Document:

Exhibit 4.2

 

Stock
Option Plan

 

		1	PURPOSE OF PLAN

 

		1.1	The purpose of the Plan is to assist directors, officers, key employees, consultants and members
of the Clinical Advisory Board (if any) of the Corporate Group to participate in the growth and development of the Corporate Group
by providing such persons with the opportunity, through share options, to acquire an increased proprietary interest in the Corporation.

 

		2	DEFINED TERMS

 

Where used herein, the following terms
shall have the following meanings, respectively:

 

		2.1	“Affiliate” shall mean any Entity in an unbroken chain of Entities beginning
with the Corporation if, at the time of granting of the option, each of the Entities other than the last Entity in the unbroken
chain own stock or other comparable equity interest to which are attached more than 50% of the aggregate number of votes attached
to the outstanding shares of all classes of stock or other comparable equity interest in the Entity directly below that Entity
in such chain;

 

		2.2	“Blackout Period” means a period when the Optionee is prohibited from trading
in the Corporation’s securities pursuant to a blackout period established by the Corporation;

 

		2.3	“Board” means the board of directors of the Corporation or, if established and
duly authorized to act, the Executive Committee of the board of directors of the Corporation;

 

		2.4	“Business Day” means any day, other than a Saturday or a Sunday;

 

		2.5	“Committee” shall have the meaning attributed thereto in Section 3;

 

		2.6	“Corporate Group” means the Corporation and its Affiliates, present and future,
so long as such Entity remains an Affiliate;

 

		2.7	“Corporation” means BELLUS Health Inc. and includes any successor corporation
thereto;

 

		2.8	“Designated Exchange” shall mean the Toronto Stock Exchange or such other stock
exchange as may be designated from time to time by the Board;

 

		2.9	“Dividends Paid in the Ordinary Course” means such dividends paid in cash on
the Shares in any fiscal year of the Corporation to the extent that such dividends in the aggregate do not exceed in amount or
value the greatest of: (a) 110% of the aggregate amount or value of the dividends paid by the Corporation on its Shares
in the 12 consecutive months ended immediately prior to the first day of such fiscal year; (b) 25% of the consolidated net
earnings of the Corporation before extraordinary items and after dividends paid on any and all preferred shares of the Corporation
for the most recently completed fiscal year; and (c) 10% of the aggregate of all classes of share capital, other paid-in-capital,
retained earnings/deficit and any and all surplus accounts and reserves as shown on the audited financial statements of the Corporation
for the most recently ended fiscal year;

 

     

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		2.10	“Eligible Person” means any director, officer, full time employee, consultant
or member of the Clinical Advisory Board of the Corporate Group;

 

		2.11	“Entity” means any corporation, company, partnership, trust, limited liability
company, foundation, and/or firm;

 

		2.12	“Grant Date” means the date at which an Option is granted to an Optionee;

 

		2.13	“Market Price” means the volume weighted average trading price for the Shares
for the five days preceding the date of grant during which the Shares were traded on the Designated Exchange;

 

		2.14	“Option” means an option to purchase Shares granted under the Plan;

 

		2.15	“Option Price” means the price per share at which Shares may be purchased under
the Option, as the same may be adjusted from time to time in accordance with Section 9;

 

		2.16	“Optionee” means a person to whom an Option has been granted;

 

		2.17	“Plan” means the BELLUS Health Inc. Stock Option Plan, as amended herein, as
the same may be amended or varied from time to time;

 

		2.18	“Shares” means the Common Shares of the Corporation, or, in the event of an
adjustment contemplated by Section 9, such other shares or securities to which an Optionee may be entitled upon the exercise of
an Option as a result of such adjustment; and

 

		2.19	“Trading Day”, with respect to any stock exchange or over the counter market,
means a day on which Shares may be traded through the facilities of such stock exchange or in such over the counter market.

 

		3	ADMINISTRATION OF THE PLAN

 

		3.1	The Plan shall be administered by a committee (the “Committee”) appointed by
the Board and consisting of not less than three members of the Board. The members of the Committee shall serve at the pleasure
of the Board and vacancies occurring in the Committee shall be filled by the Board.

 

		3.2	The Committee shall elect one of its members as its Chairman and shall hold its meetings at such
time and place, as it shall deem advisable. A majority of the members of the Committee shall constitute a quorum and all actions
of the Committee shall be taken by a majority of the members present at any meeting. Any action of the Committee may be taken by
an instrument or instruments in writing signed by all the members of the Committee, and any action shall be as effective as if
it had been passed by a majority of the votes cast by the members of the Committee present at a meeting of such members duly called
and held.

 

     

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		3.3	The Committee shall have, where consistent with the general purpose and intent of the Plan and
subject to the specific provisions of the Plan (including approval of the Board pursuant to Section 5 hereof), the power to:

 

		3.3.1	establish policies and to adopt rules and regulations for carrying out the purposes, provisions
and administration of the Plan;

 

		3.3.2	interpret and construe the Plan and to determine all questions arising out of the Plan and any
Option granted pursuant to the Plan, and any such interpretation, construction or termination made by the Committee shall be final,
binding and conclusive for all purposes;

 

		3.3.3	determine to which Eligible Persons Options are granted and to grant Options;

 

		3.3.4	determine the number of Shares covered by each Option;

 

		3.3.5	determine the time or times when Options will be granted and exercisable;

 

		3.3.6	determine if the Shares that are subject to an Option will be subject to any restrictions upon
the exercise of such Option; and

 

		3.3.7	prescribe the form of the instruments relating to the grant, exercise and other terms of Options.

 

		4	SHARES SUBJECT TO PLAN

 

		4.1	Options may be granted in respect of authorized and unissued Shares, provided that the aggregate
number of Shares of all classes reserved for issuance under this Plan, subject to adjustment or increase of such number pursuant
to the provisions of Section 9, together with any Shares reserved for issuance under any options for services or employee stock
purchase or stock option plans or any other plans of the Corporate Group, shall not exceed 12.5% of the total number of Shares
issued and outstanding from time to time and also provided that:

 

		4.1.1	the aggregate number of Shares reserved for issuance at any time to any one Optionee shall not
exceed 5% of the number of Shares of the Corporation outstanding on a non-diluted basis at such time, less the total of all shares
reserved for issuance to such Optionee pursuant to any other share compensation arrangement of the Corporate Group;

 

		4.1.2	the aggregate number of Shares issuable (or, reserved for issuance) to insiders of the Corporate
Group under the Plan and any other share compensation arrangement of the Corporate Group, cannot at any time exceed 10% of the
issued and outstanding Shares of the Corporation; and

 

     

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		4.1.3	the aggregate number of Shares issued to insiders under the Plan and any other share compensation
arrangement of the Corporate Group, within a one year period, cannot exceed 10% of the issued and outstanding Shares of the Corporation.

 

No fractional shares may be purchased
or issued under the Plan.

 

For the purposes of this Plan:
(i) the terms “insider” and “associate” shall have the respective meanings ascribed thereto in Sections
613 and following of the Toronto Stock Exchange Company Manual; (ii) the “outstanding issue” means the aggregate number
of Shares outstanding on a non-diluted basis immediately prior to the share issuance in question, and (iii) a “share compensation
arrangement” means a stock option, stock option plan, stock purchase plan or any other compensation or incentive mechanism
involving the issuance or potential issuance of shares to one or more employees or directors, including a share purchase from treasury
which is financially assisted by the Corporate Group by way of a loan, guarantee or otherwise.

 

		5	ELIGIBILITY, GRANT AND TERMS OF OPTIONS

 

		5.1	Options may be granted by the Corporation to Eligible Persons pursuant to recommendations of the
Committee, provided and to the extent that such recommendations are approved by the Board.

 

		5.2	Subject as herein and as otherwise specifically provided for in this Section 5, the number of Shares
subject to each Option, the expiration date of each Option, the extent to which each Option is exercisable from time to time during
the term of the Option and other terms and conditions relating to each such Option shall be determined by the Committee and be
subject to approval by the Board, provided, however, that if no specific determination is made by the Committee with respect to
any of the following matters, each Option shall, subject to any other specific provisions of the Plan, contain the following terms
and conditions:

 

		5.2.1	the period during which an Option shall be exercisable shall be 10 years from the Grant Date; and

 

		5.2.2	the Optionee may take up and pay for not more than 20% of the Shares covered by the Option after
the expiration of each one year period in arrears from the Grant Date; provided, however, that if the number of Shares taken up
under the Option after the expiration of each one-year period is less than 20% of the Shares covered by the Option, the Optionee
shall have the right, on a cumulative basis, at any time or from time to time during the remainder of the term of the Option, to
purchase such number of Shares subject to the Option that were purchasable, but not purchased by him, after the expiration of each
such one-year period.

 

		5.3	The Option Price on Shares that are the subject of any Option shall in no circumstances be lower
than the Market Price at the date of the grant of the Option.

 

		5.4	An Option is personal to the Optionee and is non assignable.

 

     

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		5.5	If the term of an Option held by any Eligible Person expires during or within 10 Business Days
of the expiration of a Blackout Period, then the term of such Option or the unexercised portion thereof, shall be extended 10 Business
Days after the expiration of the Blackout Period (the “Blackout Expiration Term”).

 

		6	TERMINATION OF EMPLOYMENT; DEATH

 

		6.1	Subject to Section 6.2 and to any express resolution passed by the Committee with respect to an
Option, an Option, and all rights to purchase Shares pursuant thereto, shall expire and terminate immediately upon the Optionee
ceasing to be a director, officer, full time employee, consultant or member of the Clinical Advisory Board of the Corporate Group.
For greater certainty, the Optionee shall not lose any rights to any Options granted pursuant to the Plan if he changes positions
within the Corporate Group so long as he remains an Eligible Person.

 

		6.2	If, before the expiry of an Option in accordance with the terms thereof, the employment of the
Optionee by the Corporate Group shall terminate for any reason whatsoever other than termination by the Corporate Group for cause,
but including termination by reason of the death of the Optionee, such Option may, subject to the terms thereof and any other terms
of the Plan, be exercised, if the Optionee is deceased, by the legal personal representative(s) of the estate of the Optionee during
the first three months following the death of the Optionee, or if he is alive, by the Optionee, at any time within three months
of the date of termination of the employment of the Optionee (but in either case prior to the expiry of the Option in accordance
with the terms thereof), but only to the extent that the Optionee was entitled to exercise such Option at the date of the termination
of his employment.

 

		6.3	Options shall not be affected by any change of employment of the Optionee or by the Optionee ceasing
to be a director where the Optionee continues to be employed on a full time basis by, or continues to be a director of any Entity
of the Corporate Group.

 

		7	EXERCISE OF OPTIONS

 

		7.1	Subject to the provisions of the Plan, an Option may be exercised from time to time by delivery
to the Corporation at its registered office of a written notice of exercise addressed to the Secretary of the Corporation specifying
the number of Shares with respect to which the Option is being exercised and accompanied by payment in full of the Option Price
of the Shares to be purchased. Certificates for such Shares shall be issued and delivered to the Optionee within a reasonable time
following the receipt of such notice and payment.

 

		7.2	Notwithstanding any of the provisions contained in the Plan or in any Option, the Corporation’s
obligations to issue Shares to an Optionee pursuant to the exercise of an Option shall be subject to the receipt from the Optionee
of such representations, agreements and undertakings, including (a) as to future dealings in such Shares, as the Corporation or
its counsel determines to be necessary or advisable in order to safeguard against the violation of the securities laws of any jurisdiction;
and (b) completion of such registration or other qualification of such Shares or obtaining approval of such government authority
as the Corporation shall determine to be necessary or advisable in connection with the authorization, issuance or sale thereof.

 

In this respect the Corporation
shall, to the extent necessary, take all reasonable steps to obtain such approvals, registrations and qualifications as may be
necessary for the issuance of such Shares in compliance with applicable securities laws and for the listing of such Shares on any
stock exchange on which the Shares are then listed.

 

     

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		7.3	The issuance of Shares upon the exercise of Options must comply with all applicable securities
laws. Without limiting the foregoing, any Shares issued upon exercise of Options granted pursuant to this Plan must be registered
under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and all applicable state
securities laws or must comply with the requirements of an exemption or exclusion therefrom. If the Shares issued upon exercise
of Options are issued in reliance upon an exemption from the registration requirements of the U.S. Securities Act and applicable
state securities laws, such Shares will be “restricted securities” (as such term is defined in Rule 144 under the U.S.
Securities Act) and the certificate representing such Shares will bear a legend restricting the transfer of such securities under
the U.S. Securities Act and applicable state securities laws. The Board may require that an Optionee provide certain representations,
warranties and certifications to the Corporation to satisfy the requirements of applicable securities laws, including without limitation,
the registration requirements of the U.S. Securities Act and applicable state securities laws or exemptions or exclusions therefrom.

 

		7.4	Notwithstanding any of the provisions contained in the Plan or in any Option, the Corporation may,
from time to time, implement such procedures and conditions as it determines appropriate with respect to the withholding and remittance
of taxes imposed under applicable law, or the funding of related amounts for which liability may arise under such applicable law.
Without limiting the generality of the foregoing, an Optionee who wishes to exercise an Option, the Shares issuable in respect
of which are not to be sold on the Optionee’s behalf by the Corporation, must, in addition to following the procedures set
out elsewhere in this Plan, and as a condition of exercise:

 

		7.4.1	deliver a certified cheque, wire transfer or bank draft payable to the Corporation for the amount
determined by the Corporation to be the appropriate amount on account of such taxes or related amounts; or

 

		7.4.2	otherwise ensure, in a manner acceptable to the Corporation (if at all) in its sole and unfettered
discretion, that the amount will be securely funded;

 

		7.4.3	and must in all other respects follow any related procedures and conditions imposed by the Corporation.

 

In the event of an exercise pursuant
to which Shares issuable to the Optionee are to be sold on the Optionee’s behalf, the Corporation shall deduct from any proceeds
payable to the Optionee any and all amounts necessary to satisfy the Corporation’s withholding and/or remittance obligations
under applicable law.

 

     

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		8	ACCELERATED VESTING UPON ACQUISITION EVENT

 

		8.1	Notwithstanding any vesting period determined by the Board in respect of any Option granted to
an Optionee at any time, the Board may, upon written notice to all the Optionees, provide that all or a portion of the then vested
or unvested Options held by such Optionees will become exercisable in full as of a specified time prior to the consummation of
the Acquisition Event and that all or a portion of the Options (whether or not vested) will terminate immediately prior to the
consummation of such Acquisition Event, except to the extent exercised by the Optionees before the consummation of such Acquisition
Event; provided, however, that in the event of an Acquisition Event under the terms of which holders of Shares will receive upon
consummation thereof a cash payment for each Share surrendered pursuant to such Acquisition Event (the “Acquisition
Price”), then the Board may instead provide in such notice that all or a portion of the outstanding vested or unvested
(or both) Options shall terminate upon consummation of such Acquisition Event and that each Optionee shall receive, in exchange
therefore, a cash payment equal to the amount (if any) by which (A) the Acquisition Price multiplied by the number of Shares
subject to such outstanding Options (whether or not then vested), exceeds (B) the aggregate Option Price of such Options. For the
purposes hereof, “Acquisition Event” shall mean any transaction or series of transactions after which a Person
(or a related group of Persons) owns at least 50.1% of the common Shares of the Corporation; and “Person” shall
mean any individual, corporation or company, partnership, joint venture, syndicate, sole proprietorship, trust, trustee, executor,
administrator or other legal representative or an unincorporated organization, government or governmental authority or entity.

 

		9	CERTAIN ADJUSTMENTS9.1Subject to regulatory approval, the Option Price and the number of
Shares to which an Optionee may be entitled upon the exercise of an Option shall be subject to adjustment from time to time upon
the occurrence of any of the events and in the manner provided as follows:

 

		9.1.1	If and whenever the Corporation shall:

 

		(a)	issue Shares (or securities exchangeable for or convertible into Shares) to all or substantially
all of the holders of Shares as a stock dividend or other distribution;

 

		(b)	subdivide or change its outstanding Shares into a greater number of Shares; or

 

		(c)	reduce, combine or consolidate its outstanding Shares into a smaller number of Shares;

 

(any of such events, a “Share
Reorganization”), then effective immediately after the record date or effective date, as the case may be, at which the
holders of Shares are determined for the purposes of the Share Reorganization, the Option Price shall be adjusted to a price determined
by multiplying the applicable Option Price in effect on such effective date or record date by a fraction, the numerator of which
shall be the number of Shares outstanding on such effective date or record date before giving effect to such Share Reorganization
and the denominator of which shall be the number of Shares outstanding immediately after giving effect to such Share Reorganization
(including, in the case where securities exchangeable for or convertible into Shares are distributed, the number of additional
Shares that would have been outstanding had such securities been exchanged for or converted into Shares immediately after giving
effect to such Share Reorganization).

 

     

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		9.1.2	If and whenever the Corporation shall fix a record date for the issuing of rights, options or warrants
to all or substantially all of the holders of the Shares entitling them for a period expiring not more than 45 days after such
record date (the “Rights Period”) to subscribe for or purchase Shares (or securities exchangeable for or convertible
into Shares) at a price per share (or having a conversion or exchange price per share) which is less than 95% of the Market Price
on the record date for such issue (any of such events, a “Rights Offering”), then effective immediately after
the end of the Rights Period, the Option Price shall be adjusted to a price determined by multiplying the applicable Option Price
in effect at the end of the Rights Period by a fraction:

 

		(a)	the numerator of which shall be the sum of:

 

		(i)	the number of Shares outstanding as of the record date for the Rights Offering; and

 

		(ii)	a number determined by dividing (1) the product of either (i) the number of Shares issued during
the Rights Period upon exercise of the rights, warrants or options under the Rights Offering and (ii) the price at which such Shares
are issued, or, as the case may be, (iii) the number of Shares for or into which the convertible or exchangeable securities issued
during the Rights Period upon exercise of the rights, warrants or options under the Rights Offering are exchangeable or convertible
and (iv) the exchange or conversion price of the convertible or exchangeable securities so issued, by (2) the Market Price as of
the record date for the Rights Offering; and

 

		(b)	the denominator of which shall be the number of Shares outstanding (including the number of Shares
actually issued or subscribed for during the Rights Period upon exercise of the rights, warrants or options under the Rights Offering)
or which would be outstanding upon the conversion or exchange of all convertible or exchangeable securities issued during the Rights
Period upon exercise of the rights, warrants or options under the Rights Offering, as applicable, in each case after giving effect
to the Rights Offering.

  

     

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Any Optionee who shall have exercised
his right to purchase Shares during the period beginning immediately after the record date for a Rights Offering and ending on
the last day of the Rights Period therefor, in addition to the Shares to which he is otherwise entitled upon such exercise, shall
be entitled to that number of additional Shares equal to the result obtained when the difference, if any, between the Option Price
in effect immediately prior to the end of such Rights Offering and the Option Price, as adjusted for such Rights Offering pursuant
to this Section 9.1.2, is multiplied by the number of Shares purchased upon exercise of the Option held by such Optionee during
such period, and the resulting product is divided by the Option Price, as adjusted for such Rights Offering pursuant to this Section
9.1.2. Such additional Shares shall be deemed to have been issued to the Optionee immediately following the end of the Rights Period
and a certificate for such additional Shares shall be delivered to such Optionee within 10 Business Days following the end of the
Rights Period.

 

		9.1.3	If and whenever the Corporation shall fix a record date for the payment, issue or distribution
to all or substantially all of the holders of Shares of (i) a dividend, (ii) cash or assets (including evidences of the Corporation’s
indebtedness), or (iii) rights, options, warrants or other securities (including securities exchangeable for or convertible into
Shares), and such payment, issue or distribution does not constitute a Dividend Paid in the Ordinary Course, a Share Reorganization
or a Rights Offering (any of such non-excluded events being herein called a “Special Distribution”), the Option
Price shall be adjusted effective immediately after such record date to a price determined by subtracting from the applicable Option
Price in effect on such record date the quotient of:

 

		(a)	the fair market value, as determined in good faith by action of the Board (whose determination
shall be conclusive), to the holders of Shares of such dividend, cash, assets, rights or securities so paid, issued or distributed
less the fair market value, as determined in good faith by action of the Board (whose determination shall be conclusive), of the
consideration, if any, received therefor by the Corporation; divided by

 

		(b)	the number of Shares outstanding on such record date.

 

Such adjustment shall be made successively
whenever such a record date is fixed. To the extent that such payment, issuance or distribution is not so made, the Option Price
shall be readjusted effective immediately to the Option Price which would then be in effect based upon such payment, issuance or
distribution actually made.

 

		9.1.4	If and whenever the Corporation or a subsidiary of the Corporation shall make an issuer bid (other
than a normal course issuer bid) to all or substantially all of the shareholders of the Corporation for all or any portion of the
Shares where the cash and the value of any other consideration included in such payment per Share exceeds the Market Price on the
Trading Day immediately preceding the commencement of the issuer bid or tender or exchange offer (any such issuer being called
an “Issuer Bid”), the Option Price shall be adjusted to a price determined by multiplying the applicable Option
Price in effect on the date of the completion of such Issuer Bid by a fraction:

 

     

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		(a)	the numerator of which shall be the product of:

 

		(i)	the number of Shares outstanding immediately prior to the completion of the Issuer Bid (without
giving effect to any reduction in respect of any tendered or exchanged shares); and

 

		(ii)	the Market Price on the Trading Day immediately preceding the commencement of the Issuer Bid; and

 

		(b)	the denominator of which shall be the sum of:

 

		(i)	the fair market value (determined by the Board, acting reasonably, whose determination shall be
conclusive and described in a resolution of the Board) of the aggregate consideration paid by the Corporation or subsidiary to
holders of Shares upon the completion of such Issuer Bid; and

 

		(ii)	the product of (i) the difference between the number of Shares outstanding immediately prior to
the completion of the Issuer Bid (without giving effect to any reduction in respect of tendered or exchanged shares) and the number
of Shares actually purchased by the Corporation or subsidiary pursuant to the Issuer Bid, and (ii) the Market Price on the Trading
Day immediately preceding the commencement of the Issuer Bid.

 

		9.1.5	If and whenever there shall be a reorganization, reclassification or other change of Shares outstanding
at such time or change of the Shares into other shares or into other securities (other than a Share Reorganization), or a consolidation,
amalgamation, arrangement or merger of the Corporation with or into any other corporation or other entity (other than a consolidation,
amalgamation, arrangement or merger which does not result in any reclassification of the outstanding Shares or a change of the
Shares into other shares), or a sale, conveyance or transfer of the undertaking or assets of the Corporation as an entirety or
substantially as an entirety to another corporation or entity in which the holders of Shares are entitled to receive shares, other
securities or property, including cash (any of such events being herein called a “Capital Reorganization”),
any Optionee who exercises his right to subscribe for and purchase Shares pursuant to the exercise of Options after the effective
date of such Capital Reorganization shall be entitled to receive, and shall accept for the same aggregate consideration in lieu
of the number of Shares to which such holder was theretofore entitled upon such exercise, the aggregate number of shares, other
securities or other property, including cash, which such holder would have received as a result of such Capital Reorganization
had he exercised his right to acquire Shares immediately prior to the effective date or record date, as the case may be, of the
Capital Reorganization and had he been the registered holder of such Shares on such effective date or record date, as the case
may be, subject to adjustment thereafter in accordance with provisions the same, as nearly as may be possible, as those contained
in Sections 9.1.2 and 9.1.3 hereof. If determined appropriate by the Board, acting reasonably, subject to any necessary regulatory
approvals, appropriate adjustments shall be made as a result of any such Capital Reorganization in the application of the provisions
set forth in this Section 9, with respect to the rights and interests thereafter of the Optionee to the end that the provisions
set forth in this Section 9 shall thereafter correspondingly be made applicable as nearly as may be reasonably possible in relation
to any shares, other securities or other property, including cash, thereafter deliverable upon the exercise of the Option. Any
such adjustment shall be made by and set forth in an agreement supplemental hereto approved by action of the Board, acting reasonably,
subject in all cases to any necessary regulatory approvals, and shall for all purposes be conclusively deemed to be an appropriate
adjustment.

 

     

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		9.1.6	If and whenever at any time prior to the expiry of the Option there shall occur a Share Reorganization,
a Rights Offering, a Special Distribution or an Issuer Bid and any such event results in (i) an adjustment to the Option Price
pursuant to the provisions of this Section 9 and (ii) a modification in the number of Shares outstanding, the number of Shares
purchasable upon the exercise of each Option (at the adjusted Option Price) shall be adjusted contemporaneously with the adjustment
of the Option Price by multiplying the number of Shares theretofore purchasable on the exercise thereof by a fraction, the numerator
of which shall be the applicable Option Price in effect immediately prior to such adjustment and the denominator of which shall
be the applicable Option Price resulting from such adjustment.

 

		9.1.7	In case the Corporation after the date of issue of the Options shall take any action affecting
the Shares, other than action described in this Section 9, which in the opinion of the Board, acting reasonably, would materially
adversely affect the rights of the Optionees, the Option Price or the number of Shares purchasable upon the exercise of each Option
shall be adjusted in such manner, if any, and at such time, by action of the Board, acting reasonably, as it may determine to be
equitable in the circumstances, but subject in all cases to any necessary regulatory approvals.

 

		9.1.8	Notwithstanding anything in this Section 9, should the Board determine, acting reasonably,
that any adjustment to the Option Price or the number of Shares purchasable upon the exercise of each Option made pursuant to this
Section 9 is insufficient or inadequate to protect the rights of the Optionees or to preserve the value of the Options, the
Board, acting reasonably, shall have the right to take any action as it may determine to be equitable in the circumstances, including,
without limitation, the making of any payment, to sufficiently and adequately protect the rights of the Optionees and preserve
the value of the Options, but subject in all cases to any necessary regulatory approvals.

 

     

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		9.2	For the purposes of Section 9, any adjustment shall be made successively whenever an event referred
to therein shall occur, subject to the following provisions:

 

		9.2.1	all calculations shall be made to the nearest 1/100th of a Share;

 

		9.2.2	no adjustment shall be made in the number of Shares which may be subscribed for upon exercise of
the Option unless it would require a change of at least 1/100th of a Share; provided, however, that any adjustments which, except
for the provisions of this Section 9.2.2 would otherwise have been required to be made shall be carried forward and taken into
account in any subsequent adjustment, and that in no event shall the Corporation be obligated to issue fractional Shares or fractional
interests in Shares upon exercise of an Option or pay any amount in cash in lieu of issuing fractional Shares;

 

		9.2.3	if a dispute shall at any time arise with respect to adjustments to the Option Price or the number
of Shares purchasable pursuant to the exercise rights represented by an Option, such disputes shall be conclusively determined
by the Board, acting reasonably, and any such determination shall be conclusive evidence of the correctness of any adjustments
made;

 

		9.2.4	if the Corporation shall set a record date to determine the holders of its Shares for the purpose
of entitling them to receive any dividend or distribution or any subscription or purchase rights, options or warrants and shall
thereafter and before the distribution to such shareholders of any such dividend, distribution or subscription or purchase rights
legally abandon its plan to pay or deliver such dividend, distribution or subscription or purchase rights, then no adjustment in
the Option Price or the number of Shares purchasable upon exercise of the Option shall be required by reason of the setting of
such record date; and

 

		9.2.5	as a condition precedent to the taking of any action which would require any adjustment in any
of the subscription rights pursuant to any of the Options, the Corporation shall take any corporate action that may, in the opinion
of counsel, be necessary in order that the Corporation may validly and legally issue as fully paid and non-assessable, all of the
Shares that the Optionees are entitled to receive on full exercise thereof in accordance with the provisions hereof.

 

		10	AMENDMENT OR DISCONTINUANCE OF PLAN

 

		10.1	The Board may, subject to regulatory approval, amend the Plan at any time without notice or approval
from the shareholders of the Corporation or any Optionee, for any purpose whatsoever, including, without limitation for the purpose
of:

 

		10.1.1	amendments of a “housekeeping” nature, which include, without limitation, amendments
to ensure continued compliance with applicable laws, regulations, rules or policies of any regulatory authority and amendments
to remove any ambiguity or to correct or supplement any provision contained in the Plan which may be incorrect or incompatible
with any other provision of the Plan;

 

     

    	 	- 13 -	 

    

 

		10.1.2	a change to the vesting provisions of an Option or the Plan;

 

		10.1.3	a change to the termination provisions of an Option which does not entail an extension beyond the
original expiration date; and

 

		10.1.4	the addition of a cashless exercise feature, payable in cash or securities, which provides for
a full deduction of the number of underlying Shares from the number of Shares reserved for issuance under the Plan;

 

provided, however, that no such
amendment may increase the maximum number of Shares that may be optioned under the Plan, change the manner of determining the minimum
Option Price, alter the Blackout Expiration Term or, without the consent of the Optionee, alter or impair any Option previously
granted to an Optionee under the Plan. Furthermore, the Board may, subject to regulatory approval, discontinue the Plan at any
time without notice or approval from the shareholders of the Corporation or any Optionee, for any purpose whatsoever.

 

		10.2	Notwithstanding Section 10.1, (i) a reduction in the Option Price, (ii) an extension of the expiration
date of an outstanding Option, (iii) any amendment to the definition of “Eligible Person” under the Plan, or (iv) any
amendment which would permit Options to be transferable or assignable other than for normal estate settlement purposes, may not
be made without the approval of the shareholders of the Corporation (excluding the votes of securities held directly or indirectly
by insiders benefiting from the amendment), provided that: (x) an adjustment to the Option Price pursuant to Article 9 hereof and
(y) an extension of the expiry date pursuant to Section 5.5 hereof, in each case subject to any applicable regulatory requirements,
shall not require approval of the shareholders of the Corporation.

 

		10.3	Subject to Section 5.2.1, but notwithstanding anything else contained to the contrary in this Plan,
or in any resolution of the Board in the implementation thereof, the Board may, by resolution, and with the approval of the Toronto
Stock Exchange, approve, at the election of Optionees who cease to be directors of the Corporation upon application of the mandatory
retirement policy adopted by the Board from time to time, either:

 

		10.3.1	the acceleration of the date upon which any unvested Option may vest, and therefore be exercisable
by such Optionees, subject always to the three-month period for exercise set forth in Section 6.2; or

 

		10.3.2	notwithstanding the three-month period for exercise set forth in Section 6.2, the extension of
the period for the exercise by such Optionees of such Options as are vested and therefore are exercisable by such Optionees on
the date at which such Optionee has ceased to be a director of the Corporation from the three-month period for exercise set forth
in Section 6.2 to twelve months from the date at which any such Optionee has ceased to be a director of the Corporation.

 

The election referred to in this
Section 10.3 shall be made in writing to the Corporation no later than the date upon which such Optionees cease to be directors
of the Corporation upon application of the mandatory retirement policy. The Board shall not, in the event of any such election,
be under any obligation to accelerate the date, or extend the exercise period, in accordance with which any Option may be exercised
by any other Optionee.

 

     

    	 	- 14 -	 

    

 

		11	MISCELLANEOUS PROVISIONS

 

		11.1	The holder of an Option shall not have any rights as a shareholder of the Corporation with respect
to any of the Shares covered by such Option until such holder shall have exercised such Option in accordance with the terms of
the Plan (including tendering payment in full of the Option Price in respect of which the Option is being exercised) and the
Corporation shall issue such Shares to the Optionee in accordance with the terms of the Plan in those circumstances. Furthermore,
the holder of an Option shall not have any right to vote on any matter.

 

		11.2	Nothing in the Plan or any Option shall confer upon any Optionee any right to continue in the employ
of the Corporate Group or affect in any way the right of the Corporate Group to terminate his employment at any time; nor shall
anything in the Plan or any Option be deemed or construed to constitute an agreement, or an expression of intent, on the part of
the Corporate Group to extend the employment of any Optionee beyond the time that he would normally be retired pursuant to the
provisions of any present or future retirement plan of the Corporation or any present or future retirement policy of the Corporate
Group, or beyond the time at which he would otherwise be retired pursuant to the provisions of any contract of employment with
the Corporate Group.

 

		11.3	References herein to any gender include all genders.

 

		12	GOVERNING LAW

 

		12.1	The Plan and any Options granted under the terms of the Plan shall be governed and interpreted
in accordance with the laws of the Province of Quebec and the federal laws of Canada applicable therein.

 

		13	United States Tax Law Matters

 

		13.1	This Section 13 shall only apply to an Optionee who is a U.S. citizen, U.S. permanent resident
or U.S. tax resident or an Optionee for whom a benefit under the Plan would otherwise be subject to U.S. taxation under the U.S.
Internal Revenue Code of 1986, as amended (the “U.S. Code”), and the rulings and regulations in effect thereunder
(a “U.S. Optionee”). This Section 13 does not and will not add to or modify the Plan in respect of any other
category of Optionee who is not a U.S. Optionee.

 

		13.2	Shares issued in settlement of an Option granted to a U.S. Optionee will be made in “service
recipient stock,” as described in U.S. Treasury Regulation 1.409A-1(b)(5)(iii)(E).

 

		13.3	No Option shall be granted to a U.S. Optionee unless the Option Price of such Option shall be not
less than 100% of the fair market value of a Share on the Grant Date of such Option (determined by the Committee in a manner that
satisfies the requirements of U.S. Treasury Regulation 1.409A-1(b)(5)(iv)).

 

     

    	 	- 15 -	 

    

 

		13.4	It is the intention of the Corporation that no Option shall be “deferred compensation”
subject to U.S. Code Section 409A, unless and to the extent that the Committee specifically determine otherwise, and the Plan and
the terms and conditions of Options granted to U.S. Optionees shall be interpreted and administered accordingly.

 

		13.5	Each Optionee is solely responsible and liable for the satisfaction of all taxes and penalties
that may be imposed on or for the account of such Optionee in connection with the Plan (including any taxes and penalties under
U.S. Code Section 409A), and neither the Corporation nor any part of the Corporate Group shall have any obligation to indemnify
or otherwise hold such Optionee or beneficiary or the Optionee’s estate harmless from any or all such taxes or penalties.

 

		13.6	All provisions of the Plan shall continue to apply to a U.S. Optionee, except to the extent that
they have been specifically modified by this Section 13.

 

		14	EFFECTIVE DATE

 

		14.1	The effective date of this BELLUS Stock Option Plan shall be the date on which the Board approved
the Plan.EX-4.3

 Exhibit 4.3 
  

 
  

EHANG HOLDINGS LIMITED 
 AND 

THE BANK OF NEW YORK MELLON 
 As
Depositary 
 AND 
 OWNERS AND
HOLDERS OF AMERICAN DEPOSITARY SHARES 
 Deposit Agreement 

December 11, 2019 
  

 
  

 TABLE OF CONTENTS 
  

							
	 ARTICLE 1.
	  	DEFINITIONS	  	 	1	 
	 SECTION 1.1.
	  	 American Depositary Shares
	  	 	1	 
	 SECTION 1.2.
	  	 Commission
	  	 	2	 
	 SECTION 1.3.
	  	 Company
	  	 	2	 
	 SECTION 1.4.
	  	 Custodian
	  	 	2	 
	 SECTION 1.5.
	  	 Deliver; Surrender
	  	 	2	 
	 SECTION 1.6.
	  	 Deposit Agreement
	  	 	3	 
	 SECTION 1.7.
	  	 Depositary; Depositary’s Office
	  	 	3	 
	 SECTION 1.8.
	  	 Deposited Securities
	  	 	3	 
	 SECTION 1.9.
	  	 Disseminate
	  	 	3	 
	 SECTION 1.10.
	  	 Dollars
	  	 	3	 
	 SECTION 1.11.
	  	 DTC
	  	 	4	 
	 SECTION 1.12.
	  	 Foreign Registrar
	  	 	4	 
	 SECTION 1.13.
	  	 Holder
	  	 	4	 
	 SECTION 1.14.
	  	 Owner
	  	 	4	 
	 SECTION 1.15.
	  	 Receipts
	  	 	4	 
	 SECTION 1.16.
	  	 Registrar
	  	 	4	 
	 SECTION 1.17.
	  	 Replacement
	  	 	4	 
	 SECTION 1.18.
	  	 Restricted Securities
	  	 	5	 
	 SECTION 1.19.
	  	 Securities Act of 1933
	  	 	5	 
	 SECTION 1.20.
	  	 Shares
	  	 	5	 
	 SECTION 1.21.
	  	 SWIFT
	  	 	5	 
	 SECTION 1.22.
	  	 Termination Option Event
	  	 	5	 
			
	 ARTICLE 2.
	  	FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES	  	 	6	 
	 SECTION 2.1.
	  	 Form of Receipts; Registration and Transferability of American Depositary Shares
	  	 	6	 
	 SECTION 2.2.
	  	 Deposit of Shares
	  	 	7	 
	 SECTION 2.3.
	  	 Delivery of American Depositary Shares
	  	 	8	 
	 SECTION 2.4.
	  	 Registration of Transfer of American Depositary Shares; Combination and
Split-up of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares
	  	 	8	 
	 SECTION 2.5.
	  	 Surrender of American Depositary Shares and Withdrawal of Deposited Securities
	  	 	9	 
	 SECTION 2.6.
	  	 Limitations on Delivery, Transfer and Surrender of American Depositary Shares
	  	 	10	 
	 SECTION 2.7.
	  	 Lost Receipts, etc.
	  	 	11	 

  
 -i- 

							
	 SECTION 2.8.
	  	 Cancellation and Destruction of Surrendered Receipts
	  	 	11	 
	 SECTION 2.9.
	  	 DTC Direct Registration System and Profile Modification System
	  	 	12	 
			
	 ARTICLE 3.
	  	CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES	  	 	12	 
	 SECTION 3.1.
	  	 Filing Proofs, Certificates and Other Information
	  	 	12	 
	 SECTION 3.2.
	  	 Liability of Owner for Taxes
	  	 	13	 
	 SECTION 3.3.
	  	 Warranties on Deposit of Shares
	  	 	13	 
	 SECTION 3.4.
	  	 Disclosure of Interests
	  	 	13	 
			
	 ARTICLE 4.
	  	THE DEPOSITED SECURITIES	  	 	14	 
	 SECTION 4.1.
	  	 Cash Distributions
	  	 	14	 
	 SECTION 4.2.
	  	 Distributions Other Than Cash, Shares or Rights
	  	 	15	 
	 SECTION 4.3.
	  	 Distributions in Shares
	  	 	15	 
	 SECTION 4.4.
	  	 Rights
	  	 	16	 
	 SECTION 4.5.
	  	 Conversion of Foreign Currency
	  	 	17	 
	 SECTION 4.6.
	  	 Fixing of Record Date
	  	 	18	 
	 SECTION 4.7.
	  	 Voting of Deposited Shares
	  	 	19	 
	 SECTION 4.8.
	  	 Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities
	  	 	20	 
	 SECTION 4.9.
	  	 Reports
	  	 	22	 
	 SECTION 4.10.
	  	 Lists of Owners
	  	 	22	 
	 SECTION 4.11.
	  	 Withholding
	  	 	22	 
			
	 ARTICLE 5.
	  	THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY	  	 	23	 
	 SECTION 5.1.
	  	 Maintenance of Office and Transfer Books by the Depositary
	  	 	23	 
	 SECTION 5.2.
	  	 Prevention or Delay of Performance by the Company or the Depositary
	  	 	24	 
	 SECTION 5.3.
	  	 Obligations of the Depositary and the Company
	  	 	25	 
	 SECTION 5.4.
	  	 Resignation and Removal of the Depositary
	  	 	26	 
	 SECTION 5.5.
	  	 The Custodians
	  	 	27	 
	 SECTION 5.6.
	  	 Notices and Reports
	  	 	27	 
	 SECTION 5.7.
	  	 Distribution of Additional Shares, Rights, etc.
	  	 	28	 
	 SECTION 5.8.
	  	 Indemnification
	  	 	28	 
	 SECTION 5.9.
	  	 Charges of Depositary
	  	 	29	 
	 SECTION 5.10.
	  	 Retention of Depositary Documents
	  	 	30	 
	 SECTION 5.11.
	  	 Exclusivity
	  	 	30	 
	 SECTION 5.12.
	  	 Information for Regulatory Compliance
	  	 	30	 

  
 -ii- 

							
	 ARTICLE 6.
	  	AMENDMENT AND TERMINATION	  	 	31	 
	 SECTION 6.1.
	  	 Amendment
	  	 	31	 
	 SECTION 6.2.
	  	 Termination
	  	 	31	 
			
	 ARTICLE 7.
	  	MISCELLANEOUS	  	 	32	 
	 SECTION 7.1.
	  	 Counterparts; Signatures; Delivery
	  	 	32	 
	 SECTION 7.2.
	  	 No Third Party Beneficiaries
	  	 	32	 
	 SECTION 7.3.
	  	 Severability
	  	 	33	 
	 SECTION 7.4.
	  	 Owners and Holders as Parties; Binding Effect
	  	 	33	 
	 SECTION 7.5.
	  	 Notices
	  	 	33	 
	 SECTION 7.6.
	  	 Arbitration; Settlement of Disputes
	  	 	34	 
	 SECTION 7.7.
	  	 Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver
	  	 	35	 
	 SECTION 7.8.
	  	 Waiver of Immunities
	  	 	36	 
	 SECTION 7.9.
	  	 Governing Law
	  	 	36	 

  
 -iii- 

 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT dated as of December 11, 2019 among EHANG HOLDINGS LIMITED, a company incorporated under the laws of the Cayman Islands
(herein called the Company), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary), and all Owners and Holders (each as hereinafter defined) from time to time of American Depositary Shares issued hereunder. 

W I T N E S S E T H: 
 WHEREAS,
the Company desires to provide, as set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of the Company from time to time with the Depositary or with the Custodian (as hereinafter defined) under this Deposit
Agreement, for the creation of American Depositary Shares representing the Shares so deposited and for the execution and delivery of American Depositary Receipts evidencing the American Depositary Shares; and 

WHEREAS, the American Depositary Receipts are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as set forth in this Deposit Agreement; 
 NOW, THEREFORE, in consideration of the premises, it is
agreed by and between the parties hereto as follows: 
  

	ARTICLE 1.	 DEFINITIONS 

The following definitions shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit
Agreement: 
 SECTION 1.1. American Depositary Shares. 

The term “American Depositary Shares” shall mean the securities created under this Deposit Agreement representing rights with
respect to the Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities. The form of Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required
under the Securities Act of 1933 for sales of both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit Agreement that refer specifically to Receipts, all the provisions of this Deposit Agreement
shall apply to both certificated and uncertificated American Depositary Shares. 
 Each American Depositary Share shall represent the number
of Shares specified in Exhibit A to this Deposit Agreement, except that, if there is a distribution upon Deposited Securities covered by Section 4.3, a change in Deposited Securities covered by Section 4.8 with respect to which
additional American Depositary Shares are not delivered or a sale of Deposited Securities under Section 3.2 or 4.8, each American Depositary Share shall thereafter represent the amount of Shares or other Deposited Securities that are then on
deposit per American Depositary Share after giving effect to that distribution, change or sale. 

  
 -1- 

 SECTION 1.2. Commission. 

The term “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental
agency in the United States. 
 SECTION 1.3. Company. 

The term “Company” shall mean EHang Holdings Limited, a company incorporated under the laws of the Cayman Islands, and its
successors. 
 SECTION 1.4. Custodian. 

The term “Custodian” shall mean The Hongkong and Shanghai Banking Corporation Limited, as custodian for the Depositary in
Hong Kong for the purposes of this Deposit Agreement, and any other firm or corporation the Depositary appoints under Section 5.5 as a substitute or additional custodian under this Deposit Agreement, and shall also mean all of them
collectively. 
 SECTION 1.5. Deliver; Surrender. 

(a) The term “deliver”, or its noun form, when used with respect to Shares or other Deposited Securities, shall mean
(i) book-entry transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized under applicable law to effect transfers of such securities designated by the person entitled to that delivery or
(ii) physical transfer of certificates evidencing those Shares or other Deposited Securities registered in the name of, or duly endorsed or accompanied by proper instruments of transfer to, the person entitled to that delivery. 

(b) The term “deliver”, or its noun form, when used with respect to American Depositary Shares, shall mean
(i) registration of those American Depositary Shares in the name of DTC or its nominee and book-entry transfer of those American Depositary Shares to an account at DTC designated by the person entitled to that delivery, (ii) registration
of those American Depositary Shares not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled to that delivery and mailing to that person of a statement confirming that registration or (iii) if
requested by the person entitled to that delivery, execution and delivery at the Depositary’s Office to the person entitled to that delivery of one or more Receipts evidencing those American Depositary Shares registered in the name requested by
that person. 

  
 -2- 

 (c) The term “surrender”, when used with respect to American Depositary
Shares, shall mean (i) one or more book-entry transfers of American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at its Office of an instruction to surrender American Depositary Shares not
evidenced by a Receipt or (iii) surrender to the Depositary at its Office of one or more Receipts evidencing American Depositary Shares. 

SECTION 1.6. Deposit Agreement. 

The term “Deposit Agreement” shall mean this Deposit Agreement, as it may be amended from time to time in accordance with the
provisions of this Deposit Agreement. 
 SECTION 1.7. Depositary; Depositary’s Office. 

The term “Depositary” shall mean The Bank of New York Mellon, a New York banking corporation, and any successor as depositary
under this Deposit Agreement. The term “Office’’, when used with respect to the Depositary, shall mean the office at which its depositary receipts business is administered, which, at the date of this Deposit Agreement, is
located at 240 Greenwich Street, New York, New York 10286. 
 SECTION 1.8. Deposited Securities. 

The term “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this
Deposit Agreement, including without limitation, Shares that have not been successfully delivered upon surrender of American Depositary Shares, and any and all other securities, property and cash received by the Depositary or the Custodian in
respect of Deposited Securities and at that time held under this Deposit Agreement. 
 SECTION 1.9. Disseminate. 

The term “Disseminate,” when referring to a notice or other information to be sent by the Depositary to Owners, shall mean
(i) sending that information to Owners in paper form by mail or another means or (ii) with the consent of Owners, another procedure that has the effect of making the information available to Owners, which may include (A) sending the
information by electronic mail or electronic messaging or (B) sending in paper form or by electronic mail or messaging a statement that the information is available and may be accessed by the Owner on an Internet website and that it will be
sent in paper form upon request by the Owner, when that information is so available and is sent in paper form as promptly as practicable upon request. 

SECTION 1.10. Dollars. 

The term “Dollars” shall mean United States dollars. 

  
 -3- 

 SECTION 1.11. DTC. 

The term “DTC” shall mean The Depository Trust Company or its successor. 

SECTION 1.12. Foreign Registrar. 

The term “Foreign Registrar” shall mean the entity that carries out the duties of registrar for the Shares and any other
agent of the Company for the transfer and registration of Shares, including, without limitation, any securities depository for the Shares. 

SECTION 1.13. Holder. 

The term “Holder” shall mean any person holding a Receipt or a security entitlement or other interest in American Depositary
Shares, whether for its own account or for the account of another person, but that is not the Owner of that Receipt or those American Depositary Shares. 

SECTION 1.14. Owner. 

The term “Owner” shall mean the person in whose name American Depositary Shares are registered on the books of the Depositary
maintained for that purpose. 
 SECTION 1.15. Receipts. 

The term “Receipts” shall mean the American Depositary Receipts issued under this Deposit Agreement evidencing certificated
American Depositary Shares, as the same may be amended from time to time in accordance with the provisions of this Deposit Agreement. 

SECTION 1.16. Registrar. 

The term “Registrar” shall mean any corporation or other entity that is appointed by the Depositary to register American
Depositary Shares and transfers of American Depositary Shares as provided in this Deposit Agreement. 
 SECTION 1.17. Replacement.

 The term “Replacement” shall have the meaning assigned to it in Section 4.8. 

  
 -4- 

 SECTION 1.18. Restricted Securities. 

The term “Restricted Securities” shall mean Shares that (i) are “restricted securities,” as defined in Rule
144 under the Securities Act of 1933, except for Shares that could be resold in reliance on Rule 144 without any conditions, (ii) are beneficially owned by an officer, director (or person performing similar functions) or other affiliate of the
Company, (iii) otherwise would require registration under the Securities Act of 1933 in connection with the public offer and sale thereof in the United States or (iv) are subject to other restrictions on sale or deposit under the laws of
the Cayman Islands, a shareholder agreement or the articles of association or similar document of the Company. 
 SECTION 1.19.
Securities Act of 1933. 
 The term “Securities Act of 1933” shall mean the United States Securities Act of 1933, as
from time to time amended. 
 SECTION 1.20. Shares. 

The term “Shares” shall mean Class A ordinary shares of the Company that are validly issued and outstanding, fully paid
and nonassessable and that were not issued in violation of any pre-emptive or similar rights of the holders of outstanding securities of the Company; provided, however, that, if there shall occur
any change in nominal or par value, a split-up or consolidation or any other reclassification or, upon the occurrence of an event described in Section 4.8, an exchange or conversion in respect of the
Shares of the Company, the term “Shares” shall thereafter also mean the successor securities resulting from such change in nominal or par value, split-up or consolidation or such other
reclassification or such exchange or conversion. 
 SECTION 1.21. SWIFT. 

The term “SWIFT” shall mean the financial messaging network operated by the Society for Worldwide Interbank Financial
Telecommunication, or its successor. 
 SECTION 1.22. Termination Option Event. 

The term “Termination Option Event” shall mean any of the following events or conditions: 

(i) the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution of bankruptcy or insolvency
proceedings against it, files a petition or answer or consent seeking reorganization or relief under any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition of that kind or to the appointment of a receiver,
liquidator, assignee, trustee, custodian or sequestrator (or other similar official) of it or any substantial part of its property or makes an assignment for the benefit of creditors, or admits its inability to pay its debts as they become due in
the ordinary course of business; 

  
 -5- 

 (ii) if the American Depositary Shares are delisted from a securities exchange on which the
American Depositary Shares were listed and the Company has not listed or applied to list the American Depositary Shares on any other securities exchange; or 

(iii) an event or condition that is defined as a Termination Option Event in Section 4.1, 4.2 or 4.8. 

 

	ARTICLE 2.	 FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES

 SECTION 2.1. Form of Receipts; Registration and Transferability of American Depositary Shares. 

Definitive Receipts shall be substantially in the form set forth in Exhibit A to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as permitted under this Deposit Agreement. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless that Receipt has been (i) executed by the
Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized
signatory of the Depositary or the Registrar or a co-registrar. The Depositary shall maintain books on which (x) each Receipt so executed and delivered as provided in this Deposit Agreement and each
transfer of that Receipt and (y) all American Depositary Shares delivered as provided in this Deposit Agreement and all registrations of transfer of American Depositary Shares, shall be registered. A Receipt bearing the facsimile signature of a
person that was at any time a proper officer of the Depositary shall, subject to the other provisions of this paragraph, bind the Depositary, even if that person was not a proper officer of the Depositary on the date of issuance of that Receipt.

 The Receipts and statements confirming registration of American Depositary Shares may have incorporated in or attached to them such
legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or regulations thereunder or with the rules and regulations of any
securities exchange upon which American Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts and American Depositary Shares are
subject by reason of the date of issuance of the underlying Deposited Securities or otherwise. 

  
 -6- 

 American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or
accompanied by proper instruments of transfer, shall be transferable as certificated registered securities under the laws of the State of New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated
registered securities under the laws of the State of New York. The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person
entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability
under this Deposit Agreement to any Holder of American Depositary Shares (but only to the Owner of those American Depositary Shares). 

SECTION 2.2. Deposit of Shares. 

Subject to the terms and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited under this
Deposit Agreement by delivery thereof to any Custodian, accompanied by any appropriate instruments or instructions for transfer, or endorsement, in form satisfactory to the Custodian. 

As conditions of accepting Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the
Custodian in accordance with the provisions of this Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the written order of, the person or persons stated in that order American Depositary Shares representing
those deposited Shares, (iii) evidence satisfactory to the Depositary that those Shares have been re-registered in the books of the Company or the Foreign Registrar in the name of the Depositary, a
Custodian or a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary that any necessary approval for the transfer or deposit has been granted by any governmental body in each applicable jurisdiction and
(v) an agreement or assignment, or other instrument satisfactory to the Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property, that any
person in whose name those Shares are or have been recorded may thereafter receive upon or in respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. 

At the request and risk and expense of a person proposing to deposit Shares, and for the account of that person, the Depositary may receive
certificates for Shares to be deposited, together with the other instruments specified in this Section, for the purpose of forwarding those Share certificates to the Custodian for deposit under this Deposit Agreement. 

  
 -7- 

 The Depositary shall instruct each Custodian that, upon each delivery to a Custodian of a
certificate or certificates for Shares to be deposited under this Deposit Agreement, together with the other documents specified in this Section, that Custodian shall, as soon as transfer and recordation can be accomplished, present that certificate
or those certificates to the Company or the Foreign Registrar, if applicable, for transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or that Custodian or its nominee. 

Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other
place or places as the Depositary shall determine. 
 SECTION 2.3. Delivery of American Depositary Shares. 

The Depositary shall instruct each Custodian that, upon receipt by that Custodian of any deposit pursuant to Section 2.2, together with
the other documents or evidence required under that Section, that Custodian shall notify the Depositary of that deposit and the person or persons to whom or upon whose written order American Depositary Shares are deliverable in respect thereof. Upon
receiving a notice of a deposit from a Custodian, or upon the receipt of Shares or evidence of the right to receive Shares by the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall deliver, to or upon
the order of the person or persons entitled thereto, the number of American Depositary Shares issuable in respect of that deposit, but only upon payment to the Depositary of the fees and expenses of the Depositary for the delivery of those American
Depositary Shares as provided in Section 5.9, and of all taxes and governmental charges and fees payable in connection with that deposit and the transfer of the deposited Shares. However, the Depositary shall deliver only whole numbers
of American Depositary Shares. 
 SECTION 2.4. Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares. 

The Depositary, subject to the terms and conditions of this Deposit Agreement, shall register a transfer of American Depositary Shares on its
transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper
instruments of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in
Section 2.9), and, in either case, duly stamped as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the Depositary shall deliver the transferred American Depositary
Shares to or upon the order of the person entitled thereto. 
 The Depositary, subject to the terms and conditions of this Deposit
Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized
number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 

  
 -8- 

 The Depositary, upon surrender of certificated American Depositary Shares for the purpose of
exchanging for uncertificated American Depositary Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the owner of the same number of uncertificated
American Depositary Shares. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9) from the Owner of uncertificated American Depositary
Shares for the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt evidencing the same number of certificated American
Depositary Shares. 
 The Depositary may appoint one or more co-transfer agents for the purpose of
effecting registration of transfers of American Depositary Shares and combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Owners or persons entitled to American Depositary Shares and will be entitled to protection and
indemnity to the same extent as the Depositary. 
 SECTION 2.5. Surrender of American Depositary Shares and Withdrawal of Deposited
Securities. 
 Upon surrender of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented
thereby and payment of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal of the
Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then be lawfully and practicably made), to or as
instructed by that Owner, of the amount of Deposited Securities at the time represented by those American Depositary Shares, but not any money or other property as to which a record date for distribution to Owners has passed (since money or
other property of that kind will be delivered or paid on the scheduled payment date to the Owner as of that record date), and except that the Depositary shall not be required to accept surrender of American Depositary Shares for the purpose
of withdrawal to the extent it would require delivery of a fraction of a Deposited Security. That delivery shall be made, as provided in this Section, without unreasonable delay. 

  
 -9- 

 As a condition of accepting a surrender of American Depositary Shares for the purpose of
withdrawal of Deposited Securities, the Depositary may require (i) that each surrendered Receipt be properly endorsed in blank or accompanied by proper instruments of transfer in blank and (ii) that the surrendering Owner execute and
deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be delivered to or upon the written order of a person or persons designated in that order. 

Thereupon, the Depositary shall direct the Custodian to deliver, subject to Sections 2.6, 3.1 and 3.2, the other terms and conditions of this
Deposit Agreement and local market rules and practices, to the surrendering Owner or to or upon the written order of the person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities
represented by the surrendered American Depositary Shares, and the Depositary may charge the surrendering Owner a fee and its expenses for giving that direction by cable (including SWIFT) or facsimile transmission. 

If Deposited Securities are delivered physically upon surrender of American Depositary Shares for the purpose of withdrawal, that delivery
will be made at the Custodian’s office, except that, at the request, risk and expense of an Owner surrendering American Depositary Shares for withdrawal of Deposited Securities, and for the account of that Owner, the Depositary shall
direct the Custodian to forward any cash or other property comprising, and forward a certificate or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities represented by the surrendered American
Depositary Shares to the Depositary for delivery at the Depositary’s Office or to another address specified in the order received from the surrendering Owner. 

SECTION 2.6. Limitations on Delivery, Transfer and Surrender of American Depositary Shares. 

As a condition precedent to the delivery, registration of transfer or surrender of any American Depositary Shares or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Shares or the presenter of the Receipt or
instruction for registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect
thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in this Deposit Agreement, may require the production of proof satisfactory to it as to the
identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of this Deposit Agreement, including, without limitation, this Section 2.6. 

  
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 The delivery of American Depositary Shares against deposit of Shares generally or against
deposit of particular Shares may be suspended, or the registration of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be
suspended, during any period when the transfer books of the Depositary are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any
government or governmental body or commission, or under any provision of this Deposit Agreement, or for any other reason. Notwithstanding anything to the contrary in this Deposit Agreement, the surrender of outstanding American Depositary Shares and
withdrawal of Deposited Securities may not be suspended, subject only to (i) temporary delays caused by closing of the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of Shares in
connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the
American Depositary Shares or to the withdrawal of the Deposited Securities. 
 The Depositary shall not knowingly accept for deposit under
this Deposit Agreement any Shares that, at the time of deposit, are Restricted Securities. 
 SECTION 2.7. Lost Receipts, etc. 

If a Receipt is mutilated, destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares evidenced by
that Receipt in uncertificated form or, if requested by the Owner, execute and deliver a new Receipt of like tenor in exchange and substitution for such mutilated Receipt, upon surrender and cancellation of that mutilated Receipt, or in lieu of and
in substitution for that destroyed, lost or stolen Receipt. However, before the Depositary will deliver American Depositary Shares in uncertificated form or execute and deliver a new Receipt, in substitution for a destroyed, lost or stolen
Receipt, the Owner must (a) file with the Depositary (i) a request for that replacement before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and
(b) satisfy any other reasonable requirements imposed by the Depositary. 
 SECTION 2.8. Cancellation and Destruction of Surrendered
Receipts. 
 The Depositary shall cancel all Receipts surrendered to it and is authorized to destroy Receipts so cancelled. 

  
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 SECTION 2.9. DTC Direct Registration System and Profile Modification System. 

(a) Notwithstanding the provisions of Section 2.4, the parties acknowledge that DTC’s Direct Registration System
(“DRS”) and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between
registered holding of uncertificated securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS that allows a DTC participant, claiming to act on behalf of an Owner of
American Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the
Depositary of prior authorization from the Owner to register that transfer. 
 (b) In connection with DRS/Profile, the parties acknowledge
that the Depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in paragraph (a) above has the actual authority to act on
behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 apply to the matters arising from the use of the DRS/Profile. The parties agree that the
Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile system and otherwise in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the part of the
Depositary. 
  

	ARTICLE 3.	 CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES 

SECTION 3.1. Filing Proofs, Certificates and Other Information. 

Any person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian
such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations
and warranties, as the Depositary may deem necessary or proper, or as the Company may reasonably require by written request to the Depositary. The Depositary may withhold the delivery or registration of transfer of American Depositary Shares, the
distribution of any dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities until that proof or other information is filed or those certificates are executed or those representations and warranties are
made. The Depositary shall provide the Company, upon the Company’s written request and at the Company’s expense, as promptly as practicable, with copies of any information or other materials that it receives pursuant to this
Section 3.1, to the extent that disclosure is permitted under applicable law. 

  
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 SECTION 3.2. Liability of Owner for Taxes. 

If any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection with any
American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 applies, that tax or other governmental charge shall be payable by the Owner of those
American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until that payment is
made, and may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares and apply those dividends or
other distributions or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even after a sale of that kind, the Owner of those American Depositary Shares shall remain liable for any deficiency.
The Depositary shall distribute any net proceeds of a sale made under this Section that are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Section 4.1. If the number of Shares represented by each
American Depositary Share decreases as a result of a sale of Deposited Securities under this Section, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American
Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them. 

SECTION 3.3. Warranties on Deposit of Shares. 

Every person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each
certificate therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights of the holders of outstanding securities of the Company and that the person making that
deposit is duly authorized so to do. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All representations and warranties deemed made under this Section shall survive
the deposit of Shares and delivery of American Depositary Shares. 
 SECTION 3.4. Disclosure of Interests. 

When required in order to comply with applicable laws and regulations or the articles of association or similar document of the Company, the
Company may from time to time request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity in which it holds American Depositary Shares, (b) the identity of any Holders or other persons or entities
then or previously interested in those American Depositary Shares and the nature of those interests and (c) any other matter where disclosure of such matter is required for that compliance. Each Owner and Holder agrees to provide all
information known to it in response to a request made pursuant to this Section. Each Holder consents to the disclosure by the Depositary and the Owner or any other Holder through which it holds American Depositary Shares, directly or indirectly, of
all information responsive to a request made pursuant to this Section relating to that Holder that is known to that Owner or other Holder. The Depositary agrees to use reasonable efforts to comply with written instructions requesting that the
Depositary forward any request authorized under this Section to the Owners and to forward to the Company any responses it receives in response to that request. The Depositary may charge the Company a fee and its expenses for complying with requests
under this Section 3.4. 

  
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	ARTICLE 4.	 THE DEPOSITED SECURITIES 

SECTION 4.1. Cash Distributions. 

Whenever the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary shall, subject to the
provisions of Section 4.5, convert that dividend or other distribution into Dollars and distribute, as promptly as practicable, the amount thus received (net of the fees and expenses of the Depositary as provided in Section 5.9) to the
Owners entitled thereto, in proportion to the number of American Depositary Shares representing those Deposited Securities held by them respectively; provided, however, that if the Custodian or the Depositary shall be required to
withhold and does withhold from that cash dividend or other cash distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares representing those Deposited Securities
shall be reduced accordingly. However, the Depositary will not pay any Owner a fraction of one cent, but will round each Owner’s entitlement to the nearest whole cent. 

The Company or its agent will remit to the appropriate governmental authority or agency all amounts withheld by the Company. The Depositary
and the Custodian will remit to the appropriate governmental authority or agency all amounts (if any) withheld by them. 
 If a cash
distribution would represent a return of all or substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or
deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition of making that cash distribution. A distribution of that kind shall be a Termination Option
Event. 

  
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 SECTION 4.2. Distributions Other Than Cash, Shares or Rights. 

Subject to the provisions of Sections 4.11 and 5.9, whenever the Depositary receives any distribution other than a distribution described in
Section 4.1, 4.3 or 4.4 on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities), the Depositary shall cause the securities or property received by it to be distributed to the Owners entitled
thereto, after deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them
respectively, in any manner that the Depositary deems equitable and practicable for accomplishing that distribution (which may be a distribution of depositary shares representing the securities received); provided, however, that if in
the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement that the Company or the Depositary withhold an amount on
account of taxes or other governmental charges or that securities received must be registered under the Securities Act of 1933 in order to be distributed to Owners or Holders) the Depositary deems such distribution not to be lawful and feasible, the
Depositary may, after consultation with the Company to the extent practicable, adopt such other method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale
of the securities or property thus received, or any part thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Section 5.9) to the Owners entitled thereto, all in the
manner and subject to the conditions set forth in Section 4.1. The Depositary may withhold any distribution of securities under this Section 4.2 if it has not received satisfactory assurances from the Company that the distribution does not
require registration under the Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under this Section 4.2 that is sufficient to pay its fees and
expenses in respect of that distribution. 
 If a distribution under this Section 4.2 would represent a return of all or substantially
all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares
(whether or not it is also requiring surrender of American Depositary Shares) as a condition of making that distribution. A distribution of that kind shall be a Termination Option Event. 

SECTION 4.3. Distributions in Shares. 

Whenever the Depositary receives any distribution on Deposited Securities consisting of a dividend in, or free distribution of, Shares, the
Depositary may, and if the Company so requests in writing, shall, deliver to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing those Deposited Securities held by them respectively, an aggregate
number of American Depositary Shares representing the amount of Shares received as that dividend or free distribution, subject to the terms and conditions of this Deposit Agreement with respect to the deposit of Shares and issuance of American
Depositary Shares, including withholding of any tax or governmental charge as provided in Section 4.11 and payment of the fees and expenses of the Depositary as provided in Section 5.9 (and the Depositary may sell, by public or private
sale, an amount of the Shares received (or American Depositary Shares representing those Shares) sufficient to pay its fees and expenses in respect of that distribution). In lieu of delivering fractional American Depositary Shares, the Depositary
may sell the amount of Shares represented by the aggregate of those fractions (or American Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1.
If and to the extent that additional American Depositary Shares are not delivered and Shares or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent the additional Shares distributed on the
Deposited Securities represented thereby. 

  
 -15- 

 If the Company declares a distribution in which holders of Deposited Securities have a right
to elect whether to receive cash, Shares or other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with the Company, make that right of election
available for exercise by Owners in any manner the Depositary considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory assurances from the Company that
doing so does not require registration of any securities under the Securities Act of 1933. 
 SECTION 4.4. Rights. 

(a) If rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company and
the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the
Company, grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or American Depositary Shares representing those securities to Owners, (ii) if
requested in writing by the Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to Owners entitled to those proceeds. To the extent
rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised. 

(b) If the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the
conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the
securities to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The purchased securities shall be delivered to, or as instructed by, the Depositary. The
Depositary shall (i) deposit the purchased Shares under this Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver or cause the purchased Shares or other securities to be delivered
to or to the order of that Owner. The Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under the Securities Act of 1933 or the Depositary has received an opinion of
United States counsel that is satisfactory to it to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities Act of 1933. For the avoidance of doubt, nothing in this Deposit
Agreement shall create any obligation on the part of the Company to file a registration statement with respect to rights or the underlying securities or to endeavor to have such a registration statement declared effective. 

  
 -16- 

 (c) If the Depositary will act under ( a)(ii) above, the Company and the Depositary will
enter into a separate agreement setting forth the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable to the American Depositary Shares of that Owner to an
account specified by that Owner to which the rights can be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those rights as requested by
that Owner. 
 (d) If the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in
proportion to the number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that were sold, upon an averaged or other practical basis without regard to any distinctions
among such Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise. 
 (e) Payment or
deduction of the fees of the Depositary as provided in Section 5.9 and payment or deduction of the expenses of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of
cash proceeds under this Section 4.4. 
 (f) The Depositary shall not be responsible for any failure to determine that it may be lawful
or feasible to make rights available to or exercise rights on behalf of Owners in general or any Owner in particular, or to sell rights. 

SECTION 4.5. Conversion of Foreign Currency. 

Whenever the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the
sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the
United States, the Depositary shall convert or cause to be converted by sale or in any other manner that it may determine that foreign currency into Dollars, and those Dollars shall be distributed, as promptly as practicable, to the Owners entitled
thereto. A cash distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be net
of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9. 

  
 -17- 

 If a conversion of foreign currency or the repatriation or distribution of Dollars can be
effected only with the approval or license of any government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or license. 

If the Depositary determines that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a
reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof that is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable
period as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective
accounts of, the Owners entitled to receive the same. 
 If any conversion of foreign currency, in whole or in part, cannot be effected for
distribution to some of the Owners entitled thereto, the Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners entitled thereto and may distribute the balance of the
foreign currency received by the Depositary to, or hold that balance uninvested and without liability for interest thereon for the account of, the Owners entitled thereto. 

The Depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not
as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between
the exchange rate assigned to the currency conversion made under this Deposit Agreement and the rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account. The Depositary makes no representation
that the exchange rate used or obtained in any currency conversion under this Deposit Agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to
Owners, subject to the Depositary’s obligations under Section 5.3. The methodology used to determine exchange rates used in currency conversions is available upon request. 

SECTION 4.6. Fixing of Record Date. 

Whenever a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other
securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance with Section 4.4) or the Depositary receives notice that a distribution or issuance of that
kind will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested the Depositary to send a notice under Section 4.7, or whenever the Depositary will
assess a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary otherwise finds it necessary or convenient, the
Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any corresponding record date set by the Company with respect to Shares, (a) for the determination of the Owners (i) who shall be entitled to
receive the benefit of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting, (iii) who shall be responsible for that fee or charge or
(iv) for any other purpose for which the record date was set, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections 4.1 through 4.5 and to the other terms
and conditions of this Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with respect to that dividend or other distribution or those rights or the net
proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter for which that record date was fixed, or be responsible for that fee
or charge, as the case may be. 

  
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 SECTION 4.7. Voting of Deposited Shares. 

(a) Upon receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing by
the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall be in the sole discretion of the Depositary, that shall contain (i) the information contained in the notice of
meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of Cayman Islands law and of the articles of association or
similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American Depositary Shares, (iii) a statement as to the manner in which
those instructions may be given, including an express indication that instructions may be given or deemed given in accordance with the last sentence of paragraph (b) below, if no instruction is received, to the Depositary to give a
discretionary proxy to a person designated by the Company, and (iv) the last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”). 

(b) Upon the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified by
the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as practicable,
to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right to vote that
attaches to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary or as provided in the following sentence. If 

  
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 (i) the Company instructed the Depositary to Disseminate a notice under paragraph
(a) above and complied with paragraph (d) below, 
 (ii) no instructions are received by the Depositary from an Owner with respect
to a matter and an amount of American Depositary Shares of that Owner on or before the Instruction Cutoff Date and 
 (iii) the Depositary
has received from the Company, by the business day following the Instruction Cutoff Date, a written confirmation that, as of the Instruction Cutoff Date, (x) the Company wishes a proxy to be given under this sentence, (y) the Company
reasonably does not know of any substantial opposition to the matter and (z) the matter is not materially adverse to the interests of shareholders, 

then, the Depositary shall deem that Owner to have instructed the Depositary to give a discretionary proxy to a person designated by the Company with respect
to that matter and the amount of deposited Shares represented by that amount of American Depositary Shares and the Depositary shall give a discretionary proxy to a person designated by the Company to vote that amount of deposited Shares as to that
matter. 
 (c) There can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph
(a) above in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date. 
 (d) In order to give
Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares, if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the
Depositary notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders of Shares in connection with the meeting not less than 45 days prior to the meeting date. 

SECTION 4.8. Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities. 

(a) The Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar offer
made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.

  
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 (b) If the Depositary receives a written notice that Deposited Securities have been redeemed
for cash or otherwise purchased for cash in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”), the Depositary, at the expense of the Company, shall (i) if
required, surrender Deposited Securities that have been redeemed to the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that Redemption, (B) calling for
surrender of a corresponding number of American Depositary Shares and (C) notifying them that the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon that Redemption and
those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 and
(iii) distribute the money received upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares in accordance with Section 2.5 (and, for the avoidance of doubt, Owners shall not be entitled
to receive that money under Section 4.1). If the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding portion of the outstanding American Depositary Shares and only those American
Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted under the preceding sentence among the Owners pro-rata to their respective holdings of American Depositary Shares immediately prior to the Redemption, except that the allocations may be adjusted so that no fraction of a converted American Depositary
Share is allocated to any Owner. A Redemption of all or substantially all of the Deposited Securities shall be a Termination Option Event. 

(c) If the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the
Depositary as a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement or in lieu of, Deposited Securities (a “Replacement”), the Depositary
shall, if required, surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under this Deposit Agreement, the new securities or other property delivered to it in that Replacement.
However, the Depositary may elect to sell those new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited Securities under this Deposit Agreement because those new
Deposited Securities may not be distributed to Owners without registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms as it deems proper and proceed as if those new Deposited
Securities had been Redeemed under paragraph (b) above. A Replacement shall be a Termination Option Event. 

  
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 (d) In the case of a Replacement where the new Deposited Securities will continue to be held
under this Deposit Agreement, the Depositary may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities and the number of those new Deposited Securities represented by
each American Depositary Share. If the number of Shares represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory
basis for a lesser number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to
the Owners entitled to them. 
 (e) If there are no Deposited Securities with respect to American Depositary Shares, including if the
Deposited Securities are cancelled, or the Deposited Securities with respect to American Depositary Shares have become apparently worthless, the Depositary may call for surrender of those American Depositary Shares or may cancel those American
Depositary Shares, upon notice to Owners, and that condition shall be a Termination Option Event. 
 SECTION 4.9. Reports.

 The Depositary shall make available for inspection by Owners at its Office any reports and communications, including any proxy
solicitation material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of those Deposited Securities by the Company. The
Company shall furnish reports and communications, including any proxy soliciting material to which this Section applies, to the Depositary in English, to the extent those materials are required to be translated into English pursuant to any
regulations of the Commission. 
 SECTION 4.10. Lists of Owners. 

Upon written request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the
names, addresses and American Depositary Share holdings of all Owners. 
 SECTION 4.11. Withholding. 

If the Depositary determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe
therefor) is subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or private sale, all or a portion of the distributed property (including Shares and rights to subscribe
therefor) in the amounts and manner the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall distribute the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled
thereto in proportion to the number of American Depositary Shares held by them respectively. 

  
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 Services for Owners and Holders that may permit them to obtain reduced rates of tax
withholding at source or reclaim excess tax withheld, and the fees and costs associated with using services of that kind, are not provided under, and are outside the scope of, this Deposit Agreement. 

Each Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and
affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit
received by it. 
  

	ARTICLE 5.	 THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY 

SECTION 5.1. Maintenance of Office and Transfer Books by the Depositary. 

Until termination of this Deposit Agreement in accordance with its terms, the Depositary shall maintain facilities for the execution and
delivery, registration, registration of transfers and surrender of American Depositary Shares in accordance with the provisions of this Deposit Agreement. 

The Depositary shall keep books for the registration of American Depositary Shares, which shall be open for inspection by the Owners at the
Depositary’s Office during regular business hours, provided that such inspection is not for the purpose of communicating with Owners in the interest of a business or object other than the business of the Company or a matter related to
this Deposit Agreement or the American Depositary Shares. 
 The Depositary may close the transfer books, at any time or from time to time,
when deemed expedient by it in connection with the performance of its duties under this Deposit Agreement or upon the Company’s written request. 

If any American Depositary Shares are listed on one or more stock exchanges, the Depositary shall act as Registrar or appoint a Registrar or
one or more co-registrars for registration of those American Depositary Shares in accordance with any requirements of that exchange or those exchanges. 

The Company shall have the right, at all reasonable times, upon written request, to inspect the transfer and registration records of the
Depositary, the Registrar and any co-transfer agents or co-registrars and to require them to supply, at the Company’s expense (unless otherwise agreed in writing
between the Company and the Depositary) copies of such portion of their records as the Company may reasonably request. 

  
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 SECTION 5.2. Prevention or Delay of Performance by the Company or the Depositary.

 Neither the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any
liability to any Owner or Holder: 
 (i) if by reason of (A) any provision of any present or future law or regulation or other act of
the government of the United States, any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange; (B) (in the case of the Depositary only) any provision, present or future, of
the articles of association or similar document of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution thereof; or (C) any event or circumstance, whether natural or
caused by a person or persons, that is beyond the ability of the Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited to, earthquakes, floods, severe storms, fires,
explosions, war, terrorism, civil unrest, labor disputes or criminal acts; interruptions or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer systems or websites; or
other failures or malfunctions of computer hardware or software or other systems or equipment), the Depositary or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal
penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms of this Deposit Agreement or the Deposited Securities, it is provided shall be done or performed; 

(ii) for any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement (including any determination by the
Depositary or the Company to take, or not take, any action that this Deposit Agreement provides the Depositary or the Company, as the case may be, may take); 

(iii) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to
holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Owners or Holders; or 
 (iv) for
any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement. 
 Where, by the terms of a
distribution to which Section 4.1, 4.2 or 4.3 applies, or an offering to which Section 4.4 applies, or for any other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that
distribution or offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse. 

  
 -24- 

 SECTION 5.3. Obligations of the Depositary and the Company. 

The Company assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder, except that
the Company agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 
 The
Depositary assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder (including, without limitation, liability with respect to the validity or worth of the Deposited Securities), except that
the Depositary agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith, and the Depositary shall not be a fiduciary or have any fiduciary duty to Owners or Holders. 

Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in
respect of any Deposited Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any other person. 

Each of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or other
document believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 Neither the Depositary nor the
Company shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or any other person
believed by it in good faith to be competent to give such advice or information. 
 The Depositary shall not be liable for any acts or
omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the
issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. 

The Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection
with or arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise. 
 In the absence of bad
faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote. 

  
 -25- 

 The Depositary shall have no duty to make any determination or provide any information as to
the tax status of the Company. Neither the Depositary nor the Company shall have any liability for any tax consequences that may be incurred by Owners or Holders as a result of owning or holding American Depositary Shares. Neither the Depositary nor
the Company shall be liable for the inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund of amounts withheld in respect of tax or any other tax benefit. 

No disclaimer of liability under the United States federal securities laws is intended by any provision of this Deposit Agreement. 

SECTION 5.4. Resignation and Removal of the Depositary. 

The Depositary may at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company, to become
effective upon the appointment of a successor depositary and its acceptance of that appointment as provided in this Section. The effect of resignation if a successor depositary is not appointed is provided for in Section 6.2. 

The Depositary may at any time be removed by the Company by 90 days’ prior written notice of that removal, to become effective upon the
later of (i) the 90th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of its appointment as provided in this Section. 

If the Depositary resigns or is removed, the Company shall use its reasonable efforts to appoint a successor depositary, which shall be a bank
or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to the Company an instrument in writing accepting its appointment under this Deposit Agreement. If the
Depositary receives notice from the Company that a successor depositary has been appointed following its resignation or removal, the Depositary, upon payment of all sums due it from the Company, shall deliver to its successor a register listing all
the Owners and their respective holdings of outstanding American Depositary Shares and shall deliver the Deposited Securities to or to the order of its successor. When the Depositary has taken the actions specified in the preceding sentence
(i) the successor shall become the Depositary and shall have all the rights and shall assume all the duties of the Depositary under this Deposit Agreement and (ii) the predecessor depositary shall cease to be the Depositary and shall be
discharged and released from all obligations under this Deposit Agreement, except for its duties under Section 5.8 with respect to the time before that discharge. A successor Depositary shall notify the Owners of its appointment as soon as
practical after assuming the duties of Depositary. 
 Any corporation or other entity into or with which the Depositary may be merged or
consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 

  
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 SECTION 5.5. The Custodians. 

The Custodian shall be subject at all times and in all respects to the directions of the Depositary and shall be responsible solely to it. The
Depositary in its discretion may at any time appoint a substitute or additional custodian or custodians, each of which shall thereafter be one of the Custodians under this Deposit Agreement. If the Depositary receives notice that a Custodian is
resigning and, upon the effectiveness of that resignation there would be no Custodian acting under this Deposit Agreement, the Depositary shall, as promptly as practicable after receiving that notice, appoint a substitute custodian or custodians,
each of which shall thereafter be a Custodian under this Deposit Agreement. The Depositary shall notify the Company of the appointment of a substitute or additional Custodian as promptly as practicable. The Depositary shall require any Custodian
that resigns or is removed to deliver all Deposited Securities held by it to another Custodian. 
 SECTION 5.6. Notices and Reports.

 If the Company takes or decides to take any corporate action of a kind that is addressed in Sections 4.1 to 4.4, or 4.6 to 4.8, or that
effects or will effect a change of the name or legal structure of the Company, or that effects or will effect a change to the Shares, the Company shall notify the Depositary and the Custodian of that action or decision as soon as it is lawful and
practical to give that notice. The notice shall be in English and shall include all details that the Company is required to include in any notice to any governmental or regulatory authority or securities exchange or is required to make available
generally to holders of Shares by publication or otherwise. 
 The Company will arrange for the translation into English, if not already in
English, to the extent required pursuant to any regulations of the Commission, and the prompt transmittal by the Company to the Depositary and the Custodian of all notices and any other reports and communications which are made generally available
by the Company to holders of its Shares. If requested in writing by the Company, the Depositary will Disseminate, at the Company’s expense, those notices, reports and communications to all Owners or otherwise make them available to Owners in a
manner that the Company specifies as substantially equivalent to the manner in which those communications are made available to holders of Shares and compliant with the requirements of any securities exchange on which the American Depositary Shares
are listed. The Company will timely provide the Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect that Dissemination. 

The Company represents that as of the date of this Deposit Agreement, the statements in Article 11 of the Receipt with respect to the
Company’s obligation to file periodic reports under the United States Securities Exchange Act of 1934, as amended, are true and correct. The Company agrees to promptly notify the Depositary upon becoming aware of any change in the truth of any
of those statements. 

  
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 SECTION 5.7. Distribution of Additional Shares, Rights, etc. 

If the Company or any affiliate of the Company determines to make any issuance or distribution of (1) additional Shares, (2) rights
to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each a “Distribution”), the Company shall notify the Depositary in writing in English as promptly as practicable
and in any event before the Distribution starts and, if reasonably requested in writing by the Depositary, the Company shall furnish as promptly as practicable to the Depositary either (i) evidence satisfactory to the Depositary that the
Distribution is registered under the Securities Act of 1933 or (ii) a written opinion from U.S. counsel that is reasonably satisfactory to the Depositary, stating that the Distribution does not require, or, if made in the United States, would
not require, registration under the Securities Act of 1933. 
 The Company agrees with the Depositary that neither the Company nor any
company controlled by the Company will at any time deposit any Shares that, at the time of deposit, are Restricted Securities. 
 SECTION
5.8. Indemnification. 
 The Company agrees to indemnify the Depositary, its directors, employees, agents and affiliates and each
Custodian against, and hold each of them harmless from, any liability or expense (including, but not limited to any documented fees and expenses incurred in seeking, enforcing or collecting such indemnity and the documented, reasonable fees and
expenses of counsel) that may arise out of or in connection with (a) any registration with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof or (b) acts performed or omitted, pursuant to the
provisions of or in connection with this Deposit Agreement and the American Depositary Shares, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective directors,
employees, agents and affiliates, except for any liability or expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates. 

The indemnities contained in the preceding paragraph shall not extend to any Losses arising out of information relating to the Depositary or
any Custodian, as the case may be, furnished in writing by the Depositary to the Company expressly for use in any registration statement, proxy statement, prospectus or preliminary prospectus or any other offering documents relating to the American
Depositary Shares, the Shares or any other Deposited Securities (it being acknowledged that, as of the date of this Deposit Agreement, the Depositary has not furnished any information of that kind). 

  
 -28- 

 The Depositary agrees to indemnify the Company, its directors, employees, agents and
affiliates and hold them harmless from any liability or expense (including, but not limited to any documented fees and expenses incurred in seeking, enforcing or collecting such indemnity and documented, reasonable fees and expenses of counsel) that
may arise out of acts performed or omitted by the Depositary or any Custodian or their respective directors, employees, agents and affiliates due to their negligence or bad faith. 

SECTION 5.9. Charges of Depositary. 

The following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares
or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or
a delivery of American Depositary Shares pursuant to Section 4.3), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of
transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or
withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided in this Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign
currency pursuant to Section 4.5, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 and the surrender of American
Depositary Shares pursuant to Section 2.5 or 6.2, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections 4.1 through
4.4 and Section 4.8, (7) a fee for the distribution of securities pursuant to Section 4.2 or of rights pursuant to Section 4.4 (where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an
amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities under this Deposit Agreement (for purposes of this item 7 treating all
such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under item 6 above, a fee of $.05 or less per American Depositary Share (or portion thereof)
per annum for depositary services, which will be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian, any of the Depositary’s or Custodian’s agents or the agents of the
Depositary’s or Custodian’s agents, in connection with the servicing of Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6
and shall be payable at the sole discretion of the Depositary by billing those Owners for those charges or by deducting those charges from one or more cash dividends or other cash distributions). 

  
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 The Depositary may collect any of its fees by deduction from any cash distribution payable,
or by selling a portion of any securities to be distributed, to Owners that are obligated to pay those fees. 
 In performing its duties
under this Deposit Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the Depositary and that may earn or share fees, spreads or commissions. 

The Depositary may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares. 

SECTION 5.10. Retention of Depositary Documents. 

The Depositary is authorized to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement at
the times permitted by the laws or regulations governing the Depositary, unless the Company requests in writing, sufficiently prior to any such destruction, that such papers be retained for a longer period or turned over to the Company. 

SECTION 5.11. Exclusivity. 

Without prejudice to the Company’s rights under Section 5.4, the Company agrees not to appoint any other depositary for issuance of
depositary shares, depositary receipts or any similar securities or instruments so long as The Bank of New York Mellon is acting as Depositary under this Deposit Agreement. 

SECTION 5.12. Information for Regulatory Compliance. 

Each of the Company and the Depositary shall provide to the other, as promptly as practicable, information from its records or otherwise
available to it that is reasonably requested by the other to permit the other to comply with applicable law or requirements of governmental or regulatory authorities. 

  
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	ARTICLE 6.	 AMENDMENT AND TERMINATION 

SECTION 6.1. Amendment. 

The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between
the Company and the Depositary without the consent of Owners or Holders in any respect that they may deem necessary or desirable. Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges,
registration fees, cable (including SWIFT) or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding
American Depositary Shares until the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be
deemed, by continuing to hold American Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by this Deposit Agreement as amended thereby. Upon the effectiveness of an amendment to the form of Receipt,
including a change in the number of Shares represented by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of American Depositary Shares to
effect that change of ratio. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law. 
 SECTION 6.2. Termination. 

(a) The Company may initiate termination of this Deposit Agreement by notice to the Depositary. The Depositary may initiate termination of
this Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in
Section 5.4, or (ii) a Termination Option Event has occurred. If termination of this Deposit Agreement is initiated, the Depositary shall Disseminate a notice of termination to the Owners of all American Depositary Shares then outstanding
setting a date for termination (the “Termination Date”), which shall be at least 90 days after the date of that notice, and this Deposit Agreement shall terminate on that Termination Date. 

(b) After the Termination Date, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations
to the Depositary under Sections 5.8 and 5.9. 
 (c) At any time after the Termination Date, the Depositary may sell the Deposited
Securities then held under this Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability for interest, for the pro rata benefit
of the Owners of American Depositary Shares that remain outstanding, and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash. After making that sale, the Depositary shall be discharged from
all obligations under this Deposit Agreement, except (i) to account to the Owners for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses
for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 and
(iii) to act as provided in paragraph (d) below. 

  
 -31- 

 (d) After the Termination Date, if any American Depositary Shares remain outstanding, the
Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities (that have not been sold), may sell rights and other property as provided in this Deposit Agreement and shall deliver Deposited Securities (or
sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American
Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary
Shares. After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities (that have not been sold) or reverse previously accepted surrenders of
that kind that have not settled if in its judgment the requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities
until all Deposited Securities have been sold and (iii) the Depositary may discontinue the registration of transfers of American Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the
Owners and need not give any further notices or perform any further acts under this Deposit Agreement except as provided in this Section. 
  

	ARTICLE 7.	 MISCELLANEOUS 

SECTION 7.1. Counterparts; Signatures; Delivery. 

This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of those counterparts
shall constitute one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be open to inspection by any Owner or Holder during regular business hours. 

The exchange of copies of this Deposit Agreement and manually-signed signature pages by facsimile, or email attaching a pdf or similar bit-mapped image, shall constitute effective execution and delivery of this Deposit Agreement as to the parties to it; copies and signature pages so exchanged may be used in lieu of the original Deposit Agreement
and signature pages for all purposes and shall have the same validity, legal effect and admissibility in evidence as an original manual signature; the parties to this Deposit Agreement hereby waive any objection to the contrary. 

SECTION 7.2. No Third Party Beneficiaries. 

This Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Owners and the Holders and their respective successors
and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person. 

  
 -32- 

 SECTION 7.3. Severability. 

In case any one or more of the provisions contained in this Deposit Agreement or in a Receipt should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained in this Deposit Agreement or that Receipt shall in no way be affected, prejudiced or disturbed thereby. 

SECTION 7.4. Owners and Holders as Parties; Binding Effect. 

The Owners and Holders from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions of
this Deposit Agreement and of the Receipts by acceptance of American Depositary Shares or any interest therein. 
 SECTION 7.5.
Notices. 
 Any and all notices to be given to the Company shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by domestic first class or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar bit-mapped image of a signed writing,
provided that receipt of the facsimile transmission or email has been confirmed by the recipient, addressed to EHang Holdings Limited, Building C, Yixiang Technology Park, No. 72 Nanxiang Second Road, Huangpu District, Guangzhou 510700,
People’s Republic of China, Attention: Chief Financial Officer, or any other place to which the Company may have transferred its principal office with notice to the Depositary. 

Any and all notices to be given to the Depositary shall be in writing and shall be deemed to have been duly given if in English and personally
delivered or sent by first class domestic or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar bit-mapped image of a signed writing, addressed to The
Bank of New York Mellon, 240 Greenwich Street, New York, New York 10286, Attention: Depositary Receipt Administration, or any other place to which the Depositary may have transferred its Office with notice to the Company. 

Delivery of a notice to the Company or Depositary by mail or air courier shall be deemed effected when deposited, postage prepaid, in a
post-office letter box or received by an air courier service. Delivery of a notice to the Company or Depositary sent by facsimile transmission or email shall be deemed effected when the recipient acknowledges receipt of that notice. 

  
 -33- 

 A notice to be given to an Owner shall be deemed to have been duly given when Disseminated
to that Owner. Dissemination in paper form will be effective when personally delivered or sent by first class domestic or international air mail or air courier, addressed to that Owner at the address of that Owner as it appears on the transfer books
for American Depositary Shares of the Depositary, or, if that Owner has filed with the Depositary a written request that notices intended for that Owner be mailed to some other address, at the address designated in that request. Dissemination in
electronic form will be effective when sent in the manner consented to by the Owner to the electronic address most recently provided by the Owner for that purpose. 

SECTION 7.6. Arbitration; Settlement of Disputes 

Any controversy, claim or cause of action brought by any party hereto against the Company arising out of or relating to the Shares or other
Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement, or the breach hereof or thereof, if so elected by the claimant, shall be settled by arbitration in accordance with the International Arbitration Rules of
the American Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 

The place of the arbitration shall be The City of New York, State of New York, United States of America, and the language of the arbitration
shall be English. 
 The number of arbitrators shall be three (3), each of whom shall be disinterested in the dispute or controversy, shall
have no connection with any party thereto, and shall be an attorney experienced in international securities transactions. Each party shall appoint one arbitrator and the two arbitrators shall select a third arbitrator who shall serve as chairperson
of the tribunal. If a dispute, controversy or cause of action shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant(s) and respondent(s)), each of which shall appoint one arbitrator as if
there were only two parties to such dispute, controversy or cause of action. If such alignment and appointment shall not have occurred within thirty (30) calendar days after the initiating party serves the arbitration demand, the American
Arbitration Association shall appoint the three arbitrators, each of whom shall have the qualifications described above. The parties and the American Arbitration Association may appoint from among the nationals of any country, whether or not a party
is a national of that country. 
 The arbitral tribunal shall have no authority to award any consequential, special or punitive damages or
other damages not measured by the prevailing party’s actual damages and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of this Deposit Agreement. 

  
 -34- 

 SECTION 7.7. Appointment of Agent for Service of Process; Submission to Jurisdiction;
Jury Trial Waiver. 
 The Company hereby (i) designates and appoints the person named in Exhibit A to this Deposit Agreement as the
Company’s authorized agent in the United States upon which process may be served in any suit or proceeding (including any arbitration proceeding) arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares,
the Receipts or this Deposit Agreement (a “Proceeding”), (ii) consents and submits to the jurisdiction of any state or federal court in the State of New York in which any Proceeding may be instituted and (iii) agrees that service of
process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any Proceeding. The Company agrees to deliver to the Depositary, upon the execution and delivery of this Deposit Agreement, a
written acceptance by the agent named in Exhibit A to this Deposit Agreement of its appointment as process agent. The Company further agrees to take any and all action, including the filing of any and all such documents and instruments, as may be
necessary to continue that designation and appointment in full force and effect, or to appoint and maintain the appointment of another process agent located in the United States as required above, and to deliver to the Depositary a written
acceptance by that agent of that appointment, for so long as any American Depositary Shares or Receipts remain outstanding or this Deposit Agreement remains in force. In the event the Company fails to maintain the designation and appointment of a
process agent in the United States in full force and effect, the Company hereby waives personal service of process upon it and consents that a service of process in connection with a Proceeding may be made by certified or registered mail, return
receipt requested, directed to the Company at its address last specified for notices under this Deposit Agreement, and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 

EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES,
THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 

  
 -35- 

 SECTION 7.8. Waiver of Immunities. 

To the extent that the Company or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed
to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service
of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any
jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited Securities, the American Depositary Shares, the
Receipts or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any immunity of that kind and consents to relief and enforcement as provided
above. 
 SECTION 7.9. Governing Law. 

This Deposit Agreement and the Receipts shall be interpreted in accordance with and all rights hereunder and thereunder and provisions hereof
and thereof shall be governed by and construed in accordance with the laws of the State of New York. 

  
 -36- 

 IN WITNESS WHEREOF, EHANG HOLDINGS LIMITED and THE BANK OF NEW YORK MELLON have duly
executed this Deposit Agreement as of the day and year first set forth above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares or any interest therein. 

 

			
	EHANG HOLDINGS LIMITED
		
	By:	 	/s/ Huazhi Hu
		 	Name: Huazhi Hu
		 	Title: Chairman and Chief Executive Officer

  

			
	THE BANK OF NEW YORK MELLON, as Depositary
		
	By:	 	/s/ Robert W. Goad
		 	Name: Robert W. Goad
		 	Title: Managing Director

  
 -37- 

 EXHIBIT A 
  

			
		  	 AMERICAN DEPOSITARY SHARES
 (Each American
Depositary Share represents two (2) deposited Shares)

 THE BANK OF NEW YORK MELLON 

AMERICAN DEPOSITARY RECEIPT 
 FOR
CLASS A ORDINARY SHARES OF 
 EHANG HOLDINGS LIMITED 

(INCORPORATED UNDER THE LAWS OF THE CAYMAN ISLANDS) 

The Bank of New York Mellon, as depositary (hereinafter called the “Depositary”), hereby certifies
that                                        
         , or registered assigns IS THE OWNER OF
                                 

AMERICAN DEPOSITARY SHARES 
 representing
deposited Class A ordinary shares (herein called “Shares”) of EHang Holdings Limited, incorporated under the laws of the Cayman Islands (herein called the “Company”). At the date hereof, each American Depositary Share
represents two (2) Shares deposited or subject to deposit under the Deposit Agreement (as such term is hereinafter defined) with a custodian for the Depositary (herein called the “Custodian”) that, as of the date of the Deposit
Agreement, was The Hongkong and Shanghai Banking Corporation Limited located in Hong Kong. The Depositary’s Office and its principal executive office are located at 240 Greenwich Street, New York, N.Y. 10286. 

THE DEPOSITARY’S OFFICE ADDRESS IS 

240 GREENWICH STREET, NEW YORK, N.Y. 10286 

  
 A-1 

	1.	 THE DEPOSIT AGREEMENT. 

This American Depositary Receipt is one of an issue (herein called “Receipts”), all issued and to be issued upon the terms and
conditions set forth in the Deposit Agreement dated as of December 11, 2019 (herein called the “Deposit Agreement”) among the Company, the Depositary, and all Owners and Holders from time to time of American Depositary Shares issued
thereunder, each of whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights of Owners and Holders and the rights and duties
of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of those Shares and held thereunder (those Shares, securities, property, and cash are herein
called “Deposited Securities”). Copies of the Deposit Agreement are on file at the Depositary’s Office in New York City and at the office of the Custodian. 

The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by
and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit Agreement and not defined herein shall have the meanings set forth in the Deposit Agreement. 

 

	2.	 SURRENDER OF AMERICAN DEPOSITARY SHARES AND WITHDRAWAL OF SHARES. 

Upon surrender of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment of the fee of the
Depositary for the surrender of American Depositary Shares as provided in Section 5.9 of the Deposit Agreement and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal of the Deposited Securities,
and subject to the terms and conditions of the Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then be lawfully and practicably made), to or as instructed by that Owner, of
the amount of Deposited Securities at the time represented by those American Depositary Shares, but not any money or other property as to which a record date for distribution to Owners has passed (since money or other property of that kind
will be delivered or paid on the scheduled payment date to the Owner as of that record date), and except that the Depositary shall not be required to accept surrender of American Depositary Shares for the purpose of withdrawal to the extent
it would require delivery of a fraction of a Deposited Security. The Depositary shall direct the Custodian with respect to delivery of Deposited Securities and may charge the surrendering Owner a fee and its expenses for giving that direction by
cable (including SWIFT) or facsimile transmission. If Deposited Securities are delivered physically upon surrender of American Depositary Shares for the purpose of withdrawal, that delivery will be made at the Custodian’s office, except
that, at the request, risk and expense of the surrendering Owner, and for the account of that Owner, the Depositary shall direct the Custodian to forward any cash or other property comprising, and forward a certificate or certificates, if
applicable, and other proper documents of title, if any, for, the Deposited Securities represented by the surrendered American Depositary Shares to the Depositary for delivery at the Depositary’s Office or to another address specified in the
order received from the surrendering Owner. 

  
 A-2 

	3.	 REGISTRATION OF TRANSFER OF AMERICAN DEPOSITARY SHARES; COMBINATION AND
SPLIT-UP OF RECEIPTS; INTERCHANGE OF CERTIFICATED AND UNCERTIFICATED AMERICAN DEPOSITARY SHARES. 

The Depositary, subject to the terms and conditions of the Deposit Agreement, shall register a transfer of American Depositary Shares on its
transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper
instruments of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in
Section 2.9 of the Deposit Agreement), and, in either case, duly stamped as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the Depositary shall deliver the transferred
American Depositary Shares to or upon the order of the person entitled thereto. 
 The Depositary, subject to the terms and conditions of
the Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any
authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 

The Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary
Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon
receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9 of the Deposit Agreement) from the Owner of uncertificated American Depositary Shares for the purpose of
exchanging for certificated American Depositary Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt evidencing the same number of certificated American Depositary Shares. 

  
 A-3 

 As a condition precedent to the delivery, registration of transfer, or surrender of any
American Depositary Shares or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require payment from the depositor of the Shares
or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or
registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in the Deposit Agreement, may require the production of proof
satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement. 

The delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or
the registration of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the
Depositary are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any
provision of the Deposit Agreement, or for any other reason. Notwithstanding anything to the contrary in the Deposit Agreement or this Receipt, the surrender of outstanding American Depositary Shares and withdrawal of Deposited Securities may not be
suspended subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of Shares in connection with voting at a shareholders’ meeting, or
the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or to the withdrawal of the Deposited
Securities. The Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares that, at the time of deposit, are Restricted Securities. 
  

	4.	 LIABILITY OF OWNER FOR TAXES. 

If any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection with any
American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 of the Deposit Agreement applies, that tax or other governmental charge shall be
payable by the Owner of those American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary
Shares until that payment is made, and may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares,
and may apply those dividends or other distributions or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even after a sale of that kind, the Owner shall remain liable for any deficiency. The
Depositary shall distribute any net proceeds of a sale made under Section 3.2 of the Deposit Agreement that are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Section 4.1 of the Deposit
Agreement. If the number of Shares represented by each American Depositary Share decreases as a result of a sale of Deposited Securities under Section 3.2 of the Deposit Agreement, the Depositary may call for surrender of the American
Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange
and distribute the net proceeds of that sale to the Owners entitled to them. 

  
 A-4 

	5.	 WARRANTIES ON DEPOSIT OF SHARES. 

Every person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each
certificate therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights of the holders of outstanding securities of the Company and that the person making that
deposit is duly authorized so to do. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All representations and warranties deemed made under Section 3.3 of the
Deposit Agreement shall survive the deposit of Shares and delivery of American Depositary Shares. 
  

	6.	 FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION. 

Any person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian
such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations
and warranties, as the Depositary may deem necessary or proper, or as the Company may reasonably require by written request to the Depositary. The Depositary may withhold the delivery or registration of transfer of any American Depositary Shares,
the distribution of any dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities until that proof or other information is filed or those certificates are executed or those representations and warranties
are made. As conditions of accepting Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the Custodian in accordance with the provisions of the Deposit Agreement, (ii) a written order
directing the Depositary to deliver to, or upon the written order of, the person or persons stated in that order, the number of American Depositary Shares representing those Deposited Shares, (iii) evidence satisfactory to the Depositary that
those Shares have been re-registered in the books of the Company or the Foreign Registrar in the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence
satisfactory to the Depositary that any necessary approval for the transfer or deposit has been granted by any governmental body in each applicable jurisdiction and (v) an agreement or assignment, or other instrument satisfactory to the
Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property, that any person in whose name those Shares are or have been recorded may thereafter receive
upon or in respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. The Depositary shall provide the Company, upon the Company’s written request and at the
Company’s expense, as promptly as practicable, with copies of any information or other materials that it receives pursuant to this Section 3.1, to the extent that disclosure is permitted under applicable law. 

  
 A-5 

	7.	 CHARGES OF DEPOSITARY. 

The following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares
or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or
a delivery of American Depositary Shares pursuant to Section 4.3 of the Deposit Agreement), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for
the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of
deposits or withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of
foreign currency pursuant to Section 4.5 of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4
of the Deposit Agreement and the surrender of American Depositary Shares pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution made
pursuant to the Deposit Agreement, including, but not limited to Sections 4.1 through 4.4 and 4.8 of the Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement or of rights pursuant
to Section 4.4 of the Deposit Agreement (where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to
above which would have been charged as a result of the deposit of such securities under the Deposit Agreement (for purposes of this item 7 treating all such securities as if they were Shares) but which securities are instead distributed by the
Depositary to Owners, (8) in addition to any fee charged under item 6, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services, which will be payable as provided in item 9 below, and
(9) any other charges payable by the Depositary or the Custodian, any of the Depositary’s or Custodian’s agents or the agents of the Depositary’s or Custodian’s agents, in connection with the servicing of Shares or other
Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6 of the Deposit Agreement and shall be payable at the sole discretion of the Depositary by billing
those Owners for those charges or by deducting those charges from one or more cash dividends or other cash distributions). 

  
 A-6 

 The Depositary may collect any of its fees by deduction from any cash distribution payable,
or by selling a portion of any securities to be distributed, to Owners that are obligated to pay those fees. 
 The Depositary may own and
deal in any class of securities of the Company and its affiliates and in American Depositary Shares. 
 From time to time, the Depositary
may make payments to the Company to reimburse the Company for costs and expenses generally arising out of establishment and maintenance of the American Depositary Shares program, waive fees and expenses for services provided by the Depositary or
share revenue from the fees collected from Owners or Holders. In performing its duties under the Deposit Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the
Depositary and that may earn or share fees, spreads or commissions. 
  

	8.	 DISCLOSURE OF INTERESTS. 

When required in order to comply with applicable laws and regulations or the articles of association or similar document of the Company, the
Company may from time to time request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity in which it holds American Depositary Shares, (b) the identity of any Holders or other persons or entities
then or previously interested in those American Depositary Shares and the nature of those interests and (c) any other matter where disclosure of such matter is required for that compliance. Each Owner and Holder agrees to provide all
information known to it in response to a request made pursuant to Section 3.4 of the Deposit Agreement. Each Holder consents to the disclosure by the Depositary and the Owner or other Holder through which it holds American Depositary Shares,
directly or indirectly, of all information responsive to a request made pursuant to that Section relating to that Holder that is known to that Owner or other Holder. 
  

	9.	 TITLE TO AMERICAN DEPOSITARY SHARES. 

It is a condition of the American Depositary Shares, and every successive Owner and Holder of American Depositary Shares, by accepting or
holding the same, consents and agrees that American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer, shall be transferable as certificated registered securities under
the laws of the State of New York, and that American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of the State of New York. The Depositary, notwithstanding any notice to the
contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement
and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement to any Holder of American Depositary Shares, but only to the Owner. 

  
 A-7 

	10.	 VALIDITY OF RECEIPT. 

This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt
shall have been (i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the
manual signature of a duly authorized signatory of the Depositary or the Registrar or a co-registrar. 
  

	11.	 REPORTS; INSPECTION OF TRANSFER BOOKS. 

The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports
with the Securities and Exchange Commission. Those reports will be available for inspection and copying through the Commission’s EDGAR system or at public reference facilities maintained by the Commission in Washington, D.C. 

The Depositary will make available for inspection by Owners at its Office any reports, notices and other communications, including any proxy
soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of those Deposited Securities by the Company. The
Company shall furnish reports and communications, including any proxy soliciting material to which Section 4.9 of the Deposit Agreement applies, to the Depositary in English, to the extent such materials are required to be translated into
English pursuant to any regulations of the Commission. 
 The Depositary will keep books for the registration of American Depositary Shares
and transfers of American Depositary Shares, which shall be open for inspection by the Owners at the Depositary’s Office during regular business hours, provided that such inspection shall not be for the purpose of communicating with
Owners in the interest of a business or object other than the business of the Company or a matter related to the Deposit Agreement or the American Depositary Shares. 

  
 A-8 

	12.	 DIVIDENDS AND DISTRIBUTIONS. 

Whenever the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary will, if at the time of
receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into Dollars transferable to the United States, and subject to the Deposit Agreement, convert that dividend or other
cash distribution into Dollars and distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement) to the Owners entitled thereto; provided,
however, that if the Custodian or the Depositary is required to withhold and does withhold from that cash dividend or other cash distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owners of
the American Depositary Shares representing those Deposited Securities shall be reduced accordingly. If a cash distribution would represent a return of all or substantially all the value of the Deposited Securities underlying American Depositary
Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares)
as a condition of making that cash distribution. A distribution of that kind shall be a Termination Option Event. 
 Subject to the
provisions of Section 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary receives any distribution other than a distribution described in Section 4.1, 4.3 or 4.4 of the Deposit Agreement on Deposited Securities (but not in
exchange for or in conversion or in lieu of Deposited Securities), the Depositary will cause the securities or property received by it to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the
Depositary and any taxes or other governmental charges, in any manner that the Depositary, after consultation with the Company to the extent practicable, deems equitable and practicable for accomplishing that distribution (which may be a
distribution of depositary shares representing the securities received); provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled thereto, or if for any
other reason the Depositary deems such distribution not to be lawful and feasible, the Depositary may adopt such other method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the
public or private sale of the securities or property thus received, or any part thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of
the Deposit Agreement) to the Owners entitled thereto all in the manner and subject to the conditions set forth in Section 4.1 of the Deposit Agreement. The Depositary may withhold any distribution of securities under Section 4.2 of the
Deposit Agreement if it has not received satisfactory assurances from the Company that the distribution does not require registration under the Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or
other property it would otherwise distribute under this Article that is sufficient to pay its fees and expenses in respect of that distribution. If a distribution under Section 4.2 of the Deposit Agreement would represent a return of all of
substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary
Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition of making that distribution. A distribution of that kind shall be a Termination Option Event. 

  
 A-9 

 Whenever the Depositary receives any distribution consisting of a dividend in, or free
distribution of, Shares, the Depositary may, and if the Company so requests in writing, shall, deliver to the Owners entitled thereto, an aggregate number of American Depositary Shares representing the amount of Shares received as that dividend or
free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary Shares, including the withholding of any tax or other governmental charge as provided in
Section 4.11 of the Deposit Agreement and the payment of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement (and the Depositary may sell, by public or private sale, an amount of
Shares received (or American Depositary Shares representing those Shares) sufficient to pay its fees and expenses in respect of that distribution). In lieu of delivering fractional American Depositary Shares, the Depositary may sell the amount of
Shares represented by the aggregate of those fractions (or American Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1 of the Deposit Agreement.
If and to the extent that additional American Depositary Shares are not delivered and Shares or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent the additional Shares distributed on the
Deposited Securities represented thereby. 
 If the Company declares a distribution in which holders of Deposited Securities have a right to
elect whether to receive cash, Shares or other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with the Company, make that right of election
available for exercise by Owners in any manner the Depositary considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory assurances from the Company that
doing so does not require registration of any securities under the Securities Act of 1933. 
 If the Depositary determines that any
distribution received or to be made by the Depositary (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or private
sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor) in the amounts and manner the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall distribute the
net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion to the number of American Depositary Shares held by them respectively. 

  
 A-10 

 Each Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and
their respective directors, employees, agents and affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes,
reduced withholding at source or other tax benefit received by it. Services for Owners and Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and the fees and costs associated with using
services of that kind, are not provided under, and are outside the scope of, the Deposit Agreement. 
  

	13.	 RIGHTS. 

(a) If rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company and
the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the
Company, grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or American Depositary Shares representing those securities to Owners, (ii) if
requested in writing by the Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to Owners entitled to those proceeds. To the extent
rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised. 

(b) If the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the
conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the
securities to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The purchased securities shall be delivered to, or as instructed by, the Depositary. The
Depositary shall (i) deposit the purchased Shares under the Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver or cause the purchased Shares or other securities to be delivered
to or to the order of that Owner. The Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under the Securities Act of 1933 or the Depositary has received an opinion of
United States counsel that is satisfactory to it to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities Act of 1933. 

  
 A-11 

 (c) If the Depositary will act under (a)(ii) above, the Company and the Depositary will
enter into a separate agreement setting forth the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable to the American Depositary Shares of that Owner to an
account specified by that Owner to which the rights can be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those rights as requested by that
Owner. 
 (d) If the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion
to the number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that were sold, upon an averaged or other practical basis without regard to any distinctions among such
Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise. 
 (e) Payment or deduction
of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and payment or deduction of the expenses of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or
payment of cash proceeds under Section 4.4 of the Deposit Agreement. 
 (f) The Depositary shall not be responsible for any failure to
determine that it may be lawful or feasible to make rights available to or exercise rights on behalf of Owners in general or any Owner in particular, or to sell rights. 
  

	14.	 CONVERSION OF FOREIGN CURRENCY. 

Whenever the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the
sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the
United States, the Depositary shall convert or cause to be converted by sale or in any other manner that it may determine that foreign currency into Dollars, and those Dollars shall be distributed, as promptly as practicable, to the Owners entitled
thereto. A cash distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be net
of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9 of the Deposit Agreement. 
 If a
conversion of foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license of any government or agency thereof, the Depositary may, but will not be required to, file an application for that
approval or license. 

  
 A-12 

 If the Depositary determines that in its judgment any foreign currency received by the
Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof that is required for such conversion is not filed or sought by the
Depositary or is not obtained within a reasonable period as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without
liability for interest thereon for the respective accounts of, the Owners entitled to receive the same. 
 If any conversion of foreign
currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners
entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold that balance uninvested and without liability for interest thereon for the account of, the Owners entitled thereto. 

The Depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not
as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between
the exchange rate assigned to the currency conversion made under the Deposit Agreement and the rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account. The Depositary makes no representation
that the exchange rate used or obtained in any currency conversion under the Deposit Agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to
Owners, subject to the Depositary’s obligations under Section 5.3 of the Deposit Agreement. The methodology used to determine exchange rates used in currency conversions is available upon request. 

 

	15.	 RECORD DATES. 

Whenever a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other
securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance with Section 4.4 of the Deposit Agreement) or the Depositary receives notice that a
distribution or issuance of that kind will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested the Depositary to send a notice under Section 4.7 of
the Deposit Agreement, or whenever the Depositary will assess a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary
otherwise finds it necessary or convenient, the Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any corresponding record date set by the Company with respect to Shares, (a) for the determination of
the Owners (i) who shall be entitled to receive the benefit of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting, (iii) who shall be
responsible for that fee or charge or (iv) for any other purpose for which the record date was set, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections
4.1 through 4.5 of the Deposit Agreement and to the other terms and conditions of the Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with respect to that
dividend or other distribution or those rights or the net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter for which
that record date was fixed, or be responsible for that fee or charge, as the case may be. 

  
 A-13 

	16.	 VOTING OF DEPOSITED SHARES. 

(a) Upon receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing by
the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall be in the sole discretion of the Depositary, that shall contain (i) the information contained in the notice of
meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of Cayman Islands law and of the articles of association or
similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American Depositary Shares, (iii) a statement as to the manner in which
those instructions may be given, including an express indication that instructions may be given or deemed given in accordance with the last sentence of paragraph (b) below, if no instruction is received, to the Depositary to give a
discretionary proxy to a person designated by the Company, and (iv) the last date on which the Depositary will accept instructions (the “lnstruction Cutoff Date”). 

(b) Upon the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified by
the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as practicable,
to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right to vote that
attaches to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary or as provided in the following sentence. If 

(i) the Company instructed the Depositary to Disseminate a notice under paragraph (a) above and complied with paragraph (d) below,

 (ii) no instructions are received by the Depositary from an Owner with respect to a matter and an amount of American Depositary Shares of
that Owner on or before the Instruction Cutoff Date and 

  
 A-14 

 (iii) the Depositary has received from the Company, by the business day following the
Instruction Cutoff Date, a written confirmation that, as of the Instruction Cutoff Date, (x) the Company wishes a proxy to be given under this sentence, (y) the Company reasonably does not know of any substantial opposition to the matter and (z) the
matter is not materially adverse to the interests of shareholders, 
 then, the Depositary shall deem that Owner to have instructed the Depositary to give a
discretionary proxy to a person designated by the Company with respect to that matter and the amount of deposited Shares represented by that amount of American Depositary Shares and the Depositary shall give a discretionary proxy to a person
designated by the Company to vote that amount of deposited Shares as to that matter. 
 (c) There can be no assurance that Owners generally
or any Owner in particular will receive the notice described in paragraph (a) above in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date. 

(d) In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares, if the
Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to
holders of Shares in connection with the meeting not less than 45 days prior to the meeting date. 
  

	17.	 TENDER AND EXCHANGE OFFERS; REDEMPTION, REPLACEMENT OR CANCELLATION OF DEPOSITED SECURITIES.

 (a) The Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange
offer or similar offer made to holders of Deposited Securities (a “voluntary Offer”), except when instructed in writing to do so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the
Depositary may require. 
 (b) If the Depositary receives a written notice that Deposited Securities have been redeemed for cash or
otherwise purchased for cash in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”), the Depositary, at the expense of the Company, shall (i) if required,
surrender Deposited Securities that have been redeemed to the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that Redemption, (B) calling for surrender of a corresponding
number of American Depositary Shares and (C) notifying them that the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon that Redemption and those net proceeds shall be the
Deposited Securities to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 of the Deposit Agreement and (iii) distribute the money
received upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares in accordance with Section 2.5 of the Deposit Agreement (and, for the avoidance of doubt, Owners shall not be entitled to receive
that money under Section 4.1 of the Deposit Agreement). If the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding portion of the outstanding American Depositary Shares and only those
American Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted under the preceding sentence among the Owners pro-rata to
their respective holdings of American Depositary Shares immediately prior to the Redemption, except that the allocations may be adjusted so that no fraction of a converted American Depositary Share is allocated to any Owner. A Redemption of
all or substantially all of the Deposited Securities shall be a Termination Option Event. 

  
 A-15 

 (c) If the Depositary is notified of or there occurs any change in nominal value or any
subdivision, combination or any other reclassification of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation affecting the issuer of the Deposited Securities or to
which it is a party that is mandatory and binding on the Depositary as a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement or in lieu of, Deposited
Securities (a “Replacement”), the Depositary shall, if required, surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under the Deposit Agreement, the new securities or
other property delivered to it in that Replacement. However, the Depositary may elect to sell those new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited Securities
under the Deposit Agreement because those new Deposited Securities may not be distributed to Owners without registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms as it
deems proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above. A Replacement shall be a Termination Option Event. 

(d) In the case of a Replacement where the new Deposited Securities will continue to be held under the Deposit Agreement, the Depositary may
call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities and the number of those new Deposited Securities represented by each American Depositary Share. If the number of
Shares represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary
Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them. 

  
 A-16 

 (e) If there are no Deposited Securities with respect to American Depositary Shares,
including if the Deposited Securities are cancelled, or the Deposited Securities with respect to American Depositary Shares become apparently worthless, the Depositary may call for surrender of those American Depositary Shares or may cancel those
American Depositary Shares, upon notice to Owners, and that condition shall be a Termination Option Event. 
  

	18.	 LIABILITY OF THE COMPANY AND DEPOSITARY. 

Neither the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any
Owner or Holder: 
 (i) if by reason of (A) any provision of any present or future law or regulation or other act of the government of
the United States, any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange; (B) (in the case of the Depositary only) any provision, present or future, of the articles of
association or similar document of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution thereof; or (C) any event or circumstance, whether natural or caused by a
person or persons, that is beyond the ability of the Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited to earthquakes, floods, severe storms, fires, explosions, war,
terrorism, civil unrest, labor disputes or criminal acts; interruptions or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer systems or websites; or other failures or
malfunctions of computer hardware or software or other systems or equipment), the Depositary or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal penalty on account of
doing or performing and therefore does not do or perform, any act or thing that, by the terms of the Deposit Agreement or the Deposited Securities, it is provided shall be done or performed; 

(ii) for any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement (including any determination by the
Depositary or the Company to take, or not take, any action that the Deposit Agreement provides the Depositary or the Company, as the case may be, may take); 

(iii) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to
holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Owners or Holders; or 
 (iv) for
any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement. 

  
 A-17 

 Where, by the terms of a distribution to which Section 4.1, 4.2 or 4.3 of the Deposit
Agreement applies, or an offering to which Section 4.4 of the Deposit Agreement applies, or for any other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that distribution or
offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse. 

Neither the Company nor the Depositary assumes any obligation or shall be subject to any liability under the Deposit Agreement to Owners or
Holders, except that they agree to perform their obligations specifically set forth in the Deposit Agreement without negligence or bad faith. The Depositary shall not be a fiduciary or have any fiduciary duty to Owners or Holders. The Depositary
shall not be subject to any liability with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit, or other proceeding in
respect of any Deposited Securities or in respect of the American Depositary Shares, on behalf of any Owner or Holder or other person. Neither the Depositary nor the Company shall be liable for any action or
non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or Holder, or any other person believed by it in good faith
to be competent to give such advice or information. Each of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or other document believed by it to be genuine and to have been
signed or presented by the proper party or parties. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with a matter
arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises, the Depositary performed its obligations without negligence or bad faith while it acted as
Depositary. The Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of American Depositary Shares or Deposited
Securities or otherwise. In the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities or for the manner in which any such vote is cast or the
effect of any such vote. The Depositary shall have no duty to make any determination or provide any information as to the tax status of the Company. Neither the Depositary nor the Company shall have any liability for any tax consequences that may be
incurred by Owners or Holders as a result of owning or holding American Depositary Shares. Neither the Depositary nor the Company shall be liable for the inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit,
reduced rate of withholding or refund of amounts withheld in respect of tax or any other tax benefit. No disclaimer of liability under the United States federal securities laws is intended by any provision of the Deposit Agreement. 

  
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	19.	 RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN. 

The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the
Company, to become effective upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by 90 days’ prior written notice
of that removal, to become effective upon the later of (i) the 90th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of its appointment as provided in the Deposit
Agreement. The Depositary in its discretion may at any time appoint a substitute or additional custodian or custodians. 
  

	20.	 AMENDMENT. 

The form of the Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the
Company and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable. Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges,
registration fees, cable (including SWIFT) or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding
American Depositary Shares until the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be
deemed, by continuing to hold American Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by the Deposit Agreement as amended thereby. Upon the effectiveness of an amendment to the form of Receipt,
including a change in the number of Shares represented by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of American Depositary Shares to
effect that change of ratio. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law. 
  

	21.	 TERMINATION OF DEPOSIT AGREEMENT. 

(a) The Company may initiate termination of the Deposit Agreement by notice to the Depositary. The Depositary may initiate termination of the
Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in
Section 5.4 of the Deposit Agreement, or (ii) a Termination Option Event has occurred. If termination of the Deposit Agreement is initiated, the Depositary shall Disseminate a notice of termination to the Owners of all American Depositary
Shares then outstanding setting a date for termination (the “Termination Date”), which shall be at least 90 days after the date of that notice, and the Deposit Agreement shall terminate on that Termination Date. 

  
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 (b) After the Termination Date, the Company shall be discharged from all obligations under
the Deposit Agreement except for its obligations to the Depositary under Sections 5.8 and 5.9 of the Deposit Agreement. 
 (c) At any time
after the Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder,
unsegregated and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding, and those Owners will be general creditors of the Depositary with respect to those net proceeds and that
other cash. After making that sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except (i) to account to the Owners for the net proceeds and other cash (after deducting, in each case, the fee of the
Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental
charges) and (ii) for its obligations under Section 5.8 of the Deposit Agreement and (iii) to act as provided in paragraph (d) below. 

(d) After the Termination Date, if any American Depositary Shares remain outstanding, the Depositary shall continue to receive dividends and
other distributions pertaining to Deposited Securities (that have not been sold), may sell rights and other property as provided in the Deposit Agreement and shall deliver Deposited Securities (or sale proceeds) upon surrender of American Depositary
Shares (after payment or upon deduction, in each case, of the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American Depositary Shares in accordance with the terms and
conditions of the Deposit Agreement and any applicable taxes or governmental charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares. After the Termination Date, (i) the
Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities (that have not been sold) or reverse previously accepted surrenders of that kind that have not settled if in its judgment
the requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities have been sold and
(iii) the Depositary may discontinue the registration of transfers of American Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices or
perform any further acts under the Deposit Agreement except as provided in Section 6.2 of the Deposit Agreement. 

  
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	22.	 DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM. 

(a) Notwithstanding the provisions of Section 2.4 of the Deposit Agreement, the parties acknowledge that DTC’s Direct Registration
System (“DRS”) and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between
registered holding of uncertificated securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS that allows a DTC participant, claiming to act on behalf of an Owner of
American Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the
Depositary of prior authorization from the Owner to register that transfer. 
 (b) In connection with DRS/Profile, the parties acknowledge
that the Depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an Owner in requesting registration of transfer and delivery as described in paragraph (a) above has the actual authority to act on
behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 of the Deposit Agreement apply to the matters arising from the use of the DRS/Profile. The
parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile system and otherwise in accordance with the Deposit Agreement shall not constitute negligence or bad faith on
the part of the Depositary. 
  

	23.	 ARBITRATION; SETTLEMENT OF DISPUTES. 

Any controversy, claim or cause of action brought by any party hereto against the Company arising out of or relating to the Shares or other
Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement, or the breach hereof or thereof, if so elected by the claimant, shall be settled by arbitration in accordance with the International Arbitration Rules of
the American Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 

The place of the arbitration shall be The City of New York, State of New York, United States of America, and the language of the arbitration
shall be English. 

  
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 The number of arbitrators shall be three (3), each of whom shall be disinterested in the
dispute or controversy, shall have no connection with any party thereto, and shall be an attorney experienced in international securities transactions. Each party shall appoint one arbitrator and the two arbitrators shall select a third arbitrator
who shall serve as chairperson of the tribunal. If a dispute, controversy or cause of action shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant(s) and respondent(s)), each of which shall
appoint one arbitrator as if there were only two parties to such dispute, controversy or cause of action. If such alignment and appointment shall not have occurred within thirty (30) calendar days after the initiating party serves the arbitration
demand, the American Arbitration Association shall appoint the three arbitrators, each of whom shall have the qualifications described above. The parties and the American Arbitration Association may appoint from among the nationals of any country,
whether or not a party is a national of that country. 
 The arbitral tribunal shall have no authority to award any consequential, special
or punitive damages or other damages not measured by the prevailing party’s actual damages and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of the Deposit Agreement. 

 

	24.	 APPOINTMENT OF AGENT FOR SERVICE OF PROCESS; SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF
IMMUNITIES. 

 The Company has (i) appointed Cogency Global Inc., located as of the date of the Deposit Agreement at l0E 40th Street, 10th Floor, New York, N.Y. 10016, as the Company’s authorized agent in the United States upon which process may be served in any
suit or proceeding (including any arbitration proceeding) arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consented and submitted to the jurisdiction of any state
or federal court in the State of New York in which any such suit or proceeding may be instituted, and (iii) agreed that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in
any such suit or proceeding. 
 EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE
SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY QUESTION REGARDING
EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 
 To the extent that the Company or any of its
properties, assets or revenues may have or hereafter become entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any
respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process or proceeding for the
giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the
Shares or Deposited Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such
immunity and consents to such relief and enforcement. 

  
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