Document:

Exhibit 10.1

 

Confidential Materials omitted and
filed separately with the Securities and Exchange Commission.

***Triple
asterisks denote omissions.

 

EXCLUSIVE LICENSE AGREEMENT

 

This Exclusive License Agreement (“Agreement”),
effective as of June 15, 2019 (Beijing Time, “Effective Date”), is entered into between:

 

		(i)	Juventas Cell Therapy Ltd., a company duly organized and
existing under the laws of PRC, having its principal office at Building 5, No.8, No.8, Haitai Development, Huayuan Industrial
Zone, Tianjin Binhai High-tech Zone, Tianjin City, China (hereinafter referred to as “Juventas” or the “Licensor”,
which, unless contrary to the context or meaning thereof, shall include its successors and assigns); and

		(ii)	CASI Pharmaceuticals, Inc., a company duly organized and
existing under the laws of Delaware, having its principal office at 9620 Medical Center Drive,
Suite 300, Rockville, Maryland 20850 (hereinafter referred to as “CASI” or the “Licensee”,
which, unless contrary to the context or meaning thereof, shall include permitted successors and assigns).

 

(Juventas and CASI are each referred
hereto as a “Party” and both the “Parties”.)

 

RECITALS

 

A.           Licensor
has acquired, developed and/or accumulated patents, proprietary technology or formulas, clinical data, know-how and other confidential
information related to the development and manufacturing of one developed candidate autologous T-cell therapy product with a scFv
specifically binding to CD19.

 

B.           Licensor
owns or has the right to license the information, including the patents, proprietary technology and formulas, clinical data, know-how
and other confidential information associated with the Licensed Product (as defined below).

 

C.           Licensee
desires to obtain, and Licensor has agreed to grant, a license to offer for sale, market, distribute and sell (collectively, “Commercialize”
or “Commercialization”) the Licensed Product as more particularly described herein.

 

D.           Subject
to the terms and conditions as more particularly described herein, Juventas or its designated manufacturer will be the exclusive
manufacturer and supplier of the Licensed Product for CASI.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the foregoing preliminary statements, the mutual agreements and covenants set out herein, and other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

 

    	 	1	 

     

    

 

Section
I.

Definitions

 

As used in
this Agreement, the following capitalized terms shall have the following meanings:

 

1.1          “Affiliate”
means any Person that directly or indirectly controls, is controlled by or is under common control with a person or entity, but
only for so long as said control shall continue. As used herein, the term “control” or “controlled by”
means: (a) ownership, directly or indirectly, of more than 50% of the voting securities of the applicable party; or (b) possession
of the power to direct or cause the direction of the business, management and policies of a person whether by ownership, contract
or otherwise. Solely for the purpose of defining “Affiliate” herein, Juventas shall not be deemed as an Affiliate of
CASI.

 

1.2          “Annual
Net Sales” means total Net Sales of the Licensed Product in a particular Calendar Year.

 

1.3          “Calendar
Quarter” means a period of three (3) consecutive months ending on the last day of March, June, September, or December,
respectively.

 

1.4          “Commercially
Reasonable Efforts” means, with respect to the efforts to be exerted
by a Party to achieve any objective, the reasonable efforts to accomplish such objective as a similarly situated party
in the pharmaceutical industry would normally use to accomplish a similar objective in its own interests under similar circumstances.

 

1.5          “Change
of Control” means (a) any Person becomes the beneficial owner, directly or indirectly, of 50% or more of the outstanding
equity interests of a Party, or (b) a Party ceases to own and control, of record and beneficially, more than 50% of each class
of outstanding voting equity interests of the Party.

 

1.6          “Chairperson”
means the chairperson of the JSC or JDC as defined in Section 4.2 and Section 4.6.

 

1.7          “China
Territory” means the People’s Republic of China, and for the purpose of defining “China Territory”
only, including Macau and Taiwan and Hong Kong.

 

1.8          “Clinical
Development” means a human clinical trial of a compound or product for an indication as required prior to the market
of a medical product.

 

1.9          “CMC”
means the regulatory submission for Chemistry, Manufacturing, and Controls of the Licensed Product as required by the FDA, the
EMEA or the NMPA prior to and during the clinical trials in humans or any comparable submissions to any Governmental or Regulatory
Authority within the Territory.

 

1.10        “Commercialize”
or “Commercialization” has the meaning given to such term in Recitals of this Agreement.

 

    	 	2	 

     

    

 

1.11         “Cost
of Goods” or “COGS” means Juventas’ (and/or its contract manufacturer’s) costs
of (i) materials, excipients, packaging and labeling material (including package insert); (ii) direct line costs, including direct
labor of employees (including basic wages, labor and related payroll taxes and benefits) incurred or spent in the actual production,
filling, packaging and labeling of the Licensed Product, including without limitation for quality assurance, purchasing and manufacturing
facility operations; (iii) overhead (including operating expenses, indirect labor and related payroll taxes and benefits, depreciation,
amortization, taxes, insurance, rent, equipment repairs and maintenance, energy costs and supplies) incurred or spent in support
of the actual production, filling, packaging and labeling of the Licensed Product; and

(iv) any other costs with respect
to the manufacture of the Licensed Product.

 

1.12        “Commercialization
Plan” has the meaning given to such term in Section 3.8 of this Agreement

 

1.13        “EMEA”
means the European Medicines Agency, or any successor entity thereto.

 

1.14        “Ex-China
Territory” means the rest of the world outside the China Territory.

 

1.15        “Field”
means all therapeutic uses of the Licensed Product.

 

1.16        “FDA”
means the U.S. Food and Drug Administration, or any successor entity thereto.

 

1.17        “First
Commercial Sale” means the first sale of the Licensed Product in any part of the Territory after Regulatory Approval
for the Licensed Product has been granted, or otherwise permitted, by a Regulatory Authority of the Territory such as NMPA. For
the avoidance of doubt, the First Commercial Sale does not include any sale or supply of any product for the sole purpose of clinical
trials.

 

1.18        “GMP”
means current Good Manufacturing Practices as defined in Parts 210 and 211 of Title 21 of the U.S. Code of Federal Regulations,
as may be amended from time to time, or any successor thereto and foreign equivalents thereof, including, where referring to activities
in China, the Guidelines on Good Manufacturing Practices specific to the Licensed Product, or such practices as may be as otherwise
required by the NMPA, including under the Quality Administrative Standard for Drug Manufacturing as well as any requirements issued
pursuant to the Regulation of Drug Manufacturing Administrative Procedures issued by the NMPA.

  

1.19        “GMP
Manufacturing Facility” means any manufacturing facility that meets the GMP.

  

1.20        “Governmental
or Regulatory Authority” means: (a) the National Medical Products Administration of the People’s Republic of
China (the “NMPA”) and any other national, federal, provincial, state, municipal or other governmental body,
(b) any international or multi- lateral body, (c) any subdivision, ministry, department, secretariat, bureau, agency, commission,
board, instrumentality or authority of any of the foregoing governments or bodies, (d) any quasi- governmental or private body
exercising any regulatory, expropriation or taxing authority under or for any of the foregoing governments or bodies, or (e) any
international, multi-lateral or multi-national judicial, quasi-judicial, arbitration or administrative court, grand jury, tribunal,
commission, board or panel.

 

    	 	3	 

     

    

 

1.21        “IND”
means any investigational new drug application filed with the FDA, the EMEA or the NMPA prior to beginning clinical trials in humans
or any comparable application filed with any Governmental or Regulatory Authority within the Territory.

 

1.22        “Intellectual
Property” means all registered patents, patent applications, inventions or discoveries (whether or not patentable),
copyrights, copyright applications, domain names, Licensed Product specifications, data, trade secrets, trade dress, know-how and
all other intellectual property rights, and all related documentation or other tangible expressions thereof, including the proprietary
information set forth on Exhibit A attached hereto as will be updated from time to time, which are necessary to the Commercialization
of the Licensed Product in the Territory, but excluding any intellectual property solely relating to the development and manufacture
of the Licensed Product.

 

1.23        “Improvements”
means any inventions, discoveries, know-how, clinical data or other proprietary information related to any Licensed Product created,
generated or acquired by either Party during the Term of this Agreement.

 

1.24        “JDC”
has the meaning given to such term in Section 4.5 of this Agreement

 

1.25        “JSC”
has the meaning given to such term in Section 4.1 of this Agreement

 

1.26        “Laws”
means: (a) all constitutions, treaties, laws, statutes, codes, ordinances, guidance, orders, decrees, rules, regulations, and municipal
by-laws, (b) all judgments, orders, writs, injunctions, decisions, rulings, decrees and awards of any governmental, regulatory
or judicial authority, and (c) all policies, practices and guidelines of any governmental or regulatory authority.

 

1.27        “Licensor
Product Liability Claims” means all Product Liability Claims that arise in the Territory and are attributable to
the activities conducted by the Licensor with regard to the Licensed Product.

 

1.28        “Losses”
means any and all claims, liabilities, losses, damages, fees, penalties, judgments, awards, interest, costs and expenses (including,
without limitation, reasonable attorneys’ fees and expenses and court’s costs) incurred by a Party to this Agreement,
or any Affiliate thereof, resulting from a third party Proceeding against either Party.

 

1.29        “NDA”
means a New Drug Application filed with the FDA, the EMEA, and the NMPA to obtain approval for commercial sale or use of the Licensed
Product as a pharmaceutical or medicinal product in any formulation or dosage form (excluding any pricing and reimbursement approvals)
or any comparable application filed with any Governmental or Regulatory Authority within the Territory.

 

1.30        “Net
Sales” means the gross amount invoiced for sales of the Licensed Product by Licensee, or Affiliates or its permitted
sublicensee to any Third Party in the Territory, less the following amounts: (i) sales taxes or other taxes separately stated on
the Licensed Product invoice; (ii) shipping and insurances charges separately stated on the Licensed Product invoice; and (iii)
price adjustments, credits, refunds or deductions for returned or defective Licensed Product, all to the extent reasonably demonstrated
by CASI by written records, provided that such calculation is not in violation of the Generally Accepted Accounting Principles
(GAAP) of the United States. Notwithstanding anything in this Agreement to the contrary, the transfer of the Licensed Product between
or among CASI and any of its Affiliates and sublicensees will not be considered a sale.

 

 

    	 	4	 

     

    

 

1.31        “Non-Royalty
Sublicense Income” means any and all payments received from a sublicense by CASI, in consideration of the grant of
a sublicense, including but not limited to upfront and milestone payments, license maintenance fees and the fair market value of
any non- cash consideration, but excluding payments made by a sublicensee as a royalty on Net Sales of the Licensed Product sold
by such sublicensee.

 

1.32        “Proceedings”
means claims, suits, actions, investigations or proceedings.

 

1.33        “Person”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company,
joint venture, pool, syndicate, sole proprietorship, unincorporated organization, governmental authority or any other form of entity
not specifically listed herein.

 

1.34        “Licensed
Product” means one developed candidate autologous T-cell therapy product with a scFv specifically binding to CD19,
which is identified by Juventas as an internal reference number CNCT19.

 

1.35        “PRC”
means People’s Republic of China, but for the purpose only of this Agreement, shall exclude Hong Kong Special Administrative
Region, Macau Special Administrative Region and Taiwan.

 

1.36        “Phase II Clinical Trial” means a human clinical trial of a compound or product for an indication conducted
in the PRC, the principal purpose of which is a determination of safety and efficacy for such indication or indications in a target
patient population over a range of doses and to provide the rational and provide the basis for the design of phase III clinical
trial studies and the determination of dosing regimens, as more fully defined in Article 31 of Provisions for

Drug Registration (2007 Revision)
(《药品注册管理办法(2007修订)》,
or its successor regulation.

 

1.37        “Product
Liability Claim” means any third-party Proceedings involving any actual or alleged death or bodily injury arising
out of or resulting from the use of Licensed Product.

 

1.38        “Regulatory
Approval” means approval or registration by any Governmental or Regulatory Authority in the Territory as necessary
for the manufacturing, distribution, promotion and sale of the Licensed Product or otherwise permitting the manufacture or sale
of the Licensed Product.

 

1.39        “R&D
Plan” has the meaning given to such term in Section 3.7 of this Agreement.

 

    	 	5	 

     

    

 

1.40        “Restricted
Products” has the meaning given to such term in Section 2.8 of this Agreement.

 

1.41        “Supply
Agreement” has the meaning given to such term in Section 5.1 of this Agreement.

 

1.42        “Territory”
means worldwide.

 

1.43        “Term”
has the meaning given to such term in Section 8.1 of this Agreement.

 

1.44        “Third
Party” means any Person other than a Party or an Affiliate of a Party.

 

1.45        “Trademark”
means any word, phrase, slogan, design, symbol or product packaging used or intended to be used to identify the Licensed Product
or distinguish it from competitive or related products. For clarification, the “Licensor Trademarks”
means “合源生物” and “Juventas”
and any other trademarks, logos or branding used by Licensor in connection with the Licensed Product.

 

Section II.

Grant of
Exclusive License

 

2.1          Grant
of License.

 

(a)          Exclusivity.
Subject to the terms and conditions set forth herein, Licensor hereby grants to Licensee during the Term, an exclusive license
(the “License”) in the Field in the Territory under the Intellectual Property and Improvements solely to Commercialize
the Licensed Product. During the Term of this Agreement, Licensor and its Affiliates shall not by themselves or through a third
party to Commercialize any Licensed Product. For the sake of clarity, Juventas has no obligation to provide CASI with any information
or material that is not necessary for Commercialization of the Licensed Product and Parties agree that Juventas retains the right
to use the Intellectual Property to develop and Commercialize any product other than Licensed Product.

 

(b)          Responsibility
of Commercialization. CASI shall use Commercially Reasonable Efforts, including the use of third-party experts and external
consultants at its own cost, to Commercialize the Licensed Product in the Territory in which necessary approvals from Governmental
or Regulatory Authorities in such region have been obtained by Juventas for the Commercialization of the Licensed Product.

 

(c)          Right
of First Negotiation. The Parties acknowledge and agree that during the Term of this Agreement, if one combination of the Licensed
Product with other active drug ingredients will result in a new product from a regulatory point of view and Juventas intends to
grant any third party the Commercialization rights of such new product, CASI shall have the first right to negotiate for any Commercialization
rights in and to such new product in the Territory in terms and conditions to be further negotiated by the Parties. In the event
the Parties are unable to reach an agreement on terms within sixty (60) days from the date that Licensor notifies Licensee that
such new product are available in the Territory, then Licensor may offer such rights in and to such new product in the Territory
to a third party, provided that the terms and conditions offered to the third party shall not be more favorable than those offered
to Licensee. If Licensor desires to offer such rights to new product on more favorable terms than those last offered to Licensee,
Licensor shall first offer such terms for the new product to Licensee as set forth herein and the negotiation period of sixty (60)
days shall be renewed and recalculated.

 

    	 	6	 

     

    

 

2.2          Trademarks.

 

(a)          Juventas
grants to CASI an exclusive license to use the Licensor Trademarks in the Territory and solely in connection with the Licensed
Product. CASI shall use the Licensor Trademarks solely in connection with its Commercialization of the Licensed Product in the
Territory. All use of the Licensor Trademarks by CASI will inure to the purpose of this Agreement. CASI shall not register or attempt
to register any of the Licensor Trademarks in any jurisdiction in the Territory, or otherwise, without the prior written consent
of Juventas, and in the event that CASI does register any of the Licensor Trademarks in the Territory (the “Territory
Trademarks”), such Territory Trademarks that are identical to, similarly confusing with or use the Licensor Trademarks
shall be transferred and assigned to Juventas upon expiration or termination of this Agreement or its earlier request. However,
for clarity purpose, this Section 2.2 does not restrict CASI from developing, creation, registering or using its own trademarks
solely to indicate CASI as a distributor of the Licensed Product. CASI’s use of the Licensor Trademarks shall comply with
laws and regulations related to labeling and advertising in the Territory and other applicable Laws.

 

2.3          Right
to Sublicense. Licensee shall have the right to sublicense the licensed rights to its Affiliates, distributors and/or sublicensees
or non-affiliates provided that the Licensor’s prior written consent has been obtained, which consent shall not be unreasonably
withheld. In the event that Licensee engages any Affiliate, distributor and/or sublicensee in connection with the Commercialization
of the Licensed Product(s), such Affiliate, distributor and/or sublicensee shall have the right to use the License and the Licensor
Trademarks subject to the terms and conditions herein and solely in connection with the Licensed Product.

 

2.4          Ownership
and Preservation. Licensor retains ownership of, and all other rights to, the Intellectual Property. Licensor shall use Commercially
Reasonable Efforts to preserve and maintain the Intellectual Property in the Territory and shall pay any periodic filing or administrative
fees associated therewith. Licensor shall keep Licensee informed regarding the prosecution and maintenance of licensed patents
or patent applications in the Territory, if any, included in the licensed Intellectual Property. In addition, if the Licensor fails
to preserve or maintain the Intellectual Property in the Territory and refuses to preserve or maintain the Intellectual Property
after receipt of reminder of Licensee, Licensee may, at its own discretion and cost, take all necessary actions to ensure such
preservation and maintenance.

 

2.5          Improvements.
Parties agree that all right, title and interest in and to the Improvements shall be the sole and exclusive property of Juventas.
CASI shall, and shall cause their employees to make full and prompt disclosure to Juventas of all Improvements. CASI hereby assign
and transfer, without additional consideration, to Juventas all right, title and interest that CASI and their employees may have
in and to any and all Improvements throughout the world. CASI shall and shall cause their employees to timely execute, or cause
to be executed, all papers necessary to effect and perfect the assignment and transfer of all right, title and interest that CASI
and their employees may have in and to any and all Improvements to Juventas.

 

    	 	7	 

     

    

 

2.6          For
the avoidance of doubt, nothing in this Agreement shall be construed to confer any rights upon CASI to modify or reversely engineer
the Licensed Product. Without prior written consent of Juventas, CASI shall not further develop or file regulatory filing for the
Licensed Product. Any and all information, materials, data and results developed by CASI in violation of this provision shall be
solely owned by Juventas.

 

2.7          Conversion
to No-exclusive. Despite anything to the contrary in this Agreement, any exclusive license granted under this Agreement will
immediately become non-exclusive and any rights to sublicense will immediately terminate only if [***]. Determinations of total
market share shall be made based on IQVIA market data (formerly IMS Health), or any successor thereto, calculated on the basis
of number of units sold (subject to adjustments for package sizes, product dosage or strength, and similar factors, as reasonably
determined by the Parties).

 

2.8          Non-competition.
CASI irrevocably and unconditionally agrees with and undertakes to Juventas that, unless with prior written consent of Juventas
or specially permitted by this Agreement, during the Term of this Agreement and [***] years thereafter, (1) CASI shall not engage
in development or Commercialization of any T-cell therapy product specifically binding to CD19 (“Restricted Products”)
other than the Licensed Product; and (2) CASI shall not market or sell any Restricted Products in the Territory.

 

Section III.

Parties’
Responsibilities 

 

3.1          Overview.
Subject to this Section III, it is the intent of the Parties that Juventas will have sole responsibility for the activities related
to preclinical and clinical development of the Licensed Product until the receipt of Regulatory Approvals required for Commercialization
of the Licensed Product in the Territory, and CASI will have sole responsibility, with Commercially Reasonable Efforts, for the
activities related to the Commercialization of the Licensed Product in the Territory. Juventas’s preclinical and clinical
development of the Licensed Product shall be subject to the review and/or approval of JSC as further set out in Section IV. For
the sake of clarity, the Parties shall bear their own costs related to their responsibilities set out under this Agreement.

 

3.2          Juventas’
Responsibilities. Juventas will be responsible for all research and development activities for the Licensed Product in the
Territory, in particular:

 

(a)          IND
Filings and CMC Development. Upon execution of this Agreement, Juventas shall continue in IND filings and CMC development in
accordance with the R&D Plan (as defined below), including preparing and submitting relevant application forms and such other
materials as may be required by applicable Government or Regulatory Authority in the Territory. Juventas will be solely responsible
for compliance with CMC requirements.

 

    	 	8	 

     

    

 

(b)          GMP
Manufacturing Facility. Juventas will use Commercially Reasonable Efforts to establish its own GMP Manufacturing Facility or
a third-party GMP Manufacturing Facility. Upon commencement of manufacturing of the Licensed Product at the GMP Manufacturing Facility,
Licensor shall be solely responsible for the manufacture and supply of the Licensed Product for Licensee’s sale and distribution
in the Territory. Licensor shall be solely responsible for all costs and expenses incurred in relation to the GMP Manufacturing
Facility, including development, construction, validation, equipment, regulatory and operational expenses. Juventas will be solely
responsible for compliance of the GMP Manufacturing Facility with all Applicable Laws in the Territory.

 

(c)          Clinical
Development. Juventas shall be responsible for Clinical Development of the Licensed Product in the Territory and for all indications
by itself or through a third party and bear all relevant costs and expenses incurred. Juventas will own and have responsibility
and control of the necessary regulatory submissions to all applicable Government or Regulatory Authority in the Territory.

 

(d)          NDA
Filings. Upon and from the execution of this Agreement, Juventas shall use Commercially Reasonable Efforts to obtain, control
and maintain NDA approvals in the Territory for the Licensed Product in accordance with the R&D Plan, including preparing and
submitting a product dossier and such other materials as may be required for classification and approval of the Licensed Product
for the sale and marketing in the Territory by the NMPA or other applicable Government or Regulatory Authority in the Territory.
Juventas shall bear all costs associated with obtaining and maintaining all Regulatory Approvals in the Territory, including all
costs associated with any regulatory filings related to the Licensed Product, and any post- marketing studies necessary to obtain
or maintain Regulatory Approval.

 

(e)          Other
Responsibilities. In addition to the specified responsibilities under subsection (a) to (d) above, Juventas shall use Commercially
Reasonable Efforts, including the use of third party experts and external consultants at its own cost, to complete registration
with all Governmental or Regulatory Authorities in the Territory, as well as other formalities which may be necessary in order
to complete the regulatory and clinical process for the manufacturing, distribution, marketing and sale of the Licensed Product
in the Territory. The shipping responsibility of the Licensed Product is subject to a separately Supply Agreement to be further
negotiated by the Parties.

 

3.3          CASI’s Responsibilities. Licensor shall be responsible for the commercialization, marketing, strategy, pricing, promotion,
market targeting, branding, distribution and sale of the Licensed Product in the Territory, in particular:

 

(a)          Promotion
Efforts. Provided that Licensor has obtained all Governmental Approvals for the sale and distribution of the Licensed Product,
Licensee shall use Commercially Reasonable Efforts to Commercialize the Licensed Product in the Territory.

 

    	 	9	 

     

    

 

(b)          Promotion
Materials. CASI shall prepare promotion material at its own cost but shall not use major promotion materials until receipt
of Juventas’s prior consent, which consent shall not be unreasonably withheld. However, Licensee shall remain solely responsible
for such materials’ compliance with applicable Laws.

 

3.4          Costs
of Development. All costs of the development of the Licensed Product related to activities provided in Section 3.1 shall be
the responsibility of and borne by Juventas, including the cost of the services and materials provided by Third Parties and the
cost of the manufacture and supply of Licensed Product.

 

3.5          Governmental
Correspondence. Licensee shall be responsible to respond to inquiries, notice or correspondence from Governmental or Regulatory
Authority in relation to the Commercialization of the Licensed Product. Licensor shall be responsible to respond to all other inquiries,
notice or correspondence from Governmental or Regulatory Authority in relation to the Licensed Product. Both Parties shall provide
reasonable assistance to the other Party for their provision of such respond.

 

3.6          Regulatory
Information. Each Party shall provide the other Party with all reasonable assistance and take all actions reasonably requested
by the other Party that are necessary to enable the other Party to comply with any Law applicable to the Licensed Product. Such
assistance and actions shall include, among other things, keeping the other Party informed, commencing within five (5) business
days of notification of any action by, or notification or other information which it receives (directly or indirectly) from any
Governmental or Regulatory Authority which: (a) raises any material concerns regarding the safety or efficacy of the Licensed Product;
(b) indicates or suggests a potential material liability for either Party to third parties arising in connection with the Licensed
Product or (c) is reasonably likely to lead to a field alert report, recall or market withdrawal of the Licensed Product; provided,
that neither Party shall be obliged to disclose information in breach of any existing contractual restrictions.

 

3.7          Research
and Development Plan.

 

(a)          Within
six months after the execution of this Agreement, Juventas shall form a research and development plan that further lays out the
responsibilities and liabilities of Juventas for the research, filing and production of the Licensed Product (the “R&D
Plan”) and submit to JSC for approval. The R&D Plan shall include (a) a high-level summary of the research and development
activities to be undertaken by Juventas and its Affiliates with respect to the research and development of the Licensed Product,
including the activities to be taken during the stages of IND filing, CMC development, GMP manufacturing and NDA and the expected
timeline for each stage; and (b) a detailed provision for divisions of risks and liabilities of the Parties in different situations.

 

(b)          The
R&D Plan shall be updated on a semi-annual basis and amended from time to time. Any update or amendment shall be submitted
to and is subject to the review and approval by the Joint Steering Committee in accordance with the procedures provided in Section
IV below.

 

    	 	10	 

     

    

 

3.8          Commercialization
Plan.

 

(a)          Within
six months after the execution of this Agreement, CASI shall form a Commercialization plan that further lays out the responsibilities
and liabilities of CASI for the Commercialization of the Licensed Product (the “Commercialization Plan”) and
submit to JCC for approval. The Commercialization Plan shall include a high-level summary of the Commercialization activities to
be undertaken by CASI and its Affiliates with respect to the marketing strategy, promotion materials and third-party agents.

 

Section IV.

Joint Steering
Committee and Joint Development Committee

 

4.1          Joint
Steering Committee. The Parties shall establish a joint steering committee (the “JSC”) to coordinate and
oversee activities for which the Parties collaborate, to oversee the development efforts, to provide a decision-making structure
and to provide a forum for discussion of matters relating to the development and Commercialization of the Licensed Product.

 

4.2          Membership
of JSC. The JSC shall be comprised of an equal number of representatives from each of CASI and Juventas and unless otherwise
agreed such number shall be two (2) senior representatives from each of CASI and Juventas. Either Party may replace its respective
JSC representatives at any time with prior notice to the other Party, provided, that such replacement is of comparable authority
and scope of functional responsibility within that Party’s organization as the person he or she is replacing. CASI shall
select one of its representatives as the chairperson for the JSC (the “Chairperson”) who shall be responsible
for calling meetings, preparing and circulating an agenda in advance of each meeting (which agenda will include every matter requested
by either Party), and preparing and issuing minutes of each meeting within thirty

(30) days thereafter.

 

4.3          Decisions
of JSC. The JSC shall make decisions unanimously. In the event that the JSC cannot reach an agreement regarding any matter
within the JSC’s authority for a period of twenty (20) days, then the dispute shall promptly be submitted to the senior executive
officers of Juventas and CASI for resolution. If the dispute remains unresolved for twenty (20) days after submission to such persons,
then the senior executive of Juventas shall have final decision-making authority on matters related to the R&D Plan; provided,
however, that the senior executive of CASI shall have final decision-making authority with respect to disputes regarding the Commercialization
of the Licensed Product including pricing and sales force deployment, in the Territory.

 

4.4          Responsibilities
of JSC. The JSC shall perform the following functions, some or all of which may be addressed directly at each meeting of the
JSC:

 

(a)          monitor
progress of activities under the R&D Plan;

 

(b)          review
and approve amendments to the R&D Plan;

 

(c)          provide
a forum for the Parties to keep CASI informed with respect to Juventas’ material activities under the R&D Plan;

 

(d)          discuss
strategy for the preparation, filing, prosecution and maintenance of the Intellectual Property related to the Licensed Product;
and

 

    	 	11	 

     

    

 

(e)          such
other responsibilities as may be assigned to the JSC pursuant to this Agreement or as may be mutually agreed by the Parties from
time to time.

 

4.5          Joint
Development Committee. The Parties will establish a Joint Development Committee (the “JDC”) to facilitate
cooperation and information transfer on the development of the Licensed Product. The JDC will provide a decision-making structure
and forum for discussion of matters relating to the development of the Licensed Product, approve development plans and resources.

 

4.6          Membership
of JDC. The JDC shall be comprised of an equal number of representatives from each of CASI and Juventas and unless otherwise
agreed such number shall be two (2) senior representatives from each of CASI and Juventas. Either Party may replace its respective
JDC representatives at any time with prior notice to the other Party, provided, that such replacement is of comparable authority
and scope of functional responsibility within that Party’s organization as the person he or she is replacing. Unless otherwise
agreed by the Parties, the JDC shall have at least one representative with relevant decision-making authority from each Party such
that the JDC is able to effectuate all of its decisions within the scope of its responsibilities. CASI shall select one of its
representatives as the chairperson for the JDC (the “Chairperson”) who shall be responsible for calling meetings,
preparing and circulating an agenda in advance of each meeting (which agenda will include every matter requested by either Party),
and preparing and issuing minutes of each meeting within thirty (30) days thereafter.

 

4.7          Decisions
of JDC. In the event that the JDC cannot reach an agreement regarding any matter within the JDC’s authority for a period
of twenty (20) days, then the dispute shall promptly be submitted to the JSC for resolution.

 

4.8          Responsibilities
of JDC. The JDC shall perform the following functions, some or all of which may be addressed directly at each meeting of the
JDC:

 

(a)          overseeing,
reviewing and monitoring activities under this Agreement including, without limitation, any clinical trials proposed to be conducted;

 

(b)          facilitating
access to and the exchange of information between the Parties related to the development of the Licensed Product and

 

(c)          undertaking
and/or approving such other matters as are specifically provided for under the Agreement.

 

Section V.

Supply
of Licensed Product

 

5.1          Supply
of Licensed Product. Juventas shall by itself or through a designated manufacturer, completes construction of its GMP Manufacturing
Facility, which is fully functional, and, commences manufacturing of the Licensed Product pursuant to the terms and conditions
of this Agreement. Subject to the applicable terms in a separate Supply Agreement, Juventas or its designated manufacturer shall
be the exclusive manufacturer and supplier of the Licensed Product to CASI. Juventas shall promptly notify CASI when the GMP Manufacturing
Facility is complete and operations are ready to commence. Juventas shall supply the Licensed Product to CASI pursuant to a separate
supply agreement (“Supply Agreement”) to be executed between the Parties within a reasonable time upon execution
of this Agreement. The potential business plan for CASI to build manufacturing capability of the Licensed Product, if any, will
be discussed by the Parties. If CASI intends to manufacture the Licensed Product in the Territory, Parties shall negotiate the
terms and conditions in good faith.

 

    	 	12	 

     

    

  

5.2          Supply
Price. Juventas shall supply CASI with the Licensed Product in accordance with this Agreement and a separate Supply Agreement.
The supply price for the Licensed Product from Juventas to CASI will be [***]:

 

	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]

 

[***]

 

Section VI.

Milestone
and Royalty Payments

 

6.1          Milestone
Payment. A non-refundable and non-creditable milestone payment of [***] shall be paid to Licensor upon the initiation of the
first Phase II Clinical Trial with the Licensed Product in accordance with the timeline provided under Section 6.3.

 

6.2          Royalty
and Non-Royalty Sublicense Payments.

 

(a)          Licensed
Product Royalty. Subject to the terms and conditions set forth in the remainder of this Section 6.2, CASI shall pay to Juventas
the following royalties on Annual Net Sales of the Licensed Product in the Territory:

 

A.           China
Territory. CASI will pay to Juventas a royalty on Net Sales of the Licensed Product in the China Territory on an annual basis at
the [***].

 

B.           Ex-China
Territory: CASI will pay to Juventas a royalty on Net Sales of the Licensed Product in the Territory on an annual basis at the
following rates:

 

i).           For
the portion of aggregate Annual Net Sales of all Licensed Product in the Ex-China Territory equal to or less than [***] in any
calendar year, [***] of such portion of such Annual Net Sales;

 

    	 	13	 

     

    

 

(ii).         For
the portion of aggregate Annual Net Sales of all Licensed Product in the Ex-China Territory more than [***] but no more than [***]
in any calendar year, [***] of such portion of such Annual Net Sales;

 

(iii).        For
the portion of aggregate Annual Net Sales of all Licensed Product in the Ex-China Territory more than [***] but no more than [***]
in any calendar year, [***] of such portion of such Annual Net Sales; and

 

(iv).        For
the portion of aggregate Annual Net Sales of all Licensed Product in the Ex-China Territory more than [***] in any calendar year,
[***] of such portion of such Annual Net Sales.

 

(b)          Non-Royalty
Sublicense Income. If CASI sublicenses its rights under this Agreement to any Person pursuant to Section 2.3, CASI shall pay
[***] of the Non-Royalty Sublicense Income of such sublicense to Juventas.

 

(c)          Payment
Reports. During the Term, following the First Commercial Sale of the Licensed Product in any country or region in the Territory,
CASI shall furnish to Juventas a written report (each, a “Payment Report”) within [***] days after the end of each
Calendar Quarter showing the Non-Royalty Sublicense Income, Net Sales of each Licensed Product in China Territory and Ex-China
Territory and the royalties payable under this Agreement, along with (i) the Non-Royalty Sublicense Income obtained in the Calendar
Quarter, (ii) gross sales of the Licensed Product in China Territory and Ex-China Territory, (iii) Net Sales in the relevant Calendar
Quarter in China Territory and Ex-China Territory, (iv) all relevant exchange rate conversions in accordance with Section 6.5,
(v) all deductions and (vi) the amount of any payment due from CASI to Juventas.

 

6.3          Method
of Payments. All payments due from CASI to Juventas under this Agreement shall be paid by CASI or its designated party in RMB
by wire transfer to a bank account designated in writing by Juventas. With respect to any payment due under this Section VI, Juventas
shall provide CASI an original invoice for the due payment and CASI or its designated party shall make such payment by the [***]
day of the month immediately following receipt of the original invoice.

 

6.4          Withholding
Taxes. Royalties and milestone payments shall be paid by CASI to Juventas, after deduction of any applicable withholding taxes.
Prior to any payment by CASI to Juventas, CASI shall provide to Juventas any forms required to attest Juventas’s fiscal domiciliation
in order to allow CASI to claim application of the reduced rate of withholding tax provided for in any applicable bilateral fiscal
convention. Juventas shall promptly return such forms to CASI. In the event Juventas fails to promptly return such forms duly filled
and signed, CASI shall declare and pay withholding tax at the common law rate of the applicable corporate income tax, and such
tax shall then be deducted from the corresponding payment by CASI to Juventas. CASI shall pay withholding tax to the proper taxing
authority and proof of payment of such tax shall be secured and sent to Juventas as evidence of such payment. If, in the opinion
of either Party, the provisions of this Section 6.4 become extremely burdensome, the Parties agree to meet and discuss such other
options as may be available to them. For the avoidance of doubt, Juventas shall still be solely responsible for its own compliance
with applicable tax law and CASI shall not be liable for any Juventas’ tax violations in relations to any tax withholdings
under this Section 6.4.

 

    	 	14	 

     

    

 

6.5          Currency.
With respect to sales of the Licensed Product invoiced in RMB, the Net Sales and the amounts due hereunder will be expressed in
RMB. With respect to sales of Licensed Product invoiced in a currency other than RMB, the gross sales, Net Sales and royalties
payable shall be expressed in the currency of the invoice issued by the Party making the sale together with the RMB equivalent
of the royalty payable and the equivalent in the currency used for calculating the applicable royalty rates, calculated using the
rate of exchange published in the Wall Street Journal for such currency on the last Business Day of the relevant Calendar Quarter.

 

6.6          Default
Payment. In addition to all other rights and remedies hereunder or at law or in equity, CASI shall pay an interest for any
and all payment defaulted by CASI under this Agreement. The interest shall accrue on the amount of payment defaulted by CASI, from
its due date up to the date of full payment, at a rate of [***] and shall be paid in RMB by wire transfer to a bank account designated
by Juventas. Such interest shall accrue from day to day and be computed on the basis of a three hundred and sixty (360) day per
year and the actual number of days elapsed.

 

6.7          Audit.
Juventas shall have the right during the Term of this Agreement and for [***] after termination of this Agreement to engage an
independent auditor that is mutually agreed to by Juventas and reasonably acceptable to CASI to examine the relevant records from
time-to-time, as may be necessary to verify compliance with the terms of this Agreement. Such audit shall be requested in writing
at least [***] days in advance, and shall be conducted during CASI’s normal business hours and otherwise in a manner that
minimizes any interference to CASI’s business operations. In order to fulfill the auditing, the independent auditor so selected
shall have the right to access, examine, review and copy all books or accounts of CASI, relevant procurement/distribution agreements
and other purchase/sales contracts, purchase/sales orders, operation records, tax paid to local government, and itemized tax for
the Licensed Product, and to discuss the business, operations and conditions of CASI with its respective directors, officers, employees,
accounts, auditors, financial advisors, legal counsel and investment bankers, to the extent reasonably deemed by Juventas as necessary
for determining the accuracy of the report provided by CASI pursuant to Section 6.2(c). CASI shall not unreasonably restrict the
independent auditor’s access to premises of CASI during normal business hours. In the event that any independent auditor
discovers an underpayment, CASI shall promptly pay to Juventas the amount of such underpayment. The fees charged by such independent
auditor shall be paid by Juventas. However, CASI shall pay such fees, provided that if such auditor uncovers an underpayment of
fees of [***] or more by CASI.

 

    	 	15	 

     

    

 

Section
VII.

Representations,
Warranties and Covenants

 

7.1          Licensor
Representations, Warranties and Covenants. Licensor hereby represents, warrants and covenants to Licensee, as of the Effective
Date, as follows:

 

(a)          the
execution, delivery and performance by Licensor of this Agreement and the consummation of the transactions contemplated hereby
are within Licensor’s corporate powers and have been duly authorized by all necessary corporate action on the part of Licensor.
This Agreement constitutes the legal, valid and binding obligation of Licensor, enforceable against Licensor in accordance with
its terms

 

(b)          the
execution, delivery and performance of this Agreement by Licensor will not violate: (i) any Laws or any order of any Governmental
or Regulatory Authority; or (ii) any provision of Licensor’s certificate of incorporation or other organizational documents;

 

(c)          to
the knowledge of Licensor, none of the Intellectual Property existing as of the Effective Date has been adjudged invalid, unenforceable
or unpatentable by any Governmental or Regulatory Authority of competent jurisdiction, and all such Intellectual Property existing
as of the Effective Date are valid and enforceable.

 

(d)          To
the knowledge of Licensor, (a) the exploitation of Licensed Product based upon the Intellectual Property as it exists on the Effective
Date does not infringe any issued patent or any pending patent of any person and (b) the use of the Intellectual Property by Licensee
pursuant to the terms of this Agreement, and Licensee’s exercise of its rights hereunder in connection therewith, does not
infringe, misappropriate or otherwise violate the trade secret rights or copyrights of any other Person. No written claim or demand
of any Third Party has been made, or to the knowledge of Licensor, is threatened against Licensor and there is no proceeding, or
action, claim (including regarding infringement of Intellectual Property), complaint, demand, suit, proceeding, or arbitration
brought by a third party, pending, or, to the knowledge of Licensor, threatened, as of the Effective Date, against Licensor, and
in each case involving any of the Intellectual Property or Licensed Product existing as of the Effective Date or the exploitation
of the foregoing and (i) challenging any rights of Licensor in any such Intellectual Property or Licensed Product, (ii) alleging
that any issued patent within such Intellectual Property is invalid or unenforceable, (iii) alleging that the use of any Intellectual
Property existing as of the Effective Date infringes any issued patent of a third party or infringes, misappropriates or otherwise
violates the Intellectual Property rights of any Person, (iv) challenging the transactions contemplated by this Agreement or (v)
asserting that the manufacture, use, sale, offer for sale or importation of Licensed Product or the processes used to make Licensed
Product is or was infringing or otherwise violates or violated any Intellectual Property of any Person.

 

(e)          Licensor
is and has been in compliance in all material respects with all applicable Laws applicable to and in connection with the exploitation
of the Intellectual Property and the Licensed Product. There are no, and there have not been any issued judicial orders, writs,
injunctions, decrees, judgments or stipulations in force against Licensor with respect to the Intellectual Property or Licensed
Product that would reasonably be expected to have a material adverse effect on the ability of Licensee to exploit the Licensed
Product in the Field in the Licensee Territory in compliance with all applicable Laws.

 

    	 	16	 

     

    

 

(f)           To
the knowledge of Licensor, no third party has infringed, misappropriated or otherwise violated any Intellectual Property.

 

(g)          The
Intellectual Property owned by Licensor or both controlled by and prosecuted by Licensor and, to the knowledge of Licensor, the
Intellectual Property controlled but not prosecuted by Licensor have been maintained properly in accordance with all applicable
Laws, including disclosure of all prior art to the relevant patent authority to the extent required by applicable Laws, and with
all applicable fees due with respect thereto having been paid.

 

(h)          To
the knowledge of Licensor, the scientific, technical and other information relating to the Intellectual Property and Licensed Product
disclosed or made available by Licensor or any of its representatives to Licensee in writing in the electronic data room has been
true and correct in all respects.

 

(i)           Licensor
is not currently assisting any third party in preparation for or in connection with filing an IND with respect to the Licensed
Product.

 

(j)           Licensor
has the unrestricted right to grant to Licensee the rights in the Intellectual Property in the Territory that are being granted
to Licensee under this Agreement upon the terms set forth herein. Licensor has granted any license or sublicense to any rights
in the Intellectual Property in the Territory to any Third Party that are in conflict with the rights granted to Licensee in this
Agreement.

 

(k)          Licensor
has taken reasonable and customary measures to maintain and protect, as applicable, the confidentiality of its or their owned Confidential
Information within the Intellectual Property. Notwithstanding the foregoing, Licensor and its Affiliates may disclose Confidential
Information to (a) Third Parties under an obligation of confidentiality with respect to such information, (b) Governmental Authorities
or Regulatory Authorities in order to obtain patents or develop or submit Regulatory Filings for products, and (c) the extent required
by Law.

 

(l)           All
employees, consultants, contractors and other persons who have contributed to the design, creation, conception, reduction to practice
or invention of any Intellectual Property in the Intellectual Property or the Intellectual Property have entered into written agreements
with Licensor assigning to Licensor all rights relating to such design, conception, reduction to practice, invention or Intellectual
Property.

 

(m)         The
Licensor in compliance with all applicable Laws in relation to the reporting of adverse events in relation to clinical studies
of the Licensed Products.

 

(n)          To
the knowledge of Licensor, all clinical studies and nonclinical studies sponsored by Licensor relating to the Licensed Product
have been and are being conducted in material compliance with applicable Laws, including Laws, rules, regulations and guidance
restricting the use and disclosure of individually identifiable health information. Licensor has not received any written notices
or other written correspondence from any Governmental or Regulatory Authority with respect to any ongoing clinical studies and
nonclinical studies relating to the Licensed Product requiring the termination, suspension or material modification of such clinical
studies and nonclinical studies.

 

    	 	17	 

     

    

 

(o)          Licensor
and its employees have never been (i) debarred or (ii) convicted of a crime for which a Person can be debarred under Section 306(a)
of the U.S. Generic Drug Enforcement Act of 1992 (Section 306(a) or (b)) or similar Laws of any other jurisdiction.

 

7.2          Licensee
Representations, Warranties and Covenants. Licensee hereby represents, warrants and covenants to Licensor as follows:

 

(a)          the
execution, delivery and performance of this Agreement by Licensee and the consummation of the transactions contemplated hereby
are within the Licensee’s corporate powers and have been duly authorized by all necessary corporate action on the part of
Licensee. This Agreement constitutes the legal, valid and binding obligations of the Licensee, enforceable against the Licensee
in accordance with its terms;

 

(b)          Licensee
will be properly registered, licensed and qualified, and have all requisite power and authority under its organizational documents
and in accordance with applicable Laws to market and sell Licensed Product in the Territory, and to conduct its business and perform
its obligations hereunder and, during the Term and any extensions thereof, it shall take all action as may be required and necessary
to obtain and keep current any governmental licenses, permits, registrations and approvals that are necessary for it to develop,
make, market and sell the Licensed Product and carry out its other activities hereunder;

 

(c)          the
execution, delivery and performance of this Agreement by Licensee will not violate: (i) any Laws or any order of any Governmental
or Regulatory Authority; or (ii) any provision of Licensee’s certificate of incorporation or other organizational documents;

 

(d)          Licensee
shall carry out its obligations and activities under this Agreement (including without limitation the marketing, promotion, distribution
and sale of the Licensed Product) in accordance with: (i) the terms hereof and (ii) all applicable Laws; and

 

(e)          Licensee
and its employees have never been (i) debarred or (ii) convicted of a crime for which a Person can be debarred under Section 306(a)
of the U.S. Generic Drug Enforcement Act of 1992 (Section 306(a) or (b) or similar Laws of any other jurisdiction.

 

Section VIII.

Term and Termination

 

8.1          Term.
Unless terminated in accordance with Section 8.2, the term of this Agreement shall be as long as CASI or its distributors and/or
sublicensees Commercializes the Licensed Product (the “Term”).

 

8.2          Termination.

 

(a)          Termination
for Material Breach. Either Party may terminate this Agreement for a material breach of this Agreement by the other Party if
the breaching Party fails to cure any such breach within [***] calendar days after receipt of written notice from the non- breaching
Party specifying such breach. In the event the Supply Agreement is terminated by either Party as the result of a material breach
of the terms of the Supply Agreement by the other Party, this Agreement shall be deemed to be terminated at the same time.

 

    	 	18	 

     

    

 

(b)          Termination
for Insolvency or Bankruptcy. Either Party may immediately terminate this Agreement upon written notice to the other Party
in the event that: (i) the other Party is declared insolvent or bankrupt by a court of competent jurisdiction; (ii) a voluntary
petition of bankruptcy or reorganization is filed in any court of competent jurisdiction by such other Party; (iii) this Agreement
is assigned by such other Party for the benefit of creditors; or (iv) an involuntary petition of bankruptcy or reorganization is
filed against the other Party or its assets and such petition is not dismissed within [***] days of filing.

 

(c)          Termination
for Governmental Action. Either Party may terminate this Agreement upon [***] days prior written notice in the event that any
Governmental or Regulatory Authority takes any action or raises any objection that prevents Licensee from making, having made,
marketing, promoting, importing, purchasing or selling Licensed Product, or that has the effect of making any of the transactions
contemplated by this Agreement unlawful.

 

(d)          Termination
for Failure to Close under the Investment Agreement. The Parties entered into an Investment Agreement dated June 15, 2019 with
other parties under which CASI intended to make certain equity investment into Juventas in the amount of RMB80,000,000 upon Closing
(as defined in the Investment Agreement). Juventas may terminate this Agreement immediately upon written notice to CASI if, for
any reason, the Closing fails to occur.

 

(e)          Termination
for Change of Control. Either Party may terminate this Agreement upon [***] days prior written notice if the other Party is subject
to a Change of Control.

 

8.3          Effect
of Termination. On the date of termination or expiration of this Agreement, (a) all rights and obligations granted under or
imposed by this Agreement will cease and terminate, except as set forth herein and in Section 8.4, (b) all license granted to
CASI under this Agreement shall terminate, (c) CASI shall cease its use and, upon request, within 30 days either return to Juventas
or destroy (and certify as to such destruction) all Juventas’ Confidential Information, including any copies thereof, (d)
CASI shall promptly deliver to Juventas all information, documents and other materials, which belong to the Improvements or are
necessary for Juventas to Commercialize the Licensed Product and (e) CASI or its Affiliates shall not engage in development, marketing
or sale of the Licensed Product in the Territory before [***] anniversary after the termination or expiration of this Agreement.
Notwithstanding the foregoing, unless this Agreement was terminated by Licensor due to Licensee’s breach of this Agreement,
Licensee shall have the right to sell and distribute its existing inventory of Licensed Product, not including products in process
of manufacture, subject to the terms of this Agreement and payment of applicable royalties to Licensor as set forth in Section
6.2 above. Such expiration or termination shall not affect any claim, demand, liability or right of a Party arising pursuant to
this Agreement prior to the expiration or termination hereof. For the avoidance of doubt, termination or expiration of this Agreement
shall not affect a Party’s right to seek damages from the responsible Party for actions or omissions occurring prior to
such termination or expiration.

 

    	 	19	 

     

    

  

8.4          Survival.
The following provisions shall survive any termination or expiration of this Agreement: Section 2.4, Section 2.5, Section 2.8,
Section 8.3, Section IX, Section X and Section XI.

 

Section IX.

Confidentiality and Press
Releases

 

9.1          Confidential
Information. Except to the extent otherwise agreed in writing, the Parties agree that the receiving Party (the “Receiving
Party”) shall keep confidential and shall not publish or otherwise disclose or use for any purpose other than as provided
for in this Agreement any confidential and proprietary information and materials, patentable or otherwise, in any form (written,
oral, photographic, electronic, magnetic, or otherwise) which is disclosed to it by the other Party (the “Disclosing Party”)
or is otherwise received, accessed or developed by a Receiving Party in the course of performing its obligations under this Agreement,
including, but not limited to, all information concerning the Intellectual Property, Licensed Product(s), the contents of this
Agreement and any other technical and business information of whatever nature (collectively, “Confidential Information”).
Without limiting the generality of the foregoing, the Receiving Party may disclose the Confidential Information only to the Receiving
Party’s officers, employees, consultants, agents (the “Representatives”) who have a need to know the Confidential
Information in connection with the transaction contemplated hereby and which Representatives are contractually or otherwise legally
bound to hold and use the Confidential Information in substantial accordance with the terms herein. The Receiving Party shall guarantee
the full performance by the Representatives of the confidentiality obligation set forth herein. Intellectual Property and Improvements
shall be the Juventas’ Confidential Information.

 

9.2          Exclusions.
The obligations of confidentiality and non-use set forth in Section 9.1 shall not apply to any portion of the Confidential Information
which the Receiving Party is able to establish by competent proof: (i) was already legally in the possession of the Receiving Party,
at the time of disclosure by the Disclosing Party; (ii) was generally available to the public or otherwise part of the public domain
at the time of its disclosure to the Receiving Party; (iii) became generally available to the public or was otherwise part of the
public domain after its disclosure and other than through any act or omission of the Receiving Party in breach of this Agreement;
or (iv) was disclosed to the Receiving Party by a third party provided that the Confidential Information was disclosed by such
third party in non-violation of any confidentiality obligation.

 

9.3          Exceptions.
The obligations of this Section IX shall not apply to Confidential Information that: (i) is submitted to a Governmental or Regulatory
Authority to facilitate the issuance of any registrations for the Licensed Product or the Intellectual Property, provided that
the Disclosing Party is informed of such submission and the required Confidential Information in advance of the disclosure and
reasonable measures shall be taken to assure confidential treatment of such information where permitted; (ii) is provided by the
Receiving Party to third parties under confidentiality agreements having provisions at least as stringent as those in this Agreement,
and solely for consulting, funding, merger or acquisition activity, external testing and marketing trials with respect to any of
the subject matter of this Agreement; or (iii) is otherwise required to be disclosed in compliance with applicable Laws (including,
without limitation and for the avoidance of doubt, the requirements of any securities regulatory authorities or any stock exchange
on which securities issued by a Party are traded) or order by a court or other governmental or regulatory authority having competent
jurisdiction; provided, that, if a Party is required to make any such disclosure of the other Party’s Confidential Information
such Party will give reasonable advance written notice to the other Party of such disclosure requirement and will use its best
efforts to secure confidential treatment of such Confidential Information required to be disclosed.

 

    	 	20	 

     

    

 

9.4          Remedies.
Each Party shall be entitled, in addition to any other right or remedy it may have, at law or in equity, to seek an injunction
from any court of competent jurisdiction, without the posting of any bond or other security, enjoining or restraining the other
Party from any violation or threatened violation of this Section IX.

 

9.5          Duration.
All obligations of confidentiality, limited use and non-disclosure imposed by this Section IX with respect to any and all items
of Confidential Information shall expire five years after the termination of this Agreement, unless a longer period is prescribed
by Law.

 

9.6          Press
Releases. Except as required by Law (including requirements of applicable securities administrators or any other stock exchange
on which securities issued by a Party are traded) or any governmental or regulatory authority, neither Party shall make any press
release or other public announcement relating to the Agreement or the transactions described herein without the prior written consent
of the other Party, which consent will not be unreasonably withheld. Subject to the foregoing, each Party shall use Commercially
Reasonable Efforts to provide the other Party an opportunity to review any press release or similar public statement related to
this Agreement or Licensed Product prior to publicly releasing such press release.

 

Section
X.

Indemnification

 

10.1        Indemnification
by Licensor. Licensor shall defend, indemnify and hold harmless Licensee, its Affiliates, officers, directors, employees and
agents against any and all Losses arising out of, in connection with or attributable to: (a) Licensor’s breach of any representation,
warranty or covenant under this Agreement; (b) any negligent or wrongful act or omission on the part of Licensor, its Affiliates,
officers, directors, employees, agents or representatives except, in each case, to the extent that any such Losses are caused by
the negligence or wrongful act(s) of Licensee, its Affiliates, officers, directors, employees or agents; and (c) any Licensor Product
Liability Claims except, in each case, to the extent that any such Losses are caused by the negligence or wrongful act(s) of Licensee,
its Affiliates, officers, directors, employees or agents.

 

10.2        Indemnification
by Licensee. Licensee shall defend, indemnify and hold harmless Licensor, its Affiliates, officers, directors, employees and
agents against any and all Losses arising out of, in connection with or attributable to: (a) Licensee’s breach of any representation,
warranty or covenant under this Agreement, (b) the promotion, marketing, sale or distribution of the Licensed Product(s) by Licensee
in any part of the Territory or any negligent or wrongful act or omission on the part of Licensee, its Affiliates, officers, directors,
employees, agents, sublicensees or representatives except, in each case, to the extent that any such Losses are caused by the negligence
or wrongful act(s) of Licensor, its Affiliates, officers, directors, employees or agents.

 

    	 	21	 

     

    

 

10.3        Procedures.
The Party seeking indemnification under this Section X (the “Indemnified Party”) shall give prompt notice to
the Party against whom indemnity is sought (the “Indemnifying Party”) of the assertion or commencement of any
Proceeding in respect of which indemnity may be sought under this Section X and will provide the Indemnifying Party such information
with respect thereto that the Indemnifying Party may reasonably request. The failure to give such notice will relieve the Indemnifying
Party of any liability hereunder only to the extent that the Indemnifying Party has suffered actual prejudice thereby. The Indemnifying
Party shall assume and control the defense and settlement of any such action, suit or Proceeding at its own expense. The Indemnified
Party shall, if requested by the Indemnifying Party, cooperate in all reasonable respects in such defense, at the Indemnifying
Party’s expense, subject to the following. The Indemnified Party will be entitled at its own expense to participate in such
defense and to employ separate counsel for such purpose. For so long as the Indemnifying Party is diligently defending any Proceeding
pursuant to this Section X, the Indemnifying Party will not be liable under this Section X for any settlement effected without
its consent. No Party to this Agreement shall make any admission, compromise or settlement which includes terms which adversely
impact the other Party without the other Party’s prior written consent.

 

10.4         Infringement
Claims.

 

(a)          Procedure.
If either Party learns of or develops a basis for an infringement, unauthorized use, misappropriation or ownership claim or threatened
infringement or other such claim (an “Infringement”) by or against a third party with respect to the Intellectual
Property or the Licensed Product in the Territory, such Party shall promptly notify the other Party in writing and shall promptly
provide such other Party with available evidence of such Infringement. Licensor shall have the first right, but not the obligation,
to institute or defend Infringement actions against or by any such third parties in the Territory. If, in any such instance, Licensee
does not secure actual cessation of such Infringement or institute or respond to an Infringement proceeding within 90 days of learning
of such Infringement, then Licensor may institute or defend such Infringement action. Each Party maintaining any such Infringement
action shall keep the other Party reasonably informed as to the status of such action. Each Party shall execute all necessary and
proper documents, take such actions as shall be appropriate to allow the other Party to maintain any such Infringement action and
shall otherwise cooperate in the maintenance of any such action (including, without limitation, consenting to being named as a
Party thereto).

 

(b)          Costs
and Expenses. The costs and expenses of instituting an Infringement action (including fees of attorneys and other professionals)
against a third party shall be borne by the Party maintaining the action. The costs of defending an Infringement action for infringement
in the Territory shall be borne by the Licensor, including any amounts to be paid in settlement or as finally awarded by a court,
unless such action results from unauthorized Improvements made by Licensee or use of the Intellectual Property other than as licensed
herein.

 

    	 	22	 

     

    

 

(c)          Allocation
of Award for Third Party Infringement. In the event that any Infringement action instituted by Licensor and/or Licensee proceeds
to judgment or settlement, any award paid by third parties as a result of such an Infringement action (whether by way of settlement
or otherwise) shall be applied first to reimburse the costs and expenses incurred by the Parties with respect to such action and
any remaining funds shall be allocated as follows: (i) if Licensor has maintained such action alone, Licensor shall be entitled
to retain such remaining funds; (ii) if Licensee has maintained such action alone, Licensee shall be entitled to retain such remaining
funds; or (iii) if the Parties have cooperated in maintaining such action, the Parties shall allocate such remaining funds between
themselves in the same proportion as they have agreed to bear the expenses of maintaining such action or as otherwise agreed by
the Parties in writing.

 

(d)          Infringement
on Third Party Rights; License Required. If, in the course of any Infringement action by a third party instituted against Licensor
or Licensee, a license to any third party patent becomes necessary in order for Licensee to enjoy the rights to the Licensed Product
contemplated by this Agreement, then Licensee will be entitled to enter into such a license on terms and conditions as are required
by the third party, and Licensee will be entitled to deduct from royalties otherwise payable under this Agreement during any quarter
one half of the royalty payments during such quarter to the third party in respect of such third party’s patent; provided,
further, that in no event shall the royalty rate payable under this Agreement after giving effect to such credit be reduced by
more than twenty five percent (25%). Licensee shall keep Licensor fully informed of any such license negotiations and the Parties
shall cooperate in good faith to minimize the amounts payable with respect to any such third-party intellectual property.

 

10.5        Consequential
Damages. Neither Party to this Agreement shall be liable to or otherwise responsible to the other Party hereto for any loss
of profits, diminution in value, or incidental, indirect, consequential, special, exemplary or punitive damages that arise out
of or relate to this Agreement or the performance or breach hereof or otherwise and whether in contract, tort, strict liability
or otherwise; provided, that, the foregoing limitation shall not apply: (i) to a Party’s third party indemnification obligations
pursuant to Sections 10.1 and 10.2 above, (ii) to any personal injury or property damage caused by the grossly negligent or willful
misconduct of a Party, or (iii) to any violation of applicable Law.

 

Section
XI.

Miscellaneous

 

11.1        Choice
of Law; Jurisdiction. This Agreement shall be governed by and construed exclusively in accordance with the laws of Hong Kong,
without regard to conflicts of law rules. The language of this Agreement shall be English. Except as expressly set forth below,
any dispute, controversy or claim arising out of or in relation to this Agreement, or breach hereof, shall be first settled through
amicable negotiations between the Parties. If these negotiations do not result in an amicable resolution, then arbitration shall
be sought in accordance with Section 11.2 found below.

 

11.2        Arbitration.
Any dispute, controversy, difference or claim arising out of or relating to this contract, including the existence, validity, interpretation,
performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it
shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (HKIAC)
under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. Each Party shall pay its or
his own expenses of such arbitration, and the fees and expenses of the arbitrator shall be paid by the non-prevailing Party.

 

    	 	23	 

     

    

 

11.3        Waiver.
The waiver by any Party of a breach of any provision of this Agreement shall not operate, or be construed, as a waiver of any subsequent
breach.

 

11.4        Modification.
No change, modification, or waiver of any terms of this Agreement shall be valid unless it is in writing and signed by both Parties.

 

11.5        Entire
Agreement. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and
thereof, and supersede all prior agreements and understandings, whether oral or written, between the Parties, it being understood
that any information exchanged under a confidentiality or nondisclosure entered into prior to the date hereof shall be treated
as Confidential Information disclosed under this Agreement.

 

11.6        Force
Majeure. If the actual performance of any obligations under this Agreement is prevented by any act of God (such as fire, flood,
earthquake or other natural cause), terrorist events, riots, insurrections, declared or undeclared war or national emergency, governmental
action or inaction unrelated to Licensed Product or the Parties’ acts or omissions, or other similar event outside the reasonable
control of a Party, the Party affected by such event (a “Force Majeure”) shall be excused on a day-by-day basis
to the extent of the prevention; provided, that such Party notifies the other Party as soon as practicable of the nature and expected
duration of the claimed Force Majeure, uses all Commercially Reasonable Efforts to avoid or remove the causes of nonperformance
and resumes performance promptly after the causes have been removed. If either Party is unable to perform its obligations under
this Agreement due to a Force Majeure event for a period in excess of 90 days, the other Party may terminate this Agreement.

 

11.7        Assignment.
Licensee shall not be entitled to assign its rights or delegate its obligations hereunder in whole or in part without the express
prior written consent of Licensor, which consent shall not be unreasonably withheld or delayed. The foregoing notwithstanding,
no consent shall be required for the assignment of this Agreement in connection with a change in control or a sale of all or substantially
all of the assets of Licensee so long as Licensee is then in full compliance with the terms of this Agreement and the successor
or assignee agrees in a writing enforceable by Licensor to be bound by the terms of this Agreement.

 

11.8        Independent
Contractor. This Agreement shall not be construed as constituting a partnership, joint venture or any other form of legal association
that would impose liability upon one Party for the act or failure to act of the other Party, or as providing either Party with
the right, power or authority (express or implied) to create any duty or obligation of the other Party.

 

    	 	24	 

     

    

 

11.9        Headings.
The headings have been inserted for convenience only and are not to be considered when interpreting the provisions of this Agreement.

 

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

 

11.11      Severability.
Each provision of this Agreement will to the extent possible be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Agreement.

 

11.12      Notices.
All notices or other communications hereunder shall be deemed sufficient if given in writing, via registered mail (return receipt
requested), postage paid, or by reputable international delivery service (e.g. FedEx) or by courier addressed to the appropriate
Party at the address set forth below, or at such other place as such Party may designate in writing to the other Party.

 

	If to Licensor:	Juventas Cell Therapy Ltd.
	Attn:	Yiping Deng (邓一平)
	Address:	1103, Building No.3, Huamao Center, 77 Jianguo Road, Chaoyang District, Beijing, China 100025
	Email:	[***]
	Tel:	[***]
	 	 
	If to Licensee:	CASI Pharmaceuticals, Inc.
	Attn:	George Chi
	Address:	
        9620 Medical Center Drive, Suite 300

        Rockville, Maryland 20850

	Email:	[***]
	Tel:	[***]

 

All such notices shall be effective
upon receipt.

 

11.13      Insurance.
Each Party shall have and maintain such types and amounts of liability insurance covering the manufacture, use and sale of the
Licensed Product as is normal and customary in the pharmaceutical industry generally for Parties similarly situated, and shall
upon request provide the other Party with a copy of its policies of insurance in that regard, along with any amendments and revisions
thereto.

 

[Signatures on following page]

 

    	 	25	 

     

    

 

IN WITNESS WHEREOF, this Exclusive
License Agreement has been executed by a duly authorized officer of each Patty as of the Effective Date.

 

	 	“Licensor”
	 	 
	 	JUVENTAS CELL THERAPY LTD.
	 	 
	 	By: 	/s/ Lulu Lv
	 	Name: Lulu Lv
	 	Title: Authorized Representative

 

    	 	 	 

     

    

  

IN WITNESS WHEREOF, this Exclusive
License Agreement has been executed by a duly authorized officer of each Party as of the Effective Date.

 

	 	“Licensee”
	 	 
	 	CASI PHARMACEUTICALS, INC.
	 	 
	 	By: 	/s/ George Chi
	 	Name: George Chi
	 	Title: Chief Financial OfficerExhibit 10.2

 

Confidential Materials omitted and
filed separately with the Securities and Exchange Commission.

***Triple
asterisks denote omissions.

 

Execution Version

 

INVESTMENT AGREEMENT

 

in respect of

 

JUVENTAS CELL THERAPY LTD.

(合源生物科技(天津)有限公司)

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

 

	1.	Definition and Interpretation	5
	2.	The Transaction	14
	3.	Conditions Precedent	15
	4.	Closing	17
	5.	Warrantors’ Representations and Warranties	17
	6.	Series A Investors and Series A+ Investors’ Representations and Warranties	27
	7.	Covenants of the Founding Shareholders and the Company	28
	8.	Mutual Covenants	30
	9.	Shareholders’ Meetings	30
	10.	Board of Directors and Officers	31
	11.	Information and Inspection Rights	35
	12.	Dividend	36
	13.	Pre-Emptive Right	36
	14.	Anti-dilution Right	37
	15.	Prohibition on Transfer of Equity Interest	38
	16.	Rights of First Refusal	39
	17.	Right of Co-Sale.	40
	18.	Liquidation Preferences.	40
	19.	Redemption.	42
	20.	Drag Along Rights.	44
	21.	Most Favoured Investor.	45
	22.	Additional Agreements; Covenants.	46
	23.	Limitations on Use of Name	47
	24.	Assignments and Transfers	47
	25.	Termination or Amendment of The Privilege.	47
	26.	Qualified IPO	48
	27.	Accounting Matters	48
	28.	Confidentiality and Announcements	48
	29.	Default and Indemnification	50
	30.	Independent Nature of Obligations and Rights of Series A+ Investors	50
	31.	Termination	50
	32.	Dispute Resolution and Governing Law	51
	33.	Miscellaneous	52

 

	EXHIBITS	 
	Exhibit A	Capitalization Table
	Exhibit B	Company Information
	Exhibit C	Disclosure Schedule
	Exhibit D	List of Key Employees

 

    	 	 	 

     

    

 

THIS INVESTMENT AGREEMENT (this “Agreement”)
is executed as of June 15, 2019 (Beijing Time, the “Execution Date”), by and among:

 

		1.	JUVENTAS CELL THERAPY LTD (合源生物科技(天津)有限公司)
(the “Company”), a company with limited liability established under the laws of the PRC whose Unified Social
Credit Code is 91120116MA06D8BX5T, with its registered office at Building 5, No.8, Haitai Development Third Road, Huayuan Industrial
District (Outer Ring), Binhai High-Tech Zone, Tianjin;

 

		2.	[***], a partnership with limited liability established
under the laws of the PRC, with its registered office at [***];

 

		3.	[***], together with [***], “Founding
Shareholders”), a partnership with limited liability established under the laws of the PRC, with its registered office
at [***];

 

		4.	[***], a company limited by shares established under
the laws of the PRC, with its registered office at [***];

 

		5.	[***], a partnership with limited liability established
under the laws of the PRC, with its registered office at [***];

 

		6.	[***], a partnership with limited liability established
under the laws of the PRC, with its registered office at [***];

 

		7.	[***], a partnership with limited liability established
under the laws of the PRC, with its registered office at [***];

 

		8.	[***],
a partnership with limited liability established under the laws of the PRC, with its registered office at [***];

 

    	 	3	 

     

    

  

		9.	[***], a partnership with limited liability established
under the laws of the PRC, with its registered office at[***];

 

		10.	[***], together with [***], the “Series
A Investors”), a partnership with limited liability established under the laws of the PRC, with its registered office
at Room 205-2, Building 25, 128 Yongfeng Road, Daxie Development Zone, Ningbo City, Zhejiang Province;

 

		11.	CASI Biopharmaceuticals (WUXI) Co., Ltd. (凯信生物医药(无锡)有限公司)(“CASI”),
a company with limited liability established under the laws of the PRC, with its registered office at C10402, No. 1699, Huishan
Avenue, Huishan Economic Development Zone, Wuxi; and

 

		12.	[***], the “Series A+ Investors”),
a company with limited liability established under the laws of the PRC, with its registered office at [***].

 

(for the avoidance of doubt,
with respect to RMB 1,666,667 of registered capital held by [***] according to the Series A Investment Agreement, [***]
shall be regarded as Series A Investor; with respect to RMB 1,175,439 of registered capital held by [***] according to this
Agreement, [***] shall be regarded as Series A+ Investor; each party referenced above, a “Party” and
collectively, the “Parties”; Series A Investors and Series A+ Investors, each the “Investor”
and collectively the “Investors”).

 

WHEREAS:

 

		(A)	The Company is a company with limited liability duly organized
and validly existing under the laws of PRC engaged in research, development, manufacturing or selling of any technology or product
in relation to cellular immunotherapy, including without limitation CAR-T, CAR-NK, and TIL.

 

		(B)	The Company desires to increase new registered capital
of RMB 12,929,825 (the “Increased Capital”). The Series A+ Investors desires to subscribe all the Increased
Capital pursuant to the terms and conditions set forth in this Agreement (the “Transaction”);

 

		(C)	The Founding Shareholders, the Series A Investors, the
Series A+ Investors and the Company agree to consummate the Transaction pursuant to the terms and conditions set forth in this
Agreement.

 

The Parties
hereby agree as follows:

 

    	 	4	 

     

    

 

		1.	Definition and Interpretation

 

		1.1	Unless the context otherwise requires, the following words
and expressions shall have the following meanings:

 

	“Accounts”	 	means the Company’s audited balance sheets and profit and loss statements and unaudited management accounts (including the notes in each case) as at the Account Date, which have been provided to the Series A+ Investors;
	 	 	 
	“Account Date”	 	means March 31, 2019;
	 	 	 
	“Addition Equity”	 	has the meaning given to such term in Section 13.1 of this Agreement;
	 	 	 
	“Affiliate”	 	means, (i) in the case of a person other than a natural person, any other person Controlled by, Controlling or under the common Control with the specified person; (ii) in the case of a person who is a natural person, any other person Controlled by such person directly or indirectly, or is a direct relative of such person.
	 	 	 
	“Amended Articles”	 	means the amended articles of association of the Company in the form to the satisfactory of the Series A+ Investors;
	 	 	 
	“Applicable Laws”	 	means, with respect to any subject person, all applicable (i) constitutions, treaties, statutes, laws (including the common law), codes, rules, regulations, ordinances or orders issued by any Governmental Authority, and (ii) notices, orders, decisions, injunctions, judgments, awards and decrees issued by, or agreements with, any Governmental Authority;
	 	 	 
	“Anti-dilution Right”	 	has the meaning given to such term in Section 14.1 of this Agreement;
	 	 	 
	“Anti-dilution Indemnification”	 	has the meaning given to such term in Section 14.2.2 of this Agreement;
	 	 	 
	“Articles of Association”	 	means the articles of association of the Company, as amended from time to time;

 

    	 	5	 

     

    

 

	“Auditor”	 	means the auditor of the Company;
	 	 	 
	“Board”	 	means the Company’s board of directors;
	 	 	 
	“Business”	 	means the business currently being conducted or to be conducted by the Company, namely research, development, manufacturing or selling of any technology or product in relation to cellular immunotherapy, including without limitation CAR-T, CAR-NK, and TIL;
	 	 	 
	“Business Day”	 	means any day other than a Saturday or Sunday or a public holiday in the PRC and the United States;
	 	 	 
	“Capital Increase Notice”	 	has the meaning given to such term in Section 13.1 of this Agreement;
	 	 	 
	“Chairman”	 	means the Chairman of the Board of Directors;
	 	 	 
	“Closing”	 	means  the  consummation  of  the  Transaction  pursuant  to Section 4 of this Agreement;
	 	 	 
	“Closing Date”	 	means the date on which Closing takes place;
	 	 	 
	“Company Affiliate”	 	has the meaning given to such term in Section 5.17.1 of this Agreement;
	 	 	 
	“Conditions Precedent”	 	means the conditions precedent to Closing as specified in Section 3;
	 	 	 
	“Consents”	 	means any consent, approval, verification, authorization, waiver, license, exemption, acknowledgement or order of, registration or filing with, or report or notice to, any person or any Governmental Authority;
	 	 	 
	“Contract”	 	means a legally binding contract, agreement, understanding, indenture, note, bond, loan, instrument, lease, mortgage, franchise or license;
	 	 	 
	“Control”	 	means: (i) direct or indirect ownership of more than fifty percent (50%) of the share capital or other ownership interest in a subject person, or (ii) the right to exercise more than fifty percent (50%) of the voting rights in such subject person or (iii) the contractual right to designate more than half of the members of such subject person’s board of directors or similar executive body or (iv) the power to direct the management or policies of such subject person, through contractual arrangements or otherwise; and “Controlled by” or any similar term shall be construed accordingly;

 

    	 	6	 

     

    

 

	“Director”	 	means a director of the Board of the Company;
	 	 	 
	“Disclosure”	 	means any full and fair disclosure made by any Warrantors and the Company as set out in the Disclosure Schedule;
	 	 	 
	“Disclosure Schedule”	 	means the letter attached in Exhibit C of this Agreement;
	 	 	 
	“Distributable Proceeds”	 	has the meaning given to such term in Section 18.2.4 of this Agreement;
	 	 	 
	“Drag Along Shareholder”	 	has the meaning given to such term in Section 20.1 of this Agreement;
	 	 	 
	“Drag Along Sale”	 	has the meaning given to such term in Section 20.1 of this Agreement;
	 	 	 
	“Dragged Shareholders”	 	has the meaning given to such term in Section 20.2 of this Agreement;
	 	 	 
	“Equity Security”	 	means, with respect to any subject person, any share, Shareholder interest, partnership interest,  sponsor right  or registered capital, joint venture interest or other ownership interest, and any option, warrant or other security which is directly or indirectly convertible into, or exercisable or exchangeable for such share, Shareholder interest, partnership interest, sponsor right or registered capital, joint venture interest or other ownership interest (whether or not such derivative security is directly issued by such subject person);
	 	 	 
	“Encumbrance”	 	means a mortgage, charge, pledge, lien, option, restriction, right of first refusal, right of pre-emption, third-party right or interest, other encumbrance or security interest of any kind, or any other type of preferential arrangement having similar effect  (including,  without  limitation,  a  title  transfer  or retention arrangement);

 

    	 	7	 

     

    

 

	“Exhibit(s)”	 	means all the exhibits attached as an integral part of this Agreement;
	 	 	 
	“Extra Equity”	 	has the meaning given to such term in Section 14.2.1 of this Agreement;
	 	 	 
	“FCPA”	 	has the meaning given to such term in Section 5.17.1 of this Agreement;
	 	 	 
	“Governmental Authority”	 	means any court, tribunal, arbitrator, authority, agency, commission, official or other instrumentality of the PRC, and any domestic or foreign legislative institution, state, county, city or other political sub-division related to this Agreement;
	 	 	 
	“Government Official”	 	has the meaning given to such term in Section 5.17.1 of this Agreement;
	 	 	 
	“Government Entity”	 	has the meaning given to such term in Section 5.17.1 of this Agreement;
	 	 	 
	“Increased Capital”	 	has the meaning given to such terms in Recital (B);
	 	 	 
	“Intellectual Property Rights”	 	means all titles and licenses to inventions, patents, designs, databases, copyrights (including rights in computer software), internet domain names, know-how, logos, trade names and trademarks and any other intellectual property rights, in each case whether registered or unregistered and including applications for the grant of any of the foregoing and all rights or forms of protection having equivalent or similar effect to any of the foregoing, which may subsist anywhere in the world to the extent owned or used by the Company;
	 	 	 
	“Investment Price”	 	means  the  Series  A  Investment  Price  and/or  Series  A+ Investment Price attached hereto in Exhibit A;
	 	 	 
	“Key Employee”	 	means all employees and personnel listed in Exhibit D.
	 	 	 
	“Liquidation Preference”	 	has the meaning given to such term in Section 18.1.1 of this Agreement;

    	 	8	 

     

    

 

	“Material Adverse Change”	 	means any change or event which results in Material Adverse Effect;
	 	 	 
	“Material Adverse Effect”	 	means any change, event or effect that (i) is or would be materially adverse to the business, operations, assets, liabilities, conditions (financial or otherwise) or results of operations or prospects of the Company, (ii) is or would materially impair the validity or enforceability of this Agreement or any other Transaction Document, or (iii) is or would materially and adversely affect the ability of any of the Founding Shareholders and/or the Company to perform its obligations under this Agreement, or otherwise in connection with the Transaction contemplated hereunder;
	 	 	 
	“Material Contract”	 	has the meaning given to such term in Section 5.13.1 of this Agreement.
	 	 	 
	“Money Laundering Law”	 	has the meaning given to such term in Section 5.18.1 of this Agreement;
	 	 	 
	“Non-Requesting Holder”	 	has the meaning given to such term in Section 19.1.8 of this Agreement;
	 	 	 
	“Offer Equity”	 	has the meaning given to such term in Section 16.1 of this Agreement;
	 	 	 
	“Offeror”	 	has the meaning given to such term in Section 20.1 of this Agreement;
	 	 	 
	“Officer”	 	means, with respect to the Company or its Affiliate, the chief executive officer, vice chief executive officer, chief financial officer, chief operation officer (or any other officer bearing equivalent duties);
	 	 	 
	“Ordinary Course of Business”	 	means the ordinary course of business of the Company, consistent with past customary practice, including with respect to maintenance of books and records, payment of expenses and payables, making of capital expenditures, performance of maintenance and repairs necessary to maintain facilities and equipment in good operating condition (normal wear and tear excepted), collection of accounts receivables, payment of employee compensation, maintenance of insurance, cash and other normal business operation;

 

    	 	9	 

     

    

 

	“Oversubscription Right”	 	has the meaning given to such term in Section 13.3 of this Agreement;
	 	 	 
	“Permitted Transferee”	 	has the meaning given to such term in Section 15.2 of this Agreement;
	 	 	 
	“Post-closing Valuation”	 	means the valuation of the Company immediately after the Closing;
	 	 	 
	“PRC”	 	means the People’s Republic of China, which, for the purpose of this Agreement, does not include Hong Kong Special Administration Region (the “Hong Kong”), Macao Special Administration Region (the “Macao”) and Taiwan;
	 	 	 
	“Pre-emptive Right”	 	has the meaning given to such term in Section 13.1 of this Agreement;
	 	 	 
	“Pre-closing Valuation”	 	means the valuation of the Company prior to the Closing, which is made on the basis of the management forecast provided by the Company and unanimously recognized by the Parties;
	 	 	 
	“Proposed Transfer”	 	has the meaning given to such term in Section 16.1 of this Agreement;
	 	 	 
	“Purchasing Holders”	 	has the meaning given to such term in Section 16.2.2 of this Agreement;
	 	 	 
	“Qualified IPO”	 	means the initial public offering and listing of the equity interest/shares of the Company (or any other entity holding all the equity interest of the Company which is acceptable to the Series A+ Investors and the Founding Shareholders) on the main board of Hong Kong Stock Exchange or any other stock exchange approved by the Board;
	 	 	 
	“Redemption Date”	 	has the meaning given to such term in Section 19.1.9 of this Agreement;
	 	 	 
	“Redemption Right”	 	has the meaning given to such term in Section 19.1.2 of this Agreement;

 

    	 	10	 

     

    

 

	“Re-allotment Notice”	 	has the meaning given to such term in Section 16.2.2 of this Agreement;
	 	 	 
	“Related Party”	 	means: (a) any direct or indirect shareholder of a subject person or its Subsidiaries, (b) any director or officer of a subject person or its Subsidiaries, (c) any entity Controlled by, or any close family member (including parents, spouse, children, brothers and sisters) of, any person referred to in (a) or (b) above, or (d) any other Affiliate of a subject person or its Subsidiaries;
	 	 	 
	“RelatedParty Transaction”	 	has the meaning given to such term in Section 22.1 of this Agreement;
	 	 	 
	“Redemption Price”	 	has the meaning given to such term in Section 19.1.5 of this Agreement;
	 	 	 
	“Redemption Requesting Notice”	 	has the meaning given to such term in Section 19.1.7 of this Agreement;
	 	 	 
	“Remaining Addition Equity”	 	has the meaning given to such term in Section 13.3 of this Agreement;
	 	 	 
	“RMB”	 	means Renminbi, the lawful currency of the PRC;
	 	 	 
	“Restricted Business”	 	has the meaning given to such term in Section 7.4.1 of this Agreement;
	 	 	 
	“Second  Capital  Increase Notice”	 	has the meaning given to such term in Section 13.3 of this Agreement;
	 	 	 
	“Selling Holder”	 	has the meaning given to such term in Section 17.1 of this Agreement;
	 	 	 
	“Series A Investment Agreement”	 	The Investment Agreement dated December 17, 2018 entered into by and among the Company, the Founding Shareholders and the Series A Investors (except [***]) and the Supplemental Agreement dated May 21, 2019 entered into by and among the Company, the Founding Shareholders and the Series A Investors;

 

    	 	11	 

     

    

 

	“Series A Redemption Price”	 	has the meaning given to such term in Section 19.2.2 of this Agreement;
	 	 	 
	“Series A Redemption Right”	 	has the meaning given to such term in Section 19.1.2 of this Agreement;
	 	 	 
	“Series A+ Redemption Price”	 	has the meaning given to such term in Section19.2.1 of this Agreement;
	 	 	 
	“Series A+ Redemption Right”	 	has the meaning given to such term in Section 19.1.1 of this Agreement;
	 	 	 
	“Shareholder”	 	Means the shareholder of the Company holding equity interest of the Company;
	 	 	 
	“Shareholders’ Meetings”	 	means   the   Annual   Shareholders’   Meetings   or   Interim Shareholders’ Meetings;
	 	 	 
	“Subscription Price”	 	means the consideration for the Increased Capital payable by the Series A+ Investors to the Company pursuant to the terms and conditions of this Agreement;
	 	 	 
	“Subsidiary”	 	means any person Controlled by a subject person from time to time;
	 	 	 
	“Taxation” or “Tax”	 	means all income and other taxes, including but not limited to capital gains taxes, real estate transfer taxes, value added taxes, stamp duties, deed taxes, energy taxes, social security fees, duties, imports, charges, and withholding taxes, other taxes of any nature whatsoever charged by any authority, including all costs, penalties and interest relating thereto;
	 	 	 
	“Transaction”	 	has the meaning given to such term in Recital (B);
	 	 	 
	“Transaction Documents”	 	means this Agreement, the Amended Articles and any other documents executed pursuant thereto or in connection therewith;
	 	 	 
	“Transfer Notice”	 	has the meaning given to such term in Section 16.1 of this Agreement;

 

    	 	12	 

     

    

 

	“Warrantors”	 	has the meaning given to such term in Section  5 of this Agreement;
	 	 	 
	“Wholly-owned Company”	 	has the meaning given to such term in Section 15.2 of this Agreement;

 

		1.2	Unless otherwise provided in this Agreement or otherwise
defined by the context, the following terms referred to in this Agreement shall be interpreted as follows:

 

		(a)	Directly or Indirectly. The term “directly or indirectly” means, directly, or through
one or more intermediate persons or through contractual or other arrangements, and “direct or indirect” has the correlative
meaning;

 

		(b)	Headings. Headings are included for convenience only and shall not affect the construction of any
provision of this Agreement;

 

		(c)	Include not Limiting. “Include,” “including,” “are inclusive of”
and similar expressions are not expressions of limitation and shall be construed as if followed by the words “without limitation”;

 

		(d)	Person. Unless otherwise provided in this Agreement, the word “person” includes any
individual, corporation, partnership, limited partnership, proprietorship, association, limited liability company, firm, trust,
estate, other entity or governmental bureau;

 

		(e)	References to Documents. References to this Agreement include the Exhibits, which form an integral
part hereof. The words “hereof,” “hereunder” and “hereto,” and words of like import, unless
the context requires otherwise, refer to this Agreement as a whole and not to any particular Section hereof or Exhibit hereto.
A reference to any document (including this Agreement) is to that document as amended, consolidated, supplemented, novated or replaced
from time to time;

 

		(f)	Laws. References to any Law include all Laws amending, varying, consolidating or replacing all
or part of such Law.

 

		(g)	Time. If a period of time is specified and dates from a given day or the day of a given act or
event, such period shall be calculated exclusive of that day;

 

		(h)	Writing. References to writing and written include any mode of reproducing words in a legible and
non-transitory form including emails and faxes;

 

		(i)	Successor and Assignee. References to Parties include their respective successors and assigns;

 

    	 	13	 

     

    

 

		(j)	Material. Unless otherwise provided in this Agreement, “material” shall refer to a
monetary threshold of [***] or more, provided that the value of a series of related transactions in respect of the same
subject shall be aggregated for such purposes;

 

		(k)	Representations, Warranties and Covenants. Unless otherwise provided in this Agreement, all warranties,
representations, indemnities, covenants, agreements and obligations given or entered by more than one person are given or entered
into severally unless otherwise specified;

 

		(l)	Drafting. This Agreement has been negotiated jointly and reviewed by the Parties and their respective counsel. Thus, this Agreement
shall be deemed to be the joint work product of the Parties and in the event of any ambiguity, no presumption or burden of proof
shall arise favouring or disfavouring any Party by virtue of the actual or claimed authorship of any of the provisions of this
Agreement.

 

		2.	The Transaction

 

		2.1	Subscription

 

Subject to
and on the terms and conditions of this Agreement, the Company shall increase, and the Series A+ Investors shall subscribe, the
Increased Capital free of any Encumbrance on the Closing Date. Subject to and on the terms and conditions of this Agreement, the
Series A+ Investors shall pay the Subscription Price in the amount of RMB 110,000,000 to the Company on the Closing Date, [***]
of the Subscription Price shall pay up the Increased Capital and the remaining of the Subscription Price shall be calculated as
“capital surplus”, among which:

 

		(a)	CASI shall pay RMB 80,000,000 to the Company on the Closing Date, [***] of which shall pay up the Increased Capital
and the remaining part shall be calculated as “capital surplus”.

		(b)	[***] shall pay RMB 20,000,000 to the Company on the Closing Date, [***] of which shall pay up the Increased
Capital and the remaining part shall be calculated as “capital surplus”;

		(c)	[***] shall pay RMB 10,000,000 to the Company on the Closing Date, [***] of which shall pay up the Increased
Capital and the remaining part shall be calculated as “capital surplus”.

 

Upon Closing,
the Increased Capital held by the Series A+ Investors shall represent [***] of the total equity interest of the Company
(on a fully diluted basis). The shareholding structure of the Company immediately prior to and after Closing is set forth in Exhibit
A.

 

		2.2	Valuation

 

The Parties
acknowledge that, the Subscription Price for the Increased Capital is based on the Pre-closing Valuation of the Company. The Pre-closing
Valuation of the Company is [***] and the Post-closing Valuation of the Company is [***].

 

    	 	14	 

     

    

 

		2.3	Use of Proceeds

 

Subject
to the terms and conditions hereof, the Parties agree that the Subscription Price shall only be used by the Company as working
capital for the Business and for other related capital expenditure. The Company shall not use the Subscription Price to repay any
loan.

 

		2.4	Waiver

 

The Founding
Shareholders and Series A Investors shall waive any and all right (including but not limited to pre-emption right, veto rights,
rights to receive notice) with respect to the Transaction under the Series A Investment Agreement, Articles of Associations, any
other instrument, document or agreement, or Applicable Laws.

 

		2.5	Change of Registration and Filing

 

The Founding
Shareholders and the Company shall be in charge of the change of registration and filing of this Transaction in Governmental Authorities.
The Series A Investors and the Series A+ Investors shall provide necessary cooperation.

 

		3.	Conditions Precedent

 

		3.1	Conditions Precedent to Obligations of the Series A+ Investors

 

The performance
of the closing obligations set forth in Section 3.1 by the Series A+ Investors are subject to the satisfaction of the following
conditions (“Conditions Precedent”) on or prior to the Closing Date, any or all of which may be waived by the
Series A+ Investors in writing in its sole discretion:

 

		3.1.1	The representations and warranties made by the Warrantors
under Section 5 are true, correct and complete on the Execution Date and the Closing Date.

 

		3.1.2	During the period between the Execution Date and the Closing
Date, no Material Adverse Changes has occurred to the Company, including, without limitation, the rights of the Series A+ Investors
hereunder, the business, operations, affairs, prospects, properties, assets, existing and potential liabilities, profits or conditions
(financial or otherwise) of the Company, and the ability of the Company, the Founding Shareholders and/or Series A Investors to
consummate the Transaction contemplated hereby or to perform its or his obligations hereunder or under any other Transaction Document.

 

		3.1.3	There exists no valid injunction, restraining order or any other that prohibits the consummation
of the Transaction or restricting the Business of the Company, which has a Material Adverse Effect on the Company; there exists
no pending or threatened legal action or governmental investigation, which, if adversely determined, would reasonably be expected
to result in any such injunction or order that has such Material Adverse Effect on the Company.

 

    	 	15	 

     

    

 

		3.1.4	The Founding Shareholders, the Series A Investors and the Company shall have performed and complied
with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with
by it on or before the Closing.

 

		3.1.5	The Warrantors shall have obtained all authorizations, approvals, waivers or permits of the Persons
and Governmental Authorities necessary for the consummation of the Transaction. All such authorizations, approvals, waivers and
permits shall be effective as of the Closing.

 

		3.1.6	The Warrantors shall have obtained all corporate and other proceedings in connection with the transactions
contemplated at the Closing and all documents incident thereto (including but not limited to the resolutions of Shareholders and
Boards of Directors (as applicable) of the Company) required to approve the Transaction Documents and the transaction thereunder.

 

		3.1.7	The Series A+ Investors shall have completed the due diligence investigation of the Company and
any corrective items identified by the Series A+ Investors shall have been corrected and the results of the due diligence investigation
in legal, financial, managerial, commercial and technological aspects shall be satisfactory to the Series A+ Investors. Without
limiting the foregoing, the Series A+ Investors shall have received from the Company all documents and other materials requested
by the Series A+ Investors for the purpose of examining and determining the rights in and to any technology, products and proprietary
rights now used, proposed to be used in, or necessary to, the business as now conducted and proposed to be conducted by the Company,
and the status of its ownership rights in and to all such technology, products and proprietary rights shall be satisfactory to
the Series A+ Investors in its sole discretion.

 

		3.1.8	The Company has provided to the Series A+ Investors a copy of the resolutions duly passed by the
Board, which shall set forth: (i) approval of the Transaction, this Agreement and the Exhibits attached hereto by the Company;
(ii) approval of the entry into and performance of this Agreement and the other Transaction Documents by the Company; and (iii)
approval of the increase of the Increased Capital for subscription by the Series A+ Investors.

 

		3.1.9	The Amended Articles of the Company shall have been duly amended and restated by all necessary
actions of the Board of the Company and adopted by all the Shareholders of the Company in the form and substance satisfactory to
the Series A+ Investors.

 

		3.1.10	The Company has delivered to the Series A+ Investors a business plan and budget for the twelve

(12) months
immediately following the Closing and other financial statements reasonably required by the Series A+ Investors and such business
plan and budget shall be reasonably satisfactory to the Series A+ Investors.

 

		3.1.11	The PRC counsel to the Company shall have delivered to the Series A+ Investors a legal opinion
dated as of the date of the Closing addressed to such Series A+ Investors in form and substance satisfactory to such Series A+
Investors opining on the legality of the Transaction.

 

		3.1.12	The Warrantors shall have executed and delivered to such Series A+ Investors a scanned copy of
certificate of the Company dated as of the Closing stating that the conditions specified in Section 3.1 have been fulfilled as
of the Closing.

 

    	 	16	 

     

    

 

		3.2	Obligations to Satisfy the Conditions Precedent

 

Each of the
Company and Founding Shareholders shall use its or his commercially reasonable efforts to ensure the satisfaction of the Conditions
Precedent set forth in Section 3.1 as soon as possible.

 

		4.	Closing

 

		4.1	Closing

 

Subject to
the satisfaction by the Warrantors of the conditions set forth in this Agreement (including but not limited those under Section
3.1), Closing shall take place remotely via the exchange of documents and signatures on a date specified by the Parties, or by
another method or at another time and date and at another location to be mutually agreed by the Parties, which date shall be no
later than five (5) Business Days after the satisfaction or waiver of each condition to such Closing set forth in Section 3.1 (other
than conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions).
The date on which the Closing shall be held is referred to in this Agreement as the “Closing Date”.

 

		4.2	Actions to be Taken by the Company on the Closing Date On the Closing Date, the Company shall:

 

		4.2.1	deliver a duly signed capital contribution certificate (出资证明书)
evidencing that the Increased Capital have been registered
in the name of the Series A+ Investors;

 

		4.2.2	deliver a duly issued Shareholders’ Register (股东名册)
of the Company, evidencing the valid subscription of the Increased Capital by the Series A+ Investors in accordance with Section
2.1.

 

		4.3	Documents to be Delivered and/or Actions to be Taken by
the Company after Closing

 

The Company
shall, within thirty (30) days of Closing, file the Amended Articles with the Administration of Industry and Commerce, and deliver
to the Series A+ Investors the record for such filing.

 

		5.	Warrantors’ Representations and Warranties

 

Subject to
the Disclosure Schedule, each of the Company and the Founding Shareholders, (collectively, the “Warrantors”)
jointly and severally makes the following representations and warranties to the Series A+ Investors on the Execution Date, and
such representations and warranties shall be made repeatedly on the Closing Date:

 

    	 	17	 

     

    

 

		5.1	Existence/Authority

 

Such Party
(if it is not a natural person) is duly organised and validly existing under the laws of its place of incorporation, and such Party
has the power and authority to enter into this Agreement and perform its obligations contemplated hereby; such Party (if it is
not a natural person) has the capacity to enter into and perform its obligations contemplated under this Agreement and any other
Transaction Document.

 

		5.2	Authorisation

 

The execution,
delivery and performance by such Party of this Agreement has been duly authorised and this Agreement will be binding upon such
Party in accordance with its terms and can be enforced against such Party.

 

		5.3	No Conflict

 

The execution,
delivery and performance of this Agreement and any other Transaction Document by such Party do not and/or will not:

 

		(a)	violate, conflict with or constitute a default under any provision of such Party’s constitutional documents or Applicable
Laws;

 

		(b)	conflict with or result in a breach of any agreement to which such Party is a party or by which its properties are bound;

 

		(c)	violate any judgment, order, injunction, decree or award of any court, administrative agency or governmental body against,
or binding upon, such Party or its properties; or

 

		(d)	constitute a violation of any Applicable Laws applicable to such Party or its properties.

 

		5.4	No Consents

 

The execution,
delivery and performance by such Party of this Agreement and any other Transaction Documents and the consummation of this Transaction
are not subject to any approval from such Party’s shareholders, creditors, stakeholders or any other person, or any consent
or approval of, or notification to or filing with, any Governmental Authority, other than those Consents and approvals to be obtained
as of the Closing Date as set forth in the Conditions Precedent.

 

		5.5	Legal Proceedings

 

There
is no pending or threatened actions, litigations or proceedings against such Party or its properties before any court, arbitration
tribunal, administrative or governmental body, which, if adversely determined, would impair such Party’s ability to perform
its obligations under Agreement or any other Transaction Documents to which such Party is a party.

 

    	 	18	 

     

    

 

		5.6	Information

 

		5.6.1	General Representations

 

All information
in writing or any other form which has been provided by or on behalf of the Warrantors to the Series A+ Investors or its advisors
in the course of the negotiations leading to this Agreement is true, complete and accurate and there are no material omissions.
All facts that may have any Material Adverse Effect on the Company or their business have been Disclosed to the Series A+ Investors.

 

		5.6.2	Equity Interest

 

		(a)	No person other than the Founding Shareholders and the Series A Investors owns any equity interest
in the Company or has any claim, right or interest in or to the Company. The Company has no obligation (contingent or otherwise)
to purchase, redeem or otherwise acquire any of its registered capital or to pay any dividend or make any other distribution.

 

		(b)	The Company has the power to increase the Increased Capital for subscription by the Series A+ Investors
on the terms of this Agreement and no consent is required from any third party for such issuance. No claim has been made by any
person that it or he has any right to subscribe any or all of the Increased Capital. The Increased Capital, when increased and
paid for as provided in this Agreement, will be duly and validly increased and fully paid up. There are no current or future restrictions
on transfer of any Increased Capital except for the restrictions imposed by the applicable securities law and the Transaction Documents.
Upon Closing, the Increased Capital will represent [***] of the total equity interest of the Company (on a fully diluted
basis) and the Increased Capital shall be free of any Encumbrance.

 

		(c)	The shareholding structure and other particulars of the Company (i) specified in Part I of Exhibit
A is true, complete and accurate until immediately prior to the Closing, and (ii) specified in Part II of Exhibit A is true, complete
and accurate at the consummation of the Closing.

 

		(d)	The Company is not an Affiliate of Juventas Therapeutics, Inc., a business entity with address
at 3615 Superior Avenue Suite 4403B Cleveland, OH 44114;

 

		5.6.3	Options and Encumbrance

 

None of
the Warrantors has granted any right to obtain or receive any equity interest in the Company, or any right to receive any part
of the profits or dividends of the Company, and there exists no Encumbrance over the Equity Security of the Company.

 

		5.6.4	Company Status / Business Operation

 

		(a)	The Company has been duly incorporated, validly existing and duly registered. The Company has obtained
necessary power and authority to own and operate its assets and properties, and to conduct its business in the current manner.
As of the Closing Date, the information of the Company set forth in Exhibit B is true, complete and accurate. The Company is not
insolvent, or has not commenced any bankruptcy or liquidation process, and no receiver or administer has been appointed in respect
of the Company. The Company holds no direct or indirect interest in any other person;

 

    	 	19	 

     

    

 

		(b)	The Company has not conducted the business of the development and application of human stem cells, gene diagnosis and therapeutic
technologies.

 

		5.7	Corporate Documents

 

		5.7.1	Articles of Association

 

The Articles
of Association of the Company provided to the Series A+ Investors are complete, true and accurate.

 

		5.7.2	Governmental Authority

 

All reports,
resolutions and other documents in relation to the Company that are required to be filed with or submitted to any Governmental
Authority have been duly filed or submitted.

 

		5.7.3	Consents

 

The Company
has obtained any and all Consents to conduct its business as required by Applicable Laws and such Consents still remain valid.

 

		5.8	Accounts

 

		5.8.1	Accounts

 

The Warrantors
have delivered to Series A+ Investors the audited consolidated balance sheets, cash flow statements and income statements of the
Company for the fiscal year ending December 31, 2018 prepared by certified public accountant in accordance with PRC GAAP. Subject
to the audit report issued by a certified public accountant, (a) the Accounts are true and accurate in all material respects and
present a true and fair view of the assets, liabilities and financial positions of the Company as at the Account Date; (b) there
has been no Material Adverse Change in the financial position of the Company since the Account Date; and (c) the Company has no
liability of any nature other than those Disclosed in the Accounts.

 

		5.8.2	Accounting Principles

 

Subject
to (i) the changes of Applicable Laws and any changes that are specifically noted in the Accounts and (ii) the changes in the accounting
principles that are specifically noted in the Accounts, the accounting principles adopted by the Company are compliant with Applicable
Laws.

 

		5.8.3	Books and Financial Records

 

All the
Accounts, books and financial and other records of the Company are completely, properly and accurately maintained and prepared.
All such Accounts, books and records that are required to be possessed by the Company according to Applicable Laws are in the possession
of the Company.

 

    	 	20	 

     

    

 

		5.9	Changes since the Account Date

 

Since the Account Date, except
as contemplated by this Agreement, there has not been:

 

		5.9.1	any material change in the assets, liabilities, financial condition or operations of the Company
reflected in the financial statements, other than changes in the Ordinary Course of Business, or other changes which would not
reasonably be expected to have a Material Adverse Effect on the Company;

 

		5.9.2	any resignation or termination of any Key Employee of the Company;

 

		5.9.3	any satisfaction or discharge of any lien or payment of any obligation by the Company, except for
those made in the Ordinary Course of Business or those that are not material to the assets, properties, financial condition, or
operation of such entities (as such business is presently conducted);

 

		5.9.4	any change, amendment to or termination of a Material Contract (as defined in Section 5.13.1 below);

 

		5.9.5	any material change in any compensation arrangement or agreement with any Key Employee of the Company;

 

		5.9.6	any sale, assignment or transfer of any Intellectual Property of the Company, other than in the
Ordinary Course of Business or which would not reasonably be expected to have a Material Adverse Effect on the Company;

 

		5.9.7	any declaration, setting aside or payment or other distribution in respect of the Company’s
capital, or any direct or indirect redemption, purchase or other acquisition of any of such shares by the Company other than the
repurchase of capital from employees, officers, directors or consultants pursuant to agreements approved by the Board of such Person;

 

		5.9.8	any failure to conduct business in the ordinary course, inconsistent with such Company’s
past practices;

 

		5.9.9	any damages, destruction or loss, whether or not covered by insurance, materially and adversely
affecting the assets, properties, financial condition, operation or business of the Company;

 

		5.9.10	any event or condition of any character which might have a Material Adverse Effect on the assets,
properties, financial condition, operation or business of the Company, but excluding any of the foregoing resulting from general
economic conditions or from conditions that generally affect the industry of such Company (other than changes that have a materially
disproportionate effect on such Person); or

 

		5.9.11	any agreement or commitment by the Company to do any of the things described in this Section 5.9 except pursuant to this
                                                                Agreement or the Ancillary Agreements.

 

    	 	21	 

     

    

 

		5.10	Taxes

 

		5.10.1	General

 

The Company
has complied with Applicable Laws on Taxation and has filed all tax returns in respect of all Taxes payable by it in a timely manner
in accordance with Applicable Laws. All the information contained in such tax returns is true, accurate and not materially misleading.
The Company has paid in full all Taxes payable by it in a timely manner in accordance with Applicable Laws.

 

		5.10.2	No Illegal Payment

 

The Company
has not made any payment to any person, which is illegal under Applicable Laws.

 

		5.11	Employment

 

The Company
has complied with Applicable Laws in relation to labour relationship, labour conditions and payment of social security and housing
fund. Exception as otherwise disclosed in the Disclosure Schedule, there are no stock incentive plans, equity or profit distribution
plans or other incentive plans in favour of any director, officers or employees of the Company. There are no outstanding disputes
between the Company and its employees which may have any Material Adverse Effect.

 

		5.12	Assets and Liabilities

 

		5.12.1	Title and Condition

 

The Company
does not own any real properties.

 

The Company
has good and marketable title to all its personal properties and any other assets and any other rights and interests. These exist
no liens or other Encumbrances over such properties and assets. There are no valid planning or Applicable Laws that will prohibit
or restrict the Company from operating its business with its assets or leased properties in a manner currently conducted. The assets
of the Company (including the leased properties) constitute all assets, properties and rights necessary or important for its independent
and continuous business operation.

 

		5.12.2	Leased Properties

 

Except
as Disclosed in the Accounts, the Company has not incurred off-balance sheet liability (current or contingent) during the acquisition,
transfer or disposal of any of its leased properties.

 

    	 	22	 

     

    

  

		5.12.3	Intellectual Property Rights

 

		(a)	The Company owns or otherwise has the right or license to use all Intellectual Property material
to its Business as currently conducted without any violation or infringement of the rights of others, free and clear of all liens.
The Company, to its best knowledge, will provide the Series
A+ Investors with a complete and accurate list of all Intellectual Property owned, licensed to or used by the Company that are
material for its independent and continuous business operation, whether registered or not, and a complete and accurate list of
all licenses granted by the Company to any third party with respect to any Intellectual Property. There is no pending or, to the
best knowledge of the Warrantors, threatened, claim or litigation against the Company, contesting the right to use its Intellectual
Property, asserting the misuse thereof, or asserting the infringement or other violation of any Intellectual Property of any third
party. All material inventions and material know-how conceived by the employees of the Company and related to the businesses of
such Person were “works for hire,” and all right, title, and interest therein, including any application therefore,
were transferred and assigned to the Company.

   

		(b)	With respect to any Intellectual Property Right owned by the Company:

 

		(i)	the Company has taken all reasonable and necessary steps to protect and maintain such Intellectual
Property Right; and

 

		(ii)	none of such Intellectual Property Right will lapse or become invalid in whole or in part as a
result of the execution and performance of this Agreement and the other Transaction Documents or the Closing of this Transaction.

 

		(c)	With respect to any Intellectual Property Rights used by the Company:

 

		(i)	the Company has the lawful right to use such Intellectual Property Right in accordance with necessary
license agreements, permits or similar agreements;

 

		(ii)	the license agreements, permits and similar agreements above remain valid and effective;

 

		(iii)	none of such license agreements, permits and similar agreements will terminate or become invalid
in whole or in part as a result of the execution and performance of this Agreement and the other Transaction Documents or the Closing
of this Transaction.

 

		(d)	The Company has not infringed the Intellectual Property Rights of any other person. No person has
made any claim that the Company has infringed any Intellectual Property of such person and no facts or circumstances exist which
would reasonably be expected to give rise to any such claim.

 

		(e)	To the best knowledge of the Warrantors, none of the employees of the Company owns, directly or
indirectly, any intellectual property right which is similar to the Intellectual Property or related with the Business conducted
by the Company.

 

		(f)	To the best knowledge of the Warrantors, none of the Key Employees or employees of the Company
are obligated under any contract (including a contract of employment), or subject to any judgment, decree or order of any court
or administrative agency, that would interfere with the
use of his or her best efforts to promote the interests of the Company, or that would conflict with the Business of the Company
as presently conducted, unless otherwise agreed by the Series A+ Investors in writing. To the best knowledge of the Company, it
will not be necessary to utilize in the course of the Company’ business operations any inventions of any of the employees
of the Company, the Key Employees made prior to their employment by such Company, except for inventions that have been validly
and properly assigned or licensed to the Company as of the date hereof.

 

    	 	23	 

     

    

  

		5.13	Contracts

 

		5.13.1	List of Contracts

 

The Disclosure
Schedule provided by the Company contains a complete and accurate list of all Contracts as of the Execution Date to which the
Company is a party, and that will involve (i) any Contract entered into during the Ordinary Course of Business of the Company
in excess of [***], (ii) any Contract entered into beyond the Ordinary Course of Business of the Company and the
amount of which is in excess of [***], and (iii) the sale, issuance, grant, exercise, award, purchase, repurchase
or redemption of any Equity Securities, (iv) any provisions providing for exclusivity, “change in control”,
“most favoured nations”, rights of first refusal or first negotiation or similar rights, or grants a power of attorney,
agency or similar authority, (v) a loan, an extension of credit, a guaranty, surety, deed of trust, or the grant of a Lien,
(vi) the establishment, contribution to, or operation of a partnership, joint venture, alliance or similar entity, or involving
a sharing of profits or losses (including joint development and joint marketing Contracts), or any investment in, loan to or acquisition
or sale of the securities, equity interests or assets of any Person, (vii) a Governmental Authority, state-owned enterprise,
or sole-source supplier of any material product or service (other than utilities), and (viii) any Contracts that affect
the assets, properties, financial condition, operation or business of the Company in material respects, including but not limited
to any Contract having an effective term of more than three (3) year or payments in excess of [***] (collectively, the
“Material Contracts”).

 

		5.13.2	Validity of Contracts

 

		(a)	To the knowledge of the Company, there are no circumstances where any material agreement or other
transactions to which the Company is a party may be declared to be void or be terminated. None of the Company has received any
notice of any intention to terminate, refuse to perform or invalidate any such agreement or transaction;

 

		(b)	To the knowledge of the Company, there are no breaches by any person with whom the Company has
entered into any agreement or arrangement, which may have any Material Adverse Effect on the financial or operational conditions
or prospects of the Company and no circumstances exist that may give rise to any such breach.

 

		5.13.3	Unusual Contracts

 

The Company
is not a party to any long-term and onerous agreement that is not consistent with usual business practice other than those entered
into in the Ordinary Course of Business.

 

    	 	24	 

     

    

 

		5.13.4	Related Party Transactions

 

Other than
those Disclosed to the Series A+ Investors by the Company to its best knowledge, there are no material contracts, understandings
or transactions between the Company, on the one hand, and any of its Related Parties, on the other hand. All the contracts, understandings
and transactions between the Company, on the one hand, and any of its Related Parties, on the other hand, as Disclosed in writing
to the Series A+ Investors, are entered into on arm’s length terms.

 

		5.14	Litigation and Other Disputes

 

		(a)	The Company has not been involved in any litigation, arbitration, prosecution or any other legal
proceedings (whether as a plaintiff, defendant or third party) which would or may have any Material Adverse Effect on the Company.
There is no pending or threatened legal proceeding against the Company or any person where the Company may be held liable for the
action or default of such person, which would or may have any Material Adverse Effect on the Company;

 

		(b)	The Company is not currently involved in proceedings or investigations before any Governmental
Authority (whether judicial or quasi-judicial), which, if adversely determined, may have Material Adverse Effect on the Business
or value of the assets of the Company;

 

		(c)	There is no pending or threatened legal action, litigation or proceeding against Founding Shareholders
or in respect of their respective assets at any court, arbitration tribunal, administrative or governmental body, which, if adversely
determined, may have Material Adverse Effect on the rights, ownership or interests of or in the equity interest of the Company
held by the Founding Shareholders, and no facts or events exist which may lead to such litigation or proceedings.

 

		5.15	Insurance

 

The Company
has taken out insurance policies from the insurers set forth in the Disclosure Schedule as required for the operation of the Business
and by the Applicable Laws. The relevant insurance policies remain in full effect and all the insurance premium payable thereunder
have been paid. The Company has not received any notice for cancelation or termination of any such insurance policy and the Company
has complied with the terms and conditions of such insurance policies.

 

		5.16	Compliance

 

		5.16.1	The Company is in all materials respects in compliance
with all Applicable Laws that are applicable to it or to the conduct or operation of its business or the ownership or use of any
of its assets or properties, including any PRC governmental claims arising under any PRC Applicable Laws that may require the
registration or licensing of any Intellectual Property but excluding any third-party claims.

 

    	 	25	 

     

    

 

		5.16.2	To the best knowledge of the Company, no event has occurred and no circumstance exists that (with
or without notice or lapse of time) (i) may constitute or result in a violation by the Company of, or a failure on the part of
the Company to comply with, in material respects, any Applicable Laws applicable to the Company, or (ii) may give rise to any obligation
on the part of the Company to undertake, or to bear all or any portion of the cost of, any remedial action of any nature.

 

		5.16.3	The Company has not received any written notice from any Governmental Authority regarding

(i)       any
actual, alleged, possible, or potential violation of, or failure to comply with, any Applicable Laws, or (ii) any actual, alleged,
possible, or potential obligation on the part of the Company to undertake, or to bear all or any portion of the cost of, any remedial
action of any nature.

 

		5.16.4	To the Company’s best knowledge, no Company, nor any director, agent, employee or any other
person acting for or on behalf of the Company, has directly or indirectly established or maintained any fund or assets in which
the Company shall have proprietary rights that have not been recorded in the books and records of such person.

 

		5.16.5	Each of the Key Employees and other employees of the Company has entered into an employment agreement
with the Company in accordance with the PRC Applicable Laws.

 

		5.17	Compliance with Anti-bribery Laws.

 

		5.17.1	None of the Company or any director, officer, and to the best knowledge of the Warrantors, any
agent, employee, affiliate or any other person acting for or on behalf of the foregoing (individually and collectively, a “Company
Affiliate”), is aware of or has taken any action, directly or indirectly, that would result in a violation of or has
violated the U.S. Foreign Corrupt Practices Act, as amended (“FCPA”), as amended, or any other applicable anti-bribery
or anti- corruption laws, including, without limitation, using any corporate funds for any unlawful contribution, gift, entertainment
or other unlawful payments to any foreign or domestic governmental official or employee from corporate funds, nor has any Company
Affiliate offered, paid, promised to pay, or authorized the payment of any money, or offered, given, promised to give, or authorized
the giving of anything of value, to any officer, employee or any other person acting in an official capacity for any Government
Entity, as defined below, to any political party or official thereof or to any candidate for political office (individually and
collectively, a “Government Official”) or to any person under circumstances where such Company Affiliate knew
or was aware of a high probability that all or a portion of such money or thing of value would be offered, given or promised, directly
or indirectly, to any Government Official, for the purpose of:

 

		(a)	influencing any act or decision of such Government Official in his official capacity;

 

		(b)	inducing such Government Official to do or omit to do any act in relation to his lawful duty;

 

    	 	26	 

     

    

 

		(c)	securing any improper advantage; or

 

		(d)	inducing such Government Official to influence or affect any act or decision of any Government
Entity, in order to assist the Company in obtaining or retaining business for or with or directing business to the Company or its
Subsidiary or in connection with receiving any approval of the transactions contemplated herein. None of the Company Affiliate
has accepted anything of value for any of the purposes listed in subsections (a) through (d) of this Section. As used in this Section
5.17, “Government Entity” means any government or any department, agency or instrumentality thereof, including
any entity or enterprise owned or controlled by a government, or a public international organization.

 

		5.18	Compliance with Anti-money Laundering Laws.

 

		5.18.1	The operations of the Company and its Subsidiaries are and have been conducted at all times in
compliance with applicable anti-money laundering statutes of all jurisdictions, including, without limitation, all U.S. anti-money
laundering laws, the rule and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any governmental or regulatory agency (collectively, the “Money Laundering Laws”); and no action,
suit or proceeding by or before any court or governmental or regulatory agency, authority or body or any arbitrator involving the
Company or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Warrantors,
threatened.

 

		5.1	Environmental and Safety Laws.

 

The Company
is not in material respects in violation of any Application Laws relating to the environment or occupational health and safety
and no material expenditures are or will be required in order to comply with any such existing Applicable Laws.

 

		6.	Series A Investors and Series A+ Investors’ Representations and Warranties

 

		6.1	Existence/Authority

 

Such Party
(if it is not a natural person) is duly organised and validly existing under the laws of its place of incorporation, and such Party
has the power and authority to enter into this Agreement and perform its obligations contemplated hereby; such Party (if it is
not a natural person) has the capacity to enter into and perform his obligations contemplated under this Agreement and any other
Transaction Document.

 

		6.2	Authorisation

 

The execution,
delivery and performance by such Party of this Agreement has been duly authorised and this Agreement will be binding upon such
Party in accordance with its terms and can be enforced against such Party.

 

    	 	27	 

     

    

  

		6.3	Purchase for Own Account

 

The equity
interest in the Company acquired or to be acquired by each Series A+ Investors is acquired for investment for the own account of
such Investor (and/or its Affiliates), not as a nominee or agent of anyone else, and not with a present view to the resale or distribution
of any part thereof, and that such Investor has no present intention of selling, granting any participation in, or otherwise distributing
the same.

 

		7.	Covenants of the Founding Shareholders and the Company

 

		7.1	Pre-Closing Covenants

 

Until Closing
Date, the Founding Shareholders shall cause the Company to continue to operate in the Ordinary Course of Business. The Founding
Shareholders shall cause the Company not to take any action that is inconsistent with the past business practices or sound business
judgment. Without limiting the generality of the foregoing, until the Closing Date, the Founding Shareholders shall cause the Company
to maintain all their assets in their present state (except reasonable wear and tear), and shall maintain the Company’s relationship
with its customers, suppliers, vendors, employees, salespeople and any other persons having business relations with the Company.
Without limiting the generality of the foregoing, during the period between the Execution Date and the Closing Date, unless otherwise
expressly provided in this Agreement, (i) the Founding Shareholders and the Company shall ensure that the Company will not amend
its charter documents, issue or transfer any equity or debt securities, and (ii) none of the Founding Shareholders may directly
or indirectly transfer its equity interest of the Company in whatever manner or create any Encumbrance thereon.

 

		7.2	Timely Notification

 

If, at any
time prior the Closing Date, any of the Founding Shareholders or the Company becomes aware of any the following facts or events,
such Founding Shareholders or the Company shall promptly notify the Series A+ Investors in writing: (i) there is material discrepancy
between the information disclosed by the Founding Shareholders and the Company to the Series A+ Investors and the actual circumstances;
and (ii) there is any material discrepancy between any representations, warranties or covenants hereunder and the actual circumstances,
or any such representations, warranties or covenants are misleading in any material respect, which, in each case, may affect the
determination of the Series A+ Investors as to the Pre-closing Valuation of the Company and the consummation of this Transaction.

 

		7.3	Compliance with Applicable Laws

 

		7.3.1	After the Closing Date, the Founding Shareholders shall cause the Company to continue to operate
in the Ordinary Course of Business, and cause the Company to continue to comply with Applicable Laws in all material respects,
including without limitation to the rules and regulations in relation to the Business, Intellectual Property Rights, foreign investment,
anti- trust, tax, labour, social security and housing fund and foreign exchange, to ensure the Company operate its Business as
going concern and meet the requirements for a Qualified IPO. The Company shall ensure that the Company and its Shareholders shall
complete the registration and other procedures as required by Applicable Laws and shall not adversely affect the distribution of
any profits or dividends or any other distribution to the Series A+ Investors.

 

    	 	28	 

     

    

 

		7.3.2	The Company undertakes to CASI that after the Closing Date, unless otherwise agreed by CASI, as
long as CASI holds any equity interest in the Company, it will not conduct the business of the development and application of human
stem cells, gene diagnosis and therapeutic technologies.

 

		7.4	Non-compete

 

		7.4.1	Each of the Founding Shareholders undertakes to the Series A+ Investors that, they will not either
on their own account or through any of their Affiliates, or in conjunction with or on behalf of any other person: (i) directly
or indirectly, own, manage, engage in, operate, control, work for, consult with, render services for, do business with, maintain
any interest in (proprietary, financial or otherwise) or participate in the ownership, management, operation or control of, any
business, whether in corporate, proprietorship or partnership form or otherwise, that is the same, similar to, or otherwise competes
with any principal business of any member of the Company (a “Restricted Business”), or otherwise carry out any
Restricted Business; (ii) act as the shareholder, director, employee, partner, consultant, agent or representative of any entity
described in subsection (i) above; (iii) solicit or entice away or attempt to solicit or entice away from any member of the Company,
any person, firm, company or organization who is an employee or a customer, client, representative, agent or correspondent of such
member of the Company or in the habit of dealing with such member of the Company.

 

		7.4.2	In the event any entity directly or indirectly established, managed or controlled by the Founding
Shareholders, engages or will engage in any Restricted Business, the Founding Shareholders agrees, and the Founding Shareholders
shall cause such entity, to disclose the related information to the Company and the Series A+ Investors and transfer such business
and/or assets to the Company immediately.

 

		7.5	Accounting Principles

 

The Company
shall maintain the accounting principles and financial systems as required by Applicable Laws and listing rules for a Qualified
IPO.

 

		7.6	Establishment of Branch Office in Beijing

 

The Company
shall establish a branch company or a Subsidiary in Beijing to conduct business within three (3) months after the Closing Date.

 

		7.7	Compliance of Social Security Payment

 

The Company
shall procure its branch company or Subsidiary in Beijing to pay relevant social security premiums for its employees located in
Beijing as soon as practicable.

 

		7.8	Elimination of Adverse Effects of Environmental Matters

 

The Company
shall, within twelve (12) months after the Closing Date or such other period agreed by CASI, eliminate the adverse effects of failure
to acquire relevant approval of environmental impact assessment and acceptance of environmental impact assessment regarding its
laboratory currently in use.

 

    	 	29	 

     

    

 

		7.9	Compliance of Intellectual Property Management

 

Within three (3) months upon the
Closing, the Company shall initiate the filing for application of the following words and image as the trademark of the Company:
“合源生物”, “JUVENTAS”
and “”.]

 

		8.	Mutual Covenants

 

		8.1	Reasonable Efforts

 

Each Party
agrees to use its reasonable commercial efforts to take or cause to be taken all actions and do or cause to be done all things
necessary, proper or advisable to satisfy the terms and conditions of this Agreement and to consummate the Transaction. Each Party
shall use its commercially reasonable efforts to obtain all necessary clearances, waivers, Consents and approvals and to effect
all necessary registrations and filings required for the consummation of this Transaction.

 

		8.2	Further Assurances

 

Each Party
shall cooperate with the other Party and/or the Company and/or each Party’s Affiliates and shall execute and deliver to the
other Party and/or the Company and/or its Affiliates such other instruments and documents and take such other actions as may be
reasonably requested from time to time in order to carry out, evidence and confirm their rights and the intended purpose of this
Agreement.

 

		9.	Shareholders’ Meetings

 

		9.1	Annual Shareholders’ Meetings

 

An Annual
Shareholders’ Meeting shall be held once a year. The Board of Directors shall give all Shareholders at least thirty (30)
days’ prior written notice (unless a longer period is required by Applicable Laws) and shall include in such notice all matters
to be dealt with at such Annual Shareholders’ Meeting.

 

		9.2	Interim Shareholders’ Meetings

 

An Interim
Shareholders’ Meeting shall be called by the Board whenever it deems necessary or otherwise convened in accordance with Applicable
Laws. The Board shall give all Shareholders at least fifteen (15) days’ prior written notice (unless a longer period is required
by Applicable Laws) and shall include in such notice all matters to be dealt with at such Interim Shareholders Meeting.

 

		9.3	Convening

 

All Shareholders’
Meetings shall be convened at Tianjin or Beijing or such other place approved by a simple majority of shareholders. All Shareholders’
Meetings shall be convened in accordance with Amended Articles and this Agreement. The Shareholders may attend the Shareholders’
Meetings in person or by proxy, or participate in the Shareholders’ Meetings by telephone conference call, video conference
call or by means of any other similar communication equipment, provided that each participant shall be able to communicate instantaneously
and normally; and such participation shall constitute presence in person provided that the minutes of the Shareholders’
Meetings are thereafter signed by all Shareholders who are entitled to vote at and participated in such meeting.

 

    	 	30	 

     

    

 

		9.4	Voting

 

The Shareholders
of the Company shall vote according to its equity percentage at the Shareholders’ Meeting.

 

		9.5	Quorum

 

The presence
of at least Shareholders representing an aggregate of no less than fifty (50%) of the Registered Capital of the Company (or their
respective duly appointed proxies) (including at least Investors representing an aggregate of no less than fifty percent (50%)
of the Registered Capital held by all Investors) shall constitute a quorum to convene a Shareholders’ Meeting.

 

		9.6	Resolutions of Shareholders’ Meetings

 

Subject to
Section 10.4, resolutions of a Shareholders’ Meeting shall be passed only if approved by an affirmative vote of Shareholders
representing more than fifty percent (50%) of the equity interest which are held by the Shareholders present in person or by proxy
at such meeting.

 

		9.7	Written Resolutions

 

Subject to
Section 10.4, written resolutions signed by all the Shareholders entitled to receive notice of a Shareholders’ Meeting shall
be as valid and effective for all purposes as resolutions of the Shareholders duly passed at a Shareholders’ Meeting duly
convened, held and constituted.

 

		10.	Board of Directors and Officers

 

		10.1	Composition of the Board

 

		10.1.1	The management of the Company shall be vested in the Board of Directors consisting of three (3) Directors
from the date on which the Directors referred to in Section 10.1.2 below are appointed and during the term of this Agreement.

 

		10.1.2	During the term of this Agreement:

 

		(a)	the Founding Shareholder shall be entitled to nominate for election two (2) Directors with voting rights;

 

		(b)	[***] shall be entitled to nominate for election one (1) Director with voting rights and one observer without voting
right;

 

    	 	31	 

     

    

 

		(c)	The Board and the board of directors of each of the Company’s Subsidiaries (if applicable)
shall have one (1) observer designated by CASI (“CASI Observer”). CASI Observer shall have the right to attend
board or board committee meetings of the Company and each of its Subsidiaries in a non-voting observer capacity (whether in person,
by telephone or other). Each of the Company and its Subsidiaries shall provide to the CASI Observer, concurrently with the members
of the board and all committees thereof, and in the same manner, notice of such meetings and a copy of all materials provided to
such members of the Board and all committees thereof; provided, however, that the CASI Observer shall agree to hold in confidence
and trust and to act in a fiduciary manner with respect to all information so provided. Notwithstanding anything to the contrary,
such CASI Observer may disclose any information to its appointer or any of its Affiliates or to any person to whom disclosure would
be permitted in accordance with this Agreement.

 

		(d)	the Chairman shall be nominated for election by the Founding Shareholders.

 

		10.1.3	On the Closing Date, the Parties shall procure that the nominees of each Shareholder nominated
in accordance with the preceding Section 10.1.2 shall be appointed as Directors.

 

		10.1.4	Each of the Shareholders undertakes to vote for election of any nominee for Director as proposed
from time to time by a Shareholder, and further undertakes to vote for removal of any Director nominated by a Shareholder if so
requested by such Shareholder.

 

		10.1.5	A Director may be removed by the Shareholder by whom such Director is nominated (but not by any
other Shareholder) upon written notice of removal. Such Shareholder shall send such removal notice to the Board of Directors. The
Board of Directors shall notify the other Shareholders of such removal. All Shareholders shall take all necessary actions (including
convening a Shareholders’ Meeting when necessary or upon request) to give effect to such removal and to the appointment of
the new Director nominated by such Shareholder.

 

		10.1.6	In the event of a vacancy in the Board of Directors due to the death, retirement, resignation or
removal of any Director, a new Director shall be nominated in place of the deceased, retired, resigned or removed Director. Such
nomination shall be made by the Shareholder who nominated the deceased, retired, resigned or removed Director by written notice
to the Board of Directors with a copy to the other Shareholders. All Shareholders shall take all necessary actions to procure and
ensure the election of the newly nominated individual to the Board of Directors (including convening a Shareholders’ Meeting
when necessary or upon request).

 

		10.2	Meetings of the Board of Directors

 

		10.2.1	The meetings of the Board of Directors shall:

 

		(a)	be convened every six (6) months at which all matters relating to the operation, management and
other activities of the Company shall be discussed; and

 

		(b)	be called by the Chairman at such reasonable time as he
may determine to be necessary or desirable. The meeting of the Board of Directors shall be held in Tianjin, Beijing or such other
place approved by a simple majority of the Directors. A meeting of the Board of Directors shall be held upon at least fifteen
(15) Business Days’ prior written notice to all Directors and the observer appointed by Series A Investor, and the notice
shall state the agenda, date, time and place for the meeting, provided that a shorter notice period is permissible with the written
consent of a simple majority of the Directors.

 

    	 	32	 

     

    

 

		10.2.2	A Director may authorize another Director to attend a meeting of the Board of Directors, provided
that a notice of authorization shall be duly signed by such authorizing Director and deposited with the Company or a written notice
shall be given to the Company at least one (1) Business Day before the meeting of the Board of Directors.

 

		10.2.3	The quorum for a meeting of the Board of Directors shall be the presence, whether in person or
by due authorization of another Director, of all directors with voting rights.

 

		10.2.4	Directors may participate in a meeting of the Board of Directors by means of telephone conference
call, video conference call or similar communication equipment whereby each participant shall be able to communicate instantaneously
and normally; and such participation shall constitute presence in person provided that the minutes of such meeting are thereafter
signed by all Directors with voting rights who participated in such meeting.

 

		10.3	Resolutions of the Board of Directors

 

		10.3.1	Each Director with voting rights shall be entitled to one (1) vote (except that in the event that
a Director accepts authorizations from one or more Directors, such Director being authorized shall be entitled to cast such additional
votes in an amount equal to the number of Directors who grant authorizations to such Director).

 

		10.4	Notwithstanding anything otherwise provided in this Agreement or other Transaction Documents, without
prior written consent by the director appointed by [***], the Company shall not take, and the Founding Shareholders shall
procure that the Company not take any of the actions set forth below, or any action or omission of action with same effect, and
any resolution passed in violation of the foregoing shall be null and void:

 

		10.4.1	issue or sell any Equity Securities, conduct any equity financing or incur any obligations therefrom;

 

		10.4.2	amend any Investor’s equity interest and/or rights, preferences, privileges, powers, or the
restrictions provided for the benefit of Investors hereunder;

 

		10.4.3	amend any provisions in the Articles of Associations of the Company;

 

		10.4.4	make any distribution of profits amongst the Shareholders by way of dividend (interim and final)
or otherwise;

 

		10.4.5	change the number of Directors of the Company;

 

		10.4.6	conduct any merger, consolidation, or other corporate reorganization
or any transaction or series of transactions in which in excess of fifty percent (50%) of the Company’s or the Company’s
controlling shareholder’s voting power is transferred;

 

    	 	33	 

     

    

 

		10.4.7	sell or dispose of the whole or a substantial part of the assets of the Company;

 

		10.4.8	sell, transfer, encumber or otherwise dispose of any trademarks, patents or other intellectual property owned by the Company
beyond the Ordinary Course of Business;

 

		10.4.9	create or amend the employee stock ownership plan;

 

		10.4.10	increase the salary (and bonus) of any management personnel whose salary in excess of RMB 800,000 with a raise of more than
15% a year;

 

		10.4.11	incur any indebtedness or loan in excess of RMB1,000,000 (or its equivalence in other currency
or currencies) in one transaction or in excess of RMB1,000,000 (or its equivalence in other currency or currencies) at any time
in any fiscal year;

 

		10.4.12	conduct any transaction with any shareholder, director, senior executive, employee or the Affiliates of the foregoing;

 

		10.4.13	purchase any real-estate in excess of RMB1,000,000;

 

		10.4.14	approve the annual budget of the Company;

 

		10.4.15	appointment or replacement of the general manager, vice general manager, chief financial officer, chief technical officer,
chief sales officer, secretary of Board and their salary;

 

		10.4.16	appoint or change the Auditors of the Company;

 

		10.4.17	redeem the Equity Securities of the Company;

 

		10.4.18	conduct any matters relating to the winding up, takeover, bankruptcy or liquidation of the Company;

 

		10.4.19	cease to conduct or carry on the business of the Company substantially as now conducted or change any part of its business
activities;

 

		10.4.20	conduct any or a series of transactions in excess of RMB1,000,000 on an accumulative basis beyond
the Ordinary Course of Business of the Company within the consecutive 12 months; conduct the above matters by any of the subsidiaries
of the Company (if any); and

 

		10.4.21	conduct any other matters which reasonably be expected to cause Material Adverse Effect to the Investors.

 

Regarding
matters specified in Sections 10.4.1, 10.4.2, 10.4.3, 10.4.6, 10.4.7, 10.4.8, 10.4.18 and other matters stipulated under Article
43 of the PRC Company Law, affirmative vote by the shareholders representing more than two thirds of the voting rights (on a fully
diluted basis) in the Company shall be required.

 

    	 	34	 

     

    

 

		10.5	Subject to Section 10.4 in this Agreement, any of the matters required to be approved by the Board shall be adopted by a simple
majority of the directors.

 

		10.6	Appointment of Officers of the Company

 

All Officers of the Company shall
be appointed by the Board of Directors.

 

		11.	Information and Inspection Rights

 

		11.1	Delivery of Financial Statements.

 

		11.1.1	For so long as each Investor continues to hold any equity interest, the Company shall deliver to such Investor the following
documents or reports:

 

		(a)	Before the end of February every year, a consolidated unaudited financial statement of the Company
for the prior fiscal year;

 

		(b)	Within one hundred twenty (120) days after the end of each fiscal year of the Company, a consolidated,
annual financial statements for the Company, audited and certified by a well- known independent certified public accountant satisfactory
to the Company and the Investors;

 

		(c)	Within forty-five (45) days after the end of each quarter, an unaudited consolidated quarterly
financial statement for the Company;

 

		(d)	No later than thirty (30) days before the end of prior fiscal year, an annual consolidated budget
of the Company;

 

		(e)	Copies of all documents or other information as determined by the board of directors of the Company,
all documents or information sent to any Investor or any reports publicly filed by the Company with any relevant securities exchange,
regulatory authority or governmental agency; and

 

		(f)	Within one month upon the written request by any Investor, such other information as such Investor
shall reasonably request, including but not limited to: (1) information related to the interest of the Investors; (2) information
necessary for the audit of the Investors; and (3) information necessary for the compliance of request of competent authorities
of Investor.

 

		11.1.2	All the financial statements to be provided to each Investor pursuant to this Section 11.1 shall
be prepared in conformance with PRC GAAP and shall consolidate all of the financial results of the Company. All the information
(including without limitation the financial statements) provided by the Company to the Investor pursuant to this Section 11.1 shall
be verified and certified as true, correct and not misleading by the Chief Executive Officer and the Chief Financial Officer of
the Company.

 

    	 	35	 

     

    

 

		11.2	Inspection.

 

Each member
of the Company shall permit each Investor or any independent auditor or legal counsel appointed by the Investor to visit and inspect
during normal business hours following reasonable notice by the Investor to such member of the Company and in a manner so as not
to interfere with the normal business operations of the Company, any of the properties of the Company, and examine the books of
account and records of the Company, and discuss the affairs, finances and accounts of the Company with the directors, officers,
management employees, accountants, legal counsel and investment bankers of the Company, all at such reasonable times as may be
requested in writing by the Investor. The Investors shall have the right to request an independent audit review on the Company
and the Company and the Founding Shareholders shall cooperate with such audit.

 

		12.	Dividend

 

Subject to
the PRC Applicable Laws and the Articles of Association of the Company, the Board of Directors may declare dividends and distributions
on equity interest in issue and authorise payment of the dividends or distributions out of the funds of the Company lawfully available
therefor.

 

		13.	Pre-Emptive Right

 

		13.1	Until the completion of a Qualified IPO, in the event that the Company proposes to issue equity
interest or any other Equity Securities (the “Addition Equity”), the Company shall give a written notice (the
“Capital Increase Notice”) to the Investor which shall include the amount, subscription price, category of shares,
the identity of the third party with intent to subscribe the Addition Equity and other information relating to the Addition Equity.
Each of the Investors is entitled to subscribe up to its pro rata share (calculated on an as converted basis) of the Addition
Equity on equivalent terms and conditions upon receiving the Capital Increase Notice from the Company (the “Pre-emptive
Right”).

 

		13.2	The Investors shall reply in writing within thirty (30) days upon receipt of the Capital Increase
Notice as to whether to exercise the Pre-emptive Right, and failure to reply in writing within the given period shall be deemed
a waiver to exercise its Pre-emptive Right.

 

		13.3	If any Investor with Pre-emptive Right fails or waives
to exercise its Pre-emptive Right in full, the Company shall give a written notice to other Investors who exercise the Pre-emptive
Right (the “Second Capital Increase Notice”), and such Shareholders with Pre-emptive Rights who exercised in
full their Pre-emptive Right is entitled to (the “Oversubscription Right”), but not obligated to, subscribe
the unsubscribed part of the Addition Equity (“Remaining Addition Equity”) under equivalent terms and conditions,
until all the Addition Equity have been subscribed by the Investors with Pre-emptive Rights. Such other Investors with Pre-emptive
Right shall reply in writing as to whether to exercise its Oversubscription Right within ten (10) days upon receiving the Second
Capital Increase Notice, and failure to reply in writing shall be deemed as a waiver to exercise its Oversubscription Right. In
the event more than one of such other Shareholders with Pre-emptive Right exercised their Oversubscription Right, such other Shareholders
with Pre-emptive Right shall consult friendly with each other as to the Remaining Addition Equity to determine the amount each
such Shareholder with Pre-emptive Right can subscribe. In the event such Investors fail to reach an agreement, each such Investors
is entitled to subscribe such number of Remaining Addition Equity equal to the lesser of (i) the subscription amount included
in its written response to the Second Capital Increase Notice and (ii) the product obtained by multiplying the number of
the Remaining Addition Equity by a fraction, the numerator of which is the number of equity interest (calculated on an
as converted basis) held by such Investor with Pre-emptive Right and the denominator of which is the total number of equity interest
(calculated on an as converted basis) held by all the Investors who exercised the Oversubscription Right.

 

    	 	36	 

     

    

 

		13.4	Where the Addition Equity have not been fully subscribed by the Investors with Pre-emptive Right,
the Founding Shareholders is entitled to subscribe unsubscribed part of the Addition Equity, or otherwise the third party specified
in the Capital Increase Notice is entitled to subscribe the unsubscribed part of the Addition Equity upon expiration of the period
set forth in Section 13.1, or within ninety (90) days after receiving the written waivers of all Shareholders with Pre-emptive
Right, at the price and on terms and conditions as provided in the Capital Increase Notice.

 

		13.5	The Pre-emptive Right shall not apply in the following situations: (1) issuance of equity interest
by the Company pursuant to employee option plan, stock incentive plan or other benefit plan approved by the Shareholders’
Meeting or the Board of Directors; and (2) in the event the consent provided in Section 10.4 has been obtained (if needed), issuance
of securities by the Company as consideration for acquiring or merging with other enterprises.

 

		14.	Anti-dilution Right

 

		14.1	In the event that the Company proposes to issue Additional Equity, upon the notice under 13.1 hereunder,
the Investor whose Investment Price (as adjusted for share dividends, share subdivisions, combinations, consolidations and the
like) is higher than the price of such Additional Equity shall be able to exercise the Anti-dilution Right in this Section 14 (“Anti-
dilution Right”) to make the investment price of RMB1 registered capital of the equity interest held by such Investor
equals to the price of Additional Equity.

 

		14.2	The Investors shall be entitled to the following:

 

		14.2.1	(a) acquire extra Equity Securities (“Extra Equity”) from the Company at zero
consideration or the lowest price permitted by Applicable Laws and regulations; Extra Equity shall be the equity interest of the
Investors supposed to be owned based on its Investment Price and the price of Additional Equity, minus the equity interest actually
owned by such Investors; or (b) in case the Company fails to issue the Extra Equity, request the Founding Shareholder to transfer
Extra Equity to the Investor; and

 

		14.2.2	All tax, fees and expense incurred by the Parties arising out of or in connection with the excise of Anti-dilution Right shall
be borne by the Company and Founding Shareholders (if applicable) and the Company and Founding Shareholders (if applicable) shall
indemnify such Investors if such Investors have paid any such tax, fees and expense (“Anti-dilution Indemnification”).

 

    	 	37	 

     

    

 

		14.3	The Extra Equity shall be issued and the Anti-dilution Indemnification shall be paid within six (6) months
upon notice under Section 13.1, or otherwise a default interest of 0.1% of the value of Extra Equity and Anti-dilution Indemnification
per day shall accrue and be paid by the Company and Founding Shareholders to the Investors entitled to Anti-dilution Right hereunder.

 

		14.4	Anti-dilution Right shall not apply to situation under Section 13.5.

 

		15.	Prohibition on Transfer of Equity Interest

 

		15.1	Transfer Restriction by Founding Shareholders

 

Each Founding
Shareholders (each a “Restricted Shareholder”), regardless of any such holder’s employment status with
any member of the Company, may not (i) transfer, sell, assign, pledge, hypothecate, or otherwise encumber or dispose of in any
way or otherwise grant any interest or right with respect to, directly or indirectly, any interest in any Equity Interests in the
Company now or hereafter owned or held directly or indirectly by him or her, (ii) enter into any equity arrangement agreement or
other similar agreements with regard to the transfer of all or part of his or her economic interest and risk, or (iii) announce
any intent that would result in the transactions mentioned in the above (i) or (ii) (“Transfer”) prior to a
Qualified IPO, unless otherwise approved by the Board in writing prior to such Transfer. For the purposes hereof, redemption or
repurchase of the Equity Interests in The Company from a Restricted Shareholder by 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 or pursuant to
any Transaction Document or the ESOP shall not be prohibited under this Section.

 

		15.2	Permitted Transfer.

 

Notwithstanding
the provisions of this Section 15.1, any Restricted Shareholder may sell or otherwise assign, with or without consideration, up
to one hundred percent (100%) of the equity interest now or hereafter held by such Shareholder, to an entity wholly-owned by such
holder (“Wholly-Owned Company”), to a spouse or child of such holder, or to a trust, custodian, trustee, or
other fiduciary for the account of any of the foregoing, to a trust for such holder’s account, or to the other Restricted
Shareholders (together with the Wholly-Owned Company, collectively, the “Permitted Transferees” and each, a
“Permitted Transferee”), provided that (i) only transfer to Permitted Transferees is permitted; (ii) any transfer
by any Restricted Shareholder to a non-Permitted Transferee shall require the prior consent of the Investors, (iii) each such
Permitted Transferee, prior to the completion of the sale, transfer, or assignment, shall have executed documents, in form and
substance satisfactory to the Investors, assuming the obligations of the Restricted Shareholders under the Restated Articles and
this Agreement by executing a deed of adherence in form and substance satisfactory to the Company.

 

		15.3	Prohibited Transfers Void.

 

Any direct
or indirect transfer of the equity interests in the Company by a Restricted Shareholder not made in compliance with this Agreement
shall be null and void as against the Company, and shall not be recorded on the register of Shareholders nor recognized by the
Company.

 

    	 	38	 

     

    

 

		15.4	Change in Control.

 

The Parties
agree that, for purposes of the transfer restrictions in this Agreement, a transaction or series of transactions that result in
a change of ownership of the Equity Securities of a Restricted Shareholder (if applicable) shall be deemed to constitute a Transfer
of such Restricted Shareholder’s Equity Interests in the Company.

 

		15.5	Transfer by the Investors

 

Any investor
shall have the right to assign all or part of its equity interest in the Company to any thirty party, provided that such transferee
shall (i) execute a joinder agreement and shall become a Party to this Agreement; and (ii) not be a competitor of the Company.
A Competitor shall mean any company that directly competes with the Company, specifically, such company’s principal business
shall be research, development, manufacturing or selling of any technology or product in relation to cellular immunotherapy, including
without limitation CAR- T, CAR-NK, and TIL.

 

		16.	Rights of First Refusal

 

		16.1	Transfer Notice.

 

Prior to the
closing of a Qualified IPO, subject to Section 15.1, if a Restricted Shareholder proposes to transfer all or part of the Equity
Interests in the Company to one or more third parties (a “Proposed Transfer”, and such holder a “Transferor”),
then the Transferor shall give the Investor written notice of the Transferor’s intention to make the Proposed Transfer (“Transfer
Notice”), which shall include (i) a description of the Equity Interests in the Company to be transferred (“Offer
Equity”), (ii) the identity of the prospective transferee and (iii) the consideration and the material terms and conditions
upon which the Proposed Transfer is to be made. The Transfer Notice shall certify that the Transferor has received a firm offer
from the prospective transferee and in good faith believes a binding agreement for the Proposed Transfer is obtainable on the
terms set forth in the Transfer Notice. The Transfer Notice is irrevocable.

 

		16.2	Investor’s Option.

 

		16.2.1	Subject to the Investors’ exercising of their rights of co-sale set forth in Section 16.1,
each Investor shall have an option for a period of thirty (30) days following the Investor’s receipt of the Transfer Notice
to elect to purchase its respective pro rata of the Offer Equity at the same price and subject to the same material terms and conditions
as described in the Transfer Notice.

 

		16.2.2	If any Investor fails to exercise such purchase option
pursuant to this Section 16.2, the Transferor shall give notice of such failure (“Re-allotment Notice”) to
each other Investor that elected to purchase its entire pro rata of the Offer Equity (“Purchasing Holders”).
Such Re- allotment Notice may be made by telephone if confirmed in writing within three (3) days. The Purchasing Holders shall
have a right of re-allotment such that they shall have ten (10) days from the date such Re-allotment Notice was given to elect
to increase the number of Offer Equity they agreed to purchase.

 

    	 	39	 

     

    

 

		17.	Right of Co-Sale.

 

		17.1	To the extent the Investors do not exercise their respective right of first refusal as to all of
the Offer Equity pursuant to Section 16, each Investor that did not exercise its right of first refusal as to any of the Offer
Equity pursuant to Section 16 shall have the right to participate in such sale of Equity Interests in the Company on the same terms
and conditions as specified in the Transfer Notice by notifying the Transferor in writing within thirty (30) days after receipt
of the Transfer Notice referred to in Section 16.1 (such Investor, a “Selling Holder”). Such Selling Holder’s
notice to the Transferor shall indicate the number of Equity Securities or JV Equity the Selling Holder wishes to sell under its
right to participate. To the extent one or more of the Investors exercise such right of participation in accordance with the terms
and conditions set forth below, the number of Equity Interests that the Transferor may sell in the Proposed Transfer shall be correspondingly
reduced.

 

		17.2	The Selling Holders may elect to sell such number of Equity Interests in The Company that in aggregate
equals to the total number of Offer Equity on pro rata basis. Each Selling Holder may elect to sell such number of Equity Securities
that equals to the product of (i) the aggregate number of the Offer Equity being transferred following the exercise or expiration
of all rights of first refusal pursuant to Section 16 hereof multiplied by (ii) a fraction, the numerator of which is the number
of equity interest (on a Fully-Diluted basis) owned by the Selling Holder on the date of the Transfer Notice and the denominator
of which is the total number of equity interest (on a Fully-Diluted basis) owned by all Selling Holders and the selling Restricted
Shareholder on the date of the Transfer Notice.

 

		17.3	To the extent that any prospective purchaser prohibits the participation of a Selling Holder exercising
its co-sale rights hereunder in a Proposed Transfer or otherwise refuses to purchase equity interests or other securities from
a Selling Holder exercising its co-sale rights hereunder, the Transferor shall not sell to such prospective purchaser any Equity
Interests in the Company unless and until, simultaneously with such sale, the Transferor shall purchase from such Selling Holder
such equity interests that such Selling Holder would otherwise be entitled to sell to the prospective purchaser pursuant to its
co-sale rights for the same consideration and on the same terms and conditions as the proposed transfer described in the Transfer
Notice.

 

		18.	Liquidation Preferences.

 

		18.1	Liquidation Preference.

 

Upon the
occurrence of any Liquidation Event, distributions to Holders shall be made in the following manner:

 

		18.1.1	Before any distribution or payment shall be made to the
Founding Shareholders, each of the Investors shall be entitled to receive, on parity with each other, an amount equal to one hundred
percent (100%) of the its Investment Price as specified in this Agreement and the Series A Investment Agreement, plus interests
at the rate of eight percent (8%) of the Investment Price per annum, and all declared and accrued but unpaid dividends owed to
such Investor (“Liquidation Preference”);

 

    	 	40	 

     

    

 

		18.1.2	If, upon any Liquidation Event, the Distributable Proceeds are insufficient to make payment of
the foregoing amounts in full on all Investors, then such assets shall be distributed among the Investors rateably in proportion
to the full amounts to which they would otherwise be respectively entitled thereon.

 

		18.1.3	After full payment of the Liquidation Preference to the Investors, the remaining Distributable
Proceeds shall be distributed rateably among the Founding Shareholders, the Series A Investors and Series A+ Investors.

 

		18.2	Liquidation Event.

 

The following
events shall constitute a Liquidation Event unless waived by the Investors:

 

		18.2.1	any consolidation, amalgamation or merger of any of the Company with or into any Person, or any
other corporate reorganization, including a sale or acquisition of Equity Securities of the Company, in which the shareholders
immediately before such transaction own less than fifty percent (50%) of the Company’s voting power immediately after such
transaction;

 

		18.2.2	a sale of all or substantially all of the assets of the Company taken as a whole; or

 

		18.2.3	the exclusive licensing of all or substantially all of the intellectual property of the Company
taken as a whole to a third party; or

 

		18.2.4	a liquidation, dissolution or winding up of any of the Company.

 

and upon
any such event, any proceeds resulting to all the shareholders and/or the Company therefrom (“Distributable Proceeds”)
shall be distributed to all the Shareholders in accordance with the terms of this Section 18.

 

		18.3	Re-allotment of Liquidation Distribution.

 

In the event
that upon the occurrence of any Liquidation Event and due to the requirements of Applicable Laws, distributions are not made in
accordance with Section 18, the Shareholders who receives more amount than it should have received under Section 18 shall re-allot
the distributions in accordance with Section 18 by means including transferring the distributions it receives to those negatively
impacted Shareholders.

 

    	 	41	 

     

    

 

		19.	Redemption.

 

		19.1	Redemption Event.

 

		19.1.1	Upon occurrence of any of the following event: (1) the Company fails to file the application for
the Qualified IPO, or does not agree to the Qualified IPO, or 100% of its equity interest fails to be acquired by a third party
before the [***] anniversary of the Closing Date, (2) any of the Founding Shareholders or the Company materially breaches
any of the Transaction Documents or materially breaches any Applicable Laws which cause the Material Adverse Effect to the Company,
or the Company is unable to perform a qualified IPO; or (3) once any other equity interest held by other Investors become redeemable
and such Investors have made the redemption requests to the Company and/or [***], as requested by any Series A+ Investor
(“Series A+ Redemption Right”), the Company and/or [***] shall redeem all or a portion of the then equity
interest of the Series A+ Investor at the applicable Redemption Price. For the avoidance of doubt, the foregoing redemption obligations
of [***] hereunder shall only be limited to the equity securities held by them in the Company.

 

		19.1.2	Upon occurrence of any of the following event: (1) the Company fails to file the application for
the Qualified IPO or does not agree to the Qualified IPO, or 100% of its equity interest fails to be acquired by a third party
before the [***] anniversary of the Series A closing date, or (2) any of the Founding Shareholders or the Company materially
breaches any of the Transaction Documents or materially breaches any applicable laws which cause the material adverse effect to
the Company, or the Company is unable to perform a qualified IPO; or (3) once any other equity interest held by other Investors
become redeemable and such Investors have made the redemption requests to the Company and [***], as requested by the any
Series A Investor (“Series A Redemption Right”, together with the Series A+ redemption right, the “Redemption
Right”), the Company and/or [***] shall redeem all or a portion of the then equity interest of the Series A Investors
at the applicable Redemption Price. For the avoidance of doubt, the foregoing redemption obligations of [***] hereunder
shall only be limited to the equity securities held by them in the Company.

 

		19.1.3	Redemption Price.

 

		19.1.4	The redemption price for each Series A+ Investor shall be an amount equal to one hundred percent
(100%) of the Series A+ Investment Price as attached herein in Exhibit A, plus interests at the rate of eight percent (8%) of the
Series A+ Investment Price per annum (in the case of a partial-year, the interests shall be accrued on a daily basis for the actual
period from the date of payment of the Series A+ Investment Price made by the Series A+ Investor to the date on which the Series
A+ Investor actually receives the Series A+ Redemption Price, with 360 days deemed as a complete year), and all dividends declared
and unpaid with respect to such equity interest (as adjusted for any share splits, share dividends, combinations, recapitalizations
or similar transactions) (“Series A+ Redemption Price”).

 

		19.1.5	The redemption price for each Series A Investor shall be
an amount equal to one hundred percent (100%) of the Series A Investment Price as attached herein in Exhibit A, plus interests
at the rate of eight percent (8%) of the Series A Investment Price per annum (in the case of a partial-year, the interest shall
be accrued on a daily basis for the actual period from the date of payment of the Series A Investment Price made by the Series
A Investor to the date on which the Series A Investor actually receives the Series A Redemption Price, with 360 days deemed as
a complete year), and all dividends declared and unpaid with respect to such equity interest (as adjusted for any share splits,
share dividends, combinations, recapitalizations or similar transactions) (“Series A Redemption Price”, together
with Series A+ Redemption Price, the “Redemption Price”).

 

    	 	42	 

     

    

 

		19.1.6	Procedure.

 

		19.1.7	If any Investor intends to exercise the Redemption Right, such Investor shall deliver a notice
of redemption by hand or by mail to the Company and [***] (“Redemption Requesting Notice”), which shall
include the number of equity interest to be redeemed by the Company or [***].

 

		19.1.8	Upon receipt of any Redemption Notice, the Company and/or [***] shall promptly give written
notice of the redemption request to each non-requesting Investor entitled to exercise the Redemption Rights (“Non-Requesting
Holder(s)”) stating the existence of such request, the Redemption Date and the mechanics of redemption. Within ten (10)
days after receiving such notice from the Company, the Non-Requesting Holder(s) shall decide whether to require the Company or
[***] to redeem all or part of the then outstanding Equity Securities such Non-Requesting Holder(s) hold(s) on the same
date and issue the Redemption Requesting Notice to the Company. During the ten (10)-day period, the Company or [***] shall
not redeem any of the Equity Securities requested for redemption. For avoidance of any doubt, if any Investor decides not to exercise
the Redemption right or fails to issue any Redemption Requesting Notice within the ten (10)-day period, such non-exercise or failure
to issue the notice shall not be deemed as a waiver of the Redemption Right, nor shall the Redemption Right of the Investor be
deemed as terminated or lapsed therefor.

 

		19.1.9	Within fifteen (15) days following the date of the Redemption Requesting Notice, the Company or
[***] shall issue to all the Investors requesting to exercise the Redemption Right a notice, stating the date on which the
Equity Securities are to be redeemed (“Redemption Date”), provided, however, that the Redemption Date shall
be no later than one hundred and eighty (180) days following the date of the Redemption Notice.

 

		19.1.10	On the Redemption Date, the Company or [***] shall pay the Redemption Price to the Investors
requesting to exercise the Redemption Rights and the corresponding Equity Securities held by such holder shall be redeemed.

 

		19.1.11	If the Company or [***] fails to comply with the Redemption Requesting Notice within one
hundred and eighty (180) days following the date of the Redemption Requesting Notice, a default interest of 0.1% per day shall
accrue and be paid by the Company and/or [***] to such Investors requesting to exercise the Redemption Rights.

 

		19.2	Preference.

 

To the extent
permitted by law, the Company shall ensure that the profits of the Company’s Subsidiaries (if any) for the time being available
for distribution shall be paid to it by way of dividend if and to the extent that, but for such payment, the Company or [***]
would not itself otherwise have sufficient profits available for distribution to make any redemption of the Equity Securities required
to be made pursuant to this Section 19.

 

    	 	43	 

     

    

 

		19.3	Priority

 

If the Company
has insufficient funds to repurchased all the equity interest of Investors requested to be redeemed on the date of redemption,
the funds that are legally available shall nonetheless be paid and applied on the Redemption Date in a pro-rata manner against
each Investors requested to be redeemed first in accordance with the relative full amounts owed thereon, and the shortfall shall
be paid and applied from time to time out of legally available funds immediately as and when such funds become legally available
in a pro-rata manner against each Investors requested to be redeemed in accordance with the relative remaining amounts owed thereon.

 

		19.4	Liability of [***]

 

The aggregate
liabilities of [***] hereunder shall not exceed the total Equity Securities of the Company held by [***] directly
and indirectly (including the dividend, distributions on liquidation or any other proceeds from such Equity Securities).

 

		20.	Drag Along Rights.

 

		20.1	Drag Along Sale

 

If the Company
fails to file the application for the Qualified IPO, or does not agree to the Qualified IPO, or 100% of its equity interest fails
to be acquired by a third party before the [***] anniversary of the Closing Date, and a proposed sale, whether or not structured
as a merger, reorganization, asset sale, share sale, sale of control of the Company, or otherwise to any Person (the “Offeror”)
is approved by the all the Investors (“Drag Along Shareholders”), with an implied valuation of the Company of
no less than [***], such deal shall constitute a “Drag Along Sale”.

 

		20.2	Obligations of Holders in Drag Along Sale

 

In the event
of a Drag Along Sale, the Drag Along Shareholders shall have the right to request all other shareholders (“Dragged Shareholders”)
to agree to the Drag Along Sale and sell up to all of the Equity Interests in the Company and/or up to all of the assets of the
Company to the buyer in the Drag Along Sale. Upon request of the Drag Along Shareholders, the Company shall promptly notify in
writing each Holder and the material terms and conditions of such proposed Drag Along Sale, whereupon all Holders shall, in accordance
with instructions received from the Company at the direction of the Drag Along Shareholders, agree to such Drag Along Sale and
take the following actions:

 

		20.2.1	sell, at the same time as the Drag Along Shareholders sell
to the buyer in the Drag Along Sale, all of its Equity Interests in the Company or the same percentage of its Equity Interests
in the Company as the Drag Along Shareholders sell, on the same terms and conditions as were agreed to by the Drag Along Shareholders;
provided, however, that such terms and conditions, including with respect to price paid or received per unit of the Equity Interests
in the Company, may differ as between different classes of Equity Interests in the Company in accordance with their relative Liquidation
Preferences as set forth in this Agreement;

 

    	 	44	 

     

    

 

		20.2.2	vote all of its Equity Interests in the Company, and instruct the Directors (if any) appointed
by such holders to vote (a) in favour of such Drag Along Sale, (b) against any other consolidation, recapitalization, amalgamation,
merger, sale of securities, sale of assets, business combination, or transaction that would interfere with, delay, restrict, or
otherwise adversely affect such Drag Along Sale, and (c) against any action or agreement that would result in a breach of any covenant,
representation or warranty or any other obligation or agreement of the Company under the definitive agreement(s) related to such
Drag Along Sale or that could result in any of the conditions to the closing obligations under such agreement(s) not being fulfilled,
and, in connection therewith, to be present (in person or by proxy) at all relevant meetings of the Shareholders of the Company
(or adjournments thereof) or to approve and execute all relevant written consents in lieu of a meeting;

 

		20.2.3	not exercise any dissenters’ or appraisal rights under Applicable Laws with respect to such
Drag Along Sale;

 

		20.2.4	take all necessary actions in connection with the consummation of such Drag Along Sale as reasonably
requested by the Drag Along Shareholders, including but not limited to the execution and delivery of any share transfer or other
agreements prepared in connection with such Drag Along Sale, and the delivery, at the closing of such Drag Along Sale involving
a sale of stock, of all certificates or options representing stock held or controlled by such Holder, duly endorsed for transfer
or accompanied by a duly executed share transfer form, or affidavits and indemnity undertakings with respect to lost certificates.

 

		20.3	Requirement on Drag Along Sale

 

In any such
Drag Along Sale, (i) each Holder shall bear a proportionate share (based upon the relative proceeds received in such transaction)
of the Drag Along Shareholders’ expenses incurred in the transaction, including, without limitation, legal, accounting and
investment banking fees and expenses, and (ii) each Holder shall severally, not jointly, join on a pro rata basis (based upon the
relative proceeds received in such transaction) in any indemnification or other obligations that are part of the terms and conditions
of such Drag Along Sale (other than those that relate specifically to a particular Holder, such as indemnification with respect
to representations and warranties given by such Holder regarding such Holder’s title to and ownership of equity interest,
due authorization, enforceability, and no conflicts, which shall instead be given solely by such Holder) but only up to the net
proceeds paid to such Holder in connection with such Drag Along Sale.

 

		21.	Most Favoured Investor.

 

Unless otherwise
provided under the Transaction Documents, in the event the Company grants any Shareholders (including Series A Investors) any rights,
privileges or protections more favourable than those granted to the Series A+ Investors, the Series A+ Investors shall, at its
option, be entitled to the same rights, privileges or protections pari passu with the other Shareholders without additional
consideration.

 

    	 	45	 

     

    

 

		22.	Additional Agreements; Covenants.

 

		22.1	Related-Party Transactions.

 

Prior to
the closing of the Qualified IPO, except for the transactions contemplated under this Agreement, any and all transactions (“Related
Party Transactions”) between the Company on one side, and any of the Founding Shareholders, the senior managers, the
directors, the shareholders of the Company or the Affiliates of such Persons on the other side, shall be negotiated and entered
into on an arms-length basis, and any Related Party Transaction between the Company on one side and CASI or its Affiliates on the
other side shall be approved by CASI. Besides, any Related Party Transaction with the value of RMB800,000 or more shall be disclosed
and informed to CASI.

 

		22.2	Compliance with Laws; Registrations.

 

		22.2.1	Without limiting the generality of the foregoing, each
of the Founding Shareholders and the Company shall ensure that all filings and registrations with the Governmental Authorities
so required by them shall be duly completed in accordance with the relevant rules and regulations, including without limitation
any such filings and registrations with the Ministry of Commerce, the State Administration for Market Regulation, the State Administration
for Foreign Exchange, tax bureau, customs authorities, product registration authorities, health regulatory authorities, and the
local counterpart of each of the aforementioned Governmental Authorities, in each case, as applicable.

 

		22.3	Intellectual Property Protection.

 

The Founding
Shareholders and the Company shall take all reasonable steps to protect the material intellectual property rights of the Company,
including without limitation (a) registering their material respective trademarks, brand names, domain names and copyrights, and
(b) requiring each employee and consultant of each the Company to enter into an employment agreement in form and substance reasonably
acceptable to the Investors, a confidential information and intellectual property assignment agreement and a non-competition and
non- solicitation agreement requiring such persons to protect and keep confidential the Company’s confidential information,
intellectual property and trade secrets, prohibiting such persons from competing with such the Company for a reasonable time after
their termination of employment with the Company, and requiring such persons to assign all ownership rights in their work product
to the Company, in each case in form and substance reasonably acceptable to the Investors.

 

    	 	46	 

     

    

 

		22.4	Internal Control System.

 

The Company
shall maintain their books and records in accordance with sound business practices and implement and maintain an adequate system
of procedures and controls with respect to finance, management, and accounting that meets international standards of good practice
and is reasonably satisfactory to the Investors to provide reasonable assurance that (i) transactions by it are executed in accordance
with management’s general or specific authorization, (ii) transactions by it are recorded as necessary to permit preparation
of financial statements in conformity with PRC GAAP or IFRS and to maintain asset accountability, (iii) access to assets of it
is permitted only in accordance with management’s general or specific authorization, (iv) the recorded inventory of assets
is compared with the existing tangible assets at reasonable intervals and appropriate action is taken with respect to any material
differences, (v) segregating duties for cash deposits, cash reconciliation, cash payment, proper approval is established, and (vi)
no personal assets or bank accounts of the employees, directors, officers are mingled with the corporate assets or corporate bank
account, and the Company will not use any personal bank accounts of any employees, directors, officers thereof during the operation
of the business.

 

		23.	Limitations on Use of Name

 

The Parties
other than the Series A+ Investors and their respective Affiliates undertake that without the prior written consent of the Series
A+ Investors, they shall not use trade names, trademarks and/or logos of the Series A+ Investors or its Affiliates (including but
not limited to “CASI”), or present itself as a business partner of the Series A+ Investors or its Affiliates or otherwise
make similar representations. Without the written consent of the Series A+ Investors, the Parties other than the Series A+ Investors
or their Affiliates must not cause a third party to make any press release or announcement regarding this Agreement or the subscription
for equity interest of the Company by the Series A+ Investors or otherwise make any disclosure to any third party in connection
therewith.

 

		24.	Assignments and Transfers

 

Except as
otherwise provided herein, this Agreement and the rights and obligations of the Parties hereunder shall not be assigned, transferred
or otherwise disposed to a third party without prior written consent of other Parties. Notwithstanding the aforesaid, (i) the rights
of any Investors hereunder are assignable to its Affiliate; and, (ii) the rights of any Investors hereunder are assignable to any
third party in connection with the Transfer of the Equity Interests in the Company held by such Investors but only to the extent
of such transfer, provided, however, that (x) the transferor shall, subject to prior to the effectiveness of such transfer, furnish
to the Company written notice of the name and address of such transferee and the Equity Securities that are being assigned to such
transferee, and (y) such transferee shall, concurrently with the effectiveness of such transfer, become a party to this Agreement
as an Investor and be subject to all applicable restrictions set forth in this Agreement.

 

		25.	Termination or Amendment of The Privilege.

 

		25.1	The rights and covenants set forth in Sections 10.4, 11, 13, 14, 15, 16, 17, 18, 19, 20 and 21
shall terminate and be of no further force or effect upon the earlier occurrence of (a) the closing of a Qualified IPO, or (b)
a Liquidation Event.

 

    	 	47	 

     

    

 

		25.2	If the Company reforms or restructures as an outbound holding company and listed overseas, which
causes adverse effect on all or part of the investors’ rights and privileges hereunder, the Company, the Founding Shareholders
shall cooperate with the Series A+ Investors to take all necessary measures to guarantee the rights and privileges of the Series
A+ Investors hereunder reflecting in the outbound holding company, and the Series A+ Investors shall make reasonable commercial
efforts to cooperate with the Company, the Founding Shareholders to accomplish the reform or restructure. The specific arrangements
of the bearing of the fees, expense and taxes shall be otherwise discussed and agreed by the Parties then.

 

		26.	Qualified IPO

 

The Company
shall form a working group and establish coordination mechanism, engage intermediary agencies and make efforts to complete the
Qualified IPO, if a Shareholders’ Meeting decides that the Company has satisfied the conditions for Qualified IPO. The Founding
Shareholders shall make reasonable efforts to promote the Qualified IPO.

 

		27.	Accounting Matters

 

		27.1	Fiscal Year.

 

The fiscal
year of the Company shall commence on the 1st day of January and end on the 31st
day of December of each year, unless otherwise determined by the Board of Directors.

 

		27.2	Full Records.

 

All assets,
liabilities and transactions involving the Company shall be recorded fully in its official records and fully disclosed to the Auditor,
and the financial statements of the Company and other The Company shall be prepared in accordance with applicable accounting principles.

 

		28.	Confidentiality and Announcements

 

		28.1	Confidentiality

 

		28.1.1	In this Section, “Confidential Information” means all information disclosed (whether
in writing, orally or by any other means and whether directly or indirectly) by a person (the “Disclosing Party”) to
another person (the “Receiving Party”) including information relating to the Disclosing Party’s customers, internal
policies, products, operations, processes, plans or intentions, know-how, trade secrets, intellectual property, market opportunities
and business affairs, financial information and pricing information, except that the confidentiality obligations shall not apply
if and to the extent that:

 

		(a)	the Confidential Information is in the public domain other than by the fault of the Receiving Party;

 

		(b)	the Confidential Information was previously known to the Receiving Party prior to receipt from the Disclosing Party; and

 

    	 	48	 

     

    

 

		(c)	the Confidential Information was rightfully disclosed to the Receiving Party by a third person
without a breach of such third person’s obligation of confidentiality.

 

		28.1.2	All Parties may not, during the term of this Agreement and notwithstanding termination of this
Agreement, disclose the Confidential Information of each other and of the Company and its Subsidiaries to any person except with
the prior written consent of the Disclosing Party or for the performance of its obligations under this Agreement.

 

		28.1.3	Without limiting the generality of the foregoing, each Party shall and shall ensure its representatives
on the Board of the Company shall:

 

		(a)	instruct and require all of its employees and agents who have access to the Confidential Information
to maintain the confidentiality thereof;

 

		(b)	disclose the Confidential Information to its Affiliates, its and its Affiliates’ respective
Directors, employees, agents, advisors, investor, prospective investor, financing resources and prospective acquirers only on a
need-to-know basis, provided that each such individual shall be bound by the same confidentiality obligation as the Parties; and

 

		(c)	take such reasonable action to limit disclosure of the Confidential Information. If the Receiving
Party of such Confidential Information is served with any subpoena or other compulsory judicial or administrative process requesting
Confidential Information of any Disclosing Party or if the disclosure of such Confidential Information is required by Law or any
stock exchange or regulatory requirement, the Receiving Party will immediately notify the Disclosing Party of such Confidential
Information in order that the Disclosing Party may take such action as it deems necessary to protect its interest and the Receiving
Party shall co-operate with the Disclosing Party to limit the scope and use of the information to be disclosed subject to limitations
under the relevant Law

 

		28.1.4	This provision shall survive the termination of this Agreement with respect to any Party, and the
restriction on disclosure of Confidential Information shall continue to apply for all purposes for a period of five (5) years from
such termination with respect to any Party, provided however, such restrictions shall not apply to information which ceases to
be Confidential Information.

 

		28.2	Publicity

 

No Party
shall issue, publish or disseminate or cause to be issued, published or disseminated any press release or public communication
relating to this Agreement or any agreement in connection herewith or any of the transactions contemplated herein or therein; provided,
however, a Party or its holding companies may make any disclosure it believes in good faith and upon advice of counsel that (a)
the disclosure is required by Applicable Law, or (b) the disclosure is required by the rules of the stock exchange where the relevant
Party is listed or intends to be listed. Prior to such disclosure, such Party shall consult with the other Parties.

 

    	 	49	 

     

    

 

		29.	Default and Indemnification

 

		29.1	In the event any Party (the “Defaulting Party”) is in breach of this Agreement,
including any breach of the representations in this Agreement, the other Parties shall be entitled to an indemnification for its
losses caused by such breach, in addition to any other rights such Parties are entitled to under this Agreement.

 

		29.2	Subject to the other provisions of this Section, the Defaulting Party shall indemnify any other
Party (the “Indemnified Parties”) against their losses and hold them harmless under the following circumstances:
(i) the Defaulting Party breaches any of its representations and warranties hereunder or any of such representations and warranties
are not true; (ii) the Defaulting Party breaches or fails to perform its covenants, agreements, undertakings or obligations hereunder,
unless such breach or failure have been waived by the other Parties in writing.

 

		29.3	In the event any Party is in breach of this Agreement, the other Parties shall be entitled to,
in addition to any other rights they may have under this Agreement, request the specific performance by the Defaulting Party of
its relevant obligations hereunder.

 

		29.4	Notwithstanding anything to the contrary herein, this Section shall survive the termination of
this Agreement.

 

		30.	Independent Nature of Obligations and Rights of Series A+ Investors

 

		30.1	The obligations of each Series A+ Investor under this Agreement and the other Transaction Documents
are several and not joint, and no Series A+ Investor is responsible in any way for the performance or conduct of any other Series
A+ Investors in connection with the transactions contemplated hereby. Nothing contained herein or in any other Transaction Document,
and no action taken by any Series A+ Investor pursuant hereto or thereto, shall be or shall be deemed to constitute a partnership,
association, joint venture, or joint group with respect to the Series A+ Investor. Each Series A+ Investor agrees that no other
Series A+ Investor has acted as an agent for such Series A+ Investor in connection with the transactions contemplated hereby.

 

		31.	Termination

 

		31.1	Term

 

This Agreement
shall become effective on the Execution Date and continue to be valid during the existence of the Company unless terminated earlier
in accordance with this Agreement. For avoidance of doubt, if any of the Series A+ Investors fails to execute this Agreement, this
Agreement will be binding upon the Company, other Series A+ Investors who have executed this Agreement and other signing Parties.

 

		31.2	Termination

 

This Agreement
may be terminated:

 

		(a)	immediately by unanimous agreement in writing of all the
Parties;

 

    	 	50	 

     

    

 

		(b)	by the Company upon written notice to the Series A+ Investor, in the event the Series A+ Investor
fails to perform its obligation to pay Subscription Price within forty-five (45) days after the Closing Date; and

 

		(c)	by the Series A+ Investor upon written notice to the other Parties, in the event the Conditions
Precedent set forth in Section 3.1 are not satisfied or waived by the Series A+ Investor in accordance with Section 3.1 within
six (6) months of the Execution Date.

 

When this
Agreement is terminated by any Party pursuant to Section 31.2, no Party shall have any rights or claims against the others, save
for those in respect of a breach of this Agreement prior to such termination.

 

		31.3	Consequences

 

The termination
or expiry of this Agreement shall be without prejudice to any rights and obligations of any Party as at the date of termination
and shall not relieve any Party from any liability to any other Party that exists at the time of such termination.

 

		32.	Dispute Resolution and Governing Law

 

		32.1	Governing Law

 

The terms
of this Agreement shall be governed by and construed and enforced in accordance with the laws of PRC without regard to its principles
of conflicts of laws.

 

		32.2	Dispute Resolution

 

		32.2.1	The Parties to this Agreement shall seek to resolve any dispute or claim arising out of or in relation
to this Agreement by friendly consultation. Any Party may notify any other Party of its desire for a consultation to resolve such
dispute or claim.

 

		32.2.2	If the Parties are unable to resolve a dispute or claim arising out of or in relation to this Agreement,
including any question regarding its existence, validity or termination, within a period of ten (10) Business Days from the date
on which a notice is given under Section 32.2.1, any Party may submit such dispute or claim to the Hong Kong International Arbitration
Centre in accordance with and subject to its rules of procedure then in force.

 

		32.2.3	The arbitration tribunal shall consist of three (3) arbitrators to be appointed according to the
arbitration rules of the Hong Kong International Arbitration Centre.

 

		32.2.4	Any arbitration award will be final and binding on the Parties and may be enforced by courts of
any relevant jurisdiction, including the PRC. The Parties must enforce any arbitral award without delay and all the Parties agree
to waive any right to claim or appeal to any courts in connection with any question arising in the course of arbitration or with
respect to any arbitral award.

 

		32.2.5	The arbitration will be conducted in Hong Kong in English and Chinese.

 

    	 	51	 

     

    

 

		32.2.6	The non-prevailing Party shall bear the costs of arbitration (including the prevailing Party’s reasonable attorney’s
fees).

 

		32.2.7	Despite the existence of a dispute which is the subject of either friendly consultation or arbitration, the Parties:

 

		(a)	may exercise their remaining respective rights; and

 

		(b)	must perform their remaining respective obligations, under this Agreement, except in respect of those matters that are the
subject of the dispute.

 

		33.	Miscellaneous

 

		33.1	Further Assurances

 

The Parties
shall, and shall use their respective reasonable endeavours to procure that any necessary third persons shall execute and perform
all such further deeds, documents, assurances, acts and things as any of the Parties may reasonably require by notice in writing
to the others for the purposes of giving such Party the full benefit of all the provisions of this Agreement.

 

		33.2	Entire Agreement

 

This Agreement
and other Transaction Documents constitute the entire agreement among the Parties relating to the Transaction hereof and supersede
any prior agreements, understandings or discussions among the Parties. In the event of discrepancies between this Agreement and
the Series A Investment Agreement, this Agreement shall prevail.

 

		33.3	Succession and Assignment

 

The terms
and conditions of this Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors
and permitted assigns. No Party may assign either this Agreement or any of its rights, interests, or obligations hereunder without
the prior written consent of the other Parties, provided, however, that the Series A+ Investor may (i) assign any of their rights
and interests hereunder to one or more of their Affiliates and (ii) designate one or more of their Affiliates to perform all or
certain of their obligations hereunder (in which case the Series A+ Investor shall remain liable for the performance of all its
obligations hereunder).

 

		33.4	Notice

 

All notices
and other communications transmitted to any Party pursuant hereto shall be in writing in Chinese and English and delivered by hand
or by prepaid courier (in each case the recipient shall execute the return receipt) to the mailing address set forth below, or
by facsimile or email as set forth below, or to such other mailing address, facsimile or email as a Party may from time to time
notify the other Parties:

 

To
CASI:     c/o CASI (Beijing) Pharmaceuticals Co., Ltd.

 

	Address:	[***]

 

    	 	52	 

     

    

 

 

	Telephone: 	[***]
	 	 
	Fax:	/
	 	 
	Attention:	Larry (Wei) Zhang
	 	 
	Email:	[***]
	 	 
	To [***]:	 
	 	 
	Address:	[***]
	 	 
	Telephone:	[***]
	 	 
	Fax:	[***]
	 	 
	Attention:	[***]
	 	 
	Email:	[***]
	 	 
	To [***]:	 
	 	 
	Address:	[***]
	 	 
	Telephone:	[***]
	 	 
	Fax: /	 
	 	 
	Attention:	[***]
	 	 
	Email:	[***]
	 	 
	To the Company, the Founding Shareholders:
	 	 
	Address:	[***]
	 	 
	Telephone:	[***]
	 	 
	Fax: /	 
	 	 
	Attention:	[***]
	 	 
	Email:	[***]
	 	 
	To [***]:	 

 

    	 	53	 

     

    

  

	 	Address:	[***]
	 	 	 
	 	Telephone:	[***]
	 	 	 
	 	Fax: /	 
	 	 	 
	 	Attention:	[***]
	 	 	 
	 	Email:	[***]
	 	 	 
	To [***]:	 
	 	 	 
	 	Address:	[***]
	 	 	 
	 	Telephone:	[***]
	 	 	 
	 	Fax: /	 
	 	 	 
	 	Attention:	[***]
	 	 	 
	 	Email:	[***]
	 	 	 
	To [***]:	 
	 	 	 
	 	Address:	[***]
	 	 	 
	 	Telephone:	[***]
	 	 	 
	 	Fax:	[***]
	 	 	 
	 	Attention:	[***]
	 	 	 
	 	Email:	[***]
	 	 	 
	To [***]:	 
	 	 	 
	 	Address:	[***]
	 	 	 
	 	Telephone:	[***]
	 	 	 
	 	Fax: /	 
	 	 	 
	 	Attention:	[***]
	 	 	 
	 	Email:	[***]

 

    	 	54	 

     

    

 

	To [***]:	 
	 	 
	 	Address:	[***]
	 	 	 
	 	Telephone:	[***]
	 	 	 
	 	Fax:	[***]
	 	 	 
	 	Attention:	[***]
	 	 	 
	 	Email:	[***]
	 	 	 
	To [***]:	 
	 	 	 
	 	Address:	[***]
	 	 	 
	 	Telephone:	[***]
	 	 	 
	 	Fax: /	 
	 	 	 
	 	Attention:	[***]
	 	 	 
	 	Email:	[***]

 

Without limiting any other means by which
a Party may be able to prove that a notice has been received by another Party, a notice will be deemed to be duly received:

 

		(a)	if sent by hand or courier, when actually delivered at
the address of the recipient; or

 

		(b)	if sent by facsimile, upon receipt by the sender of an
acknowledgment or transmission report generated by the machine from which the facsimile was sent indicating that the facsimile
was sent in its entirety to the recipient’s facsimile number,

 

except that if a notice is delivered
by hand, or is received by facsimile on a day which is not a Business Day, or after 5.00 pm on any Business Day, such notice will
be deemed to be duly received by the recipient at 9.00 am on the first Business Day thereafter.

 

		33.5	Amendments and Waivers

 

No amendment
of any provision of this Agreement shall be valid unless the same is in writing and signed by all the Parties. No waiver by any
Party of any default, misrepresentation, or breach of warranty or covenant under this Agreement, whether intentional or not, shall
be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant under this Agreement
or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

 

		33.6	Costs

 

The Parties
shall bear their own costs, charges and other expenses incurred in connection with the negotiation, preparation and implementation
of this Agreement and any other actions in connection herewith.

 

    	 	55	 

     

    

 

		33.7	Counterparts

 

This Agreement
may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one
instrument.

 

		33.8	Severability

 

If any term
or provision of this Agreement is or becomes invalid or unenforceable in any event or in any jurisdiction, nothing shall affect
the validity or enforceability of the remaining terms and provisions of this Agreement, and nothing shall affect the validity or
enforceability of such term or provision in any other event or in any other jurisdiction.

 

		33.9	Incorporation of Exhibits

 

The Exhibits
specified in this Agreement are incorporated by reference and constitute a part of this Agreement.

 

		33.10	Language

 

This Agreement
is executed in English and Chinese and both the English and Chinese versions shall be of the same legal effects.

 

(THE REMAINDER OF
THIS PAGE IS INTENTIONALLY LEFT BLANK) 

 

    	 	56	 

     

    

 

(SIGNATURE
PAGE OF INVESTMENT AGREEMENT in respect of JUVENTAS CELL THERAPY LTD.)

 

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

 

JUVENTAS CELL
THERAPY LTD.

 

	Signature:  	/s/
    Lulu Lv	 
	 	 	 
	Name:	Luly Lv	 
	 	 	 
	Title: 	Authorized Representative	 

 

    	 	 	 

     

    

  

(SIGNATURE PAGE OF
INVESTMENT AGREEMENT in respect of JUVENTAS CELL THERAPY LTD.)

 

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

 

CASI Biopharmaceuticals (WUXI) CO., Ltd.

 

	Signature:	/s/
    Wei Zhang	 
	 	 	 
	Name:	WEI ZHANG	 
	 	 	 
	Title:  	Chairman	 

 

    	 	 	 

     

    

  

[Signature
pages of other Investors omitted]

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