Document:

Ex 10.14- Investor Agreement dated December 15, 2017

 Exhibit 10.14 

STRICTLY PRIVATE AND CONFIDENTIAL 

EXECUTION VERSION 

INVESTOR AGREEMENT 

among 
 TENCENT MUSIC
ENTERTAINMENT GROUP, 
 TENCENT HOLDINGS LIMITED, 

SPOTIFY AB 
 and

 SPOTIFY TECHNOLOGY S.A. 

DATED AS OF DECEMBER 15, 2017 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 SECTION 1.01
	  	 Certain Defined Terms
	  	 	1	 
	 SECTION 1.02
	  	 Other Definitional Provisions; Interpretation
	  	 	6	 
		
	 ARTICLE II TRANSFER OF TME SECURITIES
	  	 	7	 
			
	 SECTION 2.01
	  	 General Transfer Restrictions
	  	 	7	 
	 SECTION 2.02
	  	 Restrictions on Transfer
	  	 	7	 
	 SECTION 2.03
	  	 Joinder to Investor Agreement
	  	 	9	 
	 SECTION 2.04
	  	 Notice of Transfer
	  	 	10	 
	 SECTION 2.05
	  	 Legends
	  	 	10	 
	 SECTION 2.06
	  	 Lock-Up Agreements
	  	 	11	 
	 SECTION 2.07
	  	 Drag-Along Right
	  	 	11	 
	 SECTION 2.08
	  	 Delay of Transfer
	  	 	12	 
		
	 ARTICLE III STANDSTILL; VOTING
	  	 	13	 
			
	 SECTION 3.01
	  	 Standstill Covenant
	  	 	13	 
	 SECTION 3.02
	  	 Voting Agreement
	  	 	15	 
		
	 ARTICLE IV CERTAIN GOVERNANCE MATTERS
	  	 	17	 
			
	 SECTION 4.01
	  	 Information Rights
	  	 	17	 
	 SECTION 4.02
	  	 Potential Business Opportunities
	  	 	17	 
	 SECTION 4.03
	  	 Anti-Bribery Covenants
	  	 	18	 
	 SECTION 4.04
	  	 Sanctions Covenant
	  	 	18	 
		
	 ARTICLE V GENERAL PROVISIONS
	  	 	18	 
			
	 SECTION 5.01
	  	 Confidentiality
	  	 	18	 
	 SECTION 5.02
	  	 Amendment
	  	 	19	 
	 SECTION 5.03
	  	 Notices
	  	 	19	 
	 SECTION 5.04
	  	 Waivers
	  	 	20	 
	 SECTION 5.05
	  	 Successors and Assignment
	  	 	21	 
	 SECTION 5.06
	  	 No Third-Party Beneficiaries
	  	 	21	 
	 SECTION 5.07
	  	 Severability
	  	 	21	 
	 SECTION 5.08
	  	 Entire Understanding
	  	 	21	 
	 SECTION 5.09
	  	 Governing Documents; Other Shareholder Agreements
	  	 	21	 
	 SECTION 5.10
	  	 Waiver of Separate Shareholder Class Rights
	  	 	21	 
	 SECTION 5.11
	  	 Dual-Class Structure
	  	 	22	 
	 SECTION 5.12
	  	 Governing Law
	  	 	23	 
	 SECTION 5.13
	  	 Arbitration
	  	 	23	 
	 SECTION 5.14
	  	 Counterparts
	  	 	23	 

  
 i 

							
	 	  	 	  	Page	 
	 SECTION 5.15
	  	 Specific Performance
	  	 	24	 
	 SECTION 5.16
	  	 Termination
	  	 	24	 
	 SECTION 5.17
	  	 Other Agreements
	  	 	24	 
	 SECTION 5.18
	  	 Representations
	  	 	24	 

  
 ii 

 Index of Defined Terms 

 

					
	 Affiliate
	  	 	1	 
	 Agreement
	  	 	1	 
	 Anticorruption Laws
	  	 	1	 
	 beneficial owner
	  	 	2	 
	 beneficial ownership
	  	 	2	 
	 beneficially own
	  	 	2	 
	 Board
	  	 	2	 
	 Brokerage Transaction
	  	 	9	 
	 Business Day
	  	 	2	 
	 Company
	  	 	1	 
	 Company Articles
	  	 	2	 
	 Competing Business
	  	 	2	 
	 Confidential Information
	  	 	2	 
	 Derivative Security
	  	 	2	 
	 Drag-Along Right
	  	 	12	 
	 Dual-Class Structure and Re-Designation
	  	 	22	 
	 Effective Event
	  	 	22	 
	 Eligible Fund
	  	 	3	 
	 Exchange Act
	  	 	3	 
	 Foreign or State Act
	  	 	9	 
	 Founder Transfer
	  	 	9	 
	 Fully Diluted
	  	 	3	 
	 ICC
	  	 	23	 
	 Identified Person
	  	 	17	 
	 Institutional Fund
	  	 	4	 
	 Investor
	  	 	4	 
	 Investor Shares
	  	 	22	 
	 IPO
	  	 	4	 
	 Law
	  	 	4	 
	 Lock-Up Period
	  	 	8	 
	 Music Business
	  	 	4	 

					
	 OFAC
	  	 	4	 
	 OFAC Sanctioned Person
	  	 	4	 
	 OFAC Sanctions
	  	 	4	 
	 Parent
	  	 	1	 
	 Permitted Transferee
	  	 	5	 
	 Person or person
	  	 	5	 
	 Potential Business Opportunity
	  	 	17	 
	 Prohibited Person
	  	 	5	 
	 Prohibited Person List
	  	 	5	 
	 Qualified Transfer
	  	 	8	 
	 Representatives
	  	 	5	 
	 Rights Holder
	  	 	5	 
	 Sale Notice
	  	 	12	 
	 SDN List
	  	 	4	 
	 Secretary
	  	 	5	 
	 Securities Act
	  	 	5	 
	 Shareholder
	  	 	1	 
	 Standstill Cap
	  	 	15	 
	 Standstill Period
	  	 	13	 
	 Strategic Investor
	  	 	5	 
	 Subscription Agreement
	  	 	1	 
	 Subsidiary
	  	 	5	 
	 Tencent
	  	 	1	 
	 TME Investor Agreement
	  	 	5	 
	 TME Securities
	  	 	5	 
	 TME Shares
	  	 	1	 
	 Total Voting Power
	  	 	6	 
	 Trade Sale
	  	 	6	 
	 Transfer
	  	 	6	 
	 Transferee
	  	 	6	 
	 VIE
	  	 	6	 

 
 

  
 iii 

 INVESTOR AGREEMENT 

INVESTOR AGREEMENT, dated as of December 15, 2017 (this “Agreement”), among Tencent Music Entertainment Group, an exempted
company incorporated with limited liability under the laws of the Cayman Islands (the “Company”), Tencent Holdings Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands
(“Tencent”), Spotify AB, a corporation incorporated under the laws of Sweden (the “Shareholder”), and Spotify Technology S.A., a public limited company (société anonyme) incorporated under the
laws of Luxembourg, having its registered office at 42-44 avenue de la Gare, L-1610 Luxembourg, and registered with the Luxembourg Trade and Companies Register under
number B 123 052 (“Parent”), and any other Person that becomes a party to this Agreement pursuant to Article II. 

BACKGROUND 
 On the date
hereof, the Company issued 282,830,698 ordinary shares, $0.000083 par value per share, of the Company (the “TME Shares”) to the Shareholder pursuant to that certain Subscription Agreement, dated as of December 8, 2017, by and
among the Company, Tencent Music Entertainment Hong Kong Limited, a company incorporated under the laws of Hong Kong, Parent and the Shareholder (the “Subscription Agreement”). 

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally
bound hereby, the parties hereto hereby agree as follows. 
 ARTICLE I 

DEFINITIONS 

SECTION 1.01    Certain Defined Terms. Capitalized terms used but not defined herein shall have the meanings
assigned to them in the Subscription Agreement. As used in this Agreement, the following terms shall have the following meanings: 

“Affiliate” of any Person shall mean, as of any date, any Person that, directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control with such first Person. For purposes of this Agreement, a Person shall be deemed to “control” another Person if such first Person possesses, directly or indirectly, the
power to direct, or cause the direction of, the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise. For the avoidance of doubt, for purposes of this Agreement, (i) none of
the Investors or any of their respective controlled Affiliates shall be deemed to be an Affiliate of the Company or Tencent or any of their respective Affiliates, and (ii) none of the Company, Tencent or any of their respective Affiliates shall
be deemed to be an Affiliate of the Investors or any of their respective controlled Affiliates. 
 “Anticorruption Laws”
shall mean Laws governing bribery and corruption, including the U.S. Foreign Corrupt Practices Act of 1977, as amended (15 U.S.C. §§ 78a et seq. (1997 and 2000)), the UK Bribery Act 2010 and the anti-bribery and anticorruption Laws in the
PRC (including the Criminal Law and Anti-Unfair Competition Law of the PRC). 

 “beneficial owner” and words of similar import (including
“beneficially own” and “beneficial ownership”) shall have the meaning assigned to such terms in Rule 13d-3 promulgated under the Exchange Act (or any comparable successor rule
thereto). 
 “Board” shall mean the board of directors or similar governing body of the Company. 

“Business Day” shall mean any day of the year other than (i) any Saturday or Sunday or (ii) any other day on which
banks located in New York City, New York, United States of America, London, United Kingdom, Stockholm, Sweden, Luxembourg, Grand Duchy of Luxembourg, Hong Kong S.A.R., Shenzhen, PRC or the Cayman Islands are closed for business. 

“Company Articles” shall mean the Third Amended and Restated Articles of Association of the Company as adopted by the
shareholders of the Company on December 14, 2017, as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms. 

“Competing Business” shall mean any activities that are in direct and material competition with the business activities of
the Company and its Subsidiaries. Direct competition shall include offering digital music service businesses and the accompanying music copyrights administration business, including streaming, downloading, radio, online live broadcasts, karaoke and
other music-related services across all screens and terminals, including mobile phones, personal computers, television and other multi-media platforms. 

“Confidential Information” shall mean all confidential and proprietary information (irrespective of the form of communication
and whatever the form or storage medium and including any copies or reproductions thereof) obtained by or on behalf of the Investors or their respective controlled Affiliates or any Identified Persons from the Company or its Affiliates or their
respective Representatives, through the ownership of any TME Securities or the Investors’ rights pursuant to this Agreement or otherwise, other than information which: (i) at the time of disclosure was, or thereafter becomes, available to
the Investors, their respective controlled Affiliates or their respective Representatives; provided, that such information was not known by the Investors, their respective controlled Affiliates or their respective Representatives to have been
obtained from a Person in violation of any obligation of confidentiality to the Company; (ii) at the time of disclosure was, or thereafter becomes, generally available to the public other than directly or indirectly as a result of a disclosure
by the Investors, their respective controlled Affiliates or any of their respective Representatives in violation of this Agreement; or (iii) is or was generated independently by the Investors, their respective controlled Affiliates or any of
their respective Representatives without reference to such information and without violating the confidentiality provisions of this Agreement. 

“Derivative Security” shall mean, with respect to any Person, any right, option, other security or derivative position that
has an exercise, exchange or conversion privilege or a settlement payment or mechanism at a price related to, or a value determined in whole or in part with reference to or derived in whole or in part from, the value of any securities, bank debt or
other obligations of such Person or any of its Subsidiaries. 

  
 2 

 “Eligible Fund” shall mean, with respect to any Person, any investment fund
or asset management vehicle (which may, for the avoidance of doubt, be a hedge fund, venture capital fund or private equity fund) that (i) engages in the types of activities restricted by Section 3.01 or other
investment activities, in each case, in the ordinary course of its business, (ii) does not control, is not controlled by, and is not under common control or joint control with, directly or indirectly, such Person (and neither such Person nor
any of its Affiliates has the power to (A) vote, or direct the voting of, or the power to dispose, or to direct the disposition of, the securities and other assets of such fund or vehicle, (B) invest, or direct the investment of, the funds
of such fund or vehicle or (C) otherwise influence or direct the actions and operations of such fund or vehicle, including with respect to the amount, form and timing of any distributions), and (iii) is not in the possession of any
Confidential Information provided by such Person. 
 “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder. 
 “Fully Diluted” shall mean, with respect to the share
capital of the Company, the sum of (i) all shares of capital stock of the Company issued and outstanding as of such date, plus (ii) all shares of capital stock of the Company issuable upon exercise of all options, warrants and other
rights to purchase or otherwise acquire shares of capital stock of the Company granted, issued and outstanding as of such date, plus (iii) all shares of capital stock issuable upon conversion, exchange or exercise of any securities of
the Company that are convertible into, exchangeable or exercisable for shares of capital stock of the Company granted, issued and outstanding as of such date, and plus (iv) all restricted shares of the Company granted, issued and
outstanding as of such date; provided, however, that (A) with respect to any convertible debt securities of the Company, the shares of capital stock issuable upon conversion of such securities shall be included in the calculation
of the Fully Diluted share capital of the Company if the price per share of capital stock of the Company into which such securities are convertible as of such date (regardless of whether such securities are convertible at that time) is greater than
or equal to the applicable conversion price of such securities, in which case the number of shares of capital stock to be included in the calculation of the Fully Diluted share capital of the Company in respect of such convertible debt securities
will be calculated by dividing the total principal amount (plus any accrued payment-in-kind interest) of such securities by the applicable conversion price and
(B) with respect to any options or warrants of the Company, the number of shares of capital stock of the Company to be included in the calculation of the Fully Diluted share capital in respect of such options or warrants shall be the product of
(x) a fraction, the numerator of which is the excess (if any) of the price per share of capital stock of the Company as of such date over the weighted average exercise price per share of capital stock of the Company as of such date for all such
options and warrants (regardless of whether such options and/or warrants are exercisable at that time), and the denominator of which is the price per share of capital stock of the Company as of such date and (y) the total number of shares of
capital stock of the Company issuable upon exercise of all such options and warrants. For purposes of this definition, the price per share of the capital stock of the Company shall be determined (1) if such shares are publicly traded on a
national securities exchange in the United States or a non-U.S. securities exchange, the volume weighted average of the price per share for the ninety (90) trading days ending on (and including) the last
trading day prior to the first day of the calendar month in which the Fully Diluted share capital is determined, as obtained from Bloomberg L.P. (or, if not reported therein, from another authoritative source) and (2) if such shares are not so
publicly traded, the price per share determined by an internationally recognized valuation firm that is independent from the Company, the Investors and their respective controlled Affiliates and that is mutually selected by the Company and Parent.

  
 3 

 “Institutional Fund” shall mean any investment fund or asset management
vehicle (which may, for the avoidance of doubt, be a hedge fund, venture capital fund or private equity fund) that (i) engages in the investment activities in the ordinary course of its business, and (ii) does not control, is not
controlled by, and is not under common control or joint control with, directly or indirectly, any Prohibited Person (and neither any Prohibited Person nor any of its Affiliates has the power to (A) vote, or direct the voting of, or the power to
dispose, or to direct the disposition of, the securities and other assets held by such fund or vehicle, (B) invest, or direct the investment of, the funds of such fund or vehicle or (C) otherwise influence or direct the actions and
operations of such fund or vehicle, including with respect to the amount, form and timing of any distributions). 

“Investor” shall mean any of (i) Parent and the Shareholder to the extent it beneficially owns any TME Securities and
(ii) each of their respective Transferees that beneficially own any TME Securities and that have executed and delivered to the Company a joinder agreement to be bound by the provisions of this Agreement pursuant to
Section 2.03. 
 “IPO” shall mean the first listing of equity securities of the Company (or a
holding company or any other TME Group Company that holds all or substantially all of the assets of the Company and its Subsidiaries on a consolidated basis) on an internationally recognized stock exchange or similar marketplace of recognized
national standing (excluding, for the avoidance of doubt, private secondary markets or similar), including the direct listing without conducting a concurrent offering. 

“Law” shall mean any law, statute, code, regulation, ordinance or rule, in each case, enacted or promulgated by any
Governmental Body, or any Order or other legally enforceable requirement of a Governmental Body, in each case, as amended, restated, supplemented or modified from time to time. 

“Music Business” shall mean (i) digital music service businesses, including streaming, downloading, radio, online live
broadcasts, karaoke and other music-related services across all screens and terminals, including mobile phones, personal computers, television and other multi-media platforms or (ii) any music copyrights administration business. 

“OFAC Sanctioned Person” shall mean any government, country, corporation or other entity, group or individual with whom or
which the OFAC Sanctions prohibit a U.S. Person from engaging in transactions, and includes any individual or corporation or other entity that appears on the current OFAC list of Specially Designated Nationals and Blocked Persons (the “SDN
List”). For ease of reference, and not by way of limitation, OFAC Sanctioned Persons other than governments and countries can be found on the SDN List on OFAC’s website at www.treas.gov/offices/enforcement/ofac/sdn. 

“OFAC Sanctions” shall mean any sanctions program administered by the Office of Foreign Assets Control of the U.S. Department
of the Treasury (“OFAC”) under authority delegated to the Secretary of the Treasury (the “Secretary”) by the President of the United States or provided to the Secretary by statute, and any order or license issued
by, or under authority delegated by, the President or provided to the Secretary by statute in connection with a sanctions program thus administered by OFAC. For ease of reference, and not by way of limitation, OFAC Sanctions programs are described
on OFAC’s website at www.treas.gov/ofac. 

  
 4 

 “Permitted Transferee” of any Person shall mean any Affiliate of such
Person. 
 “Person” or “person” shall mean any individual, corporation, business trust, proprietorship,
firm, partnership, limited partnership, limited liability partnership, limited liability company, trust, association, joint venture, Governmental Body or other entity. 

“Prohibited Person” shall mean (i) each Person listed in Schedule I attached hereto (the “Prohibited Person
List”), which list may be updated pursuant to Section 2.02(c), and (ii) any Affiliate of each of the foregoing Persons. 

“Representatives” shall mean, with respect to any Person, such Person’s directors, managers, officers, employees and
advisors (including financial advisors, attorneys, accountants and consultants); provided, however, that for the avoidance of doubt (i) a shareholder, member, partner or other equity holder of such Person or (ii) a music
record label or other rights holder, in each case, shall not be deemed, and shall not constitute, a “Representative” for purposes of this Agreement. 

“Rights Holder” shall mean (i) each Person listed in Schedule II attached hereto and (ii) any Affiliate of each of
the foregoing Persons. 
 “Securities Act” shall mean the U.S. Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 
 “Strategic Investor” shall mean (i) each Person listed in Schedule III attached
hereto and (ii) any Affiliate of each of the foregoing Persons; provided, that a “Strategic Investor” shall not include any Eligible Fund in which such Person makes or holds a bona fide investment. 

“Subsidiary” shall mean, with respect to any Person, any other Person, whether incorporated or unincorporated, (i) of
which more than fifty percent (50%) of either the equity interests in, or the voting control of, such other Person is, directly or indirectly through Subsidiaries or otherwise, beneficially owned by such first Person, (ii) of which such first
Person is the general partner or managing member, (iii) which is a VIE of such first Person or (iv) which is a Subsidiary of any VIE of such first Person. 

“TME Investor Agreement” shall mean that certain investor agreement, dated as of the date hereof, by and among the Company,
Tencent Music Entertainment Hong Kong Limited, Tencent, Image Frame Investment (HK) Limited, Parent and the other parties thereto. 

“TME Securities” shall mean shares of capital stock of the Company, warrants, options, convertible securities, exchangeable
securities or similar rights or instruments of the Company exercisable, exchangeable or convertible into, or requiring the issuance, allotment or delivery of shares of capital stock of the Company, including the TME Shares. For purposes of this
Agreement, each option to purchase TME Securities shall be considered a TME Security only together with the TME Securities underlying such option, and such option and the underlying TME Securities shall be considered one single TME Security. 

  
 5 

 “Total Voting Power” shall mean the total number of votes entitled to be
cast generally in the election of the members of the Board represented by the TME Securities. 
 “Trade Sale” shall have
the meaning set forth in the Company Articles. 
 “Transfer” shall mean (with its cognates having corresponding meanings),
with respect to any securities, (i) any sale, exchange, transfer, redemption, grant, pledge, hypothecation or other disposition, whether voluntary or involuntary, and whether or not for value, of any of such securities, or any securities,
options, warrants or rights convertible into or exercisable or exchangeable for, or for the purchase or other acquisition of, or otherwise with respect to, any of such securities or any contract or other binding arrangement or understanding (in each
case, whether written or oral) to take any of the foregoing actions or (ii) entering into any swap or other agreement, arrangement or understanding, whether or not in writing, that, directly or indirectly, transfers, conveys or otherwise
disposes of, in whole or in part, any of the economic or other risks or consequences of ownership of any of such securities, including short sales of applicable securities, option transactions with respect to securities, use of equity or other
derivative financial instruments relating to such securities and other hedging arrangements with respect to such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of such securities,
other securities, cash or otherwise; provided, however, that any such sale, exchange, transfer, redemption, grant, pledge, hypothecation or other disposition referred to in clause (i) of, or any of the agreements, arrangements or
understandings referred to in clause (ii) in respect of, the securities of any Person that beneficially owns any TME Securities (including any shares or other securities of Parent) shall not constitute a “Transfer” of TME Securities
for purposes of this Agreement (and shall not be subject to any of the restrictions set forth in Article II), except that the transfer of any shares or other securities of the Shareholder shall constitute a
“Transfer” of TME Securities for purposes of this Agreement (and such transfer shall be subject to the restrictions set forth in Article II) if, at the time of such transfer, the Shareholder and its Subsidiaries
do not own or otherwise hold all or substantially all of the assets of Parent. 
 “Transferee” shall mean a Person that
receives a Transfer. 
 “VIE” shall mean, with respect to any Person, any other Person (i) over which such first
Person can effect direct or indirect control through direct or indirect contractual arrangements and (ii) whose financial results are consolidated with the net revenues of such first Person and are recorded on the books of such first Person for
financial reporting purposes in accordance with the accounting standards applicable to such first Person. 

SECTION 1.02    Other Definitional Provisions; Interpretation. The table of contents and headings preceding
the text of articles and sections included in this Agreement and the headings to schedules and exhibits attached to this Agreement are for convenience only and shall not be deemed part of this Agreement or be given any effect in interpreting this
Agreement. All exhibits and schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. The use of the masculine, feminine or neuter gender or the singular or plural
form of words herein shall not limit any provision of this Agreement. The terms as set forth in this Agreement have been arrived at after mutual negotiation with the advice of counsel and, therefore, it is the intention of the parties hereto that
its terms may not be construed against any of the parties hereto by reason of the fact that it was prepared by one of the parties hereto. Reference to any Person includes such Person’s successors (including by operation of law) and assigns to
the extent such successors and assigns are permitted by the terms of any applicable agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually. Reference to any agreement (including this
Agreement), document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof. All references to “Section,”
“Sections,” “Article,” “Articles,” “Exhibit” or “Exhibits” refer to the corresponding Section, Sections, Article, Articles, Exhibit or Exhibits of this Agreement. The word “including” shall
mean “including without limitation.” The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement. “Extent” in the phrase to “to the extent” shall mean the degree to which a subject or other item extends and shall not simply mean “if”. The word “or” is used in the inclusive
sense of “and/or”. All references to any Law means such Law as amended from time to time and shall include any successor legislation thereto and any rules and regulations promulgated therein. 

  
 6 

 ARTICLE II 

TRANSFER OF TME SECURITIES 

SECTION 2.01    General Transfer Restrictions. The right of the Investors and any of their respective
controlled Affiliates to Transfer any TME Securities they beneficially own is subject to the restrictions set forth in this Article II, and no Transfer of such TME Securities by the Investors or any of their respective
controlled Affiliates may be effected except in compliance with this Article II. Any attempted Transfer in violation of this Agreement shall be null and void ab initio and of no effect, regardless of whether the
purported Transferee has any actual or constructive knowledge of the Transfer restrictions set forth in this Agreement. Any purported Transfer in violation of this Agreement shall not be recorded (and the Company will instruct its transfer agent,
registered office and other third parties not to record such purported Transfer) in the register of members of the Company or result in the treatment of any purported Transferee of such TME Securities as the owner of such TME Securities for any
purpose. 
 SECTION 2.02    Restrictions on Transfer. 

(a)    Restrictions During Lock-Up Period. During the period
beginning on the date hereof and ending on the earlier of (i) the third (3rd) anniversary of the date hereof and (ii) the first date after the date hereof on which the number of TME
Securities collectively beneficially owned by a Strategic Investor and its Affiliates exceeds the number of TME Securities then collectively beneficially owned by the Investors and their respective controlled Affiliates (such period, the “Lock-Up Period”), the Investors shall not, and the Investors shall cause their respective controlled Affiliates not to, Transfer any TME Securities beneficially owned by them, except: 

(i)    with the prior written consent of the Company (acting through its Board or a designated committee
thereof); 

  
 7 

 (ii)    to a Permitted Transferee, subject to compliance
with Section 2.03; provided, that, (A) if such Person ceases to be a Permitted Transferee during the Lock-Up Period, then the applicable Investor shall cause, and shall
cause its controlled Affiliates to cause, such Person to, and such Person shall, Transfer such TME Securities back to such Investor or its controlled Affiliates or (B) if such Person ceases to be a Permitted Transferee after the expiration of
the Lock-Up Period and a Transfer of TME Securities to such Person at that time would be prohibited by Section 2.02(b), then the applicable Investor shall cause, and shall cause its
controlled Affiliates to cause, such Person to, and such Person shall, Transfer such TME Securities back to such Investor or its controlled Affiliates; 

(iii)    pursuant to (A) a tender offer or exchange offer for at least a majority of the issued and
outstanding TME Securities if the Board has affirmatively recommended to the holders of the issued and outstanding TME Securities that such holders tender their TME Securities into such tender or exchange offer and if the Board has not publicly
withdrawn or changed such recommendation or (B) a merger, consolidation or other business combination transaction which has been approved by the Board (each, a “Qualified Transfer”); 

(iv)    to the Company or any of its Subsidiaries; or 

(v)    to the extent necessary to avoid regulation as an “investment company” under the U.S.
Investment Company Act of 1940, as amended. 
 For purposes of this Section 2.02(a), the number of TME Securities beneficially
owned by the Investors and their respective controlled Affiliates shall be determined without regard to the provisions set forth in Section 3.02. 

(b)    Notwithstanding anything in this Article II to the contrary and irrespective of the
expiration of the Lock-Up Period, for so long as the Investors or any of their respective controlled Affiliates beneficially own any TME Securities, the Investors shall not, and the Investors shall cause their
respective controlled Affiliates not to, Transfer any TME Securities beneficially owned by them to (i) any Prohibited Person, (ii) any Rights Holder or (iii) any Transferee if, after giving effect to the proposed Transfer, the
proposed Transferee would beneficially own TME Securities representing, in the aggregate, five percent (5%) or more of the Total Voting Power or five percent (5%) or more of the total issued and outstanding share capital of the Company;
provided, that nothing in this Section 2.02(b) (but without limiting any of the other provisions of this Article II) shall prohibit any Transfer of TME Securities (w) to a Permitted
Transferee, subject to compliance with Section 2.03; provided, that if such Person ceases to be a Permitted Transferee and a Transfer of TME Securities to such Person at that time would be prohibited by this
Section 2.02(b), then the applicable Investor shall cause, and shall cause its controlled Affiliates to cause, such Person to, and such Person shall, Transfer such TME Securities back to such Investor or its controlled
Affiliates, (x) if such Transfer (and the Transferee in such Transfer) is consented to in writing by the Board or a designated committee thereof; (y) pursuant to a Qualified Transfer; or (z) through open market brokerage transactions
where the identity of the purchaser is unknown (and, for the avoidance of doubt, the Investors shall have no duty of inquiry in connection with such brokerage transactions) (such transaction, a “Brokerage Transaction”);
provided, further, that nothing in Section 2.02(b)(iii) (but without limiting any of the other provisions of this Article II) shall prohibit any Transfer of TME Securities to Tencent
or any of its controlled Affiliates (such transaction, a “Founder Transfer”). The Company shall provide in writing to the Shareholder, upon the Shareholder’s written request (which written request may be made by the Shareholder
no more frequently than once each fiscal quarter), the aggregate number of TME Securities representing the Total Voting Power and the aggregate number of issued and outstanding shares of capital stock of the Company as of a recent date (without
disclosing the identity of any holders thereof), and the Investors shall be entitled to rely upon the most recently received such notice from the Company for all purposes of calculating the Total Voting Power and total issued and outstanding share
capital of the Company under this Agreement. For the purposes of ensuring that a proposed Transfer is not in violation of the restrictions in Section 2.02(b)(iii), the Investors shall be entitled to rely upon
(1) reports of beneficial ownership of such Transferee that are publicly filed or available or (2) if such reports are not publicly filed or available, after due inquiry, the representation made by the relevant Transferee with respect to
the total number of votes and total number of outstanding shares of the Company owned by such Transferee before such proposed Transfer. 

  
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 (c)    The Company may amend the Prohibited Person List following the
date hereof to add or remove any Person to or from the Prohibited Person List, each such amendment to be effective upon delivery of written notice thereof to the Investors; provided that (i) any Person so added to the Prohibited Person
List must be a Person that, directly or indirectly, conducts a Competing Business as determined in good faith by the Company, and (ii) the Company may not amend the Prohibited Person List more than once during any twelve (12) month period;
provided, further, that any Institutional Fund which makes an investment in any Person that, directly or indirectly, conducts a Competing Business shall not be a Prohibited Person and shall not be included in the Prohibited Person
List. 
 (d)    Notwithstanding anything in this Agreement to the contrary, no Transfer of TME Securities otherwise
permitted by this Agreement shall be made unless such Transfer is in compliance with the Securities Act or any other applicable securities Laws of any foreign, federal, state, local or other jurisdiction (a “Foreign or State Act”).

 SECTION 2.03    Joinder to Investor Agreement. Each Investor shall (and shall cause its controlled
Affiliates who beneficially own any TME Securities to), prior to the Transfer of any TME Securities to any Permitted Transferee (other than in a Transfer that is a Qualified Transfer, a Brokerage Transaction or a Founder Transfer) and as a condition
thereto, cause such Permitted Transferee to execute and deliver to the Company a joinder agreement in form and substance reasonably acceptable to the Company, pursuant to which such Permitted Transferee agrees to be bound by the provisions of this
Agreement. Without limiting the provisions in the immediately preceding sentence, (i) until the completion of the IPO of the Company, each Investor shall, prior to the Transfer of any TME Securities to any Transferee in accordance with the
other provisions of this Article II (other than in a Transfer that is a Transfer of any TME Securities to the Company, a Qualified Transfer, a Brokerage Transaction or a Founder Transfer) and as a condition thereto, cause
such Transferee to execute and deliver to the Company a joinder agreement in form and substance reasonably acceptable to the Company, pursuant to which such Transferee agrees to be bound by this Article II,
Section 3.02, Section 4.01 and Article V, and (ii) after the completion of the IPO of the Company, each Investor shall, prior to the Transfer of any TME Securities to
any Transferee in accordance with the other provisions of this Article II (other than in a Transfer that is a Transfer of any TME Securities to the Company, a Qualified Transfer, a Brokerage Transaction or a Founder
Transfer) and as a condition thereto, cause such Transferee to execute and deliver to the Company a joinder agreement in form and substance reasonably acceptable to the Company, pursuant to which such Transferee agrees to be bound by this
Article II (other than Section 2.02(a) and Section 2.07) and Article V. 

  
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 SECTION 2.04    Notice of Transfer. Prior to Transferring
any TME Securities in accordance with the provisions set forth in this Article II (other than in a Transfer that is a Transfer of any TME Securities to the Company, a Qualified Transfer, a Founder Transfer or, after the IPO
of the Company, a Brokerage Transaction), an Investor or its controlled Affiliate, as applicable, shall, no later than five (5) Business Days prior to the consummation of such Transfer, deliver a written notice thereof to the Company. 

SECTION 2.05    Legends. With respect to the Investors or any of their respective controlled Affiliates who
beneficially own any TME Securities, each certificate for TME Securities, if any, shall bear a legend or legends (and appropriate comparable notations or other arrangements will be made with respect to any uncertificated shares in the Company’s
register of members or other books and records) referencing restrictions on Transfer of such TME Securities under the Securities Act, any applicable Foreign or State Act and this Agreement, which legend shall state in substance: 

“THE SECURITIES EVIDENCED BY THIS CERTIFICATE MAY NOT BE OFFERED OR SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF,
EXCEPT IN COMPLIANCE WITH (I) THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND (II) ANY OTHER APPLICABLE SECURITIES LAWS OF ANY FOREIGN, FEDERAL, STATE, LOCAL OR OTHER JURISDICTION. 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN THE INVESTOR AGREEMENT DATED AS OF
DECEMBER 15, 2017, BY AND AMONG THE COMPANY AND THE OTHER PARTIES THERETO (A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY).” 

Notwithstanding the foregoing, the holder of any certificate(s) for TME Securities shall be entitled to receive from the Company new certificates for a like
number of TME Securities not bearing such legend (or the elimination or termination of such notations or arrangements) upon the request of such holder (i) at such time as such restrictions are no longer applicable and (ii) with respect to
the restriction on Transfer of such TME Securities under the Securities Act or any other applicable Foreign or State Act, at the reasonable request of the Company, upon the delivery to the Company of an opinion of counsel to such holder, which
opinion is reasonably satisfactory in form and substance to the Company and its counsel, that the restriction referenced in such legend (or such notations or arrangements) is no longer required in order to ensure compliance with the Securities Act
or any such other applicable Foreign or State Act. 

  
 10 

 SECTION 2.06    Lock-Up
Agreements. In connection with any underwritten public offering by the Company of any TME Securities pursuant to an effective registration statement pursuant to the Securities Act or a prospectus or equivalent disclosure document pursuant to any
Foreign and State Act (including in connection with an IPO of the Company), the Investors shall, and the Investors shall cause their respective controlled Affiliates that beneficially own any TME Securities to, enter into customary agreements
restricting the public sale or distribution of equity securities of the Company (including sales pursuant to Rule 144 under the Securities Act) if and to the extent required in writing by the lead managing underwriter(s) with respect to such
underwritten public offering; provided, however, that the Investors and their respective controlled Affiliates shall not be required to enter into any such agreement covering a period that would end later than one hundred and eighty
(180) days after the date of the final prospectus relating to an IPO of the Company or ninety (90) days after the date of the final prospectus relating to any such underwritten public offering other than an IPO of the Company;
provided, further, that notwithstanding the foregoing any restrictions in such agreement shall not apply to Transfers to Permitted Transferees (subject to compliance with Section 2.03). The foregoing
provisions of this Section 2.06 shall be applicable to the Investors only if (i) in the case of an IPO of the Company, all officers and directors of the Company and all shareholders owning, in the aggregate, more than
fifty percent (50%) of the Total Voting Power or fifty percent (50%) of the total issued and outstanding share capital of the Company are subject to the same restrictions, or (ii) in the case of any underwriting public offering of the Company
other than an IPO, all officers and directors of the Company are subject to the same restrictions. 

SECTION 2.07    Drag-Along Right. 

(a)    Notwithstanding anything contained in this Article II to the contrary, at any time prior
to an IPO of the Company, if Tencent proposes a Trade Sale and: 
 (i)    in the event such proposed
Trade Sale is to a bona fide third party (other than Tencent or any Affiliate of Tencent), such Trade Sale has been approved by (x) no less than 75% of the Board and (y) no less than 75% of the issued and outstanding TME Shares; or

 (ii)    in the event that such proposed Trade Sale is to Tencent or any Affiliate of Tencent, such
Trade Sale has been approved by the holders of no less than 66.7% of the issued and outstanding TME Shares (other than any TME Shares held directly or indirectly by Tencent or any of its Affiliates), 

  
 11 

 then, upon the written request from Tencent, the Investors shall, and the Investors shall cause their
respective controlled Affiliates who beneficially own any TME Shares to, (A) vote all voting TME Securities held by them in favor of the Trade Sale, (B) refrain from exercising any dissenters’ rights or rights of appraisal under
applicable Law at any time with respect to the Trade Sale, (C) execute and deliver all related documentation and take such other action in support of the Trade Sale as shall reasonably be requested by Tencent or the Company, and (D) if the
Trade Sale is structured as a transfer of TME Shares or other TME Securities, transfer a pro rata portion of their TME Shares or other TME Securities (calculated by multiplying (1) the total number of TME Shares or other TME
Securities collectively beneficially owned by the Investors and their controlled Affiliates and (2) a fraction, the numerator of which is the total number of TME Shares or other TME Securities proposed to be transferred in connection with such
Trade Sale, and the denominator of which is the total number of outstanding TME Shares or other TME Securities (other than, in the case of Section 2.07(a)(ii), the total number of TME Shares or other TME Securities
collectively beneficially owned by Tencent and its Affiliates) to consummate the Trade Sale (such right, the “Drag-Along Right”). When exercising the Drag-Along Right, Tencent shall send written notice (the “Sale
Notice”) to the Investors with copy to the Company specifying the names of the purchaser(s), the nature of the Trade Sale, the consideration payable per share or the total consideration payable and a summary of the material terms and
conditions of such transaction. Upon receipt of a Sale Notice, the Investors and their respective controlled Affiliates who beneficially own any TME Shares shall be obligated to consummate such Trade Sale in accordance with this
Section 2.07; provided, that, in connection with such Trade Sale, the consideration to be received by the Investors and their respective controlled Affiliates in exchange for their TME Shares and other TME Securities
shall be based on the same per share price as the consideration to be received by Tencent and its Affiliates and shall be paid in the same form as the consideration to be paid to Tencent and its Affiliates in such Trade Sale. Notwithstanding
anything to the contrary set forth herein, the parties hereto hereby agree that, for purposes of this Section 2.07, Affiliates of Tencent shall exclude the TME Group Companies or any of the TME Group Companies’
controlled Affiliates. 
 (b)    In the event that any Investor fails for any reason to take any of the foregoing
actions specified in this Section 2.07, after reasonable notice thereof, the Investors hereby grant, on behalf of themselves and on behalf each of their respective controlled Affiliates who beneficially own any TME
Securities, an irrevocable power of attorney and proxy to any director approving the Trade Sale to take all necessary actions and execute and deliver all documents deemed by such director to be reasonably necessary to effectuate the terms hereof.
The power of attorney granted hereby is intended to secure an interest in property and, in addition, the obligations of each Investor and its controlled Affiliates who beneficially own any TME Shares under this Agreement, and shall be irrevocable.

 (c)    Notwithstanding anything to the contrary contained herein, without the prior written consent of Tencent, no
Trade Sale shall be effected, or be permitted to be effected, to any Prohibited Person. 
 SECTION 2.08    Delay
of Transfer. The Company shall not incur any liability to the Investors, any of their respective controlled Affiliates or any other Person for any delay in recognizing any Transfer of TME Securities if the Company in good faith reasonably
determines that such Transfer may have been or would be in violation in any material respect of the provisions of the Securities Act, any applicable Foreign or State Act or this Agreement. Without limiting any of the other provisions of this
Article II, the Company shall not exercise its power to suspend registration of Transfer of TME Securities by any Investor or its controlled Affiliates pursuant to Article 36 of the Company Articles, except to the extent
the Board determines in good faith after consultation with its outside counsel that such Transfer would, if consummated, result in a violation by the Company of applicable Laws. 

  
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 ARTICLE III 

STANDSTILL; VOTING 

SECTION 3.01    Standstill Covenant. 

(a)    Except in connection with the consummation of the transactions contemplated by the Subscription Agreement, during
the period beginning on the date hereof and ending on the earlier of (i) the fifth (5th) anniversary of the date hereof and (ii) the first date after the date hereof on which the number
of TME Securities collectively beneficially owned by a Strategic Investor and its Affiliates exceeds the number of TME Securities then collectively beneficially owned by the Investors and their respective controlled Affiliates (such period, the
“Standstill Period”), none of Parent or the Shareholder shall, and each of Parent and the Shareholder shall cause its controlled Affiliates and its controlled Affiliates’ Representatives (and with respect to such
Representatives that are not directors, officers, managers or employees of Parent or the Shareholder or any of their respective controlled Affiliates, only to the extent such Representatives are acting on behalf, or at the behest, of Parent or the
Shareholder or any of their respective controlled Affiliates) not to, directly or indirectly or alone or in concert with any other Person, unless invited to do so by the Board or with the prior written consent of the Company: 

(i)    acquire, offer or propose to acquire, or agree to acquire, by purchase or otherwise (other than as a
result of a stock dividend, capitalization of profits, stock split or subdivision of any TME Securities beneficially owned by Parent, the Shareholder and their respective controlled Affiliates) (A) any economic interest in, or any direct or
indirect right to direct the voting or disposition of, any TME Securities or other securities (including any Derivative Securities) of the Company, whether or not any of the foregoing would give rise to beneficial ownership and, in each case,
whether or not any of the foregoing is acquired or otherwise obtained by means of borrowing of securities or operation of any Derivative Security or (B) except in the ordinary course of business, any consolidated assets or indebtedness of the
Company; 
 (ii)    enter into, agree, offer, or propose to enter into (whether publicly or otherwise),
effect, engage in, or participate in, any acquisition transaction, merger or other business combination, recapitalization, restructuring, liquidation, dissolution, share exchange, sale, disposition, purchase, acquisition or other extraordinary
transaction relating to the Company or a transaction for all or a substantial portion of the consolidated assets of the Company or any of its businesses; 

  
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 (iii)    make, or in any way participate in, any
“solicitation” of “proxies” (as such terms are defined in Rule 14a-1 under the Exchange Act, disregarding clause (iv) of Rule 14a-1(1)(2) under
the Exchange Act and including any otherwise exempt solicitation pursuant to Rule 14a-2(b) under the Exchange Act) to vote, or seek or propose to advise, influence or encourage any Person with respect to the
voting of, any TME Securities on any matter, or demand a copy of the Company’s register of members or other books and records; 

(iv)    initiate, induce or attempt to induce, cooperate or collaborate with, any other Person in
connection with any shareholder proposal or withhold vote campaigns or any tender or exchange offer for equity securities of the Company, any change of control of the Company or the convening of a meeting of the Company’s shareholders; 

(v)    except as contemplated under Section 3.02, form, join or in any way
participate in a “group” (within the meaning of Section 13(d)(3) of the Exchange Act) with respect to any TME Securities or in connection with (or otherwise act in concert with any Person in connection with) the matters that are the
subject of this Section 3.01 with any Person (other than Parent or the Shareholder, as applicable, and their respective controlled Affiliates); 

(vi)    seek or propose to influence, advise, change or control the management, Board, governing
instruments or policies, affairs or strategies of the Company; 
 (vii)    bring any action or otherwise
act to contest the validity of this Section 3.01; 
 (viii)    advise,
knowingly assist, knowingly encourage or knowingly act as a financing source for or otherwise invest in any Person in connection with, or enter into any discussions, negotiations, arrangements or understandings with any Person with respect to, any
of the foregoing clauses (i) through (vii) of this Section 3.01(a) or propose any of such activities to any Person; 

(ix)    publicly request or otherwise publicly seek to amend or waive any provision of this
Section 3.01, provided, that Parent, the Shareholder and their respective controlled Affiliates may make such request or proposal privately to the Board (which request or proposal the Board can accept or reject in
its sole discretion) that is made in a manner that is not intended to and would not reasonably be likely to result in the Company being required to make any public disclosure or other public announcement related to such request or proposal; and 

(x)    make any statement or publicly disclose any intention, plan, arrangement or other contract that is
prohibited by, or inconsistent with, any of the foregoing; 
 provided, however, that (A) any Transfer of TME Securities shall not
constitute a breach of this Section 3.01(a) so long as Parent, the Shareholder and their respective controlled Affiliates comply with Article II (if applicable); and (B) if the TME Securities
beneficially owned by Parent, the Shareholder and their respective controlled Affiliates collectively represent less than ten percent (10%) of the then Fully Diluted share capital of the Company, an acquisition by Parent, the Shareholder or
their respective controlled Affiliates during the Standstill Period of up to that number of additional TME Securities that, together with the TME Securities beneficially owned collectively by Parent, the Shareholder and their respective controlled
Affiliates immediately prior to such acquisition, would not collectively represent more than ten percent (10%) of the then Fully Diluted share capital of the Company (the “Standstill Cap”) shall not constitute a breach of this
Section 3.01(a). The Company shall provide in writing to the Shareholder, upon the Shareholder’s written request (which written request may be made by the Shareholder no more frequently than once each fiscal quarter),
the total number of TME Securities representing the Fully Diluted share capital as of a recent date (without disclosing the identity of any holders of TME Securities), and Parent and the Shareholder shall be entitled to rely upon the most recently
received such notice from the Company for all purposes of the preceding proviso. For the avoidance of doubt, if the TME Securities beneficially owned by Parent, the Shareholder and their respective controlled Affiliates exceed the Standstill Cap due
to the decrease in the total number of TME Securities as a result of any share repurchase, share buyback or share redemption by the Company, Parent, the Shareholder and their respective controlled Affiliates are not required to reduce their
beneficial ownership of TME Securities. 

  
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 For purposes of this Section 3.01(a), the number of TME Securities beneficially
owned by Parent, the Shareholder and their respective controlled Affiliates shall be determined without regard to the provisions set forth in Section 3.02. 

(b)    Nothing contained in this Section 3.01 shall restrict the right of Parent, the
Shareholder, their respective controlled Affiliates or any other Person (i) to make or continue to hold bona fide investments in any Eligible Fund that holds or acquires any TME Securities or other securities (including any Derivative
Securities) of the Company or otherwise engages in any of the activities otherwise restricted by this Section 3.01, so long as the investment in such Eligible Fund is made and held by such Person for investment purposes
only and is not made or held for the purpose of engaging in or facilitating, or for the purpose of assisting or encouraging the Person(s) controlling such Eligible Fund to engage in or facilitate, any of the activities restricted by this
Section 3.01 in any manner with respect to the Company or (ii) to acquire any TME Securities or other securities (including any Derivative Securities) of the Company pursuant to a bona fide distribution-in-kind by any Eligible Fund to all of its investors (including Parent, the Shareholder, their respective controlled Affiliates or such other Person) on a pro
rata basis. 
 SECTION 3.02    Voting Agreement. 

(a)    Except as expressly provided for herein, the Investors hereby agree on behalf of themselves and on behalf of their
respective controlled Affiliates that beneficially own any TME Securities that Tencent shall have the sole and exclusive right to vote, in its sole and absolute discretion, any TME Securities beneficially owned by the Investors and any of their
respective controlled Affiliates on all proposals, resolutions and other matters for which a vote, consent or other approval (including by written consent) of the holders of TME Securities is sought or upon which such holders are otherwise entitled
to vote or consent. 
 (b)    The Investors hereby agree on behalf of themselves and on behalf of their respective
controlled Affiliates that beneficially own any TME Securities that, unless Tencent provides explicit written instructions to vote the TME Securities beneficially owned by the Investors or any of their respective controlled Affiliates or Tencent
provides explicit written notice that the Investors and their respective controlled Affiliates shall be permitted to vote their TME Securities in their respective sole discretion without regard to any instructions of Tencent, the Investors shall
not, and the Investors shall cause their respective controlled Affiliates not to, vote, or cause to be voted, or vote, consent or approve in any other circumstances, in which such vote, consent or other approval (including a written consent) is
sought from the holders of TME Securities, any of the TME Securities beneficially owned by them (in person, by proxy or action by written consent). 

  
 15 

 (c)    The Investors, on behalf of themselves and on behalf of their
respective controlled Affiliates that beneficially own any TME Securities, hereby irrevocably appoint Tencent their true and lawful proxy and attorney with the power to act alone and with full power of substitution and
re-substitution, to vote or act by written consent with respect to all TME Securities beneficially owned by them in accordance with this Section 3.02 and to execute all appropriate
instruments consistent with this Agreement on behalf of the Investors and their respective controlled Affiliates. The proxy and power granted by the Investors and their respective controlled Affiliates are irrevocable and coupled with an interest
and are given to secure the performance of their obligations under this Section 3.02. Tencent shall not be liable for any error of judgment nor for any act done or omitted, nor for any mistake of fact or law nor for
anything which Tencent may do or refrain from doing in good faith, nor shall Tencent have any accountability hereunder, except for its own bad faith, gross negligence or willful misconduct. If and to the extent reasonably requested by Tencent, the
Investors shall issue a separate power of attorney in the name of Tencent or any director, officer or internal or external legal counsel of Tencent, or any other representative acting on behalf of and in accordance with the instructions of Tencent,
in each case duly appointed and authorized to exercise the rights assigned to Tencent under this Section 3.02, to govern the exercise of rights assigned to Tencent under this Section 3.02. 

(d)    Notwithstanding the foregoing, the provisions set forth in Section 3.02(a) through
(c) shall not apply, and the Investors and their respective controlled Affiliates that beneficially own any TME Securities shall have the right to vote their TME Securities in their sole and absolute discretion, with respect to any
proposal by the Company to make changes to any of the Control Documents (as such term is defined in the Company Articles) that is the subject of a shareholder vote, including any transfer or assignment of any party’s rights and obligations
under any of the Control Documents and any appointment of representatives, specified persons or proxies under the Control Documents. 

(e)    The provisions of this Section 3.02 shall terminate upon the earliest to occur of:
(i) the mutual written agreement of the Company and the Shareholder, (ii) the time at which the Company ceases to be directly or indirectly controlled by Tencent (it being understood that solely for purposes of determining such direct or
indirect control by Tencent, Tencent shall be deemed to have full and exclusive control of all TME Securities then subject to the proxy and power granted under this Section 3.02) and (iii) the tenth (10th) anniversary of the date of this Agreement. 

  
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 ARTICLE IV 

CERTAIN GOVERNANCE MATTERS 

SECTION 4.01    Information Rights. Prior to the completion of the IPO of the Company, upon written request of
the Investors, the Company shall, subject to Section 5.01, deliver to the Investors the information set forth below: 

(a)    as soon as practicable, but in any event within hundred and twenty (120) days after the end of each fiscal
year of the Company, an unaudited income statement for such fiscal year, an unaudited balance sheet of the Company and unaudited statement of shareholder’s equity as of the end of such fiscal year, and an unaudited statement of cash flows for
such fiscal year, such year-end financial reports to be in reasonable detail, on a consolidated basis, prepared in accordance with IFRS or U.S. GAAP; and 

(b)    as soon as practicable, but in any event within fifty (50) days after the end of each of the first three
(3) fiscal quarters of each fiscal year of the Company, an unaudited quarterly management account on a consolidated basis, prepared in accordance with IFRS or U.S. GAAP applied on a consistent basis. 

SECTION 4.02    Potential Business Opportunities. To the fullest extent permitted by applicable Law,
(i) Parent, the Shareholder, their respective controlled Affiliates and their respective managers, directors, officers, employees and/or other representatives (each of the foregoing Persons (other than Parent, the Shareholder and their
respective controlled Affiliates), an “Identified Person”) shall have the right to, and shall have no duty (contractual or otherwise) to, directly or indirectly, engage in the same or similar business activities or lines of business
as the Company or any of its Subsidiaries, on their own account, or in partnership with, or as a manager, director, officer, employee or shareholder of any other Person, including those lines of business deemed to be competing with the Company or
any of its Subsidiaries, (ii) the Company, on behalf of itself, its Subsidiaries and its and their respective shareholders, hereby renounces any interest or expectancy of the Company and its Subsidiaries in, or in being offered an opportunity
to participate in, any business opportunity that may from time to time be presented to Parent, the Shareholder, their respective controlled Affiliates or any Identified Person, even if the opportunity is one that the Company or its Subsidiaries
might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so (a “Potential Business Opportunity”), and none of the Company or its shareholders or any of its Subsidiaries or
their shareholders shall have any rights in and to any Potential Business Opportunity of Parent, the Shareholder, their respective controlled Affiliates or any Identified Persons or the income or profits derived therefrom, (iii) Parent, the
Shareholder, their respective controlled Affiliates and the Identified Persons may do business with any potential artist, subscriber, music label or other business relationships of the Company or any of its Subsidiaries and (iv) neither Parent,
the Shareholder, their respective controlled Affiliates nor any Identified Person shall have any duty to communicate or offer any Potential Business Opportunity to the Company or any of its Subsidiaries or shall be liable to the Company or any of
its Subsidiaries or any of their respective members, partners, shareholders or other equity holders for breach of any duty (fiduciary, contractual or otherwise) by reason of the fact that Parent, the Shareholder, their respective controlled
Affiliates or such Identified Person pursue or acquire such Potential Business Opportunity, direct such business opportunity to another Person or fail to present such business opportunity, or information regarding such business opportunity, to the
Company or its Subsidiaries, unless, in each case of clauses (ii) and (iv), Parent, the Shareholder, their respective controlled Affiliates or such Identified Person first learn about such Potential Business Opportunity in any Confidential
Information. 

  
 17 

 SECTION 4.03    Anti-Bribery Covenants. The Company hereby
agrees that it shall not, and shall use reasonable good faith efforts to cause its controlled Affiliates and its and its controlled Affiliates’ officers, directors, employees, agents and other persons acting for or on behalf of the Company or
its controlled Affiliates not to, (i) offer, pay, promise to pay, or authorize the payment of any money, or offer, give, promise to give, or authorize the giving of anything of value, to any Government Official or to any Person in violation of
applicable Anticorruption Laws; (ii) use any corporate funds or assets for unlawful contributions, gifts, entertainment, expenses or other unlawful conduct relating to political activity; (iii) make, offer, promise, authorize, solicit or
receive any bribe, rebate, payoff, influence payment, kickback or other similar improper payment, whether directly or indirectly, to or from any private commercial entity for the purpose of gaining an improper business advantage in violation of
applicable Anticorruption Laws; or (iv) take any action that would constitute a violation of, or cause the Company to be in violation of, or fail to take any action in violation of, any applicable Anticorruption Laws, in each of cases
(i) through (iv), which conduct would reasonably be expected, individually or in the aggregate, to be material to the TME Group Companies, taken as a whole. 

SECTION 4.04    Sanctions Covenant. The Company agrees that it shall not, shall cause its controlled
Affiliates not to, and instruct any of its or their respective officers, directors, employees, and agents not to, use or cause to be used any funds of the Company for the purpose of funding, financing or facilitating any unlawful activities,
business or transaction of or with (i) any OFAC Sanctioned Person, (ii) a Person that is subject to any sanctions of the European Union, the PRC or the Cayman Islands by Order of Her Majesty in Council or (iii) otherwise operate in
any manner that would cause the Company or any of its Subsidiaries to be in violation of OFAC Sanctions or any sanctions of the European Union, the PRC or the Cayman Islands. 

ARTICLE V 
 GENERAL
PROVISIONS 
 SECTION 5.01    Confidentiality. During the period beginning on the date hereof and ending
on the second (2nd) anniversary of the termination of this Agreement, each Investor shall, and each Investor shall cause its controlled Affiliates to, keep all Confidential Information strictly
confidential and not disclose any Confidential Information, in whole or in part, in any manner whatsoever; provided that, notwithstanding anything to the contrary in this Agreement, Confidential Information may be disclosed by the Investors
and their respective controlled Affiliates (i) to their respective Representatives and Affiliates, in each case, to the extent such Representative or Affiliate needs to be provided such Confidential Information to assist the Investors and their
respective controlled Affiliates in evaluating or reviewing their investment in the Company (provided, that (A) such Representative or Affiliate is subject to an obligation to keep such information confidential on terms at least as
favorable to the Company as this Section 5.01 and (B) the Investors and their respective controlled Affiliates shall be responsible for any breach of this Section 5.01 by any of their
respective Representatives or Affiliates), (ii) at any time following the expiration of the Lock-Up Period, to a prospective Transferee who is subject to an obligation to keep such information confidential on
terms at least as favorable to the Company as this Section 5.01 (provided, that the Investors and their respective controlled Affiliates shall be responsible for any breach of this
Section 5.01 by such prospective Transferee) and (iii) if any of the Investors or any of their respective controlled Affiliates, as applicable, has received advice from its outside counsel that it is legally required
to make such disclosure to comply with applicable Law; provided, that prior to making such disclosure pursuant to this clause (iii), such Person shall, to the extent legally permissible, promptly notify the Company of such request or
requirement and use its reasonable best efforts to preserve the confidentiality of the Confidential Information, including consulting with the Company regarding such disclosure and, if reasonably requested by the Company, assist the Company, at the
Company’s sole cost and expense, in seeking a protective order to prevent the requested disclosure; and provided, further, that such Person may disclose only that portion of the Confidential Information that is, based on the
advice of its outside counsel, legally required or requested to be disclosed. 

  
 18 

 SECTION 5.02    Amendment. This Agreement may be amended,
modified or supplemented only by an agreement in writing executed by all of the parties hereto. 

SECTION 5.03    Notices. Unless otherwise provided herein, all notices and other communications hereunder
shall be in the English language and writing and shall be deemed given and received if transmitted by electronic mail (with confirmation of receipt by the recipient, which confirmation shall be promptly delivered by the recipient if so requested by
the sender in the applicable notice or other communication), on the Business Day after the date on which such notice is sent to the parties hereto at the following addresses (or at such other address for a party hereto as shall be specified by like
notice): 
  

	 	(a)	 If to the Company, to: 

Tencent Music Entertainment Group 

7F, China Technology Trade Center 

NO.66 North 4th Ring West Road 

Hai Dian District, Beijing 

P.R.China 100080 

Attention:        Hsiang Zhao 

E-mail:            [     
               ] 
 with a copy (which copy alone shall not
constitute notice) to: 
 Davis Polk & Wardwell 

The Hong Kong Club Building 
 3A
Chater Road, 18/F 
 Hong Kong 

Attention:        Miranda So 

E-mail:            [     
               ] 

  
 19 

	 	(b)	 If to Tencent, to: 

c/o Tencent Holdings Limited 

Level 29, Three Pacific Place 

1 Queen’s Road East 

Wanchai, Hong Kong 

Attention:        Compliance and Transactions Department 

Email:              [        
            ] 
 with a copy (which copy alone shall not constitute notice) to:

 Tencent Building, Keji Zhongyi Avenue 

Hi-tech Park, Nanshan District 

Shenzhen 518057, PRC 

Attention:        Mergers and Acquisitions Department 

Email:              [        
            ] 
 and 

Davis Polk & Wardwell 

The Hong Kong Club Building 
 3A
Chater Road, 18/F 
 Hong Kong 

Attention:        Miranda So 

E-mail:            [     
               ] 
  

	 	(c)	 If to Parent or the Shareholder, to: 

Spotify AB 
 attn. Corporate
Legal 
 Birger Jarlsgatan 61 

113 56 Stockholm 
 Sweden 

[                    ] 

with a copy (which copy alone shall not constitute notice) to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
New York 10017 
 Attention:        Alan M. Klein 

                       
 Sebastian Tiller 

E-mail:            [     
               ] 

                       
 [                    ] 

SECTION 5.04    Waivers. Any party hereto may waive in whole or in part any benefit or right provided to it
under this Agreement, such waiver being effective only if contained in a writing executed by the waiving party. The failure of a party hereto at any time or times to require performance of any provision hereof shall in no manner affect its right at
a later time to enforce the same. No waiver by a party hereto of any condition or of any breach of any term or covenant contained in this Agreement shall be effective unless in writing, and no waiver in any one or more instances shall be deemed to
be a further or continuing waiver of any such condition or breach in other instances or a waiver of any other condition or breach of any other term or covenant. 

  
 20 

 SECTION 5.05    Successors and Assignment. Except as
expressly provided in Section 2.03, neither this Agreement, nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto, in whole or in part (whether by operation of law or
otherwise), without the prior written consent of the other parties hereto, and any attempt to make any such assignment without such consent shall be null and void. Subject to the immediately preceding sentence, this Agreement will be binding upon,
inure to the benefit of and be enforceable by, the parties hereto and their respective permitted successors and assigns. 

SECTION 5.06    No Third-Party Beneficiaries. This Agreement is solely for the benefit of the parties to this
Agreement and no provision of this Agreement shall be deemed to confer upon any other Person any remedy, claim, liability, reimbursement, cause of action or other right. 

SECTION 5.07    Severability. If any provision of this Agreement shall be held invalid, illegal or
unenforceable, the validity, legality or enforceability of the other provisions hereof shall not be affected thereby, and there shall be deemed substituted for the provision at issue a valid, legal and enforceable provision as similar as possible to
the provision at issue. 
 SECTION 5.08    Entire Understanding. This Agreement, together with the
Subscription Agreement, sets forth the sole and entire agreement and understanding of the parties hereto with respect to the transactions contemplated hereby and all inducements to the making of this Agreement relied upon by the parties hereto and
supersedes any and all prior representations, warranties, agreements, arrangements and understandings, both written and oral, among the parties hereto relating to the subject matter hereof (including that certain
non-binding term sheet, dated August 21, 2017, by and among the parties hereto). 

SECTION 5.09    Governing Documents; Other Shareholder Agreements. The parties hereto hereby acknowledge that
the Investors and their respective controlled Affiliates may, in respect of the TME Securities they beneficially own, be or become party or subject to other Governing Documents of the Company, and the Investors shall, and the Investors shall cause
their respective controlled Affiliates to, comply with the provisions of this Agreement (it being understood that the exercise by the Investors or any of their respective controlled Affiliates of any rights under such other Governing Documents shall
at all times be subject to compliance with the provisions set forth herein). The Company shall not adopt or enter into any Governing Document with any Person with respect to, directly or indirectly, any TME Securities which would prevent the Company
from complying with the provisions of this Agreement. 
 SECTION 5.10    Waiver of Separate Shareholder
Class Rights. The Investors acknowledge and agree that, to the extent that there may be any inconsistency found or asserted between this Agreement and the Governing Documents of the Company in respect of the rights and
obligations attaching to the TME Shares beneficially owned by the Investors and their respective controlled Affiliates (the “Investor Shares”) as against any or all other TME Shares, unless otherwise requested or permitted by the
Company in writing, (i) the Investors shall not, and shall cause their respective controlled Affiliates not to, in any way and for any purpose, (A) claim that any such inconsistency has the effect of rendering any or all of the Investor
Shares as being in a separate class of shares in the Company from the other TME Shares; or (B) request that the Company acknowledges that the Investor Shares are in a separate class of shares from the other TME Shares or seek its consent as a
holder of a separate class of shares in the Company from the other TME Shares in relation to any matter that may require the vote or consent of the holders of TME Shares; and (ii) the Investors shall not, and shall cause their respective
controlled Affiliates not to, in any way and for any purpose vote or attempt to vote any or all of the Investor Shares in a separate shareholder class meeting or by way of a written resolution of holder(s) of a separate class of shares from other
TME Shares in respect of any matter that may require the vote or consent of the holders of TME Shares. 

  
 21 

 SECTION 5.11    Dual-Class Structure. 

(a)    Each Investor, on behalf of itself and its Affiliates, acknowledges and agrees that (i) the Company may adopt a
dual-class share structure such that its share capital will include Class A ordinary shares and Class B ordinary shares at any time at or prior to the completion of an IPO of the Company (the “Effective Event”); (ii) in
connection with such adoption of a dual-class share structure, (x) the Investor Shares and any other shares of the Company that are owned by such Investor or any of its controlled Affiliates (whether as a result of any subscription of new
shares by, or any Transfer by another holder of shares to, such Investor or any of its controlled Affiliates, or otherwise) immediately prior to the Effective Event may, if determined by the board of directors of the Company, be designated as
Class A ordinary shares upon the Effective Event, (y) any shares of the Company issued and sold in the IPO may, if determined by the Board, be designated as Class A ordinary shares, and (z) all or a portion of the TME Securities
that are owned by any Person that is a shareholder of the Company as of the date of the Subscription Agreement or any of its Affiliates or any other Person as may be designated by the Company (whether as a result of any subscription of new shares
by, or any Transfer by another holder of shares to, such holder, its Affiliates or such other Person, or otherwise) immediately prior to the Effective Event may, if determined by the board of directors of the Company, be designated as Class B
ordinary shares upon the Effective Event; (iii) each Class A ordinary share will be entitled to one vote and each Class B ordinary share will be entitled to up to fifteen (15) votes on all matters to be voted upon by or otherwise
requiring the consent of the Company’s shareholders; and (iv) Class B ordinary shares will automatically and immediately convert into an equal number of Class A ordinary shares upon the occurrence of any transfer of such
Class B ordinary shares by the holder thereof or an Affiliate of such holder to any Person that is not an Affiliate of such holder, or any other event that may be designated by the Company (the matters described in (i) through (iv) above
being referred to as the “Dual-Class Structure and Re-Designation”). 

(b)    Each Investor, on behalf of itself and its controlled Affiliates, hereby unconditionally and irrevocably
(i) consents to the Dual-Class Structure and Re-Designation, including without limitation for all purposes under the Governing Documents of the Company; (ii) waives any veto rights and all similar
rights (whether arising at contract or in law or otherwise) in respect of the Dual-Class Structure and Re-Designation; (iii) subject to Section 3.02, agrees to vote, or cause to
be voted, the TME Securities or any other shares of the Company that are beneficially owned by such Investor or its controlled Affiliates from time to time and at any time after the date of this Agreement and until the Effective Event, (A) in
favor of, and (B) against any action, proposal, transaction or agreement that could reasonably be expected to impede, interfere with, delay, discourage, adversely affect or inhibit, the Dual-Class Structure and
Re-Designation and adoption of any amendment to the Company Articles to reflect the Dual-Class Structure and Re-Designation and other changes as necessary in
facilitation of an IPO of the Company, at every meeting (or in connection with any action by written consent) of the Company’s shareholders at which such matters are considered and at any adjournment or postponement thereof; and
(iv) agrees to promptly execute, deliver or enter into any other agreement, document, consent, approval or instrument, and take any other actions, which may be reasonably necessary or advisable to effect the Dual-Class Structure and Re-Designation. 

  
 22 

 (c)    Other than to effectuate the Dual-Class Structure and Re-Designation as provided in Section 5.11(a) and Section 5.11(b), the Company shall not exercise its right to purchase or redeem (for the purposes of
Section 37 of the Companies Law of the Cayman Islands (as amended)) the TME Shares owned by any Investor or its controlled Affiliates pursuant to the Company Articles without the prior written consent of such Investor. 

SECTION 5.12    Governing Law. This Agreement and its enforcement, and any controversy arising out of or
relating to the making or performance of this Agreement, shall be governed by and construed in accordance with the law of the State of New York, without regard to New York’s principles of conflicts of law. 

SECTION 5.13    Arbitration. All disputes, controversies or claims arising out of or in connection with this
Agreement and any and all claims arising out of or in connection with it, including any extra-contractual claims shall be resolved by final and binding arbitration in accordance with the Rules of Arbitration of the International Chamber of Commerce
(the “ICC”) by three (3) arbitrators appointed in accordance with the Rules of Arbitration of the ICC. The claimant(s) shall nominate one (1) arbitrator in the request for arbitration. The respondent(s) shall nominate one
(1) arbitrator in the answer to the request. The two (2) arbitrators nominated by the claimant and the respondent may be nationals of any country. The two (2) party-nominated arbitrators shall then attempt to agree, in consultation
with the claimant(s) and the respondent(s), upon the nomination of a third (3rd) arbitrator to act as president of the tribunal. If the third
(3rd) arbitrator has not been nominated within thirty (30) days of the date of the appointment of the second (2nd) arbitrator, the third
(3rd) arbitrator shall be nominated by the ICC International Court of Arbitration. The third (3rd) arbitrator and president of the tribunal
shall not be a national of the PRC or Sweden. The place of arbitration shall be Wilmington, Delaware, United States of America. The language of the arbitration shall be English. 

SECTION 5.14    Counterparts. This Agreement may be executed (including by
e-mail delivery of a portable document format (“.pdf”) file) in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same original
instrument. 

  
 23 

 SECTION 5.15    Specific Performance. The parties hereto
hereby recognize, acknowledge and agree that the breach or violation of this Agreement by a party hereto would cause irreparable damage to the other parties hereto and that none of the parties hereto has an adequate remedy at Law. Each party hereto
shall therefore be entitled, in addition to any other remedies that may be available, to obtain specific performance of the terms of this Agreement, and appropriate injunctive relief may be applied for and granted in connection therewith. Any party
hereto seeking an order or injunction to prevent breaches of this Agreement or to enforce specifically the terms and provisions hereof shall not be required to provide, furnish or post any bond or other security in connection with or as a condition
to obtaining any such order or injunction, and each party hereto hereby irrevocably waives any right it may have to require the provision, furnishing or posting of any such bond or other security. If any action is brought by any party hereto to
enforce this Agreement, the other parties hereto shall waive the defense that there is an adequate remedy at Law. 

SECTION 5.16    Termination. Except for Section 2.02(a),
Section 3.01 and Section 3.02 (which shall expire in accordance with their respective terms), this Agreement shall terminate and be of no further force and effect as to Parent or the Shareholder
and their respective controlled Affiliates upon the earlier to occur of (i) the mutual written agreement of Parent or the Shareholder, as applicable, and the Company and (ii) the date on which Parent or the Shareholder, as applicable, and
its controlled Affiliates, taken together, no longer beneficially own any TME Securities, except that, in each case, the provisions set forth in this Article V shall survive the termination of this Agreement. 

SECTION 5.17    Other Agreements. Neither Parent nor the Shareholder shall, and each of Parent and the
Shareholder shall cause its controlled Affiliates not to, enter into any agreement of any kind with any Person with respect to, directly or indirectly, any TME Securities which is inconsistent with the provisions of this Agreement. 

SECTION 5.18    Representations. Tencent hereby represents and warrants to Parent that, as of the date hereof,
(i) except as set forth in Section 5.18 of the TME Disclosure Letter, none of Tencent or any of its Subsidiaries (other than the Company and its Subsidiaries) (A) conducts or otherwise operates any Music Business,
(B) beneficially owns more than 2.5% of the outstanding capital stock or other equity interests of any Person that, directly or, to the Knowledge of TME, indirectly, primarily conducts or otherwise primarily operates any Music Business (other
than any indirect ownership of the outstanding capital stock or other equity interests of any such Person through bona fide investments in any Eligible Fund) or (C) beneficially owns any outstanding capital stock or other equity
interests of any of the Persons set forth in Section 5.18(i)(C) of the TME Disclosure Letter (other than the indirect ownership of any outstanding capital stock or other equity interests of any such Person through bona
fide investments in any Eligible Fund) and (ii) Section 5.18 of the TME Disclosure Letter sets out the categories of assets, rights or properties owned by Tencent or any of its Subsidiaries (other than the Company and its
Subsidiaries) and licensed to or used by the Company and its Subsidiaries to conduct their Music Business, except for such assets, rights or properties that, individually or in the aggregate, are not material to such Music Business. 

[The remainder of this page is intentionally left blank.] 

  
 24 

 IN WITNESS WHEREOF, each of the following parties hereto has caused this Agreement to
be duly executed and delivered in its name and on its behalf, all as of the day and year first above written. 
  

			
	Tencent Music Entertainment Group
	  

(腾讯音乐娱乐集团)

			
		
	By:	 	 /s/ PANG Kar Shun Cussion

	Name:	 	PANG Kar Shun Cussion
	Title:	 	Director

 
			
	
	Tencent Holdings Limited

 
			
		
	By:	 	 /s/ Huateng Ma

	Name:	 	Huateng Ma
	Title:	 	Authorized Signatory

 
			
	
	SPOTIFY TECHNOLOGY S.A.

 
			
		
	By:	 	 /s/ Peter Grandelius

	Name:	 	Peter Grandelius
	Title:	 	Authorized Signatory and Associate General Counsel

 
			
	
	SPOTIFY AB

 
			
		
	By:	 	 /s/ Peter Grandelius

	Name:	 	Peter Grandelius
	Title:	 	Authorized Signatory and Associate General Counsel

 [Signature Page to Investor Agreement (Investment in TME)]Ex 10.15 - Share Subscription Agreement dated January 15, 2018

 Exhibit 10.15 

EXECUTION VERSION 
 SHARE
SUBSCRIPTION AGREEMENT 
 Dated January 15, 2018 

by and between 
 TENCENT
MUSIC ENTERTAINMENT GROUP 

(腾讯音乐娱乐集团) 

and 
 THE PURCHASERS
HEREUNDER 

 SHARE SUBSCRIPTION AGREEMENT 

THIS SHARE SUBSCRIPTION AGREEMENT (this “Agreement”) is made and entered into on January 15, 2018 by and between: 

(a) Tencent Music Entertainment Group
(腾讯音乐娱乐集团), an exempted company incorporated under the Laws of the
Cayman Islands (the “Company”); and 
 (b) each of the investors listed on Schedule A attached hereto and any
other investor who shall become Parties to this Agreement after the date hereof in accordance with Section 2.1 (each, a “Purchaser” and collectively, the “Purchasers”). 

RECITALS 
  

	A.	 The Company desires to issue and sell to each Purchaser, and each Purchaser desires to subscribe for and
purchase from the Company, a certain number of the ordinary shares, par value US$0.000083 per share, of the Company (the “Ordinary Shares”), on the terms and conditions set forth in this Agreement; and 

 

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

 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
  

	1.	 DEFINITIONS 

In this Agreement, unless the context otherwise requires, the following words and expressions have the meanings as follows: 

“Action” means any litigation or arbitration proceeding. 

“Affiliate” means, (i) with respect to a Person that is a natural person, such Person’s relatives and any other
Person (other than natural persons) directly or indirectly Controlled by such Person, and (ii) with respect to a Person that is not a natural person, a Person that directly, or indirectly through one or more intermediaries, Controls, or is
Controlled by, or is under common Control with, such Person. For the purposes of this definition, “relative” of a Person means such Person’s spouse, parent, grandparent, child, grandchild, sibling, uncle, aunt, nephew, niece or
great-grandparent or the spouse of such Person’s child, grandchild, sibling, uncle, aunt, nephew or niece. 

 “Agreement” has the meaning set forth in the preamble. 

“Applicable Basket” has the meaning set forth in Section 7.2(a). 

“Applicable Cap” has the meaning set forth in Section 7.2(a). 

“Approval” means any approval, consent, waiver, license or permit required to be obtained from, or any registration or
qualification required to be filed with or delivered to, any Governmental Authority or any other Person. 
 “Arbitration
Notice” has the meaning set forth in Section 9.15. 
 “Attorney” has the meaning set forth in
Section 9.4(c). 
 “Balance Sheet Date” means June 30, 2017. 

“Bankruptcy and Equity Exception” has the meaning set forth in Section 3.4. 

“Board” means the Board of Directors of the Company. 

“Business Day” means a day (other than a Saturday or a Sunday) that the banks in New York, Hong Kong, the PRC, and the Cayman
Islands are generally open for business. 
 “Closing” has the meaning set forth in Section 2.2. 

“Closing Date” has the meaning set forth in Section 2.2. 

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

“Company Indemnitee” has the meaning set forth in Section 7.2(b). 

“Confidential Information” has the meaning set forth in Section 5.3(a). 

“Contracts” means legally binding contracts, agreements, commitments, understandings, instruments, or any other contractual
arrangements or obligations, which are currently subsisting and not terminated or completed (with each of such Contracts being referred to as a “Contract”). 

“Control” means the possession, direct or indirect, of the power to direct, or cause the direction of, the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Control Documents”
has the meaning set forth in Section 3.3. 
 “De Minimis Claim Threshold” has the meaning set forth in
Section 7.2(a). 

  
 -2- 

 “Disclosure Schedule” means the disclosure schedule delivered by the
Company to each Purchaser on the date hereof. 
 “Dispute” has the meaning set forth in Section 9.15. 

“Dual-Class Structure and Re-Designation” has the meaning set forth in
Section 9.4(a). 
 “Effective Event” has the meaning set forth in Section 9.4(a). 

“ESOP” means collectively, the 2014 Share Incentive Plan, the 2017 Share Option Plan and the 2017 Restricted Share Award
Scheme of the Company. 
 “Fair Market Value” has the meaning set forth in Section 7.5(a)(i). 

“Financial Statements” means the management account of consolidated income statements of the Company for the year ended
December 31, 2016 and for the three-month periods ended March 31, 2017 and June 30, 2017. 
 “Financing
Shares” has the meaning set forth in Section 9.3. 
 “Governmental Authorities” means any nation, government,
province, state, or any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board, commission or
instrumentality of any government or any political subdivision thereof, court, tribunal, arbitrator, the governing body of any securities exchange, and self-regulatory organization, in each case having competent jurisdiction (with each of such
Governmental Authorities being referred to as a “Governmental Authority”). 
 “Group Companies” means
the Company and its Subsidiaries. 
 “HKIAC” has the meaning set forth in Section 9.15. 

“HKIAC Rules” has the meaning set forth in Section 9.15. 

“Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China. 

“Indemnified Party” has the meaning set forth in Section 7.3. 

“Indemnifying Party” has the meaning set forth in Section 7.3. 

“IPO” has the meaning set forth in Section 7.1. 

“Knowledge of the Company” means the actual knowledge of the Chief Executive Officer, the Chief Financial Officer and the
General Counsel of the Company as of the date of this Agreement. 

  
 -3- 

 “Law” means any law, rule, constitution, code, ordinance, statute, treaty,
decree, regulation, common law, order, official policy, circular, provision, administrative order, interpretation, injunction, judgment, ruling, assessment, writ or other legislative measure, in each case of any Governmental Authority. 

“Lien” means, with respect to any property or asset, any mortgage, charge, lien, pledge, charge, security interest or
encumbrance in respect of such property or asset. 
 “Liquidated Damages” has the meaning set forth in Section 7.5(b).

 “Losses” has the meaning set forth in Section 7.2(a). 

“Material Adverse Effect” means any event, circumstance, occurrence or change that (a) prevents or materially alters the
ability of the Company to consummate the transactions contemplated by this Agreement, or (b) has a material adverse effect on the business, assets or financial condition of the Group Companies, taken as a whole, provided, however,
that in determining whether a Material Adverse Effect has occurred, there shall be excluded any effect on the Group Companies to the extent relating to, resulting from or arising in connection with (i) any action required to be taken pursuant
to the terms and conditions of this Agreement or any other Transaction Documents or taken at the written direction of a Purchaser or any of its Affiliates, (ii) any event or circumstance arising out of or relating to any matter disclosed in the
Disclosure Schedule, (iii) the issuance of any Financing Shares, or any arrangement, agreement or understanding entered into or any actions taken in connection therewith, (iv) changes affecting the industry in which the Group Companies
operate, the economy or financial, credit or securities markets or political conditions generally in the PRC or any other market where the Group Companies have operations or sales generally (including any change relating to, resulting from or
arising in connection with any outbreak or escalation of war, terrorism or other conflict); (v) changes in accounting requirements or principles or any change in applicable Law or the interpretation or enforcement thereof, (vi) any acts of, or
on behalf of, a Purchaser or its Affiliates, including any change relating to, resulting from or arising in connection with any breach of this Agreement or any other Transaction Documents by a Purchaser; (vii) something consented to in writing
by a Purchaser or its Affiliates, or (viii) the announcement, pendency or consummation of this Agreement, any other Transaction Documents or the transactions contemplated by this Agreement or any other Transaction Documents (including, in
the case of clause (viii), any reduction in users or sales, any disruption in user, licensor, distributor, partner or similar relationships or any loss of employees). 

“Material Contracts” has the meaning set forth in Section 3.9(a). 

“Material Subsidiary” has the meaning set forth in Schedule B. 

“Order” means any injunction, judgment, order, decree, stipulation or determination by or with any Governmental Authority.

 “Ordinary Shares” has the meaning set forth in the recitals. 

  
 -4- 

 “Parties” means the named parties to this Agreement and their respective
successors and permitted assigns (with each of such Parties being referred to as a “Party”). 

“Person” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability
company, firm, trust, estate or other enterprise, entity or legal person. 
 “PRC” means the People’s Republic of
China and for purposes of this Agreement, excludes Hong Kong, Macao Special Administrative Region and Taiwan. 
 “Purchased
Shares” has the meaning set forth in Section 2.1. 
 “Purchaser” has the meaning set forth in the preamble.

 “Purchasers” has the meaning set forth in the preamble. 

“Purchaser Indemnitee” has the meaning set forth in Section 7.2(a). 

“Purchaser Owned Shares” has the meaning set forth in Section 9.4(b)(iii). 

“Related Party” means any shareholder, officer or director of any Group Company, or any Affiliate of any such Person or of
any Group Company, except for the Group Companies. 
 “Representatives” has the meaning set forth in Section 5.3(a).

 “Restated Articles” means the Fourth Amended and Restated Memorandum and Articles of Association of the Company adopted
on or around January 8, 2018. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Selection Period” has the meaning set forth in Section 9.15. 

“Shareholders Agreement” means the Third Amended and Restated Shareholders Agreement of the Company entered into on or around
January 8, 2018 by and among the Company and other parties named therein. 
 “Subscription Price” has the meaning set
forth in Section 2.1. 
 “Subsidiary” means companies whose financial results are consolidated with those of the
Company in accordance with the generally accepted accounting principles in the United States. 
 “Tax Return” means any
return, report or statement showing Taxes, used to pay Taxes, or required to be filed with respect to any Tax. 

  
 -5- 

 “Taxes” means (i) in the PRC: (a) any national, provincial,
municipal or local taxes, charges, fees, levies or other assessments, (b) all interest, penalties or additional amounts imposed by any Governmental Authority having jurisdiction over the assessment, determination, collection or other imposition
of any items described in clause (a) above in connection therewith, and (ii) in any jurisdiction other than the PRC: all similar liabilities as described in clause (i) above. 

“Transaction Documents” means this Agreement, the Shareholders Agreement, the Restated Articles, and any other agreement,
document or instrument executed and delivered in connection with the transactions contemplated by this Agreement. 

“Transfer” means (i) when used as a verb, to sell, assign, dispose of, exchange, pledge, encumber, hypothecate or
otherwise transfer any Ordinary Shares or other securities of the Company or any participation or interest therein, whether directly or indirectly (including pursuant to a derivative transaction or a transfer or new issuance of ownership interests
in a direct or indirect holder of such Ordinary Shares or other securities of the Company), or agree or commit to do any of the foregoing and (ii) when used as a noun, a direct or indirect sale, assignment, disposition, exchange, pledge,
encumbrance, hypothecation, or other transfer of such Ordinary Shares or other securities of the Company or any participation or interest therein or any agreement or commitment to do any of the foregoing. 

“US$” means United States Dollars, the lawful currency of the U.S. 

 

	2.	 PURCHASE AND SALE 

2.1. Purchase and Sale of Ordinary Shares. Subject to the terms and conditions of this Agreement, the Company hereby agrees to issue and
sell to each Purchaser, and each Purchaser agrees to subscribe for and purchase from the Company, at the Closing with respect to such Purchaser, that number of Ordinary Shares set forth opposite such Purchaser’s name on Schedule A
attached hereto (the “Purchased Shares”) at a purchase price of US$4.0363 per Ordinary Share. The aggregate subscription price for the Purchased Shares of each Purchaser (the “Subscription Price”) is set forth
opposite such Purchaser’s name on Schedule A and shall be paid in cash as provided in Section 2.3(a). Within thirty (30) days after the date of this Agreement, with the consent of the Company, one or more Purchasers may
become party to this Agreement by executing a counterpart signature page after which the total number of Purchased Shares and the total Subscription Price on Schedule A to this Agreement will be amended to reflect the Purchased Shares of such
Purchaser and such Purchaser shall become obligated to close at the Closing in respect of such Purchaser in accordance with the terms hereof. 

  
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 2.2. Closing. The closing of the purchase and sale of the Purchased Shares
contemplated under Section 2.1 (the “Closing”) with respect to each Purchaser shall take place remotely via the exchange of documents and signatures on the next Business Day after satisfaction or waiver (to the extent
permissible by the Party entitled to such conditions) of the conditions set forth in Section 6 (other than those conditions to be satisfied at the Closing, but subject to the satisfaction or waiver thereof at the Closing) with respect to such
Purchaser, or at such other time or place as the Company and such Purchaser may agree in writing (with respect to each Purchaser, the date on which the Closing occurs, the “Closing Date”). For the avoidance of doubt, the Company
shall have the discretion to consummate a Closing with one or more Purchasers, and the Closings of the transactions with different Purchasers are not conditional upon each other. 

 

	 	2.3.	 Deliveries. 

(a) At the Closing in respect of a Purchaser, such Purchaser shall (i) pay the Subscription Price by wire transfer of
immediately available funds in U.S. dollars to the Company’s bank account set forth in Schedule E hereto, and (ii) deliver a copy of the Shareholders Agreement or a joinder to the Shareholders Agreement, as applicable, duly executed
by such Purchaser. 
 (b) At the Closing in respect of a Purchaser, against payment of the Subscription Price by such
Purchaser, the Company shall update the register of members to reflect the issuance to such Purchaser of its Purchased Shares and shall provide a copy of an extract of the relevant portion of the updated register of members reflecting such issuance
to such Purchaser of its Purchased Shares. As soon as reasonably practicable after the Closing, the Company will deliver to such Purchaser a copy of the share certificate issued in the name of such Purchaser representing its Purchased Shares, if
requested by such Purchaser. 
  

	3.	 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

Except as set forth in the Disclosure Schedule, the Company hereby represents and warrants to each Purchaser that as of the date of this
Agreement and as of the applicable Closing Date in respect of such Purchaser: 
  

	 	3.1.	 Organization, Standing and Qualification. 

(a) Each of the Company and its Material Subsidiaries is duly organized, validly existing and in good standing (to the extent
such concept is recognized) under the Laws of its jurisdiction of organization and has all requisite corporate power and authority to own its properties and assets and to carry on its business as presently conducted in all material respects. Each of
the Company and its Material Subsidiaries is qualified to do business in each other jurisdiction in which it is currently transacting business, except for those jurisdictions where failure to be so qualified would not have a Material Adverse Effect.

 (b) None of the Company or its Material Subsidiaries has filed (or has had filed against it) any petition for its
liquidation, dissolution, bankruptcy or winding-up, or is insolvent under the Laws of its jurisdiction of organization. 

  
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	 	3.2.	 Capitalization. 

(a) The summary table of the issued and outstanding share capital (which does not include the identification of each individual
shareholder or recipient of an award under the ESOP or the identification of all shareholders holding less than 2% of the total number of the issued and outstanding Ordinary Shares) of the Company as of the date of this Agreement and, to the
Knowledge of the Company as of the date of this Agreement, immediately prior to the issuance of any Financing Shares is set forth in Section 3.2(a) of the Disclosure Schedule. Assuming the consummation of the issuance of all Financing Shares,
there will be a total of 3,089,967,945 issued and outstanding Ordinary Shares of the Company and 132,426,118 Ordinary Shares reserved for issuance pursuant to the grant, exercise or vesting of options or other types of awards granted or to be
granted under the ESOP. 
 (b) Except (i) as contemplated under the Transaction Documents, (ii) as set forth in
Section 3.2(b) of the Disclosure Schedule, (iii) the shares underlying awards issued under the ESOP and (iv) the Financing Shares, there are no outstanding options, warrants, convertible securities or other rights, agreements,
arrangements or commitments of any kind to which the Company is a party or by which it is bound obligating the Company (i) to issue, deliver or sell, or refrain from issuing, delivering or selling, any shares of the Company, or to grant, extend
or enter into any such option, right or agreement, or (ii) to repurchase, redeem or otherwise acquire, or to refrain from repurchasing, redeeming or otherwise acquiring, any shares of the Company, or to grant, extend or enter into any such
option, right or agreement. 
 (c) Except as set forth in this Agreement or the other Transaction Documents and except as
required under applicable Laws, no outstanding shares of the Company are subject to any preemptive rights, rights of first refusal, or other rights to purchase such shares of the Company (whether in favor of the Company or any other Person). 

 3.3. Group Structure. Section 3.3 of the Disclosure Schedule sets forth a complete and accurate structure chart showing the
Company and all Material Subsidiaries, and indicating the ownership and Control relationships among the Company and its Material Subsidiaries, and the jurisdiction in which the Company and each of its Material Subsidiaries was organized. There are
no Liens on any shares or equity interests owned by the Company in any Material Subsidiary or any arrangements or obligations to create such Liens, except for any transfer restrictions under applicable Laws or as provided in the Transaction
Documents or the Contracts that enable the Company to effect control over and consolidate with its financial results the financial results of those Material Subsidiaries of which the Company does not, directly or indirect, hold of record any shares
of capital stock, equity interests or partnership interests (the “Control Documents”). 

  
 -8- 

 3.4. Due Authorization. As of the date of this Agreement, all corporate actions on
the part of the Company necessary for (i) the authorization, execution and delivery of, and the performance of all of its obligations under, this Agreement and the other Transaction Documents and (ii) the authorization, issuance and
delivery of the Purchased Shares of such Purchaser have been taken. The Company has the requisite corporate power, capacity and authority to enter into, execute and deliver this Agreement and the other Transaction Documents and to perform all the
obligations to be performed by it hereunder and thereunder. This Agreement has been duly executed and delivered by the Company. Assuming due authorization, execution and delivery of the other parties hereto and thereto, this Agreement and the other
Transaction Documents, when executed and delivered by the Company, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with its terms, subject, as to enforcement of remedies, to applicable
bankruptcy, insolvency, moratorium, reorganization and similar Laws affecting creditors’ rights generally and to general equitable principles (the “Bankruptcy and Equity Exception”). 

3.5. Consents and Approvals. Assuming the accuracy of the representations made by each Purchaser in Section 4, except as expressly
provided in this Agreement and the other Transaction Documents, no Approval is required to be obtained or made by or with respect to the Company in connection with the execution, delivery or performance of this Agreement and the other Transaction
Documents by the Company, or the consummation of the transactions contemplated hereby or thereby by the Company, except for any such Approvals as to which the failure to obtain or make would not have a Material Adverse Effect. 

3.6. Valid Issuance. The Purchased Shares, when issued, sold and delivered in accordance with the terms of this Agreement for the
consideration expressed herein, will be duly and validly issued, fully paid and non-assessable, free from any Liens (except for any restrictions on transfer under applicable Laws and under the Transaction
Documents and any Liens created or imposed by such Purchaser). 
 3.7. No Violation. Neither the execution and delivery of this
Agreement or the other Transaction Documents nor the full performance of its obligations by the Company hereunder or thereunder will (a) violate any applicable Law to which the Company is subject, (b) conflict with, result in a violation
or breach of, or constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate or cancel any Material Contract by which the Company is bound, or (c) violate the Restated Articles of the
Company, in each case, except as would not have a Material Adverse Effect. 
 3.8. Financial Statements. The Company has delivered to
the Purchaser on the date hereof a copy of the Financial Statements. The Financial Statements (i) have been prepared in accordance with the books and records of the Group Companies, (ii) were prepared in accordance with generally accepted
accounting principles and practices, applied on a consistent basis throughout the periods involved, except as set forth in the notes thereto, and (iii) fairly present in all material respects the results of operations of the Group Companies on
a consolidated basis for the respective periods indicated therein, subject to any notes thereto and normal recurring year-end audit adjustments. 

  
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	 	3.9.	 Material Contracts. 

(a) Except for the Control Documents or as set forth in Section 3.9(a) of the Disclosure Schedule, each of the Group
Companies is not a party to or bound by: 
 (i) any Contract that contains a put, call or similar right pursuant to which the
Company could be required to purchase or sell, as applicable, any assets that are material to the Group Companies, taken as a whole; or 

(ii) any Contract under which the Company is obligated to sell, issue, grant, exercise, award, purchase, repurchase or redeem
any shares of the Company, except for those under the ESOP and those relating to the issuance of the Financing Shares. 
 Each such Contract described
above is referred to herein as a “Material Contract.” For clarification, any Contract that is no longer effective as of the date hereof shall not be deemed to be a Material Contract. 

(b) Except as would not have a Material Adverse Effect, each of the Group Companies is not in breach or violation of, or
default under, any Material Contract. 
 3.10. Litigation. Except as would not have a Material Adverse Effect or as set forth in
Section 3.10 of the Disclosure Schedule:  
 (a) there is no Action pending against the Group Companies;
and 
 (b) none of the Group Companies is a party or is subject to the provisions of any Order. 

3.11. Compliance. Except as set forth in Section 3.11 of the Disclosure Schedule and as would not have a Material Adverse Effect,
(i) the Company and its Material Subsidiaries are in compliance with all applicable Laws, and (ii) the Company and its Material Subsidiaries have all Approvals necessary for the conduct of their respective business and are in compliance
thereof. 
 3.12. Activities Since Balance Sheet Date. Since the Balance Sheet Date, except as contemplated hereunder or under any
other Transaction Document or as set forth in Section 3.12 of the Disclosure Schedule, (i) the Company and its Material Subsidiaries have operated their respective business in the ordinary course of business in all material respects and
(ii) there has not been any Material Adverse Effect. 

  
 -10- 

	 	3.13.	 Tax Matters. 

(a) Each of the Company and its Material Subsidiaries has duly and timely filed all Tax Returns required to have been filed by
it, except to the extent that any failure to do so would not have a Material Adverse Effect, and all such Tax Returns were, at the time of such filing, in compliance with applicable Laws in all material respects.  

(b) Each of the Company and its Material Subsidiaries has timely paid, or has made adequate provisions for, all Taxes assessed
which are due and payable (whether or not shown on any Tax Return), except to the extent that any failure to do so would not have a Material Adverse Effect. 

3.14. Related Party Transactions. To the Knowledge of the Company, there is no material Contract other than on arm’s length terms
between a Related Party, on the one hand, and the Company and its Material Subsidiaries, on the other hand, except for such Contract that is between the Company and any of its Material Subsidiaries or between the Company’s Material
Subsidiaries. 
 3.15. Employee Matters. Except as set forth in Section 3.15 of the Disclosure Schedule and as would not have a
Material Adverse Effect, (i) each of the Company and its Material Subsidiaries is in compliance with all applicable Laws respecting employment, employment practices and terms and conditions of employment, including without limitation the
applicable PRC Laws pertaining to welfare funds, social benefits, medical benefits, insurance, retirement benefits and pensions; (ii) no labor dispute exists, or to the Knowledge of the Company, is threatened with respect to any of the
employees of the Company or any of its Material Subsidiaries. 
 3.16. Finders’ Fees. There is no investment banker, broker,
finder or other intermediary that has been retained by or is authorized to act on behalf of any the Company or its Affiliates who might be entitled to any fee or commission payable by such Purchaser in connection with the transactions contemplated
by this Agreement. 
 3.17. No More Favorable Terms. The Subscription Price per Ordinary Share at which such Purchaser will subscribe
for and purchase its Purchased Shares under this Agreement is no less favorable than that at which any other Purchaser will subscribe for and purchase its Purchased Shares under this Agreement. 

  
 -11- 

	4.	 REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER 

Each Purchaser hereby represents and warrants to the Company, in respect of itself, as of the date of this Agreement and as of the applicable
Closing Date in respect of such Purchaser: 
  

	 	4.1.	 Organization; Standing and Qualification. 

(a) Such Purchaser is duly organized, validly existing and in good standing (to the extent such concept is recognized) under
the Laws of its jurisdiction of organization and has all requisite corporate power and authority to carry on its business as presently conducted in all material respects. 

(b) Such Purchaser has not filed (or has had filed against it) any petition for its liquidation, dissolution, bankruptcy or winding-up, or is insolvent under the Laws of its jurisdiction of organization. 
 4.2. Due
Authorization. Such Purchaser has all requisite power, authority and capacity to enter into this Agreement and the other Transaction Documents and to perform its obligations hereunder and thereunder. The execution, delivery and performance by
such Purchaser of this Agreement and the other Transaction Documents have been duly authorized by all necessary corporate action on the part of such Purchaser. This Agreement has been duly executed and delivered by such Purchaser. Assuming due
authorization, execution and delivery of the other parties hereto and thereto, this Agreement and the other Transaction Documents, when executed and delivered by such Purchaser, will constitute valid and legally binding obligations of such
Purchaser, enforceable against such Purchaser in accordance with its terms and subject, as to enforcement of remedies, to the Bankruptcy and Equity Exception. 

4.3. Purchase for Own Account. The Purchased Shares of such Purchaser are being acquired for investment for such Purchaser’s own
account, not as a nominee or agent of any Person other than such Purchaser, and not with a view to, or for sale in connection with, any distribution of any part thereof, and that such Purchaser has no present intention of selling, granting any
participation in or otherwise distributing the same to any Person. Such Purchaser does not presently have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any third
Person, with respect to any of its Purchased Shares. 
 4.4. Exempt from Registration; Restricted Securities. Such Purchaser
understands that its Purchased Shares will not be registered under the Securities Act or registered or listed publicly pursuant to any other applicable securities Laws, on the ground that the sale provided for in this Agreement is exempt from
registration under the Securities Act or the registration or listing requirements of any other applicable securities Laws. Such Purchaser understands that its Purchased Shares are restricted securities within the meaning of Rule 144 under the
Securities Act and that its Purchased Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available. 

  
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 4.5. Status of Purchaser. Such Purchaser is (a) an accredited investor as
defined in Rule 501(a) of Regulation D promulgated under the Securities Act and/or (b) is not a “U.S. person” within the meaning of Regulation S under the Securities Act and is acquiring its Purchased Shares in an offshore transaction
under Rule 903 of Regulation S under the Securities Act. Such Purchaser (i) has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks involved in purchasing its Purchased Shares
and (ii) is capable of bearing the economic risk of its investment. Such Purchaser has undertaken such investigation and has been provided with and has evaluated such documents and information as it has deemed necessary or appropriate for
making an informed and intelligent decision with respect to the purchase of its Purchased Shares and the execution, delivery and performance of this Agreement and the other Transaction Documents. 

4.6. Consents and Approvals. Except for any Approval that has been obtained or made by such Purchaser and provided to the Company as of
the date of this Agreement, no Approval is required to be obtained or made by or with respect to such Purchaser or any of its Affiliates in connection with the execution, delivery or performance of this Agreement and the other Transaction Documents
by such Purchaser or any of its Affiliates that is a party to any Transaction Document, or the consummation of the transactions contemplated hereby or thereby by such Purchaser or any of its Affiliates. 

4.7. No Violation. Neither the execution and delivery of this Agreement or any of the other Transaction Documents nor the full
performance of its obligations by such Purchaser hereunder or thereunder will (a) violate any applicable Law to which such Purchaser is subject, or (b) violate any constitutive documents of such Purchaser, in each case, except as would not
materially affect such Purchaser’s ability to perform its obligations under this Agreement and the other Transaction Documents and consummate the transactions contemplated hereby and thereby. 

4.8. Litigation. There is no Action pending or, to the knowledge of such Purchaser, threatened against or affecting such Purchaser
before any court or arbitrator or any Governmental Authority, and such Purchaser is not a party or subject to the provisions of any Order, which in any manner challenges or seeks to prevent, enjoin, alter or materially delay the transactions
contemplated by this Agreement. 
 4.9. Financing. Such Purchaser has sufficient cash, available lines of credit or other sources of
immediately available funds to enable it to make payment of the Subscription Price and any other amounts to be paid by it under this Agreement. 

4.10. Finders’ Fees. There is no investment banker, broker, finder or other intermediary that has been retained by or is
authorized to act on behalf of such Purchaser, any of its Affiliates or their respective directors, officers, employees or equity holders and might be entitled to any fee or commission payable by the Company or any of its Subsidiaries in connection
with the transactions contemplated by this Agreement. 
 4.11. No Other Representations. Such Purchaser acknowledges that, except for
the representations and warranties of the Company contained in Section 3, the Company is not making and has not made, and no other Person is making or has made on behalf of the Company, any express or implied representation or warranty in
connection with this Agreement or the transactions contemplated hereby, and any such other representations and warranties are expressly disclaimed. 

  
 -13- 

	5.	 COVENANTS 

5.1. Further Assurances. Each Party shall from time to time and at all times hereafter uses reasonable best efforts to make, do,
execute, or cause or procure to be made, done and executed such further acts, deeds, conveyances, consents and assurances without further consideration, which may reasonably be required or advisable to effect the transactions contemplated by this
Agreement and the other Transaction Documents. 
 5.2. Approvals, Consents and Waivers. Without limiting the generality of
Section 5.1, prior to the Closing, each Purchaser shall, and shall cause all of its Affiliates to, take all actions necessary to obtain or make all Approvals, if any, of Governmental Authorities and other Persons which are to be obtained or
made by such Purchaser or any of its Affiliates and are necessary in connection with the consummation of the transactions contemplated by this Agreement and the other Transaction Documents. In the event that the Company waives the condition set
forth in Section 6.3(c) at the Closing, each Purchaser shall, and shall ensure that all of its Affiliates, within one (1) month or such other time period after the Closing as may be reasonably required by the Company, obtain or make any
and all Approvals necessary for the consummation of the transactions contemplated by this Agreement and the other Transaction Documents which have not been obtained or made as of the Closing. 

 

	 	5.3.	 Confidentiality and Non-Disclosure. 

(a) Prior to the Closing Date or after any termination of this Agreement, each Party shall hold, and shall cause its Affiliates
to which it has provided any Confidential Information and the respective officers, directors, members, limited partners, employees, accountants, counsel, consultants, advisors and agents of such Party and such Affiliates (collectively,
the “Representatives”) to hold, in confidence, unless otherwise approved in writing by the Party to which the Confidential Information pertains, legally compelled by judicial or administrative process or by other requirements
of any applicable Laws (including, without limitation, pursuant to securities laws or regulations and applicable securities exchange rules) or requested by any Governmental Authority having competent jurisdiction, all documents and information
concerning the Company or any Subsidiary furnished to such Party or its Representatives in connection with the transactions contemplated by this Agreement and the other Transaction Documents (the “Confidential Information”),
including the terms and conditions of this Agreement, the other Transaction Documents and all exhibits and schedules attached to such agreements, including their existence, and the identity of each party thereto, except to the extent that such
information can be shown to have been (i) previously known on a non-confidential basis by such Purchaser, (ii) in the public domain through no fault of such Purchaser or (iii) later lawfully
acquired by such Purchaser from sources other than the Company; provided that a Party may disclose such information to its Representatives who need to know such information for the purpose of consummating the transactions
contemplated by this Agreement so long as such Representatives are informed by such Purchaser of the confidential nature of such information and have entered into a nonuse and nondisclosure agreement that covers the Confidential Information (or are
otherwise subject to similar confidentiality obligations) prior to the disclosure of such Confidential Information to such Representatives; provided, further, without the Company’s prior written consent, in no event shall
any Purchaser disclose, or permit any of its Affiliates to disclose, to any non-Affiliate of such Purchaser that is a member, limited partner or other equity interest holder of such Purchaser or such
Purchaser’s Affiliates, any Confidential Information other than the name and valuation of the Company and such Purchaser’s Subscription Price and its shareholding percentage in the Company. 

  
 -14- 

 (b) Each Party shall be responsible for any failure to treat such
information confidentially by its Representatives. If this Agreement is terminated in respect of any Purchaser, such Purchaser will, and will cause its Representatives to, destroy or deliver to the Company, upon request, all documents and other
materials, and all copies thereof, obtained by such Purchaser or its Representatives or on their behalf from the Company or any Subsidiary in connection with this Agreement that are subject to such confidence. 

(c) Notwithstanding anything to the contrary in this Agreement, each Purchaser hereby consents to the disclosure by the Company
or its Affiliates of the existence of the transactions contemplated by the Transaction Documents in a press release or announcement that may be issued by the Company or its Affiliates; provided, that such press release or announcement shall
not name or otherwise identify any Purchaser without such Purchaser’s consent, which consent shall not be unreasonably withheld or delayed. 

(d) The provisions of this Section 5.3 shall be in addition to, and not in substitution for, the provisions of any
separate nondisclosure agreement executed by the Company and any Purchaser or its Affiliate in connection with the transactions contemplated hereby prior to the date of this Agreement; provided that in the event of a conflict between the
terms of any such separate nondisclosure agreement and this Section 5.3, the terms of this Section 5.3 shall prevail. 
 5.4.
No Use of Company or Purchaser Name. Except for any permitted disclosure of the name or other information pertaining to a Party made in accordance with Section 5.3(a) or 5.3(c), 

(a) without the prior written consent of the Company, none of the Purchasers or their respective Representatives shall be
entitled to use, publish or reproduce the name, trademarks, trade names, domain names, service marks, business names, or logos of the Company or its Affiliates, including without limitation “Tencent”, “腾讯”, “Tencent Music”,
“腾讯音乐”, “QQ Music”, “Kugou”, “Kuwo”, or any similar
name, trademark or logo in any discussion, documents or materials, including without limitation for marketing or other purposes; and 

  
 -15- 

 (b) without the prior written consent of a Purchaser, none of the Company or
its Representatives shall be entitled to use, publish or reproduce the name, trademarks, trade names, domain names, service marks, business names, or logos of such Purchaser or its Affiliates in any discussion, documents or materials, including
without limitation for marketing or other purposes. 
 5.5. IPO. Each Purchaser hereby agrees that, after the Closing, it shall, and
shall cause its Affiliates to, take any and all reasonable actions to facilitate an IPO of the Company as may be requested by the Company and/or the lead underwriter(s) of an IPO. The obligations of each Purchaser and its Affiliates under this
Section 5.5 shall be additional to, and not in substitution for, any other obligations of such Purchaser or its Affiliates under the Transaction Documents in relation to an IPO. 

 

	6.	 CONDITIONS TO CLOSING 

6.1. Condition to Obligations of Purchasers and Company. The obligations of each Purchaser and the Company to consummate the Closing are
subject to the satisfaction or waiver, at or prior to the Closing, of the following condition: 
 (a) No Injunctions or
Legal Prohibitions. No provision of applicable Laws, and no Order, shall prohibit the consummation of the Closing. 
 6.2. Conditions
to Obligations of Purchasers. The obligations of each Purchaser under this Agreement to consummate the Closing are subject to the satisfaction or waiver by such Purchaser, at or prior to the Closing, of each of the following conditions: 

(a) Representations and Warranties True and Correct. The representations and warranties of the Company set forth in
Section 3 (A) that are qualified by Material Adverse Effect shall be true and correct at and as of the Closing, and (B) that are not qualified by Material Adverse Effect shall be true and correct at and as of the Closing with only
exceptions as would not in the aggregate have a Material Adverse Effect. 
 (b) Performance. The Company shall have
performed and complied in all material respects with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 

  
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 6.3. Conditions to Obligations of Company. The obligations of the Company under this
Agreement to consummate the Closing in respect of each Purchaser are subject to the satisfaction or waiver by the Company, at or prior to the Closing, of each of the following conditions: 

(a) Representations and Warranties True and Correct. The representations and warranties of such Purchaser set forth
in Section 4 (A) that are qualified by materiality shall be true and correct at and as of the Closing, and (B) that are not qualified by materiality shall be true and correct in all material respects at and as of the Closing. 

(b) Performance. Such Purchaser shall have performed and complied in all material respects with all covenants,
agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 

(c) Approvals, Consents and Waivers. Such Purchaser and all of its Affiliates shall have obtained or made any and all
Approvals necessary for the consummation of the transactions contemplated by this Agreement and the other Transaction Documents, each of which shall be in full force and effect as of the Closing, and in each case, in proper form and without imposing
or proposing the imposition of any terms or conditions which, individually or in the aggregate, could be reasonably expected to materially impair the ability of such Purchaser to consummate, or prevent or materially delay, the transactions
contemplated by this Agreement and the other Transaction Documents. 
  

	7.	 REMEDIES; INDEMNITY 

7.1. Survival. The representations and warranties of the Company and each Purchaser contained in this Agreement shall survive the
Closing until the earlier of (i) the consummation of a public offering and/or listing of the shares of the Company (an “IPO”), or (ii) the end of a period of eighteen (18) months after the Closing. The
covenants and agreements of the Company and each Purchaser set forth in this Agreement shall survive the Closing until fully discharged in accordance with their terms, except for those covenants and agreements which shall be complied with or
discharged prior to the Closing in accordance with the terms of this Agreement. 
  

	 	7.2.	 Indemnification. 

(a) Effective at and after the Closing, subject to the other provisions of this Section 7.2(a) and
Schedule C, the Company shall indemnify and hold harmless each Purchaser and its Affiliates (each, a “Purchaser Indemnitee”) against any losses, liabilities, damages and expenses, including reasonable
advisor’s fees and other reasonable expenses of investigation and defense of any of the foregoing (“Losses”), actually suffered by such Purchaser Indemnitee arising out of (i) any misrepresentation or breach of warranty
made by the Company in this Agreement; and (ii) any breach or violation of, or failure to perform, any covenants or agreements made by or on behalf of, or to be performed by, the Company in this Agreement; provided that the Company shall
not be liable under this Section 7.2(a) to any Purchaser Indemnitee in respect of any Purchaser (i) for any diminution in value of the Purchased Shares, (ii) for any and all Losses arising out of any individual claim (or a series of
claims arising from substantially identical facts or circumstances) where the Loss relating thereto is less than US$500,000.00 (the “De Minimis Claim Threshold”), or (iii) in respect of each individual claim where the Loss
relating thereto is equal to or greater than the De Minimis Claim Threshold, unless the aggregate amount of all Losses by the Purchaser Indemnitees of such Purchaser in respect of claims that exceed the De Minimis Claim Threshold exceeds 5% of
the Subscription Price (the “Applicable Basket”) of such Purchaser and then only to the extent of such excess; provided further, that the maximum aggregate liability of the Company under this Section 7.2(a)
to all Purchaser Indemnitees in respect of a Purchaser shall not exceed an amount equal to 30% of the Subscription Price (the “Applicable Cap”) of such Purchaser. 

  
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 (b) Effective at and after the Closing, subject to the other provisions of
this Section 7.2(b) and Schedule C, each Purchaser shall indemnify and hold harmless the Company and its Affiliates (each, a “Company Indemnitee”) against any Losses actually suffered by such Company
Indemnitee arising out of (i) any misrepresentation or breach of warranty made by such Purchaser in this Agreement (other than in the case of any breach of Section 4.3, in which case Section 7.5 shall apply); and (ii) any breach
or violation of, or failure to perform, any covenants or agreements made by or on behalf of, or to be performed by, such Purchaser in this Agreement; provided that no Purchaser shall be liable under this Section 7.2(b) to any
Company Indemnitee (i) for any and all Losses arising out of any individual claim (or a series of claims arising from substantially identical facts or circumstances) where the Loss relating thereto is less than the De Minimis Claim Threshold,
or (iii) in respect of each individual claim where the Loss relating thereto is equal to or greater than the De Minimis Claim Threshold, unless the aggregate amount of all Losses by the Company Indemnitees in respect of claims that exceed the
De Minimis Claim Threshold exceeds the Applicable Basket of such Purchaser and then only to the extent of such excess; provided further, that the maximum aggregate liability of any Purchaser under this Section 7.2(b) to all
Company Indemnitees shall not exceed an amount equal to the Applicable Cap of such Purchaser. 
 7.3. Procedure. Any Party seeking
indemnification under this Section 7 (an “Indemnified Party”) shall notify the Party from whom indemnification is being sought (an “Indemnifying Party”) in writing of any Action against such Indemnified
Party in respect of which any Indemnifying Party is or may be obligated to provide indemnification hereunder promptly after the receipt of notice or knowledge of the commencement thereof. Such notice shall set forth in reasonable detail such claim
and the basis for indemnification (taking into account the information then available to the Indemnified Party). The failure to so notify an Indemnifying Party shall relieve the Indemnifying Party of its obligations hereunder to the extent such
failure shall have adversely prejudiced such Indemnifying Party. 

  
 -18- 

 7.4. Exclusive Remedy. Notwithstanding any other provision contained herein, from and
after the Closing, this Section 7 shall be the sole and exclusive remedy of the Parties for any claim arising out of any misrepresentation, breach of warranty, covenant or other agreement (other than those contained in Sections 4.3, 5.3, 5.4,
9.3, 9.4 and 9.5) or other claim arising out of this Agreement and the transactions contemplated hereby, except that no limitation or exceptions with respect to the obligations or liabilities on the Company or any Purchaser provided in the foregoing
sub-sections under this Section 7 or Schedule C, shall apply to a Loss incurred by any Company Indemnitee or Purchaser Indemnitee, as applicable, arising due to the fraud or fraudulent
misrepresentation of such Purchaser or the Company, as applicable. 
  

	 	7.5.	 Remedies for Breach of Section 4.3. 

(a) In the event that the Company reasonably believes that there is a breach by any Purchaser of any of its representations and
warranties in Section 4.3, the Company may, at its option, provide a written notice to such Purchaser describing the basis for such belief of the Company. Each Purchaser hereby agrees that, upon delivery of such notice and unless such Purchaser
has provided proof to the satisfaction of the Company that there is not and has not been any breach by such Purchaser of Section 4.3, the Company has the right to elect to, in its sole and absolute discretion and at any time: 

(i) redeem all or a portion of the Purchased Shares of such Purchaser at a redemption price per Ordinary Share equal to the
lower of the Fair Market Value per Ordinary Share or US$3.22904 (which represents a 20% discount to the per Ordinary Share Subscription Price under this Agreement), as appropriately adjusted for any share dividends, combinations, reclassifications,
splits or other similar events with respect to the Ordinary Shares. For purposes of this paragraph (i), “Fair Market Value” means (A) upon the Company’s IPO, the average reported closing price of an Ordinary Share on their
principal trading market for the three trading days immediately prior to the date of the redemption; or (B) prior to the Company’s IPO, the fair market value on the date of redemption as determined by the board of directors of the Company
in good faith; 
 (ii) refuse to recognize any Transfer of the Purchased Shares or any other shares of the Company owned by
such Purchaser or any of its Affiliates in the register of members of the Company without assigning any reason therefor; and/or 

(iii) to the extent permitted by applicable Laws, refuse to (A) declare or pay any dividend or other distribution of the
Company’s assets or otherwise recognize the economic interests or benefits in respect of the Purchased Shares and any other shares of the Company owned by such Purchaser or any of its Affiliates; and (B) treat such Purchaser or any of its
Affiliates owning shares in the Company as a member or shareholder of the Company, recognize the vote by such Purchaser or any of its Affiliates, or count such Purchaser or any of its Affiliates in determining the total number of issued shares at
any time, for purposes of the Restated Articles or the Shareholders Agreement or for any other purposes, in each case, in respect of the Purchased Shares and any other shares of the Company owned by such Purchaser or any of its Affiliates. 

  
 -19- 

 (b) Notwithstanding Subsection (a), in the event that the Company
(x) reasonably believes that there is any breach by a Purchaser of any of its representations and warranties in Section 4.3 and (y) determines that the actions which may be taken pursuant to clauses (i) through
(iii) in Subsection (a) would not adequately compensate the Company compared to the harm caused by such Purchaser’s breach of Section 4.3, upon written notice by the Company, such Purchaser shall pay to the Company an amount
equal to 100% of the Subscription Price of such Purchaser (the “Liquidated Damages”). The Parties intend that the Liquidated Damages constitute compensation, and not a penalty. The Parties acknowledge and agree that
the Company’s harm caused by a breach of Section 4.3 would be impossible or very difficult to be accurately estimated at the time of the execution and delivery of this Agreement, and that the Liquidated Damages are a reasonable
estimate of the anticipated or actual harm that might arise from such breach. 
  

	8.	 TERMINATION 

8.1. Grounds for Termination. This Agreement may be terminated, in respect of any Purchaser, at any time prior to the applicable Closing
in respect of such Purchaser: 
 (a) by mutual written agreement of the Company and such Purchaser; or 

(b) by either the Company or such Purchaser if the Closing shall not have been consummated on or before January 31, 2018;
provided that the right to terminate this Agreement pursuant to this Subsection (b) shall not be available to any Party who has failed to perform any of its covenants or obligations or breached any of its representations, warranties or
agreements contained in this Agreement (in the case of the Company, in respect of such Purchaser) if such failure or breach has been the primary cause of, or primarily resulted in, the failure to consummate the Closing in respect of such Purchaser
by such date. 
 The Party desiring to terminate this Agreement pursuant to Section 8.1(a) or 8.1(b) shall give notice of such termination to the other
Party. 
 8.2. Effect of Termination. If this Agreement is terminated in respect of a Purchaser as permitted by Section 8.1,
such termination shall be without liability of the Company or the Purchaser with respect to which such termination is effective (or any shareholder, director, officer, employee, agent, consultant or representative of such Party) to the applicable
Purchaser or the Company, as applicable; provided that if such termination shall result from the willful (i) failure of a Party to fulfill a condition to the performance of the obligations of the other Party, (ii) failure to perform
a covenant of this Agreement or (iii) breach by a Party hereto of any representation or warranty or agreement contained herein, such Party shall be fully liable for any and all Losses incurred or suffered by the other Parties as a result
of such failure or breach. The provisions of Sections 5.3, 5.4, 8.2, 9.1, 9.15 and 9.16 shall survive any termination hereof pursuant to Section 8.1. 

  
 -20- 

	9.	 MISCELLANEOUS 

9.1. Governing Law. This Agreement shall be governed by and construed exclusively in accordance with the Laws of Hong Kong without
giving effect to any choice of law rule that would cause the application of the Laws of any jurisdiction other than the Laws of Hong Kong to the rights and duties of the Parties hereunder. 

9.2. Disclosure Schedule. The Company has set forth information on the Disclosure Schedule in a section thereof that corresponds
to the section of this Agreement to which it relates. A matter set forth in one section of the Disclosure Schedule need not be set forth in any other section so long as its relevance to such other section of the Disclosure Schedule or section of the
Agreement is reasonably apparent on the face of the information disclosed therein to the Person to which such disclosure is being made. The parties acknowledge and agree that the Disclosure Schedule may include certain items and information solely
for informational purposes for the convenience of the Purchasers and that the disclosure by the Company of any matter in the Disclosure Schedule shall not be deemed to constitute an acknowledgment by the Company that the matter is required to be
disclosed by the terms of this Agreement or that the matter is material. 
 9.3. Consent to Issuance of Financing Shares. By
executing this Agreement, each Purchaser hereby acknowledges that, on or around the date of this Agreement, the Company has proposed (but is not obligated) to issue up to 119,394,895 Ordinary Shares in the aggregate to the Purchasers and one or
more other Persons (the “Financing Shares”). Each Purchaser hereby irrevocably and unconditionally consents to, and waives any pre-emptive rights, notice rights, rights of participation,
veto rights and all similar rights (whether arising at contract or in law), including without the limitation the right of participation it may have upon the Closing under the Shareholders Agreement and the Restated Articles, in respect of, the
issuance of the Financing Shares, and any documents entered into and actions taken in connection therewith. 
  

	 	9.4.	 Agreements Relating to Dual-Class Structure and Re-Designation.

 (a) Each Purchaser, on behalf of itself and its Affiliates, acknowledges and agrees that: 

(i) the Company’s Board may, at any time at or prior to the completion of an IPO of the Company, adopt a
dual-class share structure such that its share capital will include Class A ordinary shares and Class B ordinary shares upon the completion of the IPO (the “Effective Event”); 

  
 -21- 

 (ii) in connection with such adoption of a dual-class share structure,
(A) the Purchased Shares and any other shares of the Company that are owned by such Purchaser, any of its Affiliates or any other Person as may be designated by the Company (whether as a result of any subscription of new shares by, or any
Transfer by another holder of shares to, such Purchaser, any of its Affiliates or such other Person, or otherwise) immediately prior to the Effective Event may, if determined by the Board, be designated as Class A ordinary shares upon
the Effective Event; (B) any shares of the Company that will be issued and sold in the IPO will be designated as Class A ordinary shares; and (C) all or a portion of the shares of the Company that are owned by any existing
holder of Ordinary Shares of the Company as of December 8, 2017 or any of its Affiliates or any other Person as may be designated by the Company (whether as a result of any subscription of new shares by, or any Transfer by another holder of
shares to, such holder, its Affiliates or such other Person, or otherwise) immediately prior to the Effective Event may, if determined by the Board, be designated as Class B ordinary shares upon the Effective Event; 

(iii) each Class A ordinary share will be entitled to one (1) vote and each Class B ordinary share will be
entitled to up to fifteen (15) votes on all matters to be voted upon by or otherwise requiring the consent of the Company’s shareholders; 

(iv) Class B ordinary shares will automatically and immediately convert into an equal number of Class A ordinary shares
upon the occurrence of any transfer of such Class B ordinary shares by the holder thereof or an Affiliate of such holder to any Person that is not an Affiliate of such holder, or any other event that may be designated by the Company; and 

(v) any re-designation or conversion described in this Section 9.4 may be effected
by way of a repurchase by the Company of all such shares to be re-designated or converted in exchange for the issuance by the Company to the relevant shareholder(s) in the Company of the relevant number of
fully paid new shares in the Company, and each Purchaser, on behalf of itself and its Affiliates, hereby unconditionally and irrevocably agrees that such Purchaser’s execution of this Agreement shall constitute its consent to the repurchase of
all of its shares in the Company in connection with the matters described in paragraphs (i) through (v) for the purposes of the Restated Articles of the Company, as may be amended from time to time. 

The matters described in (i) through (v) above shall be referred to as the “Dual-Class Structure and Re-Designation.” 
 (b) Each Purchaser, on behalf of itself and its Affiliates,
hereby unconditionally and irrevocably: 
 (i) consents to the Dual-Class Structure and
Re-Designation, including without limitation for all purposes under the Shareholders Agreement, as may be amended from time to time, and the Restated Articles, as may be amended from time to time; 

  
 -22- 

 (ii) waives any veto rights and all similar rights (whether arising at
contract or in law or otherwise) in respect of the Dual-Class Structure and Re-Designation; 

(iii) agrees to vote, or cause to be voted, the Purchased Shares or any other shares in the Company that are owned by such
Purchaser or its Affiliates from time to time and at any time after the date of this Agreement (the “Purchaser Owned Shares”), at every meeting (or in connection with any action by written consent) of the Company’s
shareholders at which such matters are considered and at any adjournment or postponement thereof prior to the Effective Event, (A) in favor of, and (B) against any action, proposal, transaction or agreement that could reasonably be
expected to impede, interfere with, delay, discourage, adversely affect or inhibit, the Dual-Class Structure and Re-Designation and the adoption of any amendment to the Articles of the Company to reflect the
Dual-Class Structure and Re-Designation and other changes as necessary or appropriate to facilitate an IPO of the Company; and 

(iv) agrees to promptly execute, deliver and enter into any other agreement, document, consent, approval or instrument, and
take any other actions, which may be reasonably necessary or advisable to effect the Dual-Class Structure and Re-Designation and the adoption of any amendment to the Articles of the Company to reflect the
Dual-Class Structure and Re-Designation and other changes as necessary or appropriate to facilitate an IPO of the Company. 

(c) Each Purchaser, on behalf of itself and its Affiliates, hereby irrevocably makes, constitutes and appoints each of the
Chairman of Board of Directors and the Chief Executive Officer of the Company from time to time a true and lawful proxy and attorney-in-fact (each,
an “Attorney”) of such Purchaser and any of its Affiliates owning any Purchaser Owned Shares, with full power and authority, in the name and on behalf of such Purchaser and its Affiliates, (i) to exercise their voting
rights with respect to all of the Purchaser Owned Shares in accordance with Sections 9.4(b)(iii) and (b)(iv) in any vote of the Company’s shareholders or proposed action by written consent by the Company’s shareholders, and
(ii) to make, execute and deliver all resolutions, consents and other writings and to do such things and to take such actions in each case to the extent the applicable Attorney considers necessary to exercise the voting rights of such Purchaser
or any of its Affiliates pursuant to clause (i) above, as fully as could such Purchaser or its Affiliate, as applicable, if personally present and acting. The above proxy and power of attorney is given to secure the performance of the duties of
each Purchaser and its Affiliates under Section 9.4(b)(iii) and (b)(iv). Each Purchaser shall, and shall procure its Affiliates, take such further action or execute such other instruments as may be necessary to effectuate the intent of this
proxy. The power of attorney granted by each Purchaser and its Affiliates herein is a durable power of attorney and shall survive the dissolution, bankruptcy, death or incapacity of such Purchaser and any of its Affiliates. The above proxy and
power of attorney from each Purchaser and its Affiliates to the Attorneys is coupled with an interest and is irrevocable and continuously effective during the period from the date of this Agreement until the earlier of (i) the first date
on which such Purchaser and its Affiliates no longer own any Purchaser Owned Shares or (ii) the Effective Event. 

  
 -23- 

 (d) Each Purchaser further acknowledges and agrees that, prior to
the Effective Event, unless otherwise requested or permitted by the Company in writing, (i) such Purchaser shall not, and shall procure that its Affiliates do not, in any way and for any purpose, (A) claim that any or all of
the Purchaser Owned Shares, are of a separate class of shares in the Company, individually or collectively with any shares in the Company held by any other Person, from the other Ordinary Shares; or (B) request that the Company acknowledge
that the Purchaser Owned Shares are in a separate class of shares or seek its consent as a holder of a separate class of shares in the Company, individually or collectively with any shares in the Company held by any other Person, from the other
Ordinary Shares, in relation to any matter to be voted upon or otherwise requiring the consent of any of the Company’s shareholders; and (ii) such Purchaser shall not, and shall procure that its Affiliates do not, in any way and for any
purpose vote or attempt to vote any or all of the Purchaser Owned Shares in a separate shareholder class meeting or by way of a written resolution of holder(s) of a separate class of shares, individually or collectively with any shares held by any
other Person, from the other Ordinary Shares, in respect of any matter to be voted upon or otherwise requiring the consent of any of the Company’s shareholders. 

9.5. Transfer. Without prejudice to any other restriction on Transfer applicable to the Purchaser Owned Shares, prior to the Effective
Event, each Purchaser shall not, and shall procure its Affiliates do not, directly or indirectly, Transfer any Purchaser Owned Shares unless the transferee of such proposed Transfer (except for any transferee otherwise designated by
the Company) duly executes and delivers to the Company an agreement in form and substance reasonably acceptable to the Company pursuant to which such transferee shall agree to be bound by Sections 9.1, 9.3, 9.4, 9.5, 9.10 and 9.15 as if it were
a Purchaser hereunder, after which, in the event of any amendment to Section 9.1, 9.3, 9.4, 9.5, 9.10 or 9.15 of this Agreement, such transferee shall be deemed the “Purchaser” in respect of the Purchaser Owned Shares subject to
such Transfer in lieu of the Transferring Purchaser for purposes of Section 9.10. 
 9.6. Successors and Assigns. Except as
otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, permitted assigns, heirs, executors and administrators of the Parties. Except as otherwise provided in this Agreement,
this Agreement and the rights and obligations herein may not be assigned by any Party without the written consent of the other Parties. 

  
 -24- 

 9.7. Entire Agreement. This Agreement and the other Transaction Documents, including
the schedules and exhibits hereto and thereto, which are hereby expressly incorporated herein by this reference, constitute the entire understanding and agreement among the Parties with regard to the subjects hereof and thereof. 

9.8. Parties in Interest. Except as expressly provided elsewhere in this Agreement, a person who is not a Party to this Agreement
shall not have any rights under the Contracts (Right of Third Parties) Ordinance (Chapter 623, Laws of Hong Kong) to enforce any terms of this Agreement. This does not affect any right or remedy of a third party which exists, or is available, apart
from the Contracts (Right of Third Parties) Ordinance. 
 9.9. Notices. Except as may be otherwise provided herein, all notices,
requests, waivers and other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other Parties, upon delivery; (b) when sent by facsimile
at the number set forth in Schedule D, upon receipt of confirmation of error-free transmission; (c) seven Business Days after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid and addressed to the
other Parties as set forth in Schedule D; or (d) three Business Days after deposit with an overnight delivery service, postage prepaid, addressed to the Parties as set forth in Schedule D with next
business-day delivery guaranteed, provided that the sending Party receives a confirmation of delivery from the delivery service provider. Each Party making a communication hereunder by facsimile shall
promptly confirm by telephone to the Party to whom such communication was addressed each communication made by it by facsimile 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 9.9 by giving, the other Parties written notice of the new address in the manner set forth above. 

9.10. Amendments. Subject to Section 9.5, any term of this Agreement may be amended (i) as such term applies between the
Company and any Purchaser, with the written consents of both the Company and such Purchaser (and without the consent or approval of any other Purchaser), or (ii) with the written consents of the Company and the Purchasers of a majority of the
total number of Purchased Shares of all the Purchasers in respect of which this Agreement has not been terminated pursuant to Section 8.1(a) or 8.1(b); provided, however, that in the case of clause (ii) above, (x) no
amendment to the number of Purchased Shares and the Subscription Price in respect of a Purchaser may be effected without the written consent of such Purchaser, and (y) no amendment that would materially and adversely affect any Purchaser in a
manner that is disparate from the manner in which it affects any other Purchaser may be effected without the written consent of such Purchaser that would be materially and adversely affected in such disparate manner; provided, further,
that one or more Purchasers may become Parties to this Agreement after the date of this Agreement in accordance with Section 2.1 without any consent or approval of any other Purchaser. Any amendment effected in accordance with clause
(ii) of the foregoing sentence shall be binding upon the Company and all the Purchasers (and to the extent provided for in Section 9.5, any and all permitted transferees of the Purchaser Owned Shares as if it were a Purchaser hereunder).

  
 -25- 

 9.11. Delays or Omissions; Waivers. No delay or omission to exercise any right, power
or remedy accruing to any Party, upon any breach or default of any Party under this Agreement, shall impair any such right, power or remedy of such Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence
therein, or of any similar breach of default thereafter occurring; nor shall any waiver of any other breach or default theretofore or thereafter occurring. Notwithstanding anything to the contrary in this Agreement, any Party may waive any of its
rights under this Agreement without obtaining the consent of any other Party. Any waiver by any Party of any condition or breach of default under this Agreement must be in writing and shall be effective only to the extent specifically set forth in
such writing. All remedies, either under this Agreement or by Laws or otherwise afforded to any Party shall be cumulative and not alternative. 

9.12. Interpretation; Titles and Subtitles. 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 titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be
considered in construing this Agreement. Unless otherwise expressly provided herein, all references to sections and schedules herein are to sections and schedules of this Agreement. Unless a provision hereof expressly provides otherwise:
(i) the term “or” is not exclusive; (ii) the terms “herein”, “hereof”, and other similar words refer to this Agreement as a whole and not to any particular section, subsection, paragraph, clause, or other
subdivision; (iii) the masculine, feminine, and neuter genders will each be deemed to include the others; and (iv) whenever the words “include”, “includes” or “including” are used in this Agreement, they shall
be deemed to be followed by the words “without limitation.” 
 9.13. Counterparts; Effectiveness. This Agreement may be
executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. This Agreement shall become effective (i) with respect to the Company and each Purchaser as of the date
of this Agreement, upon such Party’s due execution and delivery of this Agreement and (ii) with respect to each Purchaser who shall become a Party after the date of this Agreement in accordance with the last sentence of Section 2.1,
such Purchaser’s due execution and delivery to the Company of a counterpart signature page to this Agreement. 
 9.14.
Severability. If any provision of this Agreement is found to be invalid or unenforceable, then such provision shall be construed, to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the
transactions contemplated hereby on substantially the same terms as originally set forth herein, and if no feasible interpretation would save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force
and effect unless the severed provision is essential to the rights or benefits intended by the Parties. In such event, the Parties shall use best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which
most nearly affects the Parties’ intent in entering into this Agreement. 

  
 -26- 

 9.15. Dispute Resolution. Any dispute, controversy or claim (each,
a “Dispute”) arising out of or relating to this Agreement, or the interpretation, breach, termination, validity or invalidity thereof, shall be referred to arbitration upon the demand of either party to the dispute with notice
(the “Arbitration Notice”) to the other. The Dispute shall be settled by arbitration in Hong Kong by the Hong Kong International Arbitration Centre (the “HKIAC”) in accordance with the Hong Kong International
Arbitration Centre Administered Arbitration Rules (the “HKIAC Rules”) in force at the time when the Arbitration Notice is submitted. The seat of arbitration shall be Hong Kong. There shall be three (3) arbitrators. The
complainant and the respondent to such dispute shall each select one arbitrator within thirty (30) days after giving or receiving the demand for arbitration (the “Selection Period”). Such arbitrators shall be freely selected,
and the parties shall not be limited in their selection to any prescribed list. The chairman of the HKIAC shall select the third arbitrator. If either party to the arbitration fails to appoint an arbitrator with the Selection Period, the relevant
appointment shall be made by the chairman of the HKIAC. The arbitral proceedings shall be conducted in English. To the extent that the HKIAC Rules are in conflict with the provisions of this Section 9.15, including the provisions concerning the
appointment of the arbitrators, this Section 9.15 shall prevail. Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of and providing complete access to all information and documents
requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. The award of the arbitral tribunal shall be final and binding upon the parties thereto, and the
prevailing party may apply to a court of competent jurisdiction for enforcement of such award. Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the
constitution of the arbitral tribunal. During the course of the arbitral tribunal’s adjudication of the Dispute, this Agreement shall continue to be performed except with respect to the part in dispute and under adjudication. 

9.16. Expenses. Each Party shall bear its own costs and expenses in connection with the negotiation, execution and delivery of this
Agreement and the other Transaction Documents. 
 — REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK — 

  
 -27- 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered as a deed as of the
date first above written. 
  

					
	 EXECUTED and DELIVERED

as a deed by and in the name of 
 TENCENT MUSIC
ENTERTAINMENT GROUP
 (腾讯音乐娱乐集团)

by its duly authorised attorney
 in the presence of :
	 	 )
 )

)
 )

)
	  	

  

			
	 /s/ Zou Wenting
	  	 /s/ Cussion Pang

	Signature of Witness	  	Signature of authorised attorney
		
	Name of Witness: Zou Wenting	  	
	Address:	  	

 17F, Malata building, No.9998 Shennan road 

Nanshan district, Shenzhen, 518057, China 

[Signature Page to Share Subscription Agreement] 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered as a deed as of the
date first above written. 
  

					
	 EXECUTED and DELIVERED

as a deed by and in the name of
 CICFH GLORY
LIMITED
 by its duly authorised attorney
 in the presence
of :
	 	 )
 )

)
 )
	  	

			
		 		  	 For and on behalf of
 CICFH Glory
Limited

			
	 /s/ Ma Jie
	 		  	 /s/ Li Sha

	Signature of Witness	 		  	Signature of authorised attorney
			
	Name of Witness: Ma Jie	 		  	
	Address: 24 Liuyin Street, Xicheng District, Beijing	 		  	

 [Signature Page to Share Subscription Agreement] 

 SCHEDULE A 

Schedule of Purchasers 
  

									
	 Name of Purchaser as of the Date of the Agreement
	  	Number of
Purchased Shares	 	  	Subscription
Price	 
	 CICFH Glory Limited
	  	 	2,477,517	 	  	 	US$10,000,001.87	 
	 [REDACTED]
	  				  			

  

			
	 Total Number of Purchased Shares
	  	
Total Subscription Price

	 42,613,284
	  	US$172,000,038.60

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