Document:

Right of First Refusal and Co-Sale Agreement dated September 6, 2011

 Exhibit 4.5 
 Execution Version 
 RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT

 This RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT (this “Agreement”) is entered into as of
September 6, 2011 by and among: 
 (1) YY Inc., a limited liability company duly incorporated and validly existing under
the laws of the Cayman Islands (the “Company”); 
 (2) Duowan Entertainment Corp., a limited liability company
duly incorporated and validly existing under the laws of the British Virgin Islands (the “Duowan BVI”); 
 (3)
the Persons listed on Exhibit A hereto (each a “Key Holder” and collectively, the “Key Holders”); and 
 (4) the Persons listed on Exhibit B hereto (each an “Investor” and collectively, the “Investors”). 

RECITALS 

WHEREAS: 

(A) The Key Holders and the Investors were the legal and beneficial holders of all of the issued share capital of Duowan BVI immediately
prior to the share exchange pursuant to a certain Share Exchange Agreement, dated September 6, 2011, among the Company and other parties thereto (the “Share Exchange Agreement”); 

(B) Duowan BVI, the Key Holders and the Investors were parties to that certain Third Amended and Restated Right of First Refusal and
Co-Sale Agreement dated January 21, 2011, among Duowan BVI and the parties thereto (the the “Existing ROFR Agreement”); 
 (C) the Series A Investors entered into a series A convertible preferred shares purchase agreement dated June 2, 2008 (the “Series A SPA”) with Duowan BVI, the Key Holders and
certain other parties thereto with respect to the issuance and sale by Duowan BVI of 277,757 no par value convertible redeemable series A preferred shares at a consideration of US$2,000,000 to the Series A Investors; 

(D) the Series B Investors entered into a series B preference share purchase agreement dated August 8, 2008 (the “Series B
SPA”) with Duowan BVI, the Key Holders and certain other parties thereto with respect to the issuance and sale by Duowan BVI of 208,314 no par value convertible redeemable series B preferred shares at a consideration of US$5,000,015.30 to
the Series B Investors; 
 (E) Favor Star Limited issued a securities transfer and assignment separate from certificate dated
September 10, 2008 by which it transferred to Morningside China TMT Fund I, L.P. 166,557 series A preferred shares of Duowan BVI and its rights and obligations under the Series B SPA, including without limitation the right to purchase 41,663
series B preferred shares of Duowan BVI. Morningside China TMT Fund I, L.P. issued a deed of adherence dated September 10, 2008 in favor of Duowan BVI, LI Xueling, LEI Jun, Favor Star Limited and Steamboat Ventures Asia, L.P. pursuant to which
it agreed to adhere to, among others, the Series A SPA and Series B SPA; 

 Execution Version 

 
 (F) Granite Global Ventures III L.P., GGV III Entrepreneurs
Fund L.P., Steamboat Ventures Asia, L.P. and Morningside China TMT Fund I, L.P. (collectively, the “Series C Investors”) entered into a series C preferred share purchase agreement dated November 20, 2009 with Duowan BVI, the
Key Holders and certain other parties thereto with respect to the issuance and sale by Duowan BVI of 33,163 no par value convertible redeemable series C-1 preferred shares at a consideration of US$1,299,989.60 and of 214,285 no par value convertible
redeemable series C-2 preferred shares at a consideration of US$10,499,965.00 to the Series C Investors; 
 (G) Duowan BVI
sub-divided all of its then authorised and issued shares by means of a 490-for-1 share split which was approved by the shareholders’ resolutions on July 9, 2010; 
 (H) Tiger entered into a common share purchase agreement and warrant purchase agreement dated January 21, 2011 with Duowan BVI, the Key Holders and certain other parties thereto with respect to the
issuance and sale by Duowan BVI of 51,140,432 no par value common shares in Duowan BVI at an aggregate consideration of US$50,000,000 and a warrant (the “Warrant”) to purchase 25,570,216 no par value common shares in Duowan BVI at a
consideration of US$25,000,000 to Tiger. On July 29, 2011, Tiger exercised the Warrant and 25,570,216 no par value common shares in Duowan BVI were issued to Tiger accordingly; and 

(I) In connection with the share exchange (the “Share Exchange”) pursuant to the Share Exchange Agreement, the parties
hereto now wish to enter into this Agreement and an Investors’ Rights Agreement dated on or about the same date to govern certain transfers of shares of the Company. 
 WITNESSETH 
 NOW, THEREFORE, in consideration of the premises set
forth above, the mutual promises and covenants set forth herein and other good and valuable consideration, the parties hereby agree as follows: 
  

	1.	DEFINITIONS. 

 1.1
Certain Defined Terms. As used in this Agreement, the following terms shall have the following respective meanings: 

“Adoption Agreement” means, an agreement, in such form and on such terms as approved by a majority in interest of the
Investors, which a Person is required to enter into with or in favour of all the parties pursuant to Section 8.15. 

“Affiliate” means, with respect to any specified Person, any other Person who or which, directly or indirectly,
controls, is controlled by, or is under common control with such specified Person, including, without limitation, any partner, officer, director, member or employee of such Person and any venture capital fund now or hereafter existing that is
controlled by or under common control with one or more general partners or managing members of, or shares the same management company with, such Person. 
 “Agreement” has the meaning ascribed to it in the Preamble to this Agreement. 

  
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 Execution Version 

 
 “Board” means the board of directors of the
Company. 
 “Business Day” means any day that is not a Saturday, Sunday, legal holiday or other day on which
commercial banks are required or authorized by laws to be closed in Hong Kong, Cayman Islands, British Virgin Islands, the PRC or New York. 
 “Centre” has the meaning ascribed to it in Section 8.2(b). 
 “Common Holders” shall mean the holders of Common Shares and Common Share Equivalents other than any Common Shares converted from any Preferred Shares, and a “Common
Holder” shall be construed accordingly. 
 “Common Share Equivalents” means, with respect to any
shareholder of the Company, Common Shares owned by such shareholder together with the Common Shares into or for which any issued and outstanding Preferred Shares or any other issued and outstanding convertible securities (excluding, for the
avoidance of doubt, unexercised options or warrants) owned by such shareholder shall be convertible. 
 “Common Share
Transfer Notice” has the meaning ascribed to it in Section 2.1. 
 “Common Shares” shall mean
the common shares of par value of US$0.00001 each of the Company. 
 “Company” has the meaning ascribed to it
in the Preamble to this Agreement. 
 “Competitor” means Sina.com, qq.com,
Ispeak.cn and such other companies which provide team voice chat software used for personal computers in the PRC. For the purpose of this definition, the term “Competitor” shall not include the limited partners of any
Investor. 
 “Consultation Request” has the meaning ascribed to it in Section 8.2(a). 

“Conversion Shares” means the Common Shares issuable upon conversion of the Preferred Shares. 

“Equity Securities” means any Common Shares or Common Share Equivalents or Preferred Shares of the Company now owned or
subsequently acquired by any Shareholder. 
 “Exchange Act Registration” shall mean registration of a company
under Section 12 of the Exchange Act or when a company becomes subject to Exchange Act reporting requirements under Section 15(d) of the Securities Act or otherwise. 
 “Exchange Act” shall mean the U.S. Securities and Exchange Act of 1934 and the rules and regulations promulgated thereunder, as amended from time to time. 

“Exercising Shareholder” has the meaning ascribed to it in Section 2.2(iii). 

“Existing ROFR Agreement” shall mean the third amended and restated right of first refusal and co-sale agreement dated
January 21, 2011 entered into by and among Duowan BVI, the Key Holders, the Investors and certain other parties, together with the exhibits attached thereto. 

  
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 Execution Version 

 
 “Hong Kong” means the Hong Kong Special
Administrative Region of the PRC. 
 “Immediate Family Member” means a child, stepchild, grandchild, parent,
step-parent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, of a person referred to herein. 

“Investor Refusal Period” has the meaning ascribed to it in Section 2.2(i). 

“Investor” and “Investors” have the meanings ascribed to them in the Preamble to this Agreement.

 “Investors’ Rights Agreement” shall mean the investors’ rights agreement entered into by and among
the Company, the Investors and certain other parties thereto dated as of the date of this Agreement, as amended from time to time. 
 “Key Holder” and “Key Holders” have the meanings ascribed to them in the Preamble to this Agreement. 

“Key Employee” means each of the Persons listed in Exhibit C. 

“Liquidation Event” has the meaning ascribed to it in the Memorandum and Articles, as amended from time to time.

 “Majority Series A Holders” means the holders of more than fifty percent (50%) of the then outstanding
Series A Preferred Shares, and the Conversion Shares issued upon conversion thereof, on a fully-diluted and as-converted basis. 

“Majority Series B Holders” means the holders of more than fifty percent (50%) of the then outstanding Series B
Preferred Shares, and the Conversion Shares issued upon conversion thereof, on a fully-diluted and as-converted basis. 

“Majority Series C Holders” means, collectively, the holders of more than fifty percent (50%) of the then
outstanding Series C-1 Preferred Shares and the Series C-2 Preferred Shares, and the Conversion Shares issued upon conversion thereof, on a fully-diluted and as-converted basis. 

“Memorandum and Articles” means the amended and restated memorandum and articles of association of the Company
previously adopted by resolution in writing of all shareholders of the Company, and the terms “Memorandum” and “Articles” shall be construed accordingly. 

“FSL” means Favor Star Limited, and any of its successors or assignees. 

“New Shareholder” has the meaning ascribed to it in Exhibit D. 

“Notice” has the meaning ascribed to it in Section 8.2(a). 

  
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 Execution Version 

 
 “Offered Price” has the meaning ascribed to
it in Section 2.1. 
 “Offered Shares” has the meaning ascribed to it in Section 2.1.

 “Participant” and “Participants” have the meanings ascribed to them in
Section 2.1. 
 “Person” or “person” shall be construed as broadly as possible and
shall include an individual, a partnership, a limited liability company, a company, an association, a trust, a joint venture or unincorporated organization and any government organization or authority. 

“PRC” means the People’s Republic of China, excluding, for the purpose of this Agreement, Hong Kong, Macau Special
Administrative Region and Taiwan. 
 “Preferred Holders” means the Series A Holders, the Series B Holders and
the Series C Holders, and their respective successors and assignees, collectively. 
 “Preferred Shares” means
the Series A Preferred Shares, the Series B Preferred Shares and the Series C Preferred Shares, collectively. 

“Prohibited Transfer” has the meaning ascribed to it in Section 6.2. 

“Qualified IPO” has the meaning ascribed to it in the Memorandum and Articles, as amended from time to time. 

“Second Transfer Notice” has the meaning ascribed to it in Section 2.2(iii). 

“Selling Holder” has the meaning ascribed to it in Section 3.1. 

“Series A Director” has the meaning ascribed to it in the Memorandum and Articles, as amended from time to time.

 “Series A Holders” means the holders of the then outstanding Series A Preferred Shares and the Conversion
Shares issued upon conversion thereof, collectively. 
 “Series A Preferred Shares” means the series A
preferred shares of par value of US$0.00001 each of the Company. 
 “Series B Director” has the meaning
ascribed to it in the Memorandum and Articles, as amended from time to time. 
 “Series B Holders” means the
holders of the then outstanding Series B Preferred Shares and the Conversion Shares issued upon conversion thereof, collectively. 
 “Series B Preferred Shares” means the series B preferred shares of par value of US$0.00001 each of the Company. 
 “Series C Director” has the meaning ascribed to it in the Memorandum and Articles, as amended from time to time. 

  
 5 

 Execution Version 

 
 “Series C Holders” means the holders of the
then outstanding Series C Preferred Shares and the Conversion Shares issued upon conversion thereof, collectively. 

“Series C Preferred Shares” means the series C-1 preferred shares of par value of US$0.00001 each and series C-2
preferred shares of par value of US$0.00001 each of the Company. 
 “Shareholder” means a registered holder of
Equity Securities (collectively, the “Shareholders”). 
 “Shares” shall mean all Preferred
Shares and all Common Shares and any other issued and outstanding shares of any class or series of the Company now owned or subsequently acquired by any Shareholder. 
 “Stock” has the meaning ascribed to it in Exhibit D. 

“Tiger Director” has the meaning ascribed to it in ascribed to it in the Memorandum and Articles, as amended from time
to time. 
 “Tiger” means Tiger Global Six YY Holdings, and any of its successors or assignees. 

“Transaction Agreements” means this Agreement, the Share Exchange Agreement, the Investors’ Rights Agreement, the
Memorandum and Articles, and any other agreements, instruments or documents entered into in connection with the Share Exchange, together with the exhibits and schedules attached thereto. 

“Transfer” means a proposal or proposals of a Common Holder or a Preferred Holder (as the case may be) concerning the
sale, transfer or otherwise disposal of his Equity Securities in any manner (including transfer by gift). 

“Transferee” means one or more Persons who have the intention to purchase the Shares of the Company from the Transferor
or the Selling Holder, as the case may be. 
 “Transferor” has the meaning ascribed to it in
Section 2.1. 
 “Transferring Holder” has the meaning ascribed to it in Section 6.2.

  

	2.	RIGHT OF FIRST REFUSAL. 

2.1 Common Share Transfer Notice. If at any time a Common Holder (other than Tiger and FSL) proposes a Transfer (such disposing
Common Holder is hereinafter referred to in such role as a “Transferor”) to the Transferee pursuant to an understanding with such Transferee, then the Transferor shall give the Company, FSL, each of the Preferred Holders and Tiger
(a “Participant” and collectively, the “Participants”) a written notice of the Transferor’s intention to make the Transfer (the “Common Share Transfer Notice”), which Common Share Transfer
Notice shall include (i) a description of the Equity Securities to be transferred (the “Offered Shares”); (ii) the identity of the prospective Transferee; (iii) the consideration to be paid for each Offered Share (the
“Offered Price”); and (iv) the material terms and conditions upon which the proposed Transfer is to be made. The Common Share Transfer Notice shall certify that the Transferor has received a bona fide firm offer from the
prospective Transferee and in good faith believes a binding agreement for the Transfer is obtainable on the terms set forth in the Common Share Transfer Notice. The Common Share Transfer Notice shall also include a copy of any written proposal, term
sheet or letter of intent or other agreement relating to the proposed Transfer. 

  
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 Execution Version 

 
 2.2 Participant’s Option. 

(i) The Participants shall have an option for a period of thirty (30) days (the “Investor Refusal Period”) from the
receipt by such Participant of the Common Share Transfer Notice to submit notice of their respective irrevocable commitment to elect to purchase their respective pro rata shares of the Offered Shares at a price per Share equal to the Offered Price,
and subject to the same material terms and conditions as described in the Common Share Transfer Notice. 
 (ii) Each Participant
may exercise such purchase option and, thereby, purchase all or any portion of its pro rata share (with any re-allotments as provided below) of the Offered Shares, by notifying the Transferor and the Company in writing, before expiration of Investor
Refusal Period as to the number of such Offered Shares which it wishes to purchase (including any re-allotment). For the purposes of this Section 2.2(ii), each Participant’s pro rata share of the Offered Shares shall be a fraction
of such Offered Shares, of which the number of Shares (assuming the exercise, conversion and exchange of all such Shares) owned by such Participant on the date of the Common Share Transfer Notice shall be the numerator and the total number of Shares
(assuming the exercise, conversion and exchange of all Shares) held by all Participants on the date of the Common Share Transfer Notice shall be the denominator. 
 (iii) If any Participant fails to exercise its right to purchase its full pro rata share of the Offered Shares, the Transferor shall deliver written notice within five (5) days after the expiration
of the Investor Refusal Period to the Company and the Participants specifying the number of unpurchased Offered Shares (the “Second Transfer Notice”). Each Participant that exercised in full its right of first refusal under
Section 2.2(ii) above (an “Exercising Shareholder”) shall have a right of re-allotment, and may exercise an additional right to purchase such unpurchased Offered Shares by notifying the Transferor and the Company in
writing within ten (10) days after receipt of the Second Transfer Notice; provided, however, that if the Exercising Shareholders desire to purchase in aggregate more than the number of such unpurchased Offered Shares, then such
unpurchased Offered Shares will be allocated to the extent necessary among the Exercising Shareholders in accordance with their relative pro rata shares as determined in accordance with Section 2.2(ii). 

(iv) Each Participant shall be entitled to apportion Offered Shares to be purchased among its Affiliates, provided that such
Participant notifies the Transferor of such allocation. 
 (v) If any Participant gives the Transferor notice that it desires to
purchase its pro rata share of the Offered Shares and, as the case may be, its re-allotment, then payment for the Offered Shares shall be by check or wire transfer, against delivery of the Offered Shares to be purchased at a place agreed by the
parties and at the time of the scheduled closing therefor, which shall be no later than sixty (60) days after the Participant’s receipt of the Common Share Transfer Notice, unless the value of the purchase price has not yet been
established pursuant to Section 2.3. 

  
 7 

 Execution Version 

 
 2.3 Valuation of Property. Should the purchase price
specified in the Common Share Transfer Notice be payable in whole or in part in property other than cash or evidences of indebtedness, the cash equivalent value of the non-cash consideration will be determined by the Board (including the approval or
consent of each of the Series A Director, the Series B Director, the Series C Director and the Tiger Director) in good faith, which determination shall be binding upon the parties hereto and the Transferor, absent fraud or error. 

 

	3.	INVESTORS’ CO-SALE RIGHT. 

 3.1 In the event of any proposed Transfer pursuant to Section 2, to the extent a Participant does not exercise its rights of first refusal as to any of the Offered Shares pursuant to
Section 2.2, such Participant (a “Selling Holder”) shall have an option for a period of thirty (30) days from the end of the Investor Refusal Period to participate in such sale of Equity Securities on the same terms
and conditions as those being offered to the Transferor and in no event less favorable to the Transferor than those specified in the Common Share Transfer Notice. Each Selling Holder shall send notice to the Transferor indicating the number of
Equity Securities the Selling Holder wishes to sell under its right to participate. To the extent one or more of the Selling Holders exercise such right of participation in accordance with the terms and conditions set forth below, the number of
Equity Securities that the Transferor may sell in the Transfer to the Transferee shall be correspondingly reduced. 
 3.2 Each
Selling Holder may elect to sell up to such number of Equity Securities equal to (on a fully-diluted and as-converted basis) the product of (i) the aggregate number of Common Shares proposed to be sold to the Transferee (including the number of
Common Shares that would be issuable upon the exercise, conversion or exchange of Common Share Equivalents) by (ii) a fraction, the numerator of which is the number of Common Shares (including the number of Common Shares that would be issuable
upon the exercise, conversion or exchange of Common Share Equivalents) owned by the Selling Holder on the date of the Second Transfer Notice and the denominator of which is the total number of Common Shares (including the number of Common Shares
that would be issuable upon the exercise, conversion or exchange of Common Share Equivalents) owned by all Selling Holders and the Transferor on the date of the Second Transfer Notice (after taking into account the re-allotment). 

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

3.4 The share certificate or certificates that a Selling Holder delivers to the Transferor pursuant to Section 3.3 shall be
transferred to the prospective Transferee in consummation of the sale of the Equity Securities pursuant to the terms and conditions specified in the Common Share Transfer Notice, and the Transferor shall concurrently therewith remit to such Selling
Holder that portion of the sale proceeds to which such Selling Holder is entitled by reason of its participation in such sale. 

  
 8 

 Execution Version 

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

	4.	NON-EXERCISE OF RIGHTS. 

4.1 To the extent that the Participants have not exercised their rights to purchase all of the Offered Shares within the time periods
specified in Section 2 and the Participants have not exercised their rights to participate in the sale of all of the remaining Offered Shares within the time periods specified in Section 3, the Transferor shall have a period
of forty-five (45) days from the expiration of such rights in which to sell the remaining Offered Shares to the Transferee identified in the Common Share Transfer Notice upon terms and conditions (including the purchase price) no more favorable
than those specified in the Common Share Transfer Notice. 
 4.2 The parties agree that each Transferee shall, prior to the
consummation of any Transfer, have executed an Adoption Agreement in the form attached hereto as Exhibit D assuming the obligations of such Transferor under this Agreement with respect to the transferred Offered Shares. In the event the
Transferor does not consummate the sale or disposition of the Offered Shares within forty-five (45) days from the expiration of such rights, the Participants’ first refusal rights and the Participants’ co-sale rights shall continue to
be applicable to any subsequent disposition of the Offered Shares by the Transferor until such rights lapse in accordance with the terms of this Agreement. 
 4.3 The exercise or non-exercise under Sections 2 and 3 of the rights of the Participants to purchase Equity Securities from a Transferor or the Participants to participate in the sale of
Equity Securities by a Transferor shall not adversely affect their rights to make subsequent purchases from the Transferor of Equity Securities or subsequently participate in sales of Equity Securities by Transferor hereunder. 

 

	5.	LIMITATIONS TO RIGHTS OF FIRST REFUSAL AND CO-SALE. 

 5.1 Estate Planning. Notwithstanding the foregoing or anything to the contrary herein, the provisions of Sections 2 and 3 shall not apply: (i) to a repurchase of Shares from a
Transferor by the Company at a price no greater than that originally paid by such Transferor for such Shares and pursuant to an agreement containing vesting and/or repurchase provisions approved by the Board, or (ii) to any sale or assignment
by any Key Holder for estate planning purposes, with or without consideration, of Common Shares or Common Share Equivalents to any spouse or Immediate Family Member, or to a custodian, trustee, executor, or other fiduciary for the account of such
Key Holder’s spouse or Immediate Family Member (as the case may be), or to a trust for such Key Holder’s own self (as the case may be), or a charitable remainder trust or an entity wholly owned by such Key Holder legally and beneficially,
provided that each such Transferee or assignee, prior to the completion of the sale, transfer, or assignment, shall have executed an Adoption Agreement or other documents assuming the obligations of such Key Holder under this Agreement with
respect to the transferred Common Shares or Common Shares Equivalents. For avoidance of any doubt, in no circumstance shall the provisions of Sections 2 and 3 apply to any transfer, assignment or otherwise disposal of by FSL and Tiger
of any Common Shares. 

  
 9 

 Execution Version 

 
 5.2 Termination of Rights of First Refusal and Co-Sale
Right. The provisions of this Section 2 and 3 shall terminate upon the earlier of (i) immediately prior to the Company’s first Qualified IPO, and (ii) the occurrence of a Liquidation Event. 

 

	6.	PROHIBITED TRANSFER. 

 6.1
Prohibited Transferees. Notwithstanding anything to the contrary in this Agreement, no Transferor shall transfer any Equity Securities of the Company to (i) any entity which, in the determination of the majority of the Company’s
Board, including the affirmative approval or consent of the Series A Director, the Series B Director, the Series C Director and Tiger Director, directly or indirectly competes with the Company or (ii) any customer, distributor or supplier of
the Company, if a majority of the Company’s Board, including the Series A Director, the Series B Director, the Series C Director and Tiger Director, should determine that such transfer would result in such customer, distributor or supplier
receiving information that would place the Company at a competitive disadvantage with respect to such customer, distributor or supplier. 
 6.2 Prohibited Transfer. In the event any holder of Equity Securities (the “Transferring Holder”) should sell any Equity Securities in disregard or in contravention of the right of
first refusal or co-sale rights under this Agreement (a “Prohibited Transfer”), the Participants, in addition to such other remedies as may be available at law, in equity or hereunder, shall have the put option provided below, and
such Transferring Holder shall be bound by the applicable provisions of such option. 
 6.3 Put Right. Without prejudice
to any other rights and remedies available to the Investors, in the event of a Prohibited Transfer, each Participant shall have the right to sell to the Transferring Holder the type and number of Shares equal to the number of Shares such Participant
would have been entitled to transfer to the third-party Transferee under Section 3 hereof had the Prohibited Transfer been effected pursuant to and in compliance with the terms hereof. Such sale shall be made on the following terms and
conditions: 
 (i) The price per share at which the Shares are to be sold to the Transferring Holder shall be equal to the price
per share paid by the third-party Transferee to the Transferring Holder in the Prohibited Transfer. The Transferring Holder shall also reimburse each Participant for any and all reasonable fees and expense, including legal fees and out-of-pocket
expenses, incurred pursuant to the exercise or the attempted exercise of such Participant’s rights under Sections 2 and 3. 
 (ii) Within ninety (90) days after the later of the date on which the Participant (A) received notice of the Prohibited Transfer; or (B) otherwise became aware of the Prohibited Transfer,
such Participant shall, if exercising its rights under this Section 6, deliver to the Transferring Holder the certificate or certificates and instruments of transfer properly endorsed for transfer representing the Shares to be sold under
this Section 6 by such Participant. 

  
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 Execution Version 

 
 (iii) The Transferring Holder shall, within seven
(7) Business Days upon receipt of the certificate or certificates and instruments of transfer for the Shares to be sold by a Participant pursuant to this Section 6, pay the aggregate purchase price therefor and the amount of
reimbursable fees and expenses, as specified in Section 6.3(i), in cash or by other means acceptable to the Participant. The Company will concurrently therewith record such transfer on its books and update its register of members and
will promptly thereafter and in any event within five (5) Business Days reissue certificates, as applicable, to the Transferring Holder and the Participant reflecting the new securities held by them giving effect to such transfer. 

6.4 Voidability of Prohibited Transfer. Notwithstanding the foregoing, any attempt by a Key Holder or any other Common Holder
(other than FSL and Tiger) to transfer Equity Securities in violation of Section 2 or 3 shall be void, and the Company agrees it will not effect such a transfer nor will it treat any alleged Transferee as the holder of such Shares
without the written consent of the Majority Series A Holders, the Majority Series B Holders and the Majority Series C Holders, each voting or consenting as a single class. 

 

	7.	LOCK-UP 

 7.1 Agreement
to Lock-Up. Each party to this Agreement hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the Company’s Qualified IPO
and ending on the date specified by the Company and the managing underwriter (which period shall not exceed one hundred eighty (180) days) (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase
any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Shares of the Company held immediately prior to the effectiveness of the registration statement for the
Qualified IPO; or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such Shares, whether any such transaction described in clause (i) or
(ii) above is to be settled by delivery of Common Shares or other securities, in cash or otherwise. The foregoing provisions of this Section 7 shall apply only to a Qualified IPO, shall not apply to the sale of any Shares to an
underwriter pursuant to an underwriting agreement, and shall only be applicable to the Investors if all officers, directors and greater than one percent (1%) Shareholders enter into similar agreements. The underwriters in connection with the
Qualified IPO are intended third-party beneficiaries of this Section 7 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each party to this Agreement further agrees to
execute such agreements as may be reasonably requested by the underwriters in the Qualified IPO that are consistent with this Section 7 or that are necessary to give further effect thereto. 

7.2 Stop Transfer Instructions. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with
respect to the Shares of any party to this Agreement (and transferees and assignees thereof) until the end of such restricted period. 
  

	8.	MISCELLANEOUS. 

 8.1
Governing Law. This Agreement shall be governed by and construed under the laws of Hong Kong, without regards to conflicts of law principles. 

  
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 Execution Version 

 
 8.2 Dispute Resolution. 

(a) Any dispute, controversy or claim arising out of or relating to this Agreement, or the interpretation, breach, termination or
validity hereof, shall first be subject to resolution through consultation of the parties to such dispute, controversy or claim. Such consultation shall begin immediately after one party hereto has delivered to the other party hereto a written
request for such consultation (the “Consultation Request”). If within thirty (30) days following the date on which the Consultation Request is delivered the dispute cannot be resolved, the dispute shall be submitted to
arbitration upon the request of either party with notice to the other (the “Notice”). 
 (b) The arbitration
shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the “Centre”). There shall be three arbitrators. The complainant(s) and the respondent(s) to such dispute shall each select one
arbitrator within thirty (30) days after giving or receiving the demand for arbitration. Such arbitrators shall be freely selected, and the Parties shall not be limited in their selection to any prescribed list. The chairman of the Centre shall
select the third arbitrator, who shall be qualified to practice law in Hong Kong. All such arbitrators shall be freely selected, and the parties and the chairman of the Center shall not be limited in their selection to any prescribed list. If either
party does not appoint an arbitrator who has consented to participate within thirty (30) days after selection of the first arbitrator, the relevant appointment shall be made by the chairman of the Centre. 

(c) The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the arbitration rules of the Centre
in effect at the time of the Notice. However, if such rules are in conflict with the provisions of this Section 8.2, including the provisions concerning the appointment of arbitrators, the provisions of this Section 8.2 shall
prevail. 
 (d) Each party hereto shall cooperate with the other in making full disclosure of and providing complete access to
all information and documents requested by the other in connection with such arbitration proceedings, subject only to any confidentiality obligations binding on such party. 
 (e) The award of the arbitration tribunal shall be final and binding upon the disputing parties, and either party may apply to a court of competent jurisdiction for enforcement of such award. 

(f) Either party shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction pending
the constitution of the arbitral tribunal. 
 8.3 Notices. Except as may be otherwise provided herein, all notices,
requests, waivers and other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (i) when hand delivered to the other party; (ii) when sent by facsimile at the number
set forth on the signature page hereof upon successful transmission report being generated by the sender’s machine; (iii) three (3) Business Days after deposit with an international overnight delivery service, postage prepaid,
addressed to the parties as set forth on the signature page with next-business-day delivery guaranteed, provided that the sending party receives a confirmation of delivery from the delivery service provider, or (iv) when sent by
electronic mail at the email address set forth on the signature page hereof. 

  
 12 

 Execution Version 

 
 Each person making a communication hereunder by facsimile or
electronic mail shall promptly confirm by telephone to the person to whom such communication was addressed each communication made by it by facsimile or electronic mail pursuant hereto but the absence of such confirmation shall not affect the
validity of any such communication. A party may change or supplement the addresses given above, or designate additional addresses, for purposes of this Section 8.3 by giving the other party written notice of the new address in the manner
set forth above. 
 8.4 Entire Agreement; Prior Agreements; Conflicts. This Agreement, together with all the exhibits and
schedules hereto, constitutes and contains the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements, understandings, duties or
obligations between the parties respecting the subject matter hereof. In the event of any conflicts with the Memorandum and Articles, the provisions of this Agreement shall prevail. 

8.5 Severability. In the event one or more of the provisions of this Agreement should, for any reason, be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never
been contained herein. 
 8.6 Counterparts; Facsimile. This Agreement may be executed and delivered by facsimile
signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 8.7 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

8.8 Language. This Agreement and all other Transaction Agreements are entered into in English only. Any Chinese translation of the
Transaction Agreements, if any, is for reference only and shall not be a legally binding document. Accordingly, the English version will prevail in the event of any inconsistency between the English and any Chinese translations thereof. 

8.9 Effective Date. This Agreement shall take effect from and as of the date of the execution by the parties hereto. 

8.10 Further Assurances. At any time or from time to time after the date hereof, the parties agree to cooperate with each other,
and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions
contemplated hereby and to otherwise carry out the intent of the parties hereunder. 
 8.11 Costs of Enforcement. If any
party to this Agreement seeks to enforce its rights under this Agreement by legal proceedings, the non-prevailing party shall pay all costs and expenses incurred by the prevailing party, including, without limitation, all reasonable attorneys’
fees. 

  
 13 

 Execution Version 

 
 8.12 Aggregation of Rights. All Common Shares,
Preferred Shares, and Common Share Equivalents held or acquired by an Investor and its Affiliates or held or acquired by each of the Key Holders and its/his Affiliates directly or indirectly shall be aggregated together for the purpose of
determining the availability of any rights under this Agreement. 
 8.13 Interpretation; Captions. This Agreement shall
be construed according to its fair language. The rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be employed in interpreting this Agreement. The captions to sections of this Agreement have
been inserted for identification and reference purposes only and shall not be used to construe or interpret this Agreement. 

8.14 Consent Required to Amend, Terminate or Waive. This Agreement may be amended or modified and the observance of any term
hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument executed by (i) the Company; (ii) the holders of a majority of the Common Shares or Common Share
Equivalent then held by the Key Holders (voting together as a single class and on a fully-diluted and as-converted basis); (iii) the Majority Series A Holders, the Majority Series B Holders and the Majority Series C Holders (each voting as a
single class and on a fully-diluted and as-converted basis); (iv) FSL; and (v) Tiger. 
 8.15 New Shareholders;
Assignment of Rights. 
 (a) Any transferor Shareholder shall cause any transferee of any Equity Securities in the Company
that is not already a party to this Agreement, as a condition to the transfer of Equity Securities to such new Shareholder, to become a party to this Agreement by executing and delivering (i) the Adoption Agreement attached to this Agreement as
Exhibit D, or (ii) a counterpart signature page hereto agreeing to be bound by and subject to the terms of this Agreement as a Common Holder or Preferred Holder, as the case may be; provided that such transferee shall not be a
Competitor of the Company. Notwithstanding the foregoing, any Investor may transfer its rights set forth in this Section 8.15 without regards to the minimum number of Common Share Equivalents described in the first clause of the proviso
if the transferee is a constituent partner or member of such Investor or an entity controlling, controlled by or under common control of such Investor provided always that under no circumstance shall such transferee be a Competitor of the Company.
In any event, provided that the transfer or issuance of such Equity Securities shall not have been made in contravention of this Agreement or applicable laws, each such person shall thereafter be deemed a Shareholder for all purposes under
this Agreement. The Company shall not record the transfer of any equity securities of the Company on its register of members, or issue share certificates with respect to such transfers of equity securities of the Company, unless such transfer is
made in compliance with this Section 8.15. 
 (b) The Company shall further procure that each Key Employee and
Person that acquire Common Shares representing more than one percent (1%) of the outstanding Shares of the Company (on a fully-diluted and as-converted basis) shall, as a condition to the issuance of Common Shares or options to acquire Common
Shares to such Person, enter into this Agreement such that such Person shall become bound by all of the rights and restrictions of a Common Holder (other than FSL and Tiger) hereunder. 

  
 14 

 Execution Version 

 
 8.16 Termination. The rights and obligations of the
Shareholders set forth in this Agreement shall terminate upon the earlier of (i) the Qualified IPO; (ii) a Deemed Liquidation Event (as defined in the Memorandum and Articles), or (iii) the date on which this Agreement is terminated
by operation of law or the occurrence of an Exchange Act Registration; provided, that upon the transfer by any Shareholder of all securities in the Company owned by it in accordance with the provisions hereof, such Shareholder shall
automatically cease to be a party to this Agreement and shall have no further rights or obligations hereunder. 
 8.17
Endorsement of Share Certificates. Each certificate representing any Equity Securities now or hereafter owned by a Shareholder or issued to any Person in connection with a transfer pursuant to Section 2 or 3 hereof shall be
endorsed by the Company with a legend reading substantially as follows: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933. 
 THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO, AND IN CERTAIN CASES PROHIBITED BY, THE TERMS AND CONDITIONS OF A CERTAIN INVESTORS’
RIGHTS AGREEMENT AND A CERTAIN RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT, BOTH BY AND AMONG THE SHAREHOLDERS, THE COMPANY AND CERTAIN OTHER HOLDERS OF SHARES OF THE COMPANY. COPIES OF SUCH AGREEMENTS MAY BE OBTAINED UPON WRITTEN REQUEST TO THE
SECRETARY OF THE COMPANY. 
 The Company, by its execution of this Agreement, agrees that it will cause the certificates
evidencing Equity Securities subject to this Agreement issued after the date hereof to bear the legend required by this Section 8.17 of this Agreement, and it shall supply, free of charge, a copy of this Agreement to any holder of a
certificate evidencing Equity Securities upon written request from such holder to the Company at its principal office. The parties to this Agreement do hereby agree that the failure to cause the certificates evidencing the Shares to bear the legend
required by this Section 8.17 herein and/or the failure of the Company to supply, free of charge, a copy of this Agreement as provided hereunder shall not affect the validity or enforcement of this Agreement. 

8.18 Share Splits. Share Dividends, etc. In the event of any issuance of Equity Securities of the Company hereafter to any of the
Shareholders (including, without limitation, in connection with any share split, share dividend, recapitalization, reorganization, or the like), such Equity Securities shall become subject to this Agreement and shall be endorsed with the legend set
forth in Section 8.17. 

  
 15 

 Execution Version 

 
 8.19 Termination of Existing ROFR Agreement; Waiver of
Pre-emptive Rights. In consideration of the mutual covenants and promises contained herein, each of the parties to the Existing ROFR Agreement hereby confirms and covenants with each of the other parties thereto that, with effect immediately
upon the effectiveness of this Agreement: (a) the Existing ROFR Agreement shall be absolutely terminated; (b) none of the parties to the Existing ROFR Agreement have or shall have any rights, claims or interests whatsoever against
any of the other parties to the Existing ROFR Agreement under or in respect of the Existing ROFR Agreement; and (c) to the extent that any of the parties to the Existing ROFR Agreement have or may have any rights, claims or interests
whatsoever against any of the other parties thereto under or in respect of the Existing ROFR Agreement, such rights, claims or interests are hereby absolutely, irrevocably and unconditionally waived, discharged and released by the parties concerned.

 [The remainder of this page has been intentionally left blank] 

  
 16 

 Execution Version 

 
 IN WITNESS WHEREOF, the parties hereto have executed this Right of
First Refusal and Co-Sale Agreement as of the day and year herein above first written. 
  

			
	COMPANY:
	
	For and on behalf of
	YY INC.
		
	By:	 	 

	Name: LI Xueling
	Capacity: Authorized Director
	
	Address: c/o 4/F, No. 44/46 Jianzhong Road
	Tianbe District, Guanghou, Guangdong, PRC
	
	Attention: LI Xueling
	
	Email: lixueling@chinaduo.com

  
 Signatory Page

 Execution Version 

 
 IN WITNESS WHEREOF, the parties hereto have executed this Right of
First Refusal and Co-Sale Agreement as of the day and year herein above first written. 
  

			
	DUOWAN BVI:
	
	For and on behalf of
	Duowan Entertainment Corp.
		
		 	For and on behalf of
		 	Duowan Entertainment Corp.
		
	By:	 	 

		 	Authorized Signature
	Name: LI Xueling
	Capacity: Authorized Director
	
	Address: c/o 4/F, No. 44/46 Jianzhong Road
	Tianbe District, Guanghou, Guangdong, PRC
	
	Attention: LI Xueling
	
	Email: lixueling@chinaduo.com

  
 Signatory Page

 Execution Version 

 
 IN WITNESS WHEREOF, the parties hereto have executed this Right of
First Refusal and Co-Sale Agreement as of the day and year herein above first written. 
  

	
	KEY HOLDERS:
	
	 

	LI Xueling
	
	Address: No. 33 Xuesha Road, Zonglu Tan, Lijiang
	Garden, Panyuan District, Guangzhou, PRC
	
	E mail: lixueling@chinaduo.com
	
	  

	LEI Jun
	
	Address: Room 19E, Block A, Hua Ting Jia Yuan, Bei Si Haan Thong Lu, Chao Yang District,
	Beijing, PRC
	Email: leijun@kingsoft.com

  
 Signatory Page

 Execution Version 

 
 IN WITNESS WHEREOF, the parties hereto have executed this Right of
First Refusal and Co-Sale Agreement as of the day and year herein above first written. 
  

	
	KEY HOLDERS:
	
	  

	LI Xueling
	
	Address: No. 33 Xuesha Road, Zonglu Tan, Lijiang Garden, Panyuan District, Guangzhou, PRC
	
	E mail: lixueling@chinaduo.com
	
	 

	LEI Jun
	
	Address: Room 19E, Block A, Hua Ting Jia Yuan,
	Bei Si Haan Thong Lu, Chao Yang District,
	Beijing, PRC
	Email: leijun@kingsoft.com

  
 Signatory Page

 Execution Version 

 
 IN WITNESS WHEREOF, the parties hereto have executed this Right of
First Refusal and Co-Sale Agreement as of the day and year herein above first written. 
  

	
	KEY HOLDERS:
	
	 

	CAO Jin
	
	Address: 6-2-501., Guanjingli, Hongqi South Road,
	Nankai District, Tianjin, PRC
	
	Email: caojin@chinaduo.com
	
	 

	ZHAO Bin
	
	Address: 6-2-501., Jiefangdongyuan, No. 55
	Dongxi, Louyang, Henan, PRC
	
	Email: zhaobin@chinaduo.com

  
 Signatory Page

 Execution Version 

 
 IN WITNESS WHEREOF, the parties hereto have executed this Right of
First Refusal and Co-Sale Agreement as of the day and year herein above first written. 
  

			
	INVESTOR:
	
	STEAMBOAT VENTURES ASIA, L.P.
		
	By:	 	Steamboat Ventures Asia Manager, L.P.
	Its:	 	General Partner
		
	By:	 	Steamboat Ventures Asia GP, Ltd.
	Its:	 	General Partner
		
	By:	 	 

	Name and Capacity: Daniel L. Beldy, Director

  
 Signatory Page

 Execution Version 

 
 IN WITNESS WHEREOF, the parties hereto have executed this Right of
First Refusal and Co-Sale Agreement as of the day and year herein above first written. 
  

			
	INVESTOR:
	For and on behalf of
	FAVOR STAR LIMlTED
		
	By:	 	

	Name: Raymond Long Sing Tang/Louise Mary Garbarino
	Capacity: Authorized Signatures
	
	Address: c/o 22/F Hang Lung Centre,
	2-20 Paterson Street, Causeway Bay, Hong Kong
	
	Attention: Alice Li
	
	E-mail: alice.li@springfld.com/lgarbarino@thc- mgt.mc

  
 Signatory Page

 Execution Version 

 
 IN WITNESS WHEREOF, the parties hereto have executed this Right of
First Refusal and Co-Sale Agreement as of the day and year herein above fast written. 
  

	
	INVESTOR:
	
	 MORNINGSIDE CHINA TMT FUND I, L.P.,
 a Cayman Islands exempted limited partnership,

	
	By: MORNINGSIDE CHINA TMT GP, L.P., a Cayman Islands exempted limited partnership, its general partner,
	
	By: TMT GENERAL PARTNER LTD., a Cayman Islands limited company its general partner
	
	 

	Director/Authorized Signatory
	Date:

  
 Signatory Page

 Execution Version 

 
 IN WITNESS WHEREOF, the parties hereto have executed this Right of
First Refusal and Co-Sale Agreement as of the day and year herein above first written. 
  

			
	INVESTORS:
	GRANITE GLOBAL VENTURES III L.P.
		
	By:	 	 Granite Global Ventures III L.L.C.,
 its General Partner

		
	By:	 	 

	Name: Hany Nada
	Capacity: Managing Director

 
			
		
	Address:	 	2494 Sand Hill Road, Suite 100, Menlo Park, CA 94025 U.S.A.
		
	Attention:	 	Hany Nada
	
	E-mail: hnada@ggvc.com

 
			
	
	GGV III ENTREPRENEURS FUND L.P.
	By:	 	 Granite Global Ventures III L.L.C.,
 its General Partner

		
	By:	 	 

	Name: Hany Nada
	Capacity: Managing Director

 
			
		
	Address:	 	2494 Sand Hill Road, Suite 100, Menlo Park, CA 94025 U.S.A.
		
	Attention:	 	Hany Nada
	
	E-mail: hnada@ggvc.com

  
 Signatory Page

 IN WITNESS WHEREOF, the parties hereto have executed this Right of First Refusal and Co-Sale
Agreement as of the day and year herein above first written. 
  

			
	INVESTOR:
	
	TIGER GLOBAL SIX YY HOLDINGS
		
	By:	 	 

	Name: Moussa Taujoo
	Capacity: Director
	
	Address: Tiger Global Mauritius Office,
	TwentySeven, Cybercity, Ebene, Mauritius
	
	Attention: Moussa Taujoo
	
	E-mail: mtaujoo@tigerglobal.com

  
 Signatory Page

 Execution Version 

 
 EXHIBIT A 

KEY HOLDERS 
  

			
	 Name of the Key Holder
	 	 Passport/ID No.

	LI Xueling	 	640204197410230034
	LEI Jun	 	11010819691216311X
	ZHAO Bin	 	110108710130183
	CAO Jin	 	120104197211114332

  
 Exhibit A

 Execution Version 

 
 EXHIBIT B 

INVESTORS 
  

	
	 Name of the Investor

	 Favor Star Limited
 Morningside China TMT Fund I, L.P.
 Steamboat Ventures Asia, L.P.

Granite Global Ventures III L.P.
 GGV III Entrepreneurs Fund L.P.
 Tiger Global Six YY Holdings

  
 Exhibit B

 Execution Version 

 
 EXHIBIT C 

KEY EMPLOYEES 
  

			
	 Name of the Key Employee
	 	 PRC Identity Card No.

	LI Xueling	 	640204197410230034
	CAO Jin	 	120104197211114332
	ZHAO Bin	 	110108710130183

  
 Exhibit C

 Execution Version 

 
 EXHIBIT D 

ADOPTION AGREEMENT 
 This ADOPTION AGREEMENT (“Adoption Agreement”) is executed on             , 20    , by the undersigned (the
“New Shareholder”) pursuant to the terms of that certain Right of First Refusal and Co-Sale Agreement dated as of September 6, 2011 (the “Agreement”), by and among the Company and certain of its shareholders,
as such Agreement may be amended, or amended and restated hereafter. Capitalized terms used but not defined in this Adoption Agreement shall have the respective meanings ascribed to such terms in the Agreement. By the execution of this Adoption
Agreement, the New Shareholder agrees as follows. 
 1.1 Acknowledgement. The New Shareholder acknowledges that he/she/it
is acquiring certain shares of the capital stock of the Company (the “Stock”) for one of the following reasons (check the correct box): 
  

	 	 ̈	as a transferee of Preferred Shares from a party in such party's capacity as an “Investor” bound by the Agreement, or a new party who is receiving the
Preferred Shares from the Company, and after such transfer or receipt, the Preferred Holder shall be considered an “Investor” and a “Shareholder” for all purposes of the Agreement; 

OR 
  

	 	 ̈	as a transferee of Equity Securities from a party in such party’s capacity as a Common Holder (other than FSL and Tiger) bound by the Agreement, and after such
transfer, the New Shareholder shall be considered a “Common Holder” and a “Shareholder” for all purposes of the Agreement. 

 1.2 Agreement. The New Shareholder hereby (a) agrees that the Stock, and any other shares of capital stock or securities required by the Agreement to be bound thereby, shall be bound by and
subject to the terms of the Agreement and (b) adopts the Agreement with the same force and effect as if he/she/it were the Preferred Holder or Common Holder (as the case may be) and were originally a party thereto. 

1.3 Notice. Any notice required or permitted by the Agreement shall be given to the New Shareholder at the address or facsimile
number listed below New Shareholder’s signature hereto. 

 

 NEW SHAREHOLDER: 
  

			
	By:	 	  

			
	
	Name and Capacity of Signatory

			
		
	Address:	 	  

			
		
	Facsimile Number:	 	  

 

 ACCEPTED AND AGREED BY: 
 YY INC. 
  
  

			
		
	By:	 	  

			
		
	Capacity:	 	  

 
 

  
 Exhibit DShare Exchange Agreement dated September 6, 2011

 Exhibit 4.6 
 Execution version 
 Dated September 6, 2011 

The persons whose names and 
 addresses are set out in Schedule 1 Part A 
 and 

The corporations whose names and 
 addresses are set out in Schedule 1 Parts B, C and D 
 (Vendors) 

and 
 YY Inc.

 (Purchaser) 
  

 
 Share
Exchange Agreement relating to 
 Duowan Entertainment Corp. 

 
  

 This Share Exchange Agreement is made on the 6th day of September, 2011 

BETWEEN: 
  

	(1)	The persons whose names and addresses are set out in Schedule 1 Part A (the “Common Share Vendors”) 

 

	(2)	The corporations whose names and addresses are set out in Schedule 1 Parts B, C, D and E (the “Preferred Share Vendors”)

 (the Common Share Vendors and the Preferred Share Vendors are together the “Vendors”); and

  

	(3)	YY Inc., a company incorporated under the laws of Cayman Islands with its registered office at Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111,
Cayman Islands (the “Purchaser”). 

 RECITALS 

 

	(A)	The parties intend that a corporate reorganisation of a group of companies involving Duowan Entertainment Corp. will take place whereby the Company will become a
wholly-owned subsidiary of the Purchaser. 

  

	(B)	Pursuant to the corporate reorganisation, the Vendors will sell to the Purchaser and the Purchaser will purchase from the Vendors the entire issued share capital of
Duowan Entertainment Corp. subject to and upon the terms and conditions of this Agreement. 

 OPERATIVE PROVISIONS

  

	1.	Interpretation 

  

	1.1	In this Agreement and the Schedules hereto the following words and expressions shall, where the context so admits, bear the following meanings:

  

			
	“Agreement”	  	this Share Exchange Agreement;
		
	“Business Day”	  	a day (not being a Saturday or Sunday) on which banks generally are open for business in the PRC;
		
	“Common Consideration Shares”	  	543,339,914 common shares of US$0.00001 each in the share capital of the Purchaser to be issued and allotted in exchange for the Common Sale
Shares;

  
 1 

			
	“Common Sale Shares”	  	543,340,914 common shares of no par value in the Company constituting the entire number of issued common shares thereof;
		
	“Companies Law”	  	The Companies Law (Law 3 of 1961, as consolidated and revised) of the Cayman Islands;
		
	“Company”	  	Duowan Entertainment Corp., a company incorporated under the laws of the British Virgin Islands, further particulars of which are set out in Schedule 2;
		
	“Completion”	  	completion of this Agreement as provided in Clause below;
		
	“Completion Date”	  	the date of signing hereof or such later date as shall be agreed between the Parties;
		
	“Consideration Shares”	  	the Common Consideration Shares and the Preferred Consideration Shares;
		
	“Group”	  	the Company and the Subsidiaries;
		
	“Parties”	  	the parties to this Agreement and “Party” means any of them;
		
	“PRC”	  	The People’s Republic of China;
		
	“Preferred Consideration Shares”	  	the Series A Preferred Consideration Shares, the Series B Preferred Consideration Shares, the Series C-1 Preferred Consideration Shares and the Series C-2 Preferred Consideration
Shares;
		
	“Preferred Sale Shares”	  	the Series A Preferred Sale Shares, the Series B Preferred Sale Shares, the Series C-1 Preferred Sale Shares and the Series C-2 Preferred Sale Shares;
		
	“Sale Shares”	  	the Common Sale Shares and the Preferred Sale Shares;
		
	“Series A Preferred Consideration Shares”	  	136,100,930 series A preferred shares of US$0.00001 each in the share capital of the Purchaser to be issued and allotted in exchange for the Series A Preferred Sale
Shares;

  
 2 

			
	“Series B Preferred Consideration Shares”	  	102,073,860 series B preferred shares of US$0.00001 each in the share capital of the Purchaser to be issued and allotted in exchange for the Series B Preferred Sale
Shares;
		
	“Series C-1 Preferred Consideration Shares”	  	16,249,870 series C-1 preferred shares of US$0.00001 each in the share capital of the Purchaser to be issued and allotted in exchange for the Series C-1 Preferred Sale
Shares;
		
	“Series C-2 Preferred Consideration Shares”	  	104,999,650 series C-2 preferred shares of US$0.00001 each in the share capital of the Purchaser to be issued and allotted in exchange for the Series C-2 Preferred Sale
Shares;
		
	“Series A Preferred Sale Shares”	  	136,100,930 convertible redeemable series A preferred shares of no par value in the Company constituting the entire number of issued series A preferred shares
thereof;
		
	“Series B Preferred Sale Shares”	  	102,073,860 convertible redeemable series B preferred shares of no par value in the Company constituting the entire number of issued series B preferred shares
thereof;
		
	“Series C-1 Preferred Sale Shares”	  	16,249,870 convertible redeemable series C-1 preferred shares of no par value in the Company constituting the entire number of issued series C-1 preferred shares
thereof;
		
	“Series C-2 Preferred Sale Shares”	  	104,999,650 convertible redeemable series C-2 preferred shares of no par value in the Company constituting the entire number of issued series C-2 preferred shares
thereof;
		
	“Subsidiaries”	  	Duowan Entertainment Information Technology (Beijing) Co., Ltd., a wholly foreign owned enterprise established in the PRC, Neotasks, Inc., a company incorporated in the Cayman
Island, Neotasks Limited, a company incorporated in Hong Kong, and Zhuhai Duowan Technology Limited, a wholly foreign owned enterprise established in the PRC; and
		
	“US$”	  	United States dollars, the lawful currency of the United States.

  
 3 

	1.2	Words and expressions defined in the Companies Law shall (unless the context clearly does not so permit) bear the same meanings where used in this Agreement.

  

	1.3	The ejusdem generis rule of construction shall not apply to this Agreement and accordingly general words shall not be given a restrictive meaning by reason of their
being preceded or followed by words indicating a particular class or examples of acts matters or things. 

  

	1.4	Words importing the singular shall include the plural and vice versa and words importing any gender shall include all other genders and references to persons shall
include corporations and unincorporated associations. 

  

	1.5	References in this Agreement to any agreed draft document or any document in agreed form are references to the document described in the form of the draft agreed
between the parties and initialled by them for identification purposes. 

  

	1.6	References in this Agreement to statutory provisions shall be construed as references to those provisions as respectively amended consolidated extended or re-enacted
from time to time and shall include the corresponding provisions of any earlier legislation (whether repealed or not) and any orders regulations instruments or other subordinate legislation made from time to time under the statute concerned.

  

	1.7	References to this Agreement shall include the Schedules hereto which shall form part hereof and shall have the same force and effect as if expressly set out in the
body of this Agreement. 

  

	1.8	The Clause headings in this Agreement are for convenience only and shall not affect the interpretation hereof. 

 

	1.9	The obligations of the Vendors shall, save where the context expressly requires to the contrary, be several. 

 

	2.	Agreement to sell and purchase 

  

	2.1	On and subject to the terms of this Agreement, each of the Vendors as beneficial owners shall sell those of the Sale Shares set against their respective names in column
(2) of Schedule 1 Parts A, B, C, D and E and the Purchaser agrees to purchase the same in each case free from all liens, charges, encumbrances and other equities of any description and together with all rights and benefits now and
hereafter attaching thereto, including (without limitation) all rights to dividends and other distributions hereafter paid declared or made in respect of the Sale Shares. 

  
 4 

	2.2	The Vendors hereby waive all right of first refusal, co-sale rights, drag-along rights, liquidation preference rights, redemption rights, conversion rights, pre-emption
and similar or other rights over the Sale Shares or any of them or any proceeds deriving therefrom to which they or any other person may be entitled under the Fourth Amended and Restated the Memorandum of Association and Articles of Association of
the Company, the third amended and restated investors’ rights agreement dated 21 January 2011, and the third amended and restated right of first refusal and co-sale agreement dated 21 January 2011 entered into between the Company and
the Vendors or otherwise in relation to the sale and purchase of the same hereunder. 

  

	2.3	Nothing in this Agreement shall oblige the Purchaser to buy any of the Sale Shares or otherwise complete the transaction contemplated by this Agreement unless the sale
and purchase of all of the Sale Shares are completed simultaneously. 

  

	3.	Consideration 

 The
consideration payable by the Purchaser to the Vendors for the Sale Shares shall be satisfied or deemed to have been satisfied in full by the Purchaser allotting and issuing to each Vendor or any entity controlled by the respective Vendor as he, she
or it may direct, the number of Consideration Shares as set against his, her or its respective name in Column (3) of Schedule 1 Parts A, B, C, D and E credited as fully paid free from all liens, charges, encumbrances or other adverse
interests whatsoever. 
  

	4.	Completion 

  

	4.1	Unless otherwise agreed, Completion shall take place at the offices of the Company’s principal place of business on or before 5:00 p.m. on the Completion Date.

  

	4.2	On Completion: 

  

	 	(a)	the Vendors shall deliver to the Purchaser: 

  

	 	(i)	duly executed transfers of the Sale Shares in favour of the Purchaser together with the share certificates therefor or an indemnity in a form reasonably required by the
Purchaser in the case of any missing share certificates; and 

  

	 	(ii)	all the constitutive documents of each of the members of the Group, including (without limitation) the certificates of incorporation, certificates of incorporation on
change of name (if any), memorandum and articles of association, the common seals and company chops, minute books, registers of members and registers of directors (both duly written up to date), share certificate books and all other constitutional
documents, statutory records and documents of each member of the Group; and 

  
 5 

	 	(b)	the Vendors shall procure that a written resolution of all directors and shareholders of the Company be passed at which the following shall be approved:

  

	 	(i)	the transfers of the Sale Shares; 

  

	 	(ii)	the entry of the name of the Purchaser into the register of members of the Company; and 

 

	 	(iii)	all such other business as the Purchaser shall reasonably require to vest in the Purchaser the beneficial ownership of the Sale Shares. 

 

	4.3	Subject to the conclusion of the matters referred to in Clause 4.2 above, the Purchaser shall within three Business Days from the Completion Date:

  

	 	(i)	issue and allot the Consideration Shares, credited as fully paid to each of the Vendors or as he/it may direct in writing as set out in Clause 3 above; and

  

	 	(ii)	deliver to the Vendors a copy of the register of members of the Purchaser evidencing the issue and allotment of the relevant number of the Consideration Shares to the
Vendors or their named allottees respectively. 

  

	5.	Vendors Warranties 

 Each
of the Vendors hereby represents warrants and undertakes to the Purchaser that: 
  

	 	(i)	he/it has full power and authority and has obtained all necessary consents waivers and licences to enter into and perform the obligations to be performed by each of
them under or pursuant to this Agreement and any agreement to be entered into by each of them as herein mentioned; and 

  

	 	(ii)	each of the Vendors is the absolute beneficial owner of the number of Sale Shares (or otherwise has full power to sell and transfer to the Purchaser full legal and
beneficial interest in the number of Sale Shares and beneficial ownership of the number of Sale Shares) set against their respective names in column (2) of Schedule 1 Part A, B, C, D or E as the case may be and each of the Sale Shares is
and will at Completion be free from all charges liens encumbrances and equities whatsoever. 

  
 6 

	6.	Further Assurance 

 The
Vendors hereby agree to do any such further acts documents and things as the Purchaser may reasonably require to vest in the Purchaser (or as it shall direct) the beneficial ownership of the Sale Shares free from all charges liens encumbrances and
other adverse interests and to vest the benefit of this Agreement in the Purchaser. 
  

	7.	Survival of Agreement 

This Agreement (and in particular the warranties representations covenants agreements and undertakings of the Vendors hereunder) shall,
insofar as the terms hereof remain to be performed or are capable of subsisting, remain in full force and effect after and notwithstanding Completion. 
  

	8.	Successors and Assigns 

This Agreement shall not be assignable by the Vendors (save as expressly permitted herein) but shall be binding upon and enure for the
benefit of each Party’s successors in title. 
  

	9.	Announcements 

 Save in
respect of statutory returns or matters required to be disclosed by law or other governmental or regulatory authorities or in connection with the proposed listing of the share capital of the Purchaser, none of the parties hereto shall make any press
statement or other public announcement in connection with this Agreement without the prior written approval of the text of such statement or announcement by the Purchaser. 

 

	10.	Notices 

 Any notice
required to be given hereunder shall be in writing and shall be served by sending the same by prepaid recorded post, facsimile or by delivering the same by hand to the address of the Party or Parties in question as set out below (or such other
address as such Party or Parties shall notify the other Parties of in accordance with this clause). Any notice sent by post as provided in this clause shall be deemed to have been served five Business Days after despatch and any notice sent by
facsimile as provided in this clause shall be deemed to have been served at the time of despatch and in proving the service of the same it will be sufficient to prove in the case of a letter that such letter was properly stamped, addressed and
placed in the post; and in the case of a facsimile that such facsimile was duly despatched to a current facsimile number of the addressee. 

  
 7 

 To the Common Share Vendors 

 

			
	Name	  	: LI Xueling
	Address	  	: No. 2, Hai Yun Cang Hu Tong, Dongcheng District, Beijing, PRC
	Fax	  	:
		
	Name	  	: LEI Jun
	Address	  	: Room 19E, A Zuo, Hua Ting Jia Yuan, No. 6 Bei Si Huan Zhong Road, Chao Yang District, Beijing,
		  	  PRC
	Fax	  	:
		
	Name	  	: Morningside Technology Investments Limited
	Address	  	: c/o 22nd Floor, Hang Lung Centre, 2-20 Paterson Street, Causeway Bay, Hong Kong
	Fax	  	:
		
	Name	  	: ZHAO Bin
	Address	  	: 601-3-161, Tianfu Road, Tianhe District, Guangzhou City, Guangdong Province, PRC
	Fax	  	:
		
	Name	  	: CAO Jin
	Address	  	: 0607 Fang, No. 203, Zhongshan Avenue West, Guangzhou City, Guangdong Province, PRC
	Fax	  	:
		
	Name	  	: Tiger Global Six YY Holdings
	Address	  	: Tiger Global Mauritius Office, TwentySeven, Cybercity, Ebene, Mauritius
	Fax	  	:
	
	To the Preferred Share Vendors
		
	Name	  	: FAVOR STAR LIMITED
	Address	  	: c/o 22nd Floor, Hang Lung Centre, 2-20 Paterson Street, Causeway Bay, Hong Kong
	Fax	  	:
		
	Name	  	: Morningside China TMT Fund I, L.P.
	Address	  	: Clifton House, 75 Fort Street, P.O. Box 1350, Grand Cayman, KY1-1108, Cayman Islands
	Fax	  	:

  
 8 

			
	Name	  	: Steamboat Ventures Asia, L.P.
	Address	  	: c/o Walkers SPV Limited, P.O. Box 908GT, Mary Street George Town, Grand Cayman, Cayman Islands
	Fax	  	:
		
	Name	  	: GRANITE GLOBAL VENTURES III L.P.
	Address	  	: 2494 Sand Hill Road, Suite 100, Menlo Park, CA94025, USA
	Fax	  	:
		
	Name	  	: GGV III ENTREPRENEURS FUND L.P.
	Address	  	: 2494 Sand Hill Road, Suite 100, Menlo Park, CA94025, USA
	Fax	  	:
	
	To the Purchaser
		
	Name	  	: YY Inc.
	Address	  	:
	Fax	  	:

  

	11.	General 

  

	11.1	The obligations and liabilities of any Party hereto shall not be prejudiced released or affected by any time or forbearance or indulgence release or compromise given or
granted by any person to whom such obligations and liabilities are owed or by any other person to such Party or any other Party so obliged or liable nor by any other matter or circumstance which (but for this provision) would operate to prejudice
release or affect any such obligations except an express written release by all the parties to whom the relevant obligations and liabilities are owed or due. 

 

	11.2	This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same document.

  

	11.3	This Agreement represents the entire agreement between the Parties and it may only be varied by written document signed by all the Parties. 

 

	11.4	Except where expressly provided to the contrary, the rights and remedies reserved to the Parties or any of them under any provision of this Agreement or in any document
to be executed pursuant hereto shall be in addition and without prejudice to any other rights or remedies available to such Parties whether under this Agreement or any such document by statute common law or otherwise. 

 

	11.5	This Agreement shall be governed by and construed in accordance with the laws of the Cayman Islands and the parties hereby irrevocably undertake to submit themselves to
the non-exclusive jurisdiction of the courts of the Cayman Islands. 

  
 9 

 IN WITNESS whereof this Agreement has been duly executed by each of the Parties the day and year first
before written. 
 The Common Share Vendors 
  

					
	SIGNED by LI Xueling	 	)	  	 

	 	  
			
	SIGNED by LEI Jun	 	)	  	
			
		 		  	  

			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	Morningside Technology Investments	 	)	  	
	Limited	 	)	  	  

			
	SIGNED by ZHAO Bin	 	)	  	 

	 	  
			
	SIGNED by CAO Jin	 	)	  	 

	 	  

  
 10 

 themselves to the non-exclusive jurisdiction of the courts of the Cayman Islands.

 IN WITNESS whereof this Agreement has been duly executed by each of the Parties the day and year first before written. 

The Common Share Vendors 
  

					
	SIGNED by LI Xueling	 	)	  	
			
		 		  	  

			
	SIGNED by LEI Jun	 	)	  	 

	 	  
			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	Morningside Technology Investments	 	)	  	
	Limited	 	)	  	  

			
	SIGNED by ZHAO Bin	 	)	  	
			
		 		  	  

			
	SIGNED by CAO Jin	 	)	  	
			
		 		  	  

  
 11 

 themselves to the non-exclusive jurisdiction of the courts of the Cayman Islands.

 IN WITNESS whereof this Agreement has been duly executed by each of the Parties the day and year first before written. 

The Common Share Vendors 
  

					
	SIGNED by LI Xueling	 	)	  	
			
		 		  	  

			
	SIGNED by LEI Jun	 	)	  	
			
		 		  	  

			
	SIGNED by	 	)	  	 

	for and on behalf of	 	)	  
	Morningside Technology Investments	 	)	  
	Limited	 	)	  
		 		  
		 		  	Authorized Signatures
			
	SIGNED by ZHAO Bin	 	)	  	
			
		 		  	  

			
	SIGNED by CAO Jin	 	)	  	
			
		 		  	  

  
 12 

					
	SIGNED by	 	)	  	 

	for and on behalf of	 	)	  
	Tiger Global Six YY Holdings	 	)	  
		 		  
			
	The Preference Share Vendors	 		  	
			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	FAVOR STAR LIMITED	 	)	  	
		 		  	  

			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	Morningside China TMT Fund I, L.P.	 	)	  	
		 		  	  

			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	Steamboat Ventures Asia, L.P.	 	)	  	
		 		  	  

			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	GRANITE GLOBAL VENTURES III L.P.	 	)	  	
		 		  	  

			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	GGV III ENTREPRENEURS FUND L.P.	 	)	  	
		 		  	  

  
 13 

							
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	Tiger Global Six YY Holdings	 	)	  	
		 		  	  

			
	The Preferred Share Vendors	 		  	
			
	SIGNED by	 	)	  	 

	for and on behalf of	 	)	  
	FAVOR STAR LIMITED	 	)	  
		 		  
		 		  
		 		  
		 		  	Authorized Signatures
			
	SIGNED for and on behalf of	 	)	  	
	Morningside China TMT Fund I, L.P., a	 	)	  	
	Cayman Islands exempted limited	 	)	  	
	partnership,	 	)	  	
	By:	  	Morningside China TMT GP, L.P., a	 	)	  	
		  	Cayman Islands exempted limited	 	)	  	
		  	partnership, its general partner,	 	)	  	
	By:	  	TMT General Partner Ltd., a Cayman	 	)	  	
		  	Islands limited company, its general	 	)	  	
		  	partner	 	)	  	
		 	)	  	  

			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	Steamboat Ventures Asia, L.P.	 	)	  	
		 		  	  

			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	GRANITE GLOBAL VENTURES III L.P.	 	)	  	
		 		  	  

  
 14 

							
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	Tiger Global Six YY Holdings	 	)	  	
		 		  	  

		
	The Preferred Share Vendors	 	
			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	FAVOR STAR LIMITED	 	)	  	
		 		  	  

			
	SIGNED by for and on behalf of	 	)	  	
	Momingside China TMT Fund I, L.P., a	 	)	  	
	Cayman Islands exempted limited	 	)	  	
	partnership,	 	)	  	
	By:	  	Morningside China TMT GP, L.P., a	 	)	  	
		  	Cayman Islands exempted limited	 	)	  	
		  	partnership, its general partner,	 	)	  	
	By:	  	TMT General Partner Ltd., a Cayman	 	)	  	 

		  	Islands limited company, its general	 	)	  
		  	partner	 	)	  
		  		 	)	  
		  		 		  
		  		 		  
			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	Steamboat Ventures Asia, L.P.	 	)	  	
		 		  	  

			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	GRANITE GLOBAL VENTURES III L.P.	 	)	  	
		 		  	  

  
 15 

					
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	Tiger Global Six YY Holdings	 	)	  	
		 		  	  

			
	The Preference Share Vendors	 		  	
			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	FAVOR STAR LIMITED	 	)	  	
		 		  	  

			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	Morningside China TMT Fund I, L.P.	 	)	  	
		 		  	  

			
	SIGNED by Daniel L. Beldy,	 	)	  	 

	Authorized Signatory	 	)	  
	for and on behalf of	 	)	  
	Steamboat Ventures Asia, L.P.	 		  
		 		  
		 		  
			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	GRANITE GLOBAL VENTURES III L.P.	 	)	  	
		 		  	  

			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	GGV III ENTREPRENEURS FUND L.P.	 	)	  	
		 		  	  

  
 16 

					
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	Tiger Global Six YY Holdings	 	)	  	
		 		  	  

			
	The Preference Share Vendors	 		  	
			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	FAVOR STAR LIMITED	 	)	  	
		 		  	  

			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	Morningside China TMT Fund I, L.P.	 	)	  	
		 		  	  

			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	
	Steamboat Ventures Asia, L.P.	 	)	  	
		 		  	  

			
	SIGNED by	 	)	  	Hany Nada, Managing Director
	for and on behalf of	 	)	  	 

	GRANITE GLOBAL VENTURES III L.P.	 	)	  
	By Granite Global Ventures III L.L.C.	 		  
	Its General Partner	 		  
		 		  
		 		  
			
	SIGNED by	 	)	  	Hany Nada, Managing Director
	for and on behalf of	 	)	  	 

	GGV III ENTREPRENEURS FUND L.P.	 	)	  
	By Granite Global Ventures III L.L.C.	 		  
	Its General Partner	 		  	

  
 17 

					
	The Purchaser	 		  	
			
	SIGNED by	 	)	  	 

	for and on behalf of	 	)	  
	YY Inc.	 	)	  
		 		  
		 		  
		 		  

  
 18 

 SCHEDULE 1 
 Part A 
 COMMON SHARE VENDORS 

 

							
	 Names and addresses of
 Common Share Vendors
	  	No. of Common
Sale Shares	 	  	No. of
Common Consideration Shares
			
	 1. LI Xueling

No. 2, Hai Yun Cang Hu Tong

Dongcheng District, Beijing PRC
	  	 	215,241,483	  	  	215,240,483
			
	 2. LEI Jun

Room 19E, A Zuo
 Hua Ting Jia Yuan
 No. 6 Bei Si Huan Zhong Road

Chao Yang District, Beijing, PRC
	  	 	215,241,483	  	  	215,241,483
			
	 3. Morningside Technology

Investments Limited

Pasea Estate, Road Town

Tortola
 British Virgin Islands
	  	 	10,450,230	  	  	10,450,230

(to be allotted to
FAVOR STAR LIMITED as
hereby instructed by
Morningside Technology
Investments
Limited)

			
	 4. ZHAO Bin

601-3-161, Tianfu Road

Tianhe District, Guangzhou City

Guangdong Province

PRC
	  	 	17,768,380	  	  	17,768,380
			
	 5. CAO Jin

0607 Fang
 No. 203, Zhongshan Avenue West
 Guangzhou City

Guangdong Province, PRC
	  	 	7,928,690	  	  	7,928,690
			
	 6. Tiger Global Six YY Holdings

Tiger Global Mauritius Office

TwentySeven, Cybercity

Ebene, Mauritius
	  	 	76,710,648	  	  	76,710,648
			
	 Total
	  	 	543,340,914	  	  	543,339,914

  
 19 

 Part B 
 SERIES A PREFERRED SHARE VENDORS 
  

									
	 Names and addresses of Series A

Preferred Share Vendors
	  	No. of Series A
Preferred
Sale
Shares	 	  	No.
of
Series A Preferred
Consideration Shares	 
			
	 1. FAVOR STAR LIMITED

P.O. Box 957
 Offshore Incorporations Centre
 Road Town,
Tortola
 British Virgin Islands
	  	 	54,488,000	  	  	 	54,488,000	  
			
	 2. Morningside China TMT Fund I, L.P.

Clifton House, 75 Fort Street,

P.O. Box 1350
 Grand Cayman, KY1-1108,
 Cayman Islands
	  	 	81,612,930	  	  	 	81,612,930	  
			
	 Total
	  	 	136,100,930	  	  	 	136,100,930	  

  
 20 

 Part C 
 SERIES B PREFERRED SHARE VENDORS 
  

									
	 Names and addresses of Series B

Preferred Share Vendors
	  	No. of Series B
Preferred
Sale
Shares	 	  	No.
of
Series B Preferred
Consideration Shares	 
			
	 1. Steamboat Ventures Asia, L.P.

c/o Walkers SPV Limited

P.O. Box 908GT
 Mary Street George Town
 Grand Cayman

Cayman Islands
	  	 	81,658,990	  	  	 	81,658,990	  
			
	 2. Morningside China TMT Fund I, L.P.

Clifton House, 75 Fort House

P.O. Box 1350
 Grand Cayman, KY1-1108
 Cayman Islands
	  	 	20,414,870	  	  	 	20,414,870	  
			
	 Total
	  	 	102,073,860	  	  	 	102,073,860	  

  
 21 

 Part D 
 SERIES C-1 PREFERRED SHARE VENDORS 
  

									
	 Names and addresses of Series

C-1 Preferred Share Vendors
	  	No. of Series 
C-1
Preferred
Sale Shares	 	  	No.
of
Series C-1 Preferred
Consideration Shares	 
			
	 1. GRANITE GLOBAL VENTURES III L.P.

2494 Sand Hill Road

Suite 100
 Menlo Park, CA94025
 USA
	  	 	10,659,950	  	  	 	10,659,950	  
			
	 2. GGV III ENTREPRENEURS FUND L.P.

2494 Sand Hill Road

Suite 100
 Menlo Park, CA94025
 USA
	  	 	173,460	  	  	 	173,460	  
			
	 3. Steamboat Ventures Asia, L.P.

c/o Walkers SPV Limited

P.O. Box 908GT
 Mary Street George Town
 Grand Cayman

Cayman Islands
	  	 	3,869,040	  	  	 	3,869,040	  
			
	 4. Morningside China TMT Fund I, L.P.

Clifton House, 75 Fort House

P.O. Box 1350
 Grand Cayman, KY1-1108
 Cayman Islands
	  	 	1,547,420	  	  	 	1,547,420	  
			
	 Total
	  	 	16,249,870	  	  	 	16,249,870	  

  
 22 

 Part E 
 SERIES C-2 PREFERRED SHARE VENDORS 
  

									
	 Names and addresses of Series

C-2 Preferred Share Vendors
	  	No. of Series 
C-2
Preferred
Sale Shares	 	  	No.
of
Series C-2 Preferred
Consideration Shares	 
			
	 1. GRANITE GLOBAL VENTURES III L.P.

2494 Sand Hill Road

Suite 100
 Menlo Park, CA94025
 USA
	  	 	68,879,790	  	  	 	68,879,790	  
			
	 2. GGV III ENTREPRENEURS FUND L.P.

2494 Sand Hill Road

Suite 100
 Menlo Park, CA94025
 USA
	  	 	1,120,140	  	  	 	1,120,140	  
			
	 3. Steamboat Ventures Asia, L.P.

c/o Walkers SPV Limited

P.O. Box 908GT
 Mary Street George Town
 Grand Cayman

Cayman Islands
	  	 	24,999,800	  	  	 	24,999,800	  
			
	 4. Morningside China TMT Fund I, L.P.

Clifton House, 75 Fort House

P.O. Box 1350
 Grand Cayman, KY1-1108
 Cayman Islands
	  	 	9,999,920	  	  	 	9,999,920	  
			
	 Total
	  	 	104,999,650	  	  	 	104,999,650	  

  
 23 

 SCHEDULE 2 
 DUOWAN ENTERTAINMENT CORP. 
  

					
			
	Incorporation date	 	:	 	6 November 2007
			
	Place of Incorporation	 	:	 	British Virgin Islands
			
	Maximum number of authorised shares	 	:	 	A maximum of 1,382,209,535 shares, comprising of (i) 1,022,785,225 no par value Common Shares, (ii) 136,100,930 no par value convertible redeemable Series A Preferred Shares, (iii)
102,073,860 no par value convertible redeemable Series B Preferred Shares, (iv) 16,249,870 no par value convertible redeemable Series C-1 Preferred Shares, and (v) 104,999,650 no par value convertible redeemable Series C-2 Preferred
Shares.
			
	Number of issued shares	 	:	 	902,765,224 shares, comprising of (i) 543,340,914 no par value Common Shares, (ii) 136,100,930 no par value convertible redeemable Series A Preferred Shares, (iii) 102,073,860 no
par value convertible redeemable Series B Preferred Shares, (iv) 16,249,870 no par value convertible redeemable Series C-1 Preferred Shares, and (v) 104,999,650 no par value convertible redeemable Series C-2 Preferred Shares.
			
	Shareholders	 	:	 	As set out in Schedule 1
			
	Directors	 	:	 	LI Xueling
		 		 	LEI Jun
		 		 	LIU Qin
		 		 	HARTIGAN Alexander Barrett
		 		 	LEE Hong Wei, Jenny
		 		 	ZHAO Bin
		 		 	Yasin, Nazar Abdenabi

  
 24

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