Document:

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                                                                   EXHIBIT 10.32

         AMENDMENT NO. 1 TO YINGLI GREEN ENERGY HOLDING COMPANY LIMITED
                           2006 STOCK INCENTIVE PLAN

     THIS AMENDMENT is made on May 11, 2007 by Yingli Green Energy Holding
Company Limited (the "Company").

     WHEREAS, the Company adopted the Yingli Green Energy Holding Company
Limited 2006 Stock Incentive Plan (the "Stock Incentive Plan") in December 2006;

     WHEREAS, Section 13 of the Stock Incentive Plan allows the Board of
Directors of the Company to increase the total number of shares reserved for the
purpose of the Stock Incentive Plan subject to approval of the shareholders of
the Company;

     WHEREAS, the Board of Directors of the Company has determined that it is in
the best interests of the Company to amend the Stock Incentive Plan as set forth
below; and

     NOW, THEREFORE, upon approval by the shareholders of the Company, the Stock
Incentive Plan shall be amended as set forth below:

1.   Section 2(n) of the Stock Incentive Plan shall be deleted in its entirety
     and replaced with the following:

     "(n) FAIR MARKET VALUE: On a given date, (i) if there should be a public
          market for the Shares on such date, the arithmetic mean of the high
          and low prices of the Shares as reported on such date on the Composite
          Tape of the principal national securities exchange on which such
          Shares are listed or admitted to trading, or if the Shares are not
          listed or admitted on any national securities exchange, the arithmetic
          mean of the per Share closing bid price and per Share closing asked
          price on such date as quoted on the National Association of Securities
          Dealers Automated Quotation System (or such market in which such
          prices are regularly quoted)(the "NASDAQ"), or, if no sale of Shares
          shall have been reported on the Composite Tape of any national
          securities exchange, including the NASDAQ on such date, then the
          immediately preceding date on which sales of the Shares have been so
          reported or quoted shall be used, or (ii) if there should not be a
          public market for the Shares on such date, the Fair Market Value shall
          be the value established by the Committee in good faith.
          Notwithstanding the foregoing, if an Award is granted subject to the
          closing of a Qualified IPO, the Fair Market Value of a Share shall be
          equal to (i) the public offering price for one Share specified in the
          cover page of the final prospectus with respect to the Qualified IPO,
          or (ii) if other securities representing Shares are offered in the
          Qualified IPO, the public offering price for one such security
          specified in the cover page of the final prospectus with respect to
          the Qualified IPO divided by the number of Shares represented by each
          such security offered in the Qualified IPO."

     2.   Section 2(w) of the Stock Incentive Plan shall be deleted in its
          entirety and replaced with the following:

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          "(w) PLAN: This Yingli Green Energy Holding Company Limited 2006
               Stock Incentive Plan, as may be amended from time to time in
               accordance with Section 13 hereof."

3.   Sections 2(x), 2(y) and 2(z) of the Stock Incentive Plan shall be
     renumbered as Sections 2(y), 2(z) and 2(aa), respectively.

4.   The following paragraph shall be inserted into the Stock Incentive Plan and
     become Section 2(x):

     "(x) QUALIFIED IPO: The closing of the Company's first firm commitment,
          underwritten public offering of Shares or securities representing
          Shares in connection with which Shares or such securities are listed
          and become publicly traded on an internationally recognized securities
          exchange (including NASDAQ)."

5.   Section 3 of the Stock Incentive Plan shall be deleted in its entirety and
     replaced with the following:

     "3.  SHARES SUBJECT TO THE PLAN

          The total number of Shares which may be issued under the Plan is
     8,240,658. Among the total number of Shares which may be issued under the
     Plan, up to 2,715,243 Shares may be issued for the purpose of granting
     awards of restricted Shares and up to 5,525,415 Shares may be issued for
     the purpose of granting Options. The Shares may consist, in whole or in
     part, of authorized and unissued Shares, or Shares purchased on the open
     market. The issuance of Shares or the payment of cash upon the exercise of
     an Award or in consideration of the cancellation or termination of an Award
     shall reduce the total number of Shares available under the Plan, as
     applicable. Shares which are subject to Awards which terminate or lapse
     without the payment of consideration may be granted again under the Plan."<PAGE>
                                                                     Exhibit 4.4

                               LDK SOLAR CO., LTD.

                   AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

THIS SHAREHOLDERS AGREEMENT (this "AGREEMENT") is entered into as of December
19, 2006 by and among LDK Solar Co., Ltd., a company organized and existing
under the laws of the Cayman Islands (the "COMPANY"), Mr. Peng Xiaofeng
(together with any permitted transferee or assign of such person, the
"FOUNDER"), and each of the investors set forth in Schedule A hereto (together
with any permitted transferee or assign of such investor, each an "INVESTOR" and
collectively, the "INVESTORS").

                                    RECITALS

A.   The Company and certain of the Investors are parties to the Series C
     Preferred Shares Purchase Agreement, dated as of December 15, 2006 (the
     "SHARE PURCHASE AGREEMENT"), pursuant to which such Investors have agreed
     to subscribe for a certain number of Series C Preferred Shares of the
     Company.

B.   The Company and certain of the Investors are parties to that certain
     Shareholders Agreement (the "PRIOR AGREEMENT"), dated as of September 28,
     2006, by and among the Company, the Founder, the holders of the Series A-1
     Preferred Shares, the holders of the Series A-2 Preferred Shares and the
     holders of the Series B Preferred Shares (collectively, the "EXISTING
     SHAREHOLDERS").

C.   It is a condition precedent under the Share Purchase Agreement that the
     Prior Agreement be amended and restated and this Agreement be entered into
     by and among the Company, the Founder and the Investors.

D.   The Prior Agreement may be amended with the consent of the written consent
     of each of (i) the Company; (ii) the Founder; (iii) the holders holding at
     least two thirds (2/3) of the total number of issued and outstanding Series
     A-1 Preferred Shares and Series A-2 Preferred Shares, voting together as a
     single class; and (iv) the holders holding at least two thirds (2/3) of the
     total number of issued and outstanding Series B Preferred Shares.

E.   The undersigned Existing Shareholders include (i) holders of at least two
     thirds (2/3) of the total number of issued and outstanding Series A-1
     Preferred Shares and Series A-2 Preferred Shares, voting together as a
     single class and (ii) holders of at least two thirds (2/3) of the total
     number of issued and outstanding Series B Preferred Shares.

F.   It is understood by the Company, the Founder and the Investors that this
     Agreement is intended to be binding on all shareholders of the Company.

NOW, THEREFORE, in consideration of the premises set forth above and the mutual
promises and covenants set forth in this Agreement, the parties to the Prior
Agreement hereby agree to amend and restate the Prior Agreement in its entirety
as set forth herein, and all parties hereto agree as follows:

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1.   INTERPRETATION.

1.1  Definitions.

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

     "AFFILIATE" means, with respect to any given Person, a Person that
     Controls, is Controlled by, or is under common Control with the given
     Person.

     "AGREEMENT" has the meaning set forth in the preamble hereto.

     "CENTER" means the Hong Kong International Arbitration Centre.

     "CLOSING" has the meaning set forth in Section 2.2 of the Share Purchase
     Agreement.

     "COMPANY" has the meaning set forth in the preamble hereto.

     "COMPANY GROUP" means the Company and all Group Companies, taken together.

     "COMPANY OPTION PLAN" means an employee stock option plan adopted by
     established by the Company on July 28, 2006 pursuant to which stock options
     will be granted out of the Company Option Pool.

     "COMPANY OPTION POOL" means an aggregate of 9,024,666 Ordinary Shares which
     shall be reserved prior to the Closing, representing up to ten percent
     (10%) of the total number of issued and outstanding shares of the Company
     on an as converted and fully diluted basis immediately after the Closing,
     as may be adjusted from time to time pursuant to the Company Option Plan,
     to be issued to the Key Persons, officers, directors, consultants,
     employees or other service providers of the Company from time to time
     pursuant to the Company Option Plan.

     "COMPETITOR" means any Person that may be reasonably deemed to be engaged
     in any business that develops, manufactures or produces solar grade silicon
     ingots and wafers.

     "CONTROL" means, when used with respect to any Person, the power to direct
     the management and policies of such Person, directly or indirectly, whether
     through the ownership of voting securities, by contract or otherwise, and
     the terms "Controlling" and "Controlled" have meanings correlative to the
     foregoing.

     "CONVERSION SHARES" means shares issuable upon conversion of the Preferred
     Shares or upon exercise of the Warrants.

     "EQUITY SECURITIES" means any Ordinary Shares or warrants, options and
     rights exercisable for Ordinary Shares and instruments convertible or
     exchangeable for Ordinary Shares, including, without limitation, the
     Preferred Shares.

     "EXCHANGE ACT" means the U.S. Exchange Act of 1934, as amended.

     "EXERCISING HOLDER" has the meaning set forth in Section 2.2(b)(iii).

     "FOUNDER" has the meaning set forth in the preamble hereto.

     "GROUP COMPANIES" means a Person (other than a natural person) that is a
     Subsidiary of

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     the Company.

     "HOLDERS" means the Investors, together with the permitted transferees and
     assigns of any Investor.

     "ISSUANCE NOTICE" has the meaning set forth in Section 3.2 hereof.

     "INVESTOR DIRECTOR" has the meaning set forth in Section 6.1 hereof.

     "KEY PERSONS" means Peng Xiaofeng, Shao Yonggan, Zhu Liangbao and all the
     other Persons listed in Schedule B hereof.

     "LOCK-UP PERIOD" has the meaning set forth in Section 5.1(a) hereof.

     "MAXIMUM IPO NEW ISSUE" means the number of Ordinary Shares to be issued at
     an initial public offering of the Company that represents 15% of the total
     number of issued and outstanding Ordinary Shares (including the number of
     Ordinary Shares to be issued in such an initial public offering and the
     over-allotment option, if any) on an as converted basis, being an amount of
     15,984,705 shares.

     "MEMORANDUM AND ARTICLES" means the third amended and restated memorandum
     and articles of association of the Company to be adopted by the members of
     the Company in December 2006, as may be amended from time to time.

     "NEW SECURITIES" means any Equity Securities of the Company whether now or
     hereafter authorized; provided that the term "New Securities" does not
     include (i) securities issued upon conversion of the Preferred Shares; (ii)
     the Preferred Shares issuable upon the exercise of the Warrants and
     securities issued upon conversion of such Preferred Shares; (iii) Ordinary
     Shares issuable to the Key Persons, officers, directors, consultants,
     employees or other service providers of the Company pursuant to the Company
     Option Plan; (iv) securities issued in a Qualified IPO; (v) securities
     issued in connection with any stock split, stock dividend or
     re-capitalization of the Company; and (vi) securities issued pursuant to
     the acquisition of another business entity or business segment of any such
     entity by the Company by merger, purchase of substantially all the assets
     or other reorganization whereby the Company will own not less than
     fifty-one percent (51%) of the voting power of such business entity or
     business segment of any such entity.

     "OFFERED SHARES" has the meaning set forth in Section 2.2(a).

     "ORDINARY SHARES" means the Company's ordinary shares, with a par value of
     US$0.10 per share.

     "ORDINARY SHARE EQUIVALENTS" means warrants, options and rights exercisable
     for Ordinary Shares and instruments convertible or exchangeable for
     Ordinary Shares, including, without limitation, the Preferred Shares.

     "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

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     Agreement, excluding the Hong Kong Special Administrative Region, Macau
     Special Administrative Region and Taiwan.

     "PRC SUBSIDIARY" means Jiangxi LDK Solar Hi-Tech Co., Ltd., a company
     organized and existing under the laws of the PRC.

     "PREFERRED SHARES" means the Company's outstanding Series A-1 Preferred
     Shares, Series A-2 Preferred Shares, Series B Preferred Shares and Series C
     Preferred Shares collectively.

     "PROHIBITED TRANSFER" has the meaning set forth in Section 2.6(a).

     "QUALIFIED EXCHANGE" means (i) the New York Stock Exchange or the Nasdaq
     Stock Market's National Market System, or (ii) any other exchange of
     recognized international reputation and standing duly approved by the
     Company's Board of Directors, including the affirmative vote of the
     Investor Director.

     "QUALIFIED IPO" means an initial public offering on a Qualified Exchange
     that values the Company at no less than US$1,210,000,000 immediately prior
     to the initial public offering with a per share offering price of no less
     than US$11.00 and that results in aggregate proceeds to the Company of at
     least US$300,000,000. The selection of the lead underwriter(s) of the
     Qualified IPO shall be led by the management of the Company and subject to
     the consent of the Investor Director, which consent shall not be
     unreasonably withheld.

     "SECURITIES ACT" means the U.S. Securities Act of 1933, as amended.

     "SELLING HOLDER" has the meaning set forth in Section 2.3(a).

     "SERIES A SHARE PURCHASE AGREEMENT" means the Series A Preferred Shares
     Purchase Agreement, dated as of July 28, 2006.

     "SERIES A-1 PREFERRED SHARES" means the Company's series A-1 preferred
     shares, with a par value of US$0.10 per share.

     "SERIES A-2 PREFERRED SHARES" means the Company's series A-2 preferred
     shares, with a par value of US$0.10 per share.

     "SERIES B SHARE PURCHASE AGREEMENT" has the meaning set forth in Section
     6.6.

     "SERIES B PREFERRED SHARES" means the Company's series B preferred shares,
     with a par value of US$0.10 per share.

     "SERIES C PREFERRED SHARES" means the Company's series C preferred shares,
     with a par value of US$0.10 per share.

     "SHARE PURCHASE AGREEMENT" has the meaning set forth in the recitals.

     "SUBSIDIARY" means, with respect to any Person, a corporation or other
     entity that is, directly or indirectly, controlled by such Person, by the
     possession of the power to direct or cause the direction of the management
     and policies of first mentioned Person, whether through the ownership of
     voting securities or equity interest, by contract or otherwise.

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<PAGE>
     "TAX" and "TAXES" means and includes any and all taxes, including any and
     all income, gross receipts, franchise, license, severance, stamp,
     occupation, premium, environmental, customs duties, capital stock, profits,
     unemployment, disability, real property, personal property, transfer,
     registration, value added, estimated, sales, use, excise, withholding,
     employment, payroll, social security taxes, and similar assessments,
     charges, and fees (including interest, penalties and additions to such
     taxes, penalties for failure to file or late filing of any return, report
     or other filing, and any interest in respect of such penalties and
     additions) imposed or assessed by any federal, state or local taxing
     authority, including the Cayman Islands, Hong Kong or the PRC (or any
     political subdivision thereof or therein).

     "TAX RETURNS" means any return, declaration, report, claim for refund, or
     information return or statement relating to Taxes, including any schedule
     or attachment thereto, and including any amendment thereof.

     "TRANSFER" has the meaning set forth in Section 2.1(a).

     "TRANSFER NOTICE" has the meaning set forth in Section 2.2(a).

     "TRANSFEROR" has the meaning set forth in Section 2.2(a).

     "WARRANT" or "WARRANTS" means the Warrant(s) the Company issued to the
     holders of the Series A-1 Preferred Shares and the holders of the Series
     A-2 Preferred Shares pursuant to certain Warrant Purchase Agreement(s),
     each dated as of July 28, 2006.

1.2  Interpretation.

     For all purposes of this Agreement, except as otherwise expressly provided,
     (i) the terms defined in this Section 1 shall include the plural as well as
     the singular, (ii) all references in this Agreement to designated
     "Sections" and other subdivisions are to the designated Sections and other
     subdivisions of the body of this Agreement, (iii) pronouns of either gender
     or neuter shall include, as appropriate, the other pronoun forms, (iv) the
     words "herein," "hereof" and "hereunder" and other words of similar import
     refer to this Agreement as a whole and not to any particular Section or
     other subdivision and (v) all references in this Agreement to designated
     Schedules, Exhibits and Annexes are to the Schedules, Exhibits and Annexes
     attached to this Agreement unless explicitly stated otherwise.

2.   RIGHTS OF FIRST REFUSAL AND CO-SALE RIGHTS.

2.1  Prohibition on Transfer of Shares.

     (a)  Founder.

          Notwithstanding the other terms of this Agreement, prior to the
          expiration of twelve (12) months after the closing of a Qualified IPO,
          the Founder, regardless of the Founder's employment with the Company,
          may not, directly or indirectly, sell, assign, transfer, pledge,
          hypothecate, or otherwise encumber or dispose of in any way, all or
          any part of any interest (whether involving the legal or beneficial
          interest) ("TRANSFER") in the Equity Securities now or hereafter owned
          or held by him, except with the prior written consent of two

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<PAGE>

          thirds (2/3) of the total number of issued and outstanding Preferred
          Shares, voting as a single class and on an as converted basis.

     (b)  Prohibited Transfers Void.

          Any sale, assignment, transfer, pledge, hypothecation or other
          encumbrance or disposition of Equity Securities not made in
          conformance with this Agreement shall be null and void, shall not be
          recorded on the books of the Company and shall not be recognized by
          the Company.

2.2  Rights of First Refusal.

     (a)  Transfer Notice.

          If at any time any holder of Equity Securities that is not also a
          Holder (as defined herein) (a "TRANSFEROR") proposes to Transfer
          Equity Securities to one or more third parties, then the Transferor
          shall give each Holder written notice of the Transferor's intention to
          make the Transfer (the "TRANSFER NOTICE"), which Transfer Notice shall
          include (i) a description of the Equity Securities to be transferred
          ("OFFERED SHARES"), including without limitation the number of shares
          of the Equity Securities to be Transferred and the nature of such
          Transfer, (ii) the identity(identities) (including name(s) and
          address(es)) of the prospective transferee(s), and (iii) the
          consideration and the material terms and conditions upon which the
          proposed Transfer is to be made. The Transfer Notice shall certify
          that the Transferor has received a firm offer from the prospective
          transferee(s) and in good faith believes a binding agreement for the
          Transfer is obtainable on the terms set forth in the Transfer Notice.
          The Transfer Notice shall also include a copy of any written proposal,
          term sheet or letter of intent or other agreement relating to the
          proposed Transfer.

     (b)  Holders' Option.

          (i)  Each Holder shall have an option for a period of thirty (30) days
               from the Holder's receipt of the Transfer Notice to elect to
               purchase its respective pro rata share of the Offered Shares at
               the same price and subject to the same terms and conditions as
               described in the Transfer Notice.

          (ii) Each Holder may exercise such purchase option and, thereby,
               purchase all or any portion of its pro rata share (with any
               re-allotments as provided below) of the Offered Shares, by
               notifying the Transferor and the Company in writing, before
               expiration of the 30-day period as to the number of such shares
               which it wishes to purchase (including any re-allotment). For
               purposes of this clause (ii), each Holder's pro rata share of the
               Offered Share shall be a fraction of the Offered Shares, of which
               the number of Equity Securities (assuming the exercise,
               conversion and exchange of any Ordinary Shares Equivalents) owned
               by such Holder on the date of the Transfer Notice shall be the
               numerator and the total number of Equity Securities (assuming the
               exercise, conversion and

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<PAGE>
               exchange of any Ordinary Share Equivalents) held by all Holders
               on the date of the Transfer Notice shall be the denominator.

          (iii)Each Holder which exercises its right of first refusal under
               clause (ii) above (an "EXERCISING HOLDER") shall have a right of
               re-allotment such that, if any other Holder fails to exercise the
               right to purchase its full pro rata share of the Offered Shares,
               the Exercising Holder may exercise an additional right to
               purchase a pro rata share of such unpurchased Offered Shares by
               notifying the Transferor and the Company in writing within ten
               (10) days after the expiration of the 30-day period described in
               clause (ii) above. For purposes of this clause (iii), each
               Exercising Holder's pro rata share of the unpurchased Offered
               Shares shall be a fraction of the unpurchased Offered Shares
               (rounded to the nearest whole share), of which the number of
               shares to be purchased by such Exercising Holder under clause
               (ii) shall be the numerator, and the total number of shares to be
               purchased by all Exercising Holders under clause (ii) shall be
               the denominator.

          (iv) Each Holder shall be entitled to apportion the Offered Shares to
               be purchased among its partners and affiliates, provided that
               such Holder notifies the Transferor of such allocation.

          (v)  If a Holder gives the Transferor notice that it desires to
               purchase its pro rata share of the Offered Shares and, as the
               case may be, its re-allotment, then payment for the Offered
               Shares shall be by a cashier's or certified check or wire
               transfer in immediately available funds, against delivery of the
               Offered Shares to be purchased at a place agreed by the parties
               and at the time of the scheduled closing therefor, which shall be
               no later than sixty (60) days after the Holder's receipt of the
               Transfer Notice, unless the Transfer Notice contemplated a later
               closing with the prospective third party transferee or unless the
               value of the purchase price has not yet been established pursuant
               to Section 2.2(c).

     (c)  Valuation of Property.

          (i)  Should the purchase price specified in the Transfer Notice be
               payable in property other than cash or evidences of indebtedness,
               the Holders shall have the right to pay the purchase price in the
               form of cash equal in amount to the value of such property.

          (ii) If the Transferor and the Holders cannot agree on such cash value
               within ten (10) days after the date on which the relevant option
               is exercised by the Holders, the valuation shall be made by an
               appraiser of recognized standing selected by the Transferor and
               the Holders or, if they cannot agree on an appraiser within
               twenty (20) days after the Holders' receipt of the Transfer
               Notice, each shall select an appraiser of recognized standing and
               the two appraisers shall designate a third appraiser of
               recognized standing, whose appraisal shall be determinative of
               such value.

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<PAGE>
          (iii)The cost of such appraisal shall be shared equally by the
               Transferor and the Holders, with the half of the cost borne by
               the Company and the Holders to be borne pro rata by each based on
               the number of shares such Holders were interested in purchasing
               pursuant to this Section 2.

          (iv) If the time for the closing of the Holders' purchase has expired
               but for the determination of the value of the purchase price
               offered by the prospective transferee(s), such closing shall be
               held on or prior to the fifth business day after such valuation
               shall have been made pursuant to this subsection.

2.3  Right of Co-Sale.

     (a)  To the extent the Holders do not exercise their respective rights of
          first refusal as to all of the Offered Shares pursuant to Section 2.2,
          each Holder (a "SELLING HOLDER") which notifies the Transferor in
          writing within thirty (30) days after receipt of the Transfer Notice
          referred to in Section 2.2(a) shall have the right to participate in
          such sale of Equity Securities on the same terms and conditions as
          specified in the Transfer Notice.

          (i)  Such Selling Holder's notice to the Transferor shall indicate the
               number of Equity Securities the Selling Holder wishes to sell
               under its right to participate.

          (ii) To the extent one or more of the Holders exercise such right of
               participation in accordance with the terms and conditions set
               forth below, the number of Equity Securities that the Transferor
               may sell in the Transfer shall be correspondingly reduced.

     (b)  Each Selling Holder may elect to sell up to such number of Equity
          Securities equal to (on a fully converted basis) the product obtained
          by multiplying (i) the aggregate number of Ordinary Shares covered by
          the Transfer Notice (including the number of Ordinary Shares that
          would be issuable upon the exercise, conversion or exchange of
          Ordinary Share Equivalents) by (ii) a fraction, the numerator of which
          is the number of Ordinary Shares (including the number of Ordinary
          Shares that would be issuable upon the exercise, conversion or
          exchange of Ordinary Share Equivalents) owned by the Selling Holder on
          the date of the Transfer Notice and the denominator of which is the
          total number of Ordinary Shares (including the number of Ordinary
          Shares that would be issuable upon the exercise, conversion or
          exchange of Ordinary Share Equivalents) owned by all Selling Holders
          on the date of the Transfer Notice.

     (c)  If any Holder fails to elect to fully participate in such Transferor's
          sale pursuant to this Section 2.3, the Transferor shall give notice of
          such failure to the Selling Holders. Such notice may be made by
          telephone if confirmed in writing within two (2) days. The Selling
          Holders shall have five (5) days from the date such notice was given
          to agree to sell their pro rata share of the unsold portion. For
          purposes of this paragraph, a Selling Holder's pro rata share shall be
          a fraction of the unsold portion, the numerator of which shall be the
          number of Ordinary

                                      -8-
<PAGE>
          Shares (including the number of Ordinary Shares that would be issuable
          upon the exercise, conversion or exchange of Ordinary Share
          Equivalents) notified to be sold by the Selling Holder pursuant to
          Section 2.3(b) and the denominator of which shall be the total number
          of Ordinary Shares (including the number of Ordinary Shares that would
          be issuable upon the exercise, conversion or exchange of Ordinary
          Share Equivalents) notified to be sold by all Selling Holders pursuant
          to Section 2.3(b).

     (d)  Each Selling Holder shall effect its participation in the sale by
          promptly delivering to the Transferor for transfer to the prospective
          purchaser one or more certificates, properly endorsed for transfer,
          which represent the type and number of Equity Securities which such
          Selling Holder elects to sell; provided, however that if the
          prospective third-party purchaser objects to the delivery of Equity
          Securities in lieu of Ordinary Shares, such Selling Holder shall
          convert such Equity Securities into Ordinary Shares and deliver
          certificates corresponding to such Ordinary Shares. The Company agrees
          to make any such conversion concurrent with the actual transfer of
          such shares to the purchaser and contingent on such transfer.

     (e)  The share certificate or certificates that a Selling Holder delivers
          to the Transferor pursuant to Section 2.3(d) shall be transferred to
          the prospective purchaser in consummation of the sale of the Equity
          Securities pursuant to the terms and conditions specified in the
          Transfer Notice, and the Transferor shall concurrently therewith remit
          to such Selling Holder that portion of the sale proceeds to which such
          Selling Holder is entitled by reason of its participation in such
          sale.

     (f)  To the extent that any prospective purchaser prohibits the
          participation of a Selling Holder exercising its co-sale rights
          hereunder in a proposed Transfer or otherwise refuses to purchase
          shares or other securities from a Selling Holder exercising its
          co-sale rights hereunder, the Transferor shall not sell to such
          prospective purchaser any Equity Securities unless and until,
          simultaneously with such sale, the Transferor shall purchase such
          shares or other securities from such Selling Holder for the same
          consideration and on the same terms and conditions as the proposed
          transfer described in the Transfer Notice.

     (g)  Notwithstanding the above terms under this Section 2.3, if at any
          time, the Founder has a bona fide offer from a third party which
          offers to purchase from the Founder such number of Equity Securities
          that results in the number of Equity Securities held by the Founder
          after such sale (which must be approved by Holders representing not
          less than two thirds (2/3) of all the Preferred Shares then
          outstanding, voting as a single class on an as converted basis) being
          less than 75% of the total Equity Securities that are then issued and
          outstanding (on an as-converted and fully diluted basis), the Founder
          shall procure that the Holders be offered to sell all of their Equity
          Securities at the same price and subject to the same terms and
          conditions as offered by such third party to the Founder, on an
          as-converted and fully converted basis. For the avoidance of doubt,
          reduction of the Founder's ownership in the Company by any other

                                      -9-
<PAGE>
          reason, such as upward adjustment of any Holder's ownership in the
          Company or issuance of stock options under the Company Option Plan,
          shall not trigger such co-sale rights.

2.4  Non-Exercise of Rights.

     (a)  Subject to any other applicable restrictions on the sale of such
          shares, to the extent that the Holders have not exercised their rights
          to purchase the Offered Shares within the time periods specified in
          Section 2.2 and the Holders have not exercised their rights to
          participate in the sale of the Offered Shares within the time periods
          specified in Section 2.3, the Transferor shall have a period of sixty
          (60) days from the expiration of such rights in which to sell the
          Offered Shares to the third-party transferee(s) identified in the
          Transfer Notice upon terms and conditions (including the purchase
          price) no more favorable than those specified in the Transfer Notice.
          Within fifteen (15) days of entering into any agreement to sell
          Offered Shares to a third party under this Section, the Transferor
          shall furnish each Holder with a copy of all agreements relating to
          such sale.

     (b)  The third-party transferee(s) shall acquire the Offered Shares free
          and clear of subsequent rights of first refusal and co-sale rights
          under this Agreement. In the event the Transferor does not consummate
          the sale or disposition of the Offered Shares within sixty (60) days
          from the expiration of such rights, the Holders' first refusal rights
          and co-sale rights shall continue to be applicable to any subsequent
          disposition of the Offered Shares by the Transferor until such rights
          lapse in accordance with the terms of this Agreement.

     (c)  The exercise or non-exercise of the rights of the Holders under this
          Section 2 to purchase Equity Securities from a Transferor or
          participate in the sale of Equity Securities by a Transferor shall not
          adversely affect their rights to make subsequent purchases from a
          Transferor of Equity Securities or subsequently participate in sales
          of Equity Securities by a Transferor hereunder.

2.5  Limitations to Co-Sale.

     Notwithstanding the provisions of Section 2.3, the co-sale right of the
     Holders shall not apply to the sale of any Equity Securities (A) to the
     public pursuant to a registration statement filed with, and declared
     effective by, the Securities and Exchange Commission under the Securities
     Act, including a Qualified IPO or (B) to or by the Company.

2.6  Prohibited Transfers.

     (a)  In the event any Transferor should sell any Equity Securities in
          contravention of the co-sale rights of the Holders under Section 2.3
          (a "PROHIBITED TRANSFER"), the Holders, in addition to such other
          remedies as may be available at law, in equity or hereunder, shall
          have the put option provided below, and such Transferor shall be bound
          by the applicable provisions of such option.

     (b)  In the event of a Prohibited Transfer, each Holder shall have the
          right to sell to the Transferor the type and number of Equity
          Securities equal to the number of Equity Securities such Holder would
          have been entitled to transfer to the third-

                                      -10-
<PAGE>

          party transferee(s) under Section 2.3 hereof had the Prohibited
          Transfer been effected pursuant to and in compliance with the terms
          hereof. Such sale shall be made on the following terms and conditions:

          (i)  The price per share at which the shares are to be sold to the
               Transferor shall be equal to the price per share paid by the
               third-party transferee(s) to the Transferor in the Prohibited
               Transfer. The Transferor shall also reimburse each Holder for any
               and all fees and expense, including legal fees and expenses,
               incurred pursuant to the exercise or the attempted exercise of
               such Holder's rights under Section 2.

          (ii) Within ninety (90) days after the later of the dates on which the
               Holder (A) received notice of the Prohibited Transfer or (B)
               otherwise becomes aware of the Prohibited Transfer, such Holder
               shall, if exercising the option created hereby, deliver to the
               Transferor the certificate or certificates representing shares to
               be sold under this Section 2.6 by such Holder, each certificate
               to be properly endorsed for transfer.

          (iii)The Transferor shall, upon receipt of the certificate or
               certificates for the shares to be sold by a Holder, pursuant to
               this Section 2.6, pay the aggregate purchase price therefor and
               the amount of reimbursable fees and expenses, as specified in
               subparagraph 2.6(b)(i), in cash or by other means acceptable to
               the Holder.

          (iv) Notwithstanding the foregoing, any attempt by the Transferor to
               transfer Equity Securities in violation of this Section 2 shall
               be void, and the Company agrees it will not effect such a
               transfer nor will it treat any alleged transferee(s) as the
               holder of such shares without the written consent of a majority
               in interest of the Holders.

3.   PRE-EMPTIVE RIGHT

3.1  General

     The Company hereby grants to each Holder a pre-emptive right to purchase up
     to a pro rata share of any New Securities which the Company may, from time
     to time, propose to sell and issue. A Holder's "pro rata share", for
     purposes of this pre-emptive right, shall be determined according to the
     number of Ordinary Shares owned by such Holder immediately prior to the
     issuance of the New Securities, on an as-converted basis, in relation to
     the total number of Ordinary Shares outstanding immediately prior to the
     issuance of the New Securities, on an as-converted basis. Each Investor
     shall have a right of over-allotment such that, if any Investor fails to
     exercise its right hereunder to purchase its pro rata share of New
     Securities, the other Investors may purchase the non-purchasing Investor's
     portion on a pro rata basis within five (5) days from the date such
     non-purchasing Investor fails to exercise its right hereunder.

3.2  Issuance Notice

     In the event the Company proposes to undertake an issuance of New
     Securities, it shall

                                      -11-
<PAGE>
     give each Investor written notice (an "ISSUANCE NOTICE") of such intention,
     describing the type of New Securities, and their price and the general
     terms upon which the Company proposes to issue the same. Each Investor
     shall have fifteen (15) days or such shorter period of time agreed to by
     such Investor after any such notice is mailed or delivered to agree to
     purchase up to such Investor's pro rata share of such New Securities for
     the price and upon the terms specified in the notice by giving written
     notice to the Company and stating therein the quantity of New Securities to
     be purchased.

3.3  Sales by the Company

     Upon the expiration of twenty (20) days or such shorter period of time
     agreed to by such Investor from the Company's delivery of the Issuance
     Notice and for sixty (60) days thereafter, the Company may sell any New
     Securities with respect to which the Investors' pre-emptive rights under
     this Section 3 was not exercised, at a price and upon terms no 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
     60-day period, the Company shall not thereafter issue or sell any New
     Securities, without first again offering such securities to the Investors
     in the manner provided in Section 3.1 above.

3.4  The pre-emptive right granted under this Agreement shall expire upon, and
     shall not be applicable to, a Qualified IPO.

3.5  To the extent any holder of Preferred Shares transfers any such shares to
     any other Person, such holder may assign its rights under this Section 3 to
     such Person.

4.   INFORMATION AND INSPECTION RIGHTS

4.1  The Company shall deliver to each Investor:

     (a)  as soon as practicable, but in any event within one-hundred and twenty
          (120) days after the end of each fiscal year of the Company,
          consolidated (with respect to the Company) and unconsolidated (with
          respect to the PRC Subsidiary) income statements and statements of
          cash flows for the Company Group for such fiscal year, consolidated
          balance sheets for the Company and each member of the Company Group as
          of the end of the fiscal year all prepared in accordance with IFRS and
          audited and certified by the Auditor;

     (b)  as soon as practicable, but in any event within sixty (60) days after
          the end of each fiscal quarter, unconsolidated unaudited income
          statements, statements of cash flows and balance sheets for such
          fiscal quarter of the PRC Subsidiary, and a management report of the
          Company;

     (c)  as soon as practicable, but in any event within thirty (30) days of
          the end of each month, unconsolidated unaudited income statements,
          statements of cash flows and balance sheets for the PRC Subsidiary as
          of the end of such month, and a management report of the Company; and

     (d)  as soon as practicable, but in any event prior to the end of each
          fiscal year, an operating budget, budget of capital expenditures, and
          strategic plan for the succeeding fiscal year, all as approved by the
          Board.

                                      -12-
<PAGE>
4.2  Inspection

     The Company shall permit each Investor, at such Investor's expense, to
     visit and inspect any of the properties and examine the books of account
     and records of the Company Group and discuss the affairs, finances and
     accounts of the Company Group with the directors, officers, accountants,
     legal counsel and investment bankers of the Company Group, all at such
     reasonable times as may be requested in writing by such Investor. Without
     limiting the foregoing, the Company shall permit each Investor, at such
     Investor's expense, to inspect all Tax Returns for the Company Group,
     together with all supporting materials or materials used in the preparation
     of such Tax Returns, and to discuss the Company's Tax policies with the
     directors, officers, employees, accountants, legal counsel and investment
     bankers of the Company and the Group Companies, all at such reasonable
     times as may be requested by the Investors.

4.3  Termination of Information and Inspection Covenants

     The covenants set forth in Sections 4.1 through 4.2 shall terminate as to
     each holder of the Preferred Shares or Conversion Shares and be of no
     further force or effect if (i) the Company becomes subject to the filing
     requirements of the Exchange Act or the rules of any other organized
     securities exchange, or (ii) such holder of the Preferred Shares shall
     cease to hold any Preferred Shares or Conversion Shares.

5.   LOCK-UP OF INVESTORS' PREFERRED SHARES

5.1  Notwithstanding anything to the contrary contained herein, each of the
     Investors agrees:

     (a)  not to Transfer any Preferred Shares (i) prior to January 31, 2007
          with respect to the holders of the Series A-1 Preferred Shares and the
          holders of the Series A-2 Preferred Shares; (ii) prior to March 28,
          2007 with respect to the holders of the Series B Preferred Shares; and
          (iii) within the six (6) month period after the Closing Date (as
          defined in the Share Purchase Agreement) with respect to the holders
          of the Series C Preferred Shares (each a "LOCK-UP PERIOD");

     (b)  to notify the Company in writing of any proposed Transfer after the
          expiration of the respective Lock-up Period set forth in Section
          5.1(a) above; and

     (c)  to be subject to any reasonable lock-up period as may be determined in
          good faith by the lead underwriter(s) of the Qualified IPO.

5.2  Each of the Investors agrees not to, in any event, transfer any Equity
     Securities held by it to any Competitor as determined in good faith by the
     Board of Directors of the Company.

6.   BOARD OF DIRECTORS

6.1  The Board of Directors of the Company shall consist of five (5) directors.
     The holders of the Series A-1 Preferred Shares and Series A-2 Preferred
     Shares, voting as a single class, shall have the right to appoint one (1)
     member of the Board of Directors, who shall be Kevin Wang (the "INVESTOR
     Director"). The remaining directors shall be nominated, elected and removed
     by the holders of Ordinary Shares in accordance with the Memorandum and
     Articles. The Investor Director designated by the holders of the

                                      -13-
<PAGE>
     Series A-1 Preferred Shares and the Series A-2 Preferred Shares will be
     entitled to be a member of all board committees, including the Compensation
     Committee and the Auditing Committee once they are formed by the Board of
     Directors.

6.2  Meetings of the Board of Directors shall be held at least once per calendar
     quarter on as regular a basis as possible by giving at least fifteen (15)
     calendar day's prior notice of such meeting and the agenda of such meeting.
     The number of directors necessary to constitute a quorum at any regular or
     special meeting of the Board of Directors of the Company shall be a
     majority of the total number of directors then in office.

6.3  The Company and the PRC Subsidiary shall, and the Founder shall procure the
     Company and the PRC Subsidiary to, cause the Board of Directors of each
     member of the Company Group to be composed of the same nominees designated
     by such Persons pursuant to Section 6.1.

6.4  The Company shall indemnify and hold harmless each director appointed
     pursuant to Section 6.1 who was or is a party or is threatened to be made a
     party to any threatened, pending or completed action, suit or proceeding,
     whether civil, criminal, administrative or investigative by reason of the
     fact that he is or was a director of the Company, or is or was a director
     of the Company serving at the request of the Company as a director of
     another company, partnership, joint venture, trust, employee benefit plan
     or other enterprise, against expenses (including attorney's fees),
     judgments, fines and amounts paid in settlement actually and reasonably
     incurred by him in connection with such action, suit or proceeding if he
     acted in good faith and in a manner he reasonably believed to be in or not
     opposed to the best interests of the Company, and, with respect to any
     criminal action or proceeding, had no reasonable cause to believe his
     conduct was unlawful.

6.5  Each of the parties to this Agreement shall vote any shares of the Company
     held thereby and if applicable, cause its respective representatives on the
     Board to, and the Company shall, and the Founder shall cause the Company
     to, promptly take any and all actions necessary to effect the provisions of
     this Section 6 and Section 7 below.

6.6  Each of the Investors who is a holder of the Series B Preferred Shares at
     September 28, 2006 (excluding Tech Team Holdings Limited, Grand Gains
     International Limited and BOFA Capital Company Limited), as long as it
     retains at least 80% of the Series B Preferred Shares acquired under that
     Series B Preferred Shares Purchase Agreement, dated as of September 28,
     2006 (as amended, the "SERIES B SHARE PURCHASE AGREEMENT"), shall be
     entitled, by notice in writing to the Company, to appoint one (1) person as
     an observer (collectively, the "BOARD OBSERVERS") to attend and speak at,
     either in person or by teleconference, any and all meetings of the Board of
     Directors of the Company, the PRC Subsidiary and all committee meetings
     thereof, without any voting rights. The Company shall provide such Board
     Observers the same information concerning the Company, the PRC Subsidiary
     and such committees thereof. The travel expenses incurred by the Board
     Observers to attend such meetings shall be borne by the relevant appointing
     holder of the Series B Preferred Shares.

6.7  Each of the Investors who is a holder of the Series C Preferred Shares at
     December 19, 2006, as long as it retains at least 80% of the Series C
     Preferred Shares acquired under

                                      -14-
<PAGE>
     the Share Purchase Agreement, shall be entitled, by notice in writing to
     the Company, to appoint one (1) person as a Board Observer to attend and
     speak at, either in person or by teleconference, any and all meetings of
     the Board of Directors of the Company, the PRC Subsidiary and all committee
     meetings thereof, without any voting rights. The Company shall provide such
     Board Observers the same information concerning the Company, the PRC
     Subsidiary and such committees thereof. The travel expenses incurred by the
     Board Observers to attend such meetings shall be borne by the relevant
     appointing holder of the Series C Preferred Shares.

7.   MAJOR CORPORATE TRANSACTIONS

7.1  So long as any shares of the Preferred Shares remain outstanding, neither
     the Company nor any other members of the Company Group shall, and the
     Founder shall cause the Company and such member of the Company Group not
     to, take any of the following actions without, in addition to any other
     authorizations or approvals required by Applicable Law and the Memorandum
     and Articles, the prior written approval of (i) the holders of at least two
     thirds (2/3) of the total number of the then issued and outstanding Series
     A-1 Preferred Shares and the Series A-2 Preferred Shares, voting together
     as a single class, (ii) the holders of at least two thirds (2/3) of the
     total number of the then issued and outstanding Series B Preferred Shares,
     and (iii) the holders of at least two thirds (2/3) of the total number of
     the then issued and outstanding Series C Preferred Shares:

     (a)  any amendment to the Articles of the Company or the PRC Subsidiary;

     (b)  issuance or sale by any member of the Company Group of any securities
          other than (i) any issuance of the Conversion Shares, (ii) any grant
          of stock options under the Company Option Plan, and (iii) any issuance
          of the Series A-1 Preferred Shares and/or the Series A-2 Preferred
          Shares upon the exercise of the Warrants and the issuance of
          Conversion Shares thereof;

     (c)  any redemption, retirement, purchase or other acquisition, direct or
          indirect, by any member of the Company Group of any outstanding
          Ordinary Shares or Equity Securities (or any warrants, rights or
          options to acquire any such Ordinary Shares or Equity Securities),
          other than in accordance with the right of redemption of the Investors
          as provided in the Memorandum and Articles, or any other reduction or
          similar change of capital structure of any member of the Company
          Group;

     (d)  any merger, acquisition, consolidation, joint venture or like
          transaction involving any member of the Company Group (whether or not
          such member of the Company Group is the surviving corporation),
          including, but not limited to, any transfer of equity interest in the
          PRC Subsidiary or any new issue of registered capital in the PRC
          Subsidiary to any Person other than the Company;

     (e)  any liquidation, dissolution, winding-up, bankruptcy, revocation of
          voluntary dissolution (judicial or non-judicial) or similar proceeding
          filed by or against any of the members of the Company Group;

                                      -15-
<PAGE>
     (f)  any sale, lease, transfer, exchange or other disposition of all or
          substantially all of the assets of the Company (including the
          disposition of operating rights of any member of the Company Group);

     (g)  any transfer or exclusive license in any of the Company Group's
          technology other than licenses of non-exclusive rights in such
          technology that are required or necessary in the ordinary course of
          business;

     (h)  creation, incurrence, assumption or permission to exist any mortgage,
          pledge, charge, lien or other encumbrance on all or substantially all
          of assets of any member of the Company Group, other than those
          required or necessary in the ordinary course of business which shall
          not exceed US$5,000,000 in any single transaction;

     (i)  launch of an initial public offering of the Ordinary Shares at a price
          lower than the minimum offering price as required for a Qualified IPO
          (i.e., US$11.00 per Ordinary Share) or issuance of Ordinary Shares in
          an amount that exceeds the IPO Maximum New Issue in an initial public
          offering of the Ordinary Shares;

     (j)  any declaration or payment of any dividend or other distribution prior
          to an IPO of the Company, direct or indirect, in cash or in property
          by any member of the Company Group on account of any class of share
          capital of such member of the Company Group now or hereafter
          outstanding;

     (k)  any sale, transfer or other disposition of any Ordinary Shares by the
          Founder prior to the expiration of the twelve (12) month period after
          the closing of the Qualified IPO;

     (l)  any sale, transfer or other disposition by any Key Person of any
          shares acquired through the exercise of stock options received under
          the Company Option Plan before the Qualified IPO;

     (m)  any sale, transfer or other disposition of any shares by any other
          holder of equity interest in the Company (other than any of the
          Investors or their transferees or permitted assigns) representing more
          than a five percent (5%) equity interest in the Company (on a fully
          diluted and as converted basis);

     (n)  engagement in any transactions by any member of the Company Group with
          (i) its directors, (ii) shareholders, (iii) the Founder, the Key
          Persons or their respective Affiliates, (iv) close relatives of the
          Founder or Affiliates of such relatives, (v) close relatives of the
          Affiliates of the Founder or Affiliates of such relatives, or (vi) any
          corporation or other entity of which majority equity is held or which
          is otherwise controlled by any of the Persons listed in (i) through
          (vi) of this paragraph (p), jointly or respectively;

     (o)  creation, incurrence, assumption, guarantee or otherwise becoming
          liable (directly or indirectly) by any of the member of the Company
          Group with respect to any indebtedness (including capital leases)
          which represents an amount in excess of US$8,000,000;

                                      -16-
<PAGE>
     (p)  the purchase or lease by any member of the Company Group of any real
          estate property valued in excess of US$3,000,000;

     (q)  the purchase by any member of the Company Group of listed or unlisted
          securities;

     (r)  public offerings and/or registration of securities other than the
          Qualified IPO of the Company;

     (s)  any adoption by the Company Group of a business plan or annual budget
          or any material amendment to its current business plan or annual
          budget, or any material alteration or change in the strategic
          direction or business operations in a manner that is not contemplated
          in the most recent business plan or annual budget;

     (t)  termination of the Company Option Plan or adoption of any other share
          option or similar incentive plan of any member of the Company Group or
          any material amendment to the same, including change or determination
          of the number of options reserved, vesting periods and exercise prices
          of the stock options thereunder;

     (u)  grant of loans to any director, officer or employee of any member of
          the Company Group; and

     (v)  changes of the independent auditors or changes in accounting practices
          or policies by any member of the Company Group.

7.2  So long as any shares of the Series A-1 Preferred Shares and/or Series A-2
     Preferred Shares remain outstanding, neither the Company nor any other
     members of the Company Group shall, and the Founder shall cause the Company
     and such member of the Company Group not to, make increase or decrease in
     the total number of directors comprising the board of directors of any
     member of the Company Group without, in addition to any other
     authorizations or approvals required by Applicable Law and the Memorandum
     and Articles, the prior written approval of the holders of at least two
     thirds (2/3) of the total number of the then issued and outstanding Series
     A-1 Preferred Shares and the Series A-2 Preferred Shares, voting together
     as a single class.

7.3  Notwithstanding anything provided in Section 7 to the contrary, to the
     extent any of the actions referred to in Sections 7.1 and 7.2 above will
     impact the liquidation preference or redemption rights of the holders of
     the Series A-1 Preferred Shares and/or the holders of the Series A-2
     Preferred Shares, the holders of the Series A-1 Preferred Shares and the
     Series A-2 Preferred Shares shall vote as separate classes with respect to
     each of such actions.

7.4  Notwithstanding anything provided in Section 7 to the contrary, the
     selection of the lead underwriter(s) of the Qualified IPO shall be led by
     the management of the Company and subject to the consent of the Investor
     Director, which consent shall not be unreasonably withheld.

                                      -17-
<PAGE>
8.   ASSIGNMENTS AND TRANSFERS; NO THIRD PARTY BENEFICIARIES.

     This Agreement and the rights and obligations of the parties hereunder
     shall inure to the benefit of, and be binding upon, their respective
     successors and permitted assigns, but shall not otherwise be for the
     benefit of any third party.

9.   LEGEND.

9.1  Each existing or replacement certificate for shares now owned or hereafter
     acquired by the Founder or issued to any person in connection with a
     transfer pursuant to Section 2.2 hereof shall bear the following legend
     upon its face:

     "THE SALE, PLEDGE, HYPOTHECATION, ASSIGNMENT OR TRANSFER OF THE SECURITIES
     REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A
     SHAREHOLDERS AGREEMENT BY AND BETWEEN THE SHAREHOLDER, THE COMPANY AND
     CERTAIN HOLDERS OF SHARES OF THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE
     OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY."

9.2  The Founder agrees that the Company may instruct its transfer agent to
     impose transfer restrictions on the shares represented by certificates
     bearing the legend referred to in Section 9.1 above to enforce the
     provisions of this Agreement and the Company agrees to promptly do so. The
     legend shall be removed upon termination of this Agreement.

10.  EFFECT OF CHANGE IN COMPANY'S CAPITAL STRUCTURE.

     Appropriate adjustments shall be made in the number and class of shares in
     the event of a stock dividend, stock split, reverse stock split,
     combination, reclassification or like change in the capital structure of
     the Company.

11.  FURTHER INSTRUMENTS AND ACTIONS.

     The parties agree to execute such further instruments and to take such
     further action as may reasonably be necessary to carry out the intent of
     this Agreement. The Founder agrees to cooperate affirmatively with the
     Company and the Holders, to the extent reasonably requested by the Company
     or the Holders, to enforce rights and obligations pursuant hereto.

12.  MISCELLANEOUS.

12.1 Governing Law.

     This Agreement shall be governed by and construed under the laws of Hong
     Kong without regard to conflicts of law thereunder.

12.2 Notices.

     Any notice required or permitted by any provision of this Agreement shall
     be given in writing in English and shall be provided by one or more of the
     following means and shall be deemed to have been duly given (a) if
     delivered personally, when received, (b) if transmitted by facsimile, on
     the date of transmission with receipt of a transmittal

                                      -18-
<PAGE>
     confirmation, (c) if by international courier service, on the fourth (4th)
     business day following the date of deposit with such courier service, or
     such earlier delivery date as may be confirmed in writing to the sender by
     such courier service or (d) if transmitted by telephone as permitted by
     Section 2.3(c), on the date of such telephone transmission. If notice is
     provided pursuant to subclause (a) or (c) above, such notice shall be
     addressed: (i) in case of the Company, the Founder and the Investors, to
     their respective addresses as set forth on the signature page hereof or at
     such other addresses as such parties may designate by ten (10) day's
     advance written notice to the other parties hereto, and (ii) in the case of
     any permitted transferee of a party to this Agreement or its transferee, to
     such transferee at its address as designated in writing by such transferee
     to the Company from time to time.

12.3 Term.

     This Agreement shall terminate upon the earlier of (i) the closing of a
     Qualified IPO, and (ii) the full redemption of the Preferred Shares
     pursuant to the Articles of Association of the Company.

12.4 Entire Agreement.

     This Agreement contains the entire understanding of the parties hereto with
     respect to the subject matter hereof, supersedes all other agreements
     between or among any of the parties with respect to the subject matter
     hereof. Notwithstanding the foregoing, all the provisions in the Series A
     Share Purchase Agreement other than Section 9 shall remain in full force
     and effect and be binding on the parties thereto.

12.5 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 Founder, (iii) the Holders
     representing not less than two thirds (2/3) of the then issued and
     outstanding Series A-1 Preferred Shares and the Series A-2 Preferred
     Shares, voting together as a single class, (iv) the Holders representing
     not less than two thirds (2/3) of the then issued and outstanding Series B
     Preferred Shares and (v) the Holders representing not less than two thirds
     (2/3) of the then issued and outstanding C Preferred Shares. Any amendment
     or waiver effected in accordance with this paragraph shall be binding upon
     the parties and their respective successors and assigns.

12.6 Ownership.

     The Founder represents and warrants that he is the sole ultimate and
     beneficial owner of the Equity Securities subject to the right of first
     refusal and co-sale agreements as set forth in this Agreement and that no
     other person has any interest (other than a community property interest) in
     such shares.

12.7 Waiver of Pre-emptive Right

     Effective upon the later of (a) the Closing and (b) the execution and
     delivery of this Agreement by the Company, the Founder, the holders of at
     least two thirds (2/3) of the

                                      -19-
<PAGE>

     then issued and outstanding Series A-1 Preferred Shares and the Series A-2
     Preferred Shares, voting together as a single class, and the holders of at
     least two thirds (2/3) of the then issued and outstanding Series B
     Preferred Shares, the holders of a pre-emptive right under the Prior
     Agreement hereby waive, pursuant to the relevant provisions in the Prior
     Agreement, any right to receive notice of, and to participate in, the sale
     and issuance by the Company of any shares of the Series C Preferred Shares
     (including the Conversion Shares) pursuant to the Share Purchase Agreement.

12.8 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.

12.9 Titles and Subtitles.

     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.

12.10 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.

12.11 Dispute Resolution.

     (a)  Any dispute, controversy or claim arising out of or relating to this
          Agreement, or the interpretation, breach, termination or validity
          hereof, shall be resolved through consultation. Such consultation
          shall begin immediately after one party hereto has delivered to the
          other party hereto a written request for such consultation. If within
          thirty (30) days following the date on which such notice is given the
          dispute cannot be resolved, the dispute shall be submitted to
          arbitration upon the request of either party with notice to the other.

     (b)  The arbitration shall be conducted in Hong Kong under the auspices of
          the Hong Kong International Arbitration Centre (the "CENTRE"). There
          shall be three arbitrators. Each party hereto shall each select one
          arbitrator within thirty (30) days after giving or receiving the
          demand for arbitration. Such arbitrators shall be freely selected, and
          the parties shall not be limited in their selection to any prescribed
          list. The Chairman of the Centre shall select the third arbitrator,
          who shall be qualified to practice law in the State of New York. If
          either party does not appoint an arbitrator who has consented to
          participate within thirty (30) days after selection of the first
          arbitrator, the relevant appointment shall be made by the Chairman of
          the Centre.

     (c)  The arbitration proceedings shall be conducted in English. The
          arbitration tribunal shall apply the arbitration rules of the Centre
          in effect at the time of the arbitration. However, if such rules are
          in conflict with the provisions of this

                                      -20-
<PAGE>

          Section 12.11, including the provisions concerning the appointment of
          arbitrators, the provisions of this Section 12.11 shall prevail.

     (d)  The arbitrators shall decide any dispute submitted by the parties to
          the arbitration strictly in accordance with the substantive law of the
          State of New York and shall not apply any other substantive law.

     (e)  Each party hereto shall cooperate with the other in making full
          disclosure of and providing complete access to all information and
          documents requested by the other in connection with such arbitration
          proceedings, subject only to any confidentiality obligations binding
          on such party.

     (f)  The award of the arbitration tribunal shall be final and binding upon
          the disputing parties, and either party may apply to a court of
          competent jurisdiction for enforcement of such award.

     (g)  Either party shall be entitled to seek preliminary injunctive relief,
          if possible, from any court of competent jurisdiction pending the
          constitution of the arbitral tribunal.

          [THE REMAINDER OF THIS PAGE HAS BEEN LEFT INTENTIONALLY BLANK.]

                                      -21-
<PAGE>
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first written above.

                COMPANY:

                LDK SOLAR CO., LTD.

                By: /s/ Xiaofeng Peng
                    -----------------
                Name: Peng Xiaofeng
                Capacity: Chief Executive Officer

                Address:

                LDK Solar Co., Ltd.
                Room 2303
                Harbor Ring Plaza
                No. 18 Xizang Middle Road
                Shanghai 200001

                Attention: Mr. Peng Xiaofeng & Mr. Shao Yonggang
                Facsimile: (86-21) 6350-8707

                                      -22-
<PAGE>
                FOUNDER:

                PENG XIAOFENG

                By: /s/ Xiaofeng Peng
                    -----------------
                Name: Peng Xiaofeng

                Address:

                LDK Solar Co., Ltd.
                Room 2303
                Harbor Ring Plaza
                No. 18 Xizang Middle Road
                Shanghai 200001

                                      -23-
<PAGE>
                INVESTOR:

                FINANCIERE NATEXIS SINGAPORE 4 PTE, LTD.

                By: /s/ Gang Wang
                    --------------
                Name: Gang Wang (Kevin)
                Capacity: Authorized Officer

                Registered Address:

                Financiere Natexis Singapore 4 Pte, Ltd.
                Wong & Leow
                27th Floor, Millennia Tower
                1 Temasek Avenue
                Singapore 03919201

                Notice Address:

                Natexis Private Equity Asia Limited
                Suite 1808, 18/F Westgate Mall Plaza
                1038 Nanjing West Road
                Shanghai, China 200041

                Attention: Gang Wang (Kevin)
                Facsimile: (86-21) 6217-3742

                                      -24-
<PAGE>
                INVESTOR:

                DECATUR OVERSEAS CORPORATION

                By:  /s/ Gang Wang
                   ------------------------------
                Name:  Gang Wang (Kevin)
                     ----------------------------
                Capacity: Authorized Officer

                Address:

                Natexis Private Equity Asia Limited
                Suite 1808, 18/F Westgate Mall Plaza
                1038 Nanjing West Road
                Shanghai, China 200041

                Attention: Gang Wang (Kevin) or Nicolazo De Barmon, Gael
                Facsimile: (86-21) 6217-3742

                                      -25-
<PAGE>
                INVESTOR:

                BRILLIANT EVER INVESTMENTS LIMITED

                By: /s/ Chen Lu
                   ------------------------------
                Name: Chen Lu
                     ----------------------------
                Capacity: Authorized Signatory
                         ------------------------

                Address:

                Suite 2302-3, 23/F Great Eagle Centre
                23 Harbour Road
                Wanchai
                Hong Kong

                Attention: Ms Clara Chan
                Facsimile: (852) 2877-6852

                                      -26-
<PAGE>
                INVESTOR:

                BOUNDLESS FUTURE INVESTMENT LIMITED

                By: /s/ Chen Lu
                   ------------------------------
                Name: Chen Lu
                     ----------------------------
                Capacity: Authorized Signatory
                         ------------------------

                Address:

                Suite 2302-3, 23/F Great Eagle Centre
                23 Harbour Road
                Wanchai
                Hong Kong

                Attention: Ms Clara Chan
                Facsimile: (852) 2877-6852

                                      -27-
<PAGE>
                INVESTOR:

                SHINE FIELD INVESTMENTS LIMITED

                By: /s/ Chen Lu
                   ------------------------------
                Name: Chen Lu
                     ----------------------------
                Capacity: Authorized Signatory
                         ------------------------

                Address:

                P.O. Box 957
                Offshore Incorporations Centre
                Road Town, Tortola, BVI

                c/o Petrius Lui or Ignatius Seu
                41st Floor Jardine House
                1 Connaught Place
                Hong Kong

                Attention: Petrius Lui or Ignatius Seu
                Facsimile: (852) 2111-3299

                                      -28-
<PAGE>
                INVESTOR:

                CDH SOLARFUTURE LIMITED

                By: /s/ Lew Kiang Hua
                    -----------------
                Name: Lew Kiang Hua
                Capacity: Director

                Address:

                Level 30, Six Battery Road
                Singapore 049909

                Attention: Mr. Lew Kiang Hua
                Facsimile: (65) 6550 9898

                                      -29-
<PAGE>
                INVESTOR:

                CHF WAFER COMPANY LIMITED

                By: /s/ Andrew Lo
                   --------------------------------
                Name: Andrew Lo
                     ------------------------------
                Capacity: Authorized Representative
                         --------------------------

                Address:

                P.O. Box 173, Kingston Chamber
                Road Town, Tortola
                British Virgin Islands

                c/o China Renaissance Capital Investment
                Suites 305-307
                St George's Building
                2 Ice House Street, Central
                Hong Kong

                Attention: Hung Shih
                Facsimile: (852) 2521-8023

                                      -30-
<PAGE>
                INVESTOR:

                CHINA ENVIRONMENT FUND 2004, LP.

                By: /s/ Hua Cao
                   ------------------------------
                Name: Hua Cao
                     ----------------------------
                Capacity: Authorized Signatory
                         ------------------------

                Address:

                P.O. Box 908
                George Town, Cayman Islands

                c/o Tsinghua Venture Capital Management
                A2302, SP Tower, Tsinghua Science Park
                Beijing, China 100084

                Attention: Dr. Catherine Cao
                Facsimile: (86-10) 8215-1150

                                      -31-
<PAGE>

                INVESTOR:

                CHINA ENVIRONMENT FUND 2002, LP.

                By: /s/ Hua Cao
                   ------------------------------
                Name: Hua Cao
                     ----------------------------
                Capacity: Authorized Signatory
                         ------------------------

                Registered address:

                P.O. Box 908
                George Town, Cayman Islands

                Notice address:

                c/o Tsinghua Venture Capital Management
                A2302, SP Tower, Tsinghua Science Park
                Beijing, China 100084

                Attention: Dr. Catherine Cao
                Facsimile: (86-10) 8215-1150

                                      -32-
<PAGE>
                INVESTOR:

                SILVERPOINTE INVESTMENTS LTD

                By: /s/ Yang Yang
                   ------------------------------
                Name: Yang Yang
                     ----------------------------
                Capacity: Director
                         ------------------------

                Registered address:

                Portcullis TrustNet (BVI) Limited
                Portcullis TrustNet Chambers
                P.O. Box 3444, Road Town, Tortola, British Virgin Islands

                Notice address:
                8 Cross Street, #28-01 PWC Building, Singapore 048424

                Attention: Chiang Heng Liang
                Telephone: (65) 6878-3876

                                      -33-
<PAGE>
                INVESTOR:

                JAFCO ASIA TECHNOLOGY FUND III

                By: /s/ Vincent Chan Chun Hung
                   ------------------------------
                Name: Vincent Chan Chun Hung
                     ----------------------------
                Capacity: Attorney
                         ------------------------

                Address of registered office:

                c/o Walkers SPV Limited
                P.O. Box 908GT, Mary Street
                George Town, Grand Cayman, Cayman Islands

                Notice address:

                c/o JAFCO Investment (Asia Pacific) Ltd.
                6 Battery Road
                #42-01 Singapore 049909

                Attention: The President
                Facsimile: (65) 6221-3690

                With a copy to:

                JAFCO Investment (Hong Kong) Ltd.
                30/F, Two IFC, 8 Finance Street, Central, Hong Kong

                Attention: General Manager

                Facsimile: (852) 2536-1979

                                      -34-
<PAGE>
                INVESTOR:

                MUS ROOSEVELT CHINA PACIFIC FUND L.P.

                By: /s/ Jun Otsuka
                    ---------------
                Name: Jun Otsuka
                Capacity: Managing Director

                Address:

                c/o MUS Roosevelt Capital Partners, Ltd.
                Offshore Incorporations (Cayman) Limited
                Scotia Centre 4/F
                P.O. Box 2804
                George Town, Grand Cayman, Cayman Islands

                With a copy to:

                Mitsubishi UFJ Securities (HK) Capital, Limited
                11/F, AIG Tower
                One Connaught Road
                Central, Hong Kong

                Attention: Mr. Jun Otsuka (Managing Director)
                Facsimile: (852) 2865-6214

                                      -35-
<PAGE>
                INVESTOR:

                TECH TEAM HOLDINGS LIMITED

                By: /s/ Jiyi Weng
                   ------------------------------
                Name: Jiyi Weng
                     ----------------------------
                Capacity: Director
                         ------------------------

                Address:

                2nd Floor, Abbott Building, Road Town, Tortola, British Virgin
                Islands

                Notice address:

                299 Bisheng Road
                Suite 13-101
                Pudong, Shanghai
                China 201204

                Attention: Jerry Jiyi WENG
                Facsimile: (86-21) 5080-1333

                                      -36-
<PAGE>
                INVESTOR:

                GRAND GAINS INTERNATIONAL LIMITED

                By: /s/ Jiyi Weng
                   ------------------------------
                Name: Jiyi Weng
                     ----------------------------
                Capacity: Authorized Signatory
                         ------------------------

                Registered address:

                Palm Grove House, P.O. Box 438, Road Town, Tortola, British
                Virgin Islands

                Notice address:

                32/F, Tower of China Merchants Bank

                No. 7088 Shennan Road
                Futian, Shenzhen 518040

                Attention: Li Hongwei
                Facsimile: (86-755) 8319-5157

                                      -37-
<PAGE>
                INVESTOR:

                BOFA CAPITAL COMPANY LIMITED

                By: /s/ Lingyong Peng
                   ------------------------------
                Name: Lingyong Peng
                     ----------------------------
                Capacity: Authorized Signatory
                         ------------------------

                Registered address:

                c/o Maples Finance BVI Limited, P.O. Box 173, Kingston Chambers,
                Road Town, Tortola, British Virgin Islands

                Notice address:

                Room 16D
                Building 8
                Shijicheng 3 Term
                Haidian District
                Beijing, P.R.China

                Attention: Mr. Peng Lingyong
                Facsimile: (86-10) 8889 1502

                                      -38-
<PAGE>
                                   SCHEDULE A

                                    INVESTORS
                                    ---------

<Table>
<Caption>
NAME OF INVESTORS                                                      TYPE AND NUMBER OF PREFERRED SHARES HELD
-----------------                                                      ----------------------------------------
<S>                                                                    <C>
Brilliant Ever Investments Limited ....................................   2,000,000 Series A-1 Preferred Shares
Boundless Future Investment Limited ...................................   1,000,000 Series A-1 Preferred Shares
Financiere Natexis Singapore 4 Pte Ltd. ...............................   1,128,571 Series A-2 Preferred Shares
                                                                            1,150,000 Series B Preferred Shares
                                                                            1,466,666 Series C Preferred Shares
Decatur Overseas Corporation ..........................................     451,429 Series A-2 Preferred Shares
Shine Field Investments Limited .......................................     1,150,000 Series B Preferred Shares
                                                                              333,333 Series C Preferred Shares
CDH SolarFuture Limited ...............................................     2,000,000 Series B Preferred Shares
                                                                            1,066,667 Series C Preferred Shares
Silverpointe Investments Ltd. .........................................        25,233 Series C Preferred Shares
CHF Wafer Company Limited .............................................     1,000,000 Series B Preferred Shares
China Environment Fund 2004, LP. ......................................       833,333 Series B Preferred Shares
China Environment Fund 2002, LP. ......................................        66,667 Series C Preferred Shares
JAFCO Asia Technology Fund III ........................................       833,333 Series B Preferred Shares
MUS Roosevelt China Pacific Fund L.P. .................................       500,000 Series B Preferred Shares
                                                                               20,049 Series C Preferred Shares
Tech Team Holdings Limited ............................................       250,000 Series B Preferred Shares
                                                                               20,048 Series C Preferred Shares
Grand Gains International Limited .....................................       250,000 Series B Preferred Shares
BOFA Capital Company Limited ..........................................        33,334 Series B Preferred Shares
                                                                                1,337 Series C Preferred Shares
</Table>

                                      -39-
<PAGE>
                                   SCHEDULE B

                                   KEY PERSONS
                                   -----------

<Table>
<S>                                      <C>
Peng Xiaofeng                            Fu Xiangqun
Zhu Liangbao                             Huang Qiumao
Shao Yonggang                            Fu Delin
Jack Lai                                 Huang Weixing
Nicola Sarno                             Lu Xiaodong
Yao Qiqiang                              Song Yong
Kuo Lung Lin                             Lin Qinyun
Alberto Di Gaetano                       Renato Alberto Cabrini
Rosseio Pleiro                           Xing Guo Ping
Cui Rong Qiang                           Peng Zhijian
Martin Huang                             Chen Jianwen
</Table>

                                      -40-

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