Document:

EX-10.5

 Exhibit 10.5 

TENCENT MUSIC ENTERTAINMENT GROUP 
  

 
 AMENDED AND RESTATED 

RULES OF 2017 RESTRICTED SHARE AWARD SCHEME 
  

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	 	(A)	In the Rules, unless the context otherwise requires, the following words and expressions have the meaning shown opposite to them below: 

 

			
	“Acceptance Period”	  	has the meaning ascribed to such term in Clause 5.3(A);
		
	“Additional Shares”	  	has the meaning ascribed to such term in Clause 5.6(B);
		
	“Account”	  	the bank account opened in the name of the Committee (or its designated person or entity), managed by the Committee, and operated solely for the purposes of operating the Scheme, which is held on trust for the benefit of Selected
Participant and can be funded by the Company or any of its Subsidiaries;
		
	“Adoption Date”	  	17 May 2017, being the date on which the Scheme is adopted by the Company;
		
	“Articles”	  	the articles of association of the Company as amended from time to time;
		
	“Award”	  	an award of Restricted Shares by the Committee pursuant to Clause 5 to a Selected Participant and will not include any options to purchase Shares;
		
	“Awarded Amount”	  	in respect of a Selected Participant, either (i) the closing price of the Shares as quoted on a Qualified Stock Exchange as at the Grant Date after a Qualified IPO has taken place, or (ii) the grant price per Share
specified in the Grant Letter before a Qualified IPO takes place; in either case, multiplied by the number of the Restricted Shares comprised in the Award;
		
	“Board”	  	the board of directors of the Company or management of the Company authorized by the board of directors of the Company;
		
	“Business Day”	  	a day (excluding Saturdays, Sundays and public holidays) on which a Qualified Stock Exchange is open for trading after the occurrence of a Qualified IPO and on which banks are open for normal banking business in Hong Kong, U.S.
and the PRC;
		
	“Call Option”	  	has the meaning ascribed to such term in Clause 5.5(A);

  
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	“Change of Control”	  	 means the occurrence of any one or more of the following events:
  

(i.)  any person, other than an employee benefit plan or trust maintained by the Company, becomes the
Beneficial Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s outstanding securities entitled to vote generally in the election of directors;

 
 (ii.) at any time during a period of 12
consecutive months, individuals who at the beginning of such period constituted the Board and any new member of the Board whose election or nomination for election was approved by a vote of at least a majority of the directors then still in office
who either were directors at the beginning of such period or whose election or nomination for election was so approved, cease for any reason to constitute a majority of members of the Board; or

 
 (iii.) the consummation of (a) a
merger or consolidation of the Company or any of its subsidiaries with any other corporation or entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or
consolidation continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity or, if applicable, the ultimate parent thereof) at least 50% of the combined voting power and total fair market
value of the securities of the Company or such surviving entity or parent outstanding immediately after such merger or consolidation, or (b) any sale, lease, exchange or other transfer to any person of assets of the Company and/or any of its
subsidiaries, in one transaction or a series of related transactions, having an aggregate fair market value of more than 50% of the fair market value of the Company and its subsidiaries (the “Company Value”) immediately prior to
such transaction(s);

  
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		  	 (iv.) any analogous situation as determined by the Committee solely at its discretion,
provided that, in the case of each of (i.), (ii.) and (iii.), a Change of Control shall not be deemed to have occurred until the Committee has determined by resolution of the Committee that such event has occurred, provided further
that change of control will not occur for purposes of awards that are subject to Section 409A of the U.S. Internal Revenue Code of 1986 unless the event also constitutes a change of control under 409A of the U.S. Internal Revenue Code of
1986;

		
	“Committee”	  	the management committee of the Company established by the Board;
		
	“Company”	  	Tencent Music Entertainment Group, a limited liability company organized and existing under the laws of the Cayman Islands;
		
	“Control”	  	means the possession, direct or indirect, of the power to direct, or cause the direction of, the management and policies of a person, whether through the ownership of voting securities, by contract or otherwise;
		
	“Disability”	  	 means, with respect to any Selected Participant, “disability” as defined in such Selected Participant’s Employment
Agreement, if any, or if not so defined:
  

(i.)  a permanent and total disability that entitles the Selected Participant to disability income
payments under any long-term disability plan or policy provided by the Company under which the Selected Participant is covered, as such plan or policy is then in effect; or
  

(ii.) if the Selected Participant is not covered under a long-term disability plan or policy provided by the
Company at such time for whatever reason, then the term “Disability” means that the Selected Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which
can be expected to result in death or which has lasted, or can be expected to last, for a continuous period of not less than 12 months. In this case, the existence of any such Disability will be certified by a physician acceptable to the
Company;

  
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	“Employee”	  	an employee of any member of the Group or of any Invested Entity;
		
	“Employment Agreement”	  	means any employment, severance, consulting or similar agreement between the Company or any of its Affiliates and a Selected Participant;
		
	“Eligible Persons”	  	any Employee (whether full time or part time), executives or officers, directors (including executive, non-executive and independent non-executive
directors) of any member of the Group or any Invested Entity and any consultant, adviser or agent of any member of the Group or of any Invested Entity, have contributed or will contribute to the growth and development of the Group or any Invested
Entity;
		
	“Excluded Person”	  	any Eligible Person who is resident in a place where the award of the Restricted Shares and/or the vesting and transfer of the Restricted Shares pursuant to the terms of the Scheme is not permitted under the laws and regulations
of such place or where in the view of the Committee, compliance with applicable laws and regulations in such place makes it necessary or expedient to exclude such Eligible Person;
		
	“Fair Market Value”	  	the fair market value of the Company as reasonably determined by the Committee in good faith;
		
	“Grant Date”	  	in relation to any Restricted Share, the date on which the Restricted Share is, was or is to be granted;
		
	“Grant Letter”	  	has the meaning ascribed to such term in Clause 5.3(A);
		
	“Grant Shares”	  	has the meaning ascribed to such term in Clause 5.2(A);
		
	“Group”	  	the Company and its Subsidiaries;
		
	“Holding Period”	  	has the meaning ascribed to such term in Clause 5.4.2(D);
		
	“Hong Kong”	  	the Hong Kong Special Administrative Region of the PRC;
		
	“Hong Kong Stock Exchange”	  	The Stock Exchange of Hong Kong Limited;

  
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	“Invested Entity”	  	any entity in which any member of the Group holds an equity interest;
		
	“Non-competition Deed”	  	means any non-competition deed entered into between Tencent or any member of the Group on the one hand and a Selected Participant on the other hand;
		
	“Option Exercise Date”	  	has the meaning ascribed to such term in Clause 5.5(B);
		
	“Option Exercise Notice”	  	has the meaning ascribed to such term in Clause 5.5(B);
		
	“PRC”	  	means the People’s Republic of China, excluding, for the purpose of this document, Hong Kong, Macau Special Administrative Region of the PRC and Taiwan;
		
	“Qualified IPO”	  	means the listing of Shares resulting from a firm underwritten public offering of the Shares in the U.S. or in a similar listing of the Shares in another jurisdiction which results in such shares trading publicly on any Qualified
Stock Exchange where the Company meets the listing requirements of such Qualified Stock Exchange;
		
	“Qualified Stock Exchange”	  	means the Hong Kong Stock Exchange, New York Stock Exchange, NASDAQ Stock Market, A-Share Market or such other stock exchange approved by the Board;
		
	“Reference Amount”	  	has the meaning ascribed to such term in Clause 5.3(B);
		
	“Residual Cash”	  	in respect of a Selected Participant, being cash remaining in the Account managed by the Committee in respect of his Award (including interest income derived from deposits maintained with licensed banks in the relevant
jurisdiction) which has not been applied in the acquisition or subscription of his Restricted Shares;
		
	“Restricted Shares”	  	in respect of a Selected Participant, such number of Shares determined by the Committee and (i) issued by the Company to the Selected Participant, or (ii) purchased by the Committee from existing shareholders of the
Company;

  
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	“Rules”	  	the rules of the Scheme adopted by the Board on the Adoption Date;
		
	“Scheme”	  	the 2017 restricted share award scheme constituted by the Rules as amended from time to time;
		
	“Selected Participant”	  	any Eligible Persons (including Tencent Transfer Employees) selected by the Committee in accordance with the terms of this Scheme;
		
	“Senior Management”	  	senior management of the Company as determined by the Committee from time to time;
		
	“Shares”	  	ordinary shares of US$0.000083 each in the capital of the Company (or of such other nominal amount as results from a sub-division, consolidation, reclassification or reconstruction of the
share capital of the Company from time to time) in the capital of the Company;
		
	“Subsidiary”	  	with respect to any given person, any person of which the given person directly or indirectly Controls and “Subsidiaries” are construed accordingly;
		
	“Tencent”	  	Tencent Holdings Limited, a limited liability company organized and existing under the laws of the Cayman Islands and whose shares are listed on the Hong Kong Stock Exchange;
		
	“Tencent RSU”	  	means the restricted share units of Tencent that are issued under the Tencent RSU Scheme;
		
	“Tencent RSU Scheme”	  	means the restricted share units scheme of Tencent effective on 13 November 2013, as amended from time to time;
		
	“Tencent Shares”	  	means the ordinary shares of Tencent;
		
	“Tencent Transfer Employees”	  	has the meaning ascribed to such term in Clause 5.2(A)(2);
		
	“Total Lapse”	  	has the meaning ascribed to such term in Clause 5.4.1(C);
		
	“Unaccepted Shares”	  	such Shares pursuant to a grant which are not accepted by the Selected Participant;
		
	“Untransferred Shares”	  	has the meaning ascribed to such term in Clause 5.4.1(D);

  
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	“Unvested Shares”	  	such Shares which do not vest in Selected Participants and have been or will be forfeited;
		
	“U.S.”	  	United States of America, its territories, its possessions and all areas subject to its jurisdiction;
		
	“Value Guarantee Restricted Shares”	  	means the number of Restricted Shares as specified in the initial Grant Letter in relation to a particular Tencent Transfer Employee;
		
	“Vesting Date”	  	has the meaning ascribed to such term in Clause 5.4.2(A) or otherwise agreed by the Committee pursuant to the Rules.

  

	 	(B)	In the Rules, unless where the context otherwise requires: 

  

	 	(i)	the headings are inserted for convenience only and do not limit, vary, extend or otherwise affect the construction of any provision of the Rules; 

 

	 	(ii)	references to Clauses are references to clauses of the Rules; 

  

	 	(iii)	references, express or implied, to any statute or statutory provision or the rules of any Qualified Stock Exchange are construed as references to such statute, statutory provision or rules as respectively amended,
consolidated or re-enacted, or as its operation is modified from time to time by any other statute or statutory provision (whether with or without modification and whether before or after the date hereof), and
includes any subsidiary legislation enacted under the relevant statute, provision or rule; 

  

	 	(iv)	expressions in the singular include the plural and vice versa; 

  

	 	(v)	expressions in any gender include other genders; 

  

	 	(vi)	a reference to any enactment is construed as a reference to that enactment as from time to time amended, extended or re-enacted; and 

 

	 	(vii)	references to persons include bodies corporate, corporations, partnerships, sole proprietorships, organizations, associations, enterprises, branches and entities of any other kind. 

 

	 	(C)	In construing the Rules: 

  

	 	(i)	the rule known as the ejusdem generis rule does not apply and, accordingly, general words introduced by the word “other” do not be given a restrictive meaning by reason of the fact that they are
preceded by words indicating a particular class of acts, matters or things; and 

  

	 	(ii)	general words do not be given a restrictive meaning by reason of the fact that they are followed by particular examples intended to be embraced by the general words. 

  
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	2.	PURPOSES AND OBJECTIVES 

  

	 	(A)	The specific objectives of the Scheme are to: 

  

	 	(i)	recognize the contributions by certain Selected Participants with an opportunity to acquire a proprietary interest in the Company; 

  

	 	(ii)	encourage and retain such individuals for the continual operation and development of the Group; 

  

	 	(iii)	provide additional incentives for them to achieve performance goals; 

  

	 	(iv)	attract suitable personnel for further development of the Group; and 

  

	 	(v)	motivate the Selected Participants to maximize the value of the Company for the benefits of both the Selected Participants and the Company, 

with a view to achieving the objectives of increasing the value of the Group and aligning the interests of the Selected Participants directly
to the shareholders of the Company through ownership of Shares. 
  

	 	(B)	This Scheme sets out the terms and conditions upon which the incentive arrangement for the Selected Participants operates. 

  

	3.	DURATION 

 Without prejudicing the subsisting rights of any Selected Participant, subject
to any early termination as may be determined by the Committee pursuant to Clause 11, the Scheme remains valid and effective from the Adoption Date until the tenth (10th) anniversary of the
Adoption Date (17 May 2017), after which period no further Awards will be granted, but the provisions of this Scheme will in all other respects remain in full force and effect and Awards that are granted from the Adoption Date until the tenth (10th) anniversary of the Adoption Date may continue to be exercisable in accordance with their terms of issue. 
  

	4.	ADMINISTRATION 

  

	 	(A)	The Board and the Committee administrate the Scheme in accordance with the Rules. 

  

	 	(B)	The Board or the Committee may, at its sole discretion, appoint a trustee who is independent to the Company to assist in the administration of the Scheme. 

 

	 	(C)	Without prejudice to Clause 10(A), the Board or the Committee has the power from time to time to make or vary regulations for the administration and operation of this Scheme. 

 

	 	(D)	Unless otherwise specified in the Rules, the decision of the Board regarding the administration, operation and variations of the Scheme is final and binding on all parties, provided that such decisions are not
inconsistent with the provisions of this Scheme. 

  
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	5.	OPERATION OF SCHEME 

  

	5.1.	Grant of Restricted Shares to Selected Participants 

  

	 	(A)	Subject to provisions of the Rules, the Committee may, from time to time, at its absolute discretion select any Eligible Person (other than any Excluded Person) to be a Selected Participant and grant to such Selected
Participant Restricted Shares. Participation in the Scheme is limited to Eligible Persons only. 

  

	 	(B)	The Committee is entitled, in its absolute discretion, to impose any conditions (including but not limited to a period of continued service within the Group after the Grant Date), with respect to the entitlement of the
Selected Participant to the Award and the Committee will inform such Selected Participant the relevant conditions and the number of the Grant Shares. An Award certificate setting out, among other things, the number of the Grant Shares, the terms,
conditions, restrictions, vesting schedule, grant price per Grant Share (as applicable) and performance conditions of such Award, will be given to the Selected Participant for each Award. 

 

	 	(C)	Where a Qualified IPO has taken place, no Award may be made by the Committee to any Selected Participant: 

  

	 	(1)	where the Company has, or reasonably believes there is, material non-public information or inside information that must be disclosed under the applicable laws and regulations,
until such information has been published on website of the Company and the relevant Qualified Stock Exchange; or 

  

	 	(2)	within any black-out period or equivalent period of time restricting and/or prohibiting the dealing of Shares by Employees before the publication of financial statements of the
Company as provided in the rules of the applicable Qualified Stock Exchange; or 

  

	 	(3)	in any other circumstances where dealings by Selected Participant (including directors of any member of the Group) are prohibited under any applicable law or regulation or where the requisite approval from any
applicable regulatory authorities has not been granted. 

  

	5.2.	Criteria for Determining Selected Participants  

  

	 	(A)	Subject to Clauses 5.1(C) and 7, the Committee may: 

  

	 	(1)	select the Selected Participants and determine the number of Restricted Shares to be granted (the “Grant Shares”) to any Selected Participant (excluding any Excluded Person); or 

  
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	 	(2)	select employees of Tencent who have agreed to transfer his or her employment to members of the Group, including the Company (the “Tencent Transfer Employees”) and determine the number of Grant Shares
and monetary value per such Grant Shares. 

  

	 	(B)	In determining the number of Grant Shares for a Selected Participant, the Committee may take into consideration matters including, but without limitation to, 

 

	 	(1)	the present contribution and expected contribution of the relevant Selected Participant to the profits of the Group; 

  

	 	(2)	the rank and performance of the relevant Selected Participant; 

  

	 	(3)	the general financial condition of the Group; 

  

	 	(4)	the Group’s overall business objectives and future development plan; and 

  

	 	(5)	any other matter which the Committee considers relevant. 

  

	5.3.	Subscription or Purchase of Shares 

  

	 	(A)	After the Committee has determined the number of Grant Shares, the grant price per Grant Share (if applicable) and the Selected Participants, it will notify the Selected Participants on the Grant Date in writing
together with the Award certificate (the “Grant Letter”). Upon receipt of the Grant Letter, the Selected Participants are required to confirm their acceptance of the Award by returning to the Committee a notice of acceptance duly
executed by them within twenty eight (28) days after the Grant Date (the “Acceptance Period”). If any Selected Participant fails to return the notice of acceptance upon the expiration of the Acceptance Period to the Company,
the Award automatically lapses forthwith and the Shares pursuant to the Award will become Unaccepted Shares which will be dealt with in accordance with Clause 6. 

  

	 	(B)	The Committee may at any time at its discretion, in respect of each Selected Participant and after having regard to the requirements under Clause 5.1(C), cause to be paid the reference amount from the Company’s
resources or any Subsidiary’s resources into the Account for the relevant Selected Participant for the purchase and/or subscription of the Restricted Shares as soon as reasonably practicable after the Grant Date (the “Reference
Amount”). The Reference Amount is the sum of: 

  

	 	(1)	the Awarded Amount; 

  

	 	(2)	the related purchase expenses (including but not limited to any applicable brokerage fee, stamp duty, transaction levy, and stock exchange trading fee); and 

 

	 	(3)	such other necessary expenses required for the completion of the purchase of all the Grant Shares. 

  
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	 	(C)	In respect of the purchase and/or subscription of the Restricted Shares for a Selected Participant, the Committee will as soon as reasonably practicable after the Grant Date determine the Reference Amount towards the
purchase and/or subscription of Restricted Shares as the case may be at its sole discretion, subject to Clause 5.3(D) below. 

  

	 	(D)	Without prejudicing to Clause 5.3(B), whether the Restricted Shares are to be purchased or subscribed for is determined by the Committee having regards to, among other things, the financial position of the Company, the
cash position of the Company and, if the Shares are listed on a Qualified Stock Exchange, the market price of the Shares at the relevant time. 

  

	 	(1)	In case of subscribing for new Shares that are to be listed on a Qualified Stock Exchange, the Company must comply with the applicable rules of the relevant Qualified Stock Exchange and must apply for the necessary
listing approval on each occasion before issue of the relevant Restricted Shares. 

  

	 	(2)	In case where the Restricted Shares will be purchased from existing shareholders of the Company, within fourteen (14) Business Days (or such longer period as the Committee may determine from time to time) of
determining the Reference Amount, the Committee will apply the same towards the purchase of Shares from other shareholders of the Company or from the market. If the Reference Amount paid or caused to be paid is not sufficient to purchase all the
necessary Shares to cover the Grant Shares, the Committee shall grant additional funds so as to acquire the number of Restricted Shares as determined by the Committee under this Clause 5.3(D). 

 

	 	(E)	Upon instruction of the Committee, any Residual Cash provided for a Selected Participant will be promptly returned to the Company forthwith after completion of the purchase and/or subscription of all the Restricted
Shares comprised in the Award. The Committee or its designated persons or entities will hold any Shares so purchased in accordance with the terms of the Rules. 

  

	 	(F)	Without prejudice to Clause 5.4.2(D), the Restricted Shares so purchased and/or subscribed for will, subject to the receipt by the Committee of the properly executed transfer documents as prescribed by the Committee, be
transferred to and/or issued in the name of the Selected Participant in accordance with Clause 5.4.2. 

  

	 	(G)	Save for the arrangements described in Clause 5.4.2(D), the Grant Shares transferred pursuant to this Scheme will be subject to all the provisions of the Articles for the time being in force and will rank pari passu
in all respects with the existing fully paid Shares in issue on the date on which those Grant Shares are transferred to and/or issued in the name of the Selected Participant and accordingly will entitle the holders of such Grant Shares to
participate in all dividends or other distributions paid or made on or after the date on which Grant Shares are transferred to and/or issued in the name of the Selected Participant other than any dividends or distributions previously declared or
recommended or resolved to be paid or made if the record date thereof will be before the date on which the Grant Shares are transferred to and/or issued in the name of the Selected Participant. 

  
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	5.4.	Vesting 

  

	5.4.1	Vesting Condition 

  

	 	(A)	Subject to Clause 5.4.3, the vesting of the Restricted Shares is subject to the Selected Participant remaining, at all times after the Grant Date and on the Vesting Date, an Eligible Person. For the purpose of this
Clause, a Selected Participant is regarded as remaining as a Selected Participant notwithstanding that he ceases to hold a position of employment or office with or be an agent or consultant of the Company or a Subsidiary, if at the same time he
takes up a different position of employment and/or office with, or continues to be an agent or consultant of another Subsidiary as the case may be. 

  

	 	(B)	A Selected Participant ceases to be an Eligible Person for the purpose of Clause 5.4.1(A) if: 

(1)    the Selected Participant’s service or employment with the Group has been terminated by any member of the Group
or any Invested Entity for cause. For the purposes of this Clause and all other relevant provisions under the Rules (if any) relating to termination for cause, “cause” means: 

 

	 	(i)	dishonesty or serious misconduct, whether or not in connection with his employment; willful disobedience or non-compliance with the terms of his employment, agency or consultancy
contract with any member of the Group or any Invested Entity or any lawful orders or instructions given by the any member of the Group or any Invested Entity as the case may be; 

 

	 	(ii)	incompetence or negligence in the performance of his duties; or 

  

	 	(iii)	doing anything in the conclusive opinion of the Committee adversely affects his ability to perform his duties properly or bring the Company or the Group or any Invested Entity into disrepute; 

 

	 	(2)	the Selected Participant has been convicted for any criminal offence involving his integrity or honesty; or 

  

	 	(3)	the Selected Participant has been charged, convicted or held liable for any offence under the relevant securities laws under any applicable laws or regulations in force from time to time. 

  
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 Total Lapse Cases 

 

	 	(C)	Subject to Clause 5.4.3, in the event that prior to or on the Vesting Date in respect of a Selected Participant, 

  

	 	(1)	the relevant Selected Participant ceases to be an Eligible Person, 

  

	 	(2)	a Selected Participant who is found to be an Excluded Person; or 

  

	 	(3)	an order for the winding-up of the Company is made or a resolution is passed for the voluntary winding-up of the Company (otherwise than
for the purposes of, and followed by, an amalgamation or reconstruction in such circumstances that substantially the whole of the undertaking, assets and liabilities of the Company pass to a successor company) (each of these, an event of
“Total Lapse”), 

 the Award will automatically lapse forthwith and the Restricted Shares will not vest on the
relevant Vesting Date and the relevant Reference Amount so paid by the Company under Clause 5.3(B) will be taken out of the Account and returned to the Company immediately. In such case, the relevant Restricted Shares will not be counted for the
purpose of the Scheme limit in Clause 7. However, all vested Restricted Shares can still be held by the Selected Participant or transferred to the Selected Participant upon the occurrence of a Qualified IPO or any other events the Committee may
determine from time to time, in accordance with Clause 5.4.2. 
 Defected Employees 

 

	 	(D)	Subject to Clause 5.4.3, in the event that prior to or on the Vesting Date in respect of a Selected Participant, 

  

	 	(1)	the Selected Participant has breached any provisions of the Non-competition Deed or any other relevant non-compete undertaking;

  

	 	(2)	the Selected Participant has violated any relevant policy(ies) of the Company; or 

  

	 	(3)	any other event(s) which could be detrimental to the interest of the Company or Tencent or their respective shareholders as determined by the Committee, 

the following will take place: 

(i) the Award granted to such Selected Participant will automatically lapse forthwith, accordingly the unvested Restricted Shares will not vest
on the relevant Vesting Date, 
 (ii) all vested Restricted Shares will no longer be transferred to the Selected Participant in accordance
with Clause 5.4.2(D) (the “Untransferred Shares”) and will be returned to the Committee; 
 (iii) any Reference Amount so
paid by the Company under Clause 5.3(B) will be taken out of the Account and returned to the Company immediately. In such case, the relevant Restricted Shares will not be counted for the purpose of the Scheme limit in Clause 7; and 

  
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 (iv) such Selected Participant shall be held by the Company to account for any profit arising out
of dealing in any Restricted Shares that has been transferred to the Selected Participant in accordance with Clause 5.4.2(D). 

Terminated Employees 
  

	 	(E)	Unless the Committee decides otherwise at its sole discretion, if the Selected Participant’s employment or service with the Group is terminated for any reason other than for the reasons provided for under Clause
5.4.1(B) (including by reason of resignation, summary dismissal, non-renewal of the employment or service agreement upon its expiration, retires by agreement with a member of the Group at any time prior to or
on the Vesting Date for any reason other than those set out under Clause 5.4.1(B)), any unvested Restricted Shares in respect of such Selected Participant will automatically lapse with effect from the date on which the Selected Participant’s
employment or service is terminated. However, all vested Restricted Shares can still be held by the Selected Participant or transferred to the Selected Participant upon the occurrence of a Qualified IPO and any other events as the Committee may
determine from time to time, in accordance with Clause 5.4.2(D). 

  

	 	(F)	Notwithstanding any other provisions of this Scheme (but subject to any applicable laws), the Committee is at liberty to waive the vesting condition referred to in this Clause 5.4.1. 

 

	5.4.2	Vesting of Restricted Shares 

  

	 	(A)	Subject to Clauses 5.4.2 and 5.4.3, any Share held by the Committee on behalf of a Selected Participant pursuant to the provisions of the Rules vests in such Selected Participant in accordance with the vesting schedule
(if any) as set out in the Grant Letter (for this purpose, the date or each such date on which the Grant Shares are to vest is referred to as a “Vesting Date”). 

 

	 	(B)	In order for the Award to vest and barring unforeseen circumstances, the Committee is to receive duly executed transfer documents and any undertakings as prescribed by the Committee within twenty eight(28) days of the
Vesting Date. 

  

	 	(C)	In the event that the Committee does not receive the transfer documents or undertakings from a Selected Participant (or his legal representative or lawful successor as the case may be) within the prescribed period, the
Shares which would have otherwise vested in such Selected Participant will be automatically forfeited forthwith and become Unvested Shares for the purpose of the Scheme and be dealt with in accordance with Clause 6. 

  
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	 	(D)	The Committee shall hold vested Restricted Shares, subject to the receipt by the Committee of the transfer documents referred to in Clause 5.4.2(B) from the Selected Participant, from the Vesting Date until the date of
Qualified IPO or the occurrence of other events as determined by the Committee (the “Holding Period”) on trust for the Selected Participant in accordance with the Rules. During the Holding Period, the Committee shall not exercise
any voting rights ascribed to such vested Restricted Shares and will hold any economic interests (such as dividend or other distribution) on trust for the Selected Participants. Upon or after the occurrence of a Qualified IPO, the Committee will
transfer the Restricted Shares (together with any economic interests accrued) to the relevant Selected Participants as soon as reasonably practicable after the date of such Qualified IPO or upon receipt by the Committee of the transfer documents
referred to in Clause 5.4.2(B) from the Selected Participant. 

  

	 	(E)	In relation to termination of employment of Selected Participants (including Senior Management) in accordance with Clause 5.4.1(E) before the occurrence of a Qualified IPO, the Committee will, unless otherwise
determined by the Committee to pay such Selected Participants in cash, continue to hold the vested Restricted Shares for the Selected Participants in accordance with Clause 5.4.2. In the event that the Committee decides to pay such Selected
Participants in cash, the amount of cash will be equivalent to the Fair Market Value of the number of vested Restricted Shares, with such cash payments to be made to an account of the Selected Participants as soon as reasonably practicable.

  

	5.4.3	Vesting upon Death and Disability 

  

	 	(A)	In respect of a Selected Participant who dies or is disabled at any time prior to or on the Vesting Date, the relevant Award shall lapse and accordingly all unvested Restricted Shares shall not vest upon Vesting Date.
However, subject to Clause 5.4.2(D), the legal personal representatives shall continue to hold Restricted Shares that have vested before the date of death or Disability. 

 

	 	(B)	If the Award would otherwise become bona vacantia, the Award are deemed to be cancelled and the Awarded Amount ceases to be applicable in subscription and/or purchase of the Shares, and the entire Reference
Amount attributable to the relevant Selected Participant will be taken out of the Account and returned to the Company immediately. In such event, none of the Selected Participants (or his legal representative or lawful successor as the case may be)
shall have any claim against the Company in respect of the Award. In such case, the relevant Restricted Shares will not be counted for the purpose of the Scheme limit in Clause 7. 

 

	 	(C)	Notwithstanding the foregoing, in the event of the death of Selected Participant who is a U.S. taxpayer, any relevant Restricted Shares of such Selected Participant that vest pursuant to this Clause 5.4.3, shall be
transferred to the beneficiary or other legal representative of such deceased Selected Participant on the earlier to occur of a Qualified IPO or a Change of Control. 

 

	5.5.	Call Option  

  

	 	(A)	For Value Guarantee Restricted Shares that have been vested in accordance with Clause 5.4.1 or Clause 5.4.3, the Committee has the right to invite the Tencent Transfer Employees (or their legal personal representatives)
to sell such Value Guarantee Restricted Shares to the Company at the corresponding Reference Amount (the “Call Option”). 

  
 15 

	 	(B)	To exercise the Call Option, the Committee must notify the Tencent Transfer Employees (or their legal personal representative) in writing (the “Option Exercise Notice”) at least seven (7) Business
Days before the intended date of exercise (the “Option Exercise Date”). The Option Exercise Notice shall invite the Tencent Transfer Employees to confirm their acceptance of the Call Option not less than three (3) Business Days
before the Option Exercise Date and also request for the bank account and securities account details of Tencent Transfer Employee. For the avoidance of doubt, Call Options that are unaccepted by the Tencent Transfer Employees will not be exercised
by the Company and will lapse forthwith. 

  

	 	(C)	At the sole discretion of the Committee, the repurchase described in Clause 5.5(A) above can be made either in cash or the number of immediately vested Tencent RSUs (taking into account of all applicable brokerage,
stamp duty, trading fees and levies) that could be purchased by the relevant Reference Amount using the closing price of Tencent Shares quoted on the Hong Kong Stock Exchange on the day before the date of the Option Exercise Date. 

 

	 	(D)	Upon issuing the Option Exercise Notice, the Committee shall inform the Tencent Transfer Employee the choice of the consideration of the repurchase within seven (7) Business Days and shall further cause to be
transferred either cash or immediately vested Tencent RSUs to the designated bank or securities account of the Tencent Transfer Employee within fourteen (14) Business Days (or such longer period as the Committee may determine from time to time)
from the date of the Option Exercise Notice. 

  

	 	(E)	The Call Option shall lapse forthwith upon the occurrence of: 

  

	 	(1)	a Qualified IPO; 

  

	 	(2)	a Change of Control; or 

  

	 	(3)	any other material events as determined by the Committee, 

 whichever is earlier. 

 

	5.6.	Cash and Non Cash Income 

  

	 	(A)	All cash, non-cash income or sale proceeds of non-cash and non-scrip distributions declared in
respect of a Share (whether held as Grant Share, Unaccepted Share, Additional Share or Unvested Share) form part of the fund of the Committee. 

  

	 	(B)	The Committee may apply the fund of the Committee in Clause 5.6(A): 

 (i) to pay the fees, costs
and expenses of the Committee in relation to the administration of the Scheme, including without limitation, fees of any trustee or third party professionals; and 

(ii) to purchase the maximum number of Shares (the “Additional Shares”) on the Purchase Date (as defined below). 

  
 16 

	 	(C)	The Committee holds such Additional Shares and all income derived from them for the benefit of all or one or more of the Participants. 

 

	 	(D)	The Additional Shares (if granted) are subject to the same vesting condition and vesting schedule as they apply to any Grant Shares. 

 

	 	(E)	For the purpose of this Clause 5.6, “Purchase Date” means any Business Day on which the Committee purchases any Additional Shares. 

 

	5.7.	Restrictions and Limitations 

  

	 	(A)	Any Award is personal to the Selected Participant to whom it is made and is not assignable and no Selected Participant may in any way sell, transfer, charge, mortgage, encumber or create any interest in favor of any
other person over or in relation to either the Awarded Amount, the Reference Amount or the Restricted Shares referable to him pursuant to such Award or the Unaccepted Shares, Additional Shares or any of the Unvested Shares under the Scheme.

  

	 	(B)	Without prejudice to the arrangement described in Clause 5.4.2(D), a Selected Participant may not have any interest or rights (including the right to receive dividend) in the Restricted Shares which are attributed to
him until such Restricted Shares have been vested as Shares in accordance with the provisions set out in Clause 5.4.2. 

  

	 	(C)	A Selected Participant has no rights in the Residual Cash. 

  

	 	(D)	The Committee does not exercise any voting rights in respect of any Shares held for any Selected Participant (including but not limited to Grant Shares, Unaccepted Shares, Untransferred Shares, Additional Shares,
Unvested Shares, any bonus Shares and scrip Shares and Share held in the Holding Period). 

  

	 	(E)	No instructions may be given by a Selected Participant to the Committee in respect of the Restricted Shares that have not vested, and such other properties of the Account managed by the Committee. 

 

	 	(F)	The Committee may not subscribe for any new Shares pertaining to either (a) an open offer of new securities; or (b) any rights issue issued in respect of any Shares held by the Selected Participant. In the
event of a rights issue, the Committee will sell any nil-paid rights allotted to it. The net proceeds from the sale of such rights are held as cash income of the Committee and are first applied to fees, costs
and expenses incurred by the Committee in the administration of the Scheme and then to the any Selected Participant subject to the Committee’s discretion. 

  

	 	(G)	The Committee may at all times have the discretion to decide whether to receive scrip dividend or in cash. 

  
 17 

	5.8.	Compliance 

 In respect of the administration of the Scheme, the Company complies with
all applicable disclosure regulations including without limitation those imposed by the rules of any Qualified Stock Exchange from time to time. 
  

	6.	UNACCEPTED, UNVESTED AND UNTRANSFERRED SHARES  

  

	 	(A)	Where Shares, referable to a Selected Participant, 

  

	 	(1)	are not accepted by such Selected Participant within the stipulated time in accordance with Clause 5.3(A) and become Unaccepted Shares in accordance with Clause 5.3(A); or 

 

	 	(2)	do not vest in accordance with the relevant provisions of the Rules and become Unvested Shares; or 

  

	 	(3)	are vested but are not transferred to a Selected Participant pursuant to Clause 5.4.1(D), 

 the
Committee may hold such Unaccepted Shares or Unvested Shares or Untransferred Shares and all income derived from them for the benefit of all or one or more of the Eligible Persons, as the Committee in its discretion may at any time grant to any
Selected Participant. 
  

	 	(B)	All Unaccepted Shares or Unvested Shares or Untransferred Share, when granted, are subject to the same vesting condition and vesting schedule as they apply to any Grant Shares. 

 

	7.	SCHEME LIMITS 

  

	 	(A)	The Committee may not make any further Award which will result in the nominal value of the Shares awarded by the Committee under the Scheme exceeding ten (10) percent of the issued share capital of the Company as
at the Adoption Date. 

  

	 	(B)	The maximum number of Shares which may be awarded to any one Selected Participant under the Scheme may not exceed one (1) percent of the issued share capital of the Company as at the Adoption Date.

  

	8.	WITHHOLDING 

  

	 	(A)	The Company or any Subsidiary may be entitled to withhold, and any Selected Participant may be obliged to pay, the amount of any tax and/or social security contributions attributable to or payable in connection with the
grant of the Restricted Shares and any excluded expenses pursuant to Clause 12(B). 

  

	 	(B)	The Committee may establish appropriate procedures to provide for any such payment so as to ensure that the Company or any Subsidiary receive advice concerning the occurrence of any event which may create, or affect the
timing or amount of, any obligation to pay or withhold any such taxes or social security contributions or which may make available to the Company or such Subsidiary any tax deduction resulting from the occurrence of such event. 

  
 18 

	 	(C)	The Company or any Subsidiary may, by notice to the Selected Participant and subject to any rules as the Committee may adopt, require that the Selected Participant pay at the time of the Award an amount estimated by the
Company or any Subsidiary to cover all or a portion of the tax and/or social security contributions attributable to or payable in connection with the Award. 

  

	9.	DISPUTES 

 Any dispute arising in connection with the Scheme is referred to the decision
of the Committee who acts as experts and not as arbitrators and whose decision is final and binding. 
  

	10.	AMENDMENT 

  

	 	(A)	The Scheme may be amended in any respect by a resolution of the Committee provided that no such amendment may operate to affect adversely any subsisting rights of any Selected Participant under the Scheme unless:

  

	 	(i)	the written consent of the relevant Selected Participants is obtained; or 

  

	 	(ii)	the sanction of a special resolution passed at a meeting of the Selected Participants. 

  

	 	(B)	For any such meeting of Selected Participants referred to in Clause 10(A) all the provisions of the Articles as to general meetings of the Company apply mutatis mutandis except that: 

 

	 	(i)	not less than five (5) Business Days’ notice of such meeting is given; 

  

	 	(ii)	a quorum at any such meeting is two Selected Participants present in person or by proxy; 

  

	 	(iii)	every Selected Participant present in person or by proxy at any such meeting is entitled on a show of hands to one vote, and on a poll, to one vote for each Awarded Share proposed to be awarded to him;

  

	 	(iv)	any Selected Participant present in person or by proxy may demand a poll; and 

  

	 	(v)	if any such meeting is adjourned for want of a quorum, such adjournment will be to such date and time, not being less than five (5) or more than ten (10) Business Days, and to such place as may be appointed by
the chairman of the meeting. At any adjourned meeting those Selected Participants who are then present in person or by proxy form a quorum and at least five (5) Business Days’ notice of any adjourned meeting is given in the same manner as
for an original meeting and such notice states that those Selected Participants who are then present in person or by proxy forms a quorum. 

  

	 	(C)	In respect of any proposed amendment in relation to the advantage of the Selected Participants, such proposed amendment is approved by the shareholders of the Company in general meeting if required by any rules of
Qualified Stock Exchange or under applicable laws. 

  
 19 

	 	(D)	In the event that the Committee determines that, as a result of any dividend or other distribution (whether in the form of cash, Shares or other securities), recapitalization, stock split, reverse stock split,
reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or
other rights to purchase Shares or other securities of the Company, issuance of Shares pursuant to the anti-dilution provisions of securities of the Company, or other similar corporate transaction or event affecting the Shares, or of changes in
applicable laws, regulations or accounting principles, an adjustment is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Scheme, then the Committee shall equitably
adjust (i) Awards outstanding under the Scheme, including, without limitation, the number of Grant Shares and grant price per Grant Share (as applicable), and (ii) the number of vested Restricted Shares held in trust for Selected
Participants (to the extent such vested Restricted Shares are not treated consistently with the treatment of Shares in connection with any transaction described in this subsection) and (iii) the maximum number of Shares that may be awarded
under this Scheme. 

  

	11.	TERMINATION 

  

	 	(A)	The Scheme commences on the Adoption Date and remains valid and effective unless and until being terminated on the earlier of: 

  

	 	(i)	the tenth (10th) anniversary date of the Adoption Date; or 

  

	 	(ii)	such date of early termination as determined by the Committee provided that such termination does not affect any subsisting rights of any Selected Participant. 

 

	 	(B)	Upon termination, no further Restricted Shares may be granted. The Committee will notify the Selected Participant of such termination. 

 

	 	(C)	The Committee will, within twenty one (21) Business Days of the date of termination of the Scheme, vest all Restricted Shares which, as of the date of such termination are unvested and have not previously lapsed
pursuant to Clauses 5.4.1(C), (D) or (E), and transfer such vested Restricted Shares to the relevant Selected Participants. 

  

	 	(D)	In the event of termination of the Scheme, after all Restricted Shares granted under the Scheme have either previously lapsed or have vested and been transferred to the relevant Selected Participants, the Residual Cash
and such other funds remaining in the Account (after making appropriate deductions in respect of all disposal costs, liabilities and expenses) will be remitted to the Company forthwith. 

  
 20 

	 	(E)	For the avoidance of doubt, the temporary suspension of the granting of any Award is not construed as a decision to terminate the operation of the Scheme. 

 

	12.	MISCELLANEOUS 

  

	 	(A)	The Scheme does not form part of any contract of employment or contract for services (as the case may be) between the Company or any Subsidiary and any Eligible Person, and the rights and obligations of any Eligible
Person under the terms of his office or employment are not affected by his participation in the Scheme or any right which he may have to participate in it and the Scheme affords such Eligible Person no additional rights to compensation or damages in
consequence of the termination of such office or employment for any reason. 

  

	 	(B)	The Company bears the costs of establishing and administering the Scheme, including, for the avoidance of doubt, costs arising from communication as referred to in Clause 12(D), expenses incurred in the purchase or
subscription of Shares and stamp duty and normal registration fees in respect of the transfer of Shares to Selected Participants on the relevant Vesting Date. For the avoidance of doubt, the Company is not liable for any tax or expenses of such
other nature payable on the part of any Eligible Person or the Committee in respect of any sale, purchase, vesting or transfer of Shares. 

  

	 	(C)	Save as specifically provided in the Rules, the Scheme does not confer on any person any legal or equitable rights (other than those constituting and attaching to the Restricted Shares themselves) against the Company
directly or indirectly or give rise to any cause of action at law or in equity against the Company. 

  

	 	(D)	Any notice or other communication between the Company and any Eligible Person may be given by sending the same by prepaid post or by personal delivery to, in the case of the Company, its head office and principal place
of business in Hong Kong or such other address as notified to the Eligible Person from time to time and in the case of an Eligible Person, his address in Hong Kong as notified to the Company from time to time. 

 

	 	(E)	Any notice or other communication served by post is be deemed to have been served twenty four (24) hours after the same was put in the post. 

 

	 	(F)	The Company is not be responsible for any failure by any Eligible Person to obtain any consent or approval required for such Eligible Person to participate in the Scheme as a Selected Participant or for any tax, duty,
expenses, fees or any other liability to which he may become subject as a result of his participation in the Scheme. 

  

	 	(G)	Each provision of the Rules is a separate provision and is severally enforceable as such and in the event of any provision or provisions being or becoming unenforceable in whole or in part. To the extent that any
provision or provisions are unenforceable, they are deemed to be deleted from the Rules, and any such deletion do not affect the enforceability of the Rules as remain not so deleted. 

  
 21 

	 	(H)	The Company discloses details of the Award under the Scheme in its annual report to the extent appropriate after the occurrence of a Qualified IPO. 

 

	 	(I)	Tencent RSUs referenced in these Rules shall be issued in accordance with the rules of the Tencent RSU Scheme. 

  

	 	(J)	In the event of a Qualified IPO on the A-Share Market, the Committee shall replace the granted Restricted Shares with equivalent number of equity securities in the PRC
incorporated entity seeking listing in a manner as determined in its sole discretion. Such equity securities so issued shall be governed by these Rules. 

  

	13.	GOVERNING LAW 

  

	 	(A)	The Scheme operates subject to the Articles and any applicable law to which the Company is subject. 

  

	 	(B)	The Scheme is governed by and construed in accordance with the laws of Cayman Islands. 

  
 22EX-10.6

 Exhibit 10.6 

SHARE SUBSCRIPTION AGREEMENT 

Dated October 23, 2016 

by and between 
 China
Music Corporation 
 and 

Min River Investment Limited 

 SHARE SUBSCRIPTION AGREEMENT 

THIS SHARE SUBSCRIPTION AGREEMENT (this “Agreement”) is made and entered into as of October 23, 2016 by and between: 

 

	 	1.	China Music Corporation, an exempted company incorporated under the Laws of the Cayman Islands (the “Company”); and 

 

	 	2.	Min River Investment Limited, a company incorporated under the Laws of the British Virgin Islands (the “Purchaser”). 

RECITALS 

A.    The Company desires to issue and sell to the Purchaser, and the Purchaser desires to subscribe and purchase from the
Company, an aggregate of 53,507,452 ordinary shares, par value US$0.000083 per share, of the Company (the “Ordinary Shares”) pursuant to the terms and conditions set forth in this Agreement. 

B.    The Parties desire to enter into this Agreement and make the respective representations, warranties, covenants and
agreements set forth herein on the terms and conditions set forth herein. 
 AGREEMENT 

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

1.    DEFINITIONS 

In this Agreement, unless the context otherwise requires, the following words and expressions have the meanings as follows: 

“Action” means any action, suit, proceeding, claim, arbitration, investigation, charge, complaint or petition, whether
administrative, civil or criminal, whether at Law or in equity, and whether or not before any mediator, arbitrator or Governmental Authority. 

“Affiliate” means, (i) with respect to a Person that is a natural person, such Person’s relatives and any other
Person (other than natural persons) directly or indirectly Controlled by such Person, and (ii) with respect to a Person that is not a natural person, a Person that directly, or indirectly through one or more intermediaries, Controls, or is
Controlled by, or is under common Control with, such Person. For the purposes of this definition, “relative” of a Person means such Person’s spouse, parent, grandparent, child, grandchild, sibling, uncle, aunt, nephew, niece or
great-grandparent or the spouse of such Person’s child, grandchild, sibling, uncle, aunt, nephew or niece. Notwithstanding the foregoing, neither the Company nor any of its Controlled Affiliates shall be deemed an Affiliate of the Purchaser,
and the Purchaser shall not be deemed an Affiliate of the Company or any of its Controlled Affiliates. 
 “Agreement” has
the meaning set forth in the preamble. 
 “Approval” means any approval, authorization, release, order, consent, license or
permit required to be obtained from, or any registration, qualification, designation, declaration, filing, notice, statement or other communication required to be filed with or delivered to, any Governmental Authority or any other Person. 

 “Arbitration Notice” has the meaning set forth in
Section 10.13. 
 “Bankruptcy and Equity Exception” has the meaning set forth in
Section 4.2. 
 “Board” means the board of directors. 

“Business Day” means a day (other than a Saturday or a Sunday) that the banks in New York, Hong Kong, the PRC, or the Cayman
Islands are generally open for business. 
 “Charter Document” means, with respect to a particular legal entity, the
articles of incorporation, certificate of incorporation, formation or registration (including, if applicable, certificates of change of name), memorandum of association, articles of association, bylaws, articles of organization, limited liability
company agreement, trust deed, trust instrument, operating agreement, joint venture agreement, business license, or similar or other constitutive, governing, or charter documents, or equivalent documents, of such entity 

“Closing” has the meaning set forth in Section 3. 

“Closing Date” has the meaning set forth in Section 3. 

“Company” has the meaning set forth in the preamble. 

“Contracts” means legally binding contracts, agreements, engagements, purchase orders, commitments, understandings,
indentures, notes, bonds, loans, instruments, leases, mortgages, franchises, licenses or any other contractual arrangements or obligations, which are currently subsisting and not terminated or completed (with each of such Contracts being referred to
as a “Contract”). 
 “Control” means the possession, direct or indirect, of the power to direct, or cause
the direction of, the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Dispute” has the meaning set forth in Section 10.13. 

“Financing Transaction” has the meaning set forth in Section 4.7. 

“Governmental Authorities” means any nation, government, province, state, or any entity, authority or body exercising
executive, legislative, judicial, regulatory, foreign exchange or administrative functions of or pertaining to government, including any government authority, agency, department, board, commission or instrumentality of any government or any
political subdivision thereof, court, tribunal, arbitrator, the governing body of any securities exchange, and self-regulatory organization, in each case having competent jurisdiction (with each of such Governmental Authorities being referred to as
a “Governmental Authority”). 
 “HKIAC” has the meaning set forth in
Section 10.13. 
 “HKIAC Rules” has the meaning set forth in
Section 10.13. 

  
 2 

 “Hong Kong” means the Hong Kong Special Administrative Region of the
People’s Republic of China. 
 “Indemnified Persons” means any Party (other than the Indemnifying Party), its
Affiliates, their respective officers, directors, agents, employees, trustees, attorneys and representatives. 
 “Indemnifying
Party” has the meaning set forth in Section 8.2. 
 “Law” means any law, rule,
constitution, code, ordinance, statute, treaty, decree, regulation, common law, order, official policy, circular, provision, administrative order, interpretation, injunction, judgment, ruling, assessment, writ or other legislative measure, in each
case of any Governmental Authority. 
 “Lien” means 

 

	 	(a)	any mortgage, charge, lien, pledge or other encumbrance securing any obligation of any Person; 

  

	 	(b)	any option, right to acquire, right of pre-emption, right of set-off or other arrangement under which money or claims to, or for the
benefit of, any Person may be applied or set off so as to effect discharge of any sum owed or payable to any Person; or 

  

	 	(c)	any equity, assignment, hypothecation, title retention, claim, restriction, power of sale or other type of preferential arrangement the effect of which is to give a creditor in respect of indebtedness a preferential
position in relation to any asset of a Person on any insolvency proceeding of that Person. 

 “Losses” means
any and all losses, claims, Actions, damages, liabilities and expenses (joint or several), including attorneys’ fees and disbursements and all other expenses incurred in investigating, preparing, compromising or defending against any such
litigation, commenced or threatened, or any claim whatsoever and all amounts paid in settlement of any such claim or litigation, to which any of the Indemnified Persons may become subject. 

“Material Contracts” means Contracts that are material to the conduct of the business of the Company and its Subsidiaries as
a whole. For clarification, any Contract that has been fully performed or has ceased to be effective as of the date hereof shall not deemed to be a Material Contract. 

“Ordinary Shares” has the meaning set forth in the recitals. 

“Other Agreements” has the meaning set forth in Section 4.8. 

“Parties” means the named parties to this Agreement and their respective successors and permitted assigns (with each of such
Parties being referred to as a “Party”). 
 “Person” means any individual, corporation, partnership,
limited partnership, proprietorship, association, limited liability company, firm, trust, estate or other enterprise, entity or legal person. 

  
 3 

 “PRC” means the People’s Republic of China and for purposes of this
Agreement, excludes Hong Kong, Macao Special Administrative Region and Taiwan. 
 “Purchase Price” has the meaning set
forth in Section 2. 
 “Purchased Shares” has the meaning set forth in
Section 2. 
 “Purchaser” has the meaning set forth in the preamble. 

“Purchaser Termination Fee” has the meaning set forth in Section 9.3. 

“SAFE” means the State Administration of Foreign Exchange of the PRC and its local branches. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Selection Period” has the meaning set forth in Section 10.13. 

“Subsidiary” means, with respect to any given Person, any Person of which the given Person, directly or indirectly, Controls,
including but not limited through the ownership of more than 50% of the issued and outstanding share capital, voting interests or registered capital. 

“US$” or “U.S. dollars” means United States Dollars, the lawful currency of the United States of America.

 2.    PURCHASE AND SALE. Subject to the terms and conditions of this Agreement, the Company hereby agrees to
issue and sell to the Purchaser, and the Purchaser hereby agrees to subscribe for and purchase from the Company, at the Closing, an aggregate of 53,507,452 Ordinary Shares (the “Purchased Shares”) at an aggregate purchase price of
US$129,862,965.60 in cash (the “Purchase Price”). 
 3.    CLOSINGS; CLOSING DELIVERIES. The
consummation of the sale and issuance of the Purchased Shares pursuant to Section 2 of this Agreement (the “Closing”) shall take place remotely via the exchange of documents and signatures on the fifth
(5th) Business Day after the satisfaction or waiver of the conditions set forth in Sections 6 and 7 (other than those conditions to be satisfied at the Closing,
but subject to the satisfaction or waiver thereof at the Closing) or at such other time and place as the Company and the Purchaser may mutually agree upon in writing (the date on which the Closing occurs, the “Closing Date”).

 3.1    Deliveries by the Company at the Closing. At the Closing, in addition to any items the delivery of
which is made an express condition to the Purchaser’s obligations at the Closing pursuant to Section 6, the Company shall deliver to the Purchaser (A) a copy of the updated register of members of the Company or an
extract of the relevant portion thereof showing the Purchaser as the holder of the Purchased Shares, certified by the registered agent of the Company as a true and complete copy as of the Closing Date, (B) a copy of a share certificate issued
in the name of the Purchaser evidencing the ownership by the Purchaser of the Purchased Shares (the original duly executed copy of which shall be delivered to the Purchaser within two (2) Business Days after the Closing) and (C) a
certificate of good standing of the Company, dated as of a reasonably recent date, issued by the Registrar of Companies of the Cayman Islands. 

  
 4 

 3.2    Deliveries by the Purchaser at the Closing. At the Closing, the
Purchaser shall, in consideration for the Purchased Shares issued by the Company under Section 2, pay the Purchase Price in cash by wire transfer of immediately available funds to an account designated by the Company in
writing at least two (2) Business Days prior to the Closing Date. 
 4.    REPRESENTATIONS AND WARRANTIES OF THE
COMPANY 
 The Company hereby represents and warrants to the Purchaser that the following statements are true and correct as of
the date of this Agreement and will be true and correct as of the Closing (except as to any representations and warranties that specifically relate to a specific date, and then as of such specific date). 

4.1    Organization, Standing and Qualification. 

(a)    The Company is duly organized, validly existing and in good standing under the Laws of the Cayman Islands and has
all requisite power and authority to perform its obligations under this Agreement. 
 (b)    The Company is not in, nor
is it anticipated to enter into, liquidation, dissolution, bankruptcy, insolvency or winding-up. 

4.2    Capitalization. The fully diluted share capital and cap table of the Company immediately prior to and after
the Closing (including the amount of share capital, the type and number of the authorized share capital and of the issued and outstanding share capital, par value of each type of shares and list of shareholders) are each set forth in Schedule
A attached hereto. 
 4.3    Due Authorization. All corporate actions on the part of the Company necessary
for (i) the authorization, execution and delivery of, and the performance of all of its obligations under, this Agreement, and (ii) the authorization, issuance, reservation for issuance and delivery of all of the Purchased Shares have been
taken or will be taken prior to the Closing. The Company has the requisite power, capacity and authority to enter into, execute and deliver this Agreement and to perform all the obligations to be performed by it hereunder. This Agreement has been,
or will be on or prior to the Closing Date, duly executed and delivered by the Company and, when executed and delivered, constitutes valid and legally binding obligations of the Company, enforceable against the Company in accordance with its terms,
except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other Laws of general application affecting enforcement of creditors’ rights generally (the “Bankruptcy and Equity Exception”),
and (ii) as limited by Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 

4.4    Consents and Approvals. Except as expressly provided in this Agreement, no Approval is required to be
obtained or made by or with respect to the Company in connection with the execution, delivery or performance of this Agreement or the consummation of the transactions contemplated hereby by the Company. 

  
 5 

 4.5    Valid Issuance. The Purchased Shares, when issued, delivered
and paid for in accordance with the terms of this Agreement for the consideration expressed herein, will be duly and validly issued, fully paid and non-assessable, free of any Liens (except for restrictions on
transfer under applicable Laws and under the Charter Documents of the Company). 
 4.6    No Violation. Neither
the execution and delivery of this Agreement nor the full performance of its obligations by the Company hereunder will (a) violate any applicable Law to which the Company is subject, (b) conflict with, result in a violation or breach of,
or constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate or cancel any Material Contract by which the Company is bound, or (c) violate any Charter Documents of the Company. 

4.7    Same Form of Agreement. Each share subscription agreement or similar agreement that the Company signs, is
signing and will sign with each purchaser in this round of financing as described in the First Participation Notice issued by the Company on or around September 12, 2016 (the “Financing Transaction”) is on the same form and
based on the same terms and conditions. 
 4.8    No Side Letter. There are no agreements, understandings or
other arrangements (whether written or oral) being entered into or to be entered into by the Company or any of its Affiliates with any purchaser in respect of the Financing Transaction (the “Other Agreements”) other than those that
have been furnished or otherwise made available to the Purchaser on or before the date hereof. The copies of the Other Agreements that have been furnished or otherwise made available to the Purchaser are true and correct and are in final form. 

5.    REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

The Purchaser hereby represents and warrants to the Company that the following statements are true and correct as of the date of this Agreement
and will be true and correct as of the Closing (except as to any representations and warranties that specifically relate to a specific date, and then as of such specific date). 

5.1    Organization; Standing and Qualification. 

(a)    The Purchaser (i) is duly organized, validly existing and in good standing under the Laws of the place of its
incorporation or establishment, and (ii) has all requisite power and authority to own the Purchased Shares. 

(b)    The Purchaser is not in, nor is it anticipated to enter into, liquidation, dissolution, bankruptcy, insolvency or winding-up. 
 5.2    Due Authorization. The Purchaser has the requisite power,
authority and capacity to enter into this Agreement and to perform its obligations hereunder. The execution, delivery and performance by the Purchaser of this Agreement have been duly authorized by all necessary corporate action on the part of the
Purchaser. This Agreement, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable against the Purchaser in accordance with its terms, except (i) as limited by the
Bankruptcy and Equity Exception and (ii) as limited by Laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 

  
 6 

 5.3    Purchase for Own Account. The Purchased Shares will be acquired
for the Purchaser’s own account, not as a nominee or agent and not with a view to or in connection with the sale or distribution of any part thereof. 

5.4    Exempt from Registration; Restricted Securities. The Purchaser understands that the Purchased Shares will
not be registered under the Securities Act or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the Securities
Act or the registration or listing requirements of any other applicable securities laws and regulations. The Purchaser understands that the Purchased Shares are restricted securities within the meaning of Rule 144 under the Securities Act; that
the Purchased Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available. 

5.5    Consents and Approvals. Except as expressly provided in this Agreement, no Approval is required to be
obtained or made by or with respect to the Purchaser in connection with the execution, delivery or performance of this Agreement, or the consummation of the transactions contemplated hereby, by the Purchaser. 

5.6    No Violation. Neither the execution and delivery of this Agreement nor the full performance of its
obligations by the Purchaser hereunder will (a) violate any applicable Law to which the Purchaser is subject, (b) conflict with, result in a violation or breach of, or constitute a default under, result in the acceleration of or create in
any party the right to accelerate, terminate or cancel any material Contract by which the Purchaser is bound, or (c) violate any Charter Document of the Purchaser. 

5.7    Sufficient Fund. Immediately prior to the Closing, the Purchaser will possess sufficient and immediately
available funds to consummate the transaction contemplated under this Agreement. 
 6.    CONDITIONS TO
PURCHASER’S OBLIGATIONS AT CLOSING 
 The obligations of the Purchaser to consummate the transactions under Section 2 are
subject to the fulfillment, to the satisfaction of the Purchaser on or prior to the Closing, or waiver by the Purchaser, of the following conditions: 

6.1    Representations and Warranties True and Correct. The representations and warranties set forth in
Section 4 shall be true and correct when made, and shall be true and correct as of the Closing Date with the same force and effect as if they have been made on and as of the Closing. 

6.2    Performance of Obligations. The Company shall have performed and complied with all agreements, obligations
and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 

6.3    Proceedings and Documents. All corporate and other proceedings in connection with the transactions
contemplated hereby, including shareholder resolutions and Board resolutions of the Company, and all documents and instruments incident to such transactions shall have been duly completed or obtained and effective as of the Closing. 

  
 7 

 6.4    Approvals, Consents and Waivers. The Company shall have
obtained any and all Approvals and waivers necessary for the consummation of the transactions contemplated hereby, each of which shall be in full force and effect as of the Closing. 

6.5    Closing Certificate. The Company shall deliver to the Purchaser a certificate, dated as of the Closing Date,
signed by one of its directors or senior executive officers, certifying that the conditions specified in Sections 6.1 through 6.4 have been fulfilled. 

7.    CONDITIONS TO COMPANY’S OBLIGATIONS AT THE CLOSING  

The obligations of the Company to consummate the transactions under Section 2 are subject to the fulfillment, to the
satisfaction of the Company on or prior to the Closing, or waiver by the Company, of the following conditions: 

7.1    Representations and Warranties True and Correct. The representations and warranties of the Purchaser
contained in Section 5 shall be true and correct when made, and shall be true and correct as of the Closing Date with the same force and effect as if they have been made on and as of the Closing. 

7.2    Performance of Obligations. The Purchaser shall have performed and complied with all agreements, obligations
and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.  

7.3    Proceedings and Documents. All corporate and other proceedings in connection with the transactions
contemplated hereby and all documents and instruments incident to such transactions shall have been duly completed or obtained and effective as of the Closing. 

7.4    Approvals, Consents and Waivers. The Purchaser shall have obtained any and all Approvals and waivers
necessary for the consummation of the transactions contemplated hereby, each of which shall be in full force and effect as of the Closing. 

8.    INDEMNITY 

8.1    Survival. The representations and warranties of each Party contained in this Agreement shall survive the
Closing until the expiration of the applicable statute of limitations under applicable Laws. The covenants and agreements of each Party set forth in this Agreement shall survive the Closing until fully discharged in accordance with their terms,
except for those covenants and agreements which shall be complied with or discharged prior to the Closing in accordance with their terms. 

8.2    Indemnification. To the fullest extent permitted by Laws, each Party, as applicable (the
“Indemnifying Party”) shall indemnify and hold harmless each Indemnified Person, from and against any and all Losses, as incurred, insofar as such Losses arise out of or are based upon: 

(a)    any inaccuracy in or breach of any representations or warranties made by such Indemnifying Party in this
Agreement; or 

  
 8 

 (b)    the violation or nonperformance, partial or total, of any obligation
or covenant of such Indemnifying Party contained in this Agreement. 
 In no event shall any Indemnifying Party be obligated to indemnify an Indemnified
Person for Losses resulting directly and solely from the gross negligence or willful misconduct of such Indemnified Person. 

8.3    Reliance. The Company and the Purchaser agree that (i) the Company has entered into this Agreement and
agreed to the issuance and allotment of the Purchased Shares to the Purchaser hereunder in reliance on the representations and warranties, and covenants and agreements, made by the Purchaser in this Agreement; and (ii) the Purchaser has entered
into this Agreement and agreed to subscribe for the Purchased Shares in reliance on the representations and warranties, and covenants and agreements, made by the Company in this Agreement. 

8.4    Procedure. Each Indemnified Person will notify the Indemnifying Party in writing of any Action against such
Indemnified Person in respect of which the Indemnifying Party is or may be obligated to provide indemnification hereunder promptly after the receipt of notice or knowledge of the commencement thereof. The failure of any Indemnified Person to notify
the Indemnifying Party shall not relieve the Indemnifying Party from any liability or obligation which it may have to such Indemnified Person under this Section 8.4 or otherwise unless the failure to so notify results in
the forfeiture by the Indemnifying Party of substantial rights and defenses and will not in any event relieve the Indemnifying Party from any obligations other than the indemnification provided for herein. The Indemnifying Party will have the right
to participate in, and, to the extent the Indemnifying Party so desires, to assume the defense thereof, with counsel reasonably satisfactory to the Indemnified Person. However, the Indemnified Person will have the right to retain separate counsel
and to participate in the defense thereof, with the reasonable documented fees and expenses of such counsel to be paid by the Indemnifying Party if representation of such Indemnified Person by the counsel retained by the Indemnifying Party would be,
in the Indemnified Person’s view, inappropriate due to actual or potential differing interests between such Indemnified Person and any other party represented by such counsel in such proceeding. The Indemnifying Party will be responsible for
the expenses of such defense even if the Indemnifying Party does not elect to assume such defense. The Indemnifying Party shall not, except with the consent of the Indemnified Person, consent to the entry of any judgment or enter into any settlement
which does not include as a term thereof the unconditional release of the Indemnified Person of all liability in respect of such claim or litigation. 

8.5    Indemnification Non-Exclusive. The foregoing indemnification
provisions are in addition to, and not in derogation of, any contractual, statutory, equitable or common-law remedy any Party or Indemnified Person may otherwise have. 

8.6    Limitation on Liabilities. Notwithstanding anything to the contrary contained herein, the total aggregate
liability of any Party for any claims under this Section 8 in respect of the representations, warranties, covenants and agreements made by such Party in or pursuant to this Agreement shall not exceed the Purchase Price.

  
 9 

 9.    TERMINATION 

9.1    Termination. At any time prior to the Closing, this Agreement may be terminated: 

(a)    by the mutual written consent of the Parties; 

(b)    by either the Purchaser or the Company if the Closing has not been consummated by November 30, 2016; 

(c)    by either the Company, on the one hand, or the Purchaser, on the other hand, by written notice to the other if
there has been a material misrepresentation or material breach of a covenant or agreement contained in this Agreement on the part of the Purchaser or the Company, as applicable, and such breach, if curable, has not been cured within fourteen
(14) days of such notice; or 
 (d)    by the Company by written notice to the Purchaser if (i) all of the
conditions set forth in Section 6 (other than those conditions that by their nature are to be satisfied by action taken at the Closing) have been satisfied, (ii) the Company has irrevocably confirmed by notice to the
Purchaser that all conditions set forth in Section 7 (other than those conditions that by their nature are to be satisfied by action taken at the Closing) have been satisfied or that it is willing to waive any unsatisfied
conditions in Section 7 and (iii) the Purchaser fails to complete the Closing within ten (10) Business Days after the delivery of such notice. 

9.2    Effect of Termination. If this Agreement is terminated in accordance with
Section 9.1, this Agreement shall become void and have no effect, and the transactions contemplated hereby shall be abandoned without further action by the Parties and there shall be no liability on the part of any Party,
except that the provisions of Section 1, Section 8, this Section 9 and Section 10 shall survive the termination of this Agreement;
provided that such termination shall not release any Party from any liability that has already accrued as of the effective date of such termination, and shall not constitute a waiver or release of, or otherwise be deemed to prejudice or
adversely affect, any rights, remedies or claims, whether for damages or otherwise, which a Party may have under this Agreement or applicable Laws or which may arise out of or in connection with such termination. 

9.3    Fees Following Termination. In the event that: 

(a)    (i) this Agreement is terminated by either the Purchaser or the Company pursuant to
Section 9.1(b), (ii) at the time of such termination, any of the conditions set forth in Section 7.3 or 7.4 shall not have been satisfied and such
non-satisfaction is not the result of the breach by the Company of any of its representations, warranties, covenants or other agreements hereunder, and (iii) the Company has confirmed in writing to the
Purchaser that each of the conditions set forth in Section 6 would be satisfied if the Closing were to occur immediately prior to such termination; or 

(b)    this Agreement is terminated by the Company pursuant to Section 9.1(c) or
Section 9.1(d); 
 then the Purchaser shall as promptly as practicable, but in no event later than ten (10) Business Days
following such termination, pay, or cause to be paid, to the Company a termination fee in an amount in U.S. dollars equal to US$2,597,259.31 (the “Purchaser Termination Fee”). 

  
 10 

 9.4    Integral Part of the Proposed Transaction. The Purchaser
acknowledges that (i) the agreement contained in Section 9.3 is an integral part of the transactions templated by this Agreement, (ii) the damages resulting from termination of this Agreement under circumstances
where a Purchaser Termination Fee is payable are uncertain and incapable of accurate calculation and therefore, the amounts payable pursuant to Section 9.3 are not a penalty but rather constitute amounts akin to liquidated
damage in a reasonable amount that will compensate the Company for the efforts and resources expended and opportunities foregone while negotiating this Agreement and in reliance on this Agreement and on the expectation of the consummation of the
transactions contemplated by this Agreement, and (iii) without Section 9.3, the Company will not have entered into this Agreement. In the event that the Purchaser fails to promptly pay any amount due under
Section 9.3, the Purchaser shall pay to the Company all reasonable fees, costs and expenses of enforcement (including reasonable attorney’s fees and reasonable expenses incurred in connection with any Action initiated
by the Company), together with interest on such amount at the annual rate of five percent (5%) plus the prime lending rate as published in The Wall Street Journal, in effect on the date such payment was required to be made through the date such
payment was actually received, or such lesser rate as is the maximum permitted by applicable Law. 

10.    MISCELLANEOUS 

10.1    Reserved. 

10.2    Governing Law. This Agreement shall be governed by and construed exclusively in accordance with the Laws of
Hong Kong without giving effect to any choice of law rule that would cause the application of the Laws of any jurisdiction other than the Laws of Hong Kong to the rights and duties of the Parties hereunder. 

10.3    Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to
the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the Parties. This Agreement and the rights and obligations therein may not be assigned by any Party without the written consent of the other
Parties. 
 10.4    Entire Agreement. This Agreement, including the schedules and exhibits hereto, which are
hereby expressly incorporated herein by this reference, constitute the entire understanding and agreement among the Parties with regard to the subjects hereof and thereof. 

10.5    Notices. Any notice, request, instruction or other document to be given hereunder by any Party to the other
Party hereto shall be in writing and delivered personally or sent by registered or certified mail, postage prepaid and return receipt requested, or by e-mail or facsimile to the applicable Party at the
addresses set forth next to each Party’s name on Schedule B attached hereto, or at such address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Any notice,
request, instruction or other document given as provided above shall be deemed given to the receiving party upon actual receipt, if delivered personally; seven (7) Business Days after deposit in the mail, if sent by registered or certified mail;
upon confirmation of successful transmission, if sent by e-mail or facsimile; or three (3) Business Days after deposit with an overnight courier, if sent by an overnight courier. A Party may change or
supplement the addresses given above, or designate additional addresses, for purposes of this Section 10.5 by giving, the other Parties written notice of the new address in the manner set forth above. 

  
 11 

 10.6    Amendments. Any term of this Agreement may be amended only
with the written consents of the Company and the Purchaser. 
 10.7    Delays or Omissions; Waivers. No delay or
omission to exercise any right, power or remedy accruing to any Party, upon any breach or default of any Party under this Agreement, shall impair any such right, power or remedy of such Party nor shall it be construed to be a waiver of any such
breach or default, or an acquiescence therein, or of any similar breach of default thereafter occurring; nor shall any waiver of any other breach or default theretofore or thereafter occurring. Any waiver by any Party of any condition or breach of
default under this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by Laws or otherwise afforded to any Party shall be cumulative and not
alternative. 
 10.8    Interpretation; Titles and Subtitles. This Agreement shall be construed according to its
fair language. The rule of construction to the effect that ambiguities are to be resolved against the drafting Party shall not be employed in interpreting this Agreement. The titles of the sections and subsections of this Agreement are for
convenience of reference only and are not to be considered in construing this Agreement. Unless otherwise expressly provided herein, all references to sections and schedules herein are to sections and schedules of this Agreement. Unless a provision
hereof expressly provides otherwise: (i) the term “or” is not exclusive; (ii) the terms “herein”, “hereof”, and other similar words refer to this Agreement as a whole and not to any particular section,
subsection, paragraph, clause, or other subdivision; (iii) the masculine, feminine, and neuter genders will each be deemed to include the others; and (iv) whenever the words “include,” “includes” or
“including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 

10.9    Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts, each of which
shall be an original, but all of which together shall constitute one instrument. This Agreement shall become effective when each Party shall have signed a counterpart. 

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

  
 12 

 10.11    Confidentiality and
Non-Disclosure. Each Party shall keep this Agreement and the transactions contemplated hereby confidential, and shall not disclose to any third party without the prior written consent of the other Parties,
provided, that each Party may make disclosure to its shareholders, directors, officers, Affiliates, advisors and other representatives, on a need to know basis, or other otherwise as required by applicable Law. 

10.12    Further Assurances. Each Party shall from time to time and at all times hereafter uses reasonable efforts
to make, do, execute, or cause or procure to be made, done and executed such further acts, deeds, conveyances, consents and assurances without further consideration, which may reasonably be required to effect the transactions contemplated by this
Agreement. 
 10.13    Dispute Resolution. Any dispute, controversy or claim (each,
a “Dispute”) arising out of or relating to this Agreement, or the interpretation, breach, termination, validity or invalidity thereof, shall be referred to arbitration upon the demand of either party to the dispute with notice
(the “Arbitration Notice”) to the other. The Dispute shall be settled by arbitration in Hong Kong by the Hong Kong International Arbitration Centre (the “HKIAC”) in accordance with the Hong Kong International
Arbitration Centre Administered Arbitration Rules (the “HKIAC Rules”) in force at the time when the Arbitration Notice is submitted. The seat of arbitration shall be Hong Kong. There shall be three (3) arbitrators. The
complainant and the respondent to such dispute shall each select one arbitrator within thirty (30) days after giving or receiving the demand for arbitration (the “Selection Period”). Such arbitrators shall be freely selected,
and the parties shall not be limited in their selection to any prescribed list. The chairman of the HKIAC shall select the third arbitrator. If either party to the arbitration fails to appoint an arbitrator with the Selection Period, the relevant
appointment shall be made by the chairman of the HKIAC. The arbitral proceedings shall be conducted in English. To the extent that the HKIAC Rules are in conflict with the provisions of this Section 10.13, including the
provisions concerning the appointment of the arbitrators, this Section 10.13 shall prevail. Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of and providing
complete access to all information and documents requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. The award of the arbitral tribunal shall be final and
binding upon the parties thereto, and the prevailing party may apply to a court of competent jurisdiction for enforcement of such award. Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of
competent jurisdiction pending the constitution of the arbitral tribunal. During the course of the arbitral tribunal’s adjudication of the Dispute, this Agreement shall continue to be performed except with respect to the part in dispute and
under adjudication. 
 10.14    Expenses. Each Party shall bear its own costs and expenses in connection with the
negotiation, execution and delivery of this Agreement. 
 — REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK - 

  
 13 

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

			
	Purchaser:
	
	Min River Investment Limited

 
			
		
	By:	 	 /s/ Ma Huateng

	Name:	 	
	Title:	 	

 [Signature Page to Share Subscription Agreement] 

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

			
	Company:
	
	China Music Corporation

 
			
		
	By:	 	 /s/ Tong Tao Sang

	Name:	 	TONG TAO SANG
	Title:	 	Chairman

 [Signature Page to Share Subscription Agreement]

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