Document:

EX-10.2

 Exhibit 10.2 

AiHuiShou International Co. Ltd. 

2021 Share Incentive Plan 

ARTICLE 1 
 PURPOSE

 The purpose of the Plan is to promote the success and enhance the value of AiHuiShou International Co. Ltd., an exempted company
formed under the laws of the Cayman Islands (the “Company”), by linking the personal interests of the Directors, Employees, and Consultants to those of the Company’s shareholders and by providing such individuals with an
incentive for outstanding performance to generate superior returns to the Company’s shareholders. 
 ARTICLE 2 

DEFINITIONS AND CONSTRUCTION 

Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise.
The singular pronoun shall include the plural where the context so indicates. 
 2.1    “Applicable
Laws” means the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or
national market system, of any jurisdiction applicable to Awards granted to residents therein. 

2.2    “Award” means an Option, Restricted Share, Restricted Share Units or other types of award approved
by the Committee granted to a Participant pursuant to the Plan. 
 2.3    “Award Agreement” means any
written agreement, contract, or other instrument or document evidencing an Award, including through electronic medium. 

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

2.5    “Cause” with respect to a Participant means (unless otherwise expressly provided in the applicable
Award Agreement, or another applicable contract with the Participant that defines such term for purposes of determining the effect that a “for cause” termination has on the Participant’s Awards) a termination of employment or service
based upon a finding by the Service Recipient, acting in good faith and based on its reasonable belief at the time, that the Participant: 

(a)    has been negligent in the discharge of his or her duties to the Service Recipient, has refused to perform stated or
assigned duties or is incompetent in or (other than by reason of a disability or analogous condition) incapable of performing those duties; 

(b)    has been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of confidentiality,
an unauthorized disclosure or use of inside information, customer lists, trade secrets or other confidential information; 

  
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 (c)    has breached a fiduciary duty, or willfully and materially
violated any other duty, law, rule, regulation or policy of the Service Recipient; or has been convicted of, or plead guilty or nolo contendere to, a felony or misdemeanor (other than minor traffic violations or similar offenses); 

(d)    has materially breached any of the provisions of any agreement with the Service Recipient; 

(e)    has engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the reputation,
business or assets of, the Service Recipient; or 
 (f)    has improperly induced a vendor or customer to break or
terminate any contract with the Service Recipient or induced a principal for whom the Service Recipient acts as agent to terminate such agency relationship. 

A termination for Cause shall be deemed to occur (subject to reinstatement upon a contrary final determination by the Committee) on the date
on which the Service Recipient first delivers written notice to the Participant of a finding of termination for Cause. 

2.6    “Code” means the Internal Revenue Code of 1986 of the United States, as amended. 

2.7    “Committee” means a committee of the Board described in Article 10. 

2.8    “Consultant” means any consultant or adviser if: (a) the consultant or adviser renders bona
fide services to a Service Recipient; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a
market for the Company’s securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services. 

2.9    “Corporate Transaction”, unless otherwise defined in an Award Agreement, means any of the
following transactions, provided, however, that the Committee shall determine under (d) and (e) whether multiple transactions are related, and its determination shall be final, binding and conclusive: 

(a)    an amalgamation, arrangement or consolidation or scheme of arrangement (i) in which the Company is not the
surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or (ii) following which the holders of the voting securities of the Company do not continue to hold
more than 50% of the combined voting power of the voting securities of the surviving entity; 
 (b)    the sale,
transfer or other disposition of all or substantially all of the assets of the Company; 
 (c)    the complete
liquidation or dissolution of the Company; 

  
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 (d)    any reverse takeover or series of related transactions
culminating in a reverse takeover (including, but not limited to, a tender offer followed by a reverse takeover) in which the Company is the surviving entity but (A) the Company’s equity securities outstanding immediately prior to such
takeover are converted or exchanged by virtue of the takeover into other property, whether in the form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of
the Company’s outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such takeover or the initial transaction culminating in such takeover, but excluding any such
transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction; or 

(e)    acquisition in a single or series of related transactions by any person or related group of persons (other than the
Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%) of the total
combined voting power of the Company’s outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction. 

2.10    “Director”, means a member of the Board or a member of the board of directors of any Subsidiary
of the Company. 
 2.11    “Disability”, unless otherwise defined in an Award Agreement, means that the
Participant qualifies to receive long-term disability payments under the Service Recipient’s long-term disability insurance program, as it may be amended from time to time, to which the Participant provides services regardless of whether the
Participant is covered by such policy. If the Service Recipient to which the Participant provides service does not have a long-term disability plan in place, “Disability” means that a Participant is unable to carry out the responsibilities
and functions of the position held by the Participant by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Participant will not be considered to have incurred a
Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Committee in its discretion. 

2.12    “Effective Date” shall have the meaning set forth in Article 11.1. 

2.13    “Employee” means any person, including an officer or a Director, who is in the employment of a
Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and the manner and method of performance. The payment of a director’s fee by a Service Recipient shall not be sufficient to
constitute “employment” by the Service Recipient. 
 2.14    “Exchange Act” means the
Securities Exchange Act of 1934 of the United States, as amended. 
 2.15    “Fair Market Value” means,
as of any date, the value of Shares determined as follows: 
 (a)    If the Shares are listed on one or more established
stock exchanges or national market systems, including without limitation, the New York Stock Exchange or the NASDAQ Stock Market, its Fair Market Value shall be the closing sales price for such shares (or the closing bid, if no sales were reported)
as quoted on the principal exchange or system on which the Shares are listed (as determined by the Committee) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading
date such closing sales price or closing bid was reported), as reported on the website maintained by such exchange or market system or such other source as the Committee deems reliable; or 

  
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 (b)    In the absence of an established market for the Shares of the
type described in (a) above, the Fair Market Value thereof shall be determined by the Committee in good faith and in its discretion by reference to (i) the placing price of the latest private placement of the Shares and the development of
the Company’s business operations and the general economic and market conditions since such latest private placement, (ii) other third party transactions involving the Shares and the development of the Company’s business operation and
the general economic and market conditions since such transaction, (iii) an independent valuation of the Shares, or (iv) such other methodologies or information as the Committee determines to be indicative of Fair Market Value. 

2.16    “Group Entity” means any of the Company and Subsidiaries of the Company. 

2.17    “Incentive Share Option” means an Option that is intended to meet the requirements of
Section 422 of the Code or any successor provision thereto. 
 2.18    “Independent Director”
means (i) if the Shares or other securities representing the Shares are not listed on a stock exchange, a Director of the Company who is a Non-Employee Director; and (ii) if the Shares or other
securities representing the Shares are listed on one or more stock exchange, a Director of the Company who meets the independence standards under the applicable corporate governance rules of the stock exchange(s). 

2.19    “Non-Employee Director” means a member of the Board who
qualifies as a “Non-Employee Director” as defined in Rule 16b-3(b)(3) of the Exchange Act, or any successor definition adopted by the Board. 

2.20    “Non-Qualified Share Option” means an Option that is not
intended to be an Incentive Share Option. 
 2.21    “Option” means a right granted to a Participant
pursuant to Article 5 of the Plan to purchase a specified number of Shares at a specified price during specified time periods. An Option may be either an Incentive Share Option or a Non-Qualified Share Option.

 2.22    “Participant” means a person who, as a Director, Consultant or Employee, has been granted an
Award pursuant to the Plan. 
 2.23    “Parent” means a parent corporation under Section 424(e) of
the Code. 
 2.24    “Plan” means this 2021 Share Incentive Plan of AiHuiShou International Co. Ltd.,
as amended and/or restated from time to time. 
 2.25    “Related Entity” means any business,
corporation, partnership, limited liability company or other entity in which the Company, a Parent or Subsidiary of the Company holds a substantial ownership interest, directly or indirectly, or controls through contractual arrangements and
consolidates the financial results according to applicable accounting standards, but which is not a Subsidiary and which the Board designates as a Related Entity for purposes of the Plan. 

  
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 2.26    “Restricted Share” means a Share awarded to a
Participant pursuant to Article 6 that is subject to certain restrictions and may be subject to risk of forfeiture/repurchase. 

2.27    “Restricted Share Unit” means the right granted to a Participant pursuant to Article 7 to receive
a Share at a future date. 
 2.28    “Securities Act” means the Securities Act of 1933 of the United
States, as amended. 
 2.29    “Service Recipient” means the Company or Subsidiary of the Company to
which a Participant provides services as an Employee, a Consultant or a Director. 
 2.30    “Share”
means the ordinary shares of the Company, par value US$0.001 per share, and such other securities of the Company that may be substituted for Shares pursuant to Article 9. 

2.31    “Subsidiary” means any corporation or other entity of which a majority of the outstanding voting
shares or voting power is beneficially owned directly or indirectly by the Company. 
 2.32    “Trading
Date” means the closing of the first sale to the general public of the Shares pursuant to a registration statement filed with and declared effective by the U.S. Securities and Exchange Commission under the Securities Act. 

ARTICLE 3 
 SHARES
SUBJECT TO THE PLAN 
 3.1 Number of Shares. 

(a)    Subject to the provisions of Article 9 and Article 3.1(b), the maximum aggregate number of Shares which may be
issued pursuant to all Awards (including Incentive Share Options) shall be 6,175,189 (to be equitably adjusted in the event of any share dividend, subdivision, reclassification, recapitalization, split, reverse split, combination, consolidation or
similar transactions). 
 (b)    To the extent that an Award terminates, expires, or lapses for any reason, any Shares
subject to the Award shall again be available for the grant of an Award pursuant to the Plan. To the extent permitted by Applicable Laws, Shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any
form or combination by a Group Entity shall not be counted against Shares available for grant pursuant to the Plan. Shares delivered by the Participant or withheld by the Company upon the exercise of any Award under the Plan, in payment of the
exercise price thereof or tax withholding thereon, may again be optioned, granted or awarded hereunder, subject to the limitations of Article 3.1(a). If any Restricted Shares are forfeited or repurchased by the Company, such Shares may again be
optioned, granted or awarded hereunder, subject to the limitations of Article 3.1(a). Notwithstanding the provisions of this Article 3.1(b), no Shares may again be optioned, granted or awarded if such action would cause an Incentive Share Option to
fail to qualify as an incentive share option under Section 422 of the Code. 

  
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 3.2    Shares Distributed. Any Shares distributed pursuant to an
Award may consist, in whole or in part, of authorized and unissued Shares, treasury Shares (subject to Applicable Laws) or Shares purchased on the open market. Additionally, at the discretion of the Committee, any Shares distributed pursuant to an
Award may be represented by American Depository Shares. If the number of Shares represented by an American Depository Share is other than on a one-to-one basis, the
limitations of Article 3.1 shall be adjusted to reflect the distribution of American Depository Shares in lieu of Shares. 
 ARTICLE 4

 ELIGIBILITY AND PARTICIPATION 

4.1    Eligibility. Persons eligible to participate in this Plan include Employees, Consultants, and Directors, as
determined by the Committee. 
 4.2    Participation. Subject to the provisions of the Plan, the Committee may,
from time to time, select from among all eligible individuals, those to whom Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any right to be granted an Award pursuant to this Plan. 

ARTICLE 5 
 OPTIONS

 5.1    General. The Committee is authorized to grant Options to Participants on the following terms and
conditions: 
 (a)    Exercise Price. The exercise price per Share subject to an Option shall be determined by
the Committee and set forth in the Award Agreement which may be a fixed price or a variable price related to the Fair Market Value of the Shares. The exercise price per Share subject to an Option may be amended or adjusted in the absolute discretion
of the Committee, the determination of which shall be final, binding and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws or any exchange rule, a downward adjustment of the exercise prices of Options mentioned
in the preceding sentence shall be effective without the approval of the Company’s shareholders or the approval of the affected Participants. Notwithstanding anything in the foregoing, the exercise price shall in no circumstances be less than
the par value of the Shares. 
 (b)    Time and Conditions of Exercise. The Committee shall determine the time or
times at which an Option may be exercised in whole or in part, including exercise prior to vesting; provided that the term of any Option granted under the Plan shall not exceed ten years, except as provided in Article 12.1. The Committee shall also
determine any conditions, if any, that must be satisfied before all or part of an Option may be exercised. 

  
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 (c)    Payment. The Committee shall determine the methods by
which the exercise price of an Option may be paid, the form of payment, including, without limitation (i) cash or check denominated in U.S. Dollars, (ii) to the extent permissible under the Applicable Laws, cash or check in Chinese
Renminbi, (iii) cash or check denominated in any other local currency as approved by the Committee, (iv) Shares held for such period of time as may be required by the Committee in order to avoid adverse financial accounting consequences
and having a Fair Market Value on the date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof, (v) after the Trading Date the delivery of a notice that the Participant has placed a market sell order
with a broker with respect to Shares then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option exercise price; provided
that payment of such proceeds is then made to the Company upon settlement of such sale, (vi) other property acceptable to the Committee with a Fair Market Value equal to the exercise price, or (vii) any combination of the foregoing.
Notwithstanding any other provision of the Plan to the contrary, no Participant who is a member of the Board or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay
the exercise price of an Option in any method which would violate Section 13(k) of the Exchange Act. 

(d)    Effects of Termination of Employment or Service on Options. Termination of employment or service shall have
the following effects on Options granted to the Participants: 
 (i)    Dismissal for Cause. Unless otherwise
provided in the Award Agreement, if a Participant’s employment by or service to the Service Recipient is terminated by the Service Recipient for Cause, the Participant’s Options will terminate upon such termination, whether or not the
Option is then vested and/or exercisable; 
 (ii)    Death or Disability. Unless otherwise provided in the Award
Agreement, if a Participant’s employment by or service to the Service Recipient terminates as a result of the Participant’s death or Disability: 

(1)    the Participant (or his or her legal representative or beneficiary, in the case of the Participant’s
Disability or death, respectively), will have until the date that is 12 months after the Participant’s termination of Employment to exercise the Participant’s Options (or portion thereof) to the extent that such Options were vested and
exercisable on the date of the Participant’s termination of Employment on account of death or Disability; 

(2)    the Options, to the extent not vested and exercisable on the date of the Participant’s termination of
Employment or service, shall terminate upon the Participant’s termination of Employment or service on account of death or Disability; and 

(3)    the Options, to the extent exercisable for the 12-month period following
the Participant’s termination of Employment or service and not exercised during such period, shall terminate at the close of business on the last day of the 12-month period. 

  
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 (iii)    Other Terminations of Employment or Service. Unless
otherwise provided in the Award Agreement, if a Participant’s employment by or service to the Service Recipient terminates for any reason other than a termination by the Service Recipient for Cause or because of the Participant’s death or
Disability: 
 (1)    the Participant will have until the date that is 90 days after the Participant’s termination
of Employment or service to exercise his or her Options (or portion thereof) to the extent that such Options were vested and exercisable on the date of the Participant’s termination of Employment or service; 

(2)    the Options, to the extent not vested and exercisable on the date of the Participant’s termination of
Employment or service, shall terminate upon the Participant’s termination of Employment or service; and 

(3)    the Options, to the extent exercisable for the 90-day period following the
Participant’s termination of Employment or service and not exercised during such period, shall terminate at the close of business on the last day of the 90-day period. 

5.2    Incentive Share Options. Incentive Share Options may be granted to Employees of the Company or a Subsidiary
of the Company. Incentive Share Options may not be granted to employees of a Related Entity or to Independent Directors or Consultants. The terms of any Incentive Share Options granted pursuant to the Plan, in addition to the requirements of Article
5.1, must comply with the following additional provisions of this Article 5.2: 
 (a)    Individual Dollar
Limitation. The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to which Incentive Share Options are first exercisable by a Participant in any calendar year may not exceed $100,000 or such
other limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Share Options are first exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Share Options. 
 (b)    Exercise Price. The exercise price of an
Incentive Share Option shall be equal to the Fair Market Value on the date of grant. However, the exercise price of any Incentive Share Option granted to any individual who, at the date of grant, owns Shares possessing more than ten percent of the
total combined voting power of all classes of shares of the Company or any Parent or Subsidiary of the Company may not be less than 110% of Fair Market Value on the date of grant and such Option may not be exercisable for more than five years from
the date of grant. Notwithstanding anything in the foregoing, the exercise price shall in no circumstances be less than the par value of the Shares. 

(c)    Transfer Restriction. The Participant shall give the Company prompt notice of any disposition of Shares
acquired by exercise of an Incentive Share Option within (i) two years from the date of grant of such Incentive Share Option or (ii) one year after the transfer of such Shares to the Participant. 

(d)    Expiration of Incentive Share Options. No Award of an Incentive Share Option may be made pursuant to this
Plan after the tenth anniversary of the Effective Date. 
 (e)    Right to Exercise. During a Participant’s
lifetime, an Incentive Share Option may be exercised only by the Participant. 

  
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 ARTICLE 6 

RESTRICTED SHARES 

6.1    Grant of Restricted Shares. The Committee, at any time and from time to time, may grant Restricted Shares to
Participants as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted Shares to be granted to each Participant. 

6.2    Restricted Shares Award Agreement. Each Award of Restricted Shares shall be evidenced by an Award Agreement
that shall specify the period of restriction, the number of Restricted Shares granted, and such other terms and conditions as the Committee, in its sole discretion, shall determine. Unless the Committee determines otherwise, Restricted Shares shall
be held by the Company as escrow agent until the restrictions on such Restricted Shares have lapsed. 

6.3    Issuance and Restrictions. Restricted Shares shall be subject to such restrictions on transferability and
other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Shares or the right to receive dividends on the Restricted Shares). These restrictions may lapse separately or in combination
at such times, pursuant to such circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. 

6.4    Forfeiture/Repurchase. Except as otherwise determined by the Committee at the time of the grant of the Award
or thereafter, upon termination of employment or service during the applicable restriction period, Restricted Shares that are at that time subject to restrictions shall be forfeited or repurchased in accordance with the Award Agreement; provided,
however, the Committee may (a) provide in any Restricted Share Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Shares will be waived in whole or in part in the event of terminations resulting
from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture and repurchase conditions relating to Restricted Shares. 

6.5    Certificates for Restricted Shares. Restricted Shares granted pursuant to the Plan may be evidenced in such
manner as the Committee shall determine. If certificates representing Restricted Shares are registered in the name of the Participant, certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to
such Restricted Shares, and the Company may, at its discretion, retain physical possession of the certificate until such time as all applicable restrictions lapse. 

6.6    Removal of Restrictions. Except as otherwise provided in this Article 6, Restricted Shares granted under the
Plan shall be released from escrow as soon as practicable after the last day of the period of restriction. The Committee, in its discretion, may accelerate the time at which any restrictions shall lapse or be removed. After the restrictions have
lapsed, the Participant shall be entitled to have any legend or legends under Article 6.5 removed from his or her Share certificate, and the Shares shall be freely transferable by the Participant, subject to applicable legal restrictions. The
Committee (in its discretion) may establish procedures regarding the release of Shares from escrow and the removal of legends, as necessary or appropriate to minimize administrative burdens on the Company. 

  
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 ARTICLE 7 

RESTRICTED SHARE UNITS 

7.1    Grant of Restricted Share Units. The Committee, at any time and from time to time, may grant Restricted Share
Units to Participants as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted Share Units to be granted to each Participant. 

7.2    Restricted Share Units Award Agreement. Each Award of Restricted Share Units shall be evidenced by an Award
Agreement that shall specify any vesting conditions, the number of Restricted Share Units granted, and such other terms and conditions as the Committee, in its sole discretion, shall determine. 

7.3    Form and Timing of Payment of Restricted Share Units. At the time of grant, the Committee shall specify the
date or dates on which the Restricted Share Units shall become fully vested and nonforfeitable. Upon vesting, the Committee, in its sole discretion, may pay Restricted Share Units in the form of cash, Shares or a combination thereof. 

7.4    Forfeiture/Repurchase. Except as otherwise determined by the Committee at the time of the grant of the Award
or thereafter, upon termination of employment or service during the applicable restriction period, Restricted Share Units that are at that time unvested shall be forfeited or repurchased in accordance with the Award Agreement; provided,
however, the Committee may (a) provide in any Restricted Share Unit Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Share Units will be waived in whole or in part in the event of terminations
resulting from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture and repurchase conditions relating to Restricted Share Units. 

ARTICLE 8 
 PROVISIONS
APPLICABLE TO AWARDS 
 8.1    Award Agreement. Awards under the Plan shall be evidenced by Award Agreements
that set forth the terms, conditions and limitations for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment or service terminates, and the Company’s authority to
unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Award. 
 8.2    No Transferability; Limited
Exception to Transfer Restrictions 
 8.2.1 Limits on Transfer. Unless otherwise expressly provided in (or pursuant to)
this Article 8.2, by applicable law and by the Award Agreement, as the same may be amended: 

  
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 (a)    all Awards are
non-transferable and will not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; 

(b)    Awards will be exercised only by the Participant; and 

(c)    amounts payable or shares issuable pursuant to an Award will be delivered only to (or for the account of), and, in
the case of Shares, registered in the name of, the Participant. 
 In addition, the shares shall be subject to the restrictions set forth in
the applicable Award Agreement. 
 8.2.2    Further Exceptions to Limits on Transfer. The exercise and transfer
restrictions in Article 8.2.1 will not apply to: 
 (a)    transfers to the Company or a Subsidiary; 

(b)    transfers by gift to “immediate family” as that term is defined in SEC Rule 16a-1(e) promulgated under the Exchange Act; 
 (c)    the designation of a
beneficiary to receive benefits if the Participant dies or, if the Participant has died, transfers to or exercises by the Participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of
descent and distribution; or 
 (d)    if the Participant has suffered a disability, permitted transfers or exercises on
behalf of the Participant by the Participant’s duly authorized legal representative; or 
 (e)    subject to the
prior approval of the Committee or an executive officer or director of the Company authorized by the Committee, transfer to one or more natural persons who are the Participant’s family members or entities owned and controlled by the Participant
and/or the Participant’s family members, including but not limited to trusts or other entities whose beneficiaries or beneficial owners are the Participant and/or the Participant’s family members, or to such other persons or entities as
may be expressly approved by the Committee, pursuant to such conditions and procedures as the Committee or may establish. Any permitted transfer shall be subject to the condition that the Committee receives evidence satisfactory to it that the
transfer is being made for estate and/or tax planning purposes and on a basis consistent with the Company’s lawful issue of securities. 

Notwithstanding anything else in this Article 8.2.2 to the contrary, but subject to compliance with all Applicable Laws, Incentive Share
Options, Restricted Shares and Restricted Share Units will be subject to any and all transfer restrictions under the Code applicable to such Awards or necessary to maintain the intended tax consequences of such Awards. Notwithstanding clause
(b) above but subject to compliance with all Applicable Laws, any contemplated transfer by gift to “immediate family” as referenced in clause (b) above is subject to the condition precedent that the transfer be approved by the
Administrator in order for it to be effective. 

  
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 8.3    Beneficiaries. Notwithstanding Article 8.2, a Participant
may, in the manner determined by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal
representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise provide,
and to any additional restrictions deemed necessary or appropriate by the Committee. If the Participant is married and resides in a community property state, a designation of a person other than the Participant’s spouse as his or her
beneficiary with respect to more than 50% of the Participant’s interest in the Award shall not be effective without the prior written consent of the Participant’s spouse. If no beneficiary has been designated or survives the Participant,
payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant at any time provided
the change or revocation is filed with the Committee. 
 8.4    Performance Objectives and Other Terms. The
Committee, in its discretion, shall set performance objectives or other vesting criteria which, depending on the extent to which they are met, will determine the number or value of the Awards that will be granted or paid out to the Participants.

 ARTICLE 9 
 CHANGES
IN CAPITAL STRUCTURE 
 9.1    Adjustments. In the event of any dividend, share split, combination or exchange
of Shares, amalgamation, arrangement or consolidation, spin-off, recapitalization or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change affecting
the number of Shares or the share price of a Share, the Committee shall make such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change with respect to (a) the aggregate number and
type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Article 3.1); (b) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance
targets or criteria with respect thereto); and (c) the grant or exercise price per Share for any outstanding Awards under the Plan, provided that the exercise price per Share shall in no circumstances fall below the par value of such Share.

 9.2    Corporate Transactions. Except as may otherwise be provided in any Award Agreement or any other written
agreement entered into by and between the Company and a Participant, if the Committee anticipates the occurrence, or upon the occurrence, of a Corporate Transaction, the Committee may, in its sole discretion, provide for (i) any and all Awards
outstanding hereunder to terminate at a specific time in the future and shall give each Participant the right to exercise the vested portion of such Awards during a period of time as the Committee shall determine, or (ii) the purchase of any
Award for an amount of cash equal to the amount that could have been attained upon the exercise of such Award (and, for the avoidance of doubt, if as of such date the Committee determines in good faith that no amount would have been attained upon
the exercise of such Award, then such Award may be terminated by the Company without payment), or (iii) the replacement of such Award with other rights or property selected by the Committee in its sole discretion or the assumption of or
substitution of such Award by the successor or surviving corporation, or a Parent or Subsidiary thereof, with appropriate adjustments as to the number and kind of Shares and prices, or (iv) payment of such Award in cash based on the value of
Shares on the date of the Corporate Transaction plus reasonable interest on the Award through the date as determined by the Committee when such Award would otherwise be vested or have been paid in accordance with its original terms, if necessary to
comply with Section 409A of the Code. 

  
 12 

 9.3    Outstanding Awards – Other Changes. In the event of
any other change in the capitalization of the Company or corporate change other than those specifically referred to in this Article 9, the Committee may, in its absolute discretion, make such adjustments in the number and class of shares subject to
Awards outstanding on the date on which such change occurs and in the per share grant or exercise price of each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights (provided that the exercise price per Share
shall in no circumstances fall below the par value of such Share). 
 9.4    No Other Rights. Except as expressly
provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of Shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution,
liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Committee under the Plan, and no issuance by the Company of shares of any class, or securities
convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject to an Award or the grant or exercise price of any Award. 

ARTICLE 10 

ADMINISTRATION 

10.1    Committee. The Plan shall be administered by the Board or a committee of one or more members of the Board
(the “Committee”) to whom the Board shall delegate the authority to grant or amend Awards to Participants other than any of the Committee members and Independent Directors. Reference to the Committee shall refer to the Board in
absence of the Committee. Notwithstanding the foregoing, the full Board, acting by majority of its members in office, shall conduct the general administration of the Plan if required by Applicable Laws, and with respect to Awards granted to the
Committee members and Independent Directors and for purposes of such Awards the term “Committee” as used in the Plan shall be deemed to refer to the Board. 

10.2    Action by the Committee. A majority of the Committee shall constitute a quorum. The acts of a majority of
the members present at any meeting at which a quorum is present, and acts approved unanimously in writing all members of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in
good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of a Group Entity, the Company’s independent certified public accountants, or any executive compensation consultant or other
professional retained by the Company to assist in the administration of the Plan. 
 10.3    Authority of the
Committee. Subject to any specific designation in the Plan, the Committee has the exclusive power, authority and discretion to: 

(a)    designate Participants to receive Awards; 

  
 13 

 (b)    determine the type or types of Awards to be granted to each
Participant; 
 (c)    determine the number of Awards to be granted and the number of Shares to which an Award will
relate; 
 (d)    determine the terms and conditions of any Award granted pursuant to the Plan, including, but not
limited to, the exercise price, grant price, or purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof,
and any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines; 

(e)    determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise
price of an Award may be paid in, cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 

(f)    prescribe the form of each Award Agreement, which need not be identical for each Participant; 

(g)    decide all other matters that must be determined in connection with an Award; 

(h)    establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan;

 (i)    interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement; 

(j)    amend terms and conditions of Award Agreements; and 

(k)    make all other decisions and determinations that may be required pursuant to the Plan or as the Committee deems
necessary or advisable to administer the Plan, including design and adopt from time to time new types of Awards that are in compliance with Applicable Laws. 

10.4    Decisions Binding. The Committee’s interpretation of the Plan, any Awards granted pursuant to the
Plan, any Award Agreement and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties. 

ARTICLE 11 
 EFFECTIVE
AND EXPIRATION DATE 
 11.1    Effective Date. The Plan shall become effective as of the date the Board adopts
the Plan or as otherwise specified by the Board when adopting the Plan (the “Effective Date”). 

  
 14 

 11.2    Expiration Date. The Plan will expire on, and no Award
may be granted pursuant to the Plan after, the tenth anniversary of the Effective Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award
Agreement. 
 ARTICLE 12 

AMENDMENT, MODIFICATION, AND TERMINATION 

12.1    Amendment, Modification, and Termination. At any time and from time to time, the Board may terminate, amend
or modify the Plan; provided, however, that (a) to the extent necessary and desirable to comply with Applicable Laws or stock exchange rules, the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a
degree as required, unless the Company decides to follow home country practice, and (b) unless the Company decides to follow home country practice, shareholder approval is required for any amendment to the Plan that (i) increases the
number of Shares available under the Plan (other than any adjustment as provided by Article 9), or (ii) permits the Committee to extend the term of the Plan or the exercise period for an Option beyond ten years from the date of grant. 

12.2    Awards Previously Granted. Except with respect to amendments made pursuant to Article 12.1, no termination,
amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written consent of the Participant. 

ARTICLE 13 
 GENERAL
PROVISIONS 
 13.1    No Rights to Awards. No Participant, employee, or other person shall have any claim to
be granted any Award pursuant to the Plan, and neither the Company nor the Committee is obligated to treat Participants, employees, and other persons uniformly. 

13.2    No Shareholders Rights. No Award gives the Participant any of the rights of a shareholder of the Company
unless and until Shares are in fact issued to such person in connection with such Award. 
 13.3    Taxes. No
Shares shall be delivered under the Plan to any Participant until such Participant has made arrangements acceptable to the Committee for the satisfaction of any income and employment tax withholding obligations under Applicable Laws. The Company or
any Subsidiary shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy all applicable taxes (including the Participant’s payroll tax obligations) required
or permitted by Applicable Laws to be withheld with respect to any taxable event concerning a Participant arising as a result of this Plan. The Committee may in its discretion and in satisfaction of the foregoing requirement allow a Participant to
elect to have the Company withhold Shares otherwise issuable under an Award (or allow the return of Shares) having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any other provision of the Plan, the number of Shares
which may be withheld with respect to the issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such Award after such Shares were acquired by the Participant from the Company) in order to satisfy
any income and payroll tax liabilities applicable to the Participant with respect to the issuance, vesting, exercise or payment of the Award shall, unless specifically approved by the Committee, be limited to the number of Shares which have a Fair
Market Value on the date of withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for the applicable income and payroll tax purposes that are applicable to such supplemental
taxable income. 

  
 15 

 13.4    No Right to Employment or Services. Nothing in the Plan
or any Award Agreement shall interfere with or limit in any way the right of the Service Recipient to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employment or
services of any Service Recipient. 
 13.5    Unfunded Status of Awards. The Plan is intended to be an
“unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are greater than
those of a general creditor of the relevant Group Entity. 
 13.6    Indemnification. To the extent allowable
pursuant to Applicable Laws, each member of the Committee or of the Board shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection
with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him
or her in satisfaction of judgment in such action, suit, or proceeding against him or her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on
his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Memorandum of Association and Articles of Association,
as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

13.7    Expenses. The expenses of administering the Plan shall be borne by the Group Entities. 

13.8    Fractional Shares. No fractional Shares shall be issued and the Committee shall determine, in its
discretion, whether cash shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down as appropriate. 

13.9    Government and Other Regulations. The obligation of the Company to make payment of awards in Shares or
otherwise shall be subject to all Applicable Laws, and to such approvals by government agencies as may be required. The Company shall be under no obligation to register any of the Shares paid pursuant to the Plan under the Securities Act or any
other similar law in any applicable jurisdiction. If the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act or other Applicable Laws, the Company may restrict the transfer of such
Shares in such manner as it deems advisable to ensure the availability of any such exemption. 

  
 16 

 13.10    Governing Law. The Plan and all Award Agreements shall
be construed in accordance with and governed by the laws of the Cayman Islands. 
 13.11    Section 409A. To the
extent that the Committee determines that any Award granted under the Plan is or may become subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A
of the Code. To the extent applicable, the Plan and the Award Agreements shall be interpreted in accordance with Section 409A of the Code and the U.S. Department of Treasury regulations and other interpretative guidance issued thereunder,
including without limitation any such regulation or other guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Committee determines that
any Award may be subject to Section 409A of the Code and related Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Committee may adopt such amendments to the Plan and
the applicable Award agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (a) exempt
the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related U.S. Department of
Treasury guidance. 

  
 17EX-10.18

 Exhibit 10.18 

Amended and Restated Business Cooperation Agreement 

This Amended and Restated Business Cooperation Agreement (this “Agreement”) is made on March 17, 2021 (“Effective Date”) by
and between: 
  

	(1)	 Party A: JD.com, Inc., a company duly incorporated in accordance with the laws of the Cayman Islands (In
this Agreement, Party A and the Affiliates under its control are collectively referred to as “JD”); and 

  

	(2)	 Party B: AiHuiShou International Co., Ltd., a company duly incorporated in accordance with the laws of
the Cayman Islands (In this Agreement, Party B and the Affiliates under its control are collectively referred to as “AHS”). 

The aforesaid parties are hereinafter collectively referred to as the “Parties”, and individually as a “Party”. 

WHEREAS: 
  

	1.	 JD is a renowned Internet e-commerce company that mainly engages in
self-operated business and platform-based e-commerce business through its official website and mobile applications; 

  

	2.	 AHS mainly engages in electronic product recycling and processing services, carrying out online and offline pre-owned electronic product recycling business, and providing retailers with trade-in and pre-owned machine recycling services;

  

	3.	 Following the execution of a Business Cooperation Agreement between them on June 3, 2019, Party A and
Party B have on the same day, in February 2020, on September 4, 2020, and on April 20, 2021 respectively, signed a series of supplementary agreements regarding the specific implementation of the Business Cooperation Agreement and/or other
relevant matters, which include but are not limited to the agreement dated June 3, 2019 in relation to AHS’s advertising investment in JD Platform (all such agreements are hereinafter collectively referred to as the “Agreement for
Specific Implementation of Business Cooperation”); 

  

	4.	 The Parties intend to cooperate with each other on relevant business pursuant to the terms and conditions of
this Agreement in order to integrate business resources and give full play to their respective strengths. 

 NOW THEREFORE, the Parties
hereby agree as follows by mutual agreement: 
  

	1.	 Definitions 

The following terms in this Agreement shall have the following meanings: 

	1.1.	 “Affiliate” means, with respect to any entity, other entity or person that is directly or
indirectly controlled by, controls, or is under common control with such entity. For the purposes of this Agreement, “Control” means holding more than 50% of the equity or voting rights of an entity, or the power to appoint more
than half of the directors or members of a similar governing body of such entity, or having actual discretion and control over the operation of such entity (including through VIE) by contract or otherwise. Notwithstanding any other provisions
hereof, AHS shall not be deemed an Affiliate of JD for the purposes of this Agreement, and vice versa. 

  

	1.2.	 “Force Majeure” means any event beyond the control of the Parties, occurring after the date
hereof, that is neither avoidable, surmountable, and resolvable, nor foreseeable by the Parties at the time of signing this Agreement, which prevents either Party from performing this Agreement in part or in full. Such events include but are not
limited to earthquake, typhoon, flood, war, interruption of international or domestic traffic, failure of electricity, network, computer, communication or other systems, strike (including internal strike, and labor turmoil), labor dispute, act of
government agency, order of any international or domestic court, etc. For the avoidance of doubt, such events do not necessarily constitute a Force Majeure unless they are beyond the control of, and are unavoidable, insurmountable and unresolvable
by the Parties hereto. 

  

	1.3.	 “PRC” means the People’s Republic of China to the exclusion of Taiwan, Hong Kong Special
Administrative Region and Macao Special Administrative Region only for the purposes of this Agreement. 

  

	1.4.	 “PaiPai Second-Hand Business” means a combination of the following business that AHS operates
on the JD Platform: (1) Sale of any of the following categories of second-hand goods (including the sale of second-hand proprietary goods and sale of Second-Hand POP Merchants’ goods): mobile and other communication products, complete
computer products, photographic and video products, computer accessories, network products, peripheral products, audio-visual entertainment products, office equipment, intelligent equipment, game equipment, fitness equipment, luxury goods, bedroom
furniture, living room furniture, study furniture, balcony/outdoor furniture, storage furniture, children’s furniture, office furniture, dining room furniture, large appliance for kitchens and bathrooms, large home appliance, household
appliance, small appliance for kitchens, personal healthcare, digital accessories, mobile accessories, and books; (2) Spare Parts Store Business; (3) User resale business; and (4) Recycling of the following categories of second-hand
goods: mobile, tablets, laptops, camera lens, SLR cameras, ILDC cameras, digital cameras, video cameras, sports cameras, flash lamps, E-books, UAVs, mobile power supply, electronic dictionaries, CPUs, smart
devices, desktops, flashes, assembled computers, video cards, displays, solid-state drives, MP3/MP4, headphones, keyboards, mice, servers, hard drives, ink cartridges, projectors, drums, printers, game consoles, musical instruments, cosmetics,
luxury goods, alcohol, clothing, cars and books. 

  
 2 

	1.5.	 “Spare Parts Store Business” means the operation on the JD Platform of such distribution
channels as competitive sales, quota system for marketing, Duo Bao Island by now price, home sale and face-to-face sale for selling JD’s proprietary goods for
after-sales service (including goods resulting from the 7-day no reason return rule, replacement of parts for after-sales repair, damage to external packing, etc.). 

 

	1.6.	 “JD Platform” means the JD.com website operated by JD, JD App, JD WeChat Entry Points and Mini
Programs, and JD Mobile QQ. 

  

	1.7.	 “JD Platform Rules” means any regulatory documents posted or otherwise provided on the JD
Platform in relation to merchants/operation of stores as updated, adjusted and amended from time to time, including without limitation, seller’s handbook, backstage announcements and help center of the seller, privacy policy, etc.

  

	1.8.	 “JD APP” means JD’s mobile application service platform called “JD”.

 1.9.    “JD WeChat Entry Points and Mini Programs” means the WeChat entry points and WeChat mini
programs (excluding WeChat) of JD operated on the WeChat platform, as updated, adjusted or amended from time to time based on its agreement with TX, including (1) the “Shop” entry point on the “Discover” interface of the
current version of WeChat; (2) the “JD Select” entry point under “Payment” tab on the “Me” interface of the current version of WeChat; and (3) the “JD Shop” WeChat mini program (any WeChat entry
point or mini-program to expire after June 3, 2019 shall be excluded from its respective date of expiration). 

1.10.    “JD Mobile QQ” means any channel of JD operated on the Mobile QQ platform, as updated, adjusted or amended from
time to time based on its agreement with TX, including the “JD Shop” channel (any channel to expire after June 3, 2019 shall be excluded from its respective date of expiration). 

 

	1.11.	 “JD Digital Technology” means JD Digital Technology Holding Co., Ltd. and any Affiliates under
its control. 

  

	1.12.	 “JD Logistics” means JD Logistics, Inc. and any Affiliates under its control.

  

	1.13.	 “JD Allianz Insurance” means JD Allianz Property Insurance Co., Ltd. 

 

	1.14.	 “Cooperation Period” means the period of five (5) year from June 3, 2019 (inclusive)
to June 2, 2024 (inclusive). 

  
 3 

	1.15.	 “Second-Hand POP Merchants” means any third-party stores selling second-hand goods on the JD
Platform. 

  

	2.	 Territory of Business Cooperation 

Except as otherwise expressly provided herein, the territory for the items of cooperation and/or restrictions under this Agreement shall be limited to the PRC.

  

	3.	 Main Content of Business Cooperation 

 

	3.1.	 Entry Point Resources Cooperation. During the Cooperation Period, AHS shall have the right to conduct
the PaiPai Business listed in Article 1.4 hereof on the JD Platform. JD undertakes to provide AHS with entry point resources for AHS to conduct such business on the JD Platform during the Cooperation Period. The specific content of cooperation shall
be determined by both Parties through negotiation. The Parties further agree that: 

  

	 	3.1.1.	 After the Effective Date, AHS may by giving 60 days’ prior written notice to JD, replace the
“拍拍” logo with its legally owned and registered trademark that does not infringe the rights of any third party to carry on the PaiPai Business set out in Article 1.4 hereof on the JD Platform. The “PaiPai Business”
hereunder includes the business set out in Article 1.4 hereof and operated by AHS on the JD Platform upon replacement of the logo. 

  

	 	3.1.2.	 If AHS intends to engage in the sale and/or recycling of any category of second-hand goods not covered by the
“PaiPai Business” under Article 1.4 hereof, the Parties shall agree on the operation mode of such goods through amicable negotiation. Notwithstanding the foregoing, AHS may not conduct on the JD Platform any business other than the
“PaiPai Business” listed in Article 1.4 hereof (including the sale and/or recycling of any category of second-hand goods not specified herein) without the prior written consent of JD. 

 

	 	3.1.3.	 AHS undertakes and warrants to conduct the PaiPai Business and any other business (if any) it operates on the
JD Platform in strict conformance with the laws of the PRC and other applicable laws and regulations, specifications and JD Platform Rules. 

  

	3.2.	 Marketing Resources Cooperation. JD undertakes to provide AHS with certain amount of marketing resources
each year during the Cooperation Period, and AHS undertakes to purchase certain amount of advertising services from JD during the term of this Agreement, the specific content of which shall be separately determined by the Parties through
negotiation. 

  
 4 

	3.3.	 Commission and Profit-Sharing Arrangement. The Parties agree to share the proceeds of recycling or sale
of second-hand goods and the advertising revenue of Second-Hand POP Merchants during the Cooperation Period according to the commission or profit-sharing method. The specific commission or profit-sharing arrangement shall be separately determined by
the Parties through negotiation. 

  

	3.4.	 Spare Parts Store Business. During the Cooperation Period, AHS shall be responsible for building and
operating the marketing channels for Spare Parts Store Business; AHS shall provide the platform service necessary for JD to sell goods in the spare parts store. The specific mode of cooperation and cost-sharing shall be separately determined by the
Parties through negotiation. Subject to JD’s rights of registered trademark to the Licensed Trademarks, JD agrees to grant AHS, at no cost to AHS, a non-exclusive license in the territory where the
trademark rights of the Licensed Trademarks are granted for the duration of AHS’s operation of the Spare Parts Store Business pursuant to the terms to be separately determined by the Parties through consultation. For the purposes of this
Article 3.4, “Licensed Trademarks” refer to the trademarks set out in Table 7 and Table 8 of Schedule E-5 to the Series E Preferred Share Purchase Agreement signed among Party A, Party
A’s Affiliate JD. Com Development Limited, Party B and other related parties on June 3, 2019. 

  

	3.5.	 Collaboration Support. Based on the needs of AHS, JD undertakes to provide AHS with collaboration
support services specified in Article 3.5 hereof during the Cooperation Period, and AHS shall pay for such services at the market rate. Meanwhile, for the purpose of providing collaboration support to AHS, JD undertakes to have specially-designated
personnel from JD’s Retail Subgroup to set up a contact and support mechanism with AHS. 

  

	 	3.5.1.	 The purchases and sales, and technical R&D teams of JD shall provide operation and system research and
development support for AHS’s operation of the PaiPai Business; 

  

	 	3.5.2.	 JD Logistics shall provide AHS with warehousing and logistics services; 

 

	 	3.5.3.	 JD shall provide AHS with client services and after-sales services. 

 

	3.6.	 One-Stop Trade In. The Parties undertake to jointly launch the one-stop trade in business by utilizing AHS’s offline stores and door-to-door service system, and to conduct boundless retail
business through offline channels. The specific cooperation arrangement, including commission, shall be separately determined by the Parties through negotiation. 

  
 5 

	3.7.	 JD’s Non-Compete Commitments. Without prior consent of AHS
during the Cooperation Period, JD undertakes (1) not to engage by itself in the sale (including the sale of second-hand proprietary products and products of Second-Hand POP Merchants) or recycling (by itself or through other recycling
merchants) of such categories of second-hand goods as mobile phones, tablets, computers (laptops or desktops), digital cameras (SLR cameras, camera lens, UAVs and smartwatches) and books, or the sale (including the sale of second-hand proprietary
products and products of Second-Hand POP Merchants) of large second-hand appliances (such as air-conditioners, TV sets, refrigerators, washing machines, water heaters, range hoods, and gas cookers); (2) not to
invest in or hold equity in any rivals of AHS. The specific content of JD’s non-compete obligations and the exceptions shall be subject to the provisions of this Agreement for Specific Implementation of
Business Cooperation. The Parties agree and acknowledge that JD shall not be liable as a result of this Article 3.7 for any obligations and responsibilities not stipulated in this Agreement for Specific Implementation of Business Cooperation.

  

	3.8.	 Right of Exclusive Operation after the Cooperation Period. JD undertakes to grant AHS the exclusive
right to recycle mobile phones and tablets via JD Owned Platform (for the purposes of this Article 3.8, “JD Owned Platform” shall mean JDa.com and JDJDAPaiPai of JD only) for a period of one (1) year after the expiration of the
Cooperation Period: After a registered user of JD Owned Platform (“JD End User”) submits an order for recycling of second-hand phones and tablets (“Recycled Goods”) to the JD Owned Platform, AHS shall have exclusive
rights to pick up (through the use of logistics and express delivery services, or on-call collection by AHS) and inspect the Recycled Goods, determine the final recycling rice, purchase the Recycled Goods at
the final recycling price, and pay the corresponding consideration to the End User. The specific rights and obligations of both Parties shall be determined separately through negotiation. 

 

	3.9.	 Transfer of Trademarks. JD assigns and transfers to AHS free of charge all its rights, title and
interest in and to certain number of “万物新生” and “新生万物” registered trademarks and applications for registered trademarks (collectively “Target Trademarks”)
held by JD. The transfer of ownership of the Target Trademarks shall take effect upon approval by the Trademark Office of the China National Intellectual Property Administration (“Trademark Office”). JD agrees that, prior to
approval of the transfer of Target Trademarks by the Trademark Office, JD shall grant to AHS an exclusive and royalty-free license within the scope of the trademark authorization. The specific scope of the Target Trademarks, licensing arrangements
of the Parties in respect of the Target Trademarks before the transfer of such trademarks take effect, and other specific terms for transfer of Target Trademarks, shall be agreed upon by the Parties separately. 

  
 6 

	3.10.	 Most Favorable Treatment. JD warrants to AHS that, if the Cooperation Period shall be extended in
accordance with Article 4.2 hereof, then for any such extended Cooperation Period (for the avoidance of doubt, the extended Cooperation Period shall not include the five (5) years from June 3, 2019 (inclusive) to June 2, 2024
(inclusive)), the collaboration resources provided by JD to AHS for recycling (including One-Stop Trade In) and selling second-hand goods, as well as the commission rate or proportion of profit sharing
provided to AHS for such business shall be no less favorable than those provided by JD to any third party entity in which JD directly or indirectly invests, now or in the future, but with which JD does not consolidate its financial statements
(“JD Eco-Chain Company”). For greater certainty, if in any event, JD provides any JD Eco-Chain Company with cooperation resources or commission rate that is
more favorable than those offered to AHS for the same or similar cooperation hereunder, AHS shall be entitled to such more favorable treatment automatically. 

 

	3.11.	 Cooperation in Other Fields: 

 

	 	3.11.1.	 Subject to the ability of JD Cloud function to meet the operation needs of AHS, AHS shall migrate all or part
of its system modules to JD Cloud. For this purpose, JD will urge JD Digital Technology to charge AHS the most favorable price charged from the same type of clients and to provide service guarantee based on the needs of AHS. The specific terms of
cooperation shall be separately agreed upon by the Parties. 

  

	 	3.11.2.	 AHS undertakes to use, in preference to others, the following services provided by JD or the relevant party
below: 

  

	 	3.11.2.1.	 The financial products of JD Digital Technology, such as payment products, IOU notes, insurance, etc.;

  

	 	3.11.2.2.	 The warehousing and logistics service of JD Logistics; 

 

	 	3.11.2.3.	 JD Allianz insurance (including without limitation, extended warranty service for mobile phones, and other
products); 

 When procuring any financial, warehousing and logistics, or insurance services, AHS shall issue an
invitation for purchase to JD or the aforesaid relevant party before or at the same time of providing such invitation to other service providers. AHS shall purchase and use the services of JD or such relevant party provided that the prices and terms
of payment provided by JD or such relevant party are no inferior to those provided by a third party. 

  
 7 

	 	3.11.3.	 JD’s New Products Purchase & Sales Department may recommend third-party recycling merchants to
AHS which shall conduct reasonable evaluation of and cooperate with such merchants based on the result of evaluation. 

  

	 	3.11.4.	 Both Parties agree to jointly develop the management and settlement systems to realize systematic management
and settlement under the PaiPai Business. Specifically, the development component shall include such modules as cost management, commodity management, order management and after-sales management. JD shall assist AHS in ensuring that the newly
developed system is integrated with and compatible with the internal system of JD. The Parties shall separately sign a technical service agreement to agree on the allocation of labor, technical and other costs and expenses necessary for new system
development. 

  

	4.	 Effectiveness and Termination of the Agreement 

 

	4.1.	 This Agreement shall come into force on the Effective Date after being signed by both Parties. The Parties
further acknowledge and agree that this Agreement will be automatically extended for five (5) years upon expiration of the Cooperation Period on June 2, 2024, provided that the specific content of cooperation, the consideration, and other
terms and conditions for such extended Cooperation Period shall be subject to negotiation and confirmation by both Parties prior to expiration of the Cooperation Period. The Parties may amend or restate this Agreement based on the new cooperation
agreements. 

  

	4.2.	 This Agreement may be terminated in advance upon mutual agreement of both Parties during the term hereof.

  

	4.3.	 Upon expiration or early termination of this Agreement in accordance with Article 4.2 hereof or as otherwise
agreed by the Parties, the Parties will cease to perform the provisions hereto provided that Articles 4.3, 7, 10, 11 and 12 shall survive such expiration or termination. 

 

	5.	 Intellectual Property Rights and Data 

 

	5.1.	 The ownership of any material and information provided by either Party to the other for the purposes of this
Agreement, as well as the intellectual property rights therein, shall not be changed as a result of the cooperation hereunder, unless the parties concerned have separately signed an explicit agreement regarding the transfer of such intellectual
property rights. 

  
 8 

	5.2.	 Unless otherwise expressly provided in this agreement, or the parties concerned have separately signed a
specific intellectual property license agreement, neither Party may without the prior written consent of the other, use or copy such other Party’s patent, trademark, name, logo, business information, technical and other data, domain names,
copyright or other intellectual property rights, or apply for registration of intellectual property rights similar to those mentioned above. 

  

	5.3.	 The ownership of intellectual property rights derived in the course of business cooperation between the Parties
hereto shall be specifically and separately agreed upon by the Parties. 

  

	5.4.	 Each Party shall indemnify the other Party for any losses incurred if such Party infringes the intellectual
property rights or other lawful rights of the other Party during the cooperation hereunder, or the products, services, and materials provided by such Party infringe the intellectual property rights or other lawful rights of any third party.

  

	6.	 Force Majeure  

Neither Party shall be deemed to have committed any breach hereof or be liable for damages arising therefrom if it delays in performing any obligations
hereunder due to Force Majeure, provided that such Party endeavors to eliminate the cause of such delay and uses its best efforts to minimize the damage caused by Force Majeure (including but not limited to seeking or use of alternative tools or
methods, etc.), and informs the other Party of the facts and possible damage of the Force Majeure within fifteen (15) business days after relevant factors of Force Majeure are eliminated (excluding the day such factors are eliminated). During
the period of delay in performance, the Party affected by Force Majeure shall adopt reasonable alternatives or other commercially reasonable means to facilitate the performance of its obligations under this Agreement until the delay is eliminated.

  

	7.	 Confidentiality  

 

	7.1.	 The Parties acknowledge and confirm that any oral or written information exchanged between them in connection
with this Agreement, this Agreement, and the content hereof are confidential. Both Parties shall keep all such information confidential and, without the prior written consent of the other Party, may not disclose any confidential information to a
third party except for: (1) any information that is already known to the public for reasons other than unauthorized disclosure by the Party receiving such information, any of its Affiliates or their respective personnel; (2) any
information required to be disclosed by applicable laws, competent government authorities, the stock exchange in charge, or rules or regulations of relevant stock exchange; (3) any information required to be disclosed by either Party to its
legal or financial consultant in connection with the cooperation hereunder, provided that such legal or financial consultant shall be subject to confidentiality obligations similar to those provided herein. 

  
 9 

	7.2.	 Each Party undertakes to use the confidential information provided by the other Party solely for related
matters set forth herein, and to destroy or return such confidential information as required by the other Party upon termination of this Agreement. Any breach of this Article 7 by an Affiliate of either Party, or by any staff member of or
institution engaged by such Party or its Affiliate shall be deemed a breach by such Party itself, for which such Party shall be liable in accordance with this Agreement. This provision shall remain in force regardless of the invalidity, rescission
or termination of this Agreement for any reason. 

  

	8.	 Taxes  

Except as otherwise provided herein, the taxes and fees incurred in connection with the execution and performance of this Agreement shall be borne by the
Parties respectively in accordance with applicable laws. 
  

	9.	 Representations and Warranties 

 

	9.1.	 Each of the Parties hereby represents and warrants to the other Party that: 

 

	 	9.1.1.	 It is lawfully established and validly existing; 

 

	 	9.1.2.	 It has the right to enter into this Agreement and its authorized representative is fully authorized to enter
into this Agreement on its behalf; 

  

	 	9.1.3.	 It is not required to file with or give any notice to any governmental agency or to obtain any licenses,
permits, consents or other approvals from any governmental agency or any other person in connection with the execution, delivery and performance of this Agreement; and 

 

	 	9.1.4.	 It has the ability to perform its obligations under this Agreement and the performance of such obligations does
not violate its Articles of Association and other organizational documents. 

  

	9.2.	 If any legal document signed by either Party prior to the execution of this Agreement is in conflict with any
provision of this Agreement, such Party shall immediately notify the other Party in writing in the principle of good faith and friendship, and the two Parties shall separately negotiate to arrive at a solution. Further, such Party shall be liable to
such other Party for breach of contract if any loss is caused to such other Party due to the conflict between the aforementioned prior legal document and this Agreement. 

  
 10 

	9.3.	 If either Party finds it necessary to obtain permission, consent or approval from any third party in the
performance of its obligations hereunder, such Party shall notify the other Party in writing within thirty (30) days from the date it becomes aware of such matter, and shall use its best efforts to obtain such permission, consent or approval
from such third party. If such permission, consent or approval cannot be obtained within a reasonable period of time, such Party shall provide an alternative solution acceptable to the other Party. 

 

	10.	 Notice and Service 

 

	10.1.	 All notices and other communications required or given under this Agreement shall be delivered by personal
delivery, registered mail, postage prepaid mail, commercial courier service, or by e-mail or fax to the recipient at its address set forth in Article 10.2 hereof. When not sent in the form of e-mail, a copy of such notice shall also be sent by e-mail. Such notices shall be deemed to have been effectively given on the following dates: 

 

	 	10.1.1.	 If delivered by personal delivery, courier service registered mail or postage prepaid mail, on the date of
receipt or refusal at the address specified for notices; 

  

	 	10.1.2.	 If sent by facsimile, on the date of successful transmission; 

 

	 	10.1.3.	 If sent by e-mail, on the date of successful sending (The sending party
receives a system message indicating successful delivery and no system message to the effect that the e-mail is not delivered or returned, on the following business day if sent on a non-business day or during non-working hours). 

  

	10.2.	 The addresses of the Parties for notification purposes are as below: 

JD: 
  

					
	        	 	Address:	  	 21st Floor, Building A, No. 18 Kechuang 11th Street,

Yizhuang Economic and Technological Development Zone,
 Daxing
District, Beijing

			
		 	Recipient:	  	***, legal department of JD Group
			
		 	E-mail:	  	***
			
		 	Zip Code:	  	101111

  
 11 

 With a copy (does not constitute a notice) to: 

 

					
	        	 	Address:	  	 18th Floor, Building A, No. 18 Kechuang 11th Street,

Yizhuang Economic and Technological Development Zone,
 Daxing
District, Beijing

			
		 	Recipient:	  	***, Strategic Investment Department of JD Group
			
		 	E-mail:	  	***
			
		 	Zip Code:	  	101111

 AHS: 
  

					
	        	 	Address:	  	12th Floor, Building 6, Chuangzhi Tiandi, No. 433 Songhu Road, Yangpu District, Shanghai
			
		 	Recipient:	  	***
			
		 	E-mail:	  	***
			
		 	Zip Code:	  	200433

  

	10.3.	 Either Party may at any time give notices to the other Party in accordance with Article 10 hereof to change its
address for service of notices. 

  

	11.	 Default Liability 

 

	11.1.	 If either Party hereto violates any provisions hereof and causes any losses to the other Party, such Party
shall be liable for breach (including compensation) in accordance with the provisions of the Share Purchase Agreement and the Eighth Amended and Restated Shareholders Agreement (hereinafter collectively referred to as the “Equity Purchase
Transaction Documents”) dated [ ], 2021 between JD. Com Development Limited (an Affiliate of Party A), Party B and other related parties. 

  

	11.2.	 Each of Party A and Party B understands and agrees that it enters into this Agreement on behalf of itself and
the Affiliates under its control, and shall be obligated to urge and ensure that such Affiliates under its control abide by and perform this Agreement. 

  

	11.3.	 Notwithstanding the foregoing, the Parties agree that the cooperation hereunder shall be based on the principle
of ensuring JD’s usual user experience. JD reserves the right to update, adjust and optimize the items of cooperation hereunder and relevant requirements based on adjustment of JD’s internal policies, upgrade of JD’s products and to
ensure the user experience of the JD Platform. For the avoidance of doubt, any update, adjustment or optimization of items hereunder due to changes in JD’s internal policies, upgrade of JD’s products or for ensuring the user experience of
JD Platform without materially affecting the provisions hereof shall not be deemed a breach of this Agreement. 

  
 12 

	12.	 Governing Law and Dispute Resolution 

 

	12.1.	 The conclusion, validity, interpretation, performance, modification and termination of and resolution of
disputes arising from this Agreement shall be governed by the laws of Hong Kong. The conflict of law principle thereunder shall not apply. 

  

	12.2.	 Any dispute arising from the interpretation and performance of this Agreement shall first be settled by the
Parties through friendly negotiation. If any dispute is not settled within 30 days after either Party sends a written notice to the other Parties requesting a settlement through negotiation, either Party may submit the dispute to the Hong Kong
International Arbitration Centre (“HKIAC”) for arbitration in accordance with HKIAC Arbitration Rules in effect at the time of submitting the notice of arbitration. 

 

	12.3.	 The place of arbitration shall be Hong Kong. The arbitration panel shall consist of three (3) arbitrators.
Each of JD and AHS shall have the right to appoint one (1) arbitrator, and the third arbitrator shall be selected by HKIAC. The arbitral award shall be final and binding upon both Parties. 

 

	12.4.	 Either Party to the dispute shall be entitled to apply for preliminary injunctive relief or other equitable
reliefs to any court of competent jurisdiction during the establishment of the arbitration tribunal. 

  

	12.5.	 In the event of any dispute over the interpretation and performance of this Agreement or arbitration of any
dispute, both Parties hereto shall continue to exercise their other rights and perform their other obligations under this Agreement except for the matters in dispute. 

 

	13.	 Miscellaneous 

 

	13.1.	 The Parties agree that as soon as practicable after the Effective Date, they shall use their best efforts to
consult in good faith with respect to the content stipulated in Article 3 hereof, reach an agreement on the implementation and operational details of such provisions, and sign the relevant supplementary agreement or ancillary agreement (if
applicable). 

  

	13.2.	 Any amendment or supplement to this Agreement shall be made in writing. Any modifications and supplements to
this Agreement duly signed by both Parties shall form an integral part of this Agreement, and have the same legal effect as this Agreement. 

  

	13.3.	 Without the prior written consent of the other Party, neither Party may transfer any of its rights and
obligations under this Agreement to any third party, provided that it may designate as needed an appropriate Affiliate to perform relevant items of cooperation. 

  
 13 

	13.4.	 During the term hereof, neither Party may make any negative comments about the other Party on any public
occasion, including but not limited to comments on company image, brand, product design, development, application, operation strategy, and any and all other information related to the company and its products. 

 

	13.5.	 This Agreement, upon coming into force, shall constitute the entire agreement and consensus between the Parties
hereto regarding the content hereunder, and shall supersede the Business Cooperation Agreement signed by the Parties on June 3, 2019 as of the Effective Date. For the avoidance of doubt, this Agreement will not replace the Agreement for
Specific Implementation of Business Cooperation, which shall continue to be valid according to its original terms and provisions. In case of any inconsistency between the Agreement for Specific Implementation of Business Cooperation and this
Agreement, the Specific Implementation of Business Cooperation shall prevail. The Parties agree that any reference to the Business Cooperation Agreement of June 3, 2019 in any Agreement for Specific Implementation of Business Cooperation will
be replaced by this Agreement. 

  

	13.6.	 Any matters related to but are not expressly specified in this Agreement will be resolved in accordance with
the relevant provisions of the Equity Purchase Transaction Documents, or settled by both Parties through friendly negotiation if not explicitly stipulated in the Equity Purchase Transaction Documents. 

 

	13.7.	 Nothing herein shall constitute any partnership or agency relation between the Parties for any reason. Neither
Party shall have the right to bind the other Party, enter into a contract in the name of the other Party, or hold the other Party accountable in any way or for any purpose. 

 

	13.8.	 If any provision hereof is held to be invalid, illegal or unenforceable, the validity, legality and
enforceability of other parts and provisions of this Agreement shall not be affected. The Parties shall negotiate amicably to deal with such provisions in such a principle as to realize the original business intention. 

 

	13.9.	 This Agreement is made in four (4) originals, with each Party holding two (2) originals, each of
which shall have the same legal effect. The signed PDF copy of this Agreement exchanged via e-mail between and confirmed by the Parties shall be deemed an original and may, by itself, serve as the evidence of
the formation and effectiveness of this Agreement. 

 (The remainder of this page is intentionally left blank) 

  
 14 

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

 

			
	JD.com, Inc.

 
			
		
	By:	 	 /s/ JD.com, Inc.

			
	Name:	 	
	Title:	 	

 Signature Page of the Amended and Restated Business Cooperation Agreement 

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

 

			
	AiHuiShou International Co., Ltd.

 
			
		
	By:	 	 /s/ AiHuiShou International Co.,
Ltd.

 
			
	Name:	 	
	Title:	 	

 Signature Page of the Amended and Restated Business Cooperation Agreement

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