Document:

Exhibit 4.4

 

EXECUTION VERSION

 

	
     

    NOTE PURCHASE AGREEMENT

    

    dated as of February 21, 2022

    

    by and among

    

    GDS Holdings Limited

     

    and

    

    The Person Listed in Schedule 1

     

    0.25%
    Convertible Senior Notes due 2029

     

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I 

PURCHASE AND SALE; CONSIDERATION; and Closings
	Section 1.1.   	Purchase and Sale	1
	Section 1.2.   	Closings	1
	Section 1.3.   	Closing Conditions	2
	ARTICLE II 

Representations and Warranties
	Section 2.1.   	Representations and Warranties of the Company	5
	Section 2.2.   	Representations and Warranties of the Investor	15
	ARTICLE III 

Covenants
	Section 3.1.   	Filings; Other Actions	18
	Section 3.2.   	Expenses	20
	Section 3.3.   	Confidentiality	20
	Section 3.4.   	Conduct of the Business	20
	Section 3.5.   	Commercially Reasonable Efforts	21
	Section 3.6.   	Use of Proceeds	21
	ARTICLE IV 

Additional Agreements
	Section 4.1.   	Compliance with Laws	21
	Section 4.2.   	Legend	22
	Section 4.3.   	Indemnity	23
	ARTICLE V 

Termination
	Section 5.1.   	Termination	25
	Section 5.2.  	Effects of Termination	26

 

    ii

     

    

 

	ARTICLE VI 

OTHER COVENANTS
	Section 6.1.   	Lock-Up	26
	Section 6.2.   	Non-Restricted Transfers by Investor	27
	ARTICLE VII 

Miscellaneous
	Section 7.1.   	Survival	27
	Section 7.2.   	Amendment	27
	Section 7.3.   	Waivers	27
	Section 7.4.   	Counterparts	27
	Section 7.5.   	Governing Law	28
	Section 7.6.   	Dispute Resolution	28
	Section 7.7.   	Notices	28
	Section 7.8.   	Entire Agreement	29
	Section 7.9.   	Definitions	29
	Section 7.10.   	Captions	34
	Section 7.11.   	Severability	34
	Section 7.12.   	No Third-Party Beneficiaries	34
	Section 7.13.   	Public Announcements	34
	Section 7.14.   	Specific Performance	34

 

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LIST OF schedules

 

	Schedule 1:	Investor and Investor Notes
	Schedule 2:	Company Disclosure Schedule
	Schedule 3:	Notices
	Schedule 4:	Company’s Bank Account Details

 

LIST OF EXHIBITS

 

	Exhibit A:	Form of Officer’s Certificate from the Company
	Exhibit B:	Form of Opinion of Cayman Islands Counsel
	Exhibit C:	Form of Note Instrument

 

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INDEX OF DEFINED
TERMS

 

	Term	Location
	 	 
	2025 Convertible Notes	Section 7.9(1)
	ADS	Section 7.9(2)
	Affiliate	Section 7.9(3)
	Agreement	Preamble
	Anti-Bribery Laws	Section 2.1(s)
	Arbitration	Section 7.6
	Articles of Association	Section 7.9(4)
	Bankruptcy and Equity Exception	Section 2.1(c)(1)
	Basket	Section 4.3(a)
	Beneficially Own	Section 7.9(5)
	Benefit Plan	Section 7.9(6)
	Board	Section 1.3(a)(vi)
	Business Day	Section 7.9(7)
	Class A Ordinary Shares	Section 2.1(b)
	Class B Ordinary Shares	Section 2.1(b)
	Closing	Section 1.2(a)
	Closing Date	Section 1.2(a)
	Company	Preamble
	Company Disclosure Documents	Section 2.1
	Company Disclosure Schedule	Section 2.1
	Company Indemnified Parties	Section 4.3(b)
	Company Reports	Section 2.1(e)
	Company Share Option Plans	Section 7.9(8)
	Company Systems	Section 7.9(9)
	Compelled Disclosure	Section 3.3
	control	Section 7.9(3)
	De Minimis Claim	Section 4.3(a)
	Debt Agreement	Section  7.9(10)
	Disposition	Section 6.1
	Dispute	Section 7.6
	e-mail	Section 7.4
	Environmental Law	Section 2.1(t)
	Exchange Act	Section 2.1(e)
	Financial Statements	Section 2.1(d)
	Fundamental Representations	Section 7.9(11)
	GAAP	Section 2.1(d)(3)
	Governmental Entity	Section 1.3(a)(i)
	Governmental Order	Section 1.3(a)(i)
	Group Companies	Section 7.9(12)
	Hazardous Materials	Section 7.9(13)
	HKIAC	Section 7.6(a)

 

    v

     

    

 

	HKIAC Rules	Section 7.6(b)
	HKSE Approvals	Section 1.3(a)(viii)
	Hong Kong	Section 7.9(14)
	Hong Kong Stock Exchange	Section 2.1(c)(3)
	Indemnified Party	Section 4.3(c)
	Indemnifying Party	Section 4.3(c)
	Information	Section 3.3
	Intellectual Property	Section 2.1(u)
	Investor	Preamble
	Investor Indemnified Party	Section 4.3
	Investor Notes	Section 1.1
	Investor Purchase Price	Section 1.1
	J.P. Morgan	Section 2.1(v)
	knowledge of the Company	Section 7.9(15)
	Lien	Section 7.9(16)
	Lock-up Period	Section 7.9(17)
	Long Stop Date	Section 7.9(18)
	Losses	Section 4.3(a)
	Material Adverse Effect	Section 7.9(19)
	Material Customer Contract	Section 7.9(20)
	NASDAQ	Section 2.1(c)(3)
	NDRC	Section 1.3(a)(v)
	NDRC Certificate	Section 1.3(a)(v)
	NDRC Circular	Section 1.3(a)(v)
	New ADS	Section 2.1(o)
	New Shares	Section 2.1(o)
	Note Certificate	Section 1.2(b)
	Note Instrument	Recitals
	Notes	Recitals
	Notice of Arbitration	Section 7.6(b)
	Ordinary Shares	Section 2.1(b)
	Other Investors	Recitals
	Other NPA	Recitals
	Permits	Section 2.1(m)
	Permitted Affiliate	Section 6.1
	Permitted Affiliate Transfer	Section 6.1
	Permitted Financing	Section 6.2
	Permitted Liens	Section 2.1(g)
	person	Section 7.9(21)
	PRC	Section 7.9(22)
	Required Disclosing Party	Section 3.3
	Sanctions	Section 2.1(s)
	SEC	Section 2.1
	Securities	Section 7.9(23)
	Securities Act	Section 2.1(e)

 

    vi

     

    

 

	Subject Securities	Section 7.9(24)
	Subsidiary	Section 7.9(25)
	Tax Representations	Section 7.9(26)
	Transaction Documents	Recitals
	VIE Agreements	Section 7.9(27)

 

    vii

     

    

 

THIS NOTE PURCHASE AGREEMENT,
dated as of February 21, 2022 (this “Agreement”), is made among GDS Holdings Limited, an exempted company incorporated
under the laws of the Cayman Islands (the “Company”), and the person listed on Schedule 1 hereto under the heading
“Investor Name” (the “Investor”).

 

RECITALS:

 

A.       The
Investment. The Investor intends to purchase from the Company, and the Company intends to issue and sell to the Investor, as an investment
in the Company, the securities as described herein. The securities to be purchased by the Investor at the Closing are unsecured 0.25%
convertible senior notes, convertible into fully paid Class A Ordinary Shares (or such Class A Ordinary Shares in the form of ADSs) of
the Company (the “Notes”).

 

B.       Note
Instrument. At the Closing, the Notes will be issued pursuant to a note instrument issued by the Company to the Investor, substantially
in the form attached as Exhibit C hereto, to be dated as of the Closing Date (the “Note Instrument”).

 

C.       Transaction
Documents. The term “Transaction Documents” refers to this Agreement, the Note Instrument, the Note Certificate
and all other documents or written agreements entered into or delivered by the parties hereto in connection with the transactions contemplated
hereby or thereby.

 

D.        Other
Investors. On the date of this Agreement, the Company is entering into a note purchase agreement (the “Other NPA”)
with certain other investors named therein (the “Other Investors”), pursuant to which the Other Investors have agreed
to purchase immediately prior to the Closing an aggregate principal amount of US$ 520,000,000 of the Notes as described therein.

 

NOW, THEREFORE, in consideration
of the premises, and of the representations, warranties, covenants and agreements set forth herein, the parties hereto agree as follows:

 

ARTICLE
I

PURCHASE AND SALE; CONSIDERATION; and Closings

 

Section 1.1.           
Purchase and Sale. On the terms and subject to the conditions set forth herein, at the Closing, the Company shall
issue and sell to the Investor, and the Investor shall purchase from the Company, Notes with a principal amount equal to the principal
amount set forth opposite the Investor’s name under the column titled “Principal Amounts of Notes” under Schedule
1 (such Notes to be purchased by the Investor, its “Investor Notes”) for an aggregate purchase price as set forth
opposite the Investor’s name under the column titled “Purchase Price” under Schedule 1 (with respect to the Investor,
its “Investor Purchase Price”).

 

Section 1.2.           
Closings.

 

(a)              
Subject to the satisfaction (or, where permissible, waiver) of the conditions to the closing set forth in SECTION 1.3, the
closing of the purchase by the Investor of its Investor Notes shall take place electronically, through the exchange of documents via electronic
mail or facsimile (the “Closing”), on March 8, 2022, subject to all of the conditions set forth in SECTION 1.3 having
been satisfied or waived on or prior to such date (other than those conditions that by their nature are to be satisfied at the Closing,
but subject to the satisfaction or waiver of such conditions) or such other date as agreed by the parties hereto in writing (the date
on which the Closing actually occurs with respect to the Investor, the “Closing Date”), but in any event prior to the
Long Stop Date. The parties hereto will use reasonable efforts to consummate the Closing hereunder with respect to the Investor subject
to, and immediately after (and on the same date as), the Closings (as defined in the Other NPA) under the Other NPA and the Company will
use reasonable efforts to consummate the Closings (as defined in the Other NPA) under the Other NPA with respect to the Other Investors
immediately prior to (and on the same date as) the Closing with respect to the Investor. For the avoidance of doubt, the Investor shall
not have any rights pursuant to the Articles of Association in respect of the Investor Notes that the Investor has agreed to purchase
pursuant to this Agreement until the Closing hereunder has occurred.

 

     

     

    

 

(b)              
At the Closing with respect to the Investor,

 

(i)                
the Company shall (A) issue and deliver to the Investor the Investor Notes in the form of a note certificate representing
the aggregate principal amount of the Investor Notes (the “Note Certificate”) accompanied by the Note Instrument, in
each case duly executed by the Company; (B) procure the entry of the name of the Investor in the Register of Noteholders of the Company
and deliver to the Investor a certified true copy of the such updated Register of Noteholders; and (C) deliver to the Investor such
other documents and deliveries as set forth in SECTION 1.3(a);

 

(ii)             
against issue and delivery of the items set out in SECTION 1.2(b)(i), the Investor shall (A) purchase from, and pay or cause
to be paid to, the Company the Investor Purchase Price for the Investor Notes purchased under SECTION 1.1 by wire transfer of immediately
available funds in United States dollars to the account designated by
the Company in Schedule 4 hereto, and (B) deliver all other items required to be delivered pursuant to SECTION 1.3(b).

 

Section 1.3.           
Closing Conditions.

 

(a)              
The obligation of the Investor to consummate its Closing is subject to the fulfillment prior to or contemporaneously with
the Closing, or the waiver by the Investor (if permissible under applicable laws), of each of the following conditions:

 

(i)                 no
judgment, injunction, order, ruling, verdict, decree or other similar determinations or finding (a “Governmental
Order”) by, before or under the supervision of any court, administrative agency or commission or other governmental
authority or instrumentality, whether federal, state, local or foreign, or any applicable industry self-regulatory organization
(each, a “Governmental Entity”), and no law or regulation, that would have the effect of prohibiting the Closing
shall be in effect and no lawsuit commenced by any Governmental Entity seeking to prohibit the Closing shall be pending;

 

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(ii)             
(A) each of the Fundamental Representations shall be true and accurate in all respects, (B) each of the representations
and warranties of the Company set forth in SECTION 2.1 (other than the Fundamental Representations) that contain any “materiality”,
“material adverse effect”, “Material Adverse Effect” or similar qualifiers therein shall be true and accurate
in all respects, and (C) any other representations and warranties of the Company set forth in SECTION 2.1 shall be true and accurate in
all material respects, in each case of (A), (B) and (C), as of the date hereof and the Closing Date as if made on such Closing Date with
reference to facts and circumstances existing on the Closing Date (except for such representations and warranties that speak as of a specified
date, which representations and warranties shall be true and accurate in such respects as described above, in each case as of such specified
date);

 

(iii)           
the Company shall have performed in all material respects all obligations required to be performed by it at or prior to
or contemporaneously with the Closing under this Agreement;

 

(iv)            
the Company shall have delivered to the Investor a duly executed Officer’s Certificate in the form set forth in Exhibit
A hereto;

 

(v)              
the Company (through a PRC Subsidiary) shall have obtained an enterprise foreign debt filing certificate from the National
Development and Reform Commission (the “NDRC”, and such certificate, the “NDRC Certificate”) and
such filing shall not have been withdrawn or subject to any condition which has not been fulfilled or performed as of the Closing, except
for the reports by such PRC Subsidiary to NDRC on the requisite information and documents within ten (10) Business Days in the PRC after
the date of each issuance of the Investor Notes hereunder in accordance with the Circular on Promoting the Reform of the Administrative
System on the Issuance by Enterprises of Foreign Debt Filings and Registrations (国家发展改革委关于推进企业发行外债备案登记制管理改革的通知(发改外资
[2015] 2044 号)) (the “NDRC Circular”);

 

(vi)             all
corporate and other actions required to be taken by the Company in connection with the execution, delivery and performance by the
Company of this Agreement and the other Transaction Documents to which it is a named party and the consummation of the transactions
contemplated hereunder and thereunder, including the issuance of the Notes, shall have been completed and the Company shall have
delivered to the Investor a true and complete copy of the duly passed resolutions of the Board of Directors of the Company (the
“Board”) (in the form of minutes or otherwise), or the relevant extracts thereof, evidencing the foregoing;

 

(vii)         
from the date of this Agreement, no Material Adverse Effect shall have occurred;

 

(viii)       
the Hong Kong Stock Exchange shall have approved the Investor Notes prior to its issuance and the Listing Committee of the
Hong Kong Stock Exchange shall have granted the approval for the listing of and the permission to deal in all the New Shares upon conversion
of the Investor Notes, and such approval remains valid and effective (collectively, the “HKSE Approvals”);

 

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(ix)            
Conyers Dill & Pearman, Cayman Islands counsel for the Company, shall have delivered to the Investor their written opinion,
dated as of the Closing Date, in the form set forth in Exhibit B hereto;

 

(x)              
the Company shall have delivered to the Investor a copy of each Transaction Document to which it is a named party, duly
executed by the Company; and

 

(xi)            
all the Closings (as defined in the Other NPA) with respect to all of the Other Investors under the Other NPA shall have
been consummated in accordance with the terms and subject to the conditions thereunder.

 

(b)              
The obligation of the Company to consummate the Closing with respect to the Investor is subject to the fulfillment prior
to such Closing, or the waiver by the Company (if permissible under applicable laws), of each of the following conditions:

 

(i)                
no Governmental Order by, before or under a Governmental Entity, and no law or regulation, that would have the effect of
prohibiting such Closing shall be in effect, and no lawsuit commenced by any Governmental Entity seeking to prohibit such Closing shall
be pending;

 

(ii)             
the representations and warranties of the Investor set forth in SECTION 2.2 of this Agreement shall be true and correct
in all material respects as of the date hereof and as of such Closing Date (except to the extent such representations and warranties are
made as of a specified date, in which case such representations and warranties shall be true and correct in all material respects as of
such date);

 

(iii)           
the Investor shall have performed in all material respects all obligations required to be performed by it at or prior to
or contemporaneously with such Closing under this Agreement;

 

(iv)            
 the Company (through a PRC Subsidiary) shall have obtained the NDRC Certificate from the NDRC and such filing shall not
have been withdrawn or subject to any condition which has not been fulfilled or performed as of the Closing, except for the reports by
such PRC Subsidiary to NDRC on the requisite information and documents within ten (10) Business Days in the PRC after the date of each
issuance of the Investor Notes hereunder in accordance with the NDRC Circular;

 

(v)              
the Hong Kong Stock Exchange shall have approved the Investor Notes prior to its issuance and the Listing Committee of the
Hong Kong Stock Exchange shall have granted the approval for the listing of and the permission to deal in all the New Shares upon conversion
of the Investor Notes, and such approval remains valid and effective;

 

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(vi)            
the Investor shall have delivered to the Company a copy of each Transaction Document to which it is a named party, duly
executed by the Investor; and

 

(vii)         
all corporate and other actions required to be taken by the Investor in connection with the execution, delivery and performance
by the Investor of this Agreement and the other Transaction Documents to which it is a named party and the consummation of the transactions
contemplated hereunder and thereunder, shall have been completed and the Investor shall have delivered to the Company a true and complete
copy of the duly passed resolutions of the Board of Directors or similar corporate governance body of the Investor (in the form of minutes
or otherwise), or the relevant extracts thereof, evidencing the foregoing.

 

ARTICLE
II

Representations and Warranties

 

Section 2.1.           
Representations and Warranties of the Company. The Company represents and warrants to the Investor as of the date
hereof and as of the Closing Date with respect to the Investor (except to the extent made only as of a specified date, in which case as
of such date) that, except as set forth (i) in the reports, registrations, documents, filings, statements, schedules and submissions together
with any required amendments thereto filed or furnished with the U.S. Securities and Exchange Commission (the “SEC”)
and/or the Stock Exchange of Hong Kong prior to the date hereof (the “Company Disclosure Documents”), in each case
which are publicly available or (ii) in the Company Disclosure Schedule attached hereto as Schedule 2 (the “Company Disclosure
Schedule”):

 

(a)               Incorporation,
Organization and Good Standing. The Company and each other Group Company have been duly incorporated or organized, as the case
may be, and are validly existing and in good standing (or the jurisdictional equivalent) under the laws of their respective
jurisdictions of incorporation or organization, are duly licensed or qualified to do business and are in good standing (or the
jurisdictional equivalent) in each jurisdiction in which their respective ownership or lease of property or the conduct of their
respective businesses requires such license or qualification, and have all power and authority necessary to own or hold their
respective properties and to conduct the businesses in which they are engaged, except, only with respect to all of the Group
Companies other than the Company, where the failure to be so qualified or in good standing would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

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(b)               Capitalization.
The authorized share capital of the Company is US$100,100.00 and consists of (x) 1,800,000,000 Class A ordinary shares, par value
US$0.00005 per share (the “Class A Ordinary Shares”), and (y) 200,000,000 Class B ordinary shares, par value
US$0.00005 per share (the “Class B Ordinary Shares”, together with the Class A Ordinary Shares, the
“Ordinary Shares”), and (z) 2,000,000 preferred shares, par value US$0.00005 per share and other than (1)
33,707,864 Class A Ordinary Shares reserved for issuance upon the conversion of the Series A convertible preferred shares as
described in clause (z) below and (2) 46,526,048 Class A Ordinary Shares reserved for issuance upon the conversion of the 2025
Convertible Notes, in each case which reserved Class A Ordinary Shares may be issued between the date hereof and the Closing Date of
the Investor under the terms of such Series A convertible preferred shares and the terms of the 2025 Convertible Notes, there are
(x) 1,456,842,659 Class A Ordinary Shares issued and outstanding (of which 63,514,816 Class A Ordinary Shares have been reserved for
future delivery upon exercise or vesting of share awards granted under the Company Share Option Plans as of the date hereof), (y)
67,590,336 Class B Ordinary Shares issued and outstanding and (z) 150,000 Series A convertible preferred shares issued and
outstanding, which may be converted into Class A Ordinary Shares between the date hereof and the Closing Date of the Investor. All
the outstanding shares of the Company have been duly and validly authorized and issued and are fully paid and non-assessable (which
term when used herein means that no further sums are required to be paid by the holders thereof in connection with the issue
thereof) and are not subject to any pre-emptive, subscription rights, anti-dilutive rights, rights of first refusal or similar
rights other than as set out in the Articles of Association, the articles of association or equivalent charter documents of any of
the other Group Companies, the shareholder agreements or joint venture agreements of the Group Companies that are joint ventures,
the Company Disclosure Documents and the Company Disclosure Schedule. Except for the rights of the Investor to purchase the Investor
Notes pursuant to this Agreement (and the conversion right in connection therewith) and the rights of the Other Investors to
purchase their respective Investor Notes (as defined under the Other NPA) pursuant to the Other NPA (and the conversion right in
connection therewith), and rights set forth in the other Transaction Documents, the Articles of Association, the Company Disclosure
Documents and the Company Disclosure Schedule, there are no outstanding rights (including pre-emptive rights), warrants, or
instruments convertible into or exchangeable for, any shares or other equity interests in the Company or any of the other Group
Companies, or any contract, commitment, agreement, understanding or arrangement of any kind relating to the issuance of any shares
of the Company or any of the other Group Companies, any such convertible or exchangeable securities or any such rights, warrants or
options. All of the outstanding shares or other equity interests of each Group Company owned or controlled, directly or indirectly,
by the Company have been duly and validly authorized and issued, are fully paid in accordance with their respective articles of
associations and non-assessable (which term when used herein means that no further sums are required to be paid by the holders
thereof in connection with the issue thereof) and are owned or controlled directly or indirectly by the Company, free and clear of
any Liens (other than Liens under the existing loan facilities of the Group Companies and transfer restrictions imposed by
applicable securities or other laws). Other than (i) as set out in the Company Disclosure Documents and the Company Disclosure
Schedule, (ii) the VIE Agreements and (iii) the Transaction Documents, no Group Company is a party to any stockholders’
agreement, voting trust agreement, registration rights agreement or other similar agreement or understanding relating to the
disposition, voting or dividends with respect to any equity interests in the Company. From the date hereof through the Closing Date,
except pursuant to the Transaction Documents, the Transaction Documents (as defined in the Other NPA), the transactions contemplated
hereby and thereby and as contemplated in the first sentence of this SECTION 2.1(b), the Company shall not have (i) issued, approved
or agreed to the issuance of any Ordinary Shares, or any securities convertible into or exchangeable or exercisable for Ordinary
Shares, (ii) reserved for issuance any Ordinary Shares, (iii) repurchased or redeemed, or approved or agreed to the repurchase or
redemption of, any Ordinary Shares or any securities convertible into or exchangeable or exercisable for Ordinary Shares or (iv)
declared or paid any dividends or other distributions on the Ordinary Shares.

 

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(c)              
Authorization.

 

(1)              
The Company has the corporate power and authority to enter into, execute and deliver the Transaction Documents and to carry
out and perform its obligations thereunder. The execution, delivery and performance of the Transaction Documents by the Company and the
consummation of the transactions contemplated thereby, have been duly authorized by all requisite actions on the part of the Company.
The Transaction Documents constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance
with their respective terms, subject to applicable bankruptcy, insolvency, moratorium, reorganization, fraudulent transfer and similar
laws of general applicability relating to or affecting creditors’ rights generally and general equitable principles (the “Bankruptcy
and Equity Exception”).

 

(2)               Subject
to the Company’s receipt of the HKSE Approvals, neither the execution, delivery and performance by the Company of any of the
Transaction Documents, nor the consummation of the transactions contemplated thereby (i) violate, conflict with, or result in a
breach of any provision of, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a
default) under, or result in the termination, modification or acceleration of, or result in the creation or imposition of, any Lien
upon any property, right or asset of the Company or any other Group Company pursuant to any agreement, contract or instrument to
which the Company or any other Group Company is a party or by which any such property, right or asset is bound, (ii) violate any
law, statute, rule or regulation or any judgment, ruling, order, writ, injunction or decree applicable to the Company or any other
Group Company or any of their respective properties, licenses or assets, or (iii) violate, conflict with or result in the breach of
any provision of the Articles of Association or similar organizational documents of the Group Companies, except, in the case of each
of clauses (i) and (ii) above, for any such conflict, breach, violation or default that would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. Save for the NDRC Certificate and the post-issuance reporting to the NDRC
for any issuance of the Notes within ten (10) Business Days after the completion of such issuance in accordance with the NDRC
Circular, the Company and its PRC counsel are not aware of any additional consent or approval required from any PRC Governmental
Entity for the Company to enter into, execute and deliver the Transaction Documents and for the parties to consummate the
transactions contemplated thereunder.

 

(3)              
Assuming the accuracy of the representations and warranties of the Investor set forth in SECTION 2.2, no consent, approval,
authorization, order, registration or qualification of or with any Governmental Entity is required to be made or obtained by the Company
for the execution, delivery and performance by the Company of the Transaction Documents and the consummation of the transactions contemplated
thereby, except for (i) those that have been made or obtained prior to the date hereof, (ii) the NDRC Certificate described in SECTION
1.3(a)(v), and (iii) filings to be made following the date of this Agreement pursuant to securities laws and the rules and regulation
of The NASDAQ Stock Market LLC (the “NASDAQ”) and the Main Board of the Stock Exchange of Hong Kong (the “Hong
Kong Stock Exchange”), and the approval of the Hong Kong Stock Exchange of the listing of, and permission to deal in, the New
Shares to be issued upon conversion of the Notes described in SECTION 1.3(a)(viii).

 

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(d)              
Financial Statements. The financial statements of the Company included in the Company Disclosure Documents (the “Financial
Statements”):

 

(1)              
have been prepared from, and are in accordance with, the books and records of the Group Companies;

 

(2)              
complied in all material respects, as of each of their dates of filing with the SEC, with applicable accounting requirements
and with the published rules and regulations of the SEC with respect thereto;

 

(3)              
have been prepared in all material respects in accordance with U.S. generally accepted accounting principles (“GAAP”)
applied on a consistent basis except as disclosed in such Financial Statements or the notes thereto; and

 

(4)              
present fairly in all material respects the consolidated financial position of the Company and the Group Companies at the
dates set forth therein and the consolidated results of operations and cash flows of the Company and the Group Companies for the periods
stated therein,

 

(5)              
subject to, in the case of the unaudited interim financial statements included in an exhibit to Form 6-K, (i) the absence
of notes and year-end audit and closing adjustments, and (ii) the omission of consolidated statements of cash flows and footnote
disclosures.

 

(e)              
 Reports. Since December 31, 2018, the Company has filed or furnished all reports, registrations, documents, filings,
statements, schedules and submissions together with any required amendments thereto, that it was required to file with or furnish to the
SEC (the foregoing, collectively, the “Company Reports”) and have paid all fees and assessments due and payable in
connection therewith. As of their respective filing or furnishing dates, the Company Reports complied in all material respects with all
statutes and applicable rules and regulations of the applicable Governmental Entities, as the case may be. As of the date of this Agreement,
there are no outstanding comments from the SEC or any other Governmental Entity with respect to any Company Report. Each Company Report,
including the documents incorporated therein by reference, when it was filed with or furnished to the SEC, did not, as of its date or
if amended prior to the date of this Agreement, as of the date of such amendment, contain any untrue statement of a material fact or omit
to state a material fact required to be stated within or necessary in order to make the statements made in it, in the light of the circumstances
under which they were made, not misleading and complied in all material respects as to form with the applicable requirements of the Securities
Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). The Company’s financial condition is, in all material respects, as described in the Company Reports, except for
changes in the ordinary course of business.

 

    8

     

    

 

(f)               
Internal Controls and Procedures. The Company maintains a system of internal controls over financial reporting sufficient
to provide reasonable assurance that (a) transactions are executed in accordance with management’s general or specific authorizations,
(b) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and that receipts and
expenditures of the Company are being made only in accordance with appropriate authorizations of management, and (c) unauthorized acquisition,
use or disposition of the Company’s assets that could have an adverse effect in any material respect on the Company’s financial
statements are prevented or timely detected. Since December 31, 2020, neither the Company nor, to the Company’s knowledge, the Company’s
independent registered public accounting firm, has identified or been made aware of any “significant deficiency” or “material
weakness” (each as defined by the Public Company Accounting Oversight Board) in the design or operation of the Company’s internal
controls over financial reporting would reasonably be expected to adversely affect in any material respect the Company’s ability
to record, process, summarize and report financial data, in each case which has not been subsequently remediated. The Company has no knowledge
of any reason that its chief executive officer and chief financial officer will not be able to give the certifications and attestations
required pursuant to the rules and regulations adopted pursuant to Section 404 of the Sarbanes Oxley Act of 2002, without qualification,
if and when next due. The Company has maintained “disclosure controls and procedures” as required by Rule 13a-15 under the
Exchange Act in all material respects.

 

(g)               Title
to Real and Personal Property. Except for any Permitted Liens, the Company and each other Group Company have good title or usage
rights free and clear of any Liens to all the real and personal property that are material to their respective businesses, except as
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, which are reflected in the
Company’s consolidated balance sheet as of December 31, 2020 included in the Company’s Annual Report on Form 20-F for
the period then ended, and all real and personal property that are material to their respective businesses acquired since such date,
except such real and personal property as has been disposed of in the ordinary course of business and except as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. For purposes of this Agreement,
“Permitted Liens” means (i) Liens for taxes and other governmental charges and assessments arising in the
ordinary course which are not yet due and payable, (ii) Liens of landlords and Liens of carriers, warehouse-men, mechanics and
materialmen and other like Liens arising in the ordinary course of business for sums not yet due and payable, (iii) Liens under the
Company’s existing loan facilities, (iv) non-exclusive licenses to Intellectual Property granted to third parties in the
ordinary course of business and (v) other Liens or imperfections on property which are not material in amount or do not materially
detract from the value of or materially impair the existing use of the property affected by such Lien or imperfection and except as
would not individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. All leases of real property
and all other leases pursuant to which the Company or such Group Company, as lessee, leases real or personal property, which are
material to their respective businesses, are valid and effective in all material respects, in accordance with their respective terms
and there is not, under any such lease, any existing material default by the Company or such Group Company, in each case except as
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    9

     

    

 

(h)              
Tax. The Company and each Group Company have timely prepared and filed all tax returns required to have been filed
by the Company with the appropriate Governmental Entities and timely paid all taxes shown thereon or otherwise owed by it (other than
such taxes as are not yet due or are currently being contested in good faith and for which reserves have been provided in accordance with
GAAP), except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The charges, accruals
and reserves on the books of the Company and each Group Company in respect of taxes for all fiscal period are adequate in all material
respects, and there are no material unpaid assessments against the Company or any other Group Company. All taxes and other assessments
and levies that the Company or any other Group Company is required to withhold or to collect for payment have been duly withheld and collected
and paid to the proper Governmental Entity or third party when due, except as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. There are no tax Liens or claims pending against the Company, any other Group Company or
any of their assets or property, other than Permitted Liens. There are no tax audits or investigations pending, which if adversely determined
would result in a Material Adverse Effect. The Company does not expect to be classified as a passive foreign investment company, as defined
in Section 1297 of United States Internal Revenue Code of 1986, as amended, for the current taxable year or in future taxable years. The
Company is, and has been since its inception, treated as a corporation for U.S. federal income tax purposes.

 

(i)                
Absence of Certain Changes. Since December 31, 2020, the business and operations of the Company and the Group Companies
have been conducted in the ordinary course of business consistent with past practice, there has not been any Material Adverse Effect and
the Group Companies have not made any material change in any of their method of accounting or accounting policies.

 

(j)                 Related
Party Transaction. Other than the transactions contemplated by the Other NPA and the Transaction Documents (as defined in the
Other NPA) and as disclosed in the Company Disclosure Schedule or in the Company Disclosure Documents, there are no material
transactions or series of related transactions, agreements, arrangements or understandings, nor are there any currently proposed
material transactions, or series of related transactions between the Company or any other Group Companies, on the one hand, and the
Company, any current or former director or executive officer of the Company or any other Group Companies or any person who
Beneficially Owns 5% or more of the Ordinary Shares (or any of such person’s immediate family members or Affiliates) (other
than Group Companies), on the other hand.

 

(k)              
Offering of Securities. Neither the Company nor any of its Affiliates nor any person acting on behalf of it or any
of its Affiliates has taken or will take any action which would subject the offering, issuance, or sale of any of the Investor Notes to
the registration requirements of the Securities Act.

 

(l)                
Litigation and Other Proceedings. There is no pending or, to the knowledge of the Company, threatened, claim, action,
suit, arbitration, mediation, demand, hearing, investigation or proceeding against the Company or any other Group Company or any director
or officer thereof (in their capacity as such) that involves a claim that is or that, individually or in the aggregate, if adversely determined,
would result in a Material Adverse Effect or that would reasonably be expected to have the effect of making illegal, enjoining or otherwise
prohibiting or preventing the transactions contemplated by this Agreement. Neither the Company nor any other Group Company is subject
to any material Governmental Order, nor are there any proceedings with respect to the foregoing pending, or to the knowledge of the Company,
threatened.

 

    10

     

    

 

(m)            
Compliance with Laws and Other Matters; Permits. The Company and each Group Company have conducted their business
in compliance in all material respects with all applicable laws and requirements of the NASDAQ and the Hong Kong Stock Exchange. The Company
is not in material violation of any listing requirements of the NASDAQ and the Hong Kong Stock Exchange applicable to it and has no knowledge
of any facts that would reasonably be expected to lead to delisting or suspension of its ADS from the NASDAQ or its Class A Ordinary Shares
from the Hong Kong Stock Exchange, in the foreseeable future. The Company and each Group Company have all material permits, licenses,
authorizations, consents, orders and approvals (collectively, “Permits”), and have made all material filings, applications
and registrations with, any Governmental Entity that are required in order to carry on their business as presently conducted, except where
the failure to possess or make the same would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. All such Permits are in full force and effect and all such filings, applications and registrations are current, in each case,
in all material respects.

 

(n)               Labor.
Except as set out in the Company Disclosure Documents or the Company Disclosure Schedule: (i) there is no strike or material labor
dispute pending or, to the knowledge of the Company, threatened against or affecting any of the Group Companies, (ii) each Group
Company has been in compliance in all material respects with all applicable laws relating to labor, employment, and employment
practices, (iii) each Benefit Plan has been established, maintained, administered, funded and operated in all material respects in
compliance with its terms and applicable law. None of the Group Companies has any employee located in the United States, and none of
the Group Companies has any current or contingent liability with respect to any Benefit Plan subject to the laws of the United
States or on account of at any time being considered a single employer under Section 414 of the Code, with any other person.

 

(o)              
Status of Securities. Upon issuance and delivery of the Investor Notes to the Investor in accordance with this Agreement,
the Investor Notes will rank pari passu in right of payment with the Other Investors’ Investor Notes (as defined under the
Other NPA) and will be convertible at the option of the holder thereof into Class A Ordinary Shares (or such Class A Ordinary Shares in
the form of ADS (such ADS, the “New ADS”)) in accordance with the terms of the Note Instrument (the “New Shares”).
The New Shares, when issued and delivered upon conversion of the Investor Notes in accordance with the Note Instrument, will be validly
issued, fully paid and non-assessable (which term when used herein means that no further sums are required to be paid by the holders thereof
in connection with the issue thereof), and shall be free and clear of Liens (other than those created by the Investor), except for restrictions
on transfer imposed by applicable securities laws and the Articles of Associations. The Company has, or will have as of the Closing Date,
sufficient authorized share capital to satisfy the issue of such number of Class A Ordinary Shares or new ADS as would be required to
be issued upon conversion of all of the Notes at the initial conversion price in accordance with the terms of the Note Instrument.

 

(p)              
Investment Company. Neither the Company nor any of the Group Companies is an “investment company” as
defined under the Investment Company Act of 1940, as amended, and neither the Company nor any of the Group Companies sponsors any person
that is such an investment company.

 

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(q)              
Directed Selling Efforts. Neither the Company nor its affiliates (as defined in Rule 405 under the Securities Act)
nor any persons acting on behalf of any of them has engaged in any “directed selling efforts” (as defined in Regulation S)
with respect to the Notes, the New ADS or the New Shares.

 

(r)               
Foreign Issuer. The Company is a “foreign issuer” as defined in Regulation S.

 

(s)                Compliance
with Anti-Bribery, Anti-Money Laundering and Sanctions Laws. Neither the Company nor any other Group Company, nor any of their
respective directors, officers, managers, and employees (in their respective capacity as such), or to the knowledge of the Company,
any agent, independent contractors, representatives, or other person acting for or on behalf of the Company or any other Group
Company (including their respective directors, officers, managers, and employees, in their respective capacity as such) (i) is aware
of or has taken any action in connection with any Group Company, directly or indirectly, that would result in a violation of the
Foreign Corrupt Practices Act, 15 U.S.C. § 78dd-1 et seq., as amended, or any applicable law or regulation implementing the
OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed a violation of
the Bribery Act 2010 of the United Kingdom, PRC Criminal Law, the PRC Anti-Unfair Competition Law, the Provisional Regulations
regarding Prohibition of Commercial Bribery and all other applicable laws, regulations and judicial interpretations in respect of
anti-corruption in the PRC, in each case to the extent applicable, or any other applicable anti-bribery or anti-corruption laws
(“Anti-Bribery Laws”), (ii) is aware of, or has, in violation of any applicable Anti-Bribery Laws, made or taken
in connection with any Group Company an intentional act in furtherance of an offer, promise or authorization of any direct or
indirect unlawful payment or benefit to any government or regulatory official or employee, including any directors, officers and
employees of any wholly government-owned or controlled entity or of a public international organization, or any person acting in an
official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political
office, (iii) has made, offered, promised, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful
benefit, including any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit, (iv) has
violated or operated in material noncompliance with any applicable money laundering law or anti-terrorism law, or (v) is currently
subject to any United States sanctions administered by the Office of Foreign Assets Control of the United States Treasury
Department, the U.S. Department of Commerce, and the U.S. Department of State, or any sanctions imposed by the United Nations
Security Council, the European Union, Her Majesty’s Treasury, the Hong Kong Monetary Authority, PRC, or any other relevant
sanctions authorities (“Sanctions”), (vi) transacting business, located or residing in, incorporated under the
laws of, or owned 50% or more or controlled by, or acting on behalf of, a person located or residing in or organized under the laws
of a country or territory that is, or whose government is, the target of comprehensive Sanctions, or (vii) is in violation of
Sanctions. The Company and each Group Company have, to the extent required by applicable law and regulation, instituted and maintain
policies and procedures designed to promote and reasonably ensure, and which are reasonably expected to continue to reasonably
ensure, continued compliance with applicable Anti-Bribery Laws and laws and regulations relating to money laundering, terrorist
financing, and to the fullest extent permitted by applicable law, Sanctions.

 

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(t)                
Environmental Liability. Except as has not had and would not be reasonably expected to have a Material Adverse Effect,
the Company and each Group Company are in compliance with all, and have no material liability (contingent or otherwise) with respect to
any manufacture, distribution, disposal or release of, contamination by, or exposure of any person to, any Hazardous Materials under,
applicable Environmental Laws. For purposes of this Agreement, “Environmental Law” means any law, regulation, order,
decree, common law or agency requirement relating to the protection of the environment or human health and safety.

 

(u)              
Intellectual Property.

 

(1)               The
Company and the Group Companies own all right, title, and interest in and to, free and clear of all Liens, except for Permitted
Liens, or have a valid and enforceable license to use all material Intellectual Property used in or necessary to carry on their
business as currently conducted, and such Intellectual Property is valid, subsisting and enforceable except as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and is not subject to any material
outstanding order, judgment, decree or agreement adversely affecting the Company’s or the Group Companies’ use of, or
rights to, such Intellectual Property. The Company and the Group Companies have sufficient rights to use all Intellectual Property
used in or necessary for their business as presently conducted, all of which rights shall survive unchanged following the
consummation of the transactions contemplated by this Agreement except as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

 

(2)              
There have been no claims made and, to the knowledge of the Company, no pending claims made asserting the invalidity, misuse
or unenforceability of any Intellectual Property owned or used by the Company or any other Group Company, except as would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company nor any other Group Company has received
any notice of infringement or misappropriation of, or any conflict with, the rights of others with respect to any Intellectual Property
except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The conduct of the business
of the Company and any other Group Company has not infringed, misappropriated or conflict with any intellectual property rights of any
third party except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. To the Company’s
knowledge, no third party has materially infringed, misappropriated or otherwise violated the Intellectual Property rights of the Company
or the Group Companies. The Company and the Group Companies have taken reasonable measures to protect the material Intellectual Property
owned by or licensed to the Company or any of the Group Companies.

 

(3)              
The Group Companies have used commercially reasonable efforts to protect the confidentiality, integrity, security, and continuity
of the Company Systems in all material respects. The Company Systems are, in all material respects, sufficient for the immediate and currently
anticipated future needs of the businesses of the Group Companies. There have been no unauthorized intrusions, failures, breakdowns or
substandard performance of any Company Systems, except as would not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect.

 

    13

     

    

 

 

“Intellectual Property”
shall mean (A) all trademarks, service marks, brand names, trade names, logos, designs, slogans, taglines, domain names, rights to social
media accounts, the registrations in any jurisdiction of, and applications in any jurisdiction to register, the foregoing together with
all good-will associated therewith; (B) patents, applications for patents, and any renewals, extensions or reissues thereof, in any jurisdiction;
(C) nonpublic information, know-how, trade secrets, technology and inventions (whether patentable or not) and confidential information;
(D) copyrights, works of authorship, registrations or applications for registration of copyrights in any jurisdiction, and any renewals
or extensions thereof, mask works and copyrightable works; (E) software (including source code and object code), data, databases, and
documentation thereof; and (F) other intellectual property, industrial property and proprietary rights.

 

(v)               Brokers
and Finders. Other than the Company’s engagement of J.P. Morgan Securities (Asia Pacific) Limited (“J.P.
Morgan”) as financial advisor to the Company in connection with the sale of the Notes, neither the Company nor any other
Group Company nor any of their respective officers, directors or employees (acting in their respective capacity as such) has
employed any broker or finder or incurred any liability for any financial advisory fees, brokerage fees, commissions or
finder’s fees, and no broker or finder has acted directly or indirectly for the Company or any Group Company in connection
with the Transaction Documents or the transactions contemplated hereby and thereby.

 

(w)            
VIE Agreements. Each of the VIE Agreements has been duly authorized, executed and delivered by the parties thereto,
and constitutes valid and binding obligations of the parties thereto, enforceable against such parties in accordance with its terms, subject
to the Bankruptcy and Equity Exception, and there is no enforceable agreement or undertaking to rescind, amend or change the nature of
such captive structure or material terms of the VIE Agreements. The VIE Agreements do not violate the laws and regulations of PRC which
are effective as of the date of this Agreement, or the articles of association of the parties of such VIE Agreements. The VIE Agreements
are adequate to enable the financial statements of each Group Company that is a party to a VIE Agreement to be consolidated with those
of the Company in accordance with GAAP.

 

(x)              
Indebtedness. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect, none of the Group Companies is in breach of, default, event of default or violation under any Debt Agreement or has requested
or been granted a waiver for any such breach, default or violation under such Debt Agreement. None of the parties to any Debt Agreement
is entitled to declare any indebtedness under any Debt Agreement due and payable prior to its specified maturity as a result of an event
of default (however described) under such Debt Agreement, which declaration would, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. No event (which could not be cured under the terms of the relevant Debt Agreement) has occurred that
with notice or lapse of time, or both, would constitute an event of default (however described) under any Debt Agreement which would,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(y)              
No Undisclosed Liabilities. Except as has not had, and would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect, neither the Company nor any of the Group Companies has any liabilities or obligations of
a type required to be reflected on a balance sheet in accordance with GAAP, other than (i) liabilities or obligations disclosed and provided
for in the Financial Statements or in the notes thereto, (ii) liabilities or obligations that have been incurred by the Company or the
Group Companies since December 31, 2020 in the ordinary course of business or (iii) liabilities or obligations arising under or in connection
with the transactions contemplated by the Transaction Documents.

 

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(z)               Material
Contracts. The Material Customer Contracts are in full force and effect and represent the legal, valid and binding obligations
of the applicable Group Company party thereto and to the knowledge of the Company, represent the legal, valid and binding
obligations of the other parties thereto. Neither the Group Company party thereto, nor, to the knowledge of the Company, any of the
other parties thereto, is in material breach of, material default or material violation under any Material Customer Contract. To the
knowledge of the Company, no event has occurred that with notice or lapse of time, or both, would constitute a material breach,
material default or material violation under any Material Customer Contract. None of the Group Companies has received any written
claim or notice of any material breach, material default or material violation under any Material Customer Contract. To the
Company’s knowledge, none of the other parties to any of the Material Customer Contracts or the customer to whom any Group
Company provides services under such Material Customer Contract, has notified the Company or any other Group Company in writing that
it has the intention to terminate, suspend or not renew or discontinue, or materially change the existing terms with respect to, its
business relationship with the Group Companies in manner which, based on the reasonable determination of the Company, would
materially and adversely impact the financial condition and results of operations of the Group Companies, taken as a whole.

 

(aa)           
Other NPA and the Other Investors’ Investor Notes (as defined in the Other NPA). No Group Company has entered
into any side letter or similar agreement with any Other Investor in connection with such Other Investor’s purchase of its Investor
Notes (as defined in the Other NPA) other than the Transaction Documents (as defined in the Other NPA) and none of the Transaction Documents
(as defined in the Other NPA) has been amended in any material respect following the date of this Agreement in a manner that is more materially
advantageous or favorable to any Other Investor than to the Investor hereunder in accordance with the terms of the Transaction Documents
to the Investor is a party. Upon issuance and delivery of such other Investor Notes (as defined in the Other NPA) to the Other Investors,
such Investor Notes (as defined in the Other NPA) will be evidenced by a separate Global Note and governed by a separate Indenture and
will not be fungible with the Investor Notes issued to the Investor at the Closing. The commercial terms of the Other Investors’
respective Investor Notes (as defined in the Other NPA) will be substantially similar to the Investor Notes to be issued to the Investor
hereunder.

 

Section 2.2.           
Representations and Warranties of the Investor. The Investor hereby represents and warrants with respect to itself,
as of the date hereof and as of the Closing Date with respect to the Investor (except to the extent made only as of a specified date,
in which case as of such date), to the Company that:

 

(a)              
Incorporation, Organization and Authority. The Investor has been duly incorporate or organized, as the case may be,
and is validly existing and in good standing (or the jurisdictional equivalent) under the laws of its jurisdiction of incorporation or
organization, is duly licensed or qualified to do business and is in good standing (or the jurisdictional equivalent) in each jurisdiction
in which its ownership or lease of property or the conduct of its businesses requires such license or qualification, and has all power
and authority necessary to own or hold its properties and to conduct the businesses in which it is engaged.

 

(b)              
Authorization.

 

(1)              
The Investor has the corporate power and authority to enter into, execute and deliver each of the Transaction Documents
to which it is a named party and to carry out and perform its obligations thereunder. The execution, delivery and performance of the Transaction
Documents to which it is a named party by the Investor and the consummation of the transactions contemplated thereby have been duly authorized
by all requisite actions on the part of the Investor. The Transaction Documents to which it is a named party constitute valid and legally
binding obligations of the Investor, enforceable against the Investor in accordance with their respective terms, subject to the Bankruptcy
and Equity Exception.

 

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(2)              
 Neither the execution, delivery and performance by the Investor of any of the Transaction Documents to which it is a named
party, nor the consummation of the transactions contemplated thereby will (i) violate, conflict with, or result in a breach of any provision
of, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, or result in
the termination, modification or acceleration of, or result in the creation or imposition of, any Lien upon any property, right or asset
of the Investor pursuant to any agreement, contract or instrument to which the Investor is a named party or by which any such property,
right, or asset is bound, (ii) violate any law, statute, rule or regulation or any judgment, ruling, order, writ, injunction or decree
applicable to the Investor or any of its properties, licenses or assets, or (iii) violate, conflict with or result in the breach of any
provision of the organizational documents of the Investor, except, in the case of clause (i) above, for any such conflict, breach, violation
or default that would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Investor’s
capability to consummate the transactions and to perform its obligations contemplated under the Transaction Documents.

 

(3)              
No Consents Required. No consent, approval, authorization, order, registration or qualification of or with any Governmental
Entity is required by the Investor for the execution, delivery and performance by the Investor of the Transaction Documents to which it
is a named party and the consummation of the transactions contemplated thereby.

 

(4)              
Purchase for Investment. The Investor (A) is acquiring the Investor Notes and the underlying New Shares for its own
account solely for investment with no present intention or plan to distribute any of the Investor Notes or New Shares to any person nor
with a view to or for sale in connection with any distribution thereof, in each case in violation of the Securities Act, and (B) will
not sell or otherwise dispose of any of the Investor Notes or New Shares, except in compliance with the registration requirements or exemption
provisions of the Securities Act and any other applicable securities laws. Without limiting any of the foregoing, neither the Investor
nor any of its Affiliates has taken, and the Investor will not, and will cause its Affiliates not to, take any action that would cause
the securities to be purchased hereunder to be subject to the registration requirements of the Securities Act.

 

(c)              
Exemption from Registration; Restricted Securities. The Investor acknowledges that the Investor Notes and the New
Shares have not been registered under the Securities Act or the securities law of any state of the United States or other jurisdiction
and may not be offered, resold, pledged or otherwise transferred directly or indirectly in the United States or to or for the account
or benefit of any “U.S. person” as that term is defined under Regulation S under the Securities Act except pursuant to an
effective registration statement or an exemption from, or in a transaction not subject to, the registration requirements of the Securities
Act, or in any other jurisdiction or for the account or benefit of any persons in any other jurisdiction except pursuant to an exemption
from, or in a transaction not subject to, any applicable laws of such other jurisdiction, and any certificate(s) representing the Investor
Notes or the New Shares shall bear a legend substantially to such effect.

 

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(d)              
 Financial Capability. The Investor will have immediately available funds necessary to consummate the Closing with
respect to the Investor, as of the Closing Date with respect to the Investor, on the terms and conditions contemplated by this Agreement.

 

(e)              
Sophisticated Investor. The Investor is knowledgeable, sophisticated and experienced in making, and is qualified
to make, decisions with respect to investments in shares representing an investment decision like that involved in the purchase of its
Investor Notes, including investments in securities issued by the Company, and has requested, received, reviewed and considered all information
it deems relevant in making an informed decision to evaluate the merits and risks of a purchase of its Investor Notes, and can bear the
economic risk and complete loss of its investment in its Investor Notes. The Investor has independently made its own analysis and decision
to enter into the transactions contemplated hereby. The Investor hereby acknowledges and agrees that (i) J.P. Morgan is acting solely
as the Company’s placement agent in connection with the transactions contemplated hereby and is not acting as an underwriter or
in any other capacity and is not and shall not be construed as a fiduciary for the Investor, the Company or any other person or entity
in connection with the transactions contemplated hereby, (ii) J.P. Morgan has not made, nor will it make, any representation or warranty,
whether express or implied, of any kind or character and has not provided any advice or recommendation in connection with the transactions
contemplated hereby, (iii) J.P. Morgan will not have any responsibility with respect to (A) any representations, warranties or agreements
made by any person or entity under or in connection with the transactions contemplated hereby or any of the documents furnished pursuant
thereto or in connection therewith, or the execution, legality, validity or enforceability (with respect to any person) or any thereof,
or (B) the business, affairs, financial condition, operations, properties or prospects of, or any other matter concerning the Company
or transactions contemplated hereby, and (iv) J.P. Morgan shall not have any liability or obligation (including without limitation, for
or with respect to any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements
incurred by the Investor, the Company or any other person or entity), whether in contract, tort or otherwise, to the Investor, or to any
person claiming through the Investor, in respect of the transactions contemplated hereby.

 

(f)               
Existing Ownership. The Investor does not legally or Beneficially Own or control, directly or indirectly, any shares,
convertible debt or any securities convertible into or exercisable or exchangeable for, or any rights, warrants or options to acquire,
any shares or convertible debt in the Company, or have any agreement, understanding or arrangement to acquire any of the foregoing, except
with respect to (i) the Investor Notes as to be purchased by the Investor pursuant to the transactions contemplated herein, (ii) any other
agreement the Investor or any of its Affiliate entered into with the Company on or prior to the date hereof, or (iii) any such interest
disclosed to the Company in writing on or prior to the date hereof or in a Schedule 13D filed with the SEC.

 

(g)               Reliance
on Exemptions.  The Investor understands that its Investor Notes are being offered and sold to it in reliance on specific
exemptions from the registration requirements of U.S. federal and state securities laws and that the Company is relying in part upon
the truth and accuracy of, and the Investor’s compliance with, the representations, warranties, agreements, acknowledgements
and understandings of the Investor set forth herein in order to determine the availability of such exemptions and the eligibility of
the Investor to acquire its Investor Notes. The Investor is not a “U.S. person” as defined in Rule 902 of Regulation S.
The Investor has been advised and acknowledges that in issuing its Investor Notes to it pursuant the terms hereto, the Company is
relying upon the exemption from registration provided by Regulation S under the Securities Act. The Investor further acknowledges
and agrees that, absent an effective registration under the Securities Act, its Investor Notes may only be offered, sold or
otherwise transferred (x) to the Company, (y) outside the United States in accordance with Rule 904 of Regulation S under the
Securities Act or (z) pursuant to an exemption from registration under the Securities Act.

 

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(h)              
Brokers and Finders. Neither the Investor nor any of its respective officers, directors or employees (acting in their
respective capacity as such) has employed any broker or finder or incurred any liability for any financial advisory fees, brokerage fees,
commissions or finder’s fees in connection with the transactions contemplated hereby.

 

(i)                
Compliance with Anti-Bribery, Anti-Money Laundering and Sanctions Laws. The Investor, including its directors, officers,
managers and employees (in their respective capacity as such), and to the knowledge of the Investor, any agent, independent contractors,
representatives, or other person acting on behalf of the Investor (including their respective directors, officers, managers and employees,
in their respective capacity as such), (i) has not violated or operated in material noncompliance with any applicable money laundering
law or anti-terrorism law, and (ii) is not currently subject to or the target of any Sanctions. The Investor has, to the extent required
by applicable law and regulation, instituted and maintain policies and procedures designed to promote and reasonably ensure, and which
are reasonably expected to continue to reasonably ensure, continued compliance with applicable laws and regulations relating to bribery
and corruption, money laundering and terrorist financing, and Sanctions, and no funds given to the Company or any Group Company pursuant
to the transactions anticipated by this Agreement shall be derived from violations, or provided in violation, of any applicable Anti-Bribery
Laws or laws and regulations relating to money laundering, terrorist financing, and Sanctions.

 

ARTICLE
III

Covenants

 

Section 3.1.           
Filings; Other Actions.

 

(a)                  Each
party hereto will cooperate and consult with each other and use commercially reasonable efforts to prepare and file all necessary
documentation, to effect all necessary applications, notices, petitions, filings, and other documents, and to obtain all necessary
permits, consents, orders, approvals, and authorizations of, or any exemption by, all third parties and Governmental Entities, and
expiration or termination of any applicable waiting periods, necessary or advisable to consummate the transactions contemplated by
the Transaction Documents and to perform its covenants contemplated by the Transaction Documents. Each party hereto shall execute
and deliver both before and after the Closing such further certificates, agreements, and other documents and take such other actions
as any other party may reasonably request to consummate or implement such transactions or to evidence such events or matters. Each
party hereto will have the right to review in advance, and to the extent practicable, each will consult with the other, in each case
subject to applicable laws relating to the exchange of information and confidential information related to such party, all the
information (other than personal or sensitive information) relating to such other party, and any of their respective Affiliates,
which appears in any filing made with, or written materials submitted to, any third party or any Governmental Entity in connection
with the transactions contemplated by the Transaction Documents; provided that, notwithstanding anything in this Agreement to the
contrary, each party hereto acknowledges that a copy of the form of this Agreement and the other Transaction Documents to which it
is a party may be filed with the SEC and this Agreement and the other Transaction Documents to which it is a party may be described
in a filing made with the SEC, in each case pursuant to applicable requirements of law, without any prior notice to or consultation
with any other party hereto. In exercising the foregoing right, each of the parties hereto agrees to act reasonably and as promptly
as practicable. Each party hereto agrees to keep the other party apprised of the status of matters relating to completion of the
transactions contemplated hereby. Each party shall promptly furnish each other to the extent permitted by applicable laws with
copies of written communications received by them or their Affiliates from, or delivered by any of the foregoing to, any
Governmental Entity in respect of the transactions contemplated by this Agreement or any other Transaction Document. Notwithstanding
anything in this Agreement to the contrary, no party shall be required to provide any materials to any other party that it deems
proprietary, privileged or confidential nor shall either be required to make any commitments to any Governmental Entity in
connection therewith.

 

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(b)              
Each party hereto shall, upon reasonable request, furnish each other party with all information concerning itself, its subsidiaries
(or Group Companies, in the case of the Company), Affiliates, directors, officers, partners, and shareholders and such other matters as
may be reasonably necessary or advisable in connection with any statement, filing, notice, or application made by or on behalf of such
other party or any of its subsidiaries (or Group Companies, in the case of the Company) to any Governmental Entity in connection with
this Agreement. Notwithstanding anything herein to the contrary, no party shall be required to furnish any other party with any (1) sensitive
personal biographical or personal financial information of any of the directors, officers, employees, managers or partners of such party
or any of its Affiliates, (2) proprietary, privileged and non-public information related to the organizational terms of, or investors
in, it or its Affiliates, or (3) any information that it deems proprietary, privileged or confidential.

 

(c)              
The Company shall (through a PRC Subsidiary) report to the NDRC on the requisite information and documents within ten (10)
Business Days in the PRC after the date of the issuance of the Investor Notes hereunder in accordance with the NDRC Circular.

 

(d)              
The Company will comply with all requirements of NASDAQ and the Hong Kong Stock Exchange with respect to the issuance of
the Notes (including the issuance of Class A Ordinary Shares or ADSs upon conversion thereof), including the filing or making of any additional
listing notice or requirements with respect to the issuance of Class A Ordinary Shares or ADSs upon conversion of the Notes.

 

(e)               The
Company will promptly notify the Investor of any modification to any commercial terms proposed to be made (if any) to any Other
Investor’s Investor Notes (as defined in the Other NPA) that are materially more advantageous or favorable to such Other
Investor than the Investor Notes of the Investor hereunder and if any such modification is made will, upon request by the Investor,
effect substantially similar modifications (to the extent applicable and legally permissible) to the Investor Notes of the Investor
hereunder such that its Investor Notes will not at any time while issued and outstanding reflect commercial terms less favorable in
any material respect to the Investor than those contained in the Other Investor’s Investor Notes (as defined in the Other
NPA), as so modified.

 

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Section 3.2.           
Expenses. Each of the parties hereto will bear and pay all costs and expenses incurred by it or on its behalf in
connection with this Agreement and the transactions contemplated under this Agreement. For the avoidance of doubt, the Investor will pay
all of its own costs and expenses, including the fees and expenses of its counsels (legal or otherwise) and securities transfer taxes
on the resale of any of the Notes, Class A Ordinary Shares (or Class A Ordinary Shares in the form of ADSs) by the Investor.

 

Section 3.3.           
Confidentiality. Each party to this Agreement will hold, and will cause its respective subsidiaries (or Group Companies,
in the case of the Company) and their directors, officers, employees, agents, consultants, and advisors to hold, in strict confidence,
unless disclosure to a Governmental Entity is necessary in connection with any necessary regulatory approval or unless compelled to disclose
by judicial or administrative process or, in the written opinion of its counsel, by other requirement of law or the applicable requirements
of any Governmental Entity, all nonpublic records, books, contracts, instruments, computer data and other data and information (collectively,
“Information”) concerning the other parties hereto furnished to it by such other parties or their respective representatives
pursuant to this Agreement (except to the extent that such information can be shown to have been (1) previously known by such party on
a non-confidential basis, (2) in the public domain through no fault of such party, or (3) later lawfully acquired from other sources by
the party to which it was furnished), and none of the parties hereto shall release or disclose such Information to any other person, except
its and its Affiliates’ respective directors, officers, employees, partners, shareholders, auditors, attorneys, financial advisors,
other consultants, and advisors and, in the case of the Investor, any potential or actual financing sources or transferee of the Subject
Securities held by them in a transfer permitted under the terms of this Agreement, in each case provided that each such recipient shall
either be subject to professional obligations to keep such information confidential or confidentiality obligations that are as restrictive
as this SECTION 3.3 and the relevant disclosing party shall be liable for any breach of confidentiality obligations by any of such recipient.
If a party is required to disclose any Information to a Governmental Entity in accordance with this SECTION 3.3 (each, a “Compelled
Disclosure”), subject to SECTION 3.1, the disclosing party shall, to the extent practical and legally permissible, notify the
other party prior to making any such disclosure by providing the other party with the text of the disclosure requirement and draft disclosure
at least 48 hours prior to making any such disclosure, and will narrow the draft disclosure to the extent the other party reasonably requests.
Notwithstanding any other provision herein to the contrary, no party hereto (the “Required Disclosing Party”) shall
be required to give notice to any other party hereto, and shall not be prohibited from disclosing Information, to the extent such disclosure
requirements (x) is a Compelled Disclosure, (y) do not specifically reference any other party hereto, any Transaction Document, or any
of the transactions contemplated under the Transaction Documents and (z) occur in the course of an ordinary course audit, examination
or inspection of the business or operations of the Required Disclosing Party.

 

Section 3.4.           
Conduct of the Business. Prior to the earlier of the Closing Date with respect to the Investor and the termination
of this Agreement pursuant to SECTION 5.1, the Company shall, and shall cause each Group Company to, (i) conduct its business in the
ordinary course consistent with past practice, including customary financing arrangements and facilities, (ii) use commercially
reasonable efforts to preserve intact its current business organizations and its rights and permits issued by Governmental Entities,
keep available the services of its current officers and key employees and preserve its relationships with customers, suppliers, Governmental
Entities and others having business dealings with it to the end that its goodwill and ongoing businesses shall be unimpaired, and (iii)
not take any action that would reasonably be expected to materially adversely affect or materially delay the consummation of the transactions
contemplated by the Transaction Documents.

 

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Section 3.5.           
Commercially Reasonable Efforts. The Investor and the Company will use their respective commercially reasonable efforts
to take, or cause to be taken, all actions, and to do, or cause to be done all things necessary, proper or advisable to consummate and
make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement, including using commercially
reasonable efforts to accomplish the following: (a)  all acts reasonably necessary to cause the conditions to Closing to be satisfied;
(b) the obtaining of all necessary actions or no actions, waivers, consents and approvals from Governmental Entities and the making
of all necessary registrations, filings, reports and the taking of all reasonable steps necessary to obtain an approval or waiver from,
or to avoid an action or proceeding by any Governmental Entity; (c) the obtaining of all necessary consents, approvals or waivers
from third parties; and (d) executing and delivering any additional instruments necessary to consummate the transactions contemplated
by, and to fully carry out the purposes of, this Agreement.

 

Section 3.6.           
Use of Proceeds. The Company shall use the proceeds from the issuance and sale of the Investor Notes for (a) the
development and acquisition of new data centers, and (b) general corporate purposes and working capital needs.

 

ARTICLE
IV

Additional Agreements

 

Section 4.1.           
Compliance with Laws.

 

(a)              
The Investor acknowledges that it is aware of, and that will advise its representatives of, the restrictions imposed by
applicable United States and other applicable jurisdictions’ securities laws with respect to trading in securities while in possession
of material non-public information relating to the issuer of such securities and on communication of such information when it is reasonably
foreseeable that the recipient of such information is likely to trade such securities in reliance on such information.

 

(b)               The
Company shall not, and shall not permit any Group Company or any of their respective directors, officers, managers, employees,
agents, independent contractors, representatives, or other person acting for or on behalf of the foregoing persons to offer, pay,
promise to pay, or authorize the payment of any money or the giving of anything of value, directly or indirectly, to any person in
violation of all applicable Anti-Bribery Laws. The Company further represents that it shall and shall cause all Group Companies and
their respective directors, officers, managers, employees, agents, independent contractors, representatives, or other person acting
for or on behalf of the foregoing persons to, (i) cease all of its or their respective activities, as well as remediate any actions
taken by them in violation of any applicable Anti-Bribery Laws and (ii) maintain systems of internal controls (including, but not
limited to, accounting systems, purchasing systems and billing systems) to ensure compliance with all applicable Anti-Bribery
Laws.

 

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Section 4.2.           
Legend.

 

(a)              
The Investor agrees that all certificates or other instruments representing the securities subject to this Agreement (if
any such certificates are issued) will bear a legend substantially to the following effect:

 

“THIS SECURITY,
THE AMERICAN DEPOSITARY SHARES DELIVERABLE UPON CONVERSION OF THIS SECURITY AND THE CLASS A ORDINARY SHARES REPRESENTED THEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), ARE “RESTRICTED SECURITIES”
WITHIN THE MEANING OF RULE 144 UNDER THE SECURITIES ACT OR CONTRACTUALLY RESTRICTED SECURITIES, AND MAY NOT BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN,
THE ACQUIRER:

 

(1)              
REPRESENTS THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO ANY ACCOUNT FOR WHICH IT IS ACTING AND THAT IT AND
ANY SUCH ACCOUNT IS NOT, AND HAS NOT BEEN FOR THE IMMEDIATELY PRECEDING THREE MONTHS, AN AFFILIATE OF GDS HOLDINGS LIMITED (THE “COMPANY”)
(OTHER THAN STT GDC PTE. LTD. THAT PURCHASED REGULATION S NOTES IN THE INITIAL OFFERING THEREOF OR ANY OF ITS AFFILIATES (INDIVIDUALLY
AND COLLECTIVELY, “STT PURCHASER”)), AND

 

(2)              
AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL
INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF
TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED
BY APPLICABLE LAW, EXCEPT:

 

(A)       TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

 

(B)       PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

(C)       TO
A NON U.S. PERSON LOCATED OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, OR

 

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(D)       PURSUANT
TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE).

 

PRIOR TO THE REGISTRATION
OF ANY TRANSFER IN ACCORDANCE WITH (2)(D) ABOVE, THE COMPANY RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS
OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE
SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

 

NO AFFILIATE (AS DEFINED
IN RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES
ACT) OF THE COMPANY DURING THE THREE IMMEDIATELY PRECEDING MONTHS (OTHER THAN THE STT PURCHASER) MAY PURCHASE, OTHERWISE ACQUIRE OR OWN
THIS NOTE, THE AMERICAN DEPOSITARY SHARES DELIVERABLE UPON CONVERSION HEREOF AND THE CLASS A ORDINARY SHARES REPRESENTED THEREBY, OR A
BENEFICIAL INTEREST HEREIN OR THEREIN.”

 

(b)              
Upon request of the Investor, upon receipt by the Company of an opinion of counsel and other customary representations and
other documentation from the Investor, in each case, reasonably satisfactory to the Company to the effect that such legend is no longer
required under the Securities Act or applicable state laws, as the case may be, the Company shall promptly cause the legend to be removed
from any certificate or any other instrument for any securities.

 

Section 4.3.           
Indemnity.

 

(a)               The
Company agrees to, from and after the Closing Date, and subject to the limitations set forth in this SECTION 4.3, indemnify the
Investor and its Affiliates, and its and their respective directors and officers (in such capacity, the “Investor
Indemnified Party”) and hold the Investor Indemnified Party harmless to the fullest extent permitted by applicable law
against any actions, causes of action, suits, claims, losses, taxes, costs, penalties, fees, liabilities and damages, and expenses
in connection therewith, and including reasonable attorneys’ fees and disbursements (the “Losses”) actually
suffered, incurred or paid by the Investor Indemnified Party, directly or indirectly, arising from: (i) any breach of any
representation or warranty made by the Company in SECTION 2.1 (it being agreed that, solely for the purpose of determining the
amount of Losses of the Investor Indemnified Party (but not for purposes of determining whether any such breach has actually
occurred), the representations and warranties made by the Company in SECTION 2.1 that are qualified by “materiality” or
“Material Adverse Effect” qualifications or other terms of similar import or effect shall be deemed to be made without
such qualifications); or (ii) any breach of any covenant or agreement by the Company contained in this Agreement. Other than with
respect to fraud, in no event shall the Company be liable for or have an obligation to indemnify or hold harmless the Investor
Indemnified Party for Losses in connection with the representations and warranties made by the Company in SECTION 2.1 in excess of
100% of the Investor Purchase Price paid to the Company by the Investor pursuant to this Agreement, and the Company shall not be
liable to the Investor Indemnified Party for any Losses unless the aggregate amount of all Losses incurred by the Investor
Indemnified Party exceeds US$1,000,000 paid to the Company by the Investor pursuant to this Agreement (the
“Basket”), in which case the Company shall be liable for all such Losses in excess of the Basket. The Company
shall not be liable to the Investor Indemnified Party for any Losses arising under this SECTION 4.3 relating to an individual claim
resulting in Losses in the amount of US$200,000 or less (a “De Minimis Claim”), regardless of whether or not
aggregate Losses have exceeded the Basket; nor shall the amount of any such De Minimis Claims be taken into account in determining
whether the Basket has been reached. Notwithstanding anything to the contrary, other than with respect to fraud, in no event shall
the aggregate liability of the Company to the Investor Indemnified Party for any Losses in connection with this Agreement exceed the
Investor Purchase Price paid to the Company by the Investor pursuant to this Agreement.

 

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(b)              
The Investor agrees to indemnify each of the Company and its Affiliates and each of their respective directors, officers,
employees and shareholders, owners (collectively, the “Company Indemnified Parties”) and hold each of Company Indemnified
Parties harmless against any and all Losses suffered, incurred or paid by the Company Indemnified Parties, arising from, as a result of
or in connection with: (i) any breach of any representation or warranty made by the Investor in SECTION 2.2 or (ii) any breach
of any covenant or agreement by the Investor contained in this Agreement. Other than with respect to fraud, in no event shall the Investor
be liable for or have an obligation to indemnify or hold harmless any Company Indemnified Party for Losses in excess of the Investor Purchase
Price paid to the Company by the Investor pursuant to this Agreement.

 

(c)               A
party entitled to indemnification hereunder (an “Indemnified Party”) shall give written notice to the party
indemnifying it (the “Indemnifying Party”) of any claim with respect to which it seeks indemnification promptly
after the discovery by such Indemnified Party of any matters giving rise to a claim for indemnification; provided that the
failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under
this SECTION 4.3 unless and to the extent that the Indemnifying Party shall have been actually prejudiced by the failure of such
Indemnified Party to so notify such party. No claim for indemnification may be asserted against any Indemnifying Party for breach of
any representation, warranty, covenant or agreement contained herein unless written notice of such claim is received by such
Indemnifying Party on or prior to the date on which the representation, warranty, covenant or agreement on which such claim or
proceeding is based ceases to survive as set forth in SECTION 7.1. Such notice shall describe in reasonable detail such claim. In
case any such action, suit, claim or proceeding is brought against an Indemnified Party, the Indemnified Party shall be entitled to
hire, at the cost and expense of the Indemnifying Party, counsel and conduct the defense thereof; provided, however,
that the Indemnifying Party shall only be liable for the legal fees and expenses of one law firm for the Indemnified Parties, taken
together with regard to any single action or group of related actions, upon agreement by the Indemnified Parties and the
Indemnifying Party. If the Indemnifying Party assumes the defense of any claim, the Indemnified Parties shall thereafter deliver to
the Indemnifying Party copies of all notices and documents (including court papers) received by the Indemnified Parties relating to
the claim (provided that the Indemnified Parties may redact any sensitive information if necessary to the extent such redaction
would not prejudice the Indemnifying Party’s assumption and defense of such claim and so long as SECTION 3.3 is complied with,
other than in the case of a Compelled Disclosure where such redaction is not permissible by applicable law) and the Indemnified
Parties shall cooperate in the defense or prosecution of such claim. Such cooperation shall include the retention and (upon the
Indemnifying Party’s request) the provision to the Indemnifying Party of records and information that are reasonably relevant
to such claim, and making employees available on a mutually convenient basis to provide additional information and explanation of
any material provided hereunder. The Indemnifying Party shall not be liable for any settlement of any action, suit, claim or
proceeding effected without its written consent; provided, however, that the Indemnifying Party shall not unreasonably
withhold, delay or condition its consent. The Indemnifying Party further agrees that it will not, without any Indemnified
Party’s prior written consent (which shall not be unreasonably withheld or delayed), settle or compromise any claim or consent
to entry of any judgment in respect thereof in any pending or threatened action, suit, claim or proceeding in respect of which
indemnification has been sought hereunder unless such settlement or compromise includes an unconditional release of such Indemnified
Party from all liability arising out of such action, suit, claim or proceeding.

 

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(d)              
In calculating the amount of any Losses hereunder, there shall be subtracted the amount of any insurance proceeds and third-party
payments received by the Indemnified Parties with respect to such Losses, if any, net of any actual costs or expenses incurred in connection
with securing or obtaining such proceeds or payments. In no event shall any Indemnified Party be entitled to recover or make a claim for
any amounts in respect of, and in no event shall “Losses” be deemed to include (i) any diminution in value of the securities
of the Company or (ii) any indirect, punitive or consequential damages (including lost profits), which in each case of the foregoing clauses
(i) and (ii), are not the reasonably foreseeable result or consequence of the underlying breach by the relevant breaching party hereto.

 

(e)              
Except in the case of fraud, the indemnification obligations of the parties hereto provided in this SECTION 4.3 shall be
the sole and exclusive post-Closing remedy available for any Losses under this Agreement, provided that the foregoing shall not affect
the right of any party hereto to seek specific performance in accordance with SECTION 7.14.

 

(f)               
Any indemnification payments pursuant to this SECTION 4.3 shall be treated as an adjustment to the investment amount for
the Investor Notes for U.S. federal income and applicable state and local tax purposes, unless a different treatment is required by applicable
law.

 

ARTICLE
V

Termination

 

Section 5.1.           
Termination. As between the Company on the one hand and the Investor on the other hand, this Agreement may be terminated
prior to the Closing of the Investor:

 

(a)              
 by mutual written consent of the Company and the Investor;

 

(b)              
by the Company, upon written notice to the Investor, in the event that any of the conditions of Closing set forth in SECTION
1.3(b) are not satisfied, or waived by the Company, as of 11:59 p.m. Hong Kong time on the Long Stop Date; provided, however, that
the right to terminate this Agreement pursuant to this SECTION 5.1(b) shall not be available to the Company if its failure to fulfill
any obligation under this Agreement shall have been the primary cause of, or shall have resulted in, the failure of the Closing with respect
to the Investor to occur on or prior to such date;

 

(c)              
by the Investor, with respect to its own rights and obligations, upon written notice to the Company, in the event that the
conditions of Closing set forth in SECTION 1.3(a) are not satisfied, or waived by the Investor, as of 11:59 p.m. Hong Kong time on the
Long Stop Date; provided, however, that the right to terminate this Agreement pursuant to this SECTION 5.1(c) shall not
be available to the Investor if its failure to fulfill any obligation under this Agreement shall have been the primary cause of, or shall
have resulted in, the failure of the Closing with respect to the Investor to occur on or prior to such date (it being understood that
each of the Other Investors may, at their election, waive any condition under the Other NPA, deem it satisfied, or otherwise proceed to
consummate its Closing (as defined in the Other NPA) under the Other NPA); or

 

(d)              
by the Company, upon written notice to the Investor, or by the Investor, upon written notice to the Company, in the event
that any Governmental Entity shall have issued any order, decree or injunction or taken any other action restraining, enjoining or prohibiting
any of the transactions contemplated by this Agreement, and such order, decree, injunction or other action shall have become final and
non-appealable prior to the Closing Date; provided, however, that the right to terminate this Agreement pursuant to this
SECTION 5.1(d) shall not be available to any party hereto that has breached in any material respect any provision of this Agreement in
any manner that was the primary cause of the issuance by such Governmental Entity of any such order, decree or injunction or other action.

 

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Section 5.2.           
Effects of Termination. In the event of any termination of this Agreement as provided in SECTION 5.1, this Agreement
(other than SECTION 3.2, SECTION 3.3, SECTION 4.3, this SECTION 5.2, ARTICLE VII and all applicable defined terms, which shall remain
in full force and effect) shall forthwith become wholly void and of no further force and effect with respect to the applicable parties
and the applicable parties shall be released from all future obligations hereunder; provided that nothing herein shall relieve
any such party from liability for willful breach of this Agreement or liability for any breach of this Agreement occurring prior to such
termination.

 

ARTICLE
VI

OTHER COVENANTS

 

Section 6.1.            Lock-Up.
The Investor agrees and covenants that, so long as it or any of its Affiliates holds any Subject Securities: the Investor will not,
and it shall procure that its Affiliates will not, without the prior written consent of the Board, (i) offer, pledge, sell, contract
to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for
the sale of, lend or otherwise dispose of or transfer, directly or indirectly, any of its Subject Securities or (ii) enter into any
hedging, swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic
consequence of ownership of any of its Subject Securities (any such transaction described in clause (i) to (ii) above, a
“Disposition”) during the Lock-up Period, provided, however, that nothing in this SECTION 6.1 shall apply
to a Disposition by the Investor or its Affiliates pursuant to (a) a transaction in which any person or group shall have acquired or
entered into a binding definitive agreement that has been approved by the Board (or any duly constituted committee thereof) to
acquire (x) more than 50% of the voting securities of the Company or (y) assets of the Company and/or its Group Companies
representing more than 50% of the consolidated earnings power of the Company and its Group Companies, taken as a whole; or (b) a
tender offer or exchange offer which, if consummated, would result in such person’s acquisition of Beneficial Ownership of
more than 50% of the voting securities of the Company, and in connection therewith, the Company files with the SEC a Schedule 14D-9
with respect to such offer that does not either (A) recommend that the Company’s shareholders reject such offer or (B) advise
the Company’s shareholders that the Board of Directors is considering its response to the offer or (c) a transfer by the
Investor (or its Permitted Affiliate Transferees) of its Subject Securities to an Affiliate of the Investor (a “Permitted
Affiliate” thereof) that, in the case that such Permitted Affiliate Transferee will own the Subject Securities directly,
shall be bound by this Agreement by executing and delivering to the Company a joinder reasonably satisfactory to the Company, provided
that, prior to such Affiliate ceasing to be an Affiliate of the Investor, such Affiliate shall transfer such Subject Securities back
to the Investor or another Affiliate of the Investor in compliance with this SECTION 6.1 (such transfer, a “Permitted
Affiliate Transfer”). The Investor acknowledges and agrees that the foregoing precludes it from engaging in any hedging or
other transactions or arrangements (including, without limitation, any short sale or the purchase or sale of, or entry into, any put
or call option, capped call, equity collar, short sale or combination thereof, forward, swap or any other derivative transaction or
instrument, however described or defined) designed or intended, or which could reasonably be expected to lead to or result in, a
sale or disposition or transfer (whether by the Investor or any other person) of any economic consequences of ownership, in whole or
in part, directly or indirectly, of any Subject Securities, whether any such transaction or arrangement (or instrument provided for
thereunder) would be settled by delivery of Subject Securities, in cash or otherwise.

 

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Section 6.2.            Non-Restricted
Transfers by Investor. Notwithstanding anything contrary in SECTION 6.1, the restrictions set forth therein shall not apply to,
and the Investor and its Affiliates shall be permitted to participate in, (i) the conversion of Investor Notes into New Shares in
the form of ADSs or Class A Ordinary Shares or the exchange of such Class A Ordinary Shares into ADSs or the exchange of such ADSs
into Class A Ordinary Shares, provided that no such ADSs or Class A Ordinary Shares so converted are otherwise offered or sold in
violation of SECTION 6.1 of this Agreement, (ii) any Permitted Affiliate Transfer, (iii) any direct or indirect pledge or charge of
any Subject Securities by the Investor or its Affiliates or the enforcement thereof in connection with a bona fide margin financing
agreement or other loan or financing or refinancing arrangement obtained by the Investor or its Affiliates for purposes of financing
or refinancing the purchase of its Investor Notes as contemplated under the Transaction Documents (each, a “Permitted
Financing”), provided that (x) the Investor provides the Company with prior written notice of the creation or any such
pledge or charge, (y) during the Lock-Up Period, such financing provider(s) in the Permitted Financing shall not be permitted to
directly transfer the Subject Securities to any person for the purposes of enforcement or otherwise and (z) such financing
provider(s) and any indirect transferee of the Subject Securities held by such financing provider(s) shall continue to be subject to
the restrictions under this SECTION 6.2 in respect of the Subject Securities in the same manner as the Investor (provided further
that, for the avoidance of doubt, there shall be no restriction on any indirect transferee of the Subject Securities to further
indirectly transfer the Subject Securities), or (iv) the establishment of a trading plan pursuant to Rule 10b-5 under the Exchange
Act for the transfer of New Shares in the form of Class A Ordinary Shares or ADS provided that any actual transfer thereof shall be
subject to SECTION 6.1.

 

ARTICLE
VII

Miscellaneous

 

Section 7.1.           
Survival. Each of the representations and warranties set forth in this Agreement shall survive the Closing under
this Agreement but only for a period of twelve (12) months following the Closing Date (or until final resolution of any claim or action
arising from the breach of any such representation and warranty, if notice of such breach was provided prior to the end of such period)
and thereafter shall expire and have no further force and effect, provided that the Fundamental Representations shall survive indefinitely
and the Tax Representations shall survive until the expiry of the applicable statute of limitations. Except as otherwise provided herein,
all covenants and agreements contained herein shall survive for the duration of any statutes of limitations applicable thereto or until,
by their respective terms, they are no longer operative.

 

Section 7.2.           
Amendment. Any term of this Agreement may be amended only with the prior written consent of all parties hereto, and
any amendment so made shall be effective and binding on all parties hereto. Any term of this Agreement may be waived only with the prior
written consent of the party against whom such waiver is effective.

 

Section 7.3.           
Waivers. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as
a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. The conditions to each party’s obligation to consummate the Closing are for the sole benefit of
such party and may be waived by such party in whole or in part to the extent permitted by applicable law. No waiver of any party to this
Agreement will be effective unless it is in a writing signed by a duly authorized officer of the waiving party that makes express reference
to the provision or provisions subject to such waiver.

 

Section 7.4.           
Counterparts. For the convenience of the parties hereto, this Agreement may be executed in any number of separate
counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the
same agreement. Copies of executed signature pages to this Agreement may be delivered by facsimile or electronic mail (“e-mail”)
and such copies will be deemed as sufficient as if actual signature pages had been delivered.

 

    27

     

    

 

Section 7.5.           
Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of New
York, without regard to conflict of law principles.

 

Section 7.6.           
Dispute Resolution. Any dispute arising out of or in connection with this Agreement, including any question regarding
its existence, validity or termination and the parties’ rights and obligations hereunder (each, a “Dispute”)
shall be referred to and finally resolved by arbitration (the “Arbitration”) in the following manner:

 

(a)              
The Arbitration shall be administered by the Hong Kong International Arbitration Centre (“HKIAC”);

 

(b)              
The Arbitration shall be procedurally governed by the HKIAC Administered Arbitration Rules (the “HKIAC Rules”)
as in force at the date on which the claimant party notifies the respondent party in writing (such notice, a “Notice of Arbitration”)
of its intent to pursue Arbitration, which are deemed to be incorporated by reference and may be amended by this SECTION 7.6;

 

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

 

(d)              
A Dispute subject to Arbitration shall be determined by a panel of three (3) arbitrators. One (1) arbitrator shall be nominated
by the claimant party (and to the extent that there is more than one (1) claimant party, by mutual agreement among the claimant parties)
and one (1) arbitrator shall be nominated by the respondent party (and to the extent that there is more than one (1) respondent party,
by mutual agreement among the respondent parties). The third arbitrator shall be jointly nominated by the claimant party’s and respondent
party’s respectively nominated arbitrators and shall act as the presiding arbitrator. If the claimant party or the respondent party
fails to nominate its arbitrator within thirty (30) days from the date of receipt of the Notice of Arbitration by the respondent party
or the claimant and respondent parties’ nominated arbitrators fail to jointly nominate the presiding arbitrator within thirty (30)
days of the nomination of the respondent-nominated arbitrator, either party to the Dispute may request the Chairperson of the HKIAC to
appoint such arbitrator; and

 

(e)              
The parties hereto agree that all documents and evidence submitted in the Arbitration (including any statements of case
and any interim or final award, as well as the fact that an arbitral award has been made) shall remain confidential both during and after
any final award that is rendered save to the extent use or disclosure is permitted under the HKIAC Rules or unless the parties hereto
otherwise agree in writing. The arbitral award is final and binding upon the parties to the Arbitration.

 

Section 7.7.            Notices.
Any notice, request, instruction or other document to be given hereunder by any party to the other will be in writing and will be
deemed to have been duly given (a) on the date of delivery if delivered personally, or upon confirmation of receipt if delivered by
facsimile or e-mail, (b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier
service, or (c) on the third Business Day following the date of mailing if delivered by registered or certified mail, return receipt
requested, postage prepaid. All notices hereunder shall be delivered following the notice details set forth in Schedule 3 attached
hereto.

 

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Section 7.8.           
Entire Agreement. This Agreement (together with all the Exhibits and Schedules hereto and certificates and other
written instruments delivered in connection from time to time on and following the date hereof) constitute and contain the entire agreement
and understanding of and among the parties hereto with respect to the subject matter hereof and thereof, and supersedes any and all prior
negotiations, correspondence, agreements, understandings, duties and obligations among the parties hereto with respect to the subject
matter hereof and thereof. Except as expressly set forth in this Agreement, no party hereto makes any representation, warranty, covenant
or agreement to any other party of any nature, express or implied. Each party hereto expressly represents that it is not relying on any
oral or written representation, warranties, covenants or agreements other than those expressly contained in this Agreement (which includes
all Exhibits and Schedules hereto). The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective successors and their permitted assigns. Neither this Agreement nor any of the rights, duties or obligations
hereunder may be assigned by any party hereto without the prior express written consent of the other parties hereto; provided that the
Investor may (x) grant a security interest in its rights (but not its obligations) under this Agreement and any enforcement thereof in
connection with any Permitted Financing to a lender, security agent or other finance party participating in such Permitted Financing and
(y) assign its rights hereunder to an Permitted Affiliate transferee thereof of the Subject Securities in connection with a Permitted
Affiliate Transfer, provided further that no such assignment shall relieve the Investor of its obligations hereunder prior to Closing.
Any purported assignment in violation of this SECTION 7.8 shall be null and void.

 

Section 7.9.           
Definitions. For purposes hereof, terms, when used herein with initial capital letters, shall have the respective
meanings given to them in the respective Sections set forth in the index of defined terms at the beginning of this Agreement. Wherever
required by the context of this Agreement, the singular shall include the plural and vice versa, and the masculine gender shall include
the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such
agreement, document or instrument as amended, supplemented or modified from time to time. All article, section, paragraph or clause references
not attributed to a particular document shall be references to such parts of this Agreement, and all exhibit, annex and schedule references
not attributed to a particular document shall be references to such exhibits, annexes and schedules to this Agreement. When used herein:

 

(1)              
The term “2025 Convertible Notes” means the 2% convertible senior notes due June 1, 2025 in the aggregate
principal amount of US$300 million, as disclosed in the Company’s Annual Report on Form 20-F for the year ended December 31, 2020;

 

(2)              
the term “ADS” means American Depositary Shares, each of which represents eight (8) Class A Ordinary
Shares of the Company;

 

    29

     

    

 

(3)              
 the term “Affiliate” means, with respect to any person (including the Investor, if it fails to maintain
an information wall as described in the proviso below), any person directly or indirectly controlling, controlled by or under common control
with, such other person; for purposes of this definition, “control” (including, with correlative meanings, the terms
“controlled by” and “under common control with”) when used with respect to any person, means the
possession, directly or indirectly, of the power to cause the direction of management and/or policies of such person, whether through
the ownership of voting securities by contract or otherwise; provided, however, that, notwithstanding the foregoing, the parties
hereto acknowledge and agree that, with respect to the Investor, for so long as the Investor maintains an information wall such that Class
A Ordinary Shares Beneficially Owned by the Investor, Singapore Technologies Telemedia Pte Ltd and any of its subsidiaries shall not be
considered Beneficially Owned by any person directly or indirectly controlling or under direct or indirect common control with such persons,
other than the Investor, Singapore Technologies Telemedia Pte Ltd and any of its subsidiaries, the term “Affiliate”
shall mean Singapore Technologies Telemedia Pte Ltd and any of its subsidiaries;

 

(4)              
the term “Articles of Association” means, collectively, the Amended and Restated Memorandum of Association
of the Company and the Amended and Restated Articles of Association of the Company, as each may be amended and/or restated from time to
time;

 

(5)              
“Beneficially Own” and “Beneficial Ownership” are defined in Rules 13d-3 and 13d-5
of the Exchange Act;

 

(6)              
the term “Benefit Plan” means any retirement, pension, savings, health, welfare, employment, individual
consulting, equity or equity-based, nonqualified deferred compensation, incentive, bonus, change in control, retention, severance, paid
time off, vacation, post-termination or retiree health or welfare, fringe benefit or any other benefit or compensation plan, policy, program,
con-tract, agreement or arrangement, in each case, that is sponsored, maintained, contributed to (or required to be contributed to) by
any Group Company;

 

(7)              
 the term “Business Day” means a day (other than a Saturday or Sunday or days on which a tropical cyclone
warning Number 8 or above or a “black” rain warning signal is hoisted in Hong Kong at any time between 9am and 5pm) on which
banks in Hong Kong, Singapore, New York and the PRC are open for the transaction of normal banking business;

 

(8)              
the term “Company Share Option Plans” means share options, share appreciation rights, restricted share
units, restricted shares or other share-based awards issued pursuant either to the 2014 Equity Incentive Plan as referred in, or to the
2016 Equity Incentive Plan (as amended on August 6, 2020) as filed as exhibit 4.30 to, the Company’s Annual Report on Form 20-F
for the year ended December 31, 2020;

 

    30

     

    

 

(9)              
 the term “Company Systems” means all computer and information technology systems, platforms and networks
owned or used by any Group Company (whether outsourced or not);

 

(10)          
the term “Debt Agreement” means each note, debenture, other evidence of indebtedness, guarantee, loan,
credit or financing agreement or instrument (including any notes indentures), finance leases, receivables purchase program or other contract
or agreement for money borrowed or any amount raised under any other transaction having the commercial effect of borrowing, in each case,
to which a Group Company is party, including any agreement or commitment for future loans, credit or financing, and all security, pledge,
amendment documents, utilization requests, fee letters, guarantee, other finance documents and similar agreements relating to the foregoing;

 

(11)          
the term “Fundamental Representations” means the representations and warranties in SECTION 2.1(a) (Incorporation,
Organization and Good Standing), SECTION 2.1(b) (Capitalization), SECTION 2.1(c) (Authorization), SECTION 2.1(o) (Status
of Securities), SECTION 2.1(v) (Brokers and Finders) and SECTION 2.1 (w) (VIE Agreements).

 

(12)          
the term “Group Companies” means the Company and all of its subsidiaries, consolidated Affiliated entities
and their subsidiaries (individually, a “Group Company” and, collectively, the “Group Companies”);

 

(13)          
the term “Hazardous Materials” means any material, substance, or waste as to which liability or standards
of conduct may be imposed under Environmental Law.

 

(14)          
the term “Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic
of China.

 

(15)          
the term “knowledge of the Company” or “Company’s knowledge” means the actual
knowledge, after due inquiry, of the executive officers of the Company;

 

(16)          
the term “Lien” means any liens, adverse rights or claims, charges, options, pledges, covenants, title
defects, licenses, security interests or other encumbrances of any kind;

 

(17)          
the term “Lock-up Period” means the period from the Closing Date with respect to the Investor, to the
date which is 12 months after the Closing Date with respect to the Investor;

 

(18)          
the term “Long Stop Date” means the date falling two (2) months after the date of this Agreement;

 

    31

     

    

 

(19)          
 the term “Material Adverse Effect” means any development, fact, circumstance, condition, event change,
occurrence or effect that individually or in the aggregate (i) would or would reasonably be expected to have a material adverse effect
on the ability of the Company to perform its material obligations under the Transaction Documents or consummate the transactions contemplated
by the Transaction Documents or (ii) would have or would reasonably be expected to have a material adverse effect on the assets, business,
financial condition or results of operations of the Group Companies, taken as a whole, other than any development, fact, circumstance,
condition, event, change, occurrence or effect resulting from (A) changes in general economic, financial market, business, social or geopolitical
conditions; (B) changes or developments in any of the industries in which the Company or any other Group Company operates; (C) changes
in any applicable laws or applicable accounting regulations or principles, or the interpretation or enforcement thereof; (D) any change
in the price or trading volume of the Company’s ADS representing Class A Ordinary Shares or any failure to meet any financial projections,
forecasts or forward-looking statements (it being understood that this clause (D) shall not prevent or otherwise affect a determination
that the underlying cause of any such change or failure referred to therein (to the extent not otherwise falling within any of the exceptions
provided for under clauses (A) through (H) hereof) is a Material Adverse Effect); (E) any pandemic, epidemic, disease outbreak or other
public health emergency (including the Coronavirus Disease 2019 (COVID 19)) or any lockdowns imposed pursuant thereto, natural disaster,
or any outbreak or escalation of hostilities or war or any act of terrorism; (F) any suit, action or proceeding in respect of this Agreement
or the transactions contemplated hereunder brought or commenced by any current or former shareholder of the Company (on their own behalf
or on behalf of the Company); (G) the announcement of and performance of this Agreement by the Company, the pendency or consummation of
the transactions contemplated hereunder, or the identity of the Investor or any of its Affiliates; or (H) any action taken, or failure
to take action, by the Company or another Group Company that the Investor has consented to or requested in writing; provided, however,
that any development, fact, circumstance, condition, event change, occurrence or effect in clauses (A), (B), (C) and (E) may be taken
into account in determining whether there has been, or would reasonably be expected to be, individually or in the aggregate, a Material
Adverse Effect to the extent such development, fact, circumstance, condition, event change, occurrence or effect has a disproportionate
adverse effect on the assets, business, financial condition or results of operations of the Group Companies, taken as a whole, as compared
to other participants in the industry or the market in which the Group Companies operate;

 

(20)          
“Material Customer Contract” means any contract, agreement or arrangement entered into by any Group Company,
which is in force and effect as of the date hereof, with, or for providing services for the benefit of, any of the top three customers
of the Group Companies ranked based on the aggregate revenue contribution associated with such customer as disclosed in the Company’s
annual reports on Form 20-F for the fiscal year ended December 31, 2020 or as contemplated to be disclosed in such annual report for the
fiscal year ended December 31, 2021.

 

    32

     

    

 

 

(21)          
 “person” has the meaning given to it in Section 3(a)(9) of the Exchange Act and as used
in Sections 13(d)(3) and 14(d)(2) of the Exchange Act;

 

(22)          
“PRC” means the People’s Republic of China (for the purpose of this Agreement only, excluding Hong
Kong, the Macao Special Administrative Region and Taiwan).

 

(23)          
“Securities” means any Ordinary Share or any equity interest of, or shares of any class in the share
capital (ordinary, preferred or otherwise) of, the Company and any convertible securities, options, warrants and any other type of equity
or equity-linked securities convertible, exercisable or exchangeable for any such equity interest or shares of any class in the share
capital of the Company;

 

(24)          
“Subject Securities” means the Investor Notes issued to Investor at the Closing and any Class A Ordinary
Shares or ADSs into which the Investor Notes are converted;

 

(25)          
the term “Subsidiary” means any person that is controlled directly or indirectly by the Company, including
the Company’s direct or indirect subsidiaries and consolidated Affiliated entities;

 

(26)          
“Tax Representations” means, with respect to the Company, the representations and warranties in SECTION
2.1(h) (Tax).

 

(27)          
“VIE Agreements” means, collectively, the contracts and instruments, including equity interest pledge
agreements, shareholder voting rights proxy agreements, exclusive technology license and service agreements, exclusive call option agreements,
intellectual property rights license agreements and loan agreements entered into among Beijing Wanguo Chang’an Science and Technology
Co., Ltd, Shanghai Shu’an Data Services Co., Ltd, Shanghai Xinwan Enterprise Management Co., Ltd, its shareholders and GDS (Shanghai)
Investment Co., Ltd., which enable the Company to control and consolidate with its financial statements each Group Company and its Affiliates
in respect of which a majority of the equity is not directly held but is controlled by the Company;

 

(28)          
the word “or” is not exclusive;

 

(29)          
the words “including,” “includes,” “included” and “include”
are deemed to be followed by the words “without limitation”;

 

(30)          
the terms “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; and

 

(31)          
 the words “it” or “its” are deemed to mean “him” or “her”
and “his” or “her,” as applicable, when referring to an individual.

 

    33

     

    

 

Section 7.10.       
Captions. The article, section, paragraph and clause captions herein are for convenience of reference only, do not
constitute part of this Agreement and will not be deemed to limit or otherwise affect any of the provisions hereof.

 

Section 7.11.       
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 commercially reasonable efforts to
negotiate, in good faith, a substitute, valid and enforceable provision.

 

Section 7.12.       
No Third-Party Beneficiaries. Nothing contained in this Agreement, expressed or implied, is intended to confer or
shall confer upon any person other than the express parties hereto, any benefit, right or remedies; provided that the Investor Indemnified
Parties and the Company Indemnified Parties (other than the Investor and the Company) are express third party beneficiaries to the applicable
provisions of SECTION 4.3. The representations and warranties set forth in ARTICLE II and the covenants set forth in ARTICLES III and
IV have been made solely for the benefit of the parties to this Agreement and (a) may be intended not as statements of fact, but rather
as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; and (b) may apply standards of materiality
in a way that is different from what may be viewed as material by shareholders of, or other investors in, the Company.

 

Section 7.13.       
Public Announcements. Without limiting any other provision of this Agreement, the parties hereto, to the extent permitted
by applicable law, will consult with each other before issuance, and provide each other the opportunity to review, comment upon and agree
on any press release or public statement with respect to this Agreement (which includes the Exhibits and Schedules hereto) and the transactions
contemplated hereby and the ongoing business relationship among the parties hereto and thereto. The parties hereto (other than the Company)
will not, and will cause its Affiliates not to, and the Company will not and will cause the other Group Companies not to, issue any such
press release or make any such public statement without the prior written consent of the other parties, except as may be required by law
or any listing agreement with or requirement of the NASDAQ or any other applicable securities exchange, provided that the disclosing party
shall, to the extent permitted by applicable law or any listing agreement with or requirement of the NASDAQ or any other applicable securities
exchange, inform the other party about the disclosure to be made pursuant to such requirements prior to the disclosure.

 

Section 7.14.        Specific
Performance. The parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms. Accordingly, each party hereto agrees that,
in addition to any other available remedies a party hereto may have in equity or at law (but otherwise subject to any applicable
limitation on remedies provided in this Agreement), each party shall be entitled to enforce specifically the terms and provisions of
this Agreement and to obtain an injunction restraining any breach or violation or threatened breach or violation of the provisions
of this Agreement without necessity of posting a bond or other form of security. In the event that any proceeding should be brought
in equity to enforce the provisions of this Agreement, no party hereto shall allege, and each party hereto hereby waives the
defense, that there is an adequate remedy at law.

 

* * *

 

    34

     

    

 

IN WITNESS WHEREOF, this
Agreement has been duly executed and delivered by the duly authorized officers of the parties hereto as of the date first herein above
written.

 

	 	STT GDC PTE. LTD.
	 	 
	 	By:	/s/ Bruno Lopez
	 	 	Name:	Bruno Lopez
	 	 	Title:	President & Group Chief Executive Officer

 

     

     

    

 

IN WITNESS WHEREOF, this Agreement has been
duly executed and delivered by the duly authorized officers of the parties hereto as of the date first herein above written.

 

	 	GDS HOLDINGS LIMITED
	 	 	 
	 	By:	/s/ William Wei Huang
	 	 	Name:	William Wei Huang
	 	 	Title:	Director

 

     

     

    

 

SCHEDULE 1: Investor and Investor Notes

 

	Investor Name	 	 	Principal Amount of Notes (in

 USD)	 	 	 	Purchase Price 
 (in USD) 	 
	STT GDC Pte. Ltd.	 	US$	100,000,000	 	 	US$	100,000,000	 
	Total:	 	US$	100,000,000	 	 	US$	100,000,000	 

 

     

     

    

 

SCHEDULE 2: Company Disclosure Schedule

 

     

     

    

 

SCHEDULE 3: Notices

 

     

     

    

 

SCHEDULE 4: Company’s Bank Account Details

 

     

     

    

 

EXHIBIT A: Form of Officer’s Certificate
from the Company

 

     

     

    

 

EXHIBIT B: Form of Legal Opinion of Cayman
Islands Counsel

 

     

     

    

 

EXHIBIT C: Form of Note
InstrumentExhibit 4.5

 

[●], 2022

 

GDS HOLDINGS LIMITED

 

 

 

CONVERTIBLE NOTE INSTRUMENT

 

0.25% Convertible Senior Notes due 2029

 

 

  

     

     

    

 

CONTENTS

 

Page

 

	1     INTERPRETATION	3
	2     PRINCIPAL AMOUNT AND ISSUE OF NOTES	12
	3     STATUS	12
	4     INTEREST	13
	5     FORM AND TITLE	13
	6     TRANSFER OF NOTES; ISSUANCE OF NOTE CERTIFICATE	13
	7     CONVERSION OF NOTES	15
	8     PAYMENTS	33
	9     REPURCHASE, REDEMPTION AND CANCELLATION	33
	10   PARTICULAR COVENANTS OF THE COMPANY	41
	11   CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE	46
	12   DEFAULT AND REMEDIES	48
	13   REPLACEMENT OF NOTE CERTIFICATES	51
	14   PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS	51
	15   SUCCESSORS AND ASSIGNS	51
	16   AMENDMENTS AND WAIVERS; NOTICES	51
	17   SEVERABILITY	52
	18   DELAYS OR OMISSIONS	52
	19   REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF	52
	20   SANCTIONS	53
	21   PRIVATE PLACEMENT EXEMPT FROM REGISTRATION	53
	22   GOVERNING LAW AND JURISDICTION	53
	23   CONSTRUCTION; HEADINGS	54
	EXHIBIT A FORM OF NOTE CERTIFICATE	A-1
	EXHIBIT B FORM OF JOINDER AGREEMENT	B-1

 

     

     

    

 

THIS CONVERTIBLE NOTE INSTRUMENT (this
“Instrument”) is made on [_], 2022 by and between:

 

		(1)	GDS HOLDINGS LIMITED, an exempted company incorporated under the laws of the Cayman Islands (the
“Company”); and

 

		(2)	STT GDC Pte. Ltd.,
a private limited company incorporated under the laws of Singapore (the “Initial Noteholder”),

 

each a “party” and together
the “parties”.

 

WHEREAS:

 

		(A)	The Company and the Initial Noteholder have entered into a Note Purchase Agreement dated February 21,
2022 (the “Purchase Agreement”), pursuant to which the Company agrees to issue, and the Initial Noteholder agrees to
purchase, 0.25% convertible senior notes of the Company (the “Notes”), in such principal amount set forth in the Purchase
Agreement, convertible into fully paid Conversion Securities.

 

		(B)	The Company has, in accordance with its Articles of Association and by a resolution of its Board of Directors,
resolved to create, authorize and issue the Notes to the Noteholder constituted as provided below.

 

NOW THIS INSTRUMENT WITNESSES AND THE COMPANY
DECLARES as follows:

 

		1	INTERPRETATION

 

		1.1	The following expressions have the following meanings:

 

“Additional ADSs”
shall have the meaning specified in Section 7.4(a).

 

“Additional Amounts”
shall have the meaning specified in Section 10.4(a).

 

“ADS” means
an American Depositary Share of the Company, issued pursuant to the Deposit Agreement, representing eight (8) Ordinary Shares as of the
date of this Instrument, and deposited with the ADS Custodian.

 

“ADS Cessation Date”
shall have the meaning specified in Section 7.11.

 

“ADS Custodian”
means JPMorgan Chase Bank, N.A., with respect to the ADSs delivered pursuant to the Deposit Agreement, or any successor entity thereto.

 

“ADS Depositary”
means JPMorgan Chase Bank, N.A., as depositary for the ADSs, or any successor entity thereto.

 

“ADS Price” shall have the
meaning specified in Section 7.4(c).

 

“Affiliate” of any
specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition, “control,” when used with respect to any
specified Person means the power to direct or cause the direction of the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

 

     

     

    

 

“Amendment Event”
shall have the meaning specified in Section 7.11.

 

“Applicable Taxes” shall have
the meaning specified in Section 10.4(a).

 

“Applicable Tax Law” shall
have the meaning specified in Section 10.4(a).

 

“Articles of Association” means,
collectively, the Amended and Restated Memorandum of Association of the Company and the Amended and Restated Articles of Association of
the Company, as each may be amended and/or restated from time to time.

 

“Board of Directors”
means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder.

 

“Business Day”
means, with respect to any Note, any day other than a Saturday, Sunday or day on which banking institutions or trust companies in the
Cayman Islands, Hong Kong, London or Beijing are, or the Federal Reserve Bank of New York is, authorized or required by law or executive
order to close or to be closed.

 

“Capital Stock”
means, for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) stock issued by that entity.

 

“Change in Law”
shall have the meaning set forth in the definition of “Fundamental Change”.

 

“Change in Tax Law”
shall have the meaning specified in Section 9.5(a)(ii).

 

“Class A Ordinary Shares”
means the Class A ordinary shares of the Company, par value US$0.00005 per share at the date of this Instrument, subject to Section 7.8.

 

“Class B Ordinary Shares”
means the Class B ordinary shares of the Company, par value US$0.00005 per share at the date of this Instrument, subject to Section 7.8.

 

“Clause A Distribution”
shall have the meaning specified in Section 7.5(c).

 

“Clause B Distribution”
shall have the meaning specified in Section 7.5(c).

 

“Clause C Distribution”
shall have the meaning specified in Section 7.5(c).

 

“close of business”
means 5:00 p.m. (New York City time).

 

“Code” means
the U.S. Internal Revenue Code of 1986, as amended.

 

“Common Equity” of any Person
means ordinary share capital or Capital Stock of such Person that is generally entitled (a) to vote in the election of directors of such
Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners,
managers or others that will control the management or policies of such Person.

 

    4 

     

    

 

“Company”
shall have the meaning specified in the first paragraph of this Instrument, and subject to the provisions of Article 11, shall include
its successors and assigns.

 

“Company Group”
shall have the meaning set forth in the definition of “Fundamental Change”.

 

“Conversion Date” shall have
the meaning specified in Section 7.2(d).

 

“Conversion Notice” shall have
the meaning specified in Section 7.2(b)(i).

 

“Conversion Period” shall have
the meaning specified in Section 7.1.

 

“Conversion Rate” shall have
the meaning specified in Section 7.1.

 

“Conversion Right” shall have
the meaning specified in Section 7.1.

 

“Conversion Securities” means
(x) Ordinary Shares in the form of Restricted ADS or (y) Ordinary Shares registered in the Cayman Islands, which in each case are
“restricted securities” within the meaning of Rule 144 under the Securities Act, as may be elected by the Noteholder in writing
in the Conversion Notice.

 

“Daily VWAP” means, for any
Trading Day, the per share volume-weighted average price of the ADS on The NASDAQ Global Market as displayed under the heading “Bloomberg
VWAP” on Bloomberg page “GDS US <EQUITY> VWAP” (or, if such page is not available, its equivalent successor page)
in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such
Trading Day (or, if such volume-weighted average price is unavailable, the market value of one ADS on such Trading Day, determined, using
a volume-weighted average price method, by a nationally recognized independent investment banking firm selected by the Company). The Daily
VWAP will be determined without regard to after-hours trading or any other trading outside of the regular trading session.

 

“Default” means any event that
is, or after notice or passage of time, or both, would be, an Event of Default.

 

“Defaulted Amounts” means any
amounts on any Note (including, without limitation, the Repurchase Price, the Tax Redemption Price, the Fundamental Change Repurchase
Price, principal and interest) that are payable but are not punctually paid or duly provided for (without taking into account any applicable
grace period).

 

“Deposit Agreement” means the
deposit agreement dated as of November 1, 2016, by and among the Company, the ADS Depositary and all holders from time to time of ADSs
issued thereunder or, if amended or supplemented as provided therein, as so amended or supplemented (including, without limitation, by
the certain Restricted Issuance Agreement among GDS Holdings Limited, JP Morgan Chase Bank, N.A., as Depositary, and Holders of Restricted
American Depositary Receipts).

 

“Designated Office” means the
Company’s principal place of business in F/5, Building C, Sunland International, No.999, Zhouhai Road, Pudong, Shanghai 200137,
as may be changed from time to time; provided that any change in the Designated Office shall be notified to the Noteholder.

 

    5 

     

    

 

“Distributed Property” shall
have the meaning specified in Section 7.5(c).

 

“Effective Date” shall have
the meaning specified in Section 7.4(c).

 

“Events of Default” shall have
the meaning specified in Section 12.1.

 

“Ex-Dividend Date” means the
first date on which the ADSs trade on the applicable exchange or in the applicable market, regular way, without the right to receive the
issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of the ADSs on such exchange or market
(in the form of due bills or otherwise) as determined by such exchange or market.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Expiration Date” shall have
the meaning specified in Section 7.5(e).

 

“Expiring Rights” means any
rights, options or warrants to purchase Conversion Securities that expire on or prior to the Maturity Date.

 

“FATCA” shall have the meaning
specified in Section 10.4(a)(i)(D).

 

“Fundamental Change”
shall be deemed to have occurred at the time after the Notes are originally issued if any of the following occurs:

 

(a)              
(1) a “person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than:

 

		(x)	the Company and its Subsidiaries, and

 

		(y)	any party (together with any other “person” or “group” subject to aggregation of
the Class A ordinary share capital of the Company (including Class A ordinary share capital held in the form of ADSs) with such party
under Section 13(d) of the Exchange Act) that has filed a Schedule 13D with the Securities and Exchange Commission pursuant to the Exchange
Act indicating that, as of the date of the Purchase Agreement, such party is the “beneficial owner” of at least 20.0% of the
voting power of the Company’s Class A ordinary share capital (including Class A ordinary share capital held in the form of ADSs)
(such party a “Major Shareholder”),

 

files a Schedule TO
or any schedule, form or report under the Exchange Act disclosing that such person or group has become the direct or indirect “beneficial
owner” of the Class A ordinary share capital (including Class A ordinary share capital held in the form of ADSs) of the Company
representing more than 50.0% of the number of the Class A Ordinary Shares outstanding (including Class A Ordinary Shares held in the form
of ADSs) of the Company; or

 

(2) any Major Shareholder
(together with any other “person” or “group” subject to aggregation of the Class A ordinary share capital (including
ordinary share capital held in the form of ADSs) of the Company with such

 

Major Shareholder under Section 13(d) of
the Exchange Act) has become the direct or indirect “beneficial owners” of the ordinary share capital (including ordinary
share capital held in the form of ADSs) of the Company representing, in the aggregate, more than 66.67% of the voting power of the Class
A ordinary share capital (including Class A ordinary share capital held in the form of ADSs) of the Company;

 

provided that, as
used in this clause (a)(1), the term “beneficial owner” shall have the meaning defined in Rule 13d-3 under the Exchange
Act;

 

    6 

     

    

 

		(b)	the consummation of (1) any recapitalization, reclassification or change of the Ordinary Shares or the
ADSs (other than changes resulting from a subdivision or combination) as a result of which the Ordinary Shares or the ADSs would be converted
into, or exchanged for, stock, other securities, other property or assets; (2) any share exchange, consolidation or merger of the
Company, or any similar transaction, pursuant to which the Ordinary Shares or the ADSs will be converted into cash, securities or other
property; or (3) any conveyance, sale, lease or other transfer in one transaction or a series of transactions of all or substantially
all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one of the Company’s
wholly-owned Subsidiaries; provided, however, that a transaction described in clause (2) in which the holders of all classes
of the ordinary share capital of the Company immediately prior to such transaction own, directly or indirectly, more than 50% of all classes
of common equity of the continuing or surviving corporation or transferee or the parent thereof immediately after such transaction in
substantially the same proportions vis-à-vis each other as their ownership immediately prior to such transaction shall not be a
fundamental change pursuant to this clause (b);

 

		(c)	the shareholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company
(other than in a transaction described in clause (b) above);

 

		(d)	the ADSs or the Ordinary Shares (or other Common Equity into which the Notes are then convertible) cease
to be listed on both (i) The NASDAQ Global Market (or its successor) and (ii) the Hong Kong Stock Exchange (or its successor), unless
the ADSs or Ordinary Shares (or other Common Equity into which the Notes are then convertible) are listed for trading on any other U.S.
Exchange or Permitted Exchange, or the ADSs are suspended from trading in The NASDAQ Global Market (or its successor) for thirty (30)
consecutive Trading Days; or

 

		(e)	(i) there is any change in or amendment to the laws, regulations and rules of the PRC (including any political
subdivision or regulatory authority thereof or therein) or the official interpretation or official application thereof (any such event,
a “Change in Law”) that results in (x) the Company, the Company’s Subsidiaries and its consolidated affiliated
entities (collectively, the “Company Group”) (as in existence immediately subsequent to such Change in Law), as a whole, being
legally prohibited from operating substantially all of the business operations conducted by the Company Group (as in existence immediately
prior to such Change in Law) as of the last date of the period described in the Company’s consolidated
financial statements for the most recent fiscal quarter and (y) the Company being unable to continue to derive substantially all of the
economic benefits from the business operations conducted by the Company Group (as in existence immediately prior to such Change in Law)
in the same manner as reflected in the Company’s consolidated financial statements for the most recent fiscal quarter and (ii) the
Company has not furnished to the Noteholders, prior to the date that is six months after the date of the Change in Law, an opinion from
an independent financial advisor or an independent legal counsel stating either (x) that the Company is able to continue to derive substantially
all of the economic benefits from the business operations conducted by the Company Group (as in existence immediately prior to such Change
in Law), taken as a whole, as reflected in the Company’s consolidated financial statements for the most recent fiscal quarter (including
after giving effect to any corporate restructuring or reorganization plan of the Company Group) or (y) that such Change in Law would not
materially adversely affect the Company’s ability to make principal and interest payments on the Notes when due or to convert the
Notes in accordance herewith;

 

provided, however, that a transaction or
event described in clause (b) above shall not constitute a Fundamental Change, if at least 90% of the consideration received or to
be received by holders of the ADSs (excluding cash payments for fractional ADSs) in the transaction or event that would otherwise constitute
a Fundamental Change consists of shares of Common Equity or ADSs in respect of Common Equity that are listed on a U.S. Exchange or that
will be so listed when issued or exchanged in connection with such transaction or event that would otherwise constitute a Fundamental
Change under clause (b) of the definition thereof, and as a result of such transaction or event, the Notes become convertible into
such consideration, excluding cash payments for any fractional ADSs (subject to settlement in accordance with the provisions of Section
7.2); for the avoidance of doubt, an event that is not considered a Fundamental Change pursuant to this proviso shall not be a
Fundamental Change solely because such event could also be subject to clause (a) above.

 

    7 

     

    

 

“Fundamental Change Company Notice”
shall have the meaning specified in Section 9.3(c).

 

“Fundamental Change Repurchase Date”
shall have the meaning specified in Section 9.3(a).

 

“Fundamental Change Repurchase Notice”
shall have the meaning specified in Section 9.3(b)(i).

 

“Fundamental Change Repurchase Price”
shall have the meaning specified in Section 9.3(a).

 

“Hong Kong” means Hong Kong
Special Administrative Region of the PRC.

 

“Hong Kong Stock Exchange”
means The Stock Exchange of Hong Kong Limited.

 

“Initial Noteholder” shall
have the meaning specified in the preamble.

 

“Instrument” shall have the
meaning specified in the preamble.

 

“Interest Payment Date” means
each [_] and [_] of each year or, if the relevant date is not a

 

Business Day, the immediately following Business
Day, beginning on [_], 2022.

 

“Joinder Agreement” shall have
the meaning specified in Section 6.2.

 

“Last Reported Sale Price”
of the ADSs on any Trading Day means the closing sale price per ADS (or if no closing sale price is reported, the average of the bid and
ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in
composite transactions for the principal U.S. national or regional securities exchange on which the ADSs are listed. If the ADSs are not
listed for trading on a U.S. national or regional securities exchange on the relevant date, the “Last Reported Sale Price”
shall be the last quoted bid price for the ADSs in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc.
or a similar organization. If the ADSs are not so quoted, the “Last Reported Sale Price” shall be the average of the mid-point
of the last bid and ask prices for the ADSs on the relevant date from each of at least three nationally recognized independent investment
banking firms selected by the Company for this purpose.

 

“Major Shareholder”
has the meaning set forth in the definition of “Fundamental Change”.

 

“Make-Whole Fundamental Change”
means any transaction or event described in clause (a), (b), (d) or (e) of the definition of “Fundamental Change” (determined
after giving effect to any exceptions to or exclusions from such definition, including in the proviso immediately succeeding clause (e)
of the definition thereof, but without regard to the proviso in clause (b) of the definition thereof).

 

“Market Disruption Event” means,
if the ADSs are listed for trading on The NASDAQ Global Market or another United States national or regional securities exchange or if
the ADSs or Ordinary Shares are listed for trading on another market, the occurrence or existence during the one-half hour period ending
on the scheduled close of trading on any scheduled Trading Day of any material suspension or limitation imposed on trading (by reason
of movements in price exceeding limits permitted by the relevant securities exchange or otherwise) in the ADSs or Ordinary Shares or in
any options, contracts or futures contracts relating to the ADSs or Ordinary Shares.

 

    8 

     

    

 

“Maturity Date” means [7
years from the settlement date].

 

“Maturity Redemption Price”
shall have the meaning specified in Section 9.1.

 

“Merger Event” shall have the
meaning specified in Section 7.8(a).

 

“Note Certificate” shall have
the meaning specified in Section 5.1.

 

“Noteholder” or “Holder”
means the Initial Noteholder or any holder of the Note Certificates registered on the Company’s Register of Noteholder following
a valid transfer of any Note (or part thereof) pursuant to this Instrument.

 

“Notes” shall have the meaning
specified in the recitals.

 

“Officer” means, with respect
to the Company, the Executive Chairman, the Directors, the Chief Executive Officer, the Chief Financial Officer or the Secretary (whether
or not designated by a number or numbers or word or words added before or after the title “Vice President”).

 

“Officers’ Certificate”
when used with respect to the Company, means a certificate that is delivered to the Noteholders and that is signed by any two Officers
of the Company.

 

“open of business”
means 9:00 a.m. (New York City time).

 

“Ordinary Shares” means the
Class A Ordinary Shares.

 

“Outstanding”
or “outstanding,” when used with reference to Notes, shall, subject to Section 9.11, mean, as of any particular time,
all Notes under this Instrument, except:

 

		(a)	Notes repurchased by the Company pursuant to Sections 9.2 and 9.3;

 

		(b)	Notes redeemed by the Company pursuant to Section 9.5;

 

		(c)	Notes with respect to which the Noteholder has exercised its Conversion Right and for which the relevant
number of Ordinary Shares has been issued to the Noteholder in accordance with this Instrument; and

 

		(d)	those Notes that have been mutilated or defaced or that are alleged to have been lost or stolen and, in
each case, in respect of which replacement Notes have been issued pursuant to Article 13.

 

“party” or “parties”
shall have the meaning specified in the preamble.

    9 

     

    

 

“Permitted Exchange” means
the Hong Kong Stock Exchange or any other reputable international stock exchange (or any of their respective successors).

 

“Person” means an individual,
a corporation, a limited liability company, an association, a partnership, a joint venture, a joint stock company, a trust, an unincorporated
organization or a government or an agency or a political subdivision thereof.

 

“PRC” means the People’s
Republic of China (for the purpose of this Instrument only, excluding Hong Kong, the Macao Special Administrative Region and Taiwan).

 

“Purchase Agreement” shall
have the meaning specified in the recitals.

 

“Record Date” means, with respect
to any dividend, distribution or other transaction or event in which the holders of Conversion Securities (or other applicable security)
have the right to receive any cash, securities or other property or in which the Conversion Securities (or such other security) are exchanged
for or converted into any combination of cash, securities or other property, the date fixed for determination of security holders entitled
to receive such cash, securities or other property (whether such date is fixed by the Board of Directors, statute, contract or otherwise).

 

“Reference Property” shall
have the meaning specified in Section 7.8(a).

 

“Register of Noteholders” shall
have the meaning specified in Section 6.1.

 

“Registered Account” shall
have the meaning specified in Section 8.2.

 

“Regular Record Date,” with
respect to any Interest Payment Date, shall mean the [_] or [_] (whether or not such day is a Business Day) immediately preceding the
applicable [_] or [_]

 

Interest Payment Date, respectively.

 

“Relevant Exchange”
shall have the meaning specified in Section 7.11.

 

“Relevant Taxing Jurisdiction”
shall have the meaning specified in Section 10.4(a).

 

“Repurchase Date” shall have
the meaning specified in Section 9.2(a).

 

“Repurchase Notice” shall have
the meaning specified in Section 9.2(b)(i).

 

“Repurchase Price” shall have
the meaning specified in Section 9.2(a).

 

    10 

     

    

 

“Restricted ADSs” shall mean
the restricted American depositary shares of the Company represented by restricted American depositary receipts of the Company, in book
entry form, issued under the Restricted Issuance Agreement.

 

“Restricted Issuance Agreement”
means the Restricted Issuance Agreement dated June 5, 2018, among the Company, the ADS Depositary, and all holders of Restricted ADSs.

 

“Scheduled Trading Day” means
a day that is scheduled to be a trading day on the primary United States national or regional securities exchange or market on which the
ADSs are listed or admitted for trading. If the ADSs are not so listed or admitted for trading, “Scheduled Trading Day” means
a “Business Day.”

 

“Securities Act” means the
Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Significant Subsidiary” means
a Subsidiary of the Company that meets the definition of “significant subsidiary” in Article 1, Rule 1-02 of Regulation S-X
under the Exchange Act.

 

“Spin-Off” shall have the meaning
specified in Section 7.5(c).

 

“Subsidiary” means, with respect
to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of
shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly,
by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person, which
shall, for the avoidance of doubt, include any variable interest entity whose assets and financial results are consolidated with the assets
and financial results of such Person and are recorded on the financial statements of such Person for financial reporting purposes in accordance
with applicable accounting standards (each a “VIE”) and any Subsidiary of such VIEs.

 

“Successor Company”
shall have the meaning specified in Section 11.1(a).

 

“Tax Redemption”
shall have the meaning specified in Section 9.5(a).

 

“Tax Redemption Date”
shall have the meaning specified in Section 9.6(a).

 

“Tax Redemption Notice”
shall have the meaning specified in Section 9.6(a).

 

“Tax Redemption Price”
means, for any Notes to be redeemed pursuant to Section 9.5, 100% of the principal amount of such Notes, plus accrued and unpaid interest,
if any, to, but excluding, the Tax Redemption Date (unless the Tax Redemption Date falls after a Regular Record Date but on or prior to
the immediately succeeding Interest Payment Date, in which case the Tax Redemption Price will be equal to 100% of the principal amount
of such Notes) including, for the avoidance of doubt, any Additional Amounts with respect to such amount.

 

    11 

     

    

 

“Trading Day”
means a scheduled trading day on which (i) trading in the ADSs generally occurs on The NASDAQ Global Market or, if the ADSs are not then
listed on The NASDAQ Global Market, on the principal other United States national or regional securities exchange on which the ADSs are
then listed or, if the ADSs or Ordinary Shares are not then listed on a United States national or regional securities exchange, on the
principal other market on which the ADSs or Ordinary Shares are then traded, and (ii) there is no Market Disruption Event; if the ADSs
are not so listed or traded, “Trading Day” means a “Business Day.”

 

“Transferee” shall have the
meaning specified in Section 6.2.

 

“Trigger Event” shall have
the meaning specified in Section 7.5(c).

 

“unit of Reference Property”
shall have the meaning specified in Section 7.8(a).

 

“US Dollar,” “USD”,
“US$” or “$” means the legal currency of the United States of America.

 

“U.S. Exchange” means any of
The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors).

 

“U.S. person” shall have the
meaning as such term is defined under Regulation S.

 

“Valuation Period”
shall have the meaning specified in Section 7.5(c).

 

1.2          
Headings used in this Instrument are for ease of reference only and shall be ignored in
interpreting this Instrument.

 

1.3         
References to Sections and Exhibits are references to Sections and Exhibits of or to this
Instrument.

 

1.4         
Words and expressions in the singular include the plural and vice versa and words
and expressions importing one gender include every gender.

 

1.5        
Whenever the words “include,” “includes” or “including”
are used in this Instrument, they are deemed to be followed by the words “without limitation.”

 

1.6             
Unless the context requires otherwise, references to holders of ADSs shall include holders
of Restricted ADSs, references to Ordinary Shares shall include Ordinary Shares registered in the Cayman Islands, and references to ADSs
shall include Restricted ADSs.

 

		2	PRINCIPAL AMOUNT AND ISSUE OF NOTES

 

2.1          The
Notes shall be designated as the “0.25% Convertible Senior Notes due 2029” The Company hereby authorizes and issues the
Notes in the aggregate principal amount of US$100,000,000 pursuant to the Purchase Agreement. The aggregate amount of the Notes
shall, subject to the provisions for repurchase, redemption, acceleration and conversion hereof, as applicable, mature and be
payable in full on the Maturity Date.

 

2.2        
 The aggregate principal amount of Notes that may be issued under this Instrument is limited
to US$100,000,000.

 

		3	STATUS

 

3.1         
Unless fully converted pursuant to this Instrument, the Notes constitute direct, unconditional,
unsecured and unsubordinated obligations of the Company. The Notes rank (i) senior in right of payment to any of the Company’s future
indebtedness that is expressly subordinated in right of payment to the Notes, (ii) equal in right of payment to all of the Company’s
indebtedness and other liabilities that are not so subordinated, including the Company’s 2.00% convertible senior notes due 2025
of which $300,000,000 aggregate principal amount is outstanding as of the date of this Instrument, (iii) junior in right of payment to
any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness and (iv) structurally
junior to all indebtedness and other liabilities of the Company’s Subsidiaries. In the event of bankruptcy, liquidation, reorganization
or other winding-up events of the Company, the assets of the Company that secure secured debt (if any) will be available to pay obligations
on the Notes only after all indebtedness under such secured debt has been repaid in full from such assets.

 

    12 

     

    

 

		4	INTEREST

 

4.1         
Interest shall accrue, at a fixed rate equal to 0.25% per annum, on the outstanding principal
amount of the Notes from the date of this Instrument until all the outstanding principal amounts are fully repaid; provided that
if any portion of the principal amount is duly converted, exchanged, redeemed, repurchased or otherwise cancelled in accordance with the
terms of this Instrument, interest shall cease to accrue on the portion of the principal amount so converted, exchanged, redeemed, repurchased
or otherwise cancelled. Accrued interest on the Notes shall be payable on each Interest Payment Date and be computed on the basis of a
360-day year composed of twelve 30-day months and, for any partial month, on a pro rata basis based on the number of days actually elapsed
over a 30-day month.

 

4.2             
The principal amount of the Notes may not be prepaid, in whole or in part, prior to the
Maturity Date without the written consent of the Noteholder, except as provided in Section 9.5.

 

		5	FORM AND TITLE

 

5.1         
Form

 

The Note Certificate in the form set out in Exhibit
A hereto (the “Note Certificate”) will be issued to the Noteholder in respect of its registered holding of the
Notes, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and made, a part of this Instrument.
The Notes and the Note Certificate will be numbered serially with an identifying number to be recorded on the relevant Note Certificate
and in the Register of Noteholders, which the Company will keep.

 

5.2         
Title

 

Title to the Notes passes to the Noteholder
only by the authorization and issuance of the Note Certificate and registration in the Register of Noteholders in accordance with
this Instrument. So long as such registration in the Register of Noteholders is recorded without alterations pursuant to this
Instrument, the Noteholder will (except as otherwise required by the applicable laws) be treated as the absolute owner of the Notes
for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any interest in it or any writing
on, or the theft or loss of, the Note Certificate issued in respect of it (other than the endorsed form of transfer as described in
Article 6)), and no Person will be liable for so treating the Noteholder.

 

		6	TRANSFER OF NOTES; ISSUANCE OF NOTE CERTIFICATE

 

6.1         
Register of Noteholders

 

The Company shall keep at its business office
or shall cause to be kept at its registered office a register on which shall be entered the names and addresses of the Noteholder, the
particulars of the Notes held by the Noteholder and of all transfer, conversion or cancellation of the Notes as well as the amount of
outstanding principal amount and accrued interest owing to the Noteholder (the “Register of Noteholders”). The entries
in the Register of Noteholders shall be conclusive evidence of the amounts due and owing to the Noteholder in the absence of manifest
error. Notwithstanding anything to the contrary contained in this Instrument, the obligations under the Notes are registered obligations
and the right, title and interest in and to such obligations shall be transferable only upon notation of such transfer in the Register
of Noteholders. The Register of Noteholders shall be available for inspection by the Noteholder from time to time upon reasonable prior
notice.

 

    13 

     

    

 

6.2         
Transfers

 

Without prejudice to the restrictions set out
in the Purchase Agreement and the applicable laws, from the date that is twelve (12) months after the date of this Instrument, the Notes
may be freely transferred, in whole or in part, at any time prior to the full conversion of the Notes into Conversion Securities or the
consummation of a repurchase and redemption pursuant to Article 9 of this Instrument of the Notes by surrender of the Note Certificate
issued in respect of the Notes, delivered together with the endorsed form of transfer (in the form set out in Attachment 4 to the
Form of Note Certificate attached hereto as Exhibit A, the acquirer of such transferred Notes, the “Transferee”)
duly completed and signed by the registered Noteholder or his attorney duly authorized in writing, to the Company at the Designated Office
together with such evidence as the Company may reasonably require to prove the authority of the individuals who have executed the endorsed
form of transfer. The Noteholder shall cause the Transferee to agree in writing to be bound by the terms of this Instrument and to sign,
execute and deliver a Joinder Agreement in the form of Exhibit B hereto (the “Joinder Agreement”), whereupon
the Company shall counter-sign, execute and deliver the same to the Transferee. Upon the execution of such Joinder Agreement, such Transferee
will be bound, to the extent of the transferred Notes in its capacity as a “Noteholder,” by obligations under this Instrument
as if it was a signing party hereof. Upon the receipt of such executed Joinder Agreement, the Company shall promptly countersign and deliver
a fully executed version to the Transferee.

 

6.3         
Cancellation of Note Certificate

 

Upon the receipt of the original Note Certificate
surrendered by the Noteholder, the executed endorsed form of transfer by the Noteholder and the executed Joinder Agreement by the Transferee,
the Company shall, at its expense, promptly cancel the original Note Certificate and no Note Certificate shall be issued to the Holder
of the original Note Certificate therefor except as expressly permitted by Section 6.5(b).

 

6.4          Update
of the Register of Noteholders

 

Upon the receipt of the original Note Certificate
surrendered by the Noteholder, the executed endorsed form of transfer by the Noteholder and the executed Joinder Agreement by the Transferee,
the Company shall, at its expense, promptly cause the Register of Noteholders to be updated by including the names and addresses of the
Transferee, the particulars of the transferred Notes held by the Transferee and of the remaining Note (if any) held by the Noteholder
and the amount of outstanding principal amount and accrued interest owing to the Transferee and the Noteholder respectively upon the transfer.

 

6.5         
Delivery of New Note Certificates

 

		(a)	Each new Note Certificate to be issued upon a transfer, exchange or conversion of Notes shall, within
five (5) Business Days of receipt by the Company of the endorsed form of transfer (in the form set out in Attachment 4 to the Form of
Note Certificate attached hereto as Exhibit A) duly completed and signed, be made available for collection at the Designated Office
or, if so requested in the endorsed form of transfer, be mailed by uninsured mail at the risk of the holder entitled to such new Note
Certificate (but free of charge to such holder) to the address specified in the endorsed form of transfer.

 

		(b)	Where only part of the principal amount of the Notes in respect of which a Note Certificate is issued
is to be transferred, exchanged or converted, a new Note Certificate in respect of the remaining Notes not so transferred, exchanged or
converted will, within five (5) Business Days of delivery of the original Note Certificate to the Company, be mailed by uninsured mail
at the risk of the holder entitled to such remaining Notes not so transferred, exchanged or converted (but free of charge to such holder)
to the address of the Noteholder appearing on the Register of Noteholders.

 

6.6         
Formalities Free of Charge

 

Registration of a transfer of the Notes will be
effected without charge by or on behalf of the Company.

 

    14 

     

    

 

		7	CONVERSION OF NOTES

 

7.1          
Conversion Right

 

Subject to and upon compliance with the provisions
of this Article 7, each Noteholder shall have the right, at such Noteholder’s option, to convert all or any portion of the Notes
held by it (if the portion to be converted is in denominations of $200,000 principal amount and integral multiples of $1,000 in excess
thereof) at any time during the Conversion Period at the Conversion Rate (subject to, and in accordance with, the settlement provisions
of Section 7.2, the “Conversion Obligation”). The right of the Noteholder to convert the Notes in accordance with the
settlement provisions of Section 7.2 is called the “Conversion Right.”

 

The conversion price shall be US$50 (the “Conversion
Price”) per ADS, representing an initial conversion rate of 20 ADSs (subject to the adjustments as provided in this Article
7, the “Conversion Rate”) per $1,000 principal amount of the Notes.

 

Subject to and upon
compliance with the provisions of this Article 7, the Conversion Right attaching to any Notes may be exercised, at the option of the
Noteholder, at any time prior to the close of business (at the place where the Note Certificate evidencing such Notes is deposited
for conversion) of the third Scheduled Trading Day (or the fifth Scheduled Trading Day, if the converting Holder elects to receive
Ordinary Shares registered in the Cayman Islands in lieu of any Restricted ADSs under Section 7.2(h)) immediately preceding the
Maturity Date (the “Conversion Period”).

 

7.2          
Conversion Procedure; Settlement Upon Conversion

 

		(a)	Subject to this Section 7.2, Section 7.3 and Section 7.8, the Company shall cause to be delivered to the
converting Holder, in respect of each US$1,000 principal amount of Notes being converted, a number of Restricted ADSs equal to the Conversion
Rate (or Ordinary Shares registered in the Cayman Islands, if the converting Holder elects to receive Ordinary Shares registered in the
Cayman Islands in lieu of any Restricted ADSs under Section 7.2(h)), together with a cash payment, if applicable, in lieu of any fractional
Conversion Securities in accordance with Section 7.2(i), on the third Business Day (or the fifth Business Day, if the converting Holder
elects to receive Ordinary Shares registered in the Cayman Islands in lieu of any Restricted ADSs under Section 7.2(h)) immediately following
the relevant Conversion Date.

 

		(b)	If the Holder holds a certificated Note, the Holder shall complete the following actions to convert:

 

		(i)	complete the conversion notice in duplicate in the form set out in Attachment 1 to the Form of Note Certificate
attached hereto as Exhibit A, together with the relevant Note Certificate (the “Conversion Notice”), including,
if applicable, such Holder’s election to receive Ordinary Shares registered in the Cayman Islands in lieu of any Restricted ADSs
deliverable upon conversion;

 

		(ii)	manually sign the Conversion Notice on the back of the Note

 

		(iii)	deliver the duly completed Conversion Notice, which is irrevocable, to the Designated Office of the Company;

 

		(iv)	if required, furnish appropriate endorsements and transfer documents;

 

		(v)	if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder
is not entitled; and

 

		(vi)	if required, pay any applicable transfer or similar taxes as described immediately below.

 

The Company will pay
any documentary, stamp, issue, transfer or similar tax due on the delivery of the Restricted ADSs upon conversion of the Notes (or the
issuance of the Ordinary Shares underlying, or in lieu of, such ADSs), unless the tax is due because the Holder requests such Restricted
ADSs (or the Ordinary Shares registered in the Cayman Islands) to be issued in a name other than the Holder’s name, in which case
the Holder shall pay the tax. The Company will also pay: (i) the ADS Depositary’s fees for issuance of the Restricted ADSs, (ii)
all other expenses arising from the issue of Ordinary Shares registered in the Cayman Islands to be delivered in lieu of Restricted ADSs
upon conversion and all the charges of the Cayman share registrar in connection with this Instrument.

 

    15 

     

    

 

		(c)	No Conversion Notice with respect to any Notes may be delivered, and no Notes may be surrendered for conversion,
by a Holder thereof if such Holder has also delivered a Repurchase Notice or Fundamental Change Repurchase Notice to the Company in respect
of such Notes and has not validly withdrawn such Repurchase Notice or Fundamental Change Repurchase Notice, as the case may be, in accordance
with Section 9.2 or Section 9.4.

 

If more than one Note
shall be surrendered for conversion at one time by the same Holder, the Conversion Obligation with respect to such Notes shall be computed
on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered.

 

		(d)	A Note shall be deemed to have been converted immediately prior to the close of business on the date (the
“Conversion Date”) that the Holder has complied with the requirements set forth in Section 7.2(b). If any Restricted
ADSs are due to a converting Holder, the Company shall issue or cause to be issued, and deliver to such Holder, or such Holder’s
nominee or nominees, a book-entry transfer through The Depository Trust Company for the full number of whole Restricted ADSs to which
such Holder shall be entitled in satisfaction of the Company’s Conversion Obligation.

 

		(e)	Except as provided in Section 7.5, no adjustment shall be made for dividends on any Restricted ADSs issued
upon the conversion of any Note as provided in this Section 7.2.

 

		(f)	Upon conversion, a Holder shall not receive any separate cash payment for accrued and unpaid interest,
if any, except as set forth below. The Company’s settlement of the Conversion Obligation shall be deemed to satisfy in full its
obligation to pay the principal amount of the Note and accrued and unpaid interest, if any, to, but not including, the relevant Conversion
Date. As a result, accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date shall be deemed to be paid
in full rather than cancelled, extinguished or forfeited. Notwithstanding the foregoing, if Notes are converted after the close of business
on a Regular Record Date but before the open of business on the Interest Payment Date corresponding to such Regular Record Date, Holders
of such Notes as of the close of business on such Regular Record Date will receive the full amount of interest payable on such Notes on
the corresponding Interest Payment Date notwithstanding the conversion. However, Notes surrendered for conversion during the period after
the close of business on any Regular Record Date to the open of business on the immediately following Interest Payment Date must be accompanied
by an amount of funds equal to the amount of interest payable on the Notes so converted; provided that no such payment shall be required
(1) for conversions following the Regular Record Date immediately preceding the Maturity Date; (2) if the Company has delivered a Tax
Redemption Notice pursuant to Section 9.6 and has specified therein a Tax Redemption Date that is after a Regular Record Date and on or
prior to the second Business Day immediately following the corresponding Interest Payment Date; (3) if the Company has specified a Fundamental
Change Repurchase Date that is after a Regular Record Date and on or prior to the third Business Day immediately following the corresponding
Interest Payment Date; or (4) to the extent of any Defaulted Amounts, if any Defaulted Amounts exist at the time of conversion with respect
to such Note. For the avoidance of doubt, Holders on the Regular Record Date immediately preceding the Maturity Date, any Fundamental
Change Repurchase Date or Tax Redemption Date, in each case, will receive the full interest payment due on such Notes on the Maturity Date or other
applicable Interest Payment Date in cash, regardless of whether such Notes have been converted following such Regular Record Date.

 

		(g)	The Person in whose name any Conversion Securities shall be issuable upon conversion shall be treated
as a holder of record of such Conversion Securities as of the close of business on the relevant Conversion Date. Upon a conversion of
Notes, such Person shall no longer be a Holder of such Notes surrendered for conversion.

 

    16 

     

    

 

		(h)	A converting Holder may elect to receive Ordinary Shares in the Company’s register of members (in
the case of Ordinary Shares registered in the Cayman Islands) in lieu of any Restricted ADSs deliverable upon conversion by specifying
in the relevant Conversion Notice such election; provided that such election shall apply to all (but not part) of the Conversion Securities
deliverable upon conversion. If a converting Holder elect to receive Ordinary Shares registered in the Cayman Islands in lieu of any Restricted
ADSs deliverable upon conversion, the Company will register in the Cayman share register, as the case may be, the person or persons designated
in the Conversion Notice as holder(s) of such number of Ordinary Shares registered in the Cayman Islands equal to (i) the number of Restricted
ADSs deliverable upon conversion under Section 7.1 and Section 7.2(a) (without taking into account any fractional Restricted ADS) multiplied
by (ii) the number of Ordinary Shares then represented by one ADS as of the Conversion Date.

 

		(i)	Regardless of whether a Holder elects to receive Ordinary Shares registered in the Cayman Islands in lieu
of any Restricted ADSs deliverable upon conversion, the Company will not issue any fractional Conversion Securities upon conversion of
the Notes and will instead pay cash in lieu of delivering any fractional Conversion Securities issuable upon conversion based on the Daily
VWAP for the relevant Conversion Date.

 

		(j)	Each conversion will be deemed to have been effected as to any Notes surrendered for conversion on the
Conversion Date, and the person in whose name the Restricted ADSs (or Ordinary Shares registered in the Cayman Islands in lieu thereof)
shall be deliverable upon such conversion will be entitled to participate in any distribution or other transaction relating to the ADSs
(or Ordinary Shares) as though such person were the holder of record of such ADSs (or Ordinary Shares) as of the close of business on
the Conversion Date.

 

7.3         
Forced Conversion

 

		(a)	Generally. If (1) the Daily VWAP per ADS (or, if the ADSs are no longer traded on The NASDAQ Global
Market, of the Ordinary Shares) exceeds one hundred and fifty percent (150%) of the Conversion Price (the “Agreed Threshold”)
on any twenty (20) Trading Days (whether or not consecutive) during any thirty (30) consecutive Trading Day period beginning on or after
the fifth (5th) anniversary of the date of this Instrument (such thirty (30) consecutive Trading Day period being the “Forced
Conversion Qualification Period”), (2) the Daily VWAP per ADS (or, if the ADSs are no longer traded on The NASDAQ Global Market,
of the Ordinary Shares) for each of the last five (5) consecutive Trading Days during the Forced Conversion Qualification Period is not
lower than the Agreed Threshold and (3) the aggregate average daily dollar trading volume (as reported on Bloomberg) of (x) the ADSs on
The NASDAQ Global Market and (y) the Ordinary Shares on
the Hong Kong Stock Exchange during such Forced Conversion Qualification Period is, in the aggregate of (x) and (y) (any amount not expressed
in U.S. Dollars shall be converted into U.S. Dollars by using the average of the applicable exchange rate reported on Bloomberg FX Fixings
page (or, if such page is not available, its equivalent successor page) at 5:00 pm New York time on each Trading Day during such Forced
Conversion Qualification Period), at least US$70.0 million, then, the Company shall have the right (but not the obligation), by providing
written notice (which notice shall be irrevocable and shall not be subject to conditions) within ten (10) Business Days following the
Forced Conversion Qualification Period to all Holders of Notes, to force the conversion of all (and not some only) of the outstanding
principal amount of the Notes held by such Holders on the Conversion Date (subject to the immediately following sentence) into Conversion
Securities at the then applicable Conversion Rate (the “Forced Conversion Notice” and, the conversion of Notes pursuant
to this Section 7.3, the “Forced Conversion”). The Conversion Date with respect to any such Forced Conversion will
be a date specified by the Company in the Forced Conversion Notice to the Holders, which shall be a Business Day that is no less than
10 Business Days and no more than 30 Business Days after the date of the Forced Conversion Notice (the “Forced Conversion Date”).
Notwithstanding anything to the contrary contained in this Instrument, no “Make-Whole Amount” shall be payable by the Company
to any Holder upon a Forced Conversion.

 

		(b)	Effect of Forced Conversion. A Forced Conversion will have the same effect as a conversion of the
applicable outstanding principal amount of the Notes effected at the Holder’s election pursuant to Article 7 with a Conversion Date
occurring on the Forced Conversion Date. No Holders will be required to deliver a Conversion Notice, provided any Holder may notify the
Company in writing substantially in the form of Attachment 5 to the Form of Note Certificate attached hereto as Exhibit A no later
than five (5) Business Days before the Conversion Date specified in the Forced Conversion Notice of its election to receive Ordinary Shares
registered in the Cayman Islands in lieu of any Restricted ADSs deliverable upon such Forced Conversion.

 

    17 

     

    

 

		7.4	Increased Conversion Rate Applicable to Certain Notes delivered
in connection with Make-Whole Fundamental Change and Tax Redemption

 

		(a)	If (i) a Make-Whole Fundamental Change occurs prior to, and including, the third Scheduled Trading Day
(or the fifth Scheduled Trading Day, if the converting Holder elects to receive Ordinary Shares registered in the Cayman Islands in lieu
of any Restricted ADSs under Section 7.2(h)) prior to the Maturity Date or (ii) the Company delivers a Tax Redemption Notice and, in each
case, a Holder elects to convert its Notes in connection with such Make-Whole Fundamental Change or such Tax Redemption, as the case may
be, the Company shall, under the circumstances described below, increase the Conversion Rate for the Notes so surrendered for conversion
by a number of additional Restricted ADSs (the “Additional ADSs”), as set forth below. A conversion of Notes shall
be deemed for these purposes to be “in connection with” such Make-Whole Fundamental Change if the relevant Conversion Notice
is received by the Company from, and including, the Effective Date of the Make-Whole Fundamental Change up to, and including, the close
of business on the Business Day immediately prior to the related Fundamental Change Repurchase Date (or, in the case of a Make-Whole Fundamental
Change that would have been a Fundamental Change but for the proviso in clause (b) of the definition thereof, the 35th Business
Day immediately following the Effective Date of such
Make-Whole Fundamental Change). A conversion of Notes shall be deemed for these purposes to be “in connection with” a Tax
Redemption if the relevant Conversion Notice is received by the Company from, and including, the date the Company delivers a Tax Redemption
Notice to, and including, the second Business Day immediately prior to the related Tax Redemption Date. The Company shall provide written
notification to Holders of the Effective Date of any Make-Whole Fundamental Change and notify the Noteholders of such Effective Date no
later than five Business Days after such Effective Date.

 

		(b)	Upon delivery of Notes for conversion in connection with a Make-Whole Fundamental Change or Tax Redemption,
the Company shall cause to be delivered Restricted ADSs, including the Additional ADSs, in accordance with Section 7.2; provided, however,
that if, at the effective time of a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the
Reference Property following such Make-Whole Fundamental Change is composed entirely of cash, for any conversion of Notes following the
Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation will be calculated based solely on the ADS Price for the
transaction and shall be deemed to be an amount of cash per US$1,000 principal amount of converted Notes equal to the Conversion Rate
(including any adjustment for Additional ADSs), multiplied by such ADS Price.

 

		(c)	The number of Additional ADSs, if any, by which the Conversion Rate will be increased will be determined
by reference to the table below, based on (i) the date on which the Make-Whole Fundamental Change occurs or becomes effective or, in the
case of a Tax Redemption, the date on which the Company delivers a Tax Redemption Notice (in each case, the “Effective Date”)
and (ii) the price paid (or deemed to be paid) per Restricted ADS in the Make-Whole Fundamental Change or, in the case of a Tax Redemption,
the average of the Last Reported Sale Prices of the ADSs over the ten Trading Day period ending on, and including, the Trading Day immediately
preceding the date the Company delivers such Tax Redemption Notice (in each case, the “ADS Price”). If the holders
of the Restricted ADSs receive in exchange for their Restricted ADSs only cash in a Make-Whole Fundamental Change described in clause
(b) of the definition of Fundamental Change, the ADS Price will be the cash amount paid per Restricted ADS. Otherwise, the ADS Price will
be the average of the Last Reported Sale Prices of the ADSs over the ten Trading Day period ending on, and including, the Trading Day
immediately preceding the Effective Date of the Make-Whole Fundamental Change.

 

		(d)	The ADS Prices set forth in the column headings of the table below will be adjusted as of any date on
which the Conversion Rate of the Notes is otherwise adjusted. The adjusted ADS Prices shall equal the ADS Prices applicable immediately
prior to such adjustment, multiplied by a fraction, the numerator of which is the Conversion Rate immediately prior to such adjustment
giving rise to the ADS Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of Additional ADSs
set forth in the table below will be adjusted in the same manner and at the same time as the Conversion Rate as set forth in Section 7.5.

 

		(e)	The following table sets forth the number of Additional ADSs to be received per US$1,000 principal amount
of Notes pursuant to this Section 7.3 for each ADS Price and Effective Date set forth below:

 

    18 

     

    

 

	Additional ADSs per $1,000 Note	 	ADS Price	 
	Effective Date	 	$	41.67	 	 	$	45.00	 	 	$	50.00	 	 	$	60.00	 	 	$	80.00	 	 	$	100.00	 	 	$	125.00	 	 	$	150.00	 
	1-Mar-2022	 	 	3.9981	 	 	 	3.3209	 	 	 	2.5394	 	 	 	1.5287	 	 	 	0.5859	 	 	 	0.2191	 	 	 	0.0478	 	 	 	0.0016	 
	1-Mar-2023	 	 	3.9981	 	 	 	3.3209	 	 	 	2.5394	 	 	 	1.5287	 	 	 	0.5631	 	 	 	0.1998	 	 	 	0.0390	 	 	 	0.0005	 
	1-Mar-2024	 	 	3.9981	 	 	 	3.3209	 	 	 	2.5394	 	 	 	1.5287	 	 	 	0.5351	 	 	 	0.1772	 	 	 	0.0291	 	 	 	0.0000	 
	1-Mar-2025	 	 	3.9981	 	 	 	3.3209	 	 	 	2.5394	 	 	 	1.4973	 	 	 	0.4718	 	 	 	0.1394	 	 	 	0.0161	 	 	 	0.0000	 
	1-Mar-2026	 	 	3.9981	 	 	 	3.3209	 	 	 	2.5394	 	 	 	1.3330	 	 	 	0.3674	 	 	 	0.0899	 	 	 	0.0041	 	 	 	0.0000	 
	1-Mar-2027	 	 	3.9981	 	 	 	3.2009	 	 	 	2.2036	 	 	 	1.0557	 	 	 	0.2391	 	 	 	0.0399	 	 	 	0.0000	 	 	 	0.0000	 
	1-Mar-2028	 	 	3.9981	 	 	 	2.9727	 	 	 	1.8312	 	 	 	0.6835	 	 	 	0.0888	 	 	 	0.0031	 	 	 	0.0000	 	 	 	0.0000	 
	1-Mar-2029	 	 	3.9981	 	 	 	2.2238	 	 	 	0.0016	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

 

The exact ADS Prices and Effective Dates may not be set forth in the table above, in which case:

 

		(i)	if the ADS Price is between two ADS Prices in the table above or the Effective Date is between two Effective
Dates in the table, the number of Additional ADSs shall be determined by a straight-line interpolation between the number of Additional
ADSs set forth for the higher and lower ADS Prices and the earlier and later Effective Dates, as applicable, based on a 365-day year;

 

		(ii)	if the ADS Price is greater than US$150.00 per Restricted ADS (subject to adjustment in the same manner
as the ADS Prices set forth in the column headings of the table above pursuant to Section 7.4(d)), no Additional ADSs shall be added to
the Conversion Rate; and

 

		(iii)	if the ADS Price is less than US$41.67 per Restricted ADS (subject to adjustment in the same manner as
the ADS Prices set forth in the column headings of the table above pursuant to Section 7.4(d)), no Additional ADSs shall be added to the
Conversion Rate.

 

Notwithstanding the
foregoing, in no event shall the Conversion Rate per US$1,000 principal amount of Notes exceed 3.9981 Restricted ADSs, subject to adjustment
in the same manner as the Conversion Rate pursuant to Section 7.5.

 

		(f)	Nothing in this Section 7.3 shall prevent an adjustment to the Conversion Rate pursuant to Section 7.5.

 

7.5             
Adjustment of Conversion Rate

 

If the number of Ordinary Shares represented by the
ADSs is changed, after the date of this Instrument, for any reason other than one or more of the events described in this Section 7.5,
the Company shall make an appropriate adjustment to the Conversion Rate such that the number of Ordinary Shares represented by the ADSs
upon which conversion of the Notes is based remains the same.

 

Notwithstanding the adjustment provisions set
out in this Section 7.5, if the Company distributes to holders of the Ordinary Shares any cash, rights, options, warrants, shares of
Capital Stock or similar equity interest, evidences of indebtedness or other assets or property of the Company (but excluding any
Expiring Rights) and a corresponding distribution is not made to holders of the ADSs, but, instead, the ADSs shall represent, in
addition to Ordinary Shares, such cash, rights, options, warrants, shares of Capital Stock or similar equity interest, evidences of
indebtedness or other assets or property of the Company, then an adjustment to the Conversion Rate set out in this Section 7.5 shall
not be made until and unless a corresponding distribution (if any) is made to holders of the ADSs, and such adjustment to the
Conversion Rate shall be based on the distribution made to the holders of the ADSs and not on the distribution made to the holders
of the Ordinary Shares. However, in the event that the Company issues or distributes to all holders of the Ordinary Shares any
Expiring Rights, notwithstanding the immediately preceding sentence, the Company shall adjust the Conversion Rate pursuant to
Section 7.5(b) (in the case of Expiring Rights entitling holders of the Ordinary Shares for a period of not more than 60 calendar
days after the announcement date of such issuance to subscribe for or purchase Ordinary Shares) or Section 7.5(c) (in the case of
all other Expiring Rights).

 

    19 

     

    

 

For the avoidance of doubt, if any event set
out in this Section 7.5 results in a change to the number of Ordinary Shares represented by the ADSs, then such change shall be
deemed to satisfy the Company’s obligation to effect the relevant adjustment to the Conversion Rate on account of such event
to the extent such change produces the same economic result as the adjustment to the Conversion Rate that would otherwise have been
made on account of such event.

 

Subject to the foregoing, the Conversion Rate
shall be adjusted from time to time by the Company if any of the following events set out in Sections 7.5(a) to 7.5(e) occurs, except
that the Company shall not make any adjustments to the Conversion Rate if all Holders of the Notes participate (other than in the case
of (x) a share split or share combination or (y) a tender or exchange offer), at the same time and upon the same terms as holders of the
ADSs and solely as a result of holding the Notes, in any of the transactions set out in this Section 7.5, without having to convert their
Notes, as if they held a number of ADSs equal to the Conversion Rate then in effect, multiplied by the principal amount (expressed
in thousands) of Notes held by such Holder. Notice of any adjustment to the Conversion Rate shall be given by the Company promptly to
the Holders, and shall be conclusive and binding on the Holders, absent manifest error.

 

The Conversion Rate will be subject to adjustment
in the following events:

 

		(a)	If the Company exclusively issues Ordinary Shares as a dividend or distribution on all or substantially
all the Ordinary Shares, or if the Company effects a share split or share combination, the Conversion Rate shall be adjusted based on
the following formula:

 

 

 

where:

 

		CR0	=	the Conversion Rate in effect immediately prior to the close of business on the Record Date for such dividend or distribution, or immediately
prior to the open of business on the effective date of such share split or share combination, as applicable;

 

		CR1	=	the Conversion Rate in effect immediately after the close of business on the Record Date for such dividend or distribution or immediately
after the open of business on the effective date of such share split or share combination, as applicable;

 

		OS0	=	the number of Ordinary Shares outstanding immediately prior to the close of business on the Record
                                                                                              Date for such dividend or distribution, or immediately prior
to the open of business on the effective date of such share split or share combination, as applicable; and

 

    20 

     

    

 

		OS1	=	the number of Ordinary Shares outstanding immediately after giving effect to such dividend or distribution or immediately after the effective
date of such subdivision or combination of Ordinary Shares, as applicable.

 

Any adjustment made under this Section
7.5(a) shall become effective immediately after the close of business on the Record Date for such dividend or distribution, or immediately
after the open of business on the effective date for such share split or share combination, as applicable. If any dividend or distribution
set forth in this Section 7.5(a) is declared but not so paid or made, the Conversion Rate shall be immediately readjusted, effective as
of the date the Board of Directors determines not to pay such dividend or distribution, to the Conversion Rate that would then be in effect
if such dividend or distribution had not been declared or announced.

 

		(b)	If the Company issues to all or substantially all holders of the Ordinary Shares (directly or in the form
of ADSs) any rights, options or warrants entitling them, for a period of not more than 60 calendar days after the date of such issuance,
to subscribe for or purchase Ordinary Shares (directly or in the form of ADSs) at a price per Ordinary Share that is less than the average
of the Last Reported Sale Prices of the ADSs (divided by the number of Ordinary Shares then represented by one ADS on each relevant Trading
Day) or to subscribe for or purchase ADSs, at a price per ADS less than the average of the Last Reported Sale Prices, in each case, over
the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such
issuance, the Conversion Rate shall be increased based on the following formula:

 

 

 

where:

 

		CR0	=	the Conversion Rate in effect immediately prior to the close of business on the Record Date for such issuance;

 

		CR1	=	the Conversion Rate in effect immediately after the close of business on such Record Date;

 

		OS0	=	the number of Ordinary Shares outstanding immediately prior to the close of business on such Record Date;

 

		X	=	the total number of Ordinary Shares (directly or in the form of ADSs) issuable pursuant to such rights, options or warrants; and

 

		Y	=	the number of Ordinary Shares equal to (i) the aggregate price payable to exercise such rights, options or warrants, divided by (ii)
the quotient of (a) the average of the Last Reported Sale Prices of the ADSs over the 10 consecutive Trading Day period ending on, and
including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants divided
by (b) the number of Ordinary Shares represented by one ADS on each such Trading Day.

 

    21 

     

    

 

Any increase made under this Section
7.5(b) shall be made successively whenever any such rights, options or warrants are issued and shall become effective immediately after
the close of business on the Record Date for such issuance. To the extent that Ordinary Shares (directly or in the form of ADSs) are not
delivered after the expiration of such rights, options or warrants, the Conversion Rate shall be readjusted to the Conversion Rate that
would then be in effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery
of only the number of Ordinary Shares actually delivered (directly or in the form of ADSs). If such rights, options or warrants are not
so issued, the Conversion Rate shall be readjusted to the Conversion Rate that would then be in effect if such Record Date for such issuance
had not occurred.

 

For purposes of this Section 7.5(b),
in determining whether any rights, options or warrants entitle the holders to subscribe for or purchase Ordinary Shares (directly or in
the form of ADSs) at a price per Ordinary Share that is less than such average of the Last Reported Sale Prices of the ADSs (divided by
the number of Ordinary Shares represented by one ADS on each relevant Trading Day) or to subscribe for or purchase the ADSs at a price
per ADS less than such average of the Last Reported Sale Prices of the ADSs, in each case, over, for the 10 consecutive Trading Day period
ending on, and including, the Trading Day immediately preceding the date of announcement for such issuance, and in determining the aggregate
offering price of such Ordinary Shares or ADSs, as the case may be, there shall be taken into account any consideration received by the
Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration,
if other than cash, to be determined by the Board of Directors.

 

		(c)	If the Company distributes shares of its Capital Stock, evidences of its indebtedness, other assets or
property of the Company or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders
of the Ordinary Shares (directly or in the form of ADSs), excluding (i) dividends, distributions, rights, options or warrants as to which
an adjustment was effected pursuant to Section 7.5(a) or Section 7.5(b), (ii) dividends or distributions paid exclusively in cash as to
which an adjustment was effected pursuant to Section 7.5(d), and (iii) Spin-Offs as to which the provisions set forth below in this Section
7.5(c) shall apply (any of such shares of Capital Stock, evidences of indebtedness, other assets or property or rights, options or warrants
to acquire Capital Stock or other securities of the Company, the “Distributed Property”), then the Conversion Rate
shall be increased based on the following formula:

 

 

 

where:

 

    22 

     

    

 

		CR0	=	the Conversion Rate in effect immediately prior to the close of business on the Record Date for such distribution;

 

		CR1	=	the Conversion Rate in effect immediately after the close of business on such Record Date;

 

		SP0	=	the average of the Last Reported Sale Prices of the ADSs (divided by the number of Ordinary Shares represented by one ADS on each relevant
Trading Day) over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend
Date for such distribution; and

 

		FMV	=	the fair market value (as determined by the Board of Directors) of the Distributed Property with respect to each outstanding Ordinary
Share (directly or in the form of ADSs) on the Ex-Dividend Date for such distribution.

 

Any increase made under the above portion
of this Section 7.5(c) shall become effective immediately after the close of business on the Record Date for such distribution. If such
distribution is not so paid or made, the Conversion Rate shall be readjusted to the Conversion Rate that would then be in effect if such
distribution had not been declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than
“SP0” (as defined above), in lieu of the foregoing increase, each Holder shall receive, in respect of each $1,000
principal amount thereof, at the same time and upon the same terms as holders of the Ordinary Shares (directly or in the form of ADSs)
receive the Distributed Property, the amount and kind of Distributed Property such Holder would have received if such Holder owned a number
of Ordinary Shares (directly or in the form of ADSs) based on the Conversion Rate in effect on the Ex-Dividend Date for the distribution.

 

With respect to an adjustment pursuant
to this Section 7.5(c) where there has been a payment of a dividend or other distribution on the Ordinary Shares (directly or in the form
of ADSs) of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business
unit of the Company, that are, or, when such dividend or other distribution is complete, will be, listed or admitted for trading on a
U.S. national securities exchange or a reasonably comparable non-U.S. equivalent (including the Hong Kong Stock Exchange) (a “Spin-Off”),
the Conversion Rate shall be increased based on the following formula:

 

 

 

where:

 

		CR0	=	the Conversion Rate in effect immediately prior to the close of business on the Record Date for the Spin-Off;

 

		CR1	=	the Conversion Rate in effect immediately after the close of business on the Record Date for the Spin-Off;

 

    23 

     

    

 

		FMV0	=	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Ordinary Shares
(directly or in the form of ADSs) applicable to one Ordinary Share (determined by reference to the definition of Last Reported Sale Price
as set forth in Section 1.1 as if references therein to the Ordinary Shares (directly or in the form of ADSs) were to such Capital Stock
or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date for the Spin-Off
(the “Valuation Period”); and

 

		MP0	=	the average of the Last Reported Sale Prices of the ADSs (divided by the number of Ordinary Shares then represented by one ADS on each
relevant Trading Day) over the Valuation Period.

 

The adjustment to the Conversion Rate
under the preceding paragraph shall be determined on the last Trading Day of the Valuation Period but will be given effect immediately
after the close of business on the Record Date for the Spin-Off; provided that in respect of any conversion during the Valuation
Period, references in the portion of this Section 7.5(c) related to Spin-Offs to 10 Trading Days shall be deemed to be replaced with such
lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date for such Spin-Off to, and excluding, the Conversion
Date in determining the Conversion Rate.

 

For purposes of this Section
7.5(c) (and subject in all respects to Section 7.10) , rights, options or warrants distributed by the Company to all holders of the
Ordinary Shares (directly or in the form of ADSs) entitling them to subscribe for or purchase shares of the Company’s Capital
Stock, including Ordinary Shares (either initially or under certain circumstances), which rights, options or warrants, until the
occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such Ordinary
Shares (directly or in the form of ADSs); (ii) are not exercisable; and (iii) are also issued in respect of future issuances of the
Ordinary Shares (directly or in the form of ADSs), shall be deemed not to have been distributed for purposes of this Section 7.5(c)
(and no adjustment to the Conversion Rate under this Section 7.5(c) will be required) until the occurrence of the earliest Trigger
Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is
required) to the Conversion Rate shall be made under this Section 7.5(c). If any such right, option or warrant, including any such
existing rights, options or warrants distributed prior to the date of this Instrument, is subject to events, upon the occurrence of
which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other
assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Record Date
with respect to new rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be
deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any
distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in
the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for
which an adjustment to the Conversion Rate under this Section 7.5(c) was made, (1) in the case of any such rights, options or
warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or
purchase (x) the Conversion Rate shall be readjusted as if such rights, options or warrants had not been issued and (y) the
Conversion Rate shall then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the
case may be, as though it were a cash distribution, equal to the per Ordinary Share redemption or purchase price received by a
holder or holders of Ordinary Shares (directly or in the form of ADSs) with respect to such rights, options or warrants (assuming
such holder had retained such rights, options or warrants), made to all holders of Ordinary Shares (directly or in the form of ADSs)
as of the date of such redemption or purchase, and (2) in the case of such rights, options or warrants that shall have expired or
been terminated without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights, options and
warrants had not been issued.

 

    24 

     

    

 

For purposes of Section 7.5(a), Section
7.5(b) and this Section 7.5(c), any dividend or distribution to which this Section 7.5(c) is applicable that also includes one or both
of:

 

		(A)	a dividend or distribution of Ordinary Shares (directly or in the form of ADSs) to which Section 7.5(a)
is applicable (the “Clause A Distribution”); or

 

		(B)	a dividend or distribution of rights, options or warrants to which Section 7.5(b) is applicable (the “Clause
B Distribution”),

 

then (1) such dividend or distribution,
other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend or distribution to which this Section
7.5(c) is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment required by this Section 7.5(c)
with respect to such Clause C Distribution shall then be made, and (2) the Clause A Distribution and Clause B Distribution shall be deemed
to immediately follow the Clause C Distribution and any Conversion Rate adjustment required by Section 7.5(a) and Section 7.5(b) with
respect thereto shall then be made, except that, if determined by the Company (I) the “Record Date” of the Clause A Distribution
and the Clause B Distribution shall be deemed to be the Record Date of the Clause C Distribution and (II) any Ordinary Shares (directly
or in the form of ADSs) included in the Clause A Distribution or Clause B Distribution shall be deemed not to be “outstanding immediately
prior to the close of business on such Record Date or immediately after the open of business on such effective date, as applicable”
within the meaning of Section 7.5(a) or “outstanding immediately prior to the close of business on such Record Date” within
the meaning of Section 7.5(b).

 

		(d)	If any cash dividend or distribution is made to all or substantially all holders of the Ordinary Shares
(directly or in the form of ADSs), the Conversion Rate shall be adjusted based on the following formula:

 

 

 

where:

 

		CR0	=	the Conversion Rate in effect immediately prior to the close of business on the Record Date for such dividend or distribution;

 

    25 

     

    

 

		CR1	=	the Conversion Rate in effect immediately after the close of business on such Record Date;

 

		SP0	=	the Last Reported Sale Price of the ADSs (divided by the number of Ordinary Shares then represented by one ADS on such Trading Day) on
the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and

 

		C	=	the amount in cash per Ordinary Share the Company distributes to all or substantially all holders of the Ordinary Shares (directly or
in the form of ADSs).

 

Any increase pursuant to this Section
7.5(d) shall become effective immediately after the close of business on the Record Date for such dividend or distribution. If such dividend
or distribution is not so paid, the Conversion Rate shall be readjusted, effective as of the date the Board of Directors determines not
to make or pay such dividend or distribution, to be the Conversion Rate that would then be in effect if such dividend or distribution
had not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0”
(as defined above), in lieu of the foregoing increase, each Holder shall receive, for each $1,000 principal amount of the Notes, at the
same time and upon the same terms as holders of the Ordinary Shares (directly or in the form of ADSs), the amount of cash that such Holder
would have received if such Holder owned a number of Ordinary Shares (directly or in the form of ADSs) based on the Conversion Rate on
the Ex-Dividend Date for such cash dividend or distribution.

 

		(e)	If the Company or any of its Subsidiaries or consolidated affiliated entities makes a payment in respect
of a tender or exchange offer for the Ordinary Shares (directly or in the form of ADSs), to the extent that the cash and value of any
other consideration included in the payment per Ordinary Share or ADS exceeds the Last Reported Sale Price of the ADSs (divided by, in
relation to Ordinary Shares, the number of Ordinary Shares then represented by one ADS on such Trading Day) on the Trading Day next succeeding
the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (such last date, the “Expiration
Date”), the Conversion Rate shall be increased based on the following formula:

 

 

 

where:

 

		CR0	=	the Conversion Rate in effect immediately prior to the close of business on the Expiration Date;

 

		CR1	=	the Conversion Rate in effect immediately after the close of business on the Expiration Date;

 

		AC	=	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for Ordinary Shares
(directly or in the form of ADSs, as the case may be), purchased in such tender or exchange offer;

 

    26 

     

    

 

		OS0	=	the number of Ordinary Shares outstanding immediately prior to the close of business on the Expiration Date (prior to giving effect to
the purchase of all Ordinary Shares or ADSs, as the case may be, accepted for purchase or exchange in such tender or exchange offer);

 

		OS1	=	the number of Ordinary Shares outstanding immediately after the close of business on the Expiration Date (after giving effect to the
purchase of all Ordinary Shares or ADSs, as the case may be, accepted for purchase or exchange in such tender or exchange offer); and

 

		SP1	=	the average of the Last Reported Sale Prices of the ADSs (divided by the number of Ordinary Shares then represented by one ADS on each
such Trading Day) over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the Expiration
Date.

 

The adjustment to the Conversion Rate
under this Section 7.5(e) shall occur with effect as of the close of business on the 10th consecutive Trading Day immediately following,
and including, the Trading Day immediately following the Expiration Date, but will be given effect as of the close of business on the
Expiration Date; provided that if the Conversion Date occurs within the 10 consecutive Trading Days immediately following, and
including, the Trading Day immediately following the Expiration Date, any reference in this Section 7.5(e) with respect to 10 consecutive
Trading Days shall be deemed replaced with a reference to such lesser number of Trading Days as have elapsed from, and including, the
Trading Day immediately following the Expiration Date to, and including, the Conversion Date in determining the applicable Conversion
Rate. No adjustment to the Conversion Rate under this Section 7.5(e) shall be made if such adjustment would result in a decrease in the
Conversion Rate.

 

		(f)	Except as stated herein, the Company shall not adjust the Conversion Rate for the issuance of Ordinary
Shares, Class B Ordinary Shares or ADSs or any securities convertible into or exchangeable for Ordinary Shares, Class B Ordinary Shares
or ADSs or the right to purchase Ordinary Shares, Class B Ordinary Shares or ADSs or such convertible or exchangeable securities.

 

		(g)	In addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 7.3, and
to the extent permitted by applicable law and subject to the applicable rules of The NASDAQ Global Market and any other securities exchange
on which any of the Company’s securities are then listed (including the Hong Kong Stock Exchange), the Company from time to time
may increase the Conversion Rate by any amount for a period of at least 20 Business Days if the Board of Directors determines that such
increase would be in the Company’s best interest, and the Company may (but is not required to) increase the Conversion Rate to avoid
or diminish any income tax to holders of the Ordinary Shares or the ADSs or rights to purchase Ordinary Shares or ADSs in connection with
a dividend or distribution of Ordinary Shares or ADSs (or rights to acquire Ordinary Shares or ADSs) or similar event.

 

		(h)	Notwithstanding anything to the contrary in this Article 7, the Conversion Rate shall not be adjusted:

 

    27 

     

    

 

		(i)	upon the issuance of any Ordinary Shares, Class B Ordinary Shares or ADSs pursuant to any present or future
plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional
optional amounts in Ordinary Shares, Class B Ordinary Shares or ADSs under any plan;

 

		(ii)	upon the issuance of any Ordinary Shares, Class B Ordinary Shares or ADSs or options or rights to purchase
those Ordinary Shares, Class B Ordinary Shares or ADSs pursuant to any present or future employee, director or consultant benefit plan
or program of or assumed by the Company or any of the Company’s Subsidiaries or consolidated affiliated entities;

 

		(iii)	upon the issuance of any Ordinary Shares, Class B Ordinary Shares or ADSs pursuant to any option, warrant,
right or exercisable, exchangeable or convertible security not described in clause (ii) of this subsection and outstanding as of the date
the Notes were first issued;

 

		(iv)	solely for a change in the par value of the Ordinary Shares or Class B Ordinary Shares; or

 

		(v)	for accrued and unpaid interest, if any.

 

		(i)	All calculations and other determinations under this Section 7 shall be made by the Company and shall
be made to the nearest one-ten thousandth (1/10,000) of an ADS.

 

		(j)	Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly notify the Noteholders
in accordance with Section 16 of the Conversion Rate before and after such adjustment and the date on which each adjustment becomes effective,
and setting forth a brief statement of the facts requiring such adjustment. Failure to deliver such notice shall not affect the legality
or validity of any such adjustment.

 

		(k)	For purposes of this Section 7.3, the number of Ordinary Shares at any time outstanding shall not include
Ordinary Shares held in the treasury of the Company (directly or in the form of ADSs) so long as the Company does not pay any dividend
or make any distribution on Ordinary Shares held in the treasury of the Company (directly or in the form of ADSs), but shall include Ordinary
Shares issuable in respect of scrip certificates issued in lieu of fractions of Ordinary Shares.

 

		(l)	For purposes of this Section 7.3, the “effective date” means the first date on which the ADSs
trade on the applicable exchange or in the applicable market, regular way, reflecting the relevant share split or share combination, as
applicable.

 

7.6             
Adjustments of Prices.

 

Whenever
any provision of this Instrument requires the Company to calculate the Last Reported Sale Prices or the ADS Price for purposes of a
Make-Whole Fundamental Change or a Tax Redemption over a span of multiple days, the Board of Directors shall make appropriate
adjustments to each to account for any adjustment to the Conversion Rate that becomes effective pursuant to Section 7.3, or any
event requiring an adjustment to the Conversion Rate pursuant to Section 7.3 where the Record Date, effective date or expiration
date, as the case may be, of the event occurs, at any time during the period when such Last Reported Sale Prices or ADS
Prices are to be calculated.

 

    28 

     

    

 

7.7             
Sufficient Ordinary Shares

 

The Company shall provide, free from preemptive
rights, out of its authorized but unissued Ordinary Shares or Ordinary Shares held in treasury, a sufficient number of authorized, validly-issued
and fully paid Ordinary Shares that corresponds to the number of Conversion Securities due upon conversion of the Notes from time to time
as such Notes are delivered for conversion (assuming that at the time of computation of such number of Conversion Securities, all such
Notes would be converted by a single Holder).

 

7.8             
Effect of Recapitalizations, Reclassifications and Changes of the Ordinary Shares

 

		(a)	In the case of:

 

		(i)	any recapitalization, reclassification or change of the Ordinary Shares (other than changes resulting
from a subdivision or combination or change in par value),

 

		(ii)	any consolidation, merger, combination, amalgamation, scheme of arrangement or scheme of reconstruction
or similar transaction involving the Company,

 

		(iii)	any sale, lease or other transfer to a third party of the consolidated assets of the Company Group substantially
as an entirety or

 

		(iv)	any statutory share exchange,

 

in each case, as a result of which the
Conversion Securities would be converted into, or exchanged for, Capital Stock, other securities, other property or assets (including
cash or any combination thereof) (any such event, a “Merger Event”), then, prior to or at the effective time of such
Merger Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the Noteholders a supplemental
Instrument providing that, at and after the effective time of such Merger Event, the right to convert each $1,000 principal amount of
the Notes shall be changed into a right to convert such principal amount of the Notes into the kind and amount of shares of Capital Stock,
other securities or other property or assets (including cash or any combination thereof) that a holder of a number of ADSs equal to the
Conversion Rate immediately prior to such Merger Event would have owned or been entitled to receive (the “Reference Property,”
with each “unit of Reference Property” meaning the kind and amount of Reference Property that a holder of one ADS is
entitled to receive) upon such Merger Event; provided, however, that (x) at and after the effective time of the Merger Event
the number of ADSs otherwise deliverable upon conversion of the Notes in accordance with Section 7.2 shall instead be deliverable in the
amount and type of Reference Property that a holder of that number of ADSs would have been entitled to receive in such Merger Event; (y)
any amount payable in cash upon conversion of the Notes as set forth in this Instrument will continue to be payable in cash, and (z) the
Last Reported Sale Price shall be calculated based on the value of a unit of Reference Property.

 

    29 

     

    

 

If the Merger Event causes the ADSs
or Ordinary Shares to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based
in part upon any form of holder election), then (i) the Reference Property into which the Notes will be convertible shall be deemed to
be (A) the weighted average of the types and amounts of consideration received by the holders of ADSs or Ordinary Shares that affirmatively
make such an election or (B) if no holders of ADSs or Ordinary Shares affirmatively make such an election, the types and amounts of consideration
actually received by the holders of the ADSs or Ordinary Shares and (ii) the unit of Reference Property for purposes of the immediately
preceding paragraph shall refer to the consideration referred to in clause (i) or clause (ii), as the case may be, attributable to one
ADS. The Company shall provide written notice to Holders of such weighted average as soon as practicable after such determination is made.

 

Such supplemental
Instrument described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that shall be
as nearly equivalent as is practicable to the adjustments provided for in this Article 7 (it being understood that no such adjustments
shall be required with respect to any portion of the Reference Property that does not consist of shares of Common Equity (however evidenced)
or depositary receipts in respect thereof). If, in the case of any Merger Event, the Reference Property includes shares of Capital Stock,
securities or other property or assets (including cash or any combination thereof) of a Person other than the Company or the successor
or purchasing Person, as the case may be, in such Merger Event, then such other Person shall also execute such supplemental Instrument,
and such supplemental Instrument shall contain such provisions to protect the interests of the Holders of the Notes, including the right
of Holders to require the Company to repurchase their Notes upon a Fundamental Change pursuant to Section 9.3 and the right of Holders
to require the Company to repurchase their Notes on the Repurchase Date pursuant to Section 9.2, as the Board of Directors shall reasonably
consider necessary by reason of the foregoing.

 

		(b)	The Company shall not become a party to any Merger Event unless its terms are consistent with this Section
7.8. None of the foregoing provisions shall affect the right of a holder of Notes to convert its Notes into Conversion Securities as set
forth in this Article 7 prior to the effective date of such Merger Event.

 

		(c)	The above provisions of this Section 7.8 shall similarly apply to successive Merger Events.

 

7.9          
Certain Covenants

 

		(a)	The Company covenants that all Conversion Securities delivered upon conversion of Notes (and in the case
of ADSs, all Ordinary Shares represented by such ADSs) will be fully paid and non-assessable by the Company and free from all taxes, liens
and charges with respect to the issue thereof.

 

		(b)	The Company further covenants that if at any time the Ordinary Shares (directly or in the form of ADSs)
shall be listed on any U.S. Exchange or Permitted Exchange, the Company will list and keep listed on any such exchange or automated quotation
system, so long as the Ordinary Shares (directly or in the form of ADSs) shall be so listed on any such exchange or automated quotation
system, any Conversion Securities deliverable upon conversion of the Notes.

 

    30 

     

    

 

		(c)	The Company covenants to take all actions and obtain all approvals and registrations as are necessary
or appropriate with respect to the conversion of the Notes into Conversion Securities, in each case, in accordance with the terms of this
Instrument.

 

		(d)	Subject to Section 7.11, if applicable, the Company further covenants to provide Holders with a reasonably
detailed written description of the mechanics for the delivery of Restricted ADSs upon conversion of Notes as set forth in the Deposit
Agreement upon request by the ADS Depositary or the ADS Custodian.

 

7.10         
Shareholder Rights Plans

 

To the extent that the Company
has a shareholder rights plan in effect upon conversion of the Notes, each of the Conversion Securities delivered upon such conversion
shall be entitled to receive (either directly or in respect of the Ordinary Shares underlying such ADSs) the appropriate number of rights
under the shareholder rights plan, if any, and the global securities representing the Conversion Securities delivered upon such conversion
shall bear such legends, if any, in each case as may be provided by the terms of any such shareholder rights plan, as the same may be
amended from time to time. Notwithstanding the foregoing, if, prior to any conversion, the rights have separated from the Ordinary Shares
underlying the ADSs in accordance with the provisions of the applicable shareholder rights plan, the Conversion Rate shall be adjusted
at the time of separation as if the Company distributed to all or substantially all holders of the Ordinary Shares (directly or in the
form of ADSs) Distributed Property as provided in Section 7.5(c), subject to readjustment in the event of the expiration, termination
or redemption of such rights.

 

7.11         
Amendment Upon Unavailability of ADS Facility

 

		(a)	If the Ordinary Shares cease to be represented by American depositary shares issued under a depositary
receipt program sponsored by the Company (the “ADS Cessation Date”) and the Ordinary Shares at such time are listed
and traded on any U.S. Exchange or Permitted Exchange (each, an “Amendment Event”), on and after the effective date
of an Amendment Event, Section 7.8 shall be deemed to apply mutatis mutandis as if the Reference Property for the Notes were the
Ordinary Shares (and other property, if any) represented by the ADSs on the effective date of such Amendment Event; provided that,
the supplemental instrument required therein to reflect the replacement of the ADSs with the Ordinary Shares (and other property, if any)
shall be executed no later than five Business Days after the effective date of such Amendment Event and, in addition to the amendments
required under Section 7.8, the supplemental instrument shall also provide that:

 

		(i)	each reference herein (and in the Notes) to the ADSs related to the terms of the Notes shall be replaced
by a reference to the number of Ordinary Shares (and other property, if any) represented by the ADSs on the effective date of such Amendment
Event;

 

		(ii)	all references to the “Last Reported Sale Price,” “Daily VWAP” and “Trading
Day” of the ADSs herein shall be replaced by the “Last Reported Sale Price,” “Daily VWAP” and “Trading
Day” of the Ordinary Shares, respectively, as customarily defined for securities traded on the Relevant Exchange;

 

    31 

     

    

 

		(iii)	other appropriate adjustments, including adjustments to the Conversion Rate, will be made to reflect such
Amendment Event; and

 

		(iv)	such other provisions that the Board of Directors reasonably determines are appropriate will be made to
preserve the economic interests of the Holders and to give effect to clauses (i) to (iii) above.

 

In making any amendment to the terms or
definitions relating to trading and listing of Ordinary Shares (including, but not limited to, “Last Reported Sale Price,”
“Daily VWAP,” “Trading Day” and “Fundamental Change”), the relevant exchange on which Ordinary Shares
are listed or traded for purpose of such terms and definitions (the “Relevant Exchange”) shall be: (x) if the Ordinary
Shares at such time are listed on a U.S. Exchange, such U.S. Exchange; or (y) if the Ordinary Shares at such time are not listed on any
U.S. Exchange but are listed on a Permitted Exchange, such Permitted Exchange; provided that if the Ordinary Shares at that time are listed
on more than one Permitted Exchange, the Relevant Exchange shall be the Permitted Exchange that is the primary stock exchange for the
Ordinary Shares, provided further that if the Ordinary Shares at that time are listed on more than one Permitted Exchange that is a primary
stock exchange for the Ordinary Shares, the Relevant Exchange shall be the primary stock exchange with the highest trading volume of the
Ordinary Shares during the twenty (20) consecutive Trading Days period immediately prior to the date of amendment.

 

In making such amendments, if currency
translations between U.S. Dollars and any other currency are required, the exchange rate in effect on the date of determination as the
Board of Directors determines in good faith shall apply.

 

		(b)	The Company shall provide written notice to each Holder at its address appearing on the Register of Noteholders,
as promptly as possible but in any event at least 20 days prior to the effective date of the relevant Amendment Event, a notice stating
the effective date of the relevant Amendment Event and any adjustment to the Conversion Rate.

 

7.12         
Notice to Holders Prior to Certain Actions

 

In case of any:

 

(a)                
action by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to Section
7.5 or Section 7.10;

 

(b)               
Merger Event; or

 

(c)                
voluntary or involuntary dissolution, liquidation or winding-up of the Company or any of its Subsidiaries;

 

then, in each case (unless
notice of such event is otherwise required pursuant to another provision of this Instrument), the Company shall cause to be sent to
each Holder at its address appearing on the Register of Noteholders, as promptly as possible but in any event at least 20 days prior
to the applicable date hereinafter specified, a notice stating (i) the date on which a record is to be taken for the purpose of such
action by the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the holders of Ordinary
Shares or ADSs, as the case may be, of record are to be determined for the purposes of such action by the Company or one of its
Subsidiaries, or (ii) the date on which such Merger Event, dissolution, liquidation or winding-up is expected to become effective or
occur, and the date as of which it is expected that holders of Ordinary Shares or ADSs, as the case may be, of record shall be
entitled to exchange their Ordinary Shares or ADSs, as the case may be, for securities or other property deliverable upon such
Merger Event, dissolution, liquidation or winding-up. Failure to give such notice, or any defect therein, shall not affect the
legality or validity of such action by the Company or one of its Subsidiaries, Merger Event, dissolution, liquidation or
winding-up.

 

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		8	PAYMENTS

 

		8.1	Principal and Premium

 

		(a)	Any and all principal amount of the outstanding Notes remaining unpaid, together with all interest accrued
but unpaid thereon, automatically and unconditionally shall be due and payable in full in cash on the Maturity Date unless previously
converted, exchanged, redeemed, repurchased or otherwise cancelled. Payment of principal, premium, interest, and all other amounts payable
under these Sections, will be made by transfer to the Registered Account of the Noteholder. Payment of principal and accrued but unpaid
interest will be made only after surrender of the relevant Note Certificate at the Designated Office.

 

		(b)	When making payments to Noteholder, all cash payments shall be made in US Dollar and fractions of one
US Dollar will be rounded down to the nearest US Dollar.

 

		8.2	Registered Accounts

 

For the purposes of this Instrument, a “Registered
Account” means the USD account maintained by or on behalf of the Noteholder as the Noteholder may notify to the Company from
time to time, details of which appear on the Register of Noteholders on the second Business Day before the due date for payment.

 

		8.3	Fiscal Laws

 

All payments are subject to in all cases any applicable
laws in the place of payment. No commissions or expenses shall be charged to the Noteholder in respect of such payments.

 

		8.4	Payment Initiation

 

Where payment of principal amount of the Notes
is to be made by transfer to a Registered Account, payment instructions (for value on the due date or, if that is not a Business Day,
for value on the first following day which is a Business Day) given by the Company to its bank will be initiated on the Business Day on
which the relevant Note Certificate is surrendered at the Designated Office.

 

		9	REPURCHASE, REDEMPTION AND CANCELLATION

 

		9.1	Redemption at Maturity

 

Unless previously repurchased, converted or
purchased and cancelled as provided herein, the Company shall repurchase all of the Notes from the Noteholder by paying the Maturity
Redemption Price on the Maturity Date. The “Maturity Redemption Price” means an amount equal to the sum of the
principal amount of the outstanding Notes on the Maturity Date and the accrued and unpaid interest thereon.

 

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		9.2	Repurchase at Option of Holders

 

		(a)	Each Holder shall have the right, at such Holder’s option, to require the Company to repurchase
for cash on [_], 2027 (the “Repurchase Date”, and such option, the “Repurchase Option”), all of
such Holder’s Notes, or any portion thereof that is in denominations of US$200,000 principal amount and integral multiples of US$1,000
in excess thereof, at a repurchase price (the “Repurchase Price”) that is equal to 100% of the principal amount of
the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the Repurchase Date. For the avoidance of doubt, accrued
and unpaid interest payable on the Interest Payment Date falling on the Repurchase Date will not be paid to the Holders who have submitted
their Notes for repurchase on the Repurchase Date, but to the Holders of record at the close of business on the Regular Record Date immediately
preceding the Repurchase Date. Not later than 20 Business Days prior to the Repurchase Date, the Company shall send a written notice (the
“Company Notice”) to each Holder at its address shown in the Register of the Noteholders. The Company Notice shall
state:

 

		(i)	the last date on which a Holder may exercise its repurchase right pursuant to this Section 9.2 (the “Repurchase
Expiration Time”);

 

		(ii)	the Repurchase Price;

 

		(iii)	the Repurchase Date;

 

		(iv)	that the Notes with respect to which a Repurchase Notice has been delivered by a Holder may be converted
only if the Holder withdraws the Repurchase Notice in accordance with the terms of this Instrument;

 

		(v)	that the Holder shall have the right to withdraw any Notes surrendered prior to the Repurchase Expiration
Time; and

 

		(vi)	the procedures a Holder must follow to exercise its repurchase rights under this Section 9.2 and a brief
description of those rights.

 

		(vii)	No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’
repurchase rights or affect the validity of the proceedings for the repurchase of the Notes pursuant to this Section 9.2.

 

		(b)	Repurchases of Notes under this Section 9.2 shall be made, at the option of the Holder thereof, upon:

 

		(i)	delivery to the Designated Office by the Holder of a duly completed notice (the “Repurchase Notice”)
in the form set forth in Attachment 3 to the Form of Note Certificate attached hereto as Exhibit A; and

 

		(ii)	delivery of the Note Certificates to the Designated Office at any time after delivery of the Repurchase
Notice (together with all necessary endorsements), in each case of (i)
and (ii), during the period beginning at any time from the open of business on the date that is 20 Business Days prior to the Repurchase
Date until the close of business on the second Business Day immediately preceding the Repurchase Date. If a Repurchase Notice is given
and withdrawn during such period, the Company will be under no obligation to repurchase the Notes, in relation to which the Repurchase
Notice was given.

 

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Each Repurchase Notice
shall state:

 

		(A)	the certificate numbers of the Notes to be delivered for repurchase;

 

		(B)	the portion of the principal amount of the Notes to be repurchased, which must be in denominations of
$200,000 principal amount and integral multiples of $1,000 in excess thereof; and

 

		(C)	that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes
and this Instrument;

 

Notwithstanding anything
herein to the contrary, any Holder delivering to the Company the Repurchase Notice contemplated by this Section 9.2 shall have the right
to withdraw, in whole or in part, such Repurchase Notice at any time prior to the close of business on the second Business Day immediately
preceding the Repurchase Date by delivery of a duly completed written notice of withdrawal to the Designated Office in accordance with
Section 9.4. The Notes with respect to which a Repurchase Notice has been delivered by a Holder may be converted only if the Holder withdraws
the Repurchase Notice in accordance with the terms of this Instrument.

 

No Repurchase Notice
with respect to any Notes may be delivered and no Note may be surrendered for repurchase pursuant to this Section 9.2 by a Holder thereof
to the extent such Holder has also delivered a Fundamental Change Repurchase Notice with respect to such Note in accordance with Section
9.3 and has not validly withdrawn such Fundamental Change Repurchase Notice in accordance with Section 9.4.

 

		(c)	Notwithstanding the foregoing, no Notes may be repurchased by the Company at the option of the Holders
on the Repurchase Date if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or
prior to such Repurchase Date (except in the case of an acceleration resulting from a default by the Company in the payment of the Repurchase
Price with respect to such Notes). The Company will promptly return to the respective Holders thereof any Note Certificates held by it
during the acceleration of the Notes (except in the case of an acceleration resulting from a default by the Company in the payment of
the Repurchase Price with respect to such Notes), and upon such return the Repurchase Notice with respect thereto shall be deemed to have
been withdrawn.

 

		9.3	Repurchase at Option of Holders Upon a Fundamental Change

 

		(a)	If a Fundamental Change occurs at any time, each Holder shall have the right, at such Holder’s option,
to require the Company to repurchase for cash all of such Holder’s Notes, or any portion thereof that is in denominations of $200,000
principal amount and integral multiples of $1,000 in excess thereof, on the Business Day (the “Fundamental Change Repurchase
Date”) notified in writing by the Company as set forth in Section 9.3(c) that is not
less than 20 Business Days or more than 35 Business Days following the date of the Fundamental Change Company Notice at a repurchase price
equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase
Date (the “Fundamental Change Repurchase Price”), unless the Fundamental Change Repurchase Date falls after a Regular
Record Date but on or prior to the Interest Payment Date to which such Regular Record Date relates, in which case the Company shall instead
pay on such Interest Payment Date the full amount of accrued and unpaid interest to Holders of record as of such Regular Record Date,
and the Fundamental Change Repurchase Price shall be equal to 100% of the principal amount of Notes to be repurchased pursuant to this
Article 9.

 

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		(b)	Repurchases of Notes under this Section 9.3 shall be made, at the option of the Holder thereof, upon:

 

		(i)	delivery to the Company by a Holder of a duly completed notice (the “Fundamental Change Repurchase
Notice”) in the form set forth in Attachment 2 to the Form of Note Certificate attached hereto as Exhibit A; and

 

		(ii)	delivery of the Notes to the Designated Office at any time after delivery of the Fundamental Change Repurchase
Notice (together with all necessary endorsements for transfer) at the Designated Office as set forth in the Fundamental Change Repurchase
Notice, where such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor,

 

in each case (i) and
(ii), on or before the close of business on the second Business Day immediately preceding the Fundamental Change Repurchase Date.

 

The Fundamental Change
Repurchase Notice in respect of any Notes to be repurchased shall state:

 

		(iii)	the certificate numbers of the Notes to be delivered for repurchase;

 

		(iv)	the portion of the principal amount of Notes to be repurchased, which must be in denominations of $200,000
principal amount and integral multiples of $1,000 in excess thereof; and

 

		(v)	that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes
and this Instrument;

 

Notwithstanding anything herein to the
contrary, any Holder delivering to the Company the Fundamental Change Repurchase Notice contemplated by this Section 9.3 shall have the
right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business on the second
Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of a duly completed written notice of withdrawal
to the Designated Office in accordance with Section 9.4.

 

No Fundamental Change Repurchase
Notice with respect to any Notes may be delivered and no Note may be surrendered by a Holder for repurchase thereof if such Holder
has also delivered a Repurchase Notice in accordance with Section 9.2 and has not validly withdrawn such Repurchase Notice in
accordance with Section 9.4.

 

    36 

     

    

 

		(c)	On or before the 10th calendar day after the occurrence of a Fundamental Change, the Company shall provide
to all Holders a written notice (the “Fundamental Change Company Notice”) of the occurrence of the Fundamental Change
and of the repurchase right at the option of the Holders arising as a result thereof. Each Fundamental Change Company Notice shall specify:

 

		(i)	the events causing the Fundamental Change and whether such events also constitute a Make-Whole Fundamental
Change;

 

		(ii)	the date of the Fundamental Change;

 

		(iii)	the last date on which a Holder may exercise the repurchase right pursuant to this Section 9.3;

 

		(iv)	the Fundamental Change Repurchase Price;

 

		(v)	the Fundamental Change Repurchase Date;

 

		(vi)	if applicable, the Conversion Rate and any adjustments to the Conversion Rate;

 

		(vii)	if applicable, that the Notes with respect to which a Fundamental Change Repurchase Notice or Repurchase
Option has been delivered by a Holder may be converted only if the Holder withdraws the Fundamental Change Repurchase Notice or Repurchase
Notice, as the case may be, in accordance with the terms of this Instrument; and

 

		(viii)	the procedures that Holders must follow to require the Company to repurchase their Notes.

 

No failure of the Company to give the
foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of the proceedings for
the repurchase of the Notes pursuant to this Section 9.3.

 

		(d)	Notwithstanding the foregoing, no Notes may be repurchased by the Company on any date at the option of
the Holders upon a Fundamental Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded,
on or prior to such date (except in the case of an acceleration resulting from a default by the Company in the payment of the Fundamental
Change Repurchase Price with respect to such Notes). The Company will promptly return to the respective Holders thereof any Note Certificates
held by it during the acceleration of the Notes (except in the case of an acceleration resulting from a default by the Company in the
payment of the Fundamental Change Repurchase Price with respect to such Notes), and upon such return the Fundamental Change Repurchase
Notice with respect thereto shall be deemed to have been withdrawn.

 

		9.4	Withdrawal of Repurchase Notice or Fundamental Change Repurchase
Notice

 

		(a)	A Repurchase Notice or Fundamental Change Repurchase Notice may be withdrawn (in whole or in part) by
means of a duly completed written notice of withdrawal delivered to the Designated Office in
accordance with this Section 9.4 at any time prior to the close of business on the second Business Day immediately preceding the Repurchase
Date or prior to the close of business on the second Business Day immediately preceding the Fundamental Change Repurchase Date, as the
case may be, specifying:

 

    37 

     

    

 

		(i)	the principal amount of the Notes with respect to which such notice of withdrawal is being submitted,

 

		(ii)	the certificate number of the Note in respect of which such notice of withdrawal is being submitted, and

 

		(iii)	the principal amount, if any, of such Note that remains subject to the original Repurchase Notice or Fundamental
Change Repurchase Notice, as the case may be, which portion must be in denominations of $200,000 principal amount and integral multiples
of $1,000 in excess thereof.

 

		9.5	Optional Redemption by the Company for Changes in the Tax Law
of the Relevant Taxing Jurisdiction

 

		(a)	The Notes may not be redeemable by the Company at its option prior to the Maturity Date, except as set
out in Section 9.5 to Section 9.10, and no sinking fund shall be provided for the Notes. The Notes may be redeemed at the Company’s
option, in whole but not in part (a “Tax Redemption”), at the Tax Redemption Price, if the Company is or would be required
to pay Additional Amounts (which are more than a de minimis amount) as a result of:

 

		(i)	any change in the Applicable Tax Law of a Relevant Taxing Jurisdiction, which change is not publicly announced
before, and becomes effective after, the date when the Notes are initially issued (or, if the applicable taxing jurisdiction became a
Relevant Taxing Jurisdiction on a date after the Notes are initially issued, such later date); or

 

		(ii)	any change on or after the date when the Notes are initially issued or, in the case of a Successor Company,
after the date such Successor Company assumes all of the Company’s obligations under the Notes and this Instrument, in an interpretation,
administration or application of such Applicable Tax Law by any legislative body, court, governmental agency, taxing authority or regulatory
or administrative authority of such relevant taxing jurisdiction (including the enactment of any legislation and the announcement or publication
of any judicial decision or regulatory or administrative interpretation or determination),

 

(each such change,
a “Change in Tax Law”); provided that the Company cannot avoid these obligations by taking reasonable measures available
to it (provided that changing the Company’s jurisdiction of organization or domicile shall not be considered a reasonable measure)
and further provided that, prior to or simultaneously with the Tax Redemption Notice, the Company delivers to the Noteholders an Officers’
Certificate stating that such obligation cannot be avoided by taking reasonable measures available to the Company.

 

    38 

     

    

 

		(b)	If the Tax Redemption Date falls after a Regular Record Date and on or prior to the immediately following
Interest Payment Date, the Company shall, on or, at its election, before such Interest Payment Date, pay the full amount of accrued and
unpaid interest, and any Additional Amounts with respect to such interest, due on such interest payment date to the Holder of the Notes
on the Regular Record Date corresponding to such Interest Payment Date.

 

		(c)	The Company shall notify the Noteholders in writing of its election and the date on which such interest
and any Additional Amounts with respect to such interest will be paid at the time it provides such Tax Redemption Notice.

 

		9.6	Notice of Tax Redemption

 

		(a)	In the event that the Company exercises its Tax Redemption right pursuant to Section 9.5, it shall fix
a date for redemption (the “Tax Redemption Date”) and it shall send, or cause to be sent, a written notice of such
Tax Redemption prepared by the Company (a “Tax Redemption Notice”) not less than 30 nor more than 60 calendar days
prior to the Tax Redemption Date to each Holder of Notes so to be redeemed at its last address as the same appears on the Register of
Noteholders. The Tax Redemption Date must be a Business Day.

 

		(b)	The Company shall not give any Tax Redemption Notice earlier than 60 days prior to the earliest date on
which the Company would be obligated to pay any Additional Amounts, and the obligation to pay such Additional Amounts must be in effect
at the time such Tax Redemption Notice is given. Simultaneously with providing such notice, the Company shall publish a notice containing
this information in a newspaper of general circulation in The City of New York or publish the information on its website or through such
other public medium as it may use at that time.

 

		(c)	The Tax Redemption Notice, if sent in the manner herein provided, shall be conclusively presumed to have
been given duly, whether or not the Holder receives such notice. In any case, failure to give such Tax Redemption Notice or any defect
in the Tax Redemption Notice to the Holder of any Note designated for redemption shall not affect the validity of the proceedings for
the redemption of any other Note.

 

		(d)	Each Tax Redemption Notice shall specify:

 

		(i)	the Tax Redemption Date;

 

		(ii)	the Tax Redemption Price;

 

		(iii)	the place or places where such Notes are to be surrendered for payment of the Tax Redemption Price;

 

		(iv)	that on the Tax Redemption Date, the Tax Redemption Price will become due and payable upon each Note to
be redeemed, and that the interest thereon, if any, shall cease to accrue on and after the Tax Redemption Date;

 

		(v)	that Holders may surrender their Notes for conversion at any time prior to the close of business on the
second Business Day immediately preceding the Tax Redemption Date;

 

    39 

     

    

 

		(vi)	the procedures a converting Holder must follow to convert its Notes;

 

		(vii)	that Holders have the right to elect not to have their Notes redeemed by delivery to the Company a written
notice to that effect not later than the second Business Day immediately preceding the Tax Redemption Date;

 

		(viii)	that Holders who wish to elect not to have their Notes redeemed must satisfy the requirements set forth
herein;

 

		(ix)	that, at and after the Tax Redemption Date, Holders who elect not to have their Notes redeemed (a) will
not receive any Additional Amounts with respect to payments or delivery (including consideration due in respect of conversion, the Repurchase
Price or the Fundamental Change Repurchase Price, and whether payable in cash, Conversion Securities or otherwise) made in respect to
such Holders’ Notes solely as a result of the Change in Tax Law that caused such Additional Amounts to be paid after the Tax Redemption
Date and (b) all future payments (including consideration due in respect of conversion, the Repurchase Price or the Fundamental Change
Repurchase Price, and whether payable in cash, Conversion Securities or otherwise) with respect to the Notes will be subject to any tax
required to be withheld or deducted under the laws of a Relevant Taxing Jurisdiction, as a result of such Change in Tax Law; provided
that, notwithstanding the foregoing, if a Holder electing not to be subject to a Tax Redemption converts its Notes in connection with
such Tax Redemption, the Company will be obligated to pay Additional Amounts, if any, with respect to such conversion; and

 

		(x)	the Conversion Rate and, if applicable, the number of ADSs added to the Conversion Rate in accordance
with Section 7.3.

 

A Tax Redemption Notice
shall be irrevocable and shall not be subject to conditions. In the case of a Tax Redemption, a Holder may convert its Notes at any time
until the close of business on the second Business Day preceding the Tax Redemption Date.

 

		9.7	Payment of Notes Called for Tax Redemption for Taxation

 

If any Tax Redemption
Notice has been given in respect of the Notes in accordance with Section 9.6, the Notes shall become due and payable on the Tax Redemption
Date at the place or places stated in the Tax Redemption Notice and at the applicable Tax Redemption Price. On presentation and surrender
of the Notes at the place or places stated in the Tax Redemption Notice, the Notes shall be paid and redeemed by the Company and the applicable
Tax Redemption Price.

 

		9.8	Holders’ Right to Avoid Redemption

 

Notwithstanding
anything to the contrary in Sections 9.5 to 9.10, if the Company has given a Tax Redemption Notice as described in Section 9.6, each
Holder of Notes will have the right to elect that such Holder’s Notes will not be subject to Tax Redemption. If a Holder
elects not to be subject to a Tax Redemption, the Company will not be required to pay any Additional Amounts (including
consideration due in respect of conversion, Repurchase Price or Fundamental Change Repurchase Price, and whether payable in cash,
Conversion Securities or otherwise) with respect to any payment of interest, payment of principal or delivery made in respect of
such Holder’s Notes following the Tax Redemption Date solely as a result of the Change in Tax Law that caused such Additional
Amounts to be paid after the Tax Redemption Date, and all subsequent payments in respect of such Holder’s Notes will be
subject to any tax required to be withheld or deducted under the laws of a Relevant Taxing Jurisdiction, as a result of the Change
in Tax Law; provided that, notwithstanding the foregoing, if a Holder electing not to be subject to a Tax Redemption converts its
Notes in connection with such Tax Redemption, the Company will be obligated to pay Additional Amounts, if any, with respect to such
conversion. The obligation to pay Additional Amounts to any electing Holder for periods up to the Tax Redemption Date shall remain
subject to the exceptions set forth under Section 10.4. Where no election is made, the Holder will have its Notes redeemed without
any further action. Holders must exercise their option to elect to avoid a Tax Redemption by written notice to the Company no later
than the close of business on the second Business Day immediately preceding the Tax Redemption Date, provided that a Holder that has
complied with the requirements set forth in Section 7.2 will be deemed to have delivered a notice of its election to avoid a Tax
Redemption.

 

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		9.9	Restrictions on Tax Redemption

 

The Company may not
redeem any Notes on any date if the principal amount of the Notes has been accelerated in accordance with the terms of this Instrument,
and such acceleration has not been rescinded, on or prior to the Tax Redemption Date (except in the case of an acceleration resulting
from a Default by the Company in the payment of the Tax Redemption Price with respect to such Notes).

 

		9.10	Withdrawal of Notice of Election to Avoid a Tax Redemption

 

A Holder may withdraw
any notice of election to avoid a Tax Redemption (other than such a deemed notice of election) made pursuant to Section 9.8, by delivering
to the Company a written notice of withdrawal prior to the close of business on the second Business Day immediately preceding the Tax
Redemption Date (or, if the Company fails to pay the redemption price on the Tax Redemption Date, such later date on which the Company
pays the Tax Redemption Price).

 

		9.11	Company-Owned Notes Disregarded

 

In determining whether the Holders of the requisite
aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Instrument, Notes that
are owned by the Company, by any Subsidiary or by any Affiliate of the Company or any Subsidiary shall be disregarded and deemed not to
be outstanding for the purpose of any such determination. Notwithstanding the foregoing, Notes so owned that have been pledged in good
faith may be regarded as outstanding for the purposes of this Section 9.11 if the pledgee shall establish its right to so act with respect
to such Notes and that the pledgee is not the Company, a Subsidiary or an Affiliate of the Company or a Subsidiary.

 

		10	PARTICULAR COVENANTS OF THE COMPANY

 

		10.1	Payment of Principal and Interest

 

The Company covenants and agrees that it
will cause to be paid the principal (including the Repurchase Price, the Tax Redemption Price and the Fundamental Change Repurchase
Price, if applicable) of, and accrued and unpaid interest on, each of the Notes at the places, at the respective times and in the
manner provided herein and in the Notes.

 

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		10.2	Existence

 

Subject to Article 11, the Company shall do or
cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. The Company shall promptly
provide the Noteholders with written notice of any change to its name, jurisdiction of incorporation or change to its corporate organization.

 

		10.3	Limitation on Liens

 

		(a)	The Company undertakes that, during the Lock-up Period (as defined in the Purchase Agreement) (and thereafter
no such restriction shall apply), it will not, and shall procure that its Subsidiaries will not, create any Security Interest upon the
whole or any part of its present or future assets or revenues to secure any Relevant Indebtedness (or any guarantee or indemnity in respect
thereof) unless, (a) at the same time or prior thereto, the Company’s obligations under the Notes are secured equally and rateably
by the same Security Interest or, by such other security, guarantee, indemnity or other arrangement as the Trustee in its absolute discretion
shall deem to be not materially less beneficial to the Noteholders or as shall be approved by the Noteholders or (b) such Security Interest
is a Permitted Security Interest.

 

		(b)	In this Section 10.3:

 

		(i)	“Permitted Security Interest” means:

 

		(A)	any Security Interest over any assets or property in connection with any indebtedness incurred under any
non-recourse financing arrangements provided that such financing and security arrangements have been entered into in accordance with customary
market practice; and

 

		(B)	any Security Interest arising as a result of any mandatory operation of law;

 

		(ii)	“Security Interest” means any mortgage, charge, pledge, lien, assignment by way of
security or any other security interest; and

 

		(iii)	“Relevant Indebtedness” means any future or present indebtedness incurred outside the
PRC in the form of or represented by any debentures, loan stock, bonds, notes or other similar securities which are convertible or exchangeable
into Capital Stock of the Company which are, or capable of being, quoted, listed, ordinarily dealt in or traded on any stock exchange
or over the counter or any other securities market (whether or not initially distributed by way of private placement). For the avoidance
of doubt, Relevant Indebtedness shall not include indebtedness under any secured transferable loan facility (which term shall for these
purposes mean any agreement for or in respect of indebtedness for borrowed money entered into with one or more banks and/or financial
institutions whereunder rights and (if any) obligations may be assigned and/or transferred) or any indebtedness with a maturity date of
364 days or less.

 

    42 

     

    

 

		10.4	Additional Amounts

 

		(a)	All payments and deliveries made by, or on behalf of, the Company or any successor to the Company under
or with respect to this Instrument and the Notes, including, but not limited to, payments of principal (including, if applicable, the
Repurchase Price, the Tax Redemption Price and the Fundamental Change Repurchase Price), premium, if any, payments of interest, including
any additional interest and payments of cash and/or deliveries of Conversion Securities or any other consideration due on a conversion
of a Note (together with payment of cash in lieu of any fractional Conversion Securities or other consideration) upon conversion of the
Notes, shall be made without withholding, deduction or reduction for any other collection at source for, or on account of, any present
or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied (including any penalties and interest
related thereto) (the “Applicable Taxes”), unless such withholding, deduction or reduction is required by law or by
other regulation or governmental policy having the force of law (including an official interpretation or application of such laws or regulations
by any legislative body, court, governmental agency, taxing authority or regulatory authority) (“Applicable Tax Law”).
In the event that any such withholding or deduction is required by or within (x) the Cayman Islands or the PRC (or, in each case, any
political subdivision or taxing authority thereof or therein), (y) any jurisdiction in which the Company or any successor are, for tax
purposes, incorporated, organized or resident or doing business (or any political subdivision or taxing authority thereof or therein)
or (z) any jurisdiction from or through which payment is made or deemed made (or any political subdivision or taxing authority thereof
or therein) (each of (x), (y) and (z), as applicable, a “Relevant Taxing Jurisdiction”), the Company shall pay or deliver
to the Holder of each Note such additional amounts of cash, Conversion Securities or other consideration, as applicable (the “Additional
Amounts”) as may be necessary to ensure that the net amount received by the beneficial owner after such withholding or deduction
(and after deducting any Applicable Taxes on the additional amounts) will equal the amounts that would have been received by such beneficial
owner had no such withholding or deduction been required; provided that no additional amounts will be payable:

 

		(i)	for or on account of:

 

		(A)	any Applicable Taxes that would not have been imposed but for:

 

		(I)	the existence of any present or former connection between the relevant Holder or beneficial owner of such
Note and the Relevant Taxing Jurisdiction, other than merely acquiring or holding such Note, receiving Conversion Securities (together
with payment of cash for any fractional Conversion Securities) or other consideration upon conversion of such Note or the receipt of payments
or the exercise or enforcement of rights thereunder, including such Holder or beneficial owner being or having been a national, domiciliary
or resident of such Relevant Taxing Jurisdiction or treated as a resident thereof or being or having been physically present or engaged
in a trade or business therein or having or having had a permanent establishment therein;

 

    43 

     

    

 

		(II)	the presentation of such Note (in cases in which presentation is required) more than 30 days after the
later of the date on which the payment of the principal of (including the Repurchase Price, the Tax Redemption Price and the Fundamental
Change Repurchase Price, if applicable), premium, if any, and interest, including any additional interest on, such Note or the delivery
of Conversion Securities (together with payment of cash in lieu of any fractional Conversion Securities) upon conversion of such Note
became due and payable pursuant to the terms thereof or was made or duly provided for (except to the extent that the Holder or beneficial
owner of such Note would have been entitled to Additional Amounts had such Note been presented for payment on the last day of such 30-day
period); or;

 

		(III)	the failure of the Holder or beneficial owner to comply with a timely written request from the Company
or any successor of the Company, addressed to the Holder or beneficial owner, as the case may be, in each case, to the extent such Holder
or beneficial owner is legally entitled to, to provide certification, information, documents or other evidence concerning such Holder’s
or beneficial owner’s nationality, residence, identity or connection with the Relevant Taxing Jurisdiction, or to make any declaration
or satisfy any other reporting requirement relating to such matters, if and to the extent that due and timely compliance with such request
is required by statute, regulation or administrative practice of the Relevant Taxing Jurisdiction in order to reduce or eliminate any
withholding or deduction as to which Additional Amounts would have otherwise been payable to such Holder or beneficial owner; provided
that, in the case of Applicable Taxes that are value-added taxes or other local levies imposed by the PRC, the provision of any certification,
information, documents or other evidence described in this clause (i)(A)(III) would not be materially more onerous, in form, in procedure,
or in the substance of information disclosed, to a holder or a beneficial owner than comparable information or other reporting requirements
imposed under U.S. tax law, regulations and administrative practice (such as U.S. Internal Revenue Service Forms W-8BEN, W-8BEN-E and
W-9, or any successor forms), and reasonable procedure for the collection of such documentation has been implemented and is in effect
at the time that such written request is received;

 

		(B)	any estate, inheritance, gift, sale, personal property or similar Applicable Taxes;

 

		(C)	any Applicable Taxes that are payable otherwise than by withholding, deduction from payments under or
with respect to the Notes;

 

		(D)	any Applicable Taxes required to be withheld or deducted under Sections 1471 to 1474 of the U.S. Internal
Revenue Code of 1986, as amended (the “Code”) (or any amended or successor versions of such Sections that is substantively comparable
and not materially more onerous to comply with) (“FATCA”), any regulations or other official guidance thereunder, any
intergovernmental agreement or agreement pursuant to Section 1471(b)(1) of the Code entered into in connection with FATCA, or any law,
regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement; or

 

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		(E)	any combination of Applicable Taxes referred to in the preceding clauses (A), (B), (C) or (D); or

 

		(ii)	with respect to any payment of the principal of (including the Repurchase Price, the Tax Redemption Price
and the Fundamental Change Repurchase Price, if applicable), premium, if any, and interest on, such Note to a Holder, if the Holder is
a fiduciary, partnership or Person other than the sole beneficial owner of that payment to the extent that such payment would be required
to be included in the income under the laws of the Relevant Taxing Jurisdiction, for tax purposes, of a beneficiary or settlor with respect
to the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to such Additional Amounts had that
beneficiary, settlor, partner or beneficial owner been the Holder thereof.

 

		(b)	The Company or its successor shall pay and indemnify each Holder and beneficial owner for any present
or future stamp, issue, registration, value added, court or documentary taxes, or any other excise or property taxes, charges or similar
levies or taxes (including penalties, interest and any other reasonable expenses related thereto) which are levied by any Relevant Taxing
Jurisdiction (and in the case of enforcement, any jurisdiction) on the execution, delivery, registration or enforcement of any of the
Notes, this Instrument or any other document or instrument referred to therein or the receipt of payments with respect thereto (including
the receipt of Conversion Securities (together with payment of cash for any fractional Conversion Securities) or other consideration due
upon conversion). Any such payments and indemnities shall be treated as Additional Amounts payable pursuant to Applicable Tax Law for
purposes of Section 9.5 hereof.

 

		(c)	If the Company becomes obligated to pay Additional Amounts with respect to any payment or delivery under
or with respect to the Notes, the Company shall deliver to the Noteholders, on a date that is at least 30 days prior to the date of that
payment or delivery (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment or delivery date,
in which case the Company shall notify the Noteholders promptly thereafter) an Officers’ Certificate stating the fact that Additional
Amounts will be payable and the amount estimated to be so payable.

 

		(d)	The Company will make all withholdings and deductions required by law and will remit the full amount deducted
or withheld to the relevant taxing authority in accordance with applicable law.

 

		(e)	Any reference in this Instrument or the Notes in any context to the payment of cash and/or the delivery
of Conversion Securities (together with payment of cash for any fractional Conversion Securities) or other consideration upon conversion
of the Notes or the payment of principal of (including the Repurchase Price, the Tax Redemption Price and the Fundamental Change Repurchase
Price, if applicable), any premium or interest including any additional interest on, any Note or any other amount payable with respect
to such Note, shall be deemed to include any payment of Additional Amounts provided for in this Instrument to the extent that, in such
context, Additional Amounts are, were or would be payable i respect thereof.

 

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		(f)	The foregoing obligations shall survive termination, defeasance or discharge of this Instrument or any
transfer by a Holder or beneficial owner of its Notes and will apply mutatis mutandis to any jurisdiction in which any Successor Company
is then, for tax purposes, incorporated, organized or resident or doing business (or any political subdivision or taxing authority thereof
or therein) or any jurisdiction from or through which payment under or with respect to the Notes is made or deemed made by or on behalf
of such Successor Company (or any political subdivision or taxing authority thereof or therein).

 

		10.5	Stay, Extension and Usury Laws

 

The Company covenants (to the extent that it may
lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay, extension or usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal
of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants
or the performance of this Instrument; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage
of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein
granted to the Holders, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

		11	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

 

		11.1	Company May Consolidate, etc., on Certain Terms

 

Subject to the provisions of Section 11.2, the Company
shall not consolidate with, merge with or into, or sell, convey, transfer lease or otherwise dispose of all or substantially all of its
properties and assets to another Person other than to one or more of the wholly-owned Subsidiaries of the Company, unless:

 

		(a)	the resulting, surviving or transferee Person or the Person which acquires by conveyance, transfer, lease
or other disposition all or substantially all of the Company’s properties and assets (the “Successor Company”),
if not the Company, shall be a corporation, company, limited liability company, partnership, trust or other business entity organized
and existing under the laws of the United States of America, any State thereof, the District of Columbia, the Cayman Islands, the British
Virgin Islands, Bermuda or Hong Kong, and the Successor Company (if not the Company) shall expressly assume, by a supplemental Instrument
all of the obligations of the Company under the Notes and this Instrument (including, for the avoidance of doubt, the obligation to pay
Additional Amounts pursuant to Section 10.4);

 

		(b)	immediately after giving effect to such transaction, no Default or Event of Default shall have occurred
and be continuing under this Instrument with respect to the Notes;

 

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		(c)	the Company shall have undertaken commercially reasonable efforts to restructure the Notes so that, after
any such transaction is given effect, any conversion of the Notes will be exempt from the registration requirements of the Securities
Act pursuant to Section 3(a)(9) thereof; and

 

		(d)	if, upon the occurrence of any such transaction, (x) the Notes would become convertible pursuant to the
terms of this Instrument into securities issued by an issuer other than the Successor Company, and (y) the Successor Company is a wholly
owned subsidiary of the issuer of such securities into which the Notes have become convertible, such other issuer shall fully and unconditionally
guarantee on a senior basis the Successor Company’s obligations under this Instrument and the Notes.

 

For purposes of this Section 11.1, the sale, conveyance,
transfer, lease or disposition of all or substantially all of the properties and assets of one or more Subsidiaries of the Company to
another Person, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially
all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the sale, conveyance, transfer, lease or
disposition of all or substantially all of the properties and assets of the Company to another Person.

 

		11.2	Successor Corporation to Be Substituted

 

In case of any such consolidation, merger, sale,
conveyance, transfer, lease or disposition and upon the assumption by the Successor Company, by supplemental Instrument, executed and
delivered to the Noteholders and satisfactory in form to the Noteholders, of the due and punctual payment of the principal of and accrued
and unpaid interest on all of the Notes (including, for the avoidance of doubt, any Additional Amounts), the due and punctual delivery
or payment, as the case may be, of any consideration due upon conversion of the Notes (including, for the avoidance of doubt, any Additional
Amounts) and the due and punctual performance of all of the covenants and conditions of this Instrument to be performed by the Company,
such Successor Company (if not the Company) shall succeed to and, except in the case of a lease of all or substantially all of the Company’s
properties and assets, shall be substituted for the Company, with the same effect as if it had been named herein as the party of the first
part. Such Successor Company thereupon may cause to be signed, and may issue either in its own name or in the name of the Company any
or all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Noteholders. All
the Notes so issued shall in all respects have the same legal rank and benefit under this Instrument as the Notes theretofore or thereafter
issued in accordance with the terms of this Instrument as though all of such Notes had been issued at the date of the execution hereof.
In the event of any such consolidation, merger, sale, conveyance, transfer or disposition (but not in the case of a lease), upon compliance
with this Article 11, the Person named as the “Company” in the first paragraph of this Instrument (or any successor that shall
thereafter have become such in the manner prescribed in this Article 11) may be dissolved, wound up and liquidated at any time thereafter
and, except in the case of a lease, such Person shall be released from its liabilities as obligor and maker of the Notes and from its
obligations under this Instrument and the Notes.

 

In case of any such consolidation, merger, sale,
conveyance, transfer, lease or disposition, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter
to be issued as may be appropriate.

 

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		12	DEFAULT AND REMEDIES

 

		12.1	Events of Default

 

The following events shall be “Events
of Default” with respect to the Notes:

 

		(a)	failure by the Company to pay any installment of interest or Additional Amounts, if any, on any of the
Notes, when due and payable, which failure continues for 30 days after the date when due;

 

		(b)	failure by the Company to pay when due the principal, the Tax Redemption Price, the Repurchase Price or
any Fundamental Change Repurchase Price of any Note, in each case, when the same becomes due and payable;

 

		(c)	failure by the Company to deliver when due the consideration (including any Conversion Securities and/or
Reference Property, as the case may be) deliverable upon conversion of any Notes and such failure continues for a period of four Business
Days;

 

		(d)	failure by the Company to issue a Tax Redemption Notice in accordance with Section 9.6, the Company Notice
pursuant to Section 9.2, a Fundamental Change Company Notice in accordance with Section 9.3(c) or notice of a Make-Whole Fundamental Change
or a Tax Redemption in accordance with Section 7.4(a), in each case, when due, and such failure continues for a period of five Business
Days;

 

		(e)	failure by the Company to comply with its obligations under Article 11;

 

		(f)	failure by the Company for 60 days after receipt of a written notice to the Company by the Holders of
at least 25% in the aggregate principal amount of the Notes then outstanding to perform or observe (or obtain a waiver with respect to)
any of its terms, covenants or agreements contained in the Notes or this Instrument not otherwise provided for in this Section 12.1;

 

		(g)	default by the Company or any Subsidiary of the Company with respect to any mortgage, agreement or other
instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in
excess of US$40 million (or the foreign currency equivalent thereof) in the aggregate of the Company and/or any such Subsidiary, whether
such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable
or (ii) constituting a failure to pay the principal or interest of any such indebtedness when due and payable at its stated maturity,
upon redemption, upon required repurchase, upon declaration of acceleration or otherwise, in each case, after the expiration of any applicable
grace period, if such default is not cured or waived, or such acceleration is not rescinded, within 30 days after written notice to the
Company by the Holders of at least 25% in the aggregate principal amount of the Notes then outstanding, in accordance with this Instrument;

 

		(h)	a final judgment for the payment of US$40 million (or the foreign currency equivalent thereof) or more
(excluding any amounts covered by insurance or bond) rendered against the Company or any Subsidiary of the Company by a court of competent
jurisdiction, which judgment is not discharged, bonded, stayed, vacated, paid or otherwise satisfied within 60 days after (i) the date
on which the right to appeal thereof has expired if no such appeal has commenced,
or (ii) the date on which all rights to appeal have been extinguished;

 

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		(i)	the Company or any Significant Subsidiary shall commence a voluntary case or other proceeding or procedure
(including, without limitation, the passing of a resolution for its voluntary liquidation) seeking liquidation, reorganization or other
relief with respect to the Company or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law
now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company
or any such Significant Subsidiary or any substantial part of its property, or shall consent to any such relief or to the appointment
of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general
assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due; or

 

		(j)	an involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary
seeking liquidation, reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of the Company or such Significant Subsidiary or any substantial part of its property.

 

		12.2	Acceleration; Rescission and Annulment

 

		(a)	If one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event
of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body), then, and in each and every such case
(other than an Event of Default specified in Section 12.1(i) or Section 12.1(j) with respect to the Company or any of its Significant
Subsidiaries), unless the principal of all of the Notes shall have already become due and payable, the Holders of at least 25% in aggregate
principal amount of the Notes then outstanding determined subject to Section 9.11, by notice in writing to the Company may declare up
to 100% of the principal of, and accrued and unpaid interest on, all the Notes to be due and payable immediately, and upon any such declaration
the same shall become and shall automatically be immediately due and payable, notwithstanding anything contained in this Instrument or
in the Notes to the contrary. If an Event of Default specified in Section 12.1(i) or Section 12.1(j) with respect to the Company or any
of its Significant Subsidiaries occurs and is continuing, 100% of the principal of, and accrued and unpaid interest on, all Notes shall
become and shall automatically be immediately due and payable without any action on the part of the Holders.

 

		(b)	Section 12.2(a) shall be subject to the conditions that, if at any time after the principal of the
                                                           Notes shall have been so declared due and payable as provided in the immediately preceding paragraph, and before any judgment or
                                                           decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall
                                                           deposit with the Noteholder a sum sufficient to pay installments of accrued and unpaid interest upon all Notes and the principal of
                                                           any and all Notes that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and
                                                           unpaid interest, to the extent that payment of such interest is enforceable under applicable law, and on such principal at the rate
                                                           per annum borne by the Notes plus 1.00%), and if (1) rescission
would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all existing Events of Default under
this Instrument, other than the nonpayment of the principal of and accrued and unpaid interest on Notes that shall have become due solely
by such acceleration, shall have been cured or waived, then and in every such case (except as provided in the immediately succeeding sentence)
the Holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice to the Company, may waive all
Defaults or Events of Default with respect to the Notes and rescind and annul such declaration and its consequences and such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Instrument; but
no such waiver or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair
any right consequent thereon. Notwithstanding anything to the contrary herein, no such waiver or rescission and annulment shall extend
to or shall affect any Default or Event of Default resulting from (i) the nonpayment of the principal of, or accrued and unpaid interest
on, any Notes, (ii) a failure to pay the Tax Redemption Price, the Repurchase Price or any Fundamental Change Repurchase Price of any
Note or (iii) a failure to deliver the consideration (including any Conversion Securities and/or Reference Property, as the case may be)
due upon conversion of the Notes.

 

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		12.3	[Reserved].

 

		12.4	Payments of Notes on Default; Suit Therefor

 

		(a)	If an Event of Default described in clause (a) or (b) of Section 12.1 shall have occurred, the Company
shall, upon demand of Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined subject to Section
9.11, pay the whole amount then due and payable on the Notes for principal and interest, if any, with interest on any overdue principal
and interest, if any, at the rate per annum borne by the Notes at such time plus 1.00%. If the Company shall fail to pay such amounts
forthwith upon such demand, the Noteholders may institute a judicial proceeding for the collection of the sums so due and unpaid, may
prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes
and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other
obligor upon the Notes, wherever situated.

 

		(b)	In the event there shall be pending proceedings for the bankruptcy or for the reorganization of the Company
or any other obligor on the Notes under Title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee
or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession
of the Company or such other obligor, the property of the Company or such other obligor, or in the event of any other judicial proceedings
relative to the Company or such other obligor upon the Notes, or to the creditors or property of the Company or such other obligor, the
Noteholder, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Noteholder shall have made any demand pursuant to the provisions of this Section 12.4, shall
be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount
of principal and accrued and unpaid interest, if any, in respect of the Notes, and, in case of any judicial proceedings, to file such
proofs of claim and other papers or documents
and to take such other actions as it may deem necessary or advisable in order to have the claims of the Holders allowed in such judicial
proceedings relative to the Company or any other obligor on the Notes, its or their creditors, or its or their property, and to collect
and receive any monies or other property payable or deliverable on any such claims.

 

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		12.5	Notice of Defaults and Events of Default

 

The Company shall immediately notify the Noteholder
in writing upon its awareness of the occurrence of any of the Event of Default.

 

		13	REPLACEMENT OF NOTE CERTIFICATES

 

		(a)	If any Note Certificate is mutilated, defaced, destroyed, stolen or lost, it may be replaced at the Designated
Office upon payment by the claimant of such costs as may be incurred in connection therewith and on such terms as to evidence and indemnity
as the Company may reasonably require. Mutilated or defaced Note Certificates must be surrendered before replacements will be issued.

 

		(b)	Upon request of the Holder for the Instrument to be broken down into a number of note Instruments of smaller
principal amounts, the Company shall issue additional Note Certificates of such smaller principal amounts without charge and cause the
Register of Noteholders to be updated accordingly at the Company’s expense, the within seven (7) Business Days after the date of
such request, provided that the existing Note Certificate of this Instrument shall be surrendered by the Holder to the Company
for cancellation.

 

		14	PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS

 

If (i) any Note is placed in the hands of an attorney
for collection or enforcement or is collected or enforced through any legal proceeding or a Holder otherwise takes action to collect amounts
due under any Note or to enforce the provisions of such Note or (ii) there occurs any bankruptcy, reorganization, receivership of the
Company or other proceedings affecting Company creditors’ rights and involving a claim under any Note, then the Company shall pay
the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership
or other proceeding, including documented attorneys’ fees and disbursements.

 

		15	SUCCESSORS AND ASSIGNS

 

The Notes apply to, inure to the benefit of, and
bind, the successors and assigns of the Company and the Noteholder; provided, however, that the Company may not assign any of its
rights or transfer any of its obligations under the Notes without the written consent of the Noteholder. For the avoidance of doubt and
notwithstanding anything to the contrary in Article 6 of this Instrument, the Noteholder may transfer this Note or any portion hereof
to any of its Affiliates at any time after the date hereof without the written consent of the Company or any other party.

 

		16	AMENDMENTS AND WAIVERS; NOTICES

 

		(a)	The amendment or waiver of any term of this Instrument shall be subject to the written consent of the
holders of at least a majority of the aggregate principal amount of the Notes then outstanding and the Company.

 

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		(b)	Except as may be otherwise provided herein, all notices, requests, waivers and other communications made
pursuant to this Instrument shall be in writing to the number or address set forth in Register of Noteholders and shall be conclusively
deemed to have been duly given (a) when hand-delivered to the other parties, upon delivery; (b) when sent by facsimile or electronic mail
at the number or address upon receipt of confirmation of error-free transmission or, in the case of electronic mail, upon such mail being
sent unless the sending party subsequently learns that such electronic mail was not successfully delivered; (c) seven (7) Business Days
after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid; or (d) three (3) Business Days after deposit
with an overnight delivery service, postage prepaid with next-business-day delivery guaranteed, provided that the sending party
receives a confirmation of delivery from the delivery service provider. A party may change or supplement the addresses given above, or
designate additional addresses, for purposes of this Article 16 by giving the other parties written notice of the new address in the manner
set forth above.

 

		17	SEVERABILITY

 

Any term of this Instrument that is prohibited
or unenforceable in a jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

 

		18	DELAYS OR OMISSIONS

 

No delay or failure by any party to insist on
the strict performance of any provision of this Instrument, or to exercise any power, right or remedy, will be deemed a waiver or impairment
of such performance, power, right or remedy or of any other provision of this Instrument, nor shall it be construed to be a waiver of
any breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring.

 

		19	REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF

 

The remedies provided in this Instrument and
the Notes shall be cumulative and in addition to all other remedies available under this Instrument and the Notes, at law or in
equity (including a decree of specific performance and/or other injunctive relief), and nothing herein or therein shall limit any
Holder’s right to pursue actual damages for any failure by the Company to comply with the terms of this Instrument or the
Notes. In addition, where a Holder has duly exercised its Conversion Rights in accordance with this Instrument, nothing herein shall
prejudice such Holder from making any claim for the value of the Conversion Securities which are required to be delivered by the
Company in accordance with the terms of this Instrument to satisfy the Conversion Obligation to which such Conversion Rights relate.
Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be
the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of
the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder shall cause
irreparable harm to the Holders and that the remedy at law for any such breach shall be inadequate. The Company therefore agrees
that, in the event of any such breach or threatened breach, the Holders shall be entitled, in addition to all other available
remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other
security being required.

 

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		20	SANCTIONS

 

The Company covenants and represents that neither
it nor any of its Affiliates, Subsidiaries, directors or officers are the target or subject of any sanctions enforced by the U.S. Government,
(including the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”)), the United Nations Security
Council, the European Union, HM Treasury, or other relevant sanctions authority (collectively “Sanctions”). The Company covenants
and represents that neither it nor any of its Affiliates, Subsidiaries, directors or officers use any payments made pursuant to this Instrument,
(i) to fund or facilitate any activities of or business with any person who, at the time of such funding or facilitation, is the subject
or target of Sanctions, (ii) to fund or facilitate any activities of or business with any country or territory that is the target or subject
of Sanctions, or (iii) in any other manner that will result in a violation of Sanctions by any person and as if those Sanctions applied
to the Company.

 

		21	PRIVATE PLACEMENT EXEMPT FROM REGISTRATION

 

This Instrument, the Notes and the Conversion
Securities to be issued upon conversion of the Notes have not been and will not be registered under the Securities Act or any state securities
laws and may not be offered or sold in the United States or to or for the account of U.S. persons, except pursuant to an exemption from,
or in a transaction not subject to, the registration requirements of the Securities Act. The Instrument and the Notes are being offered
and sold outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act.

 

		22	GOVERNING LAW AND JURISDICTION

 

22.1        
This Instrument and the Notes, and any claim, controversy or dispute arising under or
related to this Instrument and the Notes, shall be governed by, and construed in accordance with, the laws of the State of New York.

 

22.2        
Jurisdiction.

 

The Company irrevocably consents and agrees, for
the benefit of the Holders from time to time of the Notes, that any legal action, suit or proceeding against it with respect to obligations,
liabilities or any other matter arising out of or in connection with this Instrument or the Notes may be brought in the federal courts
of the United States of America or the courts of the State of New York, in each case, located in the City of New York, New York (collectively,
the “specified courts”) and hereby irrevocably consents and submits to the non-exclusive jurisdiction of each such
court in personam, generally and unconditionally with respect to any action, suit or proceeding for itself in respect of its properties,
assets and revenues.

 

The
Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have
to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Instrument brought
in the specified courts and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that
any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

 

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22.3        
 Submission to Jurisdiction; Service of Process.

 

The
Company irrevocably appoints [Cogency Global Inc.] as its authorized agent in the City of New York upon which process may be served in
any such suit or proceeding, and agrees that service of process upon such agent, and written notice of said service to the Company by
the person serving the same to: 

 

[GDS
Holdings Limited

 

c/o
Cogency Global Inc. 

 

[●]]

 

shall
be deemed in every respect effective service of process upon the Company in any such suit or proceeding. The Company further agrees to
take any and all action as may be necessary to maintain such designation and appointment of such agent in full force and effect for a
period of five and a half years from the date of this Instrument. If for any reason such agent shall cease to be such agent for service
of process, the Company shall forthwith appoint a new agent of recognized standing for service of process in the State of New York and
deliver to the Holders a copy of the new agent’s acceptance of that appointment within ten Business Days of such acceptance. Nothing
herein shall affect the right of any Holder to serve process in any other manner permitted by law or to commence legal proceedings or
otherwise proceed against the Company in any other court of competent jurisdiction. To the extent that the Company has or hereafter may
acquire any sovereign or other immunity from jurisdiction of any court or from any legal process with respect to itself or its property,
the Company irrevocably waives such immunity in respect of its obligations hereunder or under any Note.

 

		23	CONSTRUCTION; HEADINGS

 

This Instrument shall be deemed to be jointly
drafted by the Company and the Holder and shall not be construed against any person as the drafter hereof. The headings of this Instrument
are for convenience of reference and shall not form part of, or affect the interpretation of, this Instrument.

 

    54 

     

    

 

IN WITNESS WHEREOF, the Company
has caused its duly authorized representatives to execute this Instrument as of the date and year first above written.

 

	 	GDS Holdings Limited
	 	 
	 	By:  	 
	 	Name:
	 	Title:

 

Signature Page of the Convertible
Notes Instrument

 

    

     

    

 

IN WITNESS WHEREOF, the Noteholder
has caused its duly authorized representatives to execute this Instrument as of the date and year first above written.

 

	 	[_]
	 	 
	 	By: 	 
	 	Name:
	 	Title:

 

Signature
Page of the Convertible Notes Instrument 

 

    

     

    

 

EXHIBIT
A

 

FORM OF NOTE CERTIFICATE

 

[THIS SECURITY, THE AMERICAN DEPOSITARY SHARES
DELIVERABLE UPON CONVERSION OF THIS SECURITY AND THE CLASS A ORDINARY SHARES REPRESENTED THEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), ARE “RESTRICTED SECURITIES” WITHIN THE MEANING OF RULE 144 UNDER
THE SECURITIES ACT OR CONTRACTUALLY RESTRICTED SECURITIES, AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE
WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

(1)       REPRESENTS
THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO ANY ACCOUNT FOR WHICH IT IS ACTING AND THAT IT AND ANY SUCH ACCOUNT IS NOT,
AND HAS NOT BEEN FOR THE IMMEDIATELY PRECEDING THREE MONTHS, AN AFFILIATE OF GDS HOLDINGS LIMITED (THE “COMPANY”) (OTHER
THAN STT GDC PTE. LTD. THAT PURCHASED REGULATION S NOTES IN THE INITIAL OFFERING THEREOF OR ANY OF ITS AFFILIATES (INDIVIDUALLY AND COLLECTIVELY,
THE “STT PURCHASER”)), AND

 

(2)       AGREES
FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN
PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED
BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE
LAW, EXCEPT:

 

(A)       TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

 

(B)       PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

(C)       TO
A NON U.S. PERSON LOCATED OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, OR

 

(D)       PURSUANT
TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE).

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE
WITH (2)(D) ABOVE, THE COMPANY RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS
MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE
STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO

 

THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

 

NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE
SECURITIES ACT) OF THE COMPANY OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY DURING
THE THREE IMMEDIATELY PRECEDING MONTHS (OTHER THAN THE STT PURCHASER) MAY PURCHASE, OTHERWISE ACQUIRE OR OWN THIS NOTE, THE AMERICAN DEPOSITARY
SHARES DELIVERABLE UPON CONVERSION HEREOF AND THE CLASS A ORDINARY SHARES REPRESENTED THEREBY, OR A BENEFICIAL INTEREST HEREIN OR THEREIN.]

 

    A-1

     

    

 

GDS HOLDINGS LIMITED

 

0.25% Convertible Senior Note due 2029

 

	No. [_______]   	 US$_________

 

GDS Holdings Limited, an exempted company duly
incorporated and validly existing under the laws of the Cayman Islands (the “Company,” which term includes any successor
company or corporation or other entity under the Instrument referred to on the reverse hereof), for value received hereby promises to
pay to [_______], or registered assigns, the principal sum of US$[__________], which amount, taken together with the principal amounts
of all other outstanding Notes, shall not, unless permitted by the Instrument, exceed US$[●] in aggregate at any time on [_], 2029,
and interest thereon as set forth below.

 

This Note shall bear interest at the rate of 0.25%
per year from, and including, [_], 2022, or from, the most recent date to which interest had been paid or provided for to, but excluding,
the next scheduled Interest Payment Date until [_], 2029. Interest is payable semi-annually in arrears on each [_]and [_], commencing
on [_], 2022, to Holders of record at the close of business on the preceding [Date] and [Date] (whether or not such day
is a Business Day), respectively.

 

Any Defaulted Amounts shall accrue interest per
annum at the rate per annum borne by the Notes plus 1.00% in accordance with the Instrument, subject to the enforceability thereof
under applicable law, from, and including, the relevant payment date to, but excluding, the date on which such Defaulted Amounts shall
have been paid by the Company.

 

Reference is made to the further provisions of
this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right to convert
this Note into Conversion Securities on the terms and subject to the limitations set forth in the Instrument. Such further provisions
shall for all purposes have the same effect as though fully set forth at this place.

 

This Note, and any claim, controversy or dispute
arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of New York (without
regard to the conflicts of laws provisions thereof).

 

In the case of any conflict between this Note
and the Instrument, the provisions of the Instrument shall control and govern.

 

[Remainder of page intentionally left blank]

 

    A-2

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Note to be duly executed.

 

	 	GDS HOLDINGS LIMITED
	 	 
	 	By:
	 	 
	 	 
	 	Name:
	 	Title:

 

    A-3

     

    

 

[FORM OF REVERSE OF NOTE]

 

GDS HOLDINGS LIMITED

0.25% Convertible Senior Note due 2029

 

This Note is one of a duly authorized issue of
Notes of the Company, designated as its 0.25% Convertible Senior Notes due 2029 (the “Notes”), limited to the aggregate
principal amount of US$[_], all issued or to be issued under and pursuant to an Instrument dated as of [_], 2022 (the “Instrument”),
between GDS Holdings Limited and [_], as the initial Noteholder (the “Initial Noteholder”), reference is hereby made
for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Company and the Holders of
the Notes.

 

In the case certain Events of Default, as defined
in the Instrument, shall have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by Holders of
at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable, in the
manner, with the effect and subject to the conditions and certain exceptions set forth in the Instrument. In the case certain Events of
Default relating to a bankruptcy (or similar proceeding) with respect to the Company or a Significant Subsidiary of the Company shall
have occurred, the principal of, and interest on, all Notes shall automatically become immediately due and payable, as set forth in the
Instrument.

 

Subject to the terms and conditions of the Instrument,
the Company will make all payments in respect of the principal amount on the Maturity Date, the Repurchase Date, the Tax Redemption Date
and the Fundamental Change Repurchase Date, as the case may be, to the Holder who surrenders a Note to collect such payments in respect
of the Note. The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment of
public and private debts.

 

Subject to the terms and conditions of the Instrument,
Additional Amounts will be paid in connection with any payments made and deliveries caused to be made by the Company or any successor
to the Company under or with respect to the Instrument and the Notes, including, but not limited to, payments of principal (including
the Maturity Redemption Price, the Tax Redemption Price, the Repurchase Price and the Fundamental Change Repurchase Price, if applicable),
payments of interest and deliveries of Conversion Securities (together with payments of cash for any fractional Conversion Securities)
upon conversion of the Notes to ensure that the net amount received by the Holder after any applicable withholding, or deduction (and
after deducting any taxes on the Additional Amounts) will equal the amounts that would have been received by such Holder had no such withholding
or deduction been required.

 

No reference herein to the Instrument and no provision
of this Note or of the Instrument shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay or
cause to be delivered, as the case may be, the principal (including the Maturity Redemption Price, the Tax Redemption Price, the Repurchase
Price and the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest on, and the consideration due upon conversion
of, this Note at the place, at the respective times, at the rate and in the lawful money herein prescribed.

 

    A-4

     

    

 

The Notes are issuable in registered form in denominations
of US$200,000 principal amount and integral multiples of US$1,000 in excess thereof. In the manner and subject to the limitations provided
in the Instrument, Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations, without payment
of any service charge but, if required by the Company, with payment of a sum sufficient to cover any transfer or similar tax that may
be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange of Notes being different
from the name of the Holder of the old Notes surrendered for such exchange.

 

The Company may not redeem the Notes prior to
the Maturity Date, except in the event of certain Changes in Tax Law as described in Section 9.5 of the Instruments. No sinking fund is
provided for the Notes.

 

The Holder has the right, at such Holder’s
option, to require the Company to repurchase for cash all of such Holder’s Notes or any portion thereof (in denominations of US$200,000
principal amounts and integral multiples of US$1,000 in excess thereof) on the Repurchase Date at a price equal to the Repurchase Price.

 

Upon the occurrence of a Fundamental Change, the
Holder has the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes or
any portion thereof (in denominations of US$200,000 principal amount and integral multiples of US$1,000 in excess thereof) on the Fundamental
Change Repurchase Date at a price equal to the Fundamental Change Repurchase Price.

 

Subject to the provisions of the Instrument, the
Holder hereof has the right, at its option, from [_], 2022 to prior to the close of business on the third scheduled Trading Day (or the
fifth Scheduled Trading Day, if the converting Holder elects to receive Ordinary Shares registered in the Cayman Islands in lieu of any
Restricted ADSs under Section 7.2(h)) immediately preceding the Maturity Date, to convert any Notes or portion thereof that is in denominations
of US$200,000 principal amount and integral multiples of US$1,000 in excess thereof, into Conversion Securities at the Conversion Rate
specified in the Instrument, as adjusted from time to time as provided in the Instrument.

 

Terms used in this Note and defined in the Instrument
are used herein as therein defined.

 

    A-5

     

    

 

 

ATTACHMENT 1

 

[FORM OF CONVERSION NOTICE]

 

To:    GDS HOLDINGS LIMITED

 

JPMorgan Chase Bank, N.A., as ADS Depositary

 

The undersigned registered holder of this Note
hereby exercises the option to convert this Note, or the portion thereof (that is in denominations of US$200,000 principal amount and
integral multiples of US$1,000 in excess thereof) below designated, into [Ordinary Shares registered in the Cayman Islands]/[Restricted
ADSs] in accordance with the terms of the Instrument referred to in this Note, and directs that any [Ordinary Shares registered in the
Cayman Islands]/[Restricted ADSs] deliverable upon such conversion, together with any cash payable for any fractional [Ordinary Shares
registered in the Cayman Islands]/[Restricted ADSs], and any Notes representing any unconverted principal amount hereof, be issued and
delivered to the registered Holder hereof unless a different name has been indicated below. Terms defined in the Deposit Agreement or
the Instrument referred to in this Notice are used herein as so defined. If any [Ordinary Shares registered in the Cayman Islands]/[Restricted
ADSs] or any portion of this Note not converted are to be issued in the name of a Person other than the undersigned, the undersigned will
pay all documentary, stamp, issue, transfer or similar taxes, if any, in accordance with Section 7.2(b) of the Instrument. Any amount
required to be paid to the undersigned on account of interest accompanies this Notice. Capitalized terms used herein but not defined shall
have the meanings ascribed to such terms in the Instrument.

 

In connection with the conversion
of this Note, or the portion hereof below designated, the undersigned acknowledges, represents to and agrees with the Company that the
undersigned is not an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company and has not been an “affiliate”
(as defined in Rule 144 under the Securities Act) during the three months immediately preceding the date hereof.

 

OR

 

The undersigned is an entity
affiliated with [_].

 

[The undersigned further agrees
(and if the undersigned is acting for the account of another person, that person has confirmed that it agrees) that, prior to the end
of a 40-day period starting from the transfer of the Notes from an affiliate of [_], the undersigned (and such other account) will not
offer, sell, pledge or otherwise transfer the [Ordinary Shares registered in the Cayman Islands]/[Restricted ADSs] converted pursuant
to this notice except in accordance with the restrictions set forth in that legend and any applicable securities laws of the United States
and any state thereof.]

 

[For the delivery of Ordinary
Shares upon conversion]

 

The undersigned hereby instructs
the Company to register the Ordinary Shares registered in the Cayman Islands in the name of:

 

	1.   Name of Beneficial Owner to Receive Ordinary Shares (English):	
 

	2.   Address of Beneficial Owner to Receive Ordinary Shares (English):	
 

	3.   Name of Registered Holder of the Ordinary Shares:	
 

	4.   Number of Ordinary Shares to be Issued:	
 

	5.   Beneficial Owner’s Tax ID Number:	
 

	6.   Contact Name and Tel No. / Email Address:	
 

 

    A-6

     

    

 

[For the delivery of ADSs
upon conversion]

 

The undersigned hereby instructs
the ADS Depositary to register the Restricted ADSs in the name of:

 

	1.  Name of Beneficial Owner to Receive ADSs (English):	
 

	2.  Address of Beneficial Owner to Receive ADSs (English):	
 

	3.  Name of Registered Holder of the Deposited Shares:	
 

	4.  Number of Deposited Shares:	
 

	5.  Number of ADSs to be Issued:	
 

	6.  Beneficial Owner’s Tax ID Number:	
 

	7.  Contact Name and Tel No. / Email Address:	
 

 

 

[The undersigned instructs the ADS Depositary to
deliver the American Depositary Receipts representing the Restricted ADSs to the following account:

 

ADS Receiving Broker ( * are mandatory fields):

 

	a)   DTC Broker Name*:	
 

	b)   DTC Broker’s Participant Account with DTC *:	
 

	c)   DTC Broker Contact Name:	
 

	d)   DTC Broker Contact Tel No. / Email:	
 

	e)   Beneficial Owner’s Account # with DTC Broker*:	
 

 

OR

 

	e) Local Broker Name (have account with DTC Broker)*:	
 

	Local Broker Sub-Account # with DTC Broker*:	
 

	Local Broker Contact Name:	
 

	Local Broker Contact Tel No. / Email:	
 

	 	
 

 

ADS Delivering Party:

 

	Name:	
    JPMorgan Chase Bank, N.A.

    DTC Account: [_]]1

 

 

 

1        Include bracketed language in the
Conversion Notice if the Note being converted is not a restricted security as such term is defined in Rule 144 under the Securities Act.

 

    A-7

     

    

 

For any ADS settlement inquiries, please contact
JPMorgan Chase Bank, N.A.:

 

Tel: [_]

Email: [_]

 

    A-8

     

    

 

	Dated:	 	 	 
	 	 
	

   	Signature(s)

 

	Fill in for registration of [Ordinary Shares registered in the Cayman Islands]/[Restricted ADSs] if to be issued, and Notes if to be delivered, other than to and in the name of the registered holder:	 
	 	 
	 	 
	(Name)	 
	 	 
	 	 
	(Street Address)	 
	 	 
	 	 
	(City, State and Zip Code)
 Please print name and address	 
	 	 

	 	
    Principal amount to be converted (if less than all):

    US$ _________,000

     

    NOTICE: The above signature(s) of the Holder(s) hereof
    must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change
    whatever.

     

	 	 
	 	Social Security or Other Taxpayer

Identification Number

 

    A-9

     

    

 

 

ATTACHMENT 2

 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]

 

To:         GDS HOLDINGS LIMITED

 

The undersigned registered owner of this Note
hereby acknowledges receipt of a notice from GDS Holdings Limited (the “Company”) as to the occurrence of a Fundamental
Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to pay
to the registered holder hereof in accordance with Section 9.3 of the Instrument referred to in this Note (1) the entire principal amount
of this Note, or the portion thereof (that is in denominations of US$200,000 principal amount and integral multiples of $1,000 in excess
thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not fall during the period after a Regular Record Date
and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest thereon to, but excluding, such Fundamental Change
Repurchase Date. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Instrument.

 

The certificate numbers of the Notes to be repurchased
are as set forth below:

 

Certificate Number(s): ____________________________

 

	Dated: ____________________________	 
	 	 
	 	Signature(s)
	 	
    Social Security or Other Taxpayer

Identification Number

     

    Principal amount to be repaid (if less than all):

    US$ ______,000

     

    NOTICE: The above signature(s) of the Holder(s)
hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any
change whatever.

 

    A-10

     

    

 

ATTACHMENT 3

 

[FORM OF REPURCHASE NOTICE]

 

To:          GDS HOLDINGS LIMITED

 

The undersigned registered owner of this Note
hereby acknowledges receipt of a notice from GDS Holdings Limited (the “Company”) regarding the right of Holders to
elect to require the Company to repurchase the entire principal amount of this Note, or the portion thereof (that is in denomination of
US$200,000 principal amount and integral multiples of US$1,000 in excess thereof) below designated, in accordance with the applicable
provisions of the Instrument referred to in this Note, at the Repurchase Price to the registered Holder hereof. Capitalized terms used
herein but not defined shall have the meanings ascribed to such terms in the Instrument.

 

The certificate numbers of the Notes to be purchased
are as set forth below:

 

Certificate Number(s): ____________________________

 

Dated: ____________________________

 

	 	Signature(s)
	 	
    Social Security or Other Taxpayer

Identification Number

     

    Principal amount to be repaid (if less than all):

    US$ ______,000

     

    NOTICE: The above signature(s) of the Holder(s)
hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any
change whatever.

 

    A-11

     

    

 

ATTACHMENT 4

 

FORM OF ASSIGNMENT AND TRANSFER

 

For value received ______________________ hereby
sell(s), assign(s) and transfer(s) unto _______________ the within Note, and hereby irrevocably constitutes and appoints _______________
attorney to transfer the said Note on the books of the Company, with full power of substitution in the premises.

 

In connection with any transfer of the within Note,
as defined in the Instrument governing such Note, the undersigned confirms that such Note is being transferred:

 

 ̈To GDS Holdings Limited or a subsidiary thereof;
or

 

 ̈Pursuant
to a registration statement that has become or been declared effective under the Securities Act of 1933, as amended; or

 

 ̈Outside
the United States in accordance with Regulation S under the Securities Act of 1933, as amended; or

 

 ̈Pursuant
to and in compliance with Rule 144 under the Securities Act of 1933, as amended (if available).

 

    A-12

     

    

 

Dated: __________________

 

		 
	 	 

Signature(s)

 

NOTICE: The signature on the assignment must correspond
with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

 

    A-13

     

    

 

ATTACHMENT 5

 

FORM OF ELECTION NOTICE

 

To:        GDS HOLDINGS LIMITED

 

JPMorgan Chase Bank, N.A., as Depositary for the
ADSs

 

Reference is hereby made to the
Forced Conversion Notice, dated as of [●], issued by GDS Holdings Limited (the "Company").

 

The undersigned registered owner
of this Note hereby elects to convert this Note into Ordinary Shares in the Company’s register of members in accordance with the
terms of the Instrument referred to in this Note, and directs that any Ordinary Shares deliverable upon such conversion be registered
in the name of the registered Holder hereof unless a different name has been indicated below in the Company’s register of members,
and any cash payable for any fractional ADS be delivered to such Person designated by the registered Holder hereof. If any Ordinary Shares
registered in the Cayman Islands or any portion of this Note not converted are to be issued in the name of a Person other than the undersigned,
the undersigned will pay all documentary, stamp, issue, transfer or similar taxes, if any, in accordance with Section 7.2(b) of the Instrument.
Any amount required to be paid to the undersigned on account of interest accompanies this Notice. Capitalized terms used herein but not
defined shall have the meanings ascribed to such terms in the Instrument.

 

In connection with the conversion
of this Note, or the portion hereof below designated, the undersigned acknowledges, represents to and agrees with the Company that the
undersigned is not an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company and has not been an “affiliate”
(as defined in Rule 144 under the Securities Act) during the three months immediately preceding the date hereof.

 

OR

 

The undersigned is an entity
affiliated with  ̈.

 

[The undersigned further agrees
(and if the undersigned is acting for the account of another person, that person has confirmed that it agrees) that, prior to the end
of a 40-day period starting from the transfer of the Notes from an affiliate of  ̈, the undersigned (and such other account) will not
offer, sell, pledge or otherwise transfer the Ordinary Shares registered in the Cayman Islands converted pursuant to this notice except
in accordance with the restrictions set forth in that legend and any applicable securities laws of the United States and any state thereof.]

 

The undersigned hereby instructs
the Company to register the Ordinary Shares registered in the Cayman Islands in the name of:

 

	1.Name of Beneficial Owner to Receive Ordinary Shares (English):	
 

	2.Address of Beneficial Owner to Receive Ordinary Shares (English):	
 

	3.Name of Registered Holder of the Ordinary Shares:	
 

	4.Number of Ordinary Shares to be Issued:	
 

	5.Beneficial Owner’s Tax ID Number:	
 

	6.Contact Name and Tel No. / Email Address:	
 

 

 

    A-14

     

    

	Dated: __________________________________________________	 	 
	
	 	
	 	 	Signature(s)

 

Fill in for registration of [Ordinary Shares
registered in the Cayman Islands]/[Restricted ADSs] if to be issued other than to and in the name of the
registered holder:

 

	(Name)	 
	 	 
	(Street Address)	 
	 	 
	(City, State and Zip Code)
 Please print name and address	 

 

	 	
    Principal amount :

    US$ _________,000

     

    NOTICE: The above signature(s) of the Holder(s) hereof
    must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change
    whatever.

     

	 	Social Security or Other Taxpayer

Identification Number

 

    A-15

     

    

 

EXHIBIT
B

 

FORM OF JOINDER AGREEMENT

 

THIS JOINDER AGREEMENT
(this “Instrument”) is entered into on [●], [●]

 

BY:

 

[Transferee], [a [●] organized and
existing under the laws of [●] with its registered address at [●]]/[a [●] citizen with identification number of [●]]
(the “Transferee”).

 

RECITALS:

 

(A)       GDS
Holdings Limited (the “Company”) issued, and [●] (the “Noteholder”) subscribed for certain
unsecured convertible notes, convertible into fully paid Ordinary Shares registered in the Cayman Islands or Restricted ADSs by execution
of a Convertible Note Instrument on [_], 2022 (as amended from time to time, the “Convertible Note Instrument”).

 

(B)       Transferee
is required to join the Convertible Note Instrument pursuant to Article 6 of the Convertible Note Instrument.

 

(C)       The
Transferee now wishes to sign this Instrument, and to be bound by the terms of the Convertible Note Instrument as a “Noteholder”
and a party thereto.

 

THIS INSTRUMENT WITNESSES as follows:

 

		1.	DEFINED TERMS AND CONSTRUCTION

 

(a)              
Capitalized terms used but not defined herein shall have the meaning set forth in the Convertible Note Instrument.

 

(b)              
This Instrument shall be incorporated into the Convertible Note Instrument as if expressly incorporated into the Convertible Note
Instrument.

 

		2.	UNDERTAKINGS

 

		(a)	Assumption of obligations

 

The Transferee undertakes,
to each other party of the Convertible Note Instrument that [it]/[he] will, with effect from the date hereof, perform and comply with
each of the obligations of a Noteholder as if [it]/[he] had been a party to the Convertible Note Instrument at the date of execution thereof
and the Company agrees that where there is a reference to a “Noteholder” or a “party” there [it]/[he] shall be
deemed to include a reference to the Transferee and with effect from the date hereof, all the rights of a Noteholder provided under the
Convertible Note Instrument will be accorded to the Transferee as if the Transferee had been a Noteholder and a party under the Convertible
Note Instrument at the date of execution thereof.

 

		3.	REPRESENTATIONS AND WARRANTIES

 

		(a)	The Transferee represents and warrants to each of the other parties of the Convertible Note Instrument
as follows:

 

    B-1

     

    

 

		(i)	[Status

 

It is a company duly organized,
established and validly existing under the laws of the jurisdiction stated in preamble 1 of this Instrument and has all requisite power
and authority to own, lease and operate its assets and to conduct the business which it conducts.] [if applicable]

 

		(ii)	Due Authorization

 

It has full power and authority
to execute and deliver this Instrument and the execution, delivery and performance of this Instrument by the Transferee has been duly
authorized by all necessary action on behalf of the Transferee.

 

		(iii)	Legal, Valid and Binding Obligation

 

This Instrument has been duly
executed and delivered by the Transferee and constitutes the legal, valid and binding obligation of the Transferee, enforceable against
[it]/[he] in accordance with the terms hereof. The Transferee’s execution, delivery and performance of this Instrument will not
violate: (x) [any provision of its organizational documents] [if applicable]; (y) any material terms of material agreements
to which the Transferee is a party or by which the Transferee is bound; or (z) any order, writ, injunction, decree or statute, or any
rule or regulation, applicable to the Transferee.

 

		4.	MISCELLANEOUS.

 

The provisions of Article
6 of the Convertible Note Instrument shall be incorporated herein by reference and shall apply as if set forth in full herein, mutatis
mutandis.

 

[Signature page follows.]

 

    B-2

     

    

 

IN WITNESS WHEREOF, the Transferee
has [caused its duly authorized representatives to execute]/[executed] this Instrument as of the date and year first above written.

 

	 	[Transferee]
	 	 
	 	By:	     
	 	Name:
	 	Title:
	 	 
	 	Notice details
	 	 
	 	Address:
	 	 
	 	Email:
	 	 
	 	Facsimile:
	 	 
	 	Acknowledged and Agreed by:
	 	 
	 	GDS Holdings Limited
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	Notice details
	 	 
	 	Address:
	 	 
	 	Email:
	 	 
	 	Facsimile:

 

    B-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00340-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00340-of-00352.parquet"}]]