of any such sale (net of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement) shall be distributed by the Depositary to the Owners of Receipts entitled thereto as in the case of a
distribution received in cash. The Depositary may refuse to effect any distribution of securities under Section 4.2 of the Deposit Agreement unless it has received an opinion of United States counsel for the Company that is satisfactory to the
Depositary that the distribution does not require registration under the Securities Act. 
  
 If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may distribute to the Owners of outstanding Receipts entitled thereto, additional Receipts
evidencing an aggregate number of American Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and the
issuance of American Depositary Shares evidenced by Receipts, including the withholding of any tax or other governmental charge as provided in Section 4.11 of the Deposit Agreement and the payment of the fees and expenses of the Depositary as
provided in Section 5.9 of the Deposit Agreement. In lieu of delivering Receipts for fractional American Depositary Shares in any such case, the Depositary shall use reasonable efforts to sell the amount of Shares represented by the aggregate of
such fractions and distribute any net proceeds to the Owners entitled to them, all in the manner and subject to the conditions set forth in the Deposit Agreement. If additional Receipts are not so distributed, each American Depositary Share shall
thenceforth also represent the additional Shares distributed upon the Deposited Securities represented thereby. 
  
 The Company or its agent will remit to the appropriate governmental agencies in the Cayman Islands and the People’s Republic of China all amounts
withheld and owing to such agencies. The Depositary will forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file necessary reports with governmental
agencies, and the Depositary or the Company or its agent may file any such reports necessary to obtain benefits under the applicable tax treaties for the Owners of Receipts. In the event that the Depositary determines that any distribution in
property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay any such taxes or charges and the Depositary shall distribute the net proceeds of any such sale after
deduction of such taxes or charges to the Owners of Receipts entitled thereto. 
  

 A-8 

	13.	CONVERSION OF FOREIGN CURRENCY. 

  
 Whenever the Depositary or the Custodian shall receive foreign currency, by way of dividends or other distributions or the net proceeds from the sale of
securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United
States, the Depositary shall convert or cause to be converted, by sale or in any other manner that it may determine, such foreign currency into Dollars, and such Dollars shall be distributed to the Owners entitled thereto or, if the Depositary shall
have distributed any warrants or other instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments upon surrender thereof for cancellation. Such distribution may be made upon an averaged or
other practicable basis without regard to any distinctions among Owners on account of exchange restrictions, the date of delivery of any Receipt or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as
provided in Section 5.9 of the Deposit Agreement. 
  
 If such
conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary shall file such application for approval or license, if any, as it may deem desirable. 
  
 If at any time the Depositary shall determine that in its judgment any
foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof which is required for such
conversion is denied or in the opinion of the Depositary is not obtainable without excessively burdensome or otherwise unreasonable efforts, or if any such approval or license is not obtained within a reasonable period as determined by the
Depositary, or if there are foreign exchange controls in place that prohibit such conversion, the Depositary may distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency) received by the
Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to receive the same. 
  
 If any such conversion of foreign currency, in whole or in part, cannot be
effected for distribution to some of the Owners entitled thereto, the Depositary may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto and may distribute the balance of the
foreign currency received by the Depositary to, or hold such balance uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled thereto. 
  

 A-9 

	14.	RIGHTS. 

  
 In the event that the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares
or any rights of any other nature, the Depositary shall have discretion as to the procedure to be followed in making such rights available to any Owners to them or in disposing of such rights on behalf of any Owners otherwise entitled to them and
making the net proceeds available to such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such rights available to any Owners or dispose of such rights and make the net proceeds
available to such Owners, then the Depositary shall allow the rights to lapse. If at the time of the offering of any rights the Depositary determines in its reasonable discretion that it is lawful and feasible to make such rights available to all
Owners or to certain Owners but not to other Owners, the Depositary may distribute, to any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the number of American Depositary Shares held by such Owner, warrants
or other instruments therefor in such form as it deems appropriate. 
  
 In circumstances in which rights would otherwise not be distributed, if an Owner of Receipts requests the distribution of warrants or other instruments in order to exercise the rights allocable to the American Depositary Shares of such
Owner under the Deposit Agreement, the Depositary will make such rights available to such Owner upon written notice from the Company to the Depositary that (a) the Company has elected in its sole discretion to permit such rights to be exercised and
(b) such Owner has executed such documents as the Company has determined in its sole discretion are reasonably required under applicable law. 
  
 If the Depositary has distributed warrants or other instruments for rights to all or certain Owners, then upon instruction from such an Owner pursuant to
such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon the
exercise of the rights, and upon payment of the fees and expenses of the Depositary and any other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares,
and the Company shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary will cause the Shares so purchased to be deposited pursuant to Section 2.2 of the Deposit
Agreement, and shall, pursuant to Section 2.3 of the Deposit Agreement, execute and deliver Receipts to such Owner. In the case of a distribution pursuant to the second paragraph of this Article, such Receipts shall be legended in accordance with
applicable U.S. laws, and shall be subject to the appropriate restrictions on sale, deposit, cancellation and transfer under such laws. 
  

 A-10 

 If the Depositary determines in its reasonable discretion that it is not lawful and feasible to make such
rights available to all or certain Owners, it may sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may not lawfully or feasibly make such rights
available, and allocate the net proceeds of such sales (net of the fees and expenses of the Depositary as provided in Section 5.9 of the Deposit Agreement and all taxes and governmental charges payable in connection with such rights and subject to
the terms and conditions of the Deposit Agreement) for the account of such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practical basis without regard to any distinctions among such Owners
because of exchange restrictions or the date of delivery of any Receipt or otherwise. 
  
 The Depositary will not offer rights to Owners unless both the rights and the securities to which such rights relate are either exempt from registration under the Securities Act with respect to a distribution to
Owners or are registered under the provisions of the Securities Act; provided, however, that nothing in the Deposit Agreement shall create any obligation on the part of the Company to file a registration statement with respect to such
rights or underlying securities or to endeavor to have such a registration statement declared effective. If an Owner of Receipts requests distribution of warrants or other instruments, notwithstanding that there has been no such registration under
the Securities Act, the Depositary shall not effect such distribution unless it has received an opinion from recognized counsel in the United States for the Company upon which the Depositary may rely that such distribution to such Owner is exempt
from such registration; provided, however, that the Company shall have no obligation to cause its counsel to issue such opinion at the request of such Owner. 
  
 The Depositary shall not be responsible for any reasonable failure to determine that it may be lawful or feasible to make
such rights available to Owners in general or any Owner in particular. 
  

	15.	RECORD DATES. 

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

 A-11 

	16.	VOTING OF DEPOSITED SECURITIES. 

  
 Upon receipt of notice of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Company the Depositary shall, as
soon as practicable thereafter, mail to the Owners a notice, the form of which notice shall be in the discretion of the Depositary and shall contain (a) such information as is contained in such notice of meeting, and (b) a statement that the Owners
as of the close of business on a specified record date will be entitled, subject to any applicable provision of the People’s Republic of China and Cayman Islands law and of the Memorandum and Articles of Association of the Company, to instruct
the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities represented by their respective American Depositary Shares and (c) a statement as to the manner in which such
instructions may be given, including an express indication that such instructions may be given or deemed given in accordance with the last sentence of this paragraph if no instruction is received, to the Depositary to give a discretionary
proxy to a person designated by the Company. Upon the written request of an Owner of a Receipt on such record date, received on or before the date established by the Depositary for such purpose (the “Instruction Date”), the Depositary
shall endeavor, in so far as practicable, to vote or cause to be voted the amount of Shares or other Deposited Securities represented by the American Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such
request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to such Shares or other Deposited Securities other than in accordance with such instructions or deemed instructions. If no instructions are received by the
Depositary from any Owner with respect to any of the Deposited Securities represented by the American Depositary Shares evidenced by such Owner’s Receipts on or before the date established by the Depositary for such purpose, the Depositary
shall deem such Owner to have instructed the Depositary to give a discretionary proxy to a person designated by the Company with respect to such Deposited Securities and the Depositary shall give a discretionary proxy to a person designated by the
Company to vote such Deposited Securities; provided, that no such instruction shall be deemed given and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the Company
agrees to provide such information as promptly as practicable in writing) that (x) the Company does not wish such proxy given, (y) substantial opposition exists or (z) such matter materially and adversely affects the rights of holders of Shares.

  
 There can be no assurance that Owners generally or any Owner
in particular will receive the notice described in the first paragraph of Section 4.7 of the Deposit Agreement sufficiently prior to the Instruction Date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with
the provisions of that paragraph. 
  

 A-12 

	17.	CHANGES AFFECTING DEPOSITED SECURITIES. 

  
 In circumstances where the provisions of Section 4.3 of the Deposit Agreement do not apply, upon any change in nominal value, change in par value,
split-up, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation, or sale of assets affecting the Company or to which it is a party, any securities which shall be
received by the Depositary or a Custodian in exchange for or in conversion of or in respect of Deposited Securities shall be treated as new Deposited Securities under the Deposit Agreement, and American Depositary Shares shall thenceforth represent,
in addition to the existing Deposited Securities, if any, the new Deposited Securities so received in exchange or conversion, unless additional Receipts are delivered pursuant to the following sentence. In any such case the Depositary may execute
and deliver additional Receipts as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing such new Deposited Securities. 
  

	18.	LIABILITY OF THE COMPANY AND DEPOSITARY. 

  
 Neither the Depositary nor the Company nor any of their respective directors, officers, employees, agents or affiliates shall incur any liability to any
Owner or Beneficial Owner of any Receipt, if by reason of any provision of any present or future law or regulation of the United States, the People’s Republic of China or any other country, or of any governmental or regulatory authority or
stock exchange, or by reason of any provision, present or future, of the Memorandum and Articles of Association of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any Offering or distribution
thereof or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Depositary or the Company shall be prevented, delayed or forbidden from, or be subject to any civil or criminal penalty on account of, doing or
performing any act or thing which by the terms of the Deposit Agreement or Deposited Securities it is provided shall be done or performed; nor shall the Depositary or the Company or any of their respective directors, officers, employees, agents or
affiliates incur any liability to any Owner or Beneficial Owner of a Receipt by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or thing which by the terms of the Deposit Agreement it is provided shall or
may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement. Where, by the terms of a distribution pursuant to Sections 4.1, 4.2 or 4.3 of the Deposit Agreement, or an
offering or distribution pursuant to Section 4.4 of the Deposit Agreement, or for any other reason, such distribution or offering may not be made available to Owners of Receipts, and the Depositary may not dispose of such distribution or offering on
behalf of such Owners and make the net proceeds available to such Owners, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable, to lapse in each such case without liability to the Company or the
Depositary. 
  

 A-13 

 Neither the Company nor the Depositary nor any of their directors, officers, employees, agents or
affiliates assumes any obligation or shall be subject to any liability under the Deposit Agreement to Owners or Beneficial Owners of Receipts, except that the Company and the Depositary agree to perform their obligations specifically set forth in
the Deposit Agreement without negligence or bad faith. The Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the Company shall be under any obligation to
appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all
expenses and liability shall be furnished as often as may be required, and the Custodian shall not be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary. Neither the
Depositary nor the Company shall be liable for any action or nonaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or Beneficial Owner of a Receipt, or any
other person believed by it in good faith to be competent to give such advice or information. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the
Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without
negligence or bad faith while it acted as Depositary. The Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any such vote is cast or the effect of
any such vote, provided that any such action or nonaction is in good faith. No disclaimer of liability under the Securities Act is intended by any provision of the Deposit Agreement. 
  

	19.	RESIGNATION AND REMOVAL OF THE DEPOSITARY. 

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

 A-14 

	20.	AMENDMENT. 

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

	21.	TERMINATION OF DEPOSIT AGREEMENT. 

  
 The Depositary shall at any time at the direction of the Company terminate the Deposit Agreement by mailing notice of such termination to the Owners of
all Receipts then outstanding at least 30 days prior to the date fixed in such notice for such termination. The Depositary may likewise terminate the Deposit Agreement by mailing notice of such termination to the Company and the Owners of all
Receipts then outstanding if at any time 60 days shall have expired after the Depositary shall have delivered to the Company a written notice of its election to resign and a successor depositary shall not have been appointed and accepted its
appointment as provided in the Deposit Agreement. On and after the date of termination, the Owner of a Receipt will, upon (a) surrender of such Receipt at the Corporate Trust Office of the Depositary, (b) payment of the fee of the Depositary for the
surrender of Receipts referred to in Section 2.5 of the Deposit Agreement and (c) payment of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by the
American Depositary Shares evidenced by such Receipt. If any Receipts shall remain outstanding after the date of termination, the Depositary thereafter shall discontinue the registration of transfers of Receipts, shall suspend the distribution of
dividends to the Owners thereof, and shall not give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited
Securities, shall sell rights and other property as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the
sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in
accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges). At any time after the expiration of six months from the date of termination, the Depositary may sell the Deposited Securities then
held under the Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it thereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners
of Receipts which have not theretofore been surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be discharged from all obligations under the
Deposit Agreement, except for its obligations to the Company under Section 5.8 of the Deposit Agreement and to account for such net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any
expenses for the account of the Owner of such Receipt in accordance with the terms and conditions of the Deposit Agreement, and any applicable taxes or governmental charges). Upon the termination of the Deposit Agreement, the Company shall be
discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary under Sections 5.8 and 5.9 of the Deposit Agreement. 
  

 A-15 

	23.	SUBMISSION TO JURISDICTION; APPOINTMENT OF AGENT FOR SERVICE OF PROCESS. 

  
 The Company has (i) irrevocably designated and appointed CT Corporation System, 111 Eighth Avenue, New York, New York, as
the Company’s authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consents and
submits to the jurisdiction of any state or federal court in the State of New York in which any such suit or proceeding may be instituted, and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect effective
service of process upon the Company in any such suit or proceeding. The Company agrees to deliver, upon the execution and delivery of the Deposit Agreement, a written acceptance by such agent of its appointment as such agent. The Company further
agrees to take any and all action, including the filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment in full force and effect for so long as any American Depositary Shares or
Receipts remain outstanding or the Deposit Agreement remains in force. In the event the Company fails to continue such designation and appointment in full force and effect, the Company hereby waives personal service of process upon it and consents
that any such service of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices hereunder, and service so made shall be deemed completed five (5) days after
the same shall have been so mailed. 
  

	24.	ARBITRATION. 

  
 In the event the Depositary is advised that a judgment of a court in the United States court may not be recognized, the following provisions shall apply:

  
 (i) Any controversy, claim or cause of action brought by any
party or parties hereto against any other party or parties hereto arising out of or relating to the Deposit Agreement shall be settled by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association, and
judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 
  

 A-16 

 (ii) The place of the arbitration shall be the City of New York, State of New York, United States of
America, and the language of the arbitration shall be English. 
  
 (iii) The number of arbitrators shall be three, each of whom shall be disinterested in the dispute or controversy, shall have no connection with any party thereto, and shall be an attorney experienced in international securities
transactions. Each party shall appoint one arbitrator and the two arbitrators shall select a third arbitrator who shall serve as chairperson of the tribunal. If a dispute, controversy or cause of action shall involve more than two parties, the
parties shall attempt to align themselves in two sides (i.e., claimant and respondent), each of which shall appoint one arbitrator as if there were only two parties to such dispute, controversy or cause of action. If either or both parties fail to
select an arbitrator, or if such alignment (in the event there is more than two parties) shall not have occurred, within sixty (60) calendar days after the initiating party serves the arbitration demand or the two arbitrators fail to select a third
arbitrator within sixty (60) calendar days of the selection of the second arbitrator, the American Arbitration Association shall appoint the arbitrator or arbitrators in accordance with its rules. The parties and the American Arbitration Association
may appoint the arbitrators from among the nationals of any country, whether or not a party is a national of that country. 
  
 (iv) The arbitrators shall have no authority to award damages not measured by the prevailing party’s actual damages and shall have no authority to
award any consequential, special or punitive damages, and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of the Deposit Agreement. 
  
 In the event any third-party action or proceeding is instituted against the
Depositary relating to or arising from any act or failure to act by the Company, the Company hereby submits to the personal jurisdiction of the court or administrative agency in which such action or proceeding is brought. 
  

	25.	COMPLIANCE WITH U.S. SECURITIES LAWS. 

  
 Notwithstanding anything in the Deposit Agreement to the contrary, the Company and the Depositary each agrees that it will not exercise any rights it has
under the Deposit Agreement to permit the withdrawal or delivery of Deposited Securities in a manner which would violate the U.S. securities laws, including, but not limited to, Section I.A.(1) of the General Instructions to the Form F-6
Registration Statement, as amended from time to time, under the Securities Act. 
  

 A-17Second Amended and Restated Shareholders Agreement, dated as of June 9, 2004

	 Exhibit 4.4 
	 Execution Copy 

  

 BAIDU.COM, INC. 
  
 SECOND AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 
  
 THIS SECOND AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT (this “Agreement”) is made and entered into as of
June 9, 2004 by and among Baidu.com, Inc., an exempted limited liability company organized under the laws of the Cayman Islands (the “Company”), Yanhong (Robin) Li and Yong (Eric) Xu (collectively, the “Founders” and each, a
“Founder”), the investors in the Series A Shares (as defined below) and the investors in the Series B Shares (as defined below) as set forth on Exhibit A hereto (collectively, the “Prior Investors”) and the investors in
the Series C Shares (as defined below) listed on Exhibit B hereto (the “Series C Investors”, collectively with the Prior Investors, the “Investors” and each, an “Investor”). 
  
 RECITALS 
  
 WHEREAS, holders of the Series A preferred shares, par value US$0.00005 per share, of the Company (the “Series A
Shares”) and the Series B preferred shares, par value US$0.00005 per share, of the Company (the “Series B Shares”) entered into an Amended and Restated Investors’ Rights Agreement (the “Prior Investors’ Rights
Agreement”) and an Amended and Restated Shareholder Agreement (the “Prior Shareholders’ Agreement”), each dated as of September 8, 2000; 
  
 WHEREAS, the Series C Investors have agreed to purchase from the Company, and the Company has agreed to sell to such Series C Investors, certain Series C
preferred shares, par value US$0.00005 per share, of the Company (the “Series C Shares”), on the terms and conditions set forth in that certain Series C Preferred Share Purchase Agreement dated as of June 2, 2004 by and among the Company,
Baidu Holdings Limited, Baidu Online Network Technology (Beijing) Co. Ltd., Baidu Netcom Science and Technology Co. Ltd., the Founders and the Series C Investors (the “Purchase Agreement”); 
  
 WHEREAS, the Purchase Agreement provides that the execution and delivery of
this Agreement by the parties hereto shall be a condition precedent to the consummation of the transactions contemplated thereunder; 
  
 WHEREAS, the share numbers set forth herein reflect a two-for-one forward share split of the Company’s capital stock effective as of April 7, 2004;

  
 WHEREAS, the Company and the Prior Investors desire to
terminate the Prior Investors’ Rights Agreement; and 
  
 WHEREAS, the Company, the Founders and the Prior Investors desire to amend and restate the Prior Shareholders’ Agreement to read in its entirety as set forth herein. 
  
 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: 
  

 1 

	 Exhibit 4.4 
	 Execution Copy 

  

 SECTION 1. DEFINITIONS. 
  
 “Acquisition Transaction” shall mean any of the following (in a
single transaction or a series of related transactions): (i) any merger, consolidation, share exchange, business combination, recapitalization, liquidation, dissolution or other similar transaction involving the Company or any Material Subsidiary
(as defined below); (ii) any sale, lease, exchange, transfer or other disposition of all or a substantial part of the assets of the Company or of any Material Subsidiary; or (iii) any sale, exchange, transfer or other disposition of forty percent
(40%) or more of the outstanding capital of the Company or of any Material Subsidiary on a fully-diluted basis. 
  
 “Board” or “Board of Directors” shall mean the board of directors of the Company. 
  
 “Business Day” shall mean any day that is not a Saturday, Sunday or
a public holiday in Hong Kong or the United States. 
  
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and any successor statute thereto. 
  
 “Form S-3 of Form F-3” shall mean such respective form under the Securities Act (as defined below) or any successor registration form under the
Securities Act subsequently adopted by the SEC (as defined below) which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 
  
 “Google” shall mean Google International LLC. 
  
 “Holder” shall mean any person owning or having the rights to
acquire Registrable Securities or any permitted assignee of record of such Registrable Securities to whom rights under Section 2 have been duly assigned in accordance with this Agreement. 
  
 “Major Investor” has the meaning set forth in Section 2.10 hereof. 
  
 “Material Subsidiary” shall mean a subsidiary of the Company (i)
whose total assets account for 20% or more of the consolidated assets of the Company, (ii) whose total revenues represent 20% or more of the consolidated revenues of the Company or (iii) whose total net income represent 20% or more of the
consolidated net income of the Company. 
  
 “Ordinary
Shares” shall mean ordinary shares, par value US$0.00005 per share, of the Company. 
  
 “Permitted Transferee” shall mean, for purposes of Section 5 hereof, in the case of a Founder, such Founder’s parents (including parents-in-law), spouse, children or grandchildren or a trust for the
benefit of any of the foregoing, provided such transfers are made solely for estate planning purposes and each Permitted Transferee agrees to be bound by the terms and restrictions of this Agreement. In addition, a Founder’s initial transfer of
up to an aggregate of ten percent(10%) of such Founder’s Shares subject to this Agreement (i.e., 792,000 of Yanhong (Robin) Li’s Ordinary Shares and 264,000 of Young (Eric) Xu’s Ordinary Shares, as adjusted for share splits,
combinations, reclassifications and the like) shall not be subject to the terms of Section 5. The term “Permitted Transferee” shall, in the case of an Investor, 

  

 2 

	 Exhibit 4.4 
	 Execution Copy 

  

 
mean any Affiliate (as defined below) of such Investor, or, if the Investor is a partnership, any partner of such partnership. For purposes of this
definition, an Affiliate of an Investor shall mean a partnership, corporation or any other entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the Investor,
provided that, for the purpose of this definition, an Affiliate shall, except in the case of Google, exclude any entity competing directly or indirectly with the Company in the same or similar industry. The term “control”
shall mean the ownership, directly or indirectly, of shares possessing more than fifty percent (50%) of the voting power of the corporation, or the partnership or other entity (other than, in the case of corporation, stock having such power only by
reason of the happening of a contingency), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity. 
  
 “Person” shall mean any individual, firm, company, corporation,
unincorporated association, partnership, trust, joint venture or other entity, and shall include any successor (by merger or otherwise) of such entity. 
  
 “PRC” shall mean the People’s Republic of China excluding Hong Kong, Macau and Taiwan. 
  
 “Preferred Shares” shall mean the Series A Shares, the Series B
Shares and the Series C Shares, collectively. 
  
 “Pro Rata
Portion” shall mean: (i) with respect to the right of first refusal provisions of Section 5, the number of Subject Shares (as defined in Section 5.2(a)) multiplied by a fraction, the numerator of which shall equal the number of shares the
Non-Transferring Investor (as defined in Section 5.2(a)) desires to purchase, and the denominator of which shall equal the aggregate number of shares all of the Non-Transferring Investors desire to purchase; and (ii) with respect to the co-sale
provisions of Section 5, the amount of Subject Shares multiplied by a fraction, the numerator of which shall equal the number of Shares then held by such Person, and the denominator which shall equal the number of Shares held by all Persons having
co-sale rights under this Agreement. 
  
 “Qualified IPO”
shall mean a firm underwritten public offering of the Ordinary Shares of the Company under the Securities Act reflecting a total market capitalization of the Company of at least US$215,000,000, or upon consummation of a similar public offering of
the Ordinary Shares of the Company in another jurisdiction which results in the Ordinary Shares trading publicly on a recognized regional or national securities exchange outside the United States, provided that such offering satisfies the
foregoing requirement of total market capitalization, and the regulatory approval for such offering is reasonably equivalent to that of the aforementioned public offering in the United States. 
  
 The terms “register,” “registered,” and
“registration” refer to a registration effected by filing a registration statement which is in a form which complies with, and is declared effective by the SEC in accordance with, the Securities Act or by a comparable process pursuant to
other applicable laws in connection with a registration in a jurisdiction other than the United States and the declaration or ordering of the effectiveness of such registration. 
  

 3 

	 Exhibit 4.4 
	 Execution Copy 

  

 “Registration Expenses” shall mean all expenses incurred by the Company in complying with
Sections 2.2, 2.3 and 2.4 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, reasonable fees and disbursements of counsel for the Holders, “blue
sky” fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company). 
  
 “Registrable Securities” shall mean (i) any Ordinary Shares
issuable or issued upon conversion of any Preferred Shares, and (ii) any other Ordinary Shares of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security (including the Preferred Shares) which is
issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the Ordinary Shares listed in (i). Notwithstanding the foregoing, “Registrable Securities” shall not include any Registrable Securities
sold by a person in a transaction in which rights under this Agreement are not assigned in accordance with this Agreement or any Registrable Securities sold in an offering to the public, whether sold pursuant to Rule 144 promulgated under the
Securities Act, or in a registered offering, or otherwise. 
  
 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, plus the number of Ordinary Shares issuable upon the
exercise or conversion of then exercisable or convertible securities that are Registrable Securities. 
  
 “SEC” or “Commission” shall mean the Securities and Exchange Commission of the United States. 
  
 “Securities Act” shall mean the Securities Act of 1933, as amended,
and any successor statute thereto. 
  
 SECTION
2. REGISTRATION RIGHTS. 
  
 2.1 Applicability of
Rights. The Holders shall be entitled to the following rights with respect to any potential public offering of the Company’s Ordinary Shares in the United States and shall be entitled to reasonably equivalent or analogous rights with
respect to any other offering of the Company’s securities in any other jurisdiction in which the Company undertakes to publicly offer or list such securities for trading on a recognized international securities exchange. 
  
 2.2 Demand Registration. 
  
 (a) Request by Holders. If the Company shall, at any time after the
earlier of (i) September 8, 2005 or (ii) six (6) months after the effective date of a registration statement for a Qualified IPO, receive a written request from the Holders of at least fifty percent (50%) of the Registrable Securities then
outstanding that the Company effect any registration covering the Registrable Securities pursuant to this Section 2.2, and provided that (i) the Registrable Securities to be registered would exceed twenty percent (20%) of the total Registrable
Securities then outstanding or (ii) the anticipated aggregate gross proceeds of such registration would exceed US$2,000,000, then the Company shall, within ten (10) 

  

 4 

	 Exhibit 4.4 
	 Execution Copy 

  

 
Business Days of the receipt of such written request, give written notice of such request (“Request Notice”) to all Holders, and use its best
efforts to effect, as soon as practicable, the registration of all Registrable Securities that the Holders request to be registered and included in such registration by written notice given by such Holders to the Company within twenty (20) days
after receipt of the Request Notice, subject only to the limitations of this Section 2.2; provided that the Company shall not be obligated to effect any such registration (i) if the Company has already effected one registration pursuant to
this Section 2.2; (ii) during the period beginning on the date sixty (60) days prior to the Company’s good faith estimate of the filing date of, and ending on the 180th day after the effective date of, a registration pursuant to a Company Registration as described in Section 2.3 below; or (iii) if the securities proposed to
be registered may be immediately registered on Form S-3 or Form F-3, as applicable. 
  
 (b) Underwriting. If the Holders initiating the registration request under this Section 2.2 (the “Initiating Holders”) intend to distribute the Registrable Securities covered by their request by means
of an underwriting, then they shall so advise the Company as a part of their request made pursuant to this Section 2.2 and the Company shall include such information in the Request Notice. In such event, the right of any Holder to include its
Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (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 Holders of a majority of the Registrable Securities being registered and reasonably acceptable to the Company. Notwithstanding any other provision of this Section 2.2, 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 the Registrable Securities to be included in such
underwriting shall not be reduced unless all other securities including those of the Company are first entirely excluded from the underwriting. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw
therefrom by 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. 
  
 (c) Maximum
Number of Demand Registrations. The Company shall not be obligated to effect more than three (3) such demand registrations pursuant to this Section 2.2. 
  
 (d) Deferral. Notwithstanding the foregoing, if the Company shall furnish to the Holders requesting a registration under this Section 2.2 a
certificate signed by the Chief Executive Officer of the Company stating that, in the good faith judgment of a majority of the independent members of the Board of Directors of the Company, such a registration would be detrimental to the Company,
then the Company shall have the right to 

  

 5 

	 Exhibit 4.4 
	 Execution Copy 

  

 
defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders; provided, however, that the
Company may not utilize this right more than once in any twelve (12) month period; provided, further, that the Company shall not register any other of its shares during such twelve (12) month period. 
  
 (e) Expenses. The Company shall bear all of the Registration Expenses
other than underwriting discounts and commissions, fees and disbursements of counsel for the selling Holders, provided, however, that any expense in excess of US$15,000 of any special audit required by such registration shall be borne
pro rata by the selling Holders in proportion to the number of Registrable Securities they have requested to be registered under this Section 2.2. 
  
 2.3 Company Registration. 
  
 (a) The Company shall notify all Holders of Registrable Securities in writing at least thirty (30) days prior to the submission of any registration for
purposes of effecting a public offering of securities of the Company (including, but not limited to, registrations relating to secondary offerings of securities of the Company and under Section 2.2 of this Agreement or under any similar demand
registration rights granted to other shareholders of Company, but excluding registrations under Section 2.4 of this Agreement or relating to any employee benefit plan or a corporate reorganization), and shall afford each such Holder an
opportunity to include in such registration all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to include in any such registration all or any part of the Registrable Securities held by it shall within twenty
(20) 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. Upon
receipt of the written notice from such Holder, the Company shall, subject to Section 2.7 hereof, use its best efforts to cause to be registered all of the Registrable Securities such Holder has requested to be registered. If a Holder decides not to
include all of its Registrable Securities in any registration thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration or registrations as may be
filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 
  
 (b) Expenses. The Company shall bear all of the Registration Expenses incurred in connection with any registration under this Section 2.3.

  
 2.4 Form S-3 or Form F-3 Registration. In case the
Company shall receive from any Holder or Holders of at least fifteen percent (15%) of all Registrable Securities then outstanding a written request or requests that the Company effect a registration on Form S-3, Form F-3 (or any successor form to
Form S-3 or Form F-3) or any comparable form for a registration in a jurisdiction other than the United States, with respect to all or a part of the Registrable Securities owned by such Holder or Holders, then the Company shall: 
  
 (a) Notice. Promptly give written notice of the proposed
registration and the Holder’s or Holders’ request therefor to all other Holders of Registrable Securities; and 
  

 6 

	 Exhibit 4.4 
	 Execution Copy 

  

 (b) Registration. As soon as practicable, effect such registration 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 fifteen (15) days after the receipt of the Company’s written notice contemplated by Section 2.4(a); provided, however, that the Company
shall not be obligated to effect any such registration pursuant to this Section 2.4: 
  
 (i) if Form S-3, Form F-3 or such comparable form for a registration in a jurisdiction other than the United States is not available 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 to the public (net of any underwriters’ discounts or commissions) of less than US$500,000;

  
 (iii) if the Company shall furnish to the Holders a
certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of a majority of the independent members of the Board of Directors of the Company, it would be materially detrimental to the Company and its
shareholders for such a registration on Form S-3, Form F-3 or a comparable form for a registration in a jurisdiction other than the United States to be effected at such time, in which event the Company shall have the right to defer the filing of the
Form S-3, Form F-3 or such comparable form in a jurisdiction other than the United States, as applicable, for a period of not more than sixty (60) days after receipt of the request of the Holder or Holders under this Section 2.4, provided, however,
that the Company shall not utilize this right more than once in any twelve (12) month period; 
  
 (iv) if the Company has, within the twelve (12) month period preceding the date of such request, already effected two (2) registrations on Form S-3, Form F-3 or such comparable form for a registration in a
jurisdiction other than the United States, as applicable, for the Holders pursuant to this Section 2.4; or 
  
 (v) if by effecting such registration, the Company would be required to qualify to do business or to execute a general consent to service of process in
any particular jurisdiction where it is not already qualified to do business and subject to service of process. 
  
 Subject to the foregoing, the Company shall file a Form S-3 or Form F- 3 registration statement, as applicable, covering the Registrable Securities and
other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. 
  
 (c) Expenses. All Registration Expenses other than underwriting discounts, commissions, share transfer taxes and fees, and the fees and
disbursements for counsel for the selling Holders incurred in connection with each registration requested pursuant to this Section 2.4 shall be borne by the Company; provided, however, that the Company shall not be required to pay for
any expenses of any registration proceeding begun 

  

 7 

	 Exhibit 4.4 
	 Execution Copy 

  

 
pursuant to this Section 2.4 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities
to be registered (in which case all participating Holders shall bear such expenses), unless if the registration request is withdrawn during the period, if any, that the Company exercises its right to defer, and defers, filing a registration
statement pursuant to Section 2.4(b)(iii); provided, further, that if the requested registration is withdrawn and at the time of such withdrawal the Holders have learned of a material adverse change in the condition,
business or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall
not be required to pay any of such expenses; provided, further, that if such material adverse change occurred through no fault of the Company and that the Company has disclosed the material adverse change to the Holders with reasonable
promptness, then the Holders shall bear the expenses relating to the registration if they withdraw their registration request. Except as provided in the immediately preceding sentence, all expenses incurred in connection with a registration
requested pursuant to this Section 2.4 shall be borne by the Company. Registrations effected pursuant to this Section 2.4 shall not be counted as demands for registration or registrations effected pursuant to Sections 2.2 or 2.3, respectively.

  
 2.5 Obligations of the Company. Whenever required to
effect the registration of any Registrable Securities under this Agreement the Company shall, as expeditiously as reasonably possible: 
  
 (a) Registration. Prepare and file with the SEC or a comparable governmental or regulatory agency in a jurisdiction other than the United States a
registration statement or a comparable form in such other jurisdiction, respectively, with respect to such Registrable Securities and use its best efforts to cause such registration to become effective, and, upon the request of the Holders of a
majority of the Registrable Securities registered thereunder, keep such registration effective for a period of up to one hundred and twenty (120) days or, in the case of Registrable Securities registered under Form S-3 or Form F-3 in accordance with
Rule 415 under the Securities Act or a successor rule, until the distribution contemplated in the registration has been completed; provided, however, that (i) such one hundred and twenty (120) day period shall be extended for a period
of time equal to the period any Holder refrains from selling any securities included in such registration at the request of the underwriter(s), and (ii) in the case of any registration of Registrable Securities on Form S-3, Form F-3 or a comparable
form in a jurisdiction other than the United States which are intended to be offered on a continuous or delayed basis, such one hundred and twenty (120) day period shall be extended, if necessary, to keep the registration statement or such
comparable form, as the case may be, effective until all such Registrable Securities are sold. 
  
 (b) Amendments and Supplements. Prepare and file with the SEC or such similar governmental or regulatory agency in a jurisdiction other than the
United States such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement in the United States or such comparable forms and offering documents in such other jurisdiction, as
the case may be, as may be necessary to comply with the provisions of the Securities Act or comparable securities laws in such other jurisdiction, as the case may be, with respect to the disposition of all securities covered by such registration
statement. 
  

 8 

	 Exhibit 4.4 
	 Execution Copy 

  

 (c) Prospectuses. If applicable, furnish to the Holders such number of copies of a
prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, or such number of copies of such offering documents in conformity with the requirements of comparable securities laws in a jurisdiction other
than the United States, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such registration. 
  
 (d) Blue Sky. Use its best efforts to register and qualify the
securities covered by such registration under such other securities or “blue sky” laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a
condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities
Act or comparable securities laws in a jurisdiction other than the United States. 
  
 (e) Underwriting. In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement in usual and customary form, with the managing underwriter(s) of such
offering. Unless otherwise provided herein, each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. 
  
 (f) Notification. Notify each Holder of Registrable Securities covered by such registration at any time when a
prospectus relating thereto is required to be delivered under the Securities Act or comparable securities laws in a jurisdiction other than the United States of (i) the issuance of any stop order by the SEC or a comparable governmental or regulatory
agency in a jurisdiction other than the United States in respect of such registration, or (ii) the occurrence of any event as a result of which the prospectus included in such registration, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. 
  
 (g) Listing. Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities
exchange (or the Nasdaq National Market System) on which similar securities of the Company are then listed. 
  
 (h) Transfer Agent and Registrar. Provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP
number for all such Registrable Securities, in each case not later than the effective date of such registration. 
  
 (i) Opinion 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 in connection with a registration pursuant to this Section 2, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters,
on the date that the registration with respect to such securities becomes effective, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and 

  

 9 

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substance as is customarily given to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders
requesting registration, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities and (ii) letters dated as of (x) the effective date of the registration covering such Registrable Securities and (y)
the closing date of the offering, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering and
reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities. 
  
 2.6 Furnish Information. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to Sections 2.2, 2.3 or 2.4 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of
disposition of such securities as shall be reasonably requested to timely effect the registration of their Registrable Securities. 
  
 2.7 Underwriting Requirements. In connection with any offering involving an underwriting of the Company’s securities, unless otherwise
provided herein, the Company shall not be required under Section 2.3 to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters
selected in accordance herewith, and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company, If the total amount of securities, including Registrable
Securities, requested by Holders to be included in such offering exceeds the amount of securities to be offered other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then
the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters determine in their sole discretion will not jeopardize the success of the offering (the securities
so included to be apportioned pro rata among the selling Holders according to the total amount of securities entitled to be included therein owned by each selling Holders or in such other proportions as shall mutually be agreed to by such selling
Holders) but in no event shall the amount of securities of the selling Holders of Registrable Securities included in the offering be reduced below twenty percent (20%) of the total amount of securities included in such offering, unless such offering
is the initial public offering of the Company’s securities in which case the selling Holders may be excluded if the underwriters make the determination described above and no other Registrable Securities and securities of other selling
shareholders are included. For purposes of the preceding parenthetical concerning apportionment, for any selling member which is a Holder of Registrable Securities and which is a partnership or corporation, the partners, retired partners and members
and retired or former members of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling Holder,” and
any pro-rata reduction with respect to such “selling Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “selling Holder,” as defined in
this sentence. 
  

 10 

	 Exhibit 4.4 
	 Execution Copy 

  

 2.8 Indemnification. In the event any Registrable Securities are included in a registration
under Sections 2.2, 2.3 or 2.4: 
  
 (a) By the Company.
To the extent permitted by law, the Company will indemnify and hold harmless each Holder, its partners, officers, directors, legal counsel, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such
Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act, other United
States federal or state law, or other comparable laws or regulations for registrations in a jurisdiction other than the United States, 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, including any preliminary prospectus or final
prospectus contained therein or any amendments or supplements thereto; 
  
 (ii) any omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or 
  
 (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any United States federal
or state securities law, any rule or regulation promulgated under the Securities Act, the Exchange Act, or any United States federal or state securities law in connection with the offering covered by such registration statement, or any other
comparable laws or regulations for registrations in a jurisdiction other than the United States; and 
  
 (iv) the Company will reimburse each such Holder, its partner, officer, director, legal counsel, underwriter or controlling person for any legal or other
expenses reasonably incurred by them, as such expenses are incurred, in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this
Section 2.8(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), nor shall the
Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly
for use in connection with such registration by such Holder, partner, officer, director, legal counsel, underwriter or controlling person of such Holder. 
  
 (b) By Selling Holders. To the extent permitted by law, each selling Holder will, severally but not jointly, indemnify and hold harmless the
Company, each of its directors, each of its officers who has signed the registration statement or comparable form for registrations in a jurisdiction other than the United States, each person, if any, who controls the Company within the meaning of
the Securities Act, any underwriter and any other Holder selling securities under such registration statement or comparable form for registrations in a jurisdiction other than the United States 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 
  

 11 

	 Exhibit 4.4 
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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, other United States federal or state law or comparable securities laws and regulations for a registration in a
jurisdiction other than the United States, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation
occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or
any such director, officer, controlling person, underwriter or other Holder, partner, officer, director or controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the indemnity agreement contained in this Section 2.8(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 in no event shall any indemnity under this Section 2.8(b) exceed the proceeds (net of underwriting discounts and commissions) received by such
Holder in the registered offering out of which the applicable Violation arises. 
  
 (c) Notice. Promptly after receipt by an indemnified party under this Section 2.8 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 2.8, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party
shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or
potential conflict of interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any
such action shall relieve such indemnifying party of liability to the indemnified party under this Section 2.8 to the extent the indemnifying party is prejudiced as a result thereof, but the omission to so deliver written notice to the indemnifying
party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.8. 
  
 (d) Contribution. If the indemnification provided in this Section 2.8 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any loss, liability, claim, damage, or expense to referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such
indemnified party as a result of such loss, liability, claim, damage, or expense 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 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. The relative fault of the indemnifying party and of the indemnified party shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the 

  

 12 

	 Exhibit 4.4 
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omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative
intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 
  
 (e) Conflict. Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with an underwritten public offering are in conflict with the foregoing provisions, the provisions in such underwriting agreement shall control. 
  
 (f) Survival; Consents to Judgments and Settlements. The obligations of the Company and Holders under this Section
2.8 shall survive the completion of any offering of Registrable Securities in a registration statement, regardless of the expiration of any statutes of limitation or extensions of such statutes. No indemnifying party, in the defense of any such
claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect to such claim or litigation. 
  
 2.9 Termination of the Company’s Obligations. The Company’s obligations under this Section 2 shall terminate upon the earlier to occur of (i) the third anniversary of the consummation of a Qualified
IPO; and (ii) as to any Holder, in the opinion of counsel to the Company mutually acceptable to the Company and such Holder, all such Registrable Securities proposed to be sold by such Holder may then be sold without registration in any ninety (90)
day period pursuant to Rule 144 promulgated under the Securities Act. 
  
 2.10 Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Section 2 may be assigned (but only with all related obligations), other than to a direct competitor of the
Company, as reasonably determined by the Company (and such direct competitor restriction shall not apply to any transfer by Google to any Affiliate or subsidiary of Google), by a Holder holding at least one hundred and sixty thousand (160,000)
shares of Registrable Securities (subject to appropriate adjustment for any recapitalization) (a “Major Investor”) (i) to one or more of its partners or employees, shareholders or members, (ii) to any wholly-owned subsidiary or parent of,
or to any corporation, person or entity that is, within the meaning of the Securities Act, controlling, controlled by or under common control with, any such Holder, or (iii) to a transferee or assignee of such securities who, after such assignment
or transfer, either (a) holds at least one hundred and sixty thousand (160,000) shares of Registrable Securities (subject to appropriate adjustment for any recapitalization) or (b) holds all of the Registrable Securities then held by the Holder
immediately prior to such sale, provided that upon such transfer to any transferee or assignee: (a) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee
and the securities with respect to which such registration rights are being assigned; (b) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, including without limitation the
provisions of Section 2.11 below; and (c) such assignment shall be effective only if, immediately following such transfer, the further disposition of such securities by the transferee or assignee is restricted under the Securities Act. For the
purposes of determining the number of shares of Registrable Securities held by a transferee or assignee pursuant to clause (iii) above, the holdings of transferees and assignees of a partnership or 

  

 13 

	 Exhibit 4.4 
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limited liability company who are employees, partners or retired partners, members or former members of such partnership (including spouses and ancestors,
lineal descendants and siblings of such employees, partners or spouses who acquire Registrable Securities by gift, will or intestate succession) shall be aggregated together and with the partnership or limited liability company; provided,
further that all assignees and transferees pursuant to clause (i) or (ii) who would not qualify individually for assignment of registration rights pursuant to clause (iii) shall have a single attorney-in-fact for the purpose of exercising any
rights, receiving notices or taking any action under this Section 2. 
  
 2.11 Market Stand-Off. Each Investor hereby agrees that, during the period of duration specified by the Company and an underwriter of Ordinary Shares or other securities of the Company, following the effective date of a registration
of the Company, it shall not, to the extent requested by the Company and such underwriter, directly or indirectly sell, offer to sell, contract to sell (including, without limitation, any short sale), grant any option to purchase or otherwise
transfer or dispose of (other than to donees who agree to be similarly bound) any securities of the Company held by it at any time during such period except Ordinary Shares or other securities included in such registration; provided,
however, that: 
  
 (a) such agreement shall be applicable
only to the first registration of the Company which covers Ordinary Shares (or other securities) to be sold on its behalf to the public in an underwritten offering; 
  
 (b) all officers and directors and greater than one percent (1%) shareholders of the Company and all other persons with
registration rights (whether or not pursuant to this Agreement) enter into similar agreements; and 
  
 (c) such market stand-off time period shall not exceed one hundred eighty (180) days. 
  
 In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the
Registrable Securities of each Investor (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. 
  

In the event that the Company or the underwriters, as the case may be, release(s) a certain number of Ordinary Shares (or other securities) that are
subject to any market stand-off provisions (the “Released Shares”) from such market stand-off provisions prior to the termination of the market stand-off time period of such market stand-off provisions, such Released Shares shall be
allocated among the Investors such that the number of shares held by each Investor that are released from the market stand-off shall be equal to such Investor’s Pro Rata Share of the Released Shares. For the purposes of this Section 2.11, each
Investor’s “Pro Rata Share” shall mean that number of Released Shares that equals the total number of Released Shares multiplied by the ratio of the number of shares of the Company held by such Investor bears to the total number of
shares of the Company then outstanding (assuming full conversion and exercise of all convertible securities then outstanding). 
  
 Notwithstanding the foregoing, the obligations described in this Section 2.11 shall not apply to a registration relating solely to employee benefit plans
on Form S-1 or Form S-8 or similar forms which may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction. 
  
  

 14 

	 Exhibit 4.4 
	 Execution Copy 

  

 2.12 Rule 144 Information Rights. With a view to making available to the Holders the benefits
of certain rules and regulations of the SEC which may at any time permit the sale of the Registrable Securities to the public without registration or pursuant to a registration on Form S-3 or Form F-3, after such time as a public market exists for
the Ordinary Shares, the Company agrees to: 
  
 (a) make and
keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times after ninety (90) days after the effective date of the first registration under the Securities Act filed by the Company
for an offering of its securities to the general public; 
  
 (b)
take such action, including the voluntary registration of its Ordinary Shares under Section 12 of the Exchange Act, as is necessary to enable the Holders to utilize Form S-3 or Form F-3, as applicable, for the sale of their Registrable Securities,
such action to be taken as soon as practicable after the end of the fiscal year in which the first registration statement filed by the Company for the offering of its securities to the general public is declared effective; 
  
 (c) file with the SEC in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and 
  
 (d) so long as a Holder owns any Registrable Securities, to furnish to such Holder forthwith upon request (i) a written statement by the Company as to
its compliance with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the Company’s initial public offering), the Securities Act and the Exchange Act (at any time after it has become subject
to such reporting requirements), or its qualification as a registrant whose securities may be resold pursuant to Form S-3 or Form F-3, as applicable (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of
the Company and such other reports and documents promptly after such reports or documents are filed with the SEC, and (iii) such other information as a Holder may reasonably request in availing itself of any rule or regulation of the SEC that
permits the selling of any such securities without registration or pursuant to Form S-3 or Form F-3, as applicable. 
  
 2.13 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written
consent of the Holders of at least two-thirds (2/3) of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company which would allow such holder or prospective holder
to: 
  
 (a) include such securities in any registration filed
under Section 2.2 hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of his/her/its securities will not reduce the number of
the Registrable Securities of the Holders which are includable; 
  

 15 

	 Exhibit 4.4 
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 (b) make a demand registration prior to the date which is one hundred eighty (180) days after the
effective date of the Company’s initial public offering of any of its securities; or 
  
 (c) cause the Company to include such securities in any registration filed under Section 2.3 or Section 2.4 on a basis more favorable to such holder or prospective holder than is provided to the Holders under Section
2.3 or Section 2.4. 
  
 SECTION 3. INFORMATION
RIGHTS AND BOARD REPRESENTATION. 
  
 3.1 Information
Rights. 
  
 (a) Information Rights. The Company
covenants and agrees that, commencing on the date of this Agreement, for so long as any Preferred Shares shall be outstanding, the Company shall deliver to each holder of Preferred Shares: 
  
 (i) audited annual consolidated financial statements, as soon as
practicable but in any event within ninety (90) days after the end of each fiscal year, prepared in accordance with the United States generally accepted accounting principles (“U.S. GAAP”) containing the income statement, cash flows
statement, balance sheet, statement of shareholders’ equity and schedule of the sources and applications of funds for such year; and 
  
 (ii) unaudited quarterly consolidated financial statements, as soon as practicable but in any event within forty-five (45) days of the end of each of the
first three quarters of each fiscal year, prepared in accordance with U.S. GAAP containing an unaudited profit or loss statement and income statement, schedule of the sources and application of funds for such quarter and an unaudited balance sheet.

  
 The rights set forth above in this Section 3.1(a) shall be
referred to collectively as the “Information Rights”. 
  
 (b) Intended Use by Google. In connection with the Information Rights under this Section 3.1(a), the Company may disclose to Google certain Confidential Information (as defined in the Mutual Non-Disclosure Agreement dated as of April
2, 2004 by and between the Company and Google Inc. (the “Mutual NDA”) with the exceptions set forth in Section 6 thereof). Google agrees that it shall protect such Confidential Information in accordance with the terms and conditions of the
Mutual NDA and shall not use such Confidential Information for any purpose other than directly in connection with Google’s investment in the Company. 
  
 (c) Termination of Rights. The Information Rights shall terminate upon the consummation of a Qualified IPO. 
  
 3.2 Board Representation. 
  
 The Board of Directors shall initially consist of five (5) persons. So long
as any Series A Shares are outstanding, holders of the outstanding Series A Shares, voting as a single class, shall be entitled to appoint two (2) directors to the Board. So long as 

  

 16 

	 Exhibit 4.4 
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any Series B Shares are outstanding, holders of the outstanding Series B Shares, voting as a single class, shall be entitled to appoint two (2) directors
(the “Series B Directors”) to the Board, provided that Draper Fisher Jurvetson ePlanet Ventures L.P. shall be given the right to appoint the Series B Directors so long as it holds a majority of the Series B Shares then outstanding.
The fifth director shall be Yanhong (Robin) Li, the Chief Executive Officer of the Company. Holders of the Series C Shares shall not have any right to nominate or appoint directors to the Board. 
  
 SECTION 4. RIGHT OF FIRST OFFER. 
  
 Subject to the terms and conditions specified in this Section 4, the Company
hereby grants to each Major Investor a right of first offer with respect to future sales by the Company of its equity securities or securities convertible into or exercisable for any class of the Company’s equity securities
(“Shares”). 
  
 Each time the Company proposes to offer
any Shares, the Company shall first make an offering of fifty percent (50%) of such Shares (the “First-Offer Shares”) to each Major Investor in accordance with the following provisions: 
  
 (a) The Company shall deliver a notice by certified mail
(“Notice”) to the Major Investors stating (i) its bona fide intention to offer such Shares, (ii) the number of such Shares to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such Shares. 
  
 (b) Within fifteen (15) calendar days after the date on which the Notice was
mailed, a Major Investor may elect to purchase or obtain, at the price and on the terms specified in the Notice, up to that portion of such First-Offer Shares which equals the proportion that the number of Ordinary Shares issued and held, or
issuable upon conversion of the Preferred Shares then held by such Major Investor bears to the total number of Ordinary Shares of the Company then outstanding (assuming full conversion of all convertible securities) (the “Pro Rata
Amount”). The Company shall promptly inform in writing each Major Investor who has elected to purchase its Pro Rata Amount (“Fully-Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten
(10)-day period commencing after the date of mailing of such information, each Fully-Exercising Investor shall have a right to obtain that portion of the First-Offer Shares (for which Major Investors were entitled to subscribe but which were not
already subscribed for by Major Investors) which is equal to the proportion that the number of Ordinary Shares issued and held, or issuable upon conversion of the Preferred Shares then held, by such Fully-Exercising Investor bears to the total
number of Ordinary Shares issued and held, or issuable upon conversion of the Preferred Shares then held, by all Fully-Exercising Investors who wish to purchase such unsubscribed First-Offer Shares. 
  
 (c) If all First-Offer Shares referred to in the Notice are not elected to
be purchased as provided in paragraph (b) above, the Company may, during the one hundred and twenty (120)-day period following the expiration of the period provided in paragraph (b) above, offer the remaining unsubscribed portion of the First-Offer
Shares together with the other fifty percent (50%) of the Shares (the “Remaining Shares”) to any person or persons at a price not less, and upon terms no more favorable to the offeree, than those specified in the Notice. If the Company
does not enter into an agreement for the sale of the Remaining Shares within such period, or if such agreement is not consummated within such one hundred 
  

 17 

	 Exhibit 4.4 
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and twenty (120)-day period, the right provided hereunder shall be deemed to be revived and such Remaining Shares shall not be offered to any third party
unless first reoffered to the Major Investors in accordance herewith. 
  
 (d) The right of first offer in this Section 4 shall not be applicable to (i) the issuance or sale of Shares (or options therefor) to officers, directors, employees, consultants or vendors for the primary purpose of soliciting or retaining
their employment or services, (ii) the issuance or sale of Shares in connection with the consummation of a Qualified IPO, (iii) the issuance or sale of the Shares pursuant to the conversion or exercise of convertible or exercisable securities, (iv)
the issuance or sale of the Shares in connection with a bona fide business acquisition by the Company, whether by merger, consolidation, sale of assets, sale or exchange of shares or otherwise, (v) a dividend or distribution of the Shares, or (vi)
the issuance or sale of the Shares that is not primarily for capital raising purposes, at any time in amounts approved by the Board of Directors (A) in connection with corporate partnerships, joint development agreements, distribution agreements;
(B) to customers or vendors of the Company; or (C) in connection with leases or bank debt financings. 
  
 (e) The right of first offer set forth in this Section 4 shall terminate upon the consummation of a Qualified IPO. 
  
 SECTION 5. TRANSFER OF SHARES 
  
 Except as set forth under Sections 5.3, 5.4, 5.5 and 5.6 hereof and the
provisions of Section 5.2(b) relating to receipt of the Transfer Notice (as defined below), the rights and obligations of the Investors as set forth in this Section 5 shall not apply to Google. 
  
 5.1 Transfer Restrictions. Any transfer of Shares by a Founder or any
transfer of Preferred Shares by an Investor, other than a transfer to a Permitted Transferee, shall be subject to the Right of First Refusal (as defined below), as set forth below in Section 5.2 hereof. 
  
 5.2 Right of First Refusal. 
  
 (a) In the event that a Founder, a Permitted Transferee or an Investor
(including Google) (the “Transferring Shareholder”) at any time prior to a Qualified IPO, proposes to sell, pledge or otherwise transfer any portion of the Shares owned by it in the Company (the “Subject Shares”) (except in the
event of a proposed transfer by a Founder to a Permitted Transferee, to which this Right of First Refusal does not pertain) or any interest therein to any person or entity for value, the Investors other than the Transferring Shareholder (excluding
Google) (the “Non-Transferring Investors”) and the Company shall have a right of first refusal (the “Right of First Refusal”) with respect to such Subject Shares as more fully described below in this Section 5.2. 
  
 (b) The Transferring Shareholder shall give a written notice (the
“Transfer Notice”) to the Non-Transferring Investors and Google at least thirty (30) days prior to the date of the proposed sale, describing fully the proposed transfer, including the number of the Subject Shares proposed to be
transferred, the proposed transfer price, and the name and address of the proposed transferee(s) (the “Proposed Transferee”). The Transfer Notice shall be signed by both the Transferring Shareholder and the Proposed Transferee and shall
constitute a binding commitment of both such parties for the transfer of such Subject Shares. 
  

 18 

	 Exhibit 4.4 
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 The Non-Transferring Investors shall have the right to purchase its Pro Rata Portion of the Subject Shares covered by
the Transfer Notice, on at least the same terms as the bona fide offer of the Proposed Transferee. The time period given to the Non-Transferring Investors to elect to purchase the Subject Shares shall not be more than ten (10) days. 
  
 (c) If not all such Subject Shares are elected to be purchased as provided
in paragraph (b) above, the Transferring Shareholder shall then offer the remaining unsubscribed portion of such Subject Shares to the Company, on at least the same terms as the bona fide offer of the Proposed Transferee. The time period given to
the Company to elect to purchase the remaining unsubscribed portion of Subject Shares shall not be more than ten (10) days. 
  
 (d) In the event that the Transfer Notice provides for consideration other than cash, in lieu of such consideration, the Company or the Non-Transferring
Investors, as the case may be, may make payment in cash in an amount equal to the fair market value of such non-cash consideration as determined by the Board of Directors in good faith. A Non-Transferring Investor may make payment by cash, check,
cancellation of indebtedness, or any combination of the foregoing at such Non-Transferring Investor’s sole option. 
  
 (e) In the event that the Company fails to exercise the Right of First Refusal within the period specified in paragraph (c) above, the Transferring
Shareholder shall have sixty (60) days following delivery of the Transfer Notice to the Company to sell or enter into an agreement (pursuant to which the sale of the Subject Shares covered thereby shall be closed, if at all, within thirty (30) days
after the date of said agreement) to sell the Subject Shares that have not been elected to be purchased at a price and upon terms no more favorable to the Proposed Transferee than specified in the Transfer Notice. In the event the Transferring
Shareholder has not sold the Subject Shares (or entered into an agreement to sell the Subject Shares in accordance with the foregoing within thirty (30) days from the date of said agreement), the Transferring Shareholder shall not thereafter sell
any of its Shares, without first offering such Shares to the Company and the Non-Transferring Investors in the manner provided above in this Section 5.2. 
  
 (f) Unless terminated earlier as otherwise provided in this Agreement, the Right of First Refusal under this Section 5.2 shall terminate upon the
consummation of a Qualified IPO. 
  
 5.3 Right of Co-Sale.

  
 (a) Right to Participate. In the event and to me
extent that in a proposed sale by a Transferring Shareholder, the Right of First Refusal described in Section 5.2 above is not exercised in its entirety by the Non-Transferring Investors and the Company, the Non-Transferring Investors shall have the
right to participate, to the extent of their respective Pro Rata Portion, in the sale to the Proposed Transferee (“Right of Co-Sale”), subject to the terms and conditions set forth in this Section 5.3. 
  
 (b) Google’s Right of Co-Sale. In the event that a Founder or a
Permitted Transferee of a Founder (but not an Investor), at any time prior to a Qualified IPO, proposes to sell, pledge or otherwise transfer any Subject Shares, and to the extent that the Right of First Refusal as described in Section 5.2 is not
exercised in its entirety by the 

  

 19 

	 Exhibit 4.4 
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Non-Transferring Investors and the Company, Google shall have a right, together with the other Non-Transferring Investors, to participate in the sale by such
Founder or such Permitted Transferee of a Founder to the Proposed Transferee to the extent of Google’s Pro Rata Portion, subject to the terms and conditions set forth in this Section 5.3. 
  
 (c) Delivery of Notice and Certificates. Each Non-Transferring
Investor (and Google, as applicable) shall exercise its Right of Co-Sale by delivering to the Company and the Transferring Shareholder, prior to the expiration of the thirty (30)-day period set forth in Section 5.2(b), (i) a written notice of its
intention to participate in such co-sale, specifying the maximum number of Shares such Non-Transferring Investor (or Google, as applicable) desires to sell to the Proposed Transferee, and (ii) one or more certificates representing the Shares
(identical or senior in class to the Subject Shares) which such Non-Transferring Investor (or Google, as applicable) elects to sell hereunder, duly endorsed for transfer to the Proposed Transferee. 
  
 (d) Qualified Participation. If the Proposed Transferee desires to
purchase a number of Shares other than such number of Subject Shares as originally offered by the Transferring Shareholder, then the number of Shares that the Proposed Transferee desires to purchase shall be substituted for the number of Subject
Shares for purposes of determining the Pro Rata Portion of each of the Non-Transferring Investors (and Google, as applicable) in connection with the Right of Co-Sale. In the event of the Non-Transferring Investors’ (and Google’s, as
applicable) participation in the co-sale as described in this Section 5.3, the number of Subject Shares which the Transferring Shareholder is entitled to sell on his/her/its own behalf pursuant to Section 5.2 hereof shall be reduced accordingly, and
the Transferring Shareholder shall include such Non-Transferring Investors’ (and Google’s, as applicable) Shares in the sale at the closing thereof. 
  

(e) Termination. Unless terminated earlier as otherwise provided in this Agreement, the Right of Co-Sale in this Section 5.3 shall terminate on
the earlier of (i) the consummation of a Qualified IPO by the Company or (ii) fifteen (15) years from the closing of the sale and purchase of the Series C Shares pursuant to the Purchase Agreement. 
  
 5.4 Prohibited Transfers. Any attempt by a Founder to transfer any
Shares in violation of this Section 5 shall be void, and the Company agrees it will not effect such a transfer nor will it treat any alleged transferee(s) as the holder of such shares without the written consent of at least two-thirds (2/3) of the
Registrable Securities then outstanding. The Company may issue to the transfer agent stop transfer instructions if, in the Company’s reasonable judgment, the Founder attempts to transfer Shares in violation of this Agreement. 
  
 5.5 Termination. The provisions under this Section 5 shall terminate
upon the first to occur of the following events, unless terminated earlier as otherwise provided in this Agreement: 
  
 (a) The closing of a Qualified IPO; or 
  
 (b) Immediately prior to the closing of a sale of all or substantially all of the assets of the Company, or a consolidation or merger of the Company with
another entity, or another transaction or a series of related transactions, in which at least fifty percent (50%) of the voting shares of the Company are transferred. 
  

 20 

	 Exhibit 4.4 
	 Execution Copy 

  

 5.6 LEGEND REQUIREMENT. 
  
 All certificates evidencing Founders’ Shares subject to this Section 5 shall, during the term of this Agreement, bear
such restrictive legends as the Company and the Company’s counsel deem necessary or advisable under applicable laws or pursuant to this Agreement, including, without limitation, the following: 
  
 THE SHARES REPRESENTED BY THIS CERTIFICATE: (1) HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED; (2) HAVE BEEN ISSUED UNDER THE LIMITED OFFERING EXEMPTION PROVIDED BY SECTION 25102(f) OF THE CALIFORNIA CORPORATIONS CODE; AND (3) MAY BE TRANSFERRED
ONLY IN ACCORDANCE WITH THE TERMS OF AGREEMENTS BETWEEN THE COMPANY AND THE HOLDER OF THE SHARES, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY. 
  

SECTION 6. CONFIDENTIALITY AND NON-DISCLOSURE. 
  
 6.1 Disclosure of Terms. The Company and Google acknowledge that Google’s purchase of the Series C Shares, the
number of Series C Shares purchased by Google, the aggregate purchase price for such Series C Shares and the terms and obligations of the purchase by Google, including, but not limited to, the terms and conditions of this Agreement and the Purchase
Agreement, and all exhibits and schedules attached to such agreements, including their existence (collectively, the “Financing Terms”), shall be considered confidential information and shall not be disclosed by either party to any third
party without the prior written consent of the other party, which consent shall not be unreasonably withheld, or by any other party hereto to any third party without the prior written consent of both the Company and Google; provided that the
Company shall be able to disclose Google’s name along with the names of other Series C Investors in its press release in respect of the sale and purchase of the Series C Shares, which press release shall be reviewed and approved by Google in
writing prior to its release. Any public statement by the Company or Google, whether written or oral, regarding the purchase of the Series C Shares by Google must be approved in advance by both Google and the Company in writing. 
  
 6.2 Permitted Disclosures. Notwithstanding the foregoing, either the
Company or Google may disclose any of the Financing Terms if: 
  
 (a) it is required to do so by law, including without limitation U.S. securities laws, PRC and Cayman Islands laws; 
  
 (b) it is required to do so by the rules of any securities exchange or regulatory or governmental body to which it is or may become subject; 

 

 21 

	 Exhibit 4.4 
	 Execution Copy 

  

 (c) it engages in financing activities and is required to disclose the Financing Terms to potential
investors and/or creditors, provided that such potential investors and creditors agree to keep such information confidential and enter into an appropriate non-disclosure agreement in respect of the Financing Terms; or 
  
 (d) it considers it necessary to disclose the Financing Terms to its
professional advisers or auditors, provided that such professional advisers or auditors agree to keep such information confidential and enter into an appropriate non-disclosure agreement in respect of the Financing Terms. 
  
 SECTION 7. NOTICE OF ACQUISITION TRANSACTION.

  
 7.1 Prior to the consummation of a Qualified IPO, the Company
shall promptly, and in any event within five (5) Business Days, notify Google of any inquiries, discussions or written proposals that are reasonably likely to lead to an Acquisition Transaction. 
  
 7.2 The Company shall not, without providing Google with prior written notice
at least five (5) Business Days in advance, (i) approve any Acquisition Transaction or enter into any letter of intent, indication of interest, term sheet, exclusivity agreement, contract or commitment contemplating or otherwise relating to any
Acquisition Transaction or (ii) authorize any person to take any such action. 
  
 7.3 Any notice provided under this Section 7 shall include the identities of the parties involved in such inquiry, discussion, proposal, contract or commitment and the material terms thereof (and amendments thereto),
including any additional necessary and relevant information reasonably requested by Google; provided that the Company may withhold the identities of the parties and other material terms if disclosure of such information is subject to confidentiality
obligations of the Company, under which circumstances the Company shall only notify Google that an inquiry, discussion, proposal, contract or commitment has been submitted to the Company which is reasonably likely to lead to an Acquisition
Transaction. 
  
 7.4 For avoidance of any doubt, the provisions
set forth above in this Section 7 shall constitute all of the Company’s obligations to Google and all of Google’s rights with regard to notice of an Acquisition Transaction. 
  

 22 

	 Exhibit 4.4 
	 Execution Copy 

  

 SECTION 8. MISCELLANEOUS. 
  
 8.1 Notices. Except as may be otherwise provided herein, all notices,
requests, waivers and other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party, upon delivery; (b) when sent by facsimile at the
number set forth in Exhibit C hereto, upon receipt of confirmation of error-free transmission and follow-up confirmation by telephone of receipt of such facsimile; or (c) three (3) Business Days after deposit with an express delivery service
provided by an internationally recognized courier, postage prepaid, addressed to the parties as set forth in Exhibit C 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 8.1 by giving the other party written notice of the new address in the manner set forth above. 
  
 8.2 Governing Law. This Agreement shall be governed by and construed
under the internal laws of the State of California as permitted by Section 1646.5 of the California Civil Code (or any similar successor provision) without giving effect to any choice of law rule that would cause the application of the laws of any
jurisdiction other than the internal laws of the State of California to the rights and duties of the parties. The Company shall maintain the effectiveness of the Consent to Service of Process with the Commissioner of Corporations of the State of
California dated September 13, 2001. 
  
 8.3 Severability.
If any provision of this Agreement is found to be invalid or unenforceable, then such provision shall be construed, to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the transactions
contemplated hereby on substantially the same terms as originally set forth herein, and if no feasible interpretation would save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force and effect
unless the severed provision is essential to the rights or benefits intended by the parties. In such event, the parties shall use best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which most nearly
effects the parties’ intent in entering into this Agreement. 
  
 8.4 Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this
Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly
provided in this Agreement. 
  
 8.5 Interpretation;
Captions. This Agreement shall be construed according to its fair language. The rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be employed in interpreting this Agreement. The captions
to sections of this Agreement have been inserted for identification and reference purposes only and shall not be used to construe or interpret this Agreement. Unless otherwise expressly provided herein, all references to Sections and Exhibits herein
are to Sections and Exhibits of this Agreement. 
  

 23 

	 Exhibit 4.4 
	 Execution Copy 

  

 8.6 Counterparts. This Agreement may be executed in counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. 
  
 8.7 Adjustments for Share Splits, Etc. Wherever in this Agreement there is a reference to a specific number of shares of Preferred Shares or Ordinary Shares of the Company, then, upon the occurrence of any
subdivision, combination or share dividend of the Preferred Shares or Ordinary Shares, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of
such class or series of shares by such subdivision, combination or share dividend. 
  
 8.8 Aggregation of Shares. All Preferred Shares or Ordinary Shares held or acquired by Affiliated entities or persons (as defined in Rule 144 under the Securities Act) shall be aggregated together for the
purpose of determining the availability of any rights under this Agreement. 
  
 8.9 Amendments and Waivers. Unless otherwise provided by this Section 8.9, any provision of this Agreement may be amended and the observance of any provision of this Agreement may be waived (either generally or
in a particular instance and either retroactively or prospectively), only with the written consent of the Company, the Founders and the holders of at least two-thirds (2/3) of the Registrable Securities then outstanding; provided,
however, that if an amendment or waiver affects a Holder in a manner that is different from the effect on all other Holders, or imposes any material obligation or liability on a Holder beyond that already imposed on such Holder hereunder
prior to such amendment or waiver, then the written consent of such Holder shall be required; provided, further, that the provisions set forth in Sections 3.1(b), 6 and 7 may not be amended or waived without the prior written consent
of Google. In addition, Section 5.3(b) may not be amended or waived without the prior written consent of Google, unless the right of co-sale of all of the Investors under Section 5.3 has been amended or waived in accordance with relevant provisions
in this Agreement. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any Registrable Securities then outstanding, each future holder of all such Registrable Securities, each Permitted Transferee
and the Company. 
  
 8.10 Shareholders Agreement to
Control. If and to the extent that there are inconsistencies between the provisions of this Agreement and those of the Memorandum and Articles of Association the Company (the “Memorandum and Articles”), the terms of this Agreement
shall control. The parties agree to take all actions necessary or advisable, as promptly as practicable after the discovery of such inconsistency, to amend the Memorandum and Articles so as to eliminate such inconsistency. 
  
 8.11 Dispute Resolution. 
  
 (a) Negotiation Between Parties; Mediations. The parties hereto
agree to negotiate in good faith to resolve all disputes arising out of or in connection with this Agreement. If the negotiations do not resolve the dispute to the reasonable satisfaction of all parties involved within thirty (30) days, Section
8.1l(b) shall apply. 
  

 24 

	 Exhibit 4.4 
	 Execution Copy 

  

 (b) Arbitration. In the event the parties are unable to settle a dispute between them
regarding this Agreement in accordance with Section 8.11(a) above, such dispute shall be referred to and finally settled by arbitration in Singapore in accordance with the Arbitration Rules of the Singapore International Arbitration Centre (the
“SIAC Rules”) from time to time in force, which rules are deemed to be incorporated by reference into this Section 8.11(b). The law of the arbitration shall be the International Arbitration Act of Singapore (CAP 143A). The arbitration
tribunal shall consist of three (3) arbitrators to be appointed in accordance with the SIAC Rules. The language of the arbitration shall be English. 
  
 (c) Injunctive Relief. Notwithstanding the foregoing, the parties hereto may apply to any court of competent jurisdiction for injunctive relief
without breach of this arbitration provision. 
  
 8.12 Entire
Agreement. This Agreement, the Purchase Agreement and any ancillary agreements, together with all the exhibits hereto and thereto, constitute and contain the entire agreement and understanding of the parties with respect to the subject matter
hereof and supersedes any and all prior negotiations, correspondence, agreements, understandings, duties or obligations between the parties respecting the subject matter hereof. 
  
 8.13 Amendment of Prior Shareholders’ Agreement. The Company, the Founders and certain Prior Investors agree
that the Prior Shareholders’ Agreement is hereby amended and restated in its entirety to read as set forth herein. 
  
 8.14 Termination of Prior Investors’ Rights Agreement. The Company and certain Prior Investors agree that the Prior Investors’ Rights
Agreement is terminated and of no force and effect as of the date hereof. 
  
 – REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK – 
  

 25 

	 Exhibit 4.4 
	 Execution Copy 

  

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

			
	BAIDU.COM, INC.
		
	By:	 	 /s/

	Name:	 	Yanhong (Robin) Li
	Title:	 	Chief Executive Officer
	
	DRAPER FISHER JURVETSON ePLANET VENTURES L.P.
		
	By:	 	 /s/

	Name:	 	John Fisher
	Title:	 	Managing Director
	
	GOOGLE INTERNATIONAL LLC
		
	By:	 	 /s/

	Name:	 	DAVID C. DRUMMOND
	Title:	 	MANAGER
	
	INTEGRITY PARTNERS V, LLC
		
	By:	 	 /s/

	Name:	 	Scott Walchek
	Title:	 	General Partner, Integrity Partners
	
	PENINSULA CAPITAL FUND I, LLC
		
	By:	 	 /s/

	Name:	 	Gregory B. Penner
	Title:	 	Managing Member

	 Exhibit 4.4 
	 Execution Copy 

  

			
	IDG TECHNOLOGY VENTURE INVESTMENTS, LP
		
	By:	 	 IDG TECHNOLOGY VENTURE
 INVESTMENTS, LLC, General
Partner

		
	By:	 	 /s/

	Name:	 	Young Guo
	Title:	 	 
	
	YANHONG (ROBIN) LI
	
	 /s/

	
	YONG (ERIC) XU
	
	 /s/

	
	VENTURE TDF TECHNOLOGY FUND III LP
		
	By:	 	 /s/

	Name:	 	David Su
	Title:	 	Managing Director
	
	CHINAEQUITY INTERNATIONAL HOLDING COMPANY LIMITED (BVI)
		
	By:	 	 /s/

	Name:	 	Chaoyong Wang
	Title:	 	Chairman and Chief Executive Officer

	 Exhibit 4.4 
	 Execution Copy 

  

			
	SWIFTCURRENT OFFSHORE, LTD.
		
	By:	 	Bridger Management, LLC
its Investment Advisor
		
	By:	 	 /s/

	Name:	 	Roberto Mignone
	Title:	 	President
	
	CMT CV-BD LIMITED
		
	By:	 	 /s/

	Name:	 	Michael K. Shen
	Title:	 	Director

	 Exhibit 4.4 
	 Execution Copy 

  

			
	DRAPER FISHER JURVETSON ePLANET PARTNERS FUND, LLC
		
	By:	 	 /s/

	Name:	 	John Fisher
	Title:	 	Managing Member
	
	DRAPER FISHER JURVETSON ePLANET VENTURES GMBH & CO. KG
		
	By:	 	 /s/

	Name:	 	John Fisher
	Title:	 	Managing Director

	 Exhibit 4.4 
	 Execution Copy 

  

 Exhibit A 
  
 Investors in the Series A Shares and the Series B Shares 
  
 Series A Shares: 
  
 Integrity Partners III, LLC 
 Peninsula Capital Fund I, LLC 
  
 Series B Shares: 
  
 Peninsula Capital Fund I, LLC 
 Draper Fisher
Jurvetson ePlanet Ventures, L.P. 
 Integrity Partners IV, LLC 
 Draper Fisher Jurvetson ePlanet Partners Fund, LLC 
 Draper Fisher Jurvetson ePlanet Ventures GmbH & Co. KG 
 IDG Technology Venture Investments L.P. 

	 Exhibit 4.4 
	 Execution Copy 

  

 Exhibit B 
  
 Investors in the Series C Shares 
  

					
	 Name

	  	No. of Shares

	  	 Investment Amount
 (US$)

	 Google International LLC
	  	749,625	  	4,999,998.75
	 Draper Fisher Jurvetson ePlanet Ventures L.P.
	  	721,888	  	4,814,992.96
	 Draper Fisher Jurvetson ePlanet Partners Fund, LLC
	  	14,993	  	100,003.31
	 Draper Fisher Jurvetson ePlanet Ventures GmbH & Co., KG
	  	12,744	  	85,002.48
	 Integrity Partners V, LLC
	  	202,399	  	1,350,001.33
	 Swiftcurrent Offshore, Ltd.
	  	14,993	  	100,003.31
	 Peninsula Capital Fund I, LLC
	  	193,403	  	1,289,998.01
	 Venture TDF Technology Fund III LP
	  	149,926	  	1,000,006.42
	 CMT CV-BD Limited
	  	164,918	  	1,100,003.06
	 China Equity International Holding
Company Limited (BVI)
	  	23,988	  	159,999.96

	 Exhibit 4.4 
	 Execution Copy 

  

 Exhibit C 
  
 Notices 
  
 BAIDU.COM, INC. 
  
 Lixiang International Building, 12th Floor 
 Zhong Guan Cun Plaza 
 Beijing, 100086, PRC 
 Attn: Yanhong (Robin) Li 
 Fax: (8610) 8260-7007 
  
 DRAPER FISHER JURVETSON ePLANET VENTURES L.P. 
  
 c/o Draper Fisher Jurvetson ePlanet International
(Singapore) 
 Advisors Pte Ltd. 
 30 Cecil Street 
 #18-08 Prudential Tower 
 Singapore 049712 
 Attn: Jixun Foo 
 Fax: (65) 6538-5755 
  
 DRAPER FISHER JURVETSON ePLANET PARTNERS FUND, LLC 
  
 c/o Draper Fisher Jurvetson ePlanet International
(Singapore) 
 Advisors Pte Ltd. 
 30 Cecil Street 
 #18-08 Prudential Tower 
 Singapore 049712 
 Attn: Jixun Foo 
 Fax: (65) 6538-5755 
  
 DRAPER FISHER JURVETSON ePLANET VENTURES GMBH & CO. KG 
  
 c/o Draper Fisher Jurvetson ePlanet International
(Singapore) 
 Advisors Pte Ltd. 
 30 Cecil Street 
 #18-08 Prudential Tower 
 Singapore 049712 
 Attn: Jixun Foo 
 Fax: (65) 6538-5755 

	 Exhibit 4.4 
	 Execution Copy 

  

 GOOGLE INTERNATIONAL LLC 
  
 1600 Amphitheatre Parkway 
 Mountain View, CA 94043, U.S.A. 
 Attn: David C. Drummond, Esq. 
 Fax: (650) 618-1499 
  
 INTEGRITY PARTNERS V, LLC 
  
 3201 Danville Boulevard 
 Suite 255 
 Alamo, CA 94507, U.S.A. 
 Attn: Scott Walchek 
 Fax: 1-925-279-1226 
  
 PENINSULA CAPITAL FUND I, LLC 
  
 c/o The Seiyu Ltd. 
 2-1-1 Akabane, Kita-ku 
 Tokyo 115-0045, Japan 
 Attn: Gregory B. Penner 
 Fax: (81) 3-3403-2616 
  
 VENTURE TDF TECHNOLOGY FUND III LP 
  
 Unit 2102-2103, China Merchants Tower 
 161 Lujiazui East Road, Pudong 
 Shanghai 200120, PRC 
 Attn: Tina Ju 
 Fax: (8621) 5840-0078 
  
 CHINA EQUITY INTERNATIONAL HOLDING COMPANY LIMITED (BVI) 
  
 Suite 516, West Tower, China World Trade Centre 

No. 1, Jianguomenwai Avenue 
 Beijing, 100004, PRC 
 Attn: Chaoyong Wang 
 Fax: (8610) 6505-6110 

	 Exhibit 4.4 
	 Execution Copy 

  

 SWIFTCURRENT OFFSHORE, LTD. 
  
 c/o Bridger Management, LLC 
 101 Park Avenue, 48th Floor 
 New York, NY 10178, U.S.A. 
 Attn: Michael Tierney 
 Fax: 1-212-984-2131 
  
 CMT CV-BD
LIMITED 
  
 c/o CMT ChinaValue Capital
Advisors Limited 
 11/F, Ming An Plaza 
 8 Sunning Road, Causeway Bay, Hong Kong 
 Attn: Charlie Y. Shi/Michael Shen 
 Fax: (852) 2890-8993 
  
 IDG TECHNOLOGY VENTURE INVESTMENTS, LP 
  
 Room 616, Tower A, COFCO Plaza 
 8 Jianguomennei Avenue 
 Beijing, 100005, PRC 
 Attn: Yihong Guo 
 Fax: (8610) 6526-0700 
  
 YANHONG (ROBIN) LI 
  
 Lixiang International Building, 12th Floor 
 Zhong Guan Cun Plaza 
 Beijing, 100086, PRC 
 Fax: (8610) 8260-7007 
  
 YONG (ERIC)
XU 
  
 Lixiang International Building,
12th Floor 
 Zhong Guan Cun Plaza 
 Beijing, 100086, PRC 
 Fax: (8610) 8260-7007

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