Document:

Exhibit 4.4

 

FIFTH AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

This
FIFTH AMENDED AND RESTATED Shareholders Agreement (this “Agreement”) is made and entered into as of September
29, 2018, by and among:

 

		1.	TuanChe Limited, an exempted company with limited liability
organized and existing under the laws of the Cayman Islands (the “Company”);

 

		2.	WW Long Limited, a company organized and existing under
the laws of the British Virgin Islands (the “BVI 1”);

 

		3.	Sunzhiyuan Limited, a company organized and existing under
the laws of the British Virgin Islands (the “BVI 2”);

 

		4.	Xukanghui Limited, a company organized and existing under
the laws of the British Virgin Islands (the “BVI 3”);

 

		5.	Duyixuan Limited, a company organized and existing under
the laws of the British Virgin Islands (the “BVI 4”);

 

		6.	First Aqua Inc., a company organized and existing under
the laws of the British Virgin Islands (the “BVI 5”, collectively with BVI 1, BVI 2, BVI 3 and BVI 4, the “BVI
Companies”);

 

		7.	Dreamsome Limited, a company organized and existing under
the laws of the British Virgin Islands (“Dreamsome”);

 

		8.	China Best Reach Co. Limited, a company organized and existing
under the laws of the British Virgin Islands (“China Best”);

 

		9.	Best Cars Limited, a company organized and existing under
the laws of the British Virgin Islands;

 

		10.	TuanChe Information Limited, a company organized and existing
under the laws of Hong Kong (the “HK Co.”);

 

		11.	Tuanyuan Internet Technology(Beijing) Co., Ltd. (团圆网络科技(北京)有限公司),
a limited liability company organized and existing under the laws of the People’s Republic of China (the “PRC”),
as the wholly-owned subsidiary of the HK Co. (the “WFOE”);

 

		12.	Tuanche Internet Information Service (Beijing) Co., Ltd.
(团车互联网信息服务(北京)有限公司),
a limited liability company organized and existing under the laws of the PRC (“Beijing Tuanche”);

 

		13.	Each of the persons as set forth in Schedule A attached
hereto (collectively, the “Founders” and each a “Founder”);

 

		14.	Each of the entities as set forth in Schedule B-1
attached hereto (collectively, the “Series A Investors”, and each a “Series A Investor”);

 

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		15.	Each of the entities as set forth in Schedule B-2
attached hereto (collectively, the “Series B-1 Investors”, and each a “Series B-1 Investor”);

 

		16.	Each of the entities as set forth in Schedule C-1
attached hereto (collectively, the “Series B-2 Investors”, and each a “Series B-2 Investor”);

 

		17.	Each of the entities as set forth in Schedule C-2
attached hereto (collectively, the “Series C Investors”, and each a “Series C Investor”);

 

		18.	Each of the entities as set forth in Schedule C-3
attached hereto (collectively, the “Series C+ Investors”, and each a “Series C+ Investor”);

 

		19.	Each of the entities as set forth in Schedule C-3
attached hereto (collectively, the “Series C-4 Investors”, and each a “Series C-4 Investor”);

 

		20.	Each of the entities as set forth in Schedule D-1
attached hereto (collectively, the “Series D-1 Investors”, and each a “Series D-1 Investor”);
and

 

		21.	Beijing Z-Park Fund Investment Center (Limited Partner)(北京中关村并购母基金投资中心(有限合伙)),
a limited partner organized and existing under the laws of the PRC (the “Series D-2 Investor”, collectively
with the Series D-1 Investors, the “Series D Investors”, and each a “Series D Investor”).

 

The Series A Investors,
the Series B-1 Investors, the Series B-2 Investors, the Series C Investors, Series C+ Investors, Series C-4 Investors and Series
D Investors are referred to collectively herein as the “Investors”, and each, an “Investor”.

 

The Company, the HK
Co., the WFOE, Beijing Tuanche and their Subsidiaries (as defined below) are referred to collectively herein as the “Group
Companies”, and each, a “Group Company”. The WFOE, Beijing Tuanche and their Subsidiaries are referred
to collectively herein as the “PRC Companies”, and each a “PRC Company”.

 

For the purpose of
this Agreement, unless otherwise required by the context: (a) the term “Affiliate” means, (i) with respect to
a Person, any other Person that, directly or indirectly, Controls, is Controlled by or is under common Control with such Person;
and (ii) in the case of an individual, shall include, without limitation, his spouse, child, brother, sister, parent, trustee of
any trust in which such individual or any of his immediate family members is a beneficiary or a discretionary object, or any entity
or company Controlled by any of the aforesaid persons; (b) the term “Person” means any individual, corporation,
partnership, limited partnership, proprietorship, association, limited liability company, firm, trust, estate or other enterprise
or entity; (c) the term “Control” of a given Person means the power or authority, whether exercised or not,
to direct the business, management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, which power or authority shall conclusively be presumed to exist upon possession of beneficial
ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members
or shareholders of such Person or power to control the composition of more than fifty percent (50%) of the board of directors of
such Person; and the term “Controlled” has the meaning correlative to the foregoing; and (d) the term “Subsidiaries”
means with respect to a specific Person, (i) any Person (x) more than fifty percent (50%) of whose shares or other interests entitled
to vote in the election of directors or (y) more than a fifty percent (50%) of whose interests in the profits or capital of such
Person are owned or Controlled directly or indirectly by the subject Person or through one (1) or more Subsidiaries of the subject
Person; (ii) any Person whose assets, or portions thereof, are consolidated with the net earnings of the subject Person and are
recorded on the books of the subject Person for financial reporting purposes in accordance with the generally accepted accounting
principles in the United States of America in effect from time to time (the “U.S. GAAP”) or International Financial
Reporting Standards promulgated by the International Accounting Standards Board (IASB) (which includes standards and interpretations
approved by the IASB and International Accounting Principles issued under previous constitutions), together with its pronouncements
thereon from time to time, and applied on a consistent basis (the “IFRS”); or (iii) any Person with respect
to which the subject Person has the power to otherwise direct the business and policies of that Person directly or indirectly through
another subsidiary.

 

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RECITALS

 

A.           The
Company, the BVI Companies, Dreamsome, China Best, the HK Co., the WFOE, Beijing Tuanche, the Founders and the Series D-2 Investor
have entered into certain Series D-2 Preferred Shares Purchase Agreements in July 27, 2018 (the “Series D-2 Share Purchase
Agreement”), under which the Company shall issue and allot an aggregate of 20,630,925
series D-2 convertible preferred shares, par value US$0.0001 per share (“Series D-2 Preferred Shares”, together
with the Series D-1 Preferred Shares, the “Series D Preferred Shares”) to the Series D-2 Investor.

 

B.           the
Company has issued a Warrant dated October 31, 2017 to China Equities HK Limited (the “Warrant”) at an exchange
price (as defined in the Warrant) of US$0.6482917 per share, pursuant to which China Equities HK Limited is entitled to exchange
or exercise this Warrant to subscribe for up to 670,814 Series C-2 Preferred Shares (as adjusted pursuant to share dividend, split,
combination, recapitalization and other similar transactions) in accordance with the terms of the Warrant, and China Equities HK
Limited has exchanged its Warrant for 483,702 fully paid, validly issued Series C-2 Preferred Shares (as defined below) covered
by the Warrant in accordance with the terms thereof.

 

C.           The
Company, the BVI Companies, Dreamsome, China Best, the HK Co., the WFOE, Beijing Tuanche, the Founders and the Series D-1 Investors
have entered into certain Series D-1 Preferred Shares Purchase Agreements dated June 13, 2018 (the “Series D-1 Share Purchase
Agreement”), under which the Company has issued and allotted an aggregate of 10,046,551 series D-1 convertible preferred
shares, par value US$0.0001 per share (“Series D-1 Preferred Shares”) to the Series D-1 Investors.

 

D.           The
Company, the BVI Companies, Dreamsome, China Best, the HK Co., the WFOE, Beijing Tuanche, the Founders and the Series C-4 Investors
have entered into a Series C-4 Preferred Shares Purchase Agreement dated June 13, 2018 (the “Series C-4 Share Purchase
Agreement”), under which the Company has issued and allotted an aggregate of 7,569,628 series C-4 convertible preferred
shares, par value US$0.0001 per share (all series C-4 convertible preferred shares of the Company are referred to herein as the
 “Series C-4 Preferred Shares”) to the Series C-4 Investors.

 

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E.           The
Company, the BVI Companies, Dreamsome, China Best, the HK Co., the WFOE, Beijing Tuanche, the Founders, the Series C+ Investors
and other parties named thereto have entered into a Series C+ Preferred Shares Purchase Agreement dated June 16, 2017 (the “Series
C+ Share Purchase Agreement”), under which the Company has issued and allotted an aggregate of 12,593,555 series C+ convertible
preferred shares, par value US$0.0001 per share (all series C+ convertible preferred shares of the Company are referred to herein
as the “Series C+ Preferred Shares”) to the Series C+ Investors.

 

F.           The
Company, the BVI Companies, Dreamsome, China Best, the HK Co., the WFOE, Beijing Tuanche, the Founders, certain Series C Investors
and other parties named thereto have entered into a Series C Preferred Shares Purchase Agreement dated August 5, 2014 (the “Series
C Share Purchase Agreement”), under which the Company has issued and allotted an aggregate of 3,427,812 series C-1 convertible
preferred shares, par value US$0.0001 per share (“Series C-1 Preferred Shares”), and 33,408,715 series C-2 convertible
preferred shares, par value US$0.0001 per share (“Series C-2 Preferred Shares” and together with the Series
C-1 Preferred Shares, the “Series C Preferred Shares”), to such Series C Investors.

 

G.           The
Company, the BVI Companies, Dreamsome, China Best, the HK Co., the WFOE, Beijing Tuanche, the Founders, the Series B-2 Investors
and other parties named thereto have entered into a Series B-2 Preferred Shares Purchase Agreement dated September 30, 2013 (the
 “Series B-2 Share Purchase Agreement”), under which the Company has issued and allotted an aggregate of 22,742,215
series B-2 convertible preferred shares, par value US$0.0001 per share (all series B-2 convertible preferred shares of the Company
are referred to herein as the “Series B-2 Preferred Shares”) to the Series B-2 Investors.

 

H.           The
Company, the BVI Companies, Dreamsome, China Best, the HK Co., the WFOE, Beijing Tuanche, the Founders, the Series A Investors
and other parties named thereto have entered into a Series A Preferred Shares Purchase Agreement dated March 6, 2013 (the “Series
A Share Purchase Agreement”), under which the Company has issued and allotted an aggregate of 19,798,750 series A convertible
preferred shares, par value US$0.0001 per share (all series A convertible preferred shares of the Company are referred to herein
as the “Series A Preferred Shares”) to the Series A Investors.

 

I.            The
Series A Investors exercised certain rights under the Series A Share Purchase Agreement to purchase 12,428,343 series B-1 preferred
shares par value US$ 0.0001 per share of the Company at the closing contemplated by the Series B-2 Shares Purchase Agreement (all
series B-1 convertible preferred shares of the Company are referred to herein as the “Series B-1 Preferred Shares”,
together with the Series D Preferred Shares, Series C-4 Preferred Shares, Series C+ Preferred Shares ,the Series C Preferred Shares,
the Series A Preferred Shares and the Series B-2 Preferred Shares, the “Preferred Shares”) via entering into
a Subscription Agreement (the “Series B-1 Share Purchase Agreement”) with relevant parities.

 

J.            The
Company has re-designated the authorized ordinary shares, par value US$0.0001 per share, of the Company (the “Ordinary
Shares”) into (i) authorized class A ordinary shares, par value US$0.0001 per share, of the Company (the “Class
A Ordinary Shares”), and (ii) authorized class B ordinary shares, par value US$0.0001 per share, of the Company (the
 “Class B Ordinary Shares”), the rights, privileges and restrictions of which are set forth in the Restated Articles
(as defined below) of the Company.

 

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K.          The
Group Companies, the BVI Companies, Dreamsome, China Best, the Founders, the Series D-1 Investors, the Series C+ Investors, certain
Series C Investors, the Series B-2 Investors, the Series B-1 Investors and the Series A Investors have entered into an Fourth Amended
and Restated Shareholders Agreement dated June 13, 2018 (the “Prior SHA”).

 

L.           In
connection with the consummation of the transactions contemplated by the Series D-2 Share Purchase Agreement, the parties hereto
desire to enter into this Agreement and the Ancillary Agreements (as defined in the Series D-2 Share Purchase Agreement) to terminate,
supersede and replace in its entirety the Prior SHA and for the governance, management and operations of the Group Companies and
for the rights and obligations between and among the parties hereto.

 

M.         The
Series D-2 Share Purchase Agreement provides that the execution and delivery of this Agreement by the parties shall be a condition
precedent to the consummation of the transactions contemplated under the Series D-2 Share Purchase Agreement.

 

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

 

		1.	INFORMATION RIGHTS; BOARD REPRESENTATION.

 

		1.1.	Information and Inspection Rights.

 

(a)          Information
Rights. Each of the Group Companies covenants and agrees that, commencing on the date of this Agreement, for so long as any
Preferred Shares are outstanding, the Group Companies shall deliver to each holder of the Preferred Shares (each a “Preferred
Shareholder”):

 

(i)          audited
annual consolidated financial statements of the Group Companies, within one hundred and twenty (120) days after the end of each
fiscal year, prepared in conformance with the PRC generally accepted accounting principles (“PRC GAAP”), U.S.
GAAP or IFRS and audited by internationally-recognized accounting firms acceptable to the Investors;

 

(ii)         unaudited
quarterly consolidated financial statements of the Group Companies, within sixty (60) days after the end of each quarter, prepared
in conformance with the PRC GAAP, U.S. GAAP or IFRS;

 

(iii)        unaudited
monthly consolidated financial statements (including headcount information) of the Group Companies, within thirty (30) days after
the end of each month, prepared in conformance with the PRC GAAP, U.S. GAAP or IFRS;

 

(iv)        an
annual capital expenditure, operations budget, strategic plan and monthly projected financial statements of the Group Companies
for the following fiscal year, within sixty (60) days prior to the end of each fiscal year;

 

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(v)         copies
of all Company documents or other Company information sent to any shareholder;

 

(vi)        upon
the written request by any holder of Preferred Shares, such other information as such holder of Preferred Shares shall reasonably
request from time to time (the above rights, collectively, the “Information Rights”).

 

All financial statements to be provided to such holder
of Preferred Shares pursuant to this Section 1.1(a) shall include at least an income statement, a balance sheet and a cash
flow statement for the relevant period as well as for the fiscal year-to-date and the analysis comparing the actual fiscal results
to the annual budget, and shall be prepared in English and Chinese, and shall be prepared in conformance with the PRC GAAP, U.S.
GAAP or IFRS (as requested by the holder of Preferred Shares).

 

(b)          Inspection
Rights. Each of the Group Companies further covenants and agrees that, commencing on the date of this Agreement, for so long
as any Preferred Shares are outstanding, each holder of Preferred Shares shall have (i) the right to inspect facilities, records
and books of the Group Companies at any time during regular working hours upon reasonable prior notice to the Group Companies,
(ii) the right to discuss the business, operations and conditions of the Group Companies with their respective directors, officers,
employees, accountants, auditors, financial advisors, legal counsels and investment bankers, and (iii) the right to appoint independent
auditor to examine the accounts of the Group Companies (the auditing expense shall be borne by the Group Companies) (the “Inspection
Rights”).

 

(c)          Information
and Inspection Rights to China Best. Subject to the limitations and restrictions to the Information Rights and Inspection Rights
as set forth in this Agreement, China Best shall be entitled to all Information Rights and Inspection Rights to which holders of
Preferred Shares are entitled as set forth in this Section 1.1.

 

(d)          Termination
of Rights. The Information Rights and Inspection Rights shall terminate upon consummation of a firm commitment underwritten
public offering of the ordinary shares of the Company in the United States, that has been registered under the United States Securities
Act of 1933, as amended from time to time, including any successor statutes (the “Securities Act”), or in a
similar public offering of the Ordinary Shares of the Company in Hong Kong or another jurisdiction which results in the Ordinary
Shares trading publicly on a recognized international securities exchange (an “Initial Public Offering”) or
in the event that a majority of the issued and outstanding share capital of the Company or a majority of the voting power of the
Company is acquired by a listed company of the aforementioned securities exchanges via issuance of new stocks whereby the Control
of such listed company is acquired by the Company (a “Listed Company’s Acquisition”); provided
that such offering in terms of regulatory approval is reasonably equivalent to the aforementioned public offering in the United
States and such offering or acquisition is subject to the prior written approval of the holders of Preferred Shares.

 

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1.2.        Board
of Directors. The Sixth Amended and Restated Memorandum and Articles of Association of the Company (the “Restated
Articles”) shall provide that the Board of the Company shall consist of eight (8) members, which number of members shall
not be changed except pursuant to an amendment to the Restated Articles ;

 

(a)          Beijing
Z-Park Fund Investment Center (Limited Partner) (the “ZPF”) (so long as it continues to hold shares in the Company)
shall be entitled to appoint and remove one (1) director (the “Series D Investor Director”), initially to be
Liu Zhishuo;

 

(b)          AlphaX
Partners Fund I, L.P. (the “ALPHAX”) (so long as it continues to hold shares in the Company) shall be entitled
to appoint and remove one (1) director (the “Series C+ Investor Director”), initially to be Yao Yaping;

 

(c)          Highland
Capital Partners 9 Limited Partnership, Highland Capital Partners 9-B Limited Partnership, Highland Entrepreneurs’ Fund 9
Limited Partnership (collectively, the “Highland”) (so long as any of them continues to hold shares in the Company)
shall be entitled to jointly appoint and remove one (1) director (the “Series C Investor Director”), initially
to be Hong Chuan Thor;

 

(d)          BAI
GmbH (“BAI”) (so long as it continues to hold shares in the Company) shall be entitled to appoint and remove
one (1) director (the “Series B-2 Investor Director”), initially to be Long Yu;

 

(e)          the
Series A Investors and Series B-1 Investor (so long as any of them continues to hold shares in the Company) shall be entitled to
jointly appoint and remove one (1) director (the “Series A Investor Director”, together with the Series D Investor
Director, the Series C+ Investor Director, the Series C Investor Director and the Series B-2 Investor Director, the “Investor
Directors”), initially to be Zhao Yang;

 

(f)           PUHUA
GROUP LTD (so long as it continues to hold shares in the Company) shall be entitled to appoint and remove one (1) board observer;
and

 

(g)          the
BVI Companies (so long as any of them continues to hold shares in the Company) shall be entitled to jointly appoint and remove
three (3) directors (the “Ordinary Directors”), initially to be WEN Wei and SUN Jianchen, one of whom shall
be CEO of the Company; and subject to the provisions of Section 8.2 below, each of the Ordinary Directors shall have two
(2) votes for each of the matters submitted to the Board of Directors. For the avoidance of doubt, in the event there are two (2)
Ordinary Directors, then the Wen Wei shall have four (4) votes and the other one (1) Ordinary Director shall have two (2) votes.

 

A meeting of directors
is duly constituted for all purposes if at the commencement of the meeting there are present in person or by alternate not less
than six (6) directors, which directors in each case shall include all of the Investor Directors. If within two (2) hours from
the time appointed for the meeting a quorum is not present, the meeting shall stand adjourned to the same day in the next week
at the same time and place, and if at the adjourned meeting there are present within one (1) hour from the time appointed for the
meeting in person or by proxy not less than a majority of the votes of the directors entitled to vote on the matters to be considered
by the meeting, those present shall constitute a quorum but otherwise the meeting shall be dissolved. The Company shall reimburse
the directors for all reasonable out-of-pocket expenses incurred in connection with attending any meetings of the Board and any
committee thereof or otherwise in the performance of their duties.

 

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1.3.        Board
of the PRC Companies and the HK Co. Upon the request of any Investor, each of the other Group Companies shall have the same
number of directors as the Company, and the Investors shall be entitled to appoint the same number of directors to each of the
other Group Companies as they are entitled to appoint to the Company.

 

		2.	REGISTRATION RIGHTS.

 

2.1.        Applicability
of Rights. The Holders (as defined below) shall be entitled to the following rights with respect to any proposed public offering
of the Company’s Ordinary Shares in the United States and shall be entitled to reasonably equivalent or analogous rights
with respect to any other offering of the Company’s securities in Hong Kong or any other jurisdiction in which the Company
undertakes to publicly offer or list such securities for trading on a recognized securities exchange. In addition, the Company’s
insider trading policy will provide that directors may implement 10b5-1 trading plans on a basis approved by the Investors.

 

2.2.        Definitions.
For purposes of this Section 2:

 

(a)          Registration.
The terms “register,” “registered,” and “registration” refer to a registration
effected by filing a registration statement which is in a form which complies with, and is declared effective by the SEC (as defined
below) in accordance with, the Securities Act.

 

(b)          Registrable
Securities. The term “Registrable Securities” means Series A Registrable Securities, Series B-2 Registrable
Securities, Series C Registrable Securities, Series C+ Registrable Securities and/or Series D Registrable Securities.

 

(c)          Series
A Registrable Securities. The term “Series A Registrable Securities” means (1) any Ordinary Shares of the
Company issued or issuable pursuant to conversion of any Series A Preferred Shares and Series B-1 Preferred Shares issued (A) under
the Series A Share Purchase Agreement and Series B-1 Shares Purchase Agreement, or (B) pursuant to the Right of Participation (defined
in Section 3.1), (2) any Ordinary Shares issued (or issuable upon the conversion or exercise of any warrant, right or other
security which is issued) as a dividend or other distribution with respect to, or in exchange for or in replacement of, any Series
A Preferred Shares and Series B-1 Preferred Shares described in clause (1) of this subsection (c), (3) any other Ordinary Shares
of the Company owned or hereafter acquired by the holders of Series A Preferred Shares and Series B-1 Preferred Shares, (4) any
Ordinary Shares held by China Best and (5) any depositary receipts issued by an institutional depositary representing any of the
foregoing. Notwithstanding the foregoing, “Series A Registrable Securities” shall exclude any Series A Registrable
Securities sold by a person in a transaction in which rights under this Section 2 are not validly assigned in accordance
with this Agreement, and any Series A Registrable Securities which are sold in a registered public offering under the Securities
Act or analogous statute of another jurisdiction, or sold pursuant to Rule 144 promulgated under the Securities Act or analogous
rule of another jurisdiction. For the avoidance of doubt, Series A Registrable Securities shall not include Series B-2 Registrable
Securities, Series C Registrable Securities, Series C+ Registrable Securities or Series D Registrable Securities.

 

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(d)          Series
B-2 Registrable Securities. The term “Series B-2 Registrable Securities” means (1) any Ordinary Shares of
the Company issued or issuable pursuant to conversion of any Series B-2 Preferred Shares issued (A) under the Series B-2 Share
Purchase Agreement, or (B) pursuant to the Right of Participation (defined in Section 3.1), (2) any Ordinary Shares issued
(or issuable upon the conversion or exercise of any warrant, right or other security which is issued) as a dividend or other distribution
with respect to, or in exchange for or in replacement of, any Series B-2 Preferred Shares described in clause (1) of this subsection
(d), (3) any other Ordinary Shares of the Company owned or hereafter acquired by the holders of Series B-2 Preferred Shares, and
(4) any depositary receipts issued by an institutional depositary representing any of the foregoing. Notwithstanding the foregoing,
 “Series B-2 Registrable Securities” shall exclude any Series B-2 Registrable Securities sold by a person in
a transaction in which rights under this Section 2 are not validly assigned in accordance with this Agreement, and any Series
B-2 Registrable Securities which are sold in a registered public offering under the Securities Act or analogous statute of another
jurisdiction, or sold pursuant to Rule 144 promulgated under the Securities Act or analogous rule of another jurisdiction. For
the avoidance of doubt, Series B-2 Registrable Securities shall not include Series A Registrable Securities, Series C Registrable
Securities, Series C+ Registrable Securities or Series D Registrable Securities.

 

(e)          Series
C Registrable Securities. The term “Series C Registrable Securities” means (1) any Ordinary Shares of the
Company issued or issuable pursuant to conversion of any Series C Preferred Shares issued (A) under the Series C Share Purchase
Agreement and the Warrant, or (B) pursuant to the Right of Participation (defined in Section 3.1), (2) any Ordinary Shares
issued (or issuable upon the conversion or exercise of any warrant, right or other security which is issued) as a dividend or other
distribution with respect to, or in exchange for or in replacement of, any Series C Preferred Shares described in clause (1) of
this subsection (e), (3) any other Ordinary Shares of the Company owned or hereafter acquired by the holders of Series C Preferred
Shares, and (4) any depositary receipts issued by an institutional depositary representing any of the foregoing. Notwithstanding
the foregoing, “Series C Registrable Securities” shall exclude any Series C Registrable Securities sold by a
person in a transaction in which rights under this Section 2 are not validly assigned in accordance with this Agreement,
and any Series C Registrable Securities which are sold in a registered public offering under the Securities Act or analogous statute
of another jurisdiction, or sold pursuant to Rule 144 promulgated under the Securities Act or analogous rule of another jurisdiction.
For the avoidance of doubt, Series C Registrable Securities shall not include Series A Registrable Securities, Series B-2 Registrable
Securities, Series C+ Registrable Securities or Series D Registrable Securities.

 

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(f)           Series
C+ Registrable Securities. The term “Series C+ Registrable Securities” means (1) any Ordinary Shares of
the Company issued or issuable pursuant to conversion of any Series C+ Preferred Shares and Series C-4 Preferred Shares issued
(A) under the Series C+ Share Purchase Agreement and/or Series C-4 Share Purchase Agreement, or (B) pursuant to the Right of Participation
(defined in Section 3.1), (2) any Ordinary Shares issued (or issuable upon the conversion or exercise of any warrant, right
or other security which is issued) as a dividend or other distribution with respect to, or in exchange for or in replacement of,
any Series C+ Preferred Shares and/or Series C-4 Preferred Shares described in clause (1) of this subsection (f), (3) any other
Ordinary Shares of the Company owned or hereafter acquired by the holders of Series C+ Preferred Shares and/or Series C-4 Preferred
Shares, and (4) any depositary receipts issued by an institutional depositary representing any of the foregoing. Notwithstanding
the foregoing, “Series C+ Registrable Securities” shall exclude any Series C+ Registrable Securities sold by
a person in a transaction in which rights under this Section 2 are not validly assigned in accordance with this Agreement,
and any Series C+ Registrable Securities which are sold in a registered public offering under the Securities Act or analogous statute
of another jurisdiction, or sold pursuant to Rule 144 promulgated under the Securities Act or analogous rule of another jurisdiction.
For the avoidance of doubt, Series C+ Registrable Securities shall not include Series A Registrable Securities, Series B-2 Registrable
Securities, Series C Registrable Securities or Series D Registrable Securities.

 

(g)          Series
D Registrable Securities. The term “Series D Registrable Securities” means (1) any Ordinary Shares of the
Company issued or issuable pursuant to conversion of any Series D Preferred Shares issued (A) under the Series D-1 Share Purchase
Agreement and/or any Series D-2 Share Purchase Agreement (if applicable), or (B) pursuant to the Right of Participation (defined
in Section 3.1), (2) any Ordinary Shares issued (or issuable upon the conversion or exercise of any warrant, right or other
security which is issued) as a dividend or other distribution with respect to, or in exchange for or in replacement of, any Series
D Preferred Shares described in clause (1) of this subsection (f), (3) any other Ordinary Shares of the Company owned or hereafter
acquired by the holders of Series D Preferred Shares, and (4) any depositary receipts issued by an institutional depositary representing
any of the foregoing. Notwithstanding the foregoing, “Series D Registrable Securities” shall exclude any Series
D Registrable Securities sold by a person in a transaction in which rights under this Section 2 are not validly assigned
in accordance with this Agreement, and any Series D Registrable Securities which are sold in a registered public offering under
the Securities Act or analogous statute of another jurisdiction, or sold pursuant to Rule 144 promulgated under the Securities
Act or analogous rule of another jurisdiction. For the avoidance of doubt, Series D Registrable Securities shall not include Series
A Registrable Securities, Series B-2 Registrable Securities, Series C Registrable Securities or Series C+ Registrable Securities.

 

(h)          Registrable
Securities Then Outstanding. The number of shares of “Registrable Securities then Outstanding” shall mean
the Series A Registrable Securities then Outstanding and/or Series B-2 Registrable Securities then Outstanding and/or Series C
Registrable Securities and/or Series C+ Registrable Securities and/or Series D Registrable Securities then Outstanding.

 

(i)           Series
A Registrable Securities Then Outstanding. The number of shares of “Series A Registrable Securities then Outstanding”
shall mean the number of Ordinary Shares of the Company that are Series A Registrable Securities and are then issued and outstanding,
issuable upon conversion of Series A Preferred Shares and/or Series B-1 Preferred Shares then issued and outstanding, or issuable
upon conversion or exercise of any warrant, right or other security then outstanding.

 

    	 	10	 

     

    

 

(j)           Series
B-2 Registrable Securities Then Outstanding. The number of shares of “Series B-2 Registrable Securities then Outstanding”
shall mean the number of Ordinary Shares of the Company that are Series B-2 Registrable Securities and are then issued and outstanding,
issuable upon conversion of Series B-2 Preferred Shares then issued and outstanding, or issuable upon conversion or exercise of
any warrant, right or other security then outstanding.

 

(k)          Series
C Registrable Securities Then Outstanding. The number of shares of “Series C Registrable Securities then Outstanding”
shall mean the number of Ordinary Shares of the Company that are Series C Registrable Securities and are then issued and outstanding,
issuable upon conversion of Series C Preferred Shares then issued and outstanding, or issuable upon conversion or exercise of any
warrant, right or other security then outstanding.

 

(l)           Series
C+ Registrable Securities Then Outstanding. The number of shares of “Series C+ Registrable Securities then
Outstanding” shall mean the number of Ordinary Shares of the Company that are Series C+ Registrable Securities and are
then issued and outstanding, issuable upon conversion of Series C+ Preferred Shares and/or Series C-4 Preferred Shares then issued
and outstanding, or issuable upon conversion or exercise of any warrant, right or other security then outstanding.

 

(m)         Series
D Registrable Securities Then Outstanding. The number of shares of “Series D Registrable Securities then Outstanding”
shall mean the number of Ordinary Shares of the Company that are Series D Registrable Securities and are then issued and outstanding,
issuable upon conversion of Series D Preferred Shares then issued and outstanding, or issuable upon conversion or exercise of any
warrant, right or other security then outstanding.

 

(n)          Holder.
For purposes of this Section 2, the term “Holder” means Series A Holder, Series B-2 Holder, Series C
Holder, Series C+ Holder and/or Series D Holder.

 

(o)          Series
A Holder. For purposes of this Section 2, the term “Series A Holder” means any person owning or having
the rights to acquire Series A Registrable Securities or any permitted assignee of record of such Series A Registrable Securities
to whom rights under this Section 2 have been duly assigned in accordance with this Agreement.

 

(p)          Series
B-2 Holder. For purposes of this Section 2, the term “Series B-2 Holder” means any person owning
or having the rights to acquire Series B-2 Registrable Securities or any permitted assignee of record of such Series B-2 Registrable
Securities to whom rights under this Section 2 have been duly assigned in accordance with this Agreement.

 

(q)          Series
C Holder. For purposes of this Section 2, the term “Series C Holder” means any person owning or having
the rights to acquire Series C Registrable Securities or any permitted assignee of record of such Series C Registrable Securities
to whom rights under this Section 2 have been duly assigned in accordance with this Agreement.

 

    	 	11	 

     

    

 

(r)           Series
C+ Holder. For purposes of this Section 2, the term “Series C+ Holder” means any person owning or
having the rights to acquire Series C+ Registrable Securities or any permitted assignee of record of such Series C+ Registrable
Securities to whom rights under this Section 2 have been duly assigned in accordance with this Agreement.

 

(s)          Series
D Holder. For purposes of this Section 2, the term “Series D Holder” means any person owning or having
the rights to acquire Series D Registrable Securities or any permitted assignee of record of such Series D Registrable Securities
to whom rights under this Section 2 have been duly assigned in accordance with this Agreement.

 

(t)           Form
F-3. The term “Form F-3” means such respective form under the Securities Act or any successor registration
form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information
by reference to other documents filed by the Company with the SEC.

 

(u)          SEC.
The term “SEC” or “Commission” means the U.S. Securities and Exchange Commission.

 

(v)          Registration
Expenses. The term “Registration Expenses” shall mean all expenses incurred by the Company in complying
with Sections 2.3, 2.4 and 2.5 hereof, including, without limitation, all registration and filing fees,
printing expenses, fees, and disbursements of counsel for the Company, reasonable fees and disbursements of one counsel for all
the Holders, or any legal counsel incurred by the Holders as requested by the Company, underwriters or counsels of the Company
and underwriters, “blue sky” fees and expenses and the expense of any special audits incident to or required by any
such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company).

 

(w)         Selling
Expenses. The term “Selling Expenses” shall mean all underwriting discounts and selling commissions applicable
to the sale of Registrable Securities pursuant to Sections 2.3, 2.4 and 2.5 hereof.

 

(x)          Exchange
Act. The term “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and any successor
statute.

 

    	 	12	 

     

    

 

		2.3.	Demand Registration.

 

(a)          Request
by Holders. If the Company shall, at any time after the earlier of (i) the fifth (5th) anniversary of the date of this Agreement
or (ii) one hundred eighty (180) days following the taking effect of a registration statement for a first firm-commitment underwritten
initial public offering by the Company of its Ordinary Shares pursuant to a registration statement that is filed with and declared
effective by either the SEC under the Securities Act or another governmental authority for a registration in a jurisdiction other
than the United States (the “IPO”), receive a written request from the Series A Holders of at least 50% of the
Series A Registrable Securities then Outstanding, or the Series B-2 Holders of at least 50% of the Series B-2 Registrable Securities
then Outstanding, or the Series C Holders of at least 50% of the Series C Registrable Securities then Outstanding, or the Series
C+ Holders of at least 50% of the Series C+ Registrable Securities then Outstanding, or the Series D Holders of at least 50% of
the Series D Registrable Securities then Outstanding, that the Company file a registration statement under the Securities Act covering
the registration of at least twenty percent (20%) (or any lesser percentage if the anticipated gross proceeds to the Company from
such proposed offering would exceed US$5,000,000) of the Series A Registrable Securities, or the Series B-2 Registrable Securities,
or the Series C Registrable Securities, or the Series C+ Registrable Securities, or the Series D Registrable Securities, as applicable
pursuant to this Section 2.3, then the Company shall, within ten (10) business days of the receipt of such written request,
give written notice of such request (“Request Notice”) to all Holders, and use its best efforts to effect, as
soon as practicable, the registration under the Securities Act of all Registrable Securities that the Holders request to be registered
and included in such registration by written notice given by such Holders to the Company within twenty (20) days after receipt
of the Request Notice, subject only to the limitations of this Section 2.3; provided that the Company shall not be
obligated to effect any such registration if the Company has, within the six (6) month period preceding the date of such request,
already effected a registration under the Securities Act pursuant to this Section 2.3 or Section 2.5 or in which
the Holders had an opportunity to participate pursuant to the provisions of Section 2.4, other than a registration from
which the Registrable Securities of the Holders have been excluded (with respect to all or any portion of the Registrable Securities
the Holders requested be included in such registration) pursuant to the provisions of Section 2.4(a). The Company shall
be obligated to effect no more than two (2) Registrations upon request the Series A Holders pursuant to this Section 2.3,
no more than two (2) Registrations upon request of the Series B-2 Holders pursuant to this Section 2.3, no more than two
(2) Registrations upon request of the Series C Holders pursuant to this Section 2.3, no more than two (2) Registrations
upon request of the Series C+ Holders pursuant to this Section 2.3, and no more than two (2) Registrations upon request
of the Series D Holders pursuant to this Section 2.3, provided that if the sale of all of the Registrable Securities sought
to be included pursuant to this Section 2.3 is not consummated for any reason other than due to the action or inaction of
the Holders including Registrable Securities in such Registration, such Registration shall not be deemed to constitute one of the
Registration rights granted pursuant to this Section 2.3. For purposes of this Agreement, reference to registration of securities
under the Securities Act and the Exchange Act shall be deemed to mean the equivalent registration in a jurisdiction other than
the United States as designated by such Holders, it being understood and agreed that in each such case all references in this Agreement
to the Securities Act, the Exchange Act and rules, forms of registration statements and registration of securities thereunder,
U.S. law and the SEC, shall be deemed to refer, to the equivalent statutes, rules, forms of registration statements, registration
of securities and laws of and equivalent government authority in the applicable non-U.S. jurisdiction. In addition, “Form
F-3” shall be deemed to refer to Form S-3 or any comparable form under the U.S. securities laws in the condition that the
Company is not at that time eligible to use Form F-3.

 

    	 	13	 

     

    

 

(b)          Underwriting.
If the Holders initiating the registration request under this Section 2.3 (the “Initiating Holders”)
intend to distribute the Registrable Securities covered by their request by means of an underwriting, then they shall so advise
the Company as a part of their request made pursuant to this Section 2.3 and the Company shall include such information
in the Request Notice. In such event, the right of any Holder to include its Registrable Securities in such registration shall
be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable
Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder)
to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into
an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting by the
Holders of a majority of the Registrable Securities being registered and reasonably acceptable to the Company. Notwithstanding
any other provision of this Section 2.3, if the underwriter(s) advise(s) the Company in writing that marketing factors require
a limitation of the number of securities to be underwritten, then the Company shall so advise all Holders of Registrable Securities
which would otherwise be registered and underwritten pursuant hereto, and the number of Registrable Securities that may be included
in the underwriting shall be reduced as required by the underwriter(s) and allocated among the Holders of Registrable Securities
on a pro rata basis according to the number of Registrable Securities then Outstanding held by each Holder requesting registration
(including the Initiating Holders); provided, however, that the number of shares of Registrable Securities to be
included in such underwriting and registration shall not be reduced unless all other securities are first entirely excluded from
the underwriting and registration including, without limitation, all shares that are not Registrable Securities and are held by
any other person, including, without limitation, any person who is an employee, officer or director of the Company or any subsidiary
of the Company; provided further, that at least twenty-five percent (25%) of shares of Registrable Securities requested
by the Holders to be included in such underwriting and registration shall be so included. If any Holder disapproves of the terms
of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s),
delivered at least ten (10) business days prior to the effective date of the registration statement. Any Registrable Securities
excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration.

 

(c)          Deferral.
Notwithstanding the foregoing, if the Company shall furnish to Holders requesting registration pursuant to this Section 2.3,
a certificate signed by the President or Chief Executive Officer of the Company stating that in the good faith judgment of the
Board, it would be materially detrimental to the Company and its shareholders for such registration statement to be filed at such
time, then the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of
the request of the Initiating Holders; provided, however, that the Company may not utilize this right more than once
in any twelve (12) month period; provided further, that the Company shall not register any other of its shares during such twelve
(12) month period. A demand right shall not be deemed to have been exercised until such deferred registration shall have been effected.

 

    	 	14	 

     

    

 

		2.4.	Piggyback Registrations.

 

(a)          The
Company shall notify all Holders of Registrable Securities in writing at least thirty (30) days prior to filing any registration
statement under the Securities Act for purposes of effecting a public offering of securities of the Company (including, but not
limited to, registration statements relating to secondary offerings of securities of the Company, but excluding registration statements
relating to any employee benefit plan or a corporate reorganization), and shall afford each such Holder an opportunity to include
in such registration statement all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to
include in any such registration statement all or any part of the Registrable Securities held by it shall within twenty (20) days
after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform
the Company of the number of Registrable Securities such Holder wishes to include in such registration statement. If a Holder decides
not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall
nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration
statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth
herein. No Holder of Registrable Securities shall be granted piggyback registration rights superior to those of the Holders of
the Series A Preferred Shares or Series B-1 Preferred Shares without the consent in writing of the Holders of shares carrying at
least fifty percent (50%) of the voting power of the then outstanding Series A Preferred Shares and Series B-1 Preferred Shares
or Ordinary Shares issued upon conversion of the Series A Preferred Shares or Series B-1 Preferred Shares or a combination of such
Series A Preferred Shares, Series B-1 Preferred Shares and Ordinary Shares; and no Holder of Registrable Securities shall be granted
piggyback registration rights superior to those of the Holders of the Series B-2 Preferred Shares without the consent in writing
of the Holders of at least fifty percent (50%) of the then outstanding Series B-2 Preferred or Ordinary Shares issued upon conversion
of the Series B-2 Preferred Shares or a combination of such Series B-2 Preferred Shares and Ordinary Shares; and no Holder of Registrable
Securities shall be granted piggyback registration rights superior to those of the Holders of the Series C Preferred Shares without
the consent in writing of the Holders of shares carrying at least fifty percent (50%) of the voting power of the then outstanding
Series C Preferred Shares or Ordinary Shares issued upon conversion of the Series C Preferred Shares or a combination of such Series
C Preferred Shares and Ordinary Shares; no Holder of Registrable Securities shall be granted piggyback registration rights superior
to those of the Holders of the Series C+ Preferred Shares and Series C-4 Preferred Shares without the consent in writing of the
Holders of at least fifty percent (50%) of the then outstanding Series C+ Preferred Shares and Series C-4 Preferred Shares or Ordinary
Shares issued upon conversion of the Series C+ Preferred Shares or Series C-4 Preferred Shares or a combination of such Series
C+ Preferred Shares, Series C-4 Preferred Shares and Ordinary Shares; and no Holder of Registrable Securities shall be granted
piggyback registration rights superior to those of the Holders of the Series D Preferred Shares without the consent in writing
of the Holders of at least fifty percent (50%) of the then outstanding Series D Preferred or Ordinary Shares issued upon conversion
of the Series D Preferred Shares or a combination of such Series D Preferred Shares and Ordinary Shares.

 

    	 	15	 

     

    

 

(b)          Underwriting.
If a registration statement under which the Company gives notice under this Section 2.4 is for an underwritten offering, then the
Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder’s Registrable
Securities to be included in a registration pursuant to this Section 2.4 shall be conditioned upon such Holder’s participation
in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided
herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting
agreement in customary form with the managing underwriter or underwriters selected for such underwriting. Notwithstanding any other
provision of this Agreement but subject to Section 2.13, if the managing underwriter(s) determine(s) in good faith that
marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude
shares from the registration and the underwriting, and the number of shares that may be included in the registration and the underwriting
shall be allocated, first, to the Company, second, to each of the Holders requesting inclusion of their Registrable
Securities in such registration statement on a pro rata basis based on the total number of shares of Registrable Securities then
held by each such Holder, and third, to holders of other securities of the Company; provided, however, that
the right of the underwriter(s) to exclude shares (including Registrable Securities) from the registration and underwriting as
described above shall be restricted so that (i) the number of Registrable Securities included in any such registration is not reduced
below twenty-five percent (25%) of the aggregate number of shares of Registrable Securities for which inclusion has been requested;
and (ii) all shares that are not Registrable Securities and are held by any other person, including, without limitation, any person
who is an employee, officer or director of the Company (or any subsidiary of the Company) shall first be excluded from such registration
and underwriting before any Registrable Securities are so excluded. If any Holder disapproves of the terms of any such underwriting,
such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s), delivered at least ten (10)
business days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from
such underwriting shall be excluded and withdrawn from the registration.

 

(c)          Not
Demand Registration. Registration pursuant to this Section 2.4 shall not be deemed to be a demand registration as described
in Section 2.3 above. There shall be no limit on the number of times the Holders may request registration of Registrable
Securities under this Section 2.4.

 

2.5.        Form
F-3. In case the Company shall receive from any Holder a written request or requests that the Company effect a registration
on Form F-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such
Holder or Holders, then the Company will:

 

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

 

(b)          Registration.
As soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would
permit or facilitate the sale and distribution of all or such portion of such Holders or Holders’ Registrable Securities
as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders
joining in such request as are specified in a written request given within twenty (20) days after the Company provides the notice
contemplated by Section 2.5(a); provided, however, that the Company shall not be obligated to effect any such
registration, qualification or compliance pursuant to this Section 2.5:

 

(i)          if
Form F-3 is not available for such offering by the Holders;

 

(ii)         if
the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose
to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than US$500,000;

 

    	 	16	 

     

    

 

(iii)        if
the Company shall furnish to the Holders a certificate signed by the President or Chief Executive Officer of the Company stating
that in the good faith judgment of the Board of Directors of the Company, it would be materially detrimental to the Company and
its shareholders for such Form F-3 registration to be effected at such time, in which event the Company shall have the right to
defer the filing of the Form F-3 registration statement no more than once during any twelve (12) month period for a period of not
more than sixty (60) days after receipt of the request of the Holder or Holders under this Section 2.5; provided
that the Company shall not register any of its other shares during such sixty (60) day period;

 

(iv)        if
the Company has, within the twelve (12) month period preceding the date of such request, already effected two (2) registrations
under the Securities Act other than a registration from which the Registrable Securities of Holders have been excluded (with respect
to all or any portion of the Registrable Securities the Holders requested be included in such registration) pursuant to the provisions
of Sections 2.3(b) and 2.4(a); or

 

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

 

Subject to the foregoing, the Company shall
file a Form F-3 registration statement covering the Registrable Securities and other securities so requested to be registered as
soon as practicable after receipt of the request or requests of the Holders.

 

(c)          Not
Demand Registration. Form F-3 registrations shall not be deemed to be demand registrations as described in Section 2.3
above. Except as otherwise provided herein, there shall be no limit on the number of times the Holders may request registration
of Registrable Securities under this Section 2.5.

 

2.6.        Expenses.
All Registration Expenses incurred in connection with any registration pursuant to Sections 2.3, 2.4 or 2.5
(but excluding Selling Expenses) shall be borne by the Company. Each Holder participating in a registration pursuant to Sections
2.3, 2.4 or 2.5 shall bear such Holder’s proportionate share (based on the total number of shares sold
in such registration other than for the account of the Company) of all Selling Expenses or other amounts payable to underwriter(s)
or brokers, in connection with such offering by the Holders. Notwithstanding the foregoing, the Company shall not be required to
pay for any expenses of any registration proceeding begun pursuant to Section 2.3 if the registration request is subsequently
withdrawn at the request of the Series A Holders of a majority of the Series A Registrable Securities to be registered (if the
Series A Holders were the Initiating Holders), or at the request of the Series B-2 Holders of a majority of the Series B-2 Registrable
Securities to be registered (if the Series B-2 Holders were the Initiating Holders), or at the request of the Series C Holders
of a majority of the Series C Registrable Securities to be registered (if the Series C Holders were the Initiating Holders), or
at the request of the Series C+ Holders of a majority of the Series C+ Registrable Securities to be registered (if the Series C+
Holders were the Initiating Holders), or at the request of the Series D Holders of a majority of the Series D Registrable Securities
to be registered (if the Series D Holders were the Initiating Holders), unless, respectively, as applicable, the Series A Holders
of a majority of the Series A Registrable Securities then Outstanding agree that such registration constitutes the use by the Series
A Holders of one (1) demand registration of theirs pursuant to Section 2.3, or the Series B-2 Holders of a majority of the
Series B-2 Registrable Securities then Outstanding agree that such registration constitutes the use by the Series B-2 Holders of
one (1) demand registration of theirs pursuant to Section 2.3, or the Series C Holders of a majority of the Series C Registrable
Securities then Outstanding agree that such registration constitutes the use by the Series C Holders of one (1) demand registration
of theirs pursuant to Section 2.3, or the Series C+ Holders of a majority of the Series C+ Registrable Securities then Outstanding
agree that such registration constitutes the use by the Series C+ Holders of one (1) demand registration of theirs pursuant to
Section 2.3, or the Series D Holders of a majority of the Series D Registrable Securities then Outstanding agree that such
registration constitutes the use by the Series D Holders of one (1) demand registration of theirs pursuant to Section 2.3;
provided further, however, that if at the time of such withdrawal, the Holders have learned of a material adverse
change in the condition, business, or prospects of the Company not known to the Holders at the time of their request for such registration
and have withdrawn their request for registration with reasonable promptness after learning of such material adverse change, then
the Holders shall not be required to pay any of such expenses and such registration shall not constitute the use of a demand registration
pursuant to Section 2.3.

 

    	 	17	 

     

    

 

2.7.        Obligations
of the Company. Whenever required to effect the registration of any Registrable Securities under this Agreement the Company
shall, as expeditiously as reasonably possible:

 

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

 

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

 

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

 

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

 

    	 	18	 

     

    

 

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

 

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

 

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

 

2.8.        Furnish
Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to Sections
2.3, 2.4 or 2.5 that the selling Holders shall furnish to the Company such information regarding themselves,
the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to timely
effect the Registration of their Registrable Securities.

 

2.9.        Indemnification.
In the event any Registrable Securities are included in a registration statement under Sections 2.3, 2.4 or 2.5:

 

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

 

    	 	19	 

     

    

 

(i)          any
untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary
prospectus or final prospectus contained therein or any amendments or supplements thereto;

 

(ii)         the
omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements
therein not misleading; or

 

(iii)        any
violation or alleged violation by the Company of the Securities Act, the Exchange Act, any United States federal or state securities
law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any United States federal or state securities
law in connection with the offering covered by such registration statement;

 

and the Company will reimburse
each such Holder, its partner, officer, director, legal counsel, underwriter or controlling person for any legal or other expenses
reasonably incurred by them, as such expenses are incurred, in connection with investigating or defending any such loss, claim,
damage, liability or action; provided, however, that the indemnity agreement contained in this Section 2.9(a)
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected
without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such
case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which
occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration
by such Holder, partner, officer, director, legal counsel, underwriter or controlling person of such Holder.

 

(b)          By
Selling Holders. To the extent permitted by law, each selling Holder will, if Registrable Securities held by Holder are included
in the securities as to which such registration qualifications or compliance is being effected, indemnify and hold harmless the
Company, each of its directors, each of its officers who has signed the registration statement, each person, if any, who controls
the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration
statement or any of such other Holder’s partners, directors, officers, legal counsel or any person who controls such Holder
within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities (joint or several)
to which the Company or any such director, officer, legal counsel, controlling person, underwriter or other such Holder, partner
or director, officer or controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or
other United States federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto)
arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in
reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration;
and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer,
controlling person, underwriter or other Holder, partner, officer, director or controlling person of such other Holder in connection
with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity
agreement contained in this Section 2.9(b) shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld;
and provided, further, that in no event shall any indemnity under this Section 2.9(b) exceed the net proceeds
received by such Holder in the registered offering out of which the applicable Violation arises.

 

    	 	20	 

     

    

 

(c)          Notice.
Promptly after receipt by an indemnified party under this Section 2.9 of notice of the commencement of any action (including
any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party
under this Section 2.9, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying
party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying
party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however,
that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying
party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due
to actual or potential conflict of interests between such indemnified party and any other party represented by such counsel in
such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of
any such action shall relieve such indemnifying party of liability to the indemnified party under this Section 2.9 to the
extent the indemnifying party is prejudiced as a result thereof, but the omission to so deliver written notice to the indemnifying
party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.9.

 

(d)          Contribution.
In order to provide for just and equitable contribution to joint liability under the Securities Act in any case in which either
(i) any indemnified party makes a claim for indemnification pursuant to this Section 2.9 but it is judicially determined
(by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial
of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section
2.9 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of
any indemnified party in circumstances for which indemnification is provided under this Section 2.9; then, and in each such
case, the indemnified party and the indemnifying party will contribute to the aggregate losses, claims, damages or liabilities
to which they may be subject (after contribution from others) in such proportion so that a Holder (together with its related persons)
is responsible for the portion represented by the percentage that the public offering price of its Registrable Securities offered
by and sold under the registration statement bears to the public offering price of all securities offered by and sold under such
registration statement, and the Company and other selling Holders are responsible for the remaining portion. The relative fault
of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case: (A)
no Holder will be required to contribute any amount in excess of the net proceeds to such Holder from the sale of all such Registrable
Securities offered and sold by such Holder pursuant to such registration statement; and (B) no person or entity guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person
or entity who was not guilty of such fraudulent misrepresentation.

 

    	 	21	 

     

    

 

(e)          Survival;
Consents to Judgments and Settlements. The obligations of the Company and Holders under this Section 2.9 shall survive
the completion of any offering of Registrable Securities in a registration statement, regardless of the expiration of any statutes
of limitation or extensions of such statutes. No indemnifying party, in the defense of any such claim or litigation, shall, except
with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.

 

2.10.      Termination
of the Company’s Obligations. The Company’s obligations under Sections 2.3, 2.4 and 2.5 with
respect to any Registrable Securities proposed to be sold by a Holder in a registration pursuant to Sections 2.3, 2.4
or 2.5 shall terminate on the fifth (5th) anniversary of the Initial Public Offering of the Company.

 

2.11.      No
Registration Rights to Third Parties. Without the prior written consent of the holders of the shares carrying at least a majority
of the voting power of the Series A Preferred Shares and Series B-1 Preferred Shares then outstanding, the holders of at least
a majority of the Series B-2 Preferred Shares then outstanding, the holders of the shares carrying at least a majority of the voting
power of the Series C Preferred Shares then outstanding, the holders of the shares carrying at least a majority of the voting power
of the Series C+ Preferred Shares and Series C-4 Preferred Shares then outstanding, and the holders of the shares carrying at least
a majority of the voting power of the Series D Preferred Shares then outstanding, the Company covenants and agrees that it shall
not grant, or cause or permit to be created, for the benefit of any person or entity any registration rights of any kind (whether
similar to the demand, “piggyback” or Form F-3 registration rights described in this Section 2, or otherwise)
relating to any securities of the Company which are senior to, or on a parity with, those granted to the Holders of Registrable
Securities.

 

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

 

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

 

(b)          File
with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange
Act (at any time after it has become subject to such reporting requirements); and

 

    	 	22	 

     

    

 

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

 

2.13.      Market
Stand-Off. Each party agrees that, so long as it holds any voting securities of the Company, upon request by the Company or
the underwriters managing the initial public offering of the Company’s securities, it will not sell or otherwise transfer
or dispose of any securities of the Company (other than those permitted to be included in the registration and other transfers
to Affiliates permitted by law) without the prior written consent of the Company or such underwriters, as the case may be, for
a period of time specified by the representative of the underwriters not to exceed 180 days from the effective date of the registration
statement covering such initial public offering or the pricing date of such offering as may be requested by the underwriters. The
Company shall use commercially reasonable efforts to take all steps to shorten such lock-up period. The foregoing provision of
this Section 2.13 shall not apply to the sale of any securities of the Company to an underwriter pursuant to any underwriting
agreement, and shall only be applicable to the Holders if all other shareholders of the Company enter into similar agreements,
and if the Company or any underwriter releases any other shareholder from his, her or its sale restrictions so undertaken, then
each Holder shall be notified prior to such release and shall itself be simultaneously released to the same proportional extent.
The Company shall require all future acquirers of the Company’s securities to execute prior to an Initial Public Offering
a market stand-off agreement containing substantially similar provisions as those contained in this Section 2.13.

 

		3.	RIGHT OF PARTICIPATION.

 

3.1.        General.
Each Preferred Shareholder, any holder of Preferred Shares to which rights under this Section 3 have been duly assigned
in accordance with Section 6, and China Best (each individually hereinafter referred to as a “Participation Rights
Holder”) shall have the right of first refusal to purchase such Participation Rights Holder’s Pro Rata Share (as
defined below), of all (or any part) of any New Securities (as defined in Section 3.3) that the Company may from time to
time issue (subject to prior written approval of the Investors) after the date of this Agreement (the “Right of Participation”).

 

3.2.        Pro
Rata Share. A Participation Rights Holder’s “Pro Rata Share” for purposes of the Right of Participation
is the ratio of (a) the number of Ordinary Shares (calculated on a fully-diluted and as-converted basis) held by such Participation
Rights Holder, to (b) the total number of Ordinary Shares (calculated on a fully-diluted and as-converted basis) held by all the
Participation Rights Holders immediately prior to the issuance of New Securities giving rise to the Right of Participation.

 

    	 	23	 

     

    

 

3.3.        New
Securities. “New Securities” shall mean any Preferred Shares, Ordinary Shares or other shares of the Company
and rights, options or warrants to purchase such Preferred Shares, Ordinary Shares, or other shares and securities of any type
whatsoever that are, or may become, convertible or exchangeable into such Preferred Shares, Ordinary Shares or other shares, provided,
however, that the term “New Securities” shall not include:

 

(a)          any
Ordinary Shares (and/or options or warrants therefor) issued to employees, officers, directors, contractors, advisors or consultants
of the Company pursuant to the Company’s employee share option plans duly approved in accordance with this Agreement and
the Restated Articles;

 

(b)          any
Preferred Shares issued under the Series A Share Purchase Agreement, Series B-1 Share Purchase Agreement, the Series B-2 Share
Purchase Agreement, the Series C Share Purchase Agreement, the Warrant, the Series C+ Share Purchase Agreement, the Series C-4
Share Purchase Agreement, the Series D-1 Share Purchase Agreement or the Series D-2 Share Purchase Agreement, as such agreements
are currently in effect and any Ordinary Shares issued pursuant to the conversion thereof;

 

(c)          any
securities issued in connection with any share split, share dividend or other similar event in which all Participation Rights Holders
are entitled to participate on a pro rata basis;

 

(d)          any
securities issued upon the exercise, conversion or exchange of any outstanding security if such outstanding security constituted
a New Security;

 

(e)          any
securities issued pursuant to an Initial Public Offering or a Listed Company’s Acquisition;

 

(f)           any
securities issued pursuant to the acquisition of another corporation or entity by the Company by consolidation, merger, purchase
of assets, or other reorganization in which the Company acquires, in a single transaction or series of related transactions, all
or substantially all assets of such other corporation or entity, or fifty percent (50%) or more of the equity ownership or voting
power of such other corporation or entity provided that such acquisition has been approved by the Board, including all Investor
Directors; or

 

(g)          any
Ordinary Shares issued or issuable to banks, equipment leasers or other financial institutions pursuant to a debt financing or
commercial leasing transaction, provided that such acquisition has been approved by the Board, including all Investor Directors

 

    	 	24	 

     

    

 

3.4.        Procedures.

 

(a)          First
Participation Notice. In the event that the Company proposes to undertake an issuance of New Securities (in a single transaction
or a series of related transactions), it shall give to each Participation Rights Holder written notice of its intention to issue
New Securities (the “First Participation Notice”) at least thirty (30) days prior to such issuance, describing
the amount and type of New Securities, the price and the general terms upon which the Company proposes to issue such New Securities.
Each Participation Rights Holder shall have fifteen (15) days from the date of receipt of any such First Participation Notice (the
 “First Participation Period”) to agree in writing to purchase such Participation Rights Holder’s Pro Rata
Share of such New Securities for the price and upon the terms and conditions specified in the First Participation Notice by giving
written notice to the Company and stating therein the quantity of New Securities to be purchased (not to exceed such Participation
Rights Holder’s Pro Rata Share). If any Participation Rights Holder fails to so agree in writing within such fifteen (15)
days period to purchase such Participation Rights Holder’s full Pro Rata Share of an offering of New Securities, then such
Participation Rights Holder shall forfeit the right hereunder to purchase that part of its Pro Rata Share of such New Securities
that it did not agree to purchase.

 

(b)          Second
Participation Notice; Oversubscription. If any Participation Rights Holder fails or declines to fully exercise its Right of
Participation in accordance with subsection (a) above, the Company shall promptly give notice (the “Second Participation
Notice”) to other Participation Rights Holders who fully exercised their Right of Participation (the “Right
Participants”) in accordance with subsection (a) above. Each Right Participant, other than a Participation Rights
Holder who fails or declines to fully exercise its Right of Participation in accordance with subsection (a) above, shall
have five (5) business days from the date of the Second Participation Notice (the “Second Participation Period”)
to notify the Company of its desire to purchase more than its Pro Rata Share of the New Securities, stating the number of the additional
New Securities it proposes to buy (the “Additional Number”). Such notice may be made by telephone if confirmed
in writing within in two (2) business days. If, as a result thereof, such oversubscription exceeds the total number of the remaining
New Securities available for purchase, each oversubscribing Right Participant will be cut back by the Company with respect to its
oversubscription to that number of remaining New Securities equal to the lesser of (x) the Additional Number and (y) the product
obtained by multiplying (i) the number of the remaining New Securities available for subscription by (ii) a fraction, the numerator
of which is the number of Ordinary Shares (calculated on a fully-diluted and as-converted basis) held by such oversubscribing Right
Participant and the denominator of which is the total number of Ordinary Shares (calculated on a fully-diluted and as-converted
basis) held by all the oversubscribing Right Participants.

 

(c)          Each
Right Participant shall be obligated to buy such number of New Securities pursuant to this Section 3.4 and the Company shall
so notify the Right Participants within twenty (20) business days following the date of the Second Participation Notice. The transaction
in connection with the New Securities shall be consummated within forty-five (45) days after the expiration of the Second Participation
Period.

 

3.5.        Failure
to Exercise. Upon the expiration of the Second Participation Period (or upon expiration of the First Participation Period in
the event that all Participation Rights Holders failed to fully exercise their Right of Participation), the Company shall have
one hundred and twenty days (120) days thereafter to sell the New Securities described in the First Participation Notice at the
same or higher price and upon non-price terms not materially more favorable to the purchasers thereof than specified in the First
Participation Notice, provided that the prospective purchaser of such New Securities shall comply with this Agreement and Restated
Articles, as may be amended from time to time, to the fullest extent. In the event that the Company has not issued and sold such
New Securities within such one hundred and twenty days (120) day period, then the Company shall not thereafter issue or sell any
New Securities without again first offering such New Securities to the Participation Rights Holders pursuant to this Section
3.

 

    	 	25	 

     

    

 

3.6.        Termination.
The Right of Participation for each Participation Rights Holder shall terminate upon an Initial Public Offering or a Listed Company’s
Acquisition (whichever is earlier).

 

		4.	TRANSFER RESTRICTIONS.

 

4.1.        Certain
Definitions. For purposes of this Section 4 only, “Ordinary Shares” means (i) the Company’s
outstanding Ordinary Shares, including both Class A Ordinary Shares and Class B Ordinary Shares, (ii) the Ordinary Shares issuable
upon exercise of outstanding options or warrants and (iii) the Ordinary Shares issuable upon conversion of any outstanding convertible
securities other than Preferred Shares; and “Ordinary Shareholder” means any holder of Ordinary Shares (excluding
Ordinary Shares issued upon conversion of Preferred Shares) of the Company other than China Best.

 

4.2.        Preferred
Shareholder’s and China Best’s Right of First Refusal. Subject to Section 4.5 of this Agreement, if any
Ordinary Shareholder proposes to sell or transfer any Ordinary Shares held by it (the “Selling Shareholder”),
then such Selling Shareholder shall promptly give written notice (the “Transfer Notice”) to the Company and
each of the Preferred Shareholders and China Best (the “Non-Selling Shareholders”) prior to such sale or transfer.
The Transfer Notice shall describe in reasonable detail the proposed sale or transfer including, without limitation, the number
of Ordinary Shares to be sold or transferred (the “Offered Shares”), the nature of such sale or transfer, the
consideration to be paid, and the name and address of each prospective purchaser or transferee. The Non-Selling Shareholders shall
have an option for a period of thirty (30) days from receipt of the Transfer Notice to elect to purchase the Offered Shares at
the same price and subject to the same terms and conditions as described in the Transfer Notice. The Non-Selling Shareholders may
exercise such purchase option and purchase all or any portion of the Offered Shares by notifying the Selling Shareholder in writing
before expiration of such thirty (30) days period as to the number of shares that it wishes to purchase. Each Non-Selling Shareholder
will have the right, exercisable upon providing written notice (the “Non-Selling Shareholder’s First Refusal Notice”)
to the Selling Shareholder, the Company and each other Non-Selling Shareholder within thirty (30) days after receipt of the Transfer
Notice (the “Non-Selling Shareholder’s First Refusal Period”) of its election to exercise its right of
first refusal hereunder. The Non-Selling Shareholder’s First Refusal Notice shall set forth the number of Offered Shares
that such Non-Selling Shareholder wishes to purchase, which amount shall not exceed the First Refusal Allotment (as defined below)
of such Non-Selling Shareholder. Such right of first refusal shall be exercised as follows:

 

(a)          First
Refusal Allotment. Each Non-Selling Shareholder shall have the right to purchase that number of the Offered Shares (the “First
Refusal Allotment”) equivalent to the product obtained by multiplying the aggregate number of the Offered Shares by a
fraction, the numerator of which is the number of Ordinary Shares (on an as-converted basis) held by such Non-Selling Shareholder
at the time of the transaction and the denominator of which is the total number of Ordinary Shares (on an as-converted basis) owned
by all Non-Selling Shareholders at the time of the transaction who have elected to participate in the right of first refusal purchase.
A Non-Selling Shareholder shall not have a right to purchase any of the Offered Shares unless it exercises its right of first refusal
within the Non-Selling Shareholder’s First Refusal Period to purchase all or any part of its First Refusal Allotment of the
Offered Shares.

 

    	 	26	 

     

    

 

(b)          If
any Non-Selling Shareholder elects not to exercise or fully exercise or fails to fully exercise such right of first refusal pursuant
to Section 4.2(a), the Selling Shareholder shall give notice of such election or failure (the “Re-allotment Notice”)
to each of the other Non-Selling Shareholders that elected to purchase its entire First Refusal Allotment of the Offered Shares
(the “Purchasing Holders”), which notice shall set forth the number of the Offered Shares not purchased by the
other Non-Selling Shareholders pursuant to Section 4.2(a) (such shares, the “Remaining Offered Shares”).
Such Re-allotment Notice may be made by telephone if confirmed in writing within two (2) business days. The Purchasing Holders
shall have a right of re-allotment such that they shall have five (5) days from the date such Re-allotment Notice (the “Extension
Period”) was given to elect to increase the number of the Offered Shares they agreed to purchase under Section 4.2(a).
Such right of re-allotment shall be subject to the following conditions: each Purchasing Holder shall first notify the Selling
Shareholder of its desire to increase the number of the Offered Shares it agreed to purchase under Section 4.2(a), stating
the number of the additional Offered Shares it proposes to buy (the “Additional Offered Shares”). Such notice
may be made by telephone if confirmed in writing within two (2) business days. If, as a result thereof, the total number of Additional
Offered Shares the Purchasing Holders propose to buy exceeds the total number of the Remaining Offered Shares, each Purchasing
Holder who proposes to buy more than such number of additional Offered Shares equal to the product obtained by multiplying (i)
the number of the Remaining Offered Shares by (ii) a fraction, the numerator of which is the number of the Ordinary Shares (calculated
on a fully-diluted and as-converted basis) held by such Purchasing Holder and the denominator of which is the total number of Ordinary
Shares (calculated on a fully-diluted and as-converted basis) held by all Purchasing Holders (an “Over-Purchasing Holder”)
will be cut back by the Selling Shareholder with respect to its over-purchase to that number of the Remaining Offered Shares equal
to the lesser of (x) its Additional Offered Shares and (y) the product obtained by multiplying (i) the number of the Remaining
Offered Shares available for over-purchase by (ii) a fraction, the numerator of which is the number of the Ordinary Shares
(calculated on a fully-diluted and as-converted basis) held by such Over-Purchasing Holder and the denominator of which is the
total number of the Ordinary Shares (calculated on a fully-diluted and as-converted basis) held by all the Over-Purchasing Holders.

 

(c)          Purchase
Price and Payment. The purchase price for the Offered Shares to be purchased by the Non-Selling Shareholders exercising their
right of first refusal will be the price set forth in the Transfer Notice, but will be payable as set forth below. If the purchase
price in the Transfer Notice includes consideration other than cash, the cash equivalent value of the non-cash consideration will
be as previously determined by the Board in good faith (including approval of all Investor Directors), which determination will
be binding upon the Company, the Selling Shareholder and the Non-Selling Shareholders, absent fraud or error. The transaction shall
be closed within forty-five (45) days following the date of the Transfer Notice and the payment of the purchase price shall be
made by wire transfer or check as directed by the Selling Shareholder.

 

    	 	27	 

     

    

 

(d)          Expiration
Notice. Within ten (10) days after the expiration of the Extension Period or the Non-Selling Shareholder’s First Refusal
Period, as applicable, the Company will give written notice (the “First Refusal Expiration Notice”) to the Selling
Shareholder and the Non-Selling Shareholders specifying either (i) that all of the Offered Shares were subscribed by the Non-Selling
Shareholders exercising their rights of first refusal, or (ii) that the Non-Selling Shareholders have not subscribed for all of
the Offered Shares in which case the First Refusal Expiration Notice will specify the Co-Sale Pro Rata Portion (as defined below)
of the remaining Offered Shares for the purpose of the co-sale right of the holders of the Preferred Shares described in the Section
4.3 below.

 

(d)          Rights
of a Selling Shareholder. If any Non-Selling Shareholder exercises its right of first refusal to purchase the Offered Shares,
then, upon the date the notice of such exercise is given by the Non-Selling Shareholder, the Selling Shareholder will have no further
rights as a holder of such Offered Shares except the right to receive payment for such Offered Shares from such Non-Selling Shareholder
in accordance with the terms of this Agreement, and the Selling Shareholder will forthwith cause all certificate(s) evidencing
such Offered Shares to be surrendered to the Company for transfer to such Non-Selling Shareholder.

 

4.3.        Preferred
Shareholder’s Co-Sale Right. In the event that the Non-Selling Shareholders have not exercised their right of first refusal
with respect to any or all of the Offered Shares, then the remaining Offered Shares not subscribed for under the right of first
refusal pursuant to Section 4.2 (excluding for purpose of this Section 4.3 Shares held by Dreamsome) above shall
be subject to co-sale rights under this Section 4.3 and each Non-Selling Shareholder that has not exercised any of its right
of first refusal with respect to the Offered Shares shall have the right, exercisable upon written notice to the Selling Shareholder,
the Company and each other Preferred Shareholder (the “Co-Sale Notice”) within thirty (30) days after receipt
of First Refusal Expiration Notice (the “Co-Sale Right Period”), to participate in such sale of the Offered
Shares on the same terms and conditions as set forth in the Transfer Notice. The Co-Sale Notice shall set forth the number of Ordinary
Shares (on both an absolute and as-converted to Ordinary Shares basis) that such participating Preferred Shareholder wishes to
include in such sale or transfer, which amount shall not exceed the Co-Sale Pro Rata Portion (as defined below) of such Non-Selling
Shareholder. To the extent one or more of the Non-Selling Shareholder exercise such right of participation in accordance with the
terms and conditions set forth below, the number of Ordinary Shares that such Selling Shareholder may sell in the transaction shall
be correspondingly reduced. The co-sale right of each Preferred Shareholder shall be subject to the following terms and conditions:

 

(a)          Co-Sale
Pro Rata Portion. Each Non-Selling Shareholder may sell all or any part of that number of Ordinary Shares held by it that is
equal to the product obtained by multiplying (x) the aggregate number of the Offered Shares subject to the co-sale right hereunder
by (y) a fraction, the numerator of which is the number of Ordinary Shares (on an as-converted basis) owned by such Non-Selling
Shareholder at the time of the sale or transfer and the denominator of which is the combined number of Ordinary Shares (on an as-converted
basis) at the time owned by all Non-Selling Shareholders who elect to exercise their co-sale rights (if any Non-Selling Shareholder
does not elect to exercise the co-sale right to the full extent then its Ordinary Shares (on as-converted basis) for calculation
in the denominator shall be proportionately reduced) and the Selling Shareholder (“Co-Sale Pro Rata Portion”).

 

    	 	28	 

     

    

 

(b)          Transferred
Shares. Each participating Non-Selling Shareholder shall effect its participation in the sale by promptly delivering to the
Selling Shareholder for transfer to the prospective purchaser one or more certificates, properly endorsed for transfer, which represent:

 

(i)          the
number of Ordinary Shares which such Non-Selling Shareholder elects to sell;

 

(ii)         that
number of Preferred Shares which is at such time convertible into the number of Ordinary Shares that such Non-Selling Shareholder
elects to sell; provided in such case that, if the prospective purchaser objects to the delivery of Preferred Shares in
lieu of Ordinary Shares, such Non-Selling Shareholder shall convert such Preferred Shares into Ordinary Shares and deliver Ordinary
Shares as provided in Subsection 4.3(b)(i) above. The Company agrees to make any such conversion concurrent with the actual
transfer of such shares to the purchaser; or

 

(iii)        a
combination of the above.

 

(c)          Payment
to Non-Selling Shareholder. The share certificate or certificates that the participating Non-Selling Shareholder delivers to
the Selling Shareholder pursuant to Section 4.3(b) shall be transferred to the prospective purchaser in consummation of
the sale of the Offered Shares pursuant to the terms and conditions specified in the Transfer Notice, and the Selling Shareholder
shall concurrently therewith remit to such Non-Selling Shareholder that portion of the sale proceeds to which such Non-Selling
Shareholder is entitled by reason of its participation in such sale. To the extent that any prospective purchaser or purchasers
prohibits such assignment or otherwise refuses to purchase any shares or other securities from a Non-Selling Shareholder exercising
its co-sale right hereunder, the Selling Shareholder shall not sell to such prospective purchaser or purchasers any Ordinary Shares
unless and until, simultaneously with such sale, the Selling Shareholder shall purchase such shares or other securities from such
Non-Selling Shareholder.

 

(d)          Right
to Transfer. To the extent the Non-Selling Shareholders do not elect to purchase, or to participate in the sale of, any or
all of the Offered Shares subject to the Transfer Notice, the Selling Shareholder may, not later than ninety (90) days following
delivery to the Company and each of the Non-Selling Shareholders of the Transfer Notice, conclude a transfer of the Offered Shares
covered by the Transfer Notice and not elected to be purchased by the Non-Selling Shareholders, which in each case shall be on
substantially the same terms and conditions as those described in the Transfer Notice. The Selling Shareholders shall cause any
prospective purchaser of such shares to comply with this Agreement and Restated Articles, as maybe amended from time to time, to
the fullest extent. Any proposed transfer on terms and conditions which are materially different from those described in the Transfer
Notice, as well as any subsequent proposed transfer of any Ordinary Shares by the Selling Shareholder, shall again be subject to
the right of first refusal of the Non-Selling Shareholders and the co-sale right of the Non-Selling Shareholder and shall require
compliance by the Selling Shareholder with the procedures described in Sections 4.2 and 4.3 of this Agreement.

 

    	 	29	 

     

    

 

4.4.        Permitted
Transfers. Notwithstanding anything to the contrary contained herein, the right of first refusal and co-sale rights of the
Non-Selling Shareholders as set forth in Section 4.2 and Section 4.3 above shall not apply to (a) any sale or transfer
of Ordinary Shares to the Company pursuant to a repurchase right or right of first refusal held by the Company in the event of
a termination of employment or consulting relationship; and (b) any transfer to the parents, children or spouse, or to trusts for
the benefit of such persons, of any Ordinary Shareholder for bona fide estate planning purposes (each transferee pursuant to the
foregoing subsections (a) and (b) a “Permitted Transferee”); provided that adequate documentation therefor
is provided to the Preferred Shareholder to their satisfaction and that any such Permitted Transferee agrees in writing to be bound
by this Agreement and Ancillary Agreements in place of the relevant transferor; provided, further, that such transferor
shall remain liable for any breach by such Permitted Transferee of any provision hereunder.

 

4.5.        Prohibited
Transfers. Except for transfers by any Ordinary Shareholder to its Permitted Transferees as provided in Section 4.4
above, none of the Ordinary Shareholders or their Permitted Transferees shall, without the prior written consent of the holders
of shares carrying at least a majority of the voting power of the then outstanding Series D Preferred Shares, the holders of shares
carrying at least a majority of the voting power of then outstanding Series C+ Preferred Shares and Series C-4 Preferred Shares,
the holders of shares carrying at least a majority of the voting power of then outstanding C Preferred Shares, the holders of at
least a majority of the then outstanding Series B-2 Preferred Shares, and the holders of shares carrying at least a majority of
the voting power of the then outstanding Series A Preferred Shares and Series B-1 Preferred Shares, sell, assign, transfer, pledge,
hypothecate, mortgage, encumber or otherwise dispose through one or a series of transactions any Company securities held by him
to any person on or prior to an Initial Public Offering or a Listed Company’s Acquisition (whichever is earlier). Any attempt
by a party to sell or transfer Ordinary Shares in violation of this Section 4 shall be void and the Company hereby agrees
it will not effect such a transfer nor will it treat any alleged transferee as the holder of such shares without the written consent
of the holders of shares carrying at least a majority of the voting power of the then outstanding Series D Preferred Shares, the
holders of shares carrying at least a majority of the voting power of the then outstanding Series C+ Preferred Shares and Series
C-4 Preferred Shares, the holders of shares carrying at least a majority of the voting power of the then outstanding Series C Preferred
Shares, the holders of at least a majority of the then outstanding Series B-2 Preferred Shares and the holders of shares carrying
at least a majority of the voting power of the then outstanding Series A Preferred Shares and Series B-1 Preferred Shares.

 

4.6.        Notwithstanding
anything to the contrary, Section 4.2, 4.3 and 4.5 shall not apply to any proposed transfer of Preferred Shares
or Ordinary Shares issued or issuable upon conversion of the Preferred Shares by the Investors, without prejudice to the rights
of the Investors to purchase any Offered Shares to be transferred by any other shareholders pursuant to Sections 4.2 and
4.3.

 

4.7.        The
shareholders specifically agree that the restrictions with regard to the transfer of the Ordinary Shareholders’ shares in
the Company as described under this Section 4 shall apply equally to transfer of the shares of the BVI Companies, as if
each of the provisions under this Section 4 has been repeated under this Section 4.7 with regard to transfer of the
shares of the BVI Companies except that the reference to the shares in the Company has been revised to refer to the shares in the
BVI Companies, as applicable, so that the result of such restrictions on the indirect transfer of the shares in the Company by
transferring the shares in the BVI Companies is the same as if the BVI Companies directly transfer the relevant shares in the Company.

 

    	 	30	 

     

    

 

4.8.        Restriction
on Indirect Transfers. Notwithstanding anything to the contrary contained herein, without the prior written approval of the
holders of shares carrying at least a majority of the voting power of the then outstanding Series D Preferred Shares, the holders
of shares carrying at least a majority of the voting power of the then outstanding Series C+ Preferred Shares and Series C-4 Preferred
Shares, the holders of shares carrying at least a majority of the voting power of the then outstanding Series C Preferred Shares,
the holders of at least a majority of the then outstanding Series B-2 Preferred Shares and the holders of shares carrying at least
a majority of the voting power of the then outstanding Series A Preferred Shares and Series B-1 Preferred Shares:

 

(a)          The
Founders shall not, directly or indirectly, sell, assign, transfer, pledge, hypothecate, mortgage, encumber or otherwise dispose
through one or a series of transactions any equity interest held, directly or indirectly, by him in the BVI Companies to any person;
and (ii) the BVI Companies shall not, and the Founders shall not cause the BVI Companies to, issue to any person any equity securities
of the BVI Companies or any options or warrants for, or any other securities exchangeable for or convertible into, such equity
securities of the BVI Companies.

 

(b)          the
Founders and the BVI Companies shall not, or shall not cause or permit any other person to, directly or indirectly, sell, assign,
transfer, pledge, hypothecate, mortgage, encumber or otherwise dispose through one or a series of transactions any equity interest
held or controlled by him or the BVI Companies respectively in the Company to any person. Any transfer in violation of this Section
4.8 shall be void and the Company hereby agrees it will not effect such a transfer nor will it treat any alleged transferee
as the holder of such equity interest.

 

(c)          Each
Group Company shall not, and the Founders shall not cause any Group Company to, issue to any person any equity securities of such
Group Company, or any options or warrants for, or any other securities exchangeable for or convertible into, such equity securities
of such Group Company.

 

4.9.        Guarantees
by the Founders. The Founders hereby jointly and severally guarantee and warrant the performance and obligations of the BVI
Companies under this Agreement.

 

4.10.      Legend.

 

(a)          Each
certificate representing the Ordinary Shares shall be endorsed with the following legend:

 

“THE SALE, PLEDGE, HYPOTHECATION
OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN A SHAREHOLDERS
AGREEMENT, A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.”

 

    	 	31	 

     

    

 

(b)          Each
party agrees that the Company may instruct its transfer agent to impose transfer restrictions on the shares represented by certificates
bearing the legend referred to in Section 4.10(a) above to enforce the provisions of this Agreement and the Company agrees
to promptly do so. The legend shall be removed upon termination of the provisions of this Section 4.

 

4.11.      Term.
The provisions under this Section 4 shall terminate upon the earlier to occur of (i) an Initial Public Offering, (ii) a
Listed Company’s Acquisition, or (iii) a Liquidation Event (as defined in Restated Articles).

 

		5.	Drag-Along Right.

 

5.1.        If
at any time after the third (3rd) anniversary of the Closing Date (as defined in the Series D-2 Share Purchase Agreement),
with the approval of (i) the holders of shares carrying at least a majority of the voting power of the then outstanding
Series D Preferred Shares, (ii) the holders of shares carrying at least a majority of the voting power of the then
outstanding Series C+ Preferred Shares and Series C-4 Preferred Shares, (iii) the holders of shares carrying at least a
majority of the voting power of the then outstanding Series C Preferred Shares, (iv) the holders of at least a majority of
the then outstanding Series B-2 Preferred Shares, (v) the holders of shares carrying at least a majority of the voting power
of the then outstanding Series A Preferred Shares and Series B-1 Preferred Shares, and (vi) the holders of shares carrying at
least a majority of the voting power of the then outstanding Ordinary Shares (excluding Ordinary Shares held by Dreamsome and
China Best and Ordinary Shares issued under the Company’s employee share option plans) (collectively
“Drag-Along Requestors”) of a proposed Acquisition (as defined below), then, in any such event, upon
written notice from such any Drag-Along Requestor requesting them to do so, each holder of the Shares and the Founders shall
(i) vote, or give their written consent with respect to, all the Shares directly or indirectly held by them in favor of such
proposed Acquisition and in opposition of any proposal that could reasonably be expected to delay or impair the consummation
of any such proposed Acquisition; (ii) refrain from exercising any dissenters’ rights or rights of appraisal under
applicable law at any time with respect to or in connection with such proposed Acquisition; (iii) if such proposed
Acquisition is a sale of Shares of the Company, to sell the same proportion of Shares of the Company held by such holder as
is being sold by the Drag-Along Requestors to the person(s) to whom the Drag-Along Requestors propose to sell their Shares,
and on the same terms and conditions as the Drag-Along Requestor(s); and (iv) execute and deliver all documentation and take
all actions reasonably necessary to consummate the proposed Acquisition, including without limitation amending the then
existing Memorandum and Articles of Association of the Company.

 

5.2.        For
purposes of this Section 5, an “Acquisition” shall mean (i) a sale, lease, transfer or other disposition
of all or substantially all of the assets of the Company, (ii) a transfer or an exclusive licensing of all or substantially all
of the intellectual property of the Company, (iii) a sale, transfer or other disposition of a majority of the issued and outstanding
share capital of the Company or a majority of the voting power of the Company; or (iv) a merger, consolidation or other business
combination of the Company with or into any other business entity in which the shareholders of the Company immediately after such
merger, consolidation or business combination hold shares representing less than a majority of the voting power of the outstanding
share capital of the surviving business entity.

 

    	 	32	 

     

    

 

		6.	ASSIGNMENT AND AMENDMENT.

 

6.1.        Assignment
and Amendment. Notwithstanding anything herein to the contrary:

 

(a)          Information
Rights; Registration Rights. The Information and Inspection Rights under Section 1.1 may be assigned to any holder of
Preferred Shares; and the registration rights of the Holders under Section 2 may be assigned to any Holder or to any person
acquiring Registrable Securities, provided, however, that in either case no party may be assigned any of the foregoing
rights unless the Company is given written notice by the assigning party stating the name and address of the assignee and identifying
the securities of the Company as to which the rights in question are being assigned; provided further, that any such assignee
shall receive such assigned rights subject to all the terms and conditions of this Agreement, including without limitation the
provisions of this Section 6.

 

(b)          Right
of Participation; Right of First Refusal; Co-Sale Right; Drag-along Right. The rights of the Preferred Shareholders under Sections
3 to Section 5 are fully assignable in connection with a transfer of shares of the Company by such Preferred Shareholder;
provided, however, that no party may be assigned any of the foregoing rights unless the Company is given written
notice by the applicable Preferred Shareholder stating the name and address of the assignee and identifying the securities of the
Company as to which the rights in question are being assigned; and provided further, that any such assignee shall receive
such assigned rights subject to all the terms and conditions of this Agreement.

 

6.2.        Amendment
of Rights. Any provision in this Agreement may be amended and the observance thereof may be waived (either generally or in
a particular instance and either retroactively or prospectively), only by the written consent of (i) as to the Company, only by
the Company; (ii) as to the Series D Investors, by persons or entities holding shares carrying at least a majority of the voting
power of the then outstanding Series D Preferred Shares; provided, however, that any holder of Series D Preferred
Shares may waive any of its rights hereunder without obtaining the consent of any other holders of Series D Preferred Shares; (iii)
as to the Series C+ Investors and Series C-4 Investors, by persons or entities holding shares carrying at least a majority of the
voting power of the then outstanding Series C+ Preferred Shares and Series C-4 Preferred Shares; provided, however,
that any holder of Series C+ Preferred Shares or Series C-4 Preferred Shares may waive any of its rights hereunder without obtaining
the consent of any other holders of Series C+ Preferred Shares and/or Series C-4 Preferred Shares; (iv) as to the Series C Investors,
by persons or entities holding shares carrying at least a majority of the voting power of the then outstanding Series C Preferred
Shares; provided, however, that any holder of Series C Preferred Shares may waive any of its rights hereunder without
obtaining the consent of any other holders of Series C Preferred Shares; (v) as to the Series B-2 Investors, by persons or entities
holding at least a majority of the then outstanding Series B-2 Preferred Shares; provided, however, that any holder
of Series B-2 Preferred Shares may waive any of its rights hereunder without obtaining the consent of any other holders of Series
B-2 Preferred Shares; (vi) as to the Series B-1 Investors, by persons or entities holding at least a majority of the then outstanding
Series B-1 Preferred Shares; provided, however, that any holder of Series B-1 Preferred Shares may waive any of its
rights hereunder without obtaining the consent of any other holders of Series B-1 Preferred Shares; (v) as to the Series A Investors,
by persons or entities holding at least a majority of the then outstanding Series A Preferred Shares; provided, however,
that any holder of Series A Preferred Shares may waive any of its rights hereunder without obtaining the consent of any other holders
of Series A Preferred Shares; and (vi) as to the holders of Ordinary Shares, by persons or entities holding shares carrying at
least a majority of the voting power of the then outstanding Ordinary Shares; provided, however, that any holder
of Ordinary Shares may waive any of its rights hereunder without obtaining the consent of any other holders of Ordinary Shares.
Any amendment or waiver effected in accordance with this Section 6.2 shall be binding upon the Company, the Investors, the
holders of Ordinary Shares and their respective assigns.

 

    	 	33	 

     

    

 

		7.	CONFIDENTIALITY AND NON-DISCLOSURE.

 

7.1.        Disclosure
of Terms. The terms and conditions of this Agreement and the Series A Share Purchase Agreement, the Series B-1 Share Purchase
Agreement, the Series B-2 Share Purchase Agreement, the Series C Share Purchase Agreement, the Warrant, the Series C+ Share Purchase
Agreement, the Series C-4 Share Purchase Agreement, the Series D-1 Share Purchase Agreement and the Series D-2 Share Purchase Agreement
and all exhibits attached to such agreements (collectively, the “Financing Terms”), including their existence,
shall be considered confidential information and shall not be disclosed by any party hereto to any third party except in accordance
with the provisions set forth below; provided that such confidential information shall not include any information that
is in the public domain other than caused by the breach of the confidentiality obligations hereunder.

 

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

 

7.3.        Permitted
Disclosures. Notwithstanding the foregoing, any party may disclose any of the Financing Terms to its current or bona fide prospective
investors, employees, investment bankers, lenders, partners, accountants and attorneys, in each case only where such persons or
entities have the need to know such information and are subject to appropriate nondisclosure obligations. Without limiting the
generality of the foregoing, the Investors shall be entitled to disclose the Financing Terms for the purposes of fund reporting
or inter-fund reporting or to their fund manager, other funds managed by their fund manager and their respective auditors, counsel,
directors, officers, employees, shareholders or investors.

 

7.4.        Legally
Compelled Disclosure. In the event that any party is requested or becomes legally compelled (including without limitation,
pursuant to securities laws and regulations) to disclose the existence of this Agreement, the Series A Share Purchase Agreement,
the Series B-1 Share Purchase Agreement, the Series B-2 Share Purchase Agreement, the Series C Share Purchase Agreement, the Warrant,
the Series C+ Share Purchase Agreement, the Series C-4 Share Purchase Agreement, the Series D-1 Share Purchase Agreement or the
Series D-2 Share Purchase Agreement, or any of the exhibits attached to such agreements, or any of the Financing Terms hereof in
contravention of the provisions of this Section 7, such party (the “Disclosing party”) shall provide
the other parties (the “Non-Disclosing Parties”) with prompt written notice of that fact and use all reasonable
efforts to seek (with the cooperation and reasonable efforts of the other parties) a protective order, confidential treatment or
other appropriate remedy. In such event, the Disclosing party shall furnish only that portion of the information which is legally
required to be disclosed and shall exercise reasonable efforts to keep confidential such information to the extent reasonably requested
by any Non-Disclosing party.

 

    	 	34	 

     

    

 

7.5.        Other
Information. The provisions of this Section 7 shall be in addition to, and not in substitution for, the provisions of
any separate nondisclosure agreement executed by any of the parties with respect to the transactions contemplated hereby.

 

7.6.        Notices.
All notices required under this section shall be made pursuant to Section 10.1 of this Agreement.

 

		8.	PROTECTIVE PROVISIONS.

 

8.1.        In
addition to such other limitations as may be provided in the Restated Articles, for so long as any Preferred Shares are outstanding,
each Group Company shall not, and the Founders and the BVI Companies shall procure that each Group Company shall not, take any
of the following actions without the affirmative vote or prior written consent of (i) the holders of shares carrying more than
fifty percent (50%) of the voting power of the then outstanding Series D Preferred Shares, (ii) the holders of shares carrying
more than fifty percent (50%) of the voting power of the then outstanding Series C+ Preferred Shares and Series C-4 Preferred Shares,
(iii) the holders of shares carrying more than fifty percent (50%) of the voting power of the then outstanding Series C Preferred
Shares, (iv) the holders of more than fifty percent (50%) of the then outstanding Series B-2 Preferred Shares, and (v) holders
of shares carrying more than fifty percent (50%) of the voting power of the then outstanding Series A Preferred Shares and Series
B-1 Preferred Shares (voting as separate classes):

 

(a)          any
amendment or change of the rights, preferences, privileges or powers of, or the restrictions provided for the benefit of any of,
the Preferred Shares;

 

(b)          any
action that authorizes, creates or issues any class of shares of the capital of the Company having preferences superior to or on
a parity with any of the Preferred Shares or any new issuance of any securities of the Company;

 

(c)          any
action that reclassifies any outstanding shares into shares having preferences or priority as to dividends or assets superior to
or on a parity with the preference of any of the Preferred Shares;

 

(d)          any
repurchase or redemption of the equity securities of any Group Company other than pursuant to (i) the contractual rights to repurchase
the Ordinary Shares or Preferred Shares from the employees, directors or consultants of any Group Company upon termination of their
employment or services pursuant to the stock incentive plan or other equity incentive programs, or (ii) the redemption rights provided
under the Company’s Memorandum and Articles of Association or other charter documents of any Group Company;

 

(e)          any
increase, decrease or cancellation of the authorized or issued share capital of any Group Company or any issuance, allotment, or
sale of any shares or securities convertible into or carrying a right of subscription in respect of shares or any share warrants
or grant or issue any options rights or warrants or which may require the issue of shares in the future or do any act which has
the effect of diluting or reducing the effective shareholding of the Investors in the Company;

 

    	 	35	 

     

    

 

(f)           any
amendment, modification or change of the Company’s Memorandum and Articles of Association or other charter documents of any
Group Company;

 

(g)          any
dividend or distribution of the profits of the Company by way of dividend (interim or final), capitalization of reserves or otherwise,
or any declaration therefor;

 

(h)          any
increase or decrease of the authorized size of the board of directors of any Group Company, or amend the rules of appointing the
directors as provided herein, or amend the power of any Director;

 

(i)           any
sale of all or substantially of any of the Group Company’s assets, goodwill, or any material asset or undertaking of any
Group Company;

 

(j)           commencement
of any liquidation, dissolution, winding up or termination of any Group Company;

 

(k)          any
merger, consolidation or amalgamation of any Group Company with any other entity or entities or any spin-off, sub-division, or
any transaction in which the control of any Group Company is transferred, or any other transaction of a similar nature or having
a similar economic effect as any of the foregoing, or other forms of restructuring of any Group Company;

 

(l)           the
initial public offering of any of the Shares or other equity or debt securities of any Group Company (or as the case may be, the
shares or securities of the relevant entity resulting from any merger, reorganization or other arrangements made by or to the Company
for the purposes of public offering);

 

(m)         any
other event which may negatively affect the rights, preferences, privileges or powers of the Investors herein;

 

provided that, where a special
resolution or an ordinary resolution, as the case may be, is required by applicable statute to approve any of the matters listed
above, and such matter has not received consent of the holders of shares carrying more than fifty percent (50%) of the voting power
of the then outstanding Series D Preferred Shares, the holders of shares carrying more than fifty percent (50%) of the voting power
of the then outstanding Series C+ Preferred Shares and Series C-4 Preferred Shares, the holders of shares carrying more than fifty
percent (50%) of the voting power of the then outstanding Series C Preferred Shares, and the holders of more than fifty percent
(50%) of the then outstanding Series B-2 Preferred Shares, and holders of shares carrying more than fifty percent (50%) of the
voting power of the then outstanding Series B-1 Preferred Shares and Series A Preferred Shares (voting as separate classes), then
the Shares held by the holders who voted against the special resolution or the ordinary resolution, as the case may be, shall together
carry the number of votes equal to the votes of all members who voted for the resolution plus one.

 

    	 	36	 

     

    

 

8.2.        In
addition to such other limitations as may be provided in the Restated Articles, for so long as any Preferred Shares are outstanding,
each Group Company shall not, and the Founders and the BVI Companies shall procure that each Group Company shall not, take any
of the following actions without the prior written approval of the Board (including the approval of all Investor Directors):

 

(a)          ceasing
to conduct or carrying on the business of any Group Company substantially as now conducted, any Group Company entering into any
new business lines or changing any part of its business activities;

 

(b)          deciding
on the terms and conditions of the appointment of, and the compensation and salaries payable to, the Chief Executive Officer, Chief
Financial Officer, Chief Operating Officer and President of any Group Company, and any variations to any of such terms, conditions,
compensation or salaries (provided that determination of such terms, conditions, compensation or salaries shall also be subject
to the board approval);

 

(c)          any
approval of or amendment to or implementation of any stock incentive plan (including the ESOP, as defined in Section 9.6)
or increase the number of shares reserved for any equity incentive plan (including the ESOP);

 

(d)          any
increase in aggregate compensation (including all benefits and bonus) of any of the five most highly compensated employees or officers
of any Group Company by more than fifty percent (50%) in a twelve (12) months period;

 

(e)          any
disposing of or licensing to any third party any patent, brand, copyright, trademark or any intellectual property of the Group
Company, unless such transaction occurs in the ordinary course of business of the Group Company and on normal commercial terms
and has been fully disclosed in writing to the Preferred Shareholders prior to the entering into of such transaction;

 

(f)           borrowing
any money or obtaining any financial facilities except pursuant to trade facilities obtained from banks or other financial institutions
in the ordinary course of business;

 

(g)          making
any loan or advance or giving any credit to any Person outside the ordinary course of business;

 

(h)          any
investment in securities (excluding fixed-income securities) in a single transaction or a series of transactions where such investment
would in the aggregate exceed US$1,000,000, or any investment in futures or derivatives;

 

(i)           any
incurrence of pledge, lien or charge (whether by way of fixed or floating change, mortgage encumbrance or other security) on all
or any of the undertaking, assets or rights of any Group Company except those provided to other Group Companies or for the purpose
of securing borrowings from banks or other financial institutions in the ordinary course of business in an aggregate amount not
to exceed US$1,000,000;

 

(j)           any
incurrence of material transaction outside the ordinary course of business of any Group Company in excess of US$1,000,000 or of
any capital expenditure greater than US$1,000,000;

 

    	 	37	 

     

    

 

(k)          any
action to approve or make adjustments or modifications to terms of transactions between any directors, officers, or shareholders
of any Group Company and any Group Company, including but not limited to the making of any loans or advances, whether directly
or indirectly, or the provision of any guarantee, indemnity or security for or in connection with any indebtedness of liabilities
of any director or shareholder of any Group Company;

 

(l)           the
adoption of and significant modifications to the annual budget or business plan of any Group Company;

 

(m)         any
appointment, replacement or removal of the auditor or any alteration of the fiscal or auditing policy of any Group Company, or
change the financial year of the Company;

 

(n)         acquiring
or disposing of any investment into any entity (regardless if such investment may be capitalized on the Company’s balance
sheet or not), in a single transaction or a series of transactions where such investment would in the aggregate exceed US$1,000,000,
or incur any commitment in excess of US$1,000,000 at any time in respect of any one transaction or in excess of US$2,000,000 at
any time in related transactions in any financial year of the Company and/or any subsidiary;

 

(o)          any
acquisition or formation of any subsidiary or acquisition of the whole or any substantial part of the undertakings, assets or business
of any other company or any entity or any entry into any joint venture or partnership with any other entity or any entry into any
merger, consolidation or restructure, in excess of a consideration of more than US$2,000,000;

 

(p)          any
action to enter into any related party transaction or hiring any relative of any Founder by any Group Company; or

 

(q)          any
amendment, extension or termination of the Control Documents (as defined in the Series D-2 Share Purchase Agreement).

 

		9.	OTHER UNDERTAKINGS OF THE COMPANY, THE GROUP COMPANIES
AND THE FOUNDERS

 

9.1.        Tax
Matters.

 

(a)          The
Company shall not, without the written consent of an Investor, issue or transfer securities in the Company to such Investor if
following such issuance or transfer the Company, in the determination of counsel or accountants for such Investor, would be a “Controlled
Foreign Corporation” (“CFC”) as defined in the U.S. Internal Revenue Code of 1986, as amended (or any
successor thereto) (the “Code”) with respect to the securities held by such Investor. No later than two (2)
months following the end of each Company taxable year, the Company shall provide the following information to each Investor: (i)
the Company’s capitalization table as of the end of the last day of such taxable year and (ii) a report regarding the Company’s
status as a CFC. In addition, the Company shall provide the Investor with access to such other Company information as may be required
by the Investor to determine the Company’s status as a CFC to determine whether such Investor is required to report its pro
rata portion of the Company’s “Subpart F income” (as defined in Section 952 of the Code) on its United States
federal income tax return, or to allow the Investor to otherwise comply with applicable United States federal income tax laws.
The Company shall make due inquiry with its tax advisors on at least an annual basis regarding its status as a CFC and regarding
whether any portion of the Company’s income is Subpart F income. In the event that the Company is determined by the Company’s
tax advisors or by counsel or accountants for the Investor to be a CFC with respect to the securities held by the Investor, the
Company agrees to use commercially reasonable efforts to avoid generating Subpart F income. In the event that the Company is determined
by counsel or accountants for the Investor to be a CFC with respect to the securities held by the Investor, the Company agrees,
to the extent permitted by law, to annually make dividend distributions to the Investor in an amount equal to 50% of any income
deemed distributed to the Investor pursuant to Section 951(a) of the Code.

 

    	 	38	 

     

    

 

(b)          The
Company will not be at any time during the calendar year in which the Closing (as defined in the Series B-2 Share Purchase Agreement)
occurs a “passive foreign investment company” within the meaning of Section 1297 of the Code (a “PFIC”).
The Company shall use its best efforts to avoid being a PFIC. The Company shall make due inquiry with its tax advisors on at least
an annual basis regarding its status as a PFIC, and if the Company is informed by its tax advisors that it has become a PFIC, or
that there is a likelihood of the Company being classified as a PFIC for any taxable year, the Company shall promptly notify each
Investor of such status or risk, as the case may be. In connection with a “Qualified Electing Fund” election made by
the Investor pursuant to Section 1295 of the Code or a “Protective Statement” filed by the Investor pursuant to Treasury
Regulation Section 1.1295-3, as amended (or any successor thereto), the Company shall provide annual financial information to the
Investor in the form satisfactory to the Investor as soon as reasonably practicable following the end of each taxable year of such
Investor (but in no event later than 90 days following the end of each such taxable year), and shall provide the Investor with
access to such other Company information as may be required for purposes of filing U.S. federal income tax returns in connection
with such Qualified Electing Fund election or Protective Statement. In the event that the Investor who has made a “Qualified
Electing Fund” election must include in its gross income for a particular taxable year its pro rata share of the Company’s
earnings and profits pursuant to Section 1293 of the Code, the Company agrees, to the extent permitted by law, to make a dividend
distribution to the Investor (no later than 90 days following the end of the Investor’s taxable year or, if later, 90 days
after the Company is informed by the Investor that the Investor has been required to recognize such an income inclusion) in an
amount equal to 50% of the amount so included by the Investor.

 

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

 

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

 

    	 	39	 

     

    

 

9.2.        Control
of Subsidiaries.

 

(a)          The
Company shall at any time institute and shall keep in place arrangements reasonably satisfactory to the Board (including all Investor
Directors) such that the Company will be permitted to properly consolidate the financial results for any direct or indirect Subsidiary
of the Company (including without limitation the PRC Companies) in consolidated financial statements for the Company prepared under
IFRS or U.S. GAAP.

 

(b)          The
Company shall use its best efforts to maintain any direct or indirect Subsidiary, whether now in existence or formed in the future,
as is necessary to conduct the Business as conducted or as proposed to be conducted.

 

(c)          The
Company shall comply, and shall use its best efforts to cause any direct or indirect Subsidiary, whether now in existence or formed
in the future (including without limitation the Group Companies), to comply, in all material respects with all applicable laws.
Without limiting the generality of the foregoing, each Group Company shall not, and the Founders shall cause their respective Affiliates,
officers, directors, and representatives not to, directly or indirectly, (a) offer or give anything of value to any official with
the intent of obtaining any improper advantage, affecting or influencing any act or decision of any such person, assisting any
Group Company in obtaining or retaining business for, or with, or directing business to, any Person, or constituting a bribe, kickback
or illegal or improper payment to assist any Group Company in obtaining or retaining business; (b) take any other action, in each
case, in violation of the Foreign Corrupt Practices Act of the United States of America, as amended (as if it were a U.S. Person),
or any other applicable similar anti-corruption, recordkeeping and internal controls Laws; or (c) establish or maintain any fund
or assets in which any Group Company has proprietary rights that have not been recorded in the books and records of such Group
Company.

 

9.3.        Control
Documents.

 

(a)          Each
Group Company, each of the Founders and the BVI Companies, hereby jointly and severally represent and warrant to the Investors
that as of the date hereof and as of the Closing, each of the statements contained in this Section 9.3(a) is true, accurate
and complete:

 

(i)          Each
Group Company, the Founders and other parties to the Control Documents has the legal right, power and authority (corporate and
other) to enter into and perform its/his/her obligations under each Control Document to which it/he/she is a party and has taken
all necessary corporate action to authorize the execution, delivery and performance of, and has authorized, executed and delivered,
each Control Document to which it/he/she is a party.

 

(ii)         Each
Control Document constitutes a valid and legally binding obligation of the parties named therein enforceable in accordance with
its terms, except (A) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other
laws of general application relating to or affecting the enforcement of creditors’ rights generally, (B) as limited by laws
relating to the availability of specific performance, injunctive relief, or other equitable remedies.

 

    	 	40	 

     

    

 

(iii)        The
execution and delivery by each party named in each Control Document, and the performance by such party of its obligations thereunder
and the consummation by it of the transactions contemplated therein shall not (A) result in any violation of, be in conflict with,
or constitute a default under, with or without the passage of time or the giving of notice, any provision of its constitutional
documents as in effect at the date hereof, any applicable law, or any contract to which a Group Company is a party or by which
a Group Company is bound, (B) accelerate, or constitute an event entitling any person to accelerate, the maturity of any indebtedness
or other liability of any Group Company or to increase the rate of interest presently in effect with respect to any indebtedness
of any Group Company, or (C) result in the creation of any lien, claim, charge or encumbrance upon any of the properties or assets
of any Group Company.

 

(iv)       All
permits and consents required in connection with the Control Documents have been made or unconditionally obtained in writing, and
no such permit or consent has been withdrawn or be subject to any condition precedent which has not been fulfilled or performed.

 

(v)        Each
Control Document is in full force and effect and no party to any Control Document is in breach or default in the performance or
observance of any of the terms or provisions of such Control Document. None of the parties to any Control Document has sent or
received any communication regarding termination of or intention not to renew any Control Document, and no such termination or
non-renewal has been threatened by any of the parties thereto.

 

(b)          Each
Group Company, each of the Founders and the BVI Companies hereby jointly and severally covenants to the Investor that during the
term of the Control Documents, it/she/she shall and shall procure each party to the relevant Control Documents to fully perform
its/his/her respective obligations thereunder and carry out the terms and the intent of the Control Documents. If any of the Control
Documents becomes illegal, void or unenforceable under PRC laws after the date hereof, each Group Company, each of the Founders
and the BVI Companies shall devise a feasible alternative legal structure which gives effect to the intentions of the Control Documents
and the economic arrangement thereunder as closely as possible, subject to the approval of the Board pursuant to Section 8.2.

 

(c)          The
parties hereby acknowledge and agree that, as part of the consideration for the Investors’ subscription of Preferred Shares
and other valuable consideration, the Company and any of its current or future Subsidiaries have the option, exercisable by the
Company or any of its current or future Subsidiaries, as the case may be, at any time (provided that such purchase by the Company
or any of its current or future subsidiaries is permitted under the then applicable laws of the PRC) to purchase or transfer to
an Affiliate of the Company the entire equity interest of Beijing Tuanche from the shareholders of such companies at the lowest
amount permitted under the then applicable Laws of the PRC. The parties further agree to effect such transfer of equity interest
in Beijing Tuanche upon receipt of the written request of the Investors, provided that such transfer shall at the time of such
request be permissible under the then applicable laws and regulations of the PRC.

 

    	 	41	 

     

    

 

9.4.        PRC
Matters.

 

(a)          The
Founders shall use their best efforts to ensure that all filings and registrations with the relevant PRC governmental authorities
required in respect of the Group Companies and the BVI Companies, including the registrations with the Ministry of Commerce (or
any predecessors), the Ministry of Industry and Information Technology, the State Administration of Industry and Commerce, the
State Administration of Foreign Exchange (“SAFE”), tax bureau, customs authorities, product registration authorities,
health regulatory authorities and the local counter part of each of the aforementioned governmental authorities, as applicable,
shall be duly completed in accordance with the relevant laws and regulations.

 

(b)          If
any direct or beneficiary owner of shares of the Company, including, without limitation, Ordinary Shares and Preferred Shares,
or any other equity securities (each, a “Company Security Holder”) is a “Domestic Individual Resident”
(境内居民个人) as defined in
the Notice on Relevant Issues Concerning Foreign Exchange Administration for Domestic Residents to Engage in Overseas Investment
and Financing and Round Trip Investment via Overseas Special Purpose Companies issued by SAFE on July 14, 2014, and by any
successor rule or regulation under PRC law, including but not limited to any rule or regulation interpreting or setting forth provisions
for implementation of any of the foregoing (collectively, “Circular 37”), and is subject to the SAFE registration
or reporting requirements under Circular 37, in each case as determined by the Board of Directors or counsel to the Company, the
Company shall promptly obtain a power of attorney reasonably satisfactory to the Board of Directors (including all Investor Directors)
from such Company Security Holder, and the Company shall cause the designated representative under such power of attorney to take
such actions and execute such instruments on behalf of such Company Security Holder to comply with the applicable SAFE registration
or reporting requirements under Circular 37 as determined in the sole discretion of the Board of Directors or counsel to the Company
(provided that such action by the Company or its designated representative is permitted and feasible under the then applicable
laws of the PRC). The Group Companies and the BVI Companies shall fully comply with all applicable PRC laws and regulations relating
to the filing, registration and reporting to SAFE or any of its local branches with respect to any foreign exchange transactions,
investments, changes or occurrence of significant events.

 

9.5.        Employment
Matters. Unless otherwise unanimously agreed to in writing by all Investor Directors, the Company shall require all employees
and consultants, if any, now or hereafter employed or retained by any Group Company to enter into a confidential information, invention
assignment, non-compete and non-solicitation agreement requiring such persons to protect and keep confidential each Group Company’s
confidential information, intellectual property and trade secrets, prohibiting such persons from competing with the Group Companies
during their tenure with any Group Company, prohibiting such employees from soliciting the employees and consultants of the Group
Companies for a reasonable time after their tenure with any Group Company, and requiring such employees to assign all ownership
rights in their work product to the Group Companies to the maximum extent permitted by all applicable laws.

 

    	 	42	 

     

    

 

9.6.        Employee
Stock Option Plan.

 

(a)          Any
grant of awards under any equity incentive plan of the Company (“ESOP”) shall be subject to the approval of
the Compensation Committee.

 

(b)          All
persons receiving shares or exercising options or other securities awarded under the ESOP shall be required and agree in writing
to be bound by the terms of this Agreement as a “Restricted Holder”.

 

(c)          To
the extent required by PRC laws and regulations, the Company shall cause the WFOE and/or each participant of the ESOP who is a
 “Domestic Individual Resident” (境内居民个人)
as defined under Circular 37 to obtain all authorizations, consents, orders and approvals of all applicable governmental authorities
and officials that may be or become necessary for any actions contemplated by the ESOP or the relevant award agreements. The Company
shall not award any shares to any participant of the ESOP who is a “Domestic Company” (as defined under Circular 37)
or allow any optionee who is a “Domestic Individual Resident” to exercise any granted options before all authorizations,
consents, orders or approvals of any required governmental authorities or officials required under applicable PRC laws have been
obtained.

 

		10.	GENERAL PROVISIONS.

 

10.1.      Notices.
Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement
shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party, upon delivery;
(b) when sent by facsimile at the number set forth in Exhibit A hereto, upon receipt of confirmation of error-free transmission;
(c) seven (7) business days after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid and addressed
to the other party as set forth in Exhibit A; or (d) three (3) business days after deposit with an international overnight
delivery service, postage prepaid, addressed to the parties as set forth in Exhibit A with next business day delivery guaranteed,
provided that the sending party receives a confirmation of delivery from the delivery service provider. Each person making a communication
hereunder by facsimile shall promptly confirm by telephone to the person to whom such communication was addressed each communication
made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication.
A party may change or supplement the addresses given above, or designate additional addresses, for purposes of this Section
10.1 by giving the other party written notice of the new address in the manner set forth above.

 

10.2.      Entire
Agreement. This Agreement and the Series A Share Purchase Agreement, the Series B-1 Share Purchase Agreement, the Series B-2
Share Purchase Agreement, the Series C Share Purchase Agreement, the Warrant, the Series C+ Share Purchase Agreement, the Series
C-4 Share Purchase Agreement, the Series D-1 Share Purchase Agreement, the Series D-2 Share Purchase Agreement and any Ancillary
Agreements thereto, together with all the exhibits hereto and thereto, constitute and contain the entire agreement and understanding
of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements,
understandings, duties or obligations between the parties respecting the subject matter hereof. Capitalized terms which are not
defined hereinto shall have the same meaning as such in the Series D-2 Share Purchase Agreement. Each of the parties to the Prior
SHA hereby agree that, with effect immediately after the Closing, the Prior SHA shall be superseded and replaced in its entirety
by this Agreement. In consideration of the mutual covenants and promises contained herein, each of the parties to the Prior SHA
hereby confirms and covenants with each of the other parties thereto that, with effect immediately after Closing: (i) none of the
parties to the Prior SHA have or shall have any rights, claims or interests whatsoever against any of the other parties to the
Prior SHA under or in respect of the Prior SHA; and (iii) to the extent that any of the parties to the Prior SHA have or may have
any rights, claims or interests whatsoever against any of the other parties thereto under or in respect of the Prior SHA, such
rights, claims or interests are hereby absolutely, irrevocably and unconditionally waived, discharged and released by the parties
concerned.

 

    	 	43	 

     

    

 

10.3.       Governing
Law. This Agreement shall be governed by and construed exclusively in accordance with the laws of the Hong Kong SAR without
regard to principles of conflicts of law thereunder.

 

10.4.       Severability.
If any provision of this Agreement is found to be invalid or unenforceable, then such provision shall be construed, to the extent
feasible, so as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby
on substantially the same terms as originally set forth herein, and if no feasible interpretation would save such provision, it
shall be severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed provision
is essential to the rights or benefits intended by the parties. In such event, the parties shall use best efforts to negotiate,
in good faith, a substitute, valid and enforceable provision or agreement which most nearly effects the parties’ intent in
entering into this Agreement.

 

10.5.       Third
Parties. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties hereto
and their permitted successors and assigns any rights or remedies under or by reason of this Agreement.

 

10.6.       Successors
and Assigns. Subject to the provisions of Section 6.1, the provisions of this Agreement shall inure to the benefit of,
and shall be binding upon, the successors and permitted assigns of the parties hereto.

 

10.7.       Interpretation;
Captions. This Agreement shall be construed according to its fair language. The rule of construction to the effect that ambiguities
are to be resolved against the drafting party shall not be employed in interpreting this Agreement. The captions to sections of
this Agreement have been inserted for identification and reference purposes only and shall not be used to construe or interpret
this Agreement. Unless otherwise expressly provided herein, all references to Sections and Exhibits herein are to Sections and
Exhibits of this Agreement.

 

10.8.       Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

 

10.9.       Adjustments
for Share Splits, Etc. Wherever in this Agreement there is a reference to a specific number of shares of Preferred Shares or
Ordinary Shares of the Company, then, upon the occurrence of any subdivision, combination or share dividend of the Preferred Shares
or Ordinary Shares, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted
to reflect the effect on the outstanding shares of such class or series of shares by such subdivision, combination or share dividend.

 

    	 	44	 

     

    

 

10.10.     Aggregation
of Shares. All Preferred Shares or Ordinary Shares held or acquired by affiliated entities or persons (as defined in Rule 144
under the Securities Act) shall be aggregated together for the purpose of determining the availability of any rights under this
Agreement.

 

10.11.     Shareholders
Agreement to Control. If and to the extent that there are inconsistencies between the provisions of this Agreement and those
of the Restated Articles, the terms of this Agreement shall prevail. The parties agree to take all actions necessary or advisable,
as promptly as practicable after the discovery of such inconsistency, to amend the Restated Articles so as to eliminate such inconsistency.

 

10.12.     Dispute
Resolution.

 

(a)          Negotiation
Between Parties. The parties agree to negotiate in good faith to resolve any dispute between them regarding this Agreement.
If the negotiations do not resolve the dispute to the reasonable satisfaction of all parties within thirty (30) days of the date
that one party has provided written notice of the dispute to the other party(ies) to the dispute, then Section 10.12(b)
shall apply.

 

(b)          Arbitration.
In the event the parties are unable to settle a dispute between them regarding this Agreement in accordance with subsection
(a) above, such dispute shall he referred to and finally settled by arbitration at the Hong Kong International Arbitration
Centre (the “HKIAC”) in Hong Kong. The arbitration shall be conducted in accordance with the HKIAC Administered
Arbitration Rules in effect when the Notice of Arbitration is submitted in accordance with such Rules, which Rules are deemed to
be incorporated herein by reference. The arbitration shall be conducted in English.

 

10.13.     Further
Actions. Each shareholder of the Company agrees that it shall use its best effort to enhance and increase the value and principal
business of the Company.

 

10.14.     Future
Holders. The Company shall cause a future holder of the Company’s shares to enter into this Agreement and become subject
to the terms and conditions hereof. The Parties hereto hereby agree that such future holders shall become parties to this Agreement
by executing a joinder agreement in substantially the form attached hereto as Exhibit B, without any amendment of this Agreement,
or any consent or approval of any other party

 

10.15.     Effective
Date. This Agreement should only take effect and become binding on and enforceable against the parties hereto subject to and
upon the Closing.

 

10.16.     Future
Shareholders. The Group Companies and the Founders shall cause the holders of Shares issued under the Company’s employee
share option plans to become a party to, to be bound by, and to comply with all of the covenants, terms and conditions of this
Agreement, including without limitation of restrictions on transfer of the Shares.

 

    	 	45	 

     

    

 

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remainder of this page left intentionally blank –

 

    	 	46	 

     

    

 

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

 

	 	THE COMPANY:
	 	 
	 	TuanChe Limited
	 	 	 
	 	By:	/s/ Wei Wen
	 	Name: 	Wei Wen (闻伟)
	 	Title: 	Director
	 	 	 
	 	THE HK CO.:
	 	 
	 	TuanChe Information Limited 
	 	 	 
	 	By:	/s/ Wei Wen
	 	Name: 	Wei Wen (闻伟)
	 	Title: 	Director
	 	 	 
	 	THE WFOE:
	 	 
	 	Tuanyuan Internet Technology Co., Ltd.
	 	(团圆网络科技(北京)有限公司)
	 	 	 
	 	By:	/s/ Wei Wen
	 	Name: 	Wei Wen (闻伟)
	 	Title: 	Legal Representative

 

TUANCHE LIMITED – SIGNATURE PAGE OF

FIFTH AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT

 

     

     

    

 

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

 

	 	Beijing Tuanche:
	 	 
	 	Tuanche Internet Information Service (Beijing) Co., Ltd.
	 	(团车互联网信息服务(北京)有限公司)
	 	 	 
	 	By:	/s/ Wei Wen
	 	Name:	Wei Wen (闻伟)
	 	Title:	Legal Representative

 

TUANCHE LIMITED – SIGNATURE PAGE OF

FIFTH AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT

 

     

     

    

 

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

 

	 	THE BVI Companies:
	 	 
	 	WW Long Limited
	 	 	 
	 	By:	/s/ Wei Wen
	 	Name:	Wei Wen (闻伟)
	 	Title:	Director
	 	 	 
	 	Sunzhiyuan Limited
	 	 	 
	 	By:	/s/ Jianchen Sun
	 	Name:	Jianchen Sun (孙建臣)
	 	Title:	Director
	 	 	 
	 	Xukanghui Limited
	 	 	 
	 	By:	/s/ Qiuhua Xu
	 	Name:	Qiuhua Xu (徐秋华)
	 	Title:	Director
	 	 	 
	 	Duyixuan Limited
	 	 	 
	 	By:	/s/ Xingyu Du
	 	Name:	Xingyu Du (杜星宇)
	 	Title:	Director
	 	 	 
	 	First Aqua Inc.
	 	 	 
	 	By:	/s/ Zhiwen Lan
	 	Name:	Zhiwen Lan (兰志文)
	 	Title:	Director

 

TUANCHE LIMITED – SIGNATURE PAGE OF

FIFTH AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT

 

     

     

    

 

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

 

	 	THE FOUNDERS:
	 	 
	 	/s/ Wei Wen
	 	Wei Wen (闻伟)
	 	 
	 	/s/ Jianchen Sun
	 	Jianchen Sun (孙建臣)
	 	 
	 	/s/ Qiuhua Xu
	 	Qiuhua Xu (徐秋华)
	 	 
	 	/s/ Xingyu Du
	 	Xingyu Du (杜星宇)
	 	 
	 	/s/ Zhiwen Lan
	 	Zhiwen Lan (兰志文)

 

TUANCHE LIMITED – SIGNATURE PAGE OF

FIFTH AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT

 

     

     

    

 

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

 

	 	DREAMSOME:
	 	 
	 	Dreamsome Limited
	 	 	 
	 	By:	/s/ Zijing Zhou
	 	Name:	Zijing Zhou (周子敬)
	 	Title:	Director
	 	 	 
	 	CHINA BEST:
	 	 
	 	China Best Reach Co. Limited
	 	 	 
	 	By:	/s/ Zhen Ye
	 	Name:	 Zhen Ye (叶蓁)
	 	Title:	Director

 

TUANCHE LIMITED – SIGNATURE PAGE OF

FIFTH AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT

 

     

     

    

 

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

 

	 	Beat Cars:
	 	 
	 	Best Cars Limited
	 	 	 
	 	By:	/s/ CHEN You Rui
	 	Name:	CHEN You Rui
	 	Title: 	Director

 

TUANCHE LIMITED – SIGNATURE PAGE OF

FIFTH AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT

 

     

     

    

 

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

 

	 	THE INVESTORS:
	 	 
	 	BAI GmbH
	 	 	 
	 	By:	/s/ Thomas Werth
	 	 	/s/ Dr. Michael Kronenburg
	 	Name:	ppa. Thomas Werth  ppa. Dr. Michael Kronenburg
	 	Title:	Authorised Signatories

 

TUANCHE LIMITED – SIGNATURE PAGE OF

FIFTH AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT

 

     

     

    

 

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

 

	 	THE INVESTORS:
	 	 
	 	K2 Evergreen Partners L.P.
	 	 	 
	 	By:	/s/ Werkun Krzysztof
	 	Name: 	Werkun Krzysztof
	 	Title: 	Authorized Signatory
	 	 	 
	 	K2 Partners II L.P.
	 	 	 
	 	By:	/s/ Werkun Krzysztof
	 	Name:	Werkun Krzysztof
	 	Title:	Authorized Signatory
	 	 	 
	 	K2 Partners III Limited
	 	 	 
	 	By:	/s/ Werkun Krzysztof
	 	Name:	Werkun Krzysztof
	 	Title:	Authorized Signatory
	 	 	 
	 	K2 Family Partners Limited
	 	 	 
	 	By:	/s/ Werkun Krzysztof
	 	Name:	Werkun Krzysztof
	 	Title:	Authorized Signatory

 

TUANCHE LIMITED – SIGNATURE PAGE OF

FIFTH AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT

 

     

     

    

 

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

 

	 	THE INVESTORS:
	 	 
	 	HIGHLAND CAPITAL PARTNERS 9 LIMITED PARTNERSHIP
	 	By:	Highland Management Partners 9 Limited Partnership,
	 	 	its General Partner
	 	By:	Highland Management Partners 9, LLC,
	 	 	its General Partner
	 	 	 
	 	By: 	/s/ Paul Maeder
	 	 	Authorized Manager
	 	 	 
	 	HIGHLAND CAPITAL PARTNERS 9-B LIMITED PARTNERSHIP
	 	By:	Highland Management Partners 9 Limited Partnership,
	 	 	its General Partner
	 	By:	Highland Management Partners 9, LLC,
	 	 	its General Partner
	 	 	 
	 	By: 	/s/ Paul Maeder
	 	 	Authorized Manager
	 	 	 
	 	HIGHLAND ENTREPRENEURS’ FUND 9 LIMITED PARTNERSHIP
	 	By:	Highland Management Partners 9 Limited Partnership,
	 	 	its General Partner
	 	By:	Highland Management Partners 9, LLC,
	 	 	its General Partner
	 	 	 
	 	By: 	/s/ Paul Maeder
	 	 	Authorized Manager

 

TUANCHE LIMITED – SIGNATURE PAGE OF

FIFTH AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT

 

     

     

    

 

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

 

	 	THE INVESTORS:
	 	 
	 	AlphaX Partners Fund I, L.P.
	 	 	 
	 	By:	/s/ Hong Chuan Thor         
	 	Name:	Hong Chuan Thor
	 	Title:	Authorized Signatories

 

TUANCHE LIMITED – SIGNATURE PAGE OF

FIFTH AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT

 

     

     

    

 

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

 

	 	THE INVESTORS:
	 	 
	 	PUHUA GROUP LTD
	 	 	 
	 	By:	/s/ Qinhua Shen
	 	Name:	Qinhua Shen
	 	Title: 	Authorized Signature

 

TUANCHE LIMITED – SIGNATURE PAGE OF

FIFTH AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT

 

     

     

    

 

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

 

	 	THE INVESTORS:
	 	 
	 	China Equities HK Limited
	 	 	 
	 	By:	/s/ Benjamin Greenspan
	 	Name:	Benjamin Greenspan
	 	Title:	Director

 

TUANCHE LIMITED – SIGNATURE PAGE OF

FIFTH AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT

 

     

     

    

 

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

 

	 	THE INVESTORS:
	 	 
	 	Hongtao Investment-I Ltd
	 	 	 
	 	By:	/s/ Xiaohong Zhao
	 	Name:	Xiaohong Zhao
	 	Title:	Authorized Signatories

 

TUANCHE LIMITED – SIGNATURE PAGE OF

FIFTH AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT

 

     

     

    

 

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

 

	 	THE INVESTORS:
	 	 
	 	ACEE Capital Ltd.
	 	 	 
	 	By:	/s/ Tan Qianying
	 	Name:	Tan Qianying
	 	Title:	Authorized Signatories

 

TUANCHE LIMITED – SIGNATURE PAGE OF

FIFTH AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT

 

     

     

    

 

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

 

	 	THE INVESTORS:
	 	 
	 	HONOUR DEPOT LIMITED
	 	 	 
	 	By: 	/s/ Congwu Cheng    
	 	Name: 	Congwu Cheng  
	 	Title:	Authorized Signatories

 

TUANCHE LIMITED – SIGNATURE PAGE OF

FIFTH AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT

 

     

     

    

 

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

 

	 	THE INVESTORS:
	 	 
	 	Beijing Z-Park Fund Investment Center (Limited Partner)(北京中关村并购母基金投资中心(有限合伙))
	 	 	 
	 	By: 	/s/ Zhishuo Liu                                                             
	 	Name: 	Zhishuo Liu    
	 	Title:	Founding Partner

 

TUANCHE LIMITED – SIGNATURE PAGE OF

FIFTH AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT

 

     

     

    

 

SCHEDULE A

 

Founders

 

	NAME	 	PRC ID NO.
	Wei Wen (闻伟)	 	
	Jianchen Sun (孙建臣)	 	
	Qiuhua Xu (徐秋华)	 	
	Xingyu Du (杜星宇)	 	
	Zhiwen Lan (兰志文)	 	

 

     

     

    

 

SCHEDULE B-1

 

Series A Investors

 

	
        Name of Investors
	 	Number of Series A Preferred Shares
	 	 	 
	
        K2 Evergreen Partners L.P.
	 	2,828,393
	 	 	 
	K2 Partners II L.P.	 	16,970,357

 

SCHEDULE B-2

 

Series B-1 Investor

 

	Name of Investors	 	Number of Series B-1
    Preferred Shares
	 	 	 
	K2 Partners II L.P.	 	8,285,562
	 	 	 
	K2 Evergreen Partners L.P.	 	4,142,781

 

     

     

    

 

SCHEDULE C-1

 

Series B-2 Investors

 

	Name of Investors	 	Number of Series B-2 Preferred Shares
	 	 	 
	BAI GmbH	 	18,193,772
	 	 	 
	K2 Partners II L.P.	 	4,548,443

 

SCHEDULE C-2

 

Series C Investors

 

	Name of Investors	 	Number of Series C Preferred Shares
	 	 	 
	Highland Capital Partners 9 Limited Partnership 	 	18,290,377 Series C-2 Preferred Shares
	 	 	 
	Highland Capital Partners 9-B Limited Partnership	 	7,878,398 Series C-2 Preferred Shares
	 	 	 
	Highland Entrepreneurs’ Fund 9 Limited Partnership	 	1,596,503 Series C-2 Preferred Shares
	 	 	 
	BAI GmbH	 	3,427,812 Series C-1 Preferred Shares
	 	 
	 	5,643,437 Series C-2 Preferred Shares
	 	 	 
	China Equities HK Limited	 	483,702 Series C-2 Preferred Shares

 

     

     

    

 

SCHEDULE C-3

 

Series C+ Investors

 

	Name of Investors	 	Number of Series C+ Preferred Shares
	 	 	 
	Highland Capital Partners 9 Limited Partnership	 	1,910,912 Series C+ Preferred Shares 
	 	 	 
	Highland Capital Partners 9-B Limited Partnership	 	823,106 Series C+ Preferred Shares
	 	 	 
	Highland Entrepreneurs’ Fund 9 Limited Partnership	 	166,797 Series C+ Preferred Shares
	 	 	 
	K2 Partners III Limited	 	2,175,611 Series C+ Preferred Shares
	 	 	 
	K2 Family Partners Limited (together with K2 Partners III Limited,“K2”)	 	725,204 Series C+ Preferred Shares
	 	 	 
	BAI GmbH	 	1,450,408 Series C+ Preferred Shares
	 	 	 
	AlphaX Partners Fund I, L.P.	 	5,341,517 Series C+ Preferred Shares
	 	 	 
	PUHUA GROUP LTD	 	6,261,743 Series C+ Preferred Shares

 

     

     

    

 

SCHEDULE C-4

 

Series C-4 Investors

 

	Name of Investors	 	Number of Series C-4 Preferred Shares
	 	 	 
	AlphaX Partners Fund I, L.P.	 	3,965,043 Series C-4 Preferred Shares
	 	 	 
	Hongtao Investment-I Ltd	 	2,403,057 Series C-4 Preferred Shares
	 	 	 
	K2 Partners III Limited	 	901,146 Series C-4 Preferred Shares
	 	 	 
	K2 Family Partners Limited	 	300,382 Series C-4 Preferred Shares

 

     

     

    

 

SCHEDULE D-1

 

Series D-1 Investors

 

	Name of Investors	 	Number of Series D-1 Preferred Shares
	 	 	 
	ACEE Capital Ltd.	 	3,592,664
	 	 	 
	HONOUR DEPOT LIMITED	 	6,453,887

 

     

     

    

 

EXHIBIT A

 

NOTICES

 

If to the Group Companies and the Founders:

Floor 9, Ruihai Building, No.21, Yangfangdian Road,

Haidian District, Beijing, China

Attn: Wei Wen (闻伟)

Fax: **********

Tel: **********

 

If to BAI:

 

BAI GmbH

Address: Carl-Bertelsmann-Straße 270, 33311 Gütersloh,
Germany

Telephone: **********

Facsimile: **********

Attention: Bettina Wulf / Michael Kronenburg

Email: ********** / **********

 

With a copy to:

 

Bertelsmann Management (Shanghai) Co., Ltd. Beijing Branch (贝塔斯曼管理(上海)有限公司北京分公司)

Address: Address: Unit 1609, 16/F, West Tower, Genesis Beijing,
8 Xinyuan South Road, Chaoyang District., Beijing 100027, P.R.China (北京市朝阳区新源南路8号启皓北京西塔16层1609
, 邮编100027)

Telephone: **********

Facsimile: **********

Attention: Christine Sun / Ye Liu

A. Email: ********** / **********

 

If to Series A Investors and Series B-1 Investor:

Room C 20/F Lucky Plaza 315-321 Lockhart Road,

Wanchai, Hong Kong

Attn: Edmond Lam

Tel: **********

 

If to Dreamsome Limited:

21st Floor, Tower C, Central International Trade
Center,

6 Jianguomenwai Avenue

Beijing, China

Attn: Mr. Zijing Zhou (周子敬)

 

If to China Best Reach Co. Limited:

No.553, Building 17, Guanghuali, Chaoyang District,

Beijing, China

Attn: Zhen Ye (叶蓁)

 

Exhibit A - Addresses for Notices

 

     

     

    

 

If to Highland :

 

Highland Capital Partners 9 Limited Partnership/ Highland Capital
Partners 9-B Limited Partnership/ Highland Entrepreneurs’ Fund 9 Limited Partnership

One Broadway, 16th Floor

Cambridge, MA 0214

T : **********

Attn: Jessica Pelletier

with copy to:

Zhuo Lv

Han Kun Law Offices, Room 2103-04, 21/F, Tower 3,Kerry Plaza
1-1 Zhongxinsi Road, Futian District Shenzhen 518048, P. R. China

Phone: **********

Fax: **********

 

If to ALPHAX:

 

77 Office, No.4 Gongti North Road Chaoyang District, Beijing

Tel: **********

Attn: Yao Yaping

Email: **********

 

If to ACEE Capital Ltd.:

Room 905, Nanbinhelu 23, Xicheng District, Beijing

Tel: **********

Attn: Tan Qianying

 

If to HONOUR DEPOT LIMITED:

Rm.604, JianKangZhiGu Building,Tower
No.9, Yard No.35, HuaYuan North Road, Haidian District, Beijing, PRC

Tel: **********

Attn: Ms. Doreen Zhou / Ms.Zhaoru Zhou

Email: **********; **********

 

 

If to PUHUA GROUP LTD:

No.4 Building, Huacheng Huiguan, Army Sanatorium, No27 Yang
Gongdi, Xihu District, Hangzhou

Tel: **********

Attn: Wu xiaofeng

Email: **********

 

If to Hongtao Investment-I Ltd:

Room1209,OFFICE PARK Tower C, No.10 Jintong West Road, Chaoyang
District, Beijing, China

Attn: Xiaohong Zhao

Fax: **********

Tel: **********

 

Exhibit A - Addresses for Notices

 

     

     

    

 

If to Beijing Z-Park Fund Investment Center (Limited Partner):

Rm.1601, N. Wing, Tower C, Raycom Info Tech Park 2 Kexueyuan
South Road,Haidian District, Beijing , China

Tel: **********

Attn: Yan Xu

Email: **********

 

If to China Equities HK Limited:

c/o Greenspan Law Office, 620 Laguna Rd, Mill Valley, CA 94941
USA

Attn: Benjamin Greenspan

 

Exhibit A - Addresses for Notices

 

     

     

    

 

Exhibit B

 

FORM OF JOINDER AGREEMENT

 

This Joinder Agreement
("Joinder Agreement") is executed by the undersigned (the “Purchaser”) pursuant to the terms
of that certain Shareholders Agreement dated on [•] (the “Agreement”) by and among TuanChe Limited, a Cayman
Islands exempted company (the “Company”) and certain of its shareholders and in consideration of the Shares
acquired by the Purchaser thereunder and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged. By the execution of this Joinder Agreement, the Purchaser agrees as follows:

 

1.          Interpretation.
Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Agreement.

 

2.          Acknowledgment.
The Purchaser acknowledges that the Purchaser is acquiring [number] [Preferred/Ordinary] Shares of the Company (the “Shares”)
from [name of transferor/the Company], subject to the terms and conditions of the Agreement.

 

3.          Agreement.
Immediately upon [transfer/issuance] of the Shares, the Purchaser (i) agrees that the Shares acquired by the Purchaser shall be
bound by and subject to the terms of the Agreement applicable to the Shares, and (ii) hereby adopts and accedes to the terms of,
agrees to be bound by, and assumes all rights and obligations under the terms and conditions of, the Agreement with the same force
and effect as if the Purchaser were originally a [Principal/Holding Company thereunder(if transferor is a Principal/Holding
Company or if the Shares are Equity Securities (other than Preferred Shares) issued by the Company)]/[Investor thereunder (if
transferor is an Investor]. The other Parties to the Agreement shall be entitled to enforce such agreement against the Purchaser.

 

4.          Governing
Law. This Joinder Agreement shall be governed by and construed in all respects in accordance with the laws of the Hong Kong,
without regard to principles of conflict of laws thereunder.

 

5.          Notice.
Any notice required or permitted by the Agreement shall be given to the Purchaser at the address listed beside the Purchaser’s
signature below.

 

EXECUTED AND DATED this ______ day of _________________,
____.

 

	 	PURCHASER: 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	Address:	                       
	 	Fax:	 

 

Exhibit B - FORM OF JOINDER AGREEMENTExhibit 10.5

 

Equity Pledge Agreement

 

(English Translation)

 

This Equity Pledge Agreement (hereinafter
referred to as this “Agreement”) is executed by and among the following Parties on August 18, 2017 in Beijing:

 

Party
A: TuanYuan Internet Technology (Beijing) Co., Ltd. (hereinafter referred to as the “Pledgee”)

Add.: 926, 9F, 21 Yangfangdian Road,
Haidian District, Beijing

 

Party B: Wen Wei, a
Chinese citizen, ID card number:

Sun Jianchen, a Chinese citizen, ID card
number:

Xu Qiuhua, a Chinese citizen, ID card number:

Du Xingyu, a Chinese citizen, ID card number:

Zhou Zijing, a Chinese citizen, ID card number:

Ye Zhen, a Chinese citizen, ID card number:

Lan Zhiwen, a Chinese citizen, ID card number:

Lanxi Puhua Juli Equity Investment L.P.,
a limited partnership registered in China in accordance with Chinese laws;

(hereinafter referred to collectively as the “Pledgors”)

 

Party C: TuanChe Internet
Information Service (Beijing) Co., Ltd., add.: 922, 9F, 21 Yangfangdian Road, Haidian District, Beijing.

 

In this Agreement, the Pledgee, the Pledgors
and Party C are hereinafter each referred to as a “Party” and collectively referred to as the “Parties”.

 

Whereas:

		1.	The Pledgors are citizens of the People’s Republic of China (hereinafter referred to as “China”),
holding 100% of the equity of Party C. Party C is a limited liability company registered in Beijing, China, and is engaged in the
information services business (internet information services only) in the second category of value-added telecom services, which
shall exclude news, publication, education, medical, health care, drugs and medical devices, electronic bulletin services; technology
development, service, transfer and consultation; computer technology training; enterprise management consulting; economic and trade
consultation; advertisement design, manufacture and release and advertising agency service; organization of culture and art exchange
activities (excluding commercial performances); organization of exhibitions and shows; and sales of auto parts, mechanical equipment,
electronic products, instrumentation, computer, software and auxiliary equipment, household appliances, hardware and electrical
equipment, handicrafts. Party C acknowledges the respective rights and obligations of the Pledgors and the Pledgee hereunder and
agrees to provide any necessary assistance in the registration of such Right of Pledge;

 

    	 	1	 

     

    

 

		2.	The Pledgee is a solely foreign-owned enterprise incorporated in Beijing, China. The Pledgee and
Party C executed an Exclusive Business Cooperation Agreement on August 18, 2017; the Pledgee, the Pledgors and Party C executed
an Exclusive Call Option Agreement on August 18, 2017; each Pledgors executed an Power of Attorney on August 18,
2017;

 

		3.	In order to ensure that Party C and the Pledgors will perform their obligations under the above
Exclusive Business Cooperation Agreement, the Exclusive Call Option Agreement and the Powers of Attorney,
the Pledgors pledge all of the equity owned by them in Party C to the Pledgee for the performance by Party C and the Pledgors of
the Exclusive Business Cooperation Agreement, the Exclusive Call Option Agreement and the Powers of Attorney.

 

In order to perform the provisions of the
above Transaction Documents, the Parties agree to execute this Agreement in accordance with the following terms.

 

		1.	Definitions

 

Unless otherwise specified herein, the
following words shall have the meanings ascribed to them below:

 

		1.1	“Right of Pledge” shall mean the security interest granted by the Pledgors to
the Pledgee pursuant to Article 2 hereof, i.e., the Pledgee’s right to be paid in priority with the price at which the Equity
is transferred, auctioned or sold.

 

		1.2	“Equity” shall mean 100% of the equity legally held by the Pledgors in Party
C, i.e., the 93.20% of the equity held by the Pledgor Wen Wei in Party C, the 1.20% of the equity held by the Pledgor Sun Jianchen
in Party C, the 1.00% of the equity held by the Pledgor Xu Qiuhua in Party C, the 0.10% of the equity held by the Pledgor Du Xingyu
in Party C, the 0.10% of the equity held by the Pledgor Zhou Zijing in Party C, the 0.58% of the equity held by the Pledgor Ye
Zhen in Party C, the 1.12% of the equity held by the Pledgor Lan Zhiwen in Party C, and the 2.70% of the equity held by the Pledgor
Lanxi Puhua Juli Equity Investment L.P. in Party C. Such Equity shall include all equity interests currently held by and hereafter
acquired by the Pledgers in Party C

 

		1.3	“Term of Pledge” shall mean the term provided for in Article 3 hereof.

 

		1.4	“Transaction Documents” shall mean the Exclusive Business Cooperation Agreement
executed by and between the Pledgee and Party C on August 18, 2017; the Exclusive Call Option Agreement executed by and
among the Pledgee, the Pledgors and Party C on August 18, 2017; the Powers of Attorney executed by the Pledgors on August
18, 2017; and any modification, amendment and/or restatement of such executed documents.

 

		1.5	“Secured Debt” shall mean all direct, indirect and derivative losses and loss
of predictable interests suffered by the Pledgee as a result of any Event of Default by any Pledgor and/or Party C. Basis for the
amount of such losses includes but is not limited to the Pledgee’s reasonable business plan and earnings estimate, fees payable
by Party C under the Exclusive Business Cooperation Agreement, and all costs incurred by the Pledgee to force the Pledgor
and/or Party C to perform their obligations under the Transaction Documents.

 

    	 	2	 

     

    

 

		1.6	“Event of Default” shall mean any circumstance specified in Article 7 hereof.

 

		1.7	“Default Notice” shall mean notice issued by the Pledgee in accordance with
this Agreement to declare any Event of Default.

 

		2.	Right of Pledge

 

As a guarantee for the performance
by Party C and the Pledgors of their obligations under the Transaction Documents, each Pledgor hereby pledges all of the Equity
held by it in Party C to the Pledgee. With the prior written consent of the Pledgee, the Pledgors may increase the capital of Party
C. The amount of additional contribution made by the Pledgors in the registered capital of the company due to capital increase
also falls under the pledged Equity. Where Party C shall be dissolved or liquidated according to the mandatory provisions of Chinese
laws, any interests distributed in accordance with the law from Party C to the Pledgors after the completion of dissolution or
liquidation of Party C in accordance with the law shall be at the request of the Pledgee (i) deposited into an account designated
by the Pledgee to be supervised by the Pledgee and used for securing the obligations under the Transaction Documents and first
for paying off the Secured Debts under the Transaction Documents; or (ii) without violating Chinese laws, unconditionally granted
to the Pledgee or any person designated by the Pledgee.

 

		3.	Term of Pledge

 

		3.1	The Right of Pledge shall take effect upon the registration thereof with the administration for
industry and commerce at the place where Party C is located (hereinafter referred to as the “Registration Authority”),
and the term thereof will expire after all obligations under the Transaction Documents are performed and all Secured Debts under
the Transaction Documents are paid off. The Parties agree that on the date of execution hereof, the Pledgor and Party A shall file
an application with the Registration Authority for the registration of the equity pledge in accordance with the Measures for
the Registration of Equity Pledge at Administrative Departments for Industry and Commerce. The Parties further agree that,
within twenty (20) working days as of the date of formal acceptance by the Registration Authority of the application for equity
pledge registration, all formalities for equity pledge registration shall be completed, a registration notice issued by the Registration
Authority shall be obtained, and the equity pledge shall be recorded completely and accurately on the equity pledge register by
the Registration Authority.

 

		3.2	The Term of Pledge is 10 years. Where the term of any Transaction Document secured by the Right
of Pledge exceeds the Term of Pledge, the Term of Pledge hereunder shall be extended accordingly. Where during the Term of Pledge,
any Pledgor and/or Party C fail(s) to perform the contractual obligations or pay the Secured Debts under the Transaction Documents,
the Pledgee may but is not obliged to exercise the Right of Pledge in accordance with the provisions hereof.

 

    	 	3	 

     

    

 

		4.	Custody of equity records

 

		4.1	During the Term of Pledge provided for herein, the Pledgors shall deliver within a week upon the
execution hereof the equity contribution certificate and the register of shareholders on which the Right of Pledge is recorded
to the Pledgee for custody. The Pledgee shall keep such documents throughout the Term of Pledge provided for herein.

 

		4.2	During the Term of Pledge, the Pledgee shall have the right to collect the dividends arising from
the Equity. With the prior written consent of the Pledgee, the Pledgors may get dividends or profits in respect of the pledged
Equity. The dividends or profits obtained by the Pledgors due to the pledged Equity shall be, after deductions are made to pay
the income tax payable by the Pledgors, at the request of the Pledgee: (i) deposited into an account designated by the Pledgee
to be supervised by the Pledgee and used for securing the obligations under the Transaction Documents and first for paying off
the Secured Debts under the Transaction Documents; or (ii) without violating Chinese laws, unconditionally granted to the Pledgee
or any person designated by the Pledgee.

 

		5.	Representations and Warranties of the Pledgor and Party C

 

		5.1	Each Pledgor is the sole legal and beneficial owner of the Equity. Each Pledgor has the right to
dispose of and transfer the pledged Equity in the manner provided for in this agreement.

 

		5.2	Other than this Right of Pledge, each Pledgor has not placed any security interest or other encumbrances
on the Equity.

 

		5.3	The Pledgors and Party C have obtained the consent and approval of government authorities and third
parties (if required) to execute, deliver and perform this agreement.

 

		5.4	The execution, delivery and performance hereof will not: (i) result in violation of any relevant
Chinese laws; (ii) conflict with Party C’s articles of association or other organizational documents; (iii) result in violation
of or constitute breach of contract under any contract or document to which they are a party or which is binding upon them; (iv)
result in any violation of any condition for the grant and/or continued validity of any license or permit issued to either of them;
or (v) result in the suspension or revocation of or additional conditions for any license or permit issued to either of them;

 

    	 	4	 

     

    

 

		6.	Undertakings and Further Consent of the Pledgor and Party C

 

		6.1	During the term hereof, the Pledgors and Party C hereby jointly and severally undertake to the
Pledgee that:

 

		6.1.1	Except for performing the Transaction Documents, without the prior written consent of the Pledgee,
they may not transfer the Equity or place or allow the existence of any security interest or other encumbrances thereon which may
affect the rights and interests of the Pledgee in the Equity;

 

		6.1.2	They will forthwith notify the Pledgee of any event or any notice received by the Pledgor which
may affect the Pledgee’s right to the Equity or any part thereof and any event or any notice received by the Pledgor which
may affect any warranty or other obligations of the Pledgor arising from this Agreement;

 

		6.1.3	Party C shall complete the registration formalities for the extension of business term within three
(3) months prior to the expiry of its business term, so as to ensure the continued validity hereof.

 

		6.1.4	Upon the execution hereof, with respect to the Equity of Party C obtained by the Pledgors by making
additional capital contribution to Party C, the Pledgors and Party C shall: (I) register the Equity hereunder on Party C’s
register of shareholders within 3 working days as of the date of completion of the capital increase; and (II) apply with corresponding
administration for industry and commerce for the registration of the Equity hereunder within 45 working days as of the date of
completion of the capital increase or transfer.

 

		6.2	Each Pledgor agrees that the right to the Equity obtained by the Pledgee in accordance with this
Agreement may not be interrupted or obstructed by such Pledgor or any successor or representative thereof or any other person through
legal procedure.

 

		6.3	Each Pledgor hereby undertakes to the Pledgee that it will comply with and perform all warranties,
undertakings, agreements, statements and conditions hereunder. Where any Pledgor fails to or partially perform its warranties,
undertakings agreements, statements and conditions, such Pledgor shall compensate the Pledgee for all losses resulting therefrom.

 

		7.	Event of Default

 

		7.1	Each of the following circumstances shall be deemed as an Event of Default:

 

		7.1.1	Violation by any Pledgor of any of its obligations under the Transaction Documents and/or this
Agreement;

 

		7.1.2	Violation by Party C of any of its obligations under the Transaction Documents and/or this Agreement;

 

    	 	5	 

     

    

 

		7.1.3	Any statement or warranty made by any Pledgor in Article 5 hereof includes gross misrepresentation
or error, and/or any Pledgor violates any warranty in Article 5 hereof;

 

		7.1.4	The Pledgors and Party C fail to complete the equity pledge registration with the Registration
Authority as provided for in Article 3.1 hereof;

 

		7.1.5	Any Pledgor or Party C violates any provisions hereof;

 

		7.1.6	Unless specified in Article 6.1.1, any Pledgor transfers or intends to transfer or waives the pledged
Equity or assigns without the written consent of the Pledgee the pledged Equity;

 

		7.1.7	Any liability of the Pledgor per se for any loan from or any guarantee, compensation, undertaking
or other debts to any third party: (i) is required to be repaid or performed in advance due to the Pledgor’s breach of contract;
or (ii) has become due but cannot be repaid or performed on time;

 

		7.1.8	Any approval, license, permit or authorization of government authorities which makes this Agreement
enforceable, legal and valid is withdrawn or suspended, becomes void, or is changed substantially;

 

		7.1.9	The promulgation of applicable laws which makes this Agreement illegal or makes any Pledgor unable
to continue to perform its obligations hereunder;

 

		7.1.10	Any adverse change in the property owned by any Pledgor, causing the Pledgee to deem that such
Pledgor’s ability to perform its obligations hereunder is affected;

 

		7.1.11	Party C’s successor or trustee can only partially perform or refuses to perform the payment
liabilities under the Transaction Documents; and

 

		7.1.12	Any other circumstances under which the Pledgee is unable or may be unable to exercise its rights
to the pledge.

 

		7.2	Upon knowing or detecting any circumstance specified in Article 7.1 or the occurrence of any event
which may result in the aforesaid circumstances, the Pledgor shall forthwith notify the Pledgors in writing accordingly.

 

		7.3	Unless the Event of Default specified in this Article 7.1 has been successfully settled to the
satisfaction of the Pledgee, the Pledgee may issue upon or at any time after the occurrence of any Event of Default a Default Notice
to any Pledgor, requesting the latter to forthwith perform its obligations or pay the Secured Debts under the Transaction Documents,
and/or dispose of the pledge in accordance with the provisions of Article 8 hereof.

 

    	 	6	 

     

    

 

		8.	Exercise of the Right of Pledge

 

		8.1	Without the written consent of the Pledgee, no Pledgor may transfer its Equity in Party C.

 

		8.2	The Pledgee may issue a Default Notice to the Pledgors at the time of exercising the Right of Pledge.

 

		8.3	Subject to the provisions of Article 7.3, the Pledgee may exercise at the time of or at any time
after issuing the Default Notice in accordance with Article 8.2 the right to implement the pledge.

 

		8.4	The Pledgee may be paid in priority in accordance with legal procedures with the price at which
all or part of the Equity pledged hereunder is transferred, auctioned or sold, until the Secured Debts under the Transaction Documents
are fully offset.

 

		8.5	When the Pledgee dispose of the pledge in accordance with this Agreement, the Pledgor and Party
C shall render necessary assistance, so that the Pledgee may exercise the Right of Pledge pursuant to this Agreement.

 

		9.	Transfer

 

		9.1	Without the prior written consent of the Pledgee, the Pledgor may not assign its rights or delegate
its obligations hereunder.

 

		9.2	This Agreement shall be binding upon the Pledgor and its successors and permitted assigns, and
shall be valid for the Pledgor and each of its successors and assigns.

 

		9.3	The Pledgee may transfer at any time any and all of its rights and obligations under the Transaction
Documents to any (natural/legal) person designated by it, in which case the transferee shall enjoy the rights and bear the obligations
of the Pledgee hereunder, as if it were an original party hereto. When the Pledgee transfers any of its rights and obligations
under the Transaction Documents, at the request of the Pledgee, the Pledgor shall execute relevant agreements or other documents
in relation to such transfer.

 

		9.4	Where the Pledgee is changed as a result of the transfer, at the request of the Pledgee, the Pledgor
shall execute with the new Pledgee a new pledge agreement with the same terms and conditions as that of this Agreement.

 

		9.5	The Pledgor shall strictly comply with the provisions of this Agreement and other contracts or
documents executed jointly or separately by the Parties or any Party, including the Exclusive Call Option Agreement and the Powers
of Attorney granted to the Pledgee, perform its obligations under this Agreement and other contracts, and not engage in any act/omission
that may affect the validity and enforceability thereof. Unless instructed by the Pledgee in writing, the Pledgor may not exercise
any residual right to the Equity pledged hereunder.

 

    	 	7	 

     

    

 

		10.	Termination

 

Unless otherwise provided for
by the law, neither any Pledgor nor Party C has in any case any right to terminate or dissolve this Agreement. After the Pledgor
and Party C have fully and completely performed all of their contractual obligations and paid off all Secured Debts under the Transaction
Documents, the Pledgee shall, at the request of the Pledgor, as soon as reasonably practicable, rescind the pledge of the pledged
Equity hereunder, and cooperate with the Pledgor to handle formalities for cancelling the registration of Equity pledge in Party
C’s register of shareholders and for cancelling the registration of pledge with relevant administration for industry and
commerce.

 

		11.	Commission and other Fees

 

All fees and actual expenditures
in relation to this Agreement, including but not limited to the lawyer’s fee, cost of production, stamp duty, and any other
taxes and costs shall be borne by Party C. Where any applicable law requires that the Pledgee shall bear some relevant taxes and
fees, the Pledgors shall cause Party C to repay in full the taxes and fees that have been paid by the Pledgee.

 

		12.	Confidentiality Liability

 

The Parties acknowledge that
any oral or written information exchanged in respect hereof shall be confidential information. Each Party shall keep confidential
all such information and, without the written consent of the other Parties, may not disclose to any third party any relevant information,
unless: (a) the public is or will be aware of such information (which is not caused by any disclosure by the receiving Party to
the public); (b) such information shall be disclosed as required by applicable laws or the rules or provisions of any securities
exchange; (c) any Party is required to disclose such information to its legal consultant or financial consultant with respect to
any transaction provided for hereunder, and such legal consultant or financial consultant is also required to be bound by confidentiality
obligation similar to that provided for in this clause. The disclosure of any confidential information by any staff or organization
employed by any Party shall be deemed as disclosure of such confidential information by such Party, and such Party shall bear legal
liability for its violation hereof. This clause shall survive the termination hereof for whatever reason.

 

		13.	Applicable Laws and Dispute Settlement

 

		13.1	The execution, effectiveness, interpretation and performance hereof and the settlement of disputes
hereunder shall be governed by laws formally promulgated and publicly available in China. Anything not covered by such laws shall
be governed by international legal principles and practices.

 

		13.2	Any dispute arising from the interpretation and performance hereof shall be settled by the Parties
through friendly negotiation first. Where the Parties fail to reach any agreement on the settlement of such dispute within 30 days
after a request for settlement of the dispute through negotiation is made by any Party to the other Parties, any Party may submit
the dispute to China International Economic and Trade Arbitration Commission for settlement in accordance with its then effective
arbitration rules. The arbitration shall be held in Beijing, and the language of the arbitration shall be Chinese. The arbitration
award shall be final and binding upon the Parties.

 

    	 	8	 

     

    

 

		13.3	Where any dispute arises from the interpretation and performance hereof, or during the period when
any dispute is subject to arbitration, except for the matters under dispute, the Parties shall continue to exercise their respective
rights and perform their respective obligations hereunder.

 

		14.	Notice

 

		14.1	All notices and other communications to be sent as required or permitted hereunder shall be sent
by personal delivery or postage prepaid registered mail, commercial courier service or fax to the following address of the receiving
Party. For each notice, a confirmation letter shall be sent via email. Such notice shall be deemed effectively delivered on:

 

		14.1.1	the date of delivery or rejection at the designated receiving address, if sent by personal delivery,
courier service or postage prepaid registered mail; or

		14.1.2	the date of successful transmission (evidenced by an automatically generated message confirming
the transmission), if sent by fax.

 

		14.2	For the purpose of notice, the Parties’ addresses are as follows:

 

Party A: TuanYuan Internet
Technology (Beijing) Co., Ltd.

Add.: 9F, Ruihai Building, 21 Yangfangdian Road,
Haidian District, Beijing

Attn.: Wen Wei

Tel.: 010-6396066, 4006969123

Fax: 010-6396066

 

Party B: Wen Wei, Sun Jianchen,
Xu Qiuhua, Du Xingyu, Zhou Zijing, Ye Zhen, Lan Zhiwen

Add.: 9F, Ruihai Building, 21
Yangfangdian Road, Haidian District, Beijing

Attn.: Wen Wei

Tel.: 010-6396066, 4006969123

Fax: 010-6396066

 

Party B: Lanxi Puhua Juli
Equity Investment L.P.

Add.: No.4 building, Huacheng
Hall, Army Sanatorium, 27 Yanggong Dyke, Xihu district, Hangzhou

Attn.: Wu Xiaofeng

Tel.: 18606519900

Mail: wxf@puhuacapital.com

 

Party C: TuanChe Internet Information Service
(Beijing) Co., Ltd.

Add.: 9F, Ruihai Building, 21
Yangfangdian Road, Haidian District, Beijing

Attn.: Wen Wei

Tel.: 010-6396066, 4006969123

Fax: 010-6396066

 

    	 	9	 

     

    

 

		14.3	Any Party may change at any time its address for the receipt of notices by notifying the other
Parties in accordance with the terms of this clause.

 

		15.	Severability

 

Where any provision(s) hereof
is/are determined by any laws or regulations to be void, illegal or unenforceable in any respect, the validity, legality or enforceability
of the remaining provisions hereof shall not be affected or damaged in any respect. The Parties shall endeavor through bona fide
negotiation to replace such void, illegal or unenforceable provision(s) with valid provision(s) to the maximum extent permitted
by laws and expected by the Parties, and the economic effects of such valid provision(s) shall be similar to that of such void,
illegal or unenforceable provision(s).

 

		16.	Appendix

 

The appendixes listed herein
shall be an integral part hereof.

 

		17.	Effectiveness

 

		17.1	This Agreement shall take effect on the date of execution hereof by the Parties. Any and all amendments,
modifications and supplements hereto shall be made in writing and take effect after the signature or seal of the Parties and the
completion of government registration procedures (if applicable).

 

		17.2	This Agreement is written in Chinese in triplicate, with the Pledgors, the Pledgee and Party C
each holding one copy respectively, each of which shall have the same legal force and effect.

 

[The following is the signature
page.]

 

    	 	10	 

     

    

 

In witness whereof, the
Parties have caused their authorized representatives to execute this Equity Pledge Agreement on the date first above written for
mutual compliance.

 

Party
A: TuanYuan Internet Technology (Beijing) Co., Ltd. 

(Seal)
Seal of TuanYuan Internet Technology (Beijing) Co., Ltd. Affixed

 

	Signature:	/s/ Wen Wei	 
	Name: Wen Wei	 
	Title: Legal representative	 

 

Party
B:

 

	Signature:	/s/ Wen Wei	 
	Name: Wen Wei	 
	 	 	 
	Signature:	/s/ Sun Jianchen	 
	Name: Sun Jianchen	 
	 	 	 
	Signature:	/s/ Xu Qiuhua	 
	Name: Xu Qiuhua	 
	 	 	 
	Signature:	/s/ Du Xingyu	 
	Name: Du Xingyu	 
	 	 	 
	Signature:	/s/ Zhou Zijing	 
	Name: Zhou Zijing	 
	 	 	 
	Signature:	/s/ Ye Zhen	 
	Name: Ye Zhen	 
	 	 	 
	Signature:	/s/ Lan Zhiwen	 
	Name: Lan Zhiwen	 

 

Party
C: TuanChe Internet Information Service (Beijing) Co., Ltd. 

(Seal)
Seal of TuanChe Internet Information Service (Beijing) Co., Ltd. Affixed

 

	Signature:	/s/ Wen Wei	 
	Name: Wen Wei	 
	Title: Legal representative	 

 

    			 

     

    

 

In witness whereof, the
Parties have caused their authorized representatives to execute this Equity Pledge Agreement on the date first above written for
mutual compliance.

 

Party
B: Lanxi Puhua Juli Equity Investment L.P. 

(Seal)
Seal of Lanxi Puhua Juli Equity Investment L.P. Affixed

 

	Signature:	/s/ Shen Qinhua	 
	Title: Authorized Signatory	 

 

    			 

     

    

 

 Appendixes:

 

		1.	Capital Contribution Certificate

 

		2	Register of Shareholders of TuanChe Internet Information Service (Beijing) Co., Ltd.

 

    			 

     

    

 

Appendix I

 

Capital Contribution Certificate

 

This is to certify that Wen Wei (ID card
number:                    ) holds RMB 9,578,920 in the registered capital of TuanChe Internet Information Service (Beijing) Co., Ltd., accounting
for 93.20% of the equity thereof, and that such 93.20% of the equity has all been pledged to TuanYuan Internet Technology (Beijing)
Co., Ltd..

 

	 	Company:
    TuanChe Internet Information Service (Beijing) Co., Ltd. 
	 	(Seal)
    Seal of TuanChe Internet Information Service (Beijing) Co., Ltd. Affixed
	 	 	 
	 	Signature:	/s/
    Wen Wei	 
	 	Name: Wen Wei	 
	 	Title: Legal representative	 
	 	 	 
	 	August 18, 2017	 

 

    			 

     

    

 

Appendix I

 

Capital Contribution Certificate

 

This is to certify that Sun Jianchen (ID
card number:                    ) holds RMB 122,990 in the registered capital of TuanChe Internet Information Service (Beijing) Co., Ltd., accounting
for 1.20% of the equity thereof, and that such 1.20% of the equity has all been pledged to TuanYuan Internet Technology (Beijing)
Co., Ltd..

 

	 	Company: TuanChe Internet Information Service (Beijing) Co., Ltd.
	 	(Seal) Seal of TuanChe Internet Information Service
    (Beijing) Co., Ltd. Affixed
	 	 	 
	 	Signature:	/s/ Wen Wei	 
	 	Name: Wen Wei	 
	 	Title: Legal representative	 
	 	 	 
	 	August 18, 2017	 

 

    			 

     

    

 

Appendix I

 

Capital Contribution Certificate

 

This is to certify that Xu Qiuhua (ID card
number:                    ) holds RMB 102,490 in the registered capital of TuanChe Internet Information Service (Beijing) Co., Ltd., accounting for
1.00% of the equity thereof, and that such 1.00% of the equity has all been pledged to TuanYuan Internet Technology (Beijing) Co.,
Ltd..

 

	 	Company: TuanChe Internet Information Service (Beijing) Co., Ltd.
	 	(Seal) Seal of TuanChe Internet Information Service
    (Beijing) Co., Ltd. Affixed
	 	 	 
	 	Signature:	/s/ Wen Wei	 
	 	Name: Wen Wei	 
	 	Title: Legal representative	 
	 	 	 
	 	August 18, 2017	 

 

    			 

     

    

 

Appendix I

 

Capital Contribution Certificate

 

This is to certify that Du Xingyu (ID card
number:                    ) holds RMB 10,250 in the registered capital of TuanChe Internet Information Service (Beijing) Co., Ltd., accounting for
0.10% of the equity thereof, and that such 0.10% of the equity has all been pledged to TuanYuan Internet Technology (Beijing) Co.,
Ltd..

 

	 	Company: TuanChe Internet Information Service (Beijing) Co., Ltd. 
	 	(Seal) Seal of TuanChe Internet Information Service
    (Beijing) Co., Ltd. Affixed
	 	 	 
	 	Signature:	/s/ Wen Wei	 
	 	Name: Wen Wei	 
	 	Title: Legal representative	 
	 	 	 
	 	August 18, 2017	 

 

    			 

     

    

 

Appendix I

 

Capital Contribution Certificate

 

This is to certify that Zhou Zijing (ID
card number:                    ) holds RMB 10,000 in the registered capital of TuanChe Internet Information Service (Beijing) Co., Ltd., accounting
for 0.10% of the equity thereof, and that such 0.10% of the equity has all been pledged to TuanYuan Internet Technology (Beijing)
Co., Ltd..

 

	 	Company: TuanChe Internet Information Service (Beijing) Co., Ltd.
	 	(Seal) Seal of TuanChe Internet Information Service
    (Beijing) Co., Ltd. Affixed
	 	 	 
	 	Signature:	/s/ Wen Wei	 
	 	Name: Wen Wei	 
	 	Title: Legal representative	 
	 	 	 
	 	August 18, 2017	 

 

    			 

     

    

 

Appendix I

 

Capital Contribution Certificate

 

This is to certify that Ye Zhen (ID card
number:                    ) holds RMB 59,980 in the registered capital of TuanChe Internet Information Service (Beijing) Co., Ltd., accounting for
0.58% of the equity thereof, and that such 0.58% of the equity has all been pledged to TuanYuan Internet Technology (Beijing) Co.,
Ltd..

 

	 	Company: TuanChe Internet Information Service (Beijing) Co., Ltd.
	 	(Seal) Seal of TuanChe Internet Information Service
    (Beijing) Co., Ltd. Affixed
	 	 	 
	 	Signature:	/s/ Wen Wei	 
	 	Name: Wen Wei	 
	 	Title: Legal representative	 
	 	 	 
	 	August 18, 2017	 

 

    			 

     

    

 

Appendix I

 

Capital Contribution Certificate

 

This is to certify that Lan Zhiwen (ID
card number:                    ) holds RMB 115,370 in the registered capital of TuanChe Internet Information Service (Beijing) Co., Ltd., accounting
for 1.12% of the equity thereof, and that such 1.12% of the equity has all been pledged to TuanYuan Internet Technology (Beijing)
Co., Ltd..

 

	 	Company: TuanChe Internet Information Service (Beijing) Co., Ltd.
	 	(Seal) Seal of TuanChe Internet Information Service
    (Beijing) Co., Ltd. Affixed
	 	 	 
	 	Signature:	/s/ Wen Wei	 
	 	Name: Wen Wei	 
	 	Title: Legal representative	 
	 	 	 
	 	August 18, 2017	 

 

    			 

     

    

 

Appendix I

 

Capital Contribution Certificate

 

This is to certify that Lanxi Puhua Juli
Equity Investment L.P. (unified social credit code number:                    ) holds RMB 277,490 in the registered capital of TuanChe Internet Information
Service (Beijing) Co., Ltd., accounting for 2.70% of the equity thereof, and that such 2.70% of the equity has all been pledged
to TuanYuan Internet Technology (Beijing) Co., Ltd..

 

	 	Company: TuanChe Internet Information Service (Beijing) Co., Ltd.
	 	(Seal) Seal of TuanChe Internet Information Service
    (Beijing) Co., Ltd. Affixed
	 	 	 
	 	Signature:	/s/ Wen Wei	 
	 	Name: Wen Wei	 
	 	Title: Legal representative	 
	 	 	 
	 	August 18, 2017	 

 

    			 

     

    

 

Appendix II

 

Register of Shareholders of TuanChe Internet
Information Service (Beijing) Co., Ltd.

 

	Name of 

Shareholder		Unified Social Credit 

Code/ID Card 

Number		Amount of 

Contribution 

(RMB)		Ratio of 

Contributions		Equity Pledge
	Wen Wei	 	9,578,920	93.20%	Wen Wei owns 93.20% of the equity of TuanChe Internet Information Service (Beijing) Co., Ltd., and such 93.20% of the equity has all been pledged to TuanYuan Internet Technology (Beijing) Co., Ltd..
	 	 	 	 	 
	Sun Jianchen	 	122,990	1.20%	Sun Jianchen owns 1.20% of the equity of TuanChe Internet Information Service (Beijing) Co., Ltd., and such 1.20% of the equity has all been pledged to TuanYuan Internet Technology (Beijing) Co., Ltd..
	 	 	 	 	 
	Xu Qiuhua	 	102,490	1.00%	Xu Qiuhua owns 1.00% of the equity of TuanChe Internet Information Service (Beijing) Co., Ltd., and such 1.00% of the equity has all been pledged to TuanYuan Internet Technology (Beijing) Co., Ltd..
	 	 	 	 	 
	Du Xingyu	 	10,250	0.10%	Du Xingyu owns 0.10% of the equity of TuanChe Internet Information Service (Beijing) Co., Ltd., and such 0.10% of the equity has all been pledged to TuanYuan Internet Technology (Beijing) Co., Ltd..
	 	 	 	 	 
	Zhou Zijing	 	10,000	0.10%	Zhou Zijing owns 0.10% of the equity of TuanChe Internet Information Service (Beijing) Co., Ltd., and such 0.10% of the equity has all been pledged to TuanYuan Internet Technology (Beijing) Co., Ltd..
	 	 	 	 	 
	Ye Zhen	 	59,980	0.58%	Ye Zhen owns 0.58% of the equity of TuanChe Internet Information Service (Beijing) Co., Ltd., and such 0.58% of the equity has all been pledged to TuanYuan Internet Technology (Beijing) Co., Ltd..
	 	 	 	 	 
	Lan Zhiwen	 	115,370	1.12%	Lan Zhiwen owns 1.12% of the equity of TuanChe Internet Information Service (Beijing) Co., Ltd., and such 1.12% of the equity has all been pledged to TuanYuan Internet Technology (Beijing) Co., Ltd..
	 	 	 	 	 
	Lanxi Puhua Juli Equity Investment L.P.	 	277,490	2.70%	Lanxi Puhua Juli Equity Investment L.P. owns 2.70% of the equity of TuanChe Internet Information Service (Beijing) Co., Ltd., and such 2.70% of the equity has all been pledged to TuanYuan Internet Technology (Beijing) Co., Ltd..

 

    			 

     

    

 

	 	Company: TuanChe Internet Information Service (Beijing) Co., Ltd. 
	 	(Seal) Seal of TuanChe Internet Information Service (Beijing) Co., Ltd. Affixed
	 	 	 
	 	Signature:	/s/ Wen Wei	 
	 	Name: Wen Wei	 
	 	Title: Legal representative

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