Document:

EX-10.4

 Exhibit 10.4 

NINTH AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 

DATED: January 20, 2021 
  

 
 NINTH AMENDED
AND RESTATED SHAREHOLDERS’ AGREEMENT 
 relating to 

Spark Education Limited 
  

 
  

 NINTH AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 

DATED: January 20, 2021 
 AMONG: 

(1) Spark Education Limited, an exempted company incorporated in the Cayman Islands with limited liability with its registered office located at
Suite #4-210, Governors Square, 23 Lime Tree Bay Avenue, PO Box 32311, Grand Cayman KY1-1209, Cayman Islands (the “Company”); 

(2) the parties listed on Schedule 1-A attached to this Agreement (each a “Series E-3 Investor” and collectively, the “Series E-3 Investors”); 

(3) the parties listed on Schedule 1-B attached to this Agreement (each a “Series E-2 Investor” and collectively, the “Series E-2 Investors”); 

(4) the parties listed on Schedule 1-C attached to this Agreement (each a “Series E-1 Investor” and collectively, the “Series E-1 Investors”); 

(5) the party listed on Schedule 1-D attached to this Agreement (the “Series D+ Investor”);

 (6) the parties listed on Schedule 1-E attached to this Agreement (each a “Series D
Investor” and collectively, the “Series D Investors”); 
 (7) the parties listed on Schedule
1-F attached to this Agreement (each a “Series C Investor” and collectively, the “Series C Investors”); 

(8) the parties listed on Schedule 1-G attached to this Agreement (each a “Series B+ Investor”
and collectively, the “Series B+ Investors”); 
 (9) the parties listed on Schedule 1-H
attached to this Agreement (each a “Series B Investor” and collectively, the “Series B Investors”); 
 (10) the parties
listed on Schedule 1-I attached to this Agreement (each a “Series A Investor” and collectively, the “Series A Investors”); 

(The Series A Investors, Series B Investors, Series B+ Investors, Series C Investors, Series D Investors, Series D+ Investor, Series E-1 Investors and Series E-2 Investors, each a “Prior Investor” and collectively, the “Prior Investors”, together with the Series E-3 Investors, collectively the “Investors”, and each an “Investor”; for the avoidance of doubt and for the purpose of the Transaction Documents (as defined in the Series E-3 Purchase Agreement (as defined below)), a party listed on Schedule 1-A to Schedule 1-I shall constitute and be deemed
as an Investor and a holder of Preferred Shares only with respect to the Preferred Shares held by it and/or Ordinary Shares converted or convertible from the Preferred Shares held by it); 

(11) the parties listed on Schedule 1-J attached to this Agreement (each an “Angel Party” and
collectively, the “Angel Parties”); 

  
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 (12) the parties listed on Schedule 1-K attached to this
Agreement (each a “Founder Party” and collectively, the “Founder Parties”); 
 (13) Spark Education (Hongkong)
Limited, a limited liability company incorporated under the laws of Hong Kong with its registered office located at Unit 806, 8/F, Tower II, Cheung Sha Wan Plaza, 833 Cheung Sha Wan Road, Kowloon, Hong Kong (the “HK Co”); 

(14) Beijing Spark Education and Technology Co., Ltd.
(北京火花思维教育科技有限公司), a limited liability company incorporated in the PRC with its registered office located at Room B306, Block B, No.101 of
Wangjing Lize Zhongyuan, Chaoyang District, Beijing (the “Beijing WFOE”); 
 (15) Tianjin Spark Education and Technology Co., Ltd.
(天津火花思维教育科技有限公司), a limited liability company incorporated in the PRC with its registered office located at
1-1702-a-60, Yanzhao Building, Tianjin Pilot Free Trade Zone (the “Tianjin WFOE”, together with “Beijing
WFOE”, collectively, the “WFOEs”); 
 (16) Beijing Xingengyuan Technology Ltd.
(北京心更远科技发展有限公司), a limited liability company incorporated in the PRC with its registered office located at Room B202, Block B, No.101 of Wangjing
Lize Zhongyuan, Chaoyang District, Beijing (the “Domestic Company”); 
 (17) Beijing Spark Juli Education Consulting Co.,
Ltd. (北京火花聚力教育咨询有限公司), a limited liability company incorporated in the PRC with its registered office located at Room B303, Block B,
No.101 of Wangjing Lize Zhongyuan, Chaoyang District, Beijing (the “Beijing Co”); and 
 (18) Wuhan Spark Education Consulting Co., Ltd.
(武汉火花思维教育咨询有限公司), a limited liability company incorporated in the PRC with its registered office located at 13 / F, Building A4, Guanggu
Financial Port, No.77, Guanggu Avenue, East Lake High-tech Development Zone, Wuhan (the “Wuhan Co”, together with the “Beijing Co”, collectively, the “Domestic Subsidiaries”). 

Each of the Company, the Series E-3 Investors, the Prior Investors, the Angel Parties, the Founder Parties, the HK Co,
the WFOEs, the Domestic Company and the Domestic Subsidiaries shall be referred to individually as a “Party” and collectively as the “Parties”. 

WHEREAS: 
  

	(A)	 certain Parties hereof are parties to the SHARE SUBSCRIPTION AGREEMENT dated January 20, 2021 (the
“Series E-3 Purchase Agreement”); 

  

	(B)	 certain Parties hereof have entered into that certain Eighth Amended and Restated Shareholders’ Agreement
on September 22, 2020 (the “Prior Shareholders’ Agreement”); and 

  

	(C)	 in order to induce the Company to enter into the Series E-3 Purchase
Agreement and to induce Series E-3 Investors to invest funds in the Company pursuant to the Series E-3 Purchase Agreement, the Parties desire to enter into this
Agreement to amend and restate the Prior Shareholders’ Agreement in its entirety and make the respective representations, warranties, covenants and agreements set forth herein on the terms and conditions set forth herein. 

  
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 NOW IT IS HEREBY AGREED as follows: 

 

	1.	 INTERPRETATION 

 

	1.1	 For purposes of this Agreement, capitalized terms shall have the meanings set forth in Exhibit A
attached hereto. 

  

	2.	 REGISTRATION RIGHTS 

 

	2.1	 The registrations rights of the Holders with respect to the Company and the rights and obligations of the
parties with respect to registration of the Registrable Securities are set forth on Exhibit B attached hereto. 

  

	2.2	 The rights set forth in Exhibit B shall terminate upon the earlier of: 

 

	 	(i)	 the date that is five (5) years following the consummation of the Qualified IPO of the Company;

  

	 	(ii)	 as to any Holder, the date of the completion of a Liquidation Event in which such Holder receives cash or
publicly traded shares for all Registrable Securities held by such Holder; and 

  

	 	(iii)	 as to any Holder, when all Registrable Securities held by such Holder (together with any Affiliate of such
Holder with whom such Holder must aggregate its sales under SEC Rule 144) could be sold without restriction under SEC Rule 144(k) within a ninety (90) period. 

 

	3.	 INFORMATION, INSPECTION AND OBSERVER RIGHTS 

 

	3.1	 Delivery of Financial Statements 

The Company shall deliver to each of the Investors other than YUAN the following information with respect to all Group Companies: 

(a) within ninety (90) days after the end of each financial year of the Company, (i) an audited consolidated balance sheet of the Group
Companies as of the last day of such year; (ii) an audited consolidated income statement of the Group Companies for such year; and (iii) an audited consolidated statement of cash flows of the Group Companies for such year; such year-end financial
statements to be in reasonable detail, prepared in accordance with IFRS or generally accepted accounting principles in the U.S. (the “US GAAP”), by an accounting firm selected by the Company with the approval of the Board of
Directors (including the affirmative votes of at least two-thirds (2/3) of all Preferred Directors); 
 (b) within forty-five (45) days
after the end of each of the first three quarters for each financial year of the Company, (i) an unaudited consolidated balance sheet of the Group Companies as of the last day of such quarter; (ii) an unaudited consolidated income statement of the
Group Companies for such quarter; (iii) an unaudited consolidated statement of cash flows of the Group Companies for such quarter; and (iv) the management accounts of the Group Companies for such quarter, such quarterly financial statements and
management accounts to be in reasonable detail; 

  
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 (c) within thirty (30) days after the end of each month, (i) an unaudited consolidated
balance sheet of the Group Companies as of the last day of such month; (ii) an unaudited consolidated income statement of the Group Companies for such month; and (iii) an unaudited consolidated statement of cash flows of the Group Companies for such
month; 
 (d) at least fifteen (15) days prior to the beginning of each financial year, a proposed capital expenditures and operating budget
and business plan of the Group Companies for such next financial year (the “Budget”); and 
 (e) as soon as practicable,
such other information relating to the financial condition, business, prospects or corporate affairs of the Company (or any other Group Company) as any Investor other than YUAN may from time to time reasonably request; provided,
however, that the Company (or any other Group Company) shall not be obligated under this Section 3.1(e) or any of the above paragraphs to provide information which it reasonably deems in good faith would adversely affect the
attorney-client privilege between the Company (or any other Group Company) and its counsel. 
  

	3.2	 Inspection 

The Company and any other Group Company shall permit each of the Investors other than YUAN, and such Investor’s representatives, at such
Investor’s expense, to visit and inspect the Company or any other Group Company’s properties, to examine its books of account and records and to discuss the Company or any other Group Company’s affairs, finances and accounts with its
officers, all at such reasonable times as may be reasonably requested by such Investor; provided, however, that the Company (or any other Group Company) shall not be obligated pursuant to this Section 3.2 to provide access to
any information which it reasonably considers would adversely affect the attorney-client privilege between the Company (or any other Group Company) and its counsel. 
  

	3.3	 Termination of Information and Inspection Rights 

The covenants set forth in Section 3.1 and Section 3.2 shall terminate and be of no further force or effect as to the Investors
immediately prior to the consummation of an initial public offering. 
  

	3.4	 Confidentiality 

(a) Each Investor agrees that it will keep confidential and will not disclose, divulge or use for any purpose, other than to monitor its
investment in the Company, any confidential information obtained from the Company pursuant to the terms of this Agreement, unless such confidential information (i) is known or becomes known to the public in general (other than as a result of a
breach of this Section 3.4(a) by such Investor), (ii) is or has been independently developed or conceived by an Investor without use of the Company’s confidential information or (iii) is or has been made known or disclosed to an Investor
by a third party without, to such Investor’s knowledge, a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that each Investor may disclose confidential information (a) to its
legal advisers, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company, (b) to any prospective investor or purchaser of any Registrable
Securities from such Investor as long as such Person agrees to be bound by the provisions of this Section 3.4(a), (c) to any its Affiliate, employee, partner, member, shareholder or wholly owned Subsidiary of such Investor in the ordinary
course of business, or (d) as may otherwise be requested or required by any regulatory, self-regulatory or government agency or in connection with any Law, rules of any securities exchange, regulation or legal proceeding or process or as otherwise
legally compelled (including pursuant to a deposition, interrogatory, subpoena, civil investigation or similar process), provided that such Investor shall take reasonable steps to minimize the extent of any such required disclosure, and provided
further that such Investor shall ensure that all such persons in (a), (b) and (c) named above to whom such Investor discloses confidential information are bound by provisions substantially the same as provisions of this Section 3.4(a) or, in
the case of person in (a), are otherwise subject to professional obligations of confidentiality. 

  
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 (b) The Company agrees that it will keep confidential and will not disclose, divulge or use
for any purpose, other than for the discharge of their obligations under this Agreement, any confidential information obtained from the Investors pursuant to the terms of this Agreement, unless such confidential information (i) is known or becomes
known to the public in general (other than as a result of a breach of this Section 3.4(b) by the Company), (ii) is or has been independently developed or conceived by the Company without use of any of an Investor’s confidential
information or (iii) is or has been made known or disclosed to the Company by a third party without a breach of any obligation of confidentiality such third party may have to an Investor; provided, however, that the Company may disclose confidential
information (a) to its legal advisers, accountants, consultants, and other professionals to the extent necessary for the discharge of their obligations under this Agreement, (b) to any Affiliate, partner, member, shareholder or wholly-owned
Subsidiary of the Company in the ordinary course of business, or (c) as may otherwise be requested or required by any regulatory, self-regulatory or government agency or in connection with any Law, rules of any securities exchange, regulation or
legal proceeding or process or as otherwise legally compelled (including pursuant to a deposition, interrogatory, subpoena, civil investigation or similar process), provided that the Company shall take reasonable steps to minimize the extent of any
such required disclosure, and provided further that the Company shall ensure that all such persons in (a), (b) and (c) named above to whom the Company discloses confidential information are bound by the same provisions of this Section 3.4(b)
or, in the case of persons in (a), are otherwise subject to professional obligations of confidentiality. 
  

	4.	 RIGHT OF PARTICIPATION 

 

	4.1	 Right of Participation 

Subject to the terms and conditions specified in this Section 4.1 and Section 7.3, and applicable securities laws, in the event
the Company proposes to offer or sell any Additional Equity Securities, each holder of Preferred Shares (each an “Offeree”) shall be entitled to purchase up to its Pro Rata Share (as defined below) of the Additional Equity
Securities in accordance with the following provisions of this Section 4.1. Any Offeree shall be entitled to apportion the right of first offer hereby granted to it among its Affiliates and itself in such proportions as it deems appropriate;
provided that such Affiliates do not hold any equity interest in the Competitor (as defined below). Each Offeree’s “Pro Rata Share” for purposes of this Section 4.1 is the ratio of (a) the number of
Class A Ordinary Shares (calculated on an as-converted and fully-diluted basis) held by such Offeree (specially, for each of Founder Holdcos, GSR, GGV and Lightspeed, the number of Class A Ordinary
Shares calculated on an as-converted and fully-diluted basis of only Preferred Shares held by such Offeree), to (b) the total number of Class A Ordinary Shares (calculated on an as-converted and fully-diluted basis) then outstanding immediately prior to the issuance of Additional Equity Securities. 

  
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 (a) The Company shall deliver a notice, in accordance with the provisions of
Section 8.4 hereof, (the “Offer Notice”) to the Offerees stating (i) its bona fide intention to offer such Additional Equity Securities, (ii) the number of such Additional Equity Securities to be offered,
(iii) the price and terms, if any, upon which it proposes to offer such Additional Equity Securities, and (iv) the identity of the proposed purchaser(s). 

(b) Within twenty (20) calendar days after receipt of the Offer Notice (the “Offer Notice Period”), each Offeree shall
have an option to elect to purchase an amount up to its Pro Rata Share of the Additional Equity Securities at the same price and subject to the same terms as specified in the Offer Notice. 

(c) Each Offeree may exercise such purchase option and thereby, have the right to purchase all or any portion of its Pro Rata Share (with the re-allotments as provided below) of the Additional Equity Securities, by notifying the Company in writing, before the expiration of the twenty (20) calendar days period as to the number of such shares that it
wishes to purchase. 
 (d) Subject to the terms and conditions specified in Section 7.3 hereof, in the event the Company
proposes to offer or sell any Additional Equity Securities to any Person listed on Exhibit E attached hereto and/or any of its Affiliates (each, a “COSMIC BLUE Restricted Person”) during COSMIC BLUE Restricted Period, within
ten (10) calendar days after the expiration of the Offer Notice Period specified in Section 4.1(b) above, so long as COSMIC BLUE or its Affiliates holds any Shares in the Company, the Company shall give COSMIC BLUE a written notice
(the “COSMIC BLUE Additional Offer Notice”) which shall include all the information required in the Offer Notice and shall additionally identify the remaining Additional Equity Securities which equals to the total amount of
Additional Equity Securities minus the amount of Additional Equity Securities purchased by the Offerees pursuant to Section 4.1(a) to Section 4.1(c) above (the “COSMIC BLUE Remaining Securities”). COSMIC BLUE
shall have an additional re-allotment right to purchase all but no less than all of the COSMIC BLUE Remaining Securities for a period of ten (10) calendar days commencing immediately after receipt of the
COSMIC BLUE Additional Offer Notice (the “COSMIC BLUE Additional Offer Notice Period”) at same price and on the same terms and conditions as specified in the COSMIC BLUE Additional Offer Notice, by notifying the Company in writing,
before the expiration of the COSMIC BLUE Additional Offer Notice Period. 
 (e) Without prejudice to an Offeree’s right to apportion
its right of first offer among its Affiliates and itself, the right of first offer set forth in this Section 4.1 may not be assigned or transferred separately without transfer of relevant Preferred Shares except that such right is
assignable by an Investor to any Affiliate of such Investor. 

  
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 4.2 To the extent that the Offerees have not exercised their rights to purchase all the Additional Equity
Securities and COSMIC BLUE has not exercised its rights to purchase COSMIC BLUE Remaining Securities (if applicable), within the time periods specified in Section 4.1, the Company may, for a period of ninety (90) calendar days following the
expiration of such rights, have a right to offer the Additional Equity Securities or COSMIC BLUE Remaining Securities, as the case may be, to the third-party offeree as identified in the Offer Notice upon terms and conditions (including the purchase
price) no more favorable than those specified in the Offer Notice. In the event that (i) the Company fails to enter into an agreement for the sale of the Additional Equity Securities or COSMIC BLUE Remaining Securities, as the case may be, to the
prospective offeree within the foregoing ninety (90) day period; or (ii) the Company fails to consummate the offer within thirty (30) days of the execution of the relevant agreement, the Offerees’ rights of first offer as set forth in
Section 4.1 shall continue to be applicable to any subsequent offer of the Additional Equity Securities or COSMIC BLUE Remaining Securities by the Company until such rights lapse in accordance with the terms of this Agreement. 

 

	4.3	 Termination 

The provisions of this Section 4 shall terminate immediately prior to the consummation of an initial public offering. 

 

	5.	 BOARD COMPOSITION AND VOTING MATTERS 

 

	5.1	 Board Composition 

Each Shareholder agrees to vote all of his, her or its Shares in the Company (whether now owned or hereafter acquired or which the Shareholder
may be empowered to vote), from time to time and at all times, in whatever manner shall be necessary to ensure that at each annual or special meeting of shareholders at which an election of directors is held or pursuant to any written consent of the
shareholders, the following persons shall be elected to the Board: 
 (a) GGV, as long as their shareholding percentage is no less than six
percent (6%) in the Company calculated on an as-converted and fully-diluted basis, shall be entitled to elect and remove one (1) director of the Board (the “GGV Director”). The initial GGV Director shall be LEE HONG WEI, JENNY. 

(b) IDG, as long as their shareholding percentage is no less than six percent (6%) in the Company calculated on an as-converted and
fully-diluted basis, shall be entitled to elect and remove one (1) director of the Board (the “IDG Director”). The initial IDG Director shall be Wang Xin (王辛). 

(c) KKR, as long as its shareholding percentage is no less than six percent (6%) in the Company calculated on an as-converted and
fully-diluted basis, shall be entitled to elect and remove one (1) director of the Board (the “KKR Director”). The initial KKR Director shall be Chris Sun. 

(d) SCC, as long as their shareholding percentage is no less than six percent (6%) in the Company calculated on an as-converted and
fully-diluted basis, shall be entitled to elect and remove one (1) director of the Board (the “SCC Director”). The initial SCC Director shall be Zhai Jia (翟佳). 

  
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 (e) Tencent shall be entitled to elect and remove one (1) director of the Board (the
“Tencent Director”), provided that upon the completion of the next bona fide equity financing of the Company after the date hereof, Tencent shall only be entitled to elect and remove the Tencent Director for so long as
Tencent’s (including its Affiliates) aggregate shareholding percentage is no less than six percent (6%) in the Company calculated on an as-converted and fully-diluted basis. The initial Tencent Director
shall be Xun Weiqian (荀为谦). 
 (f) TBP, as long as its and its Affiliates’ aggregate shareholding percentage is no
less than six percent (6%) in the Company calculated on an as-converted and fully-diluted basis, shall be entitled to elect and remove one (1) director of the Board (the “TBP Director”,
together with the GGV Director, the IDG Director, the KKR Director, the SCC Director and the Tencent Director, collectively the “Preferred Directors” and each a “Preferred Director”). The initial TBP Director shall
be Ye Shuhong (叶树蕻). 
 (g) The holders of more than fifty percent (50%) of the then outstanding Ordinary Shares
(voting as a single class) shall be entitled to elect and remove three (3) directors of the Board (each, an “Ordinary Director”), one of whom shall be the then current chief executive officer of the Company and the
chairman of the Board (the “Chairman Director”). The initial Ordinary Directors shall be Luo Jian (罗剑), who is the Company’s chief executive officer and the Chairman Director, Shan Zebing
(单泽兵) and Li Wei (李维). 
 (h) Lightspeed, as long as its shareholding percentage is no less than two
percent (2%) in the Company calculated on an as-converted and fully-diluted basis, shall be entitled to designate, appoint, remove, replace and reappoint one (1) Observer. The initial Observer shall be
James Qun Mi. The Observer may participate in a meeting of the Board or of any committee of the Board by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can communicate with
each other at the same time. The Observer may be represented at any meetings of the Board of Directors by a proxy appointed in writing by him. The Observer has the right to give advice and make suggestions, but does not have a right in any way to
vote on any matters determined by any resolutions. The Company shall deliver to the Observer copies of all notices, minutes, consents and other materials in relation to the meetings that the Company provides to the members of the Board at the same
time and in the same manner as provided to the Board. 
 (i) SCC, as long as their shareholding percentage is no less than two percent (2%)
in the Company calculated on an as-converted and fully-diluted basis, shall be entitled to designate, appoint, remove, replace and reappoint one (1) Observer. The initial Observer shall be He Tiantian
(何田田). The Observer may participate in a meeting of the Board or of any committee of the Board by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can
communicate with each other at the same time. The Observer may be represented at any meetings of the Board of Directors by a proxy appointed in writing by him. The Observer has the right to give advice and make suggestions, but does not have a right
in any way to vote on any matters determined by any resolutions. The Company shall deliver to the Observer copies of all notices, minutes, consents and other materials in relation to the meetings that the Company provides to the members of the Board
at the same time and in the same manner as provided to the Board. 

  
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 (j) LFC, as long as its shareholding percentage is no less than two percent (2%) in the
Company calculated on an as-converted and fully-diluted basis, shall be entitled to designate, appoint, remove, replace and reappoint one (1) Observer. The initial Observer shall be Yi Duoduo
(易多多). The Observer may participate in a meeting of the Board or of any committee of the Board by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can
communicate with each other at the same time. The Observer may be represented at any meetings of the Board of Directors by a proxy appointed in writing by him. The Observer has the right to give advice and make suggestions, but does not have a right
in any way to vote on any matters determined by any resolutions. The Company shall deliver to the Observer copies of all notices, minutes, consents and other materials in relation to the meetings that the Company provides to the members of the Board
at the same time and in the same manner as provided to the Board. 
 (k) Hike, as long as its shareholding percentage is no less than two
percent (2%) in the Company calculated on an as-converted and fully-diluted basis, shall be entitled to designate, appoint, remove, replace and reappoint one (1) Observer. The initial Observers shall be
Xu Shi (徐诗). The Observer may participate in a meeting of the Board or of any committee of the Board by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can
communicate with each other at the same time. The Observer may be represented at any meetings of the Board of Directors by a proxy appointed in writing by him. The Observer has the right to give advice and make suggestions, but does not have a right
in any way to vote on any matters determined by any resolutions. The Company shall deliver to the Observer copies of all notices, minutes, consents and other materials in relation to the meetings that the Company provides to the members of the Board
at the same time and in the same manner as provided to the Board. 
 (l) GSR, as long as its shareholding percentage is no less than two
percent (2%) in the Company calculated on an as-converted and fully-diluted basis, shall be entitled to designate, appoint, remove, replace and reappoint one (1) Observer. The initial Observers shall be
Liu Jia (刘佳). The Observer may participate in a meeting of the Board or of any committee of the Board by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can
communicate with each other at the same time. The Observer may be represented at any meetings of the Board of Directors by a proxy appointed in writing by him. The Observer has the right to give advice and make suggestions, but does not have a right
in any way to vote on any matters determined by any resolutions. The Company shall deliver to the Observer copies of all notices, minutes, consents and other materials in relation to the meetings that the Company provides to the members of the Board
at the same time and in the same manner as provided to the Board. 
 (m) KKR, as long as its shareholding percentage is no less than two
percent (2%) in the Company calculated on an as-converted and fully-diluted basis, shall be entitled to designate, appoint, remove, replace and reappoint one (1) Observer. The initial Observers shall be
Ray Jin. The Observer may participate in a meeting of the Board or of any committee of the Board by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can communicate with each
other at the same time. The Observer may be represented at any meetings of the Board of Directors by a proxy appointed in writing by him. The Observer has the right to give advice and make suggestions, but does not have a right in any way to vote on
any matters determined by any resolutions. The Company shall deliver to the Observer copies of all notices, minutes, consents and other materials in relation to the meetings that the Company provides to the members of the Board at the same time and
in the same manner as provided to the Board. 

  
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 (n) Northern Light, as long as its shareholding percentage is no less than two percent (2%)
in the Company calculated on an as-converted and fully-diluted basis, shall be entitled to designate, appoint, remove, replace and reappoint one (1) Observer. The initial Observers shall be Lin Lu
(林路). The Observer may participate in a meeting of the Board or of any committee of the Board by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can communicate
with each other at the same time. The Observer may be represented at any meetings of the Board of Directors by a proxy appointed in writing by him. The Observer has the right to give advice and make suggestions, but does not have a right in any way
to vote on any matters determined by any resolutions. The Company shall deliver to the Observer copies of all notices, minutes, consents and other materials in relation to the meetings that the Company provides to the members of the Board at the
same time and in the same manner as provided to the Board. 
 (o) GGV, as long as their shareholding percentage is no less than two percent
(2%) in the Company calculated on an as-converted and fully-diluted basis, shall be entitled to designate, appoint, remove, replace and reappoint one (1) Observer. The initial Observers shall be Yu Hong
(于红). The Observer may participate in a meeting of the Board or of any committee of the Board by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can communicate
with each other at the same time. The Observer may be represented at any meetings of the Board of Directors by a proxy appointed in writing by him. The Observer has the right to give advice and make suggestions, but does not have a right in any way
to vote on any matters determined by any resolutions. The Company shall deliver to the Observer copies of all notices, minutes, consents and other materials in relation to the meetings that the Company provides to the members of the Board at the
same time and in the same manner as provided to the Board. 
 (p) IDG, as long as their shareholding percentage is no less than two percent
(2%) in the Company calculated on an as-converted and fully-diluted basis, shall be entitled to designate, appoint, remove, replace and reappoint one (1) Observer. The initial Observers shall be Ding
Shanshan (丁姗姗). The Observer may participate in a meeting of the Board or of any committee of the Board by means of conference telephone or other communications equipment by means of which all persons participating in the
meeting can communicate with each other at the same time. The Observer may be represented at any meetings of the Board of Directors by a proxy appointed in writing by him. The Observer has the right to give advice and make suggestions, but does not
have a right in any way to vote on any matters determined by any resolutions. The Company shall deliver to the Observer copies of all notices, minutes, consents and other materials in relation to the meetings that the Company provides to the members
of the Board at the same time and in the same manner as provided to the Board. 
 (q) COSMIC BLUE, as long as its shareholding percentage is
no less than two percent (2%) in the Company calculated on an as-converted and fully-diluted basis, shall be entitled to designate, appoint, remove, replace and reappoint one (1) Observer. The initial
Observers shall be Su Hua (宿华). The Observer may participate in a meeting of the Board or of any committee of the Board by means of conference telephone or other communications equipment by means of which all persons participating in
the meeting can communicate with each other at the same time. The Observer may be represented at any meetings of the Board of Directors by a proxy appointed in writing by him. The Observer has the right to give advice and make suggestions, but does
not have a right in any way to vote on any matters determined by any resolutions. The Company shall deliver to the Observer copies of all notices, minutes, consents and other materials in relation to the meetings that the Company provides to the
members of the Board at the same time and in the same manner as provided to the Board. 

  
 10 

 (r) Carlyle, as long as its shareholding percentage is no less than two percent (2%) in the
Company calculated on an as-converted and fully-diluted basis, shall be entitled to designate, appoint, remove, replace and reappoint one (1) Observer. The initial Observer shall be Liu Wanlin
(刘婉琳). The Observer may participate in a meeting of the Board or of any committee of the Board by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can
communicate with each other at the same time. The Observer may be represented at any meetings of the Board of Directors by a proxy appointed in writing by him. The Observer has the right to give advice and make suggestions, but does not have a right
in any way to vote on any matters determined by any resolutions. The Company shall deliver to the Observer copies of all notices, minutes, consents and other materials in relation to the meetings that the Company provides to the members of the Board
at the same time and in the same manner as provided to the Board. 
 (s) Tencent, upon the completion of the next bona fide equity financing
of the Company after the date hereof and as long as its and its Affiliates’ aggregate shareholding percentage is no less than two percent (2%) in the Company calculated on an as-converted and
fully-diluted basis, shall be entitled to designate, appoint, remove, replace and reappoint one (1) Observer. The Observer may participate in a meeting of the Board or of any committee of the Board by means of conference telephone or other
communications equipment by means of which all persons participating in the meeting can communicate with each other at the same time. The Observer may be represented at any meetings of the Board of Directors by a proxy appointed in writing by him.
The Observer has the right to give advice and make suggestions, but does not have a right in any way to vote on any matters determined by any resolutions. The Company shall deliver to the Observer copies of all notices, minutes, consents and other
materials in relation to the meetings that the Company provides to the members of the Board at the same time and in the same manner as provided to the Board. 

(t) TBP, as long as its and its Affiliates’ aggregate shareholding percentage is no less than two percent (2%) in the Company calculated
on an as-converted and fully-diluted basis, shall be entitled to designate, appoint, remove, replace and reappoint one (1) Observer. The initial Observer shall be Du Nan (杜南). The Observer
may participate in any meeting of the Board or of any committee of the Board by means of conference telephone or other communications equipment by means of which all persons participating in such meeting can communicate with each other at the same
time. The Observer may be represented at any meetings of the Board of Directors by a proxy appointed in writing by him. The Observer has the right to give advice and make suggestions, but does not have a right in any way to vote on any matters
determined by any resolutions. The Company shall deliver to the Observer copies of all notices, minutes, consents and other materials in relation to the meetings that the Company provides to the members of the Board at the same time and in the same
manner as provided to the Board. 

  
 11 

 Subject to the Company Law, the Chairman Director has such number of votes equal to the
total number of votes of all other Directors minus two (2) and each of the other Directors has one (1) vote. 
  

	5.2	 Size of the Board 

Each Shareholder agrees to vote all of its Shares from time to time and at all times, in whatever manner shall be necessary to ensure that the
size of the Board shall be set at up to nine (9) directors. 
  

	5.3	 Removal of Board Members 

Each Shareholder also agrees to vote all of his, her or its Shares from time to time and at all times in whatever manner as shall be necessary
to ensure that (i) no director elected pursuant to Section 5.1 of this Agreement may be removed from office unless (A) such removal is directed or approved in writing by the affirmative vote of the holders of the shares
entitled under Section 5.1 to designate that director; or (B) the person(s) or entity(ies) originally entitled to designate or approve such director or occupy such Board seat pursuant to Section 5.1 is no longer so
entitled to designate or approve such director or occupy such Board seat; and (ii) any vacancies created by the resignation, removal or death of a director elected pursuant to Section 5.1 shall be filled pursuant to the provisions
of Section 5.1. All Shareholders agree to execute any written consents required to effectuate the obligations of this Agreement, and the Company agrees at the request of any Shareholder entitled to designate directors to call a special
meeting of shareholders for the purpose of electing directors. 
  

	5.4	 Board of Subsidiary 

At the request of any Investor with respect to the director nominated by such Investor (if applicable), the board of directors of each
Subsidiary of the Company (including without limitation all the Group Companies) shall be re-constituted to include the director nominated by such Investor. 

 

	5.5	 Indemnification 

To the maximum extent permitted by the law of the jurisdiction in which the Company is organized, the Company shall indemnify and hold harmless
each of the Preferred Directors while such Preferred Director is acting in his or her capacity as a director of the Company as long as such Preferred Director acts in good faith and in a manner he or she reasonably believes to be in, or not opposed
to, the best interests of the Company and, with respect to any criminal action or proceeding, has no reasonable cause to believe his or her conduct is unlawful, and shall comply with the terms of the indemnification agreements with any Preferred
Director and such Investor(s) who nominated such Preferred Director. 
  

	5.6	 No Liability for Board Designees. 

No Shareholder, nor any Affiliate of any Shareholder, shall have any liability as a result of designating a Person for election as a director
for any act or omission by such designated Person in his or her capacity as a director of the Company, nor shall any Shareholder have any liability as a result of voting for any such designee in accordance with the provisions of this Agreement. 

  
 12 

	5.7	 Term. 

Provisions of this Section 5 shall be effective as of the date hereof and shall continue in effect until and shall terminate immediately
prior to the consummation of an initial public offering. 
  

	6.	 RIGHT OF FIRST REFUSAL, CO-SALE AND RESTRICTIONS ON SALE

  

	6.1	 Restrictions on Transfer 

 

	 	(a)	 Transfer of Shares 

Subject to Section 6.6 and Section 7.3, any proposed assignment, sale, offer to sell, pledge, mortgage, hypothecation,
encumbrance, disposition of or any other like transfer or encumbrance, through one or a series of transactions, of any interest in any Shares now or hereafter owned or held by a Shareholder, either directly or indirectly (in each case, a
“Transfer”) shall be made in compliance with the terms of this Section 6. For the avoidance of doubt, any change in the equity interest of any Founder Holdco, including without limitation as a result of (i) the
issuance or redemption by any Founder Holdco of any portion of its outstanding shares or Equity Securities; and/or (ii) a Transfer of any Founder Holdco’s Equity Securities by its equity holder, shall constitute a
“Transfer” for purposes of this Agreement. 
  

	 	(b)	 Prohibition on Transfer of Ordinary Shares held by the Founder Holdcos 

In addition to the restrictions set forth in Sections 6.2 and 6.3 and subject to the terms and conditions specified in
Section 7.3, the Founder Holdcos (together with the Founders, the “Restricted Shareholders” and each a “Restricted Shareholder”) shall not effectuate a Transfer of Ordinary Shares, nor shall any Founder
effectuate any Transfer of Ordinary Shares through the relevant Founder Holdco, unless otherwise approved in writing by a majority of the votes of the Directors (including the affirmative votes of at least
two-thirds (2/3) of all Preferred Directors). 
  

	 	(c)	 Prohibition on Issuance of Shares or Similar Rights by the Founder Holdcos 

The Founder Holdcos shall not, and the Founders shall procure the relevant Founder Holdco not to, issue any shares or any securities, debenture
or obligation in whatsoever nature that is convertible into or exercisable for the relevant Founder Holdco’s shares, any other right that may grant the recipient rights and privileges similar to that of a shareholder of the relevant Founder
Holdco, or in any other manner that may have similar effect to any of the above, unless otherwise approved in writing by a majority of votes of the Directors (including the affirmative votes of at least
two-thirds (2/3) of all Preferred Directors). 
  

	6.2	 Right of First Refusal 

 

	 	(a)	 Proposed Transfer Notice 

Each Restricted Shareholder (including its successors and permitted assignees) (a “Transferor”) proposing to make a proposed
Transfer must deliver a notice (the “Proposed Transfer Notice”) to the Company and the holders of Preferred Shares (“Eligible Holders”, each an “Eligible Holder”). Such Proposed Transfer Notice
shall contain the material terms and conditions of the Proposed Transfer, including without limitation a description of the Shares (the “Transfer Shares”) that such Transferor proposes to transfer (a “Proposed
Transfer”), and the identity of the Prospective Transferee.  

  
 13 

	 	(b)	 Company’s Option. 

The Company shall have the right, exercisable upon written notice to the Transferor and the Eligible Holders, within twenty (20) days
after receipt of the Proposed Transfer Notice (the “Company First Refusal Period”), to elect to purchase all or any part of the Transfer Shares at the same price as described in the Proposed Transfer Notice and subject to the same
material terms and conditions as described in the Proposed Transfer Notice (if any). The Company may exercise such purchase option and purchase all or any portion of the Transfer Shares by notifying the Transferor in writing before expiration of
such twenty (20) day period as to the number of shares that it wishes to purchase. If the Company gives the notice that it desires to purchase such shares, then payment for the Transfer Shares shall be made by check or wire transfer, against
the allotment of the Transfer Shares to be purchased at a place agreed upon between the parties and at the time of the scheduled closing therefor, which shall be no later than thirty (30) days after the delivery to the Company of such notice.

  

	 	(c)	 Eligible Holders’ Right of First Refusal. 

(i) To the extent the Company fails, is disapproved or declines to purchase any or all of the Transfer Shares of the Transferor by exercising
its right under Section 6.2 within the Company First Refusal Period, the remaining Transfer Shares shall be subject to the right of the Eligible Holders pursuant to this Section 6.2. Within five (5) days following the
expiration of the Company First Refusal Period, or if earlier, the date when the Company indicates its declination to purchase all, or a portion of, the Transfer Shares, the Transferor shall give each Eligible Holder an “Additional Transfer
Notice” that shall include all of the information required in a Proposed Transfer Notice and shall additionally identify the Transfer Shares of the Transferor that the Company has declined or failed to purchase (the “Remaining
Shares”). 
 (ii) Each Eligible Holder shall have an option for a period of twenty (20) days after receipt of the Additional
Transfer Notice (the “Option Period”) to elect to purchase all or any portion of its Pro Rata ROFR Share of the Remaining Shares at the same price and subject to the same material terms and conditions (if any) as described in the
Additional Transfer Notice, by notifying the Transferor and the Company in writing before expiration of the Option Period as to the number of such Remaining Shares that it wishes to purchase (the “Right of First Refusal”). 

(iii) For the purposes of this Section 6.2(c), an Eligible Holder’s “Pro Rata ROFR Share” of the Transfer
Shares shall be equal to (A) the total number of Remaining Shares, multiplied by (B) a fraction, the numerator of which shall be the aggregate number of Class A Ordinary Shares held by such Eligible Holder on the date of the
Additional Transfer Notice (including all Preferred Shares held by such Eligible Holder on an as-converted basis) (specially, for each of Founder Holdcos, GSR, GGV and Lightspeed, the numerator of which shall
be the aggregate number of Class A Ordinary Shares calculated on an as-converted and fully-diluted basis of only Preferred Shares held by such Founder Holdcos, GSR, GGV or Lightspeed, respectively) and
the denominator of which shall be the total number of Class A Ordinary Shares held by all Eligible Holders on such date (solely including all Preferred Shares held by such Eligible Holders on an
as-converted basis). 

  
 14 

	 	(d)	 Re-allotment Notice of Transfer Shares. 

Should any Eligible Holder fail to purchase its full Pro Rata ROFR Share of the Remaining Shares within the Option Period, then, within five
(5) calendar days after the expiration thereof, the Transferor shall send a written notice (the “Re-allotment Notice”) to each Eligible Holder who has fully exercised its Right of First
Refusal in accordance with Section 6.2(c) above (each an “Exercising Eligible Holder”). Such Re-allotment Notice shall include all the information required in the Proposed Transfer
Notice and shall additionally identify the number of remaining Transfer Shares not purchased (the “Additional Remaining Shares”). 
  

	 	(e)	 Re-allotment of Transfer Shares. 

Each Exercising Eligible Holder shall have a re-allotment right to purchase all or any portion of the
Additional Remaining Shares on the terms and conditions set forth in the Proposed Transfer Notice. To exercise such re-allotment right with respect to the Additional Remaining Shares, the Exercising Eligible
Holder must deliver to the Transferor and the Company an exercise notice indicating the additional number of Transfer Shares that it wishes to purchase within ten (10) calendar days after its receipt of the
Re-allotment Notice (the “Reallotment Exercise Period”). Within five (5) calendar days after the expiration of the Reallotment Exercise Period, the Transferor shall give written notice to
the Company and each Eligible Holder confirming and specifying the number of Transfer Shares that such Eligible Holder has elected to purchase (including any re-allotments) by exercising its Right of First
Refusal pursuant to this Section 6.2 (the “Confirmation Notice”). In the event that the Exercising Eligible Holders have elected to purchase more than the amount of the Additional Remaining Shares available for purchase,
the Additional Remaining Shares shall be allocated among the Exercising Eligible Holders electing to purchase based on the Pro Rata ROFR Share applied to the Exercising Eligible Holders electing to purchase the Additional Remaining Shares. 

 

	 	(f)	 Additional Re-allotment Right of COSMIC BLUE.

 Subject to the terms and conditions specified in Section 7.3, in the event (a) the Transferor proposes
to transfer any Transfer Shares to any COSMIC BLUE Restricted Person during COSMIC BLUE Restricted Period; and (b) the Company and the Eligible Holders have not fully exercised their Right of First Refusal or the
re-allotment right to purchase all the Transfer Shares within the time periods specified in Section 6.2(a) to Section 6.2(e) above, so long as COSMIC BLUE or its Affiliates holds any
Shares in the Company, within five (5) calendar days after the expiration of Re-allotment Exercise Period, the Transferor shall give COSMIC BLUE an additional written notice (the “COSMIC BLUE
Additional Re-allotment Notice”) which shall include all the information required in the Additional Transfer Notice and shall additionally identify the portion of the remaining Transfer Shares
available which have not be purchased by the Company and the Eligible Holders pursuant to Section 6.2(a) to Section 6.2(e) above (the “COSMIC BLUE Remaining Transfer Shares”). COSMIC BLUE shall have an additional re-allotment right to purchase all but no less than all of the COSMIC BLUE Remaining Transfer Shares at the same price and on the same terms and conditions as specified in the COSMIC BLUE Additional Re-allotment Notice. To exercise such additional reallotment right with respect to the COSMIC BLUE Remaining Transfer Shares, COSMIC BLUE shall deliver to the Transferor, the Company and other Eligible Holders an
exercise notice (the “COSMIC BLUE Additional Confirmation Notice”), within ten (10) calendar days after receipt of the COSMIC BLUE Additional Re-allotment Notice. 

  
 15 

	 	(g)	 Consideration; Closing. 

Should the purchase price of the Transfer Shares specified in the Proposed Transfer Notice be payable in property, services or other non-cash consideration, each Eligible Holder shall have the right to pay the purchase price in the form of cash equal in amount to the value of such non-cash consideration. If
the Transferor and the Eligible Holder fail to agree on such cash value within ten (10) days after the date on which the Eligible Holder exercises its Right of First Refusal pursuant to Section 6.2(c) and Section 6.2(e)
above, the valuation shall be determined by the Board in good faith. The closing of the purchase of the Transfer Shares by the Eligible Holder shall take place, and the consideration payable by such Eligible Holder for the Transfer Shares shall have
been allotted to the Transferor, by the later of (i) the intended closing date specified in the Proposed Transfer Notice; and (ii) ten (10) calendar days after delivery of the Confirmation Notice or COSMIC BLUE Additional Confirmation
Notice, as the case may be. 
  

	6.3	 Right of Co-Sale 

(a) If any Transfer Shares subject to a Proposed Transfer are not purchased pursuant to Section 6.2 above and thereafter are to be
sold to a Prospective Transferee (such Transfer Shares, the “Co-Sale Eligible Shares”), each Eligible Holder that has not exercised its rights under Section 6.2(c) or
Section 6.2(f) (the “Co-Sale Eligible Holder”) may elect to exercise its right (a “Right of Co-Sale”) and participate on a pro-rata basis in the Proposed Transfer on the same terms and conditions specified in the Proposed Transfer Notice. To exercise its Right of Co-Sale, the Co-Sale Eligible Holder must give the Transferor written notice to that effect within fifteen (15) calendar days (the “Co-Sale Period”) after receipt of
the Confirmation Notice as provided in Section 6.2(e) or COSMIC BLUE Additional Confirmation Notice, as provided in Section 6.2(f), as applicable, and upon giving such notice the
Co-Sale Eligible Holder shall be deemed to have effectively exercised the Right of Co-Sale. 

(b) Each Co-Sale Eligible Holder, by timely exercising its Right of
Co-Sale by delivering the written notice provided for above in Section 6.3(a) may include in the Proposed Transfer all or any part of its Shares equal to the product obtained by multiplying
(i) the aggregate number of Co-Sale Eligible Shares by (ii) a fraction, the numerator of which is the total number of Class A Ordinary Shares held by such
Co-Sale Eligible Holder immediately before consummation of the Proposed Transfer (including all Preferred Shares held by such Co-Sale Eligible Holder on an as-converted basis) (specially, for each of Founder Holdcos, GSR, GGV and Lightspeed, the numerator of which shall be the aggregate number of Class A Ordinary Shares calculated on an as-converted basis of only Preferred Shares held by such Founder Holdcos, GSR, GGV or Lightspeed, respectively) and the denominator of which is the total number of Class A Ordinary Shares held, in the
aggregate, by all Co-Sale Eligible Holders immediately prior to the consummation of the Proposed Transfer (solely including all Preferred Shares held by such Co-Sale
Eligible Holders on an as-converted basis), plus the number of Ordinary Shares held by the Transferor (excluding any Ordinary Shares convertible from any Preferred Shares held by the Founder Holdcos), provided
that such Co-Sale Eligible Holder shall not be obligated in connection with such Transfer to (x) pay any amount with respect to any liabilities arising from the representations and warranties severally
made by it in excess of its share of the total consideration paid by the Prospective Transferee or (y) make any representations or warranties concerning the business, operations or condition (financial or otherwise) of any of the Group
Companies. To the extent that one or more of the Co-Sale Eligible Holders exercises such right of participation in accordance with the terms and conditions set forth herein, the number of Co-Sale Eligible Shares that the Transferor may sell in the Proposed Transfer shall be correspondingly reduced. 

  
 16 

 (c) The sale of the Co-Sale Eligible Shares and
remaining Transfer Shares shall occur within twenty-five (25) calendar days from the beginning of the Co-Sale Period (the “Co-sale Closing”). For
the avoidance of doubt, the Right of Co-Sale shall not apply with respect to Transfer Shares sold or to be sold to the Eligible Holders under the Right of First Refusal in Section 6.2. 

(d) A Co-Sale Eligible Holder shall effect its participation in the Proposed Transfer by delivering to
the Transferor, prior to the Co-Sale Closing, a signed instrument of transfer and one or more share certificates, properly endorsed for transfer to the Prospective Transferee, representing: 

(i) the number of Ordinary Shares that such Co-Sale Eligible Holder elects to include in the Proposed
Transfer; or 
 (ii) the number of Preferred Shares that are at such time convertible into the number of Class A Ordinary Shares that
such Co-Sale Eligible Holder elects to include in the Proposed Transfer; provided, however, that if the Prospective Transferee objects to the allotment of convertible Preferred Shares in lieu of
the Class A Ordinary Shares, such Co-Sale Eligible Holder shall first convert the Preferred Shares into Class A Ordinary Shares and allot such Class A Ordinary Shares as provided above. The
Company agrees to make any such conversion concurrent with and contingent upon the actual transfer of such shares to the Prospective Transferee. 

(e) The terms and conditions of any sale pursuant to this Section 6.3 will be contained in, and governed by, a written purchase
and sale agreement with customary terms and provisions for such a transaction. 
 (f) The register of members of the Company will be updated
in consummation of the sale of the Transfer Shares pursuant to the terms and conditions specified in the Proposed Transfer Notice and the purchase and sale agreement, and the Transferor shall concurrently therewith remit to each Co-Sale Eligible Holder the portion of the sale proceeds to which such Co-Sale Eligible Holder is entitled by reason of its participation in such sale. If any Prospective
Transferee or Transferees refuse(s) to purchase securities subject to the Right of Co-Sale from any Co-Sale Eligible Holder exercising its Right of Co-Sale hereunder, no Transferor may sell any Transfer Shares to such Prospective Transferee or Transferees unless and until, simultaneously with such sale, such Transferor purchases all securities subject to the
Right of Co-Sale from such Co-Sale Eligible Holder at the same price and subject to the same material terms and conditions (if any) as described in the Proposed Transfer
Notice. 

  
 17 

	6.4	 Severability 

The exercise or election not to exercise any right by the Eligible Holders hereunder shall not adversely affect its right to participate in any
other sales of Transfer Shares subject to this Section 6. 
  

	6.5	 Effect of Failure to Comply 

(a) Any Transfer not made in compliance with the requirements of this Agreement (including without limitation this Section 6 and
Section 7.3) shall be null and void ab initio, shall not be recorded on the books or register of the Company or its transfer agent and shall not be recognized by the Company. Each party hereto acknowledges and agrees that any
breach of this Agreement would result in substantial harm to the other parties hereto for which monetary damages alone could not adequately compensate. Therefore, the parties hereto unconditionally and irrevocably agree that any non-breaching party hereto shall be entitled to seek protective orders, injunctive relief and other remedies available at law or in equity (including, without limitation, seeking specific performance or the
rescission of purchases, sales and other transfers of Shares not made in strict compliance with this Agreement). 
 (b) If the Transferor
purports to sell any Shares in contravention of the Right of Co-Sale (a “Prohibited Transfer”), each Co-Sale Eligible Holder, in addition to such
remedies as may be available by Law, in equity or hereunder, is entitled to require such Transferor to purchase Shares from the Co-Sale Eligible Holder, as provided below, and such Transferor will be bound by
the terms of such option. If a Transferor makes a Prohibited Transfer, each Co-Sale Eligible Holder upon timely exercise of its Right of Co-Sale under
Section 6.3 may require such Transferor to purchase from such Eligible Holder the type and number of Shares that such Co-Sale Eligible Holder would have been entitled to sell to the Prospective
Transferee under Section 6.3 had the Prohibited Transfer been effected pursuant to and in compliance with the terms of Section 6.3. The sale will be made on the same terms and subject to the same conditions as would have
applied had the Transferor not made the Prohibited Transfer, except that the sale (including, without limitation, the delivery of the purchase price) must be made within ninety (90) days after the Co-Sale
Eligible Holder learns of the Prohibited Transfer, as opposed to the timeframe prescribed in Section 6.3. Such Transferor shall also reimburse such Co-Sale Eligible Holder for any and all fees and
expenses, including legal fees and expenses, incurred pursuant to the exercise or the attempted exercise of the Co-Sale Eligible Holders’ rights under Section 6.3. 

 

	6.6	 Exempt Transfers 

Notwithstanding the foregoing or anything to the contrary herein, the provisions of Section 6.1(b), Section 6.2 and
Section 6.3 shall not apply: (i) to a repurchase of Shares from a Transferor by the Company at a price no greater than that originally paid by such Transferor for such Shares and pursuant to Share Restriction Agreements and an
agreement containing vesting and/or repurchase provisions under ESOP plan approved by the Board; (ii) in the case of a Transferor that is a natural person, upon a transfer of Shares by such Transferor, either during his or her lifetime or on
death by will or intestacy, to his or her Immediate Family Members for bona fide estate and tax planning purposes, or any custodian or trustee for the account of a Transferor or a Transferor’s Immediate Family Members for bona fide estate and
tax planning purposes, or any company whose Equity Securities are directly or indirectly 100% owned by such Transferor, provided that in each case, such transferee shall, as a condition of such transfer, agree to be subject to the same restrictions
and obligations as such Transferor (including in the capacity as a Founder or Founder Holdco, as applicable) by executing and delivering an Assumption Agreement substantially in the form attached hereto as Exhibit C and the Transferor shall
continue to be responsible for its obligations hereunder on a joint and several basis with such transferee; and (iii) the sale of any Shares to the public in an initial public offering. 

  
 18 

	6.7	 Restrictions on Transfer of Preferred Shares 

Subject to the terms and conditions specified in Section 7.3, each of the holders of the Preferred Shares may, whether in a single
transaction or in a series of transactions, make a transfer of its outstanding Preferred Shares at any time prior to a Qualified IPO to any third party; provided, however, that the holders of the Preferred Shares shall not, without the prior written
consent of the Company, make a transfer of its Preferred Shares to (i) any Person which operates any of the businesses listed on Exhibit D attached hereto, which list is subject to a yearly update based on the resolution of the Board
(including the affirmative votes of at least two-thirds (2/3) of all Preferred Directors) of the Company; (ii) the De Facto Controlling Person of any of such Persons specified in clause (i) above;
(iii) the current chief executive officer of such Persons specified in clause (i) above or any of his/her Relatives; and/or (iv) any other Person who is Controlled by any of the Persons specified in clauses (i), (ii) or (iii) above
(each a “Competitor”). For purposes of this Section 6.7, “Control” with respect to any specified Person means any other Person (a) owns, directly or indirectly, share capital or other equity
interests representing more than (x) in the case such specified Person’s equity interests are listed on a securities exchange, thirty percent (30%) of the outstanding voting power or economic interest of the outstanding equity interests of such
specified Person and no other Person owns a greater number of outstanding voting power or economic interest of such specified Person or (y) in the case such specified Person’s equity interests are not listed on a securities exchange, 50%
in voting power or economic interest of the outstanding equity interests of such specified Person or (b) has the direct or indirect power to designate, appoint or remove directors representing more than 50% in the voting power of the board of
directors of such specified Person; “De Facto Controlling Person” with respect to any specified Person means such other Person who Controls such specified Person and any of his/her Relatives; and “Relatives” with
respect to any specified Person means such specified Person’s spouse, parents, children, siblings, mother-in-law, father-in-law, and brothers and sisters-in-law. 
  

	6.8	 Restrictions on Transfer of Shares by Angel Parties 

Subject to the terms and conditions specified in Section 7.3, each Angel Party may, whether in a single transaction or in a series
of transactions, make a transfer of its outstanding Shares at any time prior to a Qualified IPO to any third party; provided, however, that the Angel Parties shall not, without the prior written consent of the Company, make a transfer of its Shares
to any Competitor of the Company. 
  

	6.9	 Term 

The provisions of this Section 6 shall terminate immediately prior to the Company’s initial public offering. 

  
 19 

	7.	 ADDITIONAL COVENANTS 

 

	7.1	 Share Incentive Plan 

The Company has established a share incentive option (the “ESOP”), under which the Company has reserved a total of 32,861,206
Class A Ordinary Shares for issuance to officers, directors, employees and consultants of the Company. Unless approved by the consent of the Board of Directors (including the approval of at least
two-thirds (2/3) of all Preferred Directors), all employees, officers, directors and consultants of the Company who shall purchase, or receive options to purchase, shares of the Company under the ESOP shall be
required to execute share purchase or option agreements on terms no less strict than the following: (i) vesting of shares over a four-year period since the date of commencement of services, with 25% of the shares vesting at the first
anniversary of the aforesaid date, and the remaining 75% of the shares vesting in equal monthly installments over the next thirty-six (36) months; and (ii) a
one-hundred eighty (180) day lockup period in connection with the Company’s IPO. Unless approved by the holders of a majority of the Ordinary Shares and the Super Preferred Majority Holders, no
acceleration shall be applicable to such vesting schedule. It is agreed by the Parties that as to the grant and vesting of no more than 5% of the ESOP Shares, all the Directors of the Board shall not unreasonably withhold their consents from voting
in favor of any resolutions regarding the ESOP Shares proposed by the Founder Parties. It is further agreed by the Parties that in January of each year, the Company has an option right to repurchase up to 20% of the then vested ESOP Shares in any
grantee’s (other than the Founders, chief executive officer and chief technology officer of the Group Companies) possession by using the funds out of up to 1% of the Company’s own cash/cash equivalents lawfully available therefor other
than any cash/cash equivalents obtained from any debt financing, at a price per share equal to that adopted in the Company’s most recent round of financing, provided that (a) the Company may only repurchase vested ESOP Shares from the
grantee (other than the Founders, chief executive officer and chief technology officer of the Group Companies) who has served at least two (2) years of employment or engagement with any Group Company, (b) approval of a resolution on such
repurchase requires consents of the majority of the votes of the Directors, and (c) all the ESOP Shares so repurchased shall be cancelled and reserved for issuance pursuant to the ESOP. Except for the estate planning, no Class A Ordinary
Shares subject to the vesting schedule in this Section 7.1 shall be transferrable prior to such vesting. The Company shall retain a “right of first refusal” on employee transfers until the Company’s IPO and the right to
repurchase unvested shares at cost in accordance with the Transaction Documents. 
  

	7.1A	 ESOP Expansion and Issuance 

The Parties expressly agree that in the event that, prior to December 31, 2022, the Company has either (A) completed a new bona fide
equity financing with (i) the post-money valuation of the Company in such round of equity financing being no less than US$3,000,000,000 and (ii) the total investment amount in such round of equity financing being no less than
US$150,000,000, or (B) completed a Qualified IPO, then Company shall further reserve up to 15,696,653 number of Class A Ordinary Shares in aggregate for issuance to officers, directors, employees and consultants of the Company pursuant to
the ESOP. 

  
 20 

	7.2	 Protective Provisions 

 

	 	(a)	 Acts Requiring Approval by Holders of Preferred Shares. 

So long as there are any Preferred Shares outstanding, in addition to any other vote or consent required elsewhere in this Agreement, the
Articles or by any applicable statute, each of the Company and the Group Companies hereby covenants and agrees that it shall not, and the Founder Parties shall procure that the Group Companies do not directly or indirectly, do any of the following
matters, without the approval of the affirmative vote of the Super Preferred Majority Holders (regardless if such matter would have to be approved by the Board, shareholders, or any other corporate body or organ) (for these purposes, references to
Company in this Section 7.2 shall mean the Company and/or any Group Company); provided that items (i) and (vi) shall require the prior written approval of (s) the Series E-3 Majority
Holders, where such matter(s) will affect any right, preference, privilege, obligation or restriction of the holders of Series E-3 Shares (other than such diminishment of right, preference and privilege
resulting solely from issuance of securities of the Company that ranks senior to Series E-3 Shares with a pre-money valuation of the Company higher than the post-money
valuation of the Company immediately after the Completion and which will not affect any holder of Series E-3 Shares in a disproportionate and adverse manner than the effect of such amendment or waiver on other
holders of Preferred Shares), (t) the Super Series E Majority Holders, where such matter(s) will affect any right, preference, privilege, obligation or restriction of the holders of Series E-1 Shares and/or
Series E-2 Shares (only with respect to the holders of Series E-1 Shares, other than such diminishment of right, preference and privilege resulting solely from issuance
of securities of the Company that ranks senior to Series E-1 Shares with a pre-money valuation of the Company higher than the post-money valuation of the Company
immediately after the Completion and which will not affect any holder of Series E-1 Shares in a disproportionate and adverse manner than the effect of such amendment or waiver on other holders of Preferred
Shares; and only with respect to holders of Series E-2 Shares, other than such diminishment of right, preference and privilege resulting solely from issuance of securities of the Company that ranks senior to
Series E-2 Shares with a pre-money valuation of the Company higher than the post-money valuation of the Company immediately after the Completion and which will not
affect any holder of Series E-2 Shares in a disproportionate and adverse manner than the effect of such amendment or waiver on other holders of Preferred Shares), (u) the Super Series D Majority Holders, where
such matter(s) will affect any right, preference, privilege, obligation or restriction of the holders of Series D Shares and/or Series D+ Shares (only with respect to the holders of Series D Shares, other than such diminishment of right, preference
and privilege resulting solely from issuance of securities of the Company that ranks senior to Series D Shares with a pre-money valuation of the Company higher than the post-money valuation of the Company
immediately after the Completion and which will not affect any holder of Series D Shares in a disproportionate and adverse manner than the effect of such amendment or waiver on other holders of Preferred Shares, and only with respect to the holders
of Series D+ Shares, other than such diminishment of right, preference and privilege resulting solely from issuance of securities of the Company that ranks senior to Series D+ Shares with a pre-money valuation
of the Company higher than the post-money valuation of the Company immediately after the Completion and which will not affect any holder of Series D+ Shares in a disproportionate and adverse manner than the effect of such amendment or waiver on
other holders of Preferred Shares), (v) the Series C Majority Holders, where such matter(s) will affect any right, preference, privilege, obligation or restriction of the holders of Series C Shares (other than such diminishment of right, preference
and privilege resulting solely from issuance of securities of the Company that ranks senior to Series C Shares with a pre-money valuation of the Company higher than the post-money valuation of the Company
immediately after the Completion and which will not affect any holder of Series C Shares in a disproportionate and adverse manner than the effect of such amendment or waiver on other holders of Preferred Shares), (w) the Series B+ Majority Holders,
where such matter(s) will affect any right, preference, privilege, obligation or restriction of the holders of Series B+ Shares (other than such diminishment of right, preference and privilege resulting solely from issuance of securities of the
Company that ranks senior to Series B+ Shares with a pre-money valuation of the Company higher than the post-money valuation of the Company immediately after the Completion and which will not affect any holder
of Series B+ Shares in a disproportionate and adverse manner than the effect of such amendment or waiver on other holders of Preferred Shares), (x) the Super Series B Majority Holders, where such matter(s) will affect any right, preference,
privilege, obligation or restriction of the holders of Series B Shares (other than such diminishment of right, preference and privilege resulting solely from issuance of securities of the Company that ranks senior to Series B Shares with a pre-money valuation of the Company higher than the post-money valuation of the Company immediately after the Completion and which will not affect any holder of Series B Shares in a disproportionate and adverse
manner than the effect of such amendment or waiver on other holders of Preferred Shares), and (y) the Super Series A Majority Holders, where such matter(s) will affect any right, preference, privilege, obligation or restriction of the holders
of Series A Shares (other than such diminishment of right, preference and privilege resulting solely from issuance of securities of the Company that ranks senior to Series A Shares with a pre-money valuation
of the Company higher than the post-money valuation of the Company immediately after the Completion and which will not affect any holder of Series A Shares in a disproportionate and adverse manner than the effect of such amendment or waiver on other
holders of Preferred Shares):  
 (i) any amendment or change of the rights, preferences, privileges or powers of, or the restrictions
provided for the benefit of, the Preferred Shares; 

  
 21 

 (ii) any action that authorizes, creates or issues, or obligates the Company to
authorize, create or issue, shares of any class of capital stock of the Company, or instruments that are convertible into shares, having preferences superior to or on a parity with the Preferred Shares; 

(iii) any share split, share consolidation or stock dividend or any action that reclassifies any outstanding shares of the Company; 

(iv) any increase or decrease or cancellation in the number of authorized or outstanding Ordinary Shares or Preferred Shares of the
Company or share capital of any other Group Company, or any issuance, distribution, purchase or redemption of any convertible security or warrant or any issuance of option, except for any such action under the terms of the ESOP or the redemption of
any Preferred Shares in accordance with their terms in the Articles; 
 (v) incurrence of indebtedness for money borrowed in excess of
US$300,000 per commitment or US$1,500,000 in the aggregate during any twelve (12) months’ period by any Group Company from any Person(s) (except for other Group Companies), or such higher amounts set by the Board (including the affirmative
votes of at least fifty percent (50%) of all Preferred Directors) according to the expansion of the Company’s business; 

  
 22 

 (vi) any adoption, amendment or waiver of any provision of the memorandum or articles of
association of the Company or similar organizational documents of any other Group Company; 
 (vii) the liquidation, dissolution or
winding up of any Group Company; 
 (viii) authorizing or consummating a Liquidation Event or authorizing or consummating the merger,
acquisition, reorganization, consolidation, business combination or similar transaction, or sale, conveyance or other disposition of all or substantially all of the assets or business, or exclusive licensing of all or substantially all of the
intellectual property, of any Group Company; 
 (ix) the declaration or payment of a dividend on the capital stock of any Group
Company; 
 (x) the redemption or repurchase of capital stock (including exercising the purchase option of the Company pursuant to
Section 6.2(b)), other than the redemption of any Preferred Shares in accordance with their terms in the Articles or repurchases from employees upon termination of employment at the employee’s original purchase price or pursuant to
contractual rights of first refusal under the ESOP plan duly approved by the Board; 
 (xi) any change to the size of the Board of
Directors of any Group Company or any change to the manner in which the directors of any Group Company are appointed; 
 (xii) any sale
of all or substantially all of any of the Group Company’s assets, goodwill or any material asset or undertaking of any Group Company, or any transaction resulting in a change of control of any Group Company; 

(xiii) any sale, transfer, or exclusive licensing to any third party any material patent, brand, copyright, trademark or any material
intellectual property of the Group Company; 
 (xiv) a public offering of or other listing of securities of the Company or its
subsidiaries (including the selection of any underwriter for such offering); 
 (xv) any termination of, unapproved amendment to or breach
of any contracts among the Group Companies designed to provide the Company with control over, and the ability to consolidate the financials statements of, direct or indirect subsidiaries and/or controlled entities, including without limitation the
Restructuring Documents; 
 (xvi) any amendment to the foregoing items; and 

(xvii) any agreement or commitment by any Group Company to do any of the foregoing items. 

  
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	 	(b)	 Acts Requiring Approval by at least two-thirds (2/3) of all Preferred
Directors. 

 For so long as certain Investors are entitled to designate the Preferred Directors, in addition to such
other limitations as may be provided herein or in the applicable laws, the Articles of the Company or any of the Company’s contractual obligations, the Company and the other Group Companies shall not, directly or indirectly take any of the
following actions, except with a majority of the votes of the Directors including affirmative votes of at least two-thirds (2/3) of all Preferred Directors: 

(i) the issuance of any securities by any Group Company (other than the Company) to any third party; 

(ii) amend or terminate the ESOP plan or approve any new equity-based compensation plan or any bonus or incentive plan; 

(iii) the issuance or reservation of Class A Ordinary Shares under the Company’s ESOP plan in excess of the total number of
Class A Ordinary Shares reserved under the ESOP as of the Completion, except for the issuance and reservation of Class A Ordinary Shares according to Section 7.1A hereof; 

(iv) appointment and change of Auditor of and any material change in the accounting policies, procedures or internal control of any Group
Company; 
 (v) entering into or amending any Related Party Transactions in excess of US$150,000, other than (a) the transactions
with COSMIC BLUE or any of its Affiliates to the extent not exceeding US$2,000,000 in the aggregate in any fiscal year, and (b) (x) the transactions with Tencent or any of its Affiliates with respect to service of email, wechat and network
cloud, and (y) other transactions with Tencent or any of its Affiliates to the extent not exceeding US$4,000,000 in the aggregate in any fiscal year; 

(vi) any increase in compensation of any employee of the Group Companies with monthly salary of at least RMB20,000 by more than forty
percent (40%) in a twelve 12 months’ period; 
 (vii) establish any committees (including a compensation committee), local boards
or agencies for managing any of the affairs of the Group Companies; 
 (viii) any other action that would materially affect the rights
or interests of Investors; 
 (ix) having any subsidiary that is not wholly owned by any Group Company; 

(x) any amendment to the foregoing items; and 

(xi) any agreement or commitment by any Group Company to do any of the foregoing items. 

Furthermore, for so long as certain Investors are entitled to designate the Preferred Directors, the Company and the other Group Companies
shall not, directly or indirectly, cease to conduct or carry on its Business substantially as now conducted by the Group Companies, change of any material part of its business or enter into business that is outside of the Business, except with a
majority of the votes of the Directors including affirmative votes of at least two-thirds (2/3) of all Preferred Directors. 

(c) Acts Requiring Approval by at least two-thirds (2/3) of all Preferred Directors other than KKR
Director. 

  
 24 

 For so long as certain Investors are entitled to designate the Preferred Directors, in
addition to such other limitations as may be provided herein or in the applicable laws, the Articles of the Company or any of the Company’s contractual obligations, the Company and the other Group Companies shall not, directly or indirectly
take any of the following actions, except with a majority of the votes of the Directors including affirmative votes of at least two-thirds (2/3) of all Preferred Directors other than KKR Director: 

(i) the creation of any new joint ventures or joint partnership; 

(ii) incurrence of capital expenditures exceeding US$300,000 per commitment or US$1,500,000 in the aggregate during twelve
(12) months’ period (or such higher amounts set by the Board according to the expansion of the Company’s business) outside of Board approved annual Budget; 

(iii) approving or amending the annual Budget; 

(iv) purchase or disposal of business or assets in excess of US$300,000 per commitment or US$1,500,000 in the aggregate during any twelve
(12) months’ period by any Group Company; 
 (v) extension by the any of the Group Companies of any loan or guarantee for
indebtedness in excess of US$100,000 per commitment or US$500,000 in the aggregate during any twelve (12) months’ period to any third party; 

(vi) equity investment in any third party with the amount of investment in excess of US$100,000 per commitment or US$500,000 in the
aggregate during any twelve (12) months’ period; 
 (vii) other transactions that is outside ordinary course of business and
involving an amount in excess of US$100,000 per commitment or US$500,000 in the aggregate during any twelve (12) months’ period or exclusive relationship; 

(viii) appointment or replacement of the CEO, CFO, COO and CTO of the Group Companies; 

(ix) initiate or settle any material litigation or arbitration; 

(x) any amendment to the foregoing items; and 

(xi) any agreement or commitment by any Group Company to do any of the foregoing items. 

 

	 	(d)	 Acts Requiring Approval by Holders of Ordinary Shares. 

So long as there are any Ordinary Shares outstanding (excluding the Ordinary Shares held by the Founder Parties), in addition to any other
vote or consent required elsewhere in this Agreement, the Articles or by any applicable statute, the Group Companies shall not, impose any additional restrictions or make amendment to existing restrictions which is detrimental to the holders of
Ordinary Shares (excluding the Founder Parties) (other than such diminishment of right, preference and privilege resulting solely from issuance of securities of the Company that ranks senior to Ordinary Shares with a
pre-money valuation of the Company higher than the post-money valuation of the Company immediately after the Completion and which will not affect any holder of Ordinary Shares in a disproportionate and adverse
manner than the effect of such amendment or waiver on other holders of Ordinary Shares (other than the Founder Parties)), except with the written consent of the holders of at least two-thirds (2/3) of the then
outstanding Ordinary Shares (excluding the Ordinary Shares held by the Founder Parties), voting as a separate class. 

  
 25 

	7.3	 Tencent Restricted Person Transaction 

Notwithstanding any other provision to the contrary in this Agreement, the Articles and other Transaction Documents, and in addition to any
other rights available to Tencent under the Transaction Documents, prior to any IPO, for so long as Tencent, together with its Affiliates, hold all the Shares it acquired at the Completion (as defined in the Series
E-2 Share Subscription Agreement),  
 (a) without the prior written consent of Tencent,
(i) the Company shall not, and the Shareholders of the Company shall not permit the Company to, propose, issue or agree to issue any Equity Securities or other securities of the Company, and each other Group Company shall not propose, issue or
agree to issue any Equity Securities or other securities in such Group Company, to any Tencent Restricted Person, and (ii) except as provided in Section 7.3(b), no Founder Party (with respect to both the Ordinary Shares and
Preferred Shares held by it) and/or its permitted assigns may directly or indirectly, sell, assign, transfer, pledge, hypothecate, mortgage, encumber or otherwise dispose through one or a series of transactions any Equity Securities of the Company
or any other Group Company held by it to any Tencent Restricted Person, and no Group Company shall recognize, register or effect such sale, assignment, transfer, pledge, hypothecation, mortgage, encumbrance or other disposal;  

(b) in the event that any Shareholder (including its successors and permitted assignees) other than the Founder Holdcos (a “Tencent
Restricted Person Transferor”) proposes to transfer any Shares (the “Tencent Restricted Person Transfer Shares”) to any Tencent Restricted Person (the “Tencent Restricted Person Share Transfer”), such
Tencent Restricted Person Transferor must deliver a written notice (the “Tencent Restricted Person Share Transfer Notice”) to Tencent. Such Tencent Restricted Person Share Transfer Notice shall contain the material terms and
conditions of the Tencent Restricted Person Share Transfer, including without limitation a description of the Tencent Restricted Person Transfer Shares that such Tencent Restricted Person Transferor proposes to transfer, and the identity of the
prospective transferee. Tencent shall have the right for a period of ten (10) Business Days after receipt of the Tencent Restricted Person Share Transfer Notice (the “Tencent’s Option Period of Share Transfer”) to
elect to purchase all but not less than all of such Tencent Restricted Person Transfer Shares at the same price and on the same terms and conditions as specified in the Tencent Restricted Person Share Transfer Notice, by notifying such Tencent
Restricted Person Transferor and the Company in writing before expiration of the Tencent’s Option Period of Share Transfer (the “Tencent’s Option of Share Transfer”). The closing of the purchase of the Tencent Restricted
Person Transfer Shares by Tencent shall take place, and the consideration payable by Tencent for the Tencent Restricted Person Transfer Shares shall have been delivered to the applicable Tencent Restricted Person Transferor(s), by sixty
(60) Business Days after delivery of the notice by Tencent to the applicable Tencent Restricted Person Transferor(s) for exercising the Tencent’s Option of Share Transfer. 

  
 26 

 (c) Without limiting the generality of the foregoing, if any proposal to transfer any Shares
to any Tencent Restricted Person by any Founder Holdco constitutes a Liquidation Event, by itself or together with transfer of Shares by other Shareholders, such transfer by such Founder Holdco shall not be subject to Section 7.3(a)(ii),
provided that: 
 (i) all of the Shares proposed to be transferred by the Shareholders other than the Founder Holdcos shall be
subject to Tencent’s Option of Share Transfer as set out in Section 7.3(b) above; and, 
 (ii) all of the Shares
proposed to be transferred by the Founder Holdcos shall be subject to the Right of First Refusal set forth in Section 6.2(b) to Section 6.2(e). If, following the Re-allotment Exercise
Period, the Company and the Eligible Holders (including, for the avoidance of doubt, Tencent) have not fully exercised their Right of First Refusal and (if any) re-allotment right to purchase all of the
Transfer Shares pursuant to the terms of Section 6.2, the Transferor(s) shall give to Tencent an additional written notice (the “Tencent Additional Re-allotment Notice”) which
shall include the same information as required in the Additional Transfer Notice and identify the portion of the remaining Transfer Shares which have not been purchased by the Company and/or Eligible Holders (the “Tencent Re-allotment Shares”), and Tencent shall have the right to elect to purchase all but not less than all of the Tencent Reallotment Shares at the same price and on the same terms and conditions as specified
in the Tencent Additional Re-allotment Notice, exercisable by delivery of written confirmation to the Transferor(s) within ten (10) calendar days after receipt of the Tencent Additional Re-allotment Notice; provided that, 
 (x) if the Prospective Transferee is both a Tencent
Restricted Person and a COSMIC BLUE Restricted Person during the COSMIC BLUE Restricted Period, then the Tencent Re-allotment Shares shall be allocated between COSMIC BLUE and Tencent based on the ratio of the
number of Class A Ordinary Shares held by COSMIC BLUE and Tencent on an as-converted basis, or otherwise mutually agreed upon by COSMIC BLUE and Tencent; and 

(y) the closing of the purchase of the Tencent Re-allotment Shares by Tencent and/or COSMIC BLUE
(as the case may be) shall take place, and the consideration payable by Tencent and/or COSMIC BLUE (as the case maybe) for the Tencent Re-allotment Shares shall have been delivered to the Founder Holdcos, by
sixty (60) Business Days after delivery of the notice by Tencent and/or COSMIC BLUE (as the case may be) to the applicable Founder Holdcos. 

(d) in the event the Company proposes a sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of
related transactions, by the Company or any Group Company of all or substantially all of the assets and/or intellectual property and/or business of the Company (or of all of the Group Companies taken as a whole) (the “Tencent Restricted
Person Transfer Assets”) to any Tencent Restricted Person (the “Tencent Restricted Person Asset Transfer”), the Company must deliver a written notice (the “Tencent Restricted Person Asset Transfer Notice”)
to Tencent. Such Tencent Restricted Person Asset Transfer Notice shall contain the material terms and conditions of the Tencent Restricted Person Asset Transfer, including without limitation a description of the Tencent Restricted Person Transfer
Assets that the Company proposes to transfer, and the identity of the prospective transferee. Tencent shall have the right for a period of twenty (20) Business Days after receipt of the Tencent Restricted Person Asset Transfer Notice (the
“Tencent’s Option Period of Asset Transfer”) to elect to purchase all but no less than all of such Tencent Restricted Person Transfer Assets at the same price and on the same terms and conditions as specified in the
Tencent Restricted Person Asset Transfer Notice, by notifying the Company in writing before expiration of the Tencent’s Option Period of Asset Transfer (the “Tencent’s Option of Asset Transfer”), provided that, the
closing of the purchase of the Tencent Restricted Person Transfer Assets by Tencent shall take place, and the consideration payable by Tencent for the Tencent Restricted Person Transfer Assets shall have been delivered to the applicable Group
Companies, by sixty (60) Business Days after delivery of the notice by Tencent to the applicable Group Companies for exercising the Tencent’s Option of Asset Transfer.  

  
 27 

	7.4	 Meetings of the Board 

Unless otherwise determined by the vote of all of the directors then in office, the Board shall meet at least quarterly within the following
two weeks of such relevant quarter in each calendar year, subject to such notice requirement set forth in Article 69 of the Articles. 
  

	7.5	 Successor Indemnification 

In the event that the Company or any of its successors or assignees (i) consolidates with or merges into any other entity and shall not
be the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers or conveys all or substantially all of its properties and assets or business, or exclusive licensing of all or substantially all of its
intellectual property, to any person or entity, then, and in each such case, to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to
indemnification of members of the Board as in effect immediately prior to such transaction, whether in the Company’s Articles or elsewhere, as the case may be. 
  

	7.6	 Employee Agreements 

The Company shall cause (i) all the Key Employees to enter into non-competition, non-solicitation, confidentiality, proprietary information and invention assignment agreements in substantially the form satisfactory to the Series E-3 Investors; each in the
forms attached to the Series E-3 Purchase Agreement as Exhibit G, Exhibit H-1 and Exhibit H-2; (ii) all the
employees and consultants of any Group Company, except for the Key Employees, to enter into a confidentiality, proprietary information agreement. 
  

	7.7	 Most Favoured Investor 

In the event before the Completion, that the Company and/or the Founder Parties grant or have granted any other Person in the capacity of the
holder of any Equity Securities of any Group Company any rights, privileges or protections more favorable than those granted to the Series E-3 Investors (except for (i) any rights, privileges or
protections granted to any Person under the Transaction Documents, and (ii) any rights, privileges or protections having no further force or effect upon or immediately after the Completion, such as those granted under the Prior
Shareholders’ Agreement), the Series E-3 Investors shall, solely with respect to the Series E-3 Shares held by them, be automatically entitled to the same rights,
privileges or protections pari passu with such other Persons. 

  
 28 

 In the event that before the Completion, the Company and/or the Founder Parties grant or
have granted any other Person in the capacity of the holder of any Equity Securities of any Group Company any rights, privileges or protections more favorable than those granted to the Prior Investors (except for (i) any rights, privileges or
protections granted to any Person under the Transaction Documents, and (ii) any rights, privileges or protections having no further force or effect upon or immediately after the Completion, such as those granted under the Prior
Shareholders’ Agreement), the Prior Investors shall, solely with respect to the Preferred Shares held by them, each at their option, be entitled to the same rights, privileges or protections pari passu with such other Persons. 

 

	7.8	 Option to Purchase Equity Interest in the Domestic Company 

The Parties hereby acknowledge and agree that, as part of the consideration for each Investor’s investment in the Company and for other
valuable consideration, each of the Investors shall have an option, exercisable at its sole discretion respectively by giving notice to the Company of its intention to so exercise at any time after the Completion, to designate an Affiliate which
shall be a PRC resident, to purchase certain fully paid-up equity interest of the Domestic Company from the then shareholders of the Domestic Company, and the Founder Parties and Group Companies shall cause
the then shareholders of the Domestic Company to transfer such fully paid-up equity interest of the Domestic Company to such Investor or its designated Affiliate, for an aggregate nominal consideration of RMB
1, so that such Investor shall hold the same shareholding percentage in the Domestic Company as it does in the Company. The Parties shall take or cause to be taken all actions, to do or cause to be done, and to assist and cooperate with the other
Parties in doing, all things and execute all instruments necessary, proper or advisable under applicable laws or otherwise to consummate and make effective the addition of such Investor (if it is a PRC resident) or its Affiliate as an equity holder
in the Domestic Company in accordance with this Section 7.8. If such Investor or its Affiliate incurs any taxes or any other costs and expenses in connection with the transaction contemplated under this Section 7.8, then the
Company and its Affiliates shall bear sole responsibility for such taxes and/or costs and expenses on behalf of such Investor and/or its Affiliate. 
  

	7.9	 No Investment in Company Restricted Person 

Notwithstanding any other provision to the contrary contained herein, as long as COSMIC BLUE and/or its Affiliates hold any Shares in the
Company, in the event COSMIC BLUE and/or its Affiliates directly or indirectly hold any Equity Securities in any Company Restricted Person (occurrence of such holding, the “COSMIC BLUE Trigger Event”) during the COSMIC BLUE
Restricted Period, then: 
 (a) COSMIC BLUE shall notify the Company of the COSMIC BLUE Trigger Event within five (5) Business Days
thereafter; and 
 (b) the provisions under Section 4.1(d) and Section 6.2(f) shall automatically terminate and be of no
force upon the COSMIC BLUE Trigger Event. 
  

	7.10	 Business Restriction to YUAN 

Notwithstanding any other provision to the contrary contained herein, as long as YUAN and/or its Affiliates hold any Shares in the Company,
YUAN and/or its Affiliates shall not, without the prior written consent of the Company, directly or indirectly hold any Equity Securities in (i) any Person which operates any of the businesses under the brand name of
“***************”, and/or (ii) any Affiliate of such Person.  

  
 29 

	7.11	 Tax Matters 

(i) The Company shall not, without the written consent of Super Preferred Majority Holders, issue or transfer securities in the Company to any
investor if following such issuance or transfer, the Company, in the determination of counsel or accountants for any Investor, would be a “Controlled Foreign Corporation” (“CFC”) as defined in the U.S. Internal Revenue
Code of 1986, as amended (or any successor thereto) (the “Code”) with respect to the securities held by such investor. No later than two (2) months following the end of each Company taxable year, the Company shall provide the
following information to each Investor: (i) the Company’s capitalization table as of the end of the last day of such taxable year and (ii) a report regarding the Company’s status as a CFC. In addition, the Company shall provide
each Investor with access to such other Company information as may be necessary for such Investor to determine the Company’s status as a CFC and to determine whether such Investor or any of such Investor’s partners is required to report
its pro rata portion of the Company’s “Subpart F income” (as defined in Section 952 of the Code) on its United States federal income tax return, or to allow such Investor or such Investor’s partners to otherwise comply with
applicable United States federal income tax laws. For purposes of this Section 7.11(i) and Section 7.11(ii) below, (i) the term “Investor’s partners” shall mean such Investor’s partners and/or members and any
direct or indirect equity owners of such partners and/or members, and (ii) the “Company” shall mean the Company and any of its direct or indirect subsidiaries. The Company shall make due inquiry with its tax advisors on at least an
annual basis regarding its status as a CFC and regarding whether any portion of the Company’s income is Subpart F income. In the event that the Company is determined by the Company’s tax advisors to be a CFC with respect to the securities
held by any Investor, the Company agrees to use commercially reasonable efforts to avoid generating Subpart F income. In the event that the Company is determined by the Company’s tax advisors to be a CFC with respect to the securities held by
any Investor, the Company agrees, to the extent permitted by law, to annually make dividend distributions to such Investor in an amount equal to 50% of any income deemed distributed to any Investor pursuant to Section 951(a) of the Code had
such Investor been a “United States person” as such term is defined in Section 7701(a)(30) of the Code. 
 (ii) The Company
will not be at any time during the calendar year in which the Completion occurs a “passive foreign investment company” within the meaning of Section 1297 of the Code (a “PFIC”). The Company shall use its best efforts
to avoid being a PFIC. The Company shall make due inquiry with its tax advisors if requested by any Investor regarding its status as a PFIC, and if the Company is informed by its tax advisors that it has become a PFIC, or that there is a likelihood
of the Company being classified as a PFIC for any taxable year, the Company shall promptly notify such Investor of such status or risk, as the case may be. In connection with a “Qualified Electing Fund” election made by any Investor or any
of such Investor’s partners pursuant to Section 1295 of the Code or a “Protective Statement” filed by such Investor or any of such Investor’s partners pursuant to Treasury Regulation
Section 1.1295-3, as amended (or any successor thereto), if requested by such Investor, the Company shall provide annual financial information to such Investor in the form satisfactory to such Investor as
soon as reasonably practicable following the end of each taxable year of such Investor (but in no event later than 90 days following the end of each such taxable year), and shall provide such Investor with access to such other Company information as
may be required for purposes of filing U.S. federal income tax returns in connection with such Qualified Electing Fund election or Protective Statement. 

  
 30 

 (iii) The Company shall take such actions, including making an election to be treated as a
corporation or refraining from making an election to be treated as a partnership, as may be required to ensure that at all times the Company is treated as corporation for United States federal income tax purposes. 

(iv) The Company shall make due inquiry with its tax advisors if requested by any Investor regarding whether such Investor’s interest in
the Company is subject to the reporting requirements of either or both of Sections 6038 and 6038B (and the Company shall duly inform such Investor of the results of such determination), and in the event that the Company’s tax advisors determine
that such Investor’s interest in the Company is subject to any such reporting requirements, the Company agrees, upon a request from such Investor, to provide such information to such Investor as may be necessary to fulfill such Investor’s
obligations thereunder. 
  

	7.12	 Compliance 

The Company shall not, and shall procure that none of the Group Companies nor any of their respective directors, officers, employees, agents
or other Persons acting on their behalf (the “Relevant Persons”) shall: 
  

	 	(a)	 take any action in violation of any Anti-Corruption Laws or undertake or cause to be undertaken any
Anti-Corruption Prohibited Activity; 

  

	 	(b)	 engage in any dealings or transactions with or for the benefit of any Sanctioned Person or otherwise violate
Sanctions; 

  

	 	(c)	 directly or indirectly loan, use, contribute or otherwise make available to any Sanctioned Person any proceeds
of any Investor’s investment in the Company or its Subsidiaries; 

  

	 	(d)	 violate any Anti-Corruption Laws or Anti-Money Laundering Laws; or 

 

	 	(e)	 invest any earnings from criminal activities in the Company or any other Group Company 

 

	7.13	 Government Officials 

No Government Official shall: (i) hold an ownership or other economic interest, direct or indirect, in the Equity Securities of any Group
Company held by the Founder Parties or in the contractual relationship formed by this Agreement or (ii) serve as an officer, director or employee of any Group Company. 
  

	7.14	 Books and Records 

As soon as practical after the Completion, the Company shall, and shall procure that the Subsidiaries shall, establish and maintain their
books and records, and prepare their periodic statements of accounts, in accordance with IFRS or US GAAP. 

  
 31 

	7.15	 Ethical Business Practices 

The Company shall undertake to conduct, and confirm in writing that the Company and all the other Group Companies and their respective
Relevant Persons have always conducted, their business in compliance with all ethical business practices including confirming continued compliance with Sections 7.11 to 7.15 hereof. 

 

	7.16	 Notification of Breaches 

If the Company becomes aware of any actual or suspected breach of any Anti-Corruption Laws, Anti-Money Laundering Laws, Sanctions or the
provisions of Sections 7.11 to 7.14 by any Group Company or any of their respective Relevant Persons, the Company shall promptly notify the Investors in writing setting out full details of the matter. 

 

	7.17	 No Violation of Laws 

Notwithstanding anything to the contrary in this Agreement, no Investor shall be required by this Agreement or the Articles to take any
action, or omit to take any action, that such Investor believes would cause it to be in violation of Anti-Corruption Laws or Sanctions or any other Laws (including Export Control Laws or Anti-Money Laundering Laws) applicable to it. 

 

	7.18	 Termination of Covenants 

The covenants set forth in this Section 7 (other than Sections 7.11 to 7.16) shall terminate and be of no further
force or effect immediately prior to the consummation of an initial public offering; provided, for the avoidance of doubt, that the rights set forth in Section 7.3 shall terminate immediately prior to the consummation of an IPO. 

 

	8.	 MISCELLANEOUS 

 

	8.1	 Governing Law 

This Agreement shall be governed by and construed in accordance with the laws of Hong Kong, without giving effect to any principles of
conflicts of laws. 
  

	8.2	 Counterparts 

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. This Agreement may also be executed and delivered by electronic PDF, facsimile, email transmission, scanned copies or other electronic form of signature and in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. 
  

	8.3	 Interpretation 

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 headings and subheadings used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

  
 32 

	8.4	 Notices 

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five
(5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification
of receipt. All communications shall be sent to the respective parties at their address, or to such email address, facsimile number or address as set forth on Schedule 2 hereto or as subsequently modified by written notice given in accordance
with this Section 8.4. 
  

	8.5	 Costs of Enforcement 

If any party to this Agreement seeks to enforce its rights under this Agreement by legal proceedings, the
non-prevailing party shall pay all costs and expenses incurred by the prevailing party, including, without limitation, all reasonable legal adviser’s fees. 

  
 33 

	8.6	 Amendments and Waivers 

Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the written consent of (i) the Company, (ii) the Founders, and (iii) the Super Preferred Majority Holders; provided that, any amendment or waiver that affects any
holder of Preferred Shares in a disproportionate and adverse manner than the effect of such amendment or waiver on other holders of Preferred Shares shall require the written consent of the holder so disproportionately and adversely affected;
provided further that, (r) any amendment or waiver that affects any right, preference, privilege, obligation or restriction of the holders of Series E-3 Shares (other than such diminishment of
right, preference and privilege resulting solely from issuance of securities of the Company that ranks senior to Series E-3 Shares with a pre-money valuation of the
Company higher than the post-money valuation of the Company immediately after the Completion and which will not affect any holder of Series E-3 Shares in a disproportionate and adverse manner than the effect
of such amendment or waiver on other holders of Preferred Shares) shall require the written consent of the Series E-3 Majority Holders, (s) any amendment or waiver that affects any right, preference,
privilege, obligation or restriction of the holders of Series E-1 Shares and/or Series E-2 Shares (only with respect to the holders of Series E-1 Shares, other than such diminishment of right, preference and privilege resulting solely from issuance of securities of the Company that ranks senior to Series E-1 Shares
with a pre-money valuation of the Company higher than the post-money valuation of the Company immediately after the Completion and which will not affect any holder of Series
E-1 Shares in a disproportionate and adverse manner than the effect of such amendment or waiver on other holders of Preferred Shares; and only with respect to the holders of Series E-2 Shares, other than such diminishment of right, preference and privilege resulting solely from issuance of securities of the Company that ranks senior to Series E-2 Shares
with a pre-money valuation of the Company higher than the post-money valuation of the Company immediately after the Completion and which will not affect any holder of Series
E-2 Shares in a disproportionate and adverse manner than the effect of such amendment or waiver on other holders of Preferred Shares) shall require the written consent of the Super Series E Majority Holders,
(t) any amendment or waiver that affects any right, preference, privilege, obligation or restriction of the holders of Series D Shares and/or Series D+ Shares (only with respect to the holders of Series D Shares, other than such diminishment of
right, preference and privilege resulting solely from issuance of securities of the Company that ranks senior to Series D Shares with a pre-money valuation of the Company higher than the post-money valuation
of the Company immediately after the Completion and which will not affect any holder of Series D Shares in a disproportionate and adverse manner than the effect of such amendment or waiver on other holders of Preferred Shares, and only with respect
to the holders of Series D+ Shares, other than such diminishment of right, preference and privilege resulting solely from issuance of securities of the Company that ranks senior to Series D+ Shares with a
pre-money valuation of the Company higher than the post-money valuation of the Company immediately after the Completion and which will not affect any holder of Series D+ Shares in a disproportionate and
adverse manner than the effect of such amendment or waiver on other holders of Preferred Shares) shall require the written consent of the Super Series D Majority Holders, (u) any amendment or waiver that affects any right, preference,
privilege, obligation or restriction of the holders of Series C Shares (other than such diminishment of right, preference and privilege resulting solely from issuance of securities of the Company that ranks senior to Series C Shares with a pre-money valuation of the Company higher than the post-money valuation of the Company immediately after the Completion and which will not affect any holder of Series C Shares in a disproportionate and adverse
manner than the effect of such amendment or waiver on other holders of Preferred Shares) shall require the written consent of the Series C Majority Holders, (v) any amendment or waiver that affects any right, preference, privilege, obligation
or restriction of the holders of Series B+ Shares (other than such diminishment of right, preference and privilege resulting solely from issuance of securities of the Company that ranks senior to Series B+ Shares with a pre-money valuation of the Company higher than the post-money valuation of the Company immediately after the Completion and which will not affect any holder of Series B+ Shares in a disproportionate and adverse
manner than the effect of such amendment or waiver on other holders of Preferred Shares) shall require the written consent of the Series B+ Majority Holders, (w) any amendment or waiver that affects any right, preference, privilege, obligation
or restriction of the holders of Series B Shares (other than such diminishment of right, preference and privilege resulting solely from issuance of securities of the Company that ranks senior to Series B Shares with a
pre-money valuation of the Company higher than the post-money valuation of the Company immediately after the Completion and which will not affect any holder of Series B Shares in a disproportionate and adverse
manner than the effect of such amendment or waiver on other holders of Preferred Shares) shall require the written consent of the Super Series B Majority Holders, (x) any amendment or waiver that affects any right, preference, privilege,
obligation or restriction of the holders of Series A Shares (other than such diminishment of right, preference and privilege resulting solely from issuance of securities of the Company that ranks senior to Series A Shares with a pre-money valuation of the Company higher than the post-money valuation of the Company immediately after the Completion and which will not affect any holder of Series A Shares in a disproportionate and adverse
manner than the effect of such amendment or waiver on other holders of Preferred Shares) shall require the written consent of the Super Series A Majority Holders, and (y) any amendment of restrictions that is detrimental to the holders of
Ordinary Shares (excluding the Founder Parties) (other than such diminishment of right, preference and privilege resulting solely from issuance of securities of the Company that ranks senior to Ordinary Shares with a
pre-money valuation of the Company higher than the post-money valuation of the Company immediately after the Completion and which will not affect any holder of Ordinary Shares in a disproportionate and adverse
manner than the effect of such amendment or waiver on other holders of Ordinary Shares (other than the Founder Parties)), shall require the written consent of the holders of at least two-thirds (2/3) of the
then outstanding Ordinary Shares (excluding the Ordinary Shares held by the Founder Parties), voting as a separate class. Notwithstanding the foregoing, the observance of any specific right expressly granted to any Investor (other than those granted
to it in its capacity as a holder of a certain series of Preferred Shares) may not be waived without the prior written consent of such Investor and any amendment or change of any rights or obligations of any Investor (to the extent any provision
applies specifically in respect of such Investor and such Investor is specifically named in connection with such right or obligation in this Agreement) shall require the prior written consent of such Investor. Any amendment or waiver effected in
accordance with this paragraph shall be binding upon each holder of any Registrable Securities then outstanding, each future holder of all such Registrable Securities and the Company. The Company shall give prompt written notice of any amendment or
termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination or waiver. Any amendment, termination or waiver effected in accordance with this Section 8.6 shall be binding on
all Parties hereto, even if they do not execute such consent. No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of
any such term, condition or provision. Notwithstanding the foregoing, (i) any amendment to (A) the definition of Qualified IPO in this Agreement or in the Articles, (B) the Series E-3 Preference
Amount (as defined in the Articles), (C) the definition of Series E-3 Majority Holders in this Agreement or in the Articles, or (D) this clause (i), shall in each case also require the prior written
consent of the Series E-3 Majority Holders; (ii) any amendment to (A) the Series E-2 Preference Amount or Series E-1
Preference Amount (as defined in the Articles), (B) the definition of Super Series E Majority Holders in this Agreement or in the Articles, or (C) this clause (ii), shall in each case also require the prior written consent of the Super Series E
Majority Holders; (iii) any amendment to (A) the Series D Preference Amount or the Series D+ Preference Amount (as defined in the Articles), (B) the definition of Super Series D Majority Holders in this Agreement or in the Articles, or
(C) this clause (iii), shall in each case also require the prior written consent of the Super Series D Majority Holders; (iv) any amendment to (A) the Series C Preference Amount (as defined in the Articles), (B) the definition of
Series C Majority Holders in this Agreement or in the Articles, or (C) this clause (iv), shall in each case also require the prior written consent of the Series C Majority Holders; (v) any amendment to (A) the Series B+ Preference
Amount (as defined in the Articles), (B) the definition of Series B+ Majority Holders in this Agreement or in the Articles, or (C) this clause (v), shall in each case also require the prior written consent of the Series B+ Majority
Holders;.(vi) any amendment to (A) the Series B Preference Amount (as defined in the Articles), (B) the definition of Super Series B Majority Holders in this Agreement or in the Articles, or (C) this clause (vi), shall in each case also
require the prior written consent of the Super Series B Majority Holders; and (vii) any amendment to (A) the Series A Preference Amount (as defined in the Articles), (B) the definition of Super Series A Majority Holders in this Agreement
or in the Articles, or (C) this clause (vii), shall in each case also require the prior written consent of the Super Series A Majority Holders. 

  
 34 

	8.7	 Severability 

The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. In
such event, the Parties shall use best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement in respect of the severed provisions, which most closely effects the parties’ intent in entering into this
Agreement. 

  
 35 

	8.8	 Aggregation of Shares 

All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the
availability of any rights under this Agreement. 
  

	8.9	 Entire Agreement 

This Agreement (including the Schedules and Exhibits hereto, if any) and other Transaction Documents constitutes the full and entire
understanding and agreement between the Parties with respect to the subject matter hereof and thereof, and any other written or oral agreement relating to the subject matter hereof and thereof existing between the Parties (including without
limitation to the Prior Shareholders’ Agreement) are expressly canceled; provided, however, that nothing in this Agreement or related agreements shall be deemed to terminate or supersede the provisions of any confidentiality and
nondisclosure agreements executed by the Parties prior to the date of this Agreement, which agreements shall continue in full force and effect until terminated in accordance with their respective terms. 

 

	8.10	 Transfers, Successors and Assignees 

(a) Unless provided otherwise in this Agreement, this Agreement, and the rights and obligations hereunder, shall not be assigned without the
mutual written consents of the Investors and the Company; provided that each of the Investors may assign its rights and obligations in connection with a Transfer of Equity Securities of the Company in accordance with this Agreement but only to the
extent of such Transfer. The terms and conditions of this Agreement shall insure to the benefit of and be binding upon the respective successors and assignees of the Parties. 

(b) Each transferee or assignee of the Shares subject to this Agreement shall continue to be subject to the terms hereof, and, as a condition
to the Company’s recognizing such transfer, each transferee or assignee shall agree in writing to be subject to each of the terms of this Agreement by executing and delivering an Assumption Agreement substantially in the form attached hereto as
Exhibit C. Upon the execution and delivery of an Assumption Agreement by any transferee, such transferee shall be deemed to be a Party hereto as if such transferee’s signature appeared on the signature pages of this Agreement. By
execution of this Agreement or of any Assumption Agreement, each of the Parties appoints the Company as its attorney in fact for the purpose of executing any Assumption Agreement that may be required to be delivered under the terms of this
Agreement. The Company shall not permit the transfer of the Shares subject to this Agreement on its books or issue a new certificate representing any such Shares unless and until such transferee shall have complied with the terms of this
Section 8.10. Each certificate representing the Shares subject to this Agreement if issued on or after the date of this Agreement shall be endorsed by the Company with the legend set forth in
Section 8.11.     
 (c) Nothing in this Agreement, express or implied, is intended to confer upon any party
other than the Parties or their respective executors, administrators, heirs, successors and assignees any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

  
 36 

	8.11	 Additional Parties 

Notwithstanding anything to the contrary contained herein, if the Company issues additional Series E-3
Shares pursuant to the Warrant (as defined in the Series E-3 Purchase Agreement) after the date hereof, as a condition to the issuance of such shares, the Company shall require that any purchaser of such
Series E-3 Shares become a party to this Agreement by executing and delivering the Assumption Agreement substantially in the form attached hereto as Exhibit C. In such event, each such person shall
thereafter be deemed an Investor and Series E-3 Investor for all purposes under this Agreement. 
  

	8.12	 Legend 

(a) Each certificate representing Shares of a Founder Holdco issued by the Company shall be endorsed with the following legend: 

THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO, AND IN CERTAIN CASES PROHIBITED
BY, THE TERMS AND CONDITIONS OF A CERTAIN SHAREHOLDERS’ AGREEMENT (AS AMENDED FROM TIME TO TIME) BY AND AMONG THE SHAREHOLDER, THE COMPANY AND CERTAIN OTHER HOLDERS OF SHARES OF THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN
REQUEST TO THE SECRETARY OF THE COMPANY. 
 (b) The Founders agree that the Company may instruct its transfer agent to impose transfer
restrictions on the shares represented by certificates bearing the legend referred to in Section 8.12(a) above to enforce the provisions of this Agreement, and the Company agrees to promptly do so. The legend shall be removed upon
termination of this Agreement at the request of the holder. 
  

	8.13	 Dispute Resolution 

(a) Any dispute, controversy or claim arising out of or relating to this Agreement, or the interpretation, breach, termination or validity
hereof, shall first be subject to resolution through consultation of the parties to such dispute, controversy or claim. Such consultation shall begin within seven (7) days after one Party hereto has delivered to the other Parties involved a
written request for such consultation. If within thirty (30) days following the commencement of such consultation the dispute cannot be resolved, the dispute shall be submitted to arbitration upon the request of any Party with notice to the
other Parties. 
 (b) The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre
(the “HKIAC”). There shall be three (3) arbitrators. The complainant and the respondent to such dispute shall each select one (1) arbitrator within thirty (30) days after giving or receiving the demand for
arbitration. Such arbitrators shall be freely selected, and the Parties shall not be limited in their selection to any prescribed list. The Chairman of the HKIAC shall select the third arbitrator. If either party to the arbitration does not appoint
an arbitrator who has consented to participate within thirty (30) days after selection of the first arbitrator, the relevant appointment shall be made by the Chairman of the HKIAC. 

  
 37 

 (c) The arbitration proceedings shall be conducted in English. The arbitration tribunal
shall apply the Arbitration Rules of the HKIAC in effect at the time of the arbitration. However, if such rules are in conflict with the provisions of this Section 8.13, including the provisions concerning the appointment of arbitrators,
the provisions of this Section 8.13 shall prevail. 
 (d) Each Party hereto shall cooperate with any party to the dispute in
making full disclosure of and providing complete access to all information and documents requested by such party in connection with such arbitration proceedings, subject only to any confidentiality obligations binding on the Party receiving the
request. 
 (e) The award of the arbitration tribunal shall be final and binding upon the disputing parties, and any party to the dispute
may apply to a court of competent jurisdiction for enforcement of such award. 
 (f) Any party to the dispute shall be entitled to seek
preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the arbitral tribunal. 
  

	8.14	 Delays or Omissions 

No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach or default of any
other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting party nor shall it be construed to be a waiver of
any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter
occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of 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 law or otherwise afforded to any party, shall be cumulative and not alternative. 

 

	8.15	 Conflict with Articles of Association 

In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of the Company’s Articles or
other constitutional documents, the terms of this Agreement shall prevail as among the shareholders of the Company only. The Investors, the Angel Parties and the Founder Parties shall, notwithstanding the conflict or inconsistency, act so as to
effect the intent of this Agreement to the greatest extent possible under the circumstances and shall promptly amend the conflicting constitutional documents to conform to this Agreement to the greatest extent possible. 

 

	8.16	 Holding Companies 

The Founders shall procure the relevant Founder Holdcos controlled by them to fully comply with and perform all of the obligations, covenants,
undertakings and commitments of such Founder Holdcos under this Agreement. 
  

	8.17	 Termination of Prior Shareholders’ Agreement 

This Agreement supersedes and replaces the Prior Shareholders’ Agreement in its entirety, and such Prior Shareholders’ Agreement
shall be of no further force or effect upon execution of this Agreement by the parties required to amend and restate the Prior Shareholders’ Agreement hereto. Each of the Parties that is a party to the Prior Shareholders’ Agreement hereby
expressly consents and agrees that this replacement of the Prior Shareholders’ Agreement has been duly approved by the requisite parties to the Prior Shareholders’ Agreement sufficient to constitute a valid replacement of the Prior
Shareholders’ Agreement that is binding on all parties to the Prior Shareholders’ Agreement. 
 – EXECUTION PAGES FOLLOW
– 

  
 38 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of the date first
written above. 
  

							
	COMPANY:	 		 	Spark Education Limited
				
		 		 	 By:
	 	 /s/ Luo Jian (罗剑)

		 		 	Name: Luo Jian (罗剑)
		 		 	Title: Director
			
	HK CO:	 		 	Spark Education (Hongkong) Limited
				
		 		 	By:	 	 /s/ Luo Jian (罗剑)

		 		 	Name: Luo Jian (罗剑)
		 		 	Title: Director
			
	BEIJING WFOE:	 		 	 Beijing Spark Education and Technology co., Ltd.

(北京火花思维教育科技有限公司)

				
		 		 	By:	 	 /s/ Luo Jian (罗剑)

		 		 	Name: Luo Jian (罗剑)
		 		 	Title: Legal Representative
			
		 		 	Affix Seal:
			
	TIANJIN WFOE:	 		 	 Tianjing Spark Education and Technology co., Ltd.

(天津火花思维教育科技有限公司)

				
		 		 	By:	 	 /s/ Ge Qing (葛青)

		 		 	Name: Ge Qing (葛青)
		 		 	Title: Legal Representative
			
		 		 	Affix Seal:

  
 Signature Page to shareholders’
Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of the date first
written above. 
  

							
	DOMESTIC COMPANY:	 		 	 Beijing Xingengyuan Technology Ltd.

(北京心更远科技发展有限公司)

				
		 		 	By:	 	 /s/ Luo Jian (罗剑)

		 		 	Name: Luo Jian (罗剑)
		 		 	Title: Legal Representative
			
		 		 	Affix Seal:
			
	BEIJING CO:	 		 	 Beijing Spark Juli Education Consulting Co., Ltd.

(北京火花聚力教育咨询有限公司)

				
		 		 	By:	 	 /s/ Wang Xiaonan (王霄楠)

		 		 	Name: Wang Xiaonan (王霄楠)
		 		 	Title: Legal Representative
			
		 		 	Affix Seal:
			
	WUHAN CO:	 		 	 Wuhan Spark Education Consulting Co., Ltd.

(武汉火花思维教育咨询有限公司)

				
		 		 	By:	 	 /s/ Luo Jian (罗剑)

		 		 	Name: Luo Jian (罗剑)
		 		 	Title: Legal Representative
			
		 		 	Affix Seal:

 Signature Page to shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
 Founder Parties: 
  

			
	Venus Mission Limited
		
	By:	 	/s/ Luo Jian
	Name: Luo Jian (罗剑)
	Title: Director
	
	Luo Jian (罗剑) 
		
	By:	 	/s/ Luo Jian
	
	Fun Kingdom Limited
		
	By:	 	/s/ Shan Zebing
	Name: Shan Zebing (单泽兵)
	Title: Director
	
	Shan Zebing (单泽兵) 
		
	By:	 	/s/ Shan Zebing

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	ANGEL PARTY:	 		 	Kun Yu Holding Limited
				
		 		 	By:	 	/s/ ZHENG, Chengzhen
		 		 	Name: ZHENG, Chengzhen 郑成溱
		 		 	Title: Director

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTORS:	 		 	IDG China Venture Capital Fund IV L.P.
			
		 		 	By: IDG China Venture Capital Fund IV Associates L.P.,
Its General Partner
			
		 		 	By: IDG China Venture Capital Fund GP IV Associates Ltd.,
Its General Partner
				
		 		 	By:	 	/s/ Chi Sing HO
		 		 	Name: Chi Sing HO
		 		 	Title: Authorized Signatory
			
		 		 	IDG China IV Investors L.P.
			
		 		 	By: IDG China Venture Capital Fund GP IV Associates Ltd.,
Its General Partner
				
		 		 	By:	 	/s/ Chi Sing HO
		 		 	Name: Chi Sing HO
		 		 	Title: Authorized Signatory

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTOR & ANGEL PARTY:	 		 	Lightspeed China Partners III, L.P.
			
		 		 	By: Lightspeed China Partners III GP, LLC,
		 		 	Its General Partner
				
		 		 	By:	 	/s/ Qun Mi
		 		 	Title: Managing Director

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTOR:	 		 	LFC Investment Hong Kong Limited
				
		 		 	By:	 	/s/ Duoduo Yi
		 		 	Title: Authorized Signatory

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTORS:	 		 	Hike Capital L.P.
				
		 		 	By:	 	/s/ Shi Xu
		 		 	Title: Authorized Signatory
			
		 		 	Spruce Fund L.P.
				
		 		 	By:	 	/s/ Shi Xu
		 		 	Title: Authorized Signatory
			
		 		 	HIKE HELIOS L.P.
				
		 		 	By:	 	/s/ Shi Xu
		 		 	Title: Authorized Signatory
			
		 		 	HIKE CAPITAL II L.P.
				
		 		 	By:	 	/s/ Shi Xu
		 		 	Title: Authorized Signatory
			
		 		 	HIKE HERA L.P.
				
		 		 	By:	 	/s/ Shi Xu
		 		 	Title: Authorized Signatory

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTOR:	 		 	ANG YUE GLOBAL LIMITED
				
		 		 	By:	 	/s/ Hongli Tee
		 		 	Title: Authorized Signatory

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTOR & ANGEL PARTY:	 		 	GSR VENTURES VI (SINGAPORE) PTE. LTD.
		 		 	By:	 	/s/ Xiaohu Zhu
		 		 	Title: Authorized Signatory
			
		 		 	GSR Chop. Notwithstanding any other provision in this Agreement, this Agreement shall not be effective unless and until GSR VENTURES VI (SINGAPORE) PTE. LTD. has affixed its chop on the appropriate
signature page hereof.
			
	INVESTOR:	 		 	GSR 2017 Opportunities (Singapore) Pte. Ltd.
		 		 	By:	 	/s/ Xiaohu Zhu
		 		 	Title: Authorized Signatory
			
		 		 	GSR CHOP. Notwithstanding any other provision in this Agreement, this Agreement shall not be effective unless and until GSR 2017 OPPORTUNITIES (SINGAPORE) PTE. LTD. has affixed its chop on the appropriate
signature page hereof.

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTOR:	 		 	Venus Mission Limited
				
		 		 	By:	 	/s/ Luo Jian
		 		 	Name: Luo Jian (罗剑)
		 		 	Title: Director

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTOR:	 		 	Universe Sourcecode Technology Ltd.
				
		 		 	By:	 	/s/ XU Peng
		 		 	Name: XU Peng
		 		 	Title: Director

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTORS:	 		 	SCC Venture VI Holdco, Ltd.
				
		 		 	By:	 	/s/ Ip Siu Wai Eva
		 		 	Name: Ip Siu Wai Eva
		 		 	Title: Authorized Signatory
		 		 	Date:
			
		 		 	Sequoia Capital CV IV Holdco, Ltd.
				
		 		 	By:	 	/s/ Ip Siu Wai Eva
		 		 	Name: Ip Siu Wai Eva
		 		 	Title: Authorized Signatory
		 		 	Date:
			
		 		 	SCC Venture VII Holdco, Ltd.
				
		 		 	By:	 	/s/ Ip Siu Wai Eva
		 		 	Name: Ip Siu Wai Eva
		 		 	Title: Authorized Signatory
		 		 	Date:

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTOR:	 		 	Northern Light Venture Capital V, Ltd.
				
		 		 	By:	 	/s/ Jeffrey D. Lee
		 		 	Name: Jeffrey D. Lee
		 		 	Title: Authorized Signatory

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTORS & ANGEL PARTIES:	 		 	GGV VII Investments, L.L.C.
		 		 	By: GGV Capital VII L.L.C., its Manager
				
		 		 	By:	 	/s/ Stephen Hyndman
		 		 	Name: Stephen Hyndman
		 		 	Title: Attorney in Fact
			
		 		 	GGV VII Plus Investments, L.L.C.
		 		 	By: GGV Capital VII Plus L.L.C., its Manager
				
		 		 	By:	 	/s/ Stephen Hyndman
		 		 	Name: Stephen Hyndman
		 		 	Title: Attorney in Fact

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTOR:	 		 	ZETA ASIA HOLDINGS PTE. LTD.
				
		 		 	By:	 	/s/ Yan ChengKang
		 		 	Name: Yan ChengKang
		 		 	Title: Director

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTOR:	 		 	COSMIC BLUE INVESTMENTS LIMITED
				
		 		 	By:	 	/s/ Hua Su
		 		 	Name:
		 		 	Title:

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTOR:	 		 	Tencent Mobility Limited
				
		 		 	By:	 	/s/ Martin Lau
		 		 	Name:
		 		 	Title:

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTOR:	 		 	YUAN Inc
				
		 		 	By:	 	/s/ Yong Li
		 		 	Name:
		 		 	Title:

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTOR:	 		 	CGI VIII Investments
				
		 		 	By:	 	/s/ Kshitish Ballah
		 		 	Name: Kshitish Ballah
		 		 	Title: Director

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTOR:	 		 	TBP Sparkling Holdings Limited
				
		 		 	By:	 	/s/ David Lin Ning
		 		 	Name:
		 		 	Title:

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTOR:	 		 	United Strength Delight Limited
				
		 		 	By:	 	/s/ Zhao John Huan
		 		 	Name: Zhao John Huan
		 		 	Title: Director

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Shareholders’ Agreement as of
the date first written above. 
  

							
	INVESTORS:	 		 	Lighthousecap Fellow L.P.
				
		 		 	By:	 	/s/ Xuanle Zheng
		 		 	Name:
		 		 	Title:
			
		 		 	Lighthouse International Growth Fund L.P.
				
		 		 	By:	 	/s/ Xuanle Zheng
		 		 	Name:
		 		 	Title:

  
 Signature Page to
Shareholders’ Agreement – Spark Education Limited 

 EXHIBIT A 

DEFINITIONS 
 For purposes
of this Agreement, capitalized terms shall have the meanings set forth in this Exhibit A. 
  

	1.	 The term “Additional Equity Securities” has the meaning set forth in the Articles.

  

	2.	 The term “Additional Remaining Shares” has the meaning ascribed to it in
Section 6.2(d). 

  

	3.	 The term “Additional Transfer Notice” has the meaning ascribed to it in
Section 6.2(c)(i). 

  

	4.	 The term “Affiliate” means, with respect to a Person, any other Person that, directly or
indirectly, Controls, is Controlled by or is under common Control with such Person. In the case of a natural person, the Affiliate also includes (i) such Person’s spouse, parents, children, siblings, mother-in-law, father-in-law, brothers-in-law
and sisters-in-law; and (ii) any trust Controlled by or held for the benefit of such Person. The term “affiliated” has the meaning correlative to the
foregoing. Notwithstanding the Parties acknowledge and agree that (x) the name “Sequoia Capital” is commonly used to describe a variety of entities (collectively, the “Sequoia Entities”) that are affiliated by ownership or
operational relationship and engaged in a broad range of activities related to investing and securities trading and (y) notwithstanding any other provision of this Agreement to the contrary, this Agreement shall not be binding on, or restrict
the activities of, any (i) Sequoia Entity outside of the Sequoia China Sector Group, (ii) entity primarily engaged in investment and trading in the secondary securities market; (iii) the ultimate beneficial owner of an Sequoia Entity
(or its general partner or ultimate general partner) who is a natural Person, and such Person’s relatives (including but without limitation, such Person’s spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and
sisters-in-law), (iv) any officer, director or employee of a Sequoia Entity (or its general partner or ultimate general partner) and such Person’s relatives, and
(v) for the avoidance of doubt, any portfolio companies of any Sequoia Entity and portfolio companies of any affiliated investment fund or investment vehicle of any Sequoia Entity. For purposes of the foregoing, the “Sequoia China Sector
Group” means all Sequoia Entities (whether currently existing or formed in the future) that are principally focused on companies located in, or with connections to, the People’s Republic of China that are exclusively managed by Sequoia
Capital. 

  

	5.	 The term “Agreement” has the meaning ascribed to it in the Preamble to this Agreement.

  

	6.	 The term “Angel Party” or “Angel Parties” has the meaning ascribed to it in
the Preamble to this Agreement. 

  

	7.	 The term “ANG YUE” means ANG YUE GLOBAL LIMITED. 

 

	8.	 The term “Anti-Corruption Laws” means any anti-bribery or anti-corruption Laws (including Laws
that prohibit the corrupt payment, giving, offer, promise, or authorization of the payment or transfer of anything of value (including gifts or entertainment), directly or indirectly, to any Government Official, commercial entity or any other Person
to obtain a business advantage) applicable to the Group and its operations from time to time, including without limitation (i) the U.S. Foreign Corrupt Practices Act of 1977, (ii) the UK Bribery Act of 2010, (iii) any legislation adopted in
furtherance of the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, and (iv) any similar Laws in any other jurisdiction in which any Group Company operates, in each case as amended from
time to time. 

  

	9.	 The term “Anti-Corruption Prohibited Activity” means offering, paying, promising to pay or
authorizing the payment of any money or the giving of anything of value to any Government Official, or to any other Person, for the purpose of (i) influencing any act or decision of such Government Official in his official capacity,
(ii) inducing such Government Official to do or omit to do any act in relation to his lawful duty, (iii) securing any improper advantage, or (iv) inducing such Government Official to influence of affect any act or decision of any
Governmental Authority, in each case, in order to assist the Person carrying out such activity in obtaining or retaining business for or with, or in directing business to, any Person, or any other activity prohibited by any Anti-Corruption Laws.

  

	10.	 The term “Anti-Money Laundering Laws” means any anti-money laundering-related Laws and codes
of practice applicable to the Group and its operations from time to time, including without limitation (i) the EU Anti-Money Laundering Directives and any laws, decrees, administrative orders, circulars, or instructions implementing or
interpreting the same, and (ii) the applicable financial recordkeeping and reporting requirements of the U.S. Currency and Foreign Transaction Reporting Act of 1970. 

 

	11.	 The term “Articles” means the Company’s Eleventh Amended and Restated Memorandum and
Articles of Association, as amended from time to time. 

  

	12.	 The term “Assumption Agreement” has the meaning ascribed to it in the Preamble to Exhibit
C. 

  

	13.	 The term “Auditor” means an accounting firm retained by the Company to audit the annual
financial statements of the Company in accordance with IFRS or US GAAP. 

  
 EXHIBIT A 

	14.	 The term “Beijing Co” has the meaning ascribed to it in the Preamble to this Agreement.

  

	15.	 The term “Beijing WFOE” has the meaning ascribed to it in the Preamble to this Agreement.

  

	16.	 The term “Board” or “Board of Directors” means the Company’s Board of
Directors. 

  

	17.	 The term “Budget” has the meaning ascribed to it in Section 3.1(d).

  

	18.	 The term “Business” means the businesses of live online educational courses for children aged 3-12 conducted by the Company, its consolidated subsidiaries and the PRC Companies; 

  

	19.	 The term “Business Day” means any day, other than a Saturday, Sunday or other day on which the
commercial banks in Cayman Islands, the U.S.A., Hong Kong or PRC are authorized or required to be closed for the conduct of regular banking business. 

  

	20.	 The term “Carlyle” means CGI VIII Investments. 

 

	21.	 The term “Class A Ordinary Share” means the class A ordinary shares in the
capital of the Company with a par value of US$0.0001 per share having the rights set out in the Articles. 

  

	22.	 The term “Class B Ordinary Share” means the class B ordinary shares in the
capital of the Company with a par value of US$0.0001 per share having the rights set out in the Articles. 

  

	23.	 The term “Chairman Director” has the meaning ascribed to it in Section 5.1(g).

  

	24.	 The term “Completion” has the meaning ascribed to it in the Series E-3 Purchase Agreement. 

  

	25.	 The term “Company” has the meaning ascribed to it in the Preamble to this Agreement.

  

	26.	 The term “Company First Refusal Period” has the meaning ascribed to it in
Section 6.2(b). 

  

	27.	 The term “Company Law” means the Companies Law (as amended) of the Cayman Islands.

  

	28.	 The term “Company Restricted Person” means (i) any Person which operates any of the
businesses listed on Exhibit G attached hereto and/or (ii) any Affiliate of such Person. 

  

	29.	 The term “Competitors” has the meaning ascribed to it in Section 6.7.

  

	30.	 The term “Confirmation Notice” has the meaning ascribed to it in Section 6.2(e).

  

	31.	 The term “Contract” means, as to any Person, any contract, agreement, undertaking,
understanding, indenture, note, bond, loan, instrument, lease, mortgage, deed of trust, franchise, or license to which such Person is a party or by which such Person or any of its property is bound, whether oral or written. 

 

	32.	 The term “Control” or “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, by contract 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
a majority of the board of directors of such Person; the terms “Controlling” and “Controlled” (and their lower-case counterparts) have meanings correlative to the foregoing. 

 

	33.	 The term “COSMIC BLUE” means COSMIC BLUE INVESTMENTS LIMITED. 

 

	34.	 The term “COSMIC BLUE Additional Confirmation Notice” has the meaning ascribed to it in
Section 6.2(d). 

  

	35.	 The term “COSMIC BLUE Additional Offer Notice” has the meaning ascribed to it in
Section 4.1(d). 

  

	36.	 The term “COSMIC BLUE Additional Offer Notice Period” has the meaning ascribed to it in
Section 4.1(d). 

  

	37.	 The term “COSMIC BLUE Additional Re-allotment Notice”
has the meaning ascribed to it in Section 6.2(f). 

  

	38.	 The term “COSMIC BLUE Remaining Securities” has the meaning ascribed to it in
Section 4.1(d). 

  

	39.	 The term “COSMIC BLUE Remaining Transfer Shares” has the meaning ascribed to it in
Section 6.2(f). 

  

	40.	 The term “COSMIC BLUE Restricted Period” shall mean the period commencing from the date of the
Completion till the later of (i) the expiration of eighteenth (18th) months after April 14, 2020; and (ii) if the shareholding percentage in the Company calculated on an as-converted and
fully-diluted basis of COSMIC BLUE reaches ten percent (10%) in any time during the period set forth in (i) above, the date such shareholding percentage decreases to less than ten percent (10%). 

 

	41.	 The term “COSMIC BLUE Restricted Person” has the meaning ascribed to it in
Section 4.1(d). 

  
 EXHIBIT A 

	42.	 The term “COSMIC BLUE Trigger Event” has the meaning ascribed to it in
Section 7.9(i). 

  

	43.	 The term “Conversion Shares” means Class A Ordinary Shares issued or issuable upon
conversion of any Preferred Shares. 

  

	44.	 The term “Co-Sale Closing” has the meaning ascribed to
it in Section 6.3(c). 

  

	45.	 The term “Co-Sale Eligible Holder” has the meaning
ascribed to it in Section 6.3(a). 

  

	46.	 The term “Co-Sale Eligible Shares” has the meaning
ascribed to it in Section 6.3(a). 

  

	47.	 The term “Co-Sale Period” has the meaning ascribed to
it in Section 6.3(a). 

  

	48.	 The term “Directors” means the members of the Board of Directors. 

 

	49.	 The term “Domestic Company” has the meaning ascribed to it in the Preamble to this Agreement.

  

	50.	 The term “Domestic Subsidiaries” has the meaning ascribed to it in the Preamble to this
Agreement. 

  

	51.	 The term “Eligible Holder” has the meaning ascribed to it in Section 6.2(a).

  

	52.	 The term “Equity Securities” means, with respect to any Person that is a legal entity, any and
all shares of capital stock, membership interests, units, profits interests, ownership interests, equity interests, registered capital, and other equity securities of such Person, and any right, warrant, option, call, commitment, conversion
privilege, preemptive right or other right to acquire any of the foregoing, or security convertible into, exchangeable or exercisable for any of the foregoing. 

 

	53.	 The term “ESOP” has the meaning ascribed to it in Section 7.1.

  

	54.	 The term “ESOP Shares” means the Shares subject to the then applicable ESOP plan of the
Company. 

  

	55.	 The term “Exchange Act” means the United States Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder, or any comparable law of any other jurisdiction in which the Company’s Shares are subject to regulation. 

 

	56.	 The term “Exercising Investor” has the meaning ascribed to it in Section 6.2(d).

  

	57.	 The term “Export Control Laws” means the U.S. Export Administration Act, U.S. Export
Administration Regulations, U.S. Arms Export Control Act, U.S. International Traffic in Arms Regulations, and their respective implementing rules and regulations and the U.K. Export Control Act 2002 (as amended and extended by the Export Control
Order 2008) and its implementing rules and regulations. 

  

	58.	 The term “Form S-3” or “Form F-3” means such form under the Securities Act as in effect on the date hereof (including Form S-3 or Form F-3, as appropriate)
or any registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

 

	59.	 The term “Founder” or “Founders” has the meaning ascribed to it in the
Schedule 1-K to this Agreement. 

  

	60.	 The term “Founder Holdco” or “Founder Holdcos” has the meaning ascribed to it
in the Schedule 1-K to this Agreement. 

  

	61.	 The term “Founder Party” or “Founder Parties” has the meaning ascribed to it
in the Preamble to this Agreement. 

  

	62.	 The term “GGV” means GGV VII Investments, L.L.C. and GGV VII Plus Investments, L.L.C..

  

	63.	 The term “GGV Director” has the meaning ascribed to it in Section 5.1(a).

  

	64.	 The term “Government” or “Governmental Authority” means: (a) any
supranational, national, state, city, municipal, county or local government, governmental authority or political subdivision thereof; (b) any agency or instrumentality of any of the authorities referred to in (a) above; (c) any regulatory
or administrative authority, body or other similar organization, to the extent that the rules, regulations, standards, requirements, procedures or orders of such authority, body or other organization have the force of Law; (d) any court or
tribunal having jurisdiction; and/or (e) the governing body of any stock exchange(s). 

  

	65.	 The term “Government Official” means any officer, employee or other person acting in an
official capacity on behalf of (a) any Governmental Authority or any department or agency of a Government, including elected officials, judicial officials, civil servants and military personnel, children, spouses, siblings or parents of a
Government Official; (b) any public international organization, such as the World Bank; (c) any company, business or instrumentality that is owned or Controlled by a Governmental Authority; and/or (d) any political party, as well as
candidates for political office. 

  

	66.	 The term “Group Companies” means the Company, the HK Co, the Domestic Company, the Domestic
Subsidiaries, the WFOEs, and any other direct or indirect Subsidiary of a Group Company collectively, and a Group Company means any one of them. 

  
 EXHIBIT A 

	67.	 The term “GSR” means GSR Ventures VI (Singapore) Pte. Ltd. and GSR 2017 Opportunities
(Singapore) Pte. Ltd. 

  

	68.	 The term “Hike” means Hike Capital L.P., Spruce Fund L.P., HIKE Helios L.P., Hike Capital II
L.P. and Hike Hera L.P.. 

  

	69.	 The term “HK Co” has the meaning ascribed to it in the Preamble to this Agreement.

  

	70.	 The term “HKIAC” has the meaning ascribed to it in Section 8.12(b).

  

	71.	 The term “Holder” means, for purposes of Exhibit B, any person owning or having the
rights to acquire Registrable Securities or any permitted assignee of record of such Registrable Securities to whom rights under Exhibit B have been duly assigned in accordance with this Agreement. 

 

	72.	 The term “Hong Kong” means the Hong Kong Special Administrative Region of the PRC.

  

	73.	 The term “HONY” means United Strength Delight Limited. 

 

	74.	 The term “IDG” means IDG China Venture Capital Fund IV L.P. and IDG China IV Investors L.P.

  

	75.	 The term “IDG Director” has the meaning ascribed to it in Section 5.1(b).

  

	76.	 The term “IFRS” mean International Financial Reporting Standards. 

 

	77.	 The term “Immediate Family Member” means a child, stepchild, grandchild, parent, step-parent,
grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, including adoptive relationships, of a person referred
to herein. 

  

	78.	 The term “Initiating Holders” has the meaning ascribed to it in Section 2.2(a) of
Exhibit B 

  

	79.	 The term “Investor” or “Investors” has the meaning ascribed to it in the
Preamble to this Agreement. 

  

	80.	 The term “IPO” means the Company’s first underwritten public offering of its Ordinary
Shares and listing on an internationally-recognized securities exchange. 

  

	81.	 The term “Key Employee” has the meaning set forth in the Series
E-3 Purchase Agreement. 

  

	82.	 The term “KKR” means ZETA ASIA HOLDINGS PTE. LTD.. 

 

	83.	 The term “KKR Director” has the meaning ascribed to it in Section 5.1(c).

  

	84.	 The term “LFC” means LFC Investment Hong Kong Limited. 

 

	85.	 The term “Lighthouse” means Lighthousecap Fellow L.P. and Lighthouse International Growth Fund
L.P.. 

  

	86.	 The term “Lightspeed” means Lightspeed China Partners III, L.P.. 

 

	87.	 The term “Liquidation Event” has the meaning ascribed to it in Section 2 of
Schedule A of the Articles of the Company. 

  

	88.	 The term “Law” means and includes statutes, enactments, acts of legislature or the parliament,
laws, regulations, ordinances, notifications, rules, judgments, Orders, decrees, by-laws, approvals from the concerned authority (including a Governmental Authority), resolutions, directives, guidelines,
policies, requirements, or other governmental restrictions or any similar form of decision of, or determination by, or any interpretation or adjudication having the force of law of any of the foregoing, by any concerned Governmental Authority having
jurisdiction over the matter in question. 

  

	89.	 The term “Northern Light” means Northern Light Venture Capital V, Ltd.. 

 

	90.	 The term “Observer” means a non-voting observer of the
Board. 

  

	91.	 The term “Offer Notice” has the meaning ascribed to it in Section 4.1(a).

  

	92.	 The term “Offer Notice Period” has the meaning ascribed to it in Section 4.1(b).

  

	93.	 The term “Offeree” has the meaning ascribed to it in Section 4.1.

  

	94.	 The term “on an as-converted basis” shall mean
assuming all issued and outstanding Preferred Shares having been converted into Ordinary Shares. 

  

	95.	 The term “on an as-converted and fully-diluted basis”
shall mean assuming the conversion, exercise and exchange of all securities, directly or indirectly, convertible, exercisable or exchangeable into or for Ordinary Shares, including without limitation the Preferred Shares. 

 

	96.	 The term “Option Period” has the meaning ascribed to it in Section 6.2(c)(ii).

  
 EXHIBIT A 

	97.	 The term “Ordinary Director” has the meaning ascribed to it in Section 5.1(g).

  

	98.	 The term “Ordinary Shares” means Class A Ordinary Shares and Class B Ordinary
Shares, collectively. 

  

	99.	 The term “Party” or “Parties” has the meaning ascribed to it in the Preamble
of this Agreement. 

  

	100.	 The term “Related Parties” means, collectively, (i) the Group Companies, (ii) the
Founder Parties, (iii) any entity Controlled by any Founder Party, (iv) the shareholders, officers and directors of each of the foregoing, and (v) the parents, spouses, siblings, children, mother-in-law, father-in-law, brothers-in-law
and sisters-in-law of any of the foregoing that is an individual and any Person Controlled by any of the foregoing; and “Related Party” means any of them.

  

	101.	 The term “Related Party Transaction” means any Contract or other transaction, arrangement or
agreement between or among any Related Party, on the one hand, and any Group Company, on the other. 

  

	102.	 The term “Relevant Persons” has the meaning ascribed to it in Section 7.12.

  

	103.	 The term “Person” means any individual, sole proprietorship, partnership, firm joint venture,
estate, trust, unincorporated organization, association, corporation, institution, public benefit corporation, entity or governmental authority or other entity of any kind or nature. 

 

	104.	 The term “PRC” means the People’s Republic of China, which for purposes of this Agreement
excludes Hong Kong, the Macau Special Administrative Region and Taiwan. 

  

	105.	 The term “Preferred Directors” has the meaning ascribed to it in Section 5.1(f).

  

	106.	 The term “Preferred Shares” mean the Series A Shares, the Series B Shares, the Series B+
Shares, the Series C Shares, the Series D Shares, the Series D+ Shares, the Series E-1 Shares, the Series E-2 Shares and the Series
E-3 Shares. 

  

	107.	 The term “Prior Investor” or “Prior Investors” has the meaning ascribed to it
in the Preamble to this Agreement. 

  

	108.	 The term “Prior Shareholders’ Agreement” has the meaning ascribed to it in the recitals.

  

	109.	 The term “Prohibited Transfer” has the meaning ascribed to it in Section 6.5(b).

  

	110.	 The term “Proposed Transfer” has the meaning ascribed to it in Section 6.2(a).

  

	111.	 The term “Proposed Transfer Notice” has the meaning ascribed to it in
Section 6.2(a). 

  

	112.	 The term “Prospective Transferee” means any Person to whom any Founder Holdco proposes to make
a Proposed Transfer. 

  

	113.	 The term “Pro Rata Share” has the meaning ascribed to it in Section 4.1.

  

	114.	 The term “Pro Rata ROFR Share” has the meaning ascribed to it in
Section 6.2(c)(iii). 

  

	115.	 The term “Qualified IPO” means a lawful firm-commitment underwritten public offering
and listing by the Company of its Ordinary Shares in the United States or in any other jurisdiction (on any combination of such exchanges and jurisdictions) that has been registered under the Securities Act of 1933, as amended, approved by the Super
Preferred Majority Holders and at a public offering price per share corresponding to a pre-IPO valuation of the Company of at least US$2,500,000,000 with gross proceeds to the Company in excess of
US$200,000,000 (excluding underwriting discounts, commissions and expenses) or in a substantially similar public offering of Ordinary Shares in a jurisdiction and on an internationally recognized securities exchange outside of the United States
approved by the Super Preferred Majority Holders, provided such public offering price, offering proceeds and regulatory approval is reasonably equivalent to the aforementioned public offering in the United States. For avoidance of
doubts, the cost of the Qualified IPO shall be borne by the Company, and the commissions shall be borne by the respective selling shareholders. 

  

	116.	 The term “Re-allotment Exercise Period” has the
meaning ascribed to it in Section 6.2(e). 

  

	117.	 The term “Re-allotment Notice” has the meaning
ascribed to it in Section 6.2(d). 

  

	118.	 The term “register,” “registered,” and “registration” refers
to a registration effected by preparing and filing a registration statement which is in a form which complies with, and is declared effective by the SEC in accordance with, the Securities Act. 

 

	119.	 The term “Registrable Securities” means: (1) any Ordinary Shares of the Company issued or
issuable pursuant to conversion of any Preferred Shares, (2) any Ordinary Shares of the Company issued (or issuable upon the conversion or exercise of any warrant, right or other security which is issued) as a dividend or other distribution
with respect to, or in exchange for or in replacement of, any Preferred Shares, and (3) any other Ordinary Shares owned or hereafter acquired by the Investors. Notwithstanding the foregoing, “Registrable Securities” shall
exclude any Registrable Securities sold by a person in a transaction in which rights under Exhibit B are not assigned in accordance with this Agreement and any Registrable Securities which are sold in a registered public offering under the
Securities Act or analogous statute of another jurisdiction, or sold pursuant to Rule 144 promulgated under the Securities Act or analogous rule of another jurisdiction. 

  
 EXHIBIT A 

	120.	 The term “Registrable Securities then Outstanding” means the number of Ordinary Shares of the
Company that are Registrable Securities and are then issued and outstanding, issuable upon conversion of Preferred Shares then issued and outstanding or issuable upon conversion or exercise of any warrant, right or other security then outstanding.

  

	121.	 The term “Registration Expenses” shall mean all expenses incurred by the Company in complying
with Sections 2, 3 and 4 of Exhibit B, including, without limitation, all registration and filing fees, printing expenses, fees, and disbursements of counsel for the Company, reasonable fees and disbursements of one
(1) counsel for the Holders, “blue sky” fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be
paid in any event by the Company). 

  

	122.	 The term “Remaining Shares” has the meaning ascribed to it in Section 6.2(c)(i).

  

	123.	 The term “Request Notice” has the meaning ascribed to it in Section 2.1 of
Exhibit B. 

  

	124.	 The term “Restricted Shareholder” or “Restricted Shareholders” has the
meaning ascribed to it in Section 6.1(b). 

  

	125.	 The term “Restructuring Documents” has the meaning set forth in the Series E-3 Purchase Agreement. 

  

	126.	 The term “Right of Co-Sale” has the meaning ascribed
to it in Section 6.3(a). 

  

	127.	 The term “Right of First Refusal” has the meaning ascribed to it in Section 6.2.

  

	128.	 The term “Rule 144” means Rule 144 promulgated by the SEC under the Securities Act (or
comparable law in a jurisdiction other than the United States). 

  

	129.	 The term “Sanctioned Person” means (a) any Person that is the subject or target of
Sanctions (including but not limited to any Person that is designated on the list of “Specially Designated Nationals and Blocked Persons” administered by the U.S. Treasury Department’s Office of Foreign Assets Control, or on any list
of any economic or financial sanctions administered by the U.S. State Department, the United Nations, the European Union or any member state thereof, the United Kingdom, or any similar list maintained by, or public announcement of Sanctions
designation made by, any applicable national economic sanctions authority), (b) any government, national, or resident of, or legal entity located in or organized under, the laws of a country or territory which is the subject of country- or
territory-wide Sanctions (including without limitation Cuba, Iran, North Korea, Syria, or the Crimea region of Ukraine), (c) any Person who is owned 50% (fifty percent) or more, or Controlled, by any of the foregoing, or (d) any Person with
whom business transactions, including exports and re-exports, would violate Sanctions. 

  

	130.	 The term “Sanctions” means all trade, economic and financial sanctions Laws administered,
enacted or enforced from time to time by (i) the United States (including without limitation the Department of Treasury, Office of Foreign Assets Control and the United States Department of State), (ii) the European Union and enforced by its
member states, (iii) the United Nations, (iv) the United Kingdom (including without limitation Her Majesty’s Treasury), or (v) any other similar Governmental Authority with regulatory authority over the Company or any its
Subsidiary from time to time. 

  

	131.	 The term “SCC” means SCC Venture VI Holdco, Ltd., Sequoia Capital CV IV Holdco, Ltd. and SCC
Venture VII Holdco, Ltd. 

  

	132.	 The term “SCC Capital” means Sequoia Capital CV IV Holdco, Ltd. 

 

	133.	 The term “SCC Director” has the meaning ascribed to it in Section 5.1(d).

  

	134.	 The term “SCC Venture” means SCC Venture VI Holdco, Ltd. 

 

	135.	 The term “SCC Venture VII” means SCC Venture VII Holdco, Ltd. 

 

	136.	 The term “SEC” means the United States Securities and Exchange Commission, or comparable
regulatory authority in any other jurisdiction having oversight over the trading of the Company’s Shares. 

  

	137.	 The term “Securities Act” means the United States Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder, (or comparable law in a jurisdiction other than the United States). 

  

	138.	 The term “Selling Expenses” shall mean all underwriting discounts and selling commissions
applicable to the sale of Registrable Securities pursuant to Sections 2, 3 and 4 of Exhibit B. 

  

	139.	 The term “Series A Shares” means series A redeemable convertible preferred shares of the
Company, par value US$0.0001 per share. 

  

	140.	 The term “Series B Shares” means series B redeemable convertible preferred shares of the
Company, par value US$0.0001 per share. 

  

	141.	 The term “Series B+ Majority Holders” shall mean the holders of at least a simple majority
(1/2) of the votes carried by the then outstanding Series B+ Shares, voting as a separate class. 

  
 EXHIBIT A 

	142.	 The term “Series B+ Shares” means series B+ redeemable convertible preferred shares of the
Company, par value US$0.0001 per share. 

  

	143.	 The term “Series C Majority Holders” shall mean the holders of at least a simple majority
(1/2) of the votes carried by the then outstanding Series C Shares, voting as a separate class. 

  

	144.	 The term “Series C Shares” means series C redeemable convertible preferred shares of the
Company, par value US$0.0001 per share. 

  

	145.	 The term “Series D Shares” means series D redeemable convertible preferred shares of the
Company, par value US$0.0001 per share. 

  

	146.	 The term “Series D+ Shares” means series D+ redeemable convertible preferred shares of the
Company, par value US$0.0001 per share. 

  

	147.	 The term “Series E-1 Shares” means series E-1 redeemable convertible preferred shares of the Company, par value US$0.0001 per share. 

  

	148.	 The term “Series E-2 Shares” means series E-2 redeemable convertible preferred shares of the Company, par value US$0.0001 per share. 

  

	149.	 The term “Series E-2 Share Subscription Agreement”
means that certain share subscription agreement entered into by and among the Company, the Founders, the Founder Holdcos and certain other parties thereto, dated September 18, 2020, regarding the issuance of Series E-2 Shares. 

  

	150.	 The term “Series E-3 Majority Holders” shall mean the
holders of at least a simple majority (1/2) of the votes carried by the then outstanding Series E-3 Shares, voting as a separate class. 

 

	151.	 The term “Series E-3 Purchase Agreement” has the
meaning ascribed to it in the Preamble to this Agreement. 

  

	152.	 The term “Series E-3 Shares” means series E-3 redeemable convertible preferred shares of the Company, par value US$0.0001 per share. 

  

	153.	 The term “Shareholder” shall mean each of the holders of Ordinary Shares and Preferred Shares.

  

	154.	 The term “Share Restriction Agreements” has the meaning set forth in the Series E-3 Purchase Agreement. 

  

	155.	 The term “Shares” means (i) Ordinary Shares (whether now outstanding or hereafter issued
in any context), (ii) Preferred Shares, and (iii) Ordinary Shares issued or issuable upon exercise or conversion, as applicable, of share options, warrants or other convertible securities of the Company, in each case now owned or subsequently
acquired by any Party herein or its successors or permitted transferees or assignees. 

  

	156.	 The term “Subsidiary” or “subsidiary” means, as of the relevant date of
determination, with respect to any Person (the “subject entity”), (i) any Person: (1) more than 50% of whose shares or other interests entitled to vote in the election of directors or (2) more than a fifty percent (50%)
interest in the profits or capital of such Person are owned or Controlled directly or indirectly by the subject entity or through one (1) or more Subsidiaries of the subject entity, (ii) any Person whose assets, or portions thereof, are
consolidated with the net earnings of the subject entity and are recorded on the books of the subject entity for financial reporting purposes in accordance with IFRS or US GAAP, or (iii) any Person with respect to which the subject entity has
the power to otherwise direct the business and policies of that entity directly or indirectly through another subsidiary. For the avoidance of doubt, the Subsidiaries of the Company shall include the Group Companies. 

 

	157.	 The term “Super Preferred Majority Holders” shall mean the holders of at least two-thirds (2/3) of the votes carried by the then outstanding Preferred Shares, voting as a single and separate class, and on as-converted basis. 

 

	158.	 The term “Super Series A Majority Holders” shall mean the holders of at least two-thirds (2/3) of the votes carried by the then outstanding Series A Shares, voting as a separate class. 

  

	159.	 The term “Super Series B Majority Holders” shall mean the holders of at least two-thirds (2/3) of the votes carried by the then outstanding Series B Shares, voting as a separate class. 

  

	160.	 The term “Super Series D Majority Holders” shall mean the holders of at least eighty-five
percent (85%) of the votes carried by the then outstanding Series D Shares and Series D+ Shares, voting as a separate class, and on as-converted basis. 

 

	161.	 The term “Super Series E Majority Holders” shall mean the holders of at least eighty percent
(80%) of the votes carried by the then outstanding Series E-1 Shares and Series E-2 Shares, voting as a separate class, and on
as-converted basis. 

  

	162.	 The term “TBP” means TBP Sparkling Holdings Limited. 

  
 EXHIBIT A 

	163.	 The term “TBP Director” has the meaning ascribed to it in Section 5.1(f).

  

	164.	 The term “Tencent” means Tencent Mobility Limited. 

 

	165.	 The term “Tencent Additional Re-allotment Notice” has
the meaning ascribed to it in Section 7.3(c)(ii). 

  

	166.	 The term “Tencent Director” has the meaning ascribed to it in Section 5.1(e).

  

	167.	 The term “Tencent’s Option of Asset Transfer” has the meaning ascribed to it in
Section 7.3(d). 

  

	168.	 The term “Tencent’s Option of Share Transfer” has the meaning ascribed to it in
Section 7.3(b). 

  

	169.	 The term “Tencent’s Option Period of Share Transfer” has the meaning ascribed to it in
Section 7.3(b). 

  

	170.	 The term “Tencent Re-allotment Shares” has the meaning
ascribed to it in Section 7.3(c)(ii). 

  

	171.	 The term “Tencent Restricted Person” means the Persons set forth on Exhibit F.

  

	172.	 The term “Tencent Restricted Person Share Transfer” has the meaning ascribed to it in
Section 7.3(b). 

  

	173.	 The term “Tencent Restricted Person Share Transfer Notice” has the meaning ascribed to it in
Section 7.3(b). 

  

	174.	 The term “Tencent Restricted Person Transferor” has the meaning ascribed to it in
Section 7.3(b). 

  

	175.	 The term “Tencent Restricted Person Transfer Shares” has the meaning ascribed to it in
Section 7.3(b). 

  

	176.	 The term “Tencent’s Option Period of Asset Transfer” has the meaning ascribed to it in
Section 7.3(d). 

  

	177.	 The term “Tencent Restricted Person Asset Transfer” has the meaning ascribed to it in
Section 7.3(d). 

  

	178.	 The term “Tencent Restricted Person Asset Transfer Notice” has the meaning ascribed to it in
Section 7.3(d). 

  

	179.	 The term “Tencent Restricted Person Transfer Assets” has the meaning ascribed to it in
Section 7.3(d). 

  

	180.	 The term “Tianjin WFOE” has the meaning ascribed to it in the Preamble to this Agreement.

  

	181.	 The term “Transfer” has the meaning ascribed to it in Section 6.1(a).

  

	182.	 The term “Transfer Shares” has the meaning ascribed to it in Section 6.2(a).

  

	183.	 The term “Transferor” has the meaning ascribed to it in Section 6.2(a).

  

	184.	 The term “US$” means the United States dollar, the lawful currency of the United States of
America. 

  

	185.	 The term “Universe Sourcecode” means Universe Sourcecode Technology Ltd..

  

	186.	 The term “Violation” means losses, claims, damages, or liabilities (joint or several) to which
a party hereto may become subject under the Securities Act, the Exchange Act or other applicable laws of the United States or other relevant jurisdictions, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise
out of or are based upon any of the following statements, omissions or violations: (i) any untrue statement or alleged untrue statement of a material fact contained in a registration statement, including any preliminary prospectus or final
prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or
(iii) any violation or alleged violation by any other party hereto, of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act, any state securities law, or
other applicable laws of the United States or other relevant jurisdictions. 

  

	187.	 The term “WFOEs” has the meaning ascribed to it in the Preamble to this Agreement.

  

	188.	 The term “Wuhan Co” has the meaning ascribed to it in the Preamble to this Agreement.

  

	189.	 The term “YUAN” means YUAN Inc. 

  
 EXHIBIT A 

 EXHIBIT B 

REGISTRATION RIGHTS 
  

	1.	 APPLICABILITY OF RIGHTS; NON-U.S. REGISTRATIONS

 1.1 The Holders (as defined below) shall be entitled to the following rights with respect to any potential public offering of the
Company’s Ordinary Shares in the United States and shall be entitled to reasonably analogous or equivalent rights with respect to any other offering of Company securities in any other jurisdiction pursuant to which the Company undertakes to
publicly offer or list such securities for trading on a recognized securities exchange. 
 1.2 For purposes of this Agreement and Exhibit B,
reference to registration of securities under the Securities Act and the Exchange Act shall be deemed to mean the equivalent registration in a jurisdiction other than the United States as designated by such Holders, it being understood and agreed
that in each such case all references in this Agreement to the Securities Act, the Exchange Act and rules, forms of registration statements and registration of securities thereunder, U.S. law and the SEC, shall be deemed to refer, to the equivalent
statutes, rules, forms of registration statements, registration of securities and laws of and equivalent government authority in the applicable non-U.S. jurisdiction. 

1.3 All reference in this Exhibit B to designated “Sections” and other subdivisions are to the designated Sections and other subdivisions of
the body of this Exhibit B, unless explicitly stated otherwise. 
  

	2.	 DEMAND REGISTRATION 

 

	2.1	 Request by Holders 

If the Company shall, at any time after the earlier of (i) five (5) years after the Completion or (ii) six (6) months following the
taking effect of a registration statement for a Qualified IPO, receive a written request from the Holders of Preferred Shares that the Company file a registration statement under the Securities Act covering the registration of at least thirty
percent (30%) of the Registrable Securities pursuant to this Section 2, then the Company shall, within ten (10) Business Days of the receipt of such written request, give written notice of such request (the “Request
Notice”) to all Holders, and use its best efforts to effect, as soon as practicable, the registration under the Securities Act of all Registrable Securities that the Holders request to be registered and included in such registration by
written notice given by such Holders to the Company within twenty (20) days after receipt of the Request Notice, subject only to the limitations of this Section 2; provided that the Company shall not be obligated to effect
any such registration if the Company has, within the six (6) month period preceding the date of such request, already effected a registration under the Securities Act pursuant to this Section 2 or Section 4 or in which
the Holders had an opportunity to participate pursuant to the provisions of Section 3, other than a registration from which the Registrable Securities of the Holders have been excluded (with respect to all or any portion of the
Registrable Securities the Holders requested be included in such registration) pursuant to the provisions of Sections 2.2(b) or 3.2(b). 
  

	2.2	 Underwriting 

(a) If the Holders initiating the registration request under this Section 2 (the “Initiating Holders”) intend to
distribute the Registrable Securities covered by their request by means of an underwriting, then they shall so advise the Company as a part of their request made pursuant to this Section 2 and the Company shall include such information
in the Request Notice. In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s
Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such
underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting by the Holders of a majority of the Registrable Securities being registered and reasonably
acceptable to the Company. 

  
 EXHIBIT B 

 (b) Notwithstanding any other provision of this Section 2, if the underwriter(s)
advise(s) the Company in writing that marketing factors require a limitation of the number of securities to be underwritten then the Company shall so advise all Holders of Registrable Securities which would otherwise be registered and underwritten
pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be reduced as required by the underwriter(s) and allocated (i) first, to the Investors on a pro rata basis and (ii) then, to the other
Holders of Registrable Securities on a pro rata basis according to the number of Registrable Securities then Outstanding held by each such Holder requesting registration; provided, however, that the number of shares of Registrable Securities to be
included in such underwriting and registration shall not be reduced unless all other securities are first entirely excluded from the underwriting and registration including, without limitation, all shares that are not Registrable Securities and are
held by any other person, including, without limitation, any person who is an employee, officer or director of the Company or any subsidiary of the Company; provided further, that at least twenty-five percent (25%) of shares of Registrable
Securities requested by the Holders to be included in such underwriting and registration shall be so included. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the
Company and the underwriter(s), delivered at least ten (10) Business Days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from
the registration. Notwithstanding the foregoing, in the event of such marketing limitations provided in such Section 2.2(b), the Investors shall have the right to include shares in preference to any other holders of securities. No Person
shall be granted registration rights on parity with or superior to those of the Investors, without the prior consent of the Super Preferred Majority Holders. 
  

	2.3	 Maximum Number of Demand Registrations 

The Company shall not be obligated to effect more than two (2) such registrations pursuant to this Section 2. 

 

	2.4	 Deferral 

Notwithstanding the foregoing, if the Company shall furnish to Holders requesting registration pursuant to this Section 2, a
certificate signed by the president or chief executive officer of the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such registration statement to be filed at
such time, then the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this
right more than once in any twelve (12) month period; provided further, that the Company shall not register any other of its shares during such ninety (90) day period. A demand right shall not be deemed to have been exercised
until such deferred registration shall have been effected. 
  

	3.	 PIGGYBACK REGISTRATIONS 

3.1 The Company shall notify all Holders of Registrable Securities in writing at least thirty (30) days prior to filing any registration statement under
the Securities Act for purposes of effecting a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding registration statements
relating to any registration under Section 2 or Section 4 or to any employee benefit plan or a corporate reorganization or a transaction in Rule 145 under the Securities Act) and shall afford each such Holder an opportunity
to include in such registration statement all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by it shall
within twenty (20) days after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Securities such Holder wishes to include in such
registration statement. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable
Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 

 

	3.2	 Underwriting 

(a) If a registration statement under which the Company gives notice under this Section 3 is for an underwritten offering, then the
Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder’s Registrable Securities to be included in a registration pursuant to this Section 3 shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such
underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting. 

  
 EXHIBIT B 

 (b) Notwithstanding any other provision of this Agreement, if the managing underwriter(s)
determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares from the registration and the underwriting, and the number of shares that may be
included in the registration and the underwriting shall be allocated, first, to the Company, second, to the Investors, third, to the other Holders requesting inclusion of their Registrable Securities in such registration statement on a pro rata
basis based on the total number of shares of Registrable Securities then held by each such Holder and fourth, to holders of other securities of the Company; provided, however, that the right of the underwriter(s) to exclude shares (including
Registrable Securities) from the registration and underwriting as described above shall be restricted so that (i) the number of Registrable Securities included in any such registration is not reduced below twenty-five percent (25%) of the
aggregate number of shares of Registrable Securities for which inclusion has been requested; and (ii) all shares that are not Registrable Securities and are held by any other person, including, without limitation, any person who is an employee,
officer or director of the Company (or any subsidiary of the Company) shall first be excluded from such registration and underwriting before any Registrable Securities are so excluded, unless otherwise approved by the holders of a majority of the
Registrable Securities. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s), delivered at least ten (10) Business Days prior to the
effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. 
  

	3.3	 Not Demand Registration 

Registration pursuant to this Section 3 shall not be deemed to be a demand registration as described in Section 2
above. 
  

	4.	 FORM F-3 REGISTRATION 

In case the Company shall receive from any Holder or Holders of a majority of all Registrable Securities then Outstanding a written request or
requests that the Company effect a registration on Form F-3 (or an equivalent registration in a jurisdiction outside of the United States) and any related qualification or compliance with respect to all or a
part of the Registrable Securities owned by such Holder or Holders, then the Company will act upon the requirements set forth in Sections 4.1, 4.2, 4.3 and 4.4 accordingly. 

 

	4.1	 Notice 

Promptly give written notice of the proposed registration and the Holder’s or Holders’ request therefor, and any related
qualification or compliance, to all other Holders of Registrable Securities. 
  

	4.2	 Registration 

As soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit or
facilitate the sale and distribution of all or such portion of such Holders or Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders
joining in such request as are specified in a written request given within twenty (20) days after the Company provides the notice contemplated by Section 4.1; provided, however, that the Company shall not be obligated
to effect any such registration, qualification or compliance pursuant to this Section 4: 
 (a) if Form F-3 is not available for such offering by the Holders; 
 (b) if the Holders, together with the
holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an anticipated aggregate offering price net of discounts and commissions to the
public of less than US$1,000,000; 
 (c) if the Company shall furnish to the Holders a certificate signed by the president or chief
executive officer of the Company stating that in the good faith judgment of the Board of Directors, it would be materially detrimental to the Company and its shareholders for such Form F-3 Registration to be
effected at such time, in which event the Company shall have the right to defer the filing of the Form F-3 registration statement no more than once during any twelve (12) month period for a period of not
more than sixty (60) days after receipt of the request of the Holder or Holders under this Section 4; provided that the Company shall not register any of its other shares during such sixty (60) day period; 

(d) if the Company has, within the six (6) month period preceding the date of such request, already effected a registration under
the Securities Act other than a registration from which the Registrable Securities of Holders have been excluded (with respect to all or any portion of the Registrable Securities the Holders requested be included in such registration) pursuant to
the provisions of Sections 2.2 and 3.2; or 

  
 EXHIBIT B 

 (e) in any particular jurisdiction in which the Company would be required to qualify to
do business or to execute a general consent to service of process in effecting such registration, qualification or compliance. 
  

	4.3	 Not a Demand Registration 

Form F-3 registrations shall not be deemed to be demand registrations as described in
Section 2 above. 
  

	4.4	 Underwriting 

If the Holders of Registrable Securities requesting registration under this Section 4 intend to distribute the Registrable
Securities covered by their request by means of an underwriting, the provisions of Section 2.2 shall apply to such registration. 
  

	5.	 EXPENSES 

All Registration Expenses incurred in connection with any registration pursuant to Sections 2, 3 or 4 (but excluding
Selling Expenses) shall be borne by the Company. Each Holder participating in a registration pursuant to Sections 2, 3 or 4 shall bear such Holder’s proportionate share (based on the total number of shares sold in such
registration other than for the account of the Company) of all Selling Expenses or other amounts payable to underwriter(s) or brokers, in connection with such offering by the Holders. Notwithstanding the foregoing, the Company shall not be required
to pay for any expenses of any registration proceeding begun pursuant to Section 2 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered, unless
the Holders of a majority of the Registrable Securities then Outstanding agree that such registration constitutes the use by the Holders of one (1) demand registration pursuant to Section 2 (in which case such registration shall
also constitute the use by all Holders of Registrable Securities of one (1) such demand registration); provided further, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition,
business, or prospects of the Company not known to the Holders at the time of their request for such registration and have withdrawn their request for registration with reasonable promptness after learning of such material adverse change, then the
Holders shall not be required to pay any of such expenses and such registration shall not constitute the use of a demand registration pursuant to Section 2. 
  

	6.	 OBLIGATIONS OF THE COMPANY 

Whenever required to effect the registration of any Registrable Securities under this Agreement the Company shall, as expeditiously as
reasonably possible, act upon the requirements set forth in Sections 6.1, 6.2, 6.3, 6.4, 6.5, 6.6 and 6.7 accordingly. 
  

	6.1	 Registration Statement 

Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its best efforts to cause such
registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to ninety (90) days or, in the
case of Registrable Securities registered under Form F-3 in accordance with Rule 415 under the Securities Act or a successor rule, until the distribution contemplated in the registration statement has been
completed; provided, however, that (i) such ninety (90) day period shall be extended for a period of time equal to the period any Holder refrains from selling any securities included in such registration at the request of the
underwriter(s), and (ii) in the case of any registration of Registrable Securities on Form F-3 which are intended to be offered on a continuous or delayed basis, such ninety (90) day period shall be
extended, if necessary, to keep the registration statement effective until all such Registrable Securities are sold. 
  

	6.2	 Amendments and Supplements 

Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such
registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement. 

 

	6.3	 Prospectus 

Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the
Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such registration. 

  
 EXHIBIT B 

	6.4	 Blue Sky 

Use its best efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws
of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in
any such states or jurisdictions unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act. 
  

	6.5	 Underwriting 

In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement in usual and customary
form, with the managing underwriter(s) of such offering. 
  

	6.6	 Notification 

Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required
to be delivered under the Securities Act of (i) the issuance of any stop order by the SEC in respect of such registration statement, or (ii) the happening of any event as a result of which the prospectus included in such registration
statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing.

  

	6.7	 Opinion and Comfort Letter 

Furnish, at the request of any Holder requesting registration of Registrable Securities, on the date that such Registrable Securities are
delivered to the underwriter(s) for sale, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes
effective, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering and reasonably
satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and (ii) letters dated as of (1) the effective date of the registration statement covering such Registrable Securities
and (2) the closing date of the offering from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public
offering and reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities. 

 

	7.	 FURNISH INFORMATION 

It shall be a condition precedent to the obligations of the Company to take any action pursuant to Sections 2, 3 or 4 that
the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to timely effect the Registration of their
Registrable Securities. 
  

	8.	 INDEMNIFICATION 

In the event any Registrable Securities are included in a registration statement under Sections 2, 3 or 4, the Company
shall act upon the requirements set forth in Sections 8.1, 8.2, 8.3, 8.4 and 8.5 accordingly. 
  

	8.1	 By the Company 

To the extent permitted by law, the Company will indemnify and hold harmless each Holder, its partners, officers, directors, legal counsel, any
underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint
or several) to which they may become subject under the Securities Act, the Exchange Act or other United States federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based
upon any of the following statements, omissions or violations (each a “Violation”): 
 (a) any untrue statement or alleged
untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; 

  
 EXHIBIT B 

 (b) the omission or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein not misleading; or 
 (c) any violation or alleged violation by the Group
Companies of the Securities Act, the Exchange Act, any United States federal or state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any United States federal or state securities law in connection
with the offering covered by such registration statement; 
 and the Company will reimburse each such Holder, its partner, officer,
director, legal counsel, underwriter or controlling person for any legal or other expenses reasonably incurred by them, as incurred, in connection with investigating or defending any such loss, claim, damage, liability or action; provided,
however, that the indemnity agreement contained in this Section 8.1 shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the
Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in
reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder or any partner, officer, director, counsel, underwriter or controlling person of such Holder. 

 

	8.2	 By Selling Holders 

To the extent permitted by law, each selling Holder will, if Registrable Securities held by Holder are included in the securities as to which
such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within
the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors, officers, legal counsel or any person who controls such Holder
within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such director, officer, legal counsel, controlling person, underwriter or other such
Holder, partner or director, officer or controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or other United States federal or state law, insofar as such losses, claims, damages or liabilities (or
actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly
for use in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, underwriter or other Holder, partner, officer,
director or controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this
Section 8.2 shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and
provided further, that in no event shall any indemnity under this Section 8.2 exceed the net proceeds received by such Holder in the registered offering out of which the applicable Violation arises. 

 

	8.3	 Notice 

Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnified party under this Section 8, deliver to the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the
parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained
by the indemnifying party would be inappropriate due to actual or potential conflict of interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of liability to the indemnified party under this Section 8 to the extent the indemnifying party is prejudiced as a
result thereof, but the omission to so deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 8. 

  
 EXHIBIT B 

	8.4	 Contribution 

In order to provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any
indemnified party makes a claim for indemnification pursuant to this Section 8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the
denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 8 provides for indemnification in such case, or (ii) contribution under the Securities Act may
be required on the part of any indemnified party in circumstances for which indemnification is provided under this Section 8; then, and in each such case, the indemnified party and the indemnifying party will contribute to the aggregate
losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion so that a Holder (together with its related persons) is responsible for the portion represented by the percentage that the public
offering price of its Registrable Securities offered by and sold under the registration statement bears to the public offering price of all securities offered by and sold under such registration statement, and the Company and other selling Holders
are responsible for the remaining portion. The relative fault of the indemnifying Party and of the indemnified Party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission to state a material fact relates to information supplied by the indemnifying Party or by the indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission; provided, however, that, in any such case: (A) no Holder will be required to contribute any amount in excess of the net proceeds to such Holder from the sale of all such Registrable Securities
offered and sold by such Holder pursuant to such registration statement; and (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from
any person or entity who was not guilty of such fraudulent misrepresentation. 
  

	8.5	 Survival 

The obligations of the Company and Holders under this Section 8 shall survive the completion of any offering of Registrable
Securities in a registration statement, regardless of the expiration of any statutes of limitation or extensions of such statutes. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each
indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to
such claim or litigation. 
  

	9.	 NO REGISTRATION RIGHTS TO THIRD PARTIES 

Without the prior written consent of the Holders of a majority in interest of the Registrable Securities then Outstanding, the Company
covenants and agrees that it shall not grant, or cause or permit to be created, for the benefit of any person or entity any registration rights of any kind (whether similar to the demand, “piggyback” or Form
F-3 registration rights described in this Exhibit B, or otherwise) relating to any securities of the Company which are senior to, or on a parity with, those granted to the Holders of Registrable
Securities. 
  

	10.	 RULE 144 REPORTING 

With a view to making available the benefits of certain rules and regulations of the SEC which may at any time permit the sale of the
Registrable Securities to the public without registration or pursuant to a registration on Form F-3, after such time as a public market exists for the Ordinary Shares, the Company agrees to: 

(a) Make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all
times after the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 

(b) File with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act (at any time after it has become subject to such reporting requirements); and 
 (c) So long as a Holder owns any
Registrable Securities, to furnish to such Holder forthwith upon request (i) a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date
of the Company’s initial public offering), the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or its qualification as a registrant whose securities may be resold pursuant to Form F-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such other reports and documents of the Company as a Holder may reasonably request in
availing itself of any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to Form F-3. 

  
 EXHIBIT B 

	11.	 MARKET STAND-OFF 

Each Shareholder agrees that, so long as it holds any voting securities of the Company, upon request by the Company or the underwriters
managing the initial public offering of the Company’s securities, it will not sell or otherwise transfer or dispose of any securities of the Company (other than those permitted to be included in the registration and other transfers to
Affiliates permitted by law) without the prior written consent of the Company or such underwriters, as the case may be, for a period of time specified by the representative of the underwriters not to exceed one hundred and eighty (180) days
from the effective date of the registration statement covering such initial public offering or the pricing date of such offering as may be requested by the underwriters. The foregoing provision of this Section 11 shall not apply to the
sale of any securities of the Company to an underwriter pursuant to any underwriting agreement, and shall only be applicable to the Holders if all officers, directors and holders of one percent (1%) or more of the Company’s outstanding share
capital enter into similar agreements, and if the Company or any underwriter releases any officer, director or holder of one percent (1%) or more of the Company’s outstanding share capital from his or her sale restrictions so undertaken, then
each Holder shall be notified prior to such release and shall itself be simultaneously released to the same proportional extent. The Company shall require all future acquirers of the Company’s securities holding at least one percent (1%) of the
then outstanding share capital of the Company to execute prior to a Qualified IPO a market stand-off agreement containing substantially similar provisions as those contained in this Section 11. Subject to the relevant provisions and
restrictions in the applicable laws and regulations, the Company and the Founders hereby covenant that they will take all necessary actions to shorten the period of market stand-off with respect to the
Registrable Securities. 
  

	12.	 TERMINATION OF THE COMPANY’S OBLIGATIONS 

The Company shall have no obligations pursuant to Sections 2, 3 and 4 with respect to any Registrable Securities proposed
to be sold by a Holder in a registration pursuant to Section 2, 3 or 4 more than five (5) years after taking effect of a registration statement for an IPO. 

 

	13.	 Other Provisions 

The holders of Ordinary Shares issued or issuable upon the conversion of Preferred Shares shall be entitled to reasonably analogous or
equivalent rights with respect to any offering of the Company’s securities in any non-U.S. jurisdiction pursuant to which the Company undertakes to offer publicly or list such securities for trading on a
recognized securities exchange. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 EXHIBIT BEX-10.5

 Exhibit 10.5 

July 30, 2019 

SHARE SUBSCRIPTION AGREEMENT 

concerning Ordinary Shares and Series D Shares in 

Wan Duoduo Limited 

 SHARE SUBSCRIPTION AGREEMENT 

DATED July 30, 2019 
 AMONG 

 

	(1)	 Wan Duoduo Limited, a company incorporated in the Cayman Islands with its registered office located at
Suite #4-210, Governors Square, 23 Lime Tree Bay Avenue, PO Box 32311, Grand Cayman KY1-1209, Cayman Islands (the “Company”); 

 

	(2)	 Wan Duoduo Hongkong Limited, a company incorporated in the Hong Kong with its registered office located
at Unit 806, 8/F, Tower II, Cheung Sha Wan Plaza, 833 Cheung Sha Wan Road, Kowloon, Hong Kong (the “HK Co”); 

  

	(3)	 Wan Le Duo Network Technology (Beijing) Co., Ltd.
(玩乐多网络技术(北京)有限公司), a limited liability company incorporated in the PRC with its registered office located at
201-A131, Unit 1, Building No.17, No.3 of Gao Li Zhang Road, Haidian District, Beijing (the “WFOE”); 

  

	(4)	 Beijing Xin Geng Yuan Technology Development Co., Ltd.
(北京心更远科技发展有限公司), a limited liability company incorporated in the PRC with its registered office located at Room B202, Block B, No.101 of Wangjing Lize
Zhongyuan, Chaoyang District, Beijing (the “Domestic Company”, collectively with the WFOE, the “PRC Companies”); 

  

	(5)	 the parties listed in Part A of Schedule 1 (the “Subscribers”, and each a
“Subscriber”); 

  

	(6)	 the parties listed in Part B of Schedule 1 (the “Purchasers”, and each an
“Purchaser”, together with the Subscribers, the “Investors”, and each an “Investor”); and 

  

	(7)	 the parties listed in Schedule 2 (the “Founder Parties”, and each a “Founder
Party”); 

 Each of the parties listed above is referred to herein individually as a “Party” and
collectively as the “Parties”. 
 WHEREAS 
  

	(A)	 Immediately prior to the Completion, the Company has an authorized capital of US$50,000 divided into (i)
383,496,821 Ordinary Shares of a par value of US$0.0001 per share, 68,304,281 of which are issued and outstanding; (ii) 22,973,381 Series A Shares of a par value of US$0.0001 per share, all of which are issued and outstanding; 30,994,766 Series B
Shares of a par value of US$0.0001 per share; 33,367,574 Series B+ Shares of a par value of US$0.0001 per share, and 29,167,458 Series C Shares of a par value of US$0.0001 per share, all of which are issued and outstanding. All issued and
outstanding shares have been fully paid (or credited as fully paid). The capitalization of the Company immediately prior to the Completion Date is set out in Part A of Exhibit B hereto. Further particulars of the Group Companies and the
Founder Parties are set out in Schedule 2 and Schedule 3. The Company has adopted an employee share option plan (the “ESOP”), under which the Company has reserved a total of 24,583,734 Ordinary Shares, representing
12.04% of the fully-diluted capitalization of the Company for issuance of restricted shares or issuance of shares pursuant to share options granted under the ESOP, of which 5,218,984 Ordinary Shares has been issued to and held in trust by Venus
Mission Limited, the Founder Holdco wholly owned by Luo Jian (“Founder Holdco ESOP Shares”). 

  
 2 

	(B)	 Prior to or on the date of the Completion, the Company has entered into certain share repurchase agreement (the
“Share Repurchase Agreement”) with Venus, Fun Kingdom, Wan Duoduo DU Limited and Albert King Limited (collectively, the “Transferors”, and each a “Transferor”), pursuant to which the Company agrees
to repurchase from the Transferors, and the Transferors agree to sale and transfer to the Company (the “Repurchase”), a total of 8,580,551 Ordinary Shares at the aggregate consideration of US$12,189,272.36, which shall contain
1,525,575 Ordinary Shares held in trust by Venus Mission Limited. 

  

	(C)	 The Company hereby agrees to issue and sell to each Subscriber and each Subscriber hereby agrees, severally but
not jointly to subscribe for and purchase from the Company, the Subscription Shares (as defined below) pursuant to the terms and conditions of this Agreement. 

 

	(D)	 The Company hereby agrees to issue and sell to each Purchaser and each Purchaser hereby agrees, severally but
not jointly to subscribe for and purchase from the Company, the Purchased Shares (as defined below) pursuant to the terms and conditions of this Agreement. 

  

	(E)	 NOW IT IS HEREBY AGREED as follows: 

 

	1.	 INTERPRETATION 

 

	1.1	 In this Agreement, including the Recitals and the Schedules, the following expressions shall, except where the
context otherwise requires, have the following meanings: 

 “Action” has the meaning ascribed to it in
Clause 11 of Schedule 4;  
 “Additional Completion” has the meaning ascribed to it in Clause 3.4; 

 “Additional Shares” has the meaning ascribed to it in in Clause 3.4;  

“Agreement” means this Share Subscription Agreement; 

“Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, Controls, is Controlled by or is
under common Control with such Person, and the term “affiliated” has the meaning correlative to the foregoing. Notwithstanding the Parties acknowledge and agree that (x) the name “Sequoia Capital” is commonly used to
describe a variety of entities (collectively, the “Sequoia Entities”) that are affiliated by ownership or operational relationship and engaged in a broad range of activities related to investing and securities trading and
(y) notwithstanding any other provision of this Agreement to the contrary, this Agreement shall not be binding on, or restrict the activities of, any (i) Sequoia Entity outside of the Sequoia China Sector Group, (ii) entity primarily
engaged in investment and trading in the secondary securities market; (iii) the ultimate beneficial owner of an Sequoia Entity (or its general partner or ultimate general partner) who is a natural Person, and such Person’s relatives (including
but without limitation, such Person’s spouse, parents, children, siblings, mother-in-law and
father-in-law and brothers and sisters-in-law), (iv) any officer, director or employee of
a Sequoia Entity (or its general partner or ultimate general partner) and such Person’s relatives, and (v) for the avoidance of doubt, any portfolio companies of any Sequoia Entity and portfolio companies of any affiliated investment fund
or investment vehicle of any Sequoia Entity. For purposes of the foregoing, the “Sequoia China Sector Group” means all Sequoia Entities (whether currently existing or formed in the future) that are principally focused on companies located
in, or with connections to, the People’s Republic of China that are exclusively managed by Sequoia Capital. 

  
 3 

 “Associate” means, with respect to any Person, (1) a corporation or
organization (other than the Group Companies) of which such Person is an officer or partner or is, directly or indirectly, the record or beneficial owner of ten percent (10%) or more of any class of Equity Securities of such corporation or
organization, (2) any trust or other estate in which such Person has a substantial beneficial interest or as to which such Person serves as trustee or in a similar capacity, or (3) any child, brother, sister, parent or spouse of such
Person, or any child, brother, sister, parent of the spouse. 
 “Balance Sheet Date” has the meaning ascribed to it in
Clause 16 of Schedule 4; 
 “Board” or “Board of Directors” means the board of directors of the
Company; 
 “Business” means the live online educational courses for children aged
3-12 conducted by the Company, its consolidated subsidiaries and the PRC Companies; 

“Business Day” means any day, other than a Saturday, Sunday or other day on which the commercial banks in Cayman Islands, Hong
Kong or PRC are authorized or required to be closed for the conduct of regular banking business; 
 “CFC” has the meaning
ascribed to it in Clause 6.2(a);  
 “Code” has the meaning ascribed to it in Clause 6.2(a); 

 “Completion” has the meaning ascribed to it in Clause 4.1(a); 

“Completion Date” has the meaning ascribed to it in Clause 4.1(a); 

“Conditions” means the conditions precedent to the Completion set out in Clause 2; 

“Consents” includes an approval, authorisation, exemption, filing, licence, order, permission, permit, recording or
registration, certificate or declaration, or report or notice to, any Person, including any governmental authority; 

“Constitutional Documents” has the meaning ascribed to it in Clause 13 of Schedule 4; 

“Control”, “Controls”, “Controlled” (or any correlative term) means the possession, directly or
indirectly, of the power to direct or cause the direction of the management of a Person, whether through the ownership of voting securities, by contract, credit arrangement or proxy, as trustee, executor, agent or otherwise. For the purpose of this
definition, a Person shall be deemed to Control another Person if such first Person, directly or indirectly, owns or holds more than 50% of the voting equity interests in such other Person; 

  
 4 

 “Conversion Shares” mean the Ordinary Shares issuable upon conversion of
any Series D Shares; 
 “Disclosing Party” has the meaning ascribed to it in Clause 12.3; 

“Domestic Company” has the meaning ascribed to it in the preamble;  

“Environmental Claim” has the meaning ascribed to it in Clause 19 of Schedule 4;  

“Environmental Laws” has the meaning ascribed to it in Clause 19 of Schedule 4;  

“ESOP” has the meaning ascribed to it in the recitals; 

“ESOP Expansion” has the meaning ascribed to it in Clause 2.1(r); 

“Equity Securities” means, with respect to any Person that is a legal entity, any and all shares of capital stock, membership
interests, units, profits interests, ownership interests, equity interests, registered capital, and other equity securities of such Person, and any right, warrant, option, call, commitment, conversion privilege, preemptive right or other right to
acquire any of the foregoing, or security convertible into, exchangeable or exercisable for any of the foregoing. 
 “Equity Transfer
Documents” has the meaning ascribed to it in Clause 6.6(a);  
 “Event of Force Majeure” has the
meaning ascribed to it in Clause 19;  
 “Everbay” means EVERBAY INVESTMENT LIMITED; 

“Exhibits” mean the exhibits of this Agreement; 

“Financial Statements” has the meaning ascribed to it in Clause 16 of Schedule 4; 

“FCPA” has the meaning ascribed to it in Clause 26 of Schedule 4; 

“Founder” or “Founders” has the meaning set forth in Schedule 2; 

“Founder Holdco” or “Founder Holdcos” has the meaning set forth in Schedule 2; 

“Founder Holdco ESOP Shares” has the meaning ascribed to it in the recitals; 

“Founder Party” or “Founder Parties” has the meaning ascribed to it in the preamble;  

“Fun Kingdom” means Fun Kingdom Limited; 

“GGV” means GGV VII Investments, L.L.C. and GGV VII Plus Investments, L.L.C. and/or any of its Affiliates; 

“GGV Director” has the meaning ascribed to it in Clause 2.1(i); 

  
 5 

 “Group Companies” means the Company, the HK Co, the PRC Companies, and
their respective Subsidiaries from time to time, particulars of which are set out in Schedule 3; 
 “Group
Company” means any one of them; 
 “Group Company Contract” has the meaning ascribed to it in Clause 10 of
Schedule 4. 
 “GSR” means GSR 2017 Opportunities (Singapore) Pte. Ltd.; 

“Hike” means Hike Capital L.P.; 

“HKIAC” has the meaning ascribed to it in Clause 17.3; 

“Hong Kong” means the Hong Kong Special Administrative Region of the PRC; 

“HK Co” has the meaning ascribed to it in the preamble; 

“IDG” means IDG CHINA VENTURE CAPITAL FUND IV L.P. and IDG CHINA IV INVESTORS L.P.; 

“Indemnification Agreement” means the director indemnification agreement to be entered into by GGV, the Company and the GGV
Director on or before the Completion, substantially in the form and substance as set forth in Exhibit J of this Agreement; 

“Indemnifiable Losses” has the meaning ascribed to it in Clause 7.1; 

“Indemnitees” has the meaning ascribed to it in Clause 7.1 and “Indemnitee” means any one of them;

 “Investor” or “Investors” has the meaning ascribed to it in the preamble; 

“Key Employees” means the employees as set forth in the Exhibit C of this Agreement; 

“Lightspeed” means Lightspeed China Partners III, L.P.; 

“Management Rights Letter” means the management rights letter to be issued by the Company to GGV on or before the Completion,
substantially in the form and substance as set forth in Exhibit K of this Agreement; 
 “Material Adverse Effect”
means (i) a material adverse effect on the business (as presently conducted and proposed to be conducted), assets (including intangible assets), affairs, liabilities, condition (financial or otherwise), properties, prospects or results of
operations of the Group Companies, taken as a whole; (ii) material impairment of the ability of any Warrantor to any of the Transaction Documents to perform the material obligations of such party under any Transaction Documents; or
(iii) material impairment of the validity or enforceability of this Agreement of any other Transaction Documents against any Warrantor hereto or thereto. 

“Materials of Environmental Concern” has the meaning ascribed to it in Clause 20 of Schedule 4; 

  
 6 

 “Non-Disclosing Parties” has the
meaning ascribed to it in Clause 12.3;  
 “Northern Light” means Northern Light Venture Capital V, Ltd.; 

 “Onshore Transfer” has the meaning ascribed to it in Clause 2.1(u); 

“Ordinary Shares” means ordinary shares of par value of US$0.0001 each in the capital of the Company; 

“Person” means any individual, sole proprietorship, partnership, firm joint venture, estate, trust, unincorporated
organization, association, corporation, institution, public benefit corporation, entity or governmental authority or other entity of any kind or nature; 

“PRC” means the People’s Republic of China; 

“PRC Companies” has the meaning ascribed to it in the preamble; 

“PRC GAAP” has the meaning ascribed to it in Clause 16 of Schedule 4;  

“Preferred Directors” has the meaning ascribed to it in the Shareholders Agreement.  

“Preferred Shareholder” means the holder of Preferred Shares; 

“Preferred Shares” means any of the preferred shares of the Company, including the Series A Shares, the Series B Shares,
Series B+ Shares, Series C Shares and the Series D Shares; 
 “Proprietary Assets” has the meaning ascribed to it in
Clause 9(a) of Schedule 4; 
 “Purchase Price” mean US$12,189,272.36 for a total of 5,026,525 Ordinary Share and
3,554,026 Series D Shares; 
 “Purchased Shares” means a total of 5,026,525 Ordinary Share and 3,554,026 Series D Shares to
be issued to the Purchasers pursuant to this Agreement; 
 “Purchaser” or “Purchasers” has the meaning ascribed to
it in the preamble; 
 “Registered Intellectual Property” has the meaning ascribed to it in Clause 9(a) of
Schedule 4; 
 “Relevant Period” has the meaning ascribed to it in Clause 6.1; 

“Repurchase” has the meaning ascribed to it in the recitals; 

“Restated M&A” means the sixth amended and restated memorandum and articles of association of the Company as set forth in
Exhibit E of this Agreement, and any amendments thereto from time to time; 
 “Restructuring Documents” means the
Exclusive Business Cooperation Agreement, the Equity Interest Pledge Agreement, Exclusive Option Agreement, Exclusive Business Cooperation Agreement, Power of Attorney and Spousal Consents entered into by and among the WFOE, the Domestic Company
and/or the shareholders of the Domestic Company dated on or before the Completion, substantially in the form and substance as set out in Exhibit I of this Agreement; 

  
 7 

 “Restriction Period” has the meaning ascribed to it in Clause 6.1
(a);  
 “Returns” has the meaning ascribed to it in Clause 18 (a) of Schedule 4;  

“RMB” means Renminbi, the lawful currency of the People’s Republic of China;  

“SAFE” means the PRC State Administration of Foreign Exchange; 

“SAFE No. 37 Notice” means the Notice on Issues Relating to the Administration of Foreign Exchange in
Overseas Investment, Fund-raising and Reverse Investment Activities of Domestic Residents Conducted via Offshore Special Purpose Companies
(《国家外汇管理局关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知》)
 issued by the SAFE on July 14, 2014 and any of its implementing measures or guidelines, in relation to the transactions contemplated under this Agreement; 

“SCC” means SCC Venture VII Holdco, Ltd.; 

“Schedules” means the schedules of this Agreement; 

“Series A Shares” means series A redeemable convertible preferred shares of par value of US$0.0001 each in the capital of the
Company; 
 “Series B Shares” means series B redeemable convertible preferred shares of par value of US$0.0001 each in the
capital of the Company; 
 “Series B+ Shares” means series B+ redeemable convertible preferred shares of par value of
US$0.0001 each in the capital of the Company; 
 “Series C Shares” means series C redeemable convertible preferred shares of
par value of US$0.0001 each in the capital of the Company; 
 “Series D Shares” means series D redeemable convertible
preferred shares of par value of US$0.0001 each in the capital of the Company; 
 “Shareholders’ Agreement” means the
fourth amended and restated shareholders’ agreement to be entered into among the Subscribers, the Company, the HK Co, the PRC Companies, the Founder Parties and certain other parties thereto, substantially in the form and substance as set forth
in Exhibit F of this Agreement; 
 “Shares” means all shares of the Company, including the Ordinary Shares, the
Series A Shares, the Series B Shares, Series B+ Shares, Series C Shares and the Series D Shares; 
 “Share Repurchase Agreement”
has the meaning ascribed to it in the recitals; 

  
 8 

 “Share Restriction Agreements” means the fourth amended and restated share
restriction agreements to be entered into by and among the Subscribers, the Company, each of the Founder Parties respectively and certain other parties thereto, substantially in the form and substance as set forth in Exhibit L of this
Agreement; 
 “Subpart F Income” has the meaning ascribed to it in Clause 6.2(a); 

“Subscriber” or “Subscribers” has the meaning ascribed to it in the preamble; 

“Subscription Price” means US$50,000,000 for a total of 30,042,483 Series D Shares or US$1.66430988 per Series D Share; 

“Subscription Shares” means a total of 30,042,483 Series D Shares to be issued to the Subscribers pursuant to this Agreement;

 “Tax Indemnifiable Loss” has the meaning ascribed to it in Clause 7.2; 

“Transaction Documents” means this Agreement, Share Repurchase Agreement, the Shareholders’ Agreement, the Restated
M&A, the Share Restriction Agreements, the Restructuring Documents, the Indemnification Agreement, the Management Rights Letter, the exhibits attached to any of the foregoing and any other document, certificate, and agreement delivered in
connection with the transactions contemplated hereby and thereby. 
 “Transferor” or “Transferors” has the
meaning ascribed to it in the recitals; 
 “US$” or “US Dollar” means United States dollars, the lawful currency
of the United States of America; 
 “Venus” means Venus Mission Limited. 

“Warranties” means the representation, warranties and undertakings as set out in Clause 5 and Schedule 4; 

“Warrantors” means the Founder Parties and the Group Companies collectively and 

“Warrantor” means any one of them; 

“WFOE” has the meaning ascribed to it in the preamble; and 

“WFOE Capital Injection Amount” has the meaning ascribed to it in Clause 6.18; and 

“Written Resolutions” means the written resolutions of the shareholders of the Company in a form satisfactory to the
Subscribers where the shareholders of the Company agree to, among other things, amend the Memorandum and Articles of Association of the Company, and approve the terms and conditions of the Shareholders’ Agreement and the appointment of new
directors to the Board of Directors of the Company. 
  

	1.2	 In this Agreement: 

  

	 	(a)	 references to recitals, Clauses, sub-Clauses, Schedules and Exhibits
are to the Clauses and sub-Clauses of, and the recitals, Schedules and Exhibits to, this Agreement; 

  
 9 

	 	(b)	 references to any statutory provision or any rule or regulation (whether or not having the force of law) shall
be construed as references to the same as amended, varied, modified, consolidated or re-enacted from time to time and to any subordinate legislation made under such statutory provision; 

 

	 	(c)	 references to parties are to parties of this Agreement; 

 

	 	(d)	 words importing the singular include the plural and vice versa, words importing one gender include every
gender, and references to persons include bodies corporate and unincorporated; 

  

	 	(e)	 headings are for ease of reference only and shall not affect the interpretation of this Agreement; and

  

	 	(f)	 references to a document in the “agreed form” are references to a document the form of which
has been or may from time to time be agreed among all parties hereto. 

  

	1.3	 The recitals, the Schedules and the Exhibits form parts of this Agreement and shall have the same force and
effect as if expressly set out in the body of this Agreement and any reference to this Agreement shall include the Recitals, the Schedules and the Exhibits. 

  

	1.4	 All references to dates and time are, unless the context requires otherwise, to Hong Kong time.

  

	2.	 CONDITIONS PRECEDENT 

 

	2.1	 The obligations of each Investor to purchase its portion of the Subscription Shares and/or the Purchased Shares
and pay its portion of the Subscription Price and/or the Purchase Price on the Completion Date in accordance with Clause 3 hereof shall be conditional on the fulfilment of all of the following Conditions (subject to any waiver in written form
by such Investor in its absolute discretion of any or all of the Conditions): 

  

	 	(a)	 the Written Resolutions having been duly approved and passed by the shareholders and the board of directors of
the Company and remaining valid and effective as at the Completion, and the Restated M&A, in the form attached hereto as Exhibit E, having been adopted accordingly; 

 

	 	(b)	 the issue and allotment of the Subscription Shares and the Purchased Shares to the Investors pursuant to the
terms of this Agreement, the execution of the Transaction Documents to which it is a party, and the performance of its obligations hereunder and thereunder having been duly approved by the shareholders and directors of the Company;

  

	 	(c)	 each of the Founder Holdcos, the PRC Companies and the HK Co having provided to the Investors true copies of
the shareholders’ resolutions and/or the board resolutions (as required under laws of its jurisdiction) to approve the execution of the Transaction Documents to which it is a party, and the performance of its obligations hereunder and
thereunder; 

  
 10 

	 	(d)	 execution and delivery of the Shareholders’ Agreement in the form attached hereto as Exhibit F, by
the parties to the Shareholders’ Agreement (other than the Investors); 

  

	 	(e)	 solely with respect to the Subscribers, all the Warranties remaining true and correct at all times as from the
signing of this Agreement up to the Completion, as if they were made and repeated on and as of the Completion; while solely with respect to the Purchasers, all the representation and warranties set out in Schedule 4A remaining true and
correct at all times as from the signing of this Agreement up to the Completion, as if they were made and repeated on and as of the Completion; 

  

	 	(f)	 no Material Adverse Effect having occurred, and no event having occurred or arising, and no circumstance
existing, that would reasonably be expected to result in a Material Adverse Effect; 

  

	 	(g)	 no provision of any applicable laws shall prohibit the consummation of any transactions contemplated by the
Transaction Documents; 

  

	 	(h)	 all Consents of any competent governmental authority or of any other Person that are required for the entering
into and performance of the Transaction Documents, the ESOP Expansion to be completed at the Completion and the implementation of the transactions therein contemplated having been obtained and remaining valid and effective as at Completion;

  

	 	(i)	 the Company having taken all necessary corporate action such that immediately upon the Completion the Board of
the Company shall have eight (8) members, of which one (1) director shall be designated by GGV (the “GGV Director”), and the evidence of the foregoing shall have been delivered to GGV; 

 

	 	(j)	 the Company having delivered to the Investors a copy of the updated Register of Members and Register of
Directors of the Company certified by the registered office provider or a director of the Company as required pursuant to Clauses 4.3(e) and (f); 

  

	 	(k)	 each of the Key Employees having entered into an employment contract, a
non-competition, non-solicitation, confidentiality, proprietary information and invention assignment agreement with the appropriate Group Company in substantially the
form attached hereto as Exhibit G, Exhibit H-1 and Exhibit H- 2; 

 

	 	(l)	 except as required or contemplated by this Agreement or the Shareholders’ Agreement, no resolution of the
directors or members of any of the Group Companies having been passed nor having any contract or commitment been entered into prior to the Completion without the prior written consent of the Investors, except for the purposes of giving effect to the
transactions contemplated by this Agreement, or the Shareholders’ Agreement and except for those made during the ordinary course of business; 

  
 11 

	 	(m)	 each of the Company and the Founders having delivered to the Investors a certificate of compliance dated the
Completion Date and signed by a director of the Company and the Founders certifying that (i) all of the conditions set forth in this Clause 2.1 have been fulfilled and stating that there having been no Material Adverse Effect since the
Balance Sheet Date; (ii) all corporate and other proceedings on the part of the Warrantors in connection with the transactions to be completed at the Completion and all documents incident thereto, including without limitation written approval
from the board of directors and all of the then current holders of equity interests of each Group Company, as applicable, with respect to this Agreement and the other Transaction Documents shall have been completed, and each Group Company shall have
delivered to the Investors all such counterpart copies of such documents as the Investors may reasonably request; (iii) attaching thereto (aa) the Constitutional Documents of the Group Companies as then in effect, (bb) copies of all resolutions
approved by the shareholders and boards of directors of each Group Company related to the transactions contemplated hereby, and (cc) copies of good standing certificate with respect to the Company from the applicable authority dated no more
than fifteen (15) days prior to the Completion, with respect to the Group Companies which are incorporated under the laws of the PRC, the business licenses of such entity. 

 

	 	(n)	 all corporate proceedings on the part of the Group Companies in connection with the transactions contemplated
at the Completion having been taken to the reasonable satisfaction of the Investors, and the Investors having received all such counterpart originals or certified or other copies of such documents as it may reasonably request; 

 

	 	(o)	 the Group Companies and the Founder Parties having performed and complied with all agreements, obligations and
conditions contained in this Agreement and ancillary agreements that are required to be performed or complied with by them on or before the Completion; 

  

	 	(p)	 the director indemnification agreement in the form attached hereto as Exhibit J having been duly
executed and delivered to the relevant parties; 

  

	 	(q)	 the management rights letter in form attached hereto as Exhibit K having been duly executed and
delivered to the relevant parties; 

  

	 	(r)	 the Company and the Founder Parties having executed and delivered to the Investors the Share Restriction
Agreements in the form attached hereto as Exhibit L; 

  

	 	(s)	 the Investors having received reasonably satisfactory evidence that the Group Companies have duly obtained all
required and appropriate permits and licenses for conducting the Business, except as otherwise provided in this Agreement; 

  

	 	(t)	 the Company having additionally reserved 6,125,166 Ordinary Shares for issuance pursuant to the ESOP of the
Company, and accordingly having the option pool of the Company under the ESOP to be expanded from 24,583,734 Ordinary Shares to 29,183,325 Ordinary Share (the “ESOP Expansion”); 

  
 12 

	 	(u)	 the Founder(s) shall have signed and delivered share transfer agreements with Du Xueqian
(杜雪骞) and Li Ni (李妮) respectively, pursuant to which Du Xueqian (杜雪骞) and Li Ni (李妮) agree to transfer all of their equity interests of the Domestic Company to the Founder(s) (the
“Onshore Transfer”), and the shareholders resolutions of the Domestic Company shall been duly passed to approve the Onshore Transfer; 

  

	 	(v)	 the Company and the Transferors have entered into the Share Repurchase Agreement, the shareholders resolutions
of the Company shall been duly passed to approve the Repurchase, and the “Closing” (as defined in the Share Repurchase Agreement) shall have taken place prior to or concurrently with the Closing hereunder; and 

 

	 	(w)	 each of the Restructuring Documents listed in Exhibit I hereto shall have been duly executed and
delivered by the parties thereto. 

  

	2.2	 In the event that any of the Conditions specified in Clause 2.1 has not been fulfilled (or waived by the
Investors in writing) before July 31, 2019 after the signing of this Agreement (or such later date as the Company and the Investors may mutually agree in writing), the obligations of the Investors under this Agreement may be terminated by
written notice by any Investor or the Company to other parties, at such Party’s own election and discretion, after which this Agreement shall be of no further force or effect with respect to the Investors. 

 

	2.3	 Each of the Group Companies and the Founder Parties shall use its best endeavours to procure the fulfilment of
the Conditions on or before the date set forth in Clause 2.1. 

  

	3.	 AGREEMENT TO SUBSCRIBE FOR SHARES 

 

	3.1	 As of the Completion, the Company shall have authorized (a) 500,000,000 shares with par value of US$0.0001 per
share, among which, 33,596,509 shares shall be designated as Series D Shares, 29,167,458 shares shall be designated as Series C Shares, 33,367,574 shares shall be designated as Series B+ Shares, 30,994,766 shares shall be designated as Series B
Shares, 22,973,381 shares shall be designated as Series A Shares and the other 349,900,312 shares as Ordinary Shares; (b) the issuance, pursuant to the terms and conditions of this Agreement, of 33,596,509 Series D Shares and 5,026,525 Ordinary
Shares having the rights, preferences, privileges and restrictions as set forth in the Restated M&A, which shall have been duly adopted by the Company as of the Completion and the Shareholders’ Agreement, and (c) reservation of at
least 33,596,509Ordinary Shares for conversion of the Series D Shares and 6,125,166 Ordinary Shares for the ESOP. 

  

	3.2	 At the Completion, each Subscriber shall pay its portion of the Subscription Price by wire transfer of
immediately available funds in the aggregate amount as set forth on Part A of Schedule 1 hereto to the bank account designated by the Company. 

  

	3.3	 At the Completion, each Purchaser shall pay its portion of the Purchase Price by transfer of immediately
available funds in the aggregate amount as set forth on Part B of Schedule 1 hereto to the bank account designated by the Company. 

  

	3.4	 At the Completion, the Company shall, subject to the terms and conditions of this Agreement, validly allot and
issue the Subscription Shares to the Subscribers, free from all charges, liens, encumbrances, equities or other third party rights, claims or interests. 

  
 13 

	3.5	 At the Completion, the Company shall, subject to the terms and conditions of this Agreement, validly allot and
issue the Purchased Shares to the Purchasers, free from all charges, liens, encumbrances, equities or other third party rights, claims or interests. 

  

	3.6	 At any time and from time to time upon and following the Completion, but in any event no later than fifteen
(15) Business Days after the Completion or such longer period agreed by GGV, the Company may, at one or more additional closings (each an “Additional Completion”), offer and sell to other subscriber(s) designated by the
Founders and acceptable to GGV up to, in the aggregate, 12,016,993 Series D Shares (the “Additional Shares”) at a per share price equal to the Series D Issue Price (as defined in the Restated M&A) on no more favourable terms and
conditions than those being offered to the Subscribers under the Transaction Documents. 

  

	4.	 COMPLETION 

 

	4.1	 Upon satisfaction (fulfilment or waiver according to Clause 2.2, if any) of the Conditions by the Group
Companies and the Founder Parties, the Completion shall take place remotely via exchange of electronic documents and signatures within seven (7) business days after the fulfilment of the conditions as set forth in Clause 2.1 (the
“Completion Date”), or at such other place and time as the Company and GGV shall mutually agree in writing (the “Completion”). 

 

	4.2	 At the Completion, each Subscriber shall, severally but not jointly: 

 

	 	(a)	 pay to the Company that amount set forth opposite such Subscriber’s name on Part A of Schedule 1 by
depositing such amount into the bank account designated by the Company for value on the Completion Date (for avoidance of doubt, the obligations of such Subscriber under Clause 4.2(a) shall be deemed satisfied by the delivery to the Company a
copy of the bank confirmation confirming the wiring of relevant portion of Subscription Price to the bank account designated by the Company); and 

  

	 	(b)	 deliver or procure to be delivered to the Company a counterpart of the Transaction Documents duly executed by
the Subscribers. 

  

	4.3	 At the Completion, each Purchaser shall, severally but not jointly: 

 

	 	(a)	 pay to the Company that amount set forth opposite such Purchaser’s name on Part B of Schedule 1 by
depositing such amount into the bank account designated by the Company for value on the Completion Date (for avoidance of doubt, the obligations of such Purchaser under Clause 4.3(a) shall be deemed satisfied by the delivery to the Company a
copy of the bank confirmation confirming the wiring of relevant portion of Purchase Price to the bank account designated by the Company); and 

  

	 	(b)	 deliver or procure to be delivered to the Company a counterpart of the Transaction Documents duly executed by
the Purchasers. 

  

	4.4	 At the Completion, the Company shall deliver to the Subscribers and Purchasers: 

 

	 	(a)	 the original or a true copy of the board resolutions of the Company approving: 

  
 14 

	 	(i)	 this Agreement and other Transaction Documents to which the Company is a party, and the entry into and
performance of each of such documents by the Company including the allotment and issue of the Subscription Shares and Purchased Shares in accordance with the terms of this Agreement and the issue and delivery of the share certificates to the
Subscribers and Purchasers; and 

  

	 	(ii)	 the authorized size of the board of directors of the Company shall be up to eight (8), one of which is reserved
for the GGV Director. 

  

	 	(b)	 a true copy of the Written Resolutions; 

 

	 	(c)	 the certificate of compliance referred to in Clause 2.1(m) as of the Completion Date;

  

	 	(d)	 a true copy (with the original to be delivered to the Subscribers and Purchasers as soon as possible after the
Completion) of the share certificate issued in the name of the Subscribers and Purchasers for the Subscription Shares and Purchased Shares, duly signed and sealed for and on behalf of the Company; 

 

	 	(e)	 a copy of the Register of Members of the Company as updated to reflect the Subscription Shares and Purchased
Shares being purchased by the Subscribers and Purchasers and the Repurchase, and certified by the registered office provider or a director of the Company; 

  

	 	(f)	 a copy of the Register of Directors of the Company as updated to reflect the appointment of directors in
accordance with Clause 4.4(a)(ii) and certified by the registered office provider or a director of the Company; and 

  

	 	(g)	 all other documentation the delivery of which is made an express Condition pursuant to Clause 2.1.

  

	5.	 REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS 

 

	5.1	 Except as set forth in the Schedule of Exceptions, the Warrantors hereby jointly and severally represent,
warrant and undertake to the Subscribers that each of the matters set out in Schedule 4 are as of the date hereof true, complete and correct and will be for all times after the date hereof and up to and including the Completion Date true,
complete and correct. 

  

	5.2	 The Company hereby represents, warrants and undertakes to the Purchasers that each of the matters set out in
Schedule 4A are as of the date hereof true, complete and correct and will be for all times after the date hereof and up to and including the Completion Date true, complete and correct. 

 

	5.3	 Each of the Warranties is without prejudice to any other Warranty and, except where expressly stated otherwise,
no provision contained in this Agreement shall govern or limit the extent or application of any other Warranty. 

  

	5.4	 Each of the Warrantors undertakes to notify the Subscribers in writing as soon as practicable of any matter or
event which becomes known to it prior to the Completion which may render any Warranty to be or to have been untrue or inaccurate. 

  
 15 

	5.5	 The rights and remedies of the Subscribers in respect of a breach of any Warranty shall not be affected by any
due diligence review or investigation made by or on behalf of such Subscribers into the affairs of any Group Company. 

  

	5.6	 Notwithstanding any rule of law or equity to the contrary, any release, waiver or compromise or any other
arrangement of any kind whatsoever which the Subscribers may agree to or effect in relation to any of the Warrantors in connection with this Agreement, and in particular the Warranties, shall not affect the rights and remedies of the Subscribers as
regards to any other parties. 

  

	5.7	 Each of the parties hereto hereby severally represents and warrants to the other parties that it has full power
and authority to enter into and perform this Agreement; this Agreement when executed and delivered by them shall constitute valid and legally binding obligations of such party enforceable in accordance with their respective terms.

  

	5.8	 Each of the Warrantors undertakes, in relation to any Warranty which refers to his /its knowledge or
information, that he /it has made best enquiry into the subject matter of that Warranty and that he /it does not have the knowledge or information or belief that the subject matter of that Warranty may not be true, complete or accurate.

  

	5.9	 Each of the Warrantors hereby jointly and severally undertakes to the Subscribers to perform and procure the
performance of this Agreement, and undertakes to indemnify the Subscribers for any failure to perform this Agreement in accordance with Clause 7 of this Agreement. 

 

	6.	 POST-COMPLETION COVENANTS 

Each of the Warrantors hereby jointly and severally covenants to the Subscribers as follows. For avoidance of doubts, the covenants of the
Warrantors under this Section 6 is intended solely as part of the inducement and consideration of the Subscribers’ subscription of the Subscription Shares, and shall in no event be deemed to be any part of the inducement and
consideration of the Purchasers’ purchase of the Purchased Shares. 
  

	6.1	 Non-Compete 

Each of the Founders acknowledges that the Subscribers agree to invest in the Company and become a Preferred Shareholder on the basis of
continued and exclusive services of and full devotion and commitment by him to the Group Companies, and agrees that the Subscribers should have reasonable assurance of such basis of investment. Each of the Founders hereby undertakes to the
Subscribers that neither he nor will any of his associates, nominees, trustees or the like directly or indirectly: 
  

	 	(a)	 during the Relevant Period and for a period of two (2) years after expiration of the Relevant Period
(collectively “Restriction Period”), participate, assist, advise, consult, be concerned with, engaged or interested in, any business or entity in any manner, directly or indirectly, alone or in concert with others, which is in
competition with the business carried on by any Group Company at any time during the Restriction Period; 

  
 16 

	 	(b)	 during the Restriction Period, solicit in any manner any person who is or has been during the Restriction
Period a customer or client of any Group Company for the purpose of offering to such person any goods or services similar to or competing with any of the businesses conducted by any Group Company at any time during the Restriction Period;

  

	 	(c)	 during the Restriction Period, solicit or entice away, or endeavour to solicit or entice away, any employee or
officer of any Group Company; or 

  

	 	(d)	 at any time disclose to any person, or use for any purpose, any information concerning the business, accounts,
finance, transactions or Intellectual Property rights of any Group Company or any trade secrets or confidential information of or relating to any of the Group Companies. 

Each undertaking in paragraphs (a), (b), (c), and (d) of this Clause 6.1 shall be treated as independent of the other undertakings
so that, if any of them is held to be invalid or unenforceable for any reason, the remaining undertakings shall be valid to the extent that they are not affected. 

Each of the Founders hereby expressly acknowledges and declares that he has duly considered the undertakings set out in this Clause 6.1
and considers that they are reasonable in the circumstances, and warrants and undertakes to each of the Subscribers that he shall not challenge or query the validity and enforceability of these undertakings. 

For the purposes of this Clause 6.1, “Relevant Period” means, in relation to each Founder and/or his associates,
nominees, trustees or the like, the period during which he or any of his associates, nominees, trustees or the like is a shareholder, director, employee and/or has any direct or indirect interest (legal or beneficial) in the capital of any of the
Group Companies. 
  

	6.2	 Tax Covenants 

The Warrantors jointly and severally undertake to each of the Subscribers that: 

 

	 	(a)	 Immediately after the Completion, the Company will not be a “Controlled Foreign Corporation”
(“CFC”) as defined in the U.S. Internal Revenue Code of 1986, as amended (or any successor thereto) (the “Code”). The Company shall make due inquiry with its tax advisors on at least an annual basis regarding the
Company’s status as a CFC and regarding whether any portion of the Company’s income is “subpart F income” (as defined in Section 952 of the Code) (“Subpart F Income”). Each Subscriber shall reasonably
cooperate with the Company to provide information about such Subscriber and such Subscriber’s partners in order to enable the Company’s tax advisors to determine the status of such Subscriber and/or any of such Subscriber’s partners
as a “United States Shareholder” within the meaning of Section 951(b) of the Code. No later than two (2) months following the end of each Company’s taxable year, the Company shall provide the following information to each of
the Subscribers: (i) the Company’s capitalization table as of the end of the last day of such taxable year, and (ii) a report regarding the Company’s status as a CFC. In addition, the Company shall provide each Subscriber with
access to such other Company information as may be necessary for such Subscriber to determine the Company’s status as a CFC and to determine whether such Subscriber or any of such Subscriber’s partners is required to report its pro rata
portion of the Company’s Subpart F Income on its United States federal income tax return, or to allow such Subscriber or such Subscriber’s partners to otherwise comply with applicable United States federal income tax laws. For purposes of
the foregoing, (i) the term “Subscriber’s partners” shall mean such Subscriber’s partners and/or members and any direct or indirect equity owners of such partners and/or members, and (ii) the “Company” shall
mean the Company and any of its direct or indirect subsidiaries. In the event that the Company is determined by the Company’s tax advisors or by counsel or accountants for any Subscriber to be a CFC, the Company agrees to use commercially
reasonable efforts to avoid generating Subpart F Income. In the event that the Company is determined by the Company’s tax advisors or by counsel or accountants for any Subscriber to be a CFC, the Company agrees to use commercially reasonable
efforts to annually make dividend distributions to any Subscriber, to the extent permitted by law, in an amount equal to 50% of any income of the Company that would have been deemed distributed to any Subscriber pursuant to Section 951(a) of
the Code had such Subscriber been a “United States person” as such term is defined in Section 7701(a)(30) of the Code. 

  
 17 

	 	(b)	 The Company has never been, and, to the best of its knowledge after consultation with its tax advisors, will
not be with respect to its taxable year during which the Completion occurs, a “passive foreign investment company” within the meaning of Section 1297 of the Code. The Company shall use its best efforts to avoid being a “passive
foreign investment company” within the meaning of Section 1297 of the Code. In connection with a “Qualified Electing Fund” election made by any Subscriber or any of such Subscriber’s partners pursuant to Section 1295 of
the Code or a “Protective Statement” filed by any Subscriber or any of such Subscriber’s partners pursuant to Treasury Regulation Section 1.1295-3, as amended (or any successor thereto),
the Company shall provide annual financial information to such Subscriber in the form provided in Exhibit D hereto (or in such other form as may be required to reflect changes in applicable law) as soon as reasonably practicable following the
end of each taxable year of the Company (but in no event later than 90 days following the end of each such taxable year), and shall provide such Subscriber with access to such other Company information as may be required for purposes of filing U.S.
federal income tax returns of such Subscriber or such Subscriber’s partners in connection with any such Qualified Electing Fund election or Protective Statement. In the event that any Subscriber or any of such Subscriber’s partner who has
made a “Qualified Electing Fund” election must include in its gross income for a particular taxable year its pro rata share of the Company’s earnings and profits pursuant to Section 1293 of the Code, the Company agrees to make a
dividend distribution to such Subscriber (no later than 90 days following the end of the Company’s taxable year or, if later, 90 days after the Company is informed by such Subscriber that such Subscriber’s partner has been required to
recognize such an income inclusion) in an amount equal to 50% of the amount that would be included by such Subscriber if such Subscriber was a “United States person” as such term is defined in Section 7701(a)(30) of the Code and had
such Subscriber made a valid and timely “Qualified Electing Fund” election which was applicable to such taxable year. 

  
 18 

	 	(c)	 The Company shall take such actions, including making an election to be treated as a corporation or refraining
from making an election to be treated as a partnership, as may be required to ensure that at all times the Company is classified as a corporation for United States federal income tax purposes. The Company shall make due inquiry with its tax advisors
(and shall cooperate with each Subscriber’s tax advisors with respect to such inquiry) on at least an annual basis regarding whether a Subscriber or any of such Subscriber’s partners are subject to the reporting requirements of either or
both of Sections 6038 and 6038B of the Code (and the Company shall duly inform the Subscribers of the results of such determination), and in the event that any Subscriber or any of such Subscriber’s partners are determined by the Company’s
tax advisors or any Subscriber’s tax advisors to be subject to the reporting requirements of either or both of Sections 6038 and 6038B, the Company agrees, upon a request from the relevant Subscriber, to provide such information to such
Subscriber as may be necessary to fulfil such Subscriber’s or such Subscriber’s partner’s obligations thereunder. 

  

	6.3	 Regulatory Filings 

The Group Companies, the Founder Parties and the other direct or indirect holders or beneficial owners of Ordinary Shares (except for
Lightspeed China Partners III, L.P. and GSR Ventures VI (Singapore) Pte. Ltd. and GGV) shall duly complete all filings and registrations with the PRC authorities as required by the applicable laws and regulations, including but not limited to the
relevant filing and registrations with the Ministry of Commerce, the Ministry of Industry and Information Technology, the State Administration of Industry and Commerce, the SAFE, tax bureau, customs authority and the local counterpart of each of the
aforementioned governmental authorities, in each case, as applicable. 
  

	6.4	 Filing of Restated M&A  

Within fifteen (15) days following the Completion, the Restated M&A together with the special or written shareholders resolutions on
approving its adoption shall have been duly filed with the Registrar of Companies of the Cayman Islands. 
  

	6.5	 Compliance 

Each Group Company shall, and the Founder Parties shall cause each Group Company to, comply with all applicable laws in all material respects,
including not limited to, applicable PRC laws relating to telecommunication business, software, transportation, Intellectual Property, anti-monopoly, financing, taxation, lease, employment and social welfare and benefits and SAFE No. 37 Notice.
Without limiting the generality of the foregoing, as soon as practical after the Completion, each Group Company shall use its best efforts to obtain all licenses, consents, registrations and filings that are necessary to (i) own, lease,
license, or use current or future properties and assets, and (ii) to conduct or perform its business in the manner as presently conducted and intended to be conducted. Without prejudicing the generality of the foregoing, after the Completion
and upon the written request by GGV, the relevant Group Company shall, and the Founder Parties shall cause such Group Company to, use reasonable best efforts to rectify any non-compliance with applicable laws.

  
 19 

	6.6	 Option to Purchase Equity Interest in the Domestic Company 

Each of the Subscribers shall have an option, exercisable at its sole discretion respectively by giving notice to the Company of its intention
to so exercise at any time after the Completion, to designate an Affiliate which shall be a PRC resident (as defined in SAFE No. 37 Notice), to purchase certain equity interest of the Domestic Company from the then shareholders of the Domestic
Company, and the Warrantors shall cause the then shareholders of the Domestic Company to transfer such equity interest of the Domestic Company to such Subscriber or its designated Affiliate, for an aggregate nominal consideration of RMB 1 or at
other minimum prices to the extent permitted by applicable laws, so that such Subscriber shall hold the same shareholding percentage in the Domestic Company as it does in the Company. 

 

	6.7	 Availability of Ordinary Shares. 

The Company hereby covenants that at all times there shall be made available, free of any liens, for issuance and delivery upon conversion of
the Subscription Shares such number of Ordinary Shares or other shares in the share capital of the Company as are from time to time issuable upon conversion of the Subscription Shares from time to time, and will take all steps necessary to increase
its authorized share capital to provide for sufficient number of Ordinary Shares issuable upon conversion of the Subscription Shares. 
  

	6.8	 Business of the Company and the HK Company. 

The business of the Company shall be restricted to the holding of shares or equity interest in the HK Co. The business of the HK Co shall be
restricted to the holding of shares or equity interest in the WFOE. 
  

	6.9	 Business of the PRC Companies. 

Prior to entering into any new business other than those in the scope of the Business, each Group Companies shall use its reasonable commercial
efforts and take all necessary actions to implement and carry out the new business plan as approved by the Board of Directors of the Company (including the approval of at least two-thirds (2/3) of all
Preferred Directors), including, without limitation, hiring employees, renting office space, employing legal and technical consultants and undertaking other customary business activities. From the Completion and until the new business plan is duly
amended in accordance with all necessary procedures, the business of the PRC Companies shall be limited to the Business. 
  

	6.10	 Use of Investor’s Name or Logo. 

Without the prior written consent of GGV, and whether or not GGV is then the shareholders of the Company, none of the Group Companies, their
shareholders (excluding GGV), nor the Founders shall use, publish or reproduce the names of GGV 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, except for the fact of the equity investments and shareholding in the Group Companies by GGV (and in any such case shall not disclose the aggregate or individual investment amounts, pricing or ownership percentage, or any of
the term of this Agreement, the Shareholders’ Agreement, the Restricted Share Agreements or any other Transaction Documents). 

  
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	6.11	 D&O Insurance. 

Upon the request of GGV Director, the Company shall obtain, at the cost no more than the average market price of such insurance, for the GGV
Director insurance against liability for negligence, default, breach of duty or breach of trust incurred in the course of discharging his or her duties as director or officer of the Company, including without limitation, director and officer
liability insurance in an agreed insured amount. 
  

	6.12	 FCPA. 

Each of the Warrantors jointly and severally represents that it shall not and shall not permit any of its subsidiaries or Affiliates or any of
its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to promise, authorize or make any payment to, or otherwise contribute any item of value, directly or indirectly, to any third party,
including any Non-U.S. Official, in each case, in violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. Each of the Founder Parties and the Group Companies
further represents that it shall, and shall cause each of its subsidiaries and Affiliates to cease all of its or their respective activities, as well as remediate any actions taken by the Group Companies, its subsidiaries or Affiliates, or any of
their respective directors, officers, managers, employees, independent contractors, representatives or agents in violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. Each of the Founder Parties
and the Group Companies further represents that it shall and shall cause each of its subsidiaries and Affiliates to maintain systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) to
ensure compliance with the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. 
  

	6.13	 Permit and License. 

To the extent permitted by the applicable laws, each of the Group Companies and the Founder Parties shall procure each of the Group Companies
to, use its best efforts to obtain and maintain in a timely manner all requisite consents and permits for conducting the ordinary course of business or any business to carry out in the future in compliance with all applicable laws. 

 

	6.14	 Exclusivity. 

From the date of this Agreement to the Completion, without the consent of GGV, the Group Companies and the Founder Parties shall not
(i) discuss the sale of any securities of any Group Company with any third party, or (ii) to provide any information with respect to any Group Company to any third party in connection with a potential investment by such third party in any
securities of any Group Company, or (iii) to close any financing transaction of any securities of any Group Company with any third party. 

  
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	6.15	 Employee Matters. 

The PRC Companies shall use its commercially reasonable efforts to comply with all applicable PRC labour laws and regulations in all material
respects, including without limitation, laws and regulations pertaining to welfare funds, social benefits, medical benefits, insurance, retirement benefits, and pensions. 

The PRC Companies shall use its commercially reasonable efforts to comply with all applicable PRC education laws and regulations in all
material respects, including without limitation, laws and regulations pertaining to the teaching and online education for children and teenagers aged 3-12. The PRC Companies shall use its commercially
reasonable efforts to hire employees who have the qualification for the teaching and educations with respect to children and teenagers aged 3-12. 

 

	6.16	 Tax Matters. 

The PRC Companies shall comply with all applicable PRC tax laws and regulations in all material respects, including without limitation, laws
and regulations pertaining to income tax, value added tax and business tax. 
  

	6.17	 Tax Basis in Relation to an Indirect Transfer.  

Within one hundred and eighty (180) days following the Completion, all of the Subscription Price shall have been injected into the WFOE as
the registered capital of the WFOE with copies of documents evidencing the same provided to the Subscribers (such injected amount, the “WFOE Capital Injection Amount”). Each of the Warrantors, jointly and severally, agrees that
(i) in the event of a subsequent sale of Shares in the Company by any Subscriber, it shall ensure that such Subscriber is entitled to apply all Subscription Price paid by such Subscriber to its indirect basis in the equity (or equity cost) of
the WFOE with respect to any tax filing, tax position and other communication with the relevant PRC tax authorities for purposes of determining any income tax, capital gains tax or any other tax calculated with reference to gains made through the
subscription, purchase and sale of the Company’s Shares, and (ii) it shall use its commercially reasonable efforts to not take any position that is inconsistent with (or would otherwise adversely impact the credibility of) clause
(i) above in its filings or other communications with the relevant PRC tax authorities. Notwithstanding anything to the contrary herein, the Warrantors shall indemnify each Subscriber against and all Indemnifiable Losses, in connection with
such Subscriber’s sale of its shares, levied on such Subscriber by the relevant PRC tax authorities as the result of the tax base for such Shares determined by the relevant PRC tax authorities being less than all Subscription Price paid by such
Subscriber for such Shares. 
  

	6.18	 Employment Agreement and Confidentiality, Non-Competition and
Intellectual Property Rights Agreements. 

 The Group Companies shall cause the Founder and each of their respective
current and future employees to enter into an employment agreement in form and substance satisfactory to the Board (including the affirmative votes of at least two-thirds (2/3) of the directors appointed by
the holders of the Preferred Shares). The Group Companies shall cause the Founder and each of their respective current and future employees and consultants to enter into a confidentiality, non-competition and
proprietary information and inventions agreement in form and substance satisfactory to the Board (including the affirmative votes of at least two-thirds (2/3) of the directors appointed by the holders of the
Preferred Shares). 

  
 22 

	6.19	 Lease. 

As soon as practicable after the Completion, the Warrantors shall cause the PRC Companies to register their leases with competent local housing
authorities to file such records so that the leases of the PRC Companies are properly filed and registered in compliance with relevant PRC Laws. 
  

	6.20	 Intellectual Property. 

The Group Companies shall establish and maintain appropriate intellectual property protection system to protect the intellectual property of
the Group Companies. Without limiting the generality of the foregoing sentence, the Group Companies shall, and other Warrantors shall cause the Group Companies to complete the registration of the trademark, patents, copyrights, domain names and
other intellectual property related to the operation of the Business of the Group Companies as soon as applicable. The Group Companies shall, and the Founders shall cause the Group Companies to fully comply with the laws and regulations in respect
of the protection of the intellectual property and refrain from infringing from the intellectual property of other parties. 
  

	6.21	 WFOE’s Registered Capital 

As soon as practicable after the Completion, the Founders and the Group Companies shall procure the registered capital of the WFOE to be fully
paid in accordance with the charter documents of the WFOE and applicable laws and regulations. 
  

	6.22	 Transfer of Assets.  

 

	 	(a)	 Transfer of Intellectual Property and Business Contracts. When and as advised by the underwriter of the Company
prior to its initial public offering, (i) the Intellectual Property and the business contracts of the Domestic Company shall, to the maximum extent permitted by the applicable laws, be transferred to the WFOE; (ii) to the maximum extent
permitted by the applicable laws, any future Intellectual Property of the Group Companies shall be owned in the WFOE’s name and any future business contract shall be entered into by the WFOE; and (iii) the WFOE shall be primarily responsible
for the research and development of technology related to the Business. 

  

	 	(b)	 Transfer of Employees. Within twelve (12) months following the Completion or any later time as agreed by
the Subscribers, to the maximum extent permitted by the applicable laws, the employment relationship of the Key Employees, as requested by the Subscribers shall have been transferred to the WFOE. 

  
 23 

	6.23	 SAFE Amendment Registration. 

If and to the extent required by applicable law, the Founder Parties shall, with respect to both of the Ordinary Shares and Preferred Shares
held by them, and the Warrantors shall cause each of other direct and indirect holders or beneficial owners of the Ordinary Shares (except for direct or indirect holders of Lightspeed, GSR and GGV) to amend and update each of their registrations
with SAFE in respect of the financing of the Company contemplated hereunder, and shall deliver to each Subscriber and its counsel satisfactory evidence for completion of such amendment registration. 

 

	6.24	 Covenants between Signing and Completion. 

 

	 	(a)	 Between the date hereof and the Completion, except as the Subscribers otherwise agree in writing or for the
transactions contemplated under the Transaction Documents, each of the Group Companies shall (i) conduct its business in the ordinary course consistent with past practice, as a going concern and in compliance with all applicable laws,
(ii) pay or perform its debts, Taxes, and other obligations when due, (iii) maintain its assets in a condition comparable to their current condition, reasonable wear, tear and depreciation excepted, (iv) use reasonable best efforts to
preserve intact its current business organizations and keep available the services of its current officers and employees and preserve its relationships with customers, suppliers and others having business dealings with it, (v) otherwise
periodically report to the Subscribers concerning the status of its business, operations and finance, and (vi) take all actions reasonably necessary, to consummate the transactions contemplated by this Agreement promptly, including the taking of all
reasonable acts necessary to cause all of the conditions precedent of the Subscribers to be satisfied. 

  

	 	(b)	 From the date hereof until the Completion, (i) the Company shall promptly notify the Subscribers in
writing of any Action commenced or threatened against any Group Company, (ii) each Party hereto shall promptly notify the other Parties of any breach, violation or non-compliance by of any representation,
warranty or covenant made by such Party hereunder, and (iii) each Party will promptly provide the other Parties with copies of all correspondence and inquiries to and from, and all filings made with, any governmental authority with respect to
the transactions contemplated hereby. 

  

	6.25	 Negative Covenants between Signing and Completion. 

Between the date hereof and the Completion, except as the Subscribers otherwise agree in writing or for the transactions contemplated under the
Transaction Documents, none of the Group Companies shall (and the Warrantors shall not permit any of the Group Companies to) (a) take any action that would make any Warranties inaccurate at the Completion, (b) waive, release or assign any
material right or claim, (c) take any action that would reasonably be expected to materially impair the value of the Group Companies, (d) sell, purchase, assign, lease, transfer, pledge, encumber or otherwise dispose of any material asset,
(e) issue, sell, or grant any Share unless otherwise pursuant to the Transaction Documents, (f) declare, issue, make, or pay any dividend or other distribution with respect to any Share, (g) incur any indebtedness for borrowed money
or capital lease commitments or assume or guarantee any indebtedness of any Person, (h) enter into any contract or other transaction with any related party unless otherwise pursuant to the Transaction Documents, (i) any amendment to or
termination of any Group Company Contract, any entering of any new contract that would have been a Material Contract if in effect on the date hereof, or any amendment to or waiver under any Constitutional Document; (j) any change in any
compensation arrangement or contract with any Key Employee, or adoption of any new ESOP, or made any change in any existing ESOP; (k) any change in accounting methods or practices or any revaluation of any of its assets; or (l) authorize,
approve or agree to any of the foregoing. If at any time before the Completion, any of the Warrantors comes to know of any material fact or event which: 

  
 24 

	 	(a)	 is in any way materially inconsistent with any of the Warranties given by each Warrantor, subject to any
qualification by the Schedule of Exceptions, 

  

	 	(b)	 suggests that any material fact warranted may not be as warranted or may be materially misleading, or

  

	 	(c)	 might affect the willingness of a reasonable investor in making a prudent decision to purchase the Subscription
Shares or the amount of consideration which the Subscribers would be prepared to pay for the Subscription Shares, 

 such
Warrantor shall give immediate written notice thereof to the Subscribers in which event the Subscribers may within five (5) Business Days of receiving such notice terminate this Agreement by written notice without any penalty whatsoever and
without prejudice to any rights that the Subscribers may have under this Agreement or applicable law, provided, that, if (i) the event described in (a), (b) or (c) above would not, result or reasonably be expected to result, in a Material
Adverse Effect, and (ii) in each case such event is curable within reasonable period time, then this Agreement may not be terminated under this Clause 6.27. If this Agreement is terminated in the event of (a) or (b) above, or in the
event of (c) above when such fact or event is caused by the Company, solely in the event of fraud or gross negligence by any Warrantor, each Warrantor shall jointly and severally indemnify the Subscribers against all costs, charges and expenses
incurred by it in connection with the negotiation, preparation and termination of this Agreement and other Transaction Documents. 
  

	6.26	 Onshore Transfer 

As soon as practicable after the Completion but no later than two (2) months after the Completion, the Domestic Company shall, and the
other Warrantors shall cause the Domestic Company to duly register with the State Administration for Industry and Commerce of the Onshore Transfer. 
  

	6.27	 Registration of Equity Pledge 

As soon as practicable after the Completion but no later than three (3) months after the Completion, the Domestic Company shall, and the
other Warrantors shall cause the Domestic Company to duly register with the State Administration for Industry and Commerce of the equity pledge contemplated under the relevant Equity Pledge Agreements
(股权质押协议) in the Restructuring Documents. 

  
 25 

	6.28	 Business Termination 

As soon as practical after the Completion, the PRC Companies shall use its reasonable commercial efforts and take all necessary actions to
complete the refund of all deposit, advanced payment, membership fees and other similar fees (if any) received from the customers with respect to the business of online toy rental used to be conducted by the PRC Companies. 

 

	6.29	 Tax under Announcement 7. 

Venus Mission Limited shall, and Warrantors shall procure Venus Mission Limited to, perform the tax withholding duties in connection with the
purchase of shares of the Company from Wan Duoduo Goddess Limited, Wan Duoduo DU Limited, Venus Holdings Limited, and Taihe Leaf Ltd according to the requirements of the Announcement of the State Administration of Taxation on Several Issues
Concerning the Enterprise Income Tax on Indirect Property Transfer by Non-Resident Enterprises (“Circular No. 7”), and (ii) as soon as practicably possible but no later than three
(3) months after the Completion, Venus Mission Limited shall, and Warrantors shall procure Venus Mission Limited to, complete (or cause the relevant sellers to complete) the payment of the applicable taxes pursuant to Circular 7. 

 

	6.30	 Registration Address. 

As soon as practicably possible after the Completion, the Group Companies shall, and the Warrantors shall cause the Group Companies to, change
its registration address to the address where it conducts business, and complete relevant filing and registration with the competent local branch of the State Administration for Market Regulation (if applicable). 

 

	6.31	 Establishment of Branches. 

As soon as practicably possible after the Completion, the Group Companies shall, and the Warrantors shall cause the Group Companies to,
establish branches in Xi’an and Shanghai where the Group Companies has actually conducted business, and complete relevant filing and registration with the competent local branch of the State Administration for Market Regulation. 

 

	7.	 INDEMNITIES 

 

	7.1	 The Warrantors hereof jointly and severally undertake to fully indemnify the Subscribers, its associates,
directors, officers, employees, limited partners, members, stockholders, attorneys (including, without limitation, those retained in connection with the transactions contemplated herein), agents and representatives (each an
“Indemnitee” and collectively, the “Indemnitees”), and to keep such Indemnitee harmless from and against all direct losses, liabilities, costs and damages (including without limitation legal costs) (the
“Indemnifiable Losses”) which may be suffered or incurred by any of them in connection with, arising out of or as a result of any of the following: 

 

	 	(a)	 any of the Warranties (including but not limited to warranties regarding tax and incorporation matters) not
being true, correct or accurate in all respects or not being fully complied with at all times; 

  
 26 

	 	(b)	 any breach or violation of any covenant or agreement contained herein or any of the Transaction Documents;

  

	 	(c)	 any claim by the Group Companies and their associates against the Subscribers, provided that such Subscribers
and/or its associates is not liable, or against any Group Company; and 

  

	 	(d)	 any of the Covenants in Clause 6 and any other undertakings or obligations in this Agreement not being
fully performed or fully complied with at all times. 

  

	7.2	 Notwithstanding the foregoing, the Warrantor shall, jointly and severally, indemnify and keep indemnified the
Indemnitees at all times and hold them harmless against any and all Indemnifiable Losses resulting from, or arising out of, or due to, directly or indirectly, (x) any claim for tax which has been made or may hereafter be made against the
Domestic Company and any other Group Company wholly or partly in respect of or in consequence of any event occurring or any income, profits or gains earned, accrued or received by the Domestic Company and any Group Company on or before the
Completion, (y) all liability for any taxes of any other person imposed by any governmental authority on any Group Company as a transferee, successor, withholding agent, or accomplice in connection with an event or transaction occurring before
the Completion, and (z) all liability for taxes attributable to any misrepresentation or breach of warranty made in Clause 18 of Schedule 4 of this Agreement, and any reasonable costs, fees or expenses incurred and other liabilities
which the Domestic Company and any Group Company may properly incur in connection with the investigation, assessment or the contesting of any claim, the settlement of any claim for tax, any legal proceedings in which the Domestic Company claims in
respect of the claim for tax and in which an arbitration award or judgment is given for the Domestic Company or other Group Company and the enforcement of any such arbitration award or judgment, whether or not such tax is chargeable against or
attributable to any other person (“Tax Indemnifiable Loss”), provided, however, that the Warrantors shall be under no liability for any tax matters, if any: 

 

	 	(a)	 to the extent that such Tax Indemnifiable Loss is promptly cured within thirty (30) days after the occurrence
of such Tax Indemnifiable Loss without recourse to cash or other assets of any Group Company; 

  

	 	(b)	 to the extent that such Tax Indemnifiable Loss has been clearly disclosed in the Financial Statements (as
defined in Schedule 4); 

  

	 	(c)	 if it has arisen in and relates to the ordinary course of business of a Group Company since the Balance Sheet
Date, subject to compliance with applicable law; 

  

	 	(d)	 to the extent that the liability arises as a result only of a provision or reserve in respect of the liability
made in the Financial Statements being insufficient by reason of any increase in rates of tax announced after the Completion with retrospective effect; or 

  

	 	(e)	 to the extent that the liability arises as a result of legislation which comes into force after the Completion
and which is retrospective in effect. 

  
 27 

	7.3	 Notwithstanding anything contained in the Schedule of Exceptions, each of the Group Companies shall jointly and
severally indemnify at all times and hold harmless each Indemnitee from and against any Indemnifiable Loss directly or indirectly, as a result of, or based upon or arising from (i) the non-payment or
underpayment of social insurance or housing fund contributions, (ii) any dispute or infringement claim in connection with violation of any of the Intellectual Property of any other person or entity before the Completion, or (iii) any
action, suit, arbitration or other court proceeding, pending or threatened, due to the non-compliance with any applicable laws or contracts existing prior to the Completion even if the liability is actually
incurred after the Completion). 

  

	7.4	 If any Indemnitee believes that it has a claim that may give rise to an obligation of any Warrantor pursuant to
this Clause 7, it shall give prompt notice thereof to the Warrantors stating specifically the basis on which such claim is being made, the material facts related thereto, and the amount of the claim asserted. Any dispute related to this
Clause 7 shall be resolved pursuant to Clause 17. 

  

	7.5	 For the avoidance of doubt, each of the Warrantors hereby agrees and covenants that he /it will do all such
things and undertake all such actions, including without limitation, any applications to and registrations with the governmental authorities and any other protective measures reasonably requested by the Subscribers, to ensure that the agreement of
the parties with respect to joint and several liability of the Warrantors under the Transaction Documents is given full force and effect. 

  

	7.6	 Notwithstanding the above provisions, absent of fraud, intentional misconduct on the part of any Warrantor,
none of the Warrantors shall have any liability under the warranties and representations to the extent that any individual claim against any of them in respect thereof does not exceed US$10,000 (in respect of the Group Companies) and US$20,000 (in
respect of the Founder Parties). For the avoidance of doubt, if the total amount of the Indemnifiable Loss exceeds US$10,000 (in respect of the Group Companies) or US$20,000 (in respect of the Founder Parties), the Warrantors shall be liable for the
full amount of Indemnifiable Loss. Notwithstanding any other provision contained herein, absent fraud or willful misconduct by any of the Founder Parties, the maximum liability of the Founder Parties shall be limited to one hundred percent (100%) of
the shares directly or indirectly held by the Founder Parties in the Company. Absent of fraud, intentional misconduct on the part of any Warrantor, the Indemnitees shall not be entitled to make any claim against the Founder Parties unless written
notice thereof has been given to each of the Founder Parties within two (2) years from the date of Completion. 

  

	7.7	 This Clause 7 shall not be deemed to preclude or otherwise limit in any way the exercise of any other
rights or pursuit of equitable remedies (including but not limited to injunctive relief and/or specific performance) for the breach of this Agreement or with respect to any misrepresentation. 

 

	7.8	 The Warrantors’ obligations under this Clause 7 shall survive the Completion.

  
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	8.	 PROCEEDS OF SUBSCRIPTION 

 

	8.1	 The parties acknowledge and agree that the proceeds of the subscription for the Series D Shares under this
Agreement shall be used, in accordance with the directions of the Company’s Board of Directors, as it shall be constituted in accordance with the Shareholders’ Agreement, to fund the WFOE’s register capital and for the capital
expenditures, equipment purchase, hiring, research and development and general working capital of the Group Companies, in particular for the expansion of the existing lines of business. 

 

	9.	 SEVERABILITY AND SURVIVAL 

 

	9.1	 If at any time any one or more provisions hereof is or becomes invalid, illegal, unenforceable or incapable of
performance in any respect, the validity, legality, enforceability or performance of the remaining provisions hereof shall not thereby in any way be affected or impaired. 

 

	9.2	 The obligations of the Group Companies and the Founder Parties shall survive the Completion.

  

	10.	 ENTIRE AGREEMENT 

This Agreement constitutes the entire agreement and understanding between the parties in connection with the subject matter of this Agreement
and supersedes all previous term sheets, proposals, representations, warranties, agreements or undertakings relating thereto whether oral, written or otherwise and no party has relied or is entitled to rely on any such term sheets, proposals,
representations, warranties, agreements or undertakings. 
  

	11.	 TIME OF ESSENCE AND REMEDIES AND WAIVERS 

 

	11.1	 Time shall be of the essence of this Agreement. 

 

	11.2	 No delay or omission by any party in exercising any right, power or remedy provided by law or under this
Agreement shall: 

  

	 	(a)	 affect that right, power or remedy; or 

 

	 	(b)	 operate as a waiver of it. 

 

	11.3	 The single or partial exercise of any right, power or remedy provided by law or under this Agreement shall not
preclude any other or further exercise of it or the exercise of any other right, power or remedy. 

  

	11.4	 The rights, powers and remedies provided in this Agreement are cumulative and not exclusive of any rights,
powers and remedies provided by law. 

  

	11.5	 It is agreed and understood that monetary damages would not adequately compensate an injured party for the
breach of this Agreement by any other party, that this Agreement shall be specifically enforceable, and that any breach or threatened breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order.
Further, each party hereto waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach. 

  
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	12.	 PUBLIC ANNOUNCEMENTS 

 

	12.1	 The investment and subscription of the Subscription Shares by the Subscribers in the Company, including without
limitation the existence of such investment and the terms and conditions of this Agreement, the term sheets preceding this Agreement and any other Transaction Documents shall be confidential information and shall not be disclosed by any Group
Company or any of their associates to any person not being a party hereto except with the prior written consent of the Subscribers. 

  

	12.2	 Notwithstanding Clause 12.1, each Group Company may disclose the terms of the investment to its
employees, investment bankers, lenders, accountants, attorneys, business partners, directors, shareholders, senior management and bona fide prospective investors, in each case only where such persons or entities are under appropriate non-disclosure obligations. For the avoidance of doubt, other than disclosures to the foregoing permitted persons, none of the Group Companies may disclose the investment amounts in relation to the Subscription
Shares, the valuation of the Company, the rights and privileges of the Subscribers under this Agreement and the Shareholders’ Agreement and the share capital structure of the Company to any person except with the prior written consent of the
Subscribers. 

  

	12.3	 In the event that any party becomes legally compelled (including without limitation, pursuant to securities
laws and regulations) to make disclosure not permitted under Clauses 12.1 and 12.2, such party (“Disclosing Party”) shall provide the other parties (“Non-Disclosing
Parties”) with prompt written notice of that fact so that the appropriate party may seek (with the cooperation and reasonable efforts of the other parties) a protective order, confidential treatment or other appropriate remedies. In such
event, the Disclosing Party shall furnish only that portion of the information which is legally required and shall exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded to such information to the
extent reasonably requested by any Non-Disclosing Party. 

  

	13.	 ASSIGNMENT AND COUNTERPARTS 

 

	13.1	 This Agreement shall be binding on and inure to the benefit of the parties hereto and their respective assigns
and successors. 

  

	13.2	 Each Subscriber may assign and transfer, to its associates, any of its rights, benefits and obligations in this
Agreement including without limitation the benefit of any representations, warranties and undertakings contained herein. Save as aforesaid, no party hereto may assign or transfer any of his or its rights or obligations under this Agreement.

  

	13.3	 This Agreement may be entered into by any party by executing a counterpart hereof and may be delivered by
electronic PDF or facsimile transmission, all of which shall be considered one and the same agreement and each of which shall be deemed an original. 

  
 30 

	14.	 NOTICES AND OTHER COMMUNICATION 

 

	14.1	 All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next
business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be sent to the respective parties at their address, or to such email address, facsimile number or address as set forth on Schedule 5 hereto or as subsequently
modified by written notice given in accordance with this Clause 14.1. 

  

	15.	 FURTHER ASSURANCE 

Each of the parties shall at its (as the case may be) own costs, from time to time upon request, do or procure the doing of all acts and/or
execute or procure the execution of all documents in a form satisfactory to the other parties which the other parties may reasonably request for giving full effect to this Agreement and securing to the other parties the full benefit of the rights,
powers and remedies conferred upon the other parties in this Agreement. 
  

	16.	 COSTS AND EXPENSES 

 

	16.1	 Each Party shall bear the legal, financial and all other expenses incurred by itself in respect of the
negotiation, preparation, execution and carrying into effect of this Agreement and the transactions contemplated herein; provided, however, the Company not only shall bear its own costs and expenses in connection with this Agreement
but also shall pay at the Completion, or as soon as possible if the Completion fails due to reason(s) solely attributable to the Warrantors, the reasonable costs and expenses incurred by GGV not to exceed a maximum aggregate amount of US$150,000.

  

	17.	 GOVERNING LAW AND JURISDICTION 

 

	17.1	 This Agreement shall be governed by and its provisions construed and enforced in accordance with the laws of
Hong Kong without regard to the conflict of laws principles thereof. 

  

	17.2	 Any dispute, controversy or claim arising out of or relating to this Agreement, or the interpretation, breach,
termination or validity hereof, shall first be subject to resolution through consultation of the parties to such dispute, controversy or claim. Such consultation shall begin within seven (7) days after one Party hereto has delivered to the
other Parties involved a written request for such consultation. If within thirty (30) days following the commencement of such consultation the dispute cannot be resolved, the dispute shall be submitted to arbitration upon the request of any
Party with notice to the other Parties. 

  

	17.3	 The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration
Centre (the “HKIAC”). There shall be three (3) arbitrators. The complainant and the respondent to such dispute shall each select one (1) arbitrator within thirty (30) days after giving or receiving the demand for
arbitration. Such arbitrators shall be freely selected, and the Parties shall not be limited in their selection to any prescribed list. The Chairman of the HKIAC shall select the third arbitrator. If either party to the arbitration does not appoint
an arbitrator who has consented to participate within thirty (30) days after selection of the first arbitrator, the relevant appointment shall be made by the Chairman of the HKIAC. 

  
 31 

	17.4	 The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the Arbitration
Rules of the HKIAC in effect at the time of the arbitration. However, if such rules are in conflict with the provisions of this Clause 17, including the provisions concerning the appointment of arbitrators, the provisions of this Clause
17 shall prevail. 

  

	17.5	 Each Party hereto shall cooperate with any party to the dispute in making full disclosure of and providing
complete access to all information and documents requested by such party in connection with such arbitration proceedings, subject only to any confidentiality obligations binding on the Party receiving the request. 

 

	17.6	 The award of the arbitration tribunal shall be final and binding upon the disputing parties, and any party to
the dispute may apply to a court of competent jurisdiction for enforcement of such award. 

  

	17.7	 Any party to the dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court
of competent jurisdiction pending the constitution of the arbitral tribunal. 

  

	18.	 FINDER’S FEES 

Except as disclosed in the Schedule of Exceptions, each party (a) represents and warrants to the other parties hereto that it has retained
no finder or broker in connection with the transactions contemplated by this Agreement, and (b) hereby agrees to indemnify and to hold harmless the other party hereto from and against any liability for any commission or compensation in the
nature of a finder’s fee of any broker or other person or firm (and the costs and expenses of defending against such liability or asserted liability) for which the indemnifying party or any of its employees or representatives are responsible.

  

	19.	 FORCE MAJEURE 

In the event of earthquakes, typhoon, flood, war or other events (the “Event of Force Majeure”), the consequences of which are
beyond the parties’ control, prevention or avoidance and which directly affects the performance of this Agreement or hinders performance of its items, the party which is affected by it should immediately inform the other parties in writing, and
within five (5) days shall provide details of the event and valid documentary evidence supporting the reasons for which matters agreed in this Agreement cannot be performed in whole or in part or for which performance will be delayed. Such
documents must be issued by the notary public office in the place where the said event has occurred. Notwithstanding the foregoing, the Party affected by the Event of Force Majeure shall (i) use all reasonable efforts to remedy the situation
and minimize or remove the effects of Event of Force Majeure so far as possible and, subject thereto, comply with its obligations hereunder; (ii) within the shortest time practicable, attempt to resume performance of the obligations suspended
by Event of Force Majeure. 
 – EXECUTION PAGES FOLLOW – 

  
 32 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of the date first
written above. 
  

					
	COMPANY:	 	WAN DUODUO LIMITED
			
		 	By:	 	 /s/ Luo Jian

		 	Name: Luo Jian (罗剑)
		 	Title: Director
		
	HK CO:	 	WAN DUODUO HONGKONG LIMITED
			
		 	By:	 	 /s/ Luo Jian

		 	Name: Luo Jian (罗剑)
		 	Title: Director
		
	 WFOE:
	 	WAN LE DUO NETWORK TECHNOLOGY (BEIJING) CO., LTD. (玩乐多网络技术(北京)有限公司)
			
		 	By:	 	 /s/ Luo Jian

		 	Name: Luo Jian (罗剑)
		 	Title: Legal Representative
		
		 	Affix Seal:
		
	DOMESTIC COMPANY:	 	BEIJING XIN GENG YUAN TECHNOLOGY DEVELOPMENT CO., LTD. (北京心更远科技发展有限公司)
			
		 	By:	 	 /s/ Luo Jian

		 	Name: Luo Jian (罗剑)
		 	Title. Legal Representative
		
		 	Affix Seal:

  
 Signature Page to
Share Subscription Agreement - Wan Duoduo Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of
the date first written above. 
 Founder Parties: 
  

			
	VENUS MISSION LIMITED
		
	By:	 	 /s/ Luo Jian

	Name: Luo Jian (罗剑)
	Title: Director
	
	Luo Jian (罗剑)
		
	By:	 	 /s/ Luo Jian

	
	FUN KINGDOM LIMITED
		
	By:	 	 /s/ Shan Zebing

	Name: Shan Zebing (单泽兵)
	Title: Director
	
	Shan Zebing (单泽兵)
		
	By:	 	 /s/ Shan Zebing

  
 Signature Page to
Share Subscription Agreement - Wan Duoduo Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription
Agreement as of the date first written above. 
  

					
	SUBSCRIBERS & PURCHASERS:	 	 GGV VII Investments, L.L.C.
  

By: GGV Capital VII L.L.C., its Manager

			
		 	By:	 	 /s/ Stephen Hyndman

		 	Name: Stephen Hyndman
		 	Title:   Attorney in Fact
		
		 	GGV VII Plus Investments, L.L.C.
		
		 	By: GGV Capital VII Plus L.L.C., its Manager
			
		 	By:	 	 /s/ Stephen Hyndman

		 	Name: Stephen Hyndman
		 	Title:   Attorney in Fact

  
 Signature Page to
Share Subscription Agreement - Wan Duoduo Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of
the date first written above. 
  

					
	SUBSCRIBERS:	 	SCC Venture VII Holdco, Ltd.
			
		 	By:	 	 /s/ Ip Siu Wai Eva

		 	Name: Ip Siu Wai Eva
		 	Title: Authorized Signatory
		 	Date: 30 July 2019

  
 Signature Page to
Share Subscription Agreement - Wan Duoduo Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of
the date first written above. 
  

					
		
	SUBSCRIBERS:	 	IDG CHINA VENTURE CAPITAL FUND IV L.P.
		
		 	 By: IDG China Venture Capital Fund IV Associates L.P.,

Its General Partner

		
		 	 By: IDG China Venture Capital Fund GP IV Associates Ltd.,

Its General Partner

			
		 	By:	 	 /s/ Chi Sing HO

		 	Name: Chi Sing HO
		 	Title: Authorized Signatory
		
		 	IDG CHINA IV INVESTORS L.P.
		
		 	 By: IDG China Venture Capital Fund GP IV Associates Ltd.,

Its General Partner

			
		 	By:	 	 /s/ Chi Sing HO

		 	Name: Chi Sing HO
		 	Title: Authorized Signatory

  
 Signature Page to
Share Subscription Agreement - Wan Duoduo Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of
the date first written above. 
  

							
	SUBSCRIBERS:	 	    	 	Lightspeed China Partners III, L.P.
			
		 		 	 By: Lightspeed China Partners III GP, LLC,

Its General Partner

				
		 		 	By:	 	 /s/ Qun
Mi                

		 		 	Title:	 	Managing Director
		 		 		 	

  
 Signature Page to
Share Subscription Agreement - Wan Duoduo Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of
the date first written above. 
  

							
	SUBSCRIBERS:	 		 	Northern Light Venture Capital V, Ltd.
				
		 		 	By:	 	 /s/ Jeffrey D. Lee

		 		 	Name:	 	
		 		 	Title:	 	Authorized Signatory

  
 Signature Page to
Share Subscription Agreement - Wan Duoduo Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of
the date first written above. 
  

							
	SUBSCRIBERS:	 		 	Hike Capital L.P.
				
		 		 	By:	 	 /s/ Shi
Xu                

		 		 	Name:	 	
		 		 	Title:	 	Authorized Signatory

 Signature Page to Share Subscription Agreement - Wan Duoduo Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of
the date first written above. 
  

							
	SUBSCRIBERS:	 		 	EVERBAY INVESTMENT LIMITED
				
		 		 	By:	 	 /s/ Yajun Wu
                                

		 		 	Name: Yajun Wu
		 		 	Title:   Director

  
 Signature Page to
Share Subscription Agreement - Wan Duoduo Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of
the date first written above. 
  

							
	PURCHASER:	 		 	GSR 2017 Opportunities (Singapore) Pte. Ltd.
				
		 		 	By:	 	 /s/ Xiaohu Zhu

		 		 	Name:
		 		 	Title:
			
		 		 	GSR Chop.    Notwithstanding any other provision in this Agreement, this Agreement shall not be effective unless and until GSR 2017 OPPORTUNITIES (SINGAPORE) PTE. LTD. has affixed its
chop on the appropriate signature page hereof.

 Signature Page to Share Subscription Agreement - Wan Duoduo Limited

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