Document:

Form of Deposit Agreement

 Exhibit 4.3 
  

 NOAH EDUCATION HOLDINGS LTD. 
 AND 
 THE BANK OF NEW YORK 
 as Depositary 
 AND

 OWNERS AND BENEFICIAL OWNERS OF AMERICAN DEPOSITARY 
 SHARES 
 Deposit Agreement 
 Dated as of                      
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page
	 ARTICLE I
	  	DEFINITIONS	  	1
				
	 Section 1.1
	  		  	American Depositary Shares	  	1
				
	 Section 1.2
	  		  	Article; Section	  	1
				
	 Section 1.3
	  		  	Beneficial Owner	  	2
				
	 Section 1.4
	  		  	Commission	  	2
				
	 Section 1.5
	  		  	Company	  	2
				
	 Section 1.6
	  		  	Custodian	  	2
				
	 Section 1.7
	  		  	Deliver; Surrender	  	2
				
	 Section 1.8
	  		  	Deposit Agreement	  	2
				
	 Section 1.9
	  		  	Depositary; Corporate Trust Office	  	3
				
	 Section 1.10
	  		  	Deposited Securities	  	3
				
	 Section 1.11
	  		  	Dollars	  	3
				
	 Section 1.12
	  		  	Foreign Registrar	  	3
				
	 Section 1.13
	  		  	Owner	  	3
				
	 Section 1.14
	  		  	Receipts	  	3
				
	 Section 1.15
	  		  	Registrar	  	3
				
	 Section 1.16
	  		  	Restricted Securities	  	3
				
	 Section 1.17
	  		  	Securities Act	  	4
				
	 Section 1.18
	  		  	Shares	  	4
			
	 ARTICLE II
	  	FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES	  	4
				
	 Section 2.1
	  		  	Form of Receipts; Registration and Transferability of American Depositary Shares	  	4
				
	 Section 2.2
	  		  	Deposit of Shares	  	5
				
	 Section 2.3
	  		  	Delivery of American Depositary Shares	  	5
				
	 Section 2.4
	  		  	Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares	  	6
				
	 Section 2.5
	  		  	Surrender of American Depositary Shares and Withdrawal of Deposited Securities	  	6
				
	 Section 2.6
	  		  	Limitations on Delivery, Transfer and Surrender of American Depositary Shares	  	7
				
	 Section 2.7
	  		  	Lost Receipts, etc.	  	8

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page
				
	 Section 2.8
	  		  	Cancellation and Destruction of Surrendered Receipts	  	8
	 Section 2.9
	  		  	Pre-Release of American Depositary Shares	  	8
				
	 Section 2.10
	  		  	DTC Direct Registration System and Profile Modification System	  	9
			
	 ARTICLE III
	  	CERTAIN OBLIGATIONS OF OWNERS AND BENEFICIAL OWNERS OF AMERICAN DEPOSITARY SHARES	  	9
				
	 Section 3.1
	  		  	Filing Proofs, Certificates and Other Information	  	9
				
	 Section 3.2
	  		  	Liability of Owner for Taxes	  	10
				
	 Section 3.3
	  		  	Warranties on Deposit of Shares	  	10
			
	 ARTICLE IV
	  	THE DEPOSITED SECURITIES	  	10
				
	 Section 4.1
	  		  	Cash Distributions	  	10
				
	 Section 4.2
	  		  	Distributions Other Than Cash, Shares or Rights	  	11
				
	 Section 4.3
	  		  	Distributions in Shares	  	11
				
	 Section 4.4
	  		  	Rights	  	11
				
	 Section 4.5
	  		  	Conversion of Foreign Currency	  	13
				
	 Section 4.6
	  		  	Fixing of Record Date	  	13
				
	 Section 4.7
	  		  	Voting of Deposited Securities	  	14
				
	 Section 4.8
	  		  	Changes Affecting Deposited Securities	  	14
				
	 Section 4.9
	  		  	Reports	  	15
				
	 Section 4.10
	  		  	Lists of Owners	  	15
				
	 Section 4.11
	  		  	Withholding	  	15
			
	 ARTICLE V
	  	THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY	  	15
				
	 Section 5.1
	  		  	Maintenance of Office and Transfer Books by the Depositary	  	15
				
	 Section 5.2
	  		  	Prevention or Delay in Performance by the Depositary or Company	  	16
				
	 Section 5.3
	  		  	Obligations of the Depositary, the Custodian and the Company	  	16
				
	 Section 5.4
	  		  	Resignation and Removal of the Depositary	  	17
				
	 Section 5.5
	  		  	The Custodians	  	18
				
	 Section 5.6
	  		  	Notices and Reports	  	18
				
	 Section 5.7
	  		  	Distribution of Additional Shares, Rights, etc.	  	18
				
	 Section 5.8
	  		  	Indemnification	  	19
				
	 Section 5.9
	  		  	Charges of Depositary	  	20
				
	 Section 5.10
	  		  	Retention of Depositary Documents	  	21
				
	 Section 5.11
	  		  	Exclusivity	  	21
				
	 Section 5.12
	  		  	List of Restricted Securities Owners	  	21

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page
	 ARTICLE VI
	  	AMENDMENT AND TERMINATION	  	21
				
	 Section 6.1
	  		  	Amendment	  	21
				
	 Section 6.2
	  		  	Termination	  	22
			
	 ARTICLE VII
	  	MISCELLANEOUS	  	22
				
	 Section 7.1
	  		  	Counterparts	  	22
				
	 Section 7.2
	  		  	No Third Party Beneficiaries	  	23
				
	 Section 7.3
	  		  	Severability	  	23
				
	 Section 7.4
	  		  	Owners and Beneficial Owners as Parties; Binding Effect	  	23
				
	 Section 7.5
	  		  	Notices	  	23
				
	 Section 7.6
	  		  	Governing Law	  	24
				
	 Section 7.7
	  		  	Compliance with U.S. Securities Laws	  	24
				
	 Section 7.8
	  		  	Submission to Jurisdiction; Appointment of Agent for Service of Process	  	24
				
	 Section 7.9
	  		  	Arbitration	  	24

  

 -iii- 

 DEPOSIT AGREEMENT 
 DEPOSIT AGREEMENT dated as of                      among NOAH EDUCATION HOLDINGS LTD., incorporated
under the laws of the Cayman Islands (herein called the Company), THE BANK OF NEW YORK, a New York banking corporation (herein called the Depositary), and all Owners and Beneficial Owners from time to time of American Depositary Shares issued
hereunder. 
 W I T N E S S E T H : 
 WHEREAS, the Company desires to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of the Company from time to time with the Depositary or with the Custodian (as
hereinafter defined) as agent of the Depositary for the purposes set forth in this Deposit Agreement, for the creation of American Depositary Shares representing the Shares so deposited and for the execution and delivery of American Depositary
Receipts evidencing the American Depositary Shares; and 
 WHEREAS, the American Depositary Receipts are to be substantially in the
form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties hereto as follows: 
 ARTICLE I

 DEFINITIONS 
 The following
definitions shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement: 
  

	Section 1.1	American Depositary Shares. 

 The term
“American Depositary Shares” shall mean the securities created under this Deposit Agreement representing rights with respect to the Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts or
uncertificated securities. The form of Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required under the Securities Act of 1933 for sales of both certificated and uncertificated American Depositary Shares. Except
for those provisions of this Deposit Agreement that refer specifically to Receipts, all the provisions of this Deposit Agreement shall apply to both certificated and uncertificated American Depositary Shares. Each American Depositary Share shall
represent the number of Shares specified in Exhibit A to this Deposit Agreement, until there shall occur a distribution upon Deposited Securities covered by Section 4.3 or a change in Deposited Securities covered by Section 4.8 with
respect to which additional American Depositary Shares are not delivered, and thereafter American Depositary Shares shall represent the amount of Shares or Deposited Securities specified in such Sections. 
  

	Section 1.2	Article; Section. 

 Wherever references are made in
this Deposit Agreement to an “Article” or “Articles” or to a “Section” or “Sections”, such references shall mean an article or articles or a section or sections of this Deposit Agreement, unless otherwise
required by the context. 

	Section 1.3	Beneficial Owner. 

 The term “Beneficial
Owner” shall mean each person owning from time to time any beneficial interest in the American Depositary Shares. 
  

	Section 1.4	Commission. 

 The term “Commission” shall
mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States. 
  

	Section 1.5	Company. 

 The term “Company” shall mean
Noah Education Holdings Ltd., incorporated under the laws of the Cayman Islands, and its successors. 
  

	Section 1.6	Custodian. 

 The term “Custodian” shall
mean The Hongkong and Shanghai Banking Corporation Limited, as agent of the Depositary for the purposes of this Deposit Agreement, and any other firm or corporation which may hereafter be appointed by the Depositary pursuant to the terms of
Section 5.5, as substitute or additional custodian or custodians hereunder, as the context shall require and shall also mean all of them collectively. 
  

	Section 1.7	Deliver; Surrender. 

 (a) The term
“deliver”, or its noun form, when used with respect to Shares or Deposited Securities, shall mean effecting one or more entries in an account or accounts maintained by an institution authorized under applicable law to effect transfers of
such securities in the name of the person entitled to that delivery. 
 (b) The term “deliver”, or its noun form, when used with
respect to American Depositary Shares, shall mean (i) one or more book-entry transfers of American Depositary Shares to an account or accounts at The Depository Trust Company (“DTC”) designated by the person entitled to such
delivery, (ii) if requested by the person entitled to such delivery, delivery at the Corporate Trust Office of the Depositary to the person entitled to such delivery of one or more Receipts evidencing American Depositary Shares registered in
the name requested by that person or (iii) registration of American Depositary Shares not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled to such delivery and whereupon mailing will be made to
that person of a statement confirming that registration. 
 (c) The term “surrender”, when used with respect to American Depositary
Shares, shall mean (i) one or more book-entry transfers of American Depositary Shares to the DTC account of the Depositary, (ii) surrender to the Depositary at its Corporate Trust Office of one or more Receipts evidencing American
Depositary Shares or (iii) delivery to the Depositary at its Corporate Trust Office of an instruction to surrender American Depositary Shares not evidenced by a Receipt. 
  

	Section 1.8	Deposit Agreement. 

 The term “Deposit
Agreement” shall mean this Agreement, as the same may be amended from time to time in accordance with the provisions hereof. 
  

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	Section 1.9	Depositary; Corporate Trust Office. 

 The term
“Depositary” shall mean The Bank of New York, a New York banking corporation and any successor as depositary hereunder. The term “Corporate Trust Office”, when used with respect to the Depositary, shall mean the office of the
Depositary which at the date of this Agreement is 101 Barclay Street, New York, New York, 10286. 
  

	Section 1.10	Deposited Securities. 

 The term “Deposited
Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement, and any and all other securities, property and cash received by the Depositary or the Custodian in respect thereof and
at such time held hereunder, subject as to cash to the provisions of Section 4.5. 
  

	Section 1.11	Dollars. 

 The term “Dollars” shall mean
United States dollars. 
  

	Section 1.12	Foreign Registrar. 

 The term “Foreign
Registrar” shall mean the entity that presently carries out the duties of registrar for the Shares or any successor as registrar for the Shares and any other appointed agent of the Company for the transfer and registration of Shares, including
without limitation any securities depository for the Shares. 
  

	Section 1.13	Owner. 

 The term “Owner” shall mean the
person in whose name American Depositary Shares are registered on the books of the Depositary maintained for such purpose. 
  

	Section 1.14	Receipts. 

 The term “Receipts” shall mean
the American Depositary Receipts issued hereunder evidencing certificated American Depositary Shares. 
  

	Section 1.15	Registrar. 

 The term “Registrar” shall
mean any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to register American Depositary Shares and transfers of American Depositary Shares as herein provided.

  

	Section 1.16	Restricted Securities. 

 The term “Restricted
Securities” shall mean collectively or individually, as the context may require, Shares, or American Depositary Shares representing such Shares, which (i) are acquired directly or indirectly from the Company or its affiliates (as defined
in Rule 144 under the Securities Act) in a transaction or chain of transactions not involving any public offering, or which are subject to resale limitations under Regulation D under that Act or both, (ii) are held directly or indirectly
by an officer, director (or persons performing similar functions) or other affiliate of the Company, (iii) would require registration under the Securities Act in connection with the public offer and sale thereof in the United States, or
(iv) are subject to other restrictions on sale or deposit under the laws of the United States, the 

  

 3 

 
People’s Republic of China, the Cayman Islands or Hong Kong, or under a shareholder agreement or the Memorandum and Articles of Association of the
Company unless, in each case, (x) the sale of such Shares in the United States would be covered by an effective registration statement under the Securities Act or (y) the transaction is exempt from the registration requirements of the
Securities Act (as hereinafter defined), and the Shares are not, when deposited, Restricted Securities. 
  

	Section 1.17	Securities Act. 

 The term “Securities
Act” shall mean the United States Securities Act of 1933, as from time to time amended. 
  

	Section 1.18	Shares. 

 The term “Shares” shall mean
Ordinary Shares in registered form of the Company, heretofore validly issued and outstanding and fully paid, nonassessable and that were not issued in violation of any pre-emptive rights of the holders of outstanding Shares or hereafter validly
issued and outstanding and fully paid, nonassessable and that were not issued in violation of any pre-emptive rights of the holders of outstanding Shares or interim certificates representing such Shares. 
 ARTICLE II 
 FORM OF RECEIPTS, DEPOSIT OF
SHARES, DELIVERY, 
 TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES 
  

	Section 2.1	Form of Receipts; Registration and Transferability of American Depositary Shares. 

 Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. No Receipt shall
be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt shall have been executed by the Depositary by the manual signature of a duly authorized signatory of the Depositary;
provided, however, that such signature may be a facsimile if a Registrar for the Receipts shall have been appointed and such Receipts are countersigned by the manual or facsimile signature of a duly authorized officer of the Registrar.
The Depositary shall maintain books on which (i) each Receipt so executed and delivered as hereinafter provided and the transfer of each such Receipt shall be registered and (ii) all American Depositary Shares delivered as hereinafter
provided and all registrations of transfer of American Depositary Shares shall be registered. Receipts bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the
Depositary shall bind the Depositary, notwithstanding that such signatory has ceased to hold such office prior to the execution and delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts.

 The Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with
the provisions of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or regulations thereunder or with the rules and regulations of any securities exchange (which, for all purposes hereof, shall
include the Nasdaq Stock Market Inc.) upon which American Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject by
reason of the date of issuance of the underlying Deposited Securities or otherwise. 
 American Depositary Shares evidenced by a Receipt,
when properly endorsed or accompanied by proper instruments of transfer, shall be transferable as certificated registered securities under the laws of 

  

 4 

 
New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of New York. The
Depositary, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any
notice provided for in this Deposit Agreement and for all other purposes. 
  

	Section 2.2	Deposit of Shares. 

 Subject to the terms and
conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited by delivery thereof to any Custodian hereunder, accompanied by any appropriate instrument or instruments or instructions for transfer, or
endorsement, in form satisfactory to the Custodian, together with all such certifications as may reasonably be required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, and, if the Depositary requires,
together with a written order directing the Depositary to deliver to, or upon the written order of, the person or persons stated in such order, the number of American Depositary Shares representing such deposit. No Share shall be accepted for
deposit unless accompanied by evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in the Cayman Islands or the People’s Republic of China which is then performing the function of the
regulation of currency exchange. If required by the Depositary, Shares presented for deposit at any time, whether or not the transfer books of the Company or the Foreign Registrar, if applicable, are closed, shall also be accompanied by an agreement
or assignment, or other instrument satisfactory to the Depositary, which will provide for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property which any person in whose name
the Shares are or have been recorded may thereafter receive upon or in respect of such deposited Shares, or in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. 
 At the request and risk and expense of any person proposing to deposit Shares, and for the account of such person, the Depositary may receive
certificates for Shares to be deposited, together with the other instruments herein specified, for the purpose of forwarding such Share certificates to the Custodian for deposit hereunder. 
 Upon each delivery to a Custodian of a certificate or certificates for Shares to be deposited hereunder, together with the other documents above
specified, such Custodian shall, as soon as transfer and recordation can be accomplished, present such certificate or certificates to the Company or the Foreign Registrar, if applicable, for transfer and recordation of the Shares being deposited in
the name of the Depositary or its nominee or such Custodian or its nominee. 
 Deposited Securities shall be held by the Depositary or by a
Custodian for the account and to the order of the Depositary or at such other place or places as the Depositary shall determine. 
  

	Section 2.3	Delivery of American Depositary Shares. 

 Upon
receipt by any Custodian of any deposit pursuant to Section 2.2 hereunder (and in addition, if the transfer books of the Company or the Foreign Registrar, if applicable, are open, the Depositary may in its sole discretion require a proper
acknowledgment or other evidence from the Company that any Deposited Securities have been recorded upon the books of the Company or the Foreign Registrar, if applicable, in the name of the Depositary or its nominee or such Custodian or its nominee),
together with the other documents required as above specified, such Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order American Depositary Shares are deliverable in respect thereof and
the number of American Depositary Shares to be so delivered. Such notification shall be made by letter or, at the request, risk and expense of the person making the deposit, 

  

 5 

 
by cable, telex or facsimile transmission. Upon receiving such notice from such Custodian, or upon the receipt of Shares or evidence of the right to receive
Shares by the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall deliver, to or upon the order of the person or persons entitled thereto, the number of American Depositary Shares issuable in respect of
that deposit, but only upon payment to the Depositary of the fees and expenses of the Depositary for the delivery of such American Depositary Shares as provided in Section 5.9, and of all taxes and governmental charges and fees payable in
connection with such deposit and the transfer of the Deposited Securities. 
  

	Section 2.4	Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares.

 The Depositary, subject to the terms and conditions of this Deposit Agreement, shall register transfers of American
Depositary Shares on its transfer books from time to time, upon any surrender of American Depositary Shares, by the Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or pursuant to a
proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10), as the case may be, and duly stamped as may be required by the laws of the State of New York and of the United States
of America. Thereupon the Depositary shall deliver the number of American Depositary Shares surrendered to or upon the order of the person entitled thereto. 
 The Depositary, subject to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts, execute
and deliver a new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 
 The Depositary, upon surrender of a Receipt for the purpose of exchanging for uncertificated American Depositary Shares, shall cancel that Receipt and
send the Owner a statement confirming that the Owner is the owner of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as
provided in Section 2.10) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall execute and deliver to the Owner a Receipt evidencing those American
Depositary Shares. 
 The Depositary may, with notice given as promptly as practicable to the Company, appoint one or more co-transfer agents
for the purpose of effecting registration of transfers of American Depositary Shares and, combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may
require evidence of authority and compliance with applicable laws and other requirements by Owners or persons entitled to American Depositary Shares and will be entitled to protection and indemnity to the same extent as the Depositary. The
Depositary shall require each co-transfer agent that it appoints under this Section 2.4 to give notice in writing to the Depositary accepting such appointment and agreeing to abide by the applicable terms of this Deposit Agreement. 

 

	Section 2.5	Surrender of American Depositary Shares and Withdrawal of Deposited Securities. 

 Upon surrender at the Corporate Trust Office of the Depositary of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of the fee of the Depositary
for the surrender of American Depositary Shares as provided in Section 5.9 and payment of all taxes and governmental charges payable in connection with such surrender and withdrawal of the Deposited Securities, and subject to the terms and
conditions of this Deposit Agreement, the Owner 

  

 6 

 
of those American Depositary Shares shall be entitled to delivery, to him or as instructed, of the amount of Deposited Securities at the time represented by
those American Depositary Shares. Delivery of such Deposited Securities may be made by the delivery of (a) certificates or account transfer for Shares in the name of such Owner with proper endorsement or accompanied by proper instruments or
instructions of transfer to such Owner or pursuant to proper delivery instructions and (b) any other securities, property and cash to which such Owner is then entitled in respect of those American Depositary Shares to such Owner or such person
or persons as instructed. Such delivery shall be made, as hereinafter provided, without unreasonable delay. 
 A Receipt surrendered for such
purposes may be required by the Depositary to be properly endorsed in blank or accompanied by proper instruments of transfer in blank. The Depositary may require the surrendering Owner to execute and deliver to the Depositary a written order
directing the Depositary to cause the Deposited Securities being withdrawn to be delivered to or upon the written order of a person or persons designated in such order in the manner provided in the preceding paragraph. Thereupon the Depositary shall
direct the Custodian to deliver at the office of such Custodian, subject to Sections 2.6, 3.1 and 3.2 and to the other terms and conditions of this Deposit Agreement, to or upon the written order of the person or persons designated in the order
delivered to the Depositary as above provided, the amount of Deposited Securities represented by the surrendered American Depositary Shares, except that the Depositary may make delivery to such person or persons at the Corporate Trust Office of the
Depositary of any dividends or distributions with respect to the Deposited Securities represented by those American Depositary Shares, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the
Depositary. 
 At the request, risk and expense of any Owner so surrendering American Depositary Shares, and for the account of such Owner,
the Depositary shall direct the Custodian to forward any cash or other property (other than rights) comprising, and forward a certificate or certificates, if applicable, and other proper documents of title for, the Deposited Securities represented
by the American Depositary Shares (evidenced by such Receipt, if applicable) to the Depositary for delivery at the Corporate Trust Office of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Owner,
by cable, telex or facsimile transmission. 
 The Depositary shall not deliver the Deposited Securities except (i) upon surrender of
American Depositary Shares under this Section 2.5, (ii) in a surrender of the Deposited Securities to the Company or its agent in a transaction to which Section 4.8 applies or (iii) in connection with a sale of the Deposited
Securities permitted under Section 3.2, 4.3, 4.4, 4.11 or 6.2. 
  

	Section 2.6	Limitations on Delivery, Transfer and Surrender of American Depositary Shares. 

 As a condition precedent to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary,
Custodian or Registrar may require payment from the depositor of Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to
reimburse it for any tax, stamp duty or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any
applicable fees as herein provided, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the
provisions of this Deposit Agreement, including, without limitation, this Section 2.6. 
 The delivery of American Depositary Shares
against deposits of Shares generally or against deposits of particular Shares may be suspended, or the transfer of American Depositary Shares in 

  

 7 

 
particular instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period
when the transfer books of the Depositary are closed as provided in Section 5.1, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of
any government or governmental body or commission, or under any provision of this Deposit Agreement, or for any other reason, subject to the provisions of Section 7.7. Notwithstanding any other provision of this Deposit Agreement, the surrender
of outstanding American Depositary Shares and withdrawal of Deposited Securities may not be suspended subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if
applicable, or the deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or
governmental regulations relating to the American Depositary Shares or to the withdrawal of the Deposited Securities. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares
required to be registered under the provisions of the Securities Act for public sale in the United States, unless a registration statement is in effect as to such Shares. 
  

	Section 2.7	Lost Receipts, etc. 

 In case any Receipt shall be
mutilated, destroyed, lost or stolen, the Depositary shall execute and deliver a new Receipt of like tenor in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost
or stolen Receipt. Before the Depositary shall execute and deliver a new Receipt in substitution for a destroyed, lost or stolen Receipt, the Owner thereof shall have (a) filed with the Depositary (i) a request for such execution and
delivery before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and (b) satisfied any other reasonable requirements imposed by the Depositary. 
  

	Section 2.8	Cancellation and Destruction of Surrendered Receipts. 

 All Receipts surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled. 
  

	Section 2.9	Pre-Release of American Depositary Shares. 

 Unless
requested by the Company to cease doing so, the Depositary may, notwithstanding Section 2.3, deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (“Pre-Release”). The Depositary may,
pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release or the Depositary knows that such American
Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation and agreement
from the person to whom American Depositary Shares are to be delivered (the “Pre-Releasee”) that the Pre-Releasee, or its customer, (i) owns the Shares or American Depositary Shares to be remitted, as the case may be
(ii) assigns all beneficial rights, title and interest in such Shares or American Depositary Shares, as the case may be, to the Depositary in its capacity as such and for the benefit of the Owners, and (iii) will not take any action with
respect to such Shares or American Depositary Shares, as the case may be, that is inconsistent with the transfer of beneficial ownership (including, without the consent of the Depositary, disposing of such Shares or American Depositary Shares, as
the case may be), other than in satisfaction of such Pre-Release, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary determines, in good faith, will provide substantially
similar liquidity and security, (c) terminable by the Depositary on not more than five (5) business days notice, and (d) subject to such further indemnities and credit 

  

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regulations as the Depositary deems appropriate. The number of Shares not deposited but represented by American Depositary Shares outstanding at any time as
a result of Pre-Releases will not normally exceed thirty percent (30%) of the Shares deposited hereunder; provided, however, that the Depositary reserves the right to disregard such limit from time to time as it deems reasonably
appropriate, and may, with the prior written consent of the Company, change such limit for purposes of general application. The Depositary will also set Dollar limits with respect to Pre-Release transactions to be entered into hereunder with any
particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the Deposit Agreement, the collateral referred to in clause (b) above
shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release transaction, including the Pre-Releasee’s obligation to deliver American Depositary Shares
upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities hereunder). 
 The
Depositary may retain for its own account any compensation received by it in connection with the foregoing. 
  

	Section 2.10	DTC Direct Registration System and Profile Modification System. 

 (a) Notwithstanding the provisions of Section 2.4, the parties acknowledge that the Direct Registration System (“DRS”) and Profile Modification System (“Profile”) shall apply to
uncertificated American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated American Depositary Shares, which ownership shall be
evidenced by periodic statements issued by the Depositary to the Owners entitled thereto. Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of an Owner, to direct the Depositary to register a transfer of
those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register such transfer.

 (b) In connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties understand that the
Depositary will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner in requesting registration of transfer and delivery described in subsection (a) has the actual authority
to act on behalf of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 shall apply to the matters arising from the use of the DRS. The parties agree
that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and in accordance with this Deposit Agreement, shall not constitute negligence or bad faith on the part of the
Depositary. 
 ARTICLE III 
 CERTAIN OBLIGATIONS OF OWNERS AND BENEFICIAL 
 OWNERS OF AMERICAN DEPOSITARY SHARES 
  

	Section 3.1	Filing Proofs, Certificates and Other Information. 

 Any person presenting Shares for deposit or any Owner or Beneficial Owner of a Receipt may be required from time to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such
information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such 

  

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representations and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of any
American Depositary Shares or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until such proof or other information is filed or such certificates are executed
or such representations and warranties made. If requested in writing, the Depositary shall, as promptly as practicable, provide the Company, at the expense of the Company, with copies of any such proofs, certificates or other information it receives
pursuant to this section, unless prohibited by applicable law. 
  

	Section 3.2	Liability of Owner for Taxes. 

 If any tax or other
governmental charge shall become payable by the Custodian or the Depositary with respect to any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares, such tax or other governmental charge shall be
payable by the Owner of such American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary
Shares until such payment is made, and may withhold any dividends or other distributions, or may sell for the account of the Owner thereof any part or all of the Deposited Securities represented by those American Depositary Shares, and may apply
such dividends or other distributions or the proceeds of any such sale in payment of such taxes or other governmental charge and the Owner of such American Depositary Shares shall remain liable for any deficiency. 
  

	Section 3.3	Warranties on Deposit of Shares. 

 Every person
depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each certificate therefor, if applicable, are validly issued, fully paid, nonassessable and were not issued in violation of any
pre-emptive rights of the holders of outstanding Shares and that the person making such deposit is duly authorized so to do. Every such person shall also be deemed to represent that the Shares are eligible for deposit in accordance with this Deposit
Agreement and the General Instructions to Form F-6 under the Securities Act, and American Depositary Shares representing the Shares would not be, Restricted Securities. All representations and warranties deemed made under this Section 3.3
shall survive the deposit of Shares and delivery or surrender of American Depositary Shares. 
 ARTICLE IV 
 THE DEPOSITED SECURITIES 
  

	Section 4.1	Cash Distributions. 

 Whenever the Depositary shall
receive any cash dividend or other cash distribution on any Deposited Securities, the Depositary shall, subject to the provisions of Section 4.5, convert such dividend or distribution into Dollars and shall distribute the amount thus received
(net of the fees and expenses of the Depositary as provided in Section 5.9 hereof, if applicable) to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them
respectively; provided, however, that in the event that the Company or the Depositary shall be required to withhold and does withhold from such cash dividend or such other cash distribution an amount on account of taxes or other
governmental charges, the amount distributed to the Owner of the American Depositary Shares representing such Deposited Securities shall be reduced accordingly. The Depositary shall distribute only such amount, however, as can be distributed without
attributing to any Owner a fraction of one cent. Any such fractional amounts shall be rounded to the nearest whole cent and so distributed to Owners entitled thereto. The Company or its agent will remit to the appropriate 

  

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governmental agency in the Cayman Islands or the People’s Republic of China all amounts withheld and owing to such agency. The Depositary will forward
to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file necessary reports with governmental agencies, and the Depositary or the Company or its agent may file any
such reports necessary to obtain benefits under the applicable tax treaties for the Owners. 
  

	Section 4.2	Distributions Other Than Cash, Shares or Rights. 

 Subject to the provisions of Section 4.11 and Section 5.9, whenever the Depositary shall receive any distribution other than a distribution described in Sections 4.1, 4.3 or 4.4, the Depositary shall, subject to all
applicable laws, cause the securities or property received by it to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary or any taxes or other governmental charges, in proportion
to the number of American Depositary Shares representing such Deposited Securities held by them respectively, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution; provided, however,
that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement that the Company or the Depositary withhold an
amount on account of taxes or other governmental charges or that such securities must be registered under the Securities Act in order to be distributed to Owners or Beneficial Owners) the Depositary deems such distribution not to be feasible, the
Depositary may adopt such method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any part thereof, and
the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Section 5.9) shall be distributed by the Depositary to the Owners entitled thereto as in the case of a distribution received in cash. The
Depositary may refuse to effect any distribution of securities under this Section 4.2 unless it has received an opinion of United States counsel for the Company that is satisfactory to the Depositary that the distribution does not require
registration under the Securities Act. 
  

	Section 4.3	Distributions in Shares. 

 If any distribution upon
any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may, and shall if the Company shall so request in writing, deliver to the Owners entitled thereto, in proportion to the number of American Depositary
Shares representing such Deposited Securities held by them respectively, an aggregate number of American Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject to the terms and conditions of the
Deposit Agreement with respect to the deposit of Shares and the issuance of American Depositary Shares, including the withholding of any tax or other governmental charge as provided in Section 4.11 and the payment of fees and expenses of the
Depositary as provided in Section 5.9. In lieu of delivering fractional American Depositary Shares in any such case, the Depositary shall use reasonable efforts to sell the amount of Shares represented by the aggregate of such fractions and
distribute any net proceeds to the Owners entitled to them, all in the manner and subject to the conditions described in Section 4.1. If additional American Depositary Shares are not so delivered, each American Depositary Share shall
thenceforth also represent the additional Shares distributed upon the Deposited Securities represented thereby. 
  

	Section 4.4	Rights. 

 In the event that the Company shall offer
or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares or any rights of any other nature, the Depositary shall have discretion as to the procedure to be followed in making such rights
available to any Owners entitled to them or in disposing of such rights on behalf of any Owners otherwise entitled to them and 

  

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making the net proceeds available to such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such
rights available to any Owners or dispose of such rights and make the net proceeds available to such Owners, then the Depositary shall allow the rights to lapse. If at the time of the offering of any rights the Depositary determines in its
reasonable discretion that it is lawful and feasible to make such rights available to all Owners or to certain Owners but not to other Owners, the Depositary may distribute to any Owner to whom it determines the distribution to be lawful and
feasible, in proportion to the number of American Depositary Shares held by such Owner, warrants or other instruments therefor in such form as it deems appropriate. 
 In circumstances in which rights would otherwise not be distributed, if an Owner of Receipts requests the distribution of warrants or other instruments in order to exercise the rights allocable to the American
Depositary Shares of such Owner hereunder, the Depositary will make such rights available to such Owner upon written notice from the Company to the Depositary that (a) the Company has elected in its sole discretion to permit such rights to be
exercised and (b) such Owner has executed such documents as the Company has determined in its sole discretion are reasonably required under applicable law. 
 If the Depositary has distributed warrants or other instruments for rights to all or certain Owners, then upon instruction from such an Owner pursuant to such warrants or other instruments to the Depositary from such
Owner to exercise such rights, upon payment by such Owner to the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon the exercise of the rights, and upon payment of the fees and
expenses of the Depositary and any other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares, and the Company shall cause the Shares so purchased to
be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary will cause the Shares so purchased to be deposited pursuant to Section 2.2 of this Deposit Agreement, and shall, pursuant to Section 2.3 of
this Deposit Agreement, deliver American Depositary Shares to such Owner. In the case of a distribution pursuant to the second paragraph of this section, such deposit shall be made, and Deposited Securities shall be delivered, under depositary
arrangements which provide for issuance of Deposited Securities subject to the appropriate restrictions on sale, deposit, cancellation, and transfer under applicable United States laws. 
 If the Depositary determines in its reasonable discretion that it is not lawful and feasible to make such rights available to all or certain Owners, it
may sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may not lawfully or feasibly make such rights available, and allocate the net proceeds of
such sales (net of the fees and expenses of the Depositary as provided in Section 5.9 and all taxes and governmental charges payable in connection with such rights and subject to the terms and conditions of this Deposit Agreement) for the
account of such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange restrictions or the date of delivery of any
American Depositary Shares or otherwise. 
 The Depositary will not offer rights to Owners unless both the rights and the securities to which
such rights relate are either exempt from registration under the Securities Act with respect to a distribution to Owners or are registered under the provisions of such Act; provided, however, that nothing in this Deposit Agreement
shall create any obligation on the part of the Company to file a registration statement with respect to such rights or underlying securities or to endeavor to have such a registration statement declared effective. If an Owner requests distribution
of warrants or other instruments, notwithstanding that there has been no such registration under the Securities Act, the Depositary shall not effect such distribution unless it has received an opinion from recognized counsel in the United States for
the Company upon which the Depositary may rely that such distribution to such Owner is exempt from such registration; provided, however, that the Company will have no obligation to cause its counsel to issue such opinion at the request
of such Owner. 
  

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 The Depositary shall not be responsible for any reasonable failure to determine that it may be lawful or
feasible to make such rights available to Owners in general or any Owner in particular. 
  

	Section 4.5	Conversion of Foreign Currency. 

 Whenever the
Depositary or the Custodian shall receive foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received
can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall convert or cause to be converted, by sale or in any other manner that it may
determine, such foreign currency into Dollars, and such Dollars shall be distributed to the Owners entitled thereto or, if the Depositary shall have distributed any warrants or other instruments which entitle the holders thereof to such Dollars,
then to the holders of such warrants and/or instruments upon surrender thereof for cancellation. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners on account of exchange
restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9. 
 If such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary shall file such
application for approval or license, if any, as it may deem desirable. 
 If at any time the Depositary shall determine that in its judgment
any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof which is required for such
conversion is denied or in the opinion of the Depositary is not obtainable without excessively burdensome or otherwise unreasonable efforts, or if any such approval or license is not obtained within a reasonable period as determined by the
Depositary, or if there are foreign exchange controls in place that prohibit such conversion, the Depositary may distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency) received by the
Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to receive the same. 
 If any such conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the
Depositary may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold such balance
uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled thereto. 
  

	Section 4.6	Fixing of Record Date. 

 Whenever any cash dividend
or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the Deposited Securities, or whenever for any reason the Depositary causes a change in the number
of Shares that are represented by each American Depositary Share, or whenever the Depositary shall receive notice of any meeting of holders of Shares or other Deposited Securities or whenever the Depositary shall find it necessary or convenient, the
Depositary shall fix a record date, which date shall be the same date, to the extent practicable, as the record date for the Deposited Securities or if different, as close thereto as practicable 

  

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(a) for the determination of the Owners who shall be (i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale
thereof or (ii) entitled to give instructions for the exercise of voting rights at any such, (b) on or after which each American Depositary Share will represent the changed number of Shares or (c) for any other matter. Subject to the
provisions of Sections 4.1 through 4.5 and to the other terms and conditions of this Deposit Agreement, the Owners on such record date shall be entitled, as the case may be, to receive the amount distributable by the Depositary with respect to
such dividend or other distribution or such rights or the net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively and to give voting instructions and to act in respect of any other such
matter. 
  

	Section 4.7	Voting of Deposited Securities. 

 Upon receipt of
notice of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, mail to the Owners a notice, the form of which notice shall be in the
discretion of the Depositary and shall contain (a) such information as is contained in such notice of meeting, and (b) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any
applicable provision of the People’s Republic of China and Cayman Islands law and of the Memorandum and Articles of Association of the Company, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount
of Shares or other Deposited Securities represented by their respective American Depositary Shares and (c) a statement as to the manner in which such instructions may be given. Upon the written request of an Owner of a Receipt on such record
date, received on or before the date established by the Depositary for such purpose (the “Instruction Date”), the Depositary shall endeavor, in so far as practicable, to vote or cause to be voted the amount of Shares or other
Deposited Securities represented by the American Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to such
Shares or other Deposited Securities other than in accordance with such instructions. 
 In order to give Owners a reasonable opportunity to
instruct the Depositary as to the exercise of voting rights relating to Deposited Securities, if the Company requests the Depositary to act under the preceding paragraph, the Company shall give the Depositary notice of any such meeting not less than
30 days prior to the meeting date. 
 There can be no assurance that Owners generally or any Owner in particular will receive the notice
described in the first paragraph of this Section 4.7 sufficiently prior to the Instruction Date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the provisions of that paragraph. 
  

	Section 4.8	Changes Affecting Deposited Securities. 

 In
circumstances where the provisions of Section 4.3 do not apply, upon any change in nominal value, change in par value, split-up, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization,
merger or consolidation or sale of assets affecting the Company or to which it is a party, any securities which shall be received by the Depositary or a Custodian in exchange for or in conversion of or in respect of Deposited Securities, shall be
treated as new Deposited Securities under this Deposit Agreement, and American Depositary Shares shall thenceforth represent, in addition to the existing Deposited Securities, if any, the new Deposited Securities so received in exchange or
conversion, unless additional Receipts are delivered pursuant to the following sentence. In any such case the Depositary may execute and deliver additional Receipts as in the case of a dividend in Shares, or call for the surrender of outstanding
Receipts to be exchanged for new Receipts specifically describing such new Deposited Securities. 
  

 14 

	Section 4.9	Reports. 

 The Depositary shall make available for
inspection by Owners at its Corporate Trust Office, as promptly as practicable after receipt, any reports and communications, including any proxy soliciting material, received from the Company which are both (a) received by the Depositary as
the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary shall also send to the Owners copies of such reports furnished by the Company pursuant to
Section 5.6. Any such reports and communications, including any such proxy soliciting material, furnished to the Depositary by the Company shall be furnished in English. 
  

	Section 4.10	Lists of Owners. 

 Promptly upon request by the
Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the names, addresses and holdings of American Depositary Shares by all persons in whose names American Depositary Shares are registered on
the books of the Depositary. 
  

	Section 4.11	Withholding. 

 The Company or its agent will remit
to the appropriate governmental agencies in the Cayman Islands and the People’s Republic of China all amounts withheld and owing to such agencies. The Depositary will forward to the Company or its agent such information from its records as the
Company may reasonably request to enable the Company or its agent to file necessary reports with governmental agencies, and the Depositary or the Company or its agent may file any such reports necessary to obtain benefits under the applicable tax
treaties for the Owners of Receipts. 
 In the event that the Depositary determines that any distribution in property (including Shares and
rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or a portion of such property (including Shares and rights to
subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay any such taxes or charges and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes or charges
to the Owners entitled thereto in proportion to the number of American Depositary Shares held by them respectively. 
 ARTICLE V 

THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY 
  

	Section 5.1	Maintenance of Office and Transfer Books by the Depositary. 

 Until termination of this Deposit Agreement in accordance with its terms, the Depositary shall maintain in the Borough of Manhattan, The City of New York, facilities for the execution and delivery, registration, registration of transfers
and surrender of Receipts in accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books at its Corporate
Trust Office for the registration of American Depositary Shares and transfers of American Depositary Shares which at all reasonable times shall be open for inspection by the Owners and the Company, provided that such inspection shall not be for the
purpose of communicating with Owners in the interest of a business or object other than the business of the Company or a matter related to this Deposit Agreement or the American Depositary Shares. 
  

 15 

 The Depositary may close the transfer books, at any time or from time to time, when deemed expedient by
it in connection with the performance of its duties hereunder or at the reasonable written request of the Company. 
 If any American
Depositary Shares are listed on one or more stock exchanges in the United States, the Depositary shall act as Registrar or, with notice given as promptly as practicable to the Company, appoint a Registrar or one or more co-registrars for registry of
American Depositary Shares in accordance with any requirements of that exchange or exchanges. The Depositary shall require each Registrar and co-registrar that it appoints under this Section 5.1 to give notice in writing to the Depositary
accepting such appointment and agreeing to abide by the applicable terms of this Deposit Agreement. 
  

	Section 5.2	Prevention or Delay in Performance by the Depositary or Company. 

 Neither the Depositary nor the Company nor any of their respective directors, officers, employees, agents or affiliates shall incur any liability to any Owner or Beneficial Owner of any Receipt, if by reason of any
provision of any present or future law or regulation of the United States, the People’s Republic of China or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any provision, present or future,
of the Memorandum and Articles of Association of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution thereof, or by reason of any act of God or war or terrorism or other
circumstances beyond its control, the Depositary or the Company shall be prevented, delayed or forbidden from, or be subject to any civil or criminal penalty on account of, doing or performing any act or thing which by the terms of this Deposit
Agreement or the Deposited Securities it is provided shall be done or performed; nor shall the Depositary or the Company or any of their respective directors, officers, employees, agents or affiliates incur any liability to any Owner or Beneficial
Owner of any Receipt by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or thing which by the terms of this Deposit Agreement it is provided shall or may be done or performed, or by reason of any exercise
of, or failure to exercise, any discretion provided for in this Deposit Agreement; nor shall the Depository or the Company or any of their respective directors, officers, employees, agents or affiliates incur any liability to any Owner or Beneficial
Owner of any Receipt for any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement. Where, by the terms of a distribution pursuant to Sections 4.1, 4.2, or 4.3 of the Deposit Agreement, or an offering
or distribution pursuant to Section 4.4 of the Deposit Agreement, or for any other reason, such distribution or offering may not be made available to Owners, and the Depositary may not dispose of such distribution or offering on behalf of such
Owners and make the net proceeds available to such Owners, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable, to lapse, in each such case without liability to the Company or the Depositary.

  

	Section 5.3	Obligations of the Depositary, the Custodian and the Company. 

 Neither the Company, nor its directors, officers, employees and agents assume any obligation nor shall it or any of them be subject to any liability under this Deposit Agreement to Owners or Beneficial Owners, except
that the Company agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 
 Neither the Depositary nor its directors, officers, employees and agents assume any obligation nor shall it or any of them be subject to any liability under this Deposit Agreement to any Owner or Beneficial Owner of any Receipt (including,
without limitation, liability with respect to the validity or worth of the Deposited Securities), except that the Depositary agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith.

  

 16 

 Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend
any action, suit or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expenses and
liability shall be furnished as often as may be required, and the Custodian shall not be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary. 
 Neither the Depositary nor the Company shall be liable for any action or nonaction by it in reliance upon the advice of or information from legal
counsel, accountants, any person presenting Shares for deposit, any Owner or any other person believed by it in good faith to be competent to give such advice or information. 
 The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the
Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without
negligence or bad faith while it acted as Depositary. 
 The Depositary shall not be responsible for any failure to carry out any
instructions to vote any of the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith. 
 No disclaimer of liability under the Securities Act is intended by any provision of this Deposit Agreement. 
  

	Section 5.4	Resignation and Removal of the Depositary. 

 The
Depositary may at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as
hereinafter provided. 
 The Depositary may at any time be removed by the Company by 120 days prior written notice of such removal,
which shall become effective upon the later to occur of (i) the 120th day after delivery of the notice to the Depositary or (ii) the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided.

 In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use reasonable efforts to appoint a
successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing
accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor; but such predecessor, nevertheless, upon
payment of all sums due it and on the written request of the Company shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title
and interest in the Deposited Securities to such successor, and shall deliver to such successor a list of the Owners of all outstanding Receipts. Any such successor depositary shall promptly mail notice of its appointment to the Owners. 

Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or
filing of any document or any further act. 
  

 17 

	Section 5.5	The Custodians. 

 The Custodian shall be subject at
all times and in all respects to the directions of the Depositary and shall be responsible solely to it. Any Custodian may resign and be discharged from its duties hereunder by notice of such resignation delivered to the Depositary at least
30 days prior to the date on which such resignation is to become effective. If upon the effectiveness of such resignation there would be no Custodian acting hereunder, the Depositary shall, promptly after receiving such notice, appoint a
substitute custodian or custodians, each of which shall thereafter be a Custodian hereunder. Whenever the Depositary in its discretion determines that it is in the best interest of the Owners to do so, it may appoint a substitute or additional
custodian or custodians, each of which shall thereafter be one of the Custodians hereunder. Upon demand of the Depositary any Custodian shall deliver such of the Deposited Securities held by it as are requested of it to any other Custodian or such
substitute or additional custodian or custodians. Each such substitute or additional custodian shall deliver to the Depositary, forthwith upon its appointment, an acceptance of such appointment satisfactory in form and substance to the Depositary.

 Upon the appointment of any successor depositary hereunder, each Custodian then acting hereunder shall forthwith become, without any
further act or writing, the agent hereunder of such successor depositary and the appointment of such successor depositary shall in no way impair the authority of each Custodian hereunder; but the successor depositary so appointed shall,
nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority as agent hereunder of such successor depositary.

  

	Section 5.6	Notices and Reports. 

 On or before the first date
on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action in respect of any cash or other
distributions or the offering of any rights, the Company agrees to transmit to the Depositary and the Custodian a copy of the notice thereof in the form given or to be given to holders of Shares or other Deposited Securities. 
 The Company will arrange for the translation into English, if not already in English, to the extent required pursuant to any regulation of the
Commission, and the prompt transmittal by the Company to the Depositary and the Custodian of such notices and any other reports and communications which are made generally available by the Company to holders of its Shares. If requested in writing by
the Company, the Depositary will arrange for the mailing, at the Company’s expense, of copies of such notices, reports and communications to all Owners. The Company will timely provide the Depositary with the quantity of such notices, reports,
and communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings. 
  

	Section 5.7	Distribution of Additional Shares, Rights, etc. 

 If
the Company or any affiliate of the Company determines to make any issuance or distribution of (1) additional Shares, (2) rights to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such
securities (each a “Distribution”), the Company shall notify the Depositary in writing in English as promptly as practicable and in any event before the Distribution starts and, if requested in writing by the Depositary, the Company
shall promptly furnish to the Depositary a written opinion from U.S. counsel for the Company that is reasonably satisfactory to the Depositary, stating whether or not the Distribution requires, or, if made in the United States, would require,
registration under the Securities Act of 1933. If, in the opinion of that counsel, the Distribution requires, or, if made in the United States, would require, registration under the Securities Act of 1933, that counsel shall furnish to the
Depositary a written opinion as to whether or not there is a registration statement under the Securities Act of 1933 in effect that will cover that Distribution. 
  

 18 

 The Company agrees with the Depositary that neither the Company nor any entity or person controlled by,
controlling or under common control with the Company will at any time deposit any Shares, either originally issued or previously issued and reacquired by the Company or any such affiliate, unless a Registration Statement is in effect as to such
Shares under the Securities Act or the Company furnishes to the Depositary a written opinion from U.S. counsel for the Company, which counsel shall be reasonably satisfactory to the Depositary, stating that the Shares to be deposited could be
offered and sold publicly by the holder in the United States without further registration of those Shares under the Securities Act. 
  

	Section 5.8	Indemnification. 

 The Company agrees to indemnify
the Depositary, its directors, employees, agents and affiliates and any Custodian against, and hold each of them harmless from, any liability or expense (including, but not limited to, the fees and expenses of counsel) which may arise out of
(a) any registration with the Commission of Receipts, American Depositary Shares or Deposited Securities or the offer or sale thereof in the United States or (b) acts performed or omitted, pursuant to the provisions of this Deposit
Agreement and of the Receipts, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective directors, employees, agents and affiliates, except for any liability or
expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates. 
 The indemnities contained in the preceding paragraph shall not extend to any liability or expense which arises solely and exclusively out of a Pre-Release (as defined in Section 2.9) of American Depositary Shares
in accordance with Section 2.9 and which would not otherwise have arisen had such American Depositary Shares not been the subject of a Pre-Release pursuant to Section 2.9; provided, however, that the indemnities provided in
the preceding paragraph shall apply to any such liability or expense (i) to the extent that such liability or expense would have arisen had American Depositary Shares not been the subject of a Pre-Release, or (ii) which may arise out of
any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy statement, prospectus (or placement memorandum), or preliminary prospectus (or preliminary placement memorandum) relating to the offer or
sale of American Depositary Shares, except to the extent any such liability or expense arises out of (i) information relating to the Depositary or any Custodian (other than the Company), as applicable, furnished in writing and not materially
changed or altered by the Company expressly for use in any of the foregoing documents, or, (ii) if such information is provided, the failure to state a material fact necessary to make the information provided not misleading. 
 The Depositary agrees to indemnify the Company, its directors, employees, agents and affiliates and hold them harmless from any liability or expense
(including, but not limited to, the reasonable fees and expense of counsel), which may arise out of acts performed or omitted by the Depositary or its Custodian or their respective directors, employees, agents and affiliates due to their negligence
or bad faith. 
 If an action, proceeding (including, but not limited to, any governmental investigation), claim or dispute (collectively, a
“Proceeding”) in respect of which indemnity may be sought by either party is brought or asserted against the other party, the party seeking indemnification (the “Indemnitee”) shall promptly (and in no event more
than ten (10) days after receipt of notice of such Proceeding) notify the party obligated to provide such indemnification (the “Indemnitor”) of such Proceeding. The failure of the Indemnitee to so notify the Indemnitor shall
not impair the Indemnitee’s ability to seek indemnification 

  

 19 

 
from the Indemnitor (but only for costs, expenses and liabilities incurred after such notice) unless such failure adversely affects the Indemnitor’s
ability to adequately oppose or defend such Proceeding. Upon receipt of such notice from the Indemnitee, the Indemnitor shall be entitled to participate in such Proceeding and, to the extent that it shall so desire and provided no conflict of
interest exists as specified in subparagraph (b) below or there are no other defenses available to Indemnitee as specified in subparagraph (d) below, to assume the defense thereof with counsel reasonably satisfactory to the Indemnitee (in
which case all attorney’s fees and expenses shall be borne by the Indemnitor and the Indemnitor shall in good faith defend the Indemnitee). The Indemnitee shall have the right to employ separate counsel in any such Proceeding and to participate
in the defense thereof, but the fees and expenses of such counsel shall be borne by the Indemnitee unless (a) the Indemnitor agrees in writing to pay such fees and expenses, (b) the Indemnitee shall have reasonably and in good faith
concluded that there is a conflict of interest between the Indemnitor and the Indemnitee in the conduct of the defense of such action, (c) the Indemnitor fails, within ten (10) days prior to the date the first response or appearance is
required to be made in such Proceeding, to assume the defense of such Proceeding with counsel reasonably satisfactory to the Indemnitee or (d) there are legal defenses available to Indemnitee that are different from or are in addition to those
available to the Indemnitor. No compromise or settlement of such Proceeding may be effected by either party without the other party’s consent unless (i) there is no finding or admission of any violation of law and no effect on any other
claims that may be made against such other party and (ii) the sole relief provided is monetary damages that are paid in full by the party seeking the settlement. Neither party shall have any liability with respect to any compromise or
settlement effected without its consent, which shall not be unreasonably withheld. The Indemnitor shall have no obligation to indemnify and hold harmless the Indemnitee from any loss, expense or liability incurred by the Indemnitee as a result of a
default judgment entered against the Indemnitee unless such judgment was entered after the Indemnitor agreed, in writing, to assume the defense of such Proceeding. 
  

	Section 5.9	Charges of Depositary. 

 The Company agrees to pay
the fees, reasonable expenses and out-of-pocket charges of the Depositary and those of any Registrar only in accordance with agreements in writing entered into between the Depositary and the Company from time to time. The Depositary shall present
its statement for such charges and expenses to the Company once every three months. The charges and expenses of the Custodian are for the sole account of the Depositary. 
 The following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom American Depositary Shares are issued (including, without
limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant to
Section 4.3), or by Owners, as applicable: (1) taxes, stamp duty and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share
register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable, telex
and facsimile transmission expenses as are expressly provided in this Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.5, (5) a fee of $5.00 or less per
100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 and the surrender of American Depositary Shares pursuant to Section 2.5 or 6.2, (6) a fee of $.02
or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to Sections 4.1 through 4.4 hereof, (7) a fee for the distribution of securities
pursuant to Section 4.2, such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities (for 

  

 20 

 
purposes of this clause 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners,
(8) in addition to any fee charged under clause 6, a fee of $.02 or less per American Depositary Share (or portion thereof) per annum for depositary services, which will be payable as provided in clause 9 below, and (9) any other charges
payable by the Depositary, any of the Depositary’s agents, including the Custodian, or the agents of the Depositary’s agents in connection with the servicing of Shares or other Deposited Securities (which charge shall be assessed against
Owners as of the date or dates set by the Depositary in accordance with Section 4.6 and shall be payable at the sole discretion of the Depositary by billing such Owners for such charge or by deducting such charge from one or more cash dividends
or other cash distributions). 
 The Depositary, subject to Section 2.9 hereof, may own and deal in any class of securities of the
Company and its affiliates and in American Depositary Shares. 
  

	Section 5.10	Retention of Depositary Documents. 

 The Depositary
is authorized to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement at the times permitted by the laws or regulations governing the Depositary unless the Company reasonably requests that such
papers be retained for a longer period or be delivered to the Company or to a successor depositary. 
  

	Section 5.11	Exclusivity. 

 Subject to Sections 5.4 and 6.2,
the Company agrees not to appoint any other depositary for issuance of American or global depositary shares or receipts so long as The Bank of New York is acting as Depositary hereunder. 
  

	Section 5.12	List of Restricted Securities Owners. 

 From time to
time, the Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or entities who beneficially own Restricted Securities. The Company agrees to advise in writing each of the persons or
entities so listed that such Restricted Securities are ineligible for deposit hereunder. The Depositary may rely on such a list or update but shall not be liable for any action or omission made in reliance thereon. 
 ARTICLE VI 
 AMENDMENT AND TERMINATION

  

	Section 6.1	Amendment. 

 The form of the Receipts and any
provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary without the consent of Owners and Beneficial Owners in any respect which they may deem necessary or desirable.
Any amendment which shall impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise
prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of thirty days after notice of such amendment shall have been given to the Owners of
outstanding American Depositary Shares. Every Owner at the time any amendment so becomes effective shall be deemed, by continuing to hold such American Depositary Shares or any interest therein, to consent and agree to such amendment and to be bound
by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive therefor the Deposited Securities represented thereby, except in order to comply with
mandatory provisions of applicable law. 
  

 21 

	Section 6.2	Termination. 

 The Depositary shall at any time at
the direction of the Company terminate this Deposit Agreement by mailing notice of such termination to the Owners of all American Depositary Shares then outstanding at least 60 days prior to the date fixed in such notice for such termination.
The Depositary may likewise terminate this Deposit Agreement by mailing notice of such termination to the Company and the Owners of all Receipts then outstanding if at any time 30 days shall have expired after the Depositary shall have
delivered to the Company a written notice of its election to resign and a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4. On and after the date of termination, the Owner of American
Depositary Shares will, upon (a) surrender of such American Depositary Shares, (b) payment of the fee of the Depositary for the surrender of American Depositary Shares referred to in Section 2.5, and (c) payment of any applicable
taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by those American Depositary Shares. If any American Depositary Shares shall remain outstanding after the date of
termination, the Depositary thereafter shall discontinue the registration of transfers of American Depositary Shares, shall suspend the distribution of dividends to the Owners thereof, and shall not give any further notices or perform any further
acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights and other property as provided in this Deposit Agreement, and shall
continue to deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, upon surrender of American Depositary Shares (after
deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement,
and any applicable taxes or governmental charges). At any time after the expiration of four months from the date of termination, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds
of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that have not theretofore been surrendered, such
Owners thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except for its obligations to the Company
under Section 5.8 and to account for such net proceeds and other cash after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American
Depositary Shares in accordance with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges. Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under
this Deposit Agreement except for its obligations to the Depositary under Sections 5.8 and 5.9 hereof. 
 ARTICLE VII 
 MISCELLANEOUS 
  

	Section 7.1	Counterparts. 

 This Deposit Agreement may be
executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts shall constitute one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and
shall be open to inspection by any Owner or Beneficial Owner of a Receipt during business hours. 
  

 22 

	Section 7.2	No Third Party Beneficiaries. 

 This Deposit
Agreement is for the exclusive benefit of the parties hereto (which shall include the Owners and Beneficial Owners) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except as otherwise
specifically provided in this Agreement with respect to co-transfer agents and the Custodian. 
  

	Section 7.3	Severability. 

 In case any one or more of the
provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way
be affected, prejudiced or disturbed thereby. 
  

	Section 7.4	Owners and Beneficial Owners as Parties; Binding Effect. 

 The Owners and Beneficial Owners from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance thereof. 
  

	Section 7.5	Notices. 

 Any and all notices to be given to the
Company shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter, addressed to Noah Education Holdings Ltd., 10th Floor B Building, Futian Tian’an Hi-Tech
Venture Park, Futian District, Shenzhen, Guangdong Province, People’s Republic of China, or any other place to which the Company may have transferred its principal office with notice to the Depositary. 
 Any and all notices to be given to the Depositary shall be deemed to have been duly given if in English and personally delivered or sent by mail or
cable, telex or facsimile transmission confirmed by letter, addressed to The Bank of New York, 101 Barclay Street, New York, New York 10286, Attention: American Depositary Receipt Administration, or any other place to which the Depositary may
have transferred its Corporate Trust Office with notice to the Company. 
 Any and all notices to be given to any Owner shall be deemed to
have been duly given if personally delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter, addressed to such Owner at the address of such Owner as it appears on the transfer books for American Depositary Shares of
the Depositary, or, if such Owner shall have filed with the Depositary a written request that notices intended for such Owner be mailed to some other address, at the address designated in such request. 
 Delivery of a notice sent by mail or cable, telex or facsimile transmission shall be deemed to be effected at the time when a duly addressed letter
containing the same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office letter box. The Depositary or the Company may, however, act upon any cable, telex or facsimile
transmission received by it, notwithstanding that such cable, telex or facsimile transmission shall not subsequently be confirmed by letter as aforesaid. 
  

 23 

	Section 7.6	Governing Law. 

 This Deposit Agreement and the
Receipts shall be interpreted and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by the laws of the State of New York without regard to conflicts of laws, rules or principles thereof. 
  

	Section 7.7	Compliance with U.S. Securities Laws. 

 Notwithstanding anything in this Deposit Agreement to the contrary, the Company and the Depositary each agrees that it will not exercise any rights it has under this Deposit Agreement to permit the withdrawal or delivery of Deposited
Securities in a manner which would violate the U.S. securities laws, including, but not limited to, Section I.A.(1) of the General Instructions to the Form F-6 Registration Statement, as amended from time to time, under the Securities Act.

  

	Section 7.8	Submission to Jurisdiction; Appointment of Agent for Service of Process. 

 The Company hereby (i) irrevocably designates and appoints CT Corporation System, 111 Eighth Avenue, New York, NY 10011, as the Company’s authorized agent upon which process may be served in any suit or
proceeding arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consents and submits to the jurisdiction of any state or federal court in the State of New York in
which any such suit or proceeding may be instituted, and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. The Company
agrees to deliver, upon the execution and delivery of this Deposit Agreement, a written acceptance by such agent of its appointment as such agent. The Company further agrees to take any and all action, including the filing of any and all such
documents and instruments, as may be necessary to continue such designation and appointment in full force and effect for so long as any American Depositary Shares or Receipts remain outstanding or this Agreement remains in force. In the event the
Company fails to continue such designation and appointment in full force and effect, the Company hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered mail, return
receipt requested, directed to the Company at its address last specified for notices hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 
  

	Section 7.9	Arbitration. 

 In the event the Depositary is
advised that a judgment of a court in the United States may not be recognized, the following provisions shall apply: 
 (i) Any controversy,
claim or cause of action brought by any party or parties hereto against any other party or parties hereto arising out of or relating to the Deposit Agreement shall be settled by arbitration in accordance with the Commercial Arbitration Rules of the
American Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 
 (ii) The place of the arbitration shall be the City of New York, State of New York, United States of America, and the language of the arbitration shall be English. 
 (iii) The number of arbitrators shall be three, each of whom shall be disinterested in the dispute or controversy, shall have no connection with any
party thereto, and shall be an attorney experienced in international securities transactions. Each party shall appoint one arbitrator and the two arbitrators shall select a third arbitrator who shall serve as chairperson of the tribunal. If a
dispute, 

  

 24 

 
controversy or cause of action shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant and
respondent), each of which shall appoint one arbitrator as if there were only two parties to such dispute, controversy or cause of action. If either or both parties fail to select an arbitrator, or if such alignment (in the event there is more than
two parties) shall not have occurred, within sixty (60) calendar days after the initiating party serves the arbitration demand or the two arbitrators fail to select a third arbitrator within sixty (60) calendar days of the selection of the
second arbitrator, the American Arbitration Association shall appoint the arbitrator or arbitrators in accordance with its rules. The parties and the American Arbitration Association may appoint the arbitrators from among the nationals of any
country, whether or not a party is a national of that country. 
 (iv) The arbitrators shall have no authority to award damages not measured
by the prevailing party’s actual damages and shall have no authority to award any consequential, special or punitive damages, and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of this
Deposit Agreement. 
 (v) In the event any third-party action or proceeding is instituted against the Depositary relating to or arising from
any act or failure to act by the Company, the Company hereby submits to the personal jurisdiction of the court or administrative agency in which such action or proceeding is brought. 
  

 25 

 IN WITNESS WHEREOF, NOAH EDUCATION HOLDINGS LTD. and THE BANK OF NEW YORK have duly executed this
agreement as of the day and year first set forth above and all Owners and Beneficial Owners shall become parties hereto upon acceptance by them of American Depositary Shares issued in accordance with the terms hereof. 
  

			
	NOAH EDUCATION HOLDINGS LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 THE BANK OF NEW YORK.,
 as
Depositary

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 26 

 Exhibit A to Deposit Agreement 
  

			
	No.	  	  

		  	 AMERICAN DEPOSITARY SHARES
 (Each American
Depositary Share represents one (1) deposited Share)

 THE BANK OF NEW YORK 
 AMERICAN DEPOSITARY RECEIPT 
 FOR ORDINARY SHARES, 
 PAR VALUE $0.0001 PER SHARE, 
 OF 

 NOAH EDUCATION HOLDINGS LTD. 
 (INCORPORATED UNDER THE LAWS OF THE CAYMAN ISLANDS) 
 The Bank of New York as depositary (hereinafter called the
Depositary), hereby certifies that                     , or registered assigns IS THE OWNER OF 
 AMERICAN DEPOSITARY SHARES 
 representing deposited
Ordinary Shares (herein called Shares) of Noah Education Holdings Ltd., incorporated under the laws of the Cayman Islands (herein called the Company). At the date hereof, each American Depositary Share represents one (1) Share which are either
deposited or subject to deposit under the Deposit Agreement referred to below at The Hongkong and Shanghai Banking Corporation Limited (herein called the Custodian). The Depositary’s Corporate Trust Office is located at a different address than
its principal executive office. Its Corporate Trust Office is located at 101 Barclay Street, New York, N.Y. 10286, and its principal executive office is located at One Wall Street, New York, N.Y. 10286. 
 THE DEPOSITARY’S CORPORATE TRUST OFFICE ADDRESS IS 
 101 BARCLAY STREET, NEW YORK, N.Y. 10286 
  

 A-1 

	1.	THE DEPOSIT AGREEMENT. 

 This American
Depositary Receipt is one of an issue (herein called Receipts), all issued and to be issued upon the terms and conditions set forth in the deposit agreement, dated as of
                     (the “Deposit Agreement”), by and among the Company, the Depositary, and all Owners and
Beneficial Owners from time to time of American Depositary Shares issued thereunder, each of whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions thereof. The Deposit
Agreement sets forth the rights of Owners and Beneficial Owners and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of
such Shares and held thereunder (such Shares, securities, property, and cash are herein called Deposited Securities). Copies of the Deposit Agreement are on file at the Depositary’s Corporate Trust Office in New York City and at the office of
the Custodian. 
 The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement
and are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms not defined herein shall have the meanings set forth in the Deposit Agreement. 
  

	2.	SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES. 

 Upon surrender at the Corporate Trust Office of the Depositary of American Depositary Shares, and upon payment of the fee of the Depositary provided in this Receipt, and subject to the terms and conditions of the Deposit Agreement, the
Owner of those American Depositary Shares is entitled to delivery, to him as instructed, of the amount of Deposited Securities at the time represented by those American Depositary Shares. Delivery of such Deposited Securities may be made by the
delivery of (a) certificates or account transfer for Shares in the name of the Owner hereof or as ordered by him or by certificates properly endorsed or accompanied by proper instruments or instructions of transfer to such Owner or as ordered
by him and (b) any other securities, property and cash to which such Owner is then entitled in respect of this Receipt to such Owner or as ordered by him. Such delivery will be made at the option of the Owner hereof, either at the office of the
Custodian or at the Corporate Trust Office of the Depositary, provided that the forwarding of certificates for Shares or other Deposited Securities for such delivery at the Corporate Trust Office of the Depositary shall be at the risk and
expense of the Owner hereof. Notwithstanding any other provision of the Deposit Agreement or this Receipt, the surrender of outstanding American Depositary Shares and withdrawal of Deposited Securities may be suspended only for (i) temporary
delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges,
and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or to the withdrawal of the Deposited Securities. 
  

	3.	TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS. 

 The transfer of this Receipt is registrable on the books of the Depositary by the Owner in person or by a duly authorized attorney, upon surrender of those American Depositary Shares properly endorsed for transfer or accompanied by proper
instruments of transfer, in the case of a Receipt, or pursuant to a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10 of the Deposit Agreement), in the case of
uncertificated American Depositary Shares, and funds sufficient to pay any applicable transfer taxes and the expenses of the Depositary and upon compliance with such regulations, if any, as the Depositary may establish for such purpose. This Receipt
may be split into other such Receipts, or may be combined with other such Receipts into one 

  

 A-2 

 
Receipt, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. The Depositary, upon surrender of a
Receipt for the purpose of exchanging for uncertificated American Depositary Shares, shall cancel that Receipt and send the Owner a statement confirming that the Owner is the Owner of uncertificated American Depositary Shares. The Depositary, upon
receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10 of the Deposit Agreement) from the Owner of uncertificated American Depositary Shares for the purpose of
exchanging for certificated American Depositary Shares, shall execute and deliver to the Owner a Receipt evidencing those American Depositary Shares. As a condition precedent to delivery, registration of transfer, or surrender of any American
Depositary Shares or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require payment from the depositor of Shares or the presenter of the Receipt or instruction for
registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax, stamp duty or other governmental charge and any stock transfer or registration fee with respect thereto
(including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in the Deposit Agreement, may require the production of proof satisfactory to it as to the identity and
genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement. 
 The delivery of American Depositary Shares against deposits of Shares generally or against deposits of particular Shares may be suspended, or the transfer of American Depositary Shares in particular instances may be
refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary are closed as provided in Section 5.1 of the Deposit Agreement, or if any
such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of the Deposit
Agreement, or for any other reason. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares required to be registered under the provisions of the Securities Act for public
sale in the United States, unless a registration statement is in effect as to such Shares. 
  

	4.	LIABILITY OF OWNER FOR TAXES. 

 If any tax or
other governmental charge shall become payable with respect to any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares, such tax or other governmental charge shall be payable by the Owner to the
Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until such payment is made, and may withhold any dividends
or other distributions, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares, and may apply such dividends or other distributions or the proceeds of any such sale in
payment of such tax or other governmental charge and the Owner shall remain liable for any deficiency. 
  

	5.	WARRANTIES OF DEPOSITORS. 

 Every person
depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each certificate therefor, if applicable, are validly issued, fully paid, nonassessable and were not issued in violation of any
pre-emptive rights of the holders of outstanding Shares and that the person making such deposit is duly authorized so to do. Every such person shall also be deemed to represent that the Shares are eligible for deposit in accordance with the Deposit
Agreement and the General Instructions to Form F-6 under the Securities Act, and American 

  

 A-3 

 
Depositary Shares representing the Shares would not be Restricted Securities. All representations and warranties deemed made under Section 3.3 of the
Deposit Agreement shall survive the deposit of Shares and delivery or surrender of American Depositary Shares. 
  

	6.	FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION. 

 Any person presenting Shares for deposit or any Owner or Beneficial Owner of a Receipt may be required from time to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such
information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary may deem necessary or proper. The
Depositary may withhold the delivery or registration of transfer of any American Depositary Shares or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until
such proof or other information is filed or such certificates are executed or such representations and warranties made. If requested in writing, the Depositary shall, as promptly as practicable, provide the Company, at the expense of the Company,
with copies of any such proofs, certificates or other information it receives pursuant to this Article, unless prohibited by applicable law. No Share shall be accepted for deposit unless accompanied by evidence satisfactory to the Depositary that
any necessary approval has been granted by any governmental body the Cayman Islands or in the People’s Republic of China which is then performing the function of the regulation of currency exchange. 
  

	7.	CHARGES OF DEPOSITARY. 

 The Company agrees
to pay the fees, reasonable expenses and out-of-pocket charges of the Depositary and those of any Registrar only in accordance with agreements in writing entered into between the Depositary and the Company from time to time. The Depositary shall
present its statement for such charges and expenses to the Company once every three months. The charges and expenses of the Custodian are for the sole account of the Depositary. 
 The following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom
American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery
of American Depositary Shares pursuant to Section 4.3 of the Deposit Agreement), or by Owners, as applicable: (1) taxes, stamp duty and other governmental charges, (2) such registration fees as may from time to time be in effect for
the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of
deposits or withdrawals under the Deposit Agreement, (3) such cable, telex and facsimile transmission expenses as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of
foreign currency pursuant to Section 4.5 of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or
4.4 of the Deposit Agreement and the surrender of American Depositary Shares pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of $.02 or less per American Depositary Share (or portion thereof) for any cash distribution
made pursuant to the Deposit Agreement, including, but not limited to Sections 4.1 through 4.4 of the Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement, such fee being in
an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities (for purposes of this clause 7 treating all such securities as
if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under clause 6, a fee of $.02 or less per American Depositary 

  

 A-4 

 
Share (or portion thereof) per annum for depositary services, which will be payable as provided in clause 9 below, and (9) any other charges payable by
the Depositary, any of the Depositary’s agents, including the Custodian, or the agents of the Depositary’s agents in connection with the servicing of Shares or other Deposited Securities (which charge shall be assessed against Owners as of
the date or dates set by the Depositary in accordance with Section 4.6 of the Deposit Agreement and shall be payable at the sole discretion of the Depositary by billing such Owners for such charge or by deducting such charge from one or more
cash dividends or other cash distributions). 
 The Depositary, subject to Section 2.9 of the Deposit Agreement, may own and deal in any
class of securities of the Company and its affiliates and in American Depositary Shares. 
  

	8.	PRE-RELEASE OF RECEIPTS. 

 Unless requested
by the Company to cease doing so, Depositary may, notwithstanding Section 2.3 of the Deposit Agreement, deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement
(“Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not such cancellation is prior to
the termination of such Pre-Release or the Depositary knows that such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will
be (a) preceded or accompanied by a written representation and agreement from the person to whom American Depositary Shares are to be delivered (the “Pre-Releasee”) that the Pre-Releasee, or its customer, (i) owns the
Shares or American Depositary Shares to be remitted, as the case may be, (ii) assigns all beneficial rights, title and interest in such Shares or American Depositary Shares, as the case may be, to the Depositary in its capacity as such and for
the benefit of the Owners, and (iii) will not take any action with respect to such Shares or American Depositary Shares, as the case may be, that is inconsistent with the transfer of beneficial ownership (including, without the consent of the
Depositary, disposing of such Shares or American Depositary Shares, as the case may be), other than in satisfaction of such Pre-Release, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the
Depositary determines, in good faith, will provide substantially similar liquidity and security, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to such further indemnities and
credit regulations as the Depositary deems appropriate. The number of Shares not deposited but represented by American Depositary Shares outstanding at any time as a result of Pre-Releases will not normally exceed thirty percent (30%) of the
Shares deposited hereunder; provided, however, that the Depositary reserves the right to disregard such limit from time to time as it deems reasonably appropriate, and may, with the prior written consent of the Company, change such
limit for purposes of general application. The Depositary will also set Dollar limits with respect to Pre-Release transactions to be entered into hereunder with any particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate.
For purposes of enabling the Depositary to fulfill its obligations to the Owners under the Deposit Agreement, the collateral referred to in clause (b) above shall be held by the Depositary as security for the performance of the
Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or American Depositary Shares upon termination of a Pre-Release transaction (and shall
not, for the avoidance of doubt, constitute Deposited Securities hereunder). 
 The Depositary may retain for its own account any
compensation received by it in connection with the foregoing. 
  

 A-5 

	9.	TITLE TO RECEIPTS. 

 It is a condition of
this Receipt and every successive Owner and Beneficial Owner of this Receipt by accepting or holding the same consents and agrees, that when properly endorsed or accompanied by proper instruments of transfer, shall be transferable as certificated
registered securities under the laws of New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of New York. The Depositary, notwithstanding any notice to the
contrary, may treat Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement and
for all other purposes. 
  

	10.	VALIDITY OF RECEIPT. 

 This Receipt shall not
be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt shall have been executed by the Depositary by the manual signature of a duly authorized signatory of the Depositary;
provided, however, that such signature may be a facsimile if a Registrar for the Receipts shall have been appointed, and such Receipts are countersigned by the manual or facsimile signature of a duly authorized officer of the
Registrar. 
  

	11.	REPORTS; INSPECTION OF TRANSFER BOOKS. 

 The
Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports with the Securities and Exchange Commission (hereinafter called the “Commission”). 

Such reports and communications will be available for inspection and copying at the public reference facilities maintained by the Commission located
at 100 F Street, N.E., Washington, D.C. 20549. 
 The Depositary will make available for inspection by Owners at its Corporate
Trust Office, as promptly as practicable after receipt, any reports, notices and other communications, including any proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the
Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary shall also send to the Owners copies of such reports when furnished by the Company pursuant to the Deposit
Agreement. Any such reports and communications, including any such proxy soliciting material, furnished to the Depositary by the Company shall be furnished in English. 
 The Depositary shall keep books at its Corporate Trust Office for the registration of American Depositary Shares and transfers of American Depositary Shares which at all reasonable times shall be open for inspection
by the Owners and the Company, provided that such inspection shall not be for the purpose of communicating with Owners in the interest of a business or object other than the business of the Company or a matter related to the Deposit Agreement
or the American Depositary Shares. 
  

	12.	DIVIDENDS AND DISTRIBUTIONS. 

 Whenever the
Depositary shall receive any cash dividend or other cash distribution on any Deposited Securities, the Depositary shall, if at the time of receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted
on a reasonable basis into United States dollars transferable to the United States, and subject to the Deposit Agreement, convert such dividend or distribution into Dollars and shall distribute the amount thus received (net of the fees and expenses
of the Depositary as provided in the Deposit Agreement, if applicable) to the Owners entitled 

  

 A-6 

 
thereto, provided, however, that in the event that the Company or the Depositary shall be required to withhold and does withhold from such cash
dividend or such other cash distribution in respect of any Deposited Securities an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares representing such Deposited
Securities shall be reduced accordingly. 
 Subject to the provisions of Sections 4.11 and 5.9 of the Deposit Agreement, whenever the
Depositary shall receive any distribution other than a distribution described in Sections 4.1, 4.3 or 4.4 of the Deposit Agreement, the Depositary shall, subject to all applicable laws, cause the securities or property received by it to be
distributed to the Owners of Receipts entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary or any taxes or other governmental charges, in any manner that the Depositary may deem equitable and practicable for
accomplishing such distribution; provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners of Receipts entitled thereto, or if for any other reason the Depositary
deems such distribution not to be feasible, the Depositary may adopt such method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or
property thus received, or any part thereof, and the net proceeds of any such sale (net of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement) shall be distributed by the Depositary to the Owners of Receipts entitled
thereto as in the case of a distribution received in cash. The Depositary may refuse to effect any distribution of securities under Section 4.2 of the Deposit Agreement unless it has received an opinion of United States counsel for the Company
that is satisfactory to the Depositary that the distribution does not require registration under the Securities Act. 
 If any distribution
upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may deliver to the Owners entitled thereto, an aggregate number of American Depositary Shares representing the amount of Shares received as such
dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and the issuance of American Depositary Shares, including the withholding of any tax or other governmental charge as
provided in Section 4.11 of the Deposit Agreement and the payment of the fees and expenses of the Depositary as provided in Section 5.9 of the Deposit Agreement. In lieu of delivering fractional American Depositary Shares in any such case,
the Depositary shall use reasonable efforts to sell the amount of Shares represented by the aggregate of such fractions and distribute any net proceeds to the Owners entitled to them, all in the manner and subject to the conditions set forth in the
Deposit Agreement. If additional American Depositary Shares are not so delivered, each American Depositary Share shall thenceforth also represent the additional Shares distributed upon the Deposited Securities represented thereby. 
 The Company or its agent will remit to the appropriate governmental agencies in the Cayman Islands and the People’s Republic of China all amounts
withheld and owing to such agencies. The Depositary will forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file necessary reports with governmental
agencies, and the Depositary or the Company or its agent may file any such reports necessary to obtain benefits under the applicable tax treaties for the Owners. In the event that the Depositary determines that any distribution in property
(including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay any such taxes or charges and the Depositary shall distribute the net proceeds of any such sale after
deduction of such taxes or charges to the Owners entitled thereto. 
  

 A-7 

	13.	CONVERSION OF FOREIGN CURRENCY. 

 Whenever
the Depositary or the Custodian shall receive foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so
received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall convert or cause to be converted, by sale or in any other manner that it
may determine, such foreign currency into Dollars, and such Dollars shall be distributed to the Owners entitled thereto or, if the Depositary shall have distributed any warrants or other instruments which entitle the holders thereof to such Dollars,
then to the holders of such warrants and/or instruments upon surrender thereof for cancellation. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners on account of exchange
restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9 of the Deposit Agreement. 
 If such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary shall file such
application for approval or license, if any, as it may deem desirable. 
 If at any time the Depositary shall determine that in its judgment
any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof which is required for such
conversion is denied or in the opinion of the Depositary is not obtainable without excessively burdensome or otherwise unreasonable efforts, or if any such approval or license is not obtained within a reasonable period as determined by the
Depositary, or if there are foreign exchange controls in place that prohibit such conversion, the Depositary may distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency) received by the
Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to receive the same. 
 If any such conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the
Depositary may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold such balance
uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled thereto. 
  

	14.	RIGHTS. 

 In the event that the Company shall
offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares or any rights of any other nature, the Depositary shall have discretion as to the procedure to be followed in making such rights
available to any Owners to them or in disposing of such rights on behalf of any Owners otherwise entitled to them and making the net proceeds available to such Owners or, if by the terms of such rights offering or for any other reason, the
Depositary may not either make such rights available to any Owners or dispose of such rights and make the net proceeds available to such Owners, then the Depositary shall allow the rights to lapse. If at the time of the offering of any rights the
Depositary determines in its reasonable discretion that it is lawful and feasible to make such rights available to all Owners or to certain Owners but not to other Owners, the Depositary may distribute, to any Owner to whom it determines the
distribution to be lawful and feasible, in proportion to the number of American Depositary Shares held by such Owner, warrants or other instruments therefor in such form as it deems appropriate. 
  

 A-8 

 In circumstances in which rights would otherwise not be distributed, if an Owner requests the
distribution of warrants or other instruments in order to exercise the rights allocable to the American Depositary Shares of such Owner under the Deposit Agreement, the Depositary will make such rights available to such Owner upon written notice
from the Company to the Depositary that (a) the Company has elected in its sole discretion to permit such rights to be exercised and (b) such Owner has executed such documents as the Company has determined in its sole discretion are
reasonably required under applicable law. 
 If the Depositary has distributed warrants or other instruments for rights to all or certain
Owners, then upon instruction from such an Owner pursuant to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to the Depositary for the account of such Owner of an amount equal
to the purchase price of the Shares to be received upon the exercise of the rights, and upon payment of the fees and expenses of the Depositary and any other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf
of such Owner, exercise the rights and purchase the Shares, and the Company shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary will cause the Shares so purchased to
be deposited pursuant to Section 2.2 of the Deposit Agreement, and shall, pursuant to Section 2.3 of the Deposit Agreement, deliver American Depositary Shares to such Owner. In the case of a distribution pursuant to the second paragraph of
this Article, such deposit shall be made, and Deposited Securities shall be delivered, under depositary arrangements which provide for issuance of Deposited Securities subject to the appropriate restrictions on sale, deposit, cancellation and
transfer under applicable United States laws. 
 If the Depositary determines in its reasonable discretion that it is not lawful and feasible
to make such rights available to all or certain Owners, it may sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may not lawfully or feasibly make
such rights available, and allocate the net proceeds of such sales (net of the fees and expenses of the Depositary as provided in Section 5.9 of the Deposit Agreement and all taxes and governmental charges payable in connection with such rights
and subject to the terms and conditions of the Deposit Agreement) for the account of such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practical basis without regard to any distinctions among
such Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise. 
 The Depositary will
not offer rights to Owners unless both the rights and the securities to which such rights relate are either exempt from registration under the Securities Act with respect to a distribution to Owners or are registered under the provisions of the
Securities Act; provided, however, that nothing in the Deposit Agreement shall create any obligation on the part of the Company to file a registration statement with respect to such rights or underlying securities or to endeavor to
have such a registration statement declared effective. If an Owner requests distribution of warrants or other instruments, notwithstanding that there has been no such registration under the Securities Act, the Depositary shall not effect such
distribution unless it has received an opinion from recognized counsel in the United States for the Company upon which the Depositary may rely that such distribution to such Owner is exempt from such registration; provided, however,
that the Company shall have no obligation to cause its counsel to issue such opinion at the request of such Owner. 
 The Depositary shall
not be responsible for any reasonable failure to determine that it may be lawful or feasible to make such rights available to Owners in general or any Owner in particular. 
  

 A-9 

	15.	RECORD DATES. 

 Whenever any cash dividend or
other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the Deposited Securities, or whenever for any reason the Depositary causes a change in the number of
Shares that are represented by each American Depositary Share, or whenever the Depositary shall receive notice of any meeting of holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient, the
Depositary shall fix a record date, which date shall be the same date, to the extent practicable, as the record date for the Deposited Securities or if different, as close thereto as practicable (a) for the determination of the Owners of
Receipts who shall be (i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof or (ii) entitled to give instructions for the exercise of voting rights at any such meeting, (b) on or after
which each American Depositary Share will represent the changed number of Shares or (c) for any other matter, subject to the provisions of the Deposit Agreement. 
  

	16.	VOTING OF DEPOSITED SECURITIES. 

 Upon
receipt of notice of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, mail to the Owners a notice, the form of which notice shall be in
the discretion of the Depositary and shall contain (a) such information as is contained in such notice of meeting, and (b) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any
applicable provision of the People’s Republic of China and Cayman Islands law and of the Memorandum and Articles of Association of the Company, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount
of Shares or other Deposited Securities represented by their respective American Depositary Shares and (c) a statement as to the manner in which such instructions may be given. Upon the written request of an Owner on such record date, received
on or before the date established by the Depositary for such purpose (the “Instruction Date”), the Depositary shall endeavor, in so far as practicable, to vote or cause to be voted the amount of Shares or other Deposited Securities
represented by the American Depositary Shares in accordance with the instructions set forth in such request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to such Shares or other Deposited Securities other than
in accordance with such instructions. 
 There can be no assurance that Owners generally or any Owner in particular will receive the notice
described in the first paragraph of Section 4.7 of the Deposit Agreement sufficiently prior to the Instruction Date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the provisions of that paragraph.

  

	17.	CHANGES AFFECTING DEPOSITED SECURITIES. 

 In
circumstances where the provisions of Section 4.3 of the Deposit Agreement do not apply, upon any change in nominal value, change in par value, split-up, consolidation or any other reclassification of Deposited Securities, or upon any
recapitalization, reorganization, merger or consolidation, or sale of assets affecting the Company or to which it is a party, any securities which shall be received by the Depositary or a Custodian in exchange for or in conversion of or in respect
of Deposited Securities shall be treated as new Deposited Securities under the Deposit Agreement, and American Depositary Shares shall thenceforth represent, in addition to the existing Deposited Securities, if any, the new Deposited Securities so
received in exchange or conversion, unless additional Receipts are delivered pursuant to the following sentence. In any such case the Depositary may execute and deliver additional Receipts as in the case of a dividend in Shares, or call for the
surrender of outstanding Receipts to be exchanged for new Receipts specifically describing such new Deposited Securities. 
  

 A-10 

	18.	LIABILITY OF THE COMPANY AND DEPOSITARY. 

 Neither the Depositary nor the Company nor any of their respective directors, officers, employees, agents or affiliates shall incur any liability to any Owner or Beneficial Owner, if by reason of any provision of any present or future law
or regulation of the United States, the People’s Republic of China or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any provision, present or future, of the Memorandum and Articles of
Association of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any Offering or distribution thereof or by reason of any act of God or war or terrorism or other circumstances beyond its control,
the Depositary or the Company shall be prevented, delayed or forbidden from, or be subject to any civil or criminal penalty on account of, doing or performing any act or thing which by the terms of the Deposit Agreement or Deposited Securities it is
provided shall be done or performed; nor shall the Depositary or the Company or any of their respective directors, officers, employees, agents or affiliates incur any liability to any Owner or Beneficial Owner of a Receipt by reason of any
non-performance or delay, caused as aforesaid, in the performance of any act or thing which by the terms of the Deposit Agreement it is provided shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any
discretion provided for in the Deposit Agreement; nor shall the Depository or the Company or any of their respective directors, officers, employees, agents or affiliates incur any liability to any Owner or Beneficial Owner of any Receipt for any
special, consequential or punitive damages for any breach of the terms of this Deposit Agreement. Where, by the terms of a distribution pursuant to Sections 4.1, 4.2 or 4.3 of the Deposit Agreement, or an offering or distribution pursuant to
Section 4.4 of the Deposit Agreement, or for any other reason, such distribution or offering may not be made available to Owners of Receipts, and the Depositary may not dispose of such distribution or offering on behalf of such Owners and make
the net proceeds available to such Owners, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable, to lapse in each such case without liability to the Company or the Depositary. 
 Neither the Company nor the Depositary nor any of their directors, officers, employees, agents or affiliates assumes any obligation or shall be subject
to any liability under the Deposit Agreement to Owners or Beneficial Owners, except that the Company and the Depositary agree to perform their obligations specifically set forth in the Deposit Agreement without negligence or bad faith. The
Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other
proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expenses and liability shall be furnished
as often as may be required, and the Custodian shall not be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary. Neither the Depositary nor the Company shall be liable
for any action or nonaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or Beneficial Owner, or any other person believed by it in good faith to be
competent to give such advice or information. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter
arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted
as Depositary. The Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote, provided that any such
action or nonaction is in good faith. No disclaimer of liability under the Securities Act is intended by any provision of the Deposit Agreement. 
  

 A-11 

	19.	RESIGNATION AND REMOVAL OF THE DEPOSITARY. 

 The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its
acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by 120 days’ prior written notice of such removal, which shall become effective upon the later to occur of the
(i) 120th day after delivery of the notice to the Depositary or (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. Whenever the Depositary in its discretion
determines that it is in the best interest of the Owners of Receipts to do so, it may appoint a substitute or additional custodian or custodians. 
  

	20.	AMENDMENT. 

 The form of the Receipts and any
provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary without the consent of Owners and Beneficial Owners in any respect which they may deem necessary or desirable.
Any amendment which shall impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise
prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of 30 days after notice of such amendment shall have been given to the Owners of
outstanding American Depositary Shares. Every Owner and holder of American Depositary Shares at the time any amendment so becomes effective shall be deemed, by continuing to hold such American Depositary Shares or any interest therein, to consent
and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive therefor the Deposited Securities represented
thereby, except in order to comply with mandatory provisions of applicable law. 
  

	21.	TERMINATION OF DEPOSIT AGREEMENT. 

 The
Depositary shall at any time at the direction of the Company terminate the Deposit Agreement by mailing notice of such termination to the Owners of all American Depositary Shares then outstanding at least 60 days prior to the date fixed in such
notice for such termination. The Depositary may likewise terminate the Deposit Agreement by mailing notice of such termination to the Company and the Owners of all American Depositary Shares then outstanding if at any time 30 days shall have
expired after the Depositary shall have delivered to the Company a written notice of its election to resign and a successor depositary shall not have been appointed and accepted its appointment as provided in the Deposit Agreement. On and after the
date of termination, the Owner of American Depositary Shares will, upon (a) surrender of such American Depositary Shares, (b) payment of the fee of the Depositary for the surrender of American Depositary Shares referred to in
Section 2.5 of the Deposit Agreement and (c) payment of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by those American Depositary Shares.
If any American Depositary Shares shall remain outstanding after the date of termination, the Depositary thereafter shall discontinue the registration of transfers of American Depositary Shares, shall suspend the distribution of dividends to the
Owners thereof, and shall not give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell
rights and other property as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or
other property, upon surrender of American Depositary Shares (after deducting, in each case, the fee of the 

  

 A-12 

 
Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with
the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges). At any time after the expiration of four months from the date of termination, the Depositary may sell the Deposited Securities then held under the
Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it thereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of
American Depositary Shares which have not theretofore been surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be discharged from all
obligations under the Deposit Agreement, except for its obligations to the Company under Section 5.8 of the Deposit Agreement and to account for such net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the
surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement, and any applicable taxes or governmental charges). Upon the
termination of the Deposit Agreement, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary under Sections 5.8 and 5.9 of the Deposit Agreement. 
  

	22.	DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM. 

 (a) Notwithstanding the provisions of Section 2.4 of the Deposit Agreement, the parties acknowledge that the Direct Registration System (“DRS”) and Profile Modification System
(“Profile”) shall apply to uncertificated American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated American
Depositary Shares, which ownership shall be evidenced by periodic statements issued by the Depositary to the Owners entitled thereto. Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of an Owner, to
direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior
authorization from the Owner to register such transfer. 
 (b) In connection with and in accordance with the arrangements and procedures
relating to DRS/Profile, the parties understand that the Depositary will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner in requesting registration of transfer and delivery
described in subsection (a) has the actual authority to act on behalf of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 of the Deposit
Agreement shall apply to the matters arising from the use of the DRS. The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and in accordance with the
Deposit Agreement, shall not constitute negligence or bad faith on the part of the Depositary. 
  

	23.	SUBMISSION TO JURISDICTION; APPOINTMENT OF AGENT FOR SERVICE OF PROCESS. 

 The Company has (i) irrevocably designated and appointed CT Corporation System, 111 Eighth Avenue, New York, NY 10011, as the Company’s authorized agent upon which process may be served in any suit or
proceeding arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consents and submits to the jurisdiction of any state or federal court in the State of New York in
which any such suit or proceeding may be instituted, and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. The Company
agrees to deliver, upon the execution and delivery of the Deposit Agreement, a written acceptance by such agent of 

  

 A-13 

 
its appointment as such agent. The Company further agrees to take any and all action, including the filing of any and all such documents and instruments, as
may be necessary to continue such designation and appointment in full force and effect for so long as any American Depositary Shares or Receipts remain outstanding or the Deposit Agreement remains in force. In the event the Company fails to continue
such designation and appointment in full force and effect, the Company hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed to
the Company at its address last specified for notices hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 
  

	24.	ARBITRATION. 

 In the event the Depositary is
advised that a judgment of a court in the United States court may not be recognized, the following provisions shall apply: 
 (i) Any
controversy, claim or cause of action brought by any party or parties hereto against any other party or parties hereto arising out of or relating to the Deposit Agreement shall be settled by arbitration in accordance with the Commercial Arbitration
Rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 
 (ii) The place of the arbitration shall be the City of New York, State of New York, United States of America, and the language of the arbitration shall be English. 
 (iii) The number of arbitrators shall be three, each of whom shall be disinterested in the dispute or controversy, shall have no connection with any
party thereto, and shall be an attorney experienced in international securities transactions. Each party shall appoint one arbitrator and the two arbitrators shall select a third arbitrator who shall serve as chairperson of the tribunal. If a
dispute, controversy or cause of action shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant and respondent), each of which shall appoint one arbitrator as if there were only two parties to
such dispute, controversy or cause of action. If either or both parties fail to select an arbitrator, or if such alignment (in the event there is more than two parties) shall not have occurred, within sixty (60) calendar days after the
initiating party serves the arbitration demand or the two arbitrators fail to select a third arbitrator within sixty (60) calendar days of the selection of the second arbitrator, the American Arbitration Association shall appoint the arbitrator
or arbitrators in accordance with its rules. The parties and the American Arbitration Association may appoint the arbitrators from among the nationals of any country, whether or not a party is a national of that country. 
 (iv) The arbitrators shall have no authority to award damages not measured by the prevailing party’s actual damages and shall have no authority to
award any consequential, special or punitive damages, and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of the Deposit Agreement. 
 In the event any third-party action or proceeding is instituted against the Depositary relating to or arising from any act or failure to act by the
Company, the Company hereby submits to the personal jurisdiction of the court or administrative agency in which such action or proceeding is brought. 
  

	25.	COMPLIANCE WITH U.S. SECURITIES LAWS. 

 Notwithstanding anything in the Deposit Agreement to the contrary, the Company and the Depositary each agrees that it will not exercise any rights it has under the Deposit Agreement to permit the withdrawal or delivery of Deposited
Securities in a manner which would violate the U.S. securities laws, including, but not limited to, Section I.A.(1) of the General Instructions to the Form F-6 Registration Statement, as amended from time to time, under the Securities Act.

  

 A-14Share Subscription Agreement, dated June 30, 2004

 Exhibit 4.4 
 Execution 
 DATE 
  

			
	(1)	  	BARING ASIA II HOLDINGS (22) LIMITED
	(2)	  	ALPHA CENTURY ASSETS LIMITED
	(3)	  	WONG SINFUNG
	(4)	  	JOINTLY GOLD TECHNOLOGIES LTD.
	(5)	  	FIRST WIN TECHNOLOGIES LTD.
	(6)	  	GLOBAL WISE TECHNOLOGIES LTD.
	(7)	  	GALLOP JUMBO INTERNATIONAL LIMITED
	(8)	  	DYNAMIC VIEW INVESTMENTS LIMITED
	(9)	  	NOAH TECHNOLOGY HOLDINGS LTD.
	(10)	  	SHENZHEN NOAH INDUSTRIAL CO., LTD. (

)
	(11)	  	SHENZHEN NEW NOAH TECHNOLOGY CO., LTD. (

)
	(12)	  	BVI EXISTING SHAREHOLDERS

  

 SHARE SUBSCRIPTION 
 AGREEMENT 
 concerning Series A Preference Shares in 
 NOAH TECHNOLOGY HOLDINGS LTD. 

  

 JUN HE LAW OFFICES are not
qualified to practice law in the jurisdictions other than the mainland of People’s Republic of China, thus this Agreement is subject to further comments from lawyers in Hong Kong, the British Cayman Islands, and the British Virgin Islands.

 SHARE SUBSCRIPTION AGREEMENT 
 DATED 
 BETWEEN 
  

	(1)	BARING ASIA II HOLDINGS (22) LIMITED, a company incorporated in the British Virgin Islands with its principal place of business at P.O. Box 431, 13-15 Victoria Road, St.
Peter Port, Guernsey, Channel Islands, GY1 3ZD, United Kingdom (“Baring”); 

  

	(2)	Alpha Century Assets Limited, a company incorporated in the British Virgin Islands with its registration address at P.O. Box 957, Offshore Incorporation Centre Road Town,
Tortola, British Virgin Islands; ( “INVESTOR” ) 

  

	(3)	WONG Sinfung (

), a Chinese Citizen, with Hong Kong I.D. Number of P129565(2). 

  

	(3)	Jointly Gold Technologies Limited, a company incorporated in the British Virgin Islands with its registered address at Akara Bldg., 24 Decastro Street, Wickhams Cay I, Road
Town, Tortola, British Virgin Islands; (“BVI 1”) 

  

	(4)	First Win Technologies Ltd., a company incorporated in the British Virgin Islands with its registered address at Akara Bldg., 24 Decastro Street, Wickhams Cay I, Road Town,
Tortola, British Virgin Islands; (“BVI 2”) 

  

	(5)	Global Wise Technologies Ltd., a company incorporated in the British Virgin Islands with its registered address at Akara Bldg., 24 Decastro Street, Wickhams Cay I, Road Town,
Tortola, British Virgin Islands; (“BVI 3”) 

  

	(6)	Gallop Jumbo International Limited, a company incorporated in the British Virgin Islands with its registered address at Akara Bldg., 24 Decastro Street, Wickhams Cay I, Road
Town, Tortola, British Virgin Islands; (“BVI 4”) 

  

	(7)	Dynamic View Investments Limited, a company incorporated in the British Virgin Islands by key employees of the Group Company (“Key Employees”), with its
registered address at Akara Bldg., 24 Decastro Street, Wickhams Cay I, Road Town, Tortola, British Virgin Islands (“BVI 5”); for purposes of this Agreement and Schedules hereunder, Key Employees refer to XIAO Xianquan, XU Baolin,
LIU Yong, JI Xiaodong, ZHANG Ruchun, ZHAO Fei, GUO Shunan and LIU Longxi; 

 BVI 1, BVI 2, BVI 3,BVI 4 and BVI 5 hereinafter
(“BVI”) collectively; 
  

 1 

	(8)	NOAH TECHNOLOGY HOLDINGS LTD., a company incorporated in the Cayman Islands with its registered office at Walkers SPV Limited, Walker House, Mary Street, PO Box 908GT, George
Town, Grand Cayman, Cayman Islands (“Company”); 

  

	(9)	Shenzhen Noah Industrial Co., Ltd. (“

” in Chinese), a limited liability company incorporated in the PRC with its registered office at

 (“Noah Industrial”) 

 Shenzhen New Noah Technology Co., Ltd.
(“

” in Chinese), a limited liability company incorporated in the PRC with its registered office at

 (“New Noah”) 
 Noah Industrial and New Noah hereinafter “NOAH”
collectively; and 
  

	(10)	BVI Existing Shareholders (as defined below). 

 WHEREAS

  

	(A)	As at the date hereof, the Company has an authorised capital of US$50,000.00 divided into 5,000,000,000.00 shares of par value of US$0.0001 each. As at the date hereof,
10,736,721.00 ordinary shares have been issued and are fully paid or credited as fully paid by each of BVI respectively. Further particulars of the Company are set out in Schedule 1. 

  

	(B)	The Company is a limited liability company established and duly existing under the laws of the Cayman Islands. BVI is the legal and beneficial owner of the entire registered capital
of the Company. 

  

	(C)	BVI Existing Shareholders are legal and beneficial owner of the entire equity interests of NOAH, whose assets shall be transferred to the Company in accordance with the Restructure
Memo (Schedule 8), and the Assets List (Schedule 9). 

  

	(D)	The Company hereof agrees to issue and the Preference Shareholders hereof agrees to subscribe for 3,260,981.00 Preference Shares of the Company based on the Post-Money Valuation (as
defined below) of Noah Industrial, subject to and upon the terms and conditions of this Agreement. 

  

	(E)	The Company further agrees to issue the Warrants (as defined below) to Baring (as defined below) to purchase the Warrants Shares (as defined below) at the Warrants Price (defined
below) subject to and upon the terms and conditions of this Agreement. 

  

 2 

 NOW IT IS HEREBY AGREED as follows: 
  

	1.	INTERPRETATION 

  

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

 “Assets Transfer Agreement” 
 an assets transfer agreement to be entered into between Noah Industrial or as the case may be New Noah, and the WFOE subject to the terms of this Agreement. 
 “Assets List” 
 a list of
assets transferred from Noah Industrial or as the case may be New Noah to WFOE in the form of Schedule 9 hereunder. 
 “Associate” 
  

	 	(i)	as to any body corporate, any other body corporate, unincorporated entity or person directly or indirectly Controlling, directly or indirectly Controlled by or under direct or
indirect common Control with, such body corporate; and 

  

	 	(ii)	as to any individual, his spouse, or legitimate child; 

 “BAPE Group” 
 Baring Asia Private Equity Fund B.V., its wholly owned subsidiaries, and wholly owned investment
vehicles and funds solely managed by Baring Private Equity Partners Group, its holding company or any company which is a wholly owned subsidiary, associated or affiliated company of Baring Private Equity Partners Group or its holding company;

 “Business” 
 the research and development, manufacture, and distribution of electronic education products of the Company and its subsidaries; 
 “Business Day” 
 a day, excluding Saturdays, on which banks in Hong Kong are open for business throughout their
normal business hours; 
  

 3 

 “BVI Existing Shareholders” 
 Four (4) individuals who hold legal and beneficial ownership of the entire registered capital of the BVI, namely, XU Dong, TANG Benguo, WANG
Xiaotong, and MA Li as specified in Schedule 3; 
 “Completion” 
 the completion of the allotment and issuance of the Subscription Shares and the issuance of the Warrants in accordance with the provisions in Clause 5
hereof; 
 “Completion Date” 
 the fifth Business Day after the issue of the notice of readiness to complete by the Company referred to in Clause 5.1, or such other date as may be agreed by the parties in writing; 
 “Conditions” 
 the
pre-completion conditions set out in Clause 2; 
 “Consent” 
 includes an approval, authorisation, exemption, filing, licence, order, permission, permit, recording or registration (and references to
“obtaining consents” shall be construed accordingly); 
 “Control” 
 in relation to a body corporate, the power of a person directly or indirectly to secure that the affairs of such body corporate are conducted in
accordance with the wishes of that person: 
  

	 	(i)	by means of the holding of shares or the possession of voting power (either at shareholder level or director level) in or in relation to that or any other body corporate; or

  

	 	(ii)	by virtue of any powers conferred by the memorandum and articles of association or by-laws or other similar documents regulating that or any other body corporate;

 “E-Dictionary Business Profit Guarantee” 
 the proforma net operating profit after tax of the Company’s electronic-dictionary (core) business in the Fiscal Year of 2004, including the Fiscal
Year 2004 net operating profit after tax of the electronic-dictionary (core) business which have been transferred to the WFOE as performed by Noah Industrial, and any tax refund, provided that any extraordinary non-operating income and/or expense
shall be excluded, such as any income generated from assets and/or share transfers, any income from mergers & acquisitions, interest income from financing, restructuring costs and expenses (directly related to the restructure stipulated in
the Restructure Memo), any receipt of dividends or 

  

 4 

 
profits, property lease and other similar extraordinary income/business. The aforesaid net operating profit after tax shall be audited by one of the
“Big 4” international accounting firms jointly appointed by Baring and the Company in accordance with the International Accounting Standards (“IAS”); 
 “Fiscal Year” 
 for the
purpose of this Agreement, a fiscal year shall start from the first day of January to the last day of December; 
 “Group
Companies” 
 the Company, BVI, WFOE, NOAH, and their respective Subsidiaries from time to time; 
 “Hong Kong” 
 the Hong Kong
Special Administrative Region of the PRC; 
 “Intellectual Property” 
 all forms of intellectual property and rights thereof including without limitation, any patent, copyright, registered design or unregistered design
right, trade mark, service mark, goodwill, know-how and any application for any of the foregoing; 
 “Main Business”

 the main business operated by the Company (including its core business of electronic dictionary, and other main businesses). 

“Main Business Profit Guarantee” 
 the proforma net operating profit after tax of the Company’s Main Business in the Fiscal Year of 2004, including the Fiscal Year 2004 net operating profit after tax of the main businesses which have been
transferred to the WFOE as performed by Noah Industrial, and any tax refund, provided that any extraordinary non-operating income and/or expense shall be excluded, such as any income generated from assets and/or share transfers, any income from
mergers & acquisitions, restructuring costs and expenses (directly related to the restructure stipulated in the Restructure Memo), any receipt of dividends or profits, property lease and other similar extraordinary income/business. The
aforesaid net operating profit after tax shall be audited by one of the “Big 4” international accounting firms jointly appointed by Baring and the Company in accordance with the IAS; 
 “Memorandum and Articles of Association” 
 the memorandum and articles of association of the Company from time to time; 
  

 5 

 “Ordinary Shares” 
 ordinary shares of par value of US$0.0001 each in the capital of the Company; 
 “Original Contribution” 
 Preference Shareholders’ original capital contribution of US$16,000,000.00 for 3,260,981.00 Series A Preference Shares in the Company; 
 “Post-Completion Covenants” 
 the post-completion covenants set out in Clause 7;

 “Post-Money Valuation” 
 US$16,000,000.00 for the 22.13% Shares (including ESOP dilution) of the Company, which is US$72,294,426.00 in total; 
 “Preference Shareholder(s)” 
 Baring and the Investor, or other holder(s) of Series A
Preference Shares;  
 “PRC” or “China” 
 the People’s Republic of China; 
 “RMB” 
 Renminbi, the lawful currency of the People’s Republic of China; 
 “Restructure Memo” 
 the
restructure memorandum for NOAH as specified in Schedule 8; 
 “Series A Preference Shares” 
 series A preference shares of par value of US$0.0001 each in the capital of the Company; 
 “Shareholders’ Agreement” 
 a shareholders’ agreement substantially in the form of Schedule 6, to be entered into between the Preference Shareholders, the Company, BVI, and the BVI Existing Shareholders; 
 “Shares” 
 all shares of
the Company, including the Ordinary Shares and the Series A Preference Shares; 
 “Subscription Price” 
 US$16,000,000.00 for 3,260,981.00 Series A Preference Shares or approximately US$4.9065 per Series A Preference Share; 
 “Subscription Shares” 
 3,260,981.00 Series A Preference Shares; 
  

 6 

 “Tax” 
 any form of tax in any part of the world including, without limitation, all forms of income tax, profits tax, interest tax, stamp duty, estate duty, value added tax, value appreciation tax, withholding tax, property
tax, capital gains tax and all levies, duties, charges, fees, social security contributions, deductions and withholdings whatsoever charged or imposed by any statutory, governmental, state, federal, provincial, local or municipal authority
whatsoever and wheresoever, and any interest, penalty, surcharge or fine in connection therewith or arising therefrom; 
 “US$”
or “US Dollar” 
 United States dollars, the lawful currency of the United States of America; 
 “Warranties” 
 the
representation warranties and undertakings as set out in Clause 6 and Schedule 3; 
 “Warrantors” 
 BVI Existing Shareholders, i.e., XU Dong, TANG Benguo, WANG Xiaotong, MA Li, and each of the Group Company; 
 “Warrants” 
 the warrants
granted to Baring to purchase the Warrants Shares at the Warrants Price; 
 “Warrants Price” 
 US$3,000,000.00 for 509,528.00 Series A Preference Shares or approximately US$5.8878 per Series A Preference Shares; 
 “Warrants Shares” 
 509,528.00 Series A Preference Shares; 
 “WFOE 1” 
 a wholly foreign owned enterprise, which shall be established in the PRC by the Company’s acquisition of the New Noah’s entire equity, in
accordance with the Restructure Memo as specified in Schedule 8, subject to the terms and conditions hereof. The Company is the legal and beneficial owner of the entire equity interests of WFOE 1. The registered capital of WFOE1 shall not be less
than RMB10 million; 
 “WFOE 2”  
 a wholly foreign owned enterprise, which shall be established in the PRC by the Company in accordance with the Restructure Memo as specified in Schedule 8, subject to the terms and conditions hereof. The Company is
the legal and beneficial owner of the entire equity interests of WFOE 2. The registered capital of WFOE2 shall not be less than US$5,000,000.00; 
  

 7 

 WFOE 1 and WFOE 2 herein after “WFOE” collectively. 
 “Written Resolutions” 
 the
written resolutions of the shareholders of the Company in the agreed form, where the shareholders of the Company agree to amend the Memorandum and Articles of Association to create a separate class of shares in the Company being the Series A
Preference Shares and to set forth the rights and privileges of such shares in accordance with the Shareholders Agreement (Schedule 6). The amendment to the Memorandum and Articles of Association shall include without limitation the redemption,
conversion, and liquidation clauses hereof. 
  

	1.2	In this Agreement: 

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

 8 

	2.	CONDITIONS PRECEDENT 

  

	2.1	Completion of this Agreement by the Preference Shareholders shall be conditional on the fulfillment of all of the following conditions (subject to any waiver by the Preference
Shareholders in its absolute discretion of any or all of the Conditions): 

  

	 	(a)	NOAH has transferred all assets and other items specified in the Assets List, except trademarks stipulated in the Clause 7 of this Agreement, to the WFOE in accordance with the
Restructure Memo, the Assets List and the applicable PRC laws, and all actions and procedures have been completed in the event any deeds, documents, assignments and instruments are required to be executed, filed, registered or stamped in respect of
such assets transfer; upon the completion of the transfer of the assets and items as set out in the Assets List, cash/cash equivalent and inventory, real properties, and vehicles and other equipments shall not be less than the following levels,
respectively, RMB63,110,000, RMB 9,210,000, RMB 3,170,000, and the net asset value shall not be less than RMB 86,020,000, and upon the Completion, an assets checklist shall be prepared and be reviewed and approved by PWC; 

 

	 	(b)	due establishment of the WFOE in accordance with the PRC laws; and the WFOE shall remain valid and effective as at the Completion: 

  

	 	i)	the documents relating to the establishment of the WFOE are valid and have been duly approved or issued (as applicable) by the competent PRC authorities; 

 

	 	ii)	all approvals, authorizations, licenses and/or third party consent requisite under the PRC law for the due and proper establishment and operation of the WFOE and the carrying on of
the Business by WFOE have been duly obtained from the relevant and competent PRC authorities and/or third parties, and are in full force and effect; 

  

	 	iii)	all filings and registrations with the PRC authorities required in respect of the WFOE and its Business, including but not limited to the registrations with the Ministry of
Commerce, the State Administration of Industry and Commerce, the State Administration for Foreign Exchange, or its relevant local authorities, tax bureau and customs authorities and product registration authorities (if required) have been duly
completed in accordance with the relevant rules and regulations; 

  

	 	iv)	the WFOE is not in receipt of any letter or notice from any relevant PRC authority notifying revocation of any permits or licenses issued to it for non-compliance or the need for
compliance or remedial actions in respect of the activities carried out directly or indirectly by the WFOE; 

  

 9 

	 	v)	all requisite formalities in respect of the importation of the machinery, equipment, parts, tools and materials by the WFOE have been complied with in accordance with the relevant
PRC laws and regulations; 

  

	 	vi)	the WFOE has been conducting business activities within the permitted scope of the Business and is operating the Business in full compliance with all relevant legal requirements,
including without limitation, producing, processing and/or distributing products with all requisite licenses, permits and approvals granted by competent PRC authorities; 

  

	 	vii)	in respect of approvals, licenses or permits requisite for the conduct of any part of the Business which are subject to periodic renewal, WFOE has no knowledge or reason to believe
that such requisite renewals will not be granted by the relevant PRC authorities; 

  

	 	viii)	all applicable laws and regulations with respect to the opening and operation of foreign exchange accounts and foreign exchange activities of the WFOE, including, where applicable,
the registration of foreign exchange laws, have been fully complied with, and all requisite approvals from the State Administration of Foreign Exchange in relation thereto have been duly obtained; 

  

	 	ix)	with regard to the employment and labour management, WFOE has complied with all applicable PRC laws and regulations, including without limitation, laws and regulations pertaining to
welfare funds, social benefits, medical benefits, insurance, retirement benefits, pensions or the like, 

  

	 	(c)	a non-compete agreement having been duly entered into by the WFOE and the NOAH, where the NOAH shall undertake not to compete with the Business of the WFOE, or conduct other
business or services which may be in direct or indirect competition with the Business; 

  

	 	(d)	the Written Resolutions having been duly approved and passed by the Company and remaining valid and effective as at Completion; 

  

	 	(e)	all distribution agreements, supply agreements and content partnership agreements in which NOAH is a party having been effectively and duly transferred to the WFOE, and WFOE being
satisfied that such transfer is not in breach or in contravention of any contract or other undertaking or obligations binding on the other party to such agreements; 

  

 10 

	 	(f)	in respect of the employment and labour management of the NOAH, NOAH shall terminate the employment agreements entered into by and between the NOAH and their respective employees as
set forth in the Assets List (Schedule 9), and applicable funds having been paid in full in respect of its employees and severance compensation (if any) having been paid by NOAH to such employees; separate service agreements or employment agreements
having been entered into by the WFOE and the employees as set forth in Assets List (Schedule 9), and arrangements having been fulfilled by NOAH in respect of any laid off employees (if any) in accordance with the applicable PRC laws and local
regulations; 

  

	 	(g)	all Intellectual Property rights (including but not limited to patent, software copyright and trade secret) having been duly transferred to the WFOE, and actions and procedures
having been completed in accordance with the applicable laws in the event any regulatory approval, filing and registration is required for such transfer; 

  

	 	(h)	NOAH shall submit an application for the transfer of trademarks stipulated in the Asset List at relevant authorities, and an acceptance notice having been duly issued by the
authority, and NOAH shall grant the WFOE the right to use the trademarks not having been duly transferred without any charge until the date when the trademark transfer applications have been approved by and filed with the relevant authorities.

  

	 	(i)	Noah Industrial shall enter into service agreement with WFOE which stipulates that Noah Industrial’s sole business is to develop software for WFOE and no other business shall
be taken without Baring’s written consent, and Noah Industrial and each of the BVI Existing Shareholders shall further undertake that the operations of Noah Industrial shall be maintained at the minimum production and profit level acceptable to
the Preference Shareholders (the annual gross income shall be less than 2 million RMB) in order that Noah Industrial is qualified to continuously receive the tax incentives it currently enjoys; 

  

	 	(j)	Noah Industrial and each of the BVI Existing Shareholders shall enter into a non-compete agreement with the WFOE, in which Noah Industrial and each of the BVI Existing Shareholders
shall undertake not to engage in any business in competition with the business of the WFOE; 

  

	 	(k)	the issue and allotment of the Subscription Shares to the Preference Shareholders pursuant to the terms of this Agreement having been duly approved by the Company;

  

 11 

	 	(l)	the issue of the Warrants to Baring to purchase the Warrants Shares having been duly approved by the Company; 

  

	 	(m)	Baring having received legal opinions issued by the law firms in the PRC and the Cayman Islands regarding the legality of the Company, WFOE, BVI Existing Shareholders, NOAH and the
legality of the restructure steps stipulated in the Restructure Memo; 

  

	 	(n)	all the Warranties remaining true and correct at all times as from the signing of this Agreement up to the Completion, as if they were made and repeated on and as of the Completion;

  

	 	(o)	all Consents required under the laws of the Cayman Islands for the entering into and performance of this Agreement and the Shareholders’ Agreement and the implementation of the
transactions therein contemplated having been obtained and remaining valid and effective as at Completion; 

  

	 	(p)	BVI having delivered to Baring a registered agent’s certificate certifying the date of incorporation of the corporate shareholder and the names of its directors and
shareholders; 

  

	 	(q)	the Company having delivered to Baring a certificate of compliance dated the Completion Date and signed by a director of the Company certifying that all of the above conditions have
been fulfilled; 

  

	 	(r)	Baring and its counsel having conducted a due diligence investigation against the Group Companies and being satisfied with the results of such investigation;

  

	 	(s)	except as required or contemplated by this Agreement or the Shareholders’ Agreement, no resolution of the directors or members of any of the Group Companies having been passed
nor having any contract or commitment been entered into (other than in the ordinary and usual course of the Business) prior to the Completion without the prior written consent of Baring, except for the purposes of giving effect to the transactions
contemplated by this Agreement, or the Shareholders’ Agreement; 

  

	 	(t)	NOAH having provided sufficient documentations to the Preference Shareholders evidencing that the necessary documents for waiving the consideration for the assets transferred as set
forth in the Restructure Memo have been duly executed by relevant parties, provided that such consideration waiver documents shall become effective upon the completion of capital injection to WFOE 2; 

  

	 	(u)	 NOAH having caused Sichuan Hua Li Investment Co., Ltd., a shareholder of Sichuan Nan Shan Zhi Qiao Micro-Electronics Co., Ltd. (“Nan Shan”) enter 

  

 12 

	 	 
into a share transfer agreement with WFOE, which stipulates that Sichuan Hua Li Investment Co., Ltd. shall transfer its 13% equity interests held in Nan Shan
to the WFOE for a consideration of RMB15,500,000.00; 

  

	 	(v)	Noah Industrial having entered into a share option agreement which stipulates that WFOE shall have an option to purchase 18.7672% equity interests in Nan Shan held by Noah
Industrial at a consideration of RMB 21,800,000.00; 

  

	 	(w)	Noah Industrial having transferred the land use right and property ownership right stipulated in the Asset List to the WFOE; and 

  

	 	(x)	NOAH having entered into a share transfer agreement with WFOE, which stipulates that NOAH shall transfer its equity in Cheng Du Noah Electronics Co., Ltd. to the WFOE or other
entity the Preference Shareholders designated, and having caused Tang Ben Guo (

), a shareholder of Cheng Du Noah Electronics Co., Ltd. enter into a shareholder transfer agreement which stipulates that Tang Benguo shall transfer his equity in Cheng Du Noah Electronics Co., Ltd to the
WFOE as stipulated in the Restructure Memo. 

  

	2.2	In the event that any of the Conditions specified in Clause 2.1 has not been fulfilled (or waived by Baring in writing) by 5:00 pm on the 120 day after the signing of this Agreement
(or such later date as the parties may mutually agree in writing), this Agreement may be terminated by written notice to other parties, at Baring’s own election and discretion, after which this Agreement shall be of no further force or effect.

  

	2.3	Each of the Group Company shall use its best endeavours to procure the fulfilment of the Conditions on or before the date set forth in Clause 2.2. 

  

	3.	AGREEMENT TO SUBSCRIBE FOR SHARES 

 The
Preference Shareholders shall, subject to the terms and conditions of this Agreement, subscribe for the Subscription Shares, in cash at the Subscription Price and the Company shall validly allot and issue the Subscription Shares to the Preference
Shareholders on Completion, free from all charges, liens, encumbrances, equities or other third party rights, claims or interests. 
  

	4.	WARRANTS 

  

	4.1	The Company shall, subject to the terms and conditions of this Agreement, issue to Baring on the Completion the Warrants to purchase the Warrants Shares at the Warrants Price.

  

	4.2	 The Warrants shall be issued on the terms that they shall immediately become 

  

 13 

	 	 
exercisable upon the Completion Date and shall expire upon (i) the expiry of twenty four (24) months from the Completion Date or (ii) a
Qualified IPO, whichever is earlier. 

  

	4.3	The Warrants shall not be saleable or assignable except when they are being sold or assigned to the purchaser or transferee (as the case may be) of Series A Preference Shares
pursuant to the terms of the Shareholders’ Agreement. Such assignees and transferees shall be bound by and shall be entitled to the rights and obligations of the transferor under this Agreement and (once they become a shareholder) the
Shareholders’ Agreement. 

  

	5.	COMPLETION 

  

	5.1	When the Company believes in good faith that it has made all arrangements needed to fulfil the Conditions, it shall issue to the Preference Shareholders a notice of readiness to
complete signed by a director of the Company certifying such belief. The Completion shall take place on the Completion Date at the offices of Jun He Law Offices, or at such other place and time as the parties shall mutually agree in writing.

  

	5.2	At the Completion, Preference Shareholders shall: 

  

	 	(a)	deliver or procure to be delivered to the Company applications for the Subscription Shares at the Subscription Price in the form of Schedule 4; 

  

	 	(b)	wire US$ 11,000,000 in full into an account held by the Company; 

  

	 	(c)	wire US$5,000,000.00 in full into an account opened in a bank at Hong Kong jointly held by the Company, where Baring and the Company are the joint signatories on such account.

  

	5.3	Save as aforesaid, and save as provided herein, Baring’s prior written consent is required for any withdrawal from the account as stipulated in the Clause 5.2; however, such
consent shall not be unreasonably withheld, especially for any withdrawal for purposes of completing the restructure steps provided in the Restructure Memo, including the Company’s acquisition of New Noah’s equity interests and
subscription of the registered capital in the WFOE. 

  

	5.4	At the Completion and upon the receipt of the application referred to in Clause 5.2(a), the Company shall: 

  

	 	(a)	deliver to the Preference Shareholders: 

  

	 	(i)	a certified true copy of the board resolutions of the Company approving: 

  

	 	(A)	this Agreement and the Shareholders’ Agreement and the entry into and performance of each of such documents by the Company including the allotment and issue of the Subscription
Shares in accordance with the terms of this Agreement and the issue and delivery of the share certificates to the Preference Shareholders; 

  

 14 

	 	(B)	the issue and delivery of the Warrants to Baring in accordance with the terms of this Agreement; 

  

	 	(C)	the appointment of one (1) person nominated by Baring as the director of the Company; 

  

	 	(ii)	a certified true copy of the board resolutions of WFOE approving the appointment of one (1) person nominated by Baring as the director of the WFOE; 

  

	 	(iii)	the Shareholders’ Agreement duly signed by all parties thereto (other than the Preference Shareholders); 

  

	 	(iv)	the legal opinions referred to in Clause 2.1(m); 

  

	 	(v)	the share certificates issued in the name of the Preference Shareholders for the Subscription Shares, duly signed and sealed for and on behalf of the Company;

  

	 	(vi)	the Warrants issued in the name of Baring, duly signed and sealed for and on behalf of the Company; 

  

	 	(vii)	a certified true copy of the Written Resolutions; 

  

	 	(viii)	the certificate of compliance referred to in Clause 2.1(q) as of the Completion Date; and 

  

	 	(ix)	a copy of the 2004 annual budget for reference for the Company. 

  

	 	(b)	Upon receipt of the US$11,000,000.00 as stipulated in the Clause 5.2 (b), deposit the US$ 11,000,000.00 into the following accounts unless otherwise agreed by Baring and the
Company: 

  

	 	(i)	wire US$ 5,000,000.00 in full into the bank account of the WFOE 2 as the capital contribution to the registered capital of WFOE 2; 

  

	 	(ii)	wire US$ 2,300,000 in full into the account of WFOE 2 as a shareholder loan; 

  

 15 

	 	(iii)	wire US$ 2,500,000 to the account of WFOE 2 as a shareholder loan where a joint signature of Baring designated person and the legal representative of WFOE 2 is required for any
withdrawal from such account; and 

  

	 	(iv)	wire US$ 1,200,000 in full into the account designated by BVI Existing Shareholders as consideration for the purchase of New Noah’s equity. 

  

	6.	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS 

  

	6.1	Each of the Warrantors hereby jointly and severally undertakes with the Preference Shareholders that all the Pre-Completion Conditions set out in Clause 2 hereof shall be satisfied
in accordance with the terms and conditions in this Agreement. 

  

	6.2	Each of the Warrantors hereby jointly and severally represents and warrants to and undertakes with the Preference Shareholders that each of the matters set out in Schedule 3 are as
at the date hereof and will be for all times up to and including the Completion Date, true and correct in all respects. 

  

	6.3	Each of the Warranties is given only to the extent that it relates to a Group Company and refers only to matters and facts subsisting as at the date hereof up to the Completion, and
the right to claim for breach of any Warranties will survive within two (2) years of the Completion. 

  

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

  

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

  

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

  

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

  

 16 

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

  

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

  

	6.10	Each of the Warrantors hereby jointly and severally undertakes to perform this Agreement, and undertakes to indemnify the Preference Shareholders for any failure to perform this
Agreement. 

  

	6.11	Profit Guarantee. 

  

	 	(a)	Each of the Warrantors hereof jointly and severally undertakes and guarantees to achieve at least one of the following goals, (i) the E-Dictionary Business Profit Guarantee
shall reach the amount of Renminbi 80 million, or (ii) the net operating profit after tax of the Company’s Main Business in year 2004 (“Main Business Profit Guarantee”) shall reach the amount of Renminbi 90 million. This
Clause 6.11 shall be deemed to be fulfilled and completed if the Company achieves the goal setting out in either (i) or (ii) hereof. 

  

	 	(b)	In the event that Company fails to achieve either E-Dictionary Business Profit Guarantee or the Main Business Profit Guarantee, the Company shall issue additional series A
preference shares to Preference Shareholders each at par value on the basis of the following principle, i.e., for every five million Renminbi after the first million shortage that the Company fails to achieve in respect of E-Dictionary Business
Profit Guarantee, in addition to the shares they are entitled to in accordance with the terms and conditions hereof, Preference Shareholders shall be entitled for additional series A preference shares of the Company equivalent to 1% of the Shares of
the Company per five million Renminbi shortage. 

 For the purpose of this Clause 6.11, E-Dictionary Business Profit Guarantee
and Main Business Profit Guarantee hereinafter referred to as “Profit Guarantee” collectively. 
  

	 	(c)	If the failure to achieve either E-Dictionary Business Profit Guarantee or the Main Business Profit Guarantee is caused by a Force Majeure Event as set forth in Clause 18, thus the
additional shares issued to the Preference Shareholders as set forth in this Clause 6.11(b) is not applicable. 

  

 17 

	6.12	None of the Warranties nor any benefit nor claim thereunder may be assigned to any person without the prior written consent of the Company. 

  

	6.13	NOAH shall cause its subsidiary Nan Shan to adjust the registered capital in Nan Shan in order to comply with the relevant PRC laws, provided that such adjustment is neither opposed
by other shareholders of Nan Shan nor by governmental authorities. 

  

	6.14	The Warrantors hereby undertake that, within two (2) year after the Completion, the Warrantors shall with reasonable effort cause the WFOE to obtain, and the WFOE shall obtain
the qualifications in respect of the operations of the WFOE, including without limitation the PRC Import and Export Enterprises Qualification, Shenzhen Hi and New Technology Enterprises Qualification, Shenzhen Important Software Enterprises
Qualification, and other qualifications requisite to enjoy preferential treatments. 

  

	6.15	INVESTOR and WONG Sinfung hereby represent and warrant to and undertake with Baring that their investment decisions were made based on their own due diligence investigation and
their own business judgement, and they shall be fully responsible for all their actions thereof. 

  

	7.	POST-COMPLETION COVENANTS 

  

	7.1	Within 90 days after the Completion, Noah Industrial shall duly transfer all trademarks it currently owns, which is stipulated in the Asset List, to the WFOE, and actions and
procedures having been completed in accordance with the applicable laws in the event that any regulatory approval, filing, and registration is required for such transfer. 

  

	7.2	Within 90 days after the Completion, Noah Industrial shall cause Sichuan Hua Li Investment Co., Ltd., a shareholder of Nan Shan to transfer its 13% equity interests held in Nan Shan
to the WFOE for a consideration of RMB15.5 million, actions and procedures having been completed in accordance with the applicable laws in the event that any regulatory approval, filing, and registration is required for such transfer.

  

	7.3	The Warrantors hereby undertake with the Preference Shareholders that, within 90 days after the Completion, the Warrantors shall procure Noah Industrial to deregister its existing
sales subsidiaries, and procure the NOAH to duly and properly establish new sales operational branches in Beijing, Shanghai, Guangzhou and Chengdu respectively, in which the WFOE holds the entire legal and beneficiary ownership.

  

	7.4	 The Warrantors hereby undertake that, within thirty (30) days after the Completion, the operations of Noah Industrial shall be maintained at the minimum
production and 

  

 18 

	 	 
profit level acceptable to Baring (the annual income shall be less than 2 million RMB) in order that Noah Industrial is qualified to continuously
receive the tax incentives it currently enjoys, and Noah Industrial’s sole business shall be to develop software for WFOE and no other business shall be taken without the Preference Shareholders’s written consent.

  

	7.5	NOAH shall transfer its equity in Cheng Du Noah Electronics Co., Ltd. to the WFOE or other entity the Preference Shareholders designated, and Tang Ben Guo (

) shall transfer his equity in Cheng Du Noah Electronics Co., Ltd to the WFOE as stipulated in the Restructure Memo. Actions and procedures having been completed in accordance with the applicable laws in the
event that any regulatory approval, filing, and registration is required for such transfer. 

  

	7.6	The Warrantors hereby undertake that the waiver for the consideration of the assets transfer as setting forth in the Restructure Memo shall have been duly recorded in the accounts
of both Noah Industrial and the WFOE in the earliest day within one (1) year after the Completion, when WOFE could enjoy preferential tax treatment subject to relevant PRC laws and regulations. 

  

	7.7	The Warrantors shall procure WOFE to submit an application for the registration of a trademark including the English word of “Noah” and an acceptance notice having been
duly issued by the authorities within 180 days after the Completion, provided that the word “Noah” is acceptable to be registered as a trademark. 

  

	7.8	The Chief Financial Officer of the Company shall have been jointly appointed by Baring and the Company within 90 days after the Completion. 

  

	8.	INDEMNIFY 

  

	8.1	The Warrantors hereof jointly and severally undertake to fully indemnify the Preference Shareholders, its officers and employees and Associates, and to keep them harmless from and
against all direct and indirect losses, liabilities, costs and damages (including without limitation legal costs) which may be suffered or incurred by any of them in connection with, arising out of or as a result of any of the following:

  

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

  

	 	(b)	any claim by the NOAH and its Associate against the Preference Shareholders, provided that the Preference Shareholders are not liable, and/or its Associates or against any Group
Company; 

  

	 	(c)	any of the Covenants in Clause 7, other undertakings or obligations in this Agreement not being fully performed or fully complied with at all times. 

  

 19 

	8.2	In the event that any Warrantor materially breaches any Warranty hereof, or fails to duly or promptly perform any of his or its obligations under the Post-Completion Covenants as
set forth in Clause 7, which incurs damages to Preference Shareholders in a total amount of not less than US$100,000.00 and has not been remedied and compensated for more than 60 days upon the receipt of Preference Shareholders’ written notice,
the Preference Shareholders shall have the right, at any time thereafter, to require the Company to redeem, whereupon the Company shall redeem and other non-breaching Warrantors shall procure the Company to redeem, all or any of the Subscription
Shares (as the Preference Shareholders may request) at the Subscription Price at the Preference Shareholders’ own election and discretion. 

  

	8.3	The BVI Existing Shareholders’ total liability under this Clause shall not exceed RMB 30,000,000.00 except for the liability stipulated in the Clause 20.4 of the
Shareholders’ Agreement (Schedule 6). 

  

	9.	SEVERABILITY 

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

	10.	ENTIRE AGREEMENT 

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

	11.	TIME OF ESSENCE AND REMEDIES AND WAIVERS 

  

	11.1	Time shall be of the essence of this Agreement. 

  

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

  

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

  

	 	(b)	operate as a waiver of it. 

  

 20 

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

  

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

  

	12.	PUBLIC ANNOUNCEMENTS 

  

	12.1	The investment and subscription of the Subscription Shares by the Preference Shareholders in the Company, including without limitation the existence of such investment and the terms
and conditions of this Agreement, the term sheets preceding this Agreement and the Shareholders’ Agreement shall be confidential information and shall not be disclosed by any party hereto or any of their Associates to any person not being a
party hereto except as permitted under this Clause 12. 

  

	12.2	Notwithstanding Clause 12.1, each of the parties hereto may disclose the terms of the investment to its investors, employees, investment bankers, lenders, accountants, attorneys,
business partners, directors, shareholders and senior management and bona fide prospective investors, in each case only where such persons or entities are under appropriate non-disclosure obligations. For the avoidance of doubt, other than
disclosures to the foregoing permitted persons, none of the parties may disclose the investment amounts in relation to the Subscription Shares and the Warrants, the amount of valuation of the Company, the rights and privileges of the Preference
Shareholders under this Agreement and the Shareholders’ Agreement and the share capital structure of the Company to any person except with the prior written consent of the Preference Shareholders (such consent not to be unreasonably withheld).

  

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

  

	12.4	Clauses 12.1, 12.2 and 12.3 shall cease to have effect and cease to be binding on the parties hereto after the expiry of two (2) years from the Completion.

  

 21 

	13.	ASSIGNMENT AND COUNTERPARTS 

  

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

  

	13.2	The Preference Shareholders may assign and transfer, to any member(s) within the BAPE Group, any of its rights, benefits and obligations in this Agreement including without
limitation the benefit of any representations, warranties and undertakings contained herein. However, the Preference Shareholders may not assign and transfer any of its rights, benefits and obligations in this Agreement to any direct competitors of
the Company upon the assign or transfer. Save as aforesaid, no party hereto may assign or transfer any of his or its rights or obligations under this Agreement. 

  

	13.3	This Agreement may be entered into by any party by executing a counterpart hereof. All such counterparts when taken together shall constitute one and the same instrument and this
Agreement shall only take effect upon the execution by each of the parties hereto. 

  

	14.	NOTICES AND OTHER COMMUNICATION 

 Any notice
or other communication to be given under this Agreement shall be in writing and may be delivered by hand or given by facsimile or sent by an established courier service to the address or fax number from time to time designated, the initial address
and fax number so designated by each party are set out in Schedule 5. Any such notice or communication shall be sent to the party to whom it is addressed and must contain sufficient reference and/or particulars to render it readily identifiable with
the subject matter of this Agreement. If so delivered by hand or given by facsimile such notice or communication shall be deemed received on the date of despatch and if so sent by an established courier service, shall be deemed received three
(3) Business Days after the date of despatch. 
  

	15.	FURTHER ASSURANCE 

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

 22 

	16.	COSTS AND EXPENSES 

  

	16.1	Provided Completion has occurred, the Company shall bear the costs and expenses (including legal expenses) in respect of the negotiation, preparation, execution and carrying into
effect of this Agreement, otherwise each party shall bear its all cost and expenses including legal expenses. 

  

	16.2	The parties hereto acknowledge that Jun He Law Offices only acts for Baring in respect of this Agreement, and the parties hereto (other than Baring) have been advised to seek
separate legal advice. 

  

	16.3	The Company shall be responsible for the costs of obtaining the legal opinions referred to in Clause 2.1(n). 

  

	16.4	Taxes and governmental fees in respect of the carrying into effect of this Agreement shall be born by the parties in accordance with PRC laws and regulations.

  

	17.	GOVERNING LAW AND JURISDICTION 

  

	17.1	This Agreement shall be governed by and construed in accordance with the laws of Hong Kong. 

  

	17.2	Any dispute, difference or claim arising out of or in connection with this Agreement shall be referred to and determined by arbitration at Hong Kong International Arbitration Centre
located in Hong Kong by using Hong Kong law as the governing law. UNCITRAL Arbitration Rules shall apply to the arbitration proceedings, which will be conducted in English. For the arbitration tribunal, the arbitrators shall be selected among those
who can read and understand Chinese, with each party of the dispute to appoint one member of the arbitration tribunal. The appointment of the third arbitrator shall be agreed by parties of the dispute. If they fail to reach such an agreement, the
Hong Kong International Arbitration Centre shall appoint the third arbitrator. 

  

	18.	FORCE MAJEURE 

 In the event of earthquakes,
typhoon, flood, war, SARS or other events (the “Event of Force Majeure”), the consequences of which are beyond the parties’ control, prevention or avoidance and which directly affects the performance of this Agreement or hinders
performance of its items, the party which is affected by it should immediately inform the other parties in writing, and within 15 days shall provide details of the event and valid documentary evidence supporting the reasons for which matters agreed
in this Agreement cannot be performed in whole or in part or for which performance will be delayed. Such documents must be issued by the notary public office in the place where the said event has occurred. 
  

 23 

 IN WITNESS WHEREOF, the parties executed this Agreement the day and year first above written. 
  

							
	SIGNED by	 	)	 		  	
	for and on behalf of	 	)	 		  	
	BARING ASIA II HOLDINGS	 	)	 	/s/	  	
	(22) LIMITED	 	)	 		  	
	in the presence of :	 	)	 		  	
				
	/s/	 		 		  	

  

 24 

							
	SIGNED by WONG Sinfung	 	)	 		  	
	for and on behalf of	 	)	 		  	
	Alpha Century Assets Limited	 	)	 	/s/ WONG Sinfung	  	
	in the presence of :	 	)	 		  	
				
	SIGNED by WONG Sinfung	 	)	 		  	
	in the presence of :	 	)	 	/s/ WONG Sinfung	  	
				
	/s/	 		 		  	

  

 25 

							
	SIGNED by XU Dong	 	)	 		  	
	for and on behalf of	 	)	 		  	
	Jointly Gold Technologies Limited	 	)	 	/s/ XU Dong	  	
	in the presence of :	 	)	 		  	
				
	SIGNED by	 	)	 		  	
	XU Dong	 	)	 	/s/ XU Dong	  	
	in the presence of :	 	)	 		  	
				
	SIGNED by XU Dong	 	)	 		  	
	for and on behalf of	 	)	 		  	
	Noah Technology Holdings Ltd.	 	)	 	/s/ XU Dong	  	
	in the presence of:	 	)	 		  	
				
	SIGNED by XU Dong	 	)	 		  	
		 	)	 		  	
	for and on behalf of	 	)	 		  	
	Shenzhen Noah Industry Co., Ltd.	 	)	 	/s/ XU Dong	  	
	in the presence of:	 	)	 		  	
				
	SIGNED by Xu Dong	 	)	 		  	
		 	)	 		  	
	for and on behalf of	 	)	 		  	
	Shenzhen New Noah Technology Co., Ltd.	 	)	 	/s/ XU Dong	  	
	in the presence of:	 	)	 		  	

  

 26 

							
	SIGNED by TANG Benguo	 	)	 		  	
	for and on behalf of	 	)	 		  	
	First Win Technologies Limited	 	)	 	/s/ TANG Benguo	  	
	in the presence of :	 	)	 		  	
				
	SIGNED by	 	)	 		  	
	TANG Benguo	 	)	 	/s/ TANG Benguo	  	
	in the presence of :	 	)	 		  	

  

 27 

							
	 SIGNED by WANG Xiaotong
	 	)	 		  	
	for and on behalf of	 	)	 		  	
	Global Wise Technologies Limited	 	)	 	/s/ WANG Xiaotong	  	
	in the presence of :	 	)	 		  	
				
	SIGNED by	 	)	 		  	
	WANG Xiaotong	 	)	 	/s/ WANG Xiaotong	  	
	in the presence of :	 	)	 		  	

  

 28 

							
	 SIGNED by MA Li
	 	)	 		  	
	for and on behalf of	 	)	 		  	
	Gallop Jumbo International Limited	 	)	 	/s/ MA Li	  	
	in the presence of :	 	)	 		  	
				
	/s/	 		 		  	
				
	 SIGNED by
	 	)	 		  	
	MA Li	 	)	 	/s/ MA Li	  	
	in the presence of :	 	)	 		  	
				
	/s/	 		 		  	

  

 29 

							
	SIGNED by XIAO Xianquan	 	)	 		  	
	for and on behalf of	 	)	 		  	
	Dynamic View Investments Limited	 	)	 	/s/ XIAO Xianquan	  	
	in the presence of :	 	)	 		  	
				
	/s/	 		 		  	

  

 30 

 SCHEDULE 1 
 PARTICULARS OF THE COMPANY 
  

					
	1.	  	Registered Office:	    	the offices of Walkers SPV Limited, Walker House, Mary Street, PO Box 908GT, George Town, Grand Cayman, Cayman Islands
			
	2.	  	Date of Incorporation:	    	April 8, 2004
			
	3.	  	CR Number:	    	WK-134538
			
	4.	  	Place of Incorporation:	    	Cayman Islands
			
	5.	  	Directors:	    	
			
	6.	  	Authorized Share Capital	    	
		  	as at the date hereof:	    	US$50,000 divided into 5,000,000,000 Ordinary Shares of par value of US$0.0001 each
			
	7.	  	Authorized Share Capital	    	
		  	as at the Completion Date:	    	US$50,000 divided into 5,000,000,000.00 shares of par value of US$0.0001 each
			
	8.	  	Issued Share Capital:	    	as per the Capitalization Table in Exhibit B

  

 31 

 SCHEDULE 2 
 PARTICULARS OF BVI 
  

					
	Jointly Gold Technologies Limited
			
	1.	  	Type of Entity:	    	limited liability company
			
	2.	  	Legal Address:	    	Akara Bldg., 24 Decastro Street, Wickhams Cay I, Road Town, Tortola, British Virgin Islands
			
	3.	  	Date of Establishment:	    	February 20, 2004
			
	4.	  	Place of Incorporation:	    	British Virgin Islands
			
	5.	  	Authorized Capital:	    	US$ 50,000.00
			
	6.	  	Directors:	    	XU Dong
	
	First Win Technologies Limited
			
	1.	  	Type of Entity:	    	limited liability company
			
	2.	  	Legal Address:	    	Akara Bldg., 24 Decastro Street, Wickhams Cay I, Road Town, Tortola, British Virgin Islands
			
	3.	  	Date of Establishment:	    	March 5, 2004
			
	4.	  	Place of Incorporation:	    	British Virgin Islands
			
	5.	  	Authorized Capital:	    	US$ 50,000.00
			
	6.	  	Directors:	    	TANG Benguo
	
	Global Wise Technologies Limited
			
	1.	  	Type of Entity:	    	limited liability company
			
	2.	  	Legal Address:	    	Akara Bldg., 24 Decastro Street, Wickhams Cay I, Road Town, Tortola, British Virgin Islands
			
	3.	  	Date of Establishment:	    	March 12, 2004

  

 32 

					
	4.	  	Place of Incorporation:	    	British Virgin Islands
			
	5.	  	Authorized Capital:	    	US$ 50,000.00
			
	6.	  	Directors:	    	WANG Xiaotong
	
	Gallop Jumbo International Limited
			
	1.	  	Type of Entity:	    	limited liability company
			
	2.	  	Legal Address:	    	Akara Bldg., 24 Decastro Street, Wickhams Cay I, Road Town, Tortola, British Virgin Islands
			
	3.	  	Date of Establishment:	    	January 20, 2004
			
	4.	  	Place of Incorporation:	    	British Virgin Islands
			
	5.	  	Authorized Capital:	    	US$ 50,000.00
			
	6.	  	Directors:	    	MA Li
	
	Dynamic View Investments Limited
			
	1.	  	Type of Entity:	    	limited liability company
			
	2.	  	Legal Address:	    	Akara Bldg., 24 Decastro Street, Wickhams Cay I, Road Town, Tortola, British Virgin Islands
			
	3.	  	Date of Establishment:	    	March 10, 2004
			
	4.	  	Place of Incorporation:	    	British Virgin Islands
			
	5.	  	Authorized Capital:	    	US$ 50,000.00
			
	6.	  	Directors:	    	XIAO Xianquan

  

 33 

 PARTICULARS OF INVESTOR 
  

					
	Alpha Century Assets Limited
			
	1.	  	Type of Entity:	    	limited liability company
			
	2.	  	Legal Address:	    	P.O. Box 957, Offshore Incorporation Centre Road Town, Tortola, BVI
			
	3.	  	Date of Establishment:	    	October 28, 2003
			
	4.	  	Place of Incorporation:	    	British Virgin Islands
			
	5.	  	Registered Capital:	    	US$50,000 authorized, one dollar issued
			
	6.	  	Directors:	    	Wong Sinfung

  

 34 

 PARTICULARS OF NOAH 
  

					
	Noah Industrial
			
	1.	  	Type of Entity:	    	PRC limited liability company
			
	2.	  	Legal Address:	    	

			
	3.	  	Date of Establishment:	    	February 11, 1999
			
	4.	  	Place of Incorporation:	    	PRC
			
	5.	  	Registered Capital:	    	RMB 1,000,000.00
			
	6.	  	Legal Representative:	    	XU Dong (

)
	
	New Noah
			
	1.	  	Type of Entity:	    	PRC limited liability company
			
	2.	  	Legal Address:	    	

			
	3.	  	Date of Establishment:	    	November 23, 2003
			
	4.	  	Place of Incorporation:	    	PRC
			
	5.	  	Registered Capital:	    	RMB 10,000,000.00
			
	6.	  	Legal Representative:	    	XU Dong (

)

  

 35 

 SCHEDULE 3 
 PART 1 
 BVI EXISTING SHAREHOLDERS 
 Names 
  

	1.	XU Dong (

): 

 Passport Number: G01452308 
 Address: No. A4-4A, Cuihai Garden, Lianhua West Road, Futian District, Shenzhen City, PRC 
  

	2.	TANG Benguo (

) 

 Passport Number: G04339504 
 Address: No. 2-2-2B, Xinghaimingcheng, Nanshan District, Shenzhen City, PRC 
  

	3.	WANG Xiaotong (

) 

 Passport Number: G04327510 
 Address: No. A32A, Cuihai Garden, Zhuzilin, Futian District, Shenzhen City, PRC 
  

	4.	MA Li (

) 

 Passport Number: PCHN 149754271 
 Address: No. 1A, Shun Yuan Villa, Sichuan Province, PRC 
 PART 2 
 REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS 
 Each of the Warrantors hereof jointly and severally represents and warrants to the Preference Shareholders that, except as set forth in the Schedule of Exceptions
(“Schedule of Exceptions”) attached to this Agreement as Exhibit A (which Schedule of Exceptions shall be deemed to be representations and warranties to the Preference Shareholders) or otherwise disclosed to the Preference
Shareholders, the statements in this Schedule 3 are all true, correct and complete. 
 In this Schedule, any reference to a party’s
“knowledge” means such party’s actual knowledge after due and diligent inquiries of officers, directors, and other employees of such party reasonably believed to have knowledge of the matter in question. 
  

 36 

	1.	Organization, Good Standing and Qualification. Save as disclosed to Baring, each member of Group Company is duly organized, validly existing and in good standing under, and
by virtue of, the laws of the place of its incorporation or establishment and has all requisite power and authority to own its properties and assets and to carry on its business as now conducted and as presently proposed to be conducted (including
without limitation the Business). Each member of Group Company is qualified to do business and is in good standing in each jurisdiction where failure to be so qualified would have a material adverse effect on its financial condition, business,
prospects or operations. No order has been made or petition presented or resolution passed for the winding up, liquidation or dissolution of any Group Company and no distress, execution or other process has been levied on any Group Company’s
assets. 

  

	2.	Capitalization. The information set out in Schedules 1 and 2 and in the Capitalization Table of the Company attached hereto as Exhibit B is true, correct and complete.
Except as set out therein, (a) there are no options, warrants, conversion privileges or other rights, or agreements with respect to the issuance thereof, presently outstanding to purchase or be issued or allotted with any of the shares of the
Company and (b) no unissued shares (including any unissued Series A Preference Shares, and the Warrants Shares) of the Company, or shares issuable upon exercise or exchange of any outstanding options or other shares issuable by the Company, are
subject to any rights of first refusal or other rights to purchase such shares (whether in favour of the Company or any other person), pursuant to any agreement or commitment of the Company. 

  

	3.	Subsidiaries. Except for its ownership of the entire registered capital of WFOE, the Company does not presently own or control, directly or indirectly, any interest in any
other corporation, partnership, trust, joint venture, association, or other entity, on or before Completion. Except for those disclosed to Baring or its counsel, NOAH does not presently own or control, directly or indirectly, any interest in any
other corporation, partnership, trust, joint venture, association, or other entity, on or before Completion. 

  

	4.	Due Authorization. All corporate action on the part of each of the Group Company, and its officers, directors and shareholders necessary for the authorization, execution and
delivery of, and the performance of all obligations of the Company under this Agreement and the Shareholders’ Agreement has been taken or will be taken prior to the Completion. Each of this Agreement and the Shareholders’ Agreement is a
valid and binding obligation of the parties thereto enforceable in accordance with its terms, subject, as to enforcement of remedies, to applicable bankruptcy, insolvency, moratorium, reorganization and similar laws affecting creditors’ rights
generally and to general equitable principles. The Series A Preference Shares are not subject to any preemptive rights or rights of first refusal (other than as provided in the Shareholders’ Agreement). 

  

	5.	Valid Issuance of Series A Preference Shares and Warrants. 

  

 37 

	 	(a)	The Series A Preference Shares and the Warrants, when issued and delivered in accordance with the terms of this Agreement, will be duly and validly issued and (in the case of the
Series A Preference Shares) fully paid and non assessable. The Conversion Shares have been duly and validly reserved for issuance and, upon issuance in accordance with the terms of the Memorandum and Articles of Association, will be duly and validly
issued, fully paid and non assessable. 

  

	 	(b)	The issued share capital of the Company are duly and validly issued, fully paid and non assessable, and such issued share capital, and all other issued shares, options and other
securities of the Company have been issued in full compliance with the requirements of all applicable laws and regulations and all other provisions of applicable securities laws and regulations. 

  

	6.	Liabilities. Prior to and upon the Completion, there are no liabilities or obligations (including without limitation liabilities under guarantees or indemnities or other
contingent liabilities) which have been assumed or incurred, or agreed to be assumed or incurred, by any Group Company. No Group Company is a party to or is liable (including, without limitation, contingently) under any guarantee, indemnity or other
agreement to secure or incur a financial or other obligation with respect to another person’s obligation. No Group Company has any indebtedness for borrowed money that it has directly or indirectly created, incurred, assumed, or guaranteed, or
for which any of them has otherwise become directly or indirectly liable. 

  

	7.	Title to Properties and Assets. 

  

	 	(a)	Properties Assets. Each of the Group Companies has good and marketable title to its properties and assets owned by it (“Proprietary Assets”) held in each
case subject to no mortgage, pledge, lien, encumbrance, security interest or charge of any kind. With respect to the property and assets it leases, each of the Group Companies is in compliance with such leases and the Group Companies hold valid
leasehold interests in such assets free of any liens, encumbrances, security interests or claims of any party other than the lessors of such property and assets. Specifically in connection with the NOAH, it does not own any assets or control any
interests in other business or entity, except for the stipulations in Schedule 9 (“Assets List”). 

  

	 	(b)	Intellectual Properties. Except for the Properties Assets stipulated in Schedule 9, neither the Noah Industrial nor New Noah nor their respective subsidiary or affiliate owns
any Intellectual Properties which has not been disclosed to parties hereof. 

  

	8.	Status of Proprietary Assets. 

  

	 	(a)	 Ownership. Each of the Group Companies has full title and ownership of, or has license to, all assets necessary to enable it to carry on the Business without

  

 38 

	 	 
any conflict with or infringement of the rights of others. To the best knowledge of the Warrantors, no third party has any ownership right, title, interest,
claim in or lien on any of the Group Companies’ Proprietary Assets (including the Intellectual Property). Each Group Company has taken all steps reasonably necessary to preserve its legal rights in, and the secrecy of, all its Proprietary
Assets, except those for which disclosure is required for legitimate business or legal reasons. 

  

	 	(b)	Licenses; Other Agreements. No Group Company has granted, and there are not outstanding, any options or licenses of any kind relating to any of its Proprietary Assets
(including the Intellectual Properties), nor is any Group Company bound by or a party to any option or license of any kind with respect to any of its Proprietary Assets. No Group Company is obligated to pay any royalties or other payments to third
parties with respect to the marketing, sale, distribution, manufacture, license or use of any Proprietary Asset or any other property or rights except as disclosed. 

  

	 	(c)	No Infringement. The Intellectual Property rights (including any software) used or developed or to be used or developed by any Group Company do not, and are not likely to,
infringe any Intellectual Property right of any other person, and all licences to any Group Company in respect of any such Intellectual Property rights are in full force and effect and no party to an agreement relating to the use by a Group Company
of Intellectual Property rights of another person is, or has at any time been, in breach of that agreement. None of the Intellectual Property registered or alleged to be owned by any Group Company has been wrongfully or unlawfully acquired by any
Group Company. All the Intellectual Property registered or owned by any Group Company and the validity or subsistence of any Group Company’s right, title and interest therein, is not the subject of any current, pending or threatened
challenge, claim or proceedings, including without limitation opposition, cancellation, revocation or rectification, and has not during the period of one year prior to Completion been the subject of any challenge, claim or proceeding, and there are
no facts or matters which might give rise to any such challenge, claim or proceedings. 

  

	 	(d)	 No Breach by Employee. No employee or consultant of any Group Company is obligated under any agreement (including licenses, covenants or commitments of any
nature) or subject to any judgment, decree or order of any court or administrative agency, or any other restriction that would interfere with the use of his or her best efforts to carry out his or her duties for such Group Company or to promote the
interests of such Group Company or that would conflict with its business as proposed to be conducted. To the best knowledge of the Warrantors, the carrying on of each Group Company’s business by the employees and contractors of such Group
Company and the conduct of its business as presently proposed, does not conflict with or result in a breach of the terms, conditions or provisions of, or constitute a default under, 

  

 39 

	 	 
any contract, covenant or instrument under which any of such employees or contractors of such Group Company is now obligated. To the best knowledge of the
Warrantors, at no time during the conception of or reduction of any of the Group Companies’ Intellectual Property to practice was any developer, inventor or other contributor to such Intellectual Property operating under any grants from any
governmental entity or agency or private source, performing research sponsored by any governmental entity or agency or private source or subject to any employment agreement or invention assignment or nondisclosure agreement or other obligation with
any third party that could adversely affect any Group Company’s rights in such Intellectual Property. 

  

	 	(e)	Computer System. None of the records, systems, data or information of a Group Company is recorded, stored, maintained, operated or otherwise wholly or partly dependent on or
held (including, without limitation, an electronic, mechanical or photographic process computerised or not) which are not under the exclusive ownership and direct control of Group Company. 

  

	 	(f)	No Disclosure. To its reasonable knowledge, no Group Company has (otherwise than in the ordinary and normal course of business) disclosed, or permitted to be disclosed, or
undertaken or arranged to disclose, to any person other than Baring any of its know-how, trade secrets, confidential information, price lists or lists of customers or suppliers. 

  

	 	(g)	Protective Measures. Each Group Company has taken reasonable and appropriate steps to keep confidential material technical information developed by or belonging to it, which
has not been patented or copyrighted. Each Group Company has taken commercially reasonable steps to preserve and protect all Intellectual Property rights registered or owned by it, including without limitation registration and the full payment
of all renewal fees for the registration of such Intellectual Property. 

  

	9.	Material Contracts and Obligations. All agreements, contracts, leases, licenses, instruments, commitments (oral or written), indebtedness, liabilities and other obligations
to which any Group Company is a party or by which it is bound that are (i) material and related to the conduct and operations of its business and properties; (ii) material and involve any of the officers, consultants, directors, employees
or shareholders of any Group Company; or (iii) obligate any Group Company to share, license or develop any product or technology have been made available for inspection by Baring and its counsel. For purposes of this Section 9,
“material” shall mean any agreement, contract, indebtedness, liability, arrangement or other obligation either: (i) having an aggregate value, cost or amount in excess of US$50,000 within a 12 month period or (ii) not
terminable upon ninety (90) days’ notice without incurring any penalty or obligation. 

  

	10.	 Litigation. There is no action, suit, proceeding, claim, arbitration or investigation (“Action”) pending (or, to the best knowledge of the
Warrantors currently threatened) 

  

 40 

	 	 
against any of the Group Companies, any Group Company’s activities, properties or assets or, to the best of the Warrantor’s knowledge, against any
officer, director or employee of any Group Company in connection with such officer’s, director’s or employee’s relationship with, or actions taken on behalf of any Group Company. To the best knowledge of the Warrantors, there is no
factual or legal basis for any such Action that might result, individually or in the aggregate, in any material adverse change in the business, properties, assets, financial condition, affairs or prospects of any Group Company. By way of example but
not by way of limitation, there are no Actions pending or, to the best knowledge of the Warrantors, threatened (or any basis therefor) relating to the prior employment of any Group Company’s employees or consultants, their use in connection
with the Group Company’s business of any information, technology or techniques allegedly proprietary to any of their former employers, clients or other parties, or their obligations under any agreements with prior employers, clients or other
parties. No Group Company is a party to or subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality and there is no Action by any Group Company currently pending or which it
intends to initiate. 

  

	11.	Governmental Consents. All consents, approvals, orders, authorizations or registrations, qualifications, designations, declarations or filings with any governmental authority
(“Governmental Authorizations”) on the part of each Group Company required in connection with the consummation of the transactions contemplated herein and for the conduct and operation of the Business shall have been obtained prior
to and be effective as of the Completion. 

  

	12.	Compliance with Other Instruments. None of the Group Companies is in any violation, breach or default of any term of its constitutional documents which may include, as
applicable, memoranda and articles of association, feasibility studies and the like (the “Constitutional Documents”), or in any material respect of any term or provision of any mortgage, indenture, contract, agreement or instrument
to which the Group Company is a party or by which it may be bound (the “Group Company Contracts”) or of any provision of any judgment, decree, order, statute, rule or regulation applicable to or binding upon any Group Company. The
execution, delivery and performance of and compliance with this Agreement and the consummation of the transactions contemplated hereby does not result in any such violation, breach or default, or be in conflict with or constitute, with or without
the passage of time or the giving of notice or both, either a default under any Group Company’s Constitutional Documents, or any Group Company Contract or a violation of any statutes, laws, regulations or orders, or an event which results in
the creation of any lien, charge or encumbrance upon any asset of any Group Company. 

  

	13.	 Disclosure. The Group Company has fully provided Baring and its advisers in this deal with all the information that Baring has reasonably requested in
writing for deciding whether to subscribe for the Series A Preference Shares and the Warrants. No representation or warranty in this Agreement or in due diligence investigation or in any oral or written statement or certificate furnished or to be
furnished by the Group 

  

 41 

	 	 
Company to Baring pursuant to this Agreement contains or will contain any untrue statement of a material fact or omits or will omit to state any material
fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances in which they are made, not misleading. 

  

	14.	Registration Rights. Except as provided in the Shareholders’ Agreement, the Company has not granted or agreed to grant any person or entity any registration rights
(including piggyback registration rights). 

  

	15.	Insurance. Each of the Group Companies has obtained, or will obtain (within fifteen (15) days of Completion) fire and casualty insurance policies with extended coverage,
sufficient in amount (subject to reasonable deductibles) to allow it to replace any of its properties that might be damaged or destroyed. 

  

	16.	Financial Statements. Exhibit C sets forth an un-audited consolidated balance sheet of each of the Group Company dated June 30, 2004 (the “Balance Sheet
Date”) and an unaudited consolidated income statement for the period ended June 30, 2004 (all such financial statements being collectively referred to herein as the “Financial Statements”). Such Financial Statements
(a) are in accordance with the books and records of the Group Companies, (b) are true, correct and complete and present fairly the financial condition of the Group Companies at the date or dates therein indicated and the results of
operations for the period or periods therein specified, and (c) have been prepared in accordance with generally accepted accounting principles applied on a consistent basis and for purposes of facilitating the management. Specifically, but not
by way of limitation, the respective balance sheets of the Financial Statements disclose all of the Group Companies’ material debts, liabilities and obligations of any nature, whether due or to become due, as of their respective dates
(including, without limitation, absolute liabilities, accrued liabilities, disputed liabilities and contingent liabilities) to the extent such debts, liabilities and obligations are required to be disclosed in accordance with generally accepted
accounting principles. Each Group Company has good and marketable title to all assets set forth on the balance sheet of the Financial Statements, except for such assets as have been spent, sold or transferred in the ordinary course of business since
their respective dates. 

  

	17.	Certain Actions. Since the Balance Sheet Date, no Group Company has: (a) declared or paid any dividends, or authorized or made any distribution upon or with respect to
any class or series of its capital share or any other equity interest; (b) incurred any indebtedness for money borrowed or incurred any other liabilities individually in excess of US$50,000 or in excess of US$100,000 in the aggregate;
(c) made any loans or advances to any person, other than ordinary advances for travel expenses; (d) sold, exchanged or otherwise disposed of any material assets or rights other than in the ordinary course of its business; or
(e) entered into any transactions with any of its officers, directors or employees or any entity controlled by any of such individuals. 

  

	18.	Activities Since Balance Sheet Date. Since the Balance Sheet Date, with respect to each Group Company, except for the activities stipulated in Restructure Memorandum there
has not been: 

  

	 	(a)	to the best knowledge of the Warrantors, any damage, destruction or loss, whether or not covered by insurance, materially and adversely affecting the assets, properties, financial
condition, operating results, prospects or business of the company (as presently conducted and as presently proposed to be conducted); 

  

 42 

	 	(b)	any waiver by the company of a valuable right or of a material debt owed to it; 

  

	 	(c)	any satisfaction or discharge of any lien, claim or encumbrance or payment of any obligation by the company, except such satisfaction, discharge or payment made in the ordinary
course of business that is not material to the assets, properties, financial condition, operating results or business of the company; 

  

	 	(d)	any material change or amendment to a material contract or arrangement by which such Group Company or any of its assets or properties is bound or subject, except for changes or
amendments which are expressly provided for or disclosed in this Agreement; 

  

	 	(e)	any material change in any compensation arrangement or agreement with any present or prospective employee, contractor or director not approved by the directors;

  

	 	(f)	any resignation or termination of any key officers; 

  

	 	(g)	any declaration or payment of any dividend or other distribution of the assets; 

  

	 	(h)	any sale, assignment or transfer of any Proprietary Assets or other intangible assets of the company other than in the ordinary and usual course of the Business;

  

	 	(i)	any debt, obligation, or liability incurred, assumed or guaranteed by the company, except those for immaterial amounts and for current liabilities incurred in the ordinary course of
business; or 

  

	 	(j)	any other event or condition of any character which would materially and adversely affect the assets, properties, financial condition, operating results or business of the company.

  

	19.	Tax Matters. Prior to and upon the Completion, no Group Company has any tax liabilities from tax-related outstanding litigation, or administrative penalty. The provisions for
taxes in the Financial Statements are sufficient for the payment of all accrued and unpaid applicable taxes of the Group Companies, whether or not assessed or disputed as of the date of such balance sheet. There have been no examinations or audits
of any tax returns or reports by any applicable governmental agency. Each Group Company has duly filed all tax returns required to have been filed by it and paid all taxes shown to be due on such returns. There are in effect no waivers of applicable
statutes of limitations with respect to taxes for any year. 

  

 43 

	20.	Environmental Compliance 

  

	 	(a)	Each of the Group Companies is in full compliance with the Environmental Laws (as defined below), which compliance includes, but is not limited to, the possession by each Group
Company of all permits and other government authorizations required under applicable Environmental Laws and compliance with the terms and conditions thereof. No Group Company has received any communication (written or oral), whether from a
governmental authority, citizens group, employee, or otherwise, that alleges that it is not in such full compliance and, to the best knowledge of the Warrantors, there are no circumstances that may prevent or interfere with such full compliance in
the future. 

  

	 	(b)	To the best knowledge of the Warrantors, there is no Environmental Claim (as defined below) pending or threatened against any Group Company or any person or entity whose liability
for an Environmental Claim a Group Company has retained or assumed either contractually or by operation of law. 

  

	 	(c)	To the best knowledge of the Warrantors, there are no past or present actions, activities, circumstances, conditions, events, or incidents, including, without limitation, the
release, emission, discharge, presence, or disposal of any Materials of Environmental Concern (as defined below), that could form the basis of any Environmental Claim against any Group Company or any person or entity whose liability for any
Environmental Claim a Group Company has retained or assumed either contractually or by operation of law. 

 In
this Schedule: 
 “Environmental Claim” means any claim, action, cause of action, investigation, or notice (written or oral)
by any person or entity alleging potential liability (including, without limitation, potential liability for investigatory costs, cleanup costs, governmental response costs, natural resources damages, property damages, personal injuries, or
penalties) arising out of, based on, or resulting from: (i) the presence, or release into the environmental, of any Material of Environmental Concern at any location, whether or not owned or operated by any party; or (ii) circumstances
forming the basis of any violation, or alleged violation, of any Environmental Law; 
 “Environmental Laws” means all laws
and regulations of any jurisdiction relating to pollution or protection of human health or the environment (including, without limitation, ambient air, surface water, ground water, land surface, or subsurface strata), including, without limitation,
laws and regulations relating to emissions, discharges, releases or threatened releases of 

  

 44 

 
Materials of Environmental Concern, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or
handling of Materials of Environmental Concern; 
 “Materials of Environmental Concern” means chemicals, pollutants,
contaminants, wastes, toxic substances, hazardous substances, petroleum, and petroleum products. 
  

	21.	Related Party Matters. 

  

	 	(a)	Related Party Transactions. No officer or director of any Group Company or any Associate of any such person has, either directly or indirectly, a material interest in:
(a) any person or entity which purchases from or sells, licenses or furnishes to a Group Company any goods, property, technology, intellectual or other property rights or services; or (b) any contract or agreement (other than his or her
employment or service agreement with any Group Company) to which any Group Company is a party or by which it may be bound or affected. No officer or director of any Group Company or any Associate of any such person has any employment or service
agreement with any Group Company which provides for an annual remuneration of more than US$100,000.00 per annum. 

  

	 	(b)	No Competing Business Interest. The Warrantors or their respective Associate do not have any rights or interests, directly or indirectly, in any businesses other than those
now carried on by any Group Company and their respective subsidiaries which are or are likely to be, or become, competitive with the businesses of the Group Company and in respect of which any such person, with its Associates, holds, and is
beneficially interested in, less than 5% of any securities in that company. 

  

	22.	Share Restriction Agreements. Each person who, pursuant to any benefit, bonus or incentive plan of any Group Company, holds any issued Ordinary Shares or other securities of
any Group Company or any option, warrant or right to acquire such shares or other securities, has entered into or is otherwise bound by, an agreement granting the relevant Group Company (a) the right to repurchase the shares for the original
purchase price, or to cancel the option, warrant or right, in the event the holder’s employment or services with the relevant Group Company terminate for any reason, subject to release of such repurchase or cancellation right on terms and
conditions specified by the relevant Group Company, and (b) a right of first refusal with respect to all such shares. The Company has furnished to Baring true and complete copies of the forms of all such share restriction agreements.

  

	23.	Power of Attorney. None of the Group Companies has granted any power of attorney or similar power or authorization to any person (including any director or shareholder).

  

 45 

	24.	Compliance with Law 

  

	 	(a)	To the reasonable knowledge of the Warrantors, none of the Group Companies nor any of their respective directors, employees, officers, consultants or agents has committed any
criminal offence or any breach of the requirements or conditions of any statute, treaty, legislation, regulation, bye-law or other obligation relating to any Group Company or the carrying on of each Group Company’s business. Each Group Company
has obtained all approvals, licenses, registrations, and consents necessary to own its assets and for the carrying on of its business as it now carries on and all such approvals, licenses, registrations and consents are valid and subsisting.

  

	 	(b)	No Group Company is the subject of any investigation or inquiry by any governmental or regulatory bodies and to the best knowledge of the Warrantors there are no facts which are
likely to give rise to such investigation or inquiry. 

  

	25.	NOAH. Without prejudice to the generality of the foregoing Warranties and the Warranties in this Agreement: 

  

	 	(a)	Each of the NOAH does not carry on, and has never carried on, any business other than the business disclosed to Baring and its counsel. 

  

	 	(b)	None of the NOAH has any indebtedness for borrowed money that it has directly or indirectly created, incurred, assumed, or guaranteed, or which any of them has otherwise become
directly or indirectly liable. 

  

	 	(c)	Each of the NOAH has full title and ownership of, has licence to, all assets necessary to enable it to carry on the business without any conflict with or infringement of the rights
of others. 

  

	 	(d)	No order has been made or petition presented or resolution passed for the liquation, de-registration and winding up of any of the NOAH and no distress, execution or other process
has been levied on any of the NOAH. 

  

	 	(e)	All requisite formalities in respect of the importation and acquisition of the machinery, equipment, parts, tools, materials and other assets by the WFOE, in particular the assets
of the Noah Industrial’s acquired or to be acquired by the WFOE from Noah Industrial pursuant to the Assets Transfer Agreements, have been and will be in compliance with the relevant PRC laws and regulations. 

  

	 	(f)	All assets of Noah Industrial acquired or to be acquired by the WFOE pursuant to the Assets Transfer Agreements will be validly transferred and acquired, and the transfer will be
valid and enforceable under PRC laws. None of the assets acquired or to be acquired are subject to the supervision or control of the PRC customs authorities. 

  

 46 

	 	(g)	All assets acquired pursuant to the Assets Transfer Agreements are free from all charges, liens, encumbrances, equities, or other third party rights, claims and interests and the
right, title and ownership therein have been duly vested in the WFOE. 

  

	 	(h)	The WFOE and the NOAH have full power, authority and legal right to enter into, execute and perform their respective obligations under the Assets Transfer Agreements and such
obligations constitute valid, legal and binding obligations enforceable against each of them in accordance with their respective terms and the transfer of the assets pursuant to the Assets Transfer Agreements have been and will be legally,
effectively and validly effected in accordance with the terms of the Assets Transfer Agreements. All governmental authorisations, approvals, consents, filings and registrations under the PRC laws for the transfer of the assets pursuant to the
Assets Transfer Agreements have been issued, obtained and made and all such authorisations, approvals, consents, filings and registrations are subsisting and in full force and effect. The transfer of such assets does not require any valuation
to be done and there are no requirements under PRC laws to report, clear or file any valuation with the State-Owned Assets Bureau or its local authorities. 

  

	 	(i)	The Warrantors hereby jointly and severally undertake to procure that Noah Industrial shall not carry on any further business upon completion of the Assets Transfer Agreements
(other than those which are necessary for the collection of any of its outstanding account receivables from its customers and maintaining its production enterprise status) and shall forthwith procure New Noah to be converted into WFOE 1 as
this Agreement stipulated. 

  

	26.	WFOE. 

  

	 	(a)	The documents relating to the establishment of the WFOE are valid and have been duly approved or issued (as applicable) by relevant and competent PRC authorities.

  

	 	(b)	All Consents requisite under PRC laws for the due and proper establishment and operation of the WFOE and the carrying on of the Business by the WFOE have been duly obtained from the
relevant and competent PRC authorities and are in full force and effect. 

  

	 	(c)	All filings and registrations with the relevant PRC authorities required in respect of the WFOE, including but not limited to the registrations with the Ministry of Commerce, the
State Administration for Industry and Commerce, the State Administration for Foreign Exchange or their respective local authorities, tax bureau and customs authorities and product registration authorities (if required) have been duly completed in
accordance with the relevant rules and regulations. 

  

 47 

	 	(d)	The WFOE shall conduct the Business within the permitted scope of its business licence and operate the Business in full compliance with all relevant legal requirements, including
without limitation, manufacturing, processing and/or distributing products and services with all requisite licenses, permits and approvals granted by competent PRC authorities. 

  

	 	(e)	All applicable laws and regulations with respect to the opening and operation of foreign exchange accounts and foreign exchange activities of the WFOE, including, where applicable,
the registration of foreign exchange laws, have been fully complied with, and all requisite approvals from the State Administration of Foreign Exchange in relation thereto have been duly obtained. 

  

	 	(f)	With regard to employment and staff or labour management, the WFOE has complied with all applicable PRC laws and regulations, including without limitation, laws and regulations
pertaining to welfare funds, social benefits, medical benefits, insurance, retirement benefits, pensions or the like. 

  

 48 

 SCHEDULE 4 
 FORM OF APPLICATION FOR SHARES 
  

			
	To:	  	Noah Technology Holdings Ltd.
		
	From:	  	[                            ]
		
	Date:	  	

 Dear Sirs, 
 Application for shares 
 We hereby apply for the allotment and issue of the following number of Series A Preference
Shares of your Company at the aggregate subscription price of [US$15milion/1milion]: 
  

					
	No. of Series A Preference Share:	 		 	[3,057,170.00 / 203,811.00]

 We agree to take the above Series A Preference Shares subject to the Memorandum and Articles of
Association of your company and we authorize you to enter our name in the register of members as holder of the above shares. 
 Yours
faithfully, 
  

 49 

 SCHEDULE 5 
 ADDRESSES AND FAX NUMBERS FOR NOTIFICATIONS 
  

					
	1.	  	Baring Asia II Holdings (22) Limited
			
		  	Address:	  	P.O. Box 431
		  		  	13-15 Victoria Road, St Peter Port
		  		  	Guernsey
		  		  	Channel Islands
		  		  	GY1 3ZD
		  		  	United Kingdom
			
		  		  	Attn : Ms. Connie Helyar
			
		  	Fax No.:	  	(44) 148-1715-219
			
		  		  	c.c. Baring Private Equity Partners (HK) Ltd.
		  		  	39th Floor, One International Finance Centre
		  		  	1 Harbour View Street
		  		  	Central
		  		  	Hong Kong
			
		  		  	Attn : Ms. Kathy Xu
			
		  	Fax No.:	  	(852) 2843 9372
		
	2.	  	Alpha Century Assets Limited:
			
		  	Address:	  	15A, Block One, Dynasty Court, 23rd, Old Peak Road, Hong Kong
			
		  		  	Attn: Ms. WONG Sinfung
			
		  	Fax No.:	  	(00852)-28105546
		
	3.	  	Noah Technology Holding Limited
			
		  	Address:	  	

			
		  		  	Attn : Mr. XU Dong
			
		  	Fax No.:	  	(86755)-83432793

  

 50 

					
	4.	  	Jointly Gold Technologies Limited
			
		  	Address:	  	

			
		  		  	Attn : Mr. XU Dong
			
		  	Fax No.:	  	(86755)-83432793
		
	5.	  	First Win Technologies Limited
			
		  	Address:	  	

			
		  		  	Attn : Mr. TANG Benguo
			
		  	Fax No.:	  	(86755)-83432793
		
	6.	  	Global Wise Technologies Limited
			
		  	Address:	  	

			
		  		  	Attn : Mr. WANG Xiaotong
			
		  	Fax No.:	  	(86755)-83432793
		
	7.	  	Gallop Jumbo International Limited
			
		  	Address:	  	

			
		  		  	Attn : Mr. MA Li
			
		  	Fax No.:	  	(86-28)-87749469
		
	8.	  	Dynamic View Investments Limited
			
		  	Address:	  	

			
		  		  	Attn : Mr. XIAO Xianquan
			
		  	Fax No.:	  	(86755)-83432793
		
	9.	  	Shenzhen Noah Industrial Co., Ltd.:

  

 51 

					
		  	Address:	  	

			
		  		  	Attn: Mr. XU Dong
			
		  	Fax No.:	  	(86755)-83432793
		
	10.	  	Shenzhen New Noah Technology Co., Ltd.:
			
		  	Address:	  	

			
		  		  	Attn: Mr. XU Dong
			
		  	Fax No.:	  	(86755)-83432793
		
	11.	  	XU Dong:
			
		  	Address:	  	

			
		  		  	Attn: Mr. XU Dong
			
		  	Fax No.:	  	(86755)-83432793
		
	12.	  	TANG Benguo:
			
		  	Address:	  	

			
		  		  	Attn: Mr. TANG Benguo
			
		  	Fax No.:	  	(86755)-83432793
		
	13.	  	WANG Xiaotong
			
		  	Address:	  	

			
		  		  	Attn : Mr. Wang Xiaotong
			
		  	Fax No.:	  	(86755)-83432793
		
	14.	  	MA Li
			
		  	Address:	  	

			
		  		  	Attn : Mr. Ma Li
			
		  	Fax No.:	  	(86-28)-87749469

  

 52 

 SCHEDULE 6 
 SHAREHOLDERS’ AGREEMENT 
 DATED 04/19, 2004 
  

			
		
	(1)	  	PERSONS NAMED IN PART A OF SCHEDULE 3
		
	(2)	  	BARING ASIA II HOLDINGS ([22]) LIMITED
		
	(3)	  	Alpha Century Assets Limited
		
	(4)	  	Noah Technology Holdings Ltd.
		
	(5)	  	Jointly Gold Technologies Limited
		
	(6)	  	First Win Technologies Limited
		
	(7)	  	Global Wise Technologies Limited
		
	(8)	  	Gallop Jumbo International Limited
		
	(9)	  	Dynamic View Investments Limited

  

 SHAREHOLDERS’ AGREEMENT 
 relating to 
 Noah Technology Holdings Ltd. 
  

  

 53 

 SHAREHOLDERS’ AGREEMENT 
 DATED 04/19/2004 
 BETWEEN: 
  

	(1)	THE PERSONS WHOSE NAMES AND ADDRESSES ARE SET OUT IN PART A OF SCHEDULE 3 (“BVI Existing Shareholders”); 

  

	(2)	BARING ASIA II HOLDINGS (22) LIMITED, a company incorporated in the British Virgin Islands with its principal place of business at P.O. Box 431, 13-15 Victoria Road, St.
Peter Port, Guernsey, Channel Islands, GY1 3ZD, United Kingdom (“Baring”); 

  

	(3)	Alpha Century Assets Limited, a company incorporated in the British Virgin Islands with its registration address at P.O. Box 957, Offshore Incorporation Centre Road Town,
Tortola, British Virgin Islands ( “INVESTOR”); 

  

	(4)	Jointly Gold Technologies Limited, a company incorporated in the British Virgin Islands with its registered office at Akara Bldg., 24 Decastro Street, Wickhams Cay I, Road
Town, Tortola, British Virgin Islands; (“BVI 1”) 

  

	(5)	First Win Technologies Limited, a company incorporated in the British Virgin Islands with its registered office at Akara Bldg., 24 Decastro Street, Wickhams Cay I, Road Town,
Tortola, British Virgin Islands; (“BVI 2”) 

  

	(6)	Global Wise Technologies Limited, a company incorporated in the British Virgin Islands with its registered office at Akara Bldg., 24 Decastro Street, Wickhams Cay I, Road
Town, Tortola, British Virgin Islands; (“BVI 3”) 

  

	(7)	Gallop Jumbo International Limited, a company incorporated in the British Virgin Islands with its registered office at Akara Bldg., 24 Decastro Street, Wickhams Cay I, Road
Town, Tortola, British Virgin Islands; (“BVI 4”) 

  

	(8)	Dynamic View Investments Limited, a company incorporated in the British Virgin Islands by Key Employees of the Group Company, with its registered office at Akara Bldg., 24
Decastro Street, Wickhams Cay I, Road Town, Tortola, British Virgin Islands; (“BVI 5”) 

 BVI 1, BVI 2, BVI 3,
BVI 4 and BVI 5 hereinafter (“BVI”); and 
  

	(9)	Noah Technology Holding Limited, a company incorporated in Cayman Islands with its registered office at the offices of Walkers SPV Limited, Walker House, Mary Street, PO Box
908GT, George Town, Grand Cayman, Cayman Islands (“Company”). 

  

 54 

 WHEREAS: 
  

	(A)	Subject to and upon the completion of the Share Subscription Agreement, Baring shall become the holder of Series A Preference Shares of par value of US$0.0001 each in the
Company. 

  

	(B)	The rights and privileges of the Series A Preference Shareholders are set out in the written resolutions of the shareholders of the Company in the form of Schedule 1.

  

	(C)	This Agreement is entered into by the parties hereto for the purposes of regulating the business, affairs and management of the Group Companies as from completion of the
Subscription Agreement. 

 NOW IT IS HEREBY AGREED as follows: 
  

	1.	INTERPRETATION 

  

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

 “Articles” 
 the Articles
of Association of the Company, as amended from time to time; 
 “Associate” 
  

	 	(i)	as to any body corporate, any other body corporate, unincorporated entity or person directly or indirectly Controlling, directly or indirectly Controlled by or under direct or
indirect common Control with, such body corporate; and 

  

	 	(ii)	as to any individual, his spouse, or legitimate child; 

 “BAPE Group” 
 Baring Asia Private Equity Fund B.V., its wholly owned subsidiaries, and wholly owned investment
vehicles and funds solely managed by Baring Private Equity Partners Group, its holding company or any company which is a wholly owned subsidiary, associated or affiliated company of Baring Private Equity Partners Group or its holding company;

 “Board” 
 the board of Directors for the time being of the Company; 
  

 55 

 “Business Day” 
 a day, excluding Saturdays, on which banks in Hong Kong are open for business throughout their normal business hours; 
 “Control” 
 in relation to
a body corporate, the power of a person directly or indirectly to secure that the affairs of such body corporate are conducted in accordance with the wishes of that person: 
  

	 	(i)	by means of the holding of shares or the possession of voting power (either at shareholder level or director level) in or in relation to that or any other body corporate; or

  

	 	(ii)	by virtue of any powers conferred by the memorandum and articles of association or by-laws or other similar documents regulating that or any other body corporate;

 “Director” 
 any director for the time being of the Company and where applicable, any alternate director; 
 “Dispose” 
 to make or to effect any sale, assignment, exchange, transfer, or to grant any option, right of first
refusal or other right or interest whatsoever or to enter into agreement for any of the same and the expression “Disposal” shall be construed accordingly; 
 “Encumbrance” 
 any
mortgage, charge, pledge, lien (otherwise than arising by statute or operation of law), hypothecation, equities, adverse claims, or other encumbrance, priority or security interest, over or in any property, assets or rights of whatsoever nature or
interest or any agreement for any of the same and the expression “Encumber” shall be construed accordingly; 
 “ESOP” 
 any equity incentive plan adopted by any Group Company from time to time in relation to the grant or
issue of stock options to its employees, officers, directors, consultants and/or other eligible persons; 
 “ESOP Share” 

 any Ordinary Share granted pursuant to stock options under ESOP; 
 “Group Companies” 
 the
Company and its Subsidiaries from time to time and the expression “Group” shall be construed accordingly; a list of the Group Companies in this Shareholders’ Agreement as at the date hereof is set out in Schedule 2; 

 

 56 

 “Hong Kong” 
 the Hong Kong Special Administrative Region of the PRC; 
 “IPO” 
 has the meaning ascribed to it in Clause 15; 
 “Liquidation Event” 
 any
liquidation, winding up or dissolution of any Group Company, or any Sale Event, or any initial public offering of Securities in the Company which is not a Qualified IPO; for the avoidance of doubt, a Qualified IPO is not a Liquidation Event;

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

a holder of any Ordinary Share other than the ESOP Share; 
 “Original Contribution” 
 the Preference Shareholders’ original capital contribution
of US$16,000,000.00 for 3,260,981.00 Series A Preference Shares in the Company; 
 “PRC” or “China” 
 the People’s Republic of China; 
 “Preference Shareholder(s)” 
 holder(s) of Series A Preference Shares; 
 “Qualified IPO” 
 a fully
underwritten IPO in the United States of America pursuant to an effective registration under the Securities Act or on a reputable stock exchange in London, Hong Kong, Singapore or such reputable stock exchange as may be determined by the Company,
with gross proceeds to the Company of not less than US$50 million; 
 “Sale Event” 
 any trade sale, merger, acquisition, reorganisation or other transaction involving any Group Company in which the original shareholders do not retain a
majority of the voting power in the surviving entity, or any change in the control, or a sale of all or substantially all of the assets or business of any Group Company; 
 “SEC” 
 Securities and Exchange Commission of the United States of America, or any other
federal agency for the time being administering the Securities Act; 
  

 57 

 “Securities” 
 any shares, stocks, debentures, funds, bonds, notes or any rights, warrants, options or interests in respect of any of the foregoing or any other
derivatives or instruments having similar economic effect; 
 “Securities Act” 
 the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time; 
 “Series A Preference Shares” 
 series A preference shares of par value of US$0.0001 each in the capital of the Company; 
 “Series A Preference Shareholder” 
 a holder of any Series A Preference Share; 
 “Shares” 
 any of the Ordinary Shares and the Series A Preference Shares; 
 “Shareholders” 
 any or all of those persons and entities at any time holding any class of
Shares of the Company; 
 “Subscription Agreement” 
 the share subscription agreement dated
[                    ], 2004 and made between the Preference Shareholders, BVI, NOAH, BVI Existing Shareholders, WONG Sinfung and the Company;

 “Subsidiary” 
 has the meaning ascribed to it by section 2 of the Companies Ordinance (Chapter 32 of the Laws of Hong Kong); 
 “Subsidiary
Boards” or “Subsidiary Board” 
 the boards of directors for the time being of each of the subsidiaries of the Company and
a “Subsidiary Board” means any of them; 
 “US$” 
 United States dollars, the lawful currency of the United States of America; 
 “Warrantors” 
 BVI and BVI
Existing Shareholders; 
  

 58 

 “WFOE 1” 
 a wholly foreign owned enterprise, which shall be established in the PRC by the Company’s acquisition of the New Noah’s entire equity, in accordance with the Restructure Memo as specified in Schedule 8,
subject to the terms and conditions hereof. The Company is the legal and beneficial owner of the entire equity interests of WFOE 1. The registered capital for WFOE 1 shall not be less than RMB10 million; 
 “WFOE 2 ” 
 a wholly
foreign owned enterprise, which shall be established in the PRC by the Company in accordance with the Restructure Memo as specified in Schedule 8, subject to the terms and conditions hereof. The Company is the legal and beneficial owner of the
entire equity interests of WFOE 2. The registered capital for WFOE 2 shall not be less than US$5,000,000.00; 
 WFOE 1 and WFOE 2 hereinafter
“WFOE” collectively. 
  

	1.2	In this Agreement: 

  

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

 

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

  

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

  

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

  

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

  

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

  

	1.4	The expressions “Ordinary Shareholders” and “Series A Preference Shareholders” shall, where the context permits, include their respective
successors, assigns and personal representative (where applicable). 

  

 59 

	2.	BUSINESS OF THE GROUP 

  

	2.1	The Group Companies shall not conduct any business or activity other than in the field of the research and development, manufacture, and distribution of electronic education
products in accordance with business plans approved by the Board or Subsidiary Boards (as the case may be). 

  

	2.2	Any business plan prepared by or for the Group Companies and delivered to the Preference Shareholders on or prior to or after the date hereof shall be carried out by such Group
Company on a best endeavours basis. 

  

	3.	BOARD CONSTITUTION AND BOARD AND SHAREHOLDERS’ MEETING AND BOARD COMMITTEE 

  

	3.1	The maximum number of persons comprising each of the Board and the Subsidiary Boards shall be four (4) unless otherwise agreed by a majority vote of the Shareholders and
consented to by Preference Shareholder(s) then holding not less than 51% of the Series A Preference Shares as at the date hereof. 

  

	3.2	So long as Preference Shareholder(s) is/are the beneficial owner of not less than 51% in aggregate of the Series A Preference Shares as at the date hereof, the Preference
Shareholder(s) shall be entitled, by written notice to the Company, to nominate and elect one (1) person to each of the Board and the Subsidiary Boards as director and to remove such directors nominated by it and to nominate and elect other
persons to replace the persons removed. 

  

	3.3	The Company and the Subsidiary shall provide to the observer(s), concurrently with the members of the Board and the Subsidiary Boards, in the same manner, notices of all meetings of
the Board and the Subsidiary Boards and respective committees thereof and a copy of all materials and information provided to such members. 

  

	3.4	So long as the BVI is the legal and beneficial owner of not less than 51% of all the Shares, it shall be entitled to, by the written notice to the Company and Baring, to nominate
and elect the majority member of the directors, but no fewer than 3 directors, and to remove such director nominated by it and to nominate and elect other persons to replace the person removed. 

  

	3.5	The directors on the Board and the Subsidiary Boards upon and after the completion of the Subscription Agreement shall be as follows: 

 Board: one (1) person to be nominated by Baring and three (3) persons to be nominated by BVI 
  

 60 

 Subsidiary Board (including but not limited to the Board of WFOE): one (1) person to be
nominated by Baring and three (3) persons to be nominated by BVI 
  

	3.6	Each of the Board and the Subsidiary Boards shall convene at least four (4) meetings in each fiscal year. 

  

	3.7	In relation to meetings of the Board and the Subsidiary Boards, each director shall be given not less than ten (10) Business Days’ written notice of meetings, but any
meeting held without such notice having been given to all directors shall be valid if all the directors entitled to vote at the meeting waive notice of the meeting in writing; and for this purpose, the presence of a director at a meeting shall be
deemed to constitute a waiver on his part in respect of such meeting. 

  

	3.8	One (1) director appointed by the Preference Shareholders or Baring plus two (2) directors appointed by the ordinary shareholders constitute a quorum. A resolution signed
by a majority of the directors (including at least one director nominated by Baring) of the Board or any Subsidiary Board, entitled to receive notice of a meeting of such directors shall be as valid and effectual for all purposes as a resolution of
such directors duly passed at a meeting of the Board (or Subsidiary Board, as the case may be) duly convened, held and constituted provided that: 

  

	 	(a)	where such resolution is in relation to any contract or arrangement in which a director or directors are interested, it shall not be effective unless the number of directors signing
the resolution who are not interested in the contract or arrangement would have constituted a quorum of directors if a meeting had been held for the purpose of considering the contract or arrangement; 

  

	 	(b)	when a director has approved a resolution by facsimile, the original of the signed copy shall be deposited with the relevant Group Company in its registered office or such other
office as the relevant Group Company may designate for this purpose from time to time by such director as soon as possible thereafter. Any such resolution may consist of several documents, provided each such document is signed by one or more
directors; and 

  

	 	(c)	resolutions relating to matters provided in Clause 4 shall not be effective unless and until any consent of Baring required under Clause 4 has been obtained.

  

	3.9	 BVI and BVI Existing Shareholders shall procure that the Subsidiary Board shall 

  

 61 

	 	 
not pass or adopt any resolution in connection with a single transaction or a series of related transactions within any 12-month period in excess of
US$100,000.00 except (i) with the prior written consent of the Board, and (ii) not less than ten 10 Business Days’ prior written notice of such proposed resolution has been given to at least one (1) director of the Board
appointed by Baring. 

  

	3.10	The Board shall give not less than ten (10) Business Days’ notice of meetings of Shareholders to those persons whose names on the date the notice is given appear as
Shareholders in the register of members of the Company and are entitled to vote at the meeting. 

  

	3.11	A meeting of the Shareholders is duly constituted if, at the commencement of and throughout the meeting, there are present in person or by proxy: 

  

	 	(a)	the holders of Series A Preference Shares holding not less than an aggregate of 50% of the outstanding Series A Preference Shares; and 

  

	 	(b)	the holders of Ordinary Shares being not less than an aggregate of 50% of all Ordinary Shares in issue. 

  

	3.12	A meeting of Shareholders will be adjourned to the same time and place seven (7) Business Days later if a quorum is not present at that Shareholders’ meeting. If at such
adjourned meeting a quorum is still not present within forty-five minutes from the time appointed for the meeting, the Shareholders present shall constitute a quorum. Except for the business as outlined in the notice to Shareholders, no other
business shall be transacted thereat. 

  

	3.13	Each Series A Preference Share shall carry such number of votes as is equal to the number of votes of Ordinary Shares then issuable upon the conversion of such Series A Preference
Shares into Ordinary Shares. The Series A Preference Shareholders and the other Shareholders shall vote together and not as a separate class. 

  

	3.14	Any shareholders’ meeting of any Group Company and any meeting of the Board or a Subsidiary Board may be held, and any shareholder or as the case may be director may
participate in such meeting, by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting are capable of hearing each other; and such participation shall be deemed to constitute
presence in person at the meeting. 

  

	4.	MATTERS REQUIRING CONSENT OF PREFERENCE SHAREHOLDERS 

  

	4.1	 The Shareholders and the Company shall each take all steps necessary to ensure that none of the Group Companies shall carry out any of the following actions, and

  

 62 

	 	 
no affirmative board or members’ resolution shall be adopted to approve or carry out the same, except with the prior written consent of Preference
Shareholders of 51% of the issued Series A Preference Shares as at the date hereof: 

  

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

  

	 	(b)	any action that authorises, creates or issues Securities of any class in the Group Company having rights superior to the Series A Preference Shares, whether in terms of voting
rights or of dividends or of amounts payable in the event of any voluntary or involuntary liquidation or dissolution of the Company, or having rights on a parity in all respects with the Series A Preference Shares; 

  

	 	(c)	any action that reclassifies or converts any issued Securities of the Company into Securities having rights superior to the preference or priority of the Series A Preference Shares,
whether in terms of voting rights or of dividends or of amounts payable in the event of any voluntary or involuntary liquidation or dissolution of the Company, or having rights on a parity in all respects with the Series A Preference Shares;

  

	 	(d)	any amendment, modification or change to or of the memorandum or articles of association or other similar documents of any of the Group Companies that will directly or indirectly
affect adversely the rights of the Series A Preference Shares; 

  

	 	(e)	any merger, sale, acquisition, consolidation or reorganisation of any Group Company with or into one or more corporations or any other entity(ies) (other than a merger or
consolidation involving only the Company and its wholly owned Subsidiary) or any other transaction or series of related transactions (such merger, sale, acquisition, consolidation, reorganisation and transactions to be collectively referred to as
“Transaction”), in which the relevant Group Company or its shareholders immediately prior to such Transaction will not, as a result of or subsequent to the Transaction, hold a majority of the voting power of the surviving or
resulting entity; 

  

	 	(f)	the sale or Disposal of or creation of any Encumbrance over all or substantially all of the assets or any assets of any Group Company (including without limitation the
Company’s interest in any of its Subsidiaries or the intellectual property or business in connection with any of its products as may be developed from time to time); 

  

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

  

 63 

	 	(h)	any borrowing or other incurrence of indebtedness (including the assumption of contingent liability under any guarantee, surety or indemnity but excluding any trade debts owed or
trade credits granted) by any Group Company (in one transaction or a series of related transactions) in excess of US$100,000.00 within any 12-month period; 

  

	 	(i)	any material alteration or change in the business scope of any Group Company as set out in such company’s constitutional document or approved business plan or any material
change in any Group Company’s business plan or any material change in the Company’s approved annual budget; 

  

	 	(j)	any increase in aggregate compensation (including all benefits) of any of the five (5) most highly compensated employees or officers of any Group Company by more than 50% in
any twelve (12)months’ period; 

  

	 	(k)	any public offering of Securities of any Group Company that does not meet the requirements of a Qualified IPO; 

  

	 	(l)	any purchase or lease of any interest in land or real property or any other asset or equipment or the making of any investment, except for (i) any lease of land, real property,
asset or equipment which does not exceed US$100,000.00 within a 12–month period and (ii) any purchase of equipment not exceeding US$100,000.00 within a 12-month period; 

  

	 	(m)	any change in the maximum number of directors of any Group Company, or the appointment or removal of the Chief Executive Officer, Chief Financial Officer, Chief Operation Officer
and Chief Technology Officer of any Group Company; 

  

	 	(n)	the declaration or payment of any dividend or other distribution on the Ordinary Shares; 

  

	 	(o)	the entry into of any contract, agreement or arrangement with any person related to any Director or Ordinary Shareholder or which is other than at arm’s length;

  

	 	(p)	any change in the authorised or issued share capital of any Group Company, or any issue or allotment of any Securities in any Group Company or any issue or grant of any Securities
conferring on any person a right to acquire any Securities in any Group Company (except where such new issue or allotment falls within the exceptions in Clause 11.1; 

  

 64 

	 	(q)	the adoption, termination or material amendment of, or any increase or decrease in the number of options or shares which may be granted under any ESOP; and 

 

	 	(r)	the terms and conditions of appointment of and the compensation and salaries payable to any senior management personnel of any Group Company including without limitation the Chief
Executive Officer, Chief Financial Officer, Chief Operation Officer and Chief Technology Officer of any Group Company, and any variations to any of such terms, conditions, compensation or salaries. 

  

	4.2	The “Additional Series A Preference Shares” shall mean Series A Preference Shares acquired through the exercise of Warrants which have been held by the relevant
member(s) of the BAPE Group, according to stipulations in this Agreement. 

  

	4.3	For proposals regarding the actions listed in Clause 4.1, Baring shall express its opinion by written forms or electronic means within 15 business days upon the receipt of the
written proposal(s) of a Board meeting, otherwise the lack of response within the aforesaid period shall be deemed consent to such proposal(s). 

  

	5.	CONFIDENTIALITY 

  

	5.1	The terms and conditions of this Agreement (including its existence) shall be confidential information and shall not be disclosed by any party hereto or any of their Associates to
any person not being a party hereto except as permitted under this Clause 5. 

  

	5.2	Notwithstanding Clause 5.1, any party hereto may disclose the terms of this Agreement to its investors, employees, investment bankers, lenders, accountants, attorneys, business
partners, directors, shareholders and senior management and bona fide prospective investors, in each case only where such persons or entities are under appropriate non-disclosure obligations. For the avoidance of doubt, other than disclosures to the
foregoing permitted persons, none of the parties may disclose the investment amounts in relation to the Series A Preference Shares held by the Preference Shareholders and the warrants, the amount of valuation of the Company, the rights and
privileges of the Preference Shareholders under this Agreement and the Subscription Agreement and the share capital structure of the Company to any person except with the prior written consent of the Preference Shareholders (such consent not to be
unreasonably withheld). 

  

	5.3	 In the event that any party becomes legally compelled (including without limitation, pursuant to securities laws and regulations) to make disclosure not permitted
under Clause 5.1 and 5.2, such party (the “Disclosing Party”) shall provide the other parties (the “Non-Disclosing Parties”) with prompt written 

  

 65 

	 	 
notice of that fact so that the appropriate party may seek (with the co-operation and reasonable efforts of the other parties) a protective order,
confidential treatment or other appropriate remedies. In such event, the Disclosing Party shall furnish only that portion of the information which is legally required and shall exercise reasonable efforts to obtain reliable assurance that
confidential treatment will be accorded to such information to the extent reasonably requested by any Non-Disclosing Party. 

  

	5.4	Clauses 5.1, 5.2 and 5.3 shall cease to have effect and cease to be binding on the parties hereto after the expiry of two years from the date hereof. 

  

	6.	MANAGEMENT 

  

	6.1	The parties hereto confirm that the business and affairs of the Company shall be managed by the Board in the best interests of the Company and its Subsidiaries taken as a whole. In
furtherance of the foregoing, the parties hereto agree that, after the date hereof, neither they, nor any of their Associates will enter into any contract, agreement, arrangement or other transaction with the Company or any of its Subsidiaries
unless the terms and provisions of such contract, agreement or other arrangement or the terms on which such transaction is conducted, as the case may be, are fair to the Company or such Subsidiary and are not less favourable than those obtainable in
an arm’s length relationship. 

  

	6.2	Save as otherwise agreed between the parties, the Shareholders shall, and shall procure the directors nominated by them to, exercise their powers and control in relation to the
Group Companies so as to ensure that each of the Group Companies shall: 

  

	 	(a)	carry on and conduct businesses and affairs in a proper and efficient manner and for its own benefit; 

  

	 	(b)	keep proper books of account and therein make true and complete entries of all its dealings and transactions of and in relation to its business; and 

  

	 	(c)	conduct its business in accordance with all applicable legal requirements, including the obtaining of all necessary licences, consents and approvals. 

  

	6.3	The parties acknowledge that an audit committee, a compensation committee and an investment committee of the Company or the Subsidiary have been established by the Board on or
before Completion. The parties agree that: 

  

	 	(a)	each of the audit committee, the compensation committee and the investment committee consists of three (3) members, of which Baring shall have the right to nominate and appoint
one (1) member on each of the audit committee and the compensation committee of the Board; 

  

 66 

	 	(b)	the audit committee of the Board shall be responsible for and in charge of the appointment of the auditors of the Company, the internal financial control and review, financial
system improvement and maintenance and all corporate governance issues; 

  

	 	(c)	the compensation committee of the Board shall be responsible for and in charge of the terms and conditions of appointment of and the compensation and salaries (including any ESOP)
of the senior management personnel of the Company; 

  

	 	(d)	the investment committee of the Board shall be responsible for and in charge of the decision-making for all major investments, and mergers and acquisitions; and

  

	 	(e)	each of the audit committee, the compensation committee and the investment committee shall meet at least once every quarter. 

  

	6.4	In the event of the occurrence of the Drag Along Event as provided in Clause 14, the compensation committee of the Board shall use its reasonable endeavours to negotiate with the
Acquirer (as defined in Clause 14.1) to offer to the senior management personnel of the Company at that time, a reasonable remuneration package with terms consistent with industry standards. This Clause shall not be construed as a condition to the
exercise of the Drag Along Right in Clause 14 and does not operate and should not be regarded as a guarantee that any reasonable remuneration package will be offered, if at all, to the senior management personnel of the Company.

  

	7.	DIVIDENDS 

  

	7.1	The Series A Preference Shareholders shall be entitled to receive out of any funds legally available therefor, when and if declared by the Board, dividends at the rate and in the
amount as the Board considers appropriate. 

  

	7.2	No dividends or other distributions shall be declared, paid or distributed (whether in cash or otherwise) on any Ordinary Share or any other class of Shares unless and until a
dividend in the like amount and kind has first been declared on the Series A Preference Shares on an as-if-converted basis and has been paid in full to the Series A Preference Shareholders. 

  

 67 

	8.	USE OF BARING NAMES OR LOGOS 

 Except with
the prior written authorization of Baring, none of the Group Companies or BVI, nor any other shareholders of either Group Companies or BVI shall be entitled to use, publish or reproduce the name, trademark or logo of “Baring” or any
similar name, trademark and/or logo in any of their marketing, advertising or promotion materials or otherwise for any marketing, advertising or promotional purposes. Chinese translation for Baring (

) shall be deemed as Baring names or logos. 
  

	9.	EMPLOYEE SHARES 

  

	9.1	The Board shall have power to grant share options to the Key Employees, directors, consultants and officers of any Group Company to acquire Ordinary Shares pursuant to bona fide
employment-related ESOP approved by the Board; provided that the total number of Shares issued or issuable pursuant to the ESOP shall not in aggregate exceed 5% of the fully-diluted issued share capital of the Company from time to time.

  

	10.	INFORMATION RIGHTS 

  

	10.1	The Company shall, for so long as the Preference Shareholders holds not less than 20 percent of Series A Preference Shares of the Company as at the date hereof, deliver to the
Preference Shareholders, the following documents and information of each Group Company: 

  

	 	(a)	audited annual consolidated financial statements within 90 days after the end of each fiscal year, audited by an international “Big 4” accounting firm with operations in
the PRC, of the Company’s choice; 

  

	 	(b)	unaudited quarterly consolidated financial statements within 45 days of the end of each fiscal quarter; 

  

	 	(c)	unaudited monthly consolidated financial statements within 30 days of the end of each month; 

  

	 	(d)	copies of all quarterly, annual, extraordinary or other reports filed by the Company with the SEC or any other relevant securities exchange, regulatory authority or governmental
agency and other documents and information sent to the Shareholders (in their capacity as a shareholder of the Company); and 

  

	 	(e)	an annual budget within 30 days prior to the end of each fiscal year. 

 All the financial statements referred to in this Clause 10.1 shall be prepared in 

  

 68 

 
conformance with the IAS and shall include a balance sheet, profit and loss accounts and statement of cash flows and, only in respect of audited statements,
all directors’ notes thereto (if any). 
  

	10.2	For so long as the Preference Shareholders holds not less than 20 percent of Series A Preference Shares of the Company as at the date hereof, the Preference Shareholders shall have
the following rights during normal business hours: (i) inspection rights of the books and records (including without limitation financial records) of all Group Companies; (ii) inspection rights of the plant, equipment, stock in trade and
facilities of any Group Companies and (iii) the right to discuss the business, operations and management and other matters of any Group Companies with their respective directors, officers, employees, accountants, legal counsel and investment
bankers. 

  

	10.3	The information and inspection rights under Clauses 10.1 and 10.2 shall terminate upon the closing of a Qualified IPO of the Company. 

  

	10.4	The information stipulated in Clause 10.1 of this Agreement shall be confidential information and shall not be disclosed by the Preference Shareholders to any person not being a
party hereto except as permitted under Clause 5 of this Agreement. 

  

	11.	RIGHT OF FIRST OFFER 

  

	11.1	All Shareholders shall have a right of first offer to purchase and subscribe for an amount of any New Securities (as defined below) which the Company proposes to issue sufficient to
maintain such Shareholder’s proportionate beneficial ownership interest in the Company (on an as-if-converted basis for Preference Shareholders). “New Securities” shall mean any Securities of the Company other than:

  

	 	(a)	conversion rights applicable to the Series A Preference Shares; 

  

	 	(b)	Securities issued pursuant to a Qualified IPO; 

  

	 	(c)	Securities issued in consideration of a bona fide acquisition by the Company of another corporation by merger or purchase of substantially all its assets; 

 

	 	(d)	Securities issued to employees, officers or directors of any Group Company pursuant to ESOP provided that the issue of such Securities shall be subject to the restrictions set forth
in Clause 9; 

  

	 	(e)	Securities issued upon exercise of any outstanding options or warrants; and 

  

 69 

	 	(f)	Securities issued pursuant to the consent in writing of all Shareholders for the time being. 

  

	11.2	If the Company wishes to make any issue of New Securities, it shall prior to such issue give each Shareholder a written notice of the proposed issue. The notice shall set forth the
terms and conditions of the proposed issue (including the number of New Securities to be offered and the price, if any, for which the Company proposes to offer such New Securities), and shall constitute an offer to issue the relevant portion of the
New Securities to the Shareholders on such terms and conditions. 

  

	11.3	All Shareholders may accept such offer by delivering a written notice of acceptance (an “Acceptance Notice”) to the Company within 14 Business Days after receipt of
the notice of the Company of the proposed issue. Any Shareholder exercising its right of first offer shall be entitled to participate in the purchase of New Securities on a pro rata basis to the extent necessary to maintain its proportionate
beneficial ownership interest in the Company (its “Pro Rata Portion”) (and for purposes of determining any Preference Shareholder’s Pro Rata Portion, any Shareholder or other security holder shall be treated as owning that
number of Shares into which any outstanding convertible shares may be converted. If any shareholder fails to purchase or does not accept its Pro Rata Portion, the other Shareholder(s) shall have the right to purchase up to the balance of the New
Securities not so purchased. This right of over-subscription may be exercised by each Shareholder by notifying the Company of its desire to purchase more than its Pro Rata Portion. 

  

	11.4	The Company shall, in writing, inform promptly each Shareholder which elects to purchase more than its Pro Rata Portion of the New Securities of any other Shareholder’s failure
to do so. 

  

	11.5	If a Shareholder who elects to exercise its right of first offer does not complete the subscription of such New Securities within five (5) Business Days after delivery of its
Acceptance Notice to the Company, the Company may complete the issue of New Securities on the terms and conditions specified in the Company’s notice within seven (7) Business Days following the expiration of such five (5) Business Day
period. 

  

	11.6	If the Company does not complete the issue of the New Securities within such seven (7) Business Days’ period, the right of first offer provided in this Clause 11 in
respect of such New Securities shall be deemed to be revived and the New Securities shall not be offered to any person unless first re-offered to all of the Shareholder(s) in accordance with this Clause 11. 

  

	11.7	The rights of each Shareholder under this Clause 11 shall terminate upon: 

  

	 	(a)	that point of time when such Shareholder no longer owns any Share; or 

  

 70 

	 	(b)	the consummation of a Qualified IPO. 

  

	12.	RIGHT OF FIRST REFUSAL 

  

	12.1	Before any Shares may be sold or otherwise transferred or Disposed of by any Ordinary Shareholder or any Series A Preference Shareholder (“Selling Shareholder”) to
any proposed purchaser or other transferee (“Proposed Transferee”), all the other Ordinary Shareholders and Series A Preference Shareholders (“Remaining Shareholders”) shall have a right of first refusal
(“Right of First Refusal”) to purchase such shares (“Offered Securities”) in accordance with the terms of this Clause 12. 

  

	12.2	Before the transfer of any Offered Securities, the Selling Shareholder shall deliver to the Company and the Remaining Shareholders a written notice (“Transfer
Notice”) stating: 

  

	 	(a)	the Selling Shareholder’s intention to sell or otherwise transfer or Dispose of such Offered Securities; 

  

	 	(b)	the number of Offered Securities to be transferred to each Proposed Transferee; and 

 The Transfer Notice shall constitute an irrevocable offer by the Selling Shareholder to sell the Offered Securities at the price for which the Selling Shareholder proposes to transfer the Offered Securities
(“Offered Price”) to the Remaining Shareholders. 
  

							
	 12.3
	 	  (a)    	 		  	Each Remaining Shareholder shall have the right, upon notice to the Selling Shareholder at any time within ten (10) Business Days after receipt of the Transfer Notice (“Purchase
Right Period”), to purchase its Pro Rata Share (as defined below) of all or any of such Offered Securities at the Offered Price and upon the same terms (or terms as similar as reasonably practicable) upon which the Selling Shareholder is
proposing or is to Dispose of such Offered Securities, and the Selling Shareholder shall, upon receipt of the notice of purchase from a Remaining Shareholder, sell such Offered Securities to such Remaining Shareholder pursuant to such terms. In
respect of a Remaining Shareholder, its “Pro Rata Share” for the purposes of this Clause shall mean the ratio of (i) the number of Securities (on an as-if-converted basis) held by such Remaining Shareholder bears to
(ii) the total number of Securities (on an as-if-converted basis) held by all the Remaining Shareholders.

  

	 	(b)	 The Selling Shareholder shall grant to the Remaining Shareholders the right of over-subscription such that if any Remaining Shareholder fails to purchase its Pro
Rata Share, the other Remaining Shareholders shall have 

  

 71 

	 	 
the right (on a pro rata basis or such other basis as may be agreed among the Remaining Shareholders) to purchase up to the balance of the Offered Securities
not so purchased. Such right of over-subscription may be exercised by any Remaining Shareholder by notifying the Selling Shareholder of its desire to purchase more than its Pro Rata Share. 

  

	 	(c)	Upon expiration of the Purchase Right Period, the Selling Shareholder will provide notice to each remaining Shareholders as to whether the Right of First Refusal has been exercised
by any of the Remaining Shareholders and whether any of them intends to exercise the right of over subscription (“Expiration Notice”). 

  

	12.4	If and to the extent any of the Offered Securities proposed in the Transfer Notice to be transferred are not purchased by the Remaining Shareholders, then after the issue of the
Expiration Notice and subject to the co-sale rights set forth in Clause 13, the Selling Shareholder may sell or otherwise transfer or Dispose of such Offered Securities which have not been purchased to the Proposed Transferee(s) at the Offered Price
or at a higher price. 

  

	12.5	The rights of a Shareholder under this Clause 12 shall terminate upon: 

  

	 	(a)	that point in time when such Shareholder no longer owns any Share in the Company; or 

  

	 	(b)	the consummation of a Qualified IPO. 

  

	13.	CO-SALE RIGHTS 

  

	13.1	 In the event that the Selling Shareholder is BVI, each Preference Shareholder shall have the right to participate in any sale or Disposal to the Proposed Transferee
upon the same terms and conditions as set forth by the Selling Shareholder in the Transfer Notice in accordance with the terms and conditions set forth in this Clause 13 and provided that such Preference Shareholder converts all Securities, the
subject of such sale, to Ordinary Shares prior to the completion of a sale pursuant to this Clause 13. Each Preference Shareholder shall exercise its right by delivering to the Selling Shareholder, within five (5) Business Days after receipt of
the Expiration Notice, written notice of its intention to participate, specifying the number of Ordinary Shares such Preference Shareholder desires to sell to the Proposed Transferee. At the closing of the transaction, such Preference Shareholder
shall deliver one or more certificates representing the number of Ordinary Shares which it elects to sell hereunder together with instrument of transfer and other documents necessary for transfer of such Ordinary Shares to the Proposed Transferee,
and the Selling Shareholder shall procure that the Proposed Transferee shall pay to such Preference Shareholder a pro rata amount of the purchase price received from the 

  

 72 

	 	 
Proposed Transferee. To facilitate the sale and delivery of share certificate of such Ordinary Shares of the selling shareholder, the Company undertakes to
the Preference Shareholders that it shall effect and register the conversion of Series A Preference Shares into Ordinary Shares, and provide relevant share certificates therefor to the selling shareholder as soon as practicable upon any request for
conversion. 

  

	13.2	Each Preference Shareholder shall have the right to co-sell up to such number of Shares equal to the product of (1) the number of Offered Securities multiplied by (2) a
fraction, the numerator of which is the number of Ordinary Shares issuable upon conversion of all Securities (excluding any outstanding warrants) owned by such Preference Shareholder, and the denominator of which is (i) the number of the
numerator plus (ii) the number of Securities (on an as-if-converted basis with the exclusion of any outstanding warrants) held by the Selling Shareholder and all other Preference Shareholders (if any). In the event that the Proposed Transferee
desires to purchase a number of Shares different from the amount of the Offered Securities, the amount that the Proposed Transferee desires to purchase shall be substituted for Offered Securities in the above equation for the purpose of determining
each Preference Shareholder’s participation rights. 

  

	13.3	If the Proposed Transferee refuses to purchase Shares from any Preference Shareholder exercising its rights of co-sale under this Clause 13, the Selling Shareholder shall not sell
to the Proposed Transferee any Shares unless and until, simultaneously with such sale or transfer, such Selling Shareholder shall purchase such Shares from such Preference Shareholder on the same terms and conditions specified in the Transfer
Notice. 

  

	13.4	The exercise or non-exercise of the right to participate under this Clause 13 with respect to a particular sale or Disposal by any Selling Shareholder shall not adversely affect any
Preference Shareholder’s right to participate in subsequent sales or Disposals by any Selling Shareholder pursuant to this Clause 13. 

  

	13.5	Any sale, assignment or other transfer or Disposal of Offered Securities by any Selling Shareholder contrary to the provisions of this Agreement shall be null and void, and the
transferee shall not be recognized by the Company as the holder or owner of the Offered Securities sold, assigned, or transferred for any purpose (including, without limitation, voting or dividend rights), unless and until such Selling Shareholder
has satisfied the requirements of this Agreement with respect to such sale or Disposal. 

  

	13.6	The Right of First Refusal set forth in Clause 12 and the co-sale rights set forth in Clauses 13.1 to 13.5 shall not apply to: 

 (a) any transfer of Shares to a wholly-owned subsidiary of the Selling Shareholder or a wholly-owned subsidiary of the holding company of the Selling
Shareholder or to any member(s) of BAPE Group (if the Selling Shareholder is the Preference Shareholder or another member of BAPE Group) (“Permitted Transferee”), 
  

 73 

 provided that in each case the Selling Shareholder shall remain to be bound by this Agreement and the
Permitted Transferee shall agree to be bound by this Agreement and that the Selling Shareholder shall procure that the Permitted Transferee shall not transfer its Shares except to the Selling Shareholder or other Permitted Transferee(s) of the
Selling Shareholder. 
  

	13.7	The rights of a Preference Shareholder under Clauses 13.1 to 13.6 shall terminate upon: 

  

	 	(a)	that point of time when such Preference Shareholder no longer owns any Share of the Company; or 

  

	 	(b)	the consummation of a Qualified IPO. 

  

	13.8	Each certificate representing the Shares shall bear legends in the following form (in addition to any legend required under any other applicable securities laws):

 The securities represented by this certificate are subject to certain restrictions on transfer as set forth in a
Shareholders’ Agreement dated as of [            ], 2004, a copy of which is on file at the principal office of the Company and will be furnished upon request to the holder of record
of the shares represented by this certificate. 
  

	13.9	The parties hereto agree that any purchaser of Shares (unless already a party to this Agreement) from a Selling Shareholder shall be required to sign a deed confirming its agreement
to be bound by this Agreement as a condition of his becoming a Shareholder. 

  

	13.10	The above provisions of this Clause 13 shall be mutatis mutandis applicable to BVI in the event that the Selling Shareholder is any of Preference Shareholders.

  

	14.	DRAG-ALONG RIGHT 

  

	14.1	In the event that any person or entity (“Acquirer”) offers to acquire the entire issued share capital of the Company at a consideration of not less than
US$200,000,000.00 (“Drag Along Event”), the Preference Shareholders shall have the right to give notice (“Drag Along Notice”) to all other Shareholders to require all other Shareholders to sell and transfer all (but
not part) of their Shares and other Securities to the Acquirer and (if applicable) the benefit of all loans owing by any Group Company to the Shareholders, subject to and upon such terms and conditions as the Preference Shareholders may require
(including, for example, title warranties from each Shareholder and representations, warranties and indemnities from the Shareholders and regarding the Group Companies). 

  

 74 

	14.2	After receipt of the Drag Along Notice by the other Shareholders, BVI Existing Shareholders shall procure BVI and all other Shareholders (other than the Preference Shareholders) to
sell and transfer, to the Acquirer all their Shares and other Securities (including without limitation Shares and options under ESOP) and (if applicable) the benefit of all loans owing by any Group Company to the Shareholders, and shall sign and
execute, and procure BVI and all other Shareholders (other than the Preference Shareholders) and the Company to sign and execute, such documents, deeds and instruments as required by the Preference Shareholders and shall take such steps, and procure
BVI and all other Shareholders (other than the Preference Shareholders) and the Company to take such steps, as required by the Preference Shareholders for the purposes of or in connection with such sale. BVI and BVI Existing Shareholders hereof
undertake jointly and severally that once they are aware of any prospects of an Acquirer making an offer, they shall not take any step or action which may result in such offer being frustrated or materially revised. 

  

	14.3	Upon receipt of the written request that sets out the details including but not limited to the identity of the Acquirer, the price and payment terms of the Drag Along Event of the
Preference Shareholder, BVI and each of BVI Existing Shareholders shall execute, and shall procure all Shareholders (other than the Preference Shareholders) to execute, in favour of the Preference Shareholders a power of attorney in an agreed
form authorising the Preference Shareholders to sign all documents and take all steps for and on behalf of them in connection with the sale under this Clause 14, provided that such acquisition is conducted by an Acquirer independent from BAPE Group
at a fair market price of not less than any other offered consideration for the time being. 

  

	15.	REDEMPTION 

  

	15.1	Any holder of Preference Shares shall have the right at any time and from time to time commencing from the fifth anniversary date of the Completion Date (as defined in the
Subscription Agreement) if there is no Qualified IPO or Liquidation Event, to require and demand the Company to redeem all (but not part) of its Preference Shares, and the Company shall redeem all of the holder’s Preference Shares within thirty
(30) days from the date of the redemption notice given to the Company, provided that the Company has met the basic standard for a Qualified IPO but the Board or holders of Ordinary Shares refuse to take necessary steps or actions to procure the
Qualified IPO. 

  

	15.2	The initial redemption money (“Redemption Price”) payable on each Series A Preference Share is, subject to adjustment for combinations, consolidations,
subdivisions, or stock splits or the like with respect to such shares, the total of:- 

  

 75 

	 	(a)	the amount of any dividend relating to each Preference Share which has been declared by the Company but unpaid, to be calculated up to and including the redemption date (as defined
below); and 

  

	 	(b)	in the event the Preference Shareholders is the holder of redeemed shares, the amount of Original Contributions, i.e., US$16,000,000.00; 

  

	15.3	Redemption of the Preference Shares is effected by the holder thereof giving the Company not less than 30 days’ notice (“redemption notice”) at any time after
the expiry of the said fifth-year period. The redemption notice shall specify the number of Preference Shares to be redeemed, the date of the redemption (“redemption date”) and the place at which the certificates for the Preference
Shares are to be presented for redemption. 

  

	15.4	On the redemption date the holder of the Preference Shares who has served the redemption notice is bound to deliver to the Company at the place stated in the redemption notice the
certificate (or certificates) for those shares (or, in the case of lost certificates, an indemnity in a form reasonably satisfactory to the Directors). On receipt, the Company shall pay to the holder (or, in the case of joint holders, to the holder
whose name stands first in the register in respect of the Preference Shares) the redemption money due to it. 

  

	16.	LIQUIDATION 

  

	16.1	If a Liquidation Event occurs, then subject to Clause 16.2, all the assets and funds of the Company available for distribution to members shall be distributed pro rata among all the
holders of Preference Shares (on an as if converted basis) and Ordinary Shares. 

  

	16.2	Nevertheless of the provisions in Clause 16.1, If the Liquidation Event is a Sale Event, then instead of receiving the distributions in accordance with Clause 16.1 above, Preference
Shareholder shall be entitled, in its absolute discretion and election, to receive either: 

  

	 	(a)	a portion of the proceeds of such Sale Event, in the form of cash, shares or other assets payable under such Sale Event, in proportion to the shareholding of such holder of
Preference Shares in the Company (on an as-if-converted basis); or 

  

	 	(b)	 If within 3 years after the Completion, the selling price of the Company is less than US$100,000,000.00 in a Sale Event, (i) a cash amount of the amount of 1.5
times of the Original Contribution to the Company that the shares represent, plus all declared but unpaid dividends and distributions on such Preference Shares, and (ii) after the amount as set forth in Clause 16.2(b)(i) has been fully 

  

 76 

	 	 
paid to the Preference Shareholders, any remaining assets and funds of the Company available for distribution shall be distributed pro rata among all the
Shareholders, 

 and the parties hereto (other than the Preference Shareholders) shall procure that the proceeds of such
Sale Event shall be applied and paid in such manner as required by the holders of Preference Shares to give effect to this Clause 16.2 and shall take and procure the taking of all necessary actions to give effect to this Clause 16.2 including
without limitation the Board and/or the Company’s shareholders passing any necessary resolutions for the distribution of such proceeds to the holders of Preference Shares and the giving of payment direction to the payer of such proceeds to pay
the relevant amount of the proceeds directly to the holders of Preference Shares. 
  

	17.	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS 

  

	17.1	Each of Warrantors hereby jointly and severally represents, warrants and undertakes to the Preference Shareholder(s) who hold(s) not less than 50 percent of the Series A Preference
Shares that: 

  

	 	(a)	as at the date hereof, BVI Existing Shareholders are beneficiary owners of BVI’s entire issued share capital; 

  

	 	(b)	BVI Existing Shareholders shall obtain a prior written consent from such Preference Shareholders if any of them by any means intends to sell or dispose any number of his/her shares
in BVI unless the BVI Existing Shareholders transfer the Shares in BVI to his/her Associate. 

  

	 	(c)	Warrantors shall obtain a prior written consent from such Preference Shareholders if there is any change in BVI’s shares or beneficial shareholders or Control or in its
directorship or its management. 

  

	 	(d)	each of them shall indemnify such Preference Shareholders from and against all losses, liabilities, claims, costs and expenses (including without limitation legal costs) which may
be suffered or incurred by the Preference Shareholders directly or indirectly as a result of, arising from or in connection with any delay, default or failure on the part of any of the Existing Shareholders, to duly and punctually perform any of
their respective obligations under this Agreement; 

  

	17.2	Each of Warrantors hereby jointly and severally undertake to the Preference Shareholders that each of them shall guarantee, cause and procure the due and punctual performance by
BVI, of its obligations under this Agreement. 

  

 77 

	17.3	In the event that any of the BVI Existing Shareholders intends to sell, transfer or otherwise dispose his shares in BVI, the Preference Shareholders shall have the right of first
offer, the right of first refusal and the co-sale rights, to sell, transfer or dispose its shares in the Company subject to similar mechanism and procedures as set forth in Clause 11, 12, and 13 hereof. However, if any of the BVI Existing
Shareholders intends to assign, or transfer his/her shares in the BVI to his Associate, the first right of refusal and the co-sale right as provided in Clause 12 and 13 shall not apply. 

  

	18.	CONVERSION 

  

	18.1	The holders of Preference Shares shall have conversion rights as follows: 

  

	 	(a)	Right to Convert. Each Series A Preference Share shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, at the
office of the Company or any transfer agent for such Preference Shares, into one fully-paid and non-assessable Ordinary Share. The issue price at which an Ordinary Share shall be deliverable upon conversion of a Series A Preference Share (the
“Series A Conversion Price”) shall initially be US$4.9065 PROVIDED THAT, for the avoidance of doubt, such issue price shall be deemed to have been paid up and no payment is required from the holder of Preference Shares in effecting
conversion. The initial Series A Conversion Price shall be subject to adjustment as provided in accordance with this Clause 18. 

  

	 	(b)	Automatic Conversion. Each Preference Share shall automatically be converted into Ordinary Share at the then effective applicable Series A Conversion Price upon the closing
of a fully underwritten Qualified IPO (such event being referred to herein as an “Automatic Conversion”). 

 On and after the date of an Automatic Conversion, notwithstanding that any certificates for the Preference Shares shall not have been surrendered for conversion, the Preference Shares evidenced thereby shall be deemed to be no longer
outstanding, and all rights with respect thereto shall forthwith cease and terminate, except only the rights of the holder (i) to receive the Ordinary Shares to which such holder shall be entitled upon conversion thereof, (ii) to receive
the amount of cash payable in respect of any fractional share of Ordinary Shares to which it shall be entitled and (iii) with respect to dividends declared but unpaid on Preference Shares prior to such conversion date. 
  

	18.2	 Mechanics of Conversion. No fractional Ordinary Shares shall be issued upon conversion of the Preference Shares. All Ordinary Shares (including any fractions
thereof) issuable upon conversion of Preference Shares by a holder thereof shall be aggregated for purposes of determining whether the issuance would result in the issuance of any fractional share. In lieu of any fractional shares to which the
holder 

  

 78 

	 	 
thereof would otherwise be entitled, the Company shall pay cash equal to such fraction multiplied by the then effective Series A Conversion Price, unless the
payment would amount to less than US$50.00 in aggregate payable to any single converting holder of Preference Shares in which case such amount will not be distributed but shall be retained for the benefit of the Company.

 Before any holder of the Preference Shares shall be entitled to convert the same into Ordinary Shares and to receive
certificates therefor, such holder shall give not less than two (2) Business Days prior written notice to the Company at such office that it elects to convert the same and surrender the certificate or certificates therefor, duly endorsed, at
the office of the Company or of any transfer agent for the Preference Shares on the expiry of such fourteen (14) day period; provided, however, that in the event of an Automatic Conversion pursuant to Clause 18.1(a), the outstanding Preference
Shares shall be converted automatically without any further action by the holders of such shares and whether or not the certificates representing such shares are surrendered to the Company or its transfer agent, and provided further that the Company
shall not be obligated to issue certificates evidencing the shares of Ordinary Shares issuable upon such Automatic Conversion unless the certificates evidencing such Preference Shares are either delivered to the Company or its transfer agent as
provided above, or the holder notifies the Company or its transfer agent that such certificates have been lost, stolen, or destroyed. 
 The
Company shall, as soon as practicable after such delivery, or such notification in the case of a lost certificate (subject to of an indemnity by the holder in a form reasonably satisfactory to the Directors), issue and deliver at such office to such
holder of the Preference Shares, a certificate or certificates for the number of Ordinary Shares to which such holder shall be entitled as aforesaid and a check payable to the holder in the amount of any cash amounts payable as the result of a
conversion into fractional Ordinary Shares. Such conversion shall be deemed to have been made immediately prior to the close of business on the date of such surrender of the Preference Shares to be converted, or in the case of Automatic Conversion,
on the date of, and immediately prior to, the closing of the Qualified IPO, and the person or persons entitled to receive Ordinary Shares issuable upon such conversion shall be treated for all purposes as the record holder or holders of such
Ordinary Shares at such time. For the avoidance of doubt, no conversion shall prejudice the right of a holder of Preference Shares to receive dividends and other distributions declared but not paid as at the date of conversion on the Preference
Shares being converted. 
  

	18.3	Adjustments to Conversion Price. 

  

	 	(a)	 Adjustments for Dividends, Splits, Subdivisions, Combinations, or Consolidation of Ordinary Shares. In the event the number of Ordinary Shares shall be
increased by a stock dividend payable in Ordinary Shares, stock split, subdivision, or other similar transaction, the Series A Conversion Price then in effect shall, concurrently with the effectiveness of such event, be decreased in 

  

 79 

	 	 
proportion to the percentage increase in the outstanding number of Ordinary Shares. In the event the number of Ordinary Shares shall be decreased by a
reverse stock split, combination, consolidation, or other similar transaction, the Series A Conversion Price then in effect shall, concurrently with the effectiveness of such event, be increased in proportion to the percentage decrease in the
outstanding number of Ordinary Shares. 

 Except to the limited extent provided for in the case of a reverse stock split,
combination, consolidation or other similar transaction or the readjustment set out in the last paragraph of Clause 18.3(a), no adjustment of the Series A Conversion Price pursuant to Clause 18.3 shall have the effect of increasing the Series A
Conversion Price above the Series A Conversion Price in effect immediately prior to such adjustment. 
  

	 	(b)	Adjustments for Other Distributions. In the event the Company at any time or from time to time makes, or fixes a record date for the determination of holders of Ordinary
Shares entitled to receive, any distribution payable in securities of the Company other than Ordinary Shares and other than as otherwise adjusted in this Clause 18, then and in each such event provision shall be made so that the holders of
Preference Shares shall receive upon conversion thereof, in addition to the number of Ordinary Shares receivable thereupon, the amount of securities of the Company which they would have received had their Preference Shares been converted into
Ordinary Shares immediately prior to such record date or on the date of such event and had they thereafter, during the period from the date of such event to and including the date of conversion, retained such securities receivable by them as
aforesaid during such period, subject to all other adjustments called for during such period under this Clause 18 with respect to the rights of the holders of Preference Shares. If the Company shall declare a distribution payable in securities of
other persons, evidence of indebtedness of the Company or other persons, assets (excluding cash dividends) or options or rights not referred to in this Clause 18.3(b), the holders of Preference Shares shall be entitled to a proportionate share of
any such distribution as though they were the holders of the number of Ordinary Shares of the Company into which their Preference Shares are convertible as of the record date fixed for determination of the holders of Ordinary Shares of the Company
entitled to receive such distribution. 

  

	 	(c)	 Adjustments for Reclassification, Exchange and Substitution. If the Ordinary Shares issuable upon conversion of the Preference Shares shall be changed into
the same or a different number of shares of any other class or classes of stock, whether by capital reorganization, reclassification, or otherwise (other than a subdivision or combination of shares provided for above), the Series A Conversion Price
then in effect shall, concurrently with the effectiveness of such reorganization or reclassification, be proportionately adjusted such that the Preference Shares shall be convertible into, in lieu of the number of 

  

 80 

	 	 
Ordinary Shares which the holders would otherwise have been entitled to receive, a number of shares of such other class or classes of stock equivalent to the
number of shares of such other class or classes of stock into which the Ordinary Shares that would have been subject to receipt by the holders of Preference Shares upon conversion of such Preference Shares immediately before that change would have
been changed into. 

  

	 	(d)	Adjustments on Issuance of Additional Stock. If the Company shall issue any “Additional Stock” (as defined below) for a consideration per share (“New Purchase
Price”) less than the Series A Conversion Price in effect on the date and immediately prior to such issue, then and in each such event unless as otherwise agreed by the Preference Shareholders, the Preference Shareholders shall be entitled to
receive additional “free” Series A Preference Shares in accordance with the following formula to ensure the number of shares held by the Preference Shareholders equals to the number of shares that the Original Contribution, as stipulated
in the Subscription Agreement, would have purchased at such New Purchase Price. 

 (Additional Preference Shares)
= [($Volume 0) / (New Purchase Price)] – (Shares 0) 
 Where: 
 $Volume 0 = aggregate investment paid by the Preference Shareholders 
 Shares 0 = number of shares held by the Preference Shareholders upon the issuance of Additional Stocks. 
 the Preference Shareholders shall be entitled to receive the Additional Preference Shares without any further contribution to the Company in this
situation. 
 For purposes of this Clause 18.3(d), “Additional Stock” shall mean all Ordinary Shares issued by the Company
and/or issuable under any rights, options or warrants to subscribe for, purchase or otherwise acquire Ordinary Shares or any securities convertible or exchangeable into Ordinary Shares, after the date on which the Series A Preference Shares were
first issued (“Series A Original Issue Date”) other than Ordinary Shares issued or issuable at any time (I) upon conversion of Preference Shares; (II) upon exercise of warrants, rights or options outstanding as at the Series A
Original Issue Date (including any Ordinary Shares into which outstanding Preference Shares are convertible); (III) to officers, directors, and employees of, and consultants to, the Company pursuant to the Company’s equity incentive plan; (IV)
as a dividend or distribution with respect to the Preference Shares; or (V) pursuant 

  

 81 

 
to equipment financing or leasing arrangements or bank financing transactions or in connection with business combinations or corporate partnering agreements
or other similar arrangements approved by the Directors. 
 For the purpose of making any adjustment to the Series A Conversion Price as
provided above, the consideration received by the Company for any issue or sale of Ordinary Shares shall be computed: 
  

	 	(A)	to the extent it consists of cash, as the amount of cash received by the Company before deduction of any offering expenses payable by the Company and any underwriting or similar
commissions, compensation, or concessions paid or allowed by the Company in connection with such issue or sale; 

  

	 	(B)	to the extent it consists of property other than cash, at the fair market value of that property as reasonably determined in good faith by the Directors; and

  

	 	(C)	if Ordinary Shares are issued or sold together with other stock or securities or other assets of the Company for a consideration which covers both, as the portion of the
consideration so received that may be reasonably determined in good faith by the Directors to be allocable to such Ordinary Shares. 

 If the Company (1) grants any rights or options to subscribe for, purchase, or otherwise acquire Ordinary Shares, or (2) issues or sells any security convertible or exchangeable into Ordinary Shares, then, in each case, the price
per Ordinary Share issuable on the exercise of the rights or options or the conversion of the securities will be determined by dividing the total amount, if any, received or receivable by the Company as consideration for the granting of the rights
or options or the issue or sale of the convertible securities, plus the minimum aggregate amount of additional consideration payable to the Company on exercise or conversion of the securities, by the maximum number of Ordinary Shares issuable on the
exercise of conversion. Such granting or issue or sale will be considered to be an issue or sale for cash of the maximum number of Ordinary Shares issuable on exercise or conversion at the price per share determined under this Clause 18.3(d), and
the Series A Conversion Price, will be adjusted as above provided to reflect (on the basis of that determination) the issue or sale. No further adjustment of such Series A Conversion Price will be made as a result of the actual issuance of Ordinary
Shares on the exercise of any such rights or options or the conversion of any such convertible securities. 
  

 82 

	 	 
Upon the redemption or repurchase of any such securities or the expiration or termination of the right to convert into, exchange for, or exercise with
respect to, Ordinary Shares, the Series A Conversion Price will be readjusted to such price as would have been obtained had the adjustment made upon their issuance been made upon the basis of the issuance of only the number of such securities as
were actually converted into, exchanged for, or exercised with respect to, Ordinary Shares. If the purchase price or conversion or exchange rate provided for in any such security changes at any time, then, upon such change becoming effective, the
Series A Conversion Price then in effect will be readjusted forthwith to such price as would have been obtained had the adjustment made upon the issuance of such securities been made upon the basis of (1) the issuance of only the number of
Ordinary Shares actually delivered upon the conversion, exchange or exercise of such securities, and the total consideration received therefor, and (2) the granting or issuance, at the time of such change, of any such securities then still
outstanding for the consideration, if any, received by the Company therefor and to be received on the basis of such changed price or rate. 

  

	 	(e)	Other Adjustment Events. If the holders of at least a majority of the then outstanding Preference Shares reasonably determine that an adjustment should be made to the Series
A Conversion Price as a result of one or more events or circumstances not referred to in this Clause 18.3, the Company shall request such firm of internationally recognized independent accountants jointly selected by the Company and such holders,
acting as experts, to determine as soon as practicable what adjustment (if any) to the Series A Conversion Price is fair and reasonable to take account thereof and the date on which such adjustment should take effect, and upon such determination
such adjustment (if any) shall be made and shall take effect in accordance with such determination. The costs, fees and expenses of the accountants selected shall be borne by the Company. 

  

	 	(f)	Extension of General Offer. So long as any Preference Shares are outstanding and the Company becomes aware that an offer is made or an invitation is extended to all holders
of Ordinary Shares generally to acquire all or some of the Ordinary Shares or any scheme or arrangement is proposed for that acquisition, the Company shall forthwith give notice to all holders of Preference Shares and the Company shall use its best
endeavours to ensure that there is made or extended at the same time a similar offer or invitation, or that the scheme or arrangement is extended, to each holder of Preference Shares, as if its conversion rights had been fully exercised on a date
which is immediately before the record date for the offer or invitation or the scheme or arrangement at the Series A Conversion Price applicable at that time. 

  

	 	(g)	 Notices Regarding Winding-up. If, at any time when any Preference Shares are outstanding, a notice is given announcing the convening of a meeting of the

  

 83 

	 	 
members of the Company for the purpose of passing a resolution for the winding up of the Company, the Company forthwith shall give notice to all holders of
Preference Shares. Each such holder shall be entitled at any time within two (2) weeks after the date on which such notice is given (but not thereafter) to elect by notice in writing delivered to the Company to be treated as if it had,
immediately before the date of the passing of such resolution, exercised its conversion rights in respect of all Preference Shares of which it is the holder and it shall be entitled to receive an amount equal to the amount which it would have
received had it been the holder of Ordinary Shares to which it would have become entitled by virtue of such exercise. 

  

	 	(h)	No Adjustment. No adjustment of the Series A Conversion Price shall be made in an amount less than US$0.01 per Preference Share. 

  

	18.4	No Impairment. The Company will not, by amendment of its Memorandum or Articles of Association or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company but will at all times in good faith assist in the
carrying out of all the provisions of this Clause 18 and in the taking of all such action as may be necessary or appropriate in order to protect the conversion rights of the holders of Preference Shares against impairment. 

 

	18.5	Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment of the Series A Conversion Price pursuant to this Clause 18, the Company, at its
expense, shall promptly compute such adjustment or readjustment in accordance with the terms hereof, and furnish to each holder of Preference Shares subject to such adjustment or readjustment, a certificate setting forth such adjustment or
readjustment and showing in detail the facts upon which such adjustment or readjustment is based. The Company shall, upon the written request of any holder of Preference Shares, furnish or cause to be furnished to such holder a like certificate
setting forth (i) such adjustments and readjustments, (ii) the applicable conversion price then in effect, and (iii) the number of Ordinary Shares and the amount, if any, of other property which at the time would be received upon the
conversion of such series of Preference Shares. 

  

	18.6	Notices of Record Date. In the event that the Company shall propose at any time: 

  

	 	(a)	to declare any dividend or distribution upon its Ordinary Shares or other class or series of shares, whether in cash, property, stock, or other securities, and whether or not a
regular cash dividend; 

  

	 	(b)	to offer for subscription pro rata to the holders of any additional shares of any class or series or other rights; 

  

 84 

	 	(c)	to effect any reclassification or recapitalization of its Ordinary Shares outstanding involving a change in the Ordinary Shares; or 

  

	 	(d)	to merge or consolidate with or into any other corporation, or sell, lease, or convey all or substantially all its property, assets or business, or a majority of the capital stock
of the Company, or to liquidate, dissolve, or wind up; 

 then, in connection with each such event, the Company shall send to
the holders of Preference Shares: 
  

	 	(A)	at least 30 days’ prior written notice of the date on which a record shall be taken for such dividend, distribution, or subscription rights (and specifying the date on which
the holders of Ordinary Shares shall be entitled thereto) or for determining rights to vote in respect of the matters referred to in subparagraphs (c) and (d) of this Clause 18.6; and 

  

	 	(B)	in the case of the matters referred to in subparagraphs (c) and (d) of this Clause 18.6, at least 30 days’ prior written notice of the date when the same shall take
place (and specifying the date on which the holders of Ordinary Shares shall be entitled to exchange their Ordinary Shares for securities or other property deliverable upon the occurrence of such event or the record date for the determination of
such holders if such record date is earlier). 

 Each such written notice shall be delivered personally or given by first class
mail, postage prepaid, addressed to the holders of Preference Shares at the address for each such holder as shown on the books of the Company. 
  

	18.7	Issue Taxes. The Company shall pay any and all issue and other taxes (other than income taxes) that may be payable in respect of any issue or delivery of Ordinary Shares on
conversion of Preference Shares pursuant hereto; provided, however, that the Company shall not be obligated to pay any transfer taxes resulting from any transfer requested by any holder in connection with any such conversion.

  

	18.8	 Reservation of Stock Issuable Upon Conversion. The Company shall at all times reserve and keep available out of its authorized but unissued Ordinary Shares,
solely for the purpose of effecting the conversion of Preference Shares, such number of Ordinary Shares as shall from time to time be sufficient to effect the conversion of all outstanding Preference Shares, and if at any time the number of
authorized but unissued Ordinary Shares shall not be sufficient to effect the conversion of all then 

  

 85 

	 	 
outstanding Preference Shares, the Company will take such corporate action as may be necessary to increase its authorized but unissued Ordinary Shares to
such number as shall be sufficient for such purpose, including, without limitation, engaging in best efforts to obtain the requisite Shareholders’ approval of any necessary amendment to its Memorandum or Articles of Association.

  

	19.	INITIAL PUBLIC OFFERING 

  

	19.1	It is the intention of the parties to seek a registered public offering (“IPO”) of Securities of the Company (or as the case may be, Securities of the relevant
entity resulting from any merger, reorganisation or other arrangements made by the Company for the purposes of public offering) (“IPO Shares”) in the United States of America, London, Hong Kong, Singapore or a reputable stock
exchange in any other jurisdiction as determined by the Company provided that any such IPO shall be a Qualified IPO. 

  

	19.2	Preference Shareholders shall be entitled to the registration rights set out in Schedule 4. Such registration rights shall terminate upon (a) the third anniversary of the
closing of a Qualified IPO, (b) the expiry of five (5) years from the date of completion of the Subscription Agreement, whichever is the later or (c) such earlier time at which all Registrable Securities (as defined in Schedule 4)
held by such Preference Shareholder (and any affiliate of the Preference Shareholder with whom such Preference Shareholder must aggregate its sales under Rule 144 of the Securities Act) proposed to be sold may be sold under Rule 144 of the
Securities Act in any three (3)-month period without registration in compliance with Rule 144 of the Securities Act. 

  

	19.3	In the event that the Company (or as the case may be, the relevant entity resulting from any merger, reorganisation or other arrangements made by the Company for the purposes of
public offering) intends to effect an IPO outside of the United States of America, the parties hereto agree that the Preference Shareholder shall, to the extent permitted by the relevant laws, regulations and rules of the relevant stock exchange,
have the same registration rights or rights as similar to such registration rights as permissible under the relevant laws, regulations and rules. 

  

	19.4	In addition to the rights set out in Clauses 19.2 and 19.3 above, each of the Preference Shareholders shall be entitled to sell up to such number of Shares which is equal to the
number of Shares offered by the other Shareholders as vendor shares in an IPO. 

  

	20.	RESTRICTIVE COVENANTS 

  

	20.1	 BVI and BVI Existing Shareholders hereof acknowledge that the Preference Shareholders agrees to invest in the Company and become a Preference Shareholder 

  

 86 

	 	 
on the basis of continued and exclusive services of and diligent devotion and commitment by BVI Existing Shareholders and BVI to the Group Companies, and
agree that the Preference Shareholders should have reasonable assurance of such basis of investment. Each of BVI Existing Shareholders and BVI hereof jointly and severally undertakes to the Preference Shareholders who hold(s) not less than 50
percent of the Series A Preference Shares that neither he nor any of his Associates will directly or indirectly: 

  

	 	 (a)
	 Up to the last day of the 12th month after the Qualified IPO, ( “Restriction Period”), participate, assist, be concerned with, engaged or interested in, any business or entity in any manner, directly or indirectly, which is in competition with the
business carried on by any Group Company at any time during the Restriction Period; 

  

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

  

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

  

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

  

	 	(e)	during the Restriction Period, none of BVI Existing Shareholders or BVI may hold 5% or more shares in another business or entity (regardless of whether such business or entity is in
competition, directly or indirectly, with the business carried on by any Group Company), unless a prior written consent is obtained from the Preference Shareholders; except for the business or entity where the BVI Existing Shareholders or BVI or
their Associate does not act as an senior management officer, a director, or otherwise actively participate in the management, and in such case they may hold up to 20% of the Shares or equity interests in such business or entity, except for the
investment and directorship in the Nan Shan as being disclosed to Baring as at the date hereof. 

  

	20.2	Each undertaking in paragraphs (a), (b), (c) (d) and (e) of this Clause 20.1 shall be treated as independent of the other undertakings so that, if any of them is held
to be invalid or unenforceable for any reason, the remaining undertakings shall be valid to the extent that they are not affected. 

  

	20.3	 Each of BVI Existing Shareholders and BVI hereby expressly acknowledges and 

  

 87 

	 	 
declares that it has duly considered the undertakings set out in Clause 20.1 and considers that they are reasonable in the circumstances, and warrants and
undertakes to the Preference Shareholders that it shall not challenge or query the validity and enforceability of these undertakings. 

  

	20.4	Without prejudice to any rights or remedies of the Preference Shareholders under law, if any of BVI Existing Shareholders or BVI (“Defaulter”) is in breach of Clause
20.1(c), and more than 10 employees and/or officers of any Group Company are solicited or enticed away, such Defaulter shall be individually liable to pay to the Preference Shareholders on demand liquidated damages in the sum of US$ 5 million. The
parties agree that this sum is paid as liquidated damages and not as penalty, and agree that this sum is a genuine pre-estimate in good faith of the loss suffered by the Preference Shareholders in such circumstances. 

  

	20.5	During the period that Baring holds any Preference Shares of the Company, or before a Qualified IPO, whichever is earlier, Baring should not directly or indirectly make any
investment into the following companies, except that Baring’s investee enterprises make further investment into such companies. 

  

	 	(a)	Organizer (

) 

	 	(b)	Besta (

) 

	 	(c)	Instant dict (

) 

	 	(d)	Meigin (

) 

	 	(e)	Cooltec (

) 

	 	(f)	Hi-tech wealth (

) 

	 	(g)	Lenovo (

) 

	 	(h)	BBK (

) 

	 	(i)	Ohayo (

) 

	 	(j)	

 

	 	(k)	

 

	 	(l)	

 

	 	(m)	

 

	 	(n)	

 

	 	(o)	Readboy (

) 

	 	(p)	Dbolo (

) 

	 	(q)	V.me (

) 

	 	(r)	Timetop (

) 

	 	(s)	Worthy (

) 

	 	(t)	

 

	 	(u)	

 

	 	(v)	Vtech (

) 

	 	(w)	

 

	 	(x)	

 

  

 88 

	21.	TERMINATION 

  

	21.1	This Agreement shall continue in full force and effect until the earlier of the following: 

  

	 	(a)	the Company has been dissolved, wound up or otherwise ceases to exist as a separate corporate entity; or 

  

	 	(b)	the consummation of a Qualified IPO (including for this purpose an IPO by way of a reverse takeover). 

  

	21.2	Notwithstanding the provision of Clause 21.1, the registration rights under Schedule 4 shall be terminated in accordance with Schedule 4 or Clause 19.2, whichever is the later.

  

	21.3	Termination of this Agreement shall not release any party from any liability which at the time of termination has already accrued to the other parties or any liability arising or
maturing after such termination as a result of any breach, omission committed or omitted prior to such termination. 

  

	22.	SEVERABILITY 

 If at any time any one or more
provisions hereof is or becomes invalid, illegal, unenforceable or incapable of performance in any respect, the validity, legality, enforceability or performance of the remaining provisions hereof shall not thereby in any way be affected or
impaired, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. 
  

	23.	ENTIRE AGREEMENT 

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

 

 89 

	24.	NATURE OF THIS AGREEMENT 

 In the event of
any conflict between the provisions of the Agreement and the terms of the memorandum or articles of association of the Company, the provisions of this Agreement shall prevail and, if any of the parties hereto shall so require, the memorandum of
association or the Articles of the Company shall be revised so as to reflect the provisions of this Agreement. 
  

	25.	TIME 

  

	25.1	Time shall be of the essence of this Agreement. 

  

	25.2	No time or indulgence given by any party to the other shall be deemed or in any way be construed as a waiver of any of its rights and remedies hereunder. 

 

	26.	ASSIGNMENT AND COUNTERPARTS 

  

	26.1	This Agreement shall be binding on and enure for the benefits of the parties hereto, and their respective successors and assigns. 

  

	26.2	The Preference Shareholders may assign and transfer any of its rights, benefits and obligations of and in this Agreement to any member(s) of the BAPE Group.

  

	26.3	Any of the BVI Existing Shareholders may assign or transfer any of his rights, benefits and obligations of and in this Agreement to his Associate. 

  

	26.4	When the Board of the Company adopt a resolution to pursue a Qualified IPO, BVI 5 may assign or transfer any of the shares hold by BVI 5 to the Key Employees during the
restructuring period of the Company for purposes of a Qualified IPO 

  

	26.5	Save as aforesaid, and save as provided herein, no party hereto may assign or transfer any of his or its rights or obligations under this Agreement. 

  

	26.6	This Agreement may be executed in any number of counterparts and by the parties on separate counterparts, each of which, when so executed and delivered, shall be an original but all
the counterparts shall together constitute one and the same instrument. 

  

	27.	NOTICES AND OTHER COMMUNICATION 

  

	27.1	 Any notice or other communication to be given under this Agreement shall be in writing and may be delivered by hand or given by facsimile or sent by an established
courier service to the address or fax number from time to time 

  

 90 

	 	 
designated, the initial address and fax number so designated by each party being set out in Schedule 3. Any such notice or communication shall be sent to the
party to whom it is addressed and must contain sufficient reference and/or particulars to render it readily identifiable with the subject-matter of this Agreement. If so delivered by hand or given by facsimile such notice or communication shall be
deemed received on the date of despatch and if so sent by an established courier service shall be deemed received three (3) Business Days after the date of despatch. 

  

	27.2	Each person making a communication hereunder by facsimile shall promptly confirm by telephone to the person to whom such communication was addressed, but the absence of such
confirmation shall not affect the validity of any such communication. 

  

	28.	COSTS AND EXPENSES 

  

	28.1	Provide the Completion occurred, the Company shall bear all costs and expenses in respect of the transactions contemplated by this Agreement and all other expenses for the
implementation of such transactions, otherwise each party shall bear its own costs and expenses including legal expenses. 

  

	28.2	For the avoidance of doubt, the parties hereto acknowledge that Jun He Law Offices only acts for Baring in respect of this Agreement, and the parties hereto (other than Baring) have
been advised to seek separate legal advice. 

  

	28.3	Taxes and governmental fees in respect of the carrying into effect of this Agreement shall be born by the parties in accordance with PRC laws and regulations.

  

	29.	PROCEEDS OF SUBSCRIPTION 

 The parties
acknowledge and agree that the proceeds for the subscription of the Series A Preference Shares under the Subscription Agreement shall be used solely for capital expenditures and general working capital of the Group Companies, including the
registration capital injection, merger and acquisition stipulated in the Restructure Memo, for the operation and expansion of the business referred to in Clause 2.1. 
  

	30.	GOVERNING LAW AND JURISDICTION 

  

	30.1	This Agreement shall be governed by and construed in accordance with the laws of Hong Kong. 

  

	30.2	 Any dispute, difference or claim arising out of or in connection with this Agreement 

  

 91 

	 	 
shall be referred to and determined by the arbitration at Hong Kong International Arbitration Centre located in Hong Kong by using the laws of Hong Kong as
the governing law. UNCITRAL Arbitration Rules shall apply to the arbitration proceedings, which will be conducted in English. For the arbitration tribunal, the arbitrators shall be selected among those who can read and understand Chinese, with each
party of the dispute to appoint one member of the arbitration tribunal. The appointment of the third arbitrator shall be agreed by the parties of the dispute. If they fail to reach such an agreement, the Hong Kong International Arbitration Centre
shall appoint the third arbitrator. 

  

	31.	MISCELLANEOUS 

  

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

  

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

  

	31.3	If this Agreement is terminated or rescinded for whatsoever reason, all further rights and obligations of the parties hereto shall cease to have effect upon such termination or
rescission except that the termination or rescission will not affect the then accrued rights and obligations of the parties. 

  

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

  

 92 

 IN WITNESS whereof the parties executed this Agreement the day and year first above written. 
  

					
	 SIGNED by XU Dong
	  	)	  	
	 in the presence of :
	  	)	  	
			
	 SIGNED by XU Dong
	  	)	  	
	 for and on behalf of
	  	)	  	
	 Jointly Gold Technologies Limited
	  	)	  	
	 in the presence of :
	  	)	  	
			
	 SIGNED by XU Dong
	  	)	  	
		  	)	  	
	 for and on behalf of
	  	)	  	
	 Noah Technology Holding Limited
	  	)	  	
	 in the presence of:
	  	)	  	

  

 93 

					
	 SIGNED by TANG Benguo
	  	)	  	
			
	 in the presence of :
	  	)	  	
			
	 SIGNED by TANG Benguo
	  	)	  	
	 for and on behalf of
	  	)	  	
	 First Win Technologies Limited
	  	)	  	
	 in the presence of :
	  	)	  	

  

 94 

					
	 SIGNED by WANG Xiaotong
	  	)	  	
			
	 in the presence of :
	  	)	  	
			
	 SIGNED by WANG Xiaotong
	  	)	  	
	 for and on behalf of
	  	)	  	
	 Global Wise Technologies Limited
	  	)	  	
	 in the presence of :
	  	)	  	

  

 95 

					
	 SIGNED by MA Li
	  	)	  	
			
	 in the presence of :
	  	)	  	
			
	 SIGNED by MA Li
	  	)	  	
	 for and on behalf of
	  	)	  	
	 Gallop Jumbo International Limited
	  	)	  	
	 in the presence of :
	  	)	  	

  

 96 

					
	 SIGNED by XIAO Xianquan
	  	)	  	
	 for and on behalf of
	  	)	  	
	 Dynamic View Investments Limited
	  	)	  	
	 in the presence of :
	  	)	  	

  

 97 

					
	 SIGNED by
	  	)	  	
	 for and on behalf of
	  	)	  	
	 BARING ASIA II HOLDINGS
	  	)	  	
	 (22) LIMITED
	  	)	  	
	 in the presence of :
	  	)	  	

  

 98 

					
	 SIGNED by WONG Sinfung
	  	)	  	
	 for and on behalf of
	  	)	  	
	 Alpha Century Assets Limited
	  	)	  	
	 in the presence of :
	  	)	  	

  

 99 

 SCHEDULE 1 
 WRITTEN RESOLUTIONS 
 WRITTEN RESOLUTIONS OF THE SHAREHOLDERS OF THE COMPANY DATED
[            ], 2004 
 We, being all the Shareholders of the Company as
at the date hereof, hereby resolve as special resolutions where the Memorandum of Association and the Articles of Association of the Company shall be amended in accordance with the Shareholders’ Agreement, in the respect of the registered
shares of the Company, liquidation, conversion, redemption, anti-dilution, and voting power, etc. 
  

 100 

 SCHEDULE 2 
 GROUP COMPANIES 
 1. Noah Technology Holdings Ltd., a company incorporated in the Cayman
Islands (the Company), which is owned by Baring and BVI 
 2. WFOE 1, a limited liability company registered in the PRC, which will be
wholly-owned by the Company and its subsidiaries; 
 3. WFOE 2, a limited liability company registered in the PRC, which will be
wholly-owned by the Company and its subsidiaries. 
  

 101 

 SCHEDULE 3 
 ADDRESS AND FAX NUMBERS FOR NOTIFICATION 
 PART A 
 BVI Existing Shareholders 
  

					
	1.	  	XU Dong
			
		  	Address:	  	

			
		  		  	Attn : Mr. XU Dong
			
		  	Fax No.:	  	(86755)-83432793
		
	2.	  	TANG Benguo
			
		  	Address:	  	

			
		  		  	Attn : Mr. TANG Benguo
			
		  	Fax No.:	  	(86755)-83432793
		
	3.	  	WANG Xiaotong
			
		  	Address:	  	

			
		  		  	Attn : Mr. WANG Xiaotong
			
		  	Fax No.:	  	(86755)-83432793
		
	4.	  	MA Li
			
		  	Address:	  	

			
		  		  	Attn : Mr. MA Li
			
		  	Fax No.:	  	(86-28)-87749469

  

 102 

 PART B 
  

					
	5.	  	Baring Asia II Holdings (22) Limited
			
		  	Address:	  	P.O. Box 431
		  		  	13-15 Victoria Road, St Peter Port
		  		  	Guernsey
		  		  	Channel Islands
		  		  	GY1 3ZD
		  		  	United Kingdom
			
		  		  	Attn: Ms. Connie Helyar
			
		  	Fax No.:	  	(44) 148-1715-219
		  		  	c.c. Baring Private Equity Partners (HK) Ltd.
		  		  	39th Floor, One International Finance Centre
		  		  	1 Harbour View Street
		  		  	Central
		  		  	Hong Kong
			
		  		  	Attn: Ms. Kathy Xu
			
		  	Fax No.:	  	(852) 2843 9372
		
	6.	  	Jointly Gold Technologies Limited
			
		  	Address:	  	

			
		  		  	Attn: Mr. XU Dong
			
		  	Fax No.:	  	(86755)-83432793
		
	7.	  	First Win Technologies Limited
			
		  	Address:	  	

			
		  		  	Attn: Mr. TANG Benguo
			
		  	Fax No.:	  	(86755)-83432793
		
	8.	  	Global Wise Technologies Limited
			
		  	Address:	  	

			
		  		  	Attn: Mr. WANG Xiaotong
			
		  	Fax No.:	  	(86755)-83432793

  

 103 

					
	9.	  	Gallop Jumbo International Limited
			
		  	Address:	  	

			
		  		  	Attn: Mr. MA Li
			
		  	Fax No.:	  	(86-28)-87749469
		
	10.	  	Dynamic View Investments Limited
			
		  	Address:	  	

			
		  		  	Attn: Mr. XIAO Xianquan
			
		  	Fax No.:	  	(86755)-83432793
		
	11.	  	Noah Technology Holdings Ltd.
			
		  	Address:	  	

			
		  		  	Attn: Mr. Xu Dong
			
		  	Fax No.:	  	(86755)-83432793
		
	12.	  	Alpha Century Assets Limited
			
		  	Address:	  	15A, Block One, Dynasty Court, 23rd, Old Peak Road, Hong Kong
			
		  		  	Attn: Ms. WONG Sinfung
			
		  	Fax No.:	  	(00852)-28105546

  

 104 

 SCHEDULE 4 
 REGISTRATION RIGHTS 
  

	1.	Applicability of Rights. The holders of Series A Preference Shares shall be entitled to the following rights with respect to any potential public offering of the Series A
Preference Shares or the Company’s Ordinary Shares in the United States and shall be entitled to reasonably analogous or equivalent rights with respect to any other offering of Securities in any other jurisdiction pursuant to which the Company
undertakes to publicly offer or list such Securities for trading on a recognized securities exchange. 

  

	2.	Definitions. For purposes of this Schedule 4: 

  

	 	(a)	Registration. The terms “register,” “registered,” and “registration” refer to a registration effected by preparing and
filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement. 

  

	 	(b)	Registrable Securities. The term “Registrable Securities” means: (1) any Ordinary Shares of the Company issued or to be issued pursuant to conversion of
any shares of Series A Preference Shares issued (A) under the Subscription Agreement, and (B) pursuant to the Right of First Offer; (2) any Ordinary Shares of the Company issued as (or issuable upon the conversion or exercise of any
warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, any Series A Preference Shares described in clause (1) of this subsection (b); and (3) any
other Ordinary Shares of the Company owned or hereafter acquired by a Series A Preference Shareholder. Notwithstanding the foregoing, “Registrable Securities” shall exclude any Registrable Securities sold by a person in a
transaction in which rights under this Schedule 4 are not assigned in accordance with this Agreement or any Registrable Securities sold in a public offering, whether sold pursuant to Rule 144 promulgated under the Securities Act, or in a
registered offering, or otherwise. 

  

	 	(c)	Registrable Securities Then Outstanding. The number of shares of “Registrable Securities then outstanding” shall mean the number of Ordinary Shares of the
Company that are Registrable Securities and are then issued and outstanding. 

  

	 	(d)	Holder. For purposes of this Schedule 4, the term “Holder” means any person owning of record Registrable Securities that have not been sold to the public or
pursuant to Rule 144 promulgated under the Securities Act or any permitted assignee of record of such Registrable Securities to whom rights under this Schedule 4 have been duly assigned in accordance with this Agreement. 

  

 105 

	 	(e)	Form S-3 and Form F-3. The terms “Form S-3” and “Form F-3” mean such respective form under the Securities Act as is in effect on the date
hereof or any successor registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC.

  

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

  

	3.	Demand Registration. 

  

	 	(a)	Request by Holders. If the Company shall at any time after the expiry of six months after a Qualified IPO receive a written request from the Holders of at least fifty percent
(50%) of the Registrable Securities then outstanding that the Company file a registration statement under the Securities Act covering the registration of Registrable Securities pursuant to this Section 3, then the Company shall, within ten
(10) Business Days of the receipt of such written request, give written notice of such request (“Request Notice”) to all Holders, and use all reasonable efforts to effect, as soon as practicable, the registration under the
Securities Act of all Registrable Securities that Holders (including other Shareholders who so) request to be registered and included in such registration by written notice given by such Holders to the Company within twenty (20) Business Days
after receipt of the Request Notice, subject only to the limitations of this Section 3; provided that the Registrable Securities requested by all Holders to be registered pursuant to such request must be at least thirty percent
(30%) of all Registrable Securities then outstanding; and provided further that the Company shall not be obligated to effect any such registration if the Company has, within the six (6) month period preceding the date of such
request, already effected a registration under the Securities Act pursuant to this Section 3 or Section 5, or in which the Holders had an opportunity to participate pursuant to the provisions of Section 4, other than a registration
from which the Registrable Securities of Holders have been excluded (with respect to all or any portion of the Registrable Securities the Holders requested be included in such registration) pursuant to the provisions of Section 4(a).

  

	 	(b)	 Underwriting. If the Holders initiating the registration request under this Section 3 (“Initiating Holders”) intend to distribute the
Registrable Securities covered by their request by means of an underwriting, then they shall so advise the Company as a part of their request made pursuant to this Section 3 and the Company shall include such information in the written notice
referred to in subsection 3(a). In such event, the right of any Holder to include his Registrable Securities in such registration shall be conditional upon such Holder’s participation in such underwriting and the inclusion of such Holder’s
Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the initiating Holders and such Holder) to the extent 

  

 106 

	 	 
provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form
with the managing underwriter or underwriters selected for such underwriting by the Holders of a majority of the Registrable Securities being registered and reasonably acceptable to the Company (including a market stand-off agreement of up to 180
days if required by such underwriter or underwriters). Notwithstanding any other provision of this Section 3, if the underwriter(s) advise(s) the Company in writing that marketing factors require a limitation of the number of securities to be
underwritten then the Company shall so advise all Holders of Registrable Securities which would otherwise be registered and underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be
reduced as required by the underwriter(s) and allocated among the Holders of Registrable Securities on a pro rata basis according to the number of Registrable Securities then outstanding held by each Holder requesting registration (including the
initiating Holders); provided, however, that the number of shares of Registrable Securities to be included in such underwriting and registration shall not be reduced unless all other securities are first entirely excluded from the underwriting and
registration. Any Registrable Securities excluded and withdrawn from such underwriting shall be withdrawn from the registration. If the underwriter has not limited the number of Registrable Securities to be underwritten, the Company may include its
securities for its own account in such registration if the underwriter so agrees and if the number of Registrable Securities which would otherwise have been included in such registration and underwriting will not thereby be limited.

  

	 	(c)	Maximum Number of Demand Registrations. The Company shall be obligated to effect only three (3) such registrations pursuant to this Section 3.

  

	 	(d)	Deferral. Notwithstanding the foregoing, the Company shall not be required to effect a registration pursuant to this Section 3: 

  

	 	(i)	during the period starting with the date sixty (60) Business Days prior to the Company’s good faith estimate of the date of the filing of, and ending on a date one hundred
eighty (180) Business Days following the effective date of, a Company-initiated registration subject to Section 4 below, provided that the Company is actively employing in good faith all reasonable efforts to cause such registration
statement to become effective; 

  

	 	(ii)	if the Initiating Holders propose to dispose of Registrable Securities that may be registered on Form S-3 pursuant to Section 5 hereof; or 

  

	 	(iii)	 if the Company shall furnish to Holders requesting the filing of a registration statement pursuant to this Section 3, a certificate signed by the President or
Chief Executive Officer of the Company stating that in 

  

 107 

	 	 
the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such registration statement to be filed,
then the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the initiating Holders; provided, however, that the Company may not utilize this right more
than once in any twelve (12) month period. 

  

	 	(e)	Expenses. All expenses incurred in connection with any registration pursuant to this Section 3, including without limitation all U.S. federal, “blue sky” and
all foreign registration, filing and qualification fees, printer’s and accounting fees, and fees and disbursements of counsel for the Company including reasonable expenses of one legal counsel for the Holders (but excluding underwriters’
discounts and commissions relating to shares sold by the Holders), shall be borne by the Company. Each Holder participating in a registration pursuant to this Section 3 shall bear such Holder’s proportionate share (based on the total
number of shares sold in such registration other than for the account of the Company) of all discounts, commissions or other amounts payable to underwriter(s) or brokers, in connection with such offering by the Holders. 

  

	4.	Piggyback Registrations. The Company shall notify all Holders of Registrable Securities in writing at least twenty (20) days prior to filing any registration statement
under the Securities Act for purposes of effecting a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding registration
statements relating to any registration under Section 3 or Section 5 of this Schedule 4 or to any employee benefit plan or a corporate reorganization) and will afford each such Holder an opportunity to include in such registration
statement all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by such Holder shall within 18 days after receipt
of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Securities such Holder wishes to include in such registration statement. If a Holder decides
not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement
or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 

  

	 	(a)	Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 4 prior to the
effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with Section 4(c) hereof.

  

 108 

	 	(b)	Underwriting. If a registration statement under which the Company gives notice under this Section 4 is for an underwritten offering, then the Company shall so advise the
Holders of Registrable Securities. In such event, the right of any such Holder’s Registrable Securities to be included in a registration pursuant to this Section 4 shall be conditional upon such Holder’s participation in such
underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an
underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting (including a market stand-off agreement of up to 180 days if required by such underwriter or underwriters). Notwithstanding any
other provision of this Agreement, if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares (including up to
seventy-five percent (75%) of the Registrable Securities) from the registration and the underwriting, and the number of shares that may be included in the registration and the underwriting shall be allocated, first to the Company, and
second, to each of the Holders requesting inclusion of their Registrable Securities in such registration statement on a pro rata basis based on the total number of Registrable Securities then held by each such Holder; provided,
however, that the right of the underwriter(s) to exclude shares (including Registrable Securities) from the registration and underwriting as described above shall be restricted so that (i) the number of Registrable Securities included in
any such registration is not reduced below twenty-five percent (25%) of the aggregate number of Registrable Securities for which inclusion has been requested; and (ii) all shares that are not Registrable Securities and are held by any
other person, including, without limitation, any person who is an employee, officer, consultant or director of the Company (or any subsidiary of the Company) shall first be excluded from such registration and underwriting before any Registrable
Securities are so excluded. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s), delivered at least ten (10) Business Days prior to
the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder that is a partnership, the Holder and the partners and
retired partners of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons, and for any Holder that is a corporation, the Holder and all corporations
that are affiliates of such Holder, shall be deemed to be a single “Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all
entities and individuals included in such “Holder,” as defined in this sentence. 

  

 109 

	 	(c)	Expenses. All expenses incurred in connection with a registration pursuant to this Section 4 (excluding underwriters’ and brokers’ discounts and commissions
relating to shares sold by the Holders), including, without limitation all U.S. federal, “blue sky” and all foreign registration, filing and qualification fees, printers’ and accounting fees, and fees and disbursements of counsel for
the Company and reasonable expenses of one legal counsel for the Holders, shall be borne by the Company. 

  

	 	(d)	Not Demand Registration. Registration pursuant to this Section 4 shall not be deemed to be a demand registration as described in Section 3 above. Except as
otherwise provided herein, there shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 4. 

  

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

  

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

  

	 	(b)	Registration. As soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale
and distribution of all or such portion of such Holders or Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request
as are specified in a written request given within fourteen (14) Business Days after the Company provides the notice contemplated by Section 5(a); provided, however, that the Company shall not be obligated to effect any such
registration, qualification or compliance pursuant to this Section 5: 

  

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

  

	 	(2)	if the Holders propose to sell Registrable Securities at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than US$1,000,000;

  

	 	(3)	 if the Company shall furnish to the Holders a certificate signed by the President or Chief Executive Officer of the Company stating that in the good faith judgment
of the Board of Directors of the Company, it would be materially detrimental to the Company and its shareholders for such Form S-3 or Form F-3 Registration to be effected at such time, 

  

 110 

	 	 
in which event the Company shall have the right to defer the filing of the Form S-3 or Form F-3 registration statement no more than once during any twelve
month period for a period of not more than ninety (90) days after receipt of the request of the Holder or Holders under this Section 5; or 

  

	 	(4)	if the Company has, within the six (6) month period preceding the date of such request, already effected a registration under the Securities Act other than a registration from
which the Registrable Securities of Holders have been excluded (with respect to all or any portion of the Registrable Securities the Holders requested be included in such registration) pursuant to the provisions of Section 4(a).

  

	 	(c)	Expenses. The Company shall pay all expenses incurred in connection with each registration requested pursuant to this Section 5 (excluding underwriters’ or
brokers’ discounts and commissions relating to shares sold by the Holders), including without limitation all U.S. federal, “blue sky” and all foreign registration, filing and qualification fees, printers’ and accounting fees, and
fees and disbursements of counsel and reasonable expenses of one legal counsel for the Holders. 

  

	 	(d)	Not Demand Registration. Form S-3 or Form F-3 registrations shall not be deemed to be demand registrations as described in Section 3 above. Except as otherwise provided
herein, there shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 5. 

  

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

  

	 	(a)	Registration Statement. Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use all reasonable efforts to cause such
registration statement to become effective, provided, however, that the Company shall not be required to keep any such registration statement effective for more than sixty (60) days. 

  

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

  

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

  

 111 

	 	(d)	Blue Sky. Use all reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such
jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such
states or jurisdictions. 

  

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

  

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

  

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

  

	 	(h)	 Notwithstanding any of the foregoing provisions, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to
Section 3 or Section 5 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be 

  

 112 

	 	 
registered (in which case the participating Holders requesting for the withdrawal shall bear such expenses), unless, in the case of a registration requested
under Section 3, all of the Holders of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 3. 

  

	7.	Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Schedule 4 with respect to the Registrable
Securities of the selling Holders that such selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to
timely effect the Registration of their Registrable Securities. In this connection, each selling Holder shall be required to represent and warrant to the Company that all such information which is given in writing expressly for inclusion in such
registration is true and accurate in all material respects. 

  

	8.	No Registration Rights to Third Parties. Without the prior consent of the Holders of 75% of the Registrable Securities then outstanding, the Company covenants and agrees that
it shall not grant, or cause or permit to be created, for the benefit of any person or entity any registration rights of any kind (whether similar to the demand, “piggyback” or Form S-3 or Form F-3 registration rights described in this
Schedule 4, or otherwise) relating to any Securities of the Company, other than rights that are subordinate in right to the Series A Preference Shareholders. 

  

	9.	Assignment  

 The registration rights under this
Schedule 4 may be transferred or assigned to any transferee of Series A Preference Shares representing 5% or more of the issued share capital of the Company. 
  

	10.	Market Stand-Off Agreement. 

 Each Holder hereby
agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the Company’s initial public offering and ending on the date specified by the
Company and the managing underwriter (such period not to exceed one hundred eighty (l80) Business Days) (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any
option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares (whether such shares or any such securities
are then owned by the Holder or are thereafter acquired), or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Ordinary Shares, whether any such
transaction described in clause (i) or (ii) above is to be settled by delivery of Ordinary Shares or such other securities, in cash or otherwise. The foregoing provisions of this Section 10 shall apply only to the Company’s
initial public offering of equity 

  

 113 

 
securities, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Holders if
all officers and directors and greater than five percent (5%) Shareholders of the Company enter into similar agreements. The underwriters in connection with the Company’s initial public offering are intended third party beneficiaries of
this Section 10 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the
Registrable Securities of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. 
  

 114 

 SCHEDULE 7 
 FORM OF WARRANTS 
 FORM OF SERIES A PREFERENCE SHARES SUBSCRIPTION WARRANTS

 Noah Technology Holdings Ltd. 
 Series A Preference Shares Subscription Warrant 
 Dated as of [•], 2004 

Void after the Expiration Date (as defined below) 
  

			
	No. [•]	 	[XXX] Series A Preference Shares

 THIS CERTIFIES that, for valuable consideration received, Baring Asia II Holdings
(22) Limited or its permitted assigns under Section 11 below (the “Holder”) is entitled, from time to time or at any time commencing on the date of Completion (“Commencement Date”) and expire upon
(i) the expiry of twenty four(24) months from the Completion Date or (ii) a Qualified IPO, whichever is the earlier, (the “Expiration Date”) to subscribe from Noah Technology Holdings Ltd., a Cayman Islands corporation
(the “Company”), for an aggregate of 509,528.00 series A preference shares each of US$ par value of the Company (the “Series A Preference Shares”), at an aggregate subscription price of US$3 million, or
approximately US$5.8878 per share, which is 20% higher than the current Subscription Price per share as provided in the Subscription Agreement, issued as fully-paid subject to adjustment as to such number of shares or such price as hereinafter
provided (such price as so adjusted from time to time being herein called the “Subscription Price”). 
 This Series A
Preference Share Subscription Warrant (this “Warrant”) has been issued by the Company to the Holder under the terms of a subscription agreement dated as of [•] October, 2004 (the “Subscription
Agreement”). 
 This Warrant is subject to the following terms and conditions: 
 Section 1. Exercise of Warrant. The subscription rights represented by this Warrant are exercisable by the Holder, in whole or in part,
at any time or from time to time on or after the Commencement Date and through the close of business on the Expiration Date, by the surrender of this Warrant and the Subscription Form annexed hereto (duly executed) at the principal office of the
Company at

 

 (or at such other office of the Company in the People’s Republic of China as the 

  

 115 

 
Company shall designate by notice in writing to the Holder at its address appearing on the books of the Company), and upon payment to the Company of the
applicable Subscription Price for the Series A Preference Shares thereby subscribed by depositing the applicable Subscription Price in a bank account of the Company in Hong Kong or by such other methods of payment as the Company may accept.

 In the event of the subscription of less than all of the Series A Preference Shares capable of subscription hereunder, the Company will
cancel this Warrant upon surrender hereof, and will forthwith execute and deliver to the Holder, free of charge, a new Warrant of like tenor and date for the balance of the Series A Preference Shares capable of subscription hereunder. 
 The Company agrees that upon the receipt of this Warrant in proper form for exercise, and receipt of the full Subscription Price, the Series A Preference
Shares so subscribed shall be issued to the Holder as the registered owner of such Series A Preference Shares within ten (10) Business Days (“Business Day” being a day other than Saturday on which banks in the Hong Kong Special
Administrative Region are open for business) of the date on which this Warrant shall have been surrendered to the Company in accordance with the provisions of this Section 1. 
 The Company agrees that all of the Series A Preference Shares which are issued upon the exercise of this Warrant will be duly authorized, validly issued,
fully paid and free from all preemptive or similar rights on the part of any holders of any shares in the capital of the Company and free from all taxes, encumbrances, liens and charges and other adverse rights and claims with respect to the
issuance of such shares to the Holder. Such Series A Preference Shares shall rank pari passu with all other fully paid Series A Preference Shares in issue on the issue date. 
 Each certificate for the Series A Preference Shares subscribed upon exercise of this Warrant shall be delivered to the person entitled thereto within a
reasonable time, not exceeding ten (10) Business Days, after the date on which the rights represented by this Warrant shall have been exercised. 
 Nothing contained in the Subscription Agreement or in this Warrant shall be construed as conferring upon the Holder prior to the exercise of any Warrant the rights to vote or to receive dividends or to consent or to
receive notice as holders of Series A Preference Shares in respect of any meeting of shareholders for the election of directors of the Company or any other matter, or any rights whatsoever as holders of Series A Preference Shares of the Company.

 Section 2. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued
upon the exercise of this Warrant or any portion hereof. 
 Section 3. Certain Obligations of the Company. So long as any
part of this Warrant shall remain outstanding: 
 (a) the Company covenants that it will at all times maintain sufficient, authorized but
unissued share capital available for the purpose of issue upon the exercise of the subscription rights evidenced by this Warrant; and 
  

 116 

 (b) the Company will not, by amendment of, or through reorganization, consolidation, merger, dissolution,
issuance of capital stock (otherwise than upon exercise of this Warrant) or sale of assets, or by any other voluntary act or deed, avoid or seek to avoid the performance or observance of any of the covenants, stipulations or conditions in this
Warrant to be observed or performed by the Company. 
 Section 4. Rights and Privileges. The Series A Preference Shares
shall have the rights and privileges set out in the Shareholder Agreement of the Company including without limitation the right to appoint directors of the company, the right of first offer, the right of first refusal, the co-sale right and the drag
along right. 
 Section 5. Prior Notice of Certain Events. In case at any time: 
 (a) the Company shall pay any dividend payable in any shares or other securities (including rights, options or warrants) upon its Series A Preference
Shares or make any distribution to any shareholders; or 
 (b) there shall be any capital reorganization or reclassification of the Series A
Preference Shares, including any subdivision, split, combination or reverse split, or any consolidation or merger of the Company with another entity or a sale, transfer or other disposition of all or substantially all of its assets; or 

(c) the Company shall offer for subscription to all of the holders of any class of its shares any additional shares or any other rights; or

 (d) there shall be a voluntary or involuntary dissolution, liquidation or winding-up of the Company; 
 then, in any of such cases, the Company shall give prior written notice, by mail, postage prepaid, addressed to the Holder who has not fully exercised this Warrant at
its address as shown in the records kept by the Company, of the date on which (i) the books of the Company shall close or a record shall be taken for such dividend, distribution or subscription rights, and (ii) such reorganization,
reclassification, consolidation, merger, sale, transfer or other disposition, dissolution, liquidation or winding-up shall take place, as the case may be. Such notice shall also specify the date as of which the holders of Series A Preference Shares
of record shall participate in such dividend, distribution, subscription rights, or shall be entitled to exchange their Series A Preference Shares for securities or other property deliverable upon such reorganization, reclassification,
consolidation, merger or sale, transfer or other disposition, dissolution, liquidation or winding-up, as the case may be. Such written notice shall be given not less than 14 days prior to the action in question or to any record date or the date on
which the Company’s register of members are closed in respect thereto. 
  

 117 

 Section 6. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the
Company of a written confirmation from the Holder or other evidence reasonably satisfactory to it as to the loss, theft, destruction or mutilation of this Warrant, and in case of loss, theft or destruction, of an indemnity or security reasonably
satisfactory to the Company, and upon reimbursement to the Company of all reasonable expenses incidental thereto, and upon surrender and cancellation of this Warrant, if mutilated, the Company will make and deliver a new Warrant of like tenor and
duration, in lieu of this Warrant. 
 Section 7. Communications and Notices. All communications and notices hereunder
shall be sent by facsimile to the Company at

 

 at fax number (86755)-83432793 or to such other facsimile number as the Company may hereafter designate in writing by notice to the Holder at its address as shown on the books of the Company. 

Section 8. Remedies. The Company stipulates that the remedies at law available to the Holder in the event of any default by the
Company in the performance of or compliance with any of the terms of the warrants are not and will not be adequate, and that the same may be specifically enforced. 
 Section 9. Severability. The invalidity or unenforceability of any one or more phrases, sentences, clauses, or Sections contained herein in any jurisdiction shall not affect the validity or
enforceability of this Warrant or affect the validity or enforceability of such Warrant provisions in any other jurisdiction. 
 Section 10. Amendments and Waivers. Any term, covenant, agreement or condition of this Warrant may be amended, and compliance therewith may be waived (either generally or in a particular instance and either retroactively
or prospectively), by the approval or consent of the Holder. No such amendment or waiver shall extend to or affect any obligation not expressly amended or waived or impair any right consequent thereon. 
 Section 11. Miscellaneous. This Warrant shall be binding upon the Company’s successors in title and assigns, and shall not be
saleable or assignable except when it is being sold or assigned to the purchaser or transferee of shares in the Company from the Holder pursuant to the Shareholders’ Agreement dated [•], 2004. This Warrant shall be construed in accordance
with and governed by the laws of Hong Kong. 
 IN WITNESS WHEREOF, the Company has caused the common seal of the Company to be affixed
to this Warrant in the presence of its duly authorized officer. 
  

 118 

 DATED: [•] 
  

			
	 [                                       
         ]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 FORM OF SUBSCRIPTION 
 (To be signed only on exercise of Warrant) 
  

			
	 TO:
	 	Baring Asia II Holdings (22) Limited
		 	[•]

 The undersigned, the named holder of the within Warrant, hereby irrevocably elects to exercise such Warrant to
subscribe thereunder for                         
Series      A      Preference Shares of [•] each of
[                        ], and herewith makes payment therefor in accordance with the terms of the Warrant, and requests
that Series A Preference Shares be registered in the name of, and a certificate representing such Series A Preference Shares be issued to,
                                        
         whose address is
                                        
                                        
                            . 
  

							
	 Dated:
	 	  
	 		 	
				
		 		 		 	  

		 		 		 	(Signature)
				
		 		 		 	  

		 		 		 	Address

 Signed in the presence of: 
  

 119 

 SCHEDULE 8 
 RESTRUCTURE MEMORANDUM 
 The terms hereof shall have the same meaning as in the Share Subscription Agreement.

 

 
 Step (1): Establishment of BVI by BVI Existing Shareholders 
 BVI Existing Shareholders XU Dong, TANG Benguo, WANG Xiaotong, MA Li and other 8 key employees of the Noah establish five off-shore companies in BVI
(BVI), which will be funded by the loan provided by Baring. 
 Step (2): Establishment of Cayman by BVI 
 BVI contributes investment to set up a company at Cayman (Cayman), holding 100% equity interests in Cayman. 
  

 120 

 Step (3): Establishment of WFOE (1) and WFOE (2) by Cayman 
 Cayman sets up WFOE (1) in PRC by purchasing 100% equity interests in New Noah, and sets up WFOE (2) in PRC by direct investment. 
 Step (4): Assets & Business Purchase 
 Step 4
shall include the following actions: 
 Busine/Assets Transfer 
 WFOE purchases assets and business from Noah by entering into an assets transfer agreement between them, which stipulates the transfer price, the scope of assets/business transferred. Please refer to Schedule 9 Asset
List. 
 Consideration Waiver 
 Noah
waives the consideration for assets transfer payable by WFOE (2) after Cayman’s capital contribution to WOFE (2) is completed. 
 Step (5):
Share Purchase 
 WFOE purchases the equity interests held by Noah in Cheng Du Noah, Nan Shan Zhi Qiao and other entities. Step 5 shall be
conducted simultaneously with Step 4. 
 Step (6): Issuance of Redeemable Convertible Preference Shares to Baring by Cayman 
 Subject to the Conditions Precedent, Cayman issues redeemable convertible preference shares to Baring, and Baring pays the applicable consideration
(Completion). Upon the Completion, the articles of association of Cayman shall be amended accordingly. 
 Step (7): the NOAH and other relevant parties
fulfill the Post-Completion Covenants 
  

 121 

 SCHEDULE 9 
 ASSETS LIST 
  

 122 

 Amendment to Share Subscription Agreement 
 THIS AMENDMENT TO SHARE SUBSCRIPTION AGREEMENT is entered into as of June 30,2004 (“Amendment”), by and among Baring Asia II Holdings(22) limited
(“Baring”), Alpha Century Assets Limited (“INVESTOR”), Wong Sinfung, Jointly Gold Technologies Ltd. (“BVI 1”), First Win Technologies Ltd. (“BVI 2”), Global Wise Technologies Ltd. (“BVI 3”), Gallop
Jumbo International Limited (“BVI 4”), Dynamic View Investments Limited (“BVI 5”), Noah Technology Holdings Ltd. (“Company”), Shenzhen Noah Industrial Co. ,Ltd.(

) (“Noah Industrial”), Shenzhen New Noah Technology Co. ,Ltd.(

) (“New Noah”), and BVI Existing Shareholders. The foregoing parties shall be hereinafter referred to collectively as the “Parties” and individually as a “Party”. Capitalized terms not
otherwise defined in this Amendment shall have the meanings ascribed to such terms in the Share Subscription Agreement (as defined below). 
 WITNESSETH 
 WHEREAS , Baring, Investor, Wong Sinfung , BVI 1 , BVI 2 , BVI 3, BVI 4 ,BVI 5 ,Company, Noah Industrial, New Noah, and BVI Existing
Shareholders have entered into a Share Subscription Agreement dated as of April 29,2004 (“Share subscription Agreement”) , in which Baring and Investor have become the Series A Preference Shareholders by subscription for 3,260,981.00
Subscription Shares of the Company; 
 WHEREAS , Baring, Investor, BVI 1, BVI 2, BVI 3, BVI 4, BVI 5, Company, and BVI Existing Shareholders have entered
into a Shareholders’ Agreement dated as of April 19, 2004 (“Shareholders’ Agreement”); 
 WHEREAS ,Parties agree to amend the share
Subscription Agreement. 
 AGREEMENT 
 NOW,
THEREFORE ,the Share Subscription Agreement shall be amended as follows: 
  

	1.	WHEREAS (A) shall be amended as follows: 

 “As at the
date hereof ,the Company has an authorized capital of US$50,000.00 divided into 500,000,000.00 shares of par value of US$0.0001 each. As at the date hereof ,10,736,721.00 ordinary shares have been issued and are fully paid or credited as fully paid
by each of BVI respectively .Further particulars of the Company are set out in Schedule 1.” 
  

	2.	The interpretation of “BAPE Group” shall be amended as follows: 

 “BPEP ASIA” means Baring Equity Partners Asia Limited , a company incorporated in Hong Kong; 
  

 123 

 “BPEP Group” means , collectively: 
  

	 	(a)	BPEP ASIA, any holding company of BPEP ASIA and any subsidiary of BPEP ASIA or any such holding company; 

  

	 	(b)	any partnerships, companies and other entities which are at any time ,or the assets of which (or some material part thereof) are at any time, managed or advised (whether solely or
jointly with others) by any company or other entity referred to in (a) above; and 

  

	 	(c)	any company, corporation, limited liability partnership or other vehicle controlled by any entity referred to in (a) or (b) above; 

 and references to a “member of the BPEP Group “ shall be construed accordingly, and any references to “ BAPE Group” shall be
amended to “BPEP Group”; 
 “Control” means in relation to a company or other entity, the power of a person either
directly or indirectly to secure (i) by means of a holding of securities or other interest in the company or other entity or (ii) by means of contractual rights or (iii) by virtue of any powers conferred by the articles of association or
other documents regulation the company or other entity, that the affairs of the company or other entity are conducted in accordance with its wishes , and “Controlled “ shall be construed accordingly; 
  

	3.	The Schedule 1 shall be amended as follows; 

 SCHEDULE 1

 PARTICULARS OF THE COMPANY 
  

					
	1.	  	Registered Office:	  	the offices of Walkers SPV Limited, Walker House, Mary Street, PO BOX 908 GT, George Town, Grand Cayman , Cayman Islands.
	2.	  	Date of incorporation:	  	April 8,2004
	3.	  	CR Number:	  	WK-134538
	4.	  	Place of Incorporation:	  	Cayman Islands
	5.	  	Directors:	  	Xu Dong, Tang Benguo, Wang Xiaotong
	6.	  	Authorized Share Capital as at the date hereof:	  	US$50,000 divided into 500,000,000.00 Shares of par value of US$0.0001 each, of which 300,000,000 shall be designated Ordinary Shares and 200,000,000 shall be designated Series A Preference
Shares,

  

 124 

					
	7.	  	Authorized Share Capital as at the Completion Date:	  	US$50,000 divided into 500,000,000.00 Shares of par value of US$0.0001 each
	8.	  	Issued Share Capital:	  	as per the Capitalization Table in Exhibit B
		
	4.	  	Schedule 4 shall be amended as follows:

 SCHEDULE 4 
 FORM OF APPLICATION FOR SHARES 
  

			
	 To:
	 	Noah Technology Holdings Ltd.
	 From:
	 	[                                       
          ]
	 Date:
	 	

 Dear Sirs, 
 Application for shares 
 We hereby apply for the allotment and issue of the following number of full paid Series A
Preference Shares par value of US$0.0001 of your Company at the aggregate subscription price of [US$15milion/1milion]: 
  

			
	 No. of Series A Preference Share:
	  	[3,057,170.00/203,811.00]

 We agree to take the above Series A Preference Shares subject to the Memorandum and Articles of
Association of your company and we authorize you to enter our name in the register of members as holder of the above shares. 
 Yours
faithfully, 
  

 [Remainder of page intentionally left blank] 
  

 125 

 IN WITNESS WHEREOF, the Parties executed this Amendment the day and year first above written. 
  

					
	 SIGNED by
	  	)	  	
	 for and on behalf of
	  	)	  	
	 BARING ASIA II HOLDINGS
	  	)	  	/s/
	 (22)LIMITED
	  	)	  	
	 in the presence of :
	  	)	  	
			
	 /s/
	  		  	

 (Signature page of the Amendment to Share Subscription Agreement) 

					
	 SIGNED by WONG Sinfung
	  	)	  	
	 for and on behalf of
	  	)	  	
	 Alpha Century Assets Limited
	  	)	  	/s/ WONG Sinfung
	 in the presence of :
	  	)	  	
			
	 SIGNED by WONG Sinfung
	  	)	  	
	 in the presence of :
	  	)	  	/s/ WONG Sinfung

					
	 SIGNED by XU Dong
	  	)	  	
	 for and on behalf of
	  	)	  	
	 Jointly Gold Technologies Limited
	  	)	  	/s/ XU Dong
	 in the presence of
	  	)	  	
			
	 SIGNED by
	  	)	  	
	 XU Dong
	  	)	  	/s/ XU Dong
	 in the presence of:
	  	)	  	
			
	 SIGNED by XU Dong
	  	)	  	
	 for and on behalf of
	  	)	  	
	 Noah Technology Holdings Ltd.
	  	)	  	/s/ XU Dong
	 in the presence of :
	  	)	  	
			
	 SIGNED by XU Dong
	  	)	  	
	 for and on behalf of
	  	)	  	
	 Shenzhen Noah Industry Co., Ltd
	  	)	  	/s/ XU Dong
	 in the presence of :
	  	)	  	
			
	 SIGNED by XU Dong
	  	)	  	
	 for and on behalf of
	  	)	  	
	 Shenzhen New Noah Technology Co., Ltd.
	  	)	  	/s/ XU Dong
	 in the presence of :
	  	)	  	

					
	 SIGNED by TANG Benguo
	  	)	  	
	 for and on behalf of
	  	)	  	
	 First Win Technologies Limited
	  	)	  	/s/ TANG Benguo
	 in the presence of :
	  	)	  	
			
	 SIGNED by
	  	)	  	
	 TANG Benguo
	  	)	  	/s/ TANG Benguo
	 in the presence of :
	  	)	  	

					
	 SIGNED by WANG Xiaotong
	  	)	  	
	 for and on behalf of
	  	)	  	
	 Global Wise Technologies Limited
	  	)	  	/s/ WANG Xiaotong
	 in the presence of :
	  	)	  	
			
	 SIGNED by
	  	)	  	
	 WANG Xiaotong
	  	)	  	/s/ WANG Xiaotong
	 in the presence of :
	  	)	  	

					
	 SIGNED by MA Li
	  	)	  	
	 for and on behalf of
	  	)	  	
	 Gallop Jumbo International Limited
	  	)	  	/s/ MA Li
	 in the presence of :
	  	)	  	
			
	 SIGNED by
	  	)	  	
	 MA Li
	  	)	  	/s/ MA Li
	 in the presence of :
	  	)	  	

					
	 SIGNED by XIAO Xianquan
	  	)	  	
	 for and on behalf of
	  	)	  	
	 Dynamic View Investments Limited
	  	)	  	/s/ XIAO Xianquan
	 in the presence of :
	  	)	  	
			
	 /s/
	  		  	
			
	 SIGNED by
	  	)	  	
	 XIAO Xianquan
	  	)	  	/s/ XIAO Xianquan
	 in the presence of :
	  	)	  	
			
	 /s/

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]