Document:

EX-10.1

 Execution 

Exhibit 10.1 
 SERIES E
SHARE SUBSCRIPTION AGREEMENT 
 OPTIMIX MEDIA ASIA LIMITED 

 TABLE OF CONTENTS 

 

									
	 1.
	  	Definitions	  	 	1	 
			
	 2.
	  	Subscription and Issuance of Purchased Shares	  	 	9	 
				
		  	2.1.	  	Subscription and Issuance of the Purchased Shares	  	 	9	 
		  	2.2.	  	Closing	  	 	10	 
			
	 3.
	  	Representations and Warranties of the Warrantors	  	 	10	 
				
		  	3.1.	  	Organization, Good Standing and Qualification	  	 	10	 
		  	3.2.	  	Capitalization and Voting Rights	  	 	11	 
		  	3.3.	  	Corporate Structure; Subsidiaries	  	 	12	 
		  	3.4.	  	Authorization	  	 	12	 
		  	3.5.	  	Valid Issuance of Purchased Shares	  	 	13	 
		  	3.6.	  	Governmental Consents	  	 	13	 
		  	3.7.	  	Offering	  	 	13	 
		  	3.8.	  	Certain Regulatory Matters	  	 	13	 
		  	3.9.	  	Tax Matters	  	 	14	 
		  	3.10.	  	Charter Documents; Books and Records	  	 	15	 
		  	3.11.	  	Financial Statements	  	 	15	 
		  	3.12.	  	Changes	  	 	15	 
		  	3.13.	  	Actions and Governmental Orders	  	 	16	 
		  	3.14.	  	Liabilities	  	 	17	 
		  	3.15.	  	Commitments	  	 	17	 
		  	3.16.	  	Compliance with Laws and Governmental Orders	  	 	17	 
		  	3.17.	  	Title; Properties; Permits	  	 	19	 
		  	3.18.	  	Compliance with Other Instruments	  	 	20	 
		  	3.19.	  	Related Party Transactions	  	 	20	 
		  	3.20.	  	Intellectual Property Rights	  	 	20	 
		  	3.21.	  	Labor and Employment Matters	  	 	22	 
		  	3.22.	  	Employee Benefits	  	 	22	 
		  	3.23.	  	Suppliers	  	 	23	 
		  	3.24.	  	No Brokers	  	 	23	 
		  	3.25.	  	Disclosure	  	 	23	 
			
	 4.
	  	Representations and Warranties of the Investor	  	 	23	 
				
		  	4.1.	  	Authorization	  	 	24	 
		  	4.2.	  	Purchase for Own Account	  	 	24	 
		  	4.3.	  	Status of Investor	  	 	24	 
		  	4.4.	  	Restricted Securities	  	 	24	 
		  	4.5.	  	No Conflicts; Consents	  	 	24	 
		  	4.6.	  	Actions and Government Orders	  	 	24	 
			
	 5.
	  	Conditions of the Investor’s Obligations at the Closing	  	 	25	 
				
		  	5.1.	  	Representations and Warranties	  	 	25	 
		  	5.2.	  	Performance	  	 	25	 
		  	5.3.	  	Authorizations	  	 	25	 
		  	5.4.	  	Proceedings and Documents	  	 	25	 
		  	5.5.	  	Execution of the other Transaction Documents	  	 	26	 
		  	5.6.	  	Closing Certificate	  	 	26	 
		  	5.7.	  	Business Conditions	  	 	26	 
	 	  	5.8.	  	Non-Compete Agreement	  	26	 
	 	  	5.9.	  	Due Diligence	  	26	 
	 	  	5.10.	  	Legal Opinion	  	26	 
	 	  	5.11.	  	Waiver Letter	  	27	 

  
 i 

									
	6.	  	Conditions of the Company’s Obligations at the Closing	  	 	27	 
				
	 	  	6.1.	  	Representations and Warranties	  	27	 
	 	  	6.2.	  	Performance	  	27	 
	 	  	6.3.	  	Execution of the other Transaction Documents	  	27	 
			
	7.	  	Covenants and Other Agreements	  	 	27	 
				
	 	  	7.1.	  	Use of proceeds	  	27	 
	 	  	7.2.	  	Notice of Certain Events	  	28	 
	 	  	7.3.	  	Reservation of Ordinary Shares	  	28	 
	 	  	7.4.	  	Preservation of Redemption Right	  	28	 
	 	  	7.5.	  	Compliance with Applicable Laws	  	28	 
	 	  	7.6.	  	Efforts to Consummate	  	29	 
	 	  	7.7.	  	Other PRC related covenants	  	29	 
	 	  	7.8.	  	IP Covenant	  	30	 
	 	  	7.9.	  	Other HK related covenants	  	30	 
			
	8.	  	Termination	  	 	30	 
				
	 	  	8.1.	  	Effective Date; Termination	  	30	 
	 	  	8.2.	  	Events of Termination	  	30	 
	 	  	8.3.	  	Effect of Termination	  	31	 
			
	9.	  	Miscellaneous.	  	 	31	 
				
	 	  	9.1.	  	Further Assurances	  	31	 
	 	  	9.2.	  	Successors and Assigns	  	31	 
	 	  	9.3.	  	Governing Law	  	31	 
	 	  	9.4.	  	Dispute Resolution	  	31	 
	 	  	9.5.	  	Notices	  	32	 
	 	  	9.6.	  	Indemnity	  	33	 
	 	  	9.7.	  	Limitations and Other Matters Relating to Indemnification	  	34	 
	 	  	9.8.	  	Confidentiality	  	34	 
	 	  	9.9.	  	Publicity	  	34	 
	 	  	9.10.	  	Rights Cumulative	  	35	 
	 	  	9.11.	  	Fees and Expenses	  	35	 
	 	  	9.12.	  	Severability	  	35	 
	 	  	9.13.	  	Amendments and Waivers	  	35	 
	 	  	9.14.	  	No Waiver	  	35	 
	 	  	9.15.	  	Delays or Omissions	  	35	 
	 	  	9.16.	  	No Presumption	  	36	 
	 	  	9.17.	  	Headings and Subtitles; Interpretation	  	36	 
	 	  	9.18.	  	Counterparts	  	36	 
	 	  	9.19.	  	Entire Agreement	  	36	 

 Schedule A [RESERVED] 
 Schedule B
-1 PARTICULARS OF GROUP COMPANIES 
 Schedule B -2 SENIOR MANAGEMENT TEAM

 Schedule C DISCLOSURE SCHEDULE 
 Schedule D FORM OF AMENDED
AND RESTATED MEMORANDUM AND ARTICLES 
 Schedule E FORM OF AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AGREEMENT 

Schedule F FORM OF AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

Schedule G FORM OF DEEDS OF GUARANTEE 
 Schedule H FORM OF
non-compete agreement 

  
 ii 

 SERIES E SHARE SUBSCRIPTION AGREEMENT 

THIS SERIES E SHARE SUBSCRIPTION AGREEMENT (this “Agreement”) is entered into as of December 19, 2016, by and among Optimix
Media Asia Limited, a company duly incorporated and existing under the Laws of the Cayman Islands (the “Company”), Mr. Hsieh, Wing Hong Sammy, a Hong Kong S.A.R. citizen whose ID No. is K096776(9) (“Founder
1”), Mr. Ng, Yau Ping, a Hong Kong S.A.R. citizen whose ID No. is V029871(9) (“Founder 2” and, together with Founder 1, the “Founders”, and each, a “Founder”), and Shenwan Hongyuan
Goldspring Fund I, (the “Investor”, together with the Company and the Founders, the “Parties”, and each, a “Party”). 

RECITALS 
 A. Conditioned upon the
satisfaction of all applicable conditions set forth herein, the Investor wishes to subscribe for certain number of Series E Preference Shares (as defined below) of the Company, and the Company wishes to issue such number of Series E Preference
Shares to the Investor upon payment of the Subscription Price (as defined below) at the Closing, on the terms and conditions set forth in this Agreement. 

B. The Parties desire to enter into this Agreement and make the respective representations, warranties, covenants and agreements set forth herein on the terms
and conditions set forth herein. 
 WITNESSETH 

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 intending to be legally bound hereto hereby agree as follows: 
  

	1.	Definitions 

 The following terms shall have the meanings ascribed to them below: 

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

“Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, Controls, is Controlled by or is
under common Control with such Person. 
 “Agreement” has the meaning set forth in the preamble hereof. 

“Amended and Restated Memorandum and Articles” means the seventh amended and restated memorandum and articles of association
of the Company to be adopted pursuant to the terms of this Agreement, the agreed form of which is attached hereto in Schedule D. 

“Amended and Restated Right of First Refusal Agreement” means the third amended and restated right of first refusal agreement
to be entered into pursuant to the terms of this Agreement, the agreed form of which is attached hereto in Schedule E. 

“Amended and Restated Shareholders Agreement” means the fourth amended and restated shareholders agreement to be entered into
pursuant to the terms of this Agreement, the agreed form of which is attached hereto in Schedule F. 

 “Announcement 7” means the “Notice Regarding Certain Corporate Income Tax
Matters on Indirect Transfer of Properties by Non-Tax Resident Enterprises (Public Notice [2015] No.7)” issued by the State Administration of Taxation of the People’s Republic of China

, effective as of February 3, 2015 (including subsequent amending provisions, if any). 

“Approval” means any approval, authorization, release, order, or consent required to be obtained from, or any registration,
qualification, designation, declaration, filing, notice, statement or other communication required to be filed with or delivered to, any Governmental Authority or any other Person, or any waiver of any of the foregoing. 

“Arbitration Notice” has the meaning set forth in Section 9.4(ii) hereof. 

“Audited Financial Statements” has the meaning set forth in Section 3.11 hereof. 

“Beijing OptAim” means Beijing Zhiyunzhong Internet Technology Limited

, a company incorporated and existing under the Laws of the PRC. 
 “Benefit Plan” means any
employment contract, deferred compensation agreement, bonus plan, incentive plan, profit sharing plan, retirement agreement or other employment compensation agreement or any other plan established or maintained by any Group Company (or any
predecessor or Affiliate of a Group Company) which provides or provided benefits for any employee of any Group Company or with respect to which contributions are or have been made by any Group Company on account of an employee of any Group Company.

 “Bridge Loan” means the loan provided by Harmony Way International Limited to the Company, with a principal amount of
US$10,000,000 pursuant to a loan agreement by and between Harmony Way International Limited and the Company dated November 4, 2016. 

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

“Business Day” means a day (excluding Saturday, Sunday or public holiday) on which commercial banks in the British Virgin
Islands, Cayman Islands, Hong Kong S.A.R. and PRC are open for business to the general public. 
 “Buzzinate” means
Buzzinate Company Limited, a company incorporated in Hong Kong with registered number 1323609, whose registered office is at Room 1501, 15/F, SPA Centre, 53-55 Lockhart Road, Wanchai, Hong Kong. 

“Buzzinate Shanghai” means

, a wholly foreign owned enterprise with limited liability incorporated in the PRC with company number 69157656-9, whose legal address is Room 103/105, Block 1, No. 498, Guo Shou Jing Rd, Pudong, Shanghai, P.R.C.

 “Buzzinate TW” means

, a wholly foreign owned enterprise with limited liability incorporated in Taiwan with company number 25103545, whose legal address is 8F, No. 37, Section 4, Muzha Rd, 116, Taipei City, Taiwan. 

“BVI Companies” means Diablo Holdings Corporation and Harmattan Capital Holdings Corporation. 

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

  
 2 

 “Charter Documents” means, as to a Person, such Person’s certificate of
incorporation, formation or registration (including, if relevant, certificates of change of name), memorandum of association, articles of association or incorporation, charter, by-laws, trust deed, trust instrument, partnership, operating agreement,
limited liability company, joint venture or shareholders agreement or equivalent documents, and business license, in each case as amended. 

“China Search (HK)” means China Search (Asia) Limited, a corporation incorporated and existing under the Laws of Hong Kong.

 “Circular 698” means the “Notice on Strengthening the Management of Enterprise Income Tax Collection of Proceeds
from Equity Transfers by Non-Resident Enterprises (Guoshihan [2009] 698)” issued by the State Administration of Taxation of the PRC on December 11, 2009

 and any subsequent similar notices, rules, amendments or supplements. 
 “Closing” has the
meaning set forth in Section 2.2(i) hereof 
 “Code” means the Internal Revenue Code of 1986, as
amended. 
 “Company” has the meaning set forth in the preamble hereof. 

“Company Intellectual Property” has the meaning set forth in Section 3.20(i) hereof. 

“Company Officials” has the meaning set forth in Section 3.16(v) hereof. 

“Company Owned IP” has the meaning set forth in Section 3.20(i) hereof. 

“Company Registered IP” has the meaning set forth in Section 3.20(i) hereof. 

“Compliance Law” has the meaning set forth in Section 3.16(iv) hereof. 

“Confidential Information” has the meaning set forth in Section 9.8 hereof. 

“Contract” means, as to any Person, any contract, agreement, undertaking, indenture, note, bond, loan, instrument, lease,
mortgage, deed of trust, franchise, or license to which such Person is a party or by which such Person or any of its property is bound, whether oral or written. 

“Control” of a given Person means the power or authority, whether exercised or not, to direct the business, management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, which power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to
direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of a majority of the board of directors of such Person; the term
“Controlled” has the meaning correlative to the foregoing. 
 “Conversion Shares” means the Ordinary
Shares issuable upon conversion of the Series E Preference Shares. 
 “Deeds of Guarantee” means the deeds of guarantee to
be entered into by the Guarantors pursuant to the terms of this Agreement, the agreed form of which is attached hereto in Schedule G. 

“Disclosure Schedule” has the meaning set forth in Section 3 hereof. 

“Dispute” has the meaning set forth in Section 9.4(i) hereof. 

  
 3 

 “DMG HK” means Digital Marketing Group Limited, a company incorporated and
existing under the Laws of Hong Kong. 
 “Equity Securities” means, with respect to a Person, any shares, share capital,
registered capital, ownership interest, equity interest, or other securities of such Person, and any option, warrant, or right to subscribe for, acquire or purchase any of the foregoing, or any other security or instrument convertible into or
exercisable or exchangeable for any of the foregoing, or any equity appreciation, phantom equity, equity plans or similar rights with respect to such Person, or any Contract of any kind for the purchase or acquisition from such Person of any of the
foregoing, either directly or indirectly. 
 “ESOP” has the meaning set forth in Section 3.2(i) hereof. 

“FCPA” has the meaning set forth in Section 3.16(iv)(b) hereof. 

“Financial Statements” has the meaning set forth in Section 3.11 hereof. 

“Founder” has the meaning set forth in the preamble hereof. 

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

“Government Official” means (i) an officer or employee of a government, government-owned enterprise (or any department
or instrumentality thereof), political party or public international organization, (ii) a candidate for government or political officer, or (iii) an officer or employee of any entity owned by a government. 

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

“Group Benefit Plan” has the meaning set forth in Section 3.22 hereof. 

“Group Company” means each of the Company, the HK Company, BVI Companies and their directly and indirectly owned Subsidiaries
and Affiliates and associated companies, including but not limited to Buzzinate, Buzzinate Shanghai, Buzzinate TW, iClick Beijing, iClick Shanghai, iClick Shenzhen, OptAim Beijing, OptAim Shanghai, OptAim WFOE, and iClick TW, and
“Group” refers to all Group Companies collectively. The particulars of the Group Companies are set forth on Schedule B-1 attached hereto. 

“Guarantor” means each of Optimix Media Asia Limited (incorporated in Hong Kong), iClick Interactive Asia Limited, Diablo
Holdings Corporation, Harmattan Capital Holdings Corporation, China Search (Asia) Limited, DMG HK, Tetris Media Limited, OptAim Limited, and OptAim (HK) Limited. 

“HK Company” means Optimix Media Asia Limited, a company duly incorporated and existing under the Laws of the Hong Kong
S.A.R. 

  
 4 

 “HKIAC” has the meaning set forth in Section 9.4(iii) hereof. 

“Hong Kong S.A.R.” means the Hong Kong Special Administrative Region. 

“iClick Beijing” means Interactive (Beijing) Advertisement Co., Ltd

, a company incorporated and existing under the Laws of the PRC. 
 “iClick (HK)” means iClick
Interactive Asia Limited, a company incorporated and existing under the Laws of Hong Kong. 
 “iClick Shanghai” means
Tetris Media (Shanghai) Co. Ltd

, a company incorporated and existing under the Laws of the PRC. 
 “iClick Shenzhen” means
Search Asia Technology (SZ) Ltd.

, a company incorporated and existing under the Laws of the PRC. 
 “iClick TW” means iClick
Interactive Taiwan Limited and iClick Interactive Taiwan Limited Taiwan Branch. 
 “Indemnifiable Loss” means, with respect
to any Person, any action, claim, cost, damage, deficiency, diminution in value, disbursement, expense, liability, loss, obligation, penalty, settlement, suit, or Tax of any kind or nature, together with all reasonable interest or other carrying
costs, penalties, legal, accounting and other reasonable professional fees and expenses incurred in the investigation, collection, prosecution and defense of claims or amounts paid in settlement, that may be imposed on or otherwise incurred or
suffered by such Person. Notwithstanding anything contained in this Agreement to the contrary, the Indemnifiable Loss shall in no event include any indirect, special, punitive, exemplary or consequential loss or damage. 

“Indemnification Cap” has the meaning set forth in Section 9.7 hereof. 

“Indemnified Parties” has the meaning set forth in Section 9.6(i) hereof. 

“Indemnifying Party” has the meaning set forth in Section 9.6(ii) hereof. 

“Indemnity Notice” has the meaning set forth in Section 9.6(iii) hereof. 

“Investor” has the meaning set forth in the preamble hereof. 

“Intellectual Property” means any and all (i) patents, all patent rights and all applications therefor and all reissues,
reexaminations, continuations, continuations-in-part, divisions, and patent term extensions thereof, (ii) inventions (whether patentable or not), discoveries, improvements, concepts, innovations and industrial models, (iii) registered and
unregistered copyrights, copyright registrations and applications, author’s rights and works of authorship (including artwork of any kind and software of all types in whatever medium, inclusive of computer programs, source code, object code and
executable code, and related documentation), (iv) URLs, domain names, web sites, web pages and any part thereof, (v) technical information, know-how, trade secrets, drawings, designs, design protocols, specifications for parts and devices,
quality assurance and control procedures, design tools, manuals, research data concerning historic and current research and development efforts, including the results of successful and unsuccessful designs, databases and proprietary data,
(vi) proprietary processes, technology, engineering, formulae, algorithms and operational procedures, (vii) trade names, trade dress, trademarks, domain names, and service marks, and registrations and applications therefor, and
(viii) the goodwill of the business symbolized or represented by the foregoing, customer lists and other proprietary information and common-law rights. 

  
 5 

 “Key Employee” means, with respect to any Person, the president, chief executive
officer, the chief financial officer, the chief operating officer, the chief technical officer, the chief product officer, the chief marketing officer, all senior managers of the Group Companies reporting directly to any Group Company’s Board
of Directors, or any other employee with responsibilities similar to any of the foregoing. 
 “Key Management” means
Founder 1, TANG Jian

 and Lee, Yanshu

.. 
 “Key Management Employment Agreement” has the meaning set forth in
Section 5.9 hereof. 
 “Knowledge” or “ aware” means, with respect to the Warrantors, the best
knowledge of the Founders, the Senior Management Team, and the president, chief executive officer, the chief financial officer, the chief operating officer, the chief technical officer, the chief sales and marketing officer (if applicable) of each
Group Company, and that knowledge which should have been acquired by each such individual after making such reasonable inquiry and exercising such due diligence as a prudent business person would have made or exercised in the management of his or
her business affairs, including but not limited to reasonable inquiry of officers, directors, key employees, consultants and professional advisers (including attorneys, accountants and auditors) of the Group and of its Affiliates who could
reasonably be expected to have knowledge of the matters in question, and where any statement in the representations and warranties hereunder is expressed to be given or made to a Person’s Knowledge, or so far as a party is aware, or is
qualified in some other manner having a similar effect, the statement shall be deemed to be supplemented by the additional statement that such party has made such due inquiry and due diligence. 

“Law” or “Laws” means any constitutional provision, statute, ordinance or other law, rule, regulation,
official policy or interpretation of applicable Governmental Authority and any Governmental Order in the jurisdiction of incorporation of each Group Company and where they ordinarily conduct their business, including without limitation, the British
Virgin Islands, Cayman Islands, Hong Kong S.A.R. and PRC. 
 “Liabilities” means, with respect to any Person, all debts,
obligations, liabilities owed by such Person of any nature, whether accrued, absolute, contingent or otherwise, and whether due or to become due. 

“Licensed IP” has the meaning set forth in Section 3.20(i) hereof. 

“Lien” means any mortgage, pledge, claim, security interest, encumbrance, title defect, lien, charge, easement, adverse
claim, restrictive covenant, or other restriction or limitation of any kind whatsoever, including any restriction on the use, voting, transfer, receipt of income, or exercise of any attributes of ownership, but excluding any such restriction or
limitation under the Amended and Restated Memorandum and Articles. 
 “Management Accounts” has the meaning set forth in
Section 3.11 hereof. 

  
 6 

 “Material Adverse Effect” means any (i) event, occurrence, fact, condition,
change or development (each, an “Effect”) that has had, has, or could reasonably be expected to have, a material adverse effect on the business, properties, assets, employees, operations, results of operations, condition (financial
or otherwise), assets or liabilities of the Group taken as a whole, (ii) material impairment of the ability of any Group Company or Founder to perform the material obligations of such Person hereunder or under any other Transaction Document, as
applicable and resulting in a material adverse effect to the Group, or (iii) material impairment of the validity or enforceability of this Agreement or any Transaction Document against any Group Company or Founder and resulting in a material
adverse effect to the Group; provided, however, that, in the case of clause (i) above, no Effect shall constitute a Material Adverse Effect to the extent that such Effect arises out of or results from (a) changes after the date hereof in
general economic or business conditions anywhere in the world, (b) changes after the date hereof in the credit, debt, financial or capital markets or changes in interest or exchange rates, in each case, anywhere in the world, (c) changes
after the date hereof in conditions generally affecting the industry in which the Group operates, (d) any outbreak of any military conflict, declared or undeclared war, armed hostilities, or acts of foreign or domestic terrorism, (e) any
hurricane, flood, tornado, earthquake or other natural disaster, (f) changes after the date hereof in applicable Law or US GAAP, or (g) any action taken by any Group Company at the specific request of the Investor that any Group
Company is not otherwise obligated to take pursuant to this Agreement, any of the other Transaction Documents or applicable Laws; provided, further, that any Effect arising out of or resulting from any change or event referred to in clause (a), (b),
(c), (d), (e) or (f) above may constitute, and be taken into account in determining the occurrence of, a Material Adverse Effect if such change or event has a disproportionate impact on the Group Companies compared to other companies that
operate in the industries in which the Group Companies operate. 
 “Material Contracts” has the meaning set forth in
Section 3.15(i) hereof. 
 “Non-Compete Agreement” has the meaning set forth in Section 5.8 hereof.

 “Ordinary Shares” means the Company’s ordinary shares, par value US$0.001 per share. 

“Parties” has the meaning set forth in the preamble hereof. 

“Permits” has the meaning set forth in Section 3.17(iv) hereof. 

“Permitted Liens” means (i) Liens for Taxes not yet delinquent or the validity of which are being contested and
(ii) Liens incurred in the ordinary course of business, which (a) do not individually or in the aggregate materially detract from the value, use, or transferability of the assets that are subject to such Liens and (b) were not
incurred in connection with the borrowing of money. 
 “Person” means any individual, corporation, partnership, limited
partnership, proprietorship, association, limited liability company, firm, trust, estate or other enterprise or entity. 

“PFIC” means a passive foreign investment company as defined in the Code. 

“PRC” means the People’s Republic of China, but solely for the purposes of this Agreement and the other Transaction
Documents, excluding the Hong Kong S.A.R., the Macau Special Administrative Region and the islands of Taiwan. 
 “Preference
Shares” means collectively, the Series A Preference Shares, Series B Preference Shares, Series C Preference Shares, Series D Preference Shares and Series E Preference Shares. 

“Prohibited Person” means any Person that is (i) a national or resident of any U.S. embargoed or restricted country,
(ii) included on, or Affiliated with any Person on, the United States Commerce Department’s Denied Parties List, Entities and Unverified Lists; the U.S. Department of Treasury’s Specially Designated Nationals, Specially Designated
Narcotics Traffickers or Specially Designated Terrorists, or the Annex to Executive Order No. 13224; the Department of State’s Debarred List; UN Sanctions, (iii) a member of any PRC military organization, or (iv) a Person with
whom business transactions, including exports and re-exports, are restricted by a U.S. Governmental Authority, including, in each clause above, any updates or revisions to the foregoing and any newly published rules. 

  
 7 

 “Public Official” means any employee of a Governmental Authority, an active
member of a political party engaged in political or governmental activities, a political candidate, officer of a public international organization, or officer or employee of a state-owned enterprise, including a PRC state- owned enterprise. 

“Purchased Shares” has the meaning set forth in Section 2.1 hereof. 

“PwC” means PricewaterhouseCoopers, LLP. 

“Qualified Affiliate” has the meaning set forth in Section 9.2 hereof. 

“Qualified Auditor” means any of Deloitte Touche Tohmatsu Limited, PwC, Ernst & Young or KPMG. 

“Real Property” has the meaning set forth in Section 3.11 hereof. 

“Related Party” has the meaning set forth in Section 3.19 hereof. 

“Related Party Contract” has the meaning set forth in Section 3.19 hereof. 

“Representatives” has the meaning set forth in Section 3.16(iv) hereof. 

“SAIC” means, the State Administration of Industry and Commerce of the PRC. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Senior Management Team” means collectively, the individuals set forth in Schedule B-2 attached hereto. 

“Series A Preference Shares” means the Series A redeemable convertible preferred shares of the Company, par value US$0.001
per share, with the rights and privileges as set forth in the Amended and Restated Memorandum and Articles. 
 “Series B Preference
Shares” means the Series B redeemable convertible preferred shares of the Company, par value US$0.001 per share, with the rights and privileges as set forth in the Amended and Restated Memorandum and Articles. 

“Series C Preference Shares” means the Series C redeemable convertible preferred shares of the Company, par value US$0.001
per share, with the rights and privileges as set forth in the Amended and Restated Memorandum and Articles. 
 “Series D Preference
Shares” means the Series D redeemable convertible preferred shares of the Company, par value US$0.001 per share, with the rights and privileges as set forth in the Amended and Restated Memorandum and Articles. 

“Series E Preference Shares” means the Series E redeemable convertible preferred shares of the Company, par value US$0.001
per share, with the rights and privileges as set forth in the Amended and Restated Memorandum and Articles. 
 “Series E Share
Price” has the meaning set forth in Section 2.1 hereof. 
 “Shanghai OptAim” means Zhiyunzhong
(Shanghai) Technology Limited

, a company incorporated and existing under the Laws of the PRC. 

  
 8 

 “Shares” means the Series A Preference Shares, the Series B Preference Shares,
the Series C Preference Shares, the Series D Preference Shares, the Series E Preference Shares and the Ordinary Shares. 
 “Social
Insurance” has the meaning set forth in Section 3.21(ii) hereof. 
 “SPD Silicon” means SPD Silicon
Valley Bank. 
 “Statement Date” means September 30, 2016. 

“Subscription Price” has the meaning set forth in Section 2.1 hereof. 

“Subsidiary” means, with respect to any specified Person, any Person of which the specified Person, directly or indirectly,
owns or Controls more than fifty percent (50%) of the issued and outstanding authorized capital, share capital, voting interests or registered capital. 

“Tax” means any national, provincial or local income, sales and use, excise, franchise, real and personal property, gross
receipt, capital stock, value-added, production, business and occupation, disability, employment, payroll, severance or withholding tax or any other type of tax, levy, assessment, custom duty or charge imposed by any Governmental Authority, any
interest and penalties (civil or criminal) related thereto or to the late filing, late payment, or nonpayment thereof, and any loss or tax Liability incurred in connection with the determination, settlement or litigation of any Liability arising
therefrom. 
 “Tax Return” means any return, declaration, report, estimate, claim for refund, claim for extension,
information return, or statement relating to any Tax, including any schedule or attachment thereto. 
 “Third Party Claim”
has the meaning set forth in Section 9.6(iii) hereof. 
 “Transaction Documents” means this Agreement, the
Deeds of Guarantee, the Amended and Restated Memorandum and Articles, the Amended and Restated Shareholders Agreement and the Amended and Restated Right of First Refusal Agreement, the schedules and exhibits attached to any of the foregoing, and
each of the agreements and other documents otherwise required in connection with implementing the transactions contemplated by any of the foregoing. 

“US GAAP” means generally accepted accounting principles in the United States. 

“Warrantors” has the meaning set forth in Section 3 hereof. 

“OptAim WFOE” means Zhiyunzhong (Beijing) Information Technology Limited

, a company incorporated and existing under the Laws of the PRC. 
  

	2.	Subscription and Issuance of Purchased Shares. 

  

	 	2.1.	Subscription and Issuance of the Purchased Shares.  

 Subject to the terms
and conditions of this Agreement, at the Closing, the Investor agrees to subscribe for and the Company agrees to issue and allot to the Investor, 1,068,114 Series E Preference Shares (the “Purchased Shares”) at the price of
US$18.72459 per share (the “Series E Share Price”), for the aggregate subscription price of US$20 million (the “Subscription Price”). 

  
 9 

	 	2.2.	Closing 

 (i) Closing. The consummation of the subscription and issuance of the
Purchased Shares pursuant to Section 2.1 (the “Closing”) shall take place remotely via the exchange of documents and signatures as soon as practicable but in no event later than fifteen (15) Business Days after all
closing conditions (specified in Section 5 and Section 6 hereof) have been waived or satisfied (except for such conditions that will be satisfied at the Closing, but nonetheless subject to the satisfaction or waiver thereof
at the Closing), or at such other time and place as the Company and the Investor shall mutually agree in writing, in any case no later than December 31, 2016. 

(ii) Closing Deliveries. At the Closing, the Company shall deliver to the Investor (a) a copy of the updated register of members
of the Company, certified by a director of the Company or a representative of the Company’s registered office provider, reflecting the issuance to the Investor of the Purchased Shares at the Closing; (b) a copy of the share certificate
duly signed by a director of the Company representing the Purchased Shares being issued and allotted to and subscribed for by the Investor at the Closing; (c) copies of the board resolutions and shareholders’ resolutions of the Company
certified by a director of the Company approving, inter alia, the execution of the Transaction Documents by the Company and the Deeds of Guarantee by each of the Guarantors as well as the transactions contemplated thereunder, changes in the
authorized share capital of the Company including creation of the Series E Preference Shares and the adoption of the Amended and Restated Memorandum and Articles; and (d) copies of the duly adopted Amended and Restated Memorandum and Articles
certified by a director of the Company. Within five (5) days after the Closing, the Company shall deliver the original share certificate to the Investor representing the Purchased Shares being issued and allotted to and subscribed for by the
Investor. 
 (iii) Closing Payment. Subject to the terms and conditions of this Agreement, at the Closing, the Investor agrees to pay
the Subscription Price as follows: (a) US$10,000,000 in cash of immediately available funds by wire transfer to the bank account designated by the Company at least three (3) Business Days before the Closing; and (b) and within ten
(10) Business Days after the Bridge Loan is fully repaid, US$10,000,000 in cash of immediately available funds by wire transfer to the bank account designated by the Company. 

 

	3.	Representations and Warranties of the Warrantors. 

 Subject to such exceptions as may be
specifically set forth or referred to in the Disclosure Schedule attached to this Agreement as Schedule C (the “Disclosure Schedule”), the Company and the Founders (collectively, the “Warrantors”), jointly
and severally, represent and warrant to the Investor that each of the statements contained in this Section 3 is true and complete as of the date of this Agreement, and each of such statements shall be true and complete on and as of the
date of the Closing, as applicable, but which may be updated prior to the Closing to reflect any changes that may have occurred between the date hereof and the Closing, with the same effect as if made on and as of the date of such Closing, as
follows: 
  

	 	3.1.	Organization, Good Standing and Qualification. 

 The Company is duly incorporated,
validly existing and in good standing under the Laws of the Cayman Islands. Each Group Company is duly incorporated, validly existing and in good standing (where such status is applicable) under the Laws of the jurisdiction of its incorporation.
Each Group Company has all requisite legal and corporate power and authority to own, lease and operate its properties and assets and to carry on its business as now conducted, and is duly qualified to transact business in each jurisdiction it
carries on business, in which the failure to so qualify would reasonably be expected to result in a Material Adverse Effect. The Company was formed solely to acquire and hold the equity interests in its Subsidiaries set out in Schedule B-1
and since its formation has not engaged in any other business and has not incurred any Liability except in the ordinary course of business of acquiring, managing and disposing of its equity interests in each of its Subsidiaries. 

  
 10 

	 	3.2.	Capitalization and Voting Rights. 

 (i) Company. As of the date hereof, the
authorized share capital of the Company is US$50,000, divided into 38,350,000 Ordinary Shares, of which 16,500,808 Ordinary Shares are issued and outstanding, 2,500,000 Series A Preference Shares, of which 2,476,190 Series A Preference Shares are
issued and outstanding, 3,000,000 Series B Preference Shares, of which 1,889,249 Series B Preference Shares are issued and outstanding, 1,650,000 Series C Preference Shares, of which 1,599,186 Series C Preference Shares are issued and outstanding
and 4,500,000 Series D Preference Shares, of which 2,493,018 Series D Preference Shares are issued and outstanding. The Company has reserved (a) 2,834,910 Ordinary Shares for issuance to officers, directors, employees, consultants or service
providers of the Company pursuant to the equity incentive plan of the Company (the “ESOP”) which has been adopted by the Board of Directors and approved and ratified by the holders of equity securities of the Company (from this
reserve for the ESOP, there are currently no outstanding options for the purchase of Ordinary Shares), (b) 2,476,190 Ordinary Shares for issuance upon conversion of the issued and outstanding Series A Preference Shares, (c) 1,889,249
Ordinary Shares for issuance upon conversion of the issued and outstanding Series B Preference Shares, (d) 1,599,186 Ordinary Shares for issuance upon conversion of the issued and outstanding Series C Preference Shares and (e) 2,493,018
Ordinary Shares for issuance upon conversion of the issued and outstanding Series D Preference Shares. 
 (a) Immediately
after the Closing and following adoption of the Amended and Restated Memorandum and Articles, the authorized capital of the Company shall be US$50,000, divided into 37,150,000 Ordinary Shares, of which 18,248,975 Ordinary Shares are issued and
outstanding, 2,500,000 Series A Preference Shares, of which 2,476,190 Series A Preference Shares are issued and outstanding, 3,000,000 Series B Preference Shares, of which 1,889,249 Series B Preference Shares are issued and outstanding, 1,650,000
Series C Preference Shares, of which 1,599,186 Series C Preference Shares are issued and outstanding, 4,500,000 Series D Preference Shares, of which 2,493,018 Series D Preference Shares are issued and outstanding, and 1,200,000 Series E Preference
Shares, of which 1,068,114 shall be issued at Closing. As of the Closing Date, the rights, privileges and preferences of the Ordinary Shares, the Series A Preference Shares, the Series B Preference Shares, the Series C Preference Shares, the Series
D Preference Shares and the Series E Preference Shares shall be as set out in the Amended and Restated Memorandum and Articles, the Amended and Restated Shareholders Agreement, and the Amended and Restated Right of First Refusal Agreement4. 
 (b) Section 3.2(i) of the Disclosure Schedule sets forth as
of (1) the date hereof and (2) immediately after the Closing, the fully diluted outstanding and authorized Equity Securities of the Company and the registered holders thereof. 

(ii) Group Companies. The authorized and fully diluted outstanding Equity Securities of each other Group Company is set forth in
Schedule B-1, together with an accurate list of the record and beneficial owners of such issued capital and all such issued capital is fully paid on the date hereof. 

(iii) No Other Purchased Shares. Except as set forth in this Section 3.2, and except for (a) the conversion privileges
of the Preference Shares and (b) certain rights provided in the Amended and Restated Shareholders Agreement and the Amended and Restated Right of First Refusal Agreement, there are no and at the Closing there shall not be any authorized or
outstanding Equity Securities of any Group Company. No Group Company is a party or otherwise subject to any agreement (other than the Transaction Documents) that affects or relates to the voting or giving of written consents with respect to, or the
right to cause the registration, redemption, or repurchase of, any Equity Security of such Group Company. 
  

	4 	 Note to Draft: The capitalization should reflect the share transfer to Tang Jian pursuant to the Share Transfer
Agreement. 

  
 11 

 (iv) Issuance and Status. All presently outstanding Equity Securities of each Group
Company were duly and validly issued (or subscribed for) in compliance with all applicable Laws, preemptive rights of any Person, and applicable Contracts and are fully paid and non-assessable. All issued share capital of each Group Company is and
as of the Closing shall be free of any and all Liens (except for any restrictions on transfer or Lien created under the Transaction Documents). There are no (a) resolutions pending to increase the share capital of any Group Company (other than
increase in Share Capital pursuant to the Transaction Documents) or cause the liquidation, winding up, or dissolution of any Group Company or (b) dividends which have accrued or been declared but are unpaid by any Group Company or
(c) obligations, contingent or otherwise, of any Group Company to repurchase, redeem, or otherwise acquire any Equity Securities of such Group Company (other than pursuant to the Transaction Documents). 

(v) Vesting. No Group Company’s Contracts relating to its Equity Securities provides for acceleration of vesting (or lapse of a
repurchase right) or other changes in the vesting provisions or other terms of such agreement or understanding upon the occurrence of any event or combination of events. No Group Company has ever adjusted or amended the exercise price of any share
options previously awarded, whether through amendment, cancellation, replacement grant, re-pricing, or any other means. 
  

	 	3.3.	Corporate Structure; Subsidiaries. 

 Section 3.3 of the Disclosure Schedule
sets forth a complete structure chart showing Group Companies, and indicating the ownership and Control relationships among all Group Companies and the Founders as of the Closing. No Group Company owns or Controls, directly or indirectly, any
interest or share in any other Person or is or was a participant in any joint venture, partnership or similar arrangement. No Group Company is obligated to make any investment in or capital contribution in or on behalf of any other Person. Other
than as set forth in Schedule B-1, no other Persons has any direct or indirect right to participate in, or receive any payment (which, for the avoidance of doubt, shall not include any payment or distribution under a contract entered into
with channel-sales partners of the Group Companies similar to the ones as listed in Section 3.3 of the Disclosure Schedule) based on, any amount relating to, the revenue, income, value or net worth of the Group Companies or any component
or portion thereof, or any increase or decrease in any of the foregoing. Except for the Company, neither Founder presently owns or Controls, directly or indirectly, any interest or share in any other Person or is or was a participant in any joint
venture, partnership or similar arrangement in competition with the current business of the Group, other than the holding of not more than 5% of shares in any company listed on any stock exchange that may compete with the business of the Group. In
addition, each Founder is the sole legal and beneficial owner of such number of the Ordinary Shares set forth in the structure chart in Section 3.3 of the Disclosure Schedule, and such shares currently are and will at the Closing be held
free of and are not subject to any Lien. 
  

	 	3.4.	Authorization. 

 Each Warrantor has all requisite power and authority to execute and
deliver the Transaction Documents to which it is a party and to carry out and perform its obligations thereunder. All actions on the part of each Warrantor (and, as applicable, its officers, directors and shareholders) necessary for the
authorization, execution and delivery of the Transaction Documents to which it is a party, the performance of all obligations of each Warrantor thereunder, and, in the case of the Company, the authorization, issuance (or reservation for issuance),
sale and allotment of the Purchased Shares, has been taken or will be taken prior to the Closing. This Agreement, and each of the Transaction Documents to which a Warrantor is a party, have been or will be duly executed and delivered by such
Warrantor. This Agreement and each of the Transaction Documents are, or when executed and delivered by such Warrantor shall be, valid and legally binding obligations of such Warrantor enforceable against such Warrantor in accordance with its terms,
except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other Laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by Laws relating to the
availability of specific performance, injunctive relief, or other equitable remedies. 

  
 12 

	 	3.5.	Valid Issuance of Purchased Shares. 

 The Purchased Shares, when issued, allotted and
paid for in accordance with the terms of this Agreement for the consideration expressed herein or therein, are or will be duly and validly issued, fully paid and non-assessable (except for the Residual Amount), free from any Lien (except for any
restrictions on transfer or Lien created under applicable securities Laws and under the Transaction Documents). The Conversion Shares have been reserved for issuance and, upon issuance in accordance with the terms of the Amended and Restated
Memorandum and Articles, will be duly and validly issued, fully paid and non-assessable, free from any Liens (except for any restrictions on transfer or Liens created under applicable securities Laws and under the Transaction Documents). Except as
otherwise disclosed in Section 3.5 of the Disclosure Schedule, the issuance of the Purchased Shares is not subject to any preemptive rights, rights of first refusal or similar rights except those which have been waived in connection with
such issuance. 
  

	 	3.6.	Governmental Consents. 

 No Approval with respect to or on the part of any Group Company
or any Founder is required in connection with its valid execution, delivery, or performance of the transactions contemplated by this Agreement or the Transaction Documents or the offer, sale, transfer, issuance or reservation for issuance of any
Purchased Shares. 
  

	 	3.7.	Offering. 

 Subject in part to the accuracy of the Investor’s representations set
forth in Section 4 of this Agreement, the offer and issuance of the Purchased Shares, as contemplated by the Transaction Documents, are exempt from the qualification, registration and prospectus delivery requirements of the Securities
Act and any applicable securities Laws. 
  

	 	3.8.	Certain Regulatory Matters. 

 (i) The Group Companies have obtained any and all
necessary Approvals from applicable Governmental Authorities and have fulfilled all fillings and registration requirements with applicable Governmental Authorities necessary in respect of each Founder and his investment in the Group Companies, and
in respect of the Group Companies, and their operations, respectively. All filings and registrations with applicable Governmental Authorities required in respect of the Group Companies and the Founders have been duly completed in accordance with
applicable Law. No Founder or Group Company has received any letter or notice from any applicable Governmental Authorities notifying it/him of the revocation of any Approval issued to it or the need for compliance or remedial actions in respect of
the activities carried out directly or indirectly by any Founder or Group Company. Each Group Company has been conducting its business activities within the permitted scope of business or is otherwise operating its businesses in material compliance
with all relevant Laws and Governmental Orders. No Founder or Group Company has reason to believe that any authorization of any Governmental Authority, license or permit requisite for the conduct of any part of its business which is subject to
periodic renewal will not be granted or renewed by the relevant Governmental Authorities. 

  
 13 

 (ii) Except as set forth in Section 3.8 of the Disclosure Schedule, no legal and/or
beneficial owner of any Group Company is a PRC citizen or a PRC resident, who shall be subject to any filing or registration requirements under the foreign exchange rules and regulations of the PRC. 

 

	 	3.9.	Tax Matters. 

 (i) Each Group Company (a) has duly filed all Tax Returns that are
required to have been filed by it with any Governmental Authority, (b) has duly paid all Taxes owed by it which are due and payable (whether or not shown on any Tax Return) and withheld and remitted to the appropriate Governmental Authority all
Taxes which it is obligated to withhold and remit from amounts owing to any employee, creditor, customer or third party (if any), (c) has not waived any statute of limitations with respect to Taxes or agreed to any extension of time with
respect to a Tax assessment or deficiency other than, in the case of clauses (a) and (b), unpaid Taxes that are in contest with Tax authorities by Group Company in good faith or nonmaterial in amount, (d) is not subject to any Tax related
penalty imposed by any Governmental Authority, and (e) is in substantial compliance with Circular 698 and Announcement 7. 
 (ii) The
Group Companies are required to file Tax Returns in Hong Kong, Singapore and the PRC only and each Tax Return referred to in paragraph (i) above has been properly prepared in compliance with the applicable Hong Kong, Singapore and PRC Laws and
is true, correct and complete in all material respects. None of such Tax Returns contains a statement that is false or misleading or omits any matter that is required to be included or without which the statement would be false or misleading. No
reporting position was taken on any such Tax Return which has not been disclosed to the appropriate Tax authority or in such Tax Return, as may be required by Law. All records relating to such Tax Returns or to the preparation thereof required by
applicable Law to be maintained by applicable Group Company have been duly maintained. No written claim has been made by a Government Authority in a jurisdiction where the Group does not file Tax Returns and that any Group Company is or may be
subject to taxation by that jurisdiction. 
 (iii) The assessment of any additional Taxes with respect to the applicable Group Company for
periods for which Tax Returns have been filed is not expected to materially exceed the recorded Liability therefor in the most recent balance sheet in the Financial Statements (as defined below), and to the Knowledge of the Warrantors, there are no
unresolved claims concerning any Tax Liability of any Group Company. Since the Statement Date, no Group Company has incurred any material liability for Taxes outside the ordinary course of business or otherwise inconsistent with past custom and
practice. There is no pending dispute with, or notice from, any Tax authority relating to any of the Tax Returns filed by any Group Company, and to the Knowledge of the applicable Group Company and each of the Warrantors, there is no proposed
Liability for a deficiency in any Tax to be imposed upon the properties or assets of any Group Company. 
 (iv) No Group Company has been
the subject of any examination or investigation by any Tax authority relating to the conduct of its business or the payment or withholding of Taxes that has not been resolved or is currently the subject of any examination or investigation by any Tax
authority relating to the conduct of its business or the payment or withholding of Taxes. No Group Company is responsible for the Taxes of any other Person by reason of contract, successor liability or otherwise. 

(v) No Group Company is or has ever been a PFIC or CFC. No Group Company anticipates that it will become a PFIC or CFC for the current taxable
year or any future taxable year. 
 (vi) No Group Company is or has ever been a US real property holding corporation. 

  
 14 

	 	3.10.	Charter Documents; Books and Records. 

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

 

	 	3.11.	Financial Statements. 

 Section 3.11 of the Disclosure Schedule sets forth
the drafted audited consolidated balance sheet and statements of operations and cash flows for the Group as of and, where applicable, for each of the twelve-month periods ending December 31, 2013 and December 31, 2014 (collectively, the financial
statements referred to above, the “Audited Financial Statements”) and unaudited management accounts as of and for the twelve-month period ending December 31, 2015 and the nine (9)-month period ending on September 30, 2016 (the
“Management Accounts” and, together with the Audited Financial Statements, the “Financial Statements”). The Audited Financial Statements (i) have been prepared in accordance with the books and records of each
Group Company and (ii) fairly present in all material respects the consolidated financial condition and position of the Group as of the dates indicated therein and the consolidated results of operations and cash flows of the Group for the
periods indicated therein. The Management Accounts have been prepared in accordance with the books and records of the Group Companies and are fair and do not materially misstate the profits or losses of the Group for the financial period to which
they relate. All of the accounts receivable owing to any of the Group Companies, including without limitation all accounts receivable set forth on the Financial Statements, constitute valid and enforceable claims and are good and collectible in the
ordinary course of business in all material respects, net of any reserves shown on the Financial Statements (which reserves are adequate and were calculated on a basis consistent with US GAAP), and no further goods or services are required to be
provided in order to complete the sales and to entitle the applicable Group Company to collect in full. There is no material contingent or asserted claims, refusals to pay, or other rights of set-off with respect to any accounts receivable of the
Group Companies to the Knowledge of the Warrantors. 
  

	 	3.12.	Changes. 

 Since the Statement Date, the Group has operated its business in the ordinary
course consistent with its past practice, there has not been any Material Adverse Effect or any material change in the way the Group conducts its business, no Group Company has entered into any transaction outside of the ordinary course of business
consistent with its past practice, and there has not been any Material Adverse Effect with respect to any Group Company by or with respect to: 

(i) any purchase, acquisition, sale, lease, disposal of or other transfer of any assets that are individually or in the aggregate material to
its business, whether tangible or intangible, other than the purchase or sale of inventory in the ordinary course of business consistent with its past practice, and no acquisition (by merger, consolidation or other combination, or acquisition of
stock or assets, or otherwise) of any business or other Person or division thereof; 
 (ii) any waiver, termination, settlement or
compromise of a valuable right or of a debt; 
 (iii) any incurrence, creation, assumption, repayment, satisfaction, or discharge of
(1) any material Lien (other than Permitted Liens) or (2) any indebtedness or guarantee, or the making of any loan or advance (other than reasonable and normal advances to employees for bona fide expenses that are incurred in the ordinary
course of business consistent with its past practice), or the making of any investment or capital contribution other than to a Group Company; 

  
 15 

 (iv) any amendment to any Material Contract, any entering of any new Material Contract, or any
termination of any Contract (other than by expiration of its term) that would have been a Material Contract if in effect on the date hereof, or any amendment to any Charter Document, or any amendment to or waiver under any Charter Document other
than as disclosed to the Investor in writing prior to Closing; 
 (v) any change in any compensation arrangement or agreement with any Key
Employee of any Group Company, except for such changes required pursuant to the terms of plans or agreements in effect on the date of the Management Accounts and disclosed in writing to the Investor, or adoption of any new Group Benefit Plan, or
made any material change in any existing Group Benefit Plan; 
 (vi) any declaration, setting aside or payment or other distribution in
respect of any Equity Securities, or any direct or indirect redemption, purchase or other acquisition of any Equity Securities; 
 (vii) any
damage, destruction or loss, whether or not covered by insurance, adversely affecting the assets, properties, financial condition, operation or business of any Group Company; 

(viii) any material change in accounting methods or practices or any revaluation of any of its assets; 

(ix) except in the ordinary course of business consistent with its past practice, entry into any closing agreement in respect of material
Taxes, settlement of any claim or assessment in respect of any material Taxes, or consent to any extension or waiver of the limitation period applicable to any claim or assessment in respect of any material Taxes, entry or change of any material Tax
election, change of any method of accounting resulting in a material amount of additional Tax or filing of any material amended Tax Return; 

(x) any commencement or settlement of any material Action; or 

(xi) any agreement or commitment to do any of the things described in this Section 3.12. 

 

	 	3.13.	Actions and Governmental Orders. 

 There is no Action pending or currently threatened
against any Group Company or any Founder, or, to the Knowledge of any Warrantor, any of the officers or directors of any Group Company with respect to their businesses or proposed business activities, nor is any Warrantor aware of any basis for any
of the foregoing, including with respect to any Action involving the prior employment of any of employees of any Group Company, their use in connection with such Group Company’s business of any information or techniques allegedly proprietary to
any of their former employers or their obligations under any agreements with prior employers. There is no Governmental Order in effect and binding on any Group Company, any Founder or their respective assets or properties. There is no Action by any
Group Company or any Founder pending or which such Person intends to initiate against any third party. No Government Authority has at any time materially challenged or questioned in writing the legal right of any Group Company to conduct its
business as presently being conducted or proposed to be conducted. No Group Company has received any opinion or memorandum or advice from legal counsel to the effect that it is exposed, from a legal standpoint, to any liability or disadvantage which
may be material to its business. 

  
 16 

	 	3.14.	Liabilities 

 No Group Company has any Liabilities except for (i) liabilities set
forth in the Financial Statements that have not been satisfied since the Statement Date, and (ii) current liabilities incurred since the Statement Date in the ordinary course of the Group’s business consistent with its past practices and
which do not exceed US$1,500,000 in aggregate. 
  

	 	3.15.	Commitments. 

 (i) Section 3.15(i) of the Disclosure Schedule contains a
complete and accurate list of each Contract to which a Group Company is bound that (a) involves obligations (contingent or otherwise) of, or payments in excess of, US$1,000,000 individually or in the aggregate per annum or that has terms in
excess of one (1) year, (b) involves Intellectual Property that is material to a Group Company (other than generally-available “off-the-shelf” shrink-wrap software licenses obtained by the Group on non-exclusive and
non-negotiated terms), (c) restricts the ability of a Group Company to compete or to conduct or engage in any business or activity or in any territory, (d) relates to the sale, issuance, grant, exercise, award, purchase, repurchase or
redemption of any Equity Securities, (e) involves any provisions providing exclusivity, “change in control”, “most favored nations”, rights of first refusal or first negotiation or similar rights, or grants a power of
attorney, agency or similar authority, (f) is with an employee, consultant, officer, director, shareholder or Affiliate, (g) involves indebtedness, an extension of credit, a guaranty or assumption of any obligation, or the grant of a Lien,
(g) involves the lease, license, sale, use, disposition or acquisition of a material amount of assets or of a business, (h) involves the waiver, compromise, or settlement of any material dispute, claim, litigation or arbitration,
(i) involves the ownership or lease of, title to, use of, or any leasehold or other interest in, any real or personal property (except for personal property leases involving payments of less than US$250,000 per annum), (j) involves the
establishment, contribution to, or operation of a partnership, joint venture, franchise or involving a sharing of profits or losses, or any investment in, loan to or acquisition or sale of the securities, equity interests or assets of any Person,
(k) is with any Person listed in Section 3.21(i) of the Disclosure Schedule, (l) is with a Governmental Authority or state-owned enterprise, or (m) is otherwise material to a Group Company (collectively, the
“Material Contracts”). 
 (ii) A true, fully-executed copy of all Material Contracts have been made available to the
Investor. Each Material Contract is a valid and binding agreement of the Group Company that is a party thereto, the performance of which does not and will not violate any applicable Law or Governmental Order, and is in full force and effect, and
such Group Company has duly performed all of its obligations under each Material Contract to the extent that such obligations to perform have accrued, and no breach or default, alleged breach or alleged default, or event which would (with the
passage of time, notice or both) constitute a breach or default thereunder by such Group Company or, to the Knowledge of the Warrantors, any other party or obligor with respect thereto, has occurred, or as a result of the execution, delivery, and
performance of the Transaction Documents will occur. No Group Company has given notice (whether or not written) that it intends to terminate a Material Contract or that any other party thereto has breached, violated or defaulted under any Material
Contract. No Group Company has received any written notice that it has breached, violated or defaulted under any Material Contract or that any other party thereto intends to terminate such Material Contract. 

 

	 	3.16.	Compliance with Laws and Governmental Orders. 

 (i) Each Group Company has been and is
in material compliance with all Laws and all Governmental Orders that are applicable to it or to the conduct or operation of its business or the ownership or use of any of its assets or properties. 

  
 17 

 (ii) No event has occurred and no circumstance exists that (with or without notice or lapse of
time) (a) may constitute or result in a violation by any Group Company of, or a failure on the part of such Group Company to comply with, any Law or Governmental Order, violation of which or failure to comply with which would be expected to
produce a Material Adverse Effect on the Group; or (b) may give rise to any obligation on the part of a Group Company to undertake or to bear all or any portion of the cost of, any remedial action of any nature that could be expected to produce
a Material Adverse Effect on the Group. 
 (iii) No Group Company has received any notice from any Governmental Authority regarding
(a) any actual, alleged, possible or potential violation of, or failure to comply with, any Law or Governmental Order or (b) any actual, alleged, possible or potential obligation on the part of such Group Company or to undertake, or to
bear all or any portion of the cost of, any remedial action of any nature. To the Knowledge of the Warrantors, no Group Company is under investigation with respect to a violation of any Law or Governmental Order. 

(iv) In connection with the Group Companies, each of its directors, officers, and employees, and, to the Knowledge of the Warrantors, agents
and other persons authorized to act on its behalf and the Founders (collectively, “Representatives”), are in compliance with and have been in material compliance with all applicable anti-bribery, anti-corruption, anti-money
laundering, recordkeeping and internal controls Laws (collectively, the “Compliance Laws”). Without limiting the foregoing, in connection with the Group Companies, none of any Group Company, its directors, officers or employees, or,
to the Company’s Knowledge, any other Representative has, directly or indirectly, offered, authorized, promised, condoned, participated in, or received notice of any allegation of the following that would give rise to any Material Adverse
Effect with respect to any Group Company: 
 (a) the making of any gift or payment of anything of value to any Public
Official by any Person to obtain any improper advantage, affect or influence any act or decision of any such Public Official, or assist any Group Company in obtaining or retaining business for, or with, or directing business to, any Person. 

(b) the taking of any action by any Person which (i) would violate the Foreign Corrupt Practices Act of the United States
of America (“FCPA”), as amended, if taken by an entity subject to the FCPA or (ii) could reasonably be expected to constitute a violation of any applicable Compliance Law, or 

(c) the making of any false or fictitious entries in the books or records of any Group Company by any Person. 

(v) To the Company’s Knowledge, except as set forth in Section 3.16(v) of the Disclosure Schedule (the “Company
Officials”), none of the current or former Representatives of any Group Company are or were Public Officials. No Company Official has been involved on behalf of a Government Authority in decisions as to whether any Group Company would be
awarded business or that otherwise could benefit any Group Company, or in the appointment, promotion, or compensation of persons who will make such decisions. No such Company Officials will use their government positions to influence acts or
decisions of a government for the benefit of any Group Company or the Investor. Such Company Officials will not meet or communicate with Public Officials on behalf of any Group Company or the Investor prior to the completion of the transactions
contemplated hereby without advising the Company in writing in advance of such meeting or communication, and the Company will promptly provide such writing to the Investor. 

(vi) No Group Company or Representative is a Prohibited Person, and no Prohibited Person will be given an offer to become an employee,
officer, consultant or director of any Group Company. No Group Company has conducted or agreed to conduct any business, or entered into or agreed to enter into any transaction with a Prohibited Person. 

  
 18 

 (vii) The business of each Group Company as now conducted and proposed to be conducted (including
any business proposed to be conducted by entities that are not currently existing as of the Closing) are in compliance with all Laws and regulations that may be applicable, including without limitation all Laws of the PRC with respect to mergers,
acquisitions, foreign investment and foreign exchange transactions. 
 (viii) None of the Founders or any member of the Senior Management
Team, or to the Knowledge of the Warrantors, any other Key Employee, has been subject to any indictment, convicted in any criminal case, subject to government investigation for bribery or found by a court of providing misleading information in any
matter. 
  

	 	3.17.	Title; Properties; Permits. 

 (i) Title. The Group Companies have good and valid
title to, or a valid leasehold interest in, all of their assets, whether real, personal or mixed, purported to be owned by them (including but not limited to all such assets reflected in the Financial Statements), free and clear of any Liens, other
than Permitted Liens. The foregoing assets collectively represent in all material respects all assets, rights and properties necessary for the conduct of the business of the Group in the manner conducted during the periods covered by the Financial
Statements. Except for leased items, no Person other than a Group Company owns any interest in any such assets. All leases of real or personal property to which a Group Company is a party are fully effective and afford the Group Company valid
leasehold possession of the real or personal property that is the subject of the lease. 
 (ii) Real Property. No Group Company owns
any real property or has any easements, licenses, rights of way, or other interests in or to real property, except for the leasehold interests to real property listed on Section 3.17(ii) of the Disclosure Schedule (“Real
Property”). All such leasehold properties are held under valid, binding and enforceable leases of a Group Company while such leasehold properties are used by the Group Companies in material compliance with the applicable Laws. To the
Knowledge of the Warrantors, all structures, improvements and appurtenances on the Real Property lie wholly within the boundaries of such Real Property and do not encroach upon the property of, or otherwise conflict with the property rights of, any
adjoining property owner. To the Knowledge of the Warrantors, all structures and improvements on the Real Properties, and appurtenances thereto, and the roof, walls and other structural components which are part thereof, and the heating, air
conditioning, plumbing and other mechanical facilities thereof, are in good condition and repair in all material respects (reasonable wear and tear excepted) and without structural defects. There are no facilities, services, assets or properties
shared with any other Person which is not a Group Company, which are used in connection with the business of the Group. 
 (iii) Personal
Property. All machinery, vehicles, equipment and other tangible personal property owned or leased by a Group Company are (a) in good condition and repair in all material respects (reasonable wear and tear excepted) and (b) not obsolete
or in need in any material respect of renewal or replacement, except for renewal or replacement in the ordinary course of business. 
 (iv)
Permits. Each Group Company has all material franchises, authorizations, approvals, permits, certificates and licenses, including without limitation any special approval or permits required under the Laws of the PRC
(“Permits”) necessary for its respective business and operations as now conducted or planned to be conducted. Section 3.17(iv)(A) of the Disclosure Schedule is a complete list of such Permits, together with the name of
the entity issuing each such Permit. Except as specifically noted thereon, (a) each such Permit is valid and in full force and effect, (b) no Group Company is in default or violation of any such Permit, (c) no Group Company has
received any written notice from any Governmental Authority regarding any actual or possible default or violation of any such Permit, (d) each such Permit will remain in full force and effect upon the consummation of the transactions
contemplated hereby, and (e) to the Knowledge of the Warrantors, no suspension, cancellation or termination of any such Permits is threatened or imminent. 

  
 19 

	 	3.18.	Compliance with Other Instruments. 

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

	 	3.19.	Related Party Transactions. 

 Except for any employment-related Contract with an
officer, director or employee of any Group Company and any related grant agreement for ESOPs, no officer, director or employee of any Group Company or any “affiliate” or “associate” (as those terms are defined in Rule 405
promulgated under the Securities Act) of any of them (each of the foregoing, a “Related Party”), has any Contract with any Group Company (each, a “Related Party Contract”) nor is there currently any proposed Related
Party Contract, other than for normal sharing of facilities and office premises. To the Warrantors’ Knowledge, each Related Party Contract is on terms and conditions as favorable to the applicable Group Company as would have been obtainable by
it at the time in a comparable arm’s-length transaction with an unrelated party. [Except otherwise disclosed in the Disclosure Schedule,] to the Warrantor’s Knowledge, no Related Party has any direct or indirect ownership interest in any
Person (other than a Group Company) with which a Group Company is affiliated or with which a Group Company has a business relationship, or any Person (other than a Group Company) that competes with any Group Company (except that a Related Party may
have a passive investment of less than 3% of the stock of any publicly traded company that engages in the foregoing). To the Warrantor’s Knowledge, no Related Party has any interest, either directly or indirectly, in (i) any Person which
purchases from or sells, licenses or furnishes to a Group Company any goods, property, intellectual or other property rights or services or (ii) any Contract to which a Group Company is a party or by which it may be bound or affected. None of
the Group Companies is indebted, directly or indirectly, to any Related Party, in any amount whatsoever other than in connection with expenses or advances of expenses incurred in the ordinary course of business or relocation expenses of employees of
such Group Company or the expenses incurred from normal sharing of facilities and office premises. 
  

	 	3.20.	Intellectual Property Rights. 

 (i) Company Intellectual Property. The Group
owns, has the sufficient rights (including but not limited to the rights of development, maintenance, licensing and sale) to, or otherwise has the licenses to use all Intellectual Property (the “Company Intellectual Property”)
(including Company Owned IP and Licensed IP, each as defined below) necessary and sufficient to conduct its business as currently conducted by the Group without any conflict with or infringement of the rights of any other Person.
Section 3.20(i)(A) of the Disclosure Schedule sets forth a complete list of all patents, trademarks, service marks, trade names, domain names and copyrights or other forms of Intellectual Property (the “Company Registered
IP”) for which registrations have been obtained throughout the world (and all applications for, or extensions or reissues of, any of the foregoing throughout the world) that are owned by, or registered or applied for in the name of, any
Group Company. Section 3.20(i)(B) of the Disclosure Schedule sets forth a complete list of all Intellectual Property owned by any Group Company but not covered under Company Registered IP, (together with the Company Registered IP, the
“Company Owned IP”), other than know-how, trade secrets or other confidential information of the Company. For the avoidance of doubts, any disclosed or undisclosed know-how, trade secrets or other confidential information of the
Company shall be considered as the Company Owned IP. Section 3.20(i)(C) of the Disclosure Schedule sets forth a complete list of all Contracts granting to any Group Company a licence to use any Intellectual Property used by all Group
Companies (the “Licensed IP”). 

  
 20 

 (ii) IP Ownership. All of the Company Registered IP are owned by, registered or applied
for solely in the name of a Group Company, are valid and subsisting and have not been abandoned, and all necessary registration, maintenance and renewal fees with respect thereto and currently due have been satisfied. To the Knowledge of the
Warrantors, all other material Company Intellectual Property (other than the Company Registered IP) are owned by, registered or applied for (as applicable) solely in the name of the Group Company, and in all material aspect, are valid and subsisting
and have not been abandoned, and all necessary registration, maintenance and renewal fees with respect thereto and currently due have been satisfied. Neither the Group Company, nor any of its employees, officers or directors has taken any actions or
failed to take any actions that would cause any of Company Owned IP to be invalid, unenforceable or not subsisting. No funding or facilities of a Governmental Authority or an university, college, other educational institution or research center was
used in the development of any Company Owned IP. No Company Owned IP is the subject of any security interest, Lien, license or other Contract granting rights therein to any other Person. Unless otherwise provided in Section 3.20(ii) of
the Disclosure Schedule, no Group Company has (i) transferred or assigned, (ii) granted a license to, or (iii) provided to any Person any Company Owned IP material to its business as now conducted and as proposed to be conducted, to
any Person. No Group Company is or has been a member or promoter of, or contributor to, any industry standards bodies, patent pooling organizations or similar organizations that could require or obligate a Group Company to grant or offer to any
Person any license or right to any Company Owned IP. No Company Owned IP is subject to any proceeding or outstanding Government Order or settlement agreement or stipulation that restricts in any manner the use, transfer or licensing thereof, or any
Group Company’s products or services, by the Company or may affect the validity, use or enforceability of such Company Owned IP. 

(iii) Infringement, Misappropriation and Claims. No Group Company has violated, infringed or misappropriated in any material respect
any Intellectual Property of any other Person, nor has any Group Company received any written notice alleging any of the foregoing. To the Knowledge of the Warrantors, no Person has violated, infringed or misappropriated any material Company
Intellectual Property of any Group Company, and no Group Company has given any written notice to any other Person alleging any of the foregoing. No Group Company has agreed to indemnify any Person for any infringement, violation or misappropriation
of any Intellectual Property. 
 (iv) Assignments and Prior IP. To the Knowledge of the Warrantors, it will not be necessary to
utilize any inventions, trade secrets or proprietary information or other Intellectual Property of any of its employees or of any other Person (whether a former employee of a Group Company or otherwise), except for inventions, trade secrets or
proprietary information or other Intellectual Property that have been properly assigned to and are exclusively owned by a Group Company. To the Knowledge of the Warrantors, they are not aware that any of the Key Employees, employees or consultants,
currently or previously employed or otherwise engaged by any Group Company, is in violation of any current or prior confidentiality, non-competition or non-solicitation obligations to any Group Company or to any other Persons, including former
employers. None of the Key Employees of any Group Company is obligated under any Contract, or subject to any judgment, decree or order of any court or administrative agency, that would interfere with the use of his or her best efforts to promote the
interests of the Group or that would conflict with the business of the Group as presently conducted. 

  
 21 

 (v) Protection of IP. Where the Company is the owner of intellectual property rights in
the Company Intellectual Property, or, where it is necessary and is required under contractual obligations, or, where the Company is required to register an interest as owner or licensee under applicable Laws and Contracts, the Group has taken any
and all reasonable and appropriate steps to, register, protect, maintain and safeguard Company Intellectual Property and has executed appropriate nondisclosure and confidentiality agreements, where necessary and appropriate, each Group Company has
taken all reasonable and appropriate steps to register its Company Owned IP, and where applicable, each Group Company has made all appropriate filings, registrations and payments of fees in connection with the foregoing. Without limiting the
foregoing, all current and former officers, employees, consultants and independent contractors of the Group and all suppliers, customers, distributors, and other third parties having access to any trade secret or proprietary information of any Group
Company, its customers or business partners have executed and delivered to such Group Company an agreement requiring the protection of such trade secret or proprietary information. 

 

	 	3.21.	Labor and Employment Matters. 

 (i) Employees. Section 3.21(i) of the
Disclosure Schedule enumerates each Key Employee of each Group Company, along with each such individual’s title and current compensation rate. Except as set forth in Section 3.21 of the Disclosure Schedule, each such individual is
currently devoting all of his or her business time to the conduct of the business of the Group. No such individual (and no group of employees) has given any notice of intent to resign, and no Group Company has any intention of terminating the
employment of any such individual or any group of employees. To the Knowledge of the Warrantors, no Key Employee of any Group Company is obligated under, or in material violation of any term of, any Contract or any Governmental Order relating to the
right of any such individual to be employed by, or to contract with, such Group Company. No Group Company has received any notice alleging that any such violation has occurred. No Group Company is a party to any collective bargaining agreements or
other Contract with any union or guild, and there are no labor unions, works council or other organizations representing any employee of any Group Company. No employee of the Group Companies is owed any back wages or other compensation for services
rendered (except for the current pay period or as otherwise set forth on the Financial Statements). 
 (ii) Actions; Compliance.
There is no, and there has not been in the last three (3) years, any Action relating to the violation or alleged violation of any Law by any Group Company pertaining to labor relations or employment matters, including any charge or complaint
filed by an employee with any Governmental Authority or any Group Company. Each Group Company has complied in all material respects with all applicable Laws relating to employment, wages, hours, overtime, working conditions, benefits, retirement,
termination, Taxes, and health and safety. Each Group Company is in compliance with each Law relating to its provision of any form of mandatory social insurance and housing fund (the “Social Insurance”), and has paid, or made
provision for the payment of, all Social Insurance contributions required under applicable Law. There has not been, and there is not now pending or, to the Knowledge of the Warrantors, threatened, any strike, union organization activity, lockout,
slowdown, picketing, or work stoppage with respect to the employees of any Group Company or any unfair labor practice charge against any Group Company. There is no pending internal investigation related to any employee or consultant of any Group
Company. 
  

	 	3.22.	Employee Benefits. 

 (i) Except as disclosed in Section 3.22 of the
Disclosure Schedule, neither Company or any of its Group Company has currently or previously adopted or maintained any incentive plan under which any Group Company has any Liability or under any employee or former employee of any Group Company has
any present or future right to benefits (collectively, the “Group Benefit Plan”). There are no pending investigations by any governmental authority involving any Group Benefit Plan and no threatened or pending claims against any
Group Benefit Plan (except for claims for benefits payable in the normal operation of any Group Benefit Plan). All contributions to, and payments from, each Group Benefit Plan have been timely made. Each Group Company maintains, and has fully
funded, any pension plan and any other labor-related plans that it is required by Law or by Contract to maintain. 

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

 

	 	3.23.	Suppliers. 

 Section 3.23 of the Disclosure Schedule is a correct list of
each of the top ten (10) suppliers (with related or affiliated Persons aggregated for purposes hereof) to the Group as well as any material sole-source suppliers to the Group, in each case for the nine (9)-month period ended September 30, 2016,
together with the aggregate amount of the purchases made from each such supplier during such periods. The Warrantors have no reason to believe that, any such supplier is unable, in all material respects, to provide sufficient and timely supplies of
goods and services in order to meet the requirements of the Group’s business consistent with prior practice. No Group Company has experienced or been notified of any material shortage in goods or services provided by its suppliers and has no
reason to believe that any Person listed on Section 3.23 of the Disclosure Schedule would not continue to provide to, or that it would otherwise materially alter its business relationship with, the Group at any time after the Closing on
terms substantially similar to those in effect on the date hereof. There is not currently any dispute pending between the Group and any Person listed on Section 3.23 of the Disclosure Schedule. 

 

	 	3.24.	No Brokers. 

 Neither the Founder nor any Group Company has any Contract with any
broker, finder or similar agent with respect to the transactions contemplated by this Agreement or by any of the Transaction Documents, and none of them has incurred any Liability for any brokerage fees, agents’ fees, commissions or
finders’ fees in connection with any of the Transaction Documents or the consummation of the transactions contemplated therein. 
  

	 	3.25.	Disclosure. 

 The Company has provided the Investor and its professional advisors, with
all the information regarding the Group Companies, that is reasonably sufficient for deciding whether to purchase the Purchased Shares including certain of the Group’s projections describing its proposed business plan, which was prepared in
good faith. No representation or warranty of the Warrantors contained in this Agreement or any certificate furnished or to be furnished to the Investor at the Closing under this Agreement, when taken as a whole, contains any untrue statement of a
material fact or omits to state a material fact necessary in order to make the statements contained herein or therein not misleading in light of the circumstances under which they were made. Except as set forth in this Agreement or the Disclosure
Schedule, to the Knowledge of the Warrantors, there is no fact that the Company has not disclosed to the Investor and of which any of the Warrantors has Knowledge and that has had or would reasonably be expected to have a Material Adverse Effect
upon the financial condition, operating results, assets, customer or supplier relations, employee relations of any Group Company. 
  

	4.	Representations and Warranties of the Investor. 

 The Investor hereby represents and
warrants to the Company that: 

  
 23 

	 	4.1.	Authorization. 

 The Investor is duly registered organized, validly existing and in good
standing under the Law of its place of incorporation and has all requisite power and authority to execute and deliver the Transaction Documents to which it is a party and to carry out and perform its obligations thereunder. All action on the part of
such Investor (and, as applicable, its officers, directors and shareholders) necessary for the authorization, execution and delivery of the Transaction Documents (including its financial obligation to pay the Subscription Price at the Closing in
accordance with Section 2.2(iii) to which it is a party, and the performance of all obligations of such Investor thereunder, has been taken or will be taken prior to the Closing. This Agreement has been duly executed and delivered by
such Investor. This Agreement and each of the Transaction Documents are, or when executed and delivered by such Investor shall be, valid and legally binding obligations of such Investor, enforceable against such Investor in accordance with its
terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other Laws of general application affecting enforcement of creditors’ rights generally and (ii) as limited by Laws relating to the
availability of specific performance, injunctive relief, or other equitable remedies. 
  

	 	4.2.	Purchase for Own Account. 

 The Purchased Shares will be acquired for investment
purposes for the Investor’s own account or the account of one or more of the Investor’s Affiliates, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and the Investor does not have any
present intention of selling, granting any participation in, or otherwise distributing the same. 
  

	 	4.3.	Status of Investor 

 The Investor is an “accredited investor” within the
meaning of Rule 501 of Regulation D of the Securities Act, as presently in effect. 
  

	 	4.4.	Restricted Securities. 

 The Investor understands that the Purchased Shares are
characterized as “restricted securities” under U.S. federal securities Laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such Laws and applicable regulations such
securities may be resold without registration under the Securities Act only in certain limited circumstances. The Investor understands that the Purchased Shares have not been qualified or registered under the Laws of any other jurisdiction and
therefore may be viewed as restricted securities under any or all of such other applicable securities Laws. 
  

	 	4.5.	No Conflicts; Consents 

 Neither the execution, delivery or performance by the Investor
of this Agreement or any other Transaction Document to which it is a party, nor the consummation of the transactions contemplated hereby and thereby, will (i) result in a material violation or material breach of, or material default under, any
provision of the organizational documents of the Investor or (ii)result in a violation of, or give any Governmental Authority the right to challenge any of the transactions contemplated hereby under, any Law or Government Order or stock exchange
rules applicable to the Investor. 
  

	 	4.6.	Actions and Government Orders 

 (a) To the actual knowledge of the Investor, there is no
pending Action and no Person has threatened to commence any Action against the Investor that challenges, or that could have the effect of preventing, delaying, making illegal or otherwise interfering with, any of the transactions contemplated by
this Agreement or any other Transaction Document in any material respect, and (b) there is no Government Order applicable to the Investor that could have the effect of preventing, delaying, making illegal or otherwise interfering with any of
the transaction contemplated by this Agreement or any other Transaction Document in any material respect. 

  
 24 

	5.	Conditions of the Investor’s Obligations at the Closing. 

 The obligations of the
Investor to consummate the Closing under Section 2 of this Agreement, unless otherwise waived in writing by the Investor, are subject to the fulfillment on or before the Closing of each of the following conditions: 

 

	 	5.1.	Representations and Warranties. 

 Each of the representations and warranties of the
Warrantors contained in Section 3 hereof shall be true and complete when made and shall be true and complete on and as of the Closing unless notified to the Investor in writing otherwise, and with the same effect as though such
representations and warranties had been made on and as of the date of such Closing, except in either case for those representations and warranties that address matters only as of a particular date, which representations will have been true and
complete as of such particular date. 
  

	 	5.2.	Performance. 

 Each of the Warrantors shall have performed and complied, in all material
respects, with all agreements, obligations and conditions (except for provisions set forth in this Section 5, which shall be fulfilled in accordance with their own terms) contained in the Transaction Documents that are required to be
performed or complied with by them, on or before Closing, including without limitation (i) the preparation of resolutions of any potential conflict of interest (including conflicts among the Group Companies, Founders, and owners of individual
franchisees, if applicable), and (ii) completion of condition precedents of the Transaction Documents. 
  

	 	5.3.	Authorizations. 

 All Approvals of any competent Governmental Authority or of any other
Person that are required to be obtained by any Warrantor in connection with the consummation of the transactions contemplated by this Agreement (including but not limited to those relating to the lawful issuance of the Purchased Shares) (such
Approvals include but not limited to any waivers of rights of first refusal, preemptive rights, put or call rights or other rights triggered by the Transaction Documents, if any) shall have been duly obtained and effective as of the Closing and
written evidence of these Approvals shall be provided to the Investor to its reasonable satisfaction. 
  

	 	5.4.	Proceedings and Documents. 

 All corporate and other proceedings in connection with the
transactions to be completed at the Closing and all documents incident thereto, including without limitation written approvals, consents or waivers from all of the then current holders of equity interests of each Group Company, if necessary, with
respect to this Agreement and other Transaction Documents and the transactions contemplated hereby and thereby, shall have been completed in form and substance reasonably satisfactory to the Investor, and the Investor shall have received all such
counterpart original or other copies of such documents as it may reasonably request. 

  
 25 

	 	5.5.	Execution of the other Transaction Documents. 

 (i) The Amended and Restated Memorandum
and Articles shall have been duly adopted by all necessary action of the Board of Directors and/or the members of the Company and shall have been duly filed with the appropriate authority(ies) of the Cayman Islands, and such adoption shall have
become effective at the Closing with no alternation or amendment as of the Closing and (ii) the Deeds of Guarantee, the Amended and Restated Right of First Refusal Agreement, and the Amended and Restated Shareholders Agreement having been duly
executed by all parties thereto, other than by the Investor. 
  

	 	5.6.	Closing Certificate. 

 The Company shall have executed and delivered to the Investor at
the Closing a certificate dated as of the Closing (i) stating that the conditions specified in this Section 5 have been fulfilled as of the Closing, and (ii) attaching thereto copies of (1) board and shareholders’
resolutions of the Company and (2) written confirmation from each holder of Series A Preference Shares, Series B Preference Shares, Series C Preference Shares and Series D Preference Shares approving or consenting to the Investor’s
subscription for the Purchased Shares, waiving any preemptive rights, right of first refusal or similar rights they might have in respect of the issuance of the Purchased Shares pursuant to the memorandum and articles of association of the Company
and other transaction documents between the Company/its shareholders currently in effect or under any applicable Law. 
  

	 	5.7.	Business Conditions 

 As of the Closing, the business (as conducted), assets (including
intangible assets), liabilities, financial condition or results of operations of the Company and other Group Companies shall be substantially consistent with what the Warrantors have represented to the Investor under Section 3 hereof,
and shall have experienced no change that, constitutes a Material Adverse Effect or could reasonably be expected to produce a Material Adverse Effect on the Group. 
  

	 	5.8.	Non-Compete Agreement. 

 The Group Companies shall have entered into an agreement with a
non-compete period of at least twenty-four (24) months upon termination of employment with the Group Companies (to the extent permitted by applicable Laws) with each member of the Senior Management Team substantially in the form as attached
hereto as Schedule H hereof (the “Non-Compete Agreement”). 
  

	 	5.9.	Due Diligence 

 The Investor’s business, legal, tax and financial due diligence
investigation of the Group Companies shall have been completed to its satisfaction. 
  

	 	5.10.	Legal Opinion 

 On or prior to Closing, the Investor shall have received an opinion from
Cayman legal counsel to the Company in form and substance satisfactory to the Investor. 

  
 26 

	 	5.11.	Waiver Letter 

 The Company shall have obtained a waiver letter issued by the SPD
Silicon waiving its rights to enforce certain provisions under (a) the loan agreement entered into between SPD Silicon, iClick Beijing, iClick Shanghai, iClick Shenzhen and certain other party regarding extension of a loan in the principal
amount of RMB30,000,000, and (b) the loan agreement entered into between SPD Silicon, iClick (HK) and China Search (HK) regarding extension of the loans in the principal amount of US$4,950,000. SPD Silicon shall effectively waive in such waiver
letter its rights, remedy or any penalty it may resort to under the aforesaid loan agreements triggered by the inadvertent breach of the aforesaid loan agreements by the borrowers, which occurred as a result of the Company’s failure to maintain
its EBITDA ratio for the third quarter of the fiscal year of 2016. 
  

	6.	Conditions of the Company’s Obligations at the Closing. 

 The obligations of the
Company to consummate the Closing under Section 2 of this Agreement, unless otherwise waived in writing by the Company, are subject to the fulfillment on or before the Closing of each of the following conditions: 

 

	 	6.1.	Representations and Warranties. 

 Each of the representations and warranties of the
Investor contained in Section 4 shall be true and complete in all material aspects when made and on and as of the Closing, with the same effect as though such representations and warranties had been made on and as of the date of the
Closing, except in either case for those representations and warranties that address matters only as of a particular date, which representations will have been true and complete in all material aspects as of such particular date. 

 

	 	6.2.	Performance. 

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

 

	 	6.3.	Execution of the other Transaction Documents. 

 Each of the Transaction Documents to
which the Investor is a party shall have been duly executed and delivered by the Investor. 
  

	7.	Covenants and Other Agreements. 

  

	 	7.1.	Use of proceeds 

 Unless otherwise approved by the written consent of the Investor, the
Company shall be entitled to allocate or otherwise use the net proceeds received from the issuance of the Purchased Shares only for: 
 (i)
general working capital in support of the Group Companies’ future business development; 

  
 27 

 (ii) costs and expenses in connection with the development and upgrading of Group Companies’
technology platform; and 
 (iii) equity investment in entities which have a business cooperation relationship with the Group. 

Such proceeds shall not be used to repay any indebtedness of any Group Company or any of its Affiliates, to repurchase, redeem or cancel any
Equity Securities of any Group Company or to make any payments to any Related Party of any Group Company or any of its Affiliates or for any other purpose not permitted under the foregoing, except otherwise approved by the Investor. 

 

	 	7.2.	Notice of Certain Events. 

 If at any time before Closing, any Party comes to know any
material fact or event which is in any way materially inconsistent with any of the representations and warranties in Section 2.1 hereof or in the Disclosure Schedule that would likely to cause any conditions to the Closing under
Section 5 or Section 6 not being satisfied or fulfilled, such Party shall promptly notify the other Party in writing, describing the fact or event in reasonable detail; provided that either Party’s failure to give notice
of such fact or event shall not be deemed to be a breach of the covenant contained in this Section 7.2 or be taken into account in determining whether the conditions to Closing set forth in Section 5 and Section 6
have been satisfied. 
  

	 	7.3.	Reservation of Ordinary Shares.  

 The Company shall at all times keep
reserved for issuance and allotment upon conversion of the Purchased Shares such number of the Ordinary Shares of the Company as are from time to time issuable upon conversion of such Purchased Shares and, from time to time, will take all steps
necessary to amend its memorandum of articles of association of the Company then in effect to provide sufficient reserves of the Ordinary Shares issuable upon conversion of such Purchased Shares. 

 

	 	7.4.	Preservation of Redemption Right. 

 (i) At any time prior to the full satisfaction or
discharge of the Guaranteed Obligations (as defined in the Deeds of Guarantee), the Company shall, and the Founders shall procure the Company to, ensure that the Deeds of Guarantee shall continue to be in full force and effect at all times. 

(ii) The Company shall not, and the Founders shall procure the Company not to, do any of the following without the prior written consent of
the Investor: (a) create or incur any obligation that ranks senior to or pari passu with the right to receive payment of the Series E Redemption Price (as defined in the Amended and Restated Memorandum and Articles); (b) other than
pursuant to the deeds of guarantees provided by the Guarantors to the Series C Investor and the Series D Investor (each as defined in the Amended and Restated Memorandum and Articles), permit any Guarantor to grant any indemnity or guarantee or
similar obligation unless expressly subordinated to the rights of the Investor under the Deeds of Guarantee or grant any security interest over all or any part of the assets or rights of such Guarantor; (c) issue any Series E Preference Shares
other than the Purchased Shares, (except for any issuance in connection with any share split, share dividend, combination, or similar transaction of the Company); or (d) issue any Equity Securities that are mandatorily redeemable or redeemable
at the option of holder at any time on or prior to the full redemption of the Series E Preference Shares. 
  

	 	7.5.	Compliance with Applicable Laws. 

 The Company and the Founders shall ensure that each
Group Company shall continue to comply in all material respects with any and all applicable Laws. 

  
 28 

	 	7.6.	Efforts to Consummate 

 Each Party shall use best efforts to take, or cause to be taken,
all actions and to do, or cause to be done, all things necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement in the most expeditious manner possible, including satisfaction (but not waiver)
of the conditions to Closing set forth in Sections 5 and 6. Neither Party nor any of its Affiliates or Representatives shall take any action that could reasonably be expected to have the effect of delaying, impairing or impeding the consummation of
the Closing. 
  

	 	7.7.	Other PRC related covenants 

  

	 	a)	Within three (3) months after the Closing, or such longer period as the Investor may agree otherwise, the Company and the Founders shall procure Cong Wei

 and Liu Jiping

 to file for all the requisite foreign exchange registration with the relevant Governmental Authority, or to transfer their shares to a non-PRC citizen. 

 

	 	b)	As soon as practicable but in no event later than six (6) months after the Closing, the Group shall cause Beijing OptAim to file and register with competent local branch of the SAIC regarding transfers of equity
interests of Beijing OptAim to Jiao Jie

 after which she is holding the fifty one percent (51%) of the equity interests of Beijing OptAim. 

  

	 	c)	As soon as practicable but in no event later than six (6) months after the Closing, the Group shall cause OptAim WFOE, Beijing OptAim and Shanghai OptAim to file and register with competent local branch of the SAIC
updating their board constituency showing that the respective board of OptAim WFOE, Beijing OptAim and Shanghai OptAim is comprised of three directors who are Tang Jian

 and the Founders. 

  

	 	d)	Within six (6) months after the Closing, or such longer period as the Investor may agree otherwise, the pledge over the equity interest of Beijing OptAim held by Tang Jian

 and Jiao Jie

 created pursuant to certain amended and restated share pledge agreement entered into by and among OptAim WFOE, Beijing OptAim, Tang Jian

 and Jiao Jie

 dated as of July 24, 2015, shall be registered with the competent local branch of the SAIC in favor of OptAim WFOE as the pledgee. 

 

	 	e)	As soon as practicable but in no event later than six (6) months after the Closing, the Group shall cause each relevant Group Company incorporated in PRC to file with competent local branch of the SAIC to change
its registered address (as shown on its business license) to conform with the actual place of business where such Group Company operates, and submit its office lease agreement(s) for filing with relevant governmental authorities. 

 

	 	f)	As soon as practicable but in no event later than six (6) months after the Closing, the Group shall cause: (i) Beijing iClick to register its office premise located at 21/F, Pearl River Tower, No. 15,
Zhujiang West Road, Tianhe District, Guangzhou City

 15

 21

 as its branch office, and (ii) OptAim WFOE to register its office premise located at Room 3203, No.7, Huacheng Avenue, Tianhe District, Guangzhou City

 7

 3203

 as its branch office with the local branch of the SAIC. 

  
 29 

	 	7.8.	IP Covenant 

 The Group shall own, have sufficient rights (including but not limited to
the rights of development, maintenance, licensing and sale) to, or otherwise have the licences to use all Intellectual Property (including all Company Intellectual Property) necessary and sufficient for the conduct of any business proposed to be
conducted by the Group without any conflict with or infringement of the rights of any other Person. 
  

	 	7.9.	Other HK related covenants 

  

	 	a)	As soon as practicable but in no event later than six (6) months after the Closing, the Group shall cause (i) China Search (HK) to file with relevant Hong Kong governmental bureau to register the guaranty
provided by China Search (HK) pursuant to certain guarantee agreement dated as of July 28, 2016 securing iClick Beijing’s obligation as the debtor to SPD Silicon as the lender under certain loan agreement, and (ii) DMG HK to file with
relevant Hong Kong governmental bureau to register the charge created over the depository certificate of DMG HK pursuant to certain charge agreement dated as of May 20, 2016 securing iClick Beijing’s obligation as the debtor to Bangkok
Bank (China) Company Limited

 as the lender under certain loan agreement. 

  

	 	b)	As soon as practicable after the Closing, China Search (HK) shall renew certain distribution agreement with Baidu (Hong Kong) Limited which has expired on December 31, 2015

, and iClick (HK) shall renew certain APAC Agency Capability Fund Agreement dated as of June 8, 2015 with Google Asia Pacific Pte. Ltd, which has expired prior to the date hereof. 

 

	8.	Termination 

  

	 	8.1.	Effective Date; Termination. 

 This Agreement shall become effective upon execution by
all the Parties and shall continue in force until terminated in accordance with Section 8.2. 
  

	 	8.2.	Events of Termination. 

 This Agreement may be terminated prior to Closing as follows:

 (i) by written consent of all the Parties; 

(ii) by either the Company or the Investor upon written notice to the other Parties, if the Closing has not occurred on or before
December 31, 2016, which date may be extended from time to time by mutual consent of the Parties, provided, that the right to terminate this Agreement under this Section 8.2(ii) shall not be available to the Investor if the failure
of the Investor to fulfill, or a breach by the Investor of, any obligation under this Agreement has been the cause of, or resulted in, the failure of the Closing to occur on or before such date and shall not be available to the Company or the
Founders if the failure of either the Company or the Founders to fulfill, or a breach by either the Company or the Founders of, any obligation under this Agreement has been the cause of, or resulted in, the failure of the Closing to occur on or
before such date. 

  
 30 

	 	8.3.	Effect of Termination. 

 In the event of termination of this Agreement pursuant to
Section 8.2, this Agreement (other than the provisions of Section 8 and Section 9, which shall survive such termination) shall then be null and void and have no further force and effect and all other rights and
liabilities of the Parties hereunder will terminate without any liability of any Party to any other Party, except for liabilities arising in respect of breaches of this Agreement by any Party prior to such termination. For the avoidance of doubt,
notwithstanding any provision to the contrary in this Section 8.3, Section 9.6 and Section 9.7 shall not survive any termination of this Agreement pursuant to Section 8.2. 

 

	9.	Miscellaneous. 

  

	 	9.1.	Further Assurances. 

 Upon the terms and subject to the conditions herein, each of the
Parties hereto agrees to use its reasonable best efforts to take or cause to be taken all action, to do or cause to be done, to execute such further instruments, and to assist and cooperate with the other Parties hereto in doing, all things
necessary, proper or advisable under applicable Laws or otherwise to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement and the other Transaction Documents, and to the extent
reasonably requested by another Party, to enforce rights and obligations pursuant hereto or thereto. 
  

	 	9.2.	Successors and Assigns. 

 Except as otherwise provided herein, the terms and conditions
of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties hereto whose rights or obligations hereunder are affected by such terms and conditions. This Agreement, and the rights and
obligations hereunder, shall not be assigned without the mutual written consent of the Investor and the Company, provided that the Investor may assign its rights and obligations (i) to any of its Affiliates who shall have substantially similar
financial and business substance to that of the Investor on or before Closing (the “Qualified Affiliates”), and (ii) (following the Closing) to any transferee(s) of the Purchased Shares permitted under the Transaction Documents
without consent of the other Parties under this Agreement, and for the avoidance of doubt any assignee of any Party shall continue to be bound by the terms and conditions together with the covenants contained in this Agreement, the Shareholders
Agreement, the Amended and Restated Shareholders Agreement, the Right of First Refusal Agreement and the Amended and Restated Right of First Refusal Agreement to which the transferring shareholder was subject prior to such assignment. 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. 
  

	 	9.3.	Governing Law. 

 This Agreement shall be governed by and construed under the Laws of the
Hong Kong S.A.R. without regard to the principles of conflicts of law thereof that would apply the laws of another jurisdiction. 
  

	 	9.4.	Dispute Resolution. 

 (i) Any dispute, controversy or claim (each, a
“Dispute”) arising out of or relating to this Agreement, or the interpretation, breach, termination or validity hereof, shall be resolved at the first instance through consultation between the parties to such Dispute. Such
consultation shall begin immediately after any party has delivered written notice to any other party to the Dispute requesting such consultation. 

  
 31 

 (ii) If the Dispute is not resolved within thirty (30) days following the date on which such
notice is given, the Dispute shall be submitted to arbitration upon the request of any party to the Dispute with notice to each other party to the Dispute (the “Arbitration Notice”). 

(iii) The arbitration shall be conducted in the Hong Kong S.A.R. and shall be administered by the Hong Kong International Arbitration Centre
(“HKIAC”) in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules in force at the time of the commencement of the arbitration. However, if such rules are in conflict with the provisions of
this Section 9.4, including the provisions concerning the appointment of arbitrators, the provisions of this Section 9.4 shall prevail. 

(iv) The arbitration proceedings shall be conducted in English. There shall be one (1) arbitrator, who shall be qualified to practice law
in the Hong Kong S.A.R. 
 (v) Each party to the arbitration shall cooperate with each other party to the arbitration in making full
disclosure of and providing complete access to all information and documents requested by such other party in connection with such arbitration proceedings, subject only to any confidentiality obligations binding on such party. 

(vi) Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction
pending the constitution of the arbitral tribunal. 
 (vii) During the course of the arbitration tribunal’s adjudication of the
dispute, this Agreement shall continue to be performed except with respect to the part in dispute and under adjudication. 
 (viii) The
award of the arbitration tribunal shall be final and binding upon the parties, and the prevailing party may apply to a court of competent jurisdiction for enforcement of such award. 

(ix) For the purposes of service and delivery of documents under arbitration, the Parties agree that where any Party is a legal entity
incorporated or registered outside of the Hong Kong S.A.R., the physical address in the Hong Kong S.A.R. provided by them for receiving notices as set out under their signatures on the execution page shall be the address at which they shall accept
service and receive documents, and delivery to such address shall constitute valid service and delivery to that Party. 
  

	 	9.5.	Notices. 

 Any notice required or permitted pursuant to this Agreement shall be given in
writing and shall be given either personally or by sending it by next-day or second-day courier service, fax, electronic mail or similar means to the address as shown below the signature of such Party on the signature page of this Agreement (or at
such other address as such Party may designate by fifteen (15) days’ advance written notice to the other Parties to this Agreement given in accordance with this Section 9.5). Where a notice is sent by next-day or second-day
courier service, service of the notice shall be deemed to be effected by properly addressing, pre-paying and sending by next-day or second-day service through an internationally-recognized courier a letter containing the notice, with a confirmation
of delivery, and to have been effected at the expiration of two (2) days after the letter containing the same is sent as aforesaid. Where a notice is sent by fax or electronic mail, service of the notice shall be deemed to be effected by
properly addressing, and sending such notice through a transmitting organization, with a written confirmation of delivery, and to have been effected on the day the same is sent as aforesaid. 

  
 32 

	 	9.6.	Indemnity. 

 (i) Subject to Section 9.7, each Warrantor hereby agrees to
jointly and severally indemnify and hold harmless the Investor, and such Investor’s Affiliates, directors, officers, agents, partners, limited partners, members, employees and assigns (the “Indemnified Parties”), from and
against any and all Indemnifiable Losses suffered by such Investor, or such Investor’s Affiliates, directors, officers, agents partners, limited partners, members, employees and assigns, directly or indirectly, as a result of, or based upon or
arising from (a) any inaccuracy in or breach or non-performance of any of the representations, warranties, covenants or agreements made by any Warrantor or any Group Company in or pursuant to this Agreement or any other Transaction Document,
and (b) any Tax Liability of any Group Company arising out of any failure, by any Warrantor to comply with Circular 698 and Announcement 7 with respect to payment of Taxes or statutory withholding obligation for indirect transfer of equity
interest in PRC incorporated company pursuant to Circular 698 and Announcement 7. 
 (ii) Any Party seeking indemnification with respect to
any Indemnifiable Loss shall give written notice to the party required to provide indemnity hereunder (the “Indemnifying Party”). 

(iii) Any Indemnifiable Losses must be brought to the Indemnifying Party within twenty-four (24) months from the date of the Closing, failing
which, the Indemnity under this Agreement becomes null and void. 
 (iv) If an Indemnified Party seeks indemnification under this Agreement
in respect of, arising out of or involving a claim or demand made by any third Person against the Indemnified Party (a “Third Party Claim”), the Indemnifying Party shall upon the written request of the Indemnified Party (the
“Indemnity Notice”), have the right to assume the defense of such Third Party Claim (at its option and at its own expense, with counsel reasonably acceptable to Indemnified Party) by written notice to the Indemnified Party within
fifteen (15) days of its receipt of the Indemnity Notice; provided, however, that the Indemnified Party may participate in any such defense with its own counsel at its own expense. The Parties hereto agree to cooperate fully with each other in
connection with the defense, negotiation or settlement of any such Third Party Claim. To the extent the Indemnifying Party elects not to defend such proceeding, claim or demand, and the Indemnified Party defends against or otherwise deals with any
such proceeding, claim or demand, the Indemnified Party may retain counsel, at the expense of the Indemnifying Party, and control the defense of such proceeding; it being understood and agreed that if the Indemnifying Party fails to notify the
Indemnified Party within fifteen (15) days after receipt of any Indemnity Notice that the Indemnifying Party elects to assume such defense, or if the Indemnifying Party elects to assume such defense but fails to diligently prosecute or settle
the Third Party Claim, then the Indemnified Party shall have the right to control such defense at the cost and expense of the Indemnifying Party. Furthermore, if the Indemnified Party has reasonably concluded that there is a conflict of interest
between the Indemnifying Party and the Indemnified Party, the Indemnifying Party shall bear the reasonable costs and expenses of one counsel to the Indemnified Party in connection with such defense. In addition, an Indemnified Party shall have the
right to control the defense of any Third Party Claim at the expense of the Indemnifying Party if the claim seeks an injunction or other equitable relief (excluding damages at law) or involves allegations of criminal conduct or could otherwise
materially adversely affect the Group. Assumption by the Indemnified Party of control of any such defense, compromise, or settlement shall not be deemed a waiver of its right to indemnification hereunder. Neither the Indemnifying Party nor the
Indemnified Party may settle any such Third Party Claim without the consent of the other, such consent not to be unreasonably withheld or delayed. 

(v) The rights contained in this Section 9.6 shall not be deemed to preclude or otherwise limit in any way the exercise of any
other rights or pursuit of other remedies for the breach of this Agreement or with respect to any misrepresentation. In addition, each of the Indemnified Parties (other than the Investor) is intended to be, and is hereby expressly made, a third
party beneficiary of each Warrantor’s obligations contained in this Section 9.6. 

  
 33 

	 	9.7.	Limitations and Other Matters Relating to Indemnification. 

 Other than in relation to a
claim arising from fraud or willful misconduct on the part of an Indemnifying Party, (i) the aggregate liability of the Warrantors in respect of all and any claims pursuant to, or in connection with, this Agreement shall in no event exceed an
amount equal to 100% of the Subscription Price to the extent actually paid by the Investor to the Company immediately prior to its issuance of such Indemnification Notice (the “Indemnification Cap”). 

 

	 	9.8.	Confidentiality. 

 (i) Each Party undertakes to the other Parties that it shall not
reveal, and that it shall procure that its Representatives who are in receipt of any Confidential Information do not reveal, to any third party any Confidential Information without the prior written consent of the other Parties or use any
Confidential Information in such manner that is detrimental to the Company or the concerned Party, as the case may be. The term “Confidential Information” as used in this Section 9.8 means, (a) the terms of this
Agreement and the terms of any of the other Transaction Documents, and (b) the identities of the Parties and their respective Affiliates. 

(ii) The provisions of this Section 9.8 shall not apply to: (a) disclosure by the Company or Investor to those of its
Representatives or Affiliates or their respective investors or internal investment committees who need to know such Confidential Information for the purpose of evaluating the Investor’s investment in the Company, provided that such
Representative or Affiliate (1) is subject to obligations of confidentiality similar to those to which the Investor is subject under this Agreement or (2) is otherwise under a binding professional obligation of confidentiality;
(b) disclosure by a Party to the extent required under applicable Law, provided that the disclosing Party shall (1) give reasonable prior notice to the other Parties; (2) consult with the other Parties and provide a reasonable
opportunity for the other Parties to review and comment on the proposed disclosure; and (3) if requested by the other Parties, exercise its best efforts to obtain reliable assurance that confidential treatment will be accorded to the disclosed
Confidential Information; (c) disclosure by the Investor to its Affiliates and their respective investors (including prospective limited partners in fund raising activities) and internal investment committees (provided that the recipient is
subject to obligations of confidentiality similar to those to which the Investor is subject under this Agreement); or (d) (following the Closing) disclosure by the Investor to any transferee(s) or proposed transferee(s) of the Purchased Shares
and their Representatives, provided that such Person (1) is subject to obligations of confidentiality similar to those to which the Investor is subject under this Agreement, or (2) is otherwise under a binding professional obligation of
confidentiality. The receiving Party agrees that it is responsible to the Party whose Confidential Information is disclosed for any action or failure to act that would constitute a breach or violation of any of the terms of this
Section 9.8 by any of its Representatives or Affiliates or their respective investors or internal investment committees. 
  

	 	9.9.	Publicity. 

 Except as required by Law, by any Governmental Authority or otherwise
agreed by all the Parties, no publicity release or public announcement shall be made by any Party in connection with this Agreement or any transaction contemplated hereunder or concerning the relationship or involvement of the Parties. Any Party
required by Law or by any Governmental Authority to make such a publicity release or public announcement shall, to the extent reasonably practicable in the circumstances, provide in advance a draft to the other Parties to review, and take into
account all reasonable requests of such other Parties concerning the form and content of such release or announcement. 

  
 34 

	 	9.10.	Rights Cumulative. 

 Each and all of the various rights, powers and remedies of a Party
hereto will be considered to be cumulative with and in addition to any other rights, powers and remedies which such Party may have at law or in equity in the event of the breach of any of the terms of this Agreement. The exercise or partial exercise
of any right, power or remedy will neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such Party. 
  

	 	9.11.	Fees and Expenses. 

 Each Party shall bear its own expenses in connection with the
preparation and negotiation of this Agreement and the other Transaction Documents or (except as otherwise provided herein) in connection with its performance under this Agreement and the other Transaction Documents or the consummation of the
transactions contemplated thereby, including all fees and expenses of such Party’s agents, representatives, financial and legal advisors and accountants. 
  

	 	9.12.	Severability. 

 In case any provision of this Agreement shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. If, however, any provision of this Agreement shall be invalid, illegal, or unenforceable under any applicable
Law in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such Law, or, if for any reason it is not deemed so modified, it shall be invalid, illegal, or unenforceable only to the extent
of such invalidity, illegality, or limitation on enforceability without affecting the remaining provisions of this Agreement, or the validity, legality, or enforceability of such provision in any other jurisdiction. 

 

	 	9.13.	Amendments and Waivers. 

 Any term of this Agreement may be amended and the observance
of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of each Party. Any amendment or waiver effected in accordance with this paragraph
shall be binding upon each of the Parties hereto. 
  

	 	9.14.	No Waiver. 

 Failure to insist upon strict compliance with any of the terms, covenants,
or conditions hereof will not be deemed a waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy power hereunder at any one or more times be
deemed a waiver or relinquishment of such right, power or remedy at any other time or times. 
  

	 	9.15.	Delays or Omissions. 

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

  
 35 

	 	9.16.	No Presumption. 

 The Parties acknowledge that any applicable Law that would require
interpretation of any claimed ambiguities in this Agreement against the Party that drafted it has no application and is expressly waived. If any claim is made by a Party relating to any conflict, omission or ambiguity in the provisions of this
Agreement, no presumption or burden of proof or persuasion will be implied because this Agreement was prepared by or at the request of any Party or its counsel. 
  

	 	9.17.	Headings and Subtitles; Interpretation. 

 The titles and subtitles used in this
Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. Unless a provision hereof expressly provides otherwise: (i) the term “or” is not exclusive; (ii) words in the
singular include the plural, and words in the plural include the singular; (iii) the terms “herein”, “hereof”, and other similar words refer to this Agreement as a whole and not to any particular section, subsection,
paragraph, clause, or other subdivision; (iv) the term “including” will be deemed to be followed by “, but not limited to,”; (v) the masculine, feminine, and neuter genders will each be deemed to include the others;
(vi) the terms “shall”, “will”, and “agrees” are mandatory, and the term “may” is permissive; (vii) the term “day” means “calendar day”; (viii) all references to dollars or
to “US$” are to currency of the United States of America (and shall be deemed to include reference to the equivalent amount in other currencies); and (ix) all references to any agreement, document or instrument are to such agreement,
document or instrument as amended, supplemented and modified in effect from time to time in accordance with its terms. 
  

	 	9.18.	Counterparts. 

 This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. Facsimile and e-mailed copies of signatures shall be deemed to be originals for purposes of the effectiveness of this Agreement. 

 

	 	9.19.	Entire Agreement. 

 This Agreement and the other Transaction Documents, together with
all exhibits and schedules hereto, constitute the full and entire understanding and agreement among the Parties with regard to the subject matter hereof and thereof, and supersede all other agreements between or among any of the Parties with respect
to the subject matter hereof and thereof, and no Party shall be liable or bound to any other Party in any manner by any warranties, representations, or covenants except as specifically set forth herein or therein. 

[Signature pages follow.] 

  
 36 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the day and year herein
above first written. 
 COMPANY: 
  

			
	OPTIMIX MEDIA ASIA LIMITED
		
	By:	 	     /s/ Sammy Hsieh

		 	Print Name: Sammy Hsieh
		 	Title: CEO
		
		 	Address:

 [Signature Page to SHARE SUBSCRIPTION AGREEMENT] 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the day and year herein
above first written. 
 FOUNDERS: 
 HSIEH, WING HONG
SAMMY 
  

			
	By:	 	     /s/ Wing Hong Sammy Hsieh

		 	ID NUMBER: K096776(9)

        Address: Flat 23,
16/F, Block 1, Fontana Gardens, Ka Ning Path, Causeway Bay, Hong Kong 

			
		 	Email: sammy.hsieh@i-click.com

 NG, YAU PING RICKY 
  

			
	By:	 	     /s/ Yau Ping Ricky Ng

		 	ID NUMBER: V029871(9)

        Address: C2, 13/F,
San Po Kong Mansion, San Po Kong, Kowloon, Hong Kong 

			
		 	Email: ricky.ng@i-click.com

 [Signature Page to SHARE SUBSCRIPTION AGREEMENT] 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the day and year herein
above first written. 
 INVESTOR: 
 Shenwan Hongyuan
Goldspring Fund I 
  

			
	By:	 	         /s/ Juan Zheng

		 	Print Name: Zheng Juan
		 	Title: Director

        Address: Unit B&C, 24/F, United Centre, 95 Queensway, Admiralty, Hong Kong 

[Signature Page to SHARE SUBSCRIPTION AGREEMENT] 

 SCHEDULE A 

[RESERVED] 

  
 SCHEDULE A 

 SCHEDULE B-1 

PARTICULARS OF GROUP COMPANIES 

Schedule of Group Companies 
  

																			
	 Name of Company
	 	 Registered Address
	 	 Incorporation
Date
	 	 Company
No.
	 	 Place of
Incorporation
	 	 Director(s)
	 	 Authorised
shares
	 	 Issued Shares
	 	 Subsidiaries
	 	 Shareholders

	Optimix Media Asia Limited (Hong Kong)	 	Unit 1508, Prosperity Millennia Plaza, 663 King’s Road, Quarry Bay, Hong Kong	 	March 25, 2009	 	1325044	 	Hong Kong	 	 1  Hsieh, Wing Hong Sammy;

 
 2. Ng Yau Ping
	 	11,000 ordinary shares of HK$1 each	 	11,000	 	 1. Tetris Media Limited (100%)
  

2. iClick Interactive Asia Limited (100%)
  

3. Digital Marketing Group Limited
 (100%)

 
 4. iClick Interactive (Singapore) Pte. Ltd. (100%)

 
 5. Performance

Media Group
 Limited (100%)
	 	Optimix Media Asia Limited (Cayman)
										
	iClick Interactive Asia Limited	 	Unit 1508, Prosperity Millennia Plaza, 663 King’s Road, Quarry Bay, Hong Kong	 	December 17, 2008	 	1294990	 	Hong Kong	 	Hsieh, Wing Hong Sammy	 	10,000 ordinary shares of HK$1 each	 	10,000	 	 iClick Interactive
 Asia Limited Taiwan

Branch
	 	 Optimix Media Asia
 Limited

(Hong Kong)

										
	Digital Marketing Group Limited	 	 Unit 1507-08, Prosperity Millennia Plaza, 663 King’s Road,

Quarry Bay, Hong Kong
	 	October 25, 2006	 	1082945	 	Hong Kong	 	 1. Hsieh, Wing Hong Sammy
  

2. Ng Yau Ping
	 	10,000 ordinary shares of HK$1 each	 	10,000	 	 iClick Interactive (Beijing) Advertisement Co., Ltd. 

  
 

  
 (100%)
	 	 Optimix Media Asia
 Limited

(Hong Kong)

  
 SCHEDULE B-1 

																			
	 Name of Company
	 	 Registered Address
	 	 Incorporation
Date
	 	 Company
No.
	 	 Place of
Incorporation
	 	 Director(s)
	 	 Authorised
shares
	 	 Issued Shares
	 	 Subsidiaries
	 	 Shareholders

	Tetris Media Limited	 	 Unit 1110-11, Prosperity

Millennia Plaza, 663 King’s Road,
 Quarry Bay, Hong
Kong
	 	 July 23,
 2007
	 	1152087	 	Hong Kong	 	1. Hsieh, Wing Hong Sammy 2. Ng Yau Ping	 	10,000 ordinary shares of HK$1 each	 	10,000	 	 Tetris Media
 (Shanghai) Co. Ltd.

  
 

 (100%)
	 	 Optimix Media Asia Limited
 (Hong
Kong)

										
	Diablo Holdings Corporation	 	 ABM Corporate Services Limited, ABM Chambers, PO Box 2283,

Road Town, Tortola VG1110,
 British Virgin Islands
	 	 August 19,
 2010
	 	1601463	 	BVI	 	Hsieh, Wing Hong Sammy	 	50,000 ordinary shares of US$1 each	 	1	 	 Harmattan Capital Holdings
 Corporation (100%)

 
 i-Click Interactive Taiwan Limited (through trust agreement) (100%)
	 	 Optimix Media Asia Limited
 (Cayman)

										
	 Harmattan
 Capital Holdings

Corporation
	 	 ABM Corporate Services Limited, ABM Chambers, PO Box 2283,

Road Town, Tortola VG1110,
 British Virgin Islands
	 	 August 19,
 2010
	 	1601602	 	BVI	 	Hsieh, Wing Hong Sammy	 	50,000 ordinary shares of US$1 each	 	200	 	China Search Asia Limited (100%)	 	Diablo Holdings Corporation (100%)
										
	 China Search (Asia) Limited
 

  
 

	 	 31st Floor, Prosperity Millennia

Plaza, 663 King’s Road, North
 Point, Hong Kong
	 	September 17, 2010	 	1506578	 	Hong Kong	 	Hsieh, Wing Hong Sammy	 	1 ordinary share of HK$1 each	 	1	 	 Search Asia Technology (SZ)
 Ltd

  
 

 (100%)
	 	Harmattan Capital Holdings Corporation

  
 SCHEDULE B-1 

																			
	 Name of Company
	 	 Registered Address
	 	 Incorporation
Date
	 	 Company
No.
	 	 Place of
Incorporation
	 	 Director(s)
	 	 Authorised
shares
	 	 Issued Shares
	 	 Subsidiaries
	 	 Shareholders

	iClick Interactive (Singapore) Pte. Ltd.	 	809 French Road, #05-102 Kitchener Complex, Singapore (200809)	 	January 24, 2011	 	2011021 23M	 	Singapore	 	 1. Hsieh, Wing Hong Sammy
  

2. Goh Soo Chao
	 	50,000 ordinary shares of SGD1 each	 	50,000	 	Nil	 	 Optimix Media Asia Limited
 (Hong
Kong)

										
	 iClick Interactive
 Asia Limited Taiwan
Branch
	 	 (104)

  
 

	 	April 9, 2015	 	1040105 1470	 	Taipei, Taiwan	 	Hsieh, Wing Hong Sammy	 	NTD 500,000	 	NTD 500,000	 	Nil	 	iClick Interactive Asia Limited (Hong Kong)
										
	 iClick Interactive (Beijing) Advertisement
 Co.,
Ltd. 
 

  
 

	 	 Room 806, Floor 7, Block 237, Chaoyang North Road, Chaoyang, Beijing, China, 100123

  
 

	 	 January 25,
 2011
	 	9111010 5563603 77XH	 	The People’s Republic of China	 	Ng Yau Ping	 	RMB90,000, 000	 	RMB90,00 0,000	 	Nil	 	Digital Marketing Group Limited
										
	 Search Asia Technology (SZ) Ltd 
 

  
 

	 	 Room 206, Floor 2, Honglong Central Square, Guiyuan Road, Luohu, Shenzhen, Guangdong, China, 518001 

  
 

  
 

	 	 January 30,
 2011
	 	4403015 0339322 7	 	The People’s Republic of China	 	Hsieh, Wing Hong Sammy	 	RMB1,000,0 00	 	 RMB1,000,
 000
	 	Nil	 	 China Search
 (Asia)
Limited

  
 SCHEDULE B-1 

																			
	 Name of Company
	 	 Registered Address
	 	 Incorporation
Date
	 	 Company
No.
	 	 Place of
Incorporation
	 	 Director(s)
	 	 Authorised
shares
	 	 Issued Shares
	 	 Subsidiaries
	 	 Shareholders

	 Performance
 Media Group Limited
	 	31st Floor, Prosperity Millennia Plaza, 663 King’s Road, North Point, Hong Kong	 	January 21, 2013	 	1854204	 	Hong Kong	 	 1. Optimix Media Asia Limited (Hong Kong)
  

2. Wong Pi Yan
	 	1 ordinary share of HK$1 each	 	1	 	Nil	 	 Optimix Media Asia Limited
 (Hong
Kong)

										
	 Tetris Media (Shanghai) Co.
 Ltd.

 

	 	 Room108, Block 4, 925 Ye Cheng Lu
 Jia Ding Qu,
Shanghai, China, 201821
 

 

	 	July 5, 2013	 	9131000 0071239 4735	 	The People’s Republic of China	 	Ng Yau Ping	 	USD2,000,0 00	 	USD2,000, 000	 	Nil	 	Tetris Media Limited
										
		 		 		 		 		 		 		 		 		 	
										
	i-Click Interactive Taiwan Limited	 	 Unit 1508, Prosperity Millennia
 Plaza, 663
King’s Road, Quarry
 Bay, Hong Kong
	 	May 23, 2011	 	1605453	 	Hong Kong	 	Hsieh, Wing Hong Sammy	 	10,000 ordinary shares of HK$1 each	 	1	 	i-Click Interactive Taiwan Limited – Taiwan Branch (100%)	 	Diablo Holdings Corporation (through trust agreement) (100%)
										
	 i-Click Interactive

Taiwan Limited
 Taiwan Branch
	 	 

 

	 	7 September, 2011	 	5301731 0	 	Taipei, Taiwan	 	 1. Hsieh, Wing Hong Sammy
  

2. Chang, Hsi- Ning
	 	NTD350,000	 	NTD350,0 00	 	Nil	 	i-Click Interactive Taiwan Limited

  
 SCHEDULE B-1 

																			
	 Name of Company
	 	 Registered Address
	 	 Incorporation
Date
	 	 Company
No.
	 	 Place of
Incorporation
	 	 Director(s)
	 	 Authorised
shares
	 	 Issued Shares
	 	 Subsidiaries
	 	 Shareholders

	 Buzzinate Company Limited
  

  
 

	 	 15th Floor, Prosperity Millennia
 Plaza, 663
King’s Road, Quarry Bay, Hong Kong
	 	25 March, 2009	 	1323609	 	Hong Kong	 	 1. Lee Yan Shu

2. John B. Chen
 3. Hsieh Wing Hong Sammy
4. Wong Pi Yan
 5. Jiao Jie
	 	15,600,000 ordinary shares of HK$1 each and 20,786,667 ordinary shares of USD 0.09621552 each	 	36,386,667	 	  
 1.

  
 

  
 2.

  
 

	 	 Optimix Media Asia Limited
  

(Cayman) (100%)

										
	 

  
 

	 	 Room 103/05, Block 1, No. 498, GuoShouJing Rd, Pudong, Shanghai, P.R.C.
 

  
 

	 	15 July, 2009	 	3101154 0025377 5	 	The People’s Republic of China	 	 1. Lee Yan Shu

2. John B. Chen
 3. Wang Hau Wei
	 	RMB16,200, 000	 	RMB16,20 0,000	 	Nil	 	Buzzinate Company Limited (100%)
										
	 

  
 

	 	8F, No. 37, Section 4, Muzha Rd, 116, Taipei City, Taiwan	 	9 February, 2010	 	6915765 6-9	 	Taipei, Taiwan	 	 1. Lee Yan Shu

2. John B. Chen
 3. Wang Hau Wei
	 	NTD500,000	 	NTD500,0 00	 	Nil	 	Buzzinate Company Limited (100%)

  
 SCHEDULE B-1 

																			
	 Name of Company
	 	 Registered Address
	 	 Incorporation
Date
	 	 Company
No.
	 	 Place of
Incorporation
	 	 Director(s)
	 	 Authorised
shares
	 	 Issued Shares
	 	 Subsidiaries
	 	 Shareholders

	OptAim Ltd.	 	P.O. Box 2075, George Town, Grand Cayman KY1-1105, Cayman Islands	 	22 July, 2014	 	MS- 290063	 	The Cayman Islands	 	 1. Tang, Jian 2. Ng, Yau Ping
 3.
Hsieh, Wing Hong Sammy
	 	250,000,000 ordinary shares of US$0.0002 each	 	98,911,990 ordinary shares	 	 OptAim (HK)
 Limited
	 	Optimix Media Asia Limited (Cayman)
										
	 OptAim (HK) Limited

  
 

  
 

	 	 Flat/RM 806, Tower II, 8/F,
 Cheung Sha Wan Plaza,
833 Cheung Sha Wan Road, Kowloon, Hong Kong
	 	30 July, 2014	 	2126575	 	Hong Kong	 	 1.Tang, Jian
 2. Ng, Yau Ping 3.
Hsieh, Wing Hong Sammy
	 	1 ordinary shares of HK$1 each	 	1	 	 

  
 

	 	OptAim Ltd. (Cayman)
										
	 

  
 

  
 

	 	 

  
 

 Room 2-9D, Block 3, No. 48 Zhichun Road I, Haidian, Beijing
	 	4 Nov, 2014	 	9111010 8396035 604T	 	The People’s Republic of China	 	 1. Tang, Jian 2. Ng, Yau Ping
 3.
Hsieh, Wing Hong Sammy
	 	USD 1,400,000	 	USD 1,400,000	 	 

  
 

	 	OptAim (HK) Limited
										
	 

  
 

	 	 

  
 

 Room 2-18B, Block 3, No. 48 Zhichun Road I, Haidian, Beijing
	 	7 Sep, 2012	 	9111010 8053601 4758	 	The People’s Republic of China	 	1. Tang, Jian 2. Ng, Yau Ping 3. Hsieh, Wing Hong Sammy	 	RMB 1,000,000	 	RMB 1,000,000	 	 

  
 

	 	 

  
 

  
 SCHEDULE B-1 

																			
	 Name of Company
	 	 Registered Address
	 	 Incorporation
Date
	 	 Company
No.
	 	 Place of
Incorporation
	 	 Director(s)
	 	 Authorised
shares
	 	 Issued Shares
	 	 Subsidiaries
	 	 Shareholders

	  
 

  
 

	 	  
 

  
 

  
 Room CB1109, Floor 1, No. 1755

Hongmei South Road, Minhang, Shanghai
	 	25 Sep, 2014	 	3101120 0142629 4	 	The People’s Republic of China	 	 1. Tang, Jian
 2. Ng, Yau Ping

3. Hsieh, Wing Hong Sammy
	 	RMB 1,000,000	 	RMB 1,000,000	 	Nil	 	  
 

  
 

  
 SCHEDULE B-1 

 SCHEDULE B-2 

SENIOR MANAGEMENT TEAM 
 Mr. Hsieh,
Wing Hong Sammy 
 Mr. Ng, Yau Ping 
 Wong Pi Yan, Selina

 Robert Tran 
 Tang Jian

 
 Lee Yanshu

 
 TANG Min

 

  
 SCHEDULE B-2 

 SCHEDULE C 

DISCLOSURE SCHEDULE 

  
 SCHEDULE C 

 SCHEDULE D 

FORM OF AMENDED AND RESTATED MEMORANDUM AND ARTICLES 

  
 SCHEDULE D 

 SCHEDULE E 

FORM OF AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AGREEMENT 

  
 SCHEDULE E 

 SCHEDULE F 

FORM OF AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 SCHEDULE F 

 SCHEDULE G 

FORM OF DEEDS OF GUARANTEE 

  
 SCHEDULE G 

 SCHEDULE H 

FORM OF NON-COMPETE AGREEMENT 

  
 SCHEDULE H 

 SCHEDULE I 

FORM OF KEY MANAGEMENT EMPLOYMENT AGREEMENT 

  
 SCHEDULE IEX-10.2

 Execution 

Exhibit 10.2 
 FOURTH
AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 
 OPTIMIX MEDIA ASIA LIMITED 

 FOURTH AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

THIS FOURTH AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this “Agreement”) is entered into as of December 28,
2016, by and among the following parties: 
 A. Optimix Media Asia Limited, a company duly incorporated and existing under the Laws
of the Cayman Islands (the “Company”), 
 B. the Person set forth on Schedule A (the “Series A
Investor”), 
 C. the Person or Persons set forth on Schedule B (the “Series B Investors” and
each, a “Series B Investor”), 
 D. the Person set forth on Schedule C (the “Series C
Investor”), 
 E. the Person set forth on Schedule D (the “Series D Investor”), 

F. the Person set forth on Schedule E (the “Series E Investor”) 

G. the Person or Persons set forth on Schedule F (the “Founders” and each, a “Founder”),  

H. the Person or Persons set forth on Schedule G (the “Shareholders” and each a “Shareholder”),
and 
 I. TANG Jian, a natural person with PRC ID number 43292219760810035 and residential address at Room 1504, Building 2, Yard
106, East of North 4th Ring Road, Chaoyang District, Beijing 100029, PRC. 
 The
Company, the Series A Investor, the Series B Investors, the Series C Investor, the Series D Investor, the Series E Investor, the Founders, the Shareholders and TANG Jian shall be referred to herein as the “Parties”, and each a
“Party”. Capitalized terms used herein without definition shall have the meanings set forth in the Series E SPA (as defined below). 

RECITALS 
  

	A.	The Company, the Series E Investor and the Founders have entered into a Subscription Agreement dated December 19, 2016 (the “Series E SPA”). 

 

	B.	It is a condition precedent under the Series E SPA that the Company and the parties hereto enter into this Agreement, which shall amend and restate that certain Third Amended and Restated Shareholders Agreement dated
July 24, 2015 between the Company and certain parties thereto (the “Prior SHA”). 

  

	C.	The Parties desire to enter into this Agreement and make the respective representations, warranties, covenants and agreements set forth herein on the terms and conditions set forth herein. 

 

	D.	The Company, OptAim Ltd. and its shareholders have entered into a Share Purchase Agreement dated July 10, 2015. 

 WITNESSETH 

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 intending to be legally bound hereto hereby agree as follows: 
  

	1.	Definitions. The following terms shall have the meanings ascribed to them below: 

“Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, Controls, is Controlled by or is
under common Control with such Person. . 
 “Agreement” has the meaning set forth in the preamble hereof. 

“Ancillary Agreements” means, collectively, this Agreement, the Deeds of Guarantee, the Right of First Refusal and Co-Sale
Agreement, Strategic Cooperation Agreement and the Indemnification Agreement, each as defined herein. 
 “Applicable Securities
Laws” means (i) with respect to any offering of securities in the United States, or any other act or omission within that jurisdiction, the securities Law of the United States, including the Exchange Act and the Securities Act, and any
applicable securities Laws of any state of the United States, and (ii) with respect to any offering of securities in any jurisdiction other than the United States, or any related act or omission in that jurisdiction, the applicable securities
Laws of that jurisdiction. 
 “Arbitration Notice” has the meaning set forth in Section 12.4(ii) hereof. 

“Audit Committee” has the meaning set forth in Section 9.3 hereof. 

“BAI” means BAI GmbH, a company duly incorporated and existing under the laws of Germany. 

“Bertelsmann” means Bertelsmann Asia Investments AG, a company duly incorporated and existing under the Laws of
Switzerland. 
 “Bertelsmann Ordinary Shares” means the Ordinary Shares acquired by Bertelsmann pursuant to
the Series B SPA. 
 “BlueFocus” means BlueFocus International Limited, a limited corporation duly incorporated and
existing under the Laws of Hong Kong. 
 “Board” or “Board of Directors” means the board of
directors of the Company. 
 “CFC” means a “controlled foreign corporation” as defined in
Section 957(a) of the Code. 
 “Circular 37” has the meaning set forth in Section 11.4(ii) hereof. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Commission” means (i) with respect to any offering of securities in the United States, the Securities and Exchange
Commission of the United States or any other federal agency at the time administering the Securities Act, and (ii) with respect to any offering of securities in a jurisdiction other than the United States, the regulatory body of the
jurisdiction with authority to supervise and regulate the offering and sale of securities in that jurisdiction. 

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

“Company Security Holder” has the meaning set forth in Section 11.4(ii) hereof. 

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

“Dispute” has the meaning set forth in Section 12.4(i) hereof. 

“Equity Securities” means any Ordinary Shares and/or Ordinary Share Equivalents of the Company. 

“ESOP” has the meaning set forth in Section 11.1(i) hereof. 

“Exercising Holder” has the meaning set forth in Section 7.3 hereof. 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 

“First Pre-emptive Rights” has the meaning set forth in Section 7.1 hereof. 

“Form F-3” means Form F-3 promulgated by the Commission under the Securities Act or any successor form or substantially
similar form then in effect. 
 “Fourth Notice” has the meaning set forth in Section 7.5 hereof. 

“Fourth Remaining Securities” has the meaning set forth in Section 7.5 hereof. 

“Fifth Notice” has the meaning set forth in Section 7.6 hereof. 

“Fifth Remaining Securities” has the meaning set forth in Section 7.6 hereof. 

“Founder” or “Founders” has the meaning set forth in the preamble hereof. 

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

  
 -2- 

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

“Group Companies” or “Group” means, collectively, the Company together with its Subsidiaries, and each
Person (other than a natural person) that is, directly or indirectly, Controlled by any of the foregoing, including but not limited to each joint venture in which any of the foregoing holds more than fifty percent (50%) of the voting power.

 “Guarantors” has the meaning ascribed thereto in the Series D SPA. 

“HKIAC” has the meaning set forth in Section 12.4(iii) hereof. 

“Holders” means the holders of Registrable Securities who are parties to this Agreement from time to time, and their
permitted transferees that become parties to this Agreement from time to time. 
 “Hong Kong S.A.R.” means the Hong Kong
Special Administrative Region. 
 “Igomax” means Igomax Inc., a limited corporation duly incorporated and existing under
the Laws of the British Virgin Islands. 
 “Igomax QIPO” means the first firm commitment underwritten registered public
offering by the Company of its Ordinary Shares with an offering price (net of underwriting commissions and expenses) that implies a market capitalization of the Company immediately prior to such offering of not less than US$500,000,000. 

“Igomax Shares” means the Ordinary Shares held by Igomax as of July 24, 2015.  

“Indemnification Agreement” has the meaning ascribed thereto in the Series B SPA, the Series C SPA and the Series D SPA, as
the case may be. 
 “Initiating Holders” means, with respect to a request duly made under Section 2.1 or Section
2.2 to Register any Registrable Securities, the Holders initiating such request. 
 “IPO” means the first firm
underwritten registered public offering by the Company of its Ordinary Shares pursuant to a Registration Statement that is filed with and declared effective by either the Commission under the Securities Act or another Governmental Authority for a
public offering in a jurisdiction other than the United States. 
 “Issuance Notice” has the meaning set forth in
Section 7.1 hereof. 
 “Key Employees” has the meaning set forth in the Series E SPA. 

“Law” or “Laws” means any constitutional provision, statute, ordinance or other law, rule, regulation,
official policy or interpretation of applicable Governmental Authority and any Governmental Order in the jurisdiction of incorporation of each Group Company and where they ordinarily conduct their business, including without limitation, the British
Virgin Islands, Cayman Islands, the Hong Kong S.A.R. and the PRC. 

  
 -3- 

 “Liquidating Transaction” has the meaning set forth in the Memorandum and
Articles. 
 “Majority-in-Interest” means an interest in the voting securities of a Person that exceeds 50% of such
voting securities of such Person. 
 “Management Report” has the meaning set forth in Section 8.1(i) hereof. 

“Memorandum and Articles” means the seventh amended and restated Memorandum and Articles of Association of the Company, as
such may be amended and/or restated from time to time. 
 “New Securities” means, subject to the terms of Section 7
hereof, any newly issued Equity Securities of the Company, except for (i) any Ordinary Shares, or any option or warrant to acquire any Ordinary Shares, issued to employees, officers, consultants or directors of the Company pursuant to a stock
option plan, stock purchase plan, or other equity incentive plan, in any case that is approved by at least 2/3 of the members of the Board (which majority must include the Series D Director, the Series B Director and the Series A Director);
(ii) Equity Securities issued upon conversion of the Preference Shares; (iii) Equity Securities issued in connection with any share split, share dividend, combination, or similar transaction of the Company; (iv) Equity Securities
issued in a Qualified IPO; (v) Equity Securities issued upon the conversion of any debenture, warrant, option, or other convertible securities outstanding prior to the issuance of the Series B Preference Shares; or (vi) any Equity
Securities issued or allotted pursuant to Section 10.5. 
 “Non-Exercising Holder” has the meaning set forth in
Section 7.3 hereof. 
 “Non-Liquidation M&A” means either (A) a merger or acquisition of the Company or any
of its Subsidiaries in which the shareholders of the Company do not directly or indirectly own a majority of the outstanding shares of the surviving corporation or (B) a sale of all or substantially all of the assets of the Company or the
assets of its Subsidiaries, in each case that implies a valuation on a fully-diluted basis of the Company of US$550,000,000 or higher. 

“OptAim Director” has the meaning set forth in Section 9.1(i) hereof. 

“OptAim Subsidiaries” means OptAim (HK) Limited, OptAim (Beijing) Information Technology Co., Ltd.

, Beijing OptAim Network Technology Co., Ltd.

, Zhiyunzhong (Shanghai) Technology Co., Ltd.

 and their successor(s). 
 “Ordinary Directors” has the meaning set forth in Section
9.1(i) hereof. 
 “Ordinary Investor Ordinary Shares” means the Bertelsmann Ordinary Shares and the SSG I Ordinary
Shares. 

  
 -4- 

 “Ordinary Investors” means SSG I, Bertelsmann and BlueFocus, in their capacities
as holders of Ordinary Shares. 
 “Ordinary Share Equivalents” means warrants, options and rights exercisable for Ordinary
Shares and instruments convertible into or exchangeable for Ordinary Shares, including, without limitation, the Preference Shares. 

“Ordinary Shares” means the Company’s ordinary shares, par value US$0.001 per share. 

“Overallotment Notice” has the meaning set forth in Section 7.3 hereof.  

“Parties” has the meaning set forth in the preamble hereof. 

“Person” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability
company, firm, trust, estate or other enterprise or entity. 
 “PRC” means the People’s Republic of China, but solely
for the purposes of this Agreement and the other Transaction Documents, excluding the Hong Kong S.A.R., the Macau Special Administrative Region and the islands of Taiwan. 

“Preference Shares” means, collectively, the Series E Preference Shares, the Series D Preference Shares, the Series C
Preference Shares, the Series B Preference Shares and the Series A Preference Shares. 
 “Principal Tribunal” has the
meaning set forth in Section 12.4(viii)(a) hereof. 
 “Purchased Shares” has the meaning set forth in the Series E
SPA. 
 “Qualified IPO” means the first firm commitment underwritten registered public offering by the Company of its
Ordinary Shares for its own account that results in such securities being listed or registered on NASDAQ Stock Exchange, New York Stock Exchange, Hong Kong Stock Exchange, Shenzhen Stock Exchange, Shanghai Stock Exchange or such other
internationally recognized stock exchange approved in writing by SWHY, BlueFocus, Bertelsmann and the Holders of the majority outstanding Series A Preference Shares (i) with an offering price (net of underwriting commissions and expenses) that
implies a market capitalization of the Company immediately prior to such offering of not less than US$600,000,000 (if on or prior to December 31, 2017) or US$650,000,000 (if on or after January 1, 2018); and (ii) which results in
aggregate cash proceeds to the Company of not less than US$150,000,000 (or an equivalent amount thereof in another currency) prior to deduction of underwriting discounts, commissions and expenses, except that if such first firm commitment
underwritten registered public offering by the Company is on NASDAQ or NYSE, then the aggregate cash proceeds to the Company resulting from such could be less than US$150,000,000 (or an equivalent amount thereof in another currency) prior to
deduction of underwriting discounts, commissions and expenses. For the avoidance of doubt, the total amount of deduction in item (ii) shall not exceed US$30,000,000 unless otherwise approved by the Board of Directors including the affirmative
consent of the Series D Director, the Series A Director and Series B Director. 
 “Qualifying Ordinary Investor” has the
meaning set forth in Section 7.5 hereof. 

  
 -5- 

 “Registrable Securities” means (i) the Ordinary Shares issued or issuable
to the Shareholders (ii) Ordinary Shares issued or issuable upon conversion of the Preference Shares, (iii) any Ordinary Shares owned or hereafter acquired by the Series A Investor, Series B Investors, Series C Investor, Series D Investor,
Series E Investor or the Ordinary Investors, and (iv) any Ordinary Shares of the Company issued as a dividend or other distribution with respect to, in exchange for, or in replacement of, the shares referenced in (i), (ii) and
(iii) herein, excluding in all cases, however, any of the foregoing sold by a Person in a transaction other than an assignment pursuant to Section 12.2. For purposes of this Agreement, Registrable Securities shall cease to be Registrable
Securities when a Registration Statement covering such Registrable Securities has been declared or ordered effective under the Securities Act by the Commission whether or not such Registrable Securities have been disposed of pursuant to such
effective Registration Statement. 
 “Registration” means a registration effected by preparing and filing a Registration
Statement and the declaration or ordering of the effectiveness of that Registration Statement; and the terms “Register” and “Registered” have meanings concomitant with the foregoing. 

“Registration Statement” means a registration statement prepared on Form F-1, F-2,
F-3, S-1, S-2 or S-3 under the Securities Act (including, without limitation, Rule 415 under the Securities Act), or on any comparable form in connection with registration in a jurisdiction other than the United States. 

“Remaining Securities” has the meaning set forth in Section 7.2 hereof. 

“Residual Amount” has the meaning ascribed thereto in the Series D SPA. 

“Right of First Refusal & Co-Sale Agreement” means the third amended and restated right of first refusal &
co-sale agreement between the Company, the Series A Investor, the Series B Investors, the Series C Investor, the Series D Investor, the Series E Investor, the Founders, the Shareholders and the Principals, all as defined therein, to be entered into
on or about the date hereof, as such may be amended and/or restated from time to time. 
 “SAFE” has the meaning set forth
in Section 11.4(i) hereof. 
 “Second Notice” has the meaning set forth in Section 7.2 hereof.

 “Second Remaining Securities” has the meaning set forth in Section 7.3 hereof. 

“Second Pre-emptive Rights” has the meaning set forth in Section 7.2 hereof. 

“Securities Act” means the United States Securities Act of 1933, as amended. 

“Series A Director” has the meaning set forth in Section 9.1(i) hereof. 

“Series A Investor” has the meaning set forth in the preamble hereof. 

“Series A Preference Shares” means the Series A redeemable convertible preferred shares of the Company, par value US$0.001
per share, with the rights and privileges as set forth in the Memorandum and Articles. 

  
 -6- 

 “Series B Director” has the meaning set forth in Section 9.1(i) hereof.

 “Series B Investor” has the meaning set forth in the preamble hereof. 

“Series B Preference Shares” means the Series B redeemable convertible preferred shares of the Company, par value US$0.001
per share, with the rights and privileges as set forth in the Memorandum and Articles. 
 “Series B SPA” means the Series B
Preference Shares and Warrant Purchase Agreement dated February 21, 2011 between the Company, certain of the Founders, the Series A Investor and certain Series B Investors. 

“Series C Investor” has the meaning set forth in the preamble hereof. 

“Series C Preference Shares” means the Series C redeemable convertible preferred shares of the Company, par value US$0.001
per share, with the rights and privileges as set forth in the Memorandum and Articles. 
 “Series C SPA” means the Series C
Preference Shares Subscription Agreement dated December 16, 2013 between the Company, certain of the Founders, the Series A Investor, Series B Investors and Series C Investor. 

“Series D Director” has the meaning set forth in Section 9.1(i) hereof. 

“Series D Investor” has the meaning set forth in the preamble hereof. 

“Series D Preference Shares” means the Series D redeemable convertible preferred shares of the Company, par value US$0.001
per share, with the rights and privileges as set forth in the Memorandum and Articles. 
 “Series D SPA” means the Share
Subscription Agreement dated December 16, 2014 between the Company, certain of the Founders, the Series D Investor and certain other parties thereto. 

“Series E Investor” has the meaning set forth in the preamble hereof. 

“Series E Preference Shares” means the Series E redeemable convertible preferred shares of the Company, par value US$0.001
per share, with the rights and privileges as set forth in the Memorandum and Articles. 
 “Series E SPA” has the meaning
set forth in Recital A. 
 “Shareholders” has the meaning set forth in the preamble hereof. 

“Shares” means the Ordinary Shares and the Preference Shares. 

“SSG Director” has the meaning set forth in Section 9.1(i) hereof. 

“SSG I” means SSG Capital Partners I, LP, a limited partnership registered in the Cayman Islands and its correspondence
address in Hong Kong being c/o SSG Capital Management (HK) Limited, Suite 4203, 42/F, Gloucester Tower, 15 Queen’s Road Central, Hong Kong. 

  
 -7- 

 “SSG II” means SSG Capital Partners II, LP, a limited partnership registered in
the Cayman Islands and its correspondence address in Hong Kong being c/o SSG Capital Management (HK) Limited, Suite 6303, 63rd Floor, The Center, 99 Queen’s Road Central, Hong Kong. 

“SSG I Ordinary Shares” means the Ordinary Shares acquired by SSG pursuant to the Ordinary Shares Purchase Agreement dated
January 26, 2011 (the “OSPA”) entered into by and among the Company, SSG I, and certain of the Founders, as amended or restated from time to time. 

“Subsidiary” means, with respect to any specified Person, any Person of which the specified Person, directly or indirectly,
owns or Controls more than fifty percent (50%) of the issued share capital, voting interests or registered capital. 

“Sumitomo” means Sumitomo Corporation Equity Asia Limited, a limited liability company, incorporated in the Hong Kong S.A.R.

 “SWHY” means Shenwan Hongyuan Goldspring Fund I, a limited liability company incorporated in the Cayman Islands. 

“Third Notice” has the meaning set forth in Section 7.3 hereof. 

“Third Pre-Emptive Holders” has the meanings set forth in Section 7.3 hereof. 

“Third Remaining Securities” has the meaning set forth in Section 7.4 hereof.  

“Transaction Documents” means the Series B SPA, the Series C SPA, the Series D SPA, the Series E SPA, the Ancillary
Agreements, the Memorandum and Articles and each of the agreements and other documents otherwise required in connection with implementing the transactions contemplated by any of the foregoing. 

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

“U.S. GAAP” has the meaning set forth in Section 8.1(i) hereof. 

“U.S. Person” means any person described in Section 7701(a)(30) of the Code. 

“Violation” has the meaning set forth in Section 5.1(i) hereof. 

“Zaffre” means Zaffre Investments, Inc., a company duly incorporated and existing under the laws of British Virgin Islands.

  

	2.	Demand Registration. 

 2.1 Registration Other Than on Form F-3 or Form S-3.
Subject to the terms of this Agreement, at any time or from time to time after the first (1st) year anniversary of the closing of the Series D SPA, any Holder(s) that individually or jointly
hold at least twenty-five percent (25%) of the then outstanding Registrable Securities of the Company may request in writing that the Company effect a Registration on NASDAQ Stock Exchange, New York Stock Exchange, Hong Kong Stock Exchange,
Shenzhen Stock Exchange, Shanghai Stock Exchange or such other internationally recognized stock exchange that is reasonably acceptable to such requesting Holder. Upon receipt of such a request, the Company shall (x) promptly give written notice
of the proposed Registration to all other Holders and (y) as soon as practicable, use its reasonable best efforts to cause the Registrable Securities specified in the request, together with any Registrable Securities of any Holder who requests
in writing to join such Registration within fifteen (15) days after the Company’s delivery of written notice, to be Registered and/or qualified for sale and distribution in such jurisdiction as the Initiating Holder may request. The
Company shall be obligated to effect no more than three (3) Registrations pursuant to this Section 2.1 that have been declared and ordered effective; provided that if the sale of all of the Registrable Securities sought to be included
pursuant to this Section 2.1 is not consummated for any reason other than due to the action or inaction of the Holders including Registrable Securities in such Registration, such Registration shall not be deemed to constitute one of the
Registration rights granted pursuant to this Section 2.1. 

  
 -8- 

 2.2 Registration on Form F-3 or Form S-3. Subject
to the terms of this Agreement, if the Company qualifies for registration on Form F-3 or Form S-3 (or any comparable form for Registration in a jurisdiction other than the United States), any Holder may request the Company to file, in any
jurisdiction in which the Company has had a registered underwritten public offering, a Registration Statement on Form F-3 or Form S-3 (or any comparable form for Registration in a jurisdiction other than the United States), including without
limitation any registration statement filed under the Securities Act providing for the registration of, and the sale on a continuous or a delayed basis by the Holders of, all of the Registrable Securities pursuant to Rule 415 under the Securities
Act and/or any similar rule that may be adopted by the Commission. Upon receipt of such a request, the Company shall (i) promptly give written notice of the proposed Registration to all other Holders and (ii) as soon as practicable, use
its reasonable best efforts to cause the Registrable Securities specified in the request, together with any Registrable Securities of any Holder who requests in writing to join such Registration within fifteen (15) days after the Company’s
delivery of written notice, to be Registered and qualified for sale and distribution in such jurisdiction. The Company shall be obligated to effect no more than two (2) Registrations that have been declared and ordered effective within any
twelve (12)-month period pursuant to this Section 2.2; provided that if the sale of all of the Registrable Securities sought to be included pursuant to this Section 2.2 is not consummated for any reason other than due to the
action or inaction of the Holders including Registrable Securities in such Registration, such Registration shall not be deemed to constitute one of the Registration rights granted pursuant to this Section 2.2. 

 

	2.3	Right of Deferral. 

 (i) The Company shall not be obligated to Register
or qualify Registrable Securities pursuant to this Section 2: 
 (a) if, within ten (10) days of the receipt of
any request of the Holders to Register any Registrable Securities under Section 2.1 or Section 2.2, the Company gives notice to the Initiating Holders of its bona fide intention to effect the filing for its own account of a
Registration Statement pertaining to Ordinary Shares within sixty (60) days of receipt of that request; provided, that the Company is actively employing in good faith its reasonable best efforts to cause that Registration Statement to
become effective within sixty (60) days of receipt of that request; provided, further, that the Holders are entitled to join such Registration subject to Section 3 (other than a registration of securities in a transaction
under Rule 145 of the Securities Act or with respect to an employee benefit plan); 

  
 -9- 

 (b) during the period starting with the date of filing by the Company of, and
ending six (6) months following the effective date of, any Registration Statement pertaining to Ordinary Shares of the Company; provided, that the Holders are entitled to join the Registration effected pursuant to such Registration
Statement subject to Section 3 (other than a registration of securities in a transaction under Rule 145 of the Securities Act or with respect to an employee benefit plan); or 

(c) in any jurisdiction in which the Company would be required to execute a general consent to service of process in effecting
such Registration or qualification, unless the Company is already subject to service of process in such jurisdiction. 
 (ii)
If, after receiving a request from Holders pursuant to Section 2.1 or Section 2.2 hereof, the Company furnishes to the Holders a certificate signed by the chief executive officer of the Company stating that, in the good faith judgment
of the Board, it would be materially detrimental to the Company or its members for a Registration Statement to be filed in the near future, then the Company shall have the right to defer such filing for the period during which such filing would be
materially detrimental, provided, that the Company may not utilize this right and/or the deferral right contained in this clause (ii) for more than forty-five (45) days on any one occasion or for more than a total of ninety
(90) days during any twelve (12) month period; provided, further, that the Company may not Register any other of its Securities during such period (except for Registrations contemplated by Section 3.4). 

2.4 Underwritten Offerings. If, in connection with a request to Register Registrable Securities under Section 2.1 or Section
2.2, the Initiating Holders seek to distribute such Registrable Securities in an underwritten offering, they shall so advise the Company as a part of the request, and the Company shall include such information in the written notice to the other
Holders described in Section 2.1 and Section 2.2. 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 underwritten
offering and the inclusion of such Holder’s Registrable Securities in the underwritten offering (unless otherwise mutually agreed by a Majority-in-Interest of the Initiating Holders and such Holder, taken together) to the extent provided
herein. All Holders proposing to distribute their securities through such underwritten offering shall enter into an underwriting agreement in customary form with the underwriter or underwriters of internationally recognized standing selected for
such underwritten offering by the Company and reasonably acceptable to the holders of a majority of the voting power of all Registrable Securities proposed to be included in such Registration. Notwithstanding any other provision of this Agreement,
if the managing underwriter advises the Company that marketing factors (including without limitation the aggregate number of securities requested to be Registered, the general condition of the market, and the status of the Persons proposing to sell
securities pursuant to the Registration) require a limitation of the number of Registrable Securities to be underwritten in a Registration pursuant to Section 2.1 or Section 2.2, the underwriters may (i) if the offering is the
Company’s IPO, exclude from the underwritten offering all of the Registrable Securities (so long as the only securities included in such offering are those sold for the account of the Company), or (ii) otherwise exclude up to twenty-five
percent (25%) of the Registrable Securities requested to be Registered but only after first excluding all other Equity Securities from the Registration and underwritten offering and so long as the number of shares to be included in the
Registration on behalf of the non-excluded Holders is allocated among all Holders in proportion, as nearly as practicable, to the respective amounts of Registrable Securities requested by such Holders to be included. Any Registrable Securities
excluded or withdrawn from such underwritten offering shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated
to a Holder to the nearest one hundred (100) shares. 

  
 -10- 

	3.	Piggyback Registrations. 

 3.1 Registration of the Company’s
Securities. Subject to the terms of this Agreement, if the Company proposes to Register for its own account any of its Equity Securities, or for the account of any holder (other than a Holder) of Equity Securities any of such holder’s
Equity Securities, in connection with the public offering of such securities (except as set forth in Section 3.4), the Company shall promptly give each Holder written notice of such Registration and, upon the written request of any Holder
given within fifteen (15) days after delivery of such notice, the Company shall use its reasonable best efforts to include in such Registration any Registrable Securities thereby requested to be Registered by such Holder. If a Holder decides
not to include all or any of its Registrable Securities in such Registration by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent Registration Statement or Registration
Statements as may be filed by the Company, all upon the terms and subject to the conditions set forth herein. 
 3.2 Right to Terminate
Registration. The Company shall have the right to terminate or withdraw any Registration initiated by it under Section 3.1 prior to the effectiveness of such Registration, whether or not any Holder has elected to participate therein. The
expenses of such withdrawn Registration shall be borne by the Company in accordance with Section 4.3. 
 3.3 Underwriting
Requirements. 
 (i) In connection with any offering involving an underwriting of the Company’s Equity Securities,
the Company shall not be required to Register the Registrable Securities of a Holder under this Section 3 unless such Holder’s Registrable Securities are included in the underwritten offering and such Holder enters into an underwriting
agreement in customary form with the underwriter or underwriters of internationally recognized standing selected by the Company and setting forth such terms for the underwritten offering as have been agreed upon between the Company and the
underwriters. In the event the underwriters advise Holders seeking Registration of Registrable Securities pursuant to this Section 3 in writing that market factors (including the aggregate number of Registrable Securities requested to be
Registered, the general condition of the market, and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of Registrable Securities to be underwritten, the underwriters may
(i) if the offering is the Company’s IPO, exclude all of the Registrable Securities (so long as the only securities included in such offering are those sold for the account of the Company and no securities of other selling shareholders are
included), or (ii) otherwise exclude up to twenty-five percent (25%) of the Registrable Securities requested to be Registered but only after first excluding all other Equity Securities (except for securities sold for the account of the
Company) from the Registration and underwriting and so long as the Registrable Securities to be included in such Registration on behalf of any non-excluded Holders are allocated among all Holders in proportion, as nearly as practicable, to the
respective amounts of Registrable Securities requested by such Holders to be included. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to a
Holder to the nearest one hundred (100) shares. 

  
 -11- 

 (ii) If any Holder disapproves of the terms of any underwriting, the Holder may
elect to withdraw therefrom by written notice to the Company and the underwriters delivered at least ten (10) days prior to the effective date of the Registration Statement. Any Registrable Securities excluded or withdrawn from the underwritten
offering shall be withdrawn from the Registration. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any Registration proceeding begun pursuant to Section 2.1 or Section 2.2 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 pro rata based upon the number of Registrable Securities
that were to be included in the withdrawn registration), unless such withdrawal is due to an action or inaction of the Company or an event outside of the reasonable control of such Holders. 

3.4 Exempt Transactions. The Company shall have no obligation to Register any Registrable Securities under this Section 3 in
connection with a Registration by the Company (i) relating solely to the sale of securities to participants in a Company share plan; (ii) relating to a corporate reorganization or other transaction under Rule 145 of the Securities Act (or
comparable provision under the Laws of another jurisdiction, as applicable); (iii) on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the
Registrable Securities; or (iv) relating to a registration in which the only Ordinary Shares being registered are Ordinary Shares issuable upon conversion of debt securities that are also being registered. 

 

	4.	Registration Procedures. 

 4.1 Registration Procedures and Obligations. If
as a result of any action, proposed action or request by a Holder, the Company is required to Register any Registrable Securities held by the Holders under the Securities Act with the Commission, the Company shall, as expeditiously as reasonably
possible: 
 (i) Prepare and file with the Commission a Registration Statement with respect to those Registrable
Securities and use its reasonable best efforts to cause that Registration Statement to become effective, and, upon the request of the Holders holding a majority of the Registrable Securities Registered thereunder, keep the Registration Statement
effective for up to one hundred and eighty (180) days or, if earlier, until the distribution thereunder has been completed; provided, however, that (a) such one hundred and eighty (180) day period shall be extended for a
period of time equal to the period any Holder refrains from selling any Registrable Securities included in such Registration at the written request of the underwriter(s) for such Registration, and (b) in the case of any Registration of
Registrable Securities on Form F-3 or Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable rules promulgated by the Commission, such one hundred and eighty (180) 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; 

  
 -12- 

 (ii) Prepare and file with the Commission amendments and supplements to that
Registration Statement and the prospectus used in connection with the Registration Statement as may be necessary to comply with the provisions of Applicable Securities Laws with respect to the disposition of all securities covered by the
Registration Statement; 
 (iii) Furnish to the Holders the number of copies of a prospectus, including a preliminary
prospectus, required by Applicable Securities Laws, and any other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 

(iv) Use its reasonable best efforts to Register and qualify the securities covered by the Registration Statement under the
securities Laws of any jurisdiction, as reasonably requested by the Holders, provided, that the Company shall not be required to qualify to do business or file a general consent to service of process in any such jurisdiction; 

(v) In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement,
in customary form, with the managing underwriter(s) of the offering; 
 (vi) Promptly notify each Holder of Registrable
Securities covered by the Registration Statement at any time when a prospectus relating thereto is required to be delivered under Applicable Securities Laws of (a) the issuance of any stop order by the Commission, or (b) the happening of
any event or the existence of any condition as a result of which any prospectus included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made, or if in the opinion of counsel for the Company it is necessary to supplement or amend such prospectus to comply with
law, and at the request of any such Holder promptly prepare and furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such
securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which
they were made or such prospectus, as supplemented or amended, shall comply with law; 
 (vii) Furnish, at the request of any
Holder requesting Registration of Registrable Securities pursuant to this Agreement, on the date that such Registrable Securities are delivered for sale in connection with a Registration pursuant to this Agreement, (i) an opinion, dated the
date of the sale, of the counsel representing the Company for the purposes of the Registration, in form and substance as is customarily given to underwriters in an underwritten public offering; and (ii) a comfort letter dated the date of the
sale, 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, addressed to the underwriters; 

  
 -13- 

 (viii) Otherwise comply with all applicable rules and regulations of the
Commission to the extent applicable to the applicable registration statement and use its reasonable best efforts to make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act)
an earnings statement satisfying the provisions of Section 11(a) of the Act, no later than forty-five (45) days after the end of a twelve (12) month period (or ninety (90) days, if such period is a fiscal year) beginning with the
first month of the Company’s first fiscal quarter commencing after the effective date of such registration statement, which statement shall cover such twelve (12) month period, subject to any proper and necessary extensions; 

(ix) Not, without the prior consent of the holders of at least a majority of voting power of the then outstanding Registrable
Securities, make any offer relating to the Securities that would constitute a “free writing prospectus,” as defined in Rule 405 promulgated under the Act; 

(x) Provide a transfer agent and registrar for all Registrable Securities Registered pursuant to the Registration Statement
and, where applicable, a number assigned by the Committee on Uniform Securities Identification Procedures for all those Registrable Securities, in each case not later than the effective date of the Registration; and 

(xi) Take all reasonable action necessary to list the Registrable Securities on the primary exchange on which the
Company’s securities are then traded or in connection with a Qualified IPO, the primary exchange on which the Company’s securities will be traded. 

4.2 Information from Holder. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this
Agreement with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such
securities as shall be required to effect the Registration of such Holder’s Registrable Securities. 
 4.3 Expenses of
Registration. Save as provided in Section 3.3(ii) hereof, all expenses, other than the underwriting discounts and selling commissions applicable to the sale of Registrable Securities pursuant to this Agreement (which shall be borne by the
Holders requesting Registration on a pro rata basis in proportion to their respective numbers of Registrable Securities sold in such Registration), incurred in connection with Registrations, filings or qualifications pursuant to this Agreement,
including (without limitation) all Registration, filing and qualification fees, printers’ and accounting fees, professional fees and disbursements of counsel for the Company and reasonable fees and disbursement of one counsel for all selling
Holders, shall be borne by the Company. 
  

	5.	Registration-Related Indemnification. 

 5.1 Company Indemnity. 

(i) To the maximum extent permitted by Law, the Company will indemnify and hold harmless each Holder, such Holder’s
partners, officers, directors, shareholders, legal counsel and accountants, any underwriter (as defined in the Securities Act) and each Person, if any, who controls (as defined in the Securities Act) such Holder or underwriter, against any losses,
claims, damages or liabilities (joint or several) to which they may become subject under Laws which are applicable to the Company and relate to action or inaction required of the Company in connection with any Registration, qualification, or
compliance, 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 (each a “Violation”): (a) any untrue of
a material fact contained in such Registration Statement, on the effective date thereof (including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto), (b) the omission to state in the
Registration Statement, on the effective date thereof (including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto), a material fact required to be stated therein or necessary to make the
statements therein not misleading, or (c) any violation by the Company of Applicable Securities Laws, or any rule or regulation promulgated under Applicable Securities Laws. The Company will reimburse each such Holder, underwriter or
controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action. 

  
 -14- 

 (ii) The indemnity agreement contained in this Section 5.1 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 or delayed), nor shall the Company be liable in
any such case for any such loss, claim, damage, liability or action to the extent that it arises solely out of or is solely based upon a Violation that occurs in reliance upon and in conformity with written information furnished for use in
connection with such Registration by any such Holder, underwriter or controlling person. Further, the foregoing indemnity agreement with respect to any preliminary prospectus shall not inure to the benefit of any Holder or other aforementioned
person, or any person controlling such Holder, from whom the person asserting any such losses, claims, damages or liabilities purchased shares in the offering, if a copy of the most current prospectus was not sent or given by or on behalf of such
Holder or other aforementioned person to such person, if required by law to have been so delivered, at or prior to the written confirmation of the sale of the shares to such person, and if the prospectus (as so amended or supplemented) would have
cured the defect giving rise to such loss, claim, damage or liability. 
 5.2 Holder Indemnity. 

(i) To the maximum extent permitted by Law, each selling Holder that has included Registrable Securities in a Registration
will, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, legal counsel and accountants, any underwriter, any other Holder selling securities in connection with such Registration and each Person, if any, who
controls (within the meaning of the Securities Act) the Company, such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become subject, under Applicable
Securities Laws, or any rule or regulation promulgated under Applicable Securities Laws, 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 for use in connection with such Registration; and each such Holder will reimburse any Person intended to be
indemnified pursuant to this Section 5.2, for any legal or other expenses reasonably incurred by such Person in connection with investigating or defending any such loss, claim, damage, liability or action. 

  
 -15- 

 (ii) The indemnity contained in this Section 5.2 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 or delayed). 

5.3 Notice of Indemnification Claim. Promptly after receipt by an indemnified party under Section 5.1 or Section 5.2 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 Section 5.1 or Section 5.2, 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 indemnifying parties. An indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one
separate counsel, with the reasonably incurred 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
differing 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,
if prejudicial to its ability to defend such action, shall relieve such indemnifying party, to the extent so prejudiced, of any liability to the indemnified party under this Section 5, but the omission to 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 5. 

5.4 Contribution. If any indemnification provided for in Section 5.1 or Section 5.2 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 referred to herein, 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 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. 

5.5 Underwriting Agreement. To the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

  
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 5.6 Survival. The obligations of the Company and Holders under this Section 5 shall
survive the completion of any offering of Registrable Securities in a Registration Statement under this Agreement. 
  

	6.	Additional Registration-Related Undertakings. 

 6.1 Reports under the Exchange
Act. Where necessary and with a view to making available to the Holders the benefits of Rule 144 promulgated under the Securities Act and any comparable provision of any Applicable Securities Laws that may at any time permit a Holder to sell
securities of the Company to the public without Registration or pursuant to a Registration on Form F-3 or Form S-3 (or any comparable form in a jurisdiction other than the United States), the Company agrees to: 

(i) make and keep public information available, as those terms are understood and defined in Rule 144 (or comparable provision,
if any, under Applicable Securities Laws in any jurisdiction where the Company’s securities are listed), at all times following 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; 
 (ii) file with the Commission in a timely manner all
reports and other documents required of the Company under all Applicable Securities Laws; and 
 (iii) at any time following
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 by the Company, promptly furnish to any Holder holding Registrable
Securities, upon request (a) a written statement by the Company that it has complied with the reporting requirements of all Applicable Securities Laws at any time after it has become subject to such reporting requirements or, at any time after
so qualified, that it qualifies as a registrant whose securities may be resold pursuant to Form F-3 or Form S-3 (or any form comparable thereto under Applicable Securities Laws of any jurisdiction where the Company’s securities are listed),
(b) a copy of the most recent annual or quarterly report of the Company and such other reports and documents as filed by the Company with the Commission, and (c) such other information as may be reasonably requested in availing any Holder
of any rule or regulation of the Commission, that permits the selling of any such securities without Registration or pursuant to Form F-3 or Form S-3 (or any form comparable thereto under Applicable Securities Laws of any jurisdiction where the
Company’s Securities are listed). 
 6.2 Limitations on Subsequent Registration Rights. From and after the date of this
Agreement, the Company shall not, without the prior written consent of holders of at least a majority of the voting power of the then outstanding Registrable Securities held by all Holders, enter into any agreement with any holder or prospective
holder of any Equity Securities of the Company that would allow such holder or prospective holder (i) to include such Equity Securities in any Registration filed under Section 2 or Section 3, unless under the terms of such
agreement such holder or prospective holder may include such Equity Securities in any such Registration only to the extent that the inclusion of such Equity Securities will not reduce the amount of the Registrable Securities of the Holders that are
included, (ii) to demand Registration of their Equity Securities, or (iii) cause the Company to include such Equity Securities in any Registration filed under Section 2 or Section 3 hereof on a basis pari passu with or more
favorable to such holder or prospective holder than is provided to the Holders of Registrable Securities. 

  
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 6.3 “Market Stand-Off” Agreement. Each holder of Shares agrees, if so
required by the managing underwriter(s), that it will not during the period commencing on the date of the final prospectus relating to the Company’s IPO and ending on the date specified by the Company and the managing underwriter (such period
not to exceed one hundred and eighty (180) days from the date of such final prospectus) (i) lend, offer, pledge, hypothecate, hedge, sell, make any short sale of, loan, contract to sell, sell any option or contract to purchase, purchase
any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Equity Securities (other than those included in such offering) or (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Equity Securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Equity Securities
or such other securities, in cash or otherwise; provided, that (x) all directors, officers and all other holders of at least one percent (1%) of the outstanding share capital of the Company must be bound by restrictions at least as
restrictive as those applicable to any such holder pursuant to this Section 6.3, (y) this Section 6.3 shall not apply to the extent that any other members of the Company subject to substantially similar restrictions are released,
and (z) the lockup agreements shall permit such holders to transfer their Registrable Securities to their respective Affiliates so long as the transferee enters into the same lockup agreement. The underwriters in connection with the
Company’s IPO are intended third party beneficiaries of this Section 6.3 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. In order to enforce the foregoing covenant, the
Company may place restrictive legends on the certificates and impose stop-transfer instructions with respect to the Registrable Securities of each shareholder (and the shares or securities of every other person subject to the foregoing restriction)
until the end of such period. 
 6.4 Termination of Registration Rights. This section shall only have application if the
Company’s Shares are listed on a U.S. stock exchange. The registration rights set forth in Section 2 and Section 3 of this Agreement shall terminate on the later of (i) the date that is five (5) years from the date of
closing of a Qualified IPO and (ii) with respect to any Holder, the date on which such Holder may sell all of such Holder’s Registrable Securities under Rule 144 of the Securities Act in any ninety (90)-day period. 

6.5 Exercise of Preference Shares. Notwithstanding anything to the contrary provided in this Agreement, the Company shall have no
obligation to Register Registrable Securities which, if constituting Ordinary Share Equivalents, have not been exercised, converted or exchanged, as applicable, for Ordinary Shares. 

 

	7.	Preemptive Right.  

 7.1 Issuance Notice. In the event the Company proposes
to undertake an issuance of New Securities, it shall give Series E Investor a written notice (an “Issuance Notice”) of such intention, describing (i) the type of New Securities, (ii) the identity of the prospective
transferee, and (iii) the price and the general terms upon which the Company proposes to issue the same. Series E Investor shall have thirty (30) days after the receipt of the Issuance Notice to agree to purchase all or a portion of such
New Securities for the price and upon the terms specified in the Issuance Notice by giving written notice to the Company and stating therein the quantity of New Securities to be purchased (“First Pre-emptive Rights”). 

  
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 7.2 Second Notice. If Series E Investor fails to exercise its First Pre-emptive Rights to
purchase all of the New Securities specified in the Issuance Notice, the Company shall, within five (5) days after the expiration of the thirty (30) day period described in the Issuance Notice, deliver a written notice (“Second
Notice”) specifying the aggregate number of New Securities that remain unpurchased by Series E Investor following the procedures set out in Section 7.1 (the “Remaining Securities”) to Series D Investor who shall
have a right to purchase all or a portion of the Remaining Securities by notifying the Company in writing within thirty (30) days after receipt of the Second Notice from the Company (“Second Pre-emptive Rights”). 

7.3 If Series D Investor fails to exercise its Second Pre-emptive Rights to purchase all Remaining Securities, the Company shall,
within five (5) days after the expiration of the thirty (30) day period described in the Second Notice, deliver a written notice (“Third Notice”) specifying the number of Remaining Securities that remain unpurchased by
Series D Investor following the procedures set out in Section 7.2 (the “Second Remaining Securities”) to each holder of Series A Preference Shares and Series B Preference Shares (“Third Pre-emptive
Holders”) who shall have a right to purchase up to such Third Pre-emptive Holder’s Pro-Rata Share (and any overallotment, as provided below in Section 7.4) of any Second Remaining Securities by giving written notice to the
Company within ten (10) days after the receipt of the Third Notice. Each Third Pre-emptive Holder’s “Pro-Rata Share” for purposes of this Sections 7.3 and 7.4 shall be equal to the Second Remaining Securities
multiplied by a fraction, the numerator of which shall be the aggregate number of Ordinary Shares held by such Third Pre-emptive Holder (on a fully diluted and as converted basis) and the denominator of which shall be the total number of Ordinary
Shares held by all of the Third Pre-emptive Holders (on a fully diluted and as converted basis), on the date of the Third Notice. 
 7.4
Overallotment. If any Third Pre-emptive Holder fails to exercise its right to purchase its full Pro Rata Share of any Second Remaining Securities (each, a “Non-Exercising Holder”), the Company shall, within five (5) days
after the expiration of the ten (10) day period described in the Third Notice, deliver a written notice (“Overallotment Notice”) specifying the aggregate number of unpurchased Second Remaining Securities that were eligible for
purchase by all Non-Exercising Holders (the “Third Remaining Securities”) to each Third Pre-emptive Holder that exercised its right to purchase its full Pro Rata Share of the Second Remaining Securities (each, an “Exercising
Holder”). Each Exercising Holder shall have a right of overallotment, and may exercise an additional right to purchase the Third Remaining Securities by notifying the Company in writing within ten (10) days after receipt of the
Overallotment Notice; provided, however, that if the Exercising Holders desire to purchase in aggregate more than the total number of Third Remaining Securities, then the Third Remaining Securities will be allocated to the extent necessary among
such Exercising Holders in accordance with their relative Pro Rata Shares. 
 7.5 Fourth Notice. Within five (5) days
after the expiration of the ten (10) day period described in the Third Notice or the Overallotment Notice, as applicable, the Company shall deliver a written notice (“Fourth Notice”) specifying the aggregate number of Third
Remaining Securities that remain unpurchased by the Third Pre-emptive Holders following the procedures set out in Section 7.3 and Section 7.4 (the “Fourth Remaining Securities”) to Series C Investor who shall have
a right to purchase all or a portion of the Fourth Remaining Securities by notifying the Company in writing within ten (10) days after receipt of the Fourth Notice from the Company. 

  
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 7.6 Fifth Notice. Within five (5) days after the expiration of the ten (10) day
period described in the Fourth Notice, the Company shall deliver a written notice (“Fifth Notice”) specifying the aggregate number of Fourth Remaining Securities that remain unpurchased by Series C Investor following the procedures
set out in Section 7.5 (the “Fifth Remaining Securities”) to the Ordinary Investors (other than any Ordinary Investor who is also the Series D Investor or a Third Pre-emptive Holder) who shall have a right to purchase
the Fifth Remaining Securities (“Qualifying Ordinary Investor”), and each Qualifying Ordinary Investor may exercise its right to purchase the Fifth Remaining Securities on a pro-rata basis (based on the aggregate number of Ordinary
Shares held by such Qualifying Ordinary Investor (on a fully diluted and as converted basis) in relation to the total number of Ordinary Shares held by all Qualifying Ordinary Investors (on a fully diluted and as converted basis) on the date of the
Fifth Notice by notifying the Company in writing within ten (10) days after receipt of the Fifth Notice from the Company. 
 7.7
Sales by the Company. Within a period of ninety (90) days following the expiration of the last of ten (10) day period as described in the Fifth Notice, the Company may sell any New Securities with respect to which the Series E
Investor’s, the Series D Investor’s, the Third Pre-emptive Holders’, the Series C Investor’s and the Ordinary Investors’ rights under this Section 7 were not exercised, to the purchasers identified in the Issuance
Notice and at a price and upon terms not more favorable to the purchasers thereof than specified in the Issuance Notice. In the event the Company has not sold such New Securities within such ninety (90) day period, the Company shall not
thereafter issue or sell any New Securities, without first again offering such securities to the Series E Investor, the Series D Investor, the Third Pre-emptive Holders, the Series C Investor and the Ordinary Investors in the manner provided in this
Section 7. 
 7.8 Termination of Preemptive Rights. The preemptive rights in this Section 7 shall terminate on the
earlier of (i) the closing of the Qualified IPO, (ii) the consummation of a Liquidating Transaction and (iii) the consummation of a Non-Liquidation M&A. 

7.9 Nothing in this Section 7 shall give any holder of Ordinary Share that is not an Ordinary Investor any preemptive rights
over the New Securities. 
  

	8.	Information and Inspection Rights. 

 8.1 Delivery of Financial Statements.
For so long as SWHY, BlueFocus, Bertelsmann, Sumitomo, SSG I, SSG II and Igomax hold Shares in the issued capital of the Company they shall be entitled to the following documents or reports: 

(i) within one hundred and twenty (120) days after the end of each fiscal year of the Company, a consolidated income
statement and statement of cash flows for the Company for such fiscal year and a consolidated balance sheet for the Company as of the end of the fiscal year, audited and certified by an accredited accounting firm approved by the Board, and a
management report including a comparison of the financial results of such fiscal year with the corresponding annual budget (a “Management Report”), all prepared in accordance with U.S. Generally Accepted Accounting Principles
(“U.S. GAAP”), consistently applied throughout the period (except for year-end adjustments and except for the absence of notes); 

  
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 (ii) within thirty (30) days after the end of each quarter, the unaudited
consolidated income statement and statement of cash flows for the Company for such quarter and a consolidated balance sheet for the Company as of the end of the quarter, and a Management Report (based on the corresponding quarterly budget), all
prepared in accordance with U.S. GAAP; 
 (iii) within thirty (30) days of the end of each month, a consolidated
unaudited income statement and statement of cash flows for such month and a consolidated balance sheet for the Company as of the end of such month, and a Management Report (based on the corresponding monthly budget), all prepared in accordance with
U.S. GAAP; 
 (iv) copies of all documents or other information sent to all other shareholders and any reports publicly filed
by the Company with any relevant securities exchange, regulatory authority or governmental agency, no later than five (5) days after such documents or information are filed by the Company; 

(v) as soon as practicable, but in any event at least thirty (30) days prior to the end of each fiscal year, an annual
budget and business plan for the succeeding fiscal year for the Group Companies, setting forth for each month during such succeeding fiscal year projected revenues, profits, operating expenses and cash position, and certified by the chief financial
officer of the Company; 
 (vi) as soon as practicable, but in any event within fifteen (15) days after the end of each
quarter, updated and detailed capitalization tables of each Group Company as of the end of such quarter, certified by the chief financial officer or financial controller of the Company; and 

(vii) as soon as practicable, any other information reasonably requested by any such holder. 

8.2 Inspection. The Company shall permit SWHY, BlueFocus, Bertelsmann, Sumitomo, SSG I , SSG II and Igomax, at their own expense,
during normal business hours following not less than seven (7) business days prior written notice, to visit and inspect the Company, its Subsidiaries, any of the properties of the Company or its Subsidiaries, and to examine the books of account
and records of the Company and its Subsidiaries, and to discuss the affairs, finances and accounts of the Company and its Subsidiaries with the directors, officers, management employees, accountants, legal counsel and investment bankers of such
entities. SWHY, BlueFocus, Bertelsmann, Sumitomo, SSG I ,SSG II and Igomax, as the case may be, shall protect and keep confidential all confidential information of the Company obtained in exercising its inspection rights under this Section
8.2 except to the extent that (i) disclosure is required in accordance with applicable Law, (ii) information becomes publicly available other than due to breach of this obligation by either of SWHY, BlueFocus, Bertelsmann, Sumitomo,
SSG I , SSG II or Igomax, or (iii) the holder obtains information independent of its exercise of its inspection rights under this Section 8.2 from sources which are not in breach of any confidentiality agreement(s). 

8.3 Termination of Information and Inspection Rights. The rights and covenants set forth in: 

(A) Section 8.1 shall terminate and be of no further force or effect upon the earlier occurrence of (i) the closing of the
Qualified IPO, (ii) the consummation of a Liquidating Transaction or (iii) the consummation of a Non-Liquidation M&A. 

  
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 (B) Section 8.2 shall terminate and be of no further force or effect upon the earlier
occurrence of (i) the closing of the Qualified IPO or (ii) the consummation of a Liquidating Transaction or (iii) the consummation of a Non-Liquidation M&A or (iv) (in respect of BlueFocus only) BlueFocus holding less than
161,767 Shares (subject to adjustments made for share split, subdivision, consolidation, reorganization and the like events), (in respect of Bertelsmann only) Bertelsmann holding less than 112,200 Shares (subject to adjustments made for share split,
subdivision, consolidation, reorganization and the like events), (in respect of Sumitomo only) Sumitomo holding less than 109,407 Shares (subject to adjustments made for share split, subdivision, consolidation, reorganization and the like events),
(in respect of SSG I only) SSG I holding less than 58,776 SSG Ordinary Shares (subject to adjustments made for share split, subdivision, consolidation, reorganization and the like events) and (in respect of SSG II only) SSG II holding less than
79,959 Shares (subject to adjustments made for share split, subdivision, consolidation, reorganization and the like events). 
  

	9.	Election of Directors. 

 9.1 Board of Directors and Observers; Voting
Agreement. 
 (i) From and after the date hereof, the Company shall have a Board consisting of six
(6) directors, of which, (a) for so long as it continues to hold no less than 808,835 Shares (subject to adjustments made for share split, subdivision, consolidation, reorganization and the like events), BlueFocus shall have the right but
not the obligation to designate one (1) Director (“Series D Director”); (b) for so long as it continues to hold no less than 448,801 Shares (subject to adjustments made for share split, subdivision, consolidation,
reorganization and the like events), Bertelsmann shall have the right but not the obligation to designate one (1) Director (the “Series B Director”); (c) for so long as it continue to hold no less than 437,629 Shares
(subject to adjustments made for share split, subdivision, consolidation, reorganization and the like events), Sumitomo shall have the right but not the obligation to designate one (1) Director (the “Series A Director”);
(d) the holders of a majority of the then outstanding Ordinary Shares (excluding any Ordinary Shares issued or issuable upon conversion of Preference Shares), voting separately as a single class, have the right but not the obligation to
designate three (3) Directors (the “Ordinary Directors”), of which, for so long as either (x) SSG I holds all the SSG I Ordinary Shares (as adjusted for share dividends, splits, combinations, recapitalisations or similar
events) or (y) SSG II or its Affiliates, in the aggregate, hold no less than 399,796 Series C Preference Shares (as adjusted for share dividends, splits, combinations, recapitalisations or similar events), SSG I and SSG II shall have the
collective right to designate one (1) out of the three (3) Ordinary Directors (the “SSG Director”); and notwithstanding any other provision in this Agreement, for so long as Igomax continues to hold no less than 5% of the
Igomax Shares (as adjusted for share dividends, splits, combinations, recapitalisations or similar events), (x) Igomax shall have the right but not the obligation to designate one (1) out of the three (3) Ordinary Directors (the
“OptAim Director”), and (y) the OptAim Director shall not be removed without the prior written consent of Igomax. Subject to applicable law and listing rules, the right to appoint the OptAim Director by Igomax shall survive the
closing of a Qualified IPO. 

  
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 (ii) At each election of the directors of the Board, each holder of Shares shall
vote at any meeting of members of the Company, such number of Shares as may be necessary, or in lieu of any such meeting, shall give such holder’s written consent, as the case may be, with respect to such number of Shares to keep the size of
the Board at six (6) directors and in addition (a) as may be necessary to cause the election or re-election as members of the Board, and during such period to continue in office, each of the individuals designated pursuant to this
Section 9.1 and (b) against any nominees not designated pursuant to this Section 9.1. The Series A Director shall initially be Mr. Genichiro Higaki, the Series B Director shall initially be Annabelle Long, the Series D
Director shall initially be Anmin Pan, the Ordinary Shares Directors shall initially be Mr. Hsieh, Wing Hong Sammy, Mr. Antares Au (who shall be the initial SSG Director) and Mr. Ng, Yau Ping, and the OptAim Director shall initially
be TANG, Jian. Notwithstanding anything to the contrary in this Agreement, and without limiting any of the rights of the Parties hereto, each of the Parties acknowledges that the Chairman and chief executive officer of the Company and each Group
Company shall initially be Mr. Hsieh, Wing Hong Sammy, and the general manager of the Company shall be appointed by the Founders and confirmed by the Board. 

(iii) Any Person or group of Persons entitled to designate any individual to be elected as a director of the Board pursuant to
this Section 9.1 shall have the right to remove any such director occupying such position and to fill any vacancy caused by the death, disability, retirement, resignation or removal of any director occupying such position. Each holder of
Shares agrees to always vote such holder’s respective Shares in support of the principle that a director to the Board designated pursuant to this Section 9.1 shall be removed from the Board with or without cause only upon the vote or
written consent of the shareholders entitled to designate such director pursuant to Section 9.1, and each such holder further agrees not to seek, vote for or otherwise effect the removal with or without cause of any such director without such
vote or written consent. If a vacancy is created on the Board at any time by the death, disability, retirement, resignation or removal of any director designated pursuant to Section 9.1, the replacement to fill such vacancy shall be
designated in the same manner, in accordance with Section 9.1, as the director whose seat was vacated. 
 (iv) Any
director not elected in the manner provided in sub-paragraphs (i), (ii), or (iii) shall be elected by the members of the Company at a general meeting, with holders of Preference Shares and Ordinary Shares voting together on an as-converted basis and
not as separate classes. 
 (v) For so long as (a) Bertelsmann holds no less than 448,801 Shares (subject to adjustments
made for share split, subdivision, consolidation, reorganization and the like events), (b) Sumitomo hold no less than 437,629 Shares (subject to adjustments made for share split, subdivision, consolidation, reorganization and the like events),
(c) SSG I holds all of the SSG I Ordinary Shares (subject to adjustments made for share split, subdivision, consolidation, reorganization and the like events) or SSG II or any Person that, directly or indirectly, Controls, is Controlled by or
is under common Control with SSG II, in the aggregate, hold no less than 399,796 Series C Preference Shares (as adjusted for share dividends, splits, combinations, recapitalisations or similar events), (iv) BlueFocus holds no less than 808,835
Shares (subject to adjustments made for share split, subdivision, consolidation, reorganization and the like events), and (v) SWHY holds any Shares, each of (i) Bertelsmann, (ii) Sumitomo, (iii) SSG I or SSG II (but not both of
them) and (iv) BlueFocus, and (v) SWHY shall be entitled to designate one (1) observer to attend all meetings and receive all notices and materials of the Board or of any committee of the Board in a non-voting observer capacity. 

  
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 9.2 Alternates. Subject to applicable Law, each of the Series D Director, the Series B
Director, the Series A Director and the SSG Director shall be entitled to appoint an alternate to serve at any Board meeting, and such alternate shall be permitted to attend all Board meetings and vote on behalf of the director for whom she or he is
serving as an alternate. 
 9.3 Establishment of Audit Committee. Unless already established, the Company shall promptly establish
and maintain an Audit Committee consisting of four (4) directors, none of whom shall be an employee of the Company or any of its Subsidiaries (the “Audit Committee”). Each of (i) the Series A Investor (as a group),
(ii) the Series B Investors (as a group), (iii) the Series C Investor and SSG I (as a group) and (iv) the Series D Investor shall have the right, but not the obligation, to designate one (1) director each as a member of each and
every committee of the Board, including without limitation the Audit Committee provided that such Investor(s) has the rights to appoint a director in accordance with Section 9.1. The Audit Committee shall select the auditors of the Company and
approve the scope of the Company’s annual audit, and shall have such other powers and authorities as the Board shall delegate to it. 

9.4 D&O Insurance. At any time prior to the closing of any Liquidating Transaction or Qualified IPO, the Company shall, upon
request of the Series D Director, the Series A Director, the Series B Director or the SSG Director, purchase, and thereafter shall maintain, directors’ and officers’ insurance on commercially reasonable and customary terms approved by a
majority of the Board, including the Series D Director, the Series B Director, the Series A Director and the SSG Director, in relation to any person who is or was a director or an officer of the Company, or who at the request of the Company is or
was serving as a director or an officer of, or in any other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise, against any liability asserted against the Person and incurred by the Person in
that capacity. The Memorandum and Articles shall at all times provide that the Company shall indemnify the members of the Board to the maximum extent permitted by the Law of the jurisdiction in which the Company is organized. 

9.5 Amendment. So long as a Person, or group of Persons, holds the requisite number of Shares to be entitled to designate a director
under Section 9.1(i), the right of such Person or group of Persons to designate a director under Section 9.1(i) may not be amended or waived (either generally or in a particular instance and either retroactively or prospectively)
without the written consent of such Person, or the holders of a majority of the voting power of such group of Persons, respectively. 

9.6 Board Meetings. The Company shall hold no less than one (1) Board meeting during each fiscal quarter unless otherwise approved
by 2/3 of the members of the Board, including the Series D Director, the Series A Director and Series B Director. A quorum for a Board meeting shall consist of four (4) directors, including the Series A Director, the Series B Director, the
Series D Director and the SSG Director. If the Series D Director, the SSG Director, Series A Director or the Series B Director is not present within half an hour from the time appointed for the meeting or if during such a meeting a quorum ceases to
be present, the meeting shall be adjourned for 48 hours later to the same time and place or to such other day, time or such other place as the Directors present may determine, and if at the adjourned meeting, the Series D Director, the SSG Director,
the Series A Director or the Series B Director is not present within half an hour from the time scheduled for the adjourned meeting, the Directors present shall form the quorum. The Company shall promptly reimburse each member of the Board of
Directors that participates in or attends Board and/or committee meetings for all reasonable, documented expenses incurred in connection with such participation or attendance, including without limitation round-trip travel and lodging and/or
long-distance telephone charges. Notices and agenda of every meeting of the Board shall be given in accordance with Article 29.5 of the Memorandum and Articles. 

  
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 9.7 Covenants. The Company agrees to use its reasonable best efforts to ensure that the
rights granted hereunder are effective and that the Parties hereto enjoy the benefits thereof. Such actions include, without limitation, the use of the Company’s reasonable best efforts to cause the nomination and election of the directors as
provided above. The Company will not, by any voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be performed hereunder by the Company, and the Company will at all times in good faith assist and take action
as appropriate in the carrying out of all of the provisions of this Agreement. Each holder of Shares agrees that it shall not enter into any other agreements or arrangements of any kind with respect to the voting of any Shares or deposit any Shares
in a voting trust or other similar arrangement. 
 9.8 Termination. This Section 9 shall terminate on the earlier of
(i) the closing of the Qualified IPO, (ii) the consummation of a Liquidating Transaction and (iii) the consummation of a Non-Liquidation M&A. 
  

	10.	Protective Provisions 

 10.1 Approval of Series A Preference Shares, Series B
Preference Shares, Series D Preference Shares. For so long as Bertelsmann, Sumitomo and BlueFocus respectively holds no less than 448,801 Shares, 437,629 Shares and 808,835 Shares (subject to adjustments made for share split, subdivision,
consolidation, reorganization and the like events), in addition to any other vote or consent required elsewhere in the Memorandum and Articles or by applicable Law, the Company shall not, and Members of the Company shall procure that the Company and
each of its Subsidiaries shall not (directly or by amendment, merger, consolidation, amalgamation, scheme of arrangement or otherwise) take any of the following actions (other than those in connection with a Non-Liquidation M&A) without the
prior vote or written consent of the holders of at least 50% of the then outstanding Series D Preference Shares, the holders of at least 50% of the then outstanding Series B Preference Shares and the holders of at least 50% of the then outstanding
Series A Preference Shares, each voting separately as a single class. 
 (a) to liquidate, dissolve or wind up the affairs of the Company,
or effect any Liquidating Transaction; 
 (b) to amend, alter, or repeal any provision of the Memorandum and Articles; 

(c) to create or authorize the creation of or issue any other security convertible into or exercisable for any equity security, having rights,
preferences or privileges senior to or on parity with the Series A Preference Shares, the Series B Preference Shares or the Series D Preference Shares, or increase the authorized number of shares of the Series A Preference Shares, the Series B
Preference Shares or the Series D Preference Shares or do any act which has the effect of diluting or reducing the effective shareholding of the holders of the Series A Preference Shares, the Series B Preference Shares or the Series D Preference
Shares, provided that, no vote or written consent under this Section shall be required from the Holders of Series D Shares before the Company may enforce any paramount lien on, make a call on or forfeit any Shares held by BlueFocus representing the
unpaid Residual Amount (if any) in accordance with in the Memorandum and Articles after July 1, 2015; 

  
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 (d) to create, or issue of any debenture or any obligation convertible into, any securities
convertible into, any option to purchase or subscribe for, or warrants exercisable for, Shares of the Company (other than grant stock options to employees or consultant as ESOP pursuant to this Agreement); 

(e) to purchase or redeem or pay any dividend on any capital stock prior to the Series A Preference Shares, the Series B Preference Shares or
the Series D Preference Shares (other than stock repurchased from former employees or consultants in connection with the cessation of their employment/services, at the lower of fair market value or cost), provided that, no vote or written consent
under this Section shall be required from the Holders of Series D Shares before the Company may enforce any paramount lien on, make a call on or forfeit any Shares held by BlueFocus representing the unpaid Residual Amount (if any) in accordance with
the Memorandum and Articles after July 1, 2015; 
 (f) to create or authorize the creation of any debt security (other than equipment
leases or bank lines of credit) unless such debt security has received the prior approval of the Board, including the approval of the Series A Director, the Series B Director and the Series D Director; 

(g) to increase or decrease the size of the Board; 

(h) to approve any change in the business scope or activities of the Company; 

(i) to take actions subject to other protective provisions to be set forth in the definitive agreements in connection with the Series A
financing, the Series B financing or the Series D financing; 
 (j) to approve and change any compensation package of the management of the
Company, including but not limited to the chief executive officer, general manager, and any other key employee; and 
 (k) to agree or
undertake to do any of the foregoing. 
 10.1A Approval of Series C Preference Shares. For so long as SSG II holds no less than
399,796 Shares (subject to adjustments made for share split, subdivision, consolidation, reorganization and the like events), in addition to any other vote or consent required elsewhere in the Memorandum and Articles or by applicable Law, the
Company shall not, and Members of the Company shall procure that the Company and each of its Subsidiaries shall not take any of the following actions (other than those in connection with an Non-Liquidation M&A) without the prior vote or written
consent of the holders of at least 50% of the then outstanding Series C Preference Shares: 
 (a) to liquidate, dissolve or wind up the
affairs of the Company, or effect any Liquidating Transaction; 
 (b) to amend, alter, or repeal any provision of the Memorandum and
Articles, 

  
 -26- 

 (c) to increase or decrease the size of the Board; and 

(d) to agree or undertake to do any of the foregoing. 

10.1B Approval of Series E Preference Shares. For so long as SWHY holds any Shares, in addition to any other vote or consent required
elsewhere in this Agreement and in the Memorandum and Articles or by applicable Law, the Company shall not, and Members of the Company shall procure that the Company and each of its Subsidiaries shall not take any of the following actions (other
than those in connection with an Non-Liquidation M&A) without the prior affirmative vote or written consent of the holders of at least 50% of the then outstanding Series E Preference Shares: 

(a) to liquidate, dissolve or wind up the affairs of the Company, or effect any Liquidating Transaction; 

(b) to amend, alter, or repeal any provision of the Memorandum and Articles; 

(c) to create, or issue of any debenture or any obligation convertible into, any securities convertible into, any option to purchase or
subscribe for, or warrants exercisable for, Shares of the Company (other than grant stock options to employees or consultant as ESOP pursuant to this Agreement); 

(d) to purchase or redeem or pay any dividend on any capital stock prior to the Series A Preference Shares, the Series B Preference Shares,
the Series D Preference Shares or the Series E Preference Shares (other than stock repurchased from former employees or consultants in connection with the cessation of their employment/services, at the lower of fair market value or cost); 

(e) to create or authorize the creation of any debt security (other than equipment leases or bank lines of credit) unless such debt security
has received the prior approval of the Board, including the approval of the Series A Director, the Series B Director and the Series D Director; 

(f) to increase or decrease the size of the Board; 

(g) to approve any change in the business scope or activities of the Company; 

(h) to take actions subject to other protective provisions to be set forth in the definitive agreements in connection with the Series E
financing; and 
 (i) to agree or undertake to do any of the foregoing. 

10.2 Approval by the Board. For so long as any Series A Preference Shares, Series Preference B Shares or Series D Preference Shares
remain outstanding and Bertelsmann, Sumitomo and BlueFocus respectively holds no less than 448,801 Shares, 437,629 Shares and 808,835 Shares (subject to adjustments made for share split, subdivision, consolidation, reorganization and the like
events), the Company shall not take any of the following actions (other than those in connection with a Non-Liquidation M&A) without 2/3 consent of the Board, including consent by the Series A Director, the Series B Director and the Series D
Director: 

  
 -27- 

 (a) to adopt or amend the Memorandum and Articles or similar constitutive documents of any of the
Group Companies, provided that, no vote or written consent under this Section shall be required from the Series D Director before the Company may enforce any paramount lien on, make a call on or forfeit any Shares held by BlueFocus representing the
unpaid Residual Amount (if any) in accordance with the Memorandum and Articles after July 1, 2015; 
 (b) to make any filing with
respect to any of the Group Companies for the appointment of a receiver, administrator or other form of external manager for the winding up, liquidation, bankruptcy or insolvency of any of the Group Companies, or the passing of any resolution in
respect of the same or any other forms of voluntary liquidation, dissolution or winding up of any of the Group Companies; 
 (c) to effect
any merger, spin-off, consolidation, scheme of arrangement, reorganization or sale of all or substantially all of the assets of any of the Group Companies; 

(d) to declare or pay any dividend by, or the making of any distribution on or with respect to the shares or any other share capital of, any
of Group Companies; 
 (e) to make any increase or decrease in capital, or any purchase or redemption of any shares of any of Group
Companies; provided that, no vote or written consent under this Section shall be required from the Series D Director before the Company may enforce any paramount lien on, make a call on or forfeit any Shares held by BlueFocus representing the unpaid
Residual Amount (if any) in accordance with the Memorandum and Articles after July 1, 2015; 
 (f) to make any investment in excess of
HK$3,000,000 (or its equivalent in other currency) in the aggregate in the same financial year or in any non-core business investments, or any acquisition of assets or equity interests inside or outside the PRC and Hong Kong SAR; 

(g) to adopt annual budget, or any material change annual budget, or to engage in any new line of business of the Company or any of its
subsidiaries; 
 (h) to appoint and remove the chief executive officer, the chief financial officer, general manager, legal representative,
vice-president or any key employee of any Group Company; 
 (i) to appoint or change of the auditors of any of the Group Companies; 

(j) to grant any indemnity or guarantee, security, or rights having similar or like economic effect over all or any part of the assets or
rights of any of Group Company (or by any Founder of its equity interest in any Group Company), except for the purpose of securing borrowings from banks in the ordinary course of business not exceeding HK$3,000,000 in the aggregate (or its
equivalent in other currency); 
 (k) to change in the business scope or activities of any of any Group Company; 

(l) to adopt or amend any terms of, any of stock option or any bonus or profit sharing scheme; 

  
 -28- 

 (m) to authorize or incur any capital expenditure in excess of HK$5,000,000 for a single purchase
or in aggregate more than HK$10,000,000 within the same financial year of the Company; 
 (n) to acquire or form any subsidiary or acquire
the whole or any substantial part of the undertakings, assets or business of any other company or any entity or any entry into any joint venture or partnership with any other entity or any enter into any merger, consolidation or restructure; 

(o) to enter into any contract, agreement or transaction between the Company or any Subsidiary and any of its directors, officers or
shareholders (or their respective affiliates), including without limitation, any loans, credits, undertakings and benefits in favour of such persons and any amendment or termination of any contract, agreement or transaction previously approved by
the Board or the holders of the Series A Preference Shares and the Series Preference B Shares; 
 (p) to sell or dispose of the whole or a
substantial part of the good will or the assets of the Company and/or any Subsidiary; 
 (q) to amend or change the existing accounting
policies or the financial year of the Company; 
 (r) to increase the aggregate compensation (including all benefits and bonus) of any of
the five most highly compensated employees or officers of the Company and any Subsidiary by more than 50% in any twelve-month period; 
 (s)
to borrow any money or obtain any financial facilities except pursuant to trade facilities obtained from banks or other financial institutions in the ordinary course of business 

(t) to sell, transfer, license, charge, encumber or otherwise dispose of all or substantially all of the trademarks, patents, copyrights or
other intellectual property owned by the Company and/or Subsidiary; 
 (u) to transfer of any shares in the Company or any of its
Subsidiaries; provided that, no vote or written consent under this Section shall be required from the Series D Director before the Company may enforce any paramount lien on, make a call on or forfeit any Shares held by BlueFocus representing the
unpaid Residual amount (if any) in accordance with the Memorandum and Articles after July 1, 2015; 
 (v) to enter into any transaction
outside of the Company’s ordinary course of business; and 
 (w) to agree or undertake to do any of the foregoing. 

10.2A Approval by the OptAim Director. For so long as any Igomax Shares remain outstanding and Igomax holds no less than 5% of the
Igomax Shares (subject to adjustments made for share split, subdivision, consolidation, reorganization and the like events), the Company shall not take any of the following actions without the consent by OptAim Director: 

(a) to adopt or amend the Memorandum and Articles or similar constitutive documents of OptAim Ltd. and any of the OptAim Subsidiaries; 

  
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 (b) to effect any merger, spin-off, consolidation, scheme of arrangement, reorganization or sale
of all or substantially all of the assets of OptAim Ltd. and/or the OptAim Subsidiaries; 
 (c) to transfer any shares in OptAim Ltd. and/or
the OptAim Subsidiaries or to sell, transfer, license, charge, encumber or otherwise dispose of all or substantially all of the trademarks, patents, copyrights or other intellectual property owned by OptAim Ltd. and/or the OptAim Subsidiaries; 

(d) to adopt or amend or terminate any terms of, any of stock option or any bonus or profit sharing scheme, which are applied to the employees
of OptAim Ltd. and/or the OptAim Subsidiaries; 
 (e) to adopt annual budget, or any material change annual budget, or to engage in any new
line of business of OptAim Ltd. and any of the OptAim Subsidiaries; 
 (f) to grant any indemnity or guarantee, security, or rights having
similar or like economic effect over all or any part of the assets or rights of OptAim Ltd. and any of the OptAim Subsidiaries, except for the purpose of securing borrowings from banks in the ordinary course of business not exceeding HK$3,000,000 in
the aggregate (or its equivalent in other currency); 
 (g) to initiate the first firm commitment underwritten registered public offering by
the Company which is not an Igomax QIPO; 
 (h) to remove TANG Jian from the chief executive officer and a director of OptAim Ltd. and any
of the OptAim Subsidiaries; and 
 (i) to agree or undertake to do any of the foregoing. 

10.3 The powers mandated to the Board of Directors in Section 10.2 above are irrevocably mandated by the holders of Shares of
the Company to the Board of Directors and shall not be revoked or rescinded in any case unless with the consent of holders of at least a majority of all outstanding Ordinary Shares, holders of at least a majority of all outstanding Series A
Preference Shares, holders of at least a majority of all outstanding Series B Preference Shares, holders of at least a majority of all outstanding Series C Preference Shares and holders of at least a majority of all outstanding Series D Preference
Shares, each voting separately as a single class. Further, the powers mandated to the OptAim Director in Section 10.2A above are irrevocably mandated by the holders of Shares of the Company to the OptAim Director, and shall not be revoked or
rescinded in any case unless with the consent of Igomax. 
 10.4 Subsidiaries. The protective provisions set forth in Section
10.1, Section 10.1A, Section 10.1B and Section 10.2 shall apply to all Subsidiaries and Controlled affiliates of the Company with respect to actions listed therein or any equivalent actions. 

10.5 Adjustment Shares to Ordinary Investors. 

  
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 (a) In the event of any issuance of any New Securities for a consideration
per Ordinary Share (on an as-converted basis) based on the Company’s pre-money valuation to be less than US$308,400,000 (“Anti-dilution Trigger Valuation”), the existing holders of the Company’s Ordinary Shares
(other than the Ordinary Investors, Zaffre, BAI and Igomax) shall transfer, at no cost, additional Ordinary Shares to the Ordinary Investors based on a broad-based weighted average calculation. Notwithstanding the foregoing, if any more favorable
anti-dilution protection, including, without limitation, a lower Anti-dilution Trigger Valuation or favorable anti-dilution methodology, is provided to any holder of Equity Securities in the next equity financing of the Company, the Company/Founders
shall grant the same rights or rights that result in the same economic benefits to Ordinary Investors with respect to the Ordinary Shares they first subscribed for then held by the Ordinary Investors. 

(b) If, at any time, the Company provides to any holders of Ordinary Shares with rights, preferences or privileges that are
more favorable to the rights, preferences or privileges granted to the Ordinary Investors, whether set out in the Company’s Memorandum and Articles and any amendments thereto, this Agreement, and any subsequent amendments, the Right of First
Refusal Agreement, and any amendments thereto, or other similar agreements by or among the Company and its shareholders, the Company/Founders shall ensure that such equivalent rights, preferences and privileges be granted to the Ordinary Investors
with respect to its Ordinary Shares they first subscribed for. 
  

	11.	Additional Agreements; Covenants. 

 11.1 Stock Option Plan.  

(i) Save and except the up to 4,142,545 Ordinary Shares (as adjusted for share dividends, splits, combinations,
recapitalizations or similar events) to be issued to employees or consultants of the Group pursuant to an equity incentive plan of the Company (the “ESOP”), which has been adopted by the Board of Directors and approved by the
holders of voting Equity Securities of the Company, any grant of an award under the ESOP shall be subject to the approval by 2/3 of the members of the Board (including the Series D Director, the Series B Director and the Series A Director). The
number of shares available for issuance under the ESOP shall not be increased (other than to reflect share dividends, splits, combinations, recapitalizations or similar events) without the written consent of the holders of a majority of the
outstanding Series E Preference Shares, the holders of a majority of the outstanding Series D Preference Shares, the holders of a majority of the outstanding Series C Preference Shares, the holders of a majority of the outstanding Series B
Preference Shares and the holders of a majority of the outstanding Series A Preference Shares. 
 (ii) All shares, options or
other securities granted or issued under the ESOP shall be subject to a vesting schedule pursuant to which twenty-five percent (25%) of such shares or options shall vest on the one (1) year anniversary of such grant, with the remaining
seventy-five percent (75%) to vest in equal monthly installments over the next thirty-six (36) months, unless otherwise approved by 2/3 of the members of the Board, including the Series D Director, the Series B Director and the Series A
Director. 

  
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 (iii) Upon the termination for any reason of the employment or similar
arrangement of any employee, consultant, officer or director holding unvested shares, the Company or its assignee (to the extent permissible under Applicable Securities Laws qualifications) shall have the option to repurchase such unvested shares at
a per share price equal to the lesser of the cost of such shares or the current fair market value of such shares as determined in good faith by the Board. There shall be no acceleration of the vesting of any shares or options or other securities
granted or issued under the ESOP except upon approval by 2/3 of the members of the Board, including the Series D Director, the Series B Director and the Series A Director. 

(iv) As a condition to the exercise of any option or other security granted or issued under the ESOP, the grantee exercising
such option or other security, if applicable, shall be required to enter into the Right of First Refusal & Co-Sale Agreement as a Principal (as defined in the Right of First Refusal & Co-Sale Agreement) by executing a deed of
adherence. Any attempt to exercise any option or other security granted or issued under the ESOP in contravention of this paragraph shall be null, void and without effect. 

(v) The ESOP may contain any other provision not mentioned above as may from time to time be approved by 2/3 of the members of
the Board, including the Series D Director, the Series B Director and the Series A Director. 
 (vi) Any option or other security granted or
issued under the ESOP to the employees or consultants of OptAim Ltd. or any OptAim Subsidiary shall be solely proposed by the OptAim Director and approved by the Board in accordance with this Agreement and the Memorandum and Articles. 

11.2 Compliance. The Company shall use its reasonable best efforts to cause any direct or indirect subsidiary or entity Controlled by
the Company, including without limitation the Group Companies, whether now in existence or formed in the future, to comply in all material respects with all applicable Laws. Without limiting the generality of the foregoing, the Company shall not,
and the Founders shall cause the Company not to, and the Company and the Founders shall ensure that its and their respective Affiliates and its respective officers, directors, and representatives shall not, directly or indirectly, (a) offer or
give anything of value to any Official with the intent of obtaining any improper advantage, affecting or influencing any act or decision of any such Person, assisting any Group Company in obtaining or retaining business for, or with, or directing
business to, any Person, or constituting a bribe, kickback or illegal or improper payment to assist any Group in obtaining or retaining business, (b) take any other action, in each case, in violation of the Foreign Corrupt Practices Act of the
United States of America, as amended (as if it were a U.S. Person), or any other applicable similar anti-corruption, recordkeeping and internal controls Laws, or (c) establish or maintain any fund or assets in which any Group Company has
proprietary rights that have not been recorded in the books and records of such Group Company. 
 11.3 Subsidiaries. All
material aspects of the formation, maintenance and compliance of any direct or indirect Subsidiary or entity Controlled by the Company, whether now in existence or formed in the future, shall be subject to the review and approval by the Board of
Directors (including the consent of the Series D Director, Series B Director and the Series A Director), and the Company shall promptly provide the Series A Investor, the Series B Investors, Series C Investor, the Series D Investor and the Series E
Investor with copies of all material related documents and correspondence. Upon request of the Series A Director, the Series B Director, or the Series D Director, each Group Company and each Founder shall procure that the board of directors of each
Group Company be designated in the same manner as the Board of Directors of the Company. 

  
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 The Company and the Founders shall ensure that the board of directors of any of its Subsidiaries
shall not have independent decision making power over their respective entities, and that the Company shall have sole decision making power over all business and affairs of any of its Subsidiaries. 

11.4 PRC Matters.  

(i) The Company and the Founders shall ensure that all filings and registrations with the relevant PRC Governmental Authorities
required in respect of the Group Companies and the Founders, including the registrations with the Ministry of Commerce (or any predecessors), the State Administration for Industry and Commerce, the State Administration of Foreign Exchange
(“SAFE”), tax bureau, customs authorities, telecommunication authorities, administration of industry and commerce authorities, internet supervision authorities and the local counter part of each of the aforementioned governmental
authorities, as applicable, shall be duly completed in accordance with the relevant Laws. 
 (ii) If any holder of Shares of
the Company, including, without limitation, Ordinary Shares and Preference Shares, or any other Equity Securities (each, a “Company Security Holder”) is a “Domestic Resident” as defined in Circular 37 issued by SAFE on
July 4, 2014 (“Circular 37”) and is subject to the SAFE registration or reporting requirements under Circular 37, in each case as determined by the Board of Directors or counsel to the Company, the Company shall promptly obtain
a power of attorney reasonably satisfactory to the majority of the Holders of the Series A Preference Shares, the Series B Preference Shares, the Series D Preference Shares and the Series E Preference Shares (voting together as a single class on an
as-if-converted basis) from such Company Security Holder, and the Company shall cause the designated representative under such power of attorney to take such actions and execute such instruments on behalf of such Company Security Holder to comply
with the applicable SAFE registration or reporting requirements under Circular 37 as determined in the sole discretion of the Board of Directors or counsel to the Company. The Company and any of its Subsidiaries shall fully comply with all
applicable PRC Laws relating to the filing, registration and reporting to SAFE or any of its local branches with respect to any foreign exchange transactions, investments, changes or occurrence of significant events. 

11.5 Insurance. The Company shall, at the discretion of the Board of Directors (including the affirmative consent of the Series D
Director, the Series B Director and the Series A Director), procure and maintain in effect, policies of insurance with respect to its properties and business of the kinds and in the amounts not less than that are customarily obtained by companies of
similar size, in a similar line of business, engaged in international operations, and with operations in the PRC. 
 11.6 Controls.
The Company will maintain the books and records of the Company, and will prepare its unaudited and audited financial statements, in accordance with U.S. GAAP and in accordance with sound business practices. The Company shall, and shall cause the
Group Companies to, maintain an adequate system of procedures and controls with respect to finance, management, and accounting that is in accordance with sound business practices and is reasonably satisfactory to the Holders of a majority of the
Series A Preference Shares, the Holders of a majority of the Series B Preference Shares, the Holders of a majority of the Series C Preference Shares, the Holders of a majority of the Series D Preference Share and the Holders of a majority of the
Series E Preference Shares,, respectively. The Company shall, and shall cause the Group Companies to, adopt and maintain a treasury policy, accounting policy and fiscal policy reasonably satisfactory to the Holders of a majority of the Series A
Preference Shares, the Holders of a majority of the Series B Preference Shares, the Holders of a majority of the Series C Preference Shares, the Holders of a majority of the Series D Preference Shares and the Holders of a majority of the Series E
Preference Shares,, respectively. 

  
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 11.7 Compliance with Memorandum and Articles. Each Party to this Agreement shall take all
such actions and shall do all such things, and each holder of Ordinary Share Equivalents that is a Party to this Agreement shall vote at any meeting of members of the Company, such number of Ordinary Share Equivalents (on an as-converted basis) as
may be necessary, or in lieu of any such meeting, shall give such holder’s written consent, as the case may be, with respect to such number of Ordinary Share Equivalents (on an as-converted basis), to cause the Company to comply with the
Memorandum and Articles, including but not limited to Section 6 (Protective Provisions), Section 7 (Put Option) and Section 4 (Redemption) of Schedule 1 thereto. In the event that the provisions of this
Agreement conflict with any provision of the Memorandum and Articles, the provisions of this Agreement shall prevail as between the shareholders of the Company only, who hereby undertake to take such steps as may be necessary or desirable to amend
the Memorandum and Articles to remove such conflict to the fullest extent permitted by Law. 
 11.8 Employment Matters. Unless
otherwise determined by the Board of Directors (including the affirmative consent of the Series D Director, the Series B Director and the Series A Director), the Company shall (i) require all employees and consultants now or hereafter employed
or retained by any Group Company to enter into a Confidential Information and Invention Assignment Agreement, requiring such Persons to protect and keep confidential each Group Company’s confidential information, intellectual property and trade
secrets and requiring such Persons to assign all ownership rights in their work product to the Group Companies to the maximum extent permitted by applicable Law; and (ii) require the persons whose names are listed in Schedule H hereof to
enter into a Non-compete and Non-solicitation Agreement, prohibiting such Persons from competing with the Group Companies during their tenures with any Group Company, and from completing with and soliciting the employees and consultants from the
Group Companies for twenty-four (24) months after their tenures with any Group Company terminate. 
 11.9 De Facto Control.
Except in connection with a Non-Liquidation M&A, the Control of the Company and the de facto controlling person of the Company shall remain unchanged prior to a Qualified IPO.  

11.10 Termination. This Section 11 shall terminate on the earlier of (i) the closing of the Qualified IPO and (ii) the
consummation of a Liquidating Transaction. 
  

	12.	Miscellaneous. 

 12.1 Further Assurances. Upon the terms and subject to the
conditions herein, each of the Parties hereto agrees to use its reasonable best efforts to take or cause to be taken all action, to do or cause to be done, to execute such further instruments, and to assist and cooperate with the other Parties
hereto in doing, all things necessary, proper or advisable under applicable Laws or otherwise to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement and, to the extent reasonably
requested by another Party, to enforce rights and obligations pursuant hereto. 

  
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 12.2 Assignments and Transfers; No Third Party Beneficiaries. Except as otherwise provided
herein, this Agreement and the rights and obligations of the Parties hereunder shall inure to the benefit of, and be binding upon, their respective successors, assigns and legal representatives, but shall not otherwise be for the benefit of any
third party. The rights of any Series A Investor, Series B Investor, Series C Investor, Series D Investor, Series E Investor, Ordinary Investor, Bertelsmann, Sumitomo, SSG I, SSG II , BlueFocus or Igomax hereunder (including, without limitation,
registration rights) are assignable to any of its Affiliates, or in connection with the transfer (subject to Applicable Securities Laws and other Laws) of Equity Securities held by such Series A Investor, Series B Investor, Series C Investor, Series
D Investor, Series E Investor, Ordinary Investor Bertelsmann, Sumitomo, SSG I, SSG II , BlueFocus or Igomax but only to the extent of such transfer, and any such transferee shall execute and deliver to the Company and the other parties hereto a deed
of adherence becoming a Party to this Agreement, subject to the terms and conditions hereof. This Agreement and the rights and obligations of any party hereunder shall not otherwise be assigned without the mutual written consent of the other
Parties; provided that any Shareholder may assign its rights and obligations to an Affiliate or the ultimate beneficial owner of such Shareholder without consent of the other Parties. 

12.3 Governing Law. This Agreement shall be governed by and construed under the Laws of the Hong Kong S.A.R., without regard to
principles of conflict of laws thereunder. 
 12.4 Dispute Resolution. 

(i) Any dispute, controversy or claim (each, a “Dispute”) arising out of or relating to this Agreement, or the
interpretation, breach, termination or validity hereof, shall be resolved at the first instance through consultation between the parties to such Dispute. Such consultation shall begin immediately after any party has delivered written notice to any
other party to the Dispute requesting such consultation. 
 (ii) If the Dispute is not resolved within thirty (30) days
following the date on which such notice is given, the Dispute shall be submitted to arbitration upon the request of any party to the Dispute with notice to each other party to the Dispute (the “Arbitration Notice”). 

(iii) The arbitration shall be conducted in the Hong Kong S.A.R. and shall be administered by the Hong Kong International
Arbitration Centre (“HKIAC”) in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules in force at the time of the commencement of the arbitration. However, if such rules are in conflict with
the provisions of this Section 12.5, including the provisions concerning the appointment of arbitrators, the provisions of this Section 12.5 shall prevail. 

(iv) The arbitration proceedings shall be conducted in English. There shall be one (1) arbitrator. The Secretary General
of the Centre shall select the arbitrator, who shall be qualified to practice law in the Hong Kong S.A.R. 
 (v) Each party
to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of and providing complete access to all information and documents requested by such other party in connection with such arbitration proceedings,
subject only to any confidentiality obligations binding on such party. 

  
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 (vi) The arbitrator shall decide any dispute submitted by the parties to the
arbitration tribunal strictly in accordance with the substantive Laws of the Hong Kong, S.A.R. and shall not apply any other substantive Law. 

(vii) Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of
competent jurisdiction pending the constitution of the arbitral tribunal. 
 (viii) The Parties to this Agreement agree to
the consolidation of arbitrations under the Transaction Documents in accordance with the provisions of this Section 12.5. 

(a) In the event of two or more arbitrations having been commenced under any of the Transaction Documents, the tribunal in the
arbitration first filed (the “Principal Tribunal”) may in its sole discretion, upon the application of any party to the arbitrations, order that the proceedings be consolidated before the Principal Tribunal if (1) there are
issues of fact and/or law common to the arbitrations, (2) the interests of justice and efficiency would be served by such a consolidation, and (3) no prejudice would be caused to any party in any material respect as a result of such
consolidation, whether through undue delay or otherwise. Such application shall be made as soon as practicable and the party making such application shall give notice to the other parties to the arbitrations. 

(b) The Principal Tribunal shall be empowered to (but shall not be obliged to) order at its discretion, after inviting written
(and where desired oral) representations from the parties that all or any of such arbitrations shall be consolidated or heard together and/or that the arbitrations be heard immediately after another and shall establish a procedure accordingly. All
parties shall take such steps as are necessary to give effect and force to any orders of the Principal Tribunal. 
 (c) If
the Principal Tribunal makes an order for consolidation, it: (1) shall thereafter, to the exclusion of other arbitral tribunals, have jurisdiction to resolve all disputes forming part of the consolidation order; (2) shall order that notice
of the consolidation order and its effect be given immediately to any arbitrators already appointed in relation to the disputes that were consolidated under the consolidation order; and (3) may also give such directions as it considers
appropriate (i) to give effect to the consolidation and make provision for any costs which may result from it (including costs in any arbitration rendered functus officio under this Section 12.5); and (ii) to ensure the proper
organization of the arbitration proceedings and that all the issues between the parties are properly formulated and resolved. 

(d) Upon the making of the consolidation order, any appointment of arbitrators relating to arbitrations that have been
consolidated by the Principal Tribunal (except for the appointment of the arbitrator of the Principal Tribunal itself) shall for all purposes cease to have effect and such arbitrators are deemed to be functus officio, on and from the date of the
consolidation order. Such cessation is without prejudice to (1) the validity of any acts done or orders made by such arbitrators before termination, (2) such arbitrators’ entitlement to be paid their proper fees and disbursements and
(3) the date when any claim or defence was raised for the purpose of applying any limitation period or any like rule or provision. 

  
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 (e) The Parties hereby waive any objections they may have as to the validity
and/or enforcement of any arbitral awards made by the Principal Tribunal following the consolidation of disputes or arbitral proceedings in accordance with this Section 12.5 where such objections are based solely on the fact that
consolidation of the same has occurred. 
 (ix) During the course of the arbitration tribunal’s adjudication of the
dispute, this Agreement shall continue to be performed except with respect to the part in dispute and under adjudication. 

(x) The award of the arbitration tribunal shall be final and binding upon the parties, and the prevailing party may apply to a
court of competent jurisdiction for enforcement of such award. 
 (xi) For the purposes of service and delivery of documents
under arbitration, the Parties agrees that where any Party is a legal entity incorporated or registered outside of the Hong Kong S.A.R., the physical addresses in the Hong Kong S.A.R. provided by them for receiving notices as set out in this
Agreement shall be the address which they shall serve and receive documents and delivery to such address shall constitute valid service and delivery to that Party. 

12.5 Notices. Any notice required or permitted pursuant to this Agreement shall be given in writing and shall be given either
personally or by sending it by next-day or second-day courier service, fax, electronic mail or similar means to the address as shown below the signature of such party on the signature page of this Agreement (or at such other address as such party
may designate by fifteen (15) days’ advance written notice to the other parties to this Agreement given in accordance with this Section 12.6). Where a notice is sent by next-day or second-day courier service, service of the notice
shall be deemed to be effected by properly addressing, pre-paying and sending by next-day or second-day service through an internationally-recognized courier a letter containing the notice, with a confirmation of delivery, and to have been effected
at the expiration of two days after the letter containing the same is sent as aforesaid. Where a notice is sent by fax or electronic mail, service of the notice shall be deemed to be effected by properly addressing, and sending such notice through a
transmitting organization, with a written confirmation of delivery, and to have been effected on the day the same is sent as aforesaid. 

12.6 Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing Party
shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled. 

12.7 Rights Cumulative. Each and all of the various rights, powers and remedies of a Party hereto will be considered to be cumulative
with and in addition to any other rights, powers and remedies which such Party may have at law or in equity in the event of the breach of any of the terms of this Agreement. The exercise or partial exercise of any right, power or remedy will neither
constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such Party. 

  
 -37- 

 12.8 Additional Investors. Notwithstanding anything to the contrary contained herein, if
the Company issues additional shares of the Company’s Series A Preference Shares, Series B Preference Shares, Series C Preference Shares, Series D Preference Shares or Series E Preference Shares after the date hereof, any purchaser of such
shares of Series A Preference Shares, Series B Preference Shares, Series C Preference Shares, Series D Preference Shares or Series E Preference Shares may become a party to this Agreement by executing and delivering an additional counterpart
signature page to this Agreement, and thereafter shall be deemed a “Series A Investor”, “Series B Investor”, “Series C Investor”, “Series D Investor”, “Series E
Investor” as applicable, for all purposes hereunder. No action or consent by the Parties shall be required for such joinder to this Agreement by such additional Series A Investor, Series B Investor, Series C Investor, Series D Investor or
Series E Investor, so long as such additional Series A Investor, Series B Investor, Series C Investor, Series D Investor or Series E Investor has agreed in writing to be bound by all of the obligations as a “Series A Investor”,
“Series B Investor”, “Series C Investor”, “Series D Investor” or “Series E Investor”, as applicable, hereunder. 

12.9 Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other Person
and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with
respect to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Memorandum and Articles, or elsewhere, as the case may be. 

12.10 Severability. In case any provision of the Agreement shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. If, however, any provision of this Agreement shall be invalid, illegal, or unenforceable under any applicable Law in any jurisdiction, it shall, as to
such jurisdiction, be deemed modified to conform to the minimum requirements of such Law, or, if for any reason it is not deemed so modified, it shall be invalid, illegal, or unenforceable only to the extent of such invalidity, illegality, or
limitation on enforceability without affecting the remaining provisions of this Agreement, or the validity, legality, or enforceability of such provision in any other jurisdiction. 

12.11 Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance and either retroactively or prospectively), only with the written consent of each of (i) the Company, (ii) the Founders, (iii) the holders of a majority of the Series A Preference Shares,
(iv) the holders of a majority of the Series B Preference Shares, (v) the holders of a majority of the Series C Preference Shares, (vi) the holders of a majority of the Series D Preference Shares (vii) SSG I, for so long as SSG I
continues to hold all SSG I Ordinary Shares, (viii) Igomax, for so long as Igomax continues to hold at least 5% of the Igomax Shares, and (ix) the holders of a majority of the Series E Preference Shares (in the case of (iii), (iv), (v),
(vi), (viii) and (ix), as adjusted for share dividends, splits, combinations, recapitalizations or similar events). Any amendment or waiver effected in accordance with this paragraph shall be binding upon each of the Parties hereto. 

12.12 No Waiver. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed a
waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy hereunder at any one or more times be deemed a waiver or relinquishment of such
right, power or remedy at any other time or times. 

  
 -38- 

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

12.14 No Presumption. The Parties acknowledge that any applicable Law that would require interpretation of any claimed ambiguities in
this Agreement against the Party that drafted it has no application and is expressly waived. If any claim is made by a Party relating to any conflict, omission or ambiguity in the provisions of this Agreement, no presumption or burden of proof or
persuasion will be implied because this Agreement was prepared by or at the request of any Party or its counsel. 
 12.15 Headings
and Subtitles; Interpretation. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. Unless a provision hereof expressly provides otherwise:
(i) all accounting terms not otherwise defined herein have the meanings assigned under U.S. GAAP; (ii) the term “or” is not exclusive; (iii) words in the singular include the plural, and words in the plural include the
singular; (iv) the terms “herein”, “hereof”, and other similar words refer to this Agreement as a whole and not to any particular section, subsection, paragraph, clause, or other subdivision; (v) the
term “including” will be deemed to be followed by “, but not limited to,”; (vi) the masculine, feminine, and neuter genders will each be deemed to include the others; (vii) the terms “shall”,
“will”, and “agrees” are mandatory, and the term “may” is permissive; (viii) the term “day” means “calendar day”; and (ix) all references to “US$” are to the currency of the
United States of America (and, where applicable, shall be deemed to include reference to the equivalent amount in other currencies). 

12.16 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Facsimile and e-mailed copies of signatures shall be deemed to be originals for purposes of the effectiveness of this Agreement. 

12.17 Entire Agreement. This Agreement (including the Exhibits hereto) constitutes the full and entire understanding and agreement
among the Parties with regard to the subject matter hereof and thereof, and supersedes all other agreements between or among any of the Parties with respect to the subject matter hereof. Without limiting the generality of the foregoing, this
Agreement supersedes, in its entirety, the Prior SHA, which shall be null and void and have no force or effect whatsoever as of the date hereof. The parties hereto that are parties to the Prior SHA hereby irrevocably waive any and all rights that
they may have against any other party under the Prior SHA in exchange for their rights hereunder. After the execution and delivery of this Agreement, to the extent that there is any conflict between this Agreement and any provision of any other
agreement, arrangement or understanding between the Company and any holder of equity securities of the Company, the terms and conditions of this Agreement shall prevail. 

  
 -39- 

 12.18 Aggregation of Stock. All Shares held or acquired by any Affiliates shall be
aggregated together for the purpose of determining the availability of any rights under this Agreement. 
 [The remainder of this
page has been intentionally left blank.] 

  
 -40- 

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

									
	COMPANY:	 	OPTIMIX MEDIA ASIA LIMITED
			
		 	By: 	 	 /s/ Wing Hong Sammy Hsieh

		 		 	Name: 	 	Hsieh, Wing Hong Sammy
		 		 	Title:	 	Director
				
		 		 	Address:	 	1508 Prosperity Millennia Plaza
		 		 		 		 	663 King’s Road, North Point
		 		 		 		 	Hong Kong

  
 [Signature Page to
Fourth Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written
above. 
 SERIES A INVESTOR, SERIES B INVESTORS, SERIES C INVESTOR, SERIES D INVESTOR AND SERIES E INVESTOR: 

 

					
	BERTELSMANN ASIA INVESTMENTS AG
		
	By: 	 	 /s/ Erich Kalt             /s/
Rose-Marie Mülli

		 	Name: Erich Kalt	 	Rose-Marie Mülli
		 	Title: Authorized Signatories

 
					
		 	  
 Address:    
	 	  
 Dammstr. 19, 6300 Zug, Switzerland

			
		 	Copy to:	 	Bertelsmann China Corporate Center
		 		 	2805 SK Tower
		 		 	6A Jianguomenwai Avenue
		 		 	Beijing 100022, China
		
		 	Address in Hong Kong for service of documents:
		
		 	Bertelsmann China Corporate Center

 
					
		 	c/o	 	arvato digital services Hong Kong Ltd.
		 		 	9 Dai Hei Street, Tai Po Industrial Estate
		 		 	Tai Po, Hong Kong

  
 [Signature Page to
Fourth Amended and Restated Shareholders Agreement] 

									
		 	SUMITOMO CORPORATION EQUITY ASIA LIMITED
			
		 	By: 	 	               /s/
Hazumu Kakinoki

		 		 	Name: 	 	Hazumu Kakinoki
		 		 	Title:	 	Managing Director
				
		 		 	Address:	 	Unit C3, 23/F, United Centre
		 		 		 		 	95 Queensway, Admiralty
		 		 		 		 	Hong Kong

  
 [Signature Page to
Fourth Amended and Restated Shareholders Agreement] 

 
					
	SSG CAPITAL PARTNERS II, L.P.
	acting through its general partner
	 SSG CAPITAL PARTNERS II GP, L.P.

acting through its general partner

	SSG CAPITAL PARTNERS II GPGP, LTD.
		
	By: 	 	     /s/ William A Jones

		 	Name: Mr William A Jones
		 	Title: Director
			
		 	Address:     	 	c/o SSG Capital Management (Hong Kong) Limited
		 		 	Suite 6303, The Center
		 		 	99 Queen’s Road Central
		 		 	Central, Hong Kong

  
 [Signature Page to
Fourth Amended and Restated Shareholders Agreement] 

 
					
	BLUEFOCUS INTERNATIONAL LIMITED
		
	By: 	 	 /s/ Xiangji Zhang

		 	Name: Xiangji Zhang
		 	Title: Chief Financial Officer
			
		 	Address:    	 	Flat/RM 1105    11/F
		 		 	Lippo Center Tower 1
		 		 	89 Queensway
		 		 	Admiralty, Hong Kong

  
 [Signature Page to
Fourth Amended and Restated Shareholders Agreement] 

 
			
	Shenwan Hongyuan Goldspring Fund I
		
	By: 	 	          /s/ Juan Zheng

	 Name: Zheng Juan

	 Title: Authorized Signatory

  
 [Signature Page to
Fourth Amended and Restated Shareholders Agreement] 

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

					
	FOUNDERS:	 	 HSIEH, WING HONG SAMMY

		
		 	 /s/ Wing Hong Sammy Hsieh

		 	ID Number:	 	K096776(9)
		 	Address:	 	Flat 23, 16th Floor, Fontana Gardens
		 		 	Ka Ning Path, Causeway Bay
		 		 	Hong Kong
		 	Email:	 	sammy.hsieh@i-click.com.hk
		
		 	NG, YAU PING RICKY
		
		 	 /s/ Yau Ping Ricky Ng

		 	ID Number:	 	V029871 (9)
		 	Address:	 	Flat C1, 13th Floor, San Po Kong Mansions
		 		 	San Po Kong, Hong Kong
		 	Email:	 	ricky.ng@i-click.com.hk
		
		 	O&K INVESTMENT LTD.
		
		 	 By Chiraseivinu Praphand, Sunee
 its
owner

		
		 	 /s/ Sunee Chiraseivinu Praphand

		 	Address:        	 	Flat 23, 16th Floor, Fontana Gardens
		 		 	Ka Ning Path, Causeway Bay
		 		 	Hong Kong

  
 [Signature Page to
Fourth Amended and Restated Shareholders Agreement] 

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

							
	SHAREHOLDERS	 	 VANGUARD FORCE LIMITED

			
		 	By:	 	 /s/ Jimmy Chau

		 		 	Name: Jimmy Chau
		 		 	Title: Director
		 		 	Address:	 	 c/o Unit 301, Danuan 1, Building 2,

		 		 		 	 Shuiduizi

		 		 		 	Beili, Chaoyang District
		 		 		 	Beijing, PRC 100026
		
		 	Address in Hong Kong for service of documents:
		 	  

		 	  

		 	  

		 	  

		 	  

		
		 	 SSG CAPITAL PARTNERS I, L.P.

acting through its general partner

		 	 SSG CAPITAL PARTNERS I GP, L.P.

acting through its general partner

		 	SSG CAPITAL PARTNERS I GPGP, LTD.
			
		 	By:	 	 /s/ William A Jones

		 		 	Name: 	 	Mr William A Jones
		 		 	Title:	 	Director
				
		 		 	Address:	 	 c/o SSG Capital Management (Hong Kong)
Limited

		 		 		 	 Suite 4203, 42/F, Gloucester Tower, 15
Queen’s Road Central, Central, Hong Kong

  
 [Signature Page to
Fourth Amended and Restated Shareholders Agreement] 

 
					
	MAESTRO INVESTMENT HOLDINGS LIMITED

		
	By:	 	 /s/ Ji Ping Liu

		 	Name: 	 	Liu Ji Ping
		 	Title:	 	Director
		
		 	Address:

  
 [Signature Page to
Fourth Amended and Restated Shareholders Agreement] 

 
					
	ARDA HOLDINGS LIMITED

		
	By:	 	 /s/ Sammy Hsieh

		 	Name: 	 	Sammy Hsieh
		 	Title: Director
		
		 	Address:

  
 [Signature Page to
Fourth Amended and Restated Shareholders Agreement] 

 
					
	BIG TOOTH CORPORATION

		
	By:	 	 /s/ Robert Tran

		 	Name: 	 	Robert Tran
		 	Title: Director
		
		 	Address:

  
 [Signature Page to
Fourth Amended and Restated Shareholders Agreement] 

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

					
	IGOMAX INC.

		
	By:	 	 /s/ Jian Tang

		 	Name: 	 	TANG, Jian
		 	Title:	 	Director
		
		 	 Address: Geneva Place, Waterfront Drive,
P.O. Box 3469, Road Town, Tortola,
British Virgin Islands 

  
 [Signature Page to
Fourth Amended and Restated Shareholders Agreement] 

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

	
	 /s/ Jian Tang

	TANG, Jian

  
 [Signature Page to
Fourth Amended and Restated Shareholders Agreement] 

 Schedule A 

SERIES A INVESTOR 
 Sumitomo Corporation
Equity Asia Limited, a limited liability company incorporated under the Laws of the Hong Kong S.A.R. 

 Schedule B 

SERIES B INVESTORS 
 Bertelsmann Asia
Investments AG, a company duly incorporated and existing under the Laws of Switzerland 
 Sumitomo Corporation Equity Asia Limited, a limited liability
company incorporated under the Laws of the Hong Kong S.A.R. 

 Schedule C 

SERIES C INVESTOR 
 SSG Capital Partners
II, L.P., a limited liability partnership duly registered in the Cayman Islands 

 Schedule D 

SERIES D INVESTOR 
 “BlueFocus”
means BlueFocus International Limited, a limited corporation duly incorporated and existing under the Laws of Hong Kong 

 Schedule E 

SERIES E INVESTOR 
 Shenwan Hongyuan
Goldspring Fund I, a limited liability company duly registered in the Cayman Islands. 

 Schedule F 

FOUNDERS 
 Mr. Hsieh Wing Hong Sammy,
a Hong Kong citizen 
 Mr. Ng Yau Ping, a Hong Kong citizen 

O&K Investment Ltd., a company duly incorporated and existing under the Laws of Hong Kong 

 Schedule G 

SHAREHOLDERS 
 Vanguard Force Limited, a
company duly incorporated and existing under the Laws of the British Virgin Islands 
 SSG Capital Partners I, L.P., a limited liability partnership duly
registered in the Cayman Islands 
 Arda Holdings Limited, a company duly incorporated and existing under the Laws of the British Virgin Islands 

Maestro Investment Holdings Ltd., a company duly incorporated and existing under the Laws of the British Virgin Islands 

Big Tooth Corporation, a company duly incorporated and existing under the Laws of the British Virgin Islands 

Igomax Inc., a company duly incorporated and existing under the Laws of the British Virgin Islands 

 Schedule H 

PERSONS ENTERING INTO NON-COMPETE AND NON-SOLICITATION 

Mr. Hsieh, Wing Hong Sammy 
 Mr. Ng, Yau Ping 

Wong Pi Yan, Selina 
 Robert Tran 

Tang, Jian

 
 Lee, Yanshu

 
 Tang, Min

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