Document:

EX-4.3

 Exhibit 4.3 
  

 
  

Q&K INTERNATIONAL GROUP LIMITED 

AND 
 THE BANK OF NEW YORK MELLON

                    
    As Depositary 
 AND 

OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES 

Deposit Agreement 

                    , 2019 

 
  

 

 TABLE OF CONTENTS 
  

							
	 ARTICLE 1.    DEFINITIONS
	  	 	1	 
	 SECTION 1.1.
	 	American Depositary Shares	  	 	1	 
	 SECTION 1.2.
	 	Commission	  	 	2	 
	 SECTION 1.3.
	 	Company	  	 	2	 
	 SECTION 1.4.
	 	Custodian	  	 	2	 
	 SECTION 1.5.
	 	Deliver; Surrender	  	 	2	 
	 SECTION 1.6.
	 	Deposit Agreement	  	 	3	 
	 SECTION 1.7.
	 	Depositary; Depositary’s Office	  	 	3	 
	 SECTION 1.8.
	 	Deposited Securities	  	 	3	 
	 SECTION 1.9.
	 	Disseminate	  	 	3	 
	 SECTION 1.10.
	 	Dollars	  	 	4	 
	 SECTION 1.11.
	 	DTC	  	 	4	 
	 SECTION 1.12.
	 	Foreign Registrar	  	 	4	 
	 SECTION 1.13.
	 	Holder	  	 	4	 
	 SECTION 1.14.
	 	Owner	  	 	4	 
	 SECTION 1.15.
	 	Receipts	  	 	4	 
	 SECTION 1.16.
	 	Registrar	  	 	4	 
	 SECTION 1.17.
	 	Replacement	  	 	4	 
	 SECTION 1.18.
	 	Restricted Securities	  	 	5	 
	 SECTION 1.19.
	 	Securities Act of 1933	  	 	5	 
	 SECTION 1.20.
	 	Shares	  	 	5	 
	 SECTION 1.21.
	 	SWIFT	  	 	5	 
	 SECTION 1.22.
	 	Termination Option Event	  	 	5	 
		
	 ARTICLE 2.    FORM OF RECEIPTS, DEPOSIT OF SHARES,
DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES
	  	 	6	 
	 SECTION 2.1.
	 	Form of Receipts; Registration and Transferability of American Depositary Shares	  	 	6	 
	 SECTION 2.2.
	 	Deposit of Shares	  	 	7	 
	 SECTION 2.3.
	 	Delivery of American Depositary Shares	  	 	8	 
	 SECTION 2.4.
	 	Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares	  	 	8	 
	 SECTION 2.5.
	 	Surrender of American Depositary Shares and Withdrawal of Deposited Securities	  	 	9	 
	 SECTION 2.6.
	 	Limitations on Delivery, Registration of Transfer and Surrender of American Depositary Shares	  	 	10	 
	 SECTION 2.7.
	 	Lost Receipts, etc.	  	 	11	 
	 SECTION 2.8.
	 	Cancellation and Destruction of Surrendered Receipts	  	 	11	 
	 SECTION 2.9.
	 	DTC Direct Registration System and Profile Modification System	  	 	12	 

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

  
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	 ARTICLE 6.    AMENDMENT AND TERMINATION
	  	 	30	 
	 SECTION 6.1.
	 	Amendment	  	 	30	 
	 SECTION 6.2.
	 	Termination	  	 	31	 
		
	 ARTICLE 7.    MISCELLANEOUS
	  	 	32	 
	 SECTION 7.1.
	 	Counterparts; Signatures; Delivery	  	 	32	 
	 SECTION 7.2.
	 	No Third Party Beneficiaries	  	 	32	 
	 SECTION 7.3.
	 	Severability	  	 	32	 
	 SECTION 7.4.
	 	Owners and Holders as Parties; Binding Effect	  	 	32	 
	 SECTION 7.5.
	 	Notices	  	 	33	 
	 SECTION 7.6.
	 	Arbitration; Settlement of Disputes	  	 	33	 
	 SECTION 7.7.
	 	Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver	  	 	34	 
	 SECTION 7.8.
	 	Waiver of Immunities	  	 	35	 
	 SECTION 7.9.
	 	Governing Law	  	 	35	 

  

  
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 DEPOSIT AGREEMENT 

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

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

WHEREAS, the American Depositary Receipts are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as set forth in this Deposit Agreement; 
 NOW, THEREFORE, in consideration of the premises, it is
agreed by and between the parties hereto as follows: 
 ARTICLE 1.    DEFINITIONS 

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

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

  
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 SECTION 1.2.    Commission. 

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

The term “Company” shall mean Q&K International Group Limited, a company incorporated under the laws of the Cayman
Islands, and its successors. 
 SECTION 1.4.    Custodian. 

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

 SECTION 1.5.    Deliver; Surrender. 

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

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

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

SECTION 1.6.    Deposit Agreement. 

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

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

The term “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this
Deposit Agreement, including without limitation, Shares that have not been successfully delivered upon surrender of American Depositary Shares, and any and all other securities, property and cash received by the Depositary or the Custodian in
respect of Deposited Securities and at that time held under this Deposit Agreement. 
 SECTION
1.9.    Disseminate. 
 The term “Disseminate,” when referring to a notice or other information
to be sent by the Depositary to Owners, shall mean (i) sending that information to Owners in paper form by mail or another means or (ii) with the consent of Owners, another procedure that has the effect of making the information available
to Owners, which may include (A) sending the information by electronic mail or electronic messaging or (B) sending in paper form or by electronic mail or messaging a statement that the information is available and may be accessed by the
Owner on an Internet website and that it will be sent in paper form upon request by the Owner, when that information is so available and is sent in paper form as promptly as practicable upon request. 

  
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 SECTION 1.10.    Dollars. 

The term “Dollars” shall mean United States dollars. 

SECTION 1.11.    DTC. 

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

SECTION 1.12.    Foreign Registrar. 

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

SECTION 1.13.    Holder. 

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

SECTION 1.14.    Owner. 

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

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

SECTION 1.16.    Registrar. 

The term “Registrar” shall mean any corporation or other entity that is appointed by the Depositary to register American
Depositary Shares and transfers of American Depositary Shares as provided in this Deposit Agreement. 
 SECTION
1.17.    Replacement. 
 The term “Replacement” shall have the meaning assigned to it in
Section 4.8. 

  
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 SECTION 1.18.    Restricted Securities. 

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

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

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

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

(i)    the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution of
bankruptcy or insolvency proceedings against it, files a petition or answer or consent seeking reorganization or relief under any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition of that kind or to the
appointment of a receiver, liquidator, assignee, trustee, custodian or sequestrator (or other similar official) of it or any substantial part of its property or makes an assignment for the benefit of creditors, or if information becomes publicly
available indicating that unsecured claims against the Company are not expected to be paid; 

  
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 (ii)    the American Depositary Shares are delisted from a stock
exchange in the United States on which the American Depositary Shares were listed and, the Company has not listed or applied to list the American Depositary Shares on another stock exchange in the United States, nor is there a symbol available for over-the-counter trading of the American Depositary Shares in the United States; 

(iii)    the Depositary has received notice of facts that indicate that the American Depositary Shares have become, or
with the passage of time will become, ineligible for registration on Form F-6 under the Securities Act of 1933; or 

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

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

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

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

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

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

SECTION 2.2.    Deposit of Shares. 

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

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

The Depositary shall refuse, and shall instruct the Custodian to refuse, to accept Shares for deposit if the Depositary has received a notice
from the Company that the Company has restricted transfer of those Shares under the Company’s articles of association or any applicable laws or that the deposit would result in any violation of the Company’s articles of association or any
applicable laws. 

  
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 At the request and risk and expense of a person proposing to deposit Shares, and for the
account of that person, the Depositary may receive certificates for Shares to be deposited, together with the other instruments specified in this Section, for the purpose of forwarding those Share certificates to the Custodian for deposit under this
Deposit Agreement. 
 The Depositary shall instruct each Custodian that, upon each delivery to a Custodian of a certificate or certificates
for Shares to be deposited under this Deposit Agreement, together with the other documents specified in this Section, that Custodian shall, as soon as transfer and recordation can be accomplished, present that certificate or those certificates to
the Company or the Foreign Registrar, if applicable, for transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or that Custodian or its nominee. 

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

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

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

  
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 The Depositary, subject to the terms and conditions of this Deposit Agreement, shall upon
surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number of American
Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 

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

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

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

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

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

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

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

  
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 The Depositary may refuse to accept deposits of Shares for delivery of American Depositary
Shares or to register transfers of American Depositary Shares in particular instances, or may suspend deposits of Shares or registration of transfer generally, whenever it or the Company considers it necessary or advisable to do so. The Depositary
may refuse surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities in particular instances, or may suspend surrenders for the purpose of withdrawal generally, but, notwithstanding anything to the contrary in
this Deposit Agreement, only for (i) temporary delays caused by closing of the Depositary’s register or the register of holders of Shares maintained by the Company or the Foreign Registrar, or the deposit of Shares, in connection with
voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares
or to the withdrawal of the Deposited Securities or (iv) any other reason that, at the time, is permitted under paragraph I(A)(1) of the General Instructions to Form F-6 under the Securities Act of 1993
or any successor to that provision. 
 The Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares that,
at the time of deposit, are Restricted Securities. 
 SECTION 2.7.    Lost Receipts, etc. 

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

  
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 SECTION 2.9.    DTC Direct Registration System and Profile
Modification System. 
 (a)    Notwithstanding the provisions of Section 2.4, the parties acknowledge
that DTC’s Direct Registration System (“DRS”) and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC
that facilitates interchange between registered holding of uncertificated securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS that allows a DTC participant,
claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that
DTC participant without receipt by the Depositary of prior authorization from the Owner to register that transfer. 

(b)    In connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC
participant that is claiming to be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in paragraph (a) above has the actual authority to act on behalf of that Owner (notwithstanding any requirements
under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 apply to the matters arising from the use of the DRS/Profile. The parties agree that the Depositary’s reliance on and compliance with
instructions received by the Depositary through the DRS/Profile system and otherwise in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary. 

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

SECTION 3.1.    Filing Proofs, Certificates and Other Information. 

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

  
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 SECTION 3.2.    Liability of Owner for Taxes. 

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

SECTION 3.3.    Warranties on Deposit of Shares. 

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

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

  
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 ARTICLE 4.    THE DEPOSITED SECURITIES 

SECTION 4.1.    Cash Distributions. 

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

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

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

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

  
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 If a distribution under this Section 4.2 would represent a return of all or
substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary
Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition of making that distribution. A distribution of that kind shall be a Termination Option Event. 

SECTION 4.3.    Distributions in Shares. 

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

  
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 If the Company declares a distribution in which holders of Deposited Securities have a right
to elect whether to receive cash, Shares or other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with the Company, make that right of election
available for exercise by Owners in any manner the Depositary considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory assurances from the Company that
doing so does not require registration of any securities under the Securities Act of 1933. 
 SECTION
4.4.    Rights. 
 (a)    If rights are granted to the Depositary in respect of deposited
Shares to purchase additional Shares or other securities, the Company and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights. The Depositary may, to the extent
deemed by it to be lawful and practical (i) if requested in writing by the Company, grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or American
Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net
proceeds of that sale to Owners entitled to those proceeds. To the extent rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised. 

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

  
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 (c)    If the Depositary will act under (a)(ii) above, the Company and
the Depositary will enter into a separate agreement setting forth the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable to the American Depositary Shares
of that Owner to an account specified by that Owner to which the rights can be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those
rights as requested by that Owner. 
 (d)    If the Depositary will act under (a)(iii) above, the Depositary will use
reasonable efforts to sell the rights in proportion to the number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that were sold, upon an averaged or other practical
basis without regard to any distinctions among such Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise. 

(e)    Payment or deduction of the fees of the Depositary as provided in Section 5.9 and payment or deduction of the
expenses of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds under this Section 4.4. 

(f)    The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make
rights available to or exercise rights on behalf of Owners in general or any Owner in particular, or to sell rights. 
 SECTION
4.5.    Conversion of Foreign Currency. 
 Whenever the Depositary or the Custodian receives foreign currency, by
way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a
reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall convert or cause to be converted, by sale or in any other manner that it may determine, that foreign currency into Dollars, and those
Dollars shall be distributed to the Owners entitled thereto as promptly as practicable. A cash distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the
date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9. 

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

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

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

  
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 SECTION 4.6.    Fixing of Record Date. 

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

(a)    Upon receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if
requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall be in the sole discretion of the Depositary, that shall contain (i) the information
contained in the notice of meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of Cayman Islands law and of the
articles of association or similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American Depositary Shares, (iii) a statement as
to the manner in which those instructions may be given and (iv) the last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”). 

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

(c)    There can be no assurance that Owners generally or any Owner in particular will receive the notice described
in paragraph (a) above in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date. 

(d)    In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights
relating to Shares, if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary notice of the meeting, details concerning the matters to be voted upon and copies of
materials to be made available to holders of Shares in connection with the meeting not less than 30 days prior to the meeting date. 

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

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

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

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

  
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 SECTION 4.9.    Reports. 

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

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

If the Depositary determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe therefor)
is subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor) in
the amounts and manner the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall distribute the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in
proportion to the number of American Depositary Shares held by them respectively. 
 Services for Owners and Holders that may permit them to
obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and the fees and costs associated with using services of that kind, are not provided under, and are outside the scope of, this Deposit Agreement. 

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

  
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 ARTICLE 5.    THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY 

SECTION 5.1.    Maintenance of Office and Register by the Depositary. 

Until termination of this Deposit Agreement in accordance with its terms, the Depositary shall maintain facilities for the delivery,
registration of transfers and surrender of American Depositary Shares in accordance with the provisions of this Deposit Agreement. 
 The
Depositary shall keep a register of all Owners and all outstanding American Depositary Shares, which shall be open for inspection by the Owners at the Depositary’s Office during regular business hours, but only for the purpose of communicating
with Owners regarding the business of the Company or a matter related to this Deposit Agreement or the American Depositary Shares. 
 The
Depositary may close the register for delivery, registration of transfer or surrender for the purpose of withdrawal from time to time as provided in Section 2.6 or upon the Company’s written request. 

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

The Company shall have the right, at all reasonable times, upon written request, to inspect transfer and registration records of the
Depositary, the Registrar and any co-transfer agents or co-registrars and to require them to supply, at the Company’s expense (unless otherwise agreed in writing
between the Company and the Depositary) copies of such portions of their records as the Company may reasonably request. 
 SECTION
5.2.    Prevention or Delay of Performance by the Company or the Depositary. 
 Neither the Depositary nor the
Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or Holder: 
 (i) if
by reason of (A) any provision of any present or future law or regulation or other act of the government of the United States, any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or
stock exchange; (B) (in the case of the Depositary only) any provision, present or future, of the articles of association or similar document of the Company, or any provision of any securities issued or distributed by the Company, or any offering or
distribution thereof; or (C) any event or circumstance, whether natural or caused by a person or persons, that is beyond the ability of the Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort
(including, but not limited to, earthquakes, floods, severe storms, fires, explosions, war, terrorism, civil unrest, labor disputes or criminal acts; interruptions or malfunctions of utility services, Internet or other communications lines or
systems; unauthorized access to or attacks on computer systems or websites; or other failures or malfunctions of computer hardware or software or other systems or equipment), the Depositary or the Company is, directly or indirectly, prevented from,
forbidden to or delayed in, or could be subject to any civil or criminal penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms of this Deposit Agreement or the Deposited Securities, it is
provided shall be done or performed; 

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

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

SECTION 5.3.    Obligations of the Depositary and the Company. 

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

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

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

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

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

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

  
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 SECTION 5.4.    Resignation and Removal of the Depositary. 

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

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

If the Depositary resigns or is removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or
trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to the Company an instrument in writing accepting its appointment under this Deposit Agreement. If the Depositary
receives notice from the Company that a successor depositary has been appointed following its resignation or removal, the Depositary, upon payment of all sums due it from the Company, shall deliver to its successor a register listing all the Owners
and their respective holdings of outstanding American Depositary Shares and shall deliver the Deposited Securities to or to the order of its successor. When the Depositary has taken the actions specified in the preceding sentence (i) the
successor shall become the Depositary and shall have all the rights and shall assume all the duties of the Depositary under this Deposit Agreement and (ii) the predecessor depositary shall cease to be the Depositary and shall be discharged and
released from all obligations under this Deposit Agreement, except for its duties under Section 5.8 with respect to the time before that discharge. A successor Depositary shall notify the Owners of its appointment as soon as practical after
assuming the duties of Depositary. 
 Any corporation or other entity into or with which the Depositary may be merged or consolidated shall
be the successor of the Depositary without the execution or filing of any document or any further act. 
 SECTION
5.5.    The Custodians. 
 The Custodian shall be subject at all times and in all respects to the directions of
the Depositary and shall be responsible solely to it. The Depositary in its discretion may at any time appoint a substitute or additional custodian or custodians, each of which shall thereafter be one of the Custodians under this Deposit Agreement.
If the Depositary receives notice that a Custodian is resigning and, upon the effectiveness of that resignation there would be no Custodian acting under this Deposit Agreement, the Depositary shall, as promptly as practicable after receiving that
notice, appoint a substitute custodian or custodians, each of which shall thereafter be a Custodian under this Deposit Agreement. The Depositary shall notify the Company of the appointment of a substitute or additional Custodian as promptly as
practicable. The Depositary shall require any Custodian that resigns or is removed to deliver all Deposited Securities held by it to another Custodian. 

  
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 SECTION 5.6.    Notices and Reports. 

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

The Company represents that as of the date of this Deposit Agreement, the statements in Article 11 of the Receipt with respect to the
Company’s obligation to file periodic reports under the United States Securities Exchange Act of 1934, as amended, are true and correct. The Company agrees to promptly notify the Depositary upon becoming aware of any change in the truth of any
of those statements. 
 SECTION 5.7.    Distribution of Additional Shares, Rights, etc. 

If the Company or any affiliate of the Company determines to make any issuance or distribution of (1) additional Shares, (2) rights
to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each a “Distribution”), the Company shall notify the Depositary in writing in English as promptly as
practicable and in any event before the Distribution starts and, if reasonably requested in writing by the Depositary, the Company shall promptly furnish to the Depositary either (i) evidence satisfactory to the Depositary that the Distribution
is registered under the Securities Act of 1933 or (ii) a written opinion from U.S. counsel for the Company that is reasonably satisfactory to the Depositary, stating that the Distribution does not require, or, if made in the United States,
would not require, registration under the Securities Act of 1933. 

  
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 The Company agrees with the Depositary that neither the Company nor any company controlled
by, controlling or under common control with the Company will at any time deposit any Shares that, at the time of deposit, are Restricted Securities. 

SECTION 5.8.    Indemnification. 

The Company agrees to indemnify the Depositary, its directors, employees, agents and affiliates and each Custodian against, and hold each of
them harmless from, any liability or expense (including, but not limited to any documented fees and expenses incurred in seeking, enforcing or collecting such indemnity and the documented, reasonable fees and expenses of counsel) that may arise out
of or in connection with (a) any registration with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof or (b) acts performed or omitted, pursuant to the provisions of or in connection with this
Deposit Agreement and the American Depositary Shares, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective directors, employees, agents and affiliates, except
for any liability or expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates. 

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

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

  
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 SECTION 5.9.    Charges of Depositary. 

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

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

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

SECTION 5.10.    Retention of Depositary Documents. 

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

  
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 SECTION 5.11.    Exclusivity. 

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

SECTION 5.12.    Information for Regulatory Compliance. 

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

ARTICLE 6.    AMENDMENT AND TERMINATION 

SECTION 6.1.    Amendment. 

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

  
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 SECTION 6.2.    Termination. 

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

 (b)    After the Termination Date, the Company shall be discharged from all obligations under this Deposit Agreement
except for its obligations to the Depositary under Sections 5.8 and 5.9. 
 (c)    At any time after the Termination
Date, the Depositary may sell the Deposited Securities then held under this Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without
liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding, and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash. After making
that sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except (i) to account for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of
American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its
obligations under Section 5.8 and (iii) to act as provided in paragraph (d) below. 
 (d)    After the
Termination Date, if any American Depositary Shares remain outstanding, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities (that have not been sold), may sell rights and other property as
provided in this Deposit Agreement and shall deliver Deposited Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of the fee of the Depositary for the surrender of American
Depositary Shares, any expenses for the account of the Owner of those American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges). After the Termination Date, the
Depositary shall not accept deposits of Shares or deliver American Depositary Shares. After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of withdrawal of Deposited
Securities (that have not been sold) or reverse previously accepted surrenders of that kind that have not settled if in its judgment the requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii) the Depositary
will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities have been sold and (iii) the Depositary may discontinue the registration of transfers of American Depositary Shares and suspend the
distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices or perform any further acts under this Deposit Agreement except as provided in this Section. 

  
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 ARTICLE 7.    MISCELLANEOUS 

SECTION 7.1.    Counterparts; Signatures; Delivery. 

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

The exchange of copies of this Deposit Agreement and manually-signed signature pages by facsimile, or email attaching a pdf or similar bit-mapped image, shall constitute effective execution and delivery of this Deposit Agreement as to the parties to it; copies and signature pages so exchanged may be used in lieu of the original Deposit Agreement
and signature pages for all purposes and shall have the same validity, legal effect and admissibility in evidence as an original manual signature; the parties to this Deposit Agreement hereby agree not to argue to the contrary. 

SECTION 7.2.    No Third Party Beneficiaries. 

This Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Owners and the Holders and their respective successors
and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person. 
 SECTION
7.3.    Severability. 
 In case any one or more of the provisions contained in this Deposit Agreement or in a
Receipt should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained in this Deposit Agreement or that Receipt shall in no way be affected, prejudiced or
disturbed thereby. 
 SECTION 7.4.    Owners and Holders as Parties; Binding Effect. 

The Owners and Holders from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions of
this Deposit Agreement and of the Receipts by acceptance of American Depositary Shares or any interest therein. 

  
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 SECTION 7.5.    Notices. 

Any and all notices to be given to the Company shall be in writing and shall be deemed to have been duly given if personally delivered or sent
by domestic first class or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar bit-mapped image of a signed writing, provided that receipt of the
facsimile transmission or email has been confirmed by the recipient, addressed to Q&K International Group Limited, Suite 1607, Building A, No.596 Middle Longhua Road, Xuhui District, Shanghai, 200032, People’s Republic of China, Attention:
Chief Executive Officer, or any other place to which the Company may have transferred its principal office with notice to the Depositary. 

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

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

A notice to be given to an Owner shall be deemed to have been duly given when Disseminated to that Owner. Dissemination in paper form will be
effective when personally delivered or sent by first class domestic or international air mail or air courier, addressed to that Owner at the address of that Owner as it appears on the transfer books for American Depositary Shares of the Depositary,
or, if that Owner has filed with the Depositary a written request that notices intended for that Owner be mailed to some other address, at the address designated in that request. Dissemination in electronic form will be effective when sent in the
manner consented to by the Owner to the electronic address most recently provided by the Owner for that purpose. 
 SECTION
7.6.    Arbitration; Settlement of Disputes. 
 Any controversy, claim or cause of action brought by any party
hereto against the Company arising out of or relating to the Shares or other Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement, or the breach hereof or thereof, if so elected by the claimant, shall be
settled by arbitration in accordance with the International Arbitration Rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 

  
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 The place of the arbitration shall be The City of New York, State of New York, United States
of America, and the language of the arbitration shall be English. 
 The number of arbitrators shall be three, each of whom shall be
disinterested in the dispute or controversy, shall have no connection with any party thereto, and shall be an attorney experienced in international securities transactions. Each party shall appoint one arbitrator and the two arbitrators shall select
a third arbitrator who shall serve as chairperson of the tribunal. If a dispute, controversy or cause of action shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant(s) and respondent(s)),
each of which shall appoint one arbitrator as if there were only two parties to such dispute, controversy or cause of action. If such alignment and appointment shall not have occurred within thirty (30) calendar days after the initiating party
serves the arbitration demand, the American Arbitration Association shall appoint the three arbitrators, each of whom shall have the qualifications described above. The parties and the American Arbitration Association may appoint from among the
nationals of any country, whether or not a party is a national of that country. 
 The arbitral tribunal shall have no authority to award
any consequential, special or punitive damages or other damages not measured by the prevailing party’s actual damages and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of this Deposit
Agreement. 
 SECTION 7.7.    Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial
Waiver. 
 The Company hereby (i) designates and appoints the person named in Exhibit A to this Deposit Agreement as the
Company’s authorized agent in the United States upon which process may be served in any suit or proceeding (including any arbitration proceeding) arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares,
the Receipts or this Deposit Agreement (a “Proceeding”), (ii) consents and submits to the jurisdiction of any state or federal court in the State of New York in which any Proceeding may be instituted and (iii) agrees that service of
process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any Proceeding. The Company agrees to deliver to the Depositary, upon the execution and delivery of this Deposit Agreement, a
written acceptance by the agent named in Exhibit A to this Deposit Agreement of its appointment as process agent. The Company further agrees to take any and all action, including the filing of any and all such documents and instruments, as may be
necessary to continue that designation and appointment in full force and effect, or to appoint and maintain the appointment of another process agent located in the United States as required above, and to deliver to the Depositary a written
acceptance by that agent of that appointment, for so long as any American Depositary Shares or Receipts remain outstanding or this Deposit Agreement remains in force. In the event the Company fails to maintain the designation and appointment of a
process agent in the United States in full force and effect, the Company hereby waives personal service of process upon it and consents that a service of process in connection with a Proceeding may be made by certified or registered mail, return
receipt requested, directed to the Company at its address last specified for notices under this Deposit Agreement, and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 

  
 -34- 

 EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND
HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY
QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 
 SECTION
7.8.    Waiver of Immunities. 
 To the extent that the Company or any of its properties, assets or revenues may
have or may hereafter become entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or
counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving
of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or
Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any immunity of that
kind and consents to relief and enforcement as provided above. 
 SECTION 7.9.    Governing Law. 

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

  
 -35- 

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

 

			
	Q&K INTERNATIONAL GROUP LIMITED

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	 THE BANK OF NEW YORK MELLON,
as
Depositary

 
			
	By:	 	  

	Name:	 	
	Title:	 	

  
 -36- 

 EXHIBIT A 
  

			
		 	 AMERICAN DEPOSITARY SHARES

(Each American Depositary Share represents

             deposited Shares)

 THE BANK OF NEW YORK MELLON 

AMERICAN DEPOSITARY RECEIPT 
 FOR
CLASS A ORDINARY SHARES OF 
 Q&K INTERNATIONAL GROUP LIMITED(INCORPORATED UNDER THE LAWS OF THE CAYMAN ISLANDS) 

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

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

THE DEPOSITARY’S OFFICE ADDRESS IS 

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

  
 A-1 

	1.	 THE DEPOSIT AGREEMENT. 

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

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

  

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

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

  
 A-2 

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

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

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

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

  
 A-3 

 The Depositary may refuse to accept deposits of Shares for delivery of American Depositary
Shares or to register transfers of American Depositary Shares in particular instances, or may suspend deposits of Shares or registration of transfer generally, whenever it or the Company considers it necessary or advisable to do so. The Depositary
may refuse surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities in particular instances, or may suspend surrenders for the purpose of withdrawal generally, but, notwithstanding anything to the contrary in
the Deposit Agreement, only for (i) temporary delays caused by closing of the Depositary’s register or the register of holders of Shares maintained by the Company or the Foreign Registrar, or the deposit of Shares, in connection with
voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares
or to the withdrawal of the Deposited Securities or (iv) any other reason that, at the time, is permitted under paragraph I(A)(1) of the General Instructions to Form F-6 under the Securities Act of 1993
or any successor to that provision. 
 The Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares that, at
the time of deposit, are Restricted Securities. 
  

	4.	 LIABILITY OF OWNER FOR TAXES. 

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

  
 A-4 

	5.	 WARRANTIES ON DEPOSIT OF SHARES. 

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

	6.	 FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION. 

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

  
 A-5 

	7.	 CHARGES OF DEPOSITARY. 

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

  
 A-6 

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

	8.	 DISCLOSURE OF INTERESTS. 

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

	9.	 TITLE TO AMERICAN DEPOSITARY SHARES. 

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

  
 A-7 

	10.	 VALIDITY OF RECEIPT. 

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

	11.	 REPORTS; INSPECTION OF TRANSFER BOOKS. 

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

The Depositary will make available for inspection by Owners at its Office any reports, notices and other communications, including any proxy
soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of those Deposited Securities by the Company. The
Company shall furnish reports and communications, including any proxy soliciting material to which Section 4.9 of the Deposit Agreement applies, to the Depositary in English, to the extent such materials are required to be translated into
English pursuant to any regulations of the Commission. 
 The Depositary will maintain a register of American Depositary Shares and
transfers of American Depositary Shares, which shall be open for inspection by the Owners at the Depositary’s Office during regular business hours, but only for the purpose of communicating with Owners regarding the business of the Company or a
matter related to this Deposit Agreement or the American Depositary Shares. 

  
 A-8 

	12.	 DIVIDENDS AND DISTRIBUTIONS. 

Whenever the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary will, if at the time of
receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into Dollars transferable to the United States, and subject to the Deposit Agreement, convert that dividend or other
cash distribution into Dollars and distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement) to the Owners entitled thereto;
provided, however, that if the Custodian or the Depositary is required to withhold and does withhold from that cash dividend or other cash distribution an amount on account of taxes or other governmental charges, the amount distributed
to the Owners of the American Depositary Shares representing those Deposited Securities shall be reduced accordingly. If a cash distribution would represent a return of all or substantially all the value of the Deposited Securities underlying
American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American
Depositary Shares) as a condition of making that cash distribution. A distribution of that kind shall be a Termination Option Event. 

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

  
 A-9 

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

  
 A-10 

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

	13.	 RIGHTS. 

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

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

  
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 (c)    If the Depositary will act under (a)(ii) above, the Company and
the Depositary will enter into a separate agreement setting forth the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable to the American Depositary Shares
of that Owner to an account specified by that Owner to which the rights can be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those
rights as requested by that Owner. 
 (d)    If the Depositary will act under (a)(iii) above, the Depositary will use
reasonable efforts to sell the rights in proportion to the number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that were sold, upon an averaged or other practical
basis without regard to any distinctions among such Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise. 

(e)    Payment or deduction of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and
payment or deduction of the expenses of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds under Section 4.4 of that Agreement. 

(f)    The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make
rights available to or exercise rights on behalf of Owners in general or any Owner in particular , or to sell rights. 
  

	14.	 CONVERSION OF FOREIGN CURRENCY. 

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

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

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

 

	15.	 RECORD DATES. 

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

  
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	16.	 VOTING OF DEPOSITED SHARES. 

(a)    Upon receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if
requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall be in the sole discretion of the Depositary, that shall contain (i) the information
contained in the notice of meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of Cayman Islands law and of the
articles of association or similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American Depositary Shares, (iii) a statement as
to the manner in which those instructions may be given and (iv) the last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”). 

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

(c)    There can be no assurance that Owners generally or any Owner in particular will receive the notice described
in paragraph (a) above in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date. 

(d)    In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights
relating to Shares, if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary notice of the meeting, details concerning the matters to be voted upon and copies of
materials to be made available to holders of Shares in connection with the meeting not less than 30 days prior to the meeting date. 

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

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

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

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

	18.	 LIABILITY OF THE COMPANY AND DEPOSITARY. 

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

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

(iii) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to
holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Owners or Holders; or 
 (iv) for
any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement. 
 Where, by the terms of a
distribution to which Section 4.1, 4.2 or 4.3 of the Deposit Agreement applies, or an offering to which Section 4.4 of that Agreement applies, or for any other reason, that distribution or offering may not be made available to Owners, and
the Depositary may not dispose of that distribution or offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not make that distribution or offering available to Owners, and shall allow any rights, if
applicable, to lapse. 
 Neither the Company nor the Depositary assumes any obligation or shall be subject to any liability under the
Deposit Agreement to Owners or Holders, except that they agree to perform their obligations specifically set forth in the Deposit Agreement without negligence or bad faith. The Depositary shall not be a fiduciary or have any fiduciary duty to Owners
or Holders. The Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action,
suit, or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares, on behalf of any Owner or Holder or other person. Neither the Depositary nor the Company shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or Holder, or any other person believed by it in good faith to be
competent to give such advice or information. Each of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or other document believed by it to be genuine and to have been signed or
presented by the proper party or parties. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with a matter arising
wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises, the Depositary performed its obligations without negligence or bad faith while it acted as
Depositary. The Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of American Depositary Shares or Deposited
Securities or otherwise. In the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities or for the manner in which any such vote is cast or the
effect of any such vote. The Depositary shall have no duty to make any determination or provide any information as to the tax status of the Company. Neither the Depositary nor the Company shall have any liability for any tax consequences that may be
incurred by Owners or Holders as a result of owning or holding American Depositary Shares. Neither the Depositary nor the Company shall be liable for the inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit,
reduced rate of withholding or refund of amounts withheld in respect of tax or any other tax benefit. No disclaimer of liability under the United States federal securities laws is intended by any provision of the Deposit Agreement. 

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

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

 

	20.	 AMENDMENT. 

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

  
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	21.	 TERMINATION OF DEPOSIT AGREEMENT. 

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

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

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

 

	22.	 DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM. 

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

  
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	23.	 ARBITRATION; SETTLEMENT OF DISPUTES. 

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

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

 

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

 The Company has (i) appointed Cogency Global Inc., located at 10 East 40th Street, 10th Floor, New
York, NY 10016, as the Company’s authorized agent in the United States upon which process may be served in any suit or proceeding (including any arbitration proceeding) arising out of or relating to the Shares or Deposited Securities, the
American Depositary Shares, the Receipts or this Agreement, (ii) consented and submitted to the jurisdiction of any state or federal court in the State of New York in which any such suit or proceeding may be instituted, and (iii) agreed
that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. 

  
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 EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND
HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY
QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 
 To the extent that the
Company or any of its properties, assets or revenues may have or hereafter become entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of
any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process or
proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in
connection with the Shares or Deposited Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or
claim, any such immunity and consents to such relief and enforcement. 

  
 A-22EX-10.10

 Exhibit 10.10 

Q&K INTERNATIONAL GROUP LIMITED 

SERIES C-1 PREFERRED SHARE SUBSCRIPTION AGREEMENT 

March 16, 2018 

 SERIES C-1 PREFERRED SHARE SUBSCRIPTION AGREEMENT 

THIS SERIES C-1 PREFERRED SHARE SUBSCRIPTION AGREEMENT (this “Agreement”) is made and entered into as of March 16, 2018
by and among 
  

	1.	 Q&K International Group Limited, an exempted company incorporated under the laws of the Cayman Islands (the
“Company”), 

  

	2.	 QK365.Com Inc., a BVI Business Company incorporated under the laws of BVI (the “BVI
Subsidiary”), 

  

	3.	 QK365.Com Inc., a corporation incorporated under the Laws of the State of Delaware (the “US Subsidiary
I”), 

  

	4.	 Jersey Standard Inc., a corporation incorporated under the Laws of the State of New Jersey (the “US
Subsidiary II”, collectively with the US Subsidiary I as the “US Subsidiaries”), 

  

	5.	 Qingke (China) Limited, a company limited by shares incorporated under the Hong Kong Laws (the “HK
Subsidiary”), 

  

	6.	 Shanghai Qingke Electrics Commerce Co.,
Ltd.(上海青客电子商务有限公司), a limited liability company established under the PRC Laws (the
“Domestic Company”), 

  

	7.	 Q&K Investment Consulting Co., Ltd.
(上海青客投资咨询有限公司), a limited liability company established under the PRC Laws (the
“WFOE”), 

  

	8.	 each of the PRC Subsidiaries listed in Exhibit III attached hereto, 

 

	9.	 the individual and his respective holding company listed on Part I of Exhibit II attached hereto (the
“Founder”, such individual’s holding company, the “Holding Company”), and 

  

	10.	 the investor listed on Part II of Exhibit II attached hereto (the “Investor”).

 The above parties are collectively referred to as the “Parties”, and each, a “Party”.

 RECITALS 
  

	A.	 The Company is an exempted company incorporated under the laws of the Cayman Islands on August 14, 2014,
with its registered address at the offices of Conyers Trust Company (Cayman) Limited at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands. As of the date hereof, the Founder
owns, indirectly through the Holding Company, 190,329,080 Ordinary Shares of the Company, representing approximately 19.70% of the issued share capital of the Company. 

 

	B.	 The BVI Subsidiary is a BVI business company incorporated under the laws of BVI on September 29, 2014,
with its registered office at Start Chambers, Wickham’s Cay II, P.O. Box 2221, Road Town, Tortola, British Virgin Islands. As of the date hereof, the Company owns 100% of the outstanding shares of the BVI Subsidiary. 

 

	C.	 The US Subsidiary I is a corporation incorporated under the Laws of the State of Delaware on October 7,
2015, with its registered office at 3500 South Dupont Highway, City of Dover, Country of Kent, Delaware 19901. As of the date hereof, the Company owns 100% of the outstanding shares of the US Subsidiary I. 

  
 1 

	D.	 The US Subsidiary II is a corporation incorporated under the Laws of the State of New Jersey on
November 10, 2017, with its registered office at 427 Cherry Hill Rd., Princeton, New Jersey 08540. As of the date hereof, the US Subsidiary I owns 100% of the outstanding shares of the US Subsidiary II. 

 

	E.	 The HK Subsidiary is a private company limited by shares incorporated under the Laws of Hong Kong on
November 1, 2014, with its legal address at Flat/RMC, 21/F, Central, 88, 88 Des Voeux Road Central, Central, HK. As of the date hereof, the BVI Subsidiary owns 100% of the outstanding shares of the HK Subsidiary. 

 

	F.	 The Domestic Company is a limited liability company established under the PRC Laws on August 2, 2013, with
its legal address at Zone A, 3rd Floor, Tower 1, No. 1288, Boxue Road, Malu Town, Jiading District, Shanghai, PRC
(上海市嘉定区马陆镇博学路1288号1幢三层A区). As of the date hereof, the Founder owns 74.53% of the outstanding Equity Securities of the Domestic
Company, Xiamen Siyuan Investment and Management Co., Ltd. (厦门思元投资管理有限公司) and XIAO Bin (肖冰) respectively owns 15% and 10.47% of the outstanding Equity Securities of the Domestic Company. 

 

	G.	 The WFOE is a wholly foreign-owned enterprise established under the PRC Laws on April 2, 2015 with its
legal address at (Room C4, 2 Floor, No. 2 Building, No. 317 Meigui North Rd., China (Shanghai) Pilot Free Trade Zone, Shanghai, PRC
(中国(上海)自由贸易试验区美桂北路317号二幢二层
C4室). As of the date hereof, the HK Subsidiary owns 100% of the Equity Securities of the WFOE. The WFOE has entered into a number of Control Documents with the Domestic Company
and the Founder under which the WFOE controls the assets, business, financials, operation and management of the PRC Subsidiaries. 

  

	H.	 The Company proposes to issue, and the Investor proposes to subscribe from the Company an aggregate of
103,500,000 Series C-1 Shares pursuant to the terms and subject to the conditions set forth in this 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, capitalized words and expressions have the meanings as set forth in Exhibit I
attached hereto. 
  

	2.	 SUBSCRIPTION OF SHARES 

Subject to the terms and conditions hereof, the Company hereby agrees to issue to the Investor, and the Investor hereby agrees to subscribe
from the Company, at the Closing, such number of shares of the Series C-1 Shares (the “Subscription Shares”) set forth opposite the Investor’s name on Part II of Exhibit
II attached hereto, representing approximately 9.55% of the Company’s issued and outstanding shares (on a fully diluted and as-converted basis) immediately after the Closing, at the
subscription price of US$0.29 per Series C-1 Share, amounting to an aggregate subscription price of US$30,000,000 (the “Subscription Price”). 

 

	3.	 CLOSING; CLOSING DELIVERIES 

 

	 	3.1	 Closing. The Closing shall take place through the remote exchange of documents prior to or on the tenth
(10th) Business Day after the satisfaction or waiver of all the conditions to Closing set forth in Section 8 and Section 9, or at such other
date, time and place as may be mutually agreed upon by the Company and the Investor. 

  
 2 

	 	3.2	 Closing Account. Payment of the Subscription Price by the Investor to the Company shall be made by
remittance of immediately available funds to a bank account of the Company acceptable to the Investor (the “Closing Account”) on the Closing Date, such Closing Account to be notified by the Company to the Investor at least five
(5) Business Days prior to the Closing Date. All bank charges and related expenses for remittance and receipt of funds shall be for the account of the Company. 

 

	 	3.3	 Company Deliverables. At the Closing, in addition to any items the delivery of which is made an express
condition to the Investor’s obligations at the Closing pursuant to Section 8, the Company shall, and shall procure that the relevant Group Companies, deliver to the Investor: 

 

	 	3.3.1	 an updated register of members of the Company, showing the Investor as the holder of the Subscription Shares,
certified by the service provider of the Company, 

  

	 	3.3.2	 an updated register of directors of the Company, showing the appointment of the directors as contemplated by
Section 8.12 hereof, certified by the service provider of the Company, 

  

	 	3.3.3	 a share certificate issued in the name of the Investor in respect of the Subscription Shares,

  

	 	3.3.4	 the duly executed board and shareholder resolutions of the Company approving (a) the entry by the Company
of the Transaction Documents, (b) the transactions contemplated under the Transaction Documents, (c) the appointment of a person nominated by the Investor as a director of the Company (the “Investor Director”); (d) the
adoption of the Restated Articles and (e) the issue of the Subscription Shares to the Investor, free and clear of all Liens, 

  

	 	3.3.5	 the duly executed board and shareholder resolutions of each Party (other than the Company, the Investor and the
Founder) approving (a) the entry by the relevant Party of the Transaction Documents and (b) the transactions contemplated under the Transaction Documents, 

 

	 	3.3.6	 the Indemnification Agreement in respect of the Investor Director duly executed by the Company; and

  

	 	3.3.7	 all waivers of pre-emptive rights duly executed by all shareholders of
the Company. 

  

	 	3.4	 Founder Deliverables. At the Closing, in addition to any items the delivery of which is made an express
condition to the Investor’s obligations at the Closing pursuant to Section 8, the Founder shall, and shall procure that the relevant parties, deliver to the Investor the Non-compete Letter duly executed by the Founder substantially in the
form set forth in Exhibit VII. 

  

	 	3.5	 Investor Deliverables. At the Closing, in addition to any items the delivery of which is made an express
condition to the Company’s obligations at the Closing pursuant to Section 9, the Investor shall pay the Subscription Price set forth on Part II of Exhibit II attached hereto by wire transfer of immediately
available US dollar funds into the Closing Account. 

  
 3 

	 	3.6	 Efforts to Fulfill Closing Conditions. The Warrantors shall use best efforts to ensure that the
conditions set forth in Section 8 will be satisfied by the Closing Date. The Investor shall use best efforts to ensure that the conditions set forth in Section 9 will be satisfied by the Closing
Date. 

  

	4.	 VALUATION ADJUSTMENT MECHANISM 

For the purposes of this Section 4: 
  

					
			
		 	Accounts:	  	means the audited or reviewed (as applicable) consolidated balance sheet, statement of income and statement of consolidated cash flow for such Financial Period prepared by the Company and audited or reviewed (as applicable) by the
Auditor, together with the notes thereto, and (in the case of audited accounts) with an unqualified audit report thereon issued by the Auditor substantially to the effect that such financial statements give rise to a true and fair view of the
financial position of the Company and its Subsidiaries.
			
		 	Aggregate Actual EBITDA:	  	means the actual aggregate audited or reviewed (as applicable) EBITDA of the Company and its Subsidiaries on a consolidated basis for the Adjustment Period as set forth in the Accounts.
			
		 	Actual EBITDA:	  	means the actual audited or reviewed (as applicable) EBITDA of the Company and its Subsidiaries on a consolidated basis for such Financial Period as set forth in the Accounts.
			
		 	Adjustment Period:	  	means FY 2017, FY 2018 and FY 2019.
			
		 	Adjusted Pre-Series C-1 Valuation:	  	means the Pre-Series C-1 Valuation of the Company as adjusted pursuant to Section 4.2.
			
		 	Adjustment Shares:	  	means such number of Series C-1 Shares to be issued to the Investor pursuant to Section 4.2.
			
		 	Auditor:	  	means the auditor of the Company, such auditor to be appointed by the Company with the prior written consent of the Investor, or the Replacement Auditor, as the case may be.
			
		 	Cumulative EBITDA Target:	  	means the aggregate of the EBITDA Target for each Financial Period during the Adjustment Period.
			
		 	EBITDA:	  	means the net profit of the Company and its Subsidiaries on a consolidated basis for such financial year,

  
 4 

					
			
		 		  	before:
			
		 		  	 (a)   any taxes based on income, profits or capital of the Company and its
Subsidiaries on a consolidated basis;

			
		 		  	 (b)   any interest expense of the Company and its Subsidiaries on a consolidated
basis; and

			
		 		  	 (c)   any depreciation and amortization expenses of the Company and its
Subsidiaries on a consolidated basis,

			
		 		  	and excluding any items which are treated as exceptional or extraordinary, including but not limited to any non-recurring gains and losses of the Company and its Subsidiaries on a consolidated
basis, such as any gains or losses in connection with any ESOP adopted by the Company and any costs relating to any financing events or an initial public offering of the Company.
			
		 		  	For the avoidance of doubt, the IFRS prior to January 1, 2019 shall consistently apply when determining the EBITDA. Specifically, IFRS 16 Leases, which will take effect on January 1, 2019, shall not be applicable or taken
into consideration for the purpose of computing the EBITDA provided hereunder.
			
		 	EBITDA Target:	  	means the EBITDA target of the Company and its Subsidiaries on a consolidated basis for the applicable Financial Period during the Adjustment Period as set out in Section 4.1.
			
		 	Financial Period:	  	means each of FY 2017, FY 2018 and FY 2019, as applicable.
			
		 	FY 2017:	  	means the period commencing on October 1, 2017 and ending on September 30, 2018.
			
		 	FY 2018:	  	means the period commencing on October 1, 2018 and ending on September 30, 2019.
			
		 	FY 2019:	  	means the period commencing on October 1, 2019 and ending on September 30, 2020.
			
		 	IFRS:	  	means the International Financial Reporting Standards promulgated by the International Accounting Standards Board (IASB) (which includes standards and interpretations approved by the IASB and International Accounting Principles
issued under previous constitutions) effective as of the date hereof, together with its pronouncements thereon from time to time, and applied on a consistent basis.
			
		 	Pre-Series C-1 Valuation:	  	means the valuation of the Company as agreed between the Investor and the Company, being US$280,000,000.

  
 5 

	 	4.1	 Expected Performance. 

 

	 	(a)	 EBITDA guarantee. The Investor and the Company agree that the EBITDA Target for the Company for each
Financial Period during the Adjustment Period shall be: 

  

							
	 	 	FY 2017	 	FY 2018	 	FY 2019
	 EBITDA Target (in RMB)
	 	175,000,000	 	400,000,000	 	700,000,000

  

	 	(b)	 Cumulative EBITDA. The Investor and the Company agree that the Cumulative EBITDA Target for the Company
shall be RMB1,275,000,000. 

  

	 	4.2	 Adjustment. 

  

	 	(a)	 Adjustment conditions. 

 

	 	(i)	 The Company shall deliver to the Investor the Accounts for each Financial Period during the Adjustment Period,
within four (4) months from the end of such Financial Period. 

  

	 	(ii)	 The Investor shall have the right to appoint an independent registered public accounting firm (the
“Replacement Auditor”), at the sole cost and expense of the Company to prepare the Accounts for each Financial Period. The Company shall cooperate fully with the Auditor in the preparation of the Accounts, including providing full
access to the books and records of the Group Companies and the provision of a management representation letter, in form and substance reasonably satisfactory to the Auditor, and any other information, records and documents as reasonably requested by
the Auditor. 

  

	 	(iii)	 The Investor and the Company agree that the Pre-Series C-1 Valuation
shall be adjusted in accordance with Sections 4.2(c) and (d) if the Cumulative EBITDA Target or the EBITDA Target for FY 2019 is not met and in accordance with Section 4.2(e) if the Cumulative EBITDA
Target and the EBITDA Target to FY 2019 have been met, in each case, in the manner set forth in Sections 4.2(c) to (e) (as applicable). 

  

	 	(iv)	 Where the Pre-Series C-1 Valuation is adjusted pursuant to Sections
4.2(c) and (d), the Company shall issue, for a subscription price equal to the par value thereof, such number of Series C-1 Shares (the “Adjustment Shares”) to the Investor as would give the Investor such an additional
shareholding percentage of the total issued share capital of the Company immediately outstanding after Closing on an as-converted but non-diluted basis (for the
avoidance of doubt, not including the Additional ESOP Shares and the Huarui Warrant Shares), such total number of Class A Ordinary Shares immediately outstanding after Closing on an as-converted but non-diluted basis being 1,069,500,000 Class A Ordinary Shares, after the issue of such Adjustment Shares as determined below: 

 

											
		 	            US$30,000,000            	  	%	  	-	  	9.68%	  	                                   
                 
		 	 (Adjusted Series C-1

Valuation +

US$30,000,000)

  
 6 

	 	(v)	 Where the Pre-Series C-1 Valuation is adjusted pursuant to
Section 4.2(e), the Investor shall transfer such number of Series C-1 Shares held by it (the “Management Adjustment Shares”) to the managers of the Company (the “Management”) as a
management incentive for no consideration as would give the Management such an aggregate shareholding percentage of the total issued share capital of the Company immediately outstanding after Closing on an
as-converted but non-diluted basis (for the avoidance of doubt, not including the Additional ESOP Shares and the Huarui Warrant Shares), such total number of
Class A Ordinary Shares immediately outstanding after Closing on an as-converted but non-diluted basis being 1,069,500,000 Class A Ordinary Shares, after the
transfer of such Management Adjustment Shares as determined below, provided that the Adjusted Pre-Series C-1 Valuation shall be US$360,000,000 if any adjustment to the
Pre-Series C-1 Valuation pursuant to Section 4.2(e) would otherwise result in an Adjusted Pre-Series C-1 Valuation of more than US$360,000,000.
Any such Management Adjustment Shares shall be automatically converted into Class A Ordinary Shares immediately upon transfer to the Management. 

  

											
	                                    
        	  	9.68%	  	-	 	        US$30,000,000        	  	%	  	                                   
                                 
	 	 (Adjusted Series C-1

Valuation +

US$30,000,000)

  

	 	(vi)	 If the Investor exercises its right pursuant to Section 4.2(a)(ii), then the Accounts
audited by the Replacement Auditor (including the Actual EBITDA and the Aggregate Actual EBITDA as reported in the Accounts audited by the Replacement Auditor) shall prevail and shall be used for the purposes of this
Section 4.2, notwithstanding any Accounts audited or reviewed by the Auditor appointed by the Company (including the Actual EBITDA or the Aggregate Actual EBITDA as may have been reported in any Accounts prepared by the
Auditor appointed by the Company). 

  

	 	(b)	 Completion. 

  

	 	(i)	 Completion of the issue to the Investor of any Adjustment Shares or the transfer of any Management Adjustment
Shares to Management shall be held at the principal office of the Company at 11:00a.m. local time on the 30th day after the date on which the Accounts of the Company for FY 2019 is delivered to
the Investor (or if that day is not a Business Day, the immediately following Business Day) or at such other time and place as the Company or Management (as the case may be) and the Investor may agree. The allocation of the Management Adjustment
Shares to the Management shall be determined by the Board. The Company shall notify the Investor of such allocation in writing at least three (3) Business Days before the date of completion of the transfer of Management Adjustment Shares to
Management. 

  
 7 

	 	(ii)	 At completion of the issue of any Adjustment Shares to the Investor pursuant to
Section 4.2(a)(iv), the Company shall deliver to the Investor (1) the original share certificates in respect of the Adjustment Shares, (2) a certified true copy of the register of members of the Company reflecting
the issue of the Adjustment Shares to the Investor, and (3) the board and shareholder resolutions authorizing the issue of the Adjustment Shares to the Investor. 

 

	 	(iii)	 At completion of the transfer of the Management Adjustment Shares by the Investor to the Management pursuant to
Section 4.2(a)(v), the Investor shall deliver to Management (1) the original share certificate in relation to such Management Adjustment Shares, and (2) the instrument of transfer in relation to the transfer of
such Management Adjustment Shares to the Management. 

  

	 	(c)	 Aggregate Actual EBITDA less than Cumulative EBITDA Target. 

If the Company’s Aggregate Actual EBITDA is less than the Cumulative EBITDA Target, the
Pre-Series C-1 Valuation shall be adjusted as follows: 
  

											
		 	 Adjusted Pre-Series C-1

Valuation
	 	=    	  	 Aggregate Actual

EBITDA
	  	    X	  	Pre-Series C-1
Valuation
	  	 Cumulative EBITDA

Target

  

	 	(d)	 Actual EBITDA for FY 2019 less than EBITDA Target for FY2019. 

If (i) the Company’s Aggregate Actual EBITDA is not less than the Cumulative EBITDA Target but (ii) the Actual EBITDA for FY
2019 is less than the EBITDA Target for FY 2019, the Pre-Series C-1 Valuation shall be adjusted as follows: 
  

											
		 	 Adjusted Pre-Series C-1

Valuation
	 	=    	  	 Actual EBITDA for FY

2019
	  	    X	  	Pre-Series C-1
Valuation
	  	 EBITDA Target for

FY 2019

  

	 	(e)	 Actual EBITDA for 2019 more than EBITDA Target for 2019. 

If (i) the Company’s Aggregate Actual EBITDA is more than the Cumulative EBITDA Target, and (ii) the Actual EBITDA for FY 2019
is more than the EBITDA Target for 2019, the Pre-Series C-1 Valuation shall be adjusted as follows, provided that the Adjusted Pre-Series C-1 Valuation shall be
US$360,000,000 if any adjustment to the Pre-Series C-1 Valuation pursuant this sub-section would otherwise result in an Adjusted
Pre-Series C-1 Valuation of more than US$360,000,000: 
  

											
		 	 Adjusted Pre-Series C-1

Valuation
	 	=    	  	 Actual EBITDA for FY

2019
	  	    X	  	Pre-Series C-1
Valuation
	  	 EBITDA Target for

FY 2019

  
 8 

	5.	 REPRESENTATIONS AND WARRANTIES OF THE WARRANTORS 

Each of the Warrantors, jointly and severally, hereby represents, warrants and undertakes to the Investor as of the date hereof and the Closing
that each of the Warranties set out below is true, complete and accurate, and not misleading in all respects. Each of the Warrantors hereby acknowledges that the Investor is relying on the Warranties made by it or him in this
Section 5 in entering into this Agreement. Each of the Warranties made by any Warrantor in this Section 5 shall be construed as a separate and independent Warranty and shall not be limited or
restricted by reference to or inference from the terms of any other Warranty or any other term of this Agreement (except where expressly provided to the contrary). Disclosures contained in the Disclosure Schedule attached hereto as Exhibit
VI, with specific reference to the paragraphs of this Agreement to which such disclosures are related to, shall be deemed to be exceptions to the Warranties only if such disclosures are fully, specifically and accurately stated therein.

  

	 	5.1	 Organization, Standing and Qualification. Each Group Company is duly organized or incorporated, validly
existing and in good standing (or equivalent status in the relevant jurisdiction) under, and by virtue of, the Laws of the place of its incorporation or establishment and has all requisite power and authority to own its legally owned properties and
assets and to carry on its business as now conducted and as proposed to be conducted, and to perform each of its obligations hereunder and under each of the other Transaction Documents to which it is a party. Each Group Company is qualified to do
business and is in good standing (or equivalent status in the relevant jurisdiction) in each jurisdiction where it engages in any business. 

  

	 	5.2	 Capitalization. 

 

	 	5.2.1	 Company. 

  

	 	(a)	 Company Shares. Immediately prior to the Closing, the authorized share capital of the Company shall be
US$50,000 divided into 5,000,000,000 shares of a par value of US$0.00001 each, comprising of (a) 2,500,000,000 Class A Ordinary Shares; (b) 1,000,000,000 Class B Ordinary Shares; and (c) 1,500,000,000 Preferred Shares comprising of (i)
255,549,510 Series A Shares, of which 131,617,560 are designated as Series A-1 Shares, 40,121,500 are designated as Series A-2 Shares, and 83,810,450 are designated as
Series A-3 Shares; (ii) 160,000,000 Series B Shares; (iii) 120,000,000 Series C Shares; (iv) 103,500,000 Series C-1 Shares; and (v) 860,950,490 are undesignated, each
with such rights, preferences and privileges set forth in the Restated Articles. 

 Immediately prior to the Closing, the
issued share capital of the Company are as follows: 
  

	 	(i)	 120,121,410 Class A Ordinary Shares are issued and outstanding; 

 

	 	(ii)	 310,329,080 Class B Ordinary Shares are issued and outstanding; and 

  
 9 

	 	(iii)	 535,549,510 Preferred Shares are issued and outstanding of which (x) 131,617,560 Series A-1 Shares are issued and outstanding, 40,121,500 Series A-2 Shares are issued and outstanding and 83,810,450 Series A-3 Shares are
issued and outstanding; (y) 160,000,000 Series B Shares are issued and outstanding and (z) 120,000,000 Series C Shares are issued and outstanding. 

  

	 	(b)	 Company Options. There are no options, warrants, conversion privileges or other rights, or agreements
with respect to the issuance thereof, presently outstanding to purchase any of the Equity Securities of the Company. Except as noted in this Section 5.2.1 above and the rights provided in the Shareholders Agreement, no
shares of the Company’s outstanding share capital, or shares issuable upon exercise or exchange of any outstanding options or other shares issuable by the Company, are subject to any preemptive rights, rights of first refusal or other rights to
purchase such shares (whether in favor of the Company or any other Person). 

  

	 	5.2.2	 BVI Subsidiary. The authorized share capital of the BVI Subsidiary is US$50,000, divided into 50,000
shares of US$1 each, 50,000 shares of which are duly issued and outstanding and held by the Company. There are no options, warrants, conversion privileges or other rights, or agreements with respect to the issuance thereof, presently outstanding to
purchase any of the Equity Securities of the BVI Subsidiary. Except as set forth in its Constitutional Documents and provided by the applicable Laws, no outstanding Equity Securities of the BVI Subsidiary are subject to any preemptive rights, rights
of first refusal or other rights to purchase such Equity Securities (whether in favor of the BVI Subsidiary or any other Person). 

  

	 	5.2.3	 US Subsidiaries. The authorized share capital of the US Subsidiary I is US$0.05, divided into 5,000
shares of US$0.00001 each, 5,000 shares of which are duly issued and outstanding and held by the Company. The authorized share capital of the US Subsidiary II is US$1, divided into 1,000 shares of US$0.001 each, 1,000 shares of which are duly issued
and outstanding and held by the US Subsidiary I. There are no options, warrants, conversion privileges or other rights, or agreements with respect to the issuance thereof, presently outstanding to purchase any of the Equity Securities of the US
Subsidiaries. Except as set forth in its Constitutional Documents and provided by the applicable Laws, no outstanding Equity Securities of the US Subsidiaries are subject to any preemptive rights, rights of first refusal or other rights to purchase
such Equity Securities (whether in favor of such US Subsidiaries or any other Person). 

  

	 	5.2.4	 HK Subsidiary. The authorized share capital of the HK Subsidiary is HK$10,000, divided into 10,000
shares of HK$1 each, 10,000 shares of which are duly issued to and held by the BVI Subsidiary. There are no options, warrants, conversion privileges or other rights, or agreements with respect to the issuance thereof, presently outstanding to
purchase any of the Equity Securities of the HK Subsidiary. Except as set forth in its Constitutional Documents and provided by the applicable Laws, no outstanding Equity Securities of the HK Subsidiary are subject to any preemptive rights, rights
of first refusal or other rights to purchase such Equity Securities (whether in favor of the HK Subsidiary or any other Person). 

  
 10 

	 	5.2.5	 PRC Subsidiaries. The registered capital of each of the PRC Subsidiaries has been fully paid up. There
are no options, warrants, conversion privileges or other rights, or agreements with respect to the issuance thereof, presently outstanding to purchase any of the Equity Securities of the PRC Subsidiaries. Except as set forth in its Constitutional
Documents and the Control Documents and Section 5.2.5 of the Disclosure Schedule, and provided by the applicable Laws, no outstanding Equity Securities of the PRC Subsidiaries are subject to any preemptive rights, rights of
first refusal or other rights to purchase such Equity Securities (whether in favor of such PRC Subsidiaries or any other Person). 

  

	 	5.2.6	 Outstanding Security Holders. A complete and current list of all outstanding ultimate or beneficial
shareholders and any other holders of the Equity Securities of the Company as of the date hereof and immediately prior to the Closing is set forth in Section 5.2.6 of the Disclosure Schedule, indicating the type and number
of Equity Securities held by each such holder. All outstanding share capital or registered capital of each Group Company has been duly and validly issued (or subscribed for), fully paid and non-assessable.
Except as listed in Section 5.2.6 of the Disclosure Schedule, all share capital or registered capital of each Group Company is free and clear of any Lien (except for any restrictions on transfer under applicable Laws). No
outstanding share, option, warrant, registered capital or other Equity Security of any Group Company was issued or subscribed to in violation of the preemptive rights of any Person, terms of any Contract or any applicable Law, including without
being limited to applicable securities Laws and any exemption therefrom, by which each such Group Company at the time of issuance or subscription was bound. Except as contemplated hereunder, (i) there is no resolution pending to increase the
share capital or registered capital of any Group Company; (ii) there is no outstanding Contract under which any Person purchases or otherwise acquires, or has the right to purchase or otherwise acquire, any interest in the share capital or
registered capital of any Group Company; (iii) there is no dividend which has accrued or been declared but is unpaid by any Group Company; and (iv) there is no outstanding or authorized equity appreciation, phantom equity, equity plan or
similar right with respect to any Group Company. Except as contemplated hereunder, no Group Company is a party or subject to any Contract that affects or relates to the voting or giving of written consents with respect to any of the Equity
Securities of such Group Company. 

  

	 	5.3	 Group Structure. Except for the BVI Subsidiary, the US Subsidiaries, the HK Subsidiary and the PRC
Subsidiaries, the Company does not presently own or Control, directly or indirectly, any interest in any other corporation, partnership, trust, joint venture, association, or other entity. None of the Group Companies has any Subsidiary, nor does any
of them hold or Control, directly or indirectly, any interest in any other corporation, partnership, trust, joint venture, association or other entity, or maintain any offices or branches other than the BVI Subsidiary, the US Subsidiaries, the HK
Subsidiary and the PRC Subsidiaries. The capital and organizational structure of each PRC Subsidiary is valid and in full compliance with relevant PRC Laws. 

  
 11 

	 	5.4	 Due Authorization. All actions on the part of each Warrantor and, as applicable, its respective
officers, directors and shareholders necessary for (i) the authorization, execution and delivery of, and the performance of all of its obligations under the Transaction Documents, and (ii) the authorization, issuance, reservation for
issuance and delivery of all of the Subscription Shares, the Conversion Shares and the Adjustment Shares have been taken or will be taken prior to the Closing. Each of the Warrantors has the requisite power, capacity and authority to enter into,
execute and deliver each of the Transaction Documents to which it is a party, and to perform all the obligations to be performed by him/her or it hereunder and thereunder. Each of the Transaction Documents, when executed and delivered, will
constitute valid and binding obligations of each Warrantor to the extent such Warrantor is a party to such Contract, enforceable against such Warrantor 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. 

  

	 	5.5	 Valid Issuance of the Subscription Shares. The Subscription Shares and the Adjustment Shares, when
issued, sold, delivered and paid for in accordance with the terms of this Agreement, will be duly and validly issued, fully paid and non-assessable. All shares issuable upon conversion of the Subscription Shares and the Adjustment Shares will be
duly and validly issued, fully paid and non-assessable. The issuance of the Subscription Shares, the Conversion Shares issued upon conversion of the Subscription Shares and the Adjustment Shares will be issued free and clear of any Liens, any
consent rights, anti-dilution rights, rights of first refusal, preemptive rights and all similar rights in connection therewith other than as set out in the Restated Articles. 

 

	 	5.6	 Liabilities. Except as disclosed in the Financial Statements, none of the Group Companies has any
indebtedness for borrowed money that it has directly or indirectly created, incurred, assumed, or guaranteed, or with respect to which such Group Company has otherwise become directly or indirectly liable. Without limiting the generality of the
above, there are no Liabilities imposed, or any obligations or commitments to impose any Liabilities, whether current or contingent, on the Company, the BVI Subsidiary, the US Subsidiaries or the HK Subsidiary, except for those Liabilities or
obligations or commitments imposed solely by virtue of incorporation. None of the Group Companies is a guarantor or indemnitor of any indebtedness of any other Person. 

 

	 	5.7	 Title to Properties and Assets. 

 

	 	5.7.1	 Title. Each Group Company has good and marketable title to, or valid rights to use, all of its
properties and assets that it purports to own (including as reflected in its balance sheets of the Financial Statements and in the list of assets to be transferred to the Group Companies attached to the Restructuring Plan and the Qingke Robot Assets
Purchase Plan) or that it currently uses, or in the case of leased or subleased properties and assets, that it has valid and subsisting leasehold interests in (except for such assets as have been spent, sold or transferred in the ordinary course of
business since the Balance Sheet Date), free and clear of any and all Liens of any party. All amounts due and payable by each Group Company under the Assets Purchase Plan have been paid in full and use of such properties and assets have been in
compliance with applicable Laws, orders of Governmental Authorities, or Contracts. The applicable Group Company is in possession of the whole of such properties and assets and no Person is in, or otherwise entitled to, occupation or use thereof. All
such properties and assets have the benefit of such rights and easements as are necessary for the existing use thereof by the applicable Group Company. Such properties and assets collectively represent in all respects all properties and assets
necessary for the conduct of the business of the Group Companies as presently conducted and proposed to be conducted, and have been properly maintained and are in good working condition. Each Group Company is in compliance with all the leases with
respect to the property and assets it leases in all material respects. 

  
 12 

	 	5.7.2	 Dispute and Defects. There is no outstanding notice or dispute involving any Group Company as to the use
of any such properties which would, if implemented or enforced, have a Material Adverse Effect on the business of the applicable Group Company carried out at such properties. There is no outstanding notice or dispute as to any contravention of land
zoning or planning legislation or regulations that are currently in effect or any alleged breach of such legislation or regulations in relation to any property of the Group Companies which would, if implemented or enforced, have a Material Adverse
Effect on the business of the applicable Group Company carried out at such properties. There are no material defects on such properties and assets and there are no circumstances known to the Warrantors that are likely to lead to such defects which
would have a Material Adverse Effect on the business of Group Companies carried out at such properties. 

  

	 	5.8	 Status of Proprietary Assets. 

 

	 	5.8.1	 Ownership of Proprietary Assets. Each of the Group Companies owns all right, title and interest in and
to, free and clear of all Liens, or has all necessary and valid rights to use, all of the Proprietary Assets, and no item of Proprietary Assets is subject to any outstanding injunction, judgment, order, decree, ruling or charge. Each of the
Proprietary Assets is valid, enforceable, and subsisting, in full force and effect, and has not been cancelled, expired or abandoned. None of the Warrantors is aware of any notice, claim or assertion that any item of Proprietary Assets is invalid
and is aware of any actual, threatened or pending claim, action, opposition, re-examination, interference or cancellation proceeding with respect thereto. Section 5.8.1 of the
Disclosure Schedule sets forth a complete and accurate list of each item of Proprietary Assets, including without limitation the Proprietary Assets owned by each Group Company which is a patent, patent application, registered trademark or service
mark (or applications and renewals thereof), material unregistered trademark or service mark (including domain name registrations), trade name, domain name, registered copyright (or applications and renewals thereof), material unregistered copyright
and Software. 

  

	 	5.8.2	 Use of Proprietary Assets. The Group Companies have not interfered with, infringed upon, misappropriated
or violated any rights of third parties to the Proprietary Assets due to its use of Proprietary Assets, and the Group Companies have not received any charge, complaint, claim, demand or notice alleging any such interference, infringement,
misappropriation or violation, nor is any Warrantor aware of any reasonable basis therefor. No third party has interfered with, infringed upon, misappropriated or violated any rights of the Group Companies to any of the Proprietary Assets. There are
no outstanding options, licenses or agreements of any kind granted by any Group Company relating to the Proprietary Assets owned by any Group Company, and such Group Company is not bound by or a party to any options, licenses or agreements of any
kind with respect to the Proprietary Assets owned by any other Person, except for standard end-user agreements with respect to commercially available Proprietary Assets such as “off the shelf”
computer Software. Each Group Company has used best efforts to protect its title and ownership in the Proprietary Assets owned by such Group Company and the confidentiality of its trade secrets. To the Warrantors’ best Knowledge, there has been
no material disclosure of any trade secrets of any Group Company by any Person. None of the Group Companies has utilized, or is reasonably likely to utilize, any Proprietary Assets belonging to any other Person, including, without limitation, any of
the former employers of any Founder or Key Employee. 

  
 13 

	 	5.8.3	 Work Products Owned by Group Companies. Each employee who has contributed to or participated in the
conception and development of the Proprietary Assets on behalf of such Group Company with respect to the business of such Group Company, either (i) has been a party to a
“work-for-hire” arrangement or similar agreement with such Group Company, in accordance with applicable Laws, that has accorded such Group Company full,
effective, exclusive, and original ownership of all tangible and intangible property and related rights thereby arising, or (ii) has executed appropriate instruments of assignment in favor of such Group Company that has conveyed to such Group
Company full, effective, and exclusive ownership of all tangible and intangible property and related rights thereby arising. 

  

	 	5.8.4	 Employees’ Invention. None of the Warrantors is aware that any Key Employee of the Group Companies
is obligated under any agreement or contract (including licenses, covenants or commitments of any nature) or instrument, or subject to any judgment, decree or order of any court or governmental agency or instrumentality, that would interfere with
the use of his best efforts to promote the interests of such Group Company or that would conflict with the business as currently conducted or as proposed to be conducted by such Group Company, or that would prevent such Key Employee from assigning
to such Group Company all Proprietary Assets conceived, developed or reduced to practice in connection with services rendered to such Group Company. Neither the execution nor delivery of any Transaction Document, nor the carrying on of the business
as currently conducted or as proposed to be conducted by any Group Company, will, to the Warrantors’ best Knowledge, conflict with or result in a breach of the terms, conditions or provisions of, or constitute a violation or default under, any
such Contract, judgment, decree or order under which any Key Employee is currently obligated. None of the Group Companies believes it is or will be necessary to utilize any inventions of any of its officers or employees (or people it currently
intends to hire) made prior to or outside the scope of their employment by such Group Company. 

  

	 	5.8.5	 Ownership of Proprietary Assets by Founder. Neither the Founder nor any of his Affiliates (other than
the Group Companies) owns any Proprietary Asset which is required or is necessary for the Principal Business of the Group Companies. 

  
 14 

	 	5.9	 Material Contracts and Obligations. 

 

	 	5.9.1	 Definition. For purpose of this Agreement, “Material Contracts” means all Contracts
(oral or written) that any Group Company is a party to or is bound by, and that: 

  

	 	(a)	 have an aggregate value, cost or amount, or impose Liability or contingent Liability on any Group Company, in
excess of US$300,000; 

  

	 	(b)	 are not terminable upon thirty (30)-day notice without incurring any penalty or obligation or the termination
of which would be reasonably likely to have a Material Adverse Effect; 

  

	 	(c)	 are not readily to be fulfilled or performed by a Group Company on time or without undue or unusual expenditure
of money or efforts or a Group Company does not have the technical and other capabilities or the human and material resources to enable it to fulfill, perform and discharge all its outstanding obligations in the ordinary course of business without
realizing a loss on closing of performance; 

  

	 	(d)	 are material to the conduct and operations of a Group Company’s business and properties;

  

	 	(e)	 are entered into with any Interested Party, except as disclosed in Section 5.19 of
the Disclosure Schedule; 

  

	 	(f)	 relate to the sale, issuance, grant, exercise, award, purchase, repurchase or redemption of any Equity
Securities; 

  

	 	(g)	 are the five (5) largest Contracts in value in the financial year ended 2017 entered into with a material
customer or material supplier of a Group Company or with a Governmental Authority; 

  

	 	(h)	 involve indebtedness, an extension of credit, a guaranty or assumption of any obligation, or the grant of a
Lien; 

  

	 	(i)	 involve the acquisition or sale of a business, a merger, consolidation, amalgamation, a partnership, joint
venture, or similar arrangement, except for the transactions in connection with the Restructuring Plan or the Qingke Robot Assets Purchase Plan; 

  

	 	(j)	 involve the transfer or license of any Proprietary Asset to or from a Group Company (other than licenses
granted from commercially readily available “off the shelf” computer Software), or obligate a Group Company to share or develop any Proprietary Asset with any third party; 

 

	 	(k)	 contain change in Control, exclusivity, non-competition or similar
clauses that may be reasonably expected to impair, restrict or impose conditions on a Group Company’s right to offer or sell products or services in specified areas, during specified periods or otherwise; 

 

	 	(l)	 are entered into by a Group Company with any financial, legal, and other advisors or consultants; or

  

	 	(m)	 are otherwise substantially depended on by a Group Company, or are not in the ordinary course of business of a
Group Company. 

  
 15 

	 	5.9.2	 Compliance. All Material Contracts disclosed in Section 5.9 of the Disclosure
Schedule are entered into by the applicable Group Company with the relevant contracting parties in writing and have been made available for inspection by the Investor and its counsel. Each Material Contract is a valid, binding and enforceable
agreement of the parties thereto, the performance of which does not violate any applicable Law, and is in full force and effect, and the terms thereof have been complied with by the relevant Group Companies and, to the best Knowledge of each
Warrantor, by all the other parties thereto. There are no circumstances that are likely to give rise to any breach of such terms, and there are no grounds for rescission, avoidance or repudiation of any of the Material Contracts. No notices of
violation, default, termination or intention to terminate (whether or not such notice is in writing) have been received in respect of any Material Contract. 

  

	 	5.10	 Litigation. 

  

	 	5.10.1	 General. There is no Action pending or, to the best Knowledge of each Warrantor, threatened, against any
Group Company or the business of the Group Companies, and each Warrantor is not aware of any event or circumstance that may form a basis for any such Action. The foregoing includes, without limitation, Actions pending or threatened against the Group
Companies or the business of the Group Companies (or any basis therefor known to the Warrantors) involving the prior employment of the Founder or any of the Group Company’s employees, their use in connection with the business of the Group
Companies of any information or techniques allegedly proprietary to any of their former employers, or their obligations under any agreements with former employers. None of the Group Companies is a party or subject to the provisions of any order,
writ, injunction, judgment or decree of any court or Governmental Authority. There is no Action by the Group Companies that is currently pending or that any Group Company intends to initiate. 

 

	 	5.10.2	 Action Relating to this Agreement. There is no Action pending or, to the best Knowledge of the
Warrantors, threatened, that questions the validity of any Transaction Document, or the right of any Group Company to enter into such agreements, or to consummate the transactions contemplated hereby or thereby or that could, individually or in the
aggregate, result in a Material Adverse Effect or a change in the current equity ownership of any Group Company. 

  

	 	5.11	 Compliance with Laws; Consents and Permits. 

 

	 	5.11.1	 General Compliance. Except as set forth in Section 5.16 of the Disclosure
Schedule, the Holding Company and each Group Company has been conducting its business activities within its permitted scope of business, and is operating its business in compliance with applicable Laws in all material respects. All Approvals from
any Governmental Authority and any third party which are required to be obtained or made by each Warrantor under applicable Laws in connection with the due and proper establishment of the Holding Company and each Group Company and the conduct of the
business or the consummation of the transactions contemplated under the Transaction Documents, the absence of which would be reasonably likely to have a Material Adverse Effect, have been obtained or completed in accordance with the relevant Laws,
are not in default, and are in full force and effect. None of the Holding Company or the Group Companies is in receipt of any letter or notice from any Governmental Authority notifying revocation of any permits or licenses issued to it for non-compliance or the need for compliance or remedial actions in respect of the activities carried out directly or indirectly by it. In respect of Approvals, licenses or permits required for the conduct of any part
of the business of the Group Companies which are subject to periodic renewal, none of the Warrantors or the Holding Company has any reason to believe that such requisite renewals will not be timely granted by the relevant Governmental Authorities.

  
 16 

	 	5.11.2	 Compliance with PRC Laws. All Approvals from any PRC Governmental Authority and any third party which
are required to be obtained or made by each Warrantor under applicable PRC Laws in connection with (i) the due and proper establishment of the PRC Subsidiaries and the conduct of its business, (ii) the consummation of the transactions
contemplated hereunder or under the other Transaction Documents, including but not limited to the Approvals by and with the National Development and Reform Commission, the Ministry of Commerce, the State Administration for Industry and Commerce, the
SAFE, tax authorities, customs authorities, environment authorities, and product registration authorities, have been obtained or completed in accordance with the relevant PRC Laws, not in default, and are in full force and effect and there exist no
grounds on which any such Approval may be cancelled or revoked or any PRC Subsidiary or its legal representative may be subject to Liability or penalties for misrepresentations or failures to disclose information to the issuing PRC Governmental
Authorities. 

  

	 	5.11.3	 SAFE. The Founder and any other Person who is required to comply with the SAFE Rules and Regulations has
completed registration with SAFE with respect to their direct or indirect holding of Equity Securities in the Company, the BVI Subsidiary, the US Subsidiaries and the HK Subsidiary since their respective incorporation in accordance with the SAFE
Rules and Regulations and such Founder or other Person has not received any oral or written inquiries, notifications, orders or any other forms of official correspondence from SAFE with respect to any actual or alleged
non-compliance with the SAFE Rules and Regulations. Each of the Holding Company and the Group Companies has fully complied with the SAFE Rules and Regulations in all material aspects and neither the Holding
Company nor any Group Company has received any oral or written inquiries, notifications, orders or any other forms of official correspondence from SAFE with respect to any actual or alleged non-compliance with
the SAFE Rules and Regulations. 

  

	 	5.11.4	 Securities Act Compliance. Based in part on the representations of the Investor set forth in
Section 6 below, the offer, sale and issuance of the Subscription Shares in conformity with the terms of this Agreement are exempt from the registration and qualification requirements of all applicable securities Laws,
including the Securities Act, and the issuance of Ordinary Shares upon conversion of the Series A Shares, Series B Shares, Series C Shares and Series C-1 Shares in accordance with the Restated Articles and the
issue of the Adjustment Shares will be exempted from such registration or qualification requirements. 

  
 17 

	 	5.11.5	 Anti-Corruption Laws Compliance. Each Warrantor has not, and to the best Knowledge of each Warrantor, no
director, officer, employee, agent or representative of the Holding Company or any Group Company has, taken any action in furtherance of an offer, payment, promise to pay, or authorization or Approval of the payment or giving of money, property,
gifts or anything else of value, directly or indirectly, to any person to improperly influence official action by that person for the benefit of the Holding Company or any Group Company, or to otherwise secure an improper business advantage for the
Holding Company or any Group Company; and each of the Holding Company and the Group Companies has conducted its businesses in compliance with applicable Anti-Corruption Laws and has instituted and maintained policies and procedures designed to
promote and achieve compliance with such laws. 

  

	 	5.11.6	 Anti-Money Laundering Compliance. The operations of the Holding Company and each
Group Company have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements and the applicable anti-money laundering Laws of jurisdictions where the business of the Holding Company and
each Group Company is conducted respectively, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority (collectively, the “Anti-Money
Laundering Laws”), and there is no action, suit or proceeding by or before any court or Governmental Authority involving the Holding Company or any Group Company with respect to the Anti-Money Laundering Laws which is pending or, to the
best Knowledge of each Warrantor, threatened. 

  

	 	5.11.7	 No Sanctions. 

 

	 	(a)	 Neither the Holding Company nor the Group Company is, and to the best Knowledge of each Warrantor, no director,
officer, or employee, agent, affiliate or representative of the Holding Company or any Group Company is, a Person that is, or is owned or controlled by a Person that is: 

 

	 	1.	 the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of
Foreign Assets Control (“OFAC”) , the United Nations Security Council (“UNSC”), the European Union (“EU”), Her Majesty’s Treasury (“HMT”), or other relevant sanctions authority
(collectively, “Sanctions”); or 

  

	 	2.	 located, organized or resident in a country or territory that is the subject of Sanctions (including, without
limitation, the Crimea region of the Ukraine, Cuba, Iran, North Korea and Syria). 

  

	 	(b)	 Each Warrantor has not, directly or indirectly, used the proceeds of the offering, or lent, contributed or
otherwise made available such proceeds to any Subsidiary, joint venture partner or other Person: 

  

	 	1.	 to fund or facilitate any activities or business of or with any Person or in any country or territory that, at
the time of such funding or facilitation, is the subject of Sanctions; or 

  

	 	2.	 in any other manner that will result in a violation of Sanctions by any Person (including any Person
participating in the offering, whether as underwriter, advisor, investor or otherwise). 

  
 18 

	 	(c)	 for the past 5 years, each of the Holding Company and the Group Companies has not been or has not knowingly
been engaged in any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions. 

 

	 	5.12	 Compliance with Other Instruments and Agreements. The Constitutional Documents of each Group Company are
valid and have been duly approved or issued (as applicable) by competent Governmental Authorities in the jurisdiction where such Group Company is incorporated. None of the Group Companies is in nor shall the business as currently conducted or
proposed to be conducted result in violation, breach or default of any term or provision of the Constitutional Documents, or of any term or provision of any Contract to which such Group Company is a party or by which it may be bound, or of any
provision of any Law applicable to or binding upon such Group Company. None of the activities, Contracts or rights of any Group Company is ultra vires or unauthorized. The execution, delivery and performance of and compliance with this Agreement and
any other Transaction Document and the consummation of the transactions contemplated hereby and thereby will not result in any such violation, breach or default, or be in conflict with or constitute, with or without the passage of time or the giving
of notice or both, either a default under any Group Company’s Constitutional Documents or any Contract to which such Group Company is a party or by which it may be bound or a violation of any Law or an event which results in the creation of any
Lien upon any Equity Security or asset of any Group Company. 

  

	 	5.13	 Disclosure. Each Warrantor has fully provided the Investor with all information necessary or desirable
for the Investor to decide whether to subscribe for the Subscription Shares and all information that such Warrantor believes to be reasonably necessary to enable such Investor to make such decision. No information or materials provided by any of the
Warrantors to the Investor in connection with the transactions contemplated under the Transaction Documents and negotiation or execution of the Transaction Documents contains any untrue statement of a material fact, or omits to state any material
fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances in which they are made, not misleading. 

 

	 	5.14	 Registration Rights. Except as provided in the Transaction Documents, no Group Company has granted or
agreed to grant any Person any registration rights (including piggyback registration rights) with respect to, nor is any Group Company obliged to list, any Group Company’s Equity Securities on any securities exchange. Except as contemplated
under this Agreement or the Shareholders Agreement, there are no voting or similar agreements which relate to any Group Company’s Equity Securities. 

  

	 	5.15	 Insurance. Each Group Company has obtained and maintains the insurance coverage of the same types and at
the same coverage levels as other similarly situated companies in the same industry in which such Group Company operates its business or possesses its properties and assets, in accordance with its best commercial practices. To the best Knowledge of
each Warrantor, nothing has been done or omitted to be done by or on behalf of any Group Company which would make any policy of insurance void or voidable or enable the insurers to avoid the same and there is no claim outstanding under any such
policy and, to the best Knowledge of each Warrantor, there are no facts or circumstances likely to give rise to such claim or result in an increased rate of premium. All information furnished in obtaining or renewing the insurance policies of each
Group Company was correct, full and accurate when given and any change in that information required to be given was correctly given. No Group Company is in default under any of these policies. No Group Company has suffered any uninsured losses or
waived any rights of material or substantial value or allowed any insurance to lapse. No claim under any policy of insurance taken out in connection with the business or assets of any Group Company is outstanding and, to the best Knowledge of each
Warrantor, there are no facts or circumstances likely to give rise to such a claim. 

  
 19 

	 	5.16	 Financial Statements. The Group Companies have delivered to the Investor a true and complete copy of the
Financial Statements and such Financial Statements provide a true and fair view of the financial position of the Group Companies. Except as set forth in Section 5.16 of the Disclosure Schedule, such Financial Statements
(i) have been prepared in accordance with the books and records of each Group Company, (ii) are true, correct and complete and present fairly the financial condition of such Group Company at the date or dates therein indicated and the
results of operations for the period or periods therein specified, and (iii) have been prepared in accordance with PRC GAAP, applied on a consistent basis, except as to the unaudited consolidated Financial Statements, for the omission of notes
thereto and normal year-end audit adjustments. Specifically, but not by way of limitation, the balance sheets included in the Financial Statements disclose all of each Group Company’s debts, Liabilities
and obligations of any nature, whether due or to become due, as of their respective dates (including, without limitation, absolute Liabilities, accrued Liabilities, and contingent Liabilities) to the extent such debts, Liabilities and obligations
are required to be disclosed on a balance sheet in accordance with PRC GAAP, other than current Liabilities that were incurred after the Balance Sheet Date in the ordinary course of business consistent with its past practices that are not material
in the aggregate. All revenues, costs and other expenses as reflected in the Financial Statements are truly, correctly and appropriately recorded and recognized in accordance with PRC GAAP. All revenues are derived from transactions entered into by
the Group Companies with Persons that are not Interested Parties on arm’s length terms. Each Group Company maintains and will continue to maintain a standard system of accounting established and administered in accordance with PRC GAAP.

  

	 	5.17	 Activities since Balance Sheet Date. Since the Balance Sheet Date, with respect to each Group Company
there has not been: 

  

	 	5.17.1	 any change in the assets, Liabilities, financial condition or operating results of such Group Company from that
reflected in the Financial Statements, except changes in the ordinary course of business of such Group Company that have not been adverse to such Group Company; 

 

	 	5.17.2	 any change in the contingent obligations of such Group Company by way of guarantee, endorsement, indemnity,
warranty or otherwise; 

  

	 	5.17.3	 any damage, destruction or loss, whether or not covered by insurance, adversely affecting the assets,
properties, financial condition, operating results, prospects or business of such Group Company (as presently conducted and as proposed to be conducted); 

  

	 	5.17.4	 any waiver by such Group Company or the Founder of a valuable right or of any debt; 

  
 20 

	 	5.17.5	 any satisfaction or discharge of any Lien or payment of any obligation by such Group Company, except such
satisfaction, discharge or payment made in the ordinary course of business of such Group Company that do not constitute or result in, the aggregate, a Material Adverse Effect; 

 

	 	5.17.6	 any material change or amendment to a Material Contract or arrangement which such Group Company or any of its
assets or properties is bound by or subject to, except for changes or amendments which are expressly provided for or disclosed in this Agreement; 

  

	 	5.17.7	 any change in any compensation arrangement or agreement with any Key Employee; 

 

	 	5.17.8	 any sale, assignment or transfer of any Proprietary Assets or other intangible assets of such Group Company;

  

	 	5.17.9	 any resignation or termination of employment with any Key Employee; 

 

	 	5.17.10	 any mortgage, pledge, transfer of a security interest in, or Lien created by any Warrantor, with respect to any
of such Group Company’s properties or assets, except for Liens for Taxes not yet due or payable; 

  

	 	5.17.11	 any debt, obligation, or Liability incurred, assumed or guaranteed by such Group Company not in the ordinary
course of business and with a sum of more than RMB1,000,000; 

  

	 	5.17.12	 any declaration, setting aside or payment or other distribution in respect of any of such Group Company’s
Equity Securities, or any direct or indirect redemption, purchase or other acquisition of any of such Equity Securities by such Group Company; 

  

	 	5.17.13	 any failure to conduct business in the ordinary course of business; 

 

	 	5.17.14	 any transactions with any Interested Party except as disclosed in Section 5.19 of the
Disclosure Schedule; 

  

	 	5.17.15	 any other event or condition of any character which could reasonably be expected to constitute or result in a
Material Adverse Effect; or 

  

	 	5.17.16	 any agreement or commitment by any Warrantor to do any of the things described in this
Section 5.17. 

  

	 	5.18	 Tax Matters. 

  

	 	5.18.1	 Except as set forth in Section 5.18 of the Disclosure Schedule, all Tax Returns have
been made, given or kept within the requisite periods and on a proper basis in accordance with all applicable laws, regulations and interpretations and are up-to-date
and accurate, complete and correct in all material respects; and none of them is, or, to the best Knowledge of each Warrantor, is likely to be, the subject of any dispute with any taxation authority. 

 

	 	5.18.2	 Each Group Company has paid all Taxes which it has become liable to pay and is under no obligation or Liability
to pay any penalty or interest in connection with any claim for taxation. 

  
 21 

	 	5.18.3	 Each Group Company is in possession of sufficient information to enable it to compute its Tax Liability insofar
as it depends on any transaction occurring on or before the Closing. 

  

	 	5.18.4	 Without prejudice to any Tax obligation or Liability which may arise under this Agreement or in connection with
the transactions contemplated hereunder, there is no Tax Liability in respect of which a claim for any Tax against any Group Company could be made under any Transaction Documents and there are no circumstances which could reasonably be expected to
give rise to such obligation or Liability. 

  

	 	5.18.5	 There are no matters relating to Taxes in respect of which each Group Company (either alone or jointly with any
other Person) has, or at the Closing will have, an outstanding entitlement to make: 

  

	 	(a)	 any claim (including a supplementary claim) for Relief; 

 

	 	(b)	 any election, including an election for one type of Relief, or one basis, system or method of Taxation, as
opposed to another any appeal or further appeal against an assessment to taxation; 

  

	 	(c)	 any application for the postponement of, or payment by installments of, any Tax or to disclaim or require the
postponement of any allowance or Relief; or 

  

	 	(d)	 any court proceedings which may be made or taken by any Group Company within the appropriate time limit after
the Closing. 

  

	 	5.18.6	 No Relief (whether by way of deduction, reduction, set-off, exemption,
postponement, roll-over, hold-over, repayment or allowance or otherwise) from, against or in respect of any Tax has been claimed and/or given to any Group Company which could or might be effectively withdrawn, postponed, restricted, clawed back or
otherwise lost as a result of any act, omission, event or circumstance arising or occurring at or at any time after the Closing. 

  

	 	5.18.7	 No Group Company has, since the Balance Sheet Date, taken any action which has had, or will have, the result of
altering, prejudicing or in any way disturbing any arrangement or agreement which it has previously had with any Tax authority. 

  

	 	5.18.8	 Since the Balance Sheet Date, none of the Group Companies has incurred any Taxes, assessments or governmental
charges other than in the ordinary course of business and each Group Company has made adequate provisions on its books of account for all Taxes, assessments and governmental charges with respect to its business, properties and operations for such
period, including any and all Taxes (whether or not shown on any Tax Return) that have accrued but are not yet due or payable as of the applicable date stated in the Financial Statements. 

 

	 	5.18.9	 None of the Group Companies has ever claimed or been adjudged to be resident in the US (either under the terms
of an applicable tax treaty or under the US tax Laws which consider whether a person has a closer connection to a jurisdiction other than the US for tax purposes). This warranty is given in relation to each natural person who is an ultimate
beneficial owner or beneficiary of the Warrantors and each of the Warrantors warrants that it is not itself, nor is it beneficially owned by, an entity created or organized in or under the laws of the US or an estate or trust that is treated as a US
Person. 

  
 22 

	 	5.18.10	 No Group Company is, has ever been, nor will become, as a result of the transactions contemplated herein, a
“controlled foreign corporation” (“CFC”), as defined in section 957 of the Code, or a “passive foreign investment company”, as defined in section 1297 of the Code (“PFIC”). Each Group Company is
treated as a corporation for US federal income tax purposes. Each Group Company does not anticipate that it will become a PFIC or CFC for the current taxable year or any future taxable year. 

 

	 	5.18.11	 There has not been any inappropriate or incorrect recognition of revenues or expenses that could result in a
Tax Liability for any Group Company. 

  

	 	5.18.12	 Each Group Company has maintained proper and accurate documentation and records to support and provide evidence
that all transactions entered into by the Group Companies are on arm’s length terms and to defend any claim by a Governmental Authority that any Group Company has engaged in transfer pricing practices. 

 

	 	5.19	 Interested Party Transactions. Except as disclosed in Section 5.19 of the
Disclosure Schedule, none of the Interested Parties is directly or indirectly interested in any transaction entered into by a Group Company, nor has any of them had, either directly or indirectly, a material interest in (i) any Person which
purchases from or sells, licenses, furnishes, or provide to a Group Company any goods, property, intellectual or other property rights or services; or (ii) any Person that competes with a Group Company. None of the Interested Parties is
indebted to any Group Company nor is any Group Company indebted (or committed to make loans or extend or guarantee credit) to any Interested Party (other than for accrued salaries, reimbursable expenses or other standard employee benefits). Any
transaction between any Group Company and any Interested Party or among any Interested Parties is at a fair market price on an arm’s length basis. 

  

	 	5.20	 Restructuring. Other than as specifically set out in this Agreement, each of the Group Companies has
completed the Restructuring in accordance with the Restructuring Plan, and all Approvals necessary for the Restructuring have been obtained. 

  

	 	5.21	 Employee Matters. 

 

	 	5.21.1	 General. Except as set forth in Section 5.21 of the Disclosure Schedule, each
Group Company (i) is in compliance in all material aspects 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) has withheld and reported all amounts required by any applicable Law or any Contract to be withheld and reported with respect to wages, salaries and
other payments to employees; (iii) is not liable for any arrear of wages, Tax or penalty for failure to comply with any of the foregoing; and (iv) other than as required by applicable Laws, is not liable for any payment to any trust or
fund governed by or maintained by or on behalf of any Governmental Authority with respect to unemployment compensation benefits, social security or other benefits or obligations for employees. There are no pending or, to the Group Company’s
best Knowledge, threatened or reasonably anticipated Actions against any Group Company under any worker’s compensation policy or long-term disability policy. No Group Company has direct or indirect Liability with respect to any
misclassification of any Person as an independent contractor rather than as an employee. 

  
 23 

	 	5.21.2	 Employment Relation. Each full-time employee and officer of the Group Companies has duly executed an
Employment-Related Agreement which is in full force and effect and binding upon and enforceable against each such Person, and to the best Knowledge of each Warrantor, none of the full-time employees or officers is in violation thereof. None of the
Warrantors is aware that any Key Employee intends to terminate his or her employment with any Group Company, nor does any Group Company have a present intention to terminate the employment of any Key Employee. There is no share incentive, share
option, profit sharing, or other incentive arrangement for or affecting any current or former employee or worker of any Group Company. Except as required by applicable Laws, no Group Company has or maintains any employee benefit plan, employee
pension plan, medical insurance, or life insurance to which any Group Company contributed or is obligated to contribute thereunder for current or former employees of any Group Company. 

 

	 	5.22	 No Other Business. 

 

	 	5.22.1	 Company. The Company was formed solely to acquire and hold the Equity Securities in the BVI Subsidiary
and the US Subsidiary I and since its formation has not engaged in any other business and has not incurred any Liability in the course of its business of acquiring and holding its Equity Securities in the BVI Subsidiary and the US Subsidiary I.

  

	 	5.22.2	 BVI Subsidiary. The BVI Subsidiary was formed solely to acquire and hold Equity Securities in the HK
Subsidiary and since its formation has not engaged in any other business and has not incurred any Liability in the course of its business of acquiring and holding its Equity Securities in the HK Subsidiary. 

 

	 	5.22.3	 US Subsidiary I. The US Subsidiary I was formed solely to acquire and hold Equity Securities in the US
Subsidiary II and since its formation has not engaged in any other business and has not incurred any Liability in the course of its business of acquiring and holding its Equity Securities in the US Subsidiary II. 

 

	 	5.22.4	 US Subsidiary II. The US Subsidiary II has not engaged in any business and has not incurred any
Liability since its incorporation, and the US Subsidiary II does not hold any Equity Security in any other Person. 

  

	 	5.22.5	 HK Subsidiary. The HK Subsidiary was formed solely to acquire and hold Equity Securities in the WFOE and
since its formation has not engaged in any other business and has not incurred any Liability in the course of its business of acquiring and holding its Equity Securities in the WFOE. 

  
 24 

	 	5.22.6	 PRC Subsidiaries. The PRC Subsidiaries are engaged solely in the Principal Business and have no other
business activities. 

  

	 	5.23	 Minute Books. The minute books of each Group Company which have been made available to the Investor
contain a complete summary of all meetings and actions taken by directors, shareholders or owners of such Group Company since its formation, and reflect all material transactions referred to in such minutes accurately in all respects.

  

	 	5.24	 Financial Advisor Fees. There exists no Contract between any Warrantor or any of its or his/her
Affiliates and any investment bank or other financial advisors under which such Warrantor may owe any brokerage, placement or other fees relating to the issue of the Subscription Shares. No Warrantor has retained any finder or broker in connection
with the transactions contemplated by this Agreement. 

  

	 	5.25	 Obligations of Management. Each of the Founder and the Key Employees is devoting one hundred percent
(100%) of his working time and attention to the business of the Group Companies and has been using his best efforts to develop the business and care for the interests of the Group Companies, and none of the Founder or Key Employees is planning to
work less than full time at the Group Companies in the future. None of the Founder or Key Employees, directly or indirectly, owns, manages, is engaged in, operates, Controls, works for, consults with, renders services for, does business with,
maintains any interest in (proprietary, financial or otherwise) or participates in the ownership, management, operation, or Control of, any Restricted Business, whether in corporate, proprietorship or partnership form or otherwise.

  

	 	5.26	 Insolvency. Immediately prior to the Closing, (a) the aggregate assets of each Group Company, at a
fair valuation, exceed or will exceed the aggregate debt of each such entity, as the debt becomes absolute and mature, and (b) each Group Company does not incur or intend to incur, and will not have incurred or intended to incur debt beyond its
ability to pay such debt as such debt becomes absolute and matures. There has not been commenced against any Group Company an involuntary case under any applicable national, provincial, city, local or foreign bankruptcy, insolvency, receivership or
similar Law now in effect, or any Action for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of such Person or for any substantial part of its property or for the winding up or liquidation
of its affairs. 

  

	 	5.27	 Control Documents. The Control Documents have been executed and delivered by the relevant parties
thereto and the Investor has been provided with a copy of each Control Document duly executed by all the parties thereto. In addition, all equity interests of the Domestic Company have been pledged to the WFOE in accordance with the Control
Documents and such pledge has been registered with the competent Governmental Authority. All consents required in connection with the Control Documents have been made or unconditionally obtained in writing, and no such consent has been withdrawn or
is subject to any condition precedent which has not been fulfilled or performed. Each Control Document is in full force and effect and no party to any Control Document is in breach or default in the performance or observance of any of the terms or
provisions of such Control Document. 

  
 25 

	6.	 REPRESENTATIONS AND WARRANTIES OF THE INVESTOR 

The Investor represents and warrants to the Company that it has all requisite power, authority and capacity to enter into the Transaction
Documents to which it is a party, and to perform its obligations hereunder and thereunder. Each Transaction Document to which it is a party has been duly authorized, executed and delivered by the Investor. Each Transaction Document to which it is a
party, when executed and delivered by the Investor, will constitute valid and legally binding obligations of the Investor, enforceable against the Investor in accordance with its terms and subject, as to enforcement of remedies, to applicable
bankruptcy, insolvency, moratorium, reorganization and similar Laws affecting creditors’ rights generally and to general equitable principles. 
  

	7.	 COVENANTS OF THE WARRANTORS 

The Warrantors hereby jointly and severally covenant to the Investor as follows: 

 

	 	7.1	 Use of Proceeds from the Issue of the Subscription Shares. The proceeds from the issuance and sale of
the Subscription Shares shall be used for the working capital of the Company, and shall not be used to repay any debt of any Group Company or any of its Affiliates, to repurchase, redeem or cancel any Equity Securities, to make any payments to
shareholders or directors of the Company, or to make any payments to any Interested Party or for any other purpose, without the prior written approval of the Investor. 

 

	 	7.2	 Business of the Group Companies. Except as otherwise approved by the Board and the shareholders of the
Company in accordance with the Restated Articles, the business of each Group Company shall be restricted to their respective business as set forth in Section 5.22 above. 

 

	 	7.3	 Ordinary Shares Lock-up. Any Ordinary Shares directly or
indirectly held by the Founder shall not be transferable except as provided in (i) the Shareholders Agreement, (ii) the Share Mortgage among the Holding Company, the Company and NORTH HAVEN PRIVATE EQUITY ASIA HARBOR COMPANY LIMITED dated
July 31, 2017, and (iii) the Share Mortgage among the Founder, the Holding Company and NORTH HAVEN PRIVATE EQUITY ASIA HARBOR COMPANY LIMITED dated July 31, 2017. 

 

	 	7.4	 Compliance. 

  

	 	7.4.1	 General. The Warrantors shall cause the Group Companies to conduct their respective businesses as now
conducted and as proposed to be conducted in compliance with all applicable Laws on a continuing basis, including but not limited to the Laws regarding foreign investments, corporate registration and filing, import and export, customs
administration, foreign exchange, construction and interior decoration, environment, advertisement, telecommunication and e-commerce, intellectual property rights, taxation, labor and social welfare, welfare
funds, social benefits, medical benefits, insurance, retirement benefits, and pensions or the like. 

  

	 	7.4.2	 Business Permits or Licenses. Each of the Group Companies shall, and each of the Warrantors shall cause
such Group Company to, at all times maintain the appropriate governmental permits or licenses required to conduct the Principal Business and any other business conducted by the Group Companies at any given time, and shall not permit any Group
Company to conduct any business for which it does not have the appropriate governmental permits or licenses. 

  
 26 

	 	7.4.3	 SAFE Registration. The Founder and any other Person who is required to comply with the SAFE Rules and
Regulations shall, and each of the Warrantors shall cause them to, at their own expense, fully comply with all requirements of the PRC Governmental Authorities with respect to their direct or indirect holding of Equity Securities in the Holding
Company, the Company, the BVI Subsidiary, the US Subsidiaries and the HK Subsidiary on a continuing basis (including, but not limited to, all reporting obligations imposed by and all Approvals and permits required by the SAFE Rules and Regulations
and the PRC Governmental Authorities in connection therewith). 

  

	 	7.4.4	 Employment. The PRC Subsidiaries shall, and each of the Warrantors shall cause each employee to, carry
out, perform, and complete all actions and steps with respect to the contributions to the Social Security Funds in compliance with the PRC Laws. The Warrantors agree that they shall jointly and severally indemnify and hold harmless the Group
Companies and the Investor against any losses, claims, damages, or Liabilities to which they may become exposed under the PRC Laws, insofar as such losses, claims, damages, or Liabilities (or actions in respect thereof) arise out of or are based
upon any breach or violation of the PRC Laws with respect to the contribution of the Social Security Funds. 

  

	 	7.4.5	 Anti-Corruption Laws Compliance. Each of the Holding Company and the Group Companies shall not,
and each of the Warrantors shall procure that any director, officer, employee, agent or representative of the Holding Company or any Group Company shall not, take any action in furtherance of an offer, payment, promise to pay, or authorization or
approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any person to improperly influence official action by that person for the benefit of the Holding Company or any Group Company, or to
otherwise secure an improper business advantage for the Holding Company or any Group Company. Each of the Holding Company and the Group Companies shall conduct its businesses in compliance with applicable Anti-Corruption Laws, and will continue to
maintain policies and procedures designed to promote and achieve compliance with such Laws. 

  

	 	7.4.6	 Anti-Money Laundering Compliance. Each of the Holding Company and the Group
Companies shall ensure that the operations of the Holding Company and each Group Company shall continue to be conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements and the Anti-Money
Laundering Laws. 

  

	 	7.4.7	 No Sanctions. 

 

	 	(a)	 None of the Holding Company nor the Group Companies shall, directly or indirectly, use the proceeds of the
offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person: 

  

	 	1.	 to fund or facilitate any activities or business of or with any Person or in any country or territory that, at
the time of such funding or facilitation, is the subject of Sanctions; or 

  

	 	2.	 in any other manner that will result in a violation of Sanctions by any Person (including any Person
participating in the offering, whether as underwriter, advisor, investor or otherwise). 

  
 27 

	 	(b)	 None of the Holding Company nor the Group Companies shall engage in any dealings or transactions with any
Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions. 

  

	 	7.5	 Financial Matters and other Information. Each Group Company shall keep adequate records and books of
account, in which all entries shall be made on a consistent basis in accordance with PRC GAAP, accurately reflecting all financial transactions of such Group Company, to the extent required by PRC GAAP, and in which, for each fiscal year, all proper
reserves for depreciation, depletion, obsolescence, amortization, Taxes, bad debts and other purposes in connection with its business shall be made in accordance with PRC GAAP. Each Group Company shall continue to maintain a standard system of
accounting established and administered in accordance with PRC GAAP and shall comply with all applicable Laws relating to financial reporting on a continuous basis. Without limiting the generality of the foregoing, all debts, Liabilities and
obligations, revenues, costs and other expenses of the Group Companies shall be accurately recorded and recognized in accordance with PRC GAAP. Without the Investor’s prior written consent, none of the Group Companies may enter into any
transaction with any Interested Party. All cash payments and receipts of any Group Company shall be conducted using bank accounts opened and maintained under the name of and operated by such Group Company and no use of any other Person’s bank
accounts for or on behalf of such Group Company shall be permitted. For the purpose of the initial public offering of the Company or upon the request of the Investor, the financial matters mentioned above and the financial statements of the Group
Companies shall instead be prepared in accordance with the US GAAP. 

  

	 	7.6	 Tax Matters. 

  

	 	7.6.1	 Compliance. Each Group Company shall comply and will cause any entity which each Group Company controls
to comply on an annual basis with respect to its taxable year with all record-keeping, reporting, and other requirements necessary for such Group Company and any entity which such Group Company controls to comply with any applicable tax Law or to
allow any direct or indirect shareholder or owner to avail itself of any applicable provision of tax Laws. The Group Companies shall also provide any direct or indirect shareholder or owner with any documentation or information requested by such
direct or indirect shareholder or owner to allow such shareholder to comply with applicable tax Laws. 

  

	 	7.6.2	 PFIC. The Company shall use its best efforts not to become, and cause its current or future Subsidiaries
not to become, a PFIC. As long as any Investor holds any shares or securities in the Company, and without limiting any other tax-related provisions in the Transaction Documents, the Company shall promptly
provide such Investor all assistance, cooperation, information and documents which such Investor may reasonably request from time to time (a) to establish whether the Company or any of its Subsidiaries is or is likely to become a PFIC;
(b) to enable such Investor to make a “qualified electing fund” election with respect to the Company under section 1295 of the Code (a “QEF Election”) in any tax year; (c) generally to enable such Investor to
comply with all obligations imposed on it under the Code with respect to the Company or any of its Subsidiaries as a possible PFIC, including without limitation all obligations arising out of a QEF Election; and (d) delivered relevant
information requested by the Investor. 

  
 28 

	 	7.6.3	 Tax Gross Up. All payments under this Agreement or any other Transaction Document by the Company or any
other Group Company shall be made free and clear of, and without withholding or deduction for or on account of, any taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on
behalf of the BVI, the United States and Hong Kong, unless such withholding or deduction is required by law. In that event the Company shall pay such additional amounts as will result in the receipt by the Investor of such amounts as would have been
received by it if no such withholding or deduction had been required. 

  

	 	7.6.4	 Notification regarding US Person. The Company shall, and the Warrantors shall procure the Company to,
promptly notify the Investor if any existing shareholder of the Company or any spouse, parent or child thereof is or becomes either a US citizen, a US resident, or a green card holder. This requirement shall apply to any existing shareholder of the
Company other than a natural person, (i) if any beneficial owner or beneficiary or spouse, parent, or child thereof is or becomes a US citizen, a US resident, or a green card holder, or (ii) if the existing shareholder itself becomes, or
becomes beneficially owned by, an entity created or organized in or under the laws of the US or an estate or trust that is treated as a US person. 

  

	 	7.6.5	 US Tax Elections. At the request of the Investor, each Group Company and each Warrantor shall cooperate
with the Investor in (i) the prompt preparation and filing of ‘check the box’ elections effective at least 2 days prior to the Closing to specify the US tax classification of each Group Company, (ii) the prompt conversion of each
Group Company that is not currently eligible to make a check the box election into a company form which is eligible to make such an election, and (iii) taking any other action that is reasonably requested to enhance, rationalize, and/or
simplify the US tax treatment of the Group Companies, it being understood that (x) no check the box election shall have any bearing on the tax treatment or legal status of the subject entity for non-US
purposes, (y) no conversion or action shall be undertaken as described above if it is determined that doing so would have an adverse impact on any of the Group Companies or any existing shareholders of the Company, and (z) the reasonable
costs and expenses incurred in this connection shall be promptly paid or reimbursed by the Investor. Each Group Company and each Warrantor shall cooperate in the timely adoption of resolutions, if and when necessary, and the execution and filing of
such forms and other documentation as the Investor may request in this respect. 

  

	 	7.7	 Filing of Restated Articles. Within fifteen (15) Business Days following the due adoption of
the Restated Articles by the Company, the Restated Articles shall be duly filed with the Registrar of Companies of the Cayman Islands. 

  

	 	7.8	 Acquisition of Third Parties’ Equity Securities. Within three (3) months after the Closing and
as required by the Investor, the Warrantors shall procure that Qingke Equipment Rental acquire 40% of the Equity Securities of Tangqing Property held by Shanghai Tangzhen Investment Development (Group) Co., Ltd. (上海唐镇投资发展(集团)有限公司
), and the subscription price to be paid by Qingke Equipment Rental for the abovementioned acquisition shall be negotiated on an arm’s length basis and be satisfactory to the Investor.  

  
 29 

	 	7.9	 Stamp Duty. Unless otherwise specified in any other Transaction Document, the Company agrees to pay
(a) any and all stamp or other similar documentary taxes or duties (including any interest and penalties thereon or in connection therewith) payable in connection with the authorization, issuance or delivery of the Subscription Shares, the
Conversion Shares and the Adjustment Shares and the execution, delivery and performance of this Agreement and the other Transaction Documents; and (b) any value added tax payable in connection with the commissions or other amounts payable or
allowed under this Agreement and the other Transaction Documents, and the Company shall indemnify promptly upon demand the Investor against any Liabilities, losses, costs, expenses (including, without limitation, legal fees and value added tax
thereon) and claims, actions or demands which it may incur as a result of or arising out of or in relation to any failure to pay or delay in paying any of the same. Notwithstanding the above, the Company will pay any stamp, issue, registration,
documentary or other taxes and duties, including interest and penalties, payable in respect of the creation, issue and offering of the Subscription Shares, the execution or delivery of this Agreement and other Transaction Documents, the conversion
of the Subscription Shares into Ordinary Shares and the issuance and delivery of Adjustment Shares. The Company will also indemnify the Investor from and against all stamp, issue, registration, documentary or other taxes paid by any of them in any
jurisdiction in connection with any action taken by or on behalf of the Investor to enforce the obligations of the Company under this Agreement or other Transaction Documents. 

 

	 	7.10	 Efforts for Consummation of Transaction. Each of the Warrantors shall do and perform all things required
to be done and performed under the Transaction Documents prior to and after the Closing Date in order to consummate the transactions contemplated by the Transaction Documents on a timely basis, including giving such notices and obtaining all other
Approvals of all Governmental Authorities and other third parties that are or may become necessary for its execution and delivery of, and the performance of its obligations under, this Agreement and other Transaction Documents and shall cooperate
fully with the other Parties hereto in promptly seeking to obtain all governmental and regulatory approvals that are required to be obtained prior to or after the Closing. 

 

	 	7.11	 Material Adverse Effect. After the date of this Agreement and prior to the Closing Date, each Group
Company shall not, and each of the Warrantors shall procure that each Group Company shall not, do anything or take any step, action or measure (or omit to take the same), which has or could be reasonably expected to have, individually or in the
aggregate, a Material Adverse Effect. 

  

	 	7.12	 Maintenance of Properties. The Company shall and shall procure that each of its Subsidiaries shall cause
all material properties owned by it or used or held for use in the conduct of its business to be maintained and kept in reasonably good condition, repair and working order (ordinary wear and tear excepted) and supplied with all reasonably necessary
equipment and cause to be made all reasonably necessary repairs, renewals, replacements, betterments and improvements thereof, all as in its reasonable judgment may be consistent with sound business practice and necessary so that the business
carried on in connection therewith may be properly conducted. 

  
 30 

	 	7.13	 Use of Investor’s Name or Logo. Without the prior written consent of the Investor, and whether or
not the Investor is a shareholder of the Company, none of the Group Companies, their shareholders (excluding the Investor), nor the Founder shall use, publish or reproduce the names of the Investor or any similar names, trademarks or logos in any of
their marketing, advertising or promotion materials or otherwise for any marketing, advertising or promotional purposes. 

  

	 	7.14	 Proprietary Asset Registration. The Warrantors shall, upon the reasonable request of the Investor, use
their best efforts to cause registration of the relevant Proprietary Assets necessary for the conduct of the Principal Business with the relevant Governmental Authorities as soon as practicable, including without limitation the trademarks and
software copyrights listed in Section 5.8.1 of the Disclosure Schedule. 

  

	 	7.15	 Internal Control System. The Group Companies shall, as soon as practicable but in no event later than
six (6) months after the Closing, adopt and implement an internal control system satisfactory to the Investor, including without limitation: 

  

	 	7.15.1	 The Group Companies shall establish a supplier selection criteria and system (such as adopting public bidding
process in selection of interior decoration contractors, or requiring landlords to sign decoration agreements independently with qualified interior decoration contractors); 

 

	 	7.15.2	 The Group Companies shall prepare and collect all the relevant documents of the self-developed Proprietary
Assets to fulfill the requirements of Proprietary Asset capitalization; and 

  

	 	7.15.3	 The Group Companies shall evaluate the possibility of carry-back of Group Companies’ accumulated loss in
future in order to determine whether it shall be recognized as deferred Tax assets. 

  

	 	7.16	 Tax Compliance Letter. As soon as practicable before the QIPO, the Group Companies shall apply for and
obtain Tax compliance letters from all competent Tax authorities, indicating that there is no historical non-compliance with the Group Companies’ payment of business Tax. 

 

	 	7.17	 Non-solicitation. From the date of this Agreement to the Closing
Date, each of the Warrantors and their respective officers and directors shall not, and shall cause its other representatives not to, directly or indirectly, (i) solicit, or initiate any proposal (a “Proposal”) relating to
(A) direct or indirect acquisition or purchase of any debt, equity or equity-linked securities (including any and all shares of Equity Securities of the Group Companies, securities of the Group Companies convertible into, or exchangeable or
exercisable for, such shares, and options, warrants or other rights to acquire such shares and any securities that represent the right to receive such equity securities) or any tender offer or exchange offer or (B) a merger, amalgamation, share
exchange or consolidation, (C) a sale of all or substantially all of the assets of the Group Companies or (D) any other capital raising transaction by the Company or any of its Group Companies, (ii) participate in any discussions or
negotiations regarding or furnish to any Person any information or otherwise facilitate any inquiries or the making of any proposal that constitutes, or may reasonably be expected to lead to, any Proposal (other than a modified Proposal of the
Investor, if any), or (iii) authorize, engage in, or enter into any agreement or understanding with respect to, any Proposal, in each case, other than with the Investor and its representatives. Each of the Warrantors and their respective
officers and directors shall, and each of the Warrantors shall cause its other representatives to, immediately terminate any existing activities or discussions in relation to any Proposal with any other party other than the Investor and its
representatives. The Warrantors will immediately (within one Business Day) advise the Investor of, and inform the Investor of the terms of, and the identity of the Person making any Proposal that any of the Warrantors or any of their representatives
or Affiliates may receive from the date of this Agreement to the Closing Date. 

  
 31 

	 	7.18	 Obligations of Management; Non-Compete and Non-Solicitation. Until the third (3rd) anniversary of the consummation of a QIPO, the Founder shall devote all of his working time and attention to the
business of the Group Companies and shall use his or her best efforts to develop the business and care for the interests of the Group Companies. The Founder hereby further covenants and undertakes that, unless conducted through the Group Companies
or upon the prior written consent of the Investor, during the period when he or she is holding any office in and/or has any direct or indirect interest in any Group Company and for a further period of three (3) years thereafter, he or she shall
not, (i) directly or indirectly through any Affiliate, own, manage, be engaged in, operate, Control, work for, consult with, render services for, do business with, maintain any interest in (proprietary, financial or otherwise) or participate in
the ownership, management, operation, or Control of, any business, whether in corporate, proprietorship or partnership form or otherwise, that is within or related to the Restricted Business or otherwise Competes with any Group Company, or
(ii) solicit, induce or encourage any employees of the Group Companies to leave such employment or hire, employ or otherwise engage any such individual, or cause, induce or encourage any material actual or prospective client, customer,
supplier, licensee or licensor of the Group Companies or any other Person who has a material business relationship with the Group Companies, to terminate or modify to the detriment of the Group Companies any such relationship. For the avoidance of
doubt, after the Closing, the Warrantors shall procure that Qingke Shishang and its Subsidiaries shall not conduct any other business and take any other actions unless otherwise contemplated under the Transaction Documents or the Restructuring Plan
or with the prior written consent of the Investor. 

  

	 	7.19	 Business Operation of Minqing Property and Tangqing Property. Within three (3) months after the
Closing, each of the Warrantors shall procure that Minqing Property and Tangqing Property shall commence operation of the Principal Business, with evidence thereof being furnished to the Investor to its satisfaction. 

 

	 	7.20	 Registration of Service Centers. As soon as practicable but in any event within three (3) months
after the Closing, the Group Companies shall register each of their respective service centers as a branch with the applicable Governmental Authority. 

  

	 	7.21	 Lease Registration. As soon as practicable but in any event within six (6) months after the
Closing, the Group Companies shall register each of their lease agreements for lease and sub-lease with the competent Governmental Authority, with evidence thereof being furnished to the Investor to its
satisfaction. 

  

	 	7.22	 Real Estate Agency Filing. As soon as practicable but in any event within three (3) months after
the Closing, the Warrantors shall procure that each PRC Subsidiary which is engaged in the real estate agency business shall complete all applicable filings with the real estate department of the applicable Governmental Authority.

  
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	 	7.23	 Landlord’s Consent. As soon as practicable but in any event within one (1) month after
Closing, the Warrantors shall procure that each of Qingke Public Rental and Qingke Chuangyi shall obtain a written waiver and/or consent in relation to its usage and sublease from the landlords of Xinxiang Service Apartment, Haibao Business
Apartment and Xinxiang Zhuanqiao Apartment (as the case may be). 

  

	 	7.24	 Assets Purchase Plan of the assets of Qingke Robot. As soon as practicable but in any event within three
(3) months after Closing, the Warrantors shall procure that the applicable Group Companies shall complete the transfer of the assets of Qingke Robot as set out in the Qingke Robot Assets Purchase Plan. 

 

	 	7.25	 Transfer of Proprietary Assets of Qingke Shishang. As soon as practicable but in any event within three
(3) months after Closing, the Warrantors shall procure that all Proprietary Assets owned by Qingke Shishang as set out in Exhibit XII shall be transferred to the Company. 

 

	 	7.26	 Notice and Cure. Each Warrantor shall notify the Investor in writing of, and contemporaneously shall
provide the Investor with true and complete copies of any and all information or documents relating to, and shall use best efforts to cure before the Closing, any event, transaction or circumstance, as soon as practicable after it becomes known to
the relevant party, occurring after the date of this Agreement that causes or will cause any covenant or agreement of any Warrantor under this Agreement to be breached or that renders or will render untrue any representation or warranty of any
Warrantor contained in this Agreement as if the same were made on or as of the date of such event, transaction or circumstance. Should any such event, transaction or circumstance require any change in the Disclosure Schedules hereto if such
Disclosure Schedules were dated the date of the occurrence or discovery of any such event, transaction or circumstance, at and only at the request of the Investor, the Company shall promptly deliver to the Investor a supplement to the Disclosure
Schedules specifying such change (“Updated Disclosure Schedule”). Without Investor’s consent, no notice or Updated Disclosure Schedule given pursuant to this Section 7.26 shall have any effect on the
representations, warranties, covenants or agreements contained in this Agreement for purposes of determining satisfaction of any condition contained herein or shall in any way limit the Investor’s right to seek indemnity under this Agreement.

  

	 	7.27	 Update Share Pledge under the Control Documents. As soon as practicable but in any event within three
(3) months after Closing, the Warrantors shall procure that the relevant Group Companies shall have updated the registration of the share pledge under the Control Documents to reflect an increase from RMB 600,000,000 to the RMB equivalent
amount of US$310,000,000. 

  

	 	7.28	 No Further Lien. Without the prior written consent of the Investor, no further Lien shall be created
over (i) the shares of the Holding Company held by the Founder; and (ii) the Ordinary Shares of the Company held by the Holding Company. 

  

	 	7.29	 Additional Covenants. 

 

	 	7.29.1	 Except as required by this Agreement, no resolution of the directors, owners, members, partners or shareholders
of the Group Companies shall be passed, nor shall any Contract be entered into, in each case, prior to the Closing without the prior written consent of the Investor, except that each Group Company shall carry on its respective business in the same
manner as heretofore and may pass resolutions and enter into Contracts so long as they are effected in the ordinary course of business and on arms’-length terms. Each Warrantor shall not, and shall procure that each Group Company shall not,
undertake any of the matters set out in Exhibit C of the Shareholders Agreement prior to Closing, without the prior written consent of the Investor. 

  
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	 	7.29.2	 If at any time before the Closing, any Warrantor comes to know of any material fact or event which (i) has
resulted or would result in a breach of the Warranties, (ii) is inconsistent with the Warranties in any material aspects, (iii) suggests that material fact warranted may not be as warranted or may be misleading, or (iv) might affect
the willingness of a prudent investor to consummate the transactions as contemplated hereunder or the amount of consideration which the Investor would be prepared to pay for the Subscription Shares, such Warrantor shall give immediate written notice
thereof to the Investor in which event the Investor may terminate this Agreement by written notice without any penalty whatsoever and without prejudice to any rights that the Investor may have under this Agreement or applicable Laws.

  

	 	7.29.3	 Prior to Closing, each Warrantor shall, and shall procure that each Group Company shall, give reasonable access
to the premises and all the books and records of each Group Company, and the Warrantors shall procure that the directors and employees of each Group Company shall provide to the Investor all information relating to the transactions contemplated
under the Transaction Documents as the Investor may request. 

  

	8.	 CONDITIONS TO INVESTOR’S OBLIGATIONS AT THE CLOSING 

The obligations of the Investor to consummate the transactions under Section 2 of this Agreement are subject to the
fulfillment, to the satisfaction of the Investor on or prior to the Closing, or waiver by the Investor, of the following conditions: 
  

	 	8.1	 Representations and Warranties True and Correct. The Warranties made by the Warrantors in
Section 4 shall be true and correct and complete when made, and shall be true and correct and complete as of the Closing Date with the same force and effect as if they have been made on and as of the Closing Date, except in
either case for those representations and warranties that address matters only as of a particular date, which representations will have been true and complete as of such particular date. 

 

	 	8.2	 Performance of Obligations. Each Warrantor shall have performed and complied with all agreements,
obligations and conditions contained in this Agreement, including but not limited to the applicable provisions in Section 8 that are required to be performed or complied with on or before the Closing. 

 

	 	8.3	 Proceedings and Documents. All corporate and other proceedings in connection with the transactions
contemplated hereby and all documents and instruments incident to such transactions shall be satisfactory in substance and form to the Investor, and the Investor shall have received all such counterpart originals, certified copies or such other true
copies of documents as it may reasonably request. 

  

	 	8.4	 Good Standing. The Investor shall have received a certificate of good standing issued by the Registrar
of Companies of the Cayman Islands certifying that the Company was duly constituted, paid all required fees and is in good legal standing. 

  
 34 

	 	8.5	 Due Diligence. The Investor shall have completed its business, legal, financial due diligence
investigation of the Group Companies to its satisfaction. 

  

	 	8.6	 Approval by Investment Committee. The Investor shall have received all necessary internal approvals,
including approval by its Investment Committee, of the transactions contemplated hereunder and under all other Transaction Documents. 

  

	 	8.7	 Execution of Transaction Documents. At the Closing, the Company shall have delivered to the Investor
each of the Transaction Documents, duly executed by the Company and all other parties thereto (except for the Investor), and the Restated Articles shall have been duly adopted by the Company by all necessary corporate actions of the Board and its
shareholders. 

  

	 	8.8	 No Material Adverse Effect. There shall have been no event or events which, in the sole determination of
the Investor, would have a Material Adverse Effect on the Group Companies taken as a whole or on the financial markets in general. 

  

	 	8.9	 Approvals, Consents and Waivers. Each Warrantor shall have obtained any and all Approvals necessary for
the consummation of the transactions contemplated hereby and the Restructuring contemplated under the Restructuring Plan, and the Qingke Robot Assets Purchase Plan including but not limited to Approvals of any Governmental Authority or third party,
the waiver by the existing shareholders of the Company of any consent rights, anti-dilution rights, rights of first refusal, preemptive rights and all similar rights in connection with the issuance of the Subscription Shares at the Closing and the
issue of the Conversion Shares and the Adjustment Shares, each of which shall be in full force and effect as of the Closing, and shall have delivered copies of the foregoing to the Investor. 

 

	 	8.10	 No Injunction; No Action. No injunction, restraining order or order of any nature by a Governmental
Authority shall have been issued as of the Closing Date that could prevent or materially interfere with the consummation of the transactions contemplated under the Transaction Documents; and no stop order suspending the qualification or exemption
from qualification of any of the Securities in any jurisdiction shall have been issued and no Proceeding for that purpose shall have been commenced or, to the best Knowledge of the Company after due inquiry, be pending or threatened as of the
Closing Date. No action shall have been taken and no applicable Law shall have been enacted, adopted or issued that could, as of the Closing Date, reasonably be expected to prevent the consummation of the transactions contemplated under the
Transaction Documents. No Proceeding shall be pending or, to the best Knowledge of the Company after due inquiry, threatened other than Proceedings that if adversely determined would not, individually or in the aggregate, adversely affect the
issuance or marketability of the Subscription Shares, or could not, individually or in the aggregate, have a Material Adverse Effect. None of the Group Companies has taken any step, action or measure (or omitted to take the same), which has or could
be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. 

  
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	 	8.11	 Compliance Certificates. The Investor shall have received on the Closing Date a certificate dated the
Closing Date, signed by each Warrantor and the chief executive officer (or an equivalent officer of such Warrantor) to the effect that (a) the representations and warranties set forth in Section 4 are true and correct
with the same force and effect as though expressly made at and as of the date of delivery of the Financial Statements and the Closing Date, (b) each Group Company has complied with all agreements and satisfied all conditions on its part to be
performed or satisfied hereunder at or prior to the Closing Date, (c) at the Closing Date, since the date hereof or since the date of the most recent financial statements, no event or events have occurred, no information has become known nor
does any condition exist that could, individually or in the aggregate, have a Material Adverse Effect, (d) since the date of the most recent financial statements, none of the Group Companies has incurred any Liabilities or obligations, direct
or contingent, not in the ordinary course of business, or entered into any other transactions not in the ordinary course of business, and there has not been any change in the Equity Securities or long-term indebtedness of any of the Group Companies,
in each case, which could, individually or in the aggregate, have a Material Adverse Effect, and (e) the sale of any of the Subscription Shares has not been enjoined (temporarily or permanently). 

 

	 	8.12	 Board of Directors. As of the Closing Date, the Board shall comprise of no more than eleven
(11) directors, and shall comprise of (a) one (1) director to be appointed by the Investor, (b) one (1) director to be appointed by the holders of the Series C Shares, (c) two (2) directors to be appointed by the holders of the
Series B Shares, (d) one (1) director to be appointed by the holders of the Series A-1 Shares, (e) one (1) director to be appointed by the holders of the Series
A-2 Shares, (f) one (1) director to be appointed by the holders of the Series A-3 Shares, and (g) four (4) directors to be appointed by the Ordinary
Shareholders. 

  

	 	8.13	 Legal Opinions. The Investor shall have received legal opinions from each of the PRC legal counsel and
Cayman legal counsel of the Group Companies, addressed to the Investor, dated as of the Closing Date and in form and substance satisfactory to the Investor. 

  

	 	8.14	 Financial Statements. The Investor shall have received the Financial Statements. 

 

	 	8.15	 Business Operation Plan and Budget. The Investor shall have received a twelve-month after-investment
business operation plan and budget of the Group Companies to its satisfaction. 

  

	 	8.16	 Huarui Bank Waiver Letter. The Company shall have received a letter signed by Huarui Bank, in form and
substance satisfactory to the Investor, certifying that, as of the date thereof: (i)the loan agreement (and any amendments thereof, collectively as the “Huarui Loan Agreement”) between the Domestic Company and Huarui Bank dated
September 26, 2016 has been performed by the Domestic Company in good standing; and (ii) there is no claim made by Hairui Bank against the Group Companies (as applicable) for any failure to comply any covenants and/or obligations under
Huarui Loan Agreement. 

  

	 	8.17	 Software development service of Qingke Robot and the Domestic Company. The software
development service agreement between Qingke Robot and the Domestic Company is in full force and effect and is not terminated prior to the transfer of the assets of Qingke Robot pursuant to the Qingke Robot Assets Purchase Plan.

  
 36 

	9.	 CONDITIONS TO COMPANY’S OBLIGATIONS AT THE CLOSING 

The obligations of the Company to consummate the transactions under Section 2 of this Agreement are subject to the
fulfillment, to the satisfaction of the Company, at or before the Closing, or waiver by the Company, of the following conditions: 
  

	 	9.1	 Representations and Warranties. The representations and warranties of the Investor contained in
Section 6 hereof shall be true and correct when made and as of the Closing and by reference to the facts then existing. 

  

	 	9.2	 Execution of Transaction Documents. At the Closing, the Investor shall have delivered to the Company
each of the Transaction Documents to which it is a party, duly executed by the Investor. 

  

	10.	 INDEMNIFICATION 

 

	 	10.1	 Indemnification. Each of the Warrantors (each such Person being referred to as an “Indemnifying
Party”), jointly and severally, agrees to indemnify and hold harmless the Investor, each of its Affiliates and their respective officers, directors, partners, shareholders, counsel, employees and agents (the Investor and each such other
Person being referred to as an “Indemnified Party”), to the fullest extent lawful, from and against any losses, claims, damages, diminution in value, Liabilities and reasonable expenses (or actions in respect thereof) (collectively,
the “Damages”), directly or indirectly, arising out of, relating to or resulting from: 

  

	 	(a)	 actions taken or omitted to be taken by any of the Warrantors or their respective Affiliates, officers,
directors, employees or agents prior to the Closing; or 

  

	 	(b)	 any breach by any of the Warrantors or their respective Affiliates of any of the representations, warranties,
covenants and agreements set forth in any Transaction Document, and will reimburse the Indemnified Parties for all reasonable expenses (including, without limitation, fees and expenses of counsel) as they are incurred in connection with
investigating, preparing, defending or settling any such action or claim, whether or not in connection with litigation in which any Indemnified Party is a named party. If any of the Indemnified Parties’ personnel appears as witnesses, are
deposed or are otherwise involved in the defense of any action against an Indemnified Party, the Indemnifying Parties will reimburse the Investor for all reasonable expenses incurred by the Investor by reason of any of the Indemnified Parties being
involved in any such action. 

  

	 	10.2	 Specific Indemnities. Notwithstanding anything to the contrary herein, each of the Indemnifying Parties,
jointly and severally, agrees to indemnify and hold harmless the Indemnified Parties, from and against any and all Damages, whether or not involving a third party claim, including reasonable attorneys’ fees, arising out of, relating to or
resulting from: 

  

	 	(a)	 any failure to pay Social Security Funds contribution by any Group Company before the Closing;

  

	 	(b)	 any failure to obtain any Approval required for the business operation of any Group Company, or any failure by
a Group Company to comply with applicable PRC Laws to conduct the Principal Business; 

  

	 	(c)	 any Tax Liability of any Group Company accrued before the Closing (for the avoidance of doubt, including but
not limited to any Tax Liability in connection with the failure to perform any withholding obligations); 

  

	 	(d)	 any Tax Liability occurred due to the incompleteness or defects in the agreements entered into with the
landlords and/or tenants; 

  
 37 

	 	(e)	 any Liability related to the goods purchase agreement and goods lease agreement entered into or to be entered
into by and between the Group Companies and Shanghai Jiaya Shiye Co. Ltd. (上海嘉雅实业有限公司) other than the payment of goods
subscription price or goods rentals pursuant to the said agreements; 

  

	 	(f)	 any undisclosed Liabilities of the Group Companies prior to the Closing. Such indemnification shall not be
prejudiced by or be otherwise subject to any disclosure (in the Disclosure Schedule or otherwise); 

  

	 	(g)	 any Liability resulting from a failure by a Group Company to complete the filings with the real estate
department of the relevant Government Authority in respect of each PRC Subsidiary which is engaged in the real estate agency business; 

  

	 	(h)	 any Liability resulting from a failure by a Group Company to complete the lease registration for each lease
agreement leased by or to such Group Company; 

  

	 	(i)	 any Liability resulting from a failure by a Group Company (x) to comply with the usage stated on the
Certificate of Land Use Right to the State Owned Land (国有土地使用权证) or the Certificate of Real Property Ownership (房地产权证) (as the case may be), or (y) to obtain the landlord’s consent in respect of the land or property on which the apartments are situated and leased
by the Group Companies for the Principal Business; 

  

	 	(j)	 any Liability in connection with or arising from a breach of the Accommodation Services Agreement by a Group
Company arising as a result of a breach of the real property management agreement (房屋托管协议) with the relevant landlords; 

 

	 	(k)	 any Liability resulting from a failure by a PRC Subsidiary to register its service centers as a branch;

  

	 	(l)	 any Liability arising from a failure by the Company to complete the transfer of the assets as set out in the
Qingke Robot Assets Purchase Plan and any defect relating to the software development contract between Qingke Robot and the Domestic Company; 

  

	 	(m)	 any Liability arising from (x) a failure to transfer the Proprietary Assets owned by Qingke Shishang to
the Company, (y) a failure to impose non-compete restrictions on Qingke Shishang after the completion of the Restructuring or (z) a failure to collect the account receivables to be collected from any
third parties including but not limited to Shanghai Yijia Investment Co., Ltd. (上海驿家投资有限公司); 

 

	 	(n)	 any Liability resulting from a failure by a PRC Subsidiary to comply with the requirements as stipulated in the
loan agreement (and any amendments thereof) between the Domestic Company and Huarui Bank dated September 26, 2016; 

  

	 	(o)	 any Liability arising from the outsourcing of labor by a Group Company; 

 

	 	(p)	 any direct damages caused to the Group Companies arising from any transactions with any Interested Party during
ordinary course of business that are not conducted on arm’s length terms; and 

  

	 	(q)	 any Liability resulting from a breach by Qingke Public Rental of the receivables pledge agreement and the
receivables pledge registration agreement between Qingke Public Rental and Lujiazui International Trust Co., Ltd.
(陆家嘴国际信托有限公司) dated January 26, 2017 and February 28, 2017 respectively. 

  
 38 

	 	10.3	 Procedures. As promptly as reasonably practicable after receipt by an Indemnified Party under this
Section 10 of notice of the commencement of any action for which such Indemnified Party is entitled to indemnification under this Section 10, such Indemnified Party will, if a claim in respect
thereof is to be made against the Indemnified Party under this Section 10, notify the Indemnifying Party of the commencement thereof in writing; but the omission to so notify the Indemnifying Party (i) will not relieve
such Indemnifying Party from any Liability under Section 10.1 above and (ii) will not, in any event, relieve the Indemnifying Party from any obligations to any Indemnified Party otherwise than the indemnification
obligation provided in Section 10.1 above. In case any such action is brought against any Indemnified Party, and it notifies the Indemnifying Party of the commencement thereof, the Indemnifying Party will be entitled to
participate therein and, to the extent that it may determine, jointly with any other Indemnifying Party similarly notified, to assume the defense thereof, with counsel satisfactory to such Indemnified Party (who shall not, except with the consent of
the Indemnified Party, be counsel to the Indemnifying Party) at the expense of the Indemnifying Party; provided, however, that if (i) the use of counsel chosen by the Indemnifying Party to represent the Indemnified Party would present such
counsel with a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the Indemnified Party and the Indemnifying Party and the Indemnified Party shall have been advised by counsel that
there may be one or more legal defenses available to it and/or other Indemnified Party that are different from or additional to those available to the Indemnifying Party, (iii) the Indemnifying Party shall not have employed counsel satisfactory
to the Indemnified Party to represent the Indemnified Party within a reasonable time after notice of the institution of such action or (iv) the Indemnifying Party shall authorize the Indemnified Party to employ separate counsel at the expense
of the Indemnifying Party, then, in each such case, the Indemnifying Party shall not have the right to direct the defense of such action on behalf of such Indemnified Party or Parties and such Indemnified Party or Parties shall have the right to
select separate counsel (including local counsel) to defend such action on behalf of such Indemnified Party or Parties at the expense of the Indemnifying Party. After notice from the Indemnifying Party to such Indemnified Party of its election to
assume the defense thereof and approval by such Indemnified Party of counsel appointed to defend such action, the Indemnifying Party will not be liable to such Indemnified Party under this Section 10 for any legal or other
expenses, other than reasonable costs of investigation, subsequently incurred by such Indemnified Party in connection with the defense thereof, unless the Indemnified Party shall have employed separate counsel in accordance with the proviso to the
immediately preceding sentence (it being understood, however, that in connection with such action the Indemnifying Party shall not be liable for the expenses of more than one separate counsel (in addition to local counsel) in any one action or
separate but substantially similar actions in the same jurisdiction arising out of the same general allegations or circumstances, representing the Indemnified Party who are parties to such action or actions). The Indemnifying Party shall not,
without the prior written consent of the Indemnified Party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or
contribution may be sought hereunder (whether or not the Indemnified Party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the Indemnified Party
from all Liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any Indemnified Party. 

  
 39 

	 	10.4	 The indemnity and expense reimbursement obligations set forth herein (i) shall be in addition to any
Liability any of the Warrantors may otherwise have to any Indemnified Party, (ii) shall remain operative and in full force and effect regardless of any investigation made by or on behalf of any Investor or any other Indemnified Party and
(iii) shall be binding on any successor or assign of the Warrantors or their respective business and assets. 

  

	11.	 TERMINATION. 

This Agreement may be terminated at any time prior to the Closing Date pursuant to the following: 

 

	 	(a)	 the Investor shall be entitled to terminate this Agreement by written notice to the other Parties if since the
date hereof, there is any Material Adverse Effect or any development involving or reasonably expected to result in a Material Adverse Effect that could, in the Investor’s sole judgment, be expected to (A) make it impracticable or
inadvisable to proceed with the offering or delivery of the Subscription Shares on the terms and in the manner contemplated in this Agreement and other Transaction Documents or (B) materially impair the investment quality of the Subscription
Shares; 

  

	 	(b)	 the Investor or the Company shall be entitled to terminate this Agreement by written notice to the other
Parties upon any outbreak or escalation of hostilities or other national or international calamity or crisis, including acts of terrorism, or Material Adverse Effect or disruption in economic conditions in, or in the financial markets of, the United
States, the European Union, the PRC or Hong Kong (it being understood that any such change or disruption shall be relative to such conditions and markets as in effect on the date hereof), if the effect of such outbreak, escalation, calamity, crisis,
act or material adverse change in the economic conditions in, or in the financial markets of, the United States, the European Union, the PRC or Hong Kong could be reasonably expected to make it, in the Investor’s sole judgment, impracticable or
inadvisable to proceed with the consummation of the transactions on the terms and in the manner contemplated in this Agreement or the Transaction Documents; 

  

	 	(c)	 the Investor or the Company shall be entitled to terminate this Agreement by written notice to the other
Parties upon the enactment, publication, decree or other promulgation after the date hereof of any applicable Law that could be reasonably expected to have a Material Adverse Effect; 

 

	 	(d)	 the Investor or the Company shall be entitled to terminate this Agreement by written notice to the other
Parties upon the termination or unenforceability of other Transaction Documents, provided, however, that the right to terminate this Agreement under this subsection(d) shall not be available to the any Party whose action or failure to act has been
the primary cause of or resulted in such termination or enforceability and such action or failure to act constitutes a breach of this Agreement; 

  

	 	(e)	 the Investor or the Company shall be entitled to terminate this Agreement by written notice to the other
Parties if the Closing has not occurred within six (6) months after the date hereof (the “Long Stop Date”), which date may be extended by the Parties through mutual agreement, provided, however, that the right to terminate this
Agreement under this subsection(e) shall not be available to any Party whose action or failure to act has been the primary cause of or resulted in the failure of the Closing to occur on or before the Long Stop Date and such action or failure to act
constitutes a breach of this Agreement; 

  
 40 

	 	(f)	 the Investor shall be entitled to terminate this Agreement, at any time prior to the Closing Date, by written
notice to the other Parties based upon (i) the Company’s breach of its representations, warranties, covenants and obligations under this Agreement or the other Transaction Documents, which has or is reasonably likely to have a Material
Adverse Effect on the consummation of the transactions contemplated herein or (ii) a breach of a Warrantor of any of the representations, warranties or covenants set forth in Sections 5.11.5 to 5.11.7 and Sections 7.4.5 to
7.4.7; 

  

	 	(g)	 the Company shall be entitled to terminate this Agreement by written notice to the other Parties if the
Investor fails to perform its payment obligations under Section 3.5 hereof, and also fails to cure such a breach within fifteen (15) days upon its receipt of the written notice issued by the Founder claiming for such
payment, which has resulted in a Material Adverse Effect. 

 If this Agreement is terminated in accordance with this
Section 11, all obligations of the Parties hereunder shall terminate, except for the obligations set forth any provisions that expressly survive the termination of this Agreement, provided, that such termination shall not
release any Party from any liability that has already accrued as of the effective date of such termination, and shall not constitute a waiver or release of, or otherwise be deemed to prejudice or adversely affect, any rights, remedies or claims,
whether for damages or otherwise, which a Party may have hereunder, at law, equity or otherwise or which may arise out of or in connection with such termination. 
  

	12.	 SURVIVAL OF REPRESENTATIONS AND INDEMNITIES. 

All the fundamental representations and warranties (including without limitation Section 5.1 to
Section 5.8, Section 5.11, Section 5.13, Section 5.14, Section 5.16, Section 5.18 to
Section 5.21 and Section 5.27 hereof) (the “Fundamental Warranties”), covenants, indemnities and contribution and expense reimbursement provisions and other agreements of any of
the Warrantors set forth in this Agreement shall remain operative and in full force and effect, and will survive indefinitely after the Closing, regardless of (i) the termination of this Agreement; or (ii) any investigation, or statement
as to the results thereof, made by or on behalf of the parties hereto. 
 Except for the Fundamental Warranties, all the other Warranties of
any of the Warrantors set forth in this Agreement shall remain operative and in full force and effect, and will survive until December 31, 2021, regardless of (i) the termination of this Agreement; or (ii) any investigation, or
statement as to the results thereof, made by or on behalf of the parties hereto. 
  

	13.	 SUBSTITUTION OF INVESTOR. 

The Investor shall have the right to substitute any one of its Affiliates, respectively, as the Investor of the Subscription Shares, by written
notice to the Company. Upon receipt of such notice, wherever the word “Investor(s)” is used in this Agreement (other than in this Section 13), such word shall be deemed to refer to such Affiliate in lieu of the
original Investor. 
  

	14.	 MISCELLANEOUS 

 

	 	14.1	 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. 

  
 41 

	 	14.2	 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure
to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the Parties hereto whose rights or obligations hereunder are affected by such amendments. Subject to Section 13, this
Agreement and the rights and obligations therein may not be assigned by the Investor without the written consent of the Company except to the Affiliates of the Investor. This Agreement and the rights and obligations therein may not be assigned by
any Warrantor without the prior written consent of the Investor. 

  

	 	14.3	 Entire Agreement. This Agreement, together with 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 between the Parties with regard to the subjects hereof and thereof; provided, however,
that nothing in this Agreement or any other Transaction Document shall be deemed to terminate or supersede the provisions of any confidentiality and nondisclosure agreements executed by the Parties hereto prior to the date hereof, which agreements
shall continue in full force and effect until terminated in accordance with their respective terms. 

  

	 	14.4	 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 Party, upon delivery; (b) when sent by facsimile at the number set forth in
Exhibit XI hereto, upon receipt of confirmation of error-free transmission; (c) seven (7) Business Days after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid and addressed to the other Party as set
forth in Exhibit IX; or (d) three (3) Business Days after deposit with an overnight delivery service, postage prepaid, addressed to the Parties as set forth in Exhibit IX with
next-business-day delivery guaranteed, provided that the sending Party receives a confirmation of delivery from the delivery service provider. Each Person making a communication hereunder by facsimile shall
promptly confirm by telephone to the Person 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 14.4 by giving, the other Party written notice of the new address in the manner set forth above.

  

	 	14.5	 Amendments. Any term of this Agreement may be amended and the observance thereof may be waived (either
generally or in a particular instance and either retroactively or prospectively) only with a written instrument duly executed by the Company and the Investor. Any amendment or waiver effected in accordance with this
Section 14.5 shall be binding upon each Party and its assigns. 

  

	 	14.6	 Delays or Omissions; Waivers. No delay or omission to exercise any right, power or remedy accruing to
any Party hereto, upon any breach or default of any Party hereto 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. Any waiver, permit or Approval of any kind or character on the part of 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. 

  
 42 

	 	14.7	 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, Schedules and Exhibits herein are to Sections, Schedules and Exhibits 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; and (iii) the masculine, feminine, and neuter genders will each be deemed to include the others. 

  

	 	14.8	 Counterparts. 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. 

  

	 	14.9	 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. 

 

	 	14.10	 Joint and several liability. All obligations and liabilities of, and indemnities given by, the
Warrantors pursuant to this Agreement and the Transaction Documents shall be joint and several. 

  

	 	14.11	 Confidentiality and Non-Disclosure.

  

	 	14.11.1	 Disclosure of Terms. The terms and conditions of this Agreement and the Transaction Documents and all
exhibits and schedules attached to such agreements, including their existence, and any information relating to the business, financial or other matters of the Group Companies obtained by the Investor (collectively, the “Confidential
Information”), shall be considered confidential information and shall not be disclosed by any Party hereto to any third party except in accordance with the provisions set forth below; provided that such Confidential Information shall not
include any information that is in the public domain other than caused by the breach of the confidentiality obligations hereunder. 

  

	 	14.11.2	 Press Releases, etc. Any press release issued by the Company shall not disclose any of the Confidential
Information and the final form of such press release shall be approved in advance in writing by the Investor. No other announcement regarding any of the Confidential Information in a press release, conference, advertisement, announcement,
professional or trade publication, mass marketing materials or otherwise to the general public may be made without the prior written consent of the Investor. 

  
 43 

	 	14.11.3	 Permitted Disclosures. Notwithstanding the foregoing, any Party may disclose any of the Confidential
Information to its current or bona fide prospective investors, employees, investment bankers, lenders, partners, accountants and attorneys, in each case only where such persons or entities are under appropriate nondisclosure obligations. Without
limiting the generality of the foregoing, the Investor shall be entitled to disclose the Confidential Information for the purposes of fund reporting or inter-fund reporting or to its fund manager, other funds managed by its Affiliates, fund manager
and its auditors, counsel, directors, officers, employees, shareholders or investors. 

  

	 	14.11.4	 Legally Compelled Disclosure. In the event that any Party is requested or becomes legally compelled
(including without limitation, pursuant to securities laws and regulations) to disclose the existence of this Agreement, other Transaction Documents, any of the exhibits and schedules attached to such agreements, or any of the Confidential
Information in contravention of the provisions of this Section 14.11, such Party (the “Disclosing Party”) shall provide the other Parties (the “Non-Disclosing
Parties”) with prompt written notice of that fact and use all reasonable efforts to seek (with the cooperation and reasonable efforts of the other Parties) a protective order, confidential treatment or other appropriate remedy. In such
event, the Disclosing Party shall furnish only that portion of the information which is legally required to be disclosed and shall exercise reasonable efforts to keep confidential such information to the extent reasonably requested by any Non-Disclosing Party. 

  

	 	14.11.5	 Other Information. The provisions of this Section 14.11 shall be in addition
to, and not in substitution for, the provisions of any separate nondisclosure agreement executed by any of the Parties with respect to the transactions contemplated hereby. 

 

	 	14.11.6	 Affiliates. Each Party shall cause each of its Affiliates to comply with all of the restrictions,
limitations and obligations set forth in this Section 14.11 as if it were a party hereto. 

  

	 	14.12	 Further Assurances. Each Party shall from time to time and at all times hereafter 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 to effect the transactions contemplated by this Agreement and the
Transaction Documents. 

  

	 	14.13	 Dispute Resolution. The Parties agree to negotiate in good faith to resolve any dispute between them
regarding this Agreement. If the negotiations do not resolve the dispute to the reasonable satisfaction of all Parties within thirty (30) days after the commencement of the negotiation, such dispute shall be referred to and finally settled by
arbitration at Hong Kong International Arbitration Centre (“HKIAC”). The arbitration shall be conducted in Hong Kong and shall be administered by the HKIAC in accordance with the HKIAC Administered Arbitration Rules in force at the
time of the commencement of the arbitration. However, if such rules are in conflict with the provisions of this Section 14.13, the provisions of this Section 14.13 shall prevail. The dispute shall
be referred to an arbitration tribunal consisting of three arbitrators appointed in accordance with the HKIAC Administered Arbitration Rules. The decision of the tribunal shall be final and binding on the Parties, and the prevailing Party may apply
to a court of competent jurisdiction for enforcement of such award. The costs and expenses of the arbitration, including the fees of the arbitral tribunal, shall be borne and paid by the Parties in such proportions as the arbitral tribunal shall
determine. The language of the arbitration shall be English. 

  
 44 

	 	14.14	 Expenses. 

  

	 	14.14.1	 If (x) the Closing has occurred, or (y) the Agreement is terminated for one of the reasons set out
below, the Company shall reimburse the Investor all fees and expenses (including any legal fees, accountant’s fees, or professional advisor’s fees) incurred by the Investor in connection with the negotiation, execution, delivery and
performance of the Transaction Documents, provided that such fees and expenses shall not exceed US$500,000 in aggregate: 

  

	 	(a)	 if there has been a breach by a Warrantor of Section 7.17; or 

 

	 	(b)	 the failure by the Company to disclose any information of any Group Company to the Investor which might affect
the willingness of a prudent investor to consummate the transactions as contemplated hereunder or the amount of consideration which the Investor would be prepared to pay for the Subscription Shares. 

 

	 	14.14.2	 If this Agreement is terminated for any reason other than as set out in
Section 14.14.1, all fees and expenses incurred by the Investor shall be borne by the Investor. 

  

	 	14.14.3	 The Company shall pay forthwith all fees and expenses directly to any party which has been engaged by the
Investor for the purposes of its investment in the Company if such fees and expenses have not been paid by the Investor to such party. 

  

	 	14.14.4	 Any fees and expenses to be reimbursed by the Company to the Investor pursuant to this
Section 14.14 shall be payable by the Company within fifteen (15) days after the Closing Date or the delivery of such termination notice (as the case may be). 

 

	 	14.14.5	 The provisions of this Section 14.14 shall survive any termination of this Agreement.

 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 45 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

			
	THE COMPANY:
	
	Q&K INTERNATIONAL GROUP LIMITED
		
	By:	 	 /s/ Guangjie Jin

	Name:	 	Guangjie Jin (金光杰)
	Title:	 	Chief Executive Officer
	
	THE BVI SUBSIDIARY:
	
	QK365.COM INC.
		
	By:	 	 /s/ Guangjie Jin

	Name:	 	Guangjie Jin (金光杰)
	Title:	 	Sole Director
	
	THE US SUBSIDIARY I:
	
	QK365.COM INC.
		
	By:	 	 /s/ Guangjie Jin

	Name:	 	Guangjie Jin (金光杰)
	Title:	 	Sole Director
	
	THE US SUBSIDIARY II:
	
	JERSEY STANDARD INC.
		
	By:	 	 /s/ Guangjie Jin

	Name:	 	Guangjie Jin (金光杰)
	Title:	 	Sole Director
	
	THE HK SUBSIDIARY:
	
	QINGKE (CHINA) LIMITED
		
	By:	 	 /s/ Guangjie Jin

	Name:	 	Guangjie Jin (金光杰)
	Title:	 	Sole Director

  
 [SIGNATURE PAGE TO SERIES
C-1 PREFERRED SHARE SUBSCRIPTION AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

			
	THE WFOE:
	
	 Q&K INVESTMENT CONSULTING CO., LTD.
(上海青客投资咨询有限公司) 

(Sealed)

		
	By:	 	 /s/ Guangjie Jin

	Name:	 	Guangjie Jin (金光杰)
	Title:	 	Legal Representative

  
 [SIGNATURE PAGE TO SERIES
C-1 PREFERRED SHARE SUBSCRIPTION AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

			
	THE DOMESTIC COMPANY:
	
	SHANGHAI QINGKE ELECTRICS COMMERCE CO., LTD. (上海青客电子商务有限公司)
	(Sealed)
		
	By:	 	 /s/ Guangjie Jin

	Name:	 	Guangjie Jin (金光杰)
	Title:	 	Legal Representative
	
	QINGKE CHUANGYI:
	
	SHANGHAI QINGKE CHUANGYI INDUSTRIAL SUPPORTING PROPERTY MANAGEMENT CO., LTD.
(上海青客创意产业配套物业管理有限公司)
	(Sealed)
		
	By:	 	 /s/ Qiong Hong

	Name:	 	Qiong Hong (洪琼)
	Title:	 	Legal Representative
	
	SUZHOU QINGKE:
	
	SUZHOU QINGKE INFORMATION TECHNOLOGY CO., LTD. (苏州青客信息科技有限公司)
	(Sealed)
		
	By:	 	 /s/ Qiong Hong

	Name:	 	Qiong Hong (洪琼)
	Title:	 	Legal Representative
	
	BEIJING QINGKE:
	
	BEIJING QINGKE PROPERTY MANAGEMENT CO., LTD. (北京青客物业管理有限公司)
	(Sealed)
		
	By:	 	 /s/ Rufeng Teng

	Name:	 	Rufeng Teng (滕儒锋)
	Title:	 	Legal Representative

  
 [SIGNATURE PAGE TO SERIES
C-1 PREFERRED SHARE SUBSCRIPTION AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

			
	LINGQING PROPERTY:
	
	SHANGHAI LINGQING PROPERTY MANAGEMENT CO., LTD. (上海凌青物业管理有限公司)
	(Sealed)
		
	By:	 	 /s/ Guangjie Jin

	Name:	 	Guangjie Jin (金光杰)
	Title:	 	Legal Representative
	
	MINQING PROPERTY:
	
	SHANGHAI MINQING PROPERTY SERVICE CO., LTD. (上海闵青物业服务有限公司)
	(Sealed)
		
	By:	 	 /s/ Guangjie Jin

	Name:	 	Guangjie Jin (金光杰)
	Title:	 	Legal Representative
	
	TANGQING PROPERTY:
	
	SHANGHAI TANGQING PROPERTY MANAGEMENT CO., LTD. (上海唐青物业管理有限公司)
	(Sealed)
		
	By:	 	 /s/ Guangjie Jin

	Name:	 	Guangjie Jin (金光杰)
	Title:	 	Legal Representative
	
	QINGTENG INVESTMENT:
	
	SHANGHAI QINGTENG INVESTMENT MANAGEMENT LLP (上海青腾投资管理中心(有限合伙)
	(Sealed)
		
	By:	 	 /s/ Guiying Song

	Name:	 	Guiying Song (宋桂英)
	Title:	 	Designated Representative

  
 [SIGNATURE PAGE TO SERIES
C-1 PREFERRED SHARE SUBSCRIPTION AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

			
	QINGKE PUBLIC RENTAL:
	
	SHANGHAI QINGKE PUBLIC RENTAL HOUSING LEASEHOLD OPERATION AND MANAGEMENT COMPANY LIMITED BY SHARE
(上海青客公共租赁住房租赁经营管理股份有限公司)
	(Sealed)
		
	By:	 	 /s/ Guangjie Jin

	Name:	 	Guangjie Jin (金光杰)
	Title:	 	Legal Representative
	
	GUQING PROPERTY:
	
	SHANGHAI GUQING PROPERTY MANAGEMENT CO., LTD. (上海谷青物业管理有限公司)
	(Sealed)
		
	By:	 	 /s/ Guangjie Jin

	Name:	 	Guangjie Jin (金光杰)
	Title:	 	Legal Representative
	
	QINGKE EQUIPMENT RENTAL:
	
	SHANGHAI QINGKE EQUIPMENT RENTAL CO., LTD. (上海青客设备租赁有限公司)
	(Sealed)
		
	By:	 	 /s/ Guangjie Jin

	Name:	 	Guangjie Jin (金光杰)
	Title:	 	Legal Representative
	
	BEIJING QINGKE INVESTMENT:
	
	BEIJING QINGKE INVESTMENT CONSULTING CO., LTD. (北京青客投资咨询有限公司)
	(Sealed)
		
	By:	 	 /s/ Guangjie Jin

	Name:	 	Guangjie Jin (金光杰)
	Title:	 	Legal Representative

  
 [SIGNATURE PAGE TO SERIES
C-1 PREFERRED SHARE SUBSCRIPTION AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

			
	BAOSHAN PUBLIC RENTAL:
	
	SHANGHAI BAOSHAN QINGKE PUBLIC RENTAL LEASED HOUSING OPERATION AND MANAGEMENT CO., LTD.
(上海宝山青客公共租赁用房运营管理有限公司)
	(Sealed)
		
	By:	 	 /s/ Rufeng Teng

	Name:	 	Rufeng Teng (滕儒锋)
	Title:	 	Legal Representative
	
	JIAXING PUBLIC RENTAL:
	
	JIAXING QINGKE PUBLIC RENTAL HOUSING LEASEHOLD INVESTMENT MANAGEMENT COMPANY LIMITED BY SHARE
(嘉兴青客公共租赁住房投资管理股份有限公司)
	(Sealed)
		
	By:	 	 /s/ Guangjie Jin

	Name:	 	Guangjie Jin (金光杰)
	Title:	 	Legal Representative
	
	HANGZHOU QINGKE:
	
	HANGZHOU QINGKE APARTMENT MANAGEMENT CO., LTD. (杭州青客公寓管理有限公司)
	(Sealed)
		
	By:	 	 /s/ Rufeng Teng

	Name:	 	Rufeng Teng (滕儒锋)
	Title:	 	Legal Representative
	
	GUANGZHOU QINGKE:
	
	GUANGZHOU QINGKE APARTMENT HOTEL MANAGEMENT CO., LTD.
(广州青客公寓酒店管理有限公司)
	(Sealed)
		
	By:	 	 /s/ Rufeng Teng

	Name:	 	Rufeng Teng (滕儒锋)
	Title:	 	Legal Representative

  
 [SIGNATURE PAGE TO SERIES
C-1 PREFERRED SHARE SUBSCRIPTION AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

			
	TIANJIN QINGKE:
	
	TIANJIN QINGKE APARTMENT MANAGEMENT CO., LTD. (天津青客公寓管理有限公司)
	(Sealed)
		
	By:	 	 /s/ Rufeng Teng

	Name:	 	Rufeng Teng (滕儒锋)
	Title:	 	Legal Representative
	
	CHENGDU QINGKE:
	
	CHENGDU QINGKE APARTMENT MANAGEMENT CO., LTD. (成都青客公寓管理有限公司)
	(Sealed)
		
	By:	 	 /s/ Rufeng Teng

	Name:	 	Rufeng Teng (滕儒锋)
	Title:	 	Legal Representative
	
	NANJING QINGKE:
	
	 NANJING QINGKE APARTMENT MANAGEMENT CO., LTD.

(南京青客公寓管理有限公司)

	(Sealed)
		
	By:	 	 /s/ Rufeng Teng

	Name:	 	Rufeng Teng (滕儒锋)
	Title:	 	Legal Representative
	
	HEFEI QINGKE:
	
	HEFEI QINGKE PROPERTY MANAGEMENT CO., LTD. (合肥青客物业管理有限公司)
	(Sealed)
		
	By:	 	 /s/ Rufeng Teng

	Name:	 	Rufeng Teng (滕儒锋)
	Title:	 	Legal Representative

  
 [SIGNATURE PAGE TO SERIES
C-1 PREFERRED SHARE SUBSCRIPTION AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

			
	XIAMEN QINGKE:
	
	XIAMEN QINGKE APARTMENT MANAGEMENT CO., LTD. (厦门青客公寓管理有限公司)
	(Sealed)
		
	By:	 	 /s/ Rufeng Teng

	Name:	 	Rufeng Teng (滕儒锋)
	Title:	 	Legal Representative
	
	WUHAN QINGKE:
	
	WUHAN QINGKE APARTMENT HOTEL MANAGEMENT CO., LTD.
(武汉青客公寓酒店管理有限公司)
	(Sealed)
		
	By:	 	 /s/ Rufeng Teng

	Name:	 	Rufeng Teng (滕儒锋)
	Title:	 	Legal Representative
	
	JIAXING QINGKE TALENT APARTMENT:
	
	JIAXING QINGKE TALENT APARTMENT CONSTRUCTION AND DEVELOPMENT CO., LTD.
(嘉兴青客人才公寓建设开发有限公司)
	(Sealed)
		
	By:	 	 /s/ Guangjie Jin

	Name:	 	Guangjie Jin (金光杰)
	Title:	 	Legal Representative
	
	JIAXING HUICAI:
	
	JIAXING HUICAI PROPERTY MANAGEMENT CO., LTD. (嘉兴汇才物业管理有限公司)
	(Sealed)
		
	By:	 	 /s/ Zhaochun Zheng

	Name:	 	Zhaochun Zheng (郑赵春)
	Title:	 	Director

  
 [SIGNATURE PAGE TO SERIES
C-1 PREFERRED SHARE SUBSCRIPTION AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

			
	THE FOUNDER:
	
	 /s/ Guangjie Jin

	JIN Guangjie
	
	THE HOLDING COMPANY:
	
	BILL.COM INC.
		
	By:	 	 /s/ Guangjie Jin

	Name:	 	JIN Guangjie
	Title:	 	Sole Director

  
 [SIGNATURE PAGE TO SERIES
C-1 PREFERRED SHARE SUBSCRIPTION AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

			
	INVESTOR:
	
	CP QK Singapore Pte Ltd.
		
	By:	 	 /s/ Lawrence Lim

	Name:	 	Lawrence Lim
	Title:	 	Authorized Signatory

  
 [SIGNATURE PAGE TO SERIES
C-1 PREFERRED SHARE SUBSCRIPTION AGREEMENT] 

 EXHIBITS 

 

			
	Exhibit I	  	Definitions and Interpretation
	Exhibit II	  	Table of Shareholders and Capitalization Table
	Exhibit III	  	Subsidiaries of Domestic Company
	Exhibit IV	  	Form of Shareholders Agreement
	Exhibit V	  	Form of Restated Articles
	Exhibit VI	  	Disclosure Schedule
	Exhibit VII	  	Form of Non-compete Letter
	Exhibit VIII	  	List of Key Employees
	Exhibit IX	  	Notices
	Exhibit X	  	Form of Indemnification Agreement
	Exhibit XI	  	Qingke Robot Assets Purchase Plan
	Exhibit XII	  	Proprietary Assets of Qingke Shishang

  
 i 

 EXHIBIT I 

PART I: DEFINITIONS 
  

			
	“Action”	  	means an action, suit, proceeding, claim, arbitration or investigation.
		
	“Additional ESOP Shares”	  	means 5,175,000 additional Class A Ordinary Shares to be reserved for ESOP immediately prior to the Closing.
		
	“Adjustment Shares”	  	has the meaning given in Section 4.2(a)(iv).
		
	“Affiliate”	  	of a given Person means, (i) in the case of a Person other than a natural person, any other Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled by or is under common Control with,
such given Person, or (ii) in the case of a natural person, any other Person that directly or indirectly is Controlled by such given Person or is a Family Member of such given Person. For the avoidance of doubt, the Affiliates of the Group
Companies shall, among others, include the Qingke Shishang Group Companies.
		
	“Agreement”	  	has the meaning given in the Recitals.
		
	“Anti-Corruption Laws”	  	means any applicable Law, including, but not limited to, the Foreign Corrupt Practices Act of the United States (15 U.S.C. §§ 78dd-1, et seq.), as amended, or any similar Laws of any
Governmental Authority, regarding any contribution, gift, bribe, rebate, payoff, influence payment, kickback, or other payment to any Government Official, regardless of form, whether in money, property, or services.
		
	“Approval”	  	means any approval, authorization, release, order, or consent required to be obtained from, or any registration, qualification, designation, declaration, filing, notice, statement or other communication required to be filed with or
delivered to, any Governmental Authority or any other Person.
		
	“Anti-Money Laundering Laws”	  	has the meaning given in Section 5.11.6.
		
	“Balance Sheet Date”	  	means December 31, 2017.
		
	“Baoshan Public Rental”	  	has the meaning given in Exhibit III.
		
	“Beijing Qingke”	  	has the meaning given in Exhibit III.
		
	“Beijing Qingke Investment”	  	has the meaning given in Exhibit III.
		
	“Big-Four Accounting Firm”	  	means any of KPMG, PricewaterhouseCoopers (PwC), Deloitte Touche Tohmatsu (Deloitte) and Ernst & Young (EY).

  
 ii 

			
	“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 Hong Kong, the PRC, or the City of New York are generally open for business.
		
	“BVI”	  	means the British Virgin Islands.
		
	“BVI Subsidiary”	  	has the meaning given in the Recitals.
		
	“CFC”	  	has the meaning given in Section 5.18.10.
		
	“Chengdu Qingke”	  	has the meaning given in Exhibit III.
		
	“Circular 37”	  	means Circular 37, issued by SAFE on July 4, 2014, titled “the Notice on Relevant Issues Concerning Foreign Exchange Administrative for Domestic Residents to Engage in Overseas Investment and Financing and Round Trip
Investment via Special Purpose Vehicles,” effective as of July 4, 2014.
		
	“Class A Ordinary Shares”	  	means the Company’s class A ordinary shares, par value US$0.00001 per share.
		
	“Class B Ordinary Shares”	  	means the Company’s class B ordinary shares, par value US$0.00001 per share.
		
	“Closing”	  	means the consummation of the issuance and subscription of the Subscription Shares as contemplated under this Agreement.
		
	“Closing Account”	  	has the meaning given in Section 3.2.
		
	“Closing Date”	  	means the date on which the Closing occurs as contemplated under this Agreement.
		
	“Code”	  	means the US Internal Revenue Code of 1986, as amended.
		
	“Company”	  	has the meaning given in the Recitals.
		
	“Competes”	  	with any Group Company means a Person, directly or indirectly, owns, manages, engages in, operates, controls, works for, consults with, renders services for, does business with, maintains any interest in (proprietary, financial
or otherwise) or participates in the ownership, management, operation or control of, any Restricted Business, whether in corporate, proprietorship or partnership form or otherwise; provided, however, that such restrictions shall not apply to the
acquisition by such Person, directly or indirectly, of less than 2% of the outstanding shares of any publicly traded company engaged in a Restricted Business.
		
	“Confidential Information”	  	has the meaning given in Section 14.11.1.

  
 iii 

			
	“Constitutional Documents”	  	means the constitutional documents of the respective Group Company which may include, as applicable, memoranda and articles of association, by-laws, joint venture contracts and the
like.
		
	“Contracts”	  	means legally binding contracts, agreements, engagements, purchase orders, commitments, understandings, indentures, notes, bonds, loans, instruments, leases, mortgages, franchises, licenses 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”	  	of a given Person means the power or authority, whether exercised or not, to direct the business, management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, contractual
arrangement or otherwise, which power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the
members or shareholders of such Person or power to control the composition of the board of directors or similar governing body of such Person; and the term “Controlled” has the meaning correlative to the foregoing.
		
	“Control Documents”	  	means the following contracts entered into by the WFOE, the Domestic Company and other parties thereto pursuant to the Restructuring Plan, as applicable, collectively: (i) Exclusive Technology Service Agreements (独家技术服务协议), (ii) Exclusive Call Option Agreement
(独家购买权协议), (iii) Voting Rights Proxy Agreements
(股东表决权委托协议), and (iv) Equity Pledge Agreement
(股权质押协议).
		
	“Conversion Shares”	  	means the Ordinary Shares of the Company issuable upon conversion of the Subscription Shares or the Adjustment Shares.
		
	“Damages”	  	has the meaning given in Section 10.1.
		
	“Disclosing Party”	  	has the meaning given in Section 14.11.4.
		
	“Domestic Company”	  	has the meaning given in the Recitals.
		
	“Domestic Resident”	  	has the meaning set forth in Circular 37 and/or other Law related to Circular 37.
		
	“Employment-Related Agreement”	  	means an employment agreement containing confidentiality, non-compete and invention assignment provisions, or a set of agreements entered into by an employee of a Group Company (including
any Key Employee, current or future employee, officer and consultant) with respect to his or her employment with such Group Company, in form and substance satisfactory to the Investor.

  
 iv 

			
	“Equity Securities”	  	means, with respect to a given Person, any share, share capital, registered capital, ownership interest, partnership interest, equity interest, joint venture or other ownership interest of such Person, or any option, warrant, or
right to subscribe for, acquire or purchase any of the foregoing, or any other security or instrument convertible into or exercisable or exchangeable for any of the foregoing, or any equity appreciation, phantom equity, equity plan or similar right
with respect to such Person, or any Contract of any kind for the purchase or acquisition from such Person of any of the foregoing, either directly or indirectly.
		
	“ESOP”	  	means a share incentive plan or other similar arrangements of the Company to be approved by the board of directors of the Company after the Closing pursuant to the Shareholders Agreement.
		
	“EU”	  	has the meaning given in Section 5.11.7(a)1.
		
	“Financial Statements”	  	means the following financial statements, including the related notes and schedules thereto: (i) the consolidated financial statements for the Group Companies as of the Balance Sheet Date prepared by a Big-Four Accounting Firm approved by the Investor, and (ii) the unaudited consolidated balance sheet and the related consolidated statements of income and cash flows for the Company and the unaudited balance
sheet and the related statements of income and cash flows for each of the Group Companies as of January 31, 2018.
		
	“Founder”	  	has the meaning given in the Recitals.
		
	“Fundamental Warranties”	  	has the meaning given in Section 12.
		
	“Government Official”	  	means any officer, employee or other Person acting in an official capacity for any Governmental Authority, to any political party or official thereof or any candidate for any political office.
		
	“Governmental Authority”	  	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.
		
	“Group Companies”	  	means, collectively, the Company, the BVI Subsidiary, the US Subsidiaries, the HK Subsidiary, the PRC Subsidiaries and any other Subsidiaries of the foregoing, with each of such Group Companies being referred to as a
“Group Company”.

  
 v 

			
	“Guangzhou Qingke”	  	has the meaning given in Exhibit III.
		
	“Guqing Property”	  	has the meaning given in Exhibit III.
		
	“Hangzhou Qingke”	  	has the meaning given in Exhibit III.
		
	“Hefei Qingke”	  	has the meaning given in Exhibit III.
		
	“HK Subsidiary”	  	has the meaning given in the Recitals.
		
	“HKIAC”	  	has the meaning given in Section 14.13.
		
	“HMT”	  	has the meaning given in Section 5.11.7(a)1.
		
	“Holding Company”	  	has the meaning given in the Recitals.
		
	“Hong Kong”	  	means Hong Kong Special Administrative Region of the PRC.
		
	“Huarui Bank”	  	means Shanghai Huarui Bank Co., Ltd.(上海华瑞银行股份有限公司).
		
	“Huarui Warrant”	  	means, the warrant entitled Huarui Bank to purchase certain number of Ordinary Shares issued by the Company pursuant to a Certificate and Undertaking of Shares Warrant
(股权购买权利证明及承诺) executed by Qingke Public Rental at the subscription price of US$0.25 per share.
		
	“Huarui Warrant Shares”	  	means, 8,917,557 Class A Ordinary Shares issuable upon exercise by Huarui Bank of the subscription right attaching to the Huarui Warrant.
		
	“Indemnification Agreement”	  	means the Director Indemnification Agreement the form of which is attached hereto as Exhibit X, as amended from time to time.
		
	“Indemnified Party”	  	has the meaning given in Section 10.1.
		
	“Indemnifying Party”	  	has the meaning given in Section 10.1.
		
	“Interested Party”	  	means a Founder, any shareholder, director, officer or employee of a Group Company, or any Affiliate of the foregoing.
		
	“Investor”	  	has the meaning given in the Recitals.
		
	“Jiaxing Huicai”	  	has the meaning given in Exhibit III.
		
	“Jiaxing Public Rental”	  	has the meaning given in Exhibit III.
		
	“Jiaxing Qingke Talent Apartment”	  	has the meaning given in Exhibit III.

  
 vi 

			
	“Key Employee”	  	means the employees of the Group Companies as set forth in Exhibit VIII hereto.
		
	“Knowledge”	  	means the actual or constructive knowledge of a Person after due and diligent inquiries of officers, directors and other employees of such Person reasonably believed to have knowledge of the matter in question.
		
	“Law”	  	means any law, rule, constitution, code, ordinance, statute, treaty, decree, regulation, common or customary law, order, official policy, circular, provision, administrative order, interpretation, injunction, judgment, ruling,
assessment, writ or other legislative measure of any Governmental Authority.
		
	“Liability” or “Liabilities”	  	means, with respect to any Person, all liabilities, obligations and commitments of such Person of any nature, whether accrued, absolute, contingent or otherwise, and whether due or to become due.
		
	“Lien”	  	means any mortgage, pledge, security interest, encumbrance, title defect, lien, charge, restriction, covenant, other limitation, Liability or claim of any kind whatsoever.
		
	“Lingqing Property”	  	has the meaning given in Exhibit III.
		
	“Long Stop Date”	  	has the meaning given in Section 11(e).
		
	“Management”	  	has the meaning given in Section 4.2(a)(v).
		
	“Management Adjustment Shares”	  	has the meaning given in Section 4.2(a)(v).
		
	“Material Adverse Effect”	  	means fact, event, change, circumstance, or effect that causes, or is reasonably likely to cause, a material adverse effect on the operations, results of operations, condition (financial or otherwise), assets, Liabilities, employees
or business of any Group Company (as presently conducted and proposed to be conducted) or on the ability of any Group Company to perform its material obligations under any Transaction Document to which it is a party or on the enforceability of any
Transaction Document against any Group Company, either individually or when taken together with other effects.
		
	“Material Contracts”	  	has the meaning given in Section 5.9.1.
		
	“Minqing Property”	  	has the meaning given in Exhibit III.
		
	“Nanjing Qingke”	  	has the meaning given in Exhibit III.
		
	“Non-compete Letter”	  	means the Non-compete Letter the form of which is attached hereto as Exhibit VII, as amended from time to time.
		
	“Non-Disclosing Parties”	  	shall be defined as in Section 14.11.4.

  
 vii 

			
	“OFAC”	  	has the meaning given in Section 5.11.7(a)1.
		
	“Operating Company” or “Operating Companies”	  	means collectively, the Domestic Company and its Subsidiaries.
		
	“Ordinary Shares”	  	means collectively, the Company’s Class A Ordinary Shares and Class B Ordinary Shares.
		
	“Party” or “Parties”	  	has the meaning given in the Recitals.
		
	“Person”	  	means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability company, firm, trust, estate or other enterprise, entity or legal person.
		
	“PFIC”	  	has the meaning given in Section 5.18.10.
		
	“PRC”	  	means the People’s Republic of China, excluding Hong Kong, Taiwan and Macau Special Administrative Region.
		
	“PRC GAAP”	  	means the generally accepted accounting principles of the PRC.
		
	“PRC Subsidiaries”	  	means the WFOE, the Domestic Company, Qingke Chuangyi, Suzhou Qingke, Minqing Property, Tangqing Property, Qingteng Investment, Qingke Public Rental, Guqing Property, Qingke Equipment Rental, Baoshan Public Rental, Jiaxing Public
Rental, Hangzhou Qingke, Guangzhou Qingke, Beijing Qingke, Beijing Qingke Investment, Tianjin Qingke, Chengdu Qingke, Nanjing Qingke, Hefei Qingke, Xiamen Qingke, Wuhan Qingke, Jiaxing Qingke Talent Apartment, Jiaxing Huicai and any other current
and future corporation, company (including any limited liability company), association, partnership, joint venture or other business entity from time to time organized and existing under the law of the PRC (i) which is a Subsidiary of the
Company or (ii) whose financial reporting is consolidated with the Company or its Subsidiary in any of their audited financial statements, with each of such PRC Subsidiaries being referred to as a “PRC Subsidiary”.
		
	“Preferred Shares”	  	means the preferred shares of par value of US$0.00001 each in the authorised share capital of the Company including without limitation the Series C-1 Shares, the Series C Shares, the Series B Shares and Series A Shares or any of the
foregoing shares as the context may require.
		
	“Principal Business”	  	means the business of (i) online and offline house rental and house trust; (ii) online and offline rental of household appliance and furniture; (iii) online and offline rental (long-term) information service;
(iv) internet value-added services; (v) platform business; (vi) property management business and any other businesses related to businesses above.
		
	“Proposal”	  	has the meaning given in Section 7.17.

  
 viii 

			
	“Proprietary Assets”	  	means (i) all inventions and patents, together with all applications, reissuances, continuations, revisions, and extensions thereof, (ii) all registered and material unregistered trademarks, service marks, trade dress,
logos, trade names and corporate names and domain names, together with all translations, adaptations, derivations and combinations thereof and including all goodwill and all applications, registrations and renewals in connection therewith,
(iii) all copyrightable works (including, without limitation, all works of authorship, works made for hire and mask works), all copyrights (together with all applications, registrations and renewals in connection therewith) and all material
unregistered copyrights, (iv) all trade secrets and confidential business information (including ideas, know-how, formulas, compositions, manufacturing and production processes and techniques, methods,
technology, technical data, designs, drawings, flowcharts, diagrams, specifications, customer and supplier lists, pricing and cost information and business and marketing plans and proposals), (v) all Software, (vi) all other proprietary rights,
(vii) all licenses, sublicenses, agreements, consents or permissions related to the foregoing, (viii) all media on which any of the foregoing is stored or all documentation related to any of the foregoing and (viii) any of the above
reflected in the balance sheets of the Financial Statements and in the asset list attached to the Restructuring Plan and the Qingke Robot Assets Purchase Plan.
		
	“QEF Election”	  	has the meaning given in Section 7.6.2.
		
	“Qingke Chuangyi”	  	has the meaning given in Exhibit III.
		
	“Qingke Equipment Rental”	  	has the meaning given in Exhibit III.
		
	“Qingke Public Rental”	  	has the meaning given in Exhibit III.
		
	“Qingke Robot”	  	means Shanghai Qingke Robot Technology Co., Ltd.
(上海青客机器人科技股份有限公司)
		
	“Qingke Robot Assets Purchase Plan”	  	means the Qingke Robot Assets Purchase Plan as set out in Exhibit XI of this Agreement
		
	“Qingke Shishang”	  	means Shanghai Qingke Shishang Living Service Company Limited by Shares
(上海青客时尚生活服务股份有限公司).
		
	“Qingke Shishang Group Companies”	  	means, collectively, Qingke Shishang and any of its Subsidiaries prior to the Restructuring (including but not limited to Qingke Chuangyi, Suzhou Qingke, Minqing Property, Tangqing Property, Shanghai Qingteng Investment, Qingke
Public Rental and Guqing Property), with each of such Qingke Shishang Group Companies being referred to as a “Qingke Shishang Group Company”.

  
 ix 

			
	“Qingteng Investment”	  	has the meaning given in Exhibit III.
		
	“QIPO”	  	 means a firm commitment underwritten public offering of the Ordinary Shares (or securities representing such Ordinary Shares) on an
internationally recognized securities exchange or board (whether in the United States or in another jurisdiction) as may be approved by the Investor:
  

(i) pursuant to which all Shares converted from the Preferred Shares will become listed and publicity tradable;

 
 (ii) with a pre-offering market capitalization
of the Company of US$800,000,000 or more (on a fully diluted basis); and
  
 (iii) where
such public offering results in proceeds to the Company in excess of US$160,000,000, after deducting all expenses of the public offering, including but not limited to underwriters fees, legal expenses, auditors fees and other third party
expenses,
  
 provided, however, subject to the provisions
set forth in the Shareholders Agreement and the Restated Articles, if all the directors appointed by the holders of the Series A Shares, Series B Shares and Series C Shares have reached consensus on the plan of an initial public offering, the
Investor agrees to waive (ii) and (iii) above to the extent that such agreed initial public offering shall (x) have a pre-offering market capitalization of the Company of no lower than US$600,000,000
(on a fully diluted basis); and (y) result in proceeds to the Company in excess of 20% of the pre-offering market capitalization (after deducting all expenses), which shall be no lower than
US$120,000,000.

		
	“Relief”	  	includes any relief, loss, allowance, exemption, set-off, deduction or credit in computing or against profits or Tax available to any Group Company granted by or pursuant to any
legislation, rules, regulations and codes and any subsidiary rules or provisions issued concerning or otherwise relating to Tax.
		
	“Replacement Auditor”	  	has the meaning given in Section 4.2(a)(ii).
		
	“Restated Articles”	  	means the amended and restated Memorandum and Articles substantially in the form as attached hereto as Exhibit V.
		
	“Restricted Business”	  	means any business that is related to the Principal Business or otherwise competes with the Group Companies.
		
	“Restructuring”	  	means a series of transactions and corporate actions (including but not limited to the transfer of certain properties, assets and contract rights) between the Group Companies and the Qingke Shishang Group Companies as
contemplated under the Restructuring Plan.

  
 x 

			
	“Restructuring Plan”	  	means the restructuring plan of the Group Companies as set forth in Exhibit XI of the share purchase agreement relating to the purchase of the Series B Shares dated April 21, 2015.
		
	“RMB”	  	means the lawful currency of the PRC from time to time.
		
	“SAFE”	  	means the State Administration of Foreign Exchange of the PRC and its local branches.
		
	“SAFE Rules and Regulations”	  	means Circular 37, and any other guidelines, implementing rules, reporting and registration requirements issued by SAFE.
		
	“Sanctions”	  	has the meaning given in Section 5.11.7(a)1.
		
	“Securities Act”	  	means the US Securities Act of 1933, as amended and interpreted from time to time.
		
	“Series A-1 Shares”	  	means the Company’s series A-1 preferred shares, par value US$0.00001 per share.
		
	“Series A-2 Shares”	  	means the Company’s series A-2 preferred shares, par value US$0.00001 per share.
		
	“Series A-3 Shares”	  	means the Company’s series A-3 preferred shares, par value US$0.00001 per share.
		
	“Series A Shares”	  	means, collectively, the Company’s series A-1 Shares, Series A-2 Shares and Series A-3 Shares.
		
	“Series B Shares”	  	means, the Company’s series B preferred shares, par value 0.00001 per share.
		
	“Series C Shares”	  	means, the Company’s series C preferred shares, par value 0.00001 per share.
		
	“Series C-1 Shares”	  	means, the Company’s Series C-1 preferred shares, par value 0.00001 per share.
		
	“Shareholders Agreement”	  	means the Shareholders Agreement substantially in the form as attached hereto as Exhibit IV, as amended from time to time.
		
	“Social Security Funds”	  	means all employee social welfare and benefit funds, including housing accumulation funds, required to be contributed by the PRC Subsidiaries under applicable PRC Laws.
		
	“Software”	  	means computer programs, including any and all software implementation of algorithms, models and methodologies (whether in source code or object code), databases and compilations (including any and all data and collections of
data), and all related documentation.
		
	“Subscription Price”	  	has the meaning given in Section 2.

  
 xi 

			
	“Subscription Shares”	  	has the meaning given in Section 2.
		
	“Subsidiary”	  	 means, (i) in respect of any Person, any corporation, company (including any limited liability company), association, partnership,
joint venture or other business entity of which at least a majority of the total voting power of the voting stock is at the time owned or controlled (including contractual control), directly or indirectly, by:

 
 (a) such Person,

 
 (b) such Person and one or more Subsidiaries of such Person, or

 
 (c) one or more Subsidiaries of such Person.

 
 and (ii) in respect of the Company, any of its PRC Subsidiaries in addition to any
Subsidiary described above, any Person Controlled directly or indirectly by any of the foregoing and any Person whose financial statements are consolidated into those of the Company under the applicable accounting standards.

		
	“Suzhou Qingke”	  	has the meaning given in Exhibit III.
		
	“Tangqing Property”	  	has the meaning given in Exhibit III.
		
	“Tax Return”	  	means any return, report or statement showing Taxes, used to pay Taxes, or required to be filed with respect to any Tax (including any elections, declarations, schedules or attachments thereto, and any amendment thereof),
including any information return, claim for refund, amended return or declaration of estimated or provisional Tax.
		
	“Tax” or “Taxes”	  	means (i) any national, provincial, municipal, or local taxes, charges, fees, levies, or other assessments, including, without limitation, all net income (including enterprise income tax and individual income withholding
tax), turnover (including value-added tax, business tax, and consumption tax), resource (including urban and township land use tax), special purpose (including land value-added tax, urban maintenance and construction tax, and additional education
fees), property (including urban real estate tax and land use fees), documentation (including stamp duty and deed tax), filing, recording, social insurance (including pension, medical, unemployment, housing, and other social insurance withholding),
tariffs (including import duty and import value-added tax), and estimated and provisional taxes, charges, fees, levies, or other assessments of any kind whatsoever, (ii) all interest, penalties (administrative, civil or criminal), or additional
amounts imposed by any Governmental Authority in connection with any item described in (i) above, (iii) any form of transferee Liability imposed by any Governmental Authority in connection with any item described in (i) and (ii) above, and
(iv) all similar Liabilities as described in the foregoing.

  
 xii 

			
	“Tianjin Qingke”	  	has the meaning given in Exhibit III.
		
	“Transaction Documents”	  	means, collectively, this Agreement, the Shareholders Agreement, the Restated Articles, the Indemnification Agreement, the Non-compete Letter, and all ancillary documents as referred to in
such documents.
		
	“UNSC”	  	has the meaning given in Section 5.11.7(a)1.
		
	“Updated Disclosure Schedule”	  	has the meaning given in Section 7.26.
		
	“US” or “United States”	  	means the United States of America.
		
	“US$”	  	means the lawful currency of the United States from time to time.
		
	“US GAAP”	  	means the generally accepted accounting principles of the United States.
		
	“US Subsidiaries”	  	has the meaning given in the Recitals.
		
	“US Subsidiary I”	  	has the meaning given in the Recitals.
		
	“US Subsidiary II”	  	has the meaning given in the Recitals.
		
	“Warranties”	  	means the representations and warranties set out in Section 4 given by the Warrantors and any other representations or warranties made by or on behalf of the Warrantors in this Agreement or which have become terms of
this Agreement (with each of such Warranties being referred to as a “Warranty”).
		
	“Warrantors”	  	means, collectively, the Group Companies, the Founder and the Holding Company.
		
	“WFOE”	  	has the meaning given in the Recitals.
		
	“Wuhan Qingke”	  	has the meaning given in Exhibit III.
		
	“Xiamen Qingke”	  	has the meaning given in Exhibit III.

  
 xiii 

 PART II: INTERPRETATION 

 

	1.	 Share Calculation. In calculations of share numbers, (i) references to a “fully diluted
basis” mean that the calculation is to be made assuming that all outstanding options, warrants and other Equity Securities convertible into or exercisable or exchangeable for Ordinary Shares (whether or not by their terms then currently
convertible, exercisable or exchangeable) have been so converted, exercised or exchanged, (ii) references to a “non-diluted basis” mean that the calculation is to be made not taking into account the Additional ESOP Shares and the
Huarui Warrant Shares, and (iii) references to an “as converted basis” mean that the calculation is to be made assuming that all Preferred Shares in issue have been converted into Ordinary Shares. All calculations shall be deemed to
be on a fully diluted and as converted basis unless otherwise specified. Any share number or per share amount referred to in this Agreement shall be appropriately adjusted to take into account any bonus share issue, share subdivision, share
combination, share split, recapitalization, reclassification or similar event affecting the Ordinary Shares after the date of this Agreement. Any reference to or calculation of Shares in issue shall exclude treasury shares. 

 

	2.	 Agreed Terms. References to a document “in the agreed terms” shall be to a document agreed
between and initialed for identification by or on behalf of the Investor and the Company. 

  
 xiv 

 EXHIBIT II 

TABLE OF SHAREHOLDERS AND CAPITALIZATION TABLE 

PART I: LIST OF FOUNDER AND HOLDING COMPANY 
  

					
	 Founder
	  	Individual’s
ID	 	Holding Company
	 JIN, Guangjie
	  	[***]	 	BILL.COM INC

 PART II: LIST OF INVESTOR 
  

									
	 Name
	  	Number of Series C-1
Shares Subscribed	 	  	Aggregate Subscription
Price	 
	 CP QK Singapore Pte Ltd.
	  	 	103,500,000	 	  	US$	30,000,000	 
	 Total
	  	 	103,500,000	 	  	US$	30,000,000	 

  
 xv 

 PART III: CAPITALIZATION TABLE IMMEDIATELY PRIOR TO AND AFTER THE CLOSING 

[Separately attached] 

  
 xvi 

 EXHIBIT III 

SUBSIDIARIES OF DOMESTIC COMPANY 
  

	1.	 Shanghai Qingke Chuangyi Industrial Supporting Property Management Co., Ltd. (上海青客创意产业配套物业管理有限公司), a limited liability company established under the
PRC Laws (“Qingke Chuangyi”); 

  

	2.	 Suzhou Qingke Information Technology Co., Ltd.
(苏州青客信息科技有限公司), a limited liability company established under the PRC Laws (“Suzhou
Qingke”); 

  

	3.	 Shanghai Lingqing Property Management Co., Ltd.
(上海凌青物业管理有限公司), a limited liability company established under the PRC Laws (“Lingqing
Property”) 

  

	4.	 Shanghai Minqing Property Service Co., Ltd., a limited liability company established under the PRC Laws (上海闵青物业服务有限公司) (“Minqing Property”); 

 

	5.	 Shanghai Tangqing Property Management Co., Ltd., a limited liability company established under the PRC Laws (上海唐青物业管理有限公司) (“Tangqing Property”); 

 

	6.	 Shanghai Qingteng Investment Management Center LLP, a limited liability partnership established under the PRC
Laws (上海青腾投资管理中心(有限合伙))
(“Qingteng Investment”); 

  

	7.	 Shanghai Qingke Public Rental Housing Leasehold Operation and Management Company Limited by Shares, a company
limited by shares incorporated under the PRC Laws
(上海青客公共租赁住房租赁经营管理股份有限公司)
(“Qingke Public Rental”); 

  

	8.	 Shanghai Guqing Property Management Co., Ltd., a limited liability company established under the PRC Laws (上海谷青物业管理有限公司) (“Guqing Property”); 

 

	9.	 Shanghai Qingke Equipment Rental Co., Ltd.
(上海青客设备租赁有限公司), a limited liability company established under the PRC Laws (“Qingke Equipment
Rental”); 

  

	10.	 Shanghai Baoshan Qingke Public Rental Leased Housing Operation and Management Co., Ltd. (上海宝山青客公共租赁用房运营管理有限公司), a limited liability company
established under the PRC Laws (“Baoshan Public Rental”); 

  

	11.	 Jiaxing Qingke Public Rental Housing Leasehold Investment Management Company Limited by Share (嘉兴青客公共租赁住房投资管理股份有限公司), a limited liability company
established under the PRC Laws (“Jiaxing Public Rental”); 

  

	12.	 Hangzhou Qingke Apartment Management Co., Ltd.
(杭州青客公寓管理有限公司), a limited liability company established under the PRC Laws (“Hangzhou
Qingke”); 

  

	13.	 Guangzhou Qingke Apartment Hotel Management Co., Ltd.
(广州青客公寓酒店管理有限公司), a limited liability company established under the PRC Laws
(“Guangzhou Qingke”); 

  

	14.	 Beijing Qingke Property Management Co., Ltd.
(北京青客物业管理有限公司), a limited liability company established under the PRC Laws (“Beijing
Qingke”); 

  

	15.	 Beijing Qingke Investment Consulting Co., Ltd.
(北京青客投资咨询有限公司), a limited liability company established under the PRC Laws (“Beijing Qingke
Investment”); 

  
 xvii 

	16.	 Tianjin Qingke Apartment Management Co., Ltd.
(天津青客公寓管理有限公司), a limited liability company established under the PRC Laws (“Tianjin
Qingke”); 

  

	17.	 Chengdu Qingke Apartment Management Co., Ltd.
(成都青客公寓管理有限公司), a limited liability company established under the PRC Laws (“Chengdu
Qingke”); 

  

	18.	 Nanjing Qingke Apartment Management Co., Ltd.
(南京青客公寓管理有限公司), a limited liability company established under the PRC Laws (“Nanjing
Qingke”); 

  

	19.	 Hefei Qingke Property Management Co., Ltd.
(合肥青客物业管理有限公司), a limited liability company established under the PRC Laws (“Hefei
Qingke”); 

  

	20.	 Xiamen Qingke Apartment Management Co., Ltd.
(厦门青客公寓管理有限公司), a limited liability company established under the PRC Laws (“Xiamen
Qingke”); 

  

	21.	 Wuhan Qingke Apartment Hotel Management Co., Ltd.
(武汉青客公寓酒店管理有限公司), a limited liability company established under the PRC Laws
(“Wuhan Qingke”); 

  

	22.	 Jiaxing Qingke Talent Apartment Construction and Development Co., Ltd. (嘉兴青客人才公寓建设开发有限公司), a limited liability company established under the PRC Laws
(“Jiaxing Qingke Talent Apartment”); and 

  

	23.	 Jiaxing Huicai Property Management Co., Ltd.
(嘉兴汇才物业管理有限公司), a limited liability company established under the PRC Laws (“Jiaxing
Huicai”). 

  
 xviii 

 EXHIBIT IV 

FORM OF SHAREHOLDERS AGREEMENT 

  
 xix 

 EXHIBIT V 

FORM OF RESTATED ARTICLES 

  
 xx 

 EXHIBIT VI 

DISCLOSURE SCHEDULE 

  
 xxi 

 EXHIBIT VII 

FORM OF NON-COMPETE LETTER 

Letter of Commitment and Non-Competition 

 

					
		 	To:	 	Q&K International Group Limited (the “Company”);
			
		 		 	CP QK Singapore Pte Ltd.
			
		 	Date:	 	[    ], 2018

 Dear Sirs, 

Reference is made to the Series C-1 Preferred Share Subscription Agreement (the “Subscription Agreement”) entered into by and
among the Company, CP QK Singapore Pte Ltd. (the “Investor”) and other parties thereto dated March 16, 2018. Capitalized terms defined in the Subscription Agreement shall have the same meaning when used in this letter unless
expressly defined in this letter. 
 I hereby acknowledge that I occupy the position of
                     with the Company as of the date hereof. I hereby undertake that as long as I remain the Shareholder of the Company or any
other Group Company, I shall commit all of my efforts to further the Principal Business of the Group Companies and shall not, without the prior written consent of the Board of the Company (which shall include the consent of the director appointed by
the Investor), either on my own account or through any of my Interested Parties, or in conjunction with or on behalf of any other Person, (i) possess, directly or indirectly, of the power to direct or cause the direction of the management and
business operation of any entity whether (A) through the ownership of more than fifty percent (50%) of the equity interest in such entity, or (B) by occupying half or more of the board seats of the entity; or (C) by contract or
otherwise; (ii) devote time to carry out the business operation of any other entity. 
 I hereby further undertake that from the date
hereof until two (2) years after the date I cease to be employed by any Group Company, I will not, without the prior written consent of the Board of the Company (which shall include the consent of the director appointed by the Investor),
directly or indirectly, engage or invest in, own, manage, operate, finance, control, or participate in the ownership, management, operation, financing, or control of, be employed by, associated with, or in any manner connection with, or render
services or advice to, any business whose products or activities compete in whole or in part with the products or activities of any of the Group Companies. I will not, directly or indirectly, either for myself or for any other Person,
(A) induce or attempt to induce any employee of the Group Company to leave the employ of such Group Company, (B) in any way interfere with the relationship between the Group Company and any employee of such Group Company, (C) employ,
or otherwise engage as an employee, independent contractor, or otherwise, any employee of the Group Company, or (D) induce or attempt to induce any customer, supplier, licensee, or business relation of the Group Company to cease doing business
with such Group Company, or in any way interfere with the relationship between any customer, supplier, licensee, or business relation of the Group Company. 

If I breach the above undertakings, I shall indemnify and hold harmless the Investor and the Group Companies for, and will pay to them the
amount of any loss, liability, claim, damage, expenses (including reasonable costs of investigation and defense and reasonable attorney’s fee) arising, directly or indirectly from or in connection with any breach of the undertakings above. The
Investor and/or any Group Company shall be entitled, in addition to their right to damages and any other rights they may have, to obtain injunctive or other relief to restrain any breach or threatened breach or otherwise to specifically enforce the
undertakings herein above. I hereby agree and acknowledge that money damages alone would be inadequate to compensate the Investor and the Group Companies and would be an inadequate remedy for such breach. 

Name: 

  
 xxii 

 EXHIBIT VIII 

LIST OF KEY EMPLOYEES 

  

 EXHIBIT IX 

NOTICES 
 IF TO THE
WARRANTORS: 
  

			
	Address:	  	上海市徐汇区龙华中路596号绿地中心
A栋1607室
		
	Fax:	  	86-21-64179303
		
	Tel:	  	86-21-64179625
		
	Attn:	  	金光杰

 IF TO THE INVESTOR: 
 CP
QK Singapore Pte Ltd. 
 Address: One Temasek Avenue, #20-01 Millenia Tower Singapore 039192 

Telephone: +65 6511 3088 
 Facsimile: +65 6223 5992 

With a copy to: 
 Name: Lawrence Lim 

Email: llim@cgcm.com 

  
 xxiv 

 EXHIBIT X 

FORM OF INDEMNIFICATION AGREEMENT 

INDEMNIFICATION DEED (this “Deed”) made on the
                 day of                      

AMONG: 
  

	(1)	 Q&K International Group Limited (the “Company”); and 

 

	(2)	 CP QK Singapore Pte Ltd. (the “Investor”); and 

 

	(3)	 Mr. Lin Lin (the “Indemnitee”). 

RECITALS: 
  

	(A)	 The Company wishes for Indemnitee to serve on the Board (as defined below) and to provide Indemnitee
with specific contractual assurance of Indemnitee’s rights to full indemnification against litigation risks and expenses arising from his or her position as a Director (as defined below). 

 

	(B)	 The Indemnitee is relying upon the rights afforded under this Deed in serving as a Director.

 SECTION 1 

DEFINITIONS 
  

	1.1	 In this Deed, unless the context otherwise requires, the following words and expressions have the following
meanings: 

 “Board” means the board of directors of any Group Company. 

“Claim” means any action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal,
administrative, investigative or other kind. 
 “Corporate Status” means the status of a Person who is serving or has served
(i) as a Director, including as a member of any committee of the Board, or (ii) as a director, partner, trustee, officer, employee or agent of any other Entity at the request of the Company. For purposes of subsection (iii) an officer
or director of the Company who is serving or has served as a director, partner, trustee, officer, employee or agent of another Group Company shall be deemed to be serving at the request of the Company. 

“Director” means a member of the Board. 

“Entity” means any corporation, partnership, limited liability company, joint venture, trust, foundation, association,
organization or other legal entity. 
 “Expenses” means all fees, costs and expenses incurred in connection with any
Proceeding (as defined below), including, without limitation, reasonable attorneys’ fees, disbursements and retainers (including, without limitation, any such fees, disbursements and retainers incurred by Indemnitee pursuant to Section 8
and Section 10.2 of this Deed), fees and disbursements of expert witnesses, private investigators and professional advisors (including, without limitation, accountants and investment bankers), court costs, transcript costs, fees of experts,
travel expenses, duplicating, printing and binding costs, telephone and fax transmission charges, postage, delivery services, secretarial services and other disbursements and expenses. 

“Governmental Authority” means any supra-national, national, state, municipal or local government (including any sub-division, court, administrative agency, commission or other authority thereof) or private body exercising any regulatory, taxing, importing or quasi-governmental authority (including any stock exchange). 

  
 xxv 

 “Group” means, collectively, the Company and the Group Companies. 

“Group Companies” means the Company, the BVI Subsidiary, the US Subsidiaries, the HK Subsidiary, the PRC Subsidiaries and all
other direct or indirect, current or future Subsidiaries of the foregoing, and the “Group Company” means any of the Group Companies. 

“Person” means any natural person, firm, company, Governmental Authority, joint venture, partnership, association or other
entity (whether or not having separate legal personality). 
 “Proceeding” means any threatened, pending or completed claim,
action, suit, arbitration, alternate dispute resolution process, investigation, administrative hearing, appeal, or any other proceeding, whether civil, criminal, administrative, arbitrative or investigative, whether formal or informal, including a
proceeding initiated by Indemnitee pursuant to Section 10 of this Deed to enforce Indemnitee’s rights hereunder. 
 “Share
Subscription Agreement” means the share subscription agreement relating to the subscription of the Series C-1 shares by the Investor dated March 16, 2018. 

“Subsidiary” or “Subsidiaries” means (i) in respect of any Person, any corporation company (including
any limited liability company), association, partnership, joint venture or other business entity of which at least a majority of the total voting power of the voting stock is at the time owned or controlled (including contractual control), directly
or indirectly, by: (a) such Person, (b) such Person and one or more Subsidiaries of such Person, or (c) one or more Subsidiaries of such Person, and (ii) in respect of the Company, the BVI Subsidiary, the US Subsidiaries, the HK
Subsidiary, the PRC Subsidiaries and all other direct or indirect, current or future Subsidiaries of the foregoing. 
 “Tax”
means any tax, duty, deduction, withholding, impost, levy, fee, assessment or charge of any nature whatsoever (including, without limitation, income, franchise, value added, sales, use, excise, stamp, customs, documentary, transfer, withholding,
property, capital, employment, payroll, ad valorem, net worth or gross receipts taxes and any social security, unemployment or other mandatory contributions) imposed, levied, collected, withheld or assessed by any local, municipal, regional, urban,
governmental, state, national or other Governmental Authority and any interest, addition to tax, penalty, surcharge or fine in connection therewith, including any obligations to indemnify or otherwise assume or succeed to the liability of any other
Person with respect to any of the foregoing items. 
 “US$” means United States Dollars, the lawful currency of the United
States of America. 
 SECTION 2 

SERVICES OF INDEMNITEE 
  

	2.1	 In consideration of the Company’s covenants and commitments hereunder, Indemnitee agrees to serve as a
Director. However, this Deed shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

 SECTION 3 

AGREEMENT TO INDEMNIFY 
  

	3.1	 The Company agrees to indemnify Indemnitee as follows: 

 

	 	(a)	 Subject to the exceptions contained in Section 4.1 below, if Indemnitee was or is a party or is threatened
to be made a party to any Proceeding (other than an action by or in the right of the Company) by reason of Indemnitee’s Corporate Status, Indemnitee shall be indemnified by the Company against all Expenses and liabilities incurred or paid by
Indemnitee in connection with such Proceeding (referred to herein as “Indemnifiable Expenses” and “Indemnifiable Liabilities”, respectively, and collectively as “Indemnifiable Amounts”).

  
 xxvi 

	 	(b)	 To the extent permitted by applicable law and subject to the exceptions contained in Section 4.1 below, if
Indemnitee was or is a party or is threatened to be made a party to any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status, Indemnitee shall be indemnified by the Company
against all Indemnifiable Expenses and Indemnifiable Liabilities. 

  

	 	(c)	 If the Investor is threatened to be made a party to, or a participant in, any Proceeding, and the
Investor’s involvement in the Proceeding arises from the Indemnitee’s Corporate Status, then the Investor shall be entitled to all of the indemnification rights and remedies, and shall to the extent indemnified hereunder, undertake the
obligations of the Indemnitee, under this Deed to the same extent as Indemnitee. 

 SECTION 4 

EXCEPTIONS TO INDEMNIFICATION 
  

	4.1	 Indemnitee shall be entitled to indemnification under Sections 3.1(a) and 3.1(b) above in all circumstances, to
the maximum extent permitted under all applicable laws, other than the following: 

  

	 	(a)	 If indemnification is requested under Section 3.1(a) and it has been adjudicated finally by a court of
competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification has arisen, Indemnitee failed to act (i) in good faith (such as acting out of fraud or dishonest) and (ii) in a manner
consistent with the best interests of the Group and, with respect to any criminal action or proceeding, Indemnitee has been finally adjudicated by a court of competent jurisdiction to be guilty of any crime or offense, Indemnitee shall not be
entitled to payment of the Indemnifiable Amounts hereunder. 

  

	 	(b)	 If indemnification is requested under Section 3.1(b) and 

 

	 	(i)	 it has been adjudicated finally by a court of competent jurisdiction that, in connection with the subject of
the Proceeding out of which the claim for indemnification has arisen, Indemnitee failed to act (A) in good faith and (B) in a manner Indemnitee reasonably believed to be in the best interests of the Group, Indemnitee shall not be entitled
to payment of Indemnifiable Expenses hereunder; 

  

	 	(ii)	 it has been adjudicated finally by a court of competent jurisdiction that Indemnitee is liable to the Company
or any other Group Company with respect to any claim, issue or matter involved in the Proceeding out of which the claim for indemnification has arisen, including, without limitation, a claim that Indemnitee received an improper personal benefit, no
Indemnifiable Expenses shall be paid with respect to such claim, issue or matter unless the court of law or another court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability, but in view
of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such Indemnifiable Expenses which such court shall deem proper; 

 

	 	(c)	 If indemnification is requested and it has been adjudicated finally by a court of competent jurisdiction that,
in connection with the subject of the Proceeding out of which the claim for indemnification has arisen, the Indemnitee has acted or omitted to act in violation of applicable laws; or 

  
 xxvii 

	 	(d)	 If Proceedings were initiated or brought voluntarily by the Indemnitee and are not in connection with any
matter contemplated under this Agreement. For the avoidance of doubt, Proceedings which shall be deemed not to fall within this Section 4.1(d) include, without limitation the following: (i) Proceedings which were initiated or brought to
establish or to enforce a right of indemnification and/or advancement of Indemnifiable Expenses under this Deed or the Transaction Documents (as defined in the Share Subscription Agreement), any insurance policy, the constitutional documents of the
Group Companies, or at law, (ii) if the Board has approved the initiation or bringing of Proceedings, (iii) Proceedings which were initiated or brought to establish any other Claims, counter-Claims or affirmative defenses in connection
with any Proceedings initiated against the Indemnitee, and (iv) Proceedings which were initiated or brought in order to obtain a release of the Indemnitee or otherwise with a view to establishing no fault or culpability of, or liability to, the
Indemnitee. 

 SECTION 5 

PROCEDURE FOR PAYMENT OF INDEMNIFIABLE AMOUNTS 
  

	5.1	 Indemnitee shall submit to the Company a written request specifying in reasonable details the Indemnifiable
Amounts for which Indemnitee seeks payment under Section 3 of this Deed and the basis for the claim. The Company shall pay such Indemnifiable Amounts to Indemnitee within ten business days after receipt of the request together with supporting
invoices therefor. At the request of the Company, Indemnitee shall furnish such documentation and information as are reasonably available to Indemnitee and necessary to establish that Indemnitee is entitled to indemnification hereunder.

  

	5.2	 All Indemnifiable Amounts payable by the Company to the Indemnitee shall be paid free and clear of all Tax,
deductions or withholdings unless the Tax, deduction or withholding is required by Law, in which case the Company shall pay such additional amount to the Indemnitee as will result in the receipt by the Indemnitee under this Deed of a net amount
equal to the full amount which would have been received had no such Tax, deduction or withholding been required to be made. 

SECTION 6 

INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS 

WHOLLY OR PARTLY SUCCESSFUL 
  

	6.1	 Notwithstanding any other provision of this Deed, and without limiting any such provision, to the extent that
Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, Indemnitee shall be indemnified against all Expenses reasonably incurred by Indemnitee or on
Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company
shall indemnify Indemnitee against all Expenses reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Deed, the termination of any claim, issue or
matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

SECTION 7 
 EFFECT OF
CERTAIN RESOLUTIONS 
  

	7.1	 Neither the settlement nor termination of any Proceeding nor the failure of the Company to award
indemnification or to determine that indemnification is payable shall create an adverse presumption that Indemnitee is not entitled to indemnification hereunder. In addition, the termination of any Proceeding by judgment, settlement or upon a plea
of nolo contendere or its equivalent shall not create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in the best interests of the Group. 

  
 xxviii 

 SECTION 8 

AGREEMENT TO ADVANCE EXPENSES; CONDITIONS 
  

	8.1	 The Company shall pay to Indemnitee all Indemnifiable Expenses incurred by Indemnitee in connection with any
Proceeding, including a Proceeding by or in the right of any Group Company, in advance of the final disposition of such Proceeding, as the same are incurred. To the extent required by applicable law, Indemnitee hereby undertakes to repay the amount
of Indemnifiable Expenses paid to Indemnitee if it is finally determined by a court of competent jurisdiction that Indemnitee is not entitled under this Deed to indemnification with respect to such Expenses. The Indemnitee shall effect repayment
within 10 Business Days of such final determination by the court. This undertaking is an unlimited general obligation of Indemnitee. 

SECTION 9 
 PROCEDURE FOR
ADVANCE PAYMENT OF EXPENSES 
  

	9.1	 Indemnitee shall submit to the Company a written request specifying the Indemnifiable Expenses for which
Indemnitee seeks an advancement under Section 8 of this Deed, together with documentation evidencing that Indemnitee has incurred such Indemnifiable Expenses. Payment of Indemnifiable Expenses under Section 8 shall be made no later than
ten calendar days after the Company’s receipt of such request. 

 SECTION 10 

REMEDIES OF INDEMNITEE 
  

	10.1	 Right to Petition Court. In the event that Indemnitee makes a request for payment of Indemnifiable
Amounts under Section 3 and Section 5 above or a request for an advancement of Indemnifiable Expenses under Section 8 and Section 9 above and the Company fails to make such payment or advancement in a timely manner pursuant to
the terms of this Deed, Indemnitee may petition a court of law to enforce the Company’s obligations under this Deed. 

  

	10.2	 Expenses. The Company agrees to reimburse Indemnitee in full for any Expenses reasonably incurred by
Indemnitee in connection with investigating, preparing for, litigating, defending or settling any action brought by Indemnitee under Section 10.1 above, or in connection with any claim or counterclaim brought by the Company in connection
therewith. 

  

	10.3	 Validity of Deed. The Company shall be precluded from asserting in any Proceeding that there is
insufficient consideration for this Deed and shall stipulate in court that the Company is bound by all the provisions of this Deed. 

  

	10.4	 Failure to Act Not a Defense. The failure of the Company (including its Board or any committee thereof,
independent legal counsel or shareholders) to make a determination concerning the permissibility of the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses under this Deed shall not be a defense in any action brought under
Section 10.1 above, and shall not create a presumption that such payment or advancement is not permissible. 

SECTION 11 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
  

	11.1	 The Company hereby represents and warrants to Indemnitee as follows: 

 

	 	(a)	 Authority. The Company has all necessary power and authority to enter into, and be bound by the terms
of, this Deed, and the execution, delivery and performance of the undertakings contemplated by this Deed have been duly authorized by the Company. 

  

	 	(b)	 Enforceability. This Deed, when executed and delivered by the Company in accordance with the provisions
hereof, shall be a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or
similar laws affecting the enforcement of creditors’ rights generally. 

  
 xxix 

 SECTION 12 

FEES AND EXPENSES 
  

	12.1	 During the term of the Indemnitee’s service as a Director, the Company shall reimburse the Indemnitee for
all expenses reasonably incurred by Indemnitee in connection with his service as a Director or member of any committee of the Board, excluding expenses incurred in attending board meetings. 

SECTION 13 
 CONTRACT
RIGHTS NOT EXCLUSIVE 
  

	13.1	 The rights to payment of Indemnifiable Amounts and advancement of Indemnifiable Expenses provided by this Deed
shall be in addition to, but not exclusive of, any other rights which Indemnitee may have at any time under applicable law, any Group Company’s Memorandum and/or Articles of Association or certificate of incorporation or business license, or
any other agreement, vote of shareholders or the Board (or any committee thereof), or otherwise, both as to action in Indemnitee’s Corporate Status and as to action in any other capacity as a result of Indemnitee’s serving as a Director.

 SECTION 14 

SUCCESSORS 
  

	14.1	 This Deed shall be (a) binding upon all successors and assigns of the Company (including any transferee of
all or a substantial portion of the business, stock and/or assets of the Company and any direct or indirect successor by merger or consolidation or otherwise by operation of law) and (b) binding on and shall inure to the benefit of the heirs,
personal representatives, executors and administrators of Indemnitee. This Deed shall continue for the benefit of Indemnitee and such heirs, personal representatives, executors and administrators in respect of any claim made during the period of
five (5) years after the Indemnitee has ceased to have Corporate Status. 

 SECTION 15 

SUBROGATION 
  

	15.1	 In the event of any payment of Indemnifiable Amounts under this Deed, the Company shall be subrogated to the
extent of such payment to all of the rights of contribution or recovery of Indemnitee against other Persons, and Indemnitee shall take, at the request of the Company, all reasonable action necessary to secure such rights, including the execution of
such documents as are necessary to enable the Company to bring suit to enforce such rights. 

 SECTION 16 

CHANGE IN LAW 
  

	16.1	 To the extent that a change in applicable law (whether by statute or judicial decision) shall permit broader
indemnification or advancement of expenses than is provided under the terms of the Memorandum and/or Articles of Association of the Company and this Deed, Indemnitee shall be entitled to such broader indemnification and advancements, and this Deed
shall be deemed to be amended to such extent with effect from the date the change in law becomes effective. 

 SECTION
17 
 SEVERABILITY 
  

	17.1	 Whenever possible, each provision of this Deed shall be interpreted in such a manner as to be effective and
valid under applicable law, but if any provision of this Deed, or any clause thereof, shall be determined by a court of competent jurisdiction to be illegal, invalid or unenforceable, in whole or in part, such provision or clause shall be limited or
modified in its application to the minimum extent necessary to make such provision or clause valid, legal and enforceable, and the remaining provisions and clauses of this Deed shall remain fully enforceable and binding on the parties.

  
 xxx 

 SECTION 18 

MODIFICATIONS AND WAIVER 
  

	18.1	 Except as provided in Section 16 above with respect to changes in applicable law which broaden the right
of Indemnitee to be indemnified by the Company, no supplement, modification or amendment of this Deed shall be binding unless executed in writing by each of the parties hereto. No waiver of any of the provisions of this Deed shall be deemed or shall
constitute a waiver of any other provisions of this Deed (whether or not similar), nor shall such waiver constitute a continuing waiver. 

SECTION 19 
 GENERAL
NOTICES 
  

	19.1	 All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to
have been duly given (x) when delivered by hand, (y) when transmitted by facsimile and receipt is acknowledged, or (z) if mailed by certified or registered mail with postage prepaid, on the third business day after the date on which
it is so mailed: 

  

	 	(a)	 If to the Company, to: 

                  
     
上海市徐汇区龙华中路596号绿地中心
A栋1607室
 
 Attention:
金光杰 

Facsimile: 86-21-64179303 

 

	 	(b)	 If to the Investor: 

CP QK Singapore Pte Ltd. 

Address: One Temasek Avenue, #20-01 Millenia Tower Singapore 039192 

	 	Telephone:	 +65 6511 3088 

	 	Facsimile:	 +65 6223 5992 

  

	 	With	 a copy to: 

Name: Lawrence Lim 
 Email:
llim@cgcm.com 
  

	 	(c)	 If to Indemnitee, to: 

CP QK Singapore Pte Ltd. 

Address: One Temasek Avenue, #20-01 Millenia Tower Singapore 039192 

Telephone: +65 6511 3088 

Facsimile: +65 6223 5992 
  

	 	With	 a copy to: 

Name: Lawrence Lim 
 Email:
llim@cgcm.com 
 or to such other address as may have been furnished in the same manner by any party to the others. 

  
 xxxi 

 SECTION 20 

GOVERNING LAW 
  

	20.1	 This Deed shall be governed by and construed and enforced under the laws of Hong Kong, the Special
Administrative Region of the People’s Republic of China without giving effect to the provisions thereof relating to conflicts of law. 

SECTION 21 
 COUNTERPARTS

  

	21.1	 This Deed may be executed in one or more counterparts, all of which shall be considered one and the same
agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party, it being understood that all parties need not sign the same counterpart. This Deed, to the extent signed and
delivered by means of a facsimile machine or electronic mail in .pdf file format, will be treated in all manner and respects as an original agreement and will be considered to have the same binding legal effect as if it were the original signed
version thereof delivered in person. 

 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
 xxxii 

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

					
	EXECUTED as a DEED and DELIVERED by	  	)	 	
			
	Jin Guangjie, as authorized signatory for	  	)	 	
			
	Q&K International Group Limited	  	)
                                        
	 	
			
	 	  	)	 	 
			
	in the presence of:	  	)	 	
			
	Name:                                     
                                   	  		 	
	  
 [Name of Witness]
	  		 	
			
	Address:                                     
                               	  		 	
			
	                                      
                                         
    	  		 	
			
	                                      
                                         
    	  		 	
			
	Occupation:                                    
                           	  		 	
			
	SIGNED, SEALED and DELIVERED	  	)	 	

	as a DEED by	  	)
	CP QK Singapore Pte Ltd.	  	)
	in the presence of:	  	)
			
	SIGNED, SEALED and DELIVERED	  	)	 	  
 

	as a DEED by	  	)
	Lin Lin	  	)
	in the presence of:	  	)

  
 xxxiii 

 EXHIBIT XI 

QINGKE ROBOT ASSETS PURCHASE PLAN 

  
 xxxiv 

 EXHIBIT XII 

PROPRIETARY ASSETS OF QINGKE SHISHANG

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