Document:

EX-4.8

 Exhibit 4.8 
 2012 Version-2 
 China Merchants Bank Co., Ltd. 

Shanghai Branch 
 Credit Agreement 
 (Applicable to shared credit) 

 Credit Agreement 

(Applicable to shared credit) 
 No.:                             

1. Party A (credit grantor): refer to Article 15 of this contract 
 2. Party B (individual name or collective name of the credit applicant): refer to Article 15 of this contract 
 Upon Party B’s application, Party A agrees to provide credit line to Party B for the use by Party B. In accordance with the provisions of related laws, Party A and Party B hereby sign this agreement
upon agreement on the following articles through full consultation. 
 Article 1 Credit line 

Refer to Article 16 of this contract. 

Article 2 Credit period 
 Refer to
Article 17 of this contract. 
 Article 3 Use of the credit line 
 3.1 Type and scope of line 
 Refer to Article 18 of this contract. 

3.2 Within the credit period, Party B can cyclically use the revolving credit line, whereas the one-off credit line cannot be used cyclically. To use the
credit line, Party B shall make applications by installment, with the review and approval of Party A accordingly. The two parties may separately sign specific transaction contracts (due bill included), agreement, or the application for related
transactions submitted to Party A by Party B and approved by Party A, in order to specify the amount, time limit, specific purpose of the credit and other credit each time. 
 Under domestic factoring without recourse, the “Notice of Transfer of the creditor’s Right to Accounts Receivable” issued by Party A shall be claimed by Party B in ways as accepted by Party
A, then it is regarded that the two parties have concluded a “specific transaction contract”. 
 3.3 The specific time of using each
installment of loan or of other credits within the credit line shall be determined by Party B’s business needs and Party A’s business management regulations, and the expiration date of each specific transaction may be later than the
expiration date of the credit period. 
 Article 4 Interest and expenses 
 The interest of the loans and funds within the line of credit, and expenses charged for corresponding transaction shall be determined in accordance with the terms of specific contracts. 

Article 5 Warranty clause 
 Refer to
Article 19 of this contract. 
 5.3 Under this agreement, the credit applicant of Party B shall be the guarantor of joint and several
liabilities for all the debts owed to Party A by the credit-sharing applicants of Party B, who shall issue a letter of commitment and an irrevocable letter of guarantee to Party A. 

 Article 6 Rights and obligations of Party B 
 6.1 Party B is entitled to the following rights: 
 6.1.1 Party B has the right to request Party A
to provide loans or other credits within the credit line in accordance with the terms and conditions of this agreement; 
 6.1.2 Party B has the
right to use the credit line as agreed in this agreement; 
 6.1.3 Party B has the right to request Party A to keep confidential the information
of production, operation, property and accounts provided by Party B, unless stipulated otherwise by laws and regulations or required otherwise by the regulatory bodies; 
 6.1.4 Party B has the right to transfer the debt to a third party upon the approval of Party A. 

6.2 Party B assumes the following obligations: 

6.2.1 Party B shall truthfully provide the documents requested by Party A (including but not limited to faithful financial statements, annual financial
reports, major decisions and changes on production, operation and management according to the frequency requested by Party A) and the information about Party B’s bank, account number and balances of deposits and loans to Party A, and shall
cooperate in the investigation, inspection, and review of Party A; 
 6.2.2 Party B shall be subject to the supervision of Party A in respect of
the use of credit fund, and related production, operation and financial activities; 
 6.2.3 Party B shall use the loans and/or other credits in
accordance with the purpose designated and/or committed in this agreement and any other individual contracts; 
 6.2.4 Party B shall repay the
principals and interest of the loans, advances and other credits on time and in full in accordance with the terms and conditions of this agreement and any other individual contracts; 
 6.2.5 Party B can only transfers part or whole of the debts under this agreement to a third party, under the written approval of Party A; 
 6.2.6 Party B shall notify Party A immediately when the following conditions occur, and cooperate with Party A in implementing the repayment-ensuring measures in relation to the loans, advances, and other
credits with both principals and interest, as well as all accompanied expenses: 
 6.2.6.1 Significant financial loss, assets loss or other
financial crisis occurs to Party B; 
 6.2.6.2 Party B provides loans or warranties to a third party, or collateralize its own property or
rights for mortgage or pledge; 
 6.2.6.3 Matters of change occur to Party B, such as merger (acquisition), demergers, reorganization, joint
venture (cooperation), transfer of ownership of assets (stock), joint-stock reform and so on; 
 6.2.6.4 Following situations occur to Party B,
closure, business license withdrawal or deregistration, applying for or being applied for bankruptcy, dissolution 6.2.6.5 Significant operational or financial crisis occur in controlling shareholders and other related companies of Party B, which
affects its normal operation; 
 6.2.6.6 Significant related party transactions occur between Party B and its controlling shareholders or
related companies, which affect its normal operation; 
 6.2.6.7 Any significant lawsuits, arbitration, criminal or administrative punishment of
Party B, which adversely affect its operation and assets situation; 
 6.2.6.8 The occurrence of other significant events which may affect Party
B’s solvency. 

 6.2.7 Party B shall not neglect to manage and claim for its due credit, or dispose of its existing major
property free of charge or in other inappropriate ways. 
 6.3 If Party B is a group corporate, Party B shall also comply with the following
terms 
 6.3.1 Upon the occurrence of a related transaction whose amount accounts for more than 10% of its net assets, Party B shall notify
Party A within 5 working days after its occurrence, and ensure that the content of the notice is complete and accurate. The items of the notice include: 
 6.3.1.1 The relationship among all the transacting parties; 
 6.3.1.2 The items and nature of each
transaction; 
 6.3.1.3 Amount or corresponding proportion of each transaction; 
 6.3.1.4 Pricing policies (including transactions with no amount or only nominal amount). 
 6.3.2
Party B must obtain the written approval of Party A in advance in the event of transfer of equity or major assets. The transfer of major assets refers to that the assets sold accounts for more than 20% of Party B’s total assets in the latest
audit or the related profits of the assets sold account for more than 20% of the profits of Party B in the latest audit. 
 6.3.3 Party B shall
not make use of false contracts with related parties, or receipts, accounts receivable and other creditor’s claims without trading background to do business with Party A, such as note discount, factoring, pledge, L/C, forfeiting, etc.

 6.3.4 Party B shall not use related transactions to intentionally damage or evade the creditor’s claims on Party A. 

Related party transaction refers to the transfer of resources or obligations among related parties, regardless of whether charged or not. Related party
refers to that, during enterprise finance and operation decision-making, if one party is able to directly or indirectly control, jointly control the other party or impose significant influence on the other party, then they are regarded as related
parties; if two parties or multiple parties are controlled by the same party, then they are also related parties; both parties agree that the specific definition of the related party shall be set by Party A. 

The term Group as mentioned in this agreement refers to a legal entity group with direct or indirect control, being-controlled relationships, or a legal
entity group with substantial material risk relationships (such as being jointly controlled by a third party, the existence of other connections, which may lead to the transfer of assets and profits deviant from the principle of fair value). The
controlling relationship means the relationship where, one party has substantial control or exerts significant influence on the operating decisions, capital operation, and the appointment of senior management of the other party. The parties agree
that, Party A’s definition of whether the party concerned is a member of the group shall prevail. 
 Article 7 Rights and obligations of
Party A 
 7.1 Party A is entitled to the following rights: 
 7.1.1 Party A has the right to request Party B to repay, on time and in full, the principal and interest of the loans, advances, and other credits under this agreement and other specific contracts;

 7.1.2 Party A has the right to request Party B to provide the documents related to its use of the credit line; 

7.1.3 Party A has the right to know about the production, operating and financial activities of Party B; 

7.1.4 Party A has the right to supervise whether Party B use the loans and/or other credit in accordance with the agreed purposes of this agreement and
other specific contracts; 

 7.1.5 After accepting Party B’s application for opening an L/C, Party A has the right to entrust
another branch institution of China Merchants Bank Co., Ltd. in the location of beneficiaries to open a back-to-back L/C to the beneficiaries in accordance with the needs of its internal process; 

7.1.6 Party A has the right to directly debit from the bank accounts of Party B to repay the debts of Party B under this agreement and other specific
contracts; 
 7.1.7 Party A has the right to transfer the creditor’s claim on Party B, and adopt any ways deemed as appropriate by Party A,
including but not limited to faxing, mailing, delivering by hand, announcement on mass media, to notify Party B of the transfer and to urge Party B to make repayment. 
 7.1.8 Other rights specified in this agreement. 
 7.2 Party A assumes the following obligations:

 7.2.1 Party A shall provide loans and other credits within the credit line to Party B in accordance with the terms and conditions of this
agreement and other specific contracts; 
 7.2.2 Party A shall keep confidential the information of assets, finance, production, and operation
of Party B, unless stipulated otherwise by laws and regulations or required otherwise by the regulatory authorities. 
 Article 8 Party
B’s special warranty of the following issues 
 8.1 Party B is a legal-person entity which is incorporated formally in accordance with
laws of the PRC, and has full capacity for civil conduct to sign and fulfill this agreement; 
 8.2 Party B is fully authorized by its board of
directors or any other competent authorities to sign and fulfill this agreement; 
 8.3 Party B shall ensure that the documents, files, and
vouchers related to Party B, any warrantor, mortgagor (pledgor), and collateral are authentic, accurate, complete and valid without material mistakes inconsistent with the facts or the omission of any material fact; 

8.4 Party B shall strictly comply with the terms and conditions of each specific contract, letters of commitment on opening a L/C, trust receipts, and
other related documents issued to Party A. 
 8.5 Party B shall ensure that it does not have and will not have any lawsuit, arbitration,
criminal penalty or administrative penalty which may have significant adverse impact on Party B or the main property of Party B at the time of signing and during the execution of this agreement. If any of the above-mentioned events occur, Party B
shall notify Party A immediately. 
 8.6 Party B shall strictly comply with national laws and regulations in its operating activities, carry out
businesses in strict accordance with the scope of business specified in the business license or legal authorization, and perform annual registration and inspection on time. 
 8.7 Party B shall keep or improve its current operating and managing standard, ensure the preservation and appreciation of the existing assets, do not forego any due claims, and do not dispose of the main
existing property free of charge or in any other inappropriate ways; 
 8.8 Without the permission of Party A, Party B is forbidden to prepay
any other long-term debt and others. (refer to Article 20 of this contract). 
 8.9 When signing this agreement, there does not exist any other
matters which will affect Party B’s ability to fulfill its obligations under this agreement. 

 Article 9 Other expenses 
 In the case of notarization (not including compulsory notarization), and other services provided by a third party under entrustment, the related expenses shall be covered by the entrusting party on its
own. If the two parties are jointly the entrusting parties, then each party shall bear 50%. 
 Party B shall bear all the expenses incurred by
Party A for the realization of the creditor’s claims when Party B cannot repay the debts owed to Party A under this agreement on time, which include lawyer fees, filing fees, travelling expense, announcement fees, fees of service and so on.
Party A is authorized by Party B to directly debit the above-mentioned expenses from the bank accounts of Party B. In the case of a shortfall, Party B assures full payment after receiving Party A’s notice, where Party A is not required to
provide any proof. 
 Article 10 Event of default and its settlement 
 10.1 The occurrence of any of the following circumstances shall be deemed as a default if Party B: 

10.1.1 Defaults on the obligations specified under Article 6.2.1, provides fraudulent information or conceals real status of important matters to Party
A, or fails to cooperate with Party A in investigation, review, or inspection; 
 10.1.2 Defaults on the obligations specified under Article
6.2.2, rejects or evades Party A’s supervision on the use of the credit capital within the credit line and on related production, operating and financial activities; 
 10.1.3 Defaults on the obligations specified under Article 6.2.3, does not use the loans and/or other credit as agreed in this agreement and each other specific contract; 

10.1.4 Defaults on the obligations specified under Article 6.2.4, does not repay the principal and interest of the loans, advances or other credit debts
in a timely manner or in full amount as agreed in this agreement and/or each other specific contract; 
 10.1.5 Defaults on the obligations
specified under Article 6.2.5, and transfers the debt under this agreement to a third party without the approval of Party A; or defaults on the obligations specified under Article 6.2.7, and neglect to manage and recourse of the due creditor’s
claims, or dispose of its existing major properties free of charge or in other inappropriate ways; 
 10.1.6 Defaults on the obligations
specified under Article 6.2.6, and does not notify Party A in a timely manner in the case of the circumstances specified in the Article 6.2.6, or provides no cooperation when Party A demands enhanced security measures of debt repayment under the
agreement when Party A is informed of the occurrence of such circumstances to Party B, or Party A considers it less probable to collect the principal and interest of the credit herein; 
 10.1.7 Defaults on the obligations specified under Article 6.3.1, and does not notify the related party transaction of more than 10% of its net assets in a timely, complete, accurate manner; defaults on
the obligations specified under Article 6.3.2, and does not obtain the written consent of Party A in advance before conducting the equity transfer or the sales of material assets; defaults on the obligations specified under Article 6.3.3, and makes
use of false contracts or notes, accounts receivable and other creditor’s claims without real trading background with related parties to do related business with Party A; defaults on the obligations specified under Article 6.3.3, and Party B
makes use of related party transactions to intentionally undermine or evade Party A’s creditor’s right; if Party B is a corporate group, the default of any member enterprises of Party B or of the group where Party B is affiliated to any
creditor shall be deemed as the default by Party B; 
 10.1.8 Defaults on the provisions of Articles 8.1, 8.2, 8.5, or defaults on the
provisions of Articles 8.3, 8.4, 8.6, 8.7, 8.8, 8.9, and makes no prompt rectification as requested by Party A; 

 10.1.9 The occurrence of other circumstances that Party A deems doing harm to Party A’s legal rights
and interests, such as the default of specific circumstances; (refer to Article 21 of this contract) 
 10.2 When one of the following
circumstances occurs to the guarantor, Party A considers that it may affect the guaranty ability of the guarantor and asks the guarantor to eliminate the negative influence caused thereby, or asks Party B to add, change the guaranty conditions, it
is deemed as default when the guarantor or Party B fail to do so; 
 10.2.1 The occurrence of the circumstance similar to one of those described
in Article 6.2.6 of this agreement; 
 10.2.2 Concealment of one’s actual capacity for assuming the guaranty obligation when issuing the
irrevocable letter of guarantee, or failure to obtain the authorization of the competent authority; 
 10.2.3 Failure to handle the formalities
of annual inspection and registration in a timely manner; 
 10.2.4 Negligence to manage or claim for its due credit, or disposing of the
existing material assets free of charge or in other inappropriate ways. 
 10.3 Where one of the following circumstances occurs to the mortgagor
(pledgor), Party A, holding that it may cause nullification of the mortgage (or pledge) or insufficient value of the collateral (or pledged objects), asks the mortgagor (or pledgor) to eliminate the negative influence caused thereby, or asks Party B
to add, change the guaranty conditions, it is deemed as default if the guarantor (or pledgor) and Party B fail to do so; 
 10.3.1 Having no
ownership or right of disposal on the collateral (or the pledged objects), or the ownership is in dispute; 
 10.3.2 Where the circumstances of
beingrent out, sealed up, detained, monitored, or the existence of legal priority (including but not limited to the priority of payment for construction project) occur to the collateral (or pledged objects), and/or the concealment of the occurrence
of such circumstances; 
 10.3.3 Without the written consent of Party A, the mortgagor transfers, rents, re-mortgages or disposes of the
collateral in any other inappropriate ways, or even with the written consent of Party A, but does not repay the debts owed to Party A by Party B with the income of disposing of the collateral according to Party A’s requirements; 

10.3.4 The mortgagor fails to properly store, maintain and repair the collateral, which leads to significant devaluation of the collateral; or the acts
of the mortgagor which directly endanger the collateral and lead to reduced value of the collateral; or the mortgagor does not purchase insurance for the collateral as required by Party A within the mortgage period. 

10.4 Upon the occurrence of any default specified under Articles 10.1, 10.2, 10.3, Party A shall have the right to separately or simultaneously take the
following measures: 
 10.4.1 Reduce the credit line under this agreement, or suspend the use of the remaining credit line; 

10.4.2 Collect the principal and interest of the loans issued and related expenses within the credit line ahead of time; 

10.4.3 For the bank draft accepted or the L/C (including back to back), letter of guarantee, delivery guarantee, etc. opened by Party A within the credit
period, no matter whether Party A has made advances, Party A can ask Party B to do margin calls, or transfer the deposit of the other accounts opened by Party B in Party A’s to its security deposit account as the security deposit for the
repayment of Party A’s future advances under this agreement, or give the money to a third party escrow, as the security deposit for Party A’s future advances to Party B; 

 10.4.4 For Party A’s unpaid creditor’s claims to accounts receivable transferred from Party B with
recourse under domestic factoring, export factoring, Party A shall have the right to ask Party B to immediately fulfill the obligations of re-purchase; for Party A’s creditor’s claim to accounts receivable to Party B transferred under
domestic factoring without recourse, export factoring, Party A shall have the right to immediately claim from Party B. 
 10.4.5 Party A can
directly debit Party B’s settlement account and/or other accounts, so as to repay all the debts of Party B under this agreement and each specific contract; 
 10.4.6 Party A can make claims according to the provisions of Article 13 of this contract. 

Article 11 Modification and dissolution of the agreement 
 The Agreement can be modified or dissolved after reaching a consensus and a written agreement between the two parties. This Agreement shall remain valid prior to the conclusion of the written agreement.
Any party shall not unilaterally modify, amend or dissolve this agreement without authorization. 
 Article 12 Other matters 

12.1 During the life of this agreement, any grace, extension or postponing of the execution of Party A’s interests or rights under this agreement
granted by Party A to any default or delay conducted by Party B shall not damage, affect, or limit all the rights and interests of Party A as a creditor entitled by relevant laws and this agreement, and shall not be deemed as Party A’s
authorization or approval as to any event of default committed by Party B, nor be deemed as Party A’s waiver of right to take actions against any existing or future default. 
 12.2 In the event that this agreement or any of its articles become null and void for any reason, Party B shall still have the responsibility to repay all the debts owed to Party A under this agreement.
Under the above circumstances, Party A shall have the right to terminate this agreement and promptly claim for the repayment of all the debts owed by Party B under this agreement. 
 12.3 For both parties, the notice, request and other documents related to this agreement shall be delivered in written form. 
 Refer to Article 22 for the contact address of Party A and Party B. 
 For the personal delivery,
the notice shall be deemed as served when the addressee signs the waybill (otherwise the date of rejection if the addressee rejects); for the delivery by mail, the notice shall be deemed as served on the 7th day after delivery; for the delivery by
fax, the notice shall be deemed as served after the fax system of the receiver has accepted the fax. 
 For the notice to Party B regarding the
transfer of the creditor’s right or dunning published by Party A on mass media, it shall be deemed as served on the date of announcement. 

Any Party that changes the contact address shall timely notify the other party; otherwise the defaulting Party shall bear the losses that might occur
thereby on its own. 
 12.4 The two Parties agree that for the application documents for businesses of trading and financing, Party B may affix
on the documents the specimen seal in accordance with the “Authorization Letter on the Specimen Seal” provided to Party A, whose legal force shall be recognized by both Parties. 

 Article 13 Applicable law and dispute settlement 

13.1 The conclusion, interpretation, and dispute settlement of this agreement shall all be applicable to the laws of the People’s Republic of China,
and the rights and interests of both parties are protected by the laws of the People’s Republic of China. 
 13.2 Any dispute occurred
during the performance of this agreement shall be settled through friendly consultation by the Parties; if the parties cannot reach an agreement by consultation, then refer to Article 23 of this contract. 

13.3 If the two parties have had this agreement and any other specific contracts notarized for compulsory legal enforcement, then party A may apply for
compulsory enforcement directly to a people’s court with jurisdiction for the recovery of the debt that party B owes under this agreement and any other specific contracts. 
 Article 14 Validity of the agreement 
 This agreement shall come into effect upon signing
(or affixing of the personal seal) by the legal representative/person in charge or the authorized agent of Party A and Party B and affixing the official seal/special contract seal of the unit, and shall automatically become null and void upon the
expiration date of the credit period or the date when all the debts and all other related expenses that Party B owes to Party A under this agreement have been paid off (the later date of the two shall prevail). 

Part of the signed terms 
 No.: 2012 Jing Zi
No. 21120818 
 Article 15 Contracting parties 
 Party A (credit grantor): China Merchants Bank Co., Ltd.              Shanghai Jing’an Temple Sub-branch
             
 Person in charge: Xu Xuehong 

Party B (credit applicant): Han Ting Xingkong (Shanghai) Hotel Management Co., Ltd. 
 Legal representative/person in charge: He Hui 
 Credit-sharing applicant: Shanghai Han Ting Hotel
Management Group, Ltd. 
 Legal representative/person in charge: He Hui 
 Credit-sharing applicant: Yiju (Shanghai) Hotel Management Co., Ltd. 
 Legal representative/person
in charge: He Hui 
 Credit-sharing applicant: 
 Legal representative/person in charge: 
 Credit-sharing applicant: 

Legal representative/person in charge: 
 The
above credit applicant and credit-sharing applicants are individually or collectively referred to as “Party B”. 

 Article 16 Credit line 
 1.1 Party A shall grant Party B a credit line amounting to RMB currency 300 million (or equivalent amount of other currencies calculated with the exchange rate published by Party A on
the particular date when the specific transaction occurs, as is the same hereinafter). Among which (choose by ticking “ü” hereinafter): 

-Revolving credit line RMB currency 300 million Yuan; 

-One-off credit line          currency
         /        Yuan. 
 Revolving credit line means the
maximum limit of the total balance of the credit principals provided to Party B By Party A during the credit period that can be used continuously and cyclically, including loans, trade financing, note discounting, acceptance of commercial bills,
letter of guarantee, bank account overdraft, and domestic factoring,          /         ,         /
        , etc. 
 One-off credit line refers to that during the credit period Party B makes
applications to Party A for several credit transactions by installment, the accumulative amount of all the credit transactions shall not exceed the amount of one-off credit line specified by this agreement. Party B shall not cyclically use the
one-off credit line, the corresponding amount of several credit transactions applied for by Party B will occupy the amount of one-off credit line specified in this Article, until it is accumulatively occupied in full. 

“Trade Financing” includes opening L/C, import bill advance, delivery guarantee, inward bill purchase under collection, packing credit, export
bill purchase, advance against documentary collection, financing by import and export remittance, short-term financing by credit insurance, import factoring, and export factoring(excluding non-recourse double-factoring, and the aforesaid service in
the system of Party A, as is the same hereinafter),         /         ,         /
         and other types of transactions. 
 1.2 When Party A deals with transactions of import
factoring and non-recourse domestic factoring and with Party B as payer, then creditor’s claims of accounts receivable transferred to Party A from Party B in the transactions will occupy the above-mentioned credit line. When Party B applies for
transactions of recourse domestic factoring or export factoring, then basic purchase fund (underwriting fund) provided by Party A to Party B in the transaction will occupy the above-mentioned credit line. 

1.3 When Party A entrusts other branches of China Merchants Bank Co., Ltd. to open a back to back letter of credit to the beneficiaries after opening a
L/C, in accordance with the regulations of its internal process, then the opening of L/C as well as the import bill advance and delivery guarantee under it will occupy the above-mentioned credit line; 

1.4 The above-mentioned credit line does not include the corresponding credit amounts of the security deposit or the guarantee of deposit receipt pawn
provided by Party B or a third party specific toindividual transaction under this agreement, as is the same hereinafter. 
 1.5 Party A and
Party B had signed the No.              credit agreement, from the effective date of this agreement, any balance not repaid under that credit agreement, will be automatically
included in the credit line of this agreement, and directly occupy the credit line under this agreement (if this Article is applicable, please tick “ü” in
 ̈). 
 Article 17 Credit period 
 The credit period is 36 months, from October 10, 2012 to October 9, 2015. Party B shall submit its application for use of the credit line to Party A within the credit
period, and Party A will reject any application for use of the credit line raised by Party B after the expiration date of the credit period, unless specified otherwise in this agreement. 

 Article 18 Use of the credit line 
 3.1 Types and scope of credit line 
 The above-mentioned credit line is (choose one among the two
alternatives, by ticking “ü”): 
 3.1.1 General credit line, and the specific types of
transactions include (fill in on the basis of facts): 
 Working capital loan, Acceptance 

Non-financing letter of guarantee, Domestic letter of credit 
 Meanwhile, Party B can (fill in “can” or “cannot”) adjust the use of the above-mentioned credit line, and (make choice by ticking
“ü” below): 
 -All types of transactions can be used with adjustment;

 -Certain types of transactions can be used with adjustment, that is,         /
        ; 
 3.1.2
        /         single credit line. 

Article 19 Warranty clause 
 5.1 Under
this agreement, Shanghai HanTing Hotel Management Group, Ltd., Yiju (Shanghai) Hotel Management Co., Ltd. shall be the guarantor of joint and several liabilities for all the debts owed to Party A by Party B, who shall issue an irrevocable
letter of maximum amount guarantee to Party A and/or           /           ; 
 5.2 All debts of Party B owed to Party A under this agreement, shall be mortgaged (pledged) with           /
           property with legal right of ownership and disposal by           /
          , where the two parties shall separately sign a guaranty agreement. 
 Party
A has the right to refuse to provide the credit to Party B, if the guarantor fails to sign the guaranty document or complete all the guaranty procedures in accordance with the provision of this article. 

Article 20 Party B specially guarantees the following matters: 
 8.8 Without the permission of Party A, Party B shall not pay off other long-term debts earlier than contract, as well as           /
          ,           /           . 

Article 21 Breach of contract and penalties 
 10.1.9 The occurrence of other circumstances where the legal rights and interests of Party A are undermined as deemed by Party A, such as the occurrence of the circumstances specified in Article 24.1,
24.2, 24.3; 
 Article 22 Contact address 
 Party A’s contact address: No. 1700 West Beijing Road, Shanghai 
 Party B’s
contact address: No. 2266 Hongqiao Road, Shanghai 
 Article 23 Applicable law and dispute settlement 

Any disputes between Party A and Party B that occurred in the course of fulfilling this agreement shall be settled by the two parties through
consultation. Where the consultation fails, either party may (choose one among the three alternatives, by ticking “ü”): 
 13.2.1 Lodge a lawsuit to the people’s court in the location of Party A; 

 13.2.2 Apply for arbitration to           /
           Arbitration Commission; 
 13.2.3 Submit to (for this option, choose one
among the two alternatives, by ticking “ü”): 
 -China International Economic and
Trade Arbitration Commission 
 -China International Economic and Trade Arbitration Commission
          /            Sub-commission for arbitration in accordance with the arbitration rules on financial disputes. 

Article 24 
 For the issues not covered
or need to be altered under this agreement, Party A and Party B shall sign a complementary agreement in writing upon consensus through consultation, which, appended with each individual contract of this agreement, consists of the appendix of this
agreement, and constitutes an integral part of this agreement. 
 24.1 Party B confirms that, the line that can be actually used each year
under this agreement only can be used upon the approval of Party A. 
 24.2 Party B confirms that: Shanghai Han Ting Hotel Management
Group, Ltd., Yiju (Shanghai) Hotel Management Co., Ltd. can share the credit under this agreement, each no more than RMB 30 million.  

24.3 The purpose for the use of the capital under this agreement is limited to normal operation turnover. 

Article 25 Supplementary provisions 

This agreement is made in five copies, with Party A, Party B and __/__, __/         each holding one
copy, which shall have the same legal effect. 
 Special Reminder: 
 The parties have carried out full consultation on all the terms and conditions of this agreement. The bank has invited the other parties to pay special attention to related clauses on the exemption or
limitation of the bank’s responsibility, the unilateral possession of certain rights by the bank, and the extension of responsibility or restriction of the rights of the other parties, which shall be completely, accurately understood. Upon the
request of the other parties, the bank has made corresponding explanations on the
 above-mentioned clauses. All the contracting parties have reached a completely consistent understanding of the terms and conditions of this agreement. 

 (This page is the signature page) 
 Party A: (Seal) China Merchants Bank Co., Ltd. Shanghai Jing’an Temple Sub-branch Person in charge or authorized agent:
 Xu Xuehong 
 (Signature/Personal seal): 
 Party B: (Seal) HanTing Xingkong (Shanghai) Hotel Management Co.,
Ltd.; 
 Shanghai HanTing Hotel Management Group, Ltd.; 

Yiju (Shanghai) Hotel Management Co., Ltd.; 
 Legal representative/ person in charge or authorized agent: 
 (Signature/Personal seal): He Hui;
He Hui; He Hui 
 Date of signing: September 25, 2012EX-4.11

 Exhibit 4.11 
 SHARE PURCHASE AGREEMENT 
 dated as of 

April 15, 2012 
 between 
 CHINA LODGING HOLDINGS (HK) LIMITED, 

and 

C-TRAVEL INTERNATIONAL LIMITED 
 relating to the purchase and sale 
 of 

Ordinary Shares 

of 
 STARWAY
HOTELS (HONG KONG) LIMITED 
  

 TABLE OF CONTENTS 

 

					
	 	  	PAGE	 
	 ARTICLE 1
	  			
	 DEFINITIONS
	  			
		
	 Section 1.01. Definitions
	  	 	1	  
	 Section 1.02. Other Definitional and Interpretative Provisions
	  	 	7	  
		
	 ARTICLE 2
	  			
	 PURCHASE AND SALE
	  			
		
	 Section 2.01. Purchase and Sale
	  	 	8	  
	 Section 2.02. Closing
	  	 	8	  
	 Section 2.03. Right to Purchase Additional Shares
	  	 	10	  
	 Section 2.04. Closing Balance Sheet
	  	 	10	  
	 Section 2.05. Adjustment of Purchase Price
	  	 	12	  
		
	 ARTICLE 3
	  			
	 REPRESENTATIONS AND WARRANTIES OF
SELLER
	  			
		
	 Section 3.01. Corporate Existence and Power
	  	 	13	  
	 Section 3.02. Corporate Authorization
	  	 	13	  
	 Section 3.03. Governmental Authorization
	  	 	13	  
	 Section 3.04. Noncontravention
	  	 	13	  
	 Section 3.05. Capitalization
	  	 	13	  
	 Section 3.06. Ownership of Shares
	  	 	14	  
	 Section 3.07. Subsidiaries
	  	 	14	  
	 Section 3.08. Financial Statements
	  	 	15	  
	 Section 3.09. Books and Records
	  	 	15	  
	 Section 3.10. Absence of Certain Changes
	  	 	15	  
	 Section 3.11. No Undisclosed Material Liabilities
	  	 	16	  
	 Section 3.12. Intercompany Accounts
	  	 	16	  
	 Section 3.13. Material Contracts
	  	 	16	  
	 Section 3.14. No Litigation
	  	 	18	  
	 Section 3.15. Compliance with Laws and Court Orders
	  	 	18	  
	 Section 3.16. Properties
	  	 	18	  
	 Section 3.17. Tax
	  	 	19	  
	 Section 3.18. No Illegal or Improper Transactions
	  	 	20	  
	 Section 3.19. Intellectual Property
	  	 	20	  
	 Section 3.20. Insurance Coverage
	  	 	23	  
	 Section 3.21. Licenses and Permits
	  	 	23	  
	 Section 3.22. Receivables
	  	 	24	  

  
 i 

					
	 Section 3.23. Selling Documents
	  	 	24	  
	 Section 3.24. Finders’ Fees
	  	 	24	  
	 Section 3.25. Employees and Labor Matters
	  	 	25	  
	 Section 3.26. Xingyue Hui
	  	 	26	  
	 Section 3.27. Representations
	  	 	26	  
		
	 ARTICLE 4
	  			
	 REPRESENTATIONS AND WARRANTIES OF
BUYER
	  			
		
	 Section 4.01. Corporate Existence and Power
	  	 	26	  
	 Section 4.02. Corporate Authorization
	  	 	26	  
	 Section 4.03. Governmental Authorization
	  	 	26	  
	 Section 4.04. Noncontravention
	  	 	26	  
	 Section 4.05. Purchase for Investment
	  	 	27	  
	 Section 4.06. Litigation
	  	 	27	  
	 Section 4.07. No Illegal or Improper Transactions
	  	 	27	  
		
	 ARTICLE 5
	  			
	 COVENANTS OF SELLER
	  			
		
	 Section 5.01. Conduct of the Company
	  	 	28	  
	 Section 5.02. Access to Information; Confidentiality
	  	 	30	  
	 Section 5.03. Key Employees
	  	 	30	  
	 Section 5.04. Tax
	  	 	30	  
	 Section 5.05. Notices of Certain Events
	  	 	31	  
	 Section 5.06. Resignations
	  	 	31	  
	 Section 5.07. Assistance/Action
	  	 	31	  
	 Section 5.08. Noncompetition
	  	 	32	  
		
	 ARTICLE 6
	  			
	 COVENANTS OF BUYER
	  			
		
	 Section 6.01. Confidentiality
	  	 	32	  
		
	 ARTICLE 7
	  			
	 COVENANTS OF BUYER AND
SELLER
	  			
		
	 Section 7.01. Commercially Reasonable Best Efforts; Further Assurances
	  	 	33	  
	 Section 7.02. Certain Filings
	  	 	34	  
	 Section 7.03. Public Announcements
	  	 	34	  
	 Section 7.04. Transfer Taxes
	  	 	34	  

  
 ii 

					
	 ARTICLE 8
	  			
	 CONDITIONS TO CLOSING
	  			
		
	 Section 8.01. Conditions to Obligations of Buyer and Seller
	  	 	35	  
	 Section 8.02. Conditions to Obligation of Buyer
	  	 	35	  
	 Section 8.03. Conditions to Obligation of Seller
	  	 	37	  
		
	 ARTICLE 9
	  			
	 SURVIVAL; INDEMNIFICATION
	  			
		
	 Section 9.01. Survival
	  	 	37	  
	 Section 9.02. Indemnification
	  	 	38	  
	 Section 9.03. Tax Indemnity
	  	 	39	  
	 Section 9.04. Third Party Claim Procedures
	  	 	39	  
	 Section 9.05. Direct Claim Procedures
	  	 	40	  
		
	 ARTICLE 10
	  			
	 TERMINATION
	  			
		
	 Section 10.01. Grounds for Termination
	  	 	41	  
	 Section 10.02. Effect of Termination
	  	 	41	  
		
	 ARTICLE 11
	  			
	 MISCELLANEOUS
	  			
		
	 Section 11.01. Notices
	  	 	42	  
	 Section 11.02. Amendments and Waivers
	  	 	42	  
	 Section 11.03. Disclosure Schedule References
	  	 	43	  
	 Section 11.04. Expenses
	  	 	43	  
	 Section 11.05. Successors and Assigns
	  	 	43	  
	 Section 11.06. Governing Law
	  	 	43	  
	 Section 11.07. Arbitration
	  	 	43	  
	 Section 11.08. Counterparts; Effectiveness
	  	 	44	  
	 Section 11.09. Entire Agreement
	  	 	44	  
	 Section 11.10. Severability
	  	 	44	  
	 Section 11.11. Specific Performance
	  	 	45	  

  
 iii

 SHARE PURCHASE AGREEMENT 

This SHARE PURCHASE AGREEMENT (this “Agreement”) dated as of March 12, 2012 by and among China Lodging Holdings
(HK) Limited, a company limited by shares incorporated under the Laws of Hong Kong (“Buyer”), C-Travel International Limited, an exempted company incorporated under the Laws of the Cayman Islands (“C-Travel” or
“Seller”). 
 W I T N E S S E T H: 

WHEREAS, STARWAY HOTELS (HONG KONG) LIMITED (the “Company”) is the sole registered shareholder of Shanghai WFOE (defined below)
which engages in the hotel management and operation business; 
 WHEREAS, C-Travel is a wholly-owned subsidiary of Ctrip;

 WHEREAS, C-Travel is the record and beneficial owner of the Shares and the Additional Shares; and 

WHEREAS, Seller desire to sell the Shares to Buyer and grant to Buyer a right to purchase the Additional Shares, and Buyer desires to
purchase the Shares from Seller and be granted the right by Seller to purchase the Additional Shares, upon the terms and subject to the conditions hereinafter set forth. 
 The parties hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 Section 1.01. Definitions. (a) The following terms, as used herein, have the following meanings: 
 “Additional Shares” means 49% shares of Company Ordinary Shares. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or
under common Control with such Person; provided that neither the Company nor any Subsidiary shall be considered an Affiliate of Seller. 
 “Applicable Exchange Rate” means the average of the selling rate and buying rate of the U.S. dollar as announced by the People’s Bank of China on the 1Business day prior to the
Closing Date. 

  
 1 

 “Applicable Antitrust Laws” means any competition, merger control,
antitrust or similar Applicable Law, including the Anti-Monopoly Law of the PRC. 
 “Applicable Law” means,
with respect to any Person, any transnational, domestic or foreign, federal, state or local law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or
other similar requirement enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Person, as amended unless expressly specified otherwise. 

“Balance Sheet” means the audited consolidated balance sheet of the Company and the Subsidiaries as of the Balance Sheet
Date. 
 “Balance Sheet Date” means December 31, 2011. 

“Base Working Capital” means the amount of working capital which be recorded on Balance Sheet. 

“Business Day” means a day, other than Saturday, Sunday or other day on which commercial banks in Hong Kong, Beijing or
New York City are authorized or required by Applicable Law to close. 
 “Closing Date” means the date of the
Closing May 1, 2012. 
 “Closing Working Capital” means (A) the sum of (i) cash and bank
deposits, (ii) account receivables, (iii) prepayments and (iv) other receivables, minus (B) the sum of (i) account payables, (ii) accrued payroll liabilities, (iii) taxes payable and (iv) other payables
of the Company and the Subsidiaries as of close of business on the Closing Date, in each case, determined on a consolidated basis in accordance with GAAP. 
 “Company Ordinary Shares” means the ordinary shares, par value HKD 0.0001per share, of the Company. 
 “Consent” means any consent, approval, authorization, waiver, permit, grant, franchise, concession, agreement, license, certificate, exemption, order, registration, declaration, filing,
report or notice of, with or to any Person. 
 “Consideration” means an amount equal to RMB 33,591,685.00.

 “Contract” means, with respect to any specified Person, all loan agreements, indentures, letters of credit
(including related letter of credit applications and reimbursement obligations), mortgages, security agreements, pledge agreements, deeds of trust, bonds, notes, guarantees, surety obligations,

  
 2 

 
warranties, licenses, franchises, permits, powers of attorney, purchase orders, leases, and other agreements, contracts, instruments, obligations, offers, commitments, arrangements and
understandings, written or oral, to which the specified Person is a party or by which it or any of its assets or properties may be bound or affected. 
 “Control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, and the terms “Controlling” and “Controlled” have correlative meanings. 
 “Covered Tax” means with respect to the transactions contemplated hereunder, any and all PRC Taxes that are payable as a result of the application of PRC Circular 698 to such
transactions and any and all PRC Taxes that are in the nature of capital gains levied on such transactions. 

“Ctrip” means Ctrip.com International, Ltd., an exempted company incorporated under the Laws of the Cayman Islands.

 “Ctrip WOFE” means any WOFE invested directly or indirectly by Ctrip. 

“Equivalent Foreign Currency Amount” means, with respect to any amount in RMB, the equivalent amount in any currency
other than RMB calculated at the average of the selling rate and buying rate of such currency as announced by the People’s Bank of China on the Business Day immediately preceding the date of this Agreement. 

“Effective date of the Agreement” means April 15, 2012. 

“GAAP” means generally accepted accounting principles in the United States. 

“Governmental Authority” means any transnational, domestic or foreign federal, state or local governmental, regulatory,
judicial or administrative authority, department, court, agency or official, including any political subdivision thereof. 

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

“Indebtedness” means, with respect to any Person, without duplication, (i) all obligations of such Person for
borrowed money, or with respect to deposits or advances of any kind, (ii) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (iii) all obligations of such Person upon

  
 3 

 
which interest charges are customarily paid, (iv) all obligations of such Person under conditional sale or other title retention agreements relating to any asset or property purchased by
such Person, (v) all obligations of such Person issued or assumed as the deferred purchase price of assets, property or services, (vi) all lease obligations of such Person capitalized on the books and records of such Person, (vii) all
obligations of other Persons secured by a Lien on property or assets owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, (viii) all obligations of such Person under interest rate, currency or
commodity derivatives or hedging transactions (valued at the termination value thereof), (ix) all letters of credit or performance bonds issued for the account of such Person and (x) all guarantees and arrangements having the economic
effect of a guarantee of such Person of any Indebtedness of any other Person. 
 “Intellectual Property Rights”
means (i) inventions, whether or not patentable, reduced to practice or made the subject of one or more pending patent applications, (ii) national and multinational statutory invention registrations, patents and patent applications
(including all reissues, divisions, continuations, continuations-in-part, extensions and reexaminations thereof) registered or applied for in the United States and all other nations throughout the world, all improvements to the inventions disclosed
in each such registration, patent or patent application, (iii) trademarks, service marks, trade dress, logos, domain names, trade names and corporate names (whether or not registered) in the United States and all other nations throughout the
world, including all variations, derivations, combinations, registrations and applications for registration of the foregoing and all goodwill associated therewith, (iv) copyrights (whether or not registered) and registrations and applications
for registration thereof in the United States and all other nations throughout the world, including all derivative works, moral rights, renewals, extensions, reversions or restorations associated with such copyrights, now or hereafter provided by
law, regardless of the medium of fixation or means of expression, (v) computer software (including source code, object code, firmware, operating systems and specifications), (vi) trade secrets and, whether or not confidential,
business information (including pricing and cost information, business and marketing plans and customer and supplier lists) and know-how (including manufacturing and production processes and techniques and research and development information),
(vii) industrial designs (whether or not registered), (viii) databases and data collections, (ix) copies and tangible embodiments of any of the foregoing, in whatever form or medium, (x) all rights to obtain and rights to apply
for patents, and to register trademarks and copyrights, (xi) all rights in all of the foregoing provided by treaties, conventions and common law and (xii) all rights to sue or recover and retain damages and costs and attorneys’ fees
for past, present and future infringement or misappropriation of any of the foregoing. 

  
 4 

 “knowledge” of any Person that is not an individual means the knowledge of
such Person’s directors and officers after due and careful inquiries, and includes imputed knowledge under principles of agency law and knowledge that an ordinary person would have exercising prudence of a reasonable manner in the same or
similar circumstances. 
 “Licensed Intellectual Property Rights” means all Intellectual Property Rights owned
by a third party and licensed or sublicensed to either the Company or any Subsidiary. 
 “Lien” means, with
respect to any property or asset, any mortgage, lien, pledge, charge, security interest, encumbrance or other adverse claim of any kind in respect of such property or asset. For the purposes of this Agreement, a Person shall be deemed to own subject
to a Lien any property or asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such property or asset. 

“Material Adverse Effect” means a material adverse effect on (i) the condition (financial or otherwise), business,
assets, results of operations or prospects of the Company and its Subsidiaries, taken as a whole or (ii) the Company’s ability to consummate the transactions contemplated by this Agreement. 

“MOFCOM” means the Ministry of Commerce of the PRC, or its authorized local branch, as the case may be, or any successor
thereto. 
 “Organizational Documents” means, with respect to any entity, the certificate of incorporation,
memorandum and articles of association, bylaws or similar organizational documents of such entity. 
 “Owned
Intellectual Property Rights” means all Intellectual Property Rights owned by either the Company or any Subsidiary. 

“Person” means an individual, corporation, partnership, limited liability company, association, trust or other entity or
organization, including a Governmental Authority. 
 “PRC” means the People’s Republic of China,
excluding, for purposes of this Agreement only, Hong Kong, the Macau Special Administrative Region and Taiwan. 

“RMB” means renminbi, the legal currency of the PRC. 

  
 5 

 “SAFE” means the State Administration of Foreign Exchange of the PRC or its
authorized local branch, as the case may be, or any successor thereto. 
 “SAIC” means the State Administration
of Industry and Commerce of the PRC or its relevant local office. 
 “Shanghai WFOE” means Starway Hotels
Management (Shanghai) Co., Ltd., a limited liability company organized and existing under the laws of the PRC. 

“Shares” means 51% shares of Company Ordinary Shares. 

“Subsidiary” means any entity (i) of which securities or other ownership interests having ordinary voting power to
elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by the Company or (ii) directly or indirectly Controlled by the Company. 

“Tax” means (a) taxes on income, profits and gains, and (b) all other taxes, levies, duties, imposts, charges
and withholdings of any nature, in each case imposed, levied, collected, withheld or assessed by (or on behalf of) any Governmental Authority in any jurisdiction, including any excise, customs, property, sales, transfer, franchise, turnover and
payroll taxes and other benefits related tax and stamp duties, together with all penalties, charges and interest relating to any of the foregoing or to any late or incorrect Tax Return in respect of any of them. 

“Tax Return” means any return, declaration, report, claim for refund or information return or statement relating to
Taxes, including any schedule or attachment thereto, and including any amendment thereof. 
 “Transaction
Documents” means, collectively, this Agreement and the other agreements and documents required by, or in connection with implementing the transactions contemplated by, this Agreement. 

“U.S.” means the United States of America. 
 “US$” or “U.S. dollars” means United States dollars, the lawful currency of the U.S. 
 (b) Each of the following terms is defined in the Section set forth opposite such term: 
  

			
	 Term
	  	 Section

	 Agreement
	  	Preamble
	 Arbitration
	  	Section 11.07

  
 6 

			
	 Term
	  	 Section

	 Benefits
	  	Section 3.25(c)
	 Buyer
	  	Preamble
	 Buyer Indemnitee
	  	Section 9.02
	 Buyer Purchase Right
	  	Section 2.03(a)
	 Capex Budget
	  	Section 5.01
	 Closing
	  	Section 2.02
	 Closing Balance Sheet
	  	Section 2.04(a)
	 Company Real Properties
	  	Section 3.16
	 Company Securities
	  	Section 3.05(b)
	 Covered Tax Loss
	  	Section 9.03
	 C-Travel
	  	Preamble
	 Ctrip
	  	Section 1.01
	 Damages
	  	Section 9.02
	 Dispute
	  	Section 11.07
	 e-mail
	  	Section 11.01
	 Employment Agreement
	  	Section 5.03
	 Final Closing Working Capital
	  	Section 2.05(a)
	 Financial Statements
	  	Section 3.08
	 Government Officials
	  	Section 3.18
	 HKIAC
	  	Section 11.07(a)
	 Intercompany Account Balances
	  	Section 3.12
	 Indemnified Party
	  	Section 9.04
	 Indemnifying Party
	  	Section 9.04
	 Key Employees
	  	Section 3.25(a)
	 Material Contracts
	  	Section 3.13(b)
	 Non-Compete Agreement
	  	Section 5.03
	 Notice of Arbitration
	  	Section 11.07(b)
	 Permits
	  	Section 3.21(a)
	 Purchase Price
	  	Section 2.01
	 Seller Indemnitee
	  	Section 9.02
	 Seller
	  	Preamble
	 Social Insurance
	  	Section 3.25(c)
	 Subsidiary Securities
	  	Section 3.07(d)
	 Subsequent Closing
	  	Section 2.03(c)
	 Third Party Claim
	  	Section 9.04
	 Tribunal
	  	Section 11.07(d)
	 Warranty Breach
	  	Section 9.02

 Section 1.02. Other Definitional and Interpretative Provisions. The words “hereof”,
“hereto”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for
convenience of reference only and shall be ignored in the construction or 

  
 7 

 
interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and
Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the
meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable terms refer to
printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated
thereunder. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof; provided that with respect to any agreement or
contract listed on any schedules hereto, all such amendments, modifications or supplements must also be listed in the appropriate schedule. References to any Person include the successors and permitted assigns of that Person. References from or
through any date mean, unless otherwise specified, from and including or through and including, respectively. References to “law”, “laws” or to a particular statute or law shall be deemed also to include an and all Applicable
Law. 
 ARTICLE 2 
 PURCHASE AND SALE 

Section 2.01. Purchase and Sale. Upon the terms and subject to the conditions of this Agreement, Seller agree to sell to
Buyer, and Buyer agrees to purchase from Seller, the Shares at the Closing. The purchase price for the Shares (the “Purchase Price”) is an amount in U.S. dollars equal to (x) 51% of the Consideration divided by (y) the
Applicable Exchange Rate for U.S. dollars. The Purchase Price shall be paid as provided in Section 2.02. 

Section 2.02. Closing. The closing (the “Closing”) of the purchase and sale of the Shares hereunder shall
take place at the places agreed to by the parties hereto, as soon as possible, at the Closing Date, after satisfaction or, to the extent permissible, waiver by the party or parties entitled to the benefit of the conditions set forth in Article 8
(other than conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or, to the extent permissible, waiver of those conditions at the Closing), or at such other time or place as Buyer and Seller may agree.
At the Closing: 

  
 8 

 (a) At the Closing Date, Seller shall: 

(i) deliver to Buyer the instrument of transfer duly executed by C-Travel with Buyer as a transferee in respect of the
Shares, 
 (ii) deliver to Buyer the sold note duly executed by C-Travel, and 

(iii) deliver to the Company the original share certificates in respect of the Shares; 

(b) At the Closing Date, Seller shall cause the Company to deliver to Buyer the following documents: 

(i) a new share certificate issued to Buyer with respect to the Shares, 

(ii) a certified true copy of the updated register of members of the Company reflecting the transfer of the Shares from
C-Travel to Buyer; 
 (iii) a certified true copy of the register of Director(s) of the Company reflecting the
change of the composition of the board of directors or director of the Company, including but not limited to the appointment of the person(s) designated by Buyer to the board of directors or director of the Company; and 

(c) Buyer shall: 
 (i) Within fifteen (15) Business Days after the effective date of the Agreement, Buyer shall deliver or cause to be delivered the amount of 80% RMB13,705,407.00 of the Purchase Price to Seller in
immediately available funds by wire transfer to a bank account designated by Seller. 
 (ii) Within fifteen
(15) Business Days after the Closing Date, Buyer shall deliver or cause to be delivered the mount of 20% RMB3,426,352.00 of the Purchase Price to Seller in immediately available funds by wire transfer to a bank account designated by Seller.

 (d) No later than two (2) Business Days after to the effective date of the Agreement, Seller shall
deliver to Buyer a written notice setting forth the bank accounts for the wires described in Section 2.02(c)(i) 

  
 9 

 Section 2.03. Right to Purchase Additional Shares. (a) Seller hereby grant
to Buyer a right (the “Buyer Purchase Right”) to purchase the Additional Shares, which right may be exercised by Buyer in its sole discretion at any time following the effective date of the Agreement until and
including the first anniversary of the Closing Date. Seller hereby agree that, regardless whether Buyer chooses to exercise the Buyer Purchase Right or not, Buyer shall have full control of the management and operation of the Company and the
Subsidiaries in all respects at any time from and after the Closing. 
 (b) Buyer may exercise the Buyer Purchase
Right by delivery to the Seller of a written notice. Upon delivery of such notice, Seller shall cause the transfer of the Additional Shares to Buyer as provided below in this Section. 

(c) The closing (the “Subsequent Closing”) of the purchase and sale of the Additional Shares shall take
place at the places agreed to by the parties hereto, as soon as possible, but in no event later than three (3) Business Days, after the delivery by Buyer of the notice to exercise the Buyer Purchase Right. No later than two (2) Business
Days prior to the Subsequent Closing, Seller shall deliver a written notice to Buyer setting forth the bank accounts for the wires described in Section 2.03(c)(ii). At the Subsequent Closing: 

(i) Seller shall: (A) deliver to Buyer the instrument of transfer duly executed by C-Travel with Buyer as a
transferee in respect of the Additional Shares, (B) deliver to Buyer the sold note duly executed by C-Travel, and (C) deliver to the Company the original share certificates in respect of the Additional Shares; 

(ii) Buyer shall: 
 (A) within fifteen (15) Business Days after Subsequent Closing deliver to Seller an amount in U.S. dollars equal to(x) 49% [RMB16,459,926.00]of the Consideration divided by (y) the Applicable
Exchange Rate for U.S. dollars in immediately available funds by wire transfer to a bank account designated by Seller(or if not so designated, then by certified or official bank check payable in immediately available funds to the order of C-Travel
in such amount); 
 Section 2.04. Closing Balance Sheet. (a) As promptly as practicable, but no later than 60
days after the Closing Date, Buyer will cause to be prepared and delivered to Seller the Closing Balance Sheet and a statement based on such 

  
 10 

 
Closing Balance Sheet setting forth Buyer’s calculation of the Closing Working Capital. The Closing Balance Sheet (the “Closing Balance Sheet”) shall (x) fairly present
the consolidated financial position of the Company and the Subsidiaries as at the close of business on the Closing Date in accordance with GAAP applied on a consistent basis, (y) include line items substantially consistent with those in the
Balance Sheet, provided that all Taxes currently payable shall be set forth as separate line items and (z) be prepared in accordance with accounting policies and practices consistent with those used in the preparation of the Balance
Sheet, but in all instances in accordance with GAAP. 
 (b) If Seller disagrees with Buyer’s calculation of the Closing
Working Capital delivered pursuant to Section 2.04(a), Seller may, within 20 days after delivery of the documents referred to in Section 2.04(a), deliver a written statement (the “Objections Statement”) to Buyer
disagreeing with such calculation and which specifies Seller’s calculation of such amount and in reasonable detail Seller’s grounds for such disagreement. The Objections Statement shall specify those items or amounts as to which Seller
disagree, and Seller shall be deemed to have agreed with all other items and amounts contained in the Closing Balance Sheet and the calculation of the Closing Working Capital delivered pursuant to Section 2.04(a). 

(c) If an Objections Statement shall be duly delivered pursuant to Section 2.04(b), Buyer and Seller shall, during the 15 days
following such delivery, use their best efforts to reach agreement on the disputed items or amounts in order to determine, as may be required, the amount of the Closing Working Capital, which amount shall not be less than the amount thereof shown in
Buyer’s calculations delivered pursuant to Section 2.04(a) nor more than the amount thereof shown in Seller’s calculation delivered pursuant to Section 2.04(b). If Buyer and Seller are unable to reach such agreement during such
period, they shall promptly thereafter cause independent accountants of nationally recognized standing reasonably satisfactory to Buyer and Seller (who shall not have any material relationship with Buyer or any Seller), promptly to review this
Agreement and the disputed items or amounts for the purpose of calculating the Closing Working Capital. In making such calculation, such independent accountants shall consider only those items or amounts in the Closing Balance Sheet or Buyer’s
calculation of the Closing Working Capital as to which Seller have disagreed. Such independent accountants shall deliver to Buyer and Seller, as promptly as practicable, a report setting forth such calculation. Such report shall be final and binding
upon Buyer and Seller. The cost of such review and report shall be borne (i) by Buyer if the difference between the Final Closing Working Capital and Buyer’s calculation of the Closing Working Capital delivered pursuant to
Section 2.04(a) is greater than the difference between the Final Closing Working Capital and Seller’s calculation of the Closing Working Capital delivered pursuant to Section 2.04(b), (ii) by Seller if the first such

  
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difference is less than the second such difference and (iii) otherwise equally by Buyer and Seller. 
 (d) Buyer and Seller agree that they will, and agree to cause their respective independent accountants and the Company and each Subsidiary to, cooperate and assist in the preparation of the Closing
Balance Sheet and the calculation of the Closing Working Capital and in the conduct of the audits and reviews referred to in this Section 2.04, including the making available to the extent necessary of books, records, work papers and personnel.

 Section 2.05. Adjustment of Purchase Price. (a) If Base Working Capital exceeds the Final Closing Working
Capital more than RMB 3,000,000, Seller shall pay to Buyer, as an adjustment to the Purchase Price, in the manner as provided in Section 2.05 (b) , the amount of such Return Excess (the amount of Base Working Capital minus Final Closing
Working Capital minus RMB 3,000,000). If the Final Closing Working Capital exceeds Base Working Capital more than RMB 3,000,000, Buyer shall pay to Seller, in the manner as provided in Section 2.05 (b), the amount of such Excess (the amount of
Final Closing Working Capital minus Base Working Capital minus RMB 3,000,000). “Final Closing Working Capital” means the Closing Working Capital (i) as shown in Buyer’s calculation delivered pursuant to
Section 2.04(a), if no Objections Statement with respect thereto is duly delivered pursuant to Section 2.04(b); or (ii) if such an Objections Statement is delivered, (A) as agreed by Buyer and Seller pursuant to
Section 2.04(c) or (B) in the absence of such agreement, as shown in the independent accountant’s calculation delivered pursuant to Section 2.04(c); provided that in no event shall the Final Closing Working Capital be less
than Buyer’s calculation of the Closing Working Capital delivered pursuant to Section 2.04(a) or more than Seller’s calculation of the Closing Working Capital delivered pursuant to Section 2.04(b). 

(b) Any payment pursuant to Section 2.05(a) shall be made at a mutually convenient time and place within 10 days after the Final
Closing Capital has been determined by delivery by Buyer or Seller, as the case may be, of a certified or official bank check payable in immediately available funds to the other party or by causing such payments to be credited to such account of
such other party as may be designated by such other party. 
 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF SELLER 

Except as set forth in the Seller Disclosure Schedule attached hereto (“Seller Disclosure Schedule”), Seller represents
and warrants to Buyer as of the date hereof and as of the Closing Date that: 

  
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 Section 3.01. Corporate Existence and Power. Seller and the Company is a
corporation duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation and has all corporate powers and all governmental licenses, authorizations, permits, consents and approvals required to carry on
its business as now conducted. The Seller has heretofore made available to Buyer true and complete copies of the Organizational Documents of Seller, the Company and the Subsidiaries as currently in effect. 

Section 3.02. Corporate Authorization. The execution, delivery and performance by such Seller of this Agreement and each
other Transaction Document to which such Seller is a party, the performance of the obligations hereunder and thereunder, and the consummation of the transactions contemplated hereby and thereby are within such Seller’s corporate powers and have
been duly authorized by all necessary corporate actions on the part of such Seller. This Agreement constitutes, and each other Transaction Document to which such Seller is a party when executed and delivered by such Seller in accordance with the
terms hereof and thereof will constitute, a valid and binding agreement of such Seller enforceable against such Seller in accordance with their respective terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and other laws affecting creditors’ rights generally and general principles of equity). 
 Section 3.03.
Governmental Authorization. The execution, delivery and performance by such Seller of this Agreement and the consummation of the transactions contemplated hereby require no action by or in respect of, or filing with, any Governmental
Authority. 
 Section 3.04. Noncontravention. The execution, delivery and performance by such Seller of this
Agreement and the consummation of the transactions contemplated hereby do not and will not (i) violate the Organizational Documents of such Seller or the Company or any Subsidiary, (ii) assuming compliance with the matters referred to in
Section 3.03, violate any Applicable Law, (iii) require any consent or other action by any Person under, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, or give rise
to any right of termination, cancellation or acceleration of any right or obligation of such Seller or the Company or any Subsidiary or to a loss of any benefit to which such Seller or the Company or any Subsidiary is entitled under any provision of
any agreement or other instrument binding upon such Seller or the Company or any Subsidiary or (iv) result in the creation or imposition of any Lien on any asset of the Company or any Subsidiary. 

Section 3.05. Capitalization. (a) The authorized share capital of the Company consists of 100,000,000 Company Ordinary
Shares. 

  
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 (b) All outstanding capital shares of the Company have been duly authorized and validly
issued and are fully paid and non-assessable. Except as set forth in this Section 3.05, there are no outstanding (i) capital shares or voting securities of the Company, (ii) securities of the Company convertible into or exchangeable
for capital shares or voting securities of the Company or (iii) options or other rights to acquire from the Company, or other obligation of the Company to issue, any capital shares, voting securities or securities convertible into or
exchangeable for capital shares or voting securities of the Company (the items in Sections 3.05 (b)(i), 3.05(b)(ii) and 3.05(b) (iii) being referred to collectively as the “Company Securities”). There are no outstanding
obligations of the Company or any Subsidiary to repurchase, redeem or otherwise acquire any Company Securities. 

Section 3.06. Ownership of Shares. C-Travel is the record and beneficial owner of the Shares, free and clear of any Lien and
any other limitation or restriction (including any restriction on the right to vote, sell or otherwise dispose of the Shares), and will transfer and deliver to Buyer at the Closing valid title to the Shares free and clear of any Lien and any such
limitation or restriction. 
 Section 3.07. Subsidiaries. (a) Section 3.07(a) of the Seller Disclosure
Schedule sets forth a true, accurate and complete list of each Subsidiary of the Company, including, for each Subsidiary, (i) its jurisdiction of organization, (ii) description of its registered capital, paid-in registered capital and
total amount of investment, (iii) its shareholder(s) and the equity interests owned by such shareholders and (iv) its business scope. 
 (b) For each Subsidiary incorporated under the laws of PRC, (i) all of the registered capital of such Subsidiary has been timely and adequately contributed in accordance with the Applicable Laws of
the PRC; (ii) there are no resolutions pending to increase or decrease the registered capital of such Subsidiary; (iii) all changes to the share capital (including capital increase and capital reduction) and all changes in the shareholding
(including transfers by shareholders) of each such Subsidiary have been duly authorized and approved by and filed and registered with the relevant Governmental Authorities in the PRC, and have been made in full compliance with the Applicable Law of
the PRC; and (iv) each such Subsidiary has a valid business license issued by SAIC (a true and complete copy of which has been made available to Buyer), and has, since its establishment, carried on its business in compliance with the business
scope set forth in its business license. 
 (c) Each Subsidiary is a corporation duly incorporated, validly existing and in good
standing under the laws its jurisdiction of incorporation, and, except as set forth on Section 3.07 (c) of the Seller Disclosure Schedule, has all corporate powers and all governmental licenses, authorizations, permits, consents and

  
 14 

 
approvals required to carry on its business as now conducted, including those issued by MOFCOM and the Ministry of Information Industry. 

(d) All of the outstanding capital shares or other voting securities of each Subsidiary is owned by the Company, directly or indirectly,
free and clear of any Lien and free of any other limitation or restriction (including any restriction on the right to vote, sell or otherwise dispose of such capital stock or other voting securities). There are no outstanding (i) securities of
the Company or any Subsidiary convertible into or exchangeable for capital shares or voting securities of any Subsidiary or (ii) options or other rights to acquire from the Company or any Subsidiary, or other obligation of the Company or any
Subsidiary to issue, any capital shares, voting securities or securities convertible into or exchangeable for capital shares or voting securities of any Subsidiary (the items in Sections 3.07(d)(i) and 3.07(d)(ii) being referred to collectively as
the “Subsidiary Securities”). There are no outstanding obligations of the Company or any Subsidiary to repurchase, redeem or otherwise acquire any outstanding Subsidiary Securities. 

Section 3.08. Financial Statements. Section 3.08 of the Seller Disclosure Schedule contains a true, correct and
complete copy of the audited consolidated balance sheets as of December 31, 2009, 2010 and 2011 and the related audited consolidated statements of income and cash flows for each of the years ended December 31, 2009, 2010 and 2011
(collectively, the “Financial Statements”). The Financial Statements (i) have been prepared in accordance with GAAP applied on a consistent basis throughout the periods covered thereby and (ii) fairly present, in
conformity with GAAP applied on a consistent basis (except as may be indicated in the notes thereto), the consolidated financial position of the Company and the Subsidiaries as of the dates thereof and their consolidated results of operations and
cash flows for the periods then ended. 
 Section 3.09. Books and Records. True and complete copies of all minute
books containing the records of meetings of the shareholders and the boards of directors (or analogous parties) of the Company and its Subsidiaries as of the date hereof and the register of members (or equivalent documents) as of the date hereof
have been made available to Buyer. 
 Section 3.10. Absence of Certain Changes. (a) Since the Balance Sheet
Date, the business of the Company and its Subsidiaries has been conducted in the ordinary course consistent with past practices and there has not been any event, occurrence, development or state of circumstances or facts that has had or would
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

  
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 (b) From the Balance Sheet Date until the date hereof, there has not been any action taken
by the Company or any of its Subsidiaries that, if taken during the period from the date of this Agreement through the Closing Date without Buyer’s consent, would constitute a breach of Section 5.01Section 5.01. 

Section 3.11. No Undisclosed Material Liabilities. There are no liabilities of the Company or any Subsidiary of any kind
whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise, and there is no existing condition, situation or set of circumstances which could reasonably be expected to result in such a liability, other than: 

(a) liabilities provided for in the Balance Sheet or disclosed in the notes thereto; and 

(b) other undisclosed liabilities which, individually or in the aggregate, are not material to the Company and the
Subsidiaries, taken as a whole. 
 Section 3.12. Intercompany Accounts. Section 3.12 of the Seller
Disclosure Schedule contains a true and complete list of all intercompany balances as of the Balance Sheet Date between Seller and their Affiliates, on the one hand, and the Company and the Subsidiaries, on the other hand (the
“Intercompany Account Balances”). Since the Balance Sheet Date there has not been any accrual of liability by the Company or any Subsidiary to any Seller or any of their Affiliates or other transaction between the Company or any
Subsidiary and any Seller and any of their Affiliates, except with respect to the period prior to the date of this Agreement, in the ordinary course of business of the Company and the Subsidiaries consistent with past practice, and thereafter, as
provided in Section 3.12 of the Seller Disclosure Schedule. 
 Section 3.13. Material Contracts.
(a) Except for the Contracts listed in Section 3.13(a) of the Seller Disclosure Schedule (true and complete copies of such Contracts have been made available to Buyer prior to the date hereof), neither the Company nor any Subsidiary
is a party to or bound by: 
 (i) any Contract providing for the payment by or to the Company or any Subsidiary
of an amount in excess of RMB 100,000 or its Equivalent Foreign Currency Amount annually or RMB 100,000 or its Equivalent Foreign Currency Amount over the entire term of such Contract; 

(ii) any partnership, joint venture or other similar Contract or arrangement; 

(iii) any Contract relating to the acquisition or disposition of any business (whether by merger, sale of stock, sale of
assets or otherwise); 

  
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 (iv) any Contract relating to Indebtedness, except any such agreement with
an aggregate outstanding principal amount not exceeding RMB 100,000 or its Equivalent Foreign Currency Amount and which may be prepaid on not more than 45 days’ notice without the payment of any material penalty; 

(v) any franchise or similar Contract; 

(vi) any license or other Contract granting rights to any third party to any material Owned Intellectual Property Rights
or Licensed Intellectual Property Rights; 
 (vii) any Contract that limits the freedom of the Company or any
Subsidiary to compete in any line of business or with any Person or in any area or which would so limit the freedom of the Company or any Subsidiary after the Closing Date; 

(viii) any Contract by the Company or any Subsidiary with (A) any Person directly or indirectly owning, Controlling
or holding with power to vote any of the outstanding equity securities of the Company, any Subsidiary or any Affiliate of such Person, (B) any Person whose outstanding voting securities are directly or indirectly owned, Controlled or held with
power to vote by the Company or any Subsidiary or (C) any director or officer of the Company or any Subsidiary or any Affiliates of any such director or officer; 

(ix) any Contract that involves the ownership or lease of, title to, use of, or any leasehold or other interest in, any
real or personal property (except for personal property leases involving payments of less than RMB 100,000 or its Equivalent Foreign Currency Amount per annum); 
 (x) any Contract involves the waiver, compromise, or settlement of any material dispute, claim, litigation or arbitration; 

(xi) any other Contract or plan not made in the ordinary course of business that is material to the Company and the
Subsidiaries, taken as a whole. 
 (b) Each Contract disclosed in Section 3.13(a) of the Seller Disclosure Schedule
or required to be so disclosed pursuant to Section 3.13(a) (collectively, the “Material Contracts”) is in full force and effect and constitutes a valid and binding agreement of the Company or a Subsidiary, as the case may be,
enforceable against the Company or such Subsidiary, as the case may be, in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights
generally and general principles of equity). 

  
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 (c) None of the Company, any Subsidiary or, to the knowledge of such Seller, any other party
thereto is in default or breach under any Material Contract and, to the knowledge of such Seller, no event or circumstance has occurred, or would likely to occur, that, with notice or lapse of time or both, would constitute any event of default
thereunder. 
 (d) Neither the Company nor any Subsidiary has delegated any power or issued any powers of attorney in favor of
any Person, other than powers of attorney issued to directors, officers, or employees of the Company or the Subsidiaries for purposes of executing contracts or agreements for and on behalf of the Company or such Subsidiary in the ordinary course of
business. 
 Section 3.14. No Litigation. Except for the litigation that has been notified to Buyer, there is no
action, suit, investigation or proceeding (or any basis therefor) pending against, or to the knowledge of such Seller, threatened against or affecting, such Seller, the Company or any Subsidiary or any of their respective properties or assets before
(or, in the case of threatened actions, suits, investigations or proceedings, would be before) any Governmental Authority or arbitrator which, individually or in the aggregate, if determined or resolved adversely in accordance with the
plaintiff’s demands, could reasonably be expected to have a Material Adverse Effect or which in any manner challenges or seeks to prevent, enjoin, alter or materially delay the transactions contemplated by this Agreement. 

Section 3.15. Compliance with Laws and Court Orders. Except as disclosed on Section 3.15 of the Seller Disclosure
Schedule, neither the Company nor any Subsidiary is in violation of, and has not since the inception of the Company or such Subsidiary violated, and to the knowledge of such Seller is not under investigation with respect to and has not been
threatened to be charged with or given notice of any violation of, any Applicable Law, except for violations that have not had and could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. There is no
judgment, decree, injunction, rule or order of any arbitrator or Governmental Authority outstanding against the Company or any of its Subsidiaries that has had or would reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect on the Company or that in any manner seeks to prevent, enjoin, alter or materially delay the consummation of the transactions contemplated by this Agreement. 
 Section 3.16. Properties. (a) All of the land and buildings currently owned or leased by the Company or the Subsidiaries (collectively, the “Company Real Properties”) are
listed in Section 3.16(a) of the Seller Disclosure Schedule. Except for the Company Real Properties, neither the Company nor any Subsidiary directly or indirectly owns or leases any land or building. The current use, occupancy and operation
of the Company Real Properties do not constitute any 

  
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nonconforming use under any applicable construction, building, zoning, subdivision and other land use and similar Applicable Law. 

(b) (i) The Company and each Subsidiary have valid title to, or in the case of leased property and assets have valid leasehold interests
in, all property and assets (whether real, personal, tangible or intangible, other than Intellectual Property Rights) actually used by the Company or such Subsidiary, regardless of whether such property and assets are reflected on its balance sheet
or acquired after the Balance Sheet Date, other than personal property disposed of in the ordinary course of business; and (ii) none of such property or assets is subject to any Lien. Shanghai WOFE is entitled to continue to use all the assets
on the Balance Sheet free of charge, including the fixed assets in amount of RMB 300,000 purchased by Ctrip WOFE. 
 (c) All
leases and sub-leases of the Company Real Properties that are listed in Section 3.16(c) of the Seller Disclosure Schedule are valid and binding obligations of the Company or its Subsidiaries, as the case may be, and enforceable against
each the Company or the applicable Subsidiary in accordance with their respective terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and
general principles of equity), and neither the Company nor any Subsidiary is in default under any such leases or sub-leases and there does not exist under any such lease or sub-lease any event which with notice or lapse of time or both would
constitute a material default. 
 Section 3.17. Tax. 

(a) The Company and the Subsidiaries have filed all national, provincial and local Tax Returns required to be filed under the Applicable
Law and such Tax Returns were true and complete, and has paid all national, provincial and local Taxes, assessments, fees and other governmental charges levied or imposed upon it or its assets or properties, revenue or income or otherwise due and
payable by the Company and the Subsidiaries, and have withheld and paid all individual income tax for its employees or contractors, in each case in accordance with the requirements of Applicable Law and the relevant Tax authorities. To the knowledge
of such Seller, there is no proposed Tax assessment against the Company or any Subsidiary. There has been no claim in writing concerning any liability for Taxes of the Company or any Subsidiary asserted, raised or threatened by any taxing authority.

 (b) Each of the Company and the Subsidiaries has complied with, and currently complies with all conditions and terms of all
subsidies, rebates, reductions, exemptions and other preferential treatment claimed by and/or given to the Company or such Subsidiary in respect of any Tax. 

  
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 (c) (i) The charges, accruals and reserves for Taxes with respect to each of the
Company and the Subsidiaries reflected on the most recent audited Financial Statements are adequate to cover Tax liabilities as of the date of the most recent audited Financial Statements and all information set forth in such Financial Statements
relating to Tax matters is true and complete, and (ii) since the date of the most recent Financial Statements, each of the Company and the Subsidiaries has not engaged in any transaction, other than in the ordinary course of business, that
would materially impact any Tax asset (e.g., net operating or capital losses) or Tax liability of the Company or such Subsidiary. 
 Section 3.18. No Illegal or Improper Transactions. 
 (a) Neither the
Company nor any Subsidiaries, nor any director, officer, or employee, nor to the knowledge of such Seller, any agent or representative of the Company or the Subsidiaries, has (i) taken any action in furtherance of an offer, payment, promise to
pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, whether in the form of a bribe, kickback, rebate, payoff, influence payment or otherwise, to any Governmental
Authority or any government official (including any officer or employee of a government or government-owned or Controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the
foregoing, or any political party or party official or candidate for political office, all of the foregoing being referred to as “Government Officials”), or to any other person while knowing that all or some portion of the money or
value was or will be offered, given or promised to a Governmental Authority or a Government Official, to influence official action or secure an improper advantage or (ii) used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expense relating to political activity. 
 (b) Each of the Company and the Subsidiaries has
conducted their businesses in compliance with the U.S. Foreign Corrupt Practices Act of 1977, as amended, the PRC Law on Anti-Unfair Competition adopted on September 2, 1993 (if applicable) and the Interim Rules on Prevention of Commercial
Bribery issued by the PRC State Administration of Industry and Commerce on November 15, 1996 (if applicable) and all other applicable anti-corruption laws. 
 Section 3.19. Intellectual Property. (a) Section 3.19(a) (i) of the Seller Disclosure Schedule contains a true and complete list of each of the registrations and
applications for registrations and other material Intellectual Property Rights included in the Owned Intellectual Property Rights. True and complete copies of relevant registrations or application for registration, as applicable, have been made
available to Buyer. Section 3.19(a) (ii) of the Seller Disclosure Schedule contains a true and complete list of all material agreements (whether written or 

  
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otherwise, including license agreements, research agreements, development agreements, distribution agreements, settlement agreements, consent to use agreements and covenants not to sue, but
excluding licenses for personal computer software that are generally available on nondiscriminatory pricing terms and have an individual acquisition cost of $500 per seat or less) to which the Company or any of its Subsidiaries is a party or
otherwise bound, granting or restricting any right to use, exploit or practice any Intellectual Property Rights. True and complete copies of such documents have been made available to Buyer. 

(b) The Licensed Intellectual Property Rights and the Owned Intellectual Property Rights together constitute all the Intellectual
Property Rights necessary to, or used or held for use in, the conduct of the business of the Company and its Subsidiaries as currently conducted and as proposed by the Company or any of its Subsidiaries to be conducted. There exist no restrictions
on the disclosure, use, license or transfer of the Owned Intellectual Property Rights. The consummation of the transactions contemplated by this Agreement and the other Transaction Documents will not alter, encumber, impair or extinguish any Owned
Intellectual Property Rights or Licensed Intellectual Property Rights. 
 (c) None of such Seller, the Company and any
Subsidiary has given to any Person an indemnity in connection with any Intellectual Property Right. 
 (d) None of the Company
and its Subsidiaries has infringed, misappropriated or otherwise violated any Intellectual Property Right of any third person. There is no claim, action, suit, investigation or proceeding pending against, or, to the knowledge of such Seller,
threatened against or affecting, the Company, any of its Subsidiaries, any present or former officer, director or employee of the Company or any of its Subsidiaries (i) based upon, or challenging or seeking to deny or restrict, the rights of
the Company or any Subsidiary in any of the Owned Intellectual Property Rights and the Licensed Intellectual Property Rights, (ii) alleging that the use of the Owned Intellectual Property Rights or the Licensed Intellectual Property Rights or
any services provided, processes used or products manufactured, used, imported or sold by the Company or any Subsidiary do or may conflict with, misappropriate, infringe or otherwise violate any Intellectual Property Right of any third party or
(iii) alleging that the Company or any of its Subsidiaries have infringed, misappropriated or otherwise violated any Intellectual Property Right of any third party. Except as set forth in Section 3.19(d) of the Seller Disclosure
Schedule, none of the Company and any Subsidiary has received from any third party an offer to license any Intellectual Property Rights of such third party. 
 (e) None of the Owned Intellectual Property Rights and Licensed Intellectual Property Rights has been adjudged invalid or unenforceable in whole 

  
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or part, and, to the knowledge of such Seller, all such Owned Intellectual Property Rights and Licensed Intellectual Property Rights are valid and enforceable. 

(f) The Company and its Subsidiaries hold all right, title and interest in and to all Owned Intellectual Property Rights and all of the
Company’s and its Subsidiaries’ licenses under the Licensed Intellectual Property Rights, free and clear of any Lien. In each case where a patent or patent application, trademark registration or trademark application, service mark
registration or service mark application, or copyright registration or copyright application included in the Owned Intellectual Property is held by assignment, the assignment has been duly recorded with the Governmental Authority from which the
patent or registration issued or before which the application or application for registration is pending. The Company and its Subsidiaries have taken all actions necessary to maintain and protect the Owned Intellectual Property Rights and their
rights in the Licensed Intellectual Property Rights, including payment of applicable maintenance fees and filing of applicable statements of use, payment of royalties, filing of the license agreements and other relevant documents in respect of the
Licensed Intellectual Property Rights with the Governmental Authorities (including the State Intellectual Property Office and the Trademark Office of SAIC) as required by the Applicable Law, where applicable. 

(g) To the knowledge of such Seller, no Person has infringed, misappropriated or otherwise violated any Owned Intellectual Property Right
or Licensed Intellectual Property Right. The Company and its Subsidiaries have taken reasonable steps in accordance with normal industry practice to maintain the confidentiality of all confidential Intellectual Property Rights. None of the
Intellectual Property Rights of the Company or any Subsidiary that are material to the business or operation of the Company or any Subsidiary and the value of which to the Company or any Subsidiary is contingent upon maintaining the confidentiality
thereof, has been disclosed other than to employees, representatives and agents of the Company or any Subsidiary all of whom are bound by written confidentiality agreements substantially in the form previously disclosed to Buyer. 

(h) The Company and its Subsidiaries have taken reasonable steps in accordance with normal industry practice to preserve and maintain
reasonably complete notes and records relating to the Owned Intellectual Property Rights and the Licensed Intellectual Property Rights. 
 (i) With respect to pending applications and applications for registration of the Owned Intellectual Property Rights and the Licensed Intellectual Property Rights that are material to the business or
operation of the Company or any Subsidiary, none of such Seller, the Company and any Subsidiary is aware of any reason that could reasonably be expected to prevent 

  
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any such application or application for registration from being granted with coverage substantially equivalent to the latest amended version of the pending application or application for
registration. None of the trademarks, service marks, applications for trademarks and applications for service marks included in the Owned Intellectual Property Rights that are material to the business or operation of the Company or any Subsidiary
has been the subject of an opposition or cancellation procedure. None of the patents and patent applications included in the Owned Intellectual Property Rights that are material to the business or operation of the Company or any Subsidiary has been
the subject of an interference, protest, public use proceeding or third party reexamination request. 
 Section 3.20.
Insurance Coverage. Section 3.20 of the Seller Disclosure Schedule sets forth a list of all insurance policies relating to the assets, business, operations, employees, officers or directors of the Company and the Subsidiaries.
Such Seller has made available to Buyer true and complete copies of all such insurance policies. There is no claim by the Company or any Subsidiary pending under any of such policies as to which coverage has been questioned, denied or disputed by
the underwriters of such policies. All premiums payable under all such policies have been timely paid and the Company and the Subsidiaries have otherwise complied fully with the terms and conditions of all such policies. Such policies are of the
type and in amounts customarily carried by Persons conducting businesses similar to those of the Company or any Subsidiary. As of the date hereof, such Seller does not know of any threatened termination of, material premium increase with respect to,
or material alteration of coverage under, any of such policies. 
 Section 3.21. Licenses and Permits. 

(a) Section 3.21(a) of the Seller Disclosure Schedule sets forth a list of each Consent issued to the Company or the
Subsidiaries by any Governmental Authority affecting, or relating in any way to, the assets or business of the Company and its Subsidiaries (the “Permits”) together with the name of the Governmental Authority issuing such Permit.
True and complete copies of all Permits have been made available to Buyer prior to the date hereof. Except for the Consents set forth in Section 3.21(a) of the Seller Disclosure Schedule, no other Consents of any Governmental Authority
(including the Consents relating to the qualifications of officers of the Company or the Subsidiaries) are necessary for the conduct of the business of the Company and the Subsidiaries, as currently conducted. 

(b) The Permits are valid and in full force and effect. Neither the Company nor any Subsidiary is in default under, and no condition
exists that with notice or lapse of time or both would constitute a default under, the Permits. To the knowledge of such Seller, there is no outstanding or anticipated investigation, 

  
 23 

 
enquiry or proceeding which would reasonably be expected to result in the suspension, cancellation, modification or revocation of any such Permits. None of the Permits will be terminated or
impaired or become terminable, in whole or in part, as a result of the transactions contemplated in this Agreement or other Transaction Documents. The Company and the Subsidiaries are in compliance with all the terms and conditions of, or relating
to, all such Permits and has not received any written or oral notice that it is in default under any of the terms and conditions of such Permits. 
 (c) Each holder or beneficial owner of any Company Securities or Subsidiary Securities, who is a PRC citizen or resident, have completed all necessary foreign exchange registrations with the SAFE required
by the Applicable Laws for his or her direct or indirect holding of such Company Securities or Subsidiary Securities. None of such Seller, the Company or any Subsidiary has, nor, has any such holder or beneficial owner of any Company Securities or
Subsidiary Securities, received any oral or written inquiries, notifications, orders or any other form of official correspondence from the SAFE with respect to any actual or alleged non-compliance with the Applicable Laws relating to foreign
exchange registrations with the SAFE. 
 Section 3.22. Receivables. All accounts, notes receivable and other
receivables (other than receivables collected since the Balance Sheet Date) reflected on the Balance Sheet are, and all accounts and notes receivable arising from or otherwise relating to the business of the Company and its Subsidiaries as of the
Closing Date will be, valid, genuine and fully collectible in the aggregate amount thereof, subject to normal and customary trade discounts, less any reserves for doubtful accounts recorded on the Balance Sheet. All accounts, notes receivable and
other receivables arising out of or relating to such business of the Company and its Subsidiaries as of the Balance Sheet Date have been included in the Balance Sheet. The receivable arising from franchise shall be collected no later than twelve
months hereafter, 
 Section 3.23. Selling Documents. None of the documents or information delivered to Buyer in
connection with the transactions contemplated by this Agreement contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein not misleading. The financial projections
relating to the Company or any Subsidiary delivered to Buyer are made in good faith and are based upon reasonable assumptions, and such Seller is not aware of any fact or set of circumstances that would lead it to believe that such projections are
incorrect or misleading in any material respect. 
 Section 3.24. Finders’ Fees. There is no investment banker,
broker, finder or other intermediary which has been retained by or is authorized to act on 

  
 24 

 
behalf of such Seller or the Company or any Subsidiary who might be entitled to any fee or commission in connection with the transactions contemplated by this Agreement. 

Section 3.25. Employees and Labor Matters. 
 (a) Section 3.25 of the Seller Disclosure Schedule sets forth a true and complete list of the names, titles, annual salaries and other compensation of all officers of the Company and its
Subsidiaries and all other employees of the Company and its Subsidiaries (collectively, the “Key Employees”). 

(b) The Company and the Subsidiaries are in compliance with all currently Applicable Laws respecting employment and employment practices,
terms and conditions of employment and wages and hours, and are not engaged in any unfair labor practice, failure to comply with which or engagement in which, as the case may be, would reasonably be expected to have a Material Adverse Effect. There
are no labor disputes or other disputes currently subject to any grievance procedure, arbitration or litigation with respect to any employee of the Company or the Subsidiaries. Neither the Company nor any Subsidiary has incurred any liability which
remains outstanding for breach of any contract of employment or for services, for redundancy payments, protective awards or compensation, for wrongful or unfair dismissal, or for failure to comply with any order for the reinstatement or
re-engagement of any employee or any other liability accruing from the termination of any contract of employment for services. 

(c) The Company and the Subsidiaries have complied with Applicable Laws relating to social insurance and other benefits, including
pension, medical insurance, work-related injury insurance, birth and nursery insurance and unemployment insurance (collectively, the “Social Insurance”) and housing provident fund (together with Social Insurance, the
“Benefits”). All contributions or payments required to be made or paid by the Company and the Subsidiaries or any of their employees to the relevant Governmental Authority with respect to any Benefit have been made or fully
deducted, as applicable, and paid to on or before their due dates. None of the current incentive programs (whether equity-based or not) linked to the performance of the employees of the Company or its Subsidiaries conflicts with Applicable Laws of
the PRC. 
 (d) Except as set forth on Section 3.25(d) of the Seller Disclosure Schedule, no employee or former
employee of the Company or any Subsidiary will become entitled to any bonus, retirement, severance, job security or similar benefit, or the enhancement of any such benefit (including acceleration of vesting or exercise of an incentive award), as a
result of the transactions contemplated hereby. 

  
 25 

 Section 3.26. Xingyue Hui Documents. Section 3.26 of the
Seller Disclosure Schedule sets forth a true and complete list of all documents relating to the operation and membership of the membership club named “Xingyue Hui” including all the rules, regulations and policies with respect to
membership and benefits and all membership data. Such Seller has made available to Buyer true and complete copies of all such documents prior to the date hereof. 
 Section 3.27. Representations. The representations and warranties of such Seller contained in this Agreement, disregarding all qualifications and exceptions contained therein relating to
materiality or Material Adverse Effect, are true and correct with only such exceptions as would not in the aggregate reasonably be expected to have a Material Adverse Effect. 
 ARTICLE 4 
 REPRESENTATIONS AND
WARRANTIES OF BUYER 
 Buyer represents and warrants to Seller as of the date
hereof and as of the Closing Date that: 
 Section 4.01. Corporate Existence and Power. Buyer is a corporation duly
incorporated, validly existing and in good standing under the laws of its jurisdiction and has all corporate powers and all material governmental licenses, authorizations, permits, consents and approvals required to carry on its business as now
conducted. 
 Section 4.02. Corporate Authorization. The execution, delivery and performance by Buyer of this
Agreement and each other Transaction Document to which it is a party and the consummation of the transactions contemplated hereby and thereby are within the corporate powers of Buyer and have been duly authorized by all necessary corporate action on
the part of Buyer. This Agreement and each other Transaction Document to which such Buyer is a party constitutes a valid and binding agreement of Buyer, enforceable against Buyer in accordance with their respective terms (subject to applicable
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity). 
 Section 4.03. Governmental Authorization. The execution, delivery and performance by Buyer of this Agreement and the consummation of the transactions contemplated hereby require no material
action by or in respect of, or material filing with, any Governmental Authority. 
 Section 4.04. Noncontravention.
The execution, delivery and performance by Buyer of this Agreement and the consummation of the 

  
 26 

 
transactions contemplated hereby do not and will not (i) violate the memorandum and articles of association of Buyer or (ii) assuming compliance with the matters referred to in
Section 4.03, violate any material Applicable Law. 
 Section 4.05. Purchase for Investment. Buyer is
purchasing the Shares for investment for its own account and not with a view to, or for sale in connection with, any distribution thereof. Buyer (either alone or together with its advisors) has sufficient knowledge and experience in financial and
business matters so as to be capable of evaluating the merits and risks of its investment in the Shares and is capable of bearing the economic risks of such investment. Whereas Buyer knows the option incentive plan in Company in advance. Buyer
covenants that Buyer shall continue to perform the option incentive plan as the successor of Seller. 
 Section 4.06.
Litigation. There is no action, suit, investigation or proceeding pending against, or to the knowledge of Buyer threatened against or affecting, Buyer before any arbitrator or any Governmental Authority which in any manner challenges or seeks
to prevent, enjoin, alter or materially delay the transactions contemplated by this Agreement. 
 Section 4.07 No
Illegal or Improper Transactions. 
 (a) Neither Buyer nor any Subsidiaries, nor any director, officer, or employee, nor to
the knowledge of such Buyer, any agent or representative of the Buyer or the Subsidiaries, has (i) taken any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property,
gifts or anything else of value, directly or indirectly, whether in the form of a bribe, kickback, rebate, payoff, influence payment or otherwise, to any Governmental Authority or any government official (including any officer or employee of a
government or government-owned or Controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political
office, all of the foregoing being referred to as “Government Officials”), or to any other person while knowing that all or some portion of the money or value was or will be offered, given or promised to a Governmental Authority or
a Government Official, to influence official action or secure an improper advantage or (ii) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity. 

(b) Each of the Buyer and the Subsidiaries has conducted their businesses in compliance with the U.S. Foreign Corrupt Practices Act of
1977, as amended, the PRC Law on Anti-Unfair Competition adopted on September 2, 1993 (if applicable) and the Interim Rules on Prevention of Commercial Bribery 

  
 27 

 
issued by the PRC State Administration of Industry and Commerce on November 15, 1996 (if applicable) and all other applicable anti-corruption laws. 

ARTICLE 5 

COVENANTS OF SELLER 
 Seller agrees that: 
 Section 5.01. Conduct of the Company. From the
date hereof until the Closing Date, each Seller shall cause each of the Company and the Subsidiaries to, conduct its business in the ordinary course consistent with past practice and use its best efforts to (i) preserve intact its present
business organization, (ii) maintain in effect all of its licenses, permits, consents, franchises, approvals and authorizations, (iii) keep available the services of its directors, officers and key employees, (iv) maintain
satisfactory relationships with its franchisees, customers, lenders, suppliers and other Persons having material business relationships with it, (v) manage its working capital (including the timing of collection of accounts receivable and of
the payment of accounts payable and the management of inventory) in the ordinary course of business consistent with past practice and (vi) continue to make capital expenditures consistent with the capital expenditure budget for the Company and
the Subsidiaries that has been made available to Buyer (the “Capex Budget”). Without limiting the generality of the foregoing, except as expressly contemplated by this Agreement or other Transaction Documents, neither Seller shall
permit any of the Company or the Subsidiaries to: 
 (a) amend its Organizational Documents (whether by merger, consolidation or
otherwise); 
 (b) split, combine or reclassify any capital shares of the Company or any Subsidiary or declare, set aside or pay
any dividend or other distribution (whether in cash, stock or property or any combination thereof) in respect of the capital shares of the Company or any Subsidiary, or redeem, repurchase or otherwise acquire or offer to redeem, repurchase, or
otherwise acquire any Company Securities or any Subsidiary Securities; 
 (c)(i) issue, deliver or sell, or authorize the
issuance, delivery or sale of, any Company Securities or Subsidiary Securities or (ii) amend any term of any Company Securities or any Subsidiary Securities (in each case, whether by merger, consolidation or otherwise); 

(d) sell, lease or otherwise transfer, or create or incur any Lien on, any of the Company’s or any Subsidiary’s assets
(including Intellectual Property Rights), securities, properties, interests or businesses; 

  
 28 

 (e) create, incur, assume, suffer to exist or otherwise be liable with respect to any
indebtedness for borrowed money or guarantees thereof; 
 (f) (i) enter into any agreement or arrangement that limits or
otherwise restricts in any material respect the Company, any Subsidiary or any of their respective Affiliates or any successor thereto or that could, after the Closing Date, limit or restrict in any material respect the Company, any Subsidiary,
Buyer or any of their respective Affiliates, from engaging or competing in any line of business, in any location or with any Person or (ii) enter into, amend or modify in any material respect or terminate any Material Contract or otherwise
waive, release or assign any material rights, claims or benefits of the Company or any of its Subsidiaries; 
 (g) (i) grant or
increase any severance or termination pay to (or amend any existing arrangement with) any director, officer or employee of the Company or any Subsidiary, (ii) increase benefits payable under any existing severance or termination pay policies or
employment agreements, (iii) enter into any employment, deferred compensation or other similar agreement (or amend any such existing agreement) with any director, officer or employee of the Company or any Subsidiary, (iv) establish, adopt
or amend (except as required by Applicable Law) any collective bargaining, bonus, profit-sharing, thrift, pension, retirement, deferred compensation, compensation, stock option, restricted stock or other benefit plan or arrangement covering any
director, officer or employee of the Company or any Subsidiary or (v) increase compensation, bonus or other benefits payable to any director, officer or employee of the Company or any Subsidiary; 

(h) change the Company’s methods of accounting, except as required by concurrent changes in GAAP, as agreed to by its independent
public accountants; 
 (i) settle, or offer or propose to settle, (i) any material litigation, investigation, arbitration,
proceeding or other claim involving or against the Company or any Subsidiary, (ii) any shareholder litigation or dispute against the Company or any of its officers or directors or (iii) any litigation, arbitration, proceeding or dispute
that relates to the transactions contemplated hereby; 
 (j) make or change any Tax election, change any annual tax accounting
period, adopt or change any method of tax accounting, amend any Tax Returns or file claims for Tax refunds, enter any closing agreement, settle any Tax claim, audit or assessment, or surrender any right to claim a Tax refund, offset or other
reduction in Tax liability; 
 (k) take any action that would make any representation or warranty of Seller with respect to the
Company or any Subsidiary hereunder, or omit to take 

  
 29 

 
any action necessary to prevent any representation or warranty of Seller with respect to the Company or any Subsidiary hereunder from being, inaccurate in any respect at, or as of any time
before, the Closing Date; or 
 (l) agree, resolve or commit to do any of the foregoing. 

Section 5.02. Access to Information; Confidentiality. (a) From the date hereof until the Closing Date, Seller will
(i) give, and will cause the Company and each Subsidiary to give, Buyer, its counsel, financial advisors, auditors and other authorized representatives full access to the offices, properties, books and records of the Company and the
Subsidiaries and to the books and records of Seller relating to the Company and the Subsidiaries, (ii) furnish, and will cause the Company and each Subsidiary to furnish, to Buyer, its counsel, financial advisors, auditors and other authorized
representatives such financial and operating data and other information relating to the Company or any Subsidiary as such Persons may reasonably request and (iii) instruct the employees, counsel and financial advisors of such Seller or the
Company or any Subsidiary to cooperate with Buyer in its investigation of the Company or any Subsidiary. No investigation by Buyer or other information received by Buyer shall operate as a waiver or otherwise affect any representation, warranty or
agreement given or made by Seller hereunder. 
 (b) After the Closing, Seller and their Affiliates will hold, and will use their
best efforts to cause their respective officers, directors, employees, accountants, counsel, consultants, advisors and agents to hold, in confidence, unless compelled to disclose by judicial or administrative process or by other requirements of law,
all confidential documents and information concerning Buyer, the Company, the Subsidiaries and the transactions contemplated by this Agreement and the other Transaction Documents, except to the extent that such information can be shown to have been
(i) previously known on a nonconfidential basis by Seller, (ii) in the public domain through no fault of Seller or their Affiliates or (iii) later lawfully acquired by Seller from sources other than those related to its prior
ownership of the Company and the Subsidiaries. The obligation of Seller and their Affiliates to hold any such information in confidence shall be satisfied if they exercise the same care with respect to such information as they would take to preserve
the confidentiality of their own similar information. 
 Section 5.03. Key Employees. See attached Key Employees
list as Section 3.25 of the Seller Disclosure Schedule hereto. 
 Section 5.04. Tax. All Covered Tax, if
any, shall be borne, jointly and severally, by Seller. Seller agrees to timely pay and discharge all Covered Tax, if any, and to file all necessary documentations with respect to such Covered Tax if required by Applicable Law. 

  
 30 

 Section 5.05. Notices of Certain Events. Seller shall promptly notify Buyer of:

 (a) any notice or other communication from any Person alleging that the consent of such Person is or may be
required in connection with the transactions contemplated by this Agreement or any other Transaction Documents; 

(b) any notice or other communication from any Governmental Authority in connection with the transactions contemplated by
this Agreement or any other Transaction Documents; 
 (c) any actions, suits, claims, investigations or
proceedings commenced or, to its knowledge threatened against, relating to or involving or otherwise affecting such Seller or the Company or any Subsidiary that, if pending on the date of this Agreement, would have been required to have been
disclosed pursuant to Section 3.14 or that relate to the consummation of the transactions contemplated by this Agreement or any other Transaction Documents; 

(d) any inaccuracy of any representation or warranty contained in this Agreement at any time during the term hereof that
could reasonably be expected to cause the conditions set forth in Section 8.02(b) not to be satisfied; and 

(e) any failure of such Seller to comply with or satisfy any covenant, condition or agreement to be complied with or
satisfied by it hereunder; 
 provided, however, that the delivery of any notice pursuant to this Section 5.05 shall
not limit or otherwise affect the remedies available hereunder to the party receiving that notice. 
 Section 5.06.
Resignations. Seller will deliver to Buyer the resignations of all officers and directors of the Company and the Subsidiaries who will be officers, directors or employees of Seller or any of their Affiliates after the Closing Date from their
positions with the Company or any Subsidiary at or prior to the Closing Date, which resignations shall be effective as of the Closing. 
 Section 5.07. Assistance/Action. Since Shanghai WFOE has not obtained all governmental licenses , caused all required operation items necessary for conduct of its current operations to be
registered in its business license or done all required registrations in connection with its franchise business, which is a violation of PRC Laws and regulations , including without limitation, regulations issued by MOFCOM such as Regulation on the
Administration of Commercial 

  
 31 

 
Franchise, the Administrative Measures on Filing of Commercial Franchise (2011 Amendment) and the Administrative Measures on Information Disclosure of Commercial Franchise. After the Closing,
Seller, will assist all things necessary or desirable as requested by Buyer to ensure to cure any violations of and noncompliance with any Applicable Law that have been disclosed on Section 5.07 of the Seller Disclosure Schedule.

 Section 5.08. Noncompetition. (a) Seller agrees that for a period of 20 full years after the
Closing Date, neither it nor any of its Affiliates shall: 
 (i) further directly engage in hotel franchise
business, except existing investment and shareholding which have been disclosed. 
 (b) If any provision contained in this
Section 5.08 shall for any reason be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Section 5.08, but this Section 5.08 shall be
construed as if such invalid, illegal or unenforceable provision had never been contained herein. It is the intention of the parties that if any of the restrictions or covenants contained herein is held to cover a geographic area or to be for a
length of time which is not permitted by applicable law, or in any way construed to be too broad or to any extent invalid, such provision shall not be construed to be null, void and of no effect, but to the extent such provision would be valid or
enforceable under Applicable Law, a court of competent jurisdiction shall construe and interpret or reform this Section 5.08 to provide for a covenant having the maximum enforceable geographic area, time period and other provisions (not greater
than those contained herein) as shall be valid and enforceable under such Applicable Law. Each Seller acknowledges that Buyer would be irreparably harmed by any breach of this and that there would be no adequate remedy at law or in damages to
compensate Buyer for any such breach. Each Seller agrees that Buyer shall be entitled to injunctive relief requiring specific performance by such Seller of this, and such Seller consents to the entry thereof. 

ARTICLE 6 

COVENANTS OF BUYER 
 Buyer agrees that: 
 Section 6.01. Confidentiality. Prior to the
Closing Date and after any termination of this Agreement, Buyer and its Affiliates will hold, and will use their best efforts to cause their respective officers, directors, employees, accountants, counsel, consultants, advisors and agents to hold,
in confidence, unless compelled to disclose by judicial or administrative process or by other 

  
 32 

 
requirements of law, all confidential documents and information concerning the Company or any Subsidiary furnished to Buyer or its Affiliates in connection with the transactions contemplated by
this Agreement, except to the extent that such information can be shown to have been (i) previously known on a nonconfidential basis by Buyer, (ii) in the public domain through no fault of Buyer or (iii) later lawfully acquired by
Buyer from sources other than Seller or the Company or any Subsidiary; provided that Buyer may disclose such information to its officers, directors, employees, accountants, counsel, consultants, advisors and agents in connection with the
transactions contemplated by this Agreement so long as such Persons are informed by Buyer of the confidential nature of such information and are directed by Buyer to treat such information confidentially. The obligation of Buyer and its Affiliates
to hold any such information in confidence shall be satisfied if they exercise the same care with respect to such information as they would take to preserve the confidentiality of their own similar information. If this Agreement is terminated, Buyer
and its Affiliates will, and will use their reasonable best efforts to cause their respective officers, directors, employees, accountants, counsel, consultants, advisors and agents to, destroy or deliver to Seller, upon request, all documents and
other materials, and all copies thereof, obtained by Buyer or its Affiliates or on their behalf from Seller or the Company or any Subsidiary in connection with this Agreement that are subject to such confidence. 

ARTICLE 7 

COVENANTS OF BUYER AND SELLER 

Buyer and each Seller agree that: 
 Section 7.01. Commercially Reasonable Best Efforts; Further Assurances. (a) Subject to the terms and conditions of this Agreement, Buyer and each Seller will use their commercially
reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable under Applicable Laws to consummate the transactions contemplated by this Agreement, including (i) preparing
and filing as promptly as practicable with any Governmental Authority or other third party all documentation to effect all necessary filings, notices, petitions, statements, registrations, submissions of information, applications and other documents
and (ii) obtaining and maintaining all approvals, consents, registrations, permits, authorizations and other confirmations required to be obtained from any Governmental Authority or other third party that are necessary, proper or advisable to
consummate the transactions contemplated by this Agreement; provided that the parties hereto understand and agree that the commercially reasonable best efforts of any party hereto shall not be deemed to include (i) entering into any
settlement, undertaking, consent decree, stipulation or agreement with any Governmental Authority in connection with the transactions contemplated hereby or (ii) divesting or otherwise holding separate

  
 33 

 
(including by establishing a trust or otherwise), or taking any other action (or otherwise agreeing to do any of the foregoing) with respect to any of its or the Company’s Subsidiaries or
any of their respective Affiliates’ businesses, assets or properties. Each Seller and Buyer agree, and each Seller, prior to the Closing, and Buyer, after the Closing, agree to cause the Company and each Subsidiary, to execute and deliver such
other documents, certificates, agreements and other writings and to take such other actions as may be necessary or desirable in order to consummate or implement expeditiously the transactions contemplated by this Agreement. 

(b) In furtherance and not in limitation of the foregoing, if required by any Applicable Antitrust Law, each of Buyer and Seller shall
make an appropriate filing pursuant to any Applicable Antitrust Law with respect to the transactions contemplated hereby as promptly as practicable and in any event within 3 Business Days of the date hereof and to supply as promptly as practicable
any additional information and documentary material that may be requested pursuant to any Applicable Antitrust Law and to take all other actions necessary to cause the expiration or termination of the applicable waiting periods under such Applicable
Antitrust Law as soon as practicable. 
 Section 7.02. Certain Filings. Seller and Buyer shall cooperate with one
another (i) in determining whether any action by or in respect of, or filing with, any Governmental Authority is required, or any actions, consents, approvals or waivers are required to be obtained from parties to any material contracts, in
connection with the consummation of the transactions contemplated by this Agreement and (ii) in taking such actions or making any such filings, furnishing information required in connection therewith and seeking timely to obtain any such
actions, consents, approvals or waivers. 
 Section 7.03. Public Announcements. The parties agree to consult with
each other before issuing any press release or making any public statement with respect to this Agreement or the transactions contemplated hereby and, except for any press releases and public statements the making of which may be required by
Applicable Law or any listing agreement with any national securities exchange, will not issue any such press release or make any such public statement prior to such consultation. 

Section 7.04. Transfer Taxes. All transfer, stamp, documentary, sales, use, registration, value-added and other similar Taxes
(including all applicable real estate transfer Taxes) (the “Transfer Taxes”) incurred in connection with this Agreement and the transactions contemplated hereby will be borne, as required by Applicable Law in effect as of the date
hereof, by the applicable party hereto. Such party agrees to timely pay and discharge all Transfer Tax, if any, and to file all necessary documentation with respect to such Transfer Tax if required by

  
 34 

 
Applicable Law in effect as of the date hereof. For the avoidance of doubt, Transfer Taxes shall not include any Covered Tax. 

ARTICLE 8 

CONDITIONS TO CLOSING 

Section 8.01. Conditions to Obligations of Buyer and Seller. The obligations of Buyer and Seller to consummate the Closing
are subject to the satisfaction of the following conditions: 
 (a) No provision of any Applicable Law shall
prohibit the consummation of the Closing. 
 (b) All actions by or in respect of or filings with SAFE required to
permit the consummation of the Closing shall have been taken, made or obtained. 
 Section 8.02. Conditions to
Obligation of Buyer. The obligation of Buyer to consummate the Closing is subject to the satisfaction of the following further conditions: 
 (a) Seller shall have performed and complied with in all material respects all of its covenants and agreements to be performed by it on or prior to the Closing Date under this Agreement or any other
Transaction Documents to which it is a party. 
 (b) The representations and warranties of each Seller contained
in this Agreement and in any certificate or other writing delivered by such Seller pursuant hereto (A) that are qualified by materiality or Material Adverse Effect shall be true at and as of the Closing Date as if made at and as of such date,
and (B) that are not qualified by materiality or Material Adverse Effect shall be true in all material respects at and as of the Closing Date as if made at and as of such time. 

(c) All Consents of any Governmental Authority or of any other Person that are required to be obtained by Seller, the
Company or any Subsidiary in connection with the consummation of the transactions contemplated by this Agreement and other Transaction Documents shall have been duly obtained and effective as of the Closing, and evidence thereof shall have been
delivered to Buyer. 
 (d) All corporate and other proceedings in connection with the transactions to be
completed at the Closing and all documents incident thereto, including without limitation necessary board and shareholder 

  
 35 

 
approvals of Seller, the Company and the Subsidiaries, with respect to this Agreement and other Transaction Documents and the transactions contemplated hereby and thereby, shall have been
completed, and Buyer shall have received all such counterpart original or other copies of such documents as it may reasonably request. 
 (e) Buyer shall have received a certificate signed by the authorized representative of each Seller to the effect set forth in Section 8.02(a) through Section 8.02(d). 

(f) Buyer shall have received all documents it may reasonably request relating to the existence of Seller, the Company and
the Subsidiaries and the authority of Seller for this Agreement. 
 (g) Since the date of this Agreement, there
shall not have occurred any event, occurrence or development of a state of circumstances or facts which, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect. 

(h) All parties (other than Buyers) to each of the Transaction Documents other than this Agreement shall have duly,
validly and irrevocably executed and delivered such Transaction Document and such Transaction Document shall remain effective and in full force. 
 (i) Each holder or beneficial owner of any Company Securities or Subsidiary Securities, who is a PRC citizen or resident, shall have completed all necessary foreign exchange registrations with the SAFE
required by the Applicable Laws for his or her direct or indirect holding of such Company Securities or Subsidiary Securities. 
 (j) The Company and the Subsidiaries shall have made all contributions or payments required to be made or paid by the Company or the Subsidiaries or any of their respective employees to the relevant
Governmental Authority with respect to any Benefit. 
 (k) As of the date hereof, Seller should provide all
documents which be required by due diligence materials list provided by Buyer, except for that have be provided. 

(p) As of the date of the Closing, the right and obligation of 16 Franchise Agreements which engaged by Ctrip WOFE should
be transferred to the Shanghai WOFE. 

  
 36 

 Section 8.03. Conditions to Obligation of Seller. The obligation of Seller to
consummate the Closing is subject to the satisfaction of the following further conditions: 
 (a) Buyer shall
have performed and complied with in all material respects all of its covenants and agreements to be performed by it on or prior to the Closing Date under this Agreement or any other Transaction Documents to which it is a party. 

(b) The representations and warranties of Buyer contained in this Agreement and in any certificate or other writing
delivered by Buyer pursuant hereto shall be true in all material respects at and as of the Closing Date as if made at and as of such date. 
 (c) Seller shall have received a certificate signed by the authorized officer of Buyer to the effect set forth in Section 8.03(a) and Section 8.03(b). 

(d) Buyer shall have received all consents, authorizations or approvals from the Governmental Authorities referred to in
Section 4.03, in each case in form and substance reasonably satisfactory to Seller, and no such consent, authorization or approval shall have been revoked. 
 (e) Seller shall have received all documents it may reasonably request relating to the existence of Buyer and the authority of Buyer for this Agreement, all in form and substance reasonably satisfactory
to Seller. 
 (f) The advance payment shall have paid to Seller set forth in Section2.02(c)(i). 

ARTICLE 9 

SURVIVAL; INDEMNIFICATION 
 Section 9.01. Survival. The representations and warranties of the parties hereto contained in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection
herewith shall survive the Closing until the third anniversary of the Closing Date; provided that the representations and warranties in Sections 3.01 (Corporate Existence and Power), 3.02 (Corporate Authorization), 3.03
(Governmental Authorization), 3.04 (Noncontravention), 3.06 (Ownership of Shares), 3.17 (Tax), 3.24 (Finder’s Fees), 4.01 (Corporate Existence and Power) and 4.02 (Corporate Authorization) shall
survive indefinitely or until the latest date permitted by law. The covenants and agreements of the parties hereto contained in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall survive

  
 37 

 
the Closing indefinitely or for the shorter period explicitly specified therein, except that for such covenants and agreements that survive for such shorter period, breaches thereof shall survive
indefinitely or until the latest date permitted by law. Notwithstanding the preceding sentences, any breach of representation, warranty, covenant or agreement in respect of which indemnity may be sought under this Agreement shall survive the time at
which it would otherwise terminate pursuant to the preceding sentences, if notice of the inaccuracy or breach thereof giving rise to such right of indemnity shall have been given to the party against whom such indemnity may be sought prior to such
time. 
 Section 9.02. Indemnification. (a) Effective at and after the Closing, Seller hereby, jointly and
severally, indemnifies Buyer, its Affiliates and their respective successors and assignees (each, a “Buyer Indemnitee”) against, and agrees to hold each of them harmless from any contingent liability (whether disclosed or not), any
and all damage, loss, liability , payment, charge, judgment, interest, fine, penalty and expense (including reasonable expenses of investigation and reasonable attorneys’ and other experts’ fees and expenses in connection with any action,
suit or proceeding whether involving a third party claim or a claim solely between the parties hereto and any incidental, indirect or consequential damages, losses, liabilities or expenses, and any lost profits or diminution in value)
(“Damages”), incurred or suffered by each Buyer Indemnitee arising or resulting from or related to any Warranty Breach or breach of covenant or agreement made or to be performed by Seller pursuant to this Agreement regardless of
whether such Damages arise as a result of the negligence, strict liability or any other liability under any theory of law or equity of, or violation of any law by, any Buyer Indemnitee: 

(i) any misrepresentation or breach of warranty determined, except with respect to Section 3.27, without regard to
any qualification or exception contained therein relating to materiality or Material Adverse Effect or any similar qualification or standard (each such misrepresentation and breach of warranty a “Warranty Breach”); 

(ii) any breach of covenant or agreement made or to be performed by such Seller pursuant to this Agreement; or 

(iii) any violation of or noncompliance with any Applicable Law that has been disclosed on Section 5.07 of the
Seller Disclosure Schedule; 
 in each case of the foregoing clauses (i), (ii) or (iii) regardless of whether
such Damages arise as a result of the negligence, strict liability or any other liability under any theory of law or equity of, or violation of any law by, any Buyer Indemnitee. 

(b) Effective at and after the Closing, Buyer hereby indemnifies each Seller, its Affiliates and their respective successors and
assignees (each, a “Seller 

  
 38 

 
Indemnitee”) against, and agrees to hold each of them harmless from, any and all Damages incurred or suffered by such Seller, any of its Affiliates or any of their respective
successors and assignees arising or resulting from or related to any Warranty Breach or breach of covenant or agreement made or to be performed by Buyer pursuant to this Agreement regardless of whether such Damages arise as a result of the
negligence, strict liability or any other liability under any theory of law or equity of, or violation of any law by, any Seller Indemnitee. 
 Section 9.03. Tax Indemnity. Effective at and after the Closing, each of the party hereby, jointly and severally, indemnifies the other party Indemnitee and harmless from, any Covered Tax, and
to the extent applicable, any Transfer Taxes required to be borne by any party in accordance with Section 7.04 and, in each case, any Damages relating thereto (together, a “Covered Tax Loss”). For the avoidance of doubt, the
Covered Tax Loss shall include any additional amount of tax payable by or losses suffered by the other party Indemnitee or the Company arising from the non-payment of, or the non-reporting by, any Seller Company of Taxes in connection with its
obligations under Section 5.04 and Section 7.04 (to the extent applicable) in accordance with the terms thereof. 

Section 9.04. Third Party Claim Procedures. (a) The party seeking indemnification under Section 9.02 (the
“Indemnified Party”) agrees to give prompt notice in writing to the party against whom indemnity is to be sought (the “Indemnifying Party”) of the assertion of any claim or the commencement of any suit, action or
proceeding by any third party (“Third Party Claim”) in respect of which indemnity may be sought under such Section. Such notice shall set forth in reasonable detail such Third Party Claim and the basis for indemnification (taking
into account the information then available to the Indemnified Party). The failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent such failure shall have materially and
adversely prejudiced the Indemnifying Party. 
 (b) The Indemnifying Party shall be entitled to participate in the defense of
any Third Party Claim, shall be entitled to control and appoint lead counsel for such defense, in each case at its own expense; provided that prior to assuming control of such defense, the Indemnifying Party must (i) acknowledge that it would
have an indemnity obligation for the Damages resulting from such Third Party Claim as provided under this Article 9 and (ii) furnish the Indemnified Party with evidence that the Indemnifying Party has adequate resources to defend the Third
Party Claim and fulfill its indemnity obligations hereunder. 
 (c) The Indemnifying Party shall not be entitled to assume or
maintain control of the defense of any Third Party Claim and shall pay the fees and expenses of counsel retained by the Indemnified Party if (i) the Indemnifying 

  
 39 

 
Party does not deliver the acknowledgment referred to in Section 9.04(b)(i) within 30 days of receipt of notice of the Third Party Claim pursuant to Section 9.04(a), (ii) the Third
Party Claim relates to or arises in connection with any criminal proceeding, action, indictment, allegation or investigation, (iii) the Indemnified Party reasonably believes an adverse determination with respect to the Third Party Claim would
be materially detrimental to the reputation or future business prospects of the Indemnified Party or any of its affiliates, (iv) the Third Party Claim seeks an injunction or equitable relief against the Indemnified Party or any of its
affiliates or (v) the Indemnifying Party has failed or is failing to prosecute or defend vigorously the Third Party Claim. 

(d) If the Indemnifying Party shall assume the control of the defense of any Third Party Claim in accordance with the provisions of this
Section 9.04, the Indemnifying Party shall obtain the prior written consent of the Indemnified Party (which shall not be unreasonably withheld) before entering into any settlement of such Third Party Claim. 

(e) In circumstances where the Indemnifying Party is controlling the defense of a Third Party Claim in accordance with paragraphs
(b) and (c) above, the Indemnified Party shall be entitled to participate in the defense of any Third Party Claim and to employ separate counsel of its choice for such purpose, in which case the fees and expenses of such separate counsel
shall be borne by the Indemnified Party; provided that in such event the Indemnifying Party shall pay the fees and expenses of such separate counsel (i) incurred by the Indemnified Party prior to the date the Indemnifying Party assumes
control of the defense of the Third Party Claim or (ii) if representation of both the Indemnifying Party and the Indemnified Party by the same counsel would create a conflict of interest. 

(f) Each party shall cooperate, and cause their respective affiliates to cooperate, in the defense or prosecution of any Third Party
Claim and shall furnish or cause to be furnished such records, information and testimony, and attend such conferences, discovery proceedings, hearings, trials or appeals, as may be reasonably requested in connection therewith. 

Section 9.05. Direct Claim Procedures. In the event an Indemnified Party has a claim for indemnity under Section 9.02
against an Indemnifying Party that does not involve a Third Party Claim, the Indemnified Party agrees to give prompt notice in writing of such claim to the Indemnifying Party. Such notice shall set forth in reasonable detail such claim and the basis
for indemnification (taking into account the information then available to the Indemnified Party). The failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent such
failure shall have materially and adversely prejudiced the Indemnifying Party. If the Indemnifying Party does not notify the Indemnified Party within 30 days following the receipt 

  
 40 

 
of a notice with respect to any such claim that the Indemnifying Party disputes its indemnity obligation to the Indemnified Party for any Damages with respect to such claim, such Damages shall be
conclusively deemed a liability of the Indemnifying Party and the Indemnifying Party shall promptly pay to the Indemnified Party any and all Damages arising out of such claim. If the Indemnifying Party has timely disputed its indemnity obligation
for any Damages with respect to such claim, the parties shall proceed in good faith to negotiate a resolution of such dispute and, if not resolved through negotiations, such dispute shall be resolved by litigation in an appropriate court of
jurisdiction determined pursuant to Section 11.07. 
 ARTICLE 10 

TERMINATION 
 Section 10.01. Grounds for Termination. This Agreement may be terminated at any time prior to the Closing: 

(a) by mutual written agreement of Seller and Buyer; 

(b) by either Seller or Buyer if the Closing shall not have been consummated on or before June 30, 2012 or

 (c) by either Seller or Buyer if there shall be any Applicable Law that makes consummation of the
transactions contemplated hereby illegal or otherwise prohibited or if consummation of the transactions contemplated hereby would violate any nonappealable final order, decree or judgment of any Governmental Authority having competent jurisdiction.

 The party desiring to terminate this Agreement pursuant to Section 10.01(b) or Section 10.01(c) shall give notice of such
termination to the other party. 
 Section 10.02. Effect of Termination. If this Agreement is terminated as
permitted by Section 10.01, such termination shall be without liability of either party (or any shareholder, director, officer, employee, agent, consultant or representative of such party) to the other party to this Agreement; provided
that if such termination shall result from the (i) willful failure of either party to fulfill a condition to the performance of the obligations of the other party, (ii) failure to perform a covenant of this Agreement or (iii) breach
by either party hereto of any representation or warranty or agreement contained herein, such party shall be fully liable for any and all Damages incurred or suffered by the other party as a result of such failure or breach. The provisions of
Section 6.01, 11.04, 11.06 and 11.07 shall survive any termination hereof pursuant to Section 10.01. 

  
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 ARTICLE 11 
 MISCELLANEOUS 
 Section 11.01. Notices. All notices,
requests and other communications to any party hereunder shall be in writing (including facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received) and shall be
given to, 
 if to Buyer, to: 
 China Lodging Group, Limited 
 No. 2266 Hongqiao Road

 Changning District 
 Shanghai 200336 
 Attention: Mr. Yuewu Rong, Legal Director

 Facsimile No.: 86-21-61959536 

E-mail: ywrong@htinns.com 
 if to Seller, to: 
 C-Travel International Limited 

Ctrip Building, No. 99 Fuquan Road, 

Shanghai 200335 
 Attention: Mr. Aleck Yeung 
 Facsimile No.: 86-21-6239 3258

 E-mail: qinyang@ctrip.com 
 or such other address or facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto. All such notices, requests and other communications shall be deemed
received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have
been received until the next succeeding Business Day in the place of receipt. 
 Section 11.02. Amendments and
Waivers. (a) Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the
party against whom the waiver is to be effective. 
 (b) No failure or delay by any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of 

  
 42 

 
any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 

Section 11.03. Disclosure Schedule References.  
 Section 11.04. Expenses. Except as otherwise provided herein, all costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost or expense.

 Section 11.05. Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns; provided that no party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of each other party hereto;
except that Buyer may transfer or assign its rights and obligations under this Agreement, in whole or from time to time in part, to (i) one or more of its Affiliates at any time and (ii) after the Closing Date, to any Person;
provided that no such transfer or assignment shall relieve Buyer of its obligations hereunder or enlarge, alter or change any obligation of any other party hereto or due to Buyer. 

Section 11.06. Governing Law. This Agreement shall be governed by and construed in accordance with the law of Hong Kong,
without regard to the conflicts of law rules. 
 Section 11.07. Arbitration. Any dispute arising out of or in
connection with this Agreement, including any question regarding its existence, validity or termination and the parties’ rights and obligations hereunder (each, a “Dispute”) shall be referred to and finally resolved by
arbitration (the “Arbitration”) in the following manner: 
 (a) The Arbitration shall be administered by the
Hong Kong International Arbitration Centre (“HKIAC”); 
 (b) The Arbitration shall be procedurally governed by
the UNCITRAL Arbitration Rules as in force at the date on which the claimant party notifies the respondent party in writing (such notice, a “Notice of Arbitration”) of its intent to pursue Arbitration; 

(c) The seat and venue of the Arbitration shall be Hong Kong and the language of the Arbitration shall be English; 

(d) A Dispute subject to an Arbitration shall be determined by a panel of three (3) arbitrators (the “Tribunal”).
One (1) arbitrator shall be nominated by the claimant party (and to the extent that there is more than one claimant party, by mutual agreement among the claimant parties) and one (1) arbitrator shall be

  
 43 

 
nominated by the respondent party (and to the extent that there is more than one respondent party, by mutual agreement among the respondent parties). The third arbitrator shall be jointly
nominated by the claimant party’s and respondent party’s respectively nominated arbitrators and shall act as the presiding arbitrator. If the claimant party or the respondent party fails to nominate its arbitrator within thirty
(30) days from the date of receipt of the Notice of Arbitration by the respondent party or the claimant and respondent parties’ nominated arbitrators fail to jointly nominate the presiding arbitrator within thirty (30) days of the
nomination of the respondent—nominated arbitrator, either party to the Dispute may request the Chairperson of the HKIAC to appoint such arbitrator; and 
 (e) The parties agree that all documents and evidence submitted in the Arbitration (including any statements of case and any interim or final award, as well as the fact that an arbitral award has been
made) shall remain confidential both during and after any final award that is rendered unless the parties otherwise agree in writing. The arbitral award is final and binding upon the parties to the Arbitration. 

Section 11.08. Counterparts; Effectiveness; Third Party Beneficiaries. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each party hereto shall have received a counterpart hereof
signed by all of the other parties hereto. Until and unless each party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by
virtue of any other oral or written agreement or other communication). No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations, or liabilities hereunder upon any Person other than the parties hereto and their
respective successors and assigns. 
 Section 11.09. Entire Agreement. This Agreement and other Transaction
Documents constitute the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter
of this Agreement. 
 Section 11.10. Severability. If any term, provision, covenant or restriction of this Agreement
is held by a court of competent jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall
in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a

  
 44 

 
determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that
the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 11.11. Specific Performance. The parties hereto agree that irreparable damage would occur if any provision of this
Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions
hereof in any court, in addition to any other remedy to which they are entitled at law or in equity. 

  
 45 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	CHINA LODGING HOLDINGS (HK) LIMITED as Buyer
		
	 By:
	 	/s/ Qi Ji
		 	Name: Qi Ji
		 	Title:   Director

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	C-TRAVEL INTERNATIONAL LIMITED
		
	 By:
	 	/s/ Min Fan
		 	Name: Min Fan
		 	Title:   Director

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