Document:

EX-4.52

 Exhibit 4.52 
  

 
  

SHARE PURCHASE AGREEMENT 
 by and
among 
 ALI PANINI INVESTMENT LIMITED, 

each of the individuals and their respective holding companies listed on Schedule I attached hereto, 

each of the Selling Shareholders (as defined herein) listed on Schedule II attached hereto, 

ALI PANINI INVESTMENT HOLDING LIMITED, 

and 
 RAJAX HOLDING 

Dated as of April 2, 2018 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  

	
	DEFINED TERMS AND INTERPRETATION	  

			
	SECTION 1.01	 	Defined Terms	  	 	2	 
	SECTION 1.02	 	Other Defined Terms	  	 	14	 
	SECTION 1.03	 	Interpretations	  	 	16	 
	
	ARTICLE II	  

	
	PURCHASE AND SALE	  

			
	SECTION 2.01	 	Purchase and Sale of Shares	  	 	17	 
	SECTION 2.02	 	Closing; Closing Date	  	 	18	 
	SECTION 2.03	 	Closing Deliverables	  	 	18	 
	SECTION 2.04	 	Escrow Arrangements	  	 	20	 
	SECTION 2.05	 	Post-Closing Audit Adjustment	  	 	21	 
	SECTION 2.06	 	Company Share Awards	  	 	23	 
	
	ARTICLE III	  

	
	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	 
			
	SECTION 3.01	 	Organization, Good Standing and Qualification	  	 	25	 
	SECTION 3.02	 	Capitalization and Voting Rights	  	 	25	 
	SECTION 3.03	 	Corporate Structure; Subsidiaries	  	 	28	 
	SECTION 3.04	 	Authorization	  	 	28	 
	SECTION 3.05	 	SAFE Rules and Regulations; Consents; No Conflicts	  	 	29	 
	SECTION 3.06	 	Compliance with Laws; Consents	  	 	29	 
	SECTION 3.07	 	Tax Matters	  	 	30	 
	SECTION 3.08	 	Charter Documents; Books and Records	  	 	33	 
	SECTION 3.09	 	Financial Statements	  	 	33	 
	SECTION 3.10	 	Changes	  	 	34	 
	SECTION 3.11	 	Actions	  	 	35	 
	SECTION 3.12	 	Liabilities	  	 	36	 
	SECTION 3.13	 	Commitments	  	 	36	 
	SECTION 3.14	 	Anti-Bribery, Anti-Corruption, Anti-Money Laundering and Sanctions; Absence of Government Interests	  	 	38	 
	SECTION 3.15	 	Title Properties	  	 	38	 
	SECTION 3.16	 	Related Party Transactions	  	 	39	 
	SECTION 3.17	 	Intellectual Property Rights	  	 	39	 
	SECTION 3.18	 	Labor and Employment Matters	  	 	41	 
	SECTION 3.19	 	Internal Controls	  	 	42	 

  
 i 

							
	 SECTION 3.20
	 	 Insolvency
	  	 	43	 
	SECTION 3.21	 	Disclosure	  	 	43	 
	SECTION 3.22	 	Insurance	  	 	43	 
	SECTION 3.23	 	Employee-Related Companies	  	 	43	 
	SECTION 3.24	 	Business Contracts of the Domestic Company	  	 	44	 
	SECTION 3.25	 	Certain Operating Metrics	  	 	44	 
	SECTION 3.26	 	Registered Address of the Domestic Company and the WFOE	  	 	44	 
	SECTION 3.27	 	Third Parties Providing Catering Services	  	 	44	 
	SECTION 3.28	 	Series G-1 Post-Closing Covenants	  	 	44	 
	SECTION 3.29	 	Anti-Takeover Provisions	  	 	44	 
	SECTION 3.30	 	Brokers	  	 	44	 
	
	ARTICLE IV	 
	
	REPRESENTATIONS AND WARRANTIES OF PURCHASER	 
			
	SECTION 4.01	 	Corporate Organization	  	 	44	 
	SECTION 4.02	 	Purchaser Ownership	  	 	45	 
	SECTION 4.03	 	Authority Relative to This Agreement	  	 	45	 
	SECTION 4.04	 	Consents	  	 	45	 
	SECTION 4.05	 	Sufficient Funds	  	 	45	 
	
	ARTICLE V	 
	
	REPRESENTATIONS AND WARRANTIES OF EACH SHAREHOLDER	 
			
	SECTION 5.01	 	Corporate Organization	  	 	46	 
	SECTION 5.02	 	Title	  	 	46	 
	SECTION 5.03	 	Authority Relative to This Agreement	  	 	46	 
	SECTION 5.04	 	Consents	  	 	46	 
	
	ARTICLE VI	 
	
	CONDUCT OF BUSINESS PENDING THE CLOSING	 
			
	 SECTION 6.01
	 	 Conduct of Business by the Company Pending the Closing
	  	 	47	 
	
	ARTICLE VII	 
	
	ADDITIONAL AGREEMENTS	 
			
	SECTION 7.01	 	Access to Information	  	 	51	 
	SECTION 7.02	 	No Solicitation of Transactions	  	 	51	 
	SECTION 7.03	 	Notification of Certain Matters	  	 	52	 
	SECTION 7.04	 	Participation in Litigation	  	 	53	 
	SECTION 7.05	 	Resignations	  	 	53	 
	SECTION 7.06	 	Confidentiality; Public Announcements	  	 	53	 
	SECTION 7.07	 	 SAFE Registration
	  	 	53	 

  
 ii 

							
	SECTION 7.08	 	Tax Filings and Payments	  	 	54	 
	SECTION 7.09	 	Domestic Company Equity Transfers	  	 	55	 
	SECTION 7.10	 	Registration of Share Pledge	  	 	55	 
	SECTION 7.11	 	Replacement of Management	  	 	56	 
	SECTION 7.12	 	Permits and Licenses Amendment	  	 	56	 
	SECTION 7.13	 	Further Assurances; Filings	  	 	56	 
	SECTION 7.14	 	Audited 2017 Financial Statements	  	 	56	 
	SECTION 7.15	 	Release of Claims	  	 	57	 
	SECTION 7.16	 	Compliance with Anti-Corruption Laws	  	 	57	 
	SECTION 7.17	 	Approved Sale	  	 	57	 
	SECTION 7.18	 	Shareholders Representative	  	 	58	 
	SECTION 7.19	 	Release of Share Charge	  	 	58	 
	SECTION 7.20	 	Integration Committee	  	 	59	 
	SECTION 7.21	 	Termination of Certain Agreements	  	 	59	 
			
	 	 	ARTICLE VIII	  	 	 
			
	 	 	CONDITIONS TO THE CLOSING	  	 	 
			
	SECTION 8.01	 	Conditions to the Obligations of Each Party	  	 	59	 
	SECTION 8.02	 	Conditions to the Obligations of Purchaser	  	 	59	 
	SECTION 8.03	 	Conditions to the Obligations of the Selling Shareholders	  	 	61	 
			
	 	 	ARTICLE IX	  	 	 
			
	 	 	TERMINATION AND INDEMNIFICATION	  	 	 
			
	SECTION 9.01	 	Termination	  	 	62	 
	SECTION 9.02	 	Effect of Termination	  	 	63	 
	SECTION 9.03	 	Indemnity	  	 	63	 
	SECTION 9.04	 	Indemnification Procedures	  	 	64	 
	SECTION 9.05	 	Limitations on Indemnity	  	 	65	 
	SECTION 9.06	 	Tax Treatment of Indemnification Payments	  	 	67	 
			
	 	 	ARTICLE X	  	 	 
			
	 	 	GENERAL PROVISIONS	  	 	 
			
	SECTION 10.01	 	Successors and Assigns	  	 	67	 
	SECTION 10.02	 	Governing Law	  	 	67	 
	SECTION 10.03	 	Dispute Resolution	  	 	67	 
	SECTION 10.04	 	Notices	  	 	68	 
	SECTION 10.05	 	Rights Cumulative; Specific Performance	  	 	68	 
	SECTION 10.06	 	Fees and Expenses	  	 	69	 
	SECTION 10.07	 	Restriction on the Use of Name	  	 	69	 
	SECTION 10.08	 	Finder’s Fee	  	 	70	 
	SECTION 10.09	 	Severability	  	 	70	 

  
 iii 

							
	 SECTION 10.10
	 	 Amendments and Waivers
	  	 	70	 
	SECTION 10.11	 	No Waiver	  	 	71	 
	SECTION 10.12	 	Delays or Omissions	  	 	71	 
	SECTION 10.13	 	No Presumption	  	 	71	 
	SECTION 10.14	 	Counterparts	  	 	71	 
	SECTION 10.15	 	Entire Agreement	  	 	71	 
			
	SCHEDULE I	 	Principals and Principal Holdcos	  			
	SCHEDULE II	 	Selling Shareholders	  			
	SCHEDULE III	 	Capitalization Table	  			
	SCHEDULE IV	 	Certain Group Companies	  			
	SCHEDULE V	 	Notices	  			
	SCHEDULE VI	 	Key Employees	  			
	SCHEDULE VII	 	Company Disclosure Schedule	  			
	SCHEDULE VIII	 	Selling Shareholders Disclosure Schedule	  			
			
	EXHIBIT A-1	 	Form of Deed of Transfer for Selling Shareholders	  			
	EXHIBIT A-2	 	Form of Deed of Transfer for the Rollover Shareholder	  			
	EXHIBIT B	 	Form of Cayman Islands Legal Opinion	  			
	EXHIBIT C	 	Benchmark Date Net Debt Calculation Principles	  			

  
 iv 

 THIS SHARE PURCHASE AGREEMENT (this “Agreement”) is made and entered into
on April 2, 2018 by and among: 
  

	 	1.	 Ali Panini Investment Limited, a company organized under the Laws of the Cayman Islands
(“Purchaser”), 

  

	 	2.	 each of the individuals and their respective holding companies listed on Schedule I attached hereto
(each such individual, a “Principal” and collectively, the “Principals”, and each such holding company, a “Principal Holdco” and collectively, the “Principal Holdcos”),

  

	 	3.	 each of the Persons (as defined herein) listed on Column 1 of Schedule II attached hereto (including each of
the Former Company Share Award Holders (as defined herein) listed in Appendix A thereto, as may be updated and delivered by the Company to Purchaser prior to the Closing) (each such Person, a “Selling Shareholder”
and collectively, the “Selling Shareholders”), 

  

	 	4.	 Ali Panini Investment Holding Limited, a business company incorporated under the Laws of Hong Kong (the
“Rollover Shareholder”), and 

  

	 	5.	 Rajax Holding, a company organized under the Laws of the Cayman Islands (the “Company”).

 Each of the parties to this Agreement as of the date hereof, and each Exercising Company Share Award Holder (as defined
herein) and Rollover Option Holder (as defined herein) who becomes a party to this Agreement prior to the Closing in accordance with the terms hereof, is referred to herein individually as a “Party” and collectively as the
“Parties”. 
 RECITALS 

WHEREAS, the Selling Shareholders and the Rollover Shareholder collectively own all of the issued and outstanding Ordinary Shares (as defined
herein) and Preferred Shares (as defined herein) of the Company (collectively, the “Shares”); 
 WHEREAS, each Selling
Shareholder desires to sell to Purchaser, and Purchaser desires to purchase from each Selling Shareholder, for cash such type and number of Shares as set forth opposite such Selling Shareholder’s name under Columns 2 and 3 of Schedule II
attached hereto upon the terms and subject to the conditions set forth in this Agreement; 
 WHEREAS, the Rollover Shareholder and
Purchaser desire that the Rollover Shareholder will roll over and exchange all of its Shares for newly issued shares of Purchaser; and 

WHEREAS, this Agreement and the transactions contemplated hereby have been duly (i) approved by the Board (as defined herein) and
(ii) approved in writing by each of the “Drag Holders” under the ROFR Agreement (as defined herein), and are being implemented as an “Approved Sale” under the ROFR Agreement and the Memorandum and Articles (as defined
herein). 

  
 1 

 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements
herein contained, and intending to be legally bound hereby, each of the Parties hereby agrees as follows: 
 ARTICLE I 

DEFINED TERMS AND INTERPRETATION 

SECTION 1.01 Defined Terms. For purposes of this Agreement: 

“Accounting Standards” means, with respect to any of the Group Companies which is established in the PRC, PRC GAAP, applied
on a consistent basis; and with respect to other Group Companies not established in the PRC or the consolidated financial statements of the Group Companies, the generally accepted accounting principles in the United States, applied on a consistent
basis. 
 “Action” means any charge, claim, action, complaint, petition, investigation, appeal, suit, litigation,
grievance, inquiry or other proceeding, whether administrative, civil, regulatory or criminal, whether at law or in equity, or otherwise under any applicable Law, and whether or not before any mediator, arbitrator or Governmental Authority. 

“Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, Controls, is Controlled by or is
under common Control with such Person. Solely for the purpose of this Agreement and notwithstanding the foregoing, (i) “Affiliate” of Purchaser means Alibaba Group Holding Limited and its Controlled Affiliates, and (ii) the Person
that owns the tradename of “蚂蚁金服” or domain name www.antfin.com and the Internet Content
Provider License for the operation of such domain name (currently known as
“浙江蚂蚁小微金融服务集团股份有限公司”) or, the ultimate holding entity that Controls such Person and the Controlled Affiliates of such ultimate holding entity shall be deemed to be Affiliates of Purchaser. 

“Aggregate Selling Shareholders Percentage” means a percentage equal to (i) the number of Aggregate Sale Shares divided
by (ii) the sum of the number of Aggregate Sale Shares plus the aggregate number of Rollover Shares. 
 “Agreement”
has the meaning set forth in the Preamble, which shall, for the avoidance of doubt, include all exhibits and schedules hereto. 

“Alibaba Business Cooperation Agreement” means the Business Cooperation Agreement, dated as of February 8, 2016, by and
among the Rajax WFOE, the Rajax Domestic Company, certain Affiliates of the Rollover Shareholder and certain other parties thereto, as amended and supplemented from time to time. 

“Alibaba Director” has the meaning set forth in the Shareholders Agreement. 

  
 2 

 “Associate” means, with respect to any Person, (i) a corporation or
organization (other than the Group Companies) of which such Person is a senior management personnel or partner or is, directly or indirectly, the record or beneficial owner of five (5) percent or more of any class of Equity Securities of such
corporation or organization, (ii) any trust or other estate in which such Person has a substantial beneficial interest or as to which such Person serves as trustee or in a similar capacity, or (iii) any relative or spouse of such Person,
or any relative of such spouse. 
 “Baidu Agreements” means the following contracts collectively: (i) Business
Cooperation Agreement I (业务合作协议(一)) dated August 24, 2017 by and
among Baidu Wangxun Technology Co., Ltd.(北京百度网讯科技有限公司, “Baidu Wangxun”), Baidu (Hong Kong) Limited, Xiaodu Shenghuo, Rajax Holding, Rajax WFOE and Rajax Domestic Company; (ii) Business Cooperation Agreement II (业务合作协议(二)) dated August 24, 2017 by and among Baidu Wangxun, Xiaodu
Shenghuo, Rajax WFOE and Rajax Domestic Company; (iii) Trademark Transfer Agreement (商标转让协议) dated August 24, 2017 by and among Baidu Wangxun, Xiaodu WFOE and Xinchi; and (iv) License Agreement
(许可协议) dated August 24, 2017 by and among Baidu Wangxun, Baidu Online Network Technology
(Beijing) Co., Ltd. (百
度在线网络技术(北京)有限公司) and
Xiaodu WFOE. 
 “Benchmark Date” means February 28, 2018. 

“Benchmark Date Net Debt” means, as of 11:59 p.m. (Hong Kong time) on the Benchmark Date, an amount in USD equal to:
(i) the sum of the amounts attributable to each of the line items under the heading “Indebtedness” in Exhibit C as of such time, minus (ii) the sum of the amounts attributable to each of the line items under the
heading “Cash and Cash Equivalents” in Exhibit C as of such time, calculated in accordance with the Calculation Principles. 

“Benefit Plan” means any employment Contract, deferred compensation Contract, bonus plan, incentive plan, profit sharing
plan, retirement Contract or other employment compensation Contract or any other plan which provides or provided benefits for any past or present employee, officer, consultant, and/or director of a Person or with respect to which contributions are
or have been made on account of any past or present employee, officer, consultant, and/or director of such a Person. 
 “Big Four
Accounting Firm” means one of the four largest international accounting firms and their respective Affiliates, which are commonly referred to by the respective brand names of Deloitte, PricewaterhouseCoopers, Ernst & Young and
KPMG. 
 “Board” or “Board of Directors” means the board of directors of the Company. 

“Business Day” means any day that is not a Saturday, Sunday, legal holiday or other day on which commercial banks are
required or authorized by Law to be closed in the PRC or Hong Kong. 
 “Calculation Principles” means the calculation
principles and procedures with respect to Benchmark Date Net Debt set forth on Exhibit C hereto, the component items of which shall be determined on a basis consistent with the Accounting Principles. 

  
 3 

 “Captive Structure” means the structure under which the WFOEs Controls the
Domestic Companies through the Control Documents and Supplemental Control Documents. 
 “Cash and Cash Equivalents” means
all cash and cash equivalents held by the Group Companies at such time, determined in accordance with the Accounting Standards. 

“CFC” means a controlled foreign corporation as defined in Section 957(a) of the Code. 

“Charter Documents” means, with respect to a particular legal entity, the articles of incorporation, certificate of
incorporation, formation or registration (including, if applicable, certificates of change of name), memorandum of association, articles of association, bylaws, articles of organization, limited liability company agreement, trust deed, trust
instrument, operating agreement, joint venture agreement, business license, or similar or other constitutive, governing, or charter documents, or equivalent documents, of such entity. 

“Circular 13” means the Circular of the State Administration of Foreign Exchange on Further Simplifying and
Improving the Foreign Exchange Administration Policies for Direct Investment (Huifa (2015) No. 13) issued by SAFE with effect from June 1, 2015, as amended. 

“Circular 37” means the Circular of the State Administration of Foreign Exchange on Relevant Issues concerning Foreign
Exchange Administration of Offshore Investment and Financing and Round Trip Investment through Offshore Special Purpose Companies by PRC Residents (Huifa (2014) No. 37) issued by SAFE on July 14, 2014, as amended. 

“Circular 7” means the Notice of the State Administration of Foreign Exchange on Issues concerning the Foreign Exchange
Administration of Domestic Individuals’ Participation in Equity Incentive Plans of Overseas Listed Companies (Huifa (2012) No. 7) issued by SAFE on February 15, 2012, as amended. 

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

“CITICPE” means collectively, CE Takeout Limited and CE Takeout II Limited. 

“Company Option” means each option award issued by the Company pursuant to the ESOP that entitles the holder thereof to
purchase one (1) Ordinary Share upon the vesting of such award. 
 “Company Owned IP” means all Intellectual Property
owned by, purported to be owned by, or exclusively licensed to, the Group Companies. 
 “Company Parties” means,
collectively, the Group Companies, the Principals and the Principal Holdcos. 

  
 4 

 “Company Registered IP” means all Intellectual Property for which
registrations are owned by or held in the name of, or for which applications have been made in the name of, any Group Company. 

“Company Share Award” means each Company Option and each RSU. 

“Competing Proposal” means any proposal or offer relating to any of the following (other than the Transactions or such other
transaction involving only the Rollover Shareholder, Purchaser and/or their Affiliates): (a) any merger, reorganization, consolidation, share exchange, business combination scheme of arrangement, amalgamation, recapitalization, liquidation,
dissolution, joint venture or other similar transaction involving the Company or any of the other Group Companies, (b) any direct or indirect sale, assignment, exchange, transfer, pledge, encumbrance or disposal of in any way, or grant of any
interest or right with respect to the disposition of (any of the foregoing, a “Transfer”), lease or license of any assets of the Company or any of the other Group Companies, (c) any direct or indirect Transfer of any equity
securities of the Company or any of the other Group Companies to any Person, (d) any Company Change of Control (as defined in the Memorandum and Articles) and (e) any other transaction which would hinder or impede the execution,
implementation or consummation of the Transactions or such other transaction involving only Rollover Shareholder Purchaser, and/or their Affiliates. 

“Consent” means any consent, approval, authorization, release, waiver, permit, grant, franchise, concession, agreement,
license, exemption or order of, registration, certificate, declaration or filing with, or report or notice to, any Person, including any Governmental Authority. 

“Contract” means, a contract, agreement, understanding, indenture, note, bond, loan, instrument, lease, mortgage, franchise,
license, commitment, purchase order, and other legally binding arrangement, whether written or oral. 
 “Control” of a
given Person means the power or authority, whether exercised or not, to direct the business, management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by Contract or otherwise; provided, that
such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such
Person or power to control the composition of a majority of the board of directors of such Person. The terms “Controlled” and “Controlling” have meanings correlative to the foregoing. 

“Control Documents” means the contracts set out in Section 1.01(a) to the Company Disclosure Schedule. 

“Data Protection Laws” means Laws in respect of online data protection, including without limitation, Provisions on
Protecting the Personal Information of Telecommunications and Internet Users
(电信和互联网用户个人信息保护规定),
Decision of the Standing Committee of National People’s Congress on Strengthening Information Protection on Networks
(全国人大常委关于加强网络信息保护的决定) and Interpretation by the Supreme People’s Court and the Supreme People’s Procuratorate on Several Issues concerning the Application of Law in respect of the Handling of Criminal Cases
of Infringing on Citizens’ Personal Information
(最高人民法院、最高人民检察院关于办理侵犯公民个人信息刑事案
 件适用法律若干问题的解释). 

  
 5 

 “Domestic Companies” means, collectively, the Rajax Domestic Company,
Xiaodu Shenghuo, Xunda and Xinchi. 
 “Employee-Related Companies” means Shanghai Taizhou Network & Technology
Co., Ltd. (上海泰舟网络科技有限公司)
(“Taizhou”) and Shanghai Yuchuan Network & Technology Co., Ltd.
(上海育川网络科技有限公司)
(“Yuchuan”). 
 “Equity Securities” means, with respect to any Person that is a legal entity, any
and all shares of capital stock, membership interests, units, profits interests, phantom interests, ownership interests, equity interests, registered capital, and other equity securities of such Person, and any right, warrant, option, call,
commitment, conversion privilege, preemptive right or other right to acquire any of the foregoing, or security convertible into, exchangeable or exercisable for any of the foregoing, or any Contract providing for the acquisition of any of the
foregoing. 
 “ESOP” means the Rajax Holding Share Incentive Plan, adopted by the Board and the shareholders of the
Company on May 7, 2014, as amended from time to time in accordance with the terms thereof and the Shareholders Agreement effective at that time. 

“Exercise Price” means, with respect to any Company Option, the exercise price per Share underlying such Company Option.

 “Exercising Company Share Award Holders” means the holders of Company Options as of the date of this Agreement who
exercise such Company Options and are issued Shares in respect thereof at any time prior to the Closing, a true and accurate list of whom shall be delivered by the Company to Purchaser prior to the Closing. 

“FCPA” means Foreign Corrupt Practices Act of 1977, as amended. 

“Food Safety Laws” means Laws in respect of catering services provided through online orders, including without limitation,
Food Safety Law of the PRC (中华人民共和国食品安全法),
Measures for the Investigation and Handling of Illegalities of Online Food Safety
(网络食品安全违法行为查处办法), Measures
for the Supervision and Administration of Food Safety of Online Catering Services
(网络餐饮服务食品安全监督管理办法),
 Shanghai Supervision Regulation on Online Catering Service (上海市网络餐饮服务监督管理办法) and Beijing Interim Supervision Measures of Online Food Business
(北京市网络食品经营监督管理办法
(暂行). 

“Former Company Share Award Holders” means the Selling Shareholders listed in Appendix A of Schedule II attached
hereto and, if any, the Exercising Company Share Award Holders who shall each be treated as a Selling Shareholder listed in an updated Appendix A of Schedule II to be delivered by the Company to Purchaser prior to the Closing. For the
avoidance of doubt, “Former Company Share Award Holders” shall not include any financial or strategic investors of the Company. 

  
 6 

 “Fundamental Warranties” means each of the representations and warranties
set forth in Section 3.01, Section 3.02, Section 3.03, and Section 3.04. 

“Governmental Authority” means (i) any government of any nation, federation, province or state or any other political
subdivision thereof, (ii) any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board,
commission or instrumentality of the PRC or any other country, or any political subdivision thereof, (iii) any court, tribunal or arbitrator, (iv) any self-regulatory organization, (v) any public international organization, such as
the United Nations or the World Bank and (vi) any securities exchange. 
 “Governmental Order” means any applicable
order, ruling, decision, verdict, decree, writ, subpoena, mandate, precept, command, directive, consent, approval, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental
Authority. 
 “Group Company” means each of the Company and the entities set forth in Schedule IV hereto and each
Subsidiary of any of the foregoing, and “Group” refers to all of Group Companies collectively. 
 “Indebtedness”
of any Person means, without duplication, each of the following of such Person: (i) all indebtedness for borrowed money; (ii) any other indebtedness that is evidenced by a note, bond, debenture or similar instrument; (iii) all
reimbursement and other obligations with respect to banker’s acceptances, letters of credit, surety bonds and similar obligations; (iv) all payment obligations under any interest rate, foreign exchange or other swaps, options, derivatives
and other hedging agreements or arrangements that will be payable upon termination thereof (assuming they were terminated on the date of determination); (v) amounts owing as deferred purchase price for property or services, including all seller
notes and “earn out” payments, whether or not matured; (vi) indebtedness secured by a Lien on assets or properties, (vii) obligations or commitments to repay deposits or other amounts advanced by and owing to third parties,
(viii) all obligations under capitalized leases, (ix) all obligations to purchase, redeem, retire, defease or otherwise acquire for value any capital stock or any warrants, rights or options to acquire such capital stock, valued, in the
case of redeemable preferred stock, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends, (x) all obligations pursuant to securitization or factoring program or arrangement, (xi) all
obligations or undertakings to maintain or cause to be maintained the financial position or covenants of others or to purchase the obligations or property of others, (xii) all direct or indirect guarantees or sureties for indebtedness,
obligations, claim or liability of the type referred to in clauses (i) through (xi) above, (xiii) all reserves for litigation, (xiv) all deferred revenues, (xv) any other debt like items, including unsettled payables (other than
trade account payables) to any Selling Shareholder or any Subsidiary of such Selling Shareholder and shortfall in contributions to any Benefit Plan (xvi) with respect to any indebtedness, obligation, claim or liability of the type referred to
in clauses (i) through (xiv) above, all accrued and unpaid interest, premiums, penalties, breakage costs, unwind costs, fees, termination costs, redemption costs, expenses and other charges with respect thereto, (xvii) Taxes with respect
to any taxable period (or any portion thereof) ending on or before the Closing Date that were not previously paid by any Group Company, and (xviii) any net payable owning to Baidu, Inc. and its Subsidiaries. 

  
 7 

 “Indemnifiable Loss” means, with respect to any Person, any action, claim,
cost, damage, deficiency, diminution in value, disbursement, expense, liability, loss, obligation, penalty or settlement of any kind or nature imposed on or otherwise incurred or suffered by such Person, including without limitation, interest,
penalties, reasonable legal, accounting and other professional fees and expenses incurred in the investigation, collection, prosecution and defense of claims and amounts paid in settlement and Taxes payable by such Person by reason of the
indemnification. 
 “Injunction” means, as of any date, any final, non-appealable
judgment, restraining order or permanent injunction, which is in effect as of such date that prohibits the consummation of the Transactions and has been issued by any Governmental Authority in any jurisdiction that is material to the business of
Purchaser, the Company and/or their respective Affiliates. 
 “Intellectual Property” means any and all (i) patents,
patent rights and applications therefor and reissues, reexaminations, continuations, continuations-in-part, divisions, and patent term extensions thereof,
(ii) inventions (whether patentable or not), discoveries, improvements, concepts, innovations and industrial models, (iii) registered and unregistered copyrights, copyright registrations and applications, mask works and registrations and
applications therefor, author’s rights and works of authorship (including artwork, Software, computer programs, source code, object code and executable code, firmware, development tools, files, records and data, and related documentation), (iv)
URLs, web sites, web pages and any part thereof, (v) technical information, know-how, trade secrets, drawings, designs, design protocols, specifications, proprietary data, customer lists, databases,
proprietary processes, technology, formulae, and algorithms and other intellectual property, (vi) trade names, trade dress, trademarks, domain names, service marks, logos, business names, and registrations and applications therefor, and
(vii) the goodwill symbolized or represented by the foregoing. 
 “JD Agreements” means, collectively,
(i) the O2O Platform Cooperation Agreement (O2O 平台合作协议), dated as of April 8,
2015, between Jiangsu Jingdong Information Technology Co., Ltd. (江苏京东信息技术有限公司) and the Rajax WFOE; (ii) the Supplemental Agreement (补充协议书), dated as of October 9, 2015, between Jiangsu Jingdong Information Technology Co., Ltd. and the Rajax WFOE; and (iii) Promotion Cooperation Agreement (推广合作协议), dated April 8, 2015, between Jiangsu Jingdong Information Technology Co., Ltd. and
the Rajax WFOE. 
 “Key Employee” means all employees of the Group Companies with positions of president, chief
executive officer, chief financial officer, chief operating officer, chief technical officer, chief sales and marketing officer, general manager, any other managers reporting directly to any Group Company’s Board of Directors, president or
chief executive officer, and any other employee with the title of “vice president” or higher. 

  
 8 

 “Knowledge” means, with respect to the Company Parties, the actual
knowledge of any of the Principals, and that knowledge which should have been acquired by each such individual after making such due inquiry and exercising such due diligence as a prudent business person would have made or exercised in the
management of his or her business affairs, including but not limited to due inquiry of all officers, directors, employees, consultants and professional advisers (including attorneys, accountants and auditors) of the Group and of its Affiliates who
could reasonably be expected to have knowledge of the matters in question. 
 “Law” or “Laws” means any
and all publicly announced provisions of any applicable constitution, treaty, statute, law, regulation, ordinance, code, rule, or rule of common law, any governmental approval, concession, grant, franchise, license, agreement, directive,
requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority, in each case as amended, and any and all
applicable Governmental Orders. 
 “Liabilities” means, with respect to any Person, all liabilities, obligations and
commitments of such Person of any nature, whether accrued, absolute, contingent or otherwise, and whether due or to become due. 

“Lien” means any claim, charge, easement, encumbrance, lease, covenant, security interest, lien, option, pledge, rights of
others, or restriction (whether on voting, sale, transfer, disposition or otherwise), whether imposed by Contract, understanding, law, equity or otherwise. 

“Majority Ordinary Holders” has the meaning given to such term in the Memorandum and Articles. 

“Majority Preferred Holders” has the meaning given to such term in the Memorandum and Articles. 

“Material Adverse Effect” means any (i) event, occurrence, fact, condition, change or development that has had, has, or
would have, individually or together with other events, occurrences, facts, conditions, changes or developments, a material adverse effect on the business, properties, assets, employees, operations, results of operations, condition (financial or
otherwise), prospects, assets or liabilities of the Group taken as a whole, provided that any reduction in the Group Companies’ cash flow or working capital amount occurring from conducting their businesses in the ordinary course of business
consistent with past practice shall not by itself constitute a “Material Adverse Effect” (but the event, occurrence, fact, condition, change or development underlying such reduction may be considered in determining whether a Material
Adverse Effect has occurred), (ii) material impairment of the ability of any Party (other than Purchaser and/or the Rollover Shareholder) to perform the material obligations of such party under any Transaction Documents, any Control Documents or any
Supplemental Control Documents, or (iii) material impairment of the validity or enforceability of this Agreement or any other Transaction Document, any Control Documents, or any Supplemental Control Documents against any Party hereto or thereto
(other than Purchaser and/or the Rollover Shareholder). 

  
 9 

 “Memorandum and Articles” means, collectively, the Twelfth Amended and
Restated Memorandum of Association and the Twelfth Amended and Restated Articles of Association of the Company, adopted on August 22, 2017 and effective on August 24, 2017. 

“MOFCOM” means the Ministry of Commerce of the PRC or, with respect to any matter to be submitted for examination and
approval by the Ministry of Commerce, any Governmental Authority which is similarly competent to examine and approve such matter under the laws of the PRC. 

“Order No. 10” means the Rules for Mergers with and Acquisitions of Domestic Enterprises by Foreign Investors (关于外国投资者并购境内企业的规定) jointly
issued by the MOFCOM, the State-owned Assets Supervision and Administration Commission, the State Administration of Taxation, the SAIC, the China Securities Regulatory Commission and the SAFE initially on August 8, 2006, as amended. 

“Ordinary Shares” means ordinary shares, par value US$0.0000125 per share, of the Company. 

“Paying Agent” means JPMorgan Chase Bank, N.A., or another internationally recognized bank or trust company selected by
Purchaser. 
 “Permitted Liens” means (i) Liens for Taxes not yet delinquent or the validity of which are being
contested in good faith and for which there are adequate reserves on the applicable financial statements, (ii) Liens incurred in the ordinary course of business, which (x) do not individually or in the aggregate materially detract from the
value, use, or transferability of the assets that are subject to such Liens, and (y) were not incurred in connection with the borrowing of money, and (iii) Liens contemplated under the Captive Structure. 

“Person” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability
company, firm, trust, estate or other enterprise or entity. 
 “PFIC” means a passive foreign investment company as
defined in Section 1297(a) of the Code. 
 “PRC” means the People’s Republic of China, but solely for the
purposes of this Agreement and the other Transaction Documents, excluding the Hong Kong Special Administrative Region, the Macau Special Administrative Region and the islands of Taiwan. 

“PRC Anti-Unfair Competition Law” means the Anti-Unfair Competition Law of the PRC (中华人民共和国反不正当竞争法) promulgated by the
Standing Committee of the National People’s Congress of the PRC and effective on September 2, 1993, as amended from time to time. 

“PRC GAAP” means PRC generally accepted accounting principles. 

  
 10 

 “PRC Group Companies” means, collectively, each of the Group Companies
incorporated under the Laws of the PRC, including but not limited to the Rajax PRC Companies and the Xiaodu PRC Companies. 

“Preferred Shares” means, collectively, the series A preferred shares, par value US$0.0000125 per share, of the Company (the
“Series A Preferred Shares”), the series B preferred shares, par value US$0.0000125 per share, of the Company (the “Series B Preferred Shares”), the series C preferred shares, par value US$0.0000125 per share, of
the Company (the “Series C Preferred Shares”), the series D preferred shares, par value US$0.0000125 per share, of the Company (the “Series D Preferred Shares”), the series E preferred shares, par value US$0.0000125
per share, of the Company (the “Series E Preferred Shares”), the series F preferred shares, par value US$0.0000125 per share, of the Company (the “Series F Preferred Shares”), the series F-1 preferred shares, par value US$0.0000125 per share, of the Company (the “Series F-1 Preferred Shares”), the series G preferred shares, par value
US$0.0000125 per share, of the Company (the “Series G Preferred Shares”), and the series G-1 preferred shares, par value US$0.0000125 per share, of the Company (the “Series G-1 Preferred Shares”). 
 “Prohibited Person” means any Person that is
(i) a national or resident of any U.S. embargoed or restricted country, (ii) included on, or Affiliated with any Person on, the United States Commerce Department’s Denied Parties List, Entities and Unverified Lists; the U.S.
Department of Treasury’s Specially Designated Nationals, Specially Designated Narcotics Traffickers or Specially Designated Terrorists, or the Annex to Executive Order No. 13224; the Department of State’s Debarred List; UN Sanctions,
or (iii) a Person with whom business transactions, including exports and re-exports, are restricted by a U.S. Governmental Authority, including, in each clause above, any updates or revisions to the
foregoing and any newly published rules. 
 “Public Official” means any executive, official, or employee of a Governmental
Authority, political party or member of a political party, political candidate; executive, employee or officer of a public international organization; or director, officer or employee or agent of a wholly or partially state-owned, or partially
state-owned, state-Controlled, or state-operated enterprise, including a PRC state-owned, state-Controlled, or state-operated enterprise. 

“Purchaser Parties” means collectively, Purchaser and the Rollover Shareholder. 

“Qualified Tax Advisor” means such Big Four Accounting Firms approved by Purchaser in writing, or such other professional
tax advisor as may be agreed in writing between Shareholders Representative and Purchaser, for the purposes of carrying out the actions set forth in Section 7.08. 

“Rajax PRC Companies” means the Rajax WFOE, the Rajax Domestic Company, the Rajax WFOE Subsidiary, Hongyi, Pengxun, Zhiguan
and Fengniao. 
 “Related Party” means any Affiliate, senior management, director, supervisory board member, or holder of
any Equity Security of any Group Company, and any Affiliate or Associate of any of the foregoing. 

  
 11 

 “Restrictive Provisions” means any provisions in the Contracts to which a
Group Company is a party that restricts the ability of any Group Company or any other Person to conduct or engage in any business or activity with Alibaba or any of its Affiliates. 

“ROFR Agreement” means the Tenth Amended and Restated Right of First Refusal &
Co-Sale Agreement entered into by and among the parties named therein on August 24, 2017. 

“Rollover Employee Options” means certain Company Options issued and outstanding as of, or issued after, the date of this
Agreement which remain unexercised as of the Closing and which are listed in the Rollover Employee Option Confirmation Letter. 

“Rollover Employee Shares” means the Ordinary Shares listed as “Rollover Employee Shares” in Column 2 of Appendix
A to Schedule II which were issued upon the exercise of Company Options on or after February 28, 2018 and prior to the Closing. 

“RSU” means the restricted share units, pursuant to which certain number of Ordinary Shares have been reserved for issuance
to the Principals and/or Principal Holdcos. 
 “SAFE” means the State Administration of Foreign Exchange of the PRC. 

“SAFE Rules and Regulations” means collectively, Circular 7, Circular 13, Circular 37 and any other applicable SAFE rules
and regulations. 
 “SAIC” means the State Administration for Industry and Commerce of the PRC or, with respect to the
issuance of any business license or filing or registration to be effected by or with the State Administration of Industry and Commerce, any Governmental Authority which is similarly competent to issue such business license or accept such filing or
registration under the Laws of the PRC. 
 “Seller Pro Rata Share” shall mean, with respect to a Selling Shareholder, a
fraction, the numerator of which is the total number of Sale Shares of such Selling Shareholder and the denominator of which is the total number of Aggregate Sale Shares. 

“Sequoia” shall mean, collectively, Sequoia Capital CV IV Holdco, Ltd. and Sequoia Capital China GF Holdco III-A, Ltd. 
 “Share Restriction Agreements” means, collectively, the Share Restriction
Agreements, each dated August 24, 2015, executed by the Company, the Principals and the Principal Holdcos and certain other parties thereto. 

“Shareholder Pro Rata Share” shall mean, (a) with respect to a Selling Shareholder, a fraction, the numerator of which
is the total number of Sale Shares of such Selling Shareholder and the denominator of which is the sum of (i) the total number of Aggregate Sale Shares and (ii) the total number of Rollover Shares, and (b) with respect to the Rollover
Shareholder, a fraction, the numerator of which is the total number of Rollover Shares and the denominator of which is the sum of (i) the total number of Aggregate Sale Shares and (ii) the total number of Rollover Shares. 

  
 12 

 “Shareholders Agreement” means the Tenth Amended and Restated Shareholders
Agreement entered into by and among the parties named therein on August 24, 2017. 
 “Social Insurance” means any
form of social insurance required under applicable Laws, including without limitation, the PRC national and local contributions for pensions, medical insurance, unemployment insurance, work-related injury insurance, pregnancy benefits, and housing
accumulation funds. 
 “Software” means any and all (i) computer programs, including any and all software
implementations of algorithms, models and methodologies, including all source code and executable code, whether embodied in software, firmware or otherwise, documentation, development tools, designs, files, verilog files, RTL files, HDL, VHDL, net
lists, records, data and mask works; and (ii) databases and compilations, including any and all data and collections of data, whether machine readable or otherwise, and all rights therein. 

“Specified Laws” means the PRC Anti-Unfair Competition Law, Data Protection Laws, Food Safety Laws, Telecommunication
Regulation of the PRC (中华人民共和国电信条例), Content of
Categories of Telecommunication Business (2015) (电信业务分类目录 (2015年版) ) and Notice of Ministry of Industry and Information Technology on Removing the Restrictions on Foreign Equity Ratios in
Online Data Processing (Operating E-commerce) Business
(工业和信息化部关于放开在线数据处理与交易处理业务

(经营类电子商务)外资股比限制的通告
). 
 “Stores” means the stores owned by the Rajax
WFOE Subsidiary from time to time. 
 “Subsidiary” means, with respect to any given Person, any other Person that is
Controlled directly or indirectly by such given Person. 
 “Supplemental Control Documents” means the following documents
collectively: (i) the Proxy Agreement (授权委托协议) entered into by and between the Rajax
WFOE and each of the Principals respectively; (ii) the Intellectual Property Exclusive Option Agreement
(知识产权独家认购协议) entered into by and between the Rajax WFOE
and the Rajax Domestic Company; (iii) the Domain Transfer Agreements (域名转让协议)
entered into by and between the Rajax WFOE and the Rajax Domestic Company; (iv) the Domain Transfer Agreement (域名转让协议) entered into by and between the Rajax Domestic Company and Xuhao Zhang; (v) the Patent Application Right Transfer Agreement
(专利申请权转让协议) entered into by and between the Rajax WFOE and the
Rajax Domestic Company, all of which were dated August 27, 2012; and (vi) the spousal consent letters executed by each of Jiangman Du (杜江曼), Jingjing Chang (常婧婧), Yanxia Xiao (肖妍霞), and Manman Zhao (赵曼曼) (as the spouse of each equity holder of the Rajax Domestic Company) on 5 March 2016. 

“Taxes” means (i) in the PRC: (a) any national, provincial, municipal, or local taxes, charges, fees, levies, or
other assessments, including, without limitation, all net income (including enterprise income tax and individual income withholding tax), turnover (including value-added tax, business tax, and consumption tax), resource (including urban and township
land use tax), special purpose (including land value-added tax, urban maintenance and construction tax, and additional education fees), property (including urban real estate tax and land use fees), documentation (including stamp duty and deed tax),
filing, recording, social insurance (including pension, medical, unemployment, housing, and other social insurance withholding), tariffs (including import duty and import value-added tax), and estimated and provisional taxes, charges, fees, levies,
or other assessments of any kind whatsoever, (b) all interest, penalties (administrative, civil or criminal), or additional amounts imposed by any Governmental Authority in connection with any item described in clause (a) above, and
(c) any form of transferee liability imposed by any Governmental Authority in connection with any item described in clauses (a) and (b) above, and (ii) in any jurisdiction other than the PRC: all similar Liabilities as described in
clause (i)(a) and (i)(b) above. 

  
 13 

 “Tax Return” means any return, report or statement showing Taxes, used to
pay Taxes, or required to be filed with respect to any Tax (including any elections, declarations, schedules or attachments thereto, and any amendment thereof), including any information return, claim for refund, amended return or declaration of
estimated or provisional Tax. 
 “Transaction Documents” means collectively, this Agreement, the Escrow Agreement, and
each of the other agreements and documents otherwise required in connection with implementing the transactions contemplated by any of the foregoing. 

“U.S. Real Property Holding Corporation” has the meaning as defined in Section 897(c)(2) of the Code. 

“Warrantors” means, collectively, the Principals and the Principal Holdcos. 

“WFOEs” means, collectively, the Rajax WFOE and the Xiaodu WFOE. 

“Xiaodu Group” means, collectively, the Xiaodu Cayman Company, the Xiaodu HK Company, the Xiaodu PRC Companies and each
Subsidiary of any of the foregoing. 
 “Xiaodu PRC Companies” means, collectively, the Xiaodu WFOE, Xiaodu Shenghuo,
Xunda, Xinchi and Zhenxuan. 
 SECTION 1.02 Other Defined Terms. The following terms shall have the meanings defined for such terms
in the Sections set forth below: 
  

					
	 Defined Term
	  	Location of Definition	 
	 Accounting Firm
	  	 	Section 2.05(b)	 
	 Accounting Firm Determination
	  	 	Section 2.05(b)	 
	 Aggregate Purchase Price
	  	 	Section 2.01(a)	 
	 Aggregate Sale Shares
	  	 	Section 2.01(a)	 
	 Arbitration Notice
	  	 	Section 10.03(a)	 
	 Asserted Action
	  	 	Section 9.04(a)	 
	 Asserted Liability
	  	 	Section 9.04(a)	 
	 Audit and Indemnity Escrow Account
	  	 	Section 2.04(b)	 
	 Audit and Indemnity Escrow Amount
	  	 	Section 2.04(b)	 

  
 14 

					
	 Audit and Indemnity Escrow Fees
	  	 	Section 2.04(b)	 
	 Audit Difference
	  	 	Section 2.05(a)	 
	 Audited 2017 Financial Statements
	  	 	Section 7.14	 
	 Closing
	  	 	Section 2.02	 
	 Closing Audit
	  	 	Section 2.05(b)	 
	 Closing Date
	  	 	Section 2.02	 
	 Company
	  	 	Preamble	 
	 Company Disclosure Schedule
	  	 	Article III	 
	 Company IP
	  	 	Section 3.17(a)	 
	 Compliance Laws
	  	 	Section 3.14(a)	 
	 Deferred Payment Agreement
	  	 	Section 2.06(b)	 
	 Dispute
	  	 	Section 10.03(a)	 
	 Escrow Agent
	  	 	Section 2.04(a)	 
	 Escrow Agreement
	  	 	Section 2.04(a)	 
	 Fengniao
	  	 	Schedule IV	 
	 Financial Statements
	  	 	Section 3.09	 
	 Grace Period
	  	 	Section 9.05(a)	 
	 HKIAC
	  	 	Section 10.03(b)	 
	 HKIAC Rules
	  	 	Section 10.03(b)	 
	 Hong Kong
	  	 	Section 10.02	 
	 Hongyi
	  	 	Schedule IV	 
	 Indemnifying Parties
	  	 	Section 9.03(a)	 
	 Indemnifying Party
	  	 	Section 9.03(a)	 
	 Integration Committee
	  	 	Section 7.20	 
	 Key Employees
	  	 	Section 3.18(d)	 
	 Lease
	  	 	Section 3.15(b)	 
	 Material Contracts
	  	 	Section 3.13(a)	 
	 Maximum Net Debt Amount
	  	 	Section 2.05(a)	 
	 New Business License
	  	 	Section 7.09	 
	 New Control Documents
	  	 	Section 8.02(j)	 
	 Onshore Equity Transfer
	  	 	Section 7.09	 
	 Parties
	  	 	Preamble	 
	 Party
	  	 	Preamble	 
	 Payment Fund
	  	 	Section 2.03(c)(i)	 
	 Pengxun
	  	 	Schedule IV	 
	 Per Share Purchase Price
	  	 	Section 2.01(a)	 
	 Principal
	  	 	Preamble	 
	 Principal Holdco
	  	 	Preamble	 
	 Principal Holdcos
	  	 	Preamble	 
	 Principals
	  	 	Preamble	 
	 Pro Rata Audit Difference
	  	 	Section 2.05(e)	 
	 Pro Rata Indemnity Amount
	  	 	Section 9.04(b)	 
	 Purchase Price
	  	 	Section 2.01(a)	 
	 Purchaser
	  	 	Preamble	 
	 Purchaser Indemnified Parties
	  	 	Section 9.03(a)	 
	 Purchaser Share
	  	 	Section 2.01(b)	 

  
 15 

					
	 Rajax Domestic Company
	  	 	Schedule IV	 
	 Rajax HK Subsidiary
	  	 	Schedule IV	 
	 Rajax WFOE
	  	 	Schedule IV	 
	 Rajax WFOE Subsidiary
	  	 	Schedule IV	 
	 Relevant Obligations
	  	 	Section 2.06(c)	 
	 Relevant PRC Tax Authority
	  	 	Section 7.08(b)	 
	 Representatives
	  	 	Section 3.14(a)	 
	 Required Governmental Consents
	  	 	Section 3.06(b)	 
	 Rollover Employee Option Confirmation Letter
	  	 	Section 2.06(b)	 
	 Rollover Option Holder
	  	 	Section 2.06(b)	 
	 Rollover Option Holders
	  	 	Section 2.06(b)	 
	 Rollover Purchase Price
	  	 	Section 2.06(b)	 
	 Rollover Share
	  	 	Section 2.01(b)	 
	 Rollover Shareholder
	  	 	Preamble	 
	 Rollover Shares
	  	 	Section 2.01(b)	 
	 Sale Shares
	  	 	Section 2.01(a)	 
	 Selling Shareholder
	  	 	Preamble	 
	 Selling Shareholders
	  	 	Preamble	 
	 Selling Tax
	  	 	Section 7.08(a)	 
	 Share Purchases
	  	 	Section 2.01(a)	 
	 Share Rollover
	  	 	Section 2.01(b)	 
	 Shareholders Disclosure Schedule
	  	 	Article V	 
	 Shareholders Representative
	  	 	Section 7.18	 
	 Shares
	  	 	Recitals	 
	 Statement Date
	  	 	Section 3.09	 
	 Survival Period
	  	 	Section 9.05(b)	 
	 Takeover Statute
	  	 	Section 3.29	 
	 Tax Escrow Account
	  	 	Section 2.04(a)	 
	 Tax Escrow Amount
	  	 	Section 2.04(a)	 
	 Tax Escrow Fees
	  	 	Section 2.04(a)	 
	 Termination Date
	  	 	Section 9.01(b)(i)	 
	 Transactions
	  	 	Section 2.01(b)	 
	 Undisputed Indemnity Amount
	  	 	Section 9.04(c)	 
	 Xiaodu Cayman Company
	  	 	Schedule IV	 
	 Xiaodu HK Company
	  	 	Schedule IV	 
	 Xiaodu Shenghuo
	  	 	Schedule IV	 
	 Xiaodu WFOE
	  	 	Schedule IV	 
	 Xinchi
	  	 	Schedule IV	 
	 Xunda
	  	 	Schedule IV	 
	 Zhenxuan
	  	 	Schedule IV	 
	 Zhiguan
	  	 	Schedule IV	 

 SECTION 1.03 Interpretations. For all purposes of this Agreement, except as otherwise expressly herein
provided, (i) the terms defined in Article I shall have the meanings assigned to them in this Article I and include the plural as well as the singular, (ii) all accounting terms not otherwise defined herein have the meanings
assigned under the Accounting Standards, (iii) all references in this Agreement to designated “Sections” and other subdivisions are to the designated Sections and other subdivisions of the body of this Agreement, (iv) pronouns of
either gender or neuter shall include, as appropriate, the other pronoun forms, (v) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any
particular Section or other subdivision, (vi) all references in this Agreement to designated Schedules and Exhibits are to the Schedules and Exhibits attached to this Agreement, (vii) references to this Agreement, any other Transaction
Documents and any other document shall be construed as references to such document as the same may be amended, supplemented or novated from time to time, (viii) the term “or” is not exclusive, (ix) the term “including”
will be deemed to be followed by “, but not limited to,” (x) the terms “shall,” “will,” and “agrees” are mandatory, and the term “may” is permissive, (xi) the phrase “directly or
indirectly” means directly, or indirectly through one or more intermediate Persons or through contractual or other arrangements, and “direct or indirect” has the correlative meaning, (xii) the term “voting power” refers
to the number of votes attributable to the shares (on an as-converted basis) in accordance with the terms of the Memorandum and Articles, (xiii) the headings used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this Agreement, (xiv) references to Laws include any such Law modifying, re-enacting, extending or made pursuant to the same or
which is modified, re-enacted, or extended by the same or pursuant to which the same is made, and (xv) all references to U.S. dollars or to “US$” are to currency of the United States of America,
all references to RMB are to currency of the PRC and all references to “HK$” are to currency of Hong Kong (and each shall be deemed to include reference to the equivalent amount in other currencies). 

  
 16 

 ARTICLE II 

PURCHASE AND SALE 

SECTION 2.01 Purchase and Sale of Shares. 

(a) Share Purchases. Upon the terms and subject to the conditions contained herein, at the Closing, each Selling Shareholder shall,
severally but not jointly, sell and transfer to Purchaser, and Purchaser shall purchase and acquire from each Selling Shareholder (the “Share Purchases”), the entire legal and beneficial ownership (together with all rights now or
hereafter attaching to them, including all rights to any dividend or other distribution declared, made or paid after the date of this Agreement) of all of such Selling Shareholder’s Shares, which type and number of Shares is set forth opposite
such Selling Shareholder’s name under Columns 2 and 3 of Schedule II hereto (including Appendix A thereto) (the “Sale Shares” of such Selling Shareholder, and the aggregate of all Sale Shares of the Selling Shareholders to be
purchased by Purchaser hereunder, the “Aggregate Sale Shares”), free and clear of all Liens, in exchange for an aggregate purchase price in cash in U.S. Dollars in the amount set forth opposite such Selling Shareholder’s name
under Column 4 of Schedule II hereto (including Appendix A thereto) (the “Purchase Price” payable to such Selling Shareholder, and the aggregate of all Purchase Prices to be paid by Purchaser to the Selling Shareholders pursuant to
this Section 2.01, the “Aggregate Purchase Price”). The Aggregate Purchase Price (and the Purchase Price payable to each Selling Shareholder by Purchaser) reflects a per share purchase price of US$0.6517400968, inclusive
of all applicable Selling Tax (the “Per Share Purchase Price”). 

  
 17 

 (b) Restructuring. Upon the terms and subject to the conditions contained herein, at
the Closing, each of the Shares held by the Rollover Shareholder immediately prior to the Closing (each, a “Rollover Share”, and collectively, the “Rollover Shares”) shall be rolled over and exchanged for
5,200,953,827 validly issued, fully paid and non-assessable ordinary shares, par value US$0.0001 per share, of Purchaser (the “Purchaser Shares”), with no cash consideration to be paid by
Purchaser to the Rollover Shareholder (the “Share Rollover”, and together with the Share Purchases, the “Transactions”). 

SECTION 2.02 Closing; Closing Date. Upon the terms and subject to the conditions contained herein, the closing of the Transactions
(the “Closing”) shall take place at 9:00 p.m. (Hong Kong time) on a date no later than ten (10) Business Days after the satisfaction or waiver of the conditions set forth in Article VIII (other than those conditions that
by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of those conditions), which date shall be no later than twenty (20) Business Days after the date of this Agreement, or any other date or time agreed
in writing by Purchaser and the Shareholders Representative (the “Closing Date”) at the offices of Simpson Thacher & Bartlett, 35/F ICBC Tower, 3 Garden Road, Central, Hong Kong, or at another place agreed in writing by
Purchaser and the Shareholders Representative. 
 SECTION 2.03 Closing Deliverables. 

(a) Closing Deliverables by the Selling Shareholders and the Rollover Shareholder. At the Closing: 

(i) each Selling Shareholder shall, severally but not jointly, deliver or cause to be delivered to Purchaser a deed of
transfer, in the form of Exhibit A-1 hereto and duly executed by such Selling Shareholder or a Director of the Company on behalf of such Selling Shareholder, dated as of the Closing Date, with respect
to the sale and transfer of all of such Selling Shareholder’s Sale Shares to Purchaser; 
 (ii) (A) each Selling
Shareholder shall, severally but not jointly, deliver to Purchaser, the original share certificate(s) representing all of such Selling Shareholder’s Sale Shares or, if such original share certificate(s) could not be located and delivered to
Purchaser at the Closing, then such relevant Selling Shareholder shall deliver to Purchaser an affidavit and indemnity for the lost share certificate(s) in form and substance acceptable to Purchaser and the registered office provider of the Company
in respect of such Selling Shareholders’ Sale Shares, or (B) the Shareholders Representative shall deliver to Purchaser a written confirmation from the Company’s registered office that such share certificate(s) will be cancelled at
the Closing; 
 (iii) the Rollover Shareholder shall deliver or cause to be delivered to Purchaser a deed of transfer, in the
form of Exhibit A-2 hereto and duly executed by the Rollover Shareholder, dated as of the Closing Date, with respect to the rollover and exchange of all of the Rollover Shareholder’s Rollover
Shares for the Purchaser Shares; 
 (iv) the Rollover Shareholder shall deliver to Purchaser, the original share
certificate(s) representing all of the Rollover Shareholder’s Rollover Shares or, if such original share certificate(s) could not be located and delivered to Purchaser at the Closing, an affidavit and indemnity for the lost share certificate(s)
in form and substance acceptable to Purchaser and the registered office provider of the Company in respect of the Rollover Shareholder’s Rollover Shares; and 

  
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 (v) each of the Principals and Principal Holdcos, CITICPE, and Sequoia shall
deliver to Purchaser the resignation letter of its respective appointee serving as a Director prior to the Closing, effective as of the Closing, and the Principals and Principal Holdcos shall deliver to Purchaser the resignation letter of the
Mr. Wei CHENG (from his directorship) prior to the Closing, effective as of the Closing. 
 (b) Closing Deliverables by the
Company. At the Closing, the Company shall, and the Principals and the Principal Holdcos shall cause the Company to, deliver or cause to be delivered to Purchaser: 

(i) the register of members, dated as of the Closing and certified by the registered office provider of the Company, updated to
reflect the Transactions and Purchaser’s ownership of the Aggregate Sale Shares and Rollover Shares, free and clear of all Liens; 

(ii) one or more share certificates in the name of Purchaser (and/or its designee), dated as at the Closing Date and duly
executed on behalf of the Company, collectively evidencing the ownership by Purchaser (and/or its designee) of the Aggregate Sale Shares and Rollover Shares; 

(iii) the shareholders’ registry of the Rajax Domestic Company, Xiaodu Shenghuo, Xunda and Xinchi, each of which certified
to be a true and correct copy by the Company, where the Purchaser’s designated individual is, as of the Closing Date, recorded as the holder of 100% of the equity interest of such Group Companies; 

(iv) the original (or if the original is not available, copy) of each of the current version of the constitutional documents
(including the articles of association, shareholders agreement, limited partnership agreement and all amendments thereto) of each Group Company; 

(v) the official chop, financial chop and contract chop of each Group Company and all other chops capable of representing any
Group Company (if any), the books and accounts of each Group Company; 
 (vi) the originals and all duplicates of the current
business license of each PRC Group Company; 
 (vii) the originals of the IC card foreign exchange registration certificate
(IC卡外汇登记证), the permits for opening bank accounts (银行开户许可证), the bank account signature cards (银行印鉴卡), and the USB Keys (U盾) to operate all existing bank accounts of each PRC Group Company (if applicable); and 

  
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 (viii) the originals of all the forms and documents required by the relevant
banks to effect the change of authorized signatures to all bank accounts of each Group Company, duly affixed with the company chop of such Group Company. 

(c) Closing Deliverables by Purchaser. At the Closing, subject to the terms and conditions hereunder, Purchaser shall, subject to the
receipt by Purchaser or its representative of each of the documents required to be delivered by each of the Selling Shareholders, the Rollover Option Holders and the Rollover Shareholder, as applicable, pursuant to Section 2.03(a) and
the Company pursuant to Section 2.03(b): 
 (i) pay or cause to be paid to the Paying Agent cash in an amount
equal to (A) the sum of (x) the Aggregate Purchase Price payable to all Selling Shareholders (other than the Former Company Share Award Holders), (y) the relevant portion of the Aggregate Purchase Price payable in cash to all Former
Company Share Award Holders, and (z) the relevant portion of the aggregate Rollover Purchase Prices payable in cash to all Rollover Option Holders, in each case of (y) and (z), in accordance with Section 2.06 and the Deferred
Payment Agreements except as otherwise provided in, and subject to the terms of, the Deferred Payment Agreements, minus (B) the sum of (x) the Tax Escrow Amount, (y) the Audit and Indemnity Escrow Amount and (z) the
aggregate amounts payable in cash to all Former Company Share Award Holders and Rollover Option Holders after the Closing pursuant to the Deferred Payment Agreements (such cash being hereinafter referred to as the “Payment Fund”);
provided that Purchaser shall remain liable for payment of Purchase Price to each Selling Shareholder, and Rollover Purchase Price to each Rollover Option Holder, following the Closing subject to and in accordance with the terms and
conditions of this Agreement and, in the case of the Former Company Share Award Holders and Rollover Option Holders, the relevant Deferred Payment Agreements; 

(ii) pay or cause to be paid to the Escrow Agent, in accordance with the Escrow Agreement, an amount equal to the sum of the
Tax Escrow Amount and the Audit and Indemnity Escrow Amount, by wire transfer of immediately available funds to the Tax Escrow Account and the Audit and Indemnity Escrow Account, respectively; and 

(iii) issue a share certificate in the name of the Rollover Shareholder, dated as of the Closing Date and duly executed by
Purchaser, evidencing the ownership by the Rollover Shareholder of the Purchaser Shares. 
 SECTION 2.04 Escrow Arrangements. 

(a) The Parties agree that an aggregate amount equal to ten percent (10%) of the Aggregate Purchase Price, as apportioned among the Selling
Shareholders as set out in Column 5 of Schedule II (including Appendix A thereto) (the “Tax Escrow Amount”), shall be deducted from the Aggregate Purchase Price payable at Closing and deposited in an escrow account (the
“Tax Escrow Account”) at the Closing pursuant to an escrow agreement (the “Escrow Agreement”) to be entered into among JPMorgan Chase Bank, N.A. (the “Escrow Agent”), Purchaser and the Shareholders
Representative. Purchaser and the Shareholders Representative shall enter into the Escrow Agreement with the Escrow Agent as promptly as practicable following the date hereof. Any administrative fees and expenses of the Escrow Agent (“Tax
Escrow Fees”) will be paid using funds distributed from the Tax Escrow Account (for the avoidance of doubt, each Selling Shareholders’ obligation to the Tax Escrow Fees shall be several but not joint). The Tax Escrow Fees will be
allocated among each of the Selling Shareholders in accordance with its Seller Pro Rata Share thereof. After a Selling Shareholder (or Purchaser, on behalf of such Selling Shareholder) has filed the Tax Returns in accordance with
Section 7.08, the relevant Tax Escrow Amount allocated to such Selling Shareholder (net of such Selling Shareholder’s allocated portion of the Tax Escrow Fees) shall be (and Purchaser shall deliver written instructions to instruct
the Escrow Agent to cause the relevant Tax Escrow Amount to be): (i) released and paid to the Relevant PRC Tax Authority to settle any Selling Tax of such Selling Shareholder directly from the Tax Escrow Account pursuant to written instruction by
Purchaser to the Escrow Agent, subject to the prior written consent of such Selling Shareholder or the Shareholders Representative, within five (5) Business Days after Purchaser has received an explanation letter prepared by the Qualified Tax
Advisor together the account details of the tax collection account of such Relevant PRC Tax Authority, with any balance remaining out of such relevant portion of the Tax Escrow Amount to be concurrently released and distributed to such Selling
Shareholder within ten (10) Business Days thereafter, (ii) released and distributed to such Selling Shareholder within ten (10) Business Days after Purchaser has received the tax payment receipt (“税收缴款书” in Chinese) or such other adequate evidence to its reasonable satisfaction that such Selling
Shareholder has fully paid the relevant Selling Tax, or (iii) released and distributed to such Selling Shareholder within ten (10) Business Days after Purchaser has received adequate evidence to its reasonable satisfaction that no such
Taxes are required to be paid by such Selling Shareholder in connection with the Transactions. 

  
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 (b) The Parties further agree that an aggregate amount equal to nine percent (9%) of the
Aggregate Purchase Price, as apportioned among each Selling Shareholder as set out in Column 6 of Schedule II (including Appendix A thereto) (the “Audit and Indemnity Escrow Amount”), shall be deducted from the Aggregate
Purchase Price payable at Closing and deposited in an escrow account (the “Audit and Indemnity Escrow Account”) at the Closing pursuant to the Escrow Agreement. Any administrative fees and expenses of the Escrow Agent
(“Audit and Indemnity Escrow Fees”) will be paid using funds distributed from the Audit and Indemnity Escrow Account (for the avoidance of doubt, each Selling Shareholders’ obligation to the Audit and Indemnity Escrow Fees
shall be several but not joint). The Audit and Indemnity Escrow Fees will be allocated among each of the Selling Shareholders in accordance with its Seller Pro Rata Share thereof. The Escrow Agent shall make disbursements from the Audit and
Indemnity Escrow Account pursuant to written instruction by Purchaser to the Escrow Agent in accordance with Section 2.05 and Section 9.04. 

SECTION 2.05 Post-Closing Audit Adjustment. 

(a) The Per Share Purchase Price is based on the enterprise valuation of the Group Companies as of 11:59 p.m. (Hong Kong time) on the
Benchmark Date being equal to US$9,500,000,000. The Aggregate Purchase Price is subject to the Benchmark Date Net Debt being not greater than US$446,245,236 (the “Maximum Net Debt Amount”). In the event that the Benchmark Date Net
Debt is greater than the sum of (i) the Maximum Net Debt Amount and (ii) US$10,000,000 (such excess amount, the “Audit Difference”), the Aggregate Purchase Price shall be reduced by the entire amount of the Audit
Difference (such reduction to be effected in respect of the Purchase Price payable to each Selling Shareholder through a reduction in the Audit and Indemnity Escrow Amount allocated to each Selling Shareholder) in accordance with the terms of this
Section 2.05. 

  
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 (b) After the Closing Date, Purchaser shall engage PricewaterhouseCoopers and/or its PRC
domestic affiliates (the “Accounting Firm”) to audit the consolidated balance sheet, statement of income and statement of cash flows of the Group as of and for the period beginning on January 1, 2018 and ending as of the
Closing Date in conformity with the Accounting Standards (the “Closing Audit”). Purchaser shall direct the Accounting Firm to deliver to Purchaser and the Shareholders Representative, as soon as practicable following the Closing
Date but in any event within sixty (60) days after the Closing Date, a statement based on the results of the Closing Audit (the “Accounting Firm Determination”) setting forth the Accounting Firm’s calculation of
(i) the Benchmark Date Net Debt calculated in accordance with the Calculation Principles and (ii) the Audit Difference, if any. For the avoidance of doubt, in the event that the Benchmark Date Net Debt set forth in the Accounting Firm
Determination is equal to or less than the sum of (i) the Maximum Net Debt Amount and (ii) US$10,000,000, there shall be no Audit Difference. 

(c) The Company shall, and Purchaser, the Company, the Principals and the Principal Holdcos shall cause each Group Company to, provide the
Accounting Firm with reasonable access to all relevant books and records and other documents, personnel and representatives of the Group Companies and other items reasonably requested by the Accounting Firm in connection with the Closing Audit or
for purposes of delivering the Accounting Firm Determination, and such Parties shall otherwise reasonably cooperate with the Accounting Firm in connection therewith. Notwithstanding anything to the contrary contained in this Agreement, the fees and
expenses of the Accounting Firm shall be borne by each of the Selling Shareholders and the Rollover Shareholder, severally but not jointly, based on their respective Shareholder Pro Rata Shares. 

(d) The Parties agree that (i) the Accounting Firm Determination shall be deemed to be final, conclusive, binding and non-appealable, absent fraud or manifest error, (ii) the procedures set forth in this Section 2.05 shall be the sole and exclusive remedy with respect to the determination as to whether there is an
Audit Difference and (iii) the Accounting Firm Determination shall be enforceable as an arbitral award, and judgment may be entered thereupon in any court having jurisdiction over the Party against which such determination is to be enforced.

 (e) In the event that an Audit Difference is determined pursuant to this Section 2.05, Purchaser shall deliver written
instructions to the Escrow Agent instructing the Escrow Agent to deliver to Purchaser an aggregate amount equal to (i) the Audit Difference multiplied by (ii) the Aggregate Selling Shareholders Percentage (the “Audit Difference
Payment”). The Audit and Indemnity Escrow Amount allocated to each Selling Shareholder shall be reduced by an amount equal to its Seller Pro Rata Share of the Audit Difference Payment (the “Pro Rata Audit Difference”).
After any disbursements required to be made to Purchaser pursuant to this Section 2.05(e) have been made, any remaining Audit and Indemnity Escrow Amount allocated to each Selling Shareholder shall remain in the Audit and Indemnity
Escrow Amount for purposes of satisfying such Selling Shareholder’s indemnification obligations pursuant to Section 9.03 and Section 9.04. 

  
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 (f) On the date immediately following the second (2nd) year anniversary of the Closing, but
subject to any disbursements required to be made to Purchaser pursuant to (i) Section 2.05(e) and (ii) Section 9.03 and Section 9.04 with respect to any Undisputed Indemnity Amount of any pending claims
thereunder, Purchaser shall deliver written instructions to the Escrow Agent instructing the Escrow Agent to deliver to each Selling Shareholder any then remaining Audit and Indemnity Escrow Amount allocated to such Selling Shareholder, less the
amount of any then pending but unresolved claims which are supported by reasonable evidence of such claimed amount under Section 9.03 which shall be held in the Audit and Indemnity Escrow Account until resolved in accordance with
Section 9.04 and distributed accordingly. 
 SECTION 2.06 Company Share Awards; ESOP. 

(a) As soon as practicable following the date hereof, the Board or the compensation committee of the Board, as applicable, shall
(i) terminate the ESOP and any relevant award agreements applicable to the ESOP, as of the Closing, (ii) cancel each Company Share Award that is outstanding and unexercised (including the Rollover Employee Options, subject to
Section 2.06(b)), whether or not vested or exercisable, as of the Closing, and (iii) otherwise effectuate the provisions of this Section 2.06. From and after the Closing, neither Purchaser nor the Company shall be
required to issue any Ordinary Shares, other share capital of the Company or any other consideration (other than as required pursuant to the Deferred Payment Agreements referenced in this Section 2.06) to any Person pursuant to or in
settlement of any Company Share Award. 
 (b) Prior to the Closing, Purchaser and the Company shall agree with each other and enter into a
written confirmation letter (the “Rollover Employee Option Confirmation Letter”), setting forth (i) a list of each holder of Rollover Employee Options (each such holder, a “Rollover Option Holder” and
collectively, the “Rollover Option Holders”), (ii) the number of Rollover Employee Options held by such Rollover Option Holder, (iii) the number of Ordinary Shares underlying such Rollover Employee Options, (iv) the
aggregate purchase price in U.S. Dollars payable to such Rollover Option Holder (which reflects a purchase price per Ordinary Share underlying such Rollover Employee Options equal to the Per Share Purchase Price) (the “Rollover Purchase
Price”), (v) the relevant Tax Escrow Amount allocated to such Rollover Option Holder, and (vi) the relevant Audit and Indemnity Escrow Amount allocated to such Rollover Option Holder, in each case of clauses (v) and (vi)
determined in accordance with the Relevant Obligations, subject to Section 2.06(c). In exchange for the cancellation of each Rollover Option Holder’s Rollover Employee Options, such Rollover Option Holder shall have the right to
(i) receive a cash payment of all or a portion of the Rollover Purchase Price payable to such Rollover Option Holder at the Closing (subject to further reduction and deferral of a portion of such cash payment in accordance with the applicable
Deferred Payment Agreement) and/or, (ii) in lieu of receiving a cash payment of a portion of such Rollover Purchase Price, roll over and exchange all or a portion of their Rollover Employee Options into Equity Securities of an Affiliate of
Purchaser, in each case subject to the terms and conditions of this Agreement and a Deferred Payment Agreement to be executed and delivered by such Rollover Option Holder and Purchaser in accordance with the terms hereof. 

(c) Notwithstanding anything to the contrary contained herein and without prejudice to the express obligations of the Rollover Option Holders
hereunder, and subject to the applicable Deferred Payment Agreement of each Rollover Option Holder, the obligations of and provisions binding on each Selling Shareholder pursuant to Section 2.04, Section 2.05,
Section 7.08, Section 7.15, Section 7.17, Section 7.18, Section 9.03, Section 9.04, Section 9.05 and Section 9.06 (collectively, the “Relevant
Obligations”) shall apply, mutatis mutandis, to each Rollover Option Holder as if references therein (i) to the Selling Shareholders, individually or collectively, were to Rollover Option Holders, individually or collectively,
as applicable, (ii) to the Sale Shares of a Selling Shareholder and the Aggregate Sale Shares of all Selling Shareholders were to the Ordinary Shares underlying the Rollover Employee Options held by a Rollover Option Holder and the aggregate
Ordinary Shares underlying the Rollover Employee Options held by all Rollover Option Holders, respectively, for purposes of determining the Aggregate Selling Shareholders Percentage, Seller Pro Rata Share and Shareholder Pro Rata Share in the
Relevant Obligations, (iii) to the Purchase Price payable to a Selling Shareholder and the Aggregate Purchase Price payable to all Selling Shareholders were to the Rollover Purchase Price payable to each Rollover Option Holder and the aggregate
Rollover Purchase Prices payable to all Rollover Option Holders, respectively, solely for purposes of Section 2.04, Section 2.05 and Section 9.06, and (iv) to any information under Schedule II were to the
relevant information under the Rollover Employee Option Confirmation Letter, and references to each other defined term as used therein shall be construed accordingly. For the avoidance of doubt, with respect to the Sections providing for the
Relevant Obligations and any defined term used therein, (i) each Rollover Option Holder shall be deemed a “Selling Shareholders” for the purposes thereof, (ii) the Ordinary Shares underlying the Rollover Employee Options shall be
deemed “Sale Shares”, and shall be counted towards the “Aggregate Sale Shares”, for the purposes of determining the Aggregate Selling Shareholders Percentage, Seller Pro Rata Share and Shareholder Pro Rata Share in the Relevant
Obligations; and (iii) the Rollover Purchase Price payable to each Rollover Option Holder shall be deemed “Purchase Price” and shall be counted towards the “Aggregate Purchase Price”, solely for purposes of
Section 2.04, Section 2.05 and Section 9.06. Each Rollover Option Holder agrees to be bound by each of the Relevant Obligations. 

  
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 (d) As soon as practicable following the date hereof and prior to the Closing, each of the
Former Company Share Award Holders and Rollover Option Holders, on the one hand, and Purchaser, on the other hand, shall enter into one or more agreements in a form agreed between Purchaser and the Company (each, a “Deferred Payment
Agreement”), pursuant to which such Former Company Share Award Holder or Rollover Option Holder, as applicable, will agree to (i) defer its receipt in cash of a portion of the Purchase Price or Rollover Purchase Price, as applicable,
payable to such Person for specified periods of time and be subject to certain restrictions and conditions to the receipt of such deferred portion of the Purchase Price or Rollover Purchase Price, as applicable, and/or (ii) in lieu of receiving
a cash payment of a portion of such Purchase Price or Rollover Purchase Price, as applicable, roll over and exchange all or a portion of its Rollover Employee Shares or Rollover Employee Options, as applicable, into Equity Securities of an Affiliate
of Purchaser and be subject to certain restrictions and conditions applicable thereto. As soon as practicable after Purchaser and the Company have agreed on the form of the Deferred Payment Agreements and prior to the Closing, the Company shall
(A) prepare and distribute to each Former Company Share Award Holder and Rollover Option Holder the applicable Deferred Payment Agreement, (B) cause each Former Company Share Award Holder and holder of Rollover Employee Options to execute
the applicable Deferred Payment Agreement prior to the Closing, and (C) deliver all such executed Deferred Payment Agreements to Purchaser. Prior to the Closing, Purchaser shall execute each of the Deferred Payment Agreements which has been
duly executed by the Former Company Share Award Holders and holders of Rollover Employee Options, as applicable, and delivered by the Company to Purchaser. As soon as practicable following the date hereof and in any event prior to the Closing, the
Company shall cause each Exercising Company Share Award Holder and Rollover Option Holder to deliver to Purchaser and the Shareholders Representative a counterpart, duly executed by such Person, to this Agreement. 

  
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

Subject to such exceptions as may be specifically set forth in the Company Disclosure Schedule delivered by the Company Parties to Purchaser
as of the date hereof and attached to this Agreement as Schedule VII (the “Company Disclosure Schedule”), each of the Warrantors jointly and severally represents and warrants to Purchaser that the following representations
and warranties are true and correct as of the date hereof and as of the Closing Date: 
 SECTION 3.01 Organization, Good Standing and
Qualification. Each Group Company is duly organized, validly existing and in good standing (or equivalent status in the relevant jurisdiction) under, and by virtue of, the Laws of the place of its incorporation or establishment and has all
requisite power and authority to own its properties and assets and to carry on its business as now conducted and as proposed to be conducted, and to perform each of its obligations under each of the Transaction Documents, the Control Documents and
the Supplemental Control Documents to which it is a party. Except as set forth in Section 3.01 of the Company Disclosure Schedule, each Group Company is qualified to do business in the manner presently conducted and is in good standing
(or equivalent status in the relevant jurisdiction) in each jurisdiction where failure to be so qualified would be a Material Adverse Effect. Except as disclosed in Section 3.01 of the Company Disclosure Schedule, each Group Company that
is a PRC entity has a valid business license issued by the SAIC or its local branch or other relevant Governmental Authorities, and has, since its establishment, carried on its business in compliance with the business scope set forth in its business
license. 
 SECTION 3.02 Capitalization and Voting Rights. 

(a) Company. Immediately prior to the Closing, the authorized share capital of the Company shall be US$500,000 divided into (a) a
total of 26,962,943,820 authorized Ordinary Shares, 2,079,515,800 (subject to any change due to any exercise of Company Options prior to the Closing) of which are issued and outstanding and 13,037,056,180 of which have been reserved for issuance
upon conversion of the Preferred Shares, (b) a total of 13,037,056,180 authorized Preferred Shares, 449,999,920 of which are designated as Series A Preferred Shares, all of which are issued and outstanding; 350,000,000 of which are designated
as Series B Preferred Shares, all of which are issued and outstanding; 555,555,520 of which are designated as Series C Preferred Shares, all of which are issued and outstanding; 592,074,960 of which are designated as Series D Preferred Shares, all
of which are issued and outstanding; 1,833,333,278 of which are designated as Series E Preferred Shares, all of which are issued and outstanding; 1,528,943,088 of which are designated as Series F Preferred Shares, all of which are issued and
outstanding; 2,974,476,361 of which are designated as Series F-1 Preferred Shares, all of which are issued and outstanding; 1,865,592,383 of which are designated as Series G Preferred Shares, 782,937,131 of
which are issued and outstanding, and 2,887,080,670 of which are designated as Series G-1 Preferred Shares, 2,314,175,599 of which are issued and outstanding immediately prior to the Closing.
Section 3.02(a) of the Company Disclosure Schedule sets forth the capitalization table of each Group Company (other than the Company) as of immediately prior to the Closing, reflecting all then outstanding and authorized Equity
Securities of such Group Company, the record and beneficial holders thereof, the issuance date, and the terms of any vesting applicable thereto. Schedule III of this Agreement sets forth the capitalization table of the Company, on a
fully-diluted and as-converted basis immediately before the Closing. 

  
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 (b) Xiaodu Cayman Company. The authorized share capital of the Xiaodu Cayman Company
is, as of the date of this Agreement, US$50,000, divided into 5,000,000,000 shares of US$ 0.00001 each, 1 of which is issued and outstanding and held by the Company. 

(c) Rajax HK Subsidiary. The authorized share capital of the Rajax HK Subsidiary is, as of the date of this Agreement, HK$1,000,
divided into 10,000,000 shares, all of which is issued and outstanding and held by the Company. 
 (d) Xiaodu HK Company. The
authorized share capital of the Xiaodu HK Company is, as of the date of this Agreement, HK$1, divided into 1 share, all of which is issued and outstanding and held by the Xiaodu Cayman Company. 

(e) WFOE. The registered capital of each WFOE is set forth opposite its name on Section 3.02(e) of the Company Disclosure
Schedule, together with an accurate list of the record and beneficial owners of such registered capital. 
 (f) Rajax WFOE
Subsidiary. The registered capital of the Rajax WFOE Subsidiary is set forth opposite its name on Section 3.02(f) of the Company Disclosure Schedule, together with an accurate list of the record and beneficial owners of such
registered capital. 
 (g) Domestic Company. The registered capital of each Domestic Company is set forth opposite its name on
Section 3.02(g) of the Company Disclosure Schedule, together with an accurate list of the record and SAIC registered owners of such registered capital. 

(h) No Other Securities. Except as set forth in Section 3.02(h) of the Company Disclosure Schedule and for (i) the
conversion privileges of the Preferred Shares provided in the Charter Documents of the Company as currently in effect, (ii) certain rights expressly provided in the Charter Documents of the Company as currently in effect, and (iii) certain
rights expressly provided in this Agreement, the Memorandum and Articles, the Shareholders Agreement, the ROFR Agreement, the Share Restriction Agreements, the Control Documents and the Supplemental Control Documents, as of the date of this
Agreement and at the Closing, (x) there are no other authorized or outstanding Equity Securities of any Group Company; (y) no Equity Securities of any Group Company are subject to any preemptive rights, rights of first refusal (except to
the extent provided by applicable PRC Laws) or other rights to purchase such Equity Securities or any other rights with respect to such Equity Securities, and (z) no Group Company is a party or subject to any Contract that affects or relates to the
voting or giving of written consents with respect to, or the right to cause the redemption, or repurchase of, any Equity Security of such Group Company. Except as set forth in the Shareholders Agreement, the Company has not granted any registration
rights or information rights to any other Person (except to the extent provided by applicable PRC Laws), nor is the Company obliged to list any of the Equity Securities of any Group Companies on any securities exchange. Except as contemplated under
the Transaction Documents, the Control Documents and the Supplemental Control Documents, there are no voting or similar agreements which relate to the share capital or registered capital of any Group Company. Other than the ESOP, no Group Company is
bound by any equity incentive plan. There are no commitments or agreements of any character to which any Group Company is bound obligating any Group Company to accelerate or otherwise alter the vesting of any Company Share Award as a result of the
Transactions, and each Company Share Award may, by its terms, be treated at the Closing as set forth in Section 2.06. 

  
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 (i) Issuance and Status. All presently outstanding Equity Securities of each Group
Company were duly and validly issued (or subscribed for) in compliance with all applicable Laws, preemptive rights of any Person, and applicable Contracts. Except for those disclosed in Section 3.02(i) of the Company Disclosure Schedule,
all share capital or registered capital, as the case may be, of each Group Company have been duly and validly issued, are fully paid (or subscribed for) and non-assessable, and are and as of the Closing shall
be free of any and all Liens (except for any restrictions on transfer under the Control Documents, the Shareholders Agreement, the ROFR Agreement, the Memorandum and Articles and applicable Laws). Except as contemplated under the Transaction
Documents, the Control Documents, the Supplemental Control Documents and set forth in Section 3.02(i) of the Company Disclosure Schedule, there are no (i) resolutions pending to increase the share capital or registered capital of
any Group Company or cause the liquidation, winding up, or dissolution of any Group Company, nor has any distress, execution or other process been levied against any Group Company, (ii) dividends which have accrued or been declared but are
unpaid by any Group Company, (iii) obligations, contingent or otherwise, of any Group Company to repurchase, redeem, or otherwise acquire any Equity Securities, or (iv) outstanding or authorized equity appreciation, phantom equity, equity
plans or similar rights with respect to any Group Company. 
 (j) Title. Except disclosed Section 3.02(j) of the Company
Disclosure Schedule, the Shares held by the Principal Holdcos are free and clear of all Liens of any kind other than those arising under applicable Law or as set forth in the Transaction Documents, Control Documents, the Supplemental Control
Documents or the Memorandum and Articles. 
 (k) Company Share Awards. Section 3.02(k) of the Company Disclosure
Schedule sets forth the following information with respect to each Company Share Award outstanding as of the date hereof: (i) the name of the Company Share Award recipient; (ii) the particular ESOP or RSU tranche pursuant to which such
Company Share Award was granted and the type of such Company Share Award; (iii) the number and type of Ordinary Shares subject to such Company Share Award; (iv) the exercise or purchase price of such Company Share Award; (v) the date
on which such Company Share Award was granted; (vi) the vesting schedule or other vesting conditions, if any, of each such Company Share Award; and (vii) the date on which such Company Share Award expires. The Company has made available to
the Purchaser Parties accurate and complete copies of (x) the ESOP and the agreements documenting the RSU tranches pursuant to which the Company has granted the Company Share Awards that are currently outstanding, (y) the form of all award
agreements evidencing such Company Share Awards and (z) any award agreements evidencing any Company Share Award with terms that are materially different from those set forth in the form of award agreement. 

  
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 SECTION 3.03 Corporate Structure; Subsidiaries. Section 3.03 of the
Company Disclosure Schedule sets forth a complete structure chart showing the Group Companies, and indicating the ownership and Control relationships among all Group Companies, the nature of the legal entity which each Group Company constitutes, the
jurisdiction in which each Group Company was organized, and each jurisdiction in which each Group Company is required to be qualified or licensed to do business as a foreign Person. No Group Company owns or Controls, or has ever owned or Controlled,
directly or indirectly, any Equity Security, interest or share in any other Person or is or was a participant in any joint venture, partnership or similar arrangement. No Group Company is obligated to make any investment in or capital contribution
in or on behalf of any other Person. The Company was formed solely to acquire and hold the equity interests in the Rajax HK Subsidiary and Xiaodu Cayman Company. The Rajax HK Subsidiary was formed solely to acquire and hold the equity interests in
the Rajax WFOE. The Xiaodu Cayman Company was formed solely to acquire and hold the equity interests in the Xiaodu HK Company. The Xiaodu HK Company was formed solely to acquire and hold the equity interests in the Xiaodu WFOE. Except for those
disclosed in Section 3.03 of the Company Disclosure Schedule, neither the Company nor the Rajax HK Subsidiary, the Xiaodu Cayman Company, the Xiaodu HK Company has engaged in any other business and has not incurred any Liability since
its formation. Each of the PRC Group Companies is engaged in the Business (as defined in the Shareholders Agreement) and has no other business. Except for those disclosed in Section 3.03 of the Company Disclosure Schedule, no Principal
and no Person owned or Controlled by any Principal (other than a Group Company), is engaged in the Business or has any assets in relation to the Business or any Contract with any Group Company. All the historical changes to the share capital of each
of the Group Companies and historical transfers of equity interest in each of the Group Companies were made in compliance with the applicable Laws and applicable Contracts, and there are no outstanding Liabilities in connection with such historical
changes or historical transfers. Except for the Principal Holdcos, the Group Companies or otherwise as disclosed in Section 3.03 of the Company Disclosure Schedule, none of the Principals owns, directly or indirectly, legally or
beneficially, any equity or other ownership interest in any Person (excluding companies whose shares are publicly traded on a recognized securities exchange). 

SECTION 3.04 Authorization. Except as otherwise disclosed in Section 3.04 of the Company Disclosure Schedule, each
Warrantor has all requisite power and authority to execute and deliver the Transaction Documents to which it is a party and to carry out and perform its obligations thereunder. All action on the part of each party to the Transaction Documents (other
than the Purchaser Parties) (and, as applicable, its officers, directors and shareholders) necessary for the authorization, execution and delivery of the Transaction Documents and the performance of all obligations of each such party (including
approval of the Transaction Documents and the Transactions, as applicable, by the Board, Rollover Shareholder, the Majority Ordinary Holders and the Majority Preferred Holders, in each case, in accordance with the Memorandum and Articles, the
Shareholders Agreement and the ROFR Agreement) has been taken or will be taken prior to the Closing. Each of the Transaction Documents has been, or will be on or prior to the Closing, duly executed and delivered by each party thereto (other than the
Purchaser Parties) and constitutes valid and legally binding obligations of such party, enforceable against such party in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and
other Laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies; and for
(iii) where applicable, the recognition and enforcement of arbitral award being subject to relevant Laws. 

  
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 SECTION 3.05 SAFE Rules and Regulations; Consents; No Conflicts. Except for those
disclosed in Section 3.05 of the Company Disclosure Schedule, all SAFE Rules and Regulations have been fully complied with and all requisite approvals or registration certificates required under the SAFE Rules and Regulations in relation
thereto have been duly and lawfully obtained and are in full force and effect, and to the Knowledge of the Company Parties, there exist no grounds on which any such approval or registration certificate may be cancelled or revoked or the PRC Group
Companies or their respective legal representative may be subject to liability or penalties for misrepresentations or failures to disclose information to the issuing SAFE. None of the Company Parties has received any oral or written inquiries,
notifications, orders or any other forms of official correspondence from SAFE with respect to any actual or alleged non-compliance with the SAFE Rules and Regulations. Except as set forth in
Section 3.05 of the Company Disclosure Schedule, all Consents from or with any Governmental Authority or any other Person required in connection with the valid execution, delivery and performance of the Transaction Documents, and the
consummation of the transactions contemplated by the Transaction Documents, in any case on the part of any party thereto (other than the Purchaser Parties), have been duly obtained or completed (as applicable) and are in full force and effect.
Except as set forth in Section 3.05 of the Company Disclosure Schedule, the execution, delivery and performance of each Transaction Document by each party thereto (other than the Purchaser Parties), and the consummation by such party of
the transactions contemplated thereby, do not and will not, (i) result in any violation of, be in conflict with, or constitute a default under, require any Consent under, or give any Person rights of termination, amendment, acceleration or
cancellation under, with or without the passage of time or the giving of notice, any Governmental Order, any provision of the Charter Documents of any Group Company, the Shareholders Agreement, the ROFR Agreement, any applicable Laws (including
without limitation, Order No. 10 and the SAFE Rules and Regulations), or any Material Contract, (ii) result in any termination, modification, cancellation, or suspension of any material right of, or any augmentation or acceleration of any
material obligation of, any Group Company (including without limitation, any indebtedness of such Group Company), or (iii) result in the creation of any Lien upon any of the material properties or assets of any Group Company other than
Permitted Liens. 
 SECTION 3.06 Compliance with Laws; Consents. 

(a) Except as disclosed in the Section 3.06(a) of the Company Disclosure Schedule, each Group Company is in compliance in all
material respects with all applicable Laws, including without limitation, the Specified Laws. The business of each Group Company as now conducted and as presently planned to be conducted are in compliance in all material respects with all applicable
Laws, including without limitation, the Specified Laws. No event has occurred and no circumstance exists that (with or without notice or lapse of time) (a) may constitute or result in a material violation by any Group Company of, or a failure
on the part of such entity to comply with, any applicable Laws, including without limitation, any Specified Laws, in any material respect, or (b) may give rise to any material obligation on the part of any Group Company to undertake, or to bear
all or any portion of the cost of, any remedial action of any nature. None of the Group Companies has received any notice from any Governmental Authority regarding any of the foregoing. To the Knowledge of the Company Parties, no Group Company is
under investigation with respect to a material violation of any Law. 

  
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 (b) Except as set forth in Section 3.06(b) of the Company Disclosure Schedule,
all Consents from or with the relevant Governmental Authority required in respect of the due and proper establishment and operations of each Group Company as now conducted (collectively, the “Required Governmental Consents”), have
been duly obtained or completed in accordance with all applicable Laws. Section 3.06(b) of the Company Disclosure Schedule sets forth a complete list of such Required Governmental Consents (or, with respect to the Stores, such material
Required Governmental Consents) which each of the Group Companies has obtained, together with, except in the case of the Stores, the name of the entity issuing each such Required Governmental Consent. Without limiting the generality of the
foregoing, each Store that has commenced operations at any time prior to the applicable Closing has duly obtained both the business license (营业执照) and the food operation license (食品经营许可证) from the relevant Governmental Authorities and has completed its respective environmental assessment (if applicable). 

(c) Except as set forth in the Company Disclosure Schedule, no Required Governmental Consent contains any materially burdensome restrictions
or conditions, and each Required Governmental Consent is in full force and effect and will remain in full force and effect upon the consummation of the transactions contemplated hereby. None of the Group Companies is in material default under any
Required Governmental Consent. To the Knowledge of the Company Parties, there is no reason to believe that any Required Governmental Consent which is subject to periodic renewal will not be granted or renewed. No Group Company has received any
letter or other written communication from any Governmental Authority threatening or providing notice of revocation of any Required Governmental Consent issued to any Group Company or the need for compliance or remedial actions in respect of the
activities carried out directly or indirectly by any Group Company. 
 SECTION 3.07 Tax Matters. Except as disclosed in the
applicable subsection of Section 3.07 of the Company Disclosure Schedule: 
 (a) All Tax Returns required to be filed on or
prior to the date hereof with respect to each Group Company has been duly and timely filed (taking into account any extension of time to file granted or obtained) by such Group Company in accordance with the applicable Laws and all such Tax Returns
are true, correct and complete in all material respects and were prepared in compliance with all applicable Laws. Each Group Company has paid in full all Taxes (whether or not shown on any Tax Return) required to be paid by it, except such Taxes, if
any, as are being contested in good faith and as to which adequate reserve (determined in accordance with the Accounting Standards) have been provided in the Financial Statements. No deficiencies for any Taxes with respect to any Tax Returns have
been asserted in writing by, and no notice of any pending action with respect to such Tax Returns has been received from, any Tax authority, and no dispute relating to any Tax Returns with any such Tax authority is outstanding or contemplated. Each
Group Company has paid all Taxes owed by it which are due and payable (whether or not shown on any Tax Return) and withheld and timely remitted to the appropriate Governmental Authority all Taxes which it is obligated to withhold and remit from
amounts owing to any employee, creditor, customer or any other Person. 

  
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 (b) The provisions for Taxes in the Financial Statements fully reflect all unpaid Taxes of
each Group Company (as determined in accordance with the Accounting Standards and the applicable Tax Laws), whether or not assessed or disputed as of the date of the applicable Financial Statements. The unpaid Taxes of any Group Company (i) did
not, as of the date of the applicable Financial Statements, exceed the reserve for Tax liability (which shall not include any reserve established for deferred Taxes to reflect timing differences between book and Tax income) set forth on the face of
the applicable Financial Statements (rather than in any notes thereto) and (ii) do not exceed that reserve as adjusted for the passage of time through the date of the Closing in accordance with the past custom and practice of each Group Company
in filing its Tax Returns. 
 (c) No tax audits or administrative or judicial Tax proceedings by any Governmental Authority with respect to
any Group Company is currently in progress, nor has any Group Company received any written notice issued by any Governmental Authority threatening the commencement of such foregoing proceedings. No assessment of Tax has been proposed in writing
against any Group Company or any of their assets or properties. No Group Company has received from any Governmental Authority (including jurisdictions where such Group Company has not filed Tax Returns) any (i) notice indicating an intent to
open audit or other review, (ii) request for information related to Tax matters, or (iii) notice of deficiency or proposed adjustment for any amount of Tax proposed, asserted, or assessed by any Governmental Authority against such Group
Company. No Group Company is subject to any waivers or extensions of applicable statutes of limitations with respect to Taxes for any year. Except for extensions applied for and granted in the ordinary practice of the applicable jurisdiction, no
Group Company currently is the beneficiary of any extension of time within which to file any Tax Return. 
 (d) No Group Company is being
the subject of any examination or investigation by any Tax authority relating to the conduct of its business or the payment or withholding of Taxes that has not been resolved or has received any written notices of any threatened examination or
investigation by any Tax authority relating to the conduct of its business or the payment or withholding of Taxes. No Group Company is responsible for the Taxes of any other Person by reason of contract, successor liability, operation of Law or
otherwise. 
 (e) Since the Statement Date, no Group Company has incurred any material Taxes other than in the ordinary course of business
consistent with past custom and practice. No Group Company has received any written claim from any Governmental Authority in a jurisdiction where such Group Company does not file Tax Returns that such Group Company is or may be subject to taxation
by that jurisdiction. No Group Company is treated as a resident for Tax purposes of, or is otherwise subject to income Tax in, or has branch, permanent establishment, agency of other taxable presence in, any jurisdiction other than the jurisdiction
in which it has been established. The Group Companies have fulfilled all the material terms, requirements and criteria for the continuance of all applicable Tax incentives, Tax holidays and Tax rulings, including concessional Tax rate, Tax relief,
Tax exemption, Tax refund, Tax credit, and other Tax reduction agreement or order available under any applicable Law. Each such Tax incentives, Tax holidays, Tax rulings and other Tax reduction agreement or order is expected to remain in full effect
throughout the current effective period thereof after the Closing and is not subject to reduction, revocation, cancellation or any other changes (including retroactive changes) in the future, and no Group Company has received any notice to the
contrary or is aware of any event that may result in repeal, cancellation, revocation, or return of such entitlements. All exemptions, reductions and rebates of material Taxes granted to any Group Company by a Governmental Authority are in full
force and effect and have not been terminated. No Group Company will be required to include material amounts in income, or exclude material items of deduction, or qualification for Tax exemption, Tax holiday, Tax credit, Tax incentive or Tax refund,
in any taxable period beginning after the date of the Closing as a result of (i) a change in method of accounting occurring on or prior to the date of the Closing, (ii) agreement with any Governmental Authority executed on or prior to the
date of the Closing, (iii) installment sale or open transaction disposition made on or prior to the date of the Closing, or (iv) prepaid amount received on or prior to the date of the Closing. The transactions contemplated under this
Agreement and the other Transaction Documents to which any Group Company is a party are not in violation of any applicable Law regarding Tax, and will not result in any Tax exemption, Tax holiday, Tax credit, Tax incentive, Tax refund being revoked,
cancelled or terminated or trigger any Tax liability for any Group Company. There are no Liens for Taxes (other than Permitted Liens) on any assets of any Group Company. 

  
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 (f) The Group Companies are in compliance with all applicable transfer pricing Laws,
including the execution and maintenance of contemporaneous documentation substantiating the transfer pricing practices and methodology of the Group Companies. All of the transactions between any Group Company and any other Related Party have been
effected on an arm’s length basis. There are no circumstances which have caused or could cause any Governmental Authority to make any transfer pricing adjustment to the profits of any Group Company, or require any such adjustment to be made to
the terms on which any such transaction is treated as taking place, and no such adjustment has been made or threatened. 
 (g) No Group
Company is a party to, involved with, bound by or otherwise subject to any Tax sharing, indemnity or allocation agreement or other similar arrangement with any Person (other than a commercial agreement entered into in the ordinary course of business
and the principal purpose of which is not the sharing or allocation of Taxes) with respect to Taxes nor does any Group Company owe any amount under any such agreement. No Group Company is a member of an affiliated or combined taxation group with any
Person other than the other Group Companies. No Group Company has any Liability for the Taxes of any Person (other than any other Group Company) as a result of such Group Company being part of or owned by, or ceasing to be part of or owned by, an
affiliated, combined, consolidated, unitary or other similar group prior to the Closing, as a transferee or successor, by contract or otherwise. 

(h) No Group Company has entered into: (i) any transaction the sole or main purpose of which was the avoidance or deferral or reduction
of Tax by any Group Company or any associated Person; or (ii) any transaction the objective of which was the exclusion or reduction of the amount of any income, profits, gains, sales, supplies or imports made or enjoyed by any Group Company or
any associated Person for any Tax purpose, or the creation or increase of the amount of any deduction, loss, allowance or credit claimed or intended to be claimed by any Group Company or any associated Person for any Tax purpose, that may be
challenged, disallowed or investigated by any Governmental Authority. 

  
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 (i) Each Group Company has complied with all statutory provisions rules, regulations,
orders and directions in respect of any value added or similar Tax on consumption, has promptly submitted accurate returns, maintains full and accurate records, and has never been subject to any interest, forfeiture, surcharge or penalty and is not
a member of a group or consolidation with any other company for the purposes of value added Tax. 
 (j) No Group Company has entered into
any concession, agreements (including agreements for the deferred payment of any Tax liability) or other formal or informal arrangement with any Governmental Authority relating to the Group Companies. 

(k) The Company will not be required to pay any Taxes under PRC Law with respect to the transactions contemplated by this Agreement and the
other Transaction Documents. 
 (l) The Company is treated as a corporation for U.S. federal income tax purposes. No Group Company has
filed any U.S. Tax election, including any entity classification election pursuant to any applicable U.S. Treasury Regulations. No Group Company is a PFIC, CFC or a U.S. Real Property Holding Corporation. No Group Company anticipates that it will
become a PFIC, CFC or a U. S. Real Property Holding Corporation in the foreseeable future. No Group Company owns a less than twenty-five percent (25%) equity interest (by value) in any other entity. 

SECTION 3.08 Charter Documents; Books and Records. The Charter Documents of each Group Company are in the form made available to the
Purchaser Parties. Each Group Company has been in compliance in all material respects with its Charter Documents, and none of the Group Companies has violated or breached any of their respective Charter Documents in any material respect. Each Group
Company maintains its books of accounts and records in the usual, regular and ordinary manner, on a basis consistent with prior practice, and which permits its Financial Statements to be prepared in accordance with the Accounting Standards. The
register of members and directors (if applicable) of each Group Company is correct, there has been no notice of any proceedings to rectify any such register, and to the Knowledge of the Company Parties there are no circumstances which might lead to
any application for its rectification. All documents requiring to be filed by each Group Company with the applicable Governmental Authority in respect of the relevant jurisdiction in which the relevant Group Companies is being incorporated have been
properly made up and filed. 
 SECTION 3.09 Financial Statements. Section 3.09 of the Company Disclosure Schedule sets
forth (a)(i) the audited consolidated balance sheet, statement of income and statement of cash flows for the Group (excluding the Xiaodu Group Companies) as of and for the fiscal year ended December 31, 2016 (the “Statement
Date”) and (ii) the audited consolidated balance sheet, statement of income and statement of cash flows for the Xiaodu Group as of and for the fiscal year ended on the Statement Date, (b) the unaudited consolidated balance sheet,
statement of income and statement of cash flows for the Group as of and for the twelve (12) months ended December 31, 2017 (the “Unaudited 2017 Financial Statements”), and (c) the unaudited consolidated balance sheet,
statement of income and statement of cash flows for the Group as of and for the one month ended January 31, 2018 ((a), (b) and (c) collectively, the “Financial Statements”). When delivered pursuant to Section 7.14,
the Audited 2017 Financial Statements shall be deemed to be included in the definition of “Financial Statements”. Except as otherwise disclosed in Section 3.09 of the Company Disclosure Schedule, the Financial Statements
(i) have been prepared in accordance with the books and records of the Group, (ii) fairly present in all material respects the consolidated financial position, results of operations and cash flows of the Group as of the dates and for the
periods presented therein, and (iii) were prepared in accordance with the Accounting Standards applied on a consistent basis throughout the periods presented. All of the accounts receivable owing to any of the Group Companies, including without
limitation all accounts receivable set forth on the Financial Statements, constitute valid and enforceable claims and are current and collectible in the ordinary course of business in all material respects, net of any reserves shown on the Financial
Statements (which reserves are adequate). There are no material contingent or asserted claims, refusals to pay, or other rights of set-off with respect to any accounts receivable of any Group Company. 

  
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 SECTION 3.10 Changes. Since the Statement Date, each Group Company (i) has
operated its business in the ordinary course consistent with its past practice, (ii) used its reasonable best efforts to preserve its business, (iii) collected receivables and paid payables and similar obligations in the ordinary course of
business consistent with past practice, and (iv) not engaged in any new line of business or entered into any agreement, transaction or activity or made any commitment except those in the ordinary course of business consistent with past
practice. Since the Statement Date, no Material Adverse Effect has occurred. Except for those disclosed in Section 3.10 of the Company Disclosure Schedule or as expressly provided in the Transaction Documents, since the Statement Date,
there has not been: 
 (a) any purchase, acquisition, sale, lease, disposal of or other transfer of any assets that are individually or in
the aggregate material to its business, whether tangible or intangible, other than the purchase or sale of inventory in the ordinary course of business consistent with its past practice; 

(b) any acquisition (by merger, consolidation or other combination, or acquisition of stock or assets, or otherwise) of any business or other
Person or division thereof, or any sale or disposition of any business or division thereof; 
 (c) any sale, assignment, exclusive license,
or transfer of any Intellectual Property of any Group Company (other than a transfer to the Company or a wholly-owned Group Company); 

(d) any waiver, termination, cancellation, settlement or compromise of a valuable right, debt or claim; 

(e) any incurrence, creation, assumption, repayment, satisfaction, or discharge of (A) any material Lien (other than Permitted Liens) or
(B) any Indebtedness (other than Indebtedness incurred, created, assumed, repaid, satisfied or discharged in the ordinary course of business provided that such Indebtedness in the ordinary course of business of all of the Group Companies does
not exceed US$5,000,000 in the aggregate) or guarantee, or the making of any loan or advance (other than reasonable and normal advances to employees for bona fide expenses that are incurred in the ordinary course of business consistent with its past
practice), or the making of any investment or capital contribution; 

  
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 (f) any amendment to or termination of any Material Contract, any entering of any new
Contract that would have been a Material Contract if in effect on the date hereof, or any amendment to or waiver under any Charter Document; 

(g) any change in any compensation arrangement or Contract with any employee of any Group Company, or adoption of any new Benefit Plan, or
made any material change in any existing Benefit Plan; 
 (h) any declaration, setting aside or payment or other distribution in respect of
any Equity Securities of any Group Company, or any issuance, transfer, redemption, purchase or acquisition of any Equity Securities by any Group Company; 

(i) any damage, destruction or loss, whether or not covered by insurance, materially and adversely affecting the assets, properties,
financial condition, operation or business of any Group Company; 
 (j) any material change in accounting principles, methods or practices
or any revaluation of any of its assets; 
 (k) except in the ordinary course of business consistent with its past practice, settlement of
any claim or assessment in respect of any material Taxes, entry or change of any material Tax election, change of any method of accounting resulting in a material amount of additional Tax or filing of any material amended Tax Return; 

(l) any commencement or settlement of any material Action; 

(m) any authorization, sale, issuance, transfer, pledge or other disposition of any Equity Securities of any Group Company; 

(n) any resignation or termination of any Key Employee of any Group Company or any material group of employees of any Group Company; 

(o) any transaction with any Related Party; or 

(p) any agreement or commitment to do any of the things described in this Section 3.10. 

SECTION 3.11 Actions. Except for those disclosed in Section 3.11 of the Company Disclosure Schedule, there is no Action
pending or, to the Knowledge of the Company Parties, adversely affecting any Group Company or any of the Principals or any of the Principal Holdcos with respect to its businesses and there is no judgment or award unsatisfied against any Group
Company, nor is there any Governmental Order in effect and binding on any Group Company or their respective assets or properties. There is no Action pending by any Group Company against any third party nor does any Group Company intend to commence
any such Action. No Governmental Authority has at any time challenged or questioned in writing the legal right of any Group Company to conduct its business as presently being conducted. 

  
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 SECTION 3.12 Liabilities. Except as disclosed in Section 3.12 of the
Company Disclosure Schedule, no Group Company has any Liabilities of the type required to be disclosed on a balance sheet except for (i) Liabilities set forth in the balance sheet that have not been satisfied since the Statement Date, and
(ii) current Liabilities incurred since the Statement Date in the ordinary course of the Group’s business consistent with its past practices and which do not exceed US$500,000 in the aggregate. Except as disclosed in
Section 3.12 of the Company Disclosure Schedule and for Indebtedness incurred in the ordinary course of business, none of the Group Companies has any Indebtedness that it has directly or indirectly created, incurred, assumed, or
guaranteed, or with respect to which the Group Company has otherwise become directly or indirectly liable. None of the Group Companies is a guarantor or indemnitor of any Liabilities of any other Person (other than a Group Company). 

SECTION 3.13 Commitments. 

(a) Except for the Transaction Documents, the Control Documents and the Supplemental Control Documents, Section 3.13(a) of the
Company Disclosure Schedule contains a complete and accurate list of all Material Contracts. “Material Contracts” means, collectively, any Contract to which a Group Company or any of its properties or assets is bound or subject to
that (a) involves obligations (contingent or otherwise) or payments in excess of RMB2,000,000 or has an unexpired term in excess of one year, (b) involves Intellectual Property that is material to a Group Company (other than
generally-available “off-the-shelf” shrink-wrap Software licenses obtained by the Group on non-exclusive and non-negotiated terms), including without limitation, the licenses, (c) restricts the ability of a Group Company to compete or to conduct or engage in any business or activity or in any territory (including any
Contracts containing Restrictive Provisions), (d) relates to the sale, issuance, grant, exercise, award, purchase, repurchase or redemption of any Equity Securities, (e) involves any provisions providing for exclusivity, non-compete, “change in control”, “most favored nations”, rights of first refusal or first negotiation or similar rights against any Group Company, or grants a power of attorney, agency or
similar authority by any Group Company, (f) is with a Related Party, (g) involves Indebtedness, an extension of credit, a guaranty, deed of trust, or the grant of a Lien (other than trade Indebtedness and credits in the ordinary course of
business), (h) involves the lease, license or use of assets with an obligation of payment by any Group Company more than RMB150,000 per year, or the disposition or acquisition of a material amount of assets or of a business, (i) involves the
waiver, compromise, or settlement of any material dispute, claim, litigation or arbitration, (j) involves the ownership or lease of, title to, use of, or any leasehold or other interest in, any real or personal property (except for personal
property leases in the ordinary course of business and involving payments of less than RMB500,000 and real property leases in the ordinary course of business and involving rental payments of less than RMB150,000 per year), including without
limitation, the Leases, (k) involves (i) the establishment, contribution to, or operation of a partnership, joint venture, alliance or similar entity, (ii) a sharing of profits or losses (including joint development and joint marketing
Contracts), or (iii) any investment in, loan to or acquisition or sale of the securities, equity interests or assets of any Person which is material to the business of a Group Company, (l) is between any of the Domestic Company and another
Group Company, (m) is with a Governmental Authority, state-owned enterprise, or sole-source supplier of any material product or service (other than utilities), (n) is a Benefit Plan, or a collective bargaining agreement or is with any labor
union or other representatives of the employees, (o) is a brokerage or finder’s agreement, or material sales agency, marketing or distributorship Contract, (p) is with the application platforms (including without limitation, the
AppStore of Apple Inc. and the Android Market of Google Inc.), (q) relates to business cooperation with any shareholder of the Company or any Affiliate of such shareholder (including but not limited to the Baidu Agreements and the Alibaba Business
Cooperation Agreement), or (r) is otherwise material to a Group Company or is one on which a Group Company is substantially dependent. 

  
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 (b) A true, fully-executed copy of each Material Contract including all amendments and
supplements thereto has been delivered or otherwise made available to the Purchaser Parties. Except for those disclosed in Section 3.13(b) of the Company Disclosure Schedule, each Material Contract is a valid and binding agreement of the
Group Company that is a party thereto, the performance of which does not and will not violate, in any material respects, any applicable Law or Governmental Order, and is in full force and effect and enforceable against the parties thereto, except
(x) as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other Laws of general application affecting enforcement of creditors’ rights generally, and (y) as may be limited by Laws relating to the
availability of specific performance, injunctive relief or other remedies in the nature of equitable remedies, and for (z) where applicable, the recognition and enforcement of arbitral award being subject to relevant Laws. Each Group Company
has duly performed all of its obligations in all material respects under each Material Contract to the extent that such obligations to perform have accrued, and no material breach or default, alleged material breach or alleged default, or event
which would (with the passage of time, notice or both) constitute a material breach or default thereunder by such Group Company or, to the Knowledge of the Company Parties, any other party or obligor with respect thereto, has occurred, or as a
result of the execution, delivery, and performance of the Transaction Documents will occur. No Group Company has given notice (whether or not written) that it intends to terminate a Material Contract or that any other party thereto has breached,
violated or defaulted under any Material Contract. No Group Company has received any notice (whether written or not) that it has breached, violated or defaulted under any Material Contract or that any other party thereto intends to terminate such
Material Contract. 
 (c) Each of the JD Agreements has been duly terminated in accordance with its terms (including any provisions therein
that purport to survive the termination thereof), and there are no continuing obligations or liabilities under any JD Agreement on the part of any Group Company or other party thereto. No Group Company is a party to any Contract with Jiangsu
Jingdong Information Technology Co., Ltd. or any of its Affiliates. 
 (d) There is no material breach of any covenant or agreement
contained in the Alibaba Business Cooperation Agreement by any Warrantor. 
 (e) No Group Company or any of its properties or assets is
bound or subject to any Contract containing Restrictive Provisions. 

  
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 SECTION 3.14 Anti-Bribery, Anti-Corruption, Anti-Money Laundering and Sanctions; Absence
of Government Interests. 
 (a) Each Group Company and their respective directors, officers, employees and other persons acting on
their behalf (collectively, “Representatives”) are and have been in compliance with all applicable Laws relating to anti-bribery, anti-corruption, anti-money laundering, record keeping and internal controls (collectively, the
“Compliance Laws”), including the FCPA. Furthermore, except for those disclosed in Section 3.14 of the Company Disclosure Schedule, no Public Official (x) holds an ownership or other economic interest, direct or
indirect, in any of the Group Companies or in the contractual relationship formed by this Agreement, or (y) serves as an officer, director or employee of any Group Company. Without limiting the foregoing, neither any Group Company nor any
Representative has, directly or indirectly, offered, promised, given, authorized or paid any money or anything of value to any Public Official or to any person under circumstances where any Group Company or Representative knew or ought to have known
that all or a portion of such money or thing of value would be offered, given, paid or promised, directly or indirectly, to a Person: 

(i) for the purpose of influencing any act or decision of a Public Official in their official capacity; inducing a Public
Official to act or omit to act in violation of lawful duties; securing any improper advantage; inducing a Public Official to influence or affect any act or decision of any Governmental Authority; or assisting any Group Company or any Representative
in obtaining or retaining business for or with, or directing business to, any Person; or 
 (ii) in a manner that would
constitute a breach of any Compliance Laws. 
 (b) Each Group Company has maintained complete and accurate books and records, and no assets
of any Group Company have been used for the establishment of any unlawful or unrecorded fund of monies or other assets, or for the making of any unlawful or undisclosed payment. 

(c) No Group Company or any of its Representatives has ever been found by a Governmental Authority to have violated any criminal or
securities Law or is subject to any indictment or any government investigation for bribery. Except for those disclosed in Section 3.14 of the Company Disclosure Schedule, none of the beneficial owners of any Equity Securities or other
interest in any Group Company or the current or former Representatives of any Group Company are or were Public Officials. 
 (d) No Group
Company or any of its Representatives is a Prohibited Person, and no Prohibited Person will be given an offer to become an employee, officer, consultant or director of any Group Company. No Group Company has conducted or agreed to conduct any
business, or entered into or agreed to enter into any transaction with a Prohibited Person. 
 SECTION 3.15 Title Properties. 

(a) Title; Personal Property. Each Group Company has good and valid title to all of its respective assets, whether tangible or
intangible (including those reflected in the balance sheet, together with all assets acquired thereby since the Statement Date, but excluding those that have been disposed of since the Statement Date), in each case free and clear of all Liens, other
than Permitted Liens. The foregoing assets collectively represent in all material respects all assets (including all rights and properties) necessary for the conduct of the business of each Group Company as presently conducted. Except for leased or
licensed assets, no Person other than a Group Company owns any interest in any such assets. Except for those disclosed in Section 3.15(a) of the Company Disclosure Schedule, all leases of real or personal property to which a Group
Company is a party are fully effective and afford the Group Company valid leasehold possession of the real or personal property that is the subject of the lease. 

  
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 (b) Real Property. No Group Company owns or has legal or equitable title or other
right or interest in any real property other than as held pursuant to Leases. Section 3.15(b) of the Company Disclosure Schedule sets forth each leasehold interest involving payment of rental of no less than RMB150,000 per year pursuant
to which any Group Company holds any real property (a “Lease”), indicating the parties to such Lease, the address of the property demised under the Lease, the rent payable under the Lease and the term of the Lease. The particulars
of the Leases as set forth in Section 3.15(b) of the Company Disclosure Schedule are true and complete. To the Knowledge of the Company Parties, the lessor under each Lease is qualified and has obtained all Consents necessary to enter
into such Lease. Except for those disclosed in Section 3.15(i) and Section 3.15(b) of the Company Disclosure Schedule, each Lease is in compliance in all material respects with applicable Laws, including with respect to the
ownership and operation of property and conduct of business as now conducted by the applicable Group Company which is a party to such Lease. 

SECTION 3.16 Related Party Transactions. Except for those disclosed in Section 3.16 of the Company Disclosure Schedule,
(i) no Principal or his Affiliates, nor, to the Knowledge of the Company Parties, any other Related Party has any Contract, understanding, or proposed transaction with, or is indebted to, any Group Company or has any direct or indirect interest
in any Group Company other than as set forth in Section 3.02 of the Company Disclosure Schedule, nor is any Group Company indebted (or committed to make loans or extend or guarantee credit) to any Related Party (other than for accrued
salaries, for the current pay period, reimbursable expenses or other standard employee benefits); (ii) no Principal or his Affiliates, nor, to the Knowledge of the Company Parties, any other Related Party has any direct or indirect interest in any
Person with which a Group Company is affiliated or with which a Group Company has a material business relationship (including any Person which purchases from or sells, licenses or furnishes to a Group Company any goods, intellectual or other
property rights or services), or in any Contract to which a Group Company is a party or by which it may be bound or affected, and no Related Party directly or indirectly competes with, or has any interest in any Person that directly or indirectly
competes with, any Group Company (other than ownership of less than one percent (1%) of the stock of publicly traded companies). Except for those disclosed in Section 3.16 of the Company Disclosure Schedule, no Group Company has made any
loans or extended any credit to any Principal, Principal Holdco or any other officer of any Group Company, which remain outstanding as of the date hereof. 

SECTION 3.17 Intellectual Property Rights. 

  
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 (a) Company IP. Except as disclosed in Section 3.17(a) of the Company
Disclosure Schedule, each Group Company owns or otherwise has sufficient rights (including but not limited to the rights of development, maintenance, licensing and sale) to all Intellectual Property necessary and sufficient to conduct its business
as currently conducted by such Group Company (“Company IP”) without any conflict with or infringement of the rights of any other Person. Section 3.17(a) of the Company Disclosure Schedule sets forth a complete and
accurate list of all Company Registered IP for each Group Company, including for each the relevant name or description, registration/certification or application number, and filing, registration or issue date. 

(b) IP Ownership. Except for those disclosed in Section 3.17(b) of the Company Disclosure Schedule, all Company Registered
IP is owned by and registered or applied for in the name of a Group Company, is valid and subsisting and has not been abandoned, and all necessary registration, maintenance and renewal fees with respect thereto and currently due have been satisfied.
No Group Company or any of its employees, officers or directors has taken any actions or failed to take any actions that would cause any Company Owned IP to be invalid, unenforceable or not subsisting. No Group Company has entered into any agreement
with a Governmental Authority or a university, college, other educational institution, start-up incubator or entities with similar nature, or research center which would grant such entities a legal basis to
claim the interests or ownership in and to any Company Owned IP. No material Company Owned IP is the subject of any Lien, license or other Contract granting rights therein to any other Person. No Group Company is or has been a member or promoter of,
or contributor to, any industry standards bodies, patent pooling organizations or similar organizations that could require or obligate a Group Company to grant or offer to any Person any license or right to any material Company Owned IP. Except for
those disclosed in Section 3.17(b) of the Company Disclosure Schedule, no Company Owned IP is subject to any proceeding or outstanding Governmental Order or settlement agreement or stipulation that (a) restricts in any manner the
use, transfer or licensing thereof, or the making, using, sale, or offering for sale of any Group Company’s products or services, by any Group Company, or (b) may affect the validity, use or enforceability of such Company Owned IP. Each
Principal has assigned and transferred to a Group Company any and all of his Intellectual Property related to the Business. No Group Company has (a) transferred or assigned any material Company IP; (b) authorized the joint ownership of,
any material Company IP; or (c) permitted the rights of any Group Company in any material Company IP to lapse or enter the public domain. 

(c) Infringement, Misappropriation and Claims. To the Knowledge of the Company Parties, except as disclosed in
Section 3.17(c) of the Company Disclosure Schedule, no Group Company has violated, infringed or misappropriated in any material respect any Intellectual Property of any other Person, nor has any Group Company received any written notice
alleging any of the foregoing. To the Knowledge of the Company Parties, except as disclosed in Section 3.17(c) of the Company Disclosure Schedule, no Person has violated, infringed or misappropriated any material Company IP of any Group
Company, and no Group Company has given any written notice to any other Person alleging any of the foregoing. Except as disclosed in Section 3.17(c) of the Company Disclosure Schedule, no Person has challenged the ownership or use of any
material Company IP by a Group Company. Except as disclosed in Section 3.17(c) of the Company Disclosure Schedule, no Group Company has agreed to indemnify any Person for any infringement, violation or misappropriation of any
Intellectual Property by such Person. 

  
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 (d) Assignments and Prior IP. All material inventions and material know-how conceived by the Principals related to the business of such Group Company are currently owned exclusively by a Group Company. All employees, contractors, agents and consultants of a Group Company who are or
were specifically employed or engaged in the creation of any Intellectual Property for such Group Company as well as all directors of each Group Company (but not including the Alibaba Director) have executed an assignment of inventions agreement
that vests in a Group Company exclusive ownership of all right, title and interest in and to such Intellectual Property, to the extent not already provided by Law. All employee inventors of Company Owned IP have received reasonable reward and
remuneration from a Group Company for his/her service inventions or service technology achievements in accordance with the applicable PRC Laws. To the Knowledge of the Company Parties and except for those disclosed in Section 3.17(d) of
the Company Disclosure Schedule, it will not be necessary to utilize any Intellectual Property of any such Persons made prior to their employment by a Group Company, except for those that are exclusively owned by a Group Company, and none of such
Intellectual Property has been utilized by any Group Company. To the Knowledge of the Company Parties, none of the employees, consultants or independent contractors, currently or previously employed or otherwise engaged by any Group Company,
(a) is in violation of any current or prior confidentiality, non-competition or non-solicitation obligations to such Group Company or to any other Persons
(including but not limited to former employers, if any), or (b) is obligated under any Contract, or subject to any Governmental Order, that would interfere with the use of his or her best efforts to promote the interests of the Group Companies
or that would conflict with the business of such Group Company as presently conducted. 
 (e) Protection of IP. Each Group Company
has taken reasonable and appropriate steps to protect, maintain and safeguard material Company IP and made all applicable filings, registrations and payments of fees in connection with the foregoing. To the extent that any Company IP has been
developed or created independently or jointly by an independent contractor or other third party entrusted by any Group Company, such Group Company has a written agreement with such independent contractor or third party and has thereby obtained
ownership of, and is the exclusive owner of all such independent contractor’s or third party’s Intellectual Property in such work, material or invention by operation of law or valid assignment. 

SECTION 3.18 Labor and Employment Matters. 

(a) Except for those disclosed in Section 3.18(a) of the Company Disclosure Schedule, each Group Company has complied in all
material respects with all applicable Laws related to labor or employment, including provisions thereof relating to wages, hours, working conditions, benefits, retirement, social welfare, equal opportunity and collective bargaining. There is not
pending or to the Knowledge of the Company Parties threatened, and there has not been since the incorporation of each Group Company, any Action relating to the violation or alleged violation of any applicable Laws by such Group Company related to
labor or employment, including any charge or complaint filed by an employee with any Governmental Authority or any Group Company. 

  
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 (b) Except for those disclosed in Section 3.18(b) of the Company Disclosure
Schedule, no Liability has been or is expected to be incurred by any Group Companies under or pursuant to any applicable Laws relating to any Benefit Plan or individual employment compensation agreement, and, to the Knowledge of the Company Parties,
no event, transaction or condition has occurred or exists that would result in any such Liability to any Group Companies. Each of the Benefit Plans listed in Section 3.18(b) of the Company Disclosure Schedule is and has at all times been
in compliance in material respects with all applicable Laws (including without limitation, SAFE Rules and Regulations, if applicable), and all contributions to, and payments for each such Benefit Plan have been timely made. There are no pending or,
to the Knowledge of the Company Parties, threatened Actions involving any Benefit Plan listed in Section 3.18(b) of the Company Disclosure Schedule (except for claims for benefits payable in the normal operation of any Benefit Plan).
Each Group Company maintains, and has fully funded, each Benefit Plan and any other labor-related plans if it is required by Law or by Contract to maintain and fully fund such Benefit Plan or other labor-related plan. Except for those disclosed in
Section 3.18(b) of the Company Disclosure Schedule, each Group Company is in compliance in all material respects with all Laws and Contracts relating to its provision of any form of Social Insurance, and has paid, or made provision for
the payment of, all Social Insurance contributions required under applicable Laws and Contracts. 
 (c) There has not been, and there is
not now pending or, to the Knowledge of the Company Parties, threatened, any strike, union organization activity, lockout, slowdown, picketing, or work stoppage or any unfair labor practice charge against any Group Company. No Group Companies is
bound by or subject to (and none of their assets or properties is bound by or subject to) any written or oral Contract, commitment or arrangement with any labor union or any collective bargaining agreements. 

(d) Schedule VI hereto sets forth the names and titles of all of the key employees (the “Key Employees”) of the
Company as of the date hereof. Each Key Employee is currently devoting all of his or her business time to the conduct of the business of the applicable Group Company. No Principal is subject to any covenant restricting him/her from working for any
Group Company, and to the Knowledge of the Company Parties, no Key Employee (other than the Principals) is subject to any covenant restricting him/her from working for any Group Company. No Principal is prohibited by any Contract or any Governmental
Order from being employed by, or contracting with, such Group Company, and to the Knowledge of the Company Parties, no Key Employee (other than the Principals), is prohibited by any Contract or any Governmental Order from being employed by, or
contracting with, such Group Company. No Group Company has received any notice alleging that any such violation has occurred. No Key Employee is currently working or, to the Knowledge of the Company Parties, plans to work for any other Person that
competes with any Group Company, whether or not such individual is or will be compensated by such Person. No Key Employee or any group of employees of any Group Company has given any notice of an intent to terminate their employment with any Group
Company, nor does any Group Company have a present intention to terminate the employment of any Key Employee or any group of employees. 

SECTION 3.19 Internal Controls. Each Group Company maintains a system of internal accounting controls sufficient to provide reasonable
assurance that (i) transactions by it are executed in accordance with management’s general or specific authorization, (ii) transactions by it are recorded as necessary to permit preparation of financial statements in conformity with
the Accounting Standards and to maintain asset accountability, (iii) access to assets of it is permitted only in accordance with management’s general or specific authorization, (iv) the recorded inventory of assets is compared with
the existing tangible assets at reasonable intervals and appropriate action is taken with respect to any material differences, (v) segregating duties for cash deposits, cash reconciliation, cash payment, proper approval is established, and
(vi) no personal assets or bank accounts of the employees, directors, officers are mingled with the corporate assets or corporate bank account, and no Group Company uses any personal bank accounts of any employees, directors, officers thereof
during the operation of the business. 

  
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 SECTION 3.20 Insolvency. As of the date of this Agreement, (i) the aggregate
assets, at a fair valuation, of each Group Company will exceed the aggregate debt of each such entity, as the debt becomes absolute and matures; and (ii) each Group Company will not have incurred or intended to incur debt beyond its ability to
pay such debt as such debt becomes absolute and matures. There has not been commenced against any Group Company an involuntary case under any applicable national, provincial, city, local or foreign bankruptcy, insolvency, receivership or similar
laws now or hereafter in effect, or any case, proceeding or other action for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of such person or for any substantial part of its property or
for the winding up or liquidation of its affairs. 
 SECTION 3.21 Disclosure. Each Warrantor has provided the Purchaser Parties with
all the information regarding the Group as agreed in this Agreement or otherwise requested by the Purchaser Parties in writing for deciding whether to consummate the Transactions. No representation or warranty by the Warrantors in this Agreement and
no information or materials provided by the Company Parties to the Purchaser Parties in connection with the negotiation or execution of this Agreement or any agreement contemplated hereby contains any untrue statement of a material fact, or omits to
state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances in which they are made, not misleading. Except as set forth in this Agreement or the Company Disclosure
Schedule, there is no fact that the Company Parties have not disclosed to the Purchaser Parties in response to the Purchaser Parties’ enquiry and of which any of its officers, directors or executive employees has Knowledge and that has had or
would reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.22 Insurance. Expect as for those disclosed in
Section 3.22 of the Company Disclosure Schedule, none of any Group Company purchases or maintains any insurance or bond with respect to its operation of the Business.. 

SECTION 3.23 Employee-Related Companies. The Employee-Related Companies have not engaged in any operation or business. Yuchuan has
(a) completed the transfer of all legally available funds in its accounts to a Group Company, (b) fully repaid all debts owed by it or any of its shareholders to a Group Company, and (c) has been duly deregistered in accordance with
applicable Law. The Company is in effective Control over Taizhou. Except for the trademark set forth in Section 3.23 of the Company Disclosure Schedule, Taizhou does not hold any material assets owned or used by the Group Companies. 

  
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 SECTION 3.24 Business Contracts of the Domestic Company. From and after
September 1, 2016, the Rajax Domestic Company and Xiaodu Shenghuo have been the sole provider of value-added telecommunication services under any Contract to which the WFOEs and/or the Domestic Companies is a party and pursuant to which the
WFOEs and/or the Domestic Companies have agreed to provide value-added telecommunication services. 
 SECTION 3.25 Certain Operating
Metrics. The results of operation of the Group Companies as measured by certain operating metrics set forth in in the letter regarding such operating metrics, which was delivered by the Warrantors to Purchaser prior to the date of this
Agreement, are true and accurate in all respects as of the relevant dates. 
 SECTION 3.26 Registered Address of the Domestic Company
and the WFOE. Each of the Domestic Companies and the WFOEs has (i) updated its registered address to be consistent with its actual premises at which it conducts its operation and (ii) updated all of its permits and licenses to the
extent necessary and required by the competent Governmental Authorities. 
 SECTION 3.27 Third Parties Providing Catering Services.
Except as for those set forth in Section 3.27 of the Company Disclosure Schedule, no Person is providing catering services for the Rajax WFOE Subsidiary as agents and/or partners
(联营门店合作方). 

SECTION 3.28 Series G-1 Post-Closing Covenants. Except as set forth in
Section 3.28 of the Company Disclosure Schedule, each Company Party is in compliance with its obligations under Section 7.1(ix), Section 7.1(x), Section 7.1(xi), Section 7.1(xii) and Section 7.1(xiii) of the
Alibaba Series G-1 SPA (as defined in the Shareholders Agreement). 
 SECTION 3.29 Anti-Takeover
Provisions. The Company is not party to a shareholder rights agreement, “poison pill” or similar agreement or plan. The Board of Directors has taken all necessary action so that any takeover, anti-takeover, moratorium, “fair
price”, “control share” or other similar Laws enacted under any Laws applicable to the Company (each, a “Takeover Statute”) does not, and will not, apply to this Agreement or the Transactions other than the CICL. 

SECTION 3.30 Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in
connection with the Transactions based upon arrangements made by or on behalf of the Company. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF PURCHASER 

Purchaser hereby represents and warrants to the Company and the Selling Shareholders that: 

SECTION 4.01 Corporate Organization. Purchaser is duly organized, validly existing and in good standing under the laws of the Cayman
Islands and has the requisite corporate or similar power and authority to own, lease and operate its properties and assets to carry on its business as it is now being conducted. 

  
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 SECTION 4.02 Purchaser Ownership. All of the issued and outstanding share capital of
Purchaser is, and at the Closing will be, solely owned by Rollover Shareholder. Purchaser was formed solely for the purpose of engaging in the Transactions, and it has not conducted any business prior to the date hereof and has no, and prior to the
Closing will have no, assets, liabilities or obligations of any nature other than in connection with those incident to its formation and capitalization pursuant to this Agreement and the Transactions. 

SECTION 4.03 Authority Relative to This Agreement. Each of the Purchaser Parties has all requisite power and authority to execute and
deliver the Transaction Documents to which it is a party, to carry out and perform its obligations thereunder and to consummate the Transactions. All action on the part of each of the Purchaser Parties necessary for the authorization, execution and
delivery of the Transaction Documents to which it is a party, and the performance of all obligations of the Purchaser Parties thereunder, has been taken or will be taken prior to the Closing. Each Transaction Document to which a Purchaser Party is a
party has been, or will be on or prior to the Closing, duly executed and delivered by such Purchaser Party, enforceable against such Purchaser Party in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, and other Laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by Laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies, and (iii) where applicable, the recognition and enforcement of arbitral awards being subject to relevant Laws 
 SECTION
4.04 Consents. All Consents from or with any Governmental Authority or any other Person required in connection with the valid execution, delivery and performance of the Transaction Documents, and the consummation of the transactions
contemplated by the Transaction Documents, in any case on the part of the Purchaser Parties, have been duly obtained or completed (as applicable) and are in full force and effect. The execution, delivery and performance of each Transaction Document
by each Purchaser Party, and the consummation by the such Purchaser Party of the transactions contemplated thereby, do not and will not, (i) result in any violation of, be in conflict with, or constitute a default under, require any Consent
under, or give any Person rights of termination, amendment, acceleration or cancellation under, with or without the passage of time or the giving of notice, any Governmental Order, any provision of the Charter Documents of such Purchaser Party, any
applicable Laws, or any material contract to which such Purchaser Party is a party, (ii) result in any termination, modification, cancellation, or suspension of any material right of, or any augmentation or acceleration of any material
obligation of, such Purchaser Party (including without limitation, any indebtedness of such Purchaser Party), or (iii) result in the creation of any Lien upon any of the material properties or assets of such Purchaser Party other than Permitted
Liens. 
 SECTION 4.05 Sufficient Funds. At the Closing, Purchaser will have available sufficient funds to pay the Aggregate
Purchase Price in accordance with and subject to the terms and conditions of this Agreement. 

  
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 ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF EACH SHAREHOLDER 

Subject to such exceptions as may be specifically set forth in the disclosure schedule delivered by the Selling Shareholders and the Rollover
Shareholder to Purchaser, as of the date hereof and attached to this Agreement as Schedule VIII (the “Selling Shareholders Disclosure Schedule”), each Selling Shareholder and the Rollover Shareholder hereby, severally but not
jointly, represents and warrants to Purchaser (but only with respect to itself and its Shares) that: 
 SECTION 5.01 Corporate
Organization. Such Selling Shareholder or the Rollover Shareholder, as applicable, is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation and has the requisite corporate or similar power and
authority to own, lease and operate its properties and assets to carry on its business as it is now being conducted. 
 SECTION 5.02
Title. Such Selling Shareholder is the beneficial and record owner of the Sale Shares of such Selling Shareholder free and clear of all Liens (other than any Liens created under the Memorandum and Articles, the Shareholders Agreement and the
ROFR Agreement), and the Rollover Shareholder is the beneficial and record owner of the Rollover Shares and clear of all Liens (other than any Liens created under the Memorandum and Articles, the Shareholders Agreement and the ROFR Agreement). The
Sale Shares of such Selling Shareholder and the Rollover Shares of the Rollover Shareholder, as applicable, are duly authorized, validly issued, fully paid and non-assessable. Upon the update of the register
of members of the Company at the Closing, Purchaser will have valid title to the Sale Shares of such Selling Shareholder and the Rollover Shares of the Rollover Shareholder, as applicable, free and clear of all Liens. 

SECTION 5.03 Authority Relative to This Agreement. Such Selling Shareholder or the Rollover Shareholder, as applicable, has all
requisite power and authority to execute and deliver the Transaction Documents to which it is a party, to carry out and perform its obligations thereunder and to consummate the Transactions. All action on the part of such Selling Shareholder or the
Rollover Shareholder, as applicable, necessary for the authorization, execution and delivery of the Transaction Documents to which it is a party, and the performance of all obligations of such Selling Shareholder or the Rollover Shareholder, as
applicable, thereunder, has been taken or will be taken prior to the Closing. Each Transaction Document to which such Selling Shareholder or the Rollover Shareholder, as applicable, is a party has been, or will be on or prior to the Closing, duly
executed and delivered by such Selling Shareholder or the Rollover Shareholder, as applicable, enforceable against such Selling Shareholder or the Rollover Shareholder, as applicable, in accordance with its terms, except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, and other Laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by Laws relating to the availability of specific performance,
injunctive relief, or other equitable remedies and (iii) for, where applicable, the recognition and enforcement of arbitral awards being subject to relevant Laws. 

SECTION 5.04 Consents. Except as set forth in Section 5.04 of the Selling Shareholders Disclosure Schedule, all Consents
from or with any Governmental Authority or any other Person required in connection with the valid execution, delivery and performance of the Transaction Documents, and the consummation of the transactions contemplated by the Transaction Documents,
in any case on the part such Selling Shareholder or the Rollover Shareholder, as applicable, have been duly obtained or completed (as applicable) and are in full force and effect. Except as set forth in Section 5.04 of the Selling
Shareholders Disclosure Schedule, the execution, delivery and performance of each Transaction Document by such Selling Shareholder or the Rollover Shareholder, as applicable, and the consummation by such party of the transactions contemplated
thereby, do not and will not, (i) result in any violation of, be in conflict with, or constitute a default under, require any Consent under, or give any Person rights of termination, amendment, acceleration or cancellation under, with or
without the passage of time or the giving of notice, any Governmental Order, any provision of the Charter Documents of such Selling Shareholder or the Rollover Shareholder, as applicable, any applicable Laws, or any material contract to which such
Selling Shareholder or the Rollover Shareholder, as applicable, is a party, (ii) result in any termination, modification, cancellation, or suspension of any material right of, or any augmentation or acceleration of any material obligation of,
such Selling Shareholder or the Rollover Shareholder, as applicable, (including without limitation, any indebtedness of such Selling Shareholder or the Rollover Shareholder, as applicable), or (iii) result in the creation of any Lien upon any
of the material properties or assets of such Selling Shareholder or the Rollover Shareholder, as applicable, other than Permitted Liens. 

  
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 ARTICLE VI 

CONDUCT OF BUSINESS PENDING THE CLOSING 

SECTION 6.01 Conduct of Business by the Company Pending the Closing. 

(a) Each of the Company, the Principals and the Principal Holdcos agrees that, between the date of this Agreement and the Closing, except as
required by applicable Law or as set forth in Section 6.01 of the Company Disclosure Schedule, unless Purchaser shall otherwise provide its prior written consent: 

(i) the businesses of the Group Companies shall be conducted only in, and no Group Company shall take any action except in, a
lawfully permitted manner in the ordinary course of business consistent with past practice (subject to each of the Company, the Principal and the Principal Holdcos acting in a prudent and professional manner taking into account the Group
Companies’ cash flow and liquidity); 
 (ii) the Company shall use its reasonable best efforts to preserve substantially
intact the business organization of the Group Companies, maintain in effect all Required Governmental Consents, keep available the services of the current officers, Key Employees, and key consultants and contractors of the Group Companies and
preserve the current material relationships and goodwill of the Group Companies with Governmental Authorities, key customers and suppliers, and any other persons with which any Group Company has material business relations; and 

(iii) (A) the business of the Company shall be restricted to the holding of shares or equity interest in the Rajax HK
Subsidiary and the Xiaodu Cayman Company, (B) the business of the Rajax HK Subsidiary shall be restricted to the holding of shares or equity interest in the Rajax WFOE, (C) the business of the Xiaodu Cayman Company shall be restricted to
the holding of shares or equity interest in the Xiaodu HK Company, and (D) the business of the Xiaodu HK Company shall be restricted to the holding of shares or equity interest in the Xiaodu WFOE. 

  
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 (b) In furtherance and without limitation of Section 6.01(a), except as set
forth in Section 6.01(b) of the Company Disclosure Schedule, or as required by applicable Law, the Company will not (and the Principals and the Principal Holdcos will ensure that no Group Company will) and will not permit any other Group
Company to between the date of this Agreement and the Closing, directly or indirectly, do, or propose to do, any of the following without the prior written consent of Purchaser: 

(i) amend or otherwise change the Charter Documents of the Company or make any material amendments to the Charter Documents of
any other Group Company; 
 (ii) issue, sell, transfer, lease, sublease, license, pledge, dispose of, grant or encumber, or
authorize the issuance, sale, transfer, lease, sublease, license, pledge, disposition, grant or encumbrance of, (A) any shares of any class of any Group Company, or any options, warrants, convertible securities or other rights of any kind
(including any Company Share Award) to acquire any shares, or any other ownership interest (including, without limitation, any phantom interest), of any Group Company (other than in connection with the exercise or settlement of any Company Share
Awards outstanding on the date hereof in accordance with the applicable ESOP or RSU tranche and applicable award agreement), or (B) any material property or assets (whether real, personal or mixed, and including leasehold interests, intangible
property and Intellectual Property) of the Group Companies (other than sale of such property or assets, in each case, in the ordinary course of business and consistent with past practice); 

(iii) declare, set aside, make or pay any dividend or other distribution, payable in cash, shares, property or otherwise, with
respect to any of its shares, other than dividends or other distributions from any Group Company to the Company or another Group Company which is wholly-owned by the Company; 

(iv) reclassify, combine, split, subdivide or redeem, or purchase or otherwise acquire, directly or indirectly, any of its
shares, or any options, warrants, convertible securities or other rights exchangeable into or convertible or exercisable for any of its share capital, in each case other than in connection with the settlement of any Company Share Awards in
accordance with the applicable ESOP or RSU tranche and this Agreement; 
 (v) (A) effect or commence any liquidation,
dissolution, scheme of arrangement, merger, consolidation, amalgamation, recapitalization, restructuring, reorganization or similar transaction involving any Group Company (other than the Transactions or any merger or consolidation among
wholly-owned Subsidiaries of the Company), or (B) create any new Subsidiaries; 

  
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 (vi) (A) acquire (including, without limitation, by merger,
consolidation, scheme of arrangement, amalgamation or acquisition of stock or assets or any other business combination) or make any capital contribution or investment in any corporation, partnership, other business organization or any division
thereof (other than a wholly-owned Subsidiary of the Company), or (B) acquire any assets (other than (x) in the ordinary course of business consistent with past practice or (y) assets of a wholly-owned Subsidiary of the Company); 

(vii) (A) incur, assume, alter, amend or modify any Indebtedness, guarantee any Indebtedness, or issue any debt
securities, in each case, in excess of US$200,000 individually or US$1,000,000 in the aggregate, or (B) make (x) any loans or advances to any director or executive officer of the Company or (y) any loans or advances in excess of US$50,000
individually or US$1,000,000 in the aggregate to any other person, in each case, other than (i) Indebtedness receivable or payable solely between or among the Group Companies and (ii) Indebtedness incurred in the ordinary course of
business of the relevant Group Company, provided that such Indebtedness incurred in the ordinary course of business of all of the Group Companies does not exceed US$5,000,000 in the aggregate; 

(viii) create or grant any Lien on any material assets (including material Intellectual Property) of any Group Company other
than in the ordinary course of business consistent with past practice; 
 (ix) (A) authorize, or make any commitment
with respect to, any single capital expenditure committed by any Group Company after the date of this Agreement which is in excess of US$500,000, unless included in the Company’s current budget and operating plan approved by the Board of
Director, or (B) authorize or make any commitment with respect to capital expenditures committed by any Group Company after the date of this Agreement which are, in the aggregate (including capital expenditures included in the Company’s
budget and operating plan), in excess of US$500,000 for the Group Companies taken as a whole, in each case other than ordinary course expenditures necessary to maintain existing assets in good repair; or 

(x) guarantee the performance or other obligations of any person (other than guarantees in connection with any Indebtedness as
permitted by the foregoing clause (vii)); 
 (xi) except as otherwise required by Law or pursuant to any Benefit Plan in
existence as of the date hereof, (A) enter into any new employment or compensatory agreements in connection with employment or service (including the renewal of any such agreements), or terminate or amend any such agreements, with any director
or officer of any Group Company or any other employee or individual service provider of any Group Company who has an annual base salary in excess of US$100,000, (B) grant or provide any severance or termination payments or benefits to any director,
officer, employee or individual service provider of any Group Company other than pursuant to any agreement executed prior to the date hereof which is listed in Section 3.18(b) of the Company Disclosure Schedule, (C) increase the
compensation, bonus or pension, welfare, severance or other benefits of, pay any bonus to, or grant, issue or make any new equity awards to any director, officer, employee or individual service provider of any Group Company, except annual base
salary increases to non-officer employees of any Group Company made in the ordinary course consistent with past practice, (D) establish, adopt, amend or terminate any Benefit Plan or any plan, agreement,
program, policy, trust, fund or other arrangement that would be a Benefit Plan if it were in existence as of the date of this Agreement or amend the terms of any outstanding Company Share Awards, save as contemplated under this Agreement or the
Deferred Payment Agreements, (E) take any action to accelerate or otherwise alter the vesting or payment, or fund or in any other way secure the payment, of compensation or benefits under the Benefit Plans, to the extent not already required in
any such plan, including voluntarily accelerating the vesting of any Company Share Award in connection with the Transactions, save as contemplated under this Agreement or the Deferred Payment Agreements, or (F) change any actuarial or other
assumptions used to calculate funding obligations with respect to any Benefit Plan or to change the manner in which contributions to such plans are made or the basis on which such contributions are determined, except as may be required by applicable
Law; 

  
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 (xii) make any material changes with respect to any method of financial
accounting, or financial accounting policies or procedures, except as required by changes in applicable Law; 
 (xiii) enter
into, or materially amend or modify, or consent to the termination of any Material Contract (or any Contract that would be a Material Contract if such Contract had been entered into prior to the date hereof), or amend, waive, modify or consent to
the termination of any Group Company’s material rights thereunder, in each case, other than such actions taken in the ordinary course of business of the relevant Group Company with respect to the categories of Material Contract set forth in
items (h) and (j) of the definition of “Material Contracts”; 
 (xiv) enter into any Contract between any of
the Group Companies, on the one hand, and any of their respective directors or officers, on the other hand (except as permitted under Section 6.01(b)(xi) or otherwise as contemplated under this Agreement or the Deferred Payment
Agreements); 
 (xv) terminate or cancel, let lapse, or amend or modify in any material respect, other than renewals in the
ordinary course of business, any material insurance policies maintained by it which is not promptly replaced by a comparable amount of insurance coverage with reputable independent insurance companies or underwriters; 

(xvi) commence any material Action (other than in respect of collection of amounts owed in the ordinary course of business) or
settle any Action other than any settlement involving only the payment of monetary damages not in excess of US$500,000 not relating to this Agreement or the Transactions; 

(xvii) engage in the conduct of any new line of business material to the Group Companies, taken as a whole; 

  
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 (xviii) permit any item of material Intellectual Property to lapse or to be
abandoned, dedicated, or disclaimed, other than (i) with respect to such Intellectual Property that is no longer used or useful in any of the Group Companies’ businesses and (ii) as required pursuant to Contracts in effect prior to
the date hereof which have been provided or otherwise made available to the Purchaser Parties, fail to perform or make any applicable filings, recordings or other similar actions or filings with respect to material Intellectual Property, or fail to
pay all required fees and taxes required or advisable to maintain and protect its interest in material Intellectual Property; 

(xix) make or change any material Tax election, amend any material Tax Return, enter into any material closing agreement with
respect to Taxes, surrender any right to claim a material refund of Taxes, settle or finally resolve any material controversy with respect to Taxes, consent to any extension or waiver of the statute of limitations applicable to any Tax claim or
assessment relating to the Group Companies, or change any method of Tax accounting; 
 (xx) make any material changes with
respect to key operational strategies of any Group Company, including any material changes to such Group Company’s strategy on provision of subsidies and policies regarding such Group Company’s merchants; 

(xxi) dismiss or give notice of dismissal to, more than fifty (50) employees of the Group in the aggregate; or 

(xxii) authorize or agree to take any of the foregoing actions, or enter into any letter of intent (binding or nonbinding) or
similar written agreement or arrangement with respect to any of the foregoing. 
 ARTICLE VII 

ADDITIONAL AGREEMENTS 

SECTION 7.01 Access to Information. Prior to the Closing, the Company, the Principals and the Principal Holdcos shall allow Purchaser
to conduct a full independent investigation, review and analysis of the business, operations, assets, liabilities, results of operations, financial condition and prospects of the Group, and the Company, the Principals and the Principal Holdcos shall
cause Purchaser and its Representatives to be promptly provided all due diligence materials and information requested by Purchaser or its Representatives (including financial and operating data and making available any auditor reports and work
papers) and sufficient access to the personnel, properties, facilities, books and records of the Group Companies for such purpose. 

SECTION 7.02 No Solicitation of Transactions. The Company, the Principals and the Principal Holdcos shall ensure that no Group Company
and none of the directors or officers of any Group Company shall, and each Representative of the Company (including, without limitation, any investment banker, attorney or accountant retained by it or any Group Company), shall be directed not to,
and each Selling Shareholder shall not, in each case, directly or indirectly, (i) solicit, initiate or encourage (including by way of furnishing information in a manner designed to encourage), or take any other action to facilitate, any
inquiries or discussions (including with any of the Company’s shareholders) or the making of any Competing Proposal (including, without limitation, any proposal or offer to its shareholders) that constitutes, or would reasonably be expected to
lead to, any Competing Proposal, or (ii) enter into, maintain or continue discussions or negotiations with, or provide any nonpublic information relating to any Group Company or the Transactions to, any person or entity in connection with, or
in order to obtain, an Competing Proposal, or (iii) agree to, approve, adopt, endorse or recommend (or publicly propose to agree to approve, adopt, endorse or recommend) any Competing Proposal, or enter into any letter of intent,
confidentiality agreement, term sheet, Contract, commitment, obligation, arrangement or understanding contemplating or otherwise relating to, or consummate, any Competing Proposal, or (iv) authorize or permit any of the officers, directors or
Representatives of any Group Company to take any action set forth in clauses (i) through (iii) above. The Company shall notify Purchaser in writing as promptly as practicable (and in any event within twenty-four (24) hours after the
Company has knowledge thereof), of any proposal or offer, or any request for information or other inquiry or request, that could reasonably be expected to lead to an Competing Proposal, specifying (x) the material terms and conditions thereof
(including material amendments or proposed material amendments) and providing, if applicable, copies of any written requests, proposals or offers, including proposed agreements, (y) the identity of the party making such proposal or offer or
inquiry or contact, and (z) whether the Company has determined to provide confidential information to such person in violation of this Section 7.02. 

  
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 SECTION 7.03 Notification of Certain Matters. Each of the Company, the Principals,
the Principal Holdcos and the Selling Shareholders shall promptly notify Purchaser, and Purchaser shall promptly notify the Shareholders Representative, in writing of: 

(a) any written notice or other written communication from any person alleging that the consent of such person is or may be required in
connection with the Transactions; 
 (b) any written notice or other written communication from any Governmental Authority in connection
with the Transactions; 
 (c) any Actions commenced or, to the knowledge of the Company, the Principals, the Principal Holdcos or such
Selling Shareholder, on the one hand, or the knowledge of Purchaser, on the other hand, threatened against any Group Company or Purchaser or any of its Subsidiaries, as the case may be, that, if pending on the date of this Agreement, would have been
required to have been disclosed by such Party pursuant to any of such Party’s representations and warranties contained herein, or that relate to such Party’s ability to consummate the Transactions; and 

(d) if a breach of any representation or warranty or failure to perform any covenant or agreement on the part of such Party set forth in this
Agreement shall have occurred that would cause the conditions set forth in Section 8.01, Section 8.02, or Section 8.03 not to be satisfied; together, in each case, with a copy of any such notice, communication or
Action; provided, that the delivery of any notice pursuant to this Section 7.03 shall not (A) cure any breach of, or non-compliance with, any other provision of this Agreement,
(B) be deemed to amend or supplement the Company Disclosure Schedule, or (C) limit or otherwise affect the remedies available hereunder to the Party receiving such notice; provided that, in the event that Purchaser elects to
consummate the Closing regardless of such notice, none of the Purchaser Indemnified Parties shall have the right to make any claim for indemnification under Section 9.03 to the extent that the Indemnifiable Losses sought in such claim,
directly or indirectly, result from, are as a result of or relate to such events, facts or changes which occurred after the date of this Agreement and constituted a Material Adverse Effect, as disclosed in any notice pursuant to this
Section 7.03. 

  
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 SECTION 7.04 Participation in Litigation. Prior to the Closing, (a) each of
Purchaser, on the one hand, and the Company, the Principals and the Principal Holdcos, on the other hand, shall give prompt notice to the other of any Actions by shareholders of the Company commenced or, to the knowledge of Purchaser, on the one
hand, or the Company, the Principals and the Principal Holdcos, on the other hand, as the case may be, threatened, against any Group Company and/or its directors which relate to this Agreement or the Transactions, and (b) the Company, the
Principals and the Principal Holdcos shall give Purchaser the opportunity to, at Purchaser’s cost, participate in the defense or settlement of any such shareholder Action against such Group Company and/or its directors relating to this
Agreement or the Transactions, and no such Action shall be settled or compromised, and none of the Company, the Principal or the Principal Holdcos shall take any action to adversely affect or prejudice any such Action, without Purchaser’s prior
written consent. 
 SECTION 7.05 Resignations. On the Closing Date, each of the Principals and Principal Holdcos, CITICPE, and
Sequoia shall deliver to Purchaser the resignation letter of its respective appointee serving as a Director prior to the Closing, effective as of the Closing, and the Principals and Principal Holdcos shall deliver to Purchaser the resignation letter
of the Mr. Wei CHENG (from his directorship) prior to the Closing, effective as of the Closing. 
 SECTION 7.06 Confidentiality;
Public Announcements. Each of the Parties (other than Purchaser) agrees that it will not, and will ensure that the Company and its Representatives will not, directly or indirectly, without Purchaser’s prior written consent, make any
disclosure of or announce the existence and terms of this Agreement, Purchaser’s identity or any information pertaining to or provided by Purchaser or its Representatives in connection therewith or otherwise relating to the transactions
contemplated hereunder, to any other Person. Except as may be required by applicable Law, the press release announcing the execution of this Agreement shall be issued only in such form as agreed upon by Purchaser. Thereafter, each Party hereto
(other than Purchaser) shall consult with Purchaser before issuing any press release, having any communication with the press (whether or not for attribution), making any other public statement or scheduling any press conference with respect to this
Agreement or the Transactions and shall not, without the prior written consent of Purchaser, issue any such press release, have any such communication, make any such other public statement or schedule any such press conference prior to such
consultation. 
 SECTION 7.07 SAFE Registration. After the Closing, if requested or required by SAFE or the applicable bank, each of
the Principals and Principal Holdcos shall take all reasonable actions at the request of the Purchaser to facilitate the WFOEs in making outbound payments to offshore Affiliates thereof, including by submitting application to the SAFE for amending
or cancelling the existing SAFE registration of such Principal or Principal Holdco in light of the change of his or its (indirect) equity interest in the Company; provided that such obligations of the Principals and Principal Holdcos shall cease
upon the cancellation pursuant to the applicable SAFE Rules and Regulations by the Principals of their existing SAFE registration which was made in accordance with Circular 37 prior to the Closing in respect of their outbound investment in their
respective Principal Holdcos. For the purpose of the this Section 7.07, SAFE shall include all of its local branches, where applicable. 

  
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 SECTION 7.08 Tax Filings and Payments. 

(a) The Parties hereby acknowledge, covenant and agree that (i) none of Purchaser, the Company or any of their respective Affiliates
(including any Group Company) shall have any obligation to pay any Tax of any nature that is required by applicable Law to be paid by any Selling Shareholder or its Affiliates or their respective direct and indirect partners, members and
shareholders arising out of the transactions contemplated by this Agreement and the other Transaction Documents (the “Selling Tax” of such Selling Shareholder); and (ii) each Selling Shareholder agrees to bear and pay,
severally but not jointly, any and all Selling Taxes with respect to such Selling Shareholder’s Sale Shares. 
 (b) The Selling
Shareholders shall, acting through the Shareholders Representative, as soon as possible after the date hereof, jointly engage and authorize the Qualified Tax Advisor to, as soon as possible after the date hereof, and in any event, within thirty
(30) days after the date hereof, duly and properly make with the applicable PRC Tax Government Authority (being the PRC Tax Government Authority to which such filings are to be made pursuant to applicable Law) (the “Relevant PRC Tax
Authority”) the relevant Tax filings and disclosures that are required by applicable Law (including Circular 7) in connection with the Transactions, and each Selling Shareholder shall (i) permit Purchaser to, (A) in its sole
discretion, make a joint filing with such Selling Shareholder in respect of the Transactions, or (B) with the consent of the Shareholders Representative, make such filing on behalf of such Selling Shareholder if Purchaser so elects and
(ii) provide, or cause the Qualified Tax Advisor to provide, Purchaser with adequate evidence (as specified below in this Section 7.08) that such Tax filings have been made in accordance with applicable Law as soon as reasonably
practicable. Each Selling Shareholder agrees to cooperate with the Qualified Tax Advisor and provide all necessary documents for such Tax filings. The Company shall bear the fees payable to the Qualified Tax Advisor in connection with the
preparation of the joint tax filing and disclosure of the transaction under this Section 7.08(b), and each Selling Shareholder shall, severally but not jointly, bear any and all other fees payable to the Qualified Tax Advisor in
connection with such Selling Shareholder’s Sale Shares (including but not limited to, for the avoidance of doubt, any fees payable in connection with any Tax filings to settle the tax liability, tax treaty relief application and other tax
services made with respect to such Selling Shareholder’s Sale Shares). Each Selling Shareholder agrees to use its reasonable best efforts to, after such Tax filing, promptly submit, or cause the Qualified Tax Advisor to submit, all documents
supplementally requested by the Relevant PRC Tax Authority in connection with such Tax filing with a copy delivered to Purchaser simultaneously therewith, and provide, or cause the Qualified Tax Advisor to provide, updates to Purchaser upon
Purchaser’s reasonable request as to the determination (and delivers to Purchaser assessment notices issued by the Relevant PRC Tax Authority in connection with such determination) and payment status of any Taxes assessed by the Relevant PRC
Tax Authority in respect of such Selling Shareholder in connection with the Transactions. For purposes of this Section 7.08, the following shall be adequate evidence that a Tax filing has been made in respect of Selling Shareholder: 

  
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 (i) (x) an acknowledgement or receipt in respect of the filing by or on
behalf of such Selling Shareholder issued by the Relevant PRC Tax Authority or (y) the original signature of an official of the Relevant PRC Tax Authority on the duplicate of the filing documents submitted by or on behalf of such Selling
Shareholder; or 
 (ii) an explanation letter or email prepared by the Qualified Tax Advisor, attaching a copy of the filing
made and confirming that they have submitted the filing on behalf of such Selling Shareholder with the Relevant PRC Tax Authority in accordance with this Section 7.08, and confirming that the Relevant PRC Tax Authority does not issue,
and has not issued, any acknowledgement or receipt in respect of the filing. 
 (c) Such Selling Shareholder shall, or shall cause the
Qualified Tax Advisor to, on a monthly basis follow up with the Relevant PRC Tax Authority on any assessment of the Tax filings of such Selling Shareholder, promptly respond to any requests by the Relevant PRC Tax Authorities for additional
information or materials, and give updates to Purchaser upon Purchaser’s reasonable request (and in any event not less frequently than monthly in the absence of such requests) as to any development in the assessment of any Taxes by the Relevant
PRC Tax Authority and the payment of any such Taxes so assessed. Without prejudice to the foregoing, if such Selling Shareholder or any of its Affiliates receives any notice or demand from any PRC Tax Authority in respect of the Transactions, such
Selling Shareholder shall as soon as reasonably practicable provide, or cause the Qualified Tax Advisor to provide, a true and complete copy of such notice or demand to Purchaser. 

(d) Each Selling Shareholder shall, severally but not jointly, indemnify and hold harmless, on an
after-tax basis, the Purchaser Indemnified Parties forthwith on demand from and against all Selling Taxes and Indemnifiable Losses (which, for the avoidance of doubt, shall include any loss of cost basis)
incurred or suffered by such Purchaser Indemnified Party arising or resulting from or in connection with any breach such Selling Shareholder of any of their obligations under this Section 7.08. 

SECTION 7.09 Domestic Company Equity Transfers. The Principals shall, as soon as legally and practically possible, and in any event
within three (3) months after the Closing, duly transfer, or cause to be transferred, all of the Equity Securities in each Domestic Company to persons that are PRC Persons designated by Purchaser, such that such persons in the aggregate will
hold 100% of the Equity Securities in such Domestic Company (the “Onshore Equity Transfer”), and where applicable, obtain, or cause to be obtained, a new business license issued by SAIC reflecting such share transfer (the
“New Business License”). 
 SECTION 7.10 Registration of Share Pledge. The Principals shall, as soon as legally and
practically possible, and in any event within three (3) months after the Closing, cause each Domestic Company to complete the termination of the existing share pledge registration with relevant authorities under the Control Documents. 

  
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 SECTION 7.11 Replacement of Management. The Principals shall, (a) as soon as
legally and practically possible, and in any event within three (3) months after the Closing, (i) cause each PRC Group Company to complete with the relevant SAIC, the change of the legal representative, directors, management and officers
of such PRC Group Company and (ii) deliver to Purchaser the receipts issued by such SAIC in connection with such change; and (b) at the request of Purchaser and where applicable, and in any event within twelve (12) months after the
Closing, cause any person designated by a PRC Group Company as the representative (including as chief representative, director, supervisor or legal representative) of such PRC Group Company, a branch of such PRC Group Company or an investee company
(including the branch (if applicable) of such investee company) in which such PRC Group Company holds any equity interests, to sign any document that is required by the competent local authority for the change of such representative to the person as
designated by Purchaser. 
 SECTION 7.12 Permits and Licenses Amendment. The Principals shall use their commercially reasonable
efforts to (i) cause the Rajax Domestic Company and Xiaodu Shenghuo to, as soon as practicable but in no event later than six (6) months after the Closing, complete the amendment of its Telecommunication and Information Services Operation
License (电信与信息服务业务经营许可证) to reflect
the transfer of equity interests in the Rajax Domestic Company and Xiaodu Shenghuo to Persons designated by Purchaser, and (ii) cause Xiaodu Shenghuo to, as soon as practicable, but in no event later than six (6) months after the Closing,
complete the amendment of its Internet Drug Information Service Qualification Certificate
(互联网药品信息服务资格证书) to reflect the
transfer of equity interests in Xiaodu Shenghuo to such Persons designated by Purchaser. 
 SECTION 7.13 Further Assurances;
Filings. Upon the terms and subject to the conditions herein, (i) each of the Parties hereto agrees to use its reasonable best efforts to take or cause to be taken all action, to do or cause to be done, to execute such further instruments,
and to assist and cooperate with the other Parties hereto in doing, all things necessary, proper or advisable under applicable Laws or otherwise to consummate and make effective, in the most expeditious manner practicable, the transactions
contemplated by the Transaction Documents, and (ii) the Principals hereto agree to cause the legal representatives, directors, supervisors and officers of each PRC Group Company to take or cause to be taken all action, to do or cause to be
done, to execute such further instruments, and to assist and cooperate with the other Parties hereto in doing, all things necessary, proper or advisable under applicable Laws or otherwise to consummate and make effective, in the most expeditious
manner practicable, the transactions contemplated by the Transaction Documents; provided, in each case, that except as expressly provided herein, no Person shall be obligated to grant any waiver of any condition or other waiver hereunder.

 SECTION 7.14 Audited 2017 Financial Statements. The Company shall, and the Principals and the Principal Holdcos shall cause the
Company to, prepare, or cause to be prepared and deliver to Purchaser as soon as practicable after the date hereof, the audited consolidated balance sheet, statement of income and statement of cash flows for the Group as of and for the fiscal year
ended December 31, 2017 (the “Audited 2017 Financial Statements”), together with the auditors report thereon. 

  
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 SECTION 7.15 Release of Claims. With automatic effect upon the Closing, each Selling
Shareholder, on behalf of itself and on behalf of its shareholders or members, as applicable, assigns and beneficiaries and, to the extent acting in a representative capacity, its creditors, directors, officers, managers, employees, investors,
Affiliates, representatives, successors and assigns of any of them, agrees to release each of the Group Companies and their respective directors, shareholders, officers and employees, including the Principals and/or the Principal Holdcos, from any
and all actions, causes of action, suits, debts, accounts, bonds, bills, covenants, contracts, controversies, obligations, claims, counterclaims, demands, damages, costs, expenses, compensation or liabilities of every kind and any nature whatsoever,
in each case whether absolute or contingent, liquidated or unliquidated, known or unknown, direct or derivative (“Claims”), such Selling Shareholder may bring, which Claims arise from, relate to, or are in connection with, such
Selling Shareholder’s ownership of Shares, the Transactions, any and all documents, contracts, agreements, instrument and deeds entered into in connection with the Transactions, and all procedures conducted and all documentation executed or
adopted (including notices and authorization documentation) for purposes of facilitating or consummating the Transactions, other than any Claims for breach of this Agreement. 

SECTION 7.16 Compliance with Anti-Corruption Laws. Up to the Closing, no Principal, Principal Holdco or Group Company shall, or shall
permit any of their Subsidiaries or Affiliates or any of their respective directors, officers, managers, employees, independent contractors, representatives or agents to offer, promise, authorize or make any payment to, or otherwise contribute any
item of value to, directly or indirectly, to any third party, including any Public Official, which in each case, would constitute a violation of any Compliance Laws. Up to the Closing, the Principals, the Principal Holdcos and the Group shall, and
shall cause each of their Subsidiaries and Affiliates to cease all of their respective activities, as well as remediate any actions taken by any Principal, Principal Holdco, Group Company, their Subsidiaries or Affiliates, or any of their respective
directors, officers, managers, employees, independent contractors, representatives or agents that would constitute a violation of any Compliance Laws. Up to the Closing, the Principals, Principal Holdcos and the Group Companies shall, and shall
cause each of their Subsidiaries and Affiliates to maintain complete and accurate books and records and systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) consistent with the
requirements of the Compliance Laws. 
 SECTION 7.17 Approved Sale. In connection with the Transactions which constitute an
“Approved Sale” for purposes of the Memorandum and Articles and the ROFR Agreement, each of the Selling Shareholders shall comply with its obligations under Articles 123, 124 and 125 of the Memorandum and Articles and Sections 5.1, 5.2 and
5.3 of the ROFR Agreement. The Company, the Principals and the Principal Holdcos shall facilitate each of the Directors designated by the Board in exercising, and direct each such Director to exercise, in full the irrevocable power of attorney and
proxy granted pursuant to Article 124 of the Memorandum and Articles and Section 5.3 of the ROFR Agreement to take all necessary actions and execute and deliver all documents reasonably necessary to effectuate the terms of this Agreement and
the Transactions. 

  
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 SECTION 7.18 Shareholders Representative. Each of the Selling Shareholders
(including the Former Company Share Award Holders), by virtue of its, his or her execution and delivery of this Agreement (directly, by proxy or pursuant to a power of attorney), hereby irrevocably constitutes and appoints Xuhao Zhang, a Principal
and the Chief Executive Officer of the Company as of the date of this Agreement (the “Shareholders Representative”), to be such Selling Shareholder’s true and lawful representative, agent and attorney-in-fact to act on such Selling Shareholder’s behalf with respect to any actions permitted to be taken by such Selling Shareholder, or any of them, after the date of this Agreement in connection
with this Agreement and the other Transaction Documents and the transactions contemplated hereby and thereby, in accordance with the terms and conditions of the Transaction Documents. In such representative capacity, the Shareholders Representative
shall take or refrain from taking, and the Selling Shareholders each agree that the Shareholders Representatives may take or refrain from taking, any and all actions which the Shareholders Representative reasonably believes, acting in good faith, to
be necessary or appropriate under this Agreement and the other Transaction Documents (except as provided above) for and on behalf of the Selling Shareholders, as fully and effectively as if the Selling Shareholders were acting on their own behalf.
Each reference in this Agreement or any other Transaction Document to an action to be taken by the Selling Shareholders shall, with respect to the Selling Shareholders, be taken by the Shareholders Representative on their behalf pursuant to this
Section 7.18. Each Selling Shareholder hereby ratifies and confirms, and agrees to ratify and confirm in the future upon the request of the Shareholders Representative, any action taken by the Shareholders Representative in the exercise
of the agency and power of attorney granted to the Shareholders Representative pursuant to this Section 7.18, which agency and power of attorney, being coupled with an interest, is irrevocable and a durable agency and power of attorney
and shall survive the death, incapacity or incompetence of such Selling Shareholder. Each of Purchaser and the Escrow Agent shall be entitled to conclusively rely upon the directions, instructions and notice of the Shareholders Representative, when
it is acting in their capacity as such under this Section 7.18, without being required to undertake any independent investigation or verification, and any notice provided in accordance with this Agreement to or from the Shareholders
Representative in its capacity as such shall be conclusively deemed to have been provided to or from each of the Selling Shareholders, as applicable. The Shareholders Representative shall not have any liability to any of the Selling Shareholders
arising out of or relating to any action taken or omission made in good faith by the Shareholders Representative (in its capacity as such) pursuant to this Agreement, and each Selling Shareholder shall, severally but not jointly, indemnify, defend
and hold harmless the Shareholders Representative with respect to all actions so taken or omissions made on behalf of such Selling Shareholder up to the net proceeds received by such Selling Shareholder in connection with the Transactions. 

SECTION 7.19 Release of Share Charge. The Rollover Shareholder shall, and Purchaser shall cause the Rollover Shareholder to, execute
and deliver to the Principals a deed of release and all other documents necessary for discharging and releasing the security interests created on certain Ordinary Shares owned by the Principal Holdcos under that certain equity mortgage over shares
dated January 30, 2018 by and between the Principals, the Principal Holdcos and the Rollover Shareholder, prior to the sale and transfer of such Ordinary Shares by the Principals to Purchaser at the Closing. 

  
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 SECTION 7.20 Integration Committee. Promptly after signing, the Company, Principals,
Principal Holdcos and Purchaser shall establish a transition planning team (the “Integration Committee”), comprised of individuals appointed by Purchaser and the Chief Executive Officer of the Company. Subject to applicable Law, the
Integration Committee shall be responsible for facilitating a transition and integration planning process to ensure the successful transition of management of the operations of the Group Companies to Purchaser after the Closing, which may include
the inclusion of various employees of Purchaser and its Affiliates into certain operational and management roles within the Group at the direction of the Integration Committee. Subject to applicable Law, the Integration Committee shall be
responsible for developing, and monitoring the development of, an action plan for the integration of the Group into the business of Purchaser and its Affiliates, and between the date hereof and the Closing, shall be responsible for overseeing and
directing the ongoing operations and management of the Company. 
 SECTION 7.21 Termination of Certain Agreements. Each of the
Parties hereto hereby acknowledges and agrees that the Shareholders Agreement and the ROFR Agreement automatically terminate upon the Closing. 

ARTICLE VIII 

CONDITIONS TO THE CLOSING 

SECTION 8.01 Conditions to the Obligations of Each Party. The obligations of Purchaser, each Selling Shareholder, each Rollover Option
Holder, the Rollover Shareholder and the Company to consummate the Transactions are subject to the satisfaction or waiver (where permissible) of the following conditions: 

(a) No Injunction. No Governmental Authority of competent jurisdiction shall have issued any injunction, restraining order or judgment
which is then in effect that prohibits the consummation of the Transactions. 
 (b) Escrow Agreement. The Escrow Agreement shall
have been duly entered by the parties thereto. 
 SECTION 8.02 Conditions to the Obligations of Purchaser. The obligations of
Purchaser to consummate the Transactions are subject to the satisfaction or waiver (where permissible) of the following additional conditions: 

(a) Representations and Warranties of the Warrantors. (i) The Fundamental Warranties shall have been true and complete in all
respects when made and shall be true and complete in all respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing Date, except in each case for those representations
and warranties that address matters only as of a particular date, which representations will have been true and complete in all respects as of such particular date, and (ii) each of the representations and warranties of the Warrantors contained
in Article III (other than the Fundamental Warranties) shall have been true and complete in all material respects when made and shall be true and complete in all material respects on and as of the Closing with the same effect as though such
representations and warranties had been made on and as of the Closing Date, except in each case for those representations and warranties that address matters only as of a particular date, which representations will have been true and complete in all
material respects as of such particular date. 

  
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 (b) Agreements and Covenants of the Company Parties. Each Company Party shall have
performed and complied with, in all material respects, all covenants, obligations and conditions contained in the Transaction Documents that are required to be performed or complied with by such Company Party on or before the Closing. 

(c) Closing Certificate. The Warrantors shall have executed and delivered to Purchaser a certificate dated as of the Closing Date
(i) stating that each of the relevant conditions specified in Section 8.01 and Section 8.02 (but not including Section 8.02(d) and Section 8.02(e)) have been fulfilled as of the Closing, and
(ii) attaching thereto (A) the Charter Documents of the Group Companies (other than the Stores) as then in effect and (B) copies of all resolutions approved by the shareholders and boards of directors of each Group Company that is a
party to a Transaction Document related to the transactions contemplated hereby, and (C) the good standing certificate with respect to the Company and the certificate of continuing registration with respect to each of the Rajax HK Subsidiary
and Xiaodu HK Company dated no more than ten (10) Business Days prior to such Closing, and with respect to the Group Companies which are incorporated under the Laws of the PRC, the business licenses of such entity (other than the Stores). 

(d) Representations and Warranties of the Selling Shareholders. Each of the representations and warranties of the Selling Shareholders
contained in Article V shall have been true and complete when made and shall be true and complete on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing Date, except
in each case for those representations and warranties that address matters only as of a particular date, which representations will have been true and complete as of such particular date. 

(e) Agreements and Covenants of the Selling Shareholders and Rollover Option Holders. Each Exercising Company Share Award Holder and
Rollover Option Holder shall have become a party to this Agreement by delivering to Purchaser and the Shareholders Representative a counterpart, duly executed by such Person, to this Agreement. Each Selling Shareholder (other than the Company
Parties) and each Rollover Option Holder shall have performed and complied with all covenants, obligations and conditions contained in the Transaction Documents that are required to be performed or complied with by them, on or before the Closing.

 (f) Cayman Islands Legal Opinion. Purchaser shall have received from the Cayman Islands counsel to the Company, a legal opinion
in the form attached as Exhibit B hereto, dated as of the Closing, regarding the validity of the Transactions under Cayman Islands law. 

(g) PRC Legal Opinion. Purchaser shall have received from the PRC counsel to the Company, a legal opinion in a form to be agreed
between the Company and Purchaser prior to the Closing, dated as of the Closing (which shall cover substantially, among other matters, the matters set forth in the legal opinions delivered in connection with the issuance of the Series G-1 Preferred Shares to the Rollover Shareholder, but revised to cover the Xiaodu PRC Companies). 

  
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 (h) Audited 2017 Financial Statements. Purchaser shall have received the Audited
2017 Financial Statements, together with the auditors report thereon, and none of the net assets, revenue or net profit/loss line items set forth in such Audited 2017 Financial Statements shall be less than 90% of the corresponding line items set
forth in Unaudited 2017 Financial Statements, which amounts shall be calculated without taking into account any difference arising from (i) Tax assets or liabilities; (ii) interest accrued on related party transactions between Group
Companies; (iii) stock-based compensation of any Group Company; (iv) potential inventory loss; (v) impairment, amortization and depreciation of long-term assets (including intangible assets and goodwill); (vi) accounting adjustment to
the promissory note and accrued interest thereon owed to Koubei; (vii) accounting adjustment relating to the Preferred Shares; and (viii) changes arising solely as a result of calculating and recognizing revenue in accordance with PRC GAAP
instead of the Accounting Standards utilized in the Unaudited 2017 Financial Statements. 
 (i) Application Forms for Domestic Company
Equity Transfer. All application forms and relevant materials necessary for the Onshore Equity Transfer shall have been duly signed by all necessary parties and delivered to Purchaser in form and substance agreed by Purchaser. 

(j) Control Documents. The Control Documents of each Domestic Company shall have been amended and restated (in form and substance
reasonably satisfactory to Purchaser) to reflect the Onshore Equity Transfer (such amended and restated Control Documents, collectively, the “New Control Documents”); 

(k) Application Forms for Registration of Share Pledges. All application forms and relevant materials necessary for the termination of
the existing share pledge registration with relevant authorities under the Control Documents shall have been duly signed by all necessary parties and delivered to Purchaser in form and substance agreed by Purchaser; 

(l) Application Forms for Replacement of Legal Representatives. All application forms and relevant materials necessary for the
replacement of the legal representative, directors, management and officers of each PRC Group Company as requested by Purchaser shall have been duly signed by all necessary parties and delivered to Purchaser in form and substance agreed by
Purchaser; and 
 (m) Material Adverse Effect. Since the date of this Agreement, there shall not have occurred and be continuing a
Material Adverse Effect. 
 SECTION 8.03 Conditions to the Obligations of the Selling Shareholders. The obligations of the Selling
Shareholders to consummate the Transactions are subject to the satisfaction or waiver (where permissible) of the following additional conditions: 

(a) Representations and Warranties of Purchaser. The representations and warranties of Purchaser contained in Article IV
shall have been true and complete when made and shall be true and complete on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing, except in either case for
those representations and warranties that address matters only as of a particular date, which representations will have been true and complete as of such particular date. 

  
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 (b) Agreements and Covenants of Purchaser. Purchaser shall have performed and
complied with all covenants, obligations and conditions contained in this Agreement that are required to be performed or complied with by Purchaser on or before the Closing. 

ARTICLE IX 
 TERMINATION
AND INDEMNIFICATION 
 SECTION 9.01 Termination. This Agreement may be terminated and the Transactions may be abandoned at any
time prior to the Closing, as follows: 
 (a) by mutual written consent of Purchaser and the Shareholders Representative; 

(b) by any of Purchaser or Shareholders Representative if: 

(i) the Closing shall not have occurred on or before the date that is ninety (90) days after the date of this Agreement
(such date as may be extended in accordance with this Section 9.01(b)(i), the “Termination Date”), provided that the right to terminate this Agreement pursuant to this Section 9.01(b)(i) shall not be
available to Purchaser or the Shareholders Representative, as applicable, if the circumstances described in this Section 9.01(b)(i) are primarily caused by a failure by Purchaser or any Selling Shareholder (including the Shareholders
Representative) or Rollover Option Holder, as applicable, to comply with its obligations under this Agreement; or 
 (ii) an
Injunction shall have been issued; 
 (c) by Purchaser: 

(i) if there shall have been a breach of any representation, warranty, covenant or agreement on the part of any Company Party
set forth in this Agreement (including a failure by any such Company Party to complete the Closing subject to and in accordance with Article II), or if any representation or warranty of the Company shall have become untrue, in either case
such that the condition set forth in Section 8.02(a) or the condition set forth in Section 8.02(b) would not be satisfied; and 

(ii) solely with respect to the Share Purchase related to a specific Selling Shareholder’s Sale Shares, if there shall
have been a breach of any representation, warranty, covenant or agreement by such Selling Shareholder set forth in this Agreement (including a failure by any such Selling Shareholder to complete the Closing subject to and in accordance with
Article II), or if any representation or warranty of such Selling Shareholder shall have become untrue, in either case such that the condition set forth in Section 8.02(d) or the condition set forth in Section 8.02(e)
would not be satisfied; provided, however, that, in each case, Purchaser shall not have the right to terminate this Agreement pursuant to this Section 9.01(c)(i) if Purchaser is then in material breach of any of its
representations, warranties, covenants or other agreements hereunder; or 

  
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 (d) by the Shareholders Representative if there shall have been a breach
of any representation, warranty, covenant or agreement on the part of Purchaser set forth in this Agreement, or if any representation or warranty of Purchaser shall have become untrue, in either case such that the condition set forth
Section 8.03(a) or the condition set forth in Section 8.03(b) would not be satisfied; provided, however, that Shareholders Representative shall not have the right to terminate this Agreement pursuant to this
Section 9.01(d) if any Selling Shareholder (including the Shareholders Representative) or Rollover Option Holder is then in material breach of any of its representations, warranties, covenants or other agreements hereunder. 

SECTION 9.02 Effect of Termination. In the event of the termination of this Agreement pursuant to Section 9.01, this
Agreement shall forthwith become void, and there shall be no liability under this Agreement on the part of any party hereto (or any Representatives of any party hereto) other than for breaches of this Agreement prior to the date of such termination;
provided, however, that the terms of Section 7.06, this Article IX and Article X shall survive any termination of this Agreement. 

SECTION 9.03 Indemnity. 

(a) Subject to the limitations on indemnities set forth in Section 9.05, from and after the Closing, each of the
Selling Shareholders (such Selling Shareholders, for purposes of this Section 9.03(a), and each Selling Shareholder for purposes of Section 9.03(b), each an “Indemnifying Party” and collectively, the
“Indemnifying Parties”) shall, severally but not jointly, on a pro rata basis in accordance with Section 9.04(b), indemnify and hold harmless Purchaser, its Affiliates, the directors, employees, agents and
representatives of Purchaser or any of its Affiliates, and the successors and assigns of Purchaser and its Affiliates (collectively, the “Purchaser Indemnified Parties”) from and against an amount equal to (x) the Aggregate
Selling Shareholders Percentage multiplied by (y) any and all Indemnifiable Losses, including any reduction in value of the Company’s or the Group Companies’ assets, any increase in their liabilities, any dilution of Purchaser’s
interests in the Group Companies or any diminution in the value of Purchaser’s interests in the Group Companies, directly or indirectly, resulting from or relating to (i) any breach of any representation or warranty made by the Warrantors
in Article III, or (ii) any breach of the agreements and covenants of the Company, the Principals, and the Principal Holdcos in Section 6.01. 

(b) Subject to the limitations on indemnities set forth in Section 9.05, from and after the Closing, each Selling Shareholder
shall, severally but not jointly, indemnify and hold harmless the Purchaser Indemnified Parties from and against any and all Indemnifiable Losses, directly or indirectly, resulting from or relating to any breach of any representation or warranty
made by such Selling Shareholder as to itself in Article V. 

  
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 SECTION 9.04 Indemnification Procedures. 

(a) If any Purchaser Indemnified Party believes that it has a claim that may give rise to an indemnity obligation hereunder (the
“Asserted Liability”), such Purchaser Indemnified Party shall give prompt written notice to (i) in the case of a claim made pursuant to Section 9.03(a), the Shareholders Representative, and (ii) in the case of
a claim made pursuant to Section 9.03(b), the relevant Selling Shareholder, of the assertion of any claim or the commencement of any suit, action or proceeding by a third party in respect of which indemnity may be sought by such
Purchaser Indemnified Party under Section 9.03 (an “Asserted Action”), which notice shall set forth the basis on which such claim is being made, the material facts related thereto, and the amount of the claim asserted;
provided that the failure to promptly provide such notice shall not affect the Purchaser Indemnified Parties’ rights under Section 9.03 unless such notice is not provided to Shareholders Representative or the relevant Selling
Shareholder, as applicable, within the applicable Survival Period or except to the extent such failure is actually materially prejudicial to the rights and obligations of the relevant Indemnifying Parties in connection with such claim. In the event
that such notice of a claim is so given within the applicable Survival Period, the right to pursue such claim will survive such Survival Period until such claim is finally resolved and any obligations with respect to such claim has been fully
satisfied. The relevant Indemnifying Party shall be entitled to, at its cost and by counsel of its own choosing (which shall be reasonably acceptable to the relevant Purchaser Indemnified Party), assume and control the defense of an Asserted Action
brought by a third party against such Purchaser Indemnified Party if it provides written notice of such election to such Purchaser Indemnified Party within ten (10) Business Days of notice of such Asserted Action which includes an
acknowledgement of such Indemnifying Party’s indemnification obligations in respect of such Asserted Action. If the relevant Indemnifying Party validly elects to assume and control the defense of such Asserted Action in accordance with this
Section 9.04(a), (i) the Purchaser Indemnified Party shall cooperate fully (at the cost of the Indemnifying Party) with the Indemnifying Party and its counsel in the investigation, defense and settlement thereof, and (ii) no such
Asserted Action shall be settled or compromised, and no Purchaser Indemnified Party shall take any action to adversely affect or prejudice any such Asserted Action without the Indemnifying Party’s prior written consent (not to be unreasonably
withheld or delayed). If the relevant Indemnifying Party does not validly elect to assume and control the defense of such Asserted Action in accordance with this Section 9.04(a), the relevant Purchaser Indemnified Party shall have the
right to assume and control the defense of such Asserted Action and all reasonable costs and expenses in connection therewith shall constitute Indemnifiable Losses. 

(b) Each Indemnifying Party’s indemnification obligations pursuant to Section 9.03(a) shall be satisfied from the funds
remaining in the Audit and Indemnity Escrow Account at any given time, and such funds shall be the sole source of recovery with respect to any Indemnifiable Losses pursuant to Section 9.03(a). Each Indemnifying Party’s
indemnification obligations pursuant to Section 9.03(b) shall be satisfied, first, from the funds remaining in the Audit and Indemnity Escrow Account at any given time which are allocated to the applicable Selling Shareholder and,
thereafter, by such applicable Selling Shareholder. Each Selling Shareholder shall bear, severally but not jointly, (i) its Seller Pro Rata Share of any indemnification obligation of the Indemnifying Parties pursuant to
Section 9.03(a), subject to the limitation set forth in the first sentence of this Section 9.04(b) (the “Pro Rata Indemnity Amount”) and (ii) the full amount of any indemnification obligation of such
Selling Shareholder in its capacity as an Indemnifying Party pursuant to Section 9.03(b). 

  
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 (c) In the event that any indemnification obligation has become payable by any Indemnifying
Party pursuant to Section 9.03 (and, if such indemnification obligation has been disputed by the applicable Indemnifying Party, such indemnification obligation is ultimately agreed by such Indemnifying Party or has been determined by an
arbitral award in accordance with Section 10.03) (the “Undisputed Indemnity Amount”), Purchaser and Shareholders Representative shall deliver joint written instructions to the Escrow Agent instructing the Escrow Agent to
deliver to Purchaser from the Audit and Indemnity Escrow Amount allocated to such Indemnifying Party (i) in the case of a claim made pursuant to Section 9.03(a), such Selling Shareholder’s Pro Rata Indemnity Amount with respect
to the Undisputed Indemnity Amount and (ii) in the case of a claim made pursuant to Section 9.03(b), the full amount of such Undisputed Indemnity Amount of such Selling Shareholder in its capacity as an Indemnifying Party
thereunder. 
 (d) If any Indemnifying Party is required to deduct or withhold any amounts from any indemnification obligation payable to
the Purchaser Indemnified Parties under Section 9.03, the amount of such Indemnifying Party’s indemnification obligation shall be increased such that the net payment received by the Purchaser Indemnified Parties, after any such
deduction or withholding, equals the amount of the Indemnifying Party’s indemnification obligation under Section 9.03. 

SECTION 9.05 Limitations on Indemnity. 

(a) The Indemnifying Parties and Purchaser acknowledge that the indemnities under Section 9.03 shall be subject to the following
provisions: (i) the Purchaser Indemnified Parties shall not bring any indemnity claim under Section 9.03(a)(i) against the Indemnifying Parties for breach of representations or warranties set forth under Article III, to the
extent that relevant exceptions have been fairly disclosed in the Company Disclosure Schedule; (ii) the total liability of each Indemnifying Party in respect of all relevant indemnification claims under Section 9.03(a) brought by
the Purchaser Indemnified Parties is limited to the Audit and Indemnity Escrow Amount allocated to the applicable Selling Shareholder, except for fraud or willful misconduct of the Warrantors, the Company and/or such Selling Shareholder;
(iii) without prejudice to Section 9.05(a)(ii), the total liability of each Selling Shareholder in respect of any and all indemnification claims or other claims under this Article IX or otherwise in law or in equity brought
by the Purchaser Indemnified Parties shall not exceed the net proceeds received by, including the amounts held in the Audit and Indemnity Escrow Account and Tax Escrow Account on behalf of, such Selling Shareholder in connection with the
Transactions, except for fraud or willful misconduct of such Selling Shareholder; (iv) the Indemnifying Parties are not liable to indemnify any Purchaser Indemnified Party in respect of any claims under this Agreement to the extent that such
claims would not have arisen but for a change in any law, regulation or government decrees promulgated after the Closing; (v) the Indemnifying Parties shall not be liable for any claim made pursuant to Section 9.03 if (A) the
alleged breach which is the subject of the claim is remediable and has been remedied by the relevant Indemnifying Party without cost or liability to the Group, to the reasonable satisfaction of Purchaser, within thirty (30) Business Days after
the date on which the notice of such claim is received by Shareholders Representative or the relevant Selling Shareholder, as applicable (the “Grace Period”), and (B) no Indemnifiable Loss is incurred by any Purchaser
Indemnified Party seeking indemnification after the completion of such remedial actions conducted within the Grace Period, and (vi) no claims arising out of this Agreement may be made against any of the Principals and no Liabilities in
connection with such claims shall be borne by any of the Principals (other than indirectly through their ownership of the Principal Holdcos). In addition, the Indemnifying Parties and Purchaser acknowledge that the Indemnifying Parties shall not be
obligated to indemnify any Indemnified Party under Section 9.03(a) unless the aggregate Indemnifiable Losses incurred by the Indemnified Parties in connection with any claims brought under Section 9.03(a), cumulatively and in
the aggregate, exceed US$2,000,000, in which case, the Indemnifying Parties shall be liable for all such Indemnifiable Losses from the first dollar. 

  
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 (b) The representations and warranties of the Warrantors in Article III shall
survive the Closing until the second (2nd) anniversary of the Closing, provided that (i) the Fundamental Warranties shall survive the Closing indefinitely and (ii) the survival period for any indemnification obligation relating to any
claim of liability for Taxes attributable to any breach of any representation or warranty made in Section 3.07 shall survive the Closing until the earlier of the tenth (10th) anniversary of the Closing and the expiration of the
applicable statute of limitations under applicable Laws. The representations and warranties of each Selling Shareholder in Article V shall survive the Closing indefinitely. The applicable survival periods set forth in this
Section 9.05(b) shall be referred to as the “Survival Period”. The right of the Purchaser Indemnified Parties to make a claim under Section 9.03 shall be subject to the Purchaser Indemnified Parties making a
claim pursuant to Section 9.03 prior to the expiration of the applicable Survival Period. 
 (c) In no event shall any Party be
liable under this Agreement for any punitive, exemplary, or special damages of any kind or nature. Where one and the same set of facts qualifies under more than one provision entitling a party to a claim or remedy under this Agreement, there shall
be only one claim or remedy. In calculating amounts payable to a Purchaser Indemnified Party, the amount of Indemnifiable Losses shall be determined without duplication of any other Indemnifiable Losses for which an indemnification claim has been
made or could be made with respect to any other representation, warranty, obligation or agreement and shall be computed net of (i) any amounts actually recovered by the Purchaser Indemnified Party under any insurance policy with respect to such
Indemnifiable Losses and (ii) any amounts actually recovered by the Purchaser Indemnified Party from any other third party with respect to such Indemnifiable Losses, in each case, net of any costs and expenses of any Purchaser Indemnified Party
in connection with such recovered amounts. 
 (d) The amount of any indemnity payments made pursuant to this Agreement shall be reduced
(but not below zero) by the amount of any actual net reduction in cash payments for Taxes actually realized by any Purchaser Indemnified Party, in the year of the claim, as a result of the Indemnifiable Losses giving rise to such indemnity claim.

 (e) Notwithstanding anything to the contrary contained in this Agreement, in no event shall any Purchaser Indemnified Party be entitled
to indemnification to the extent any Indemnifiable Losses were attributable to such Purchaser Indemnified Party’s own fraud or willful misconduct. 

(f) Notwithstanding anything to the contrary contained herein and without prejudice to Section 10.05 with respect to non-monetary damages and related equitable remedies, except in the case of fraud or willful misconduct, Section 9.03 shall be the exclusive remedy after the Closing for monetary damages against any
Selling Shareholder by any Purchaser Indemnified Party in connection with any Transaction Document. 

  
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 SECTION 9.06 Tax Treatment of Indemnification Payments. All indemnification payments
made under Section 9.03 shall be treated as adjustments to the Aggregate Purchase Price and the Purchase Price for the applicable Selling Shareholder for Tax purposes, unless otherwise required by applicable Law. 

ARTICLE X 
 GENERAL
PROVISIONS 
 SECTION 10.01 Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this
Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties hereto whose rights or obligations hereunder are affected by such terms and conditions. This Agreement and the rights and obligations
therein may not be assigned by any Warrantor without the prior written consent of Purchaser, and this Agreement and the rights and obligations therein may not be assigned by Purchaser except to an Affiliate thereof. Nothing in this Agreement,
express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in
this Agreement. 
 SECTION 10.02 Governing Law. This Agreement shall be governed by and construed under the Laws of the Hong Kong
Special Administrative Region of the PRC (“Hong Kong”), without regard to principles of conflict of Laws thereunder. 

SECTION 10.03 Dispute Resolution. 

(a) Any dispute, controversy or claim arising out of or relating to this Agreement, or the interpretation, breach, termination, validity or
invalidity thereof (each, a “Dispute”), shall be referred to arbitration upon the demand of either party to the Dispute with notice (the “Arbitration Notice”) to the other. 

(b) The Dispute shall be settled by arbitration in Hong Kong by the Hong Kong International Arbitration Centre (the “HKIAC”)
in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules (the “HKIAC Rules”) in force when the Arbitration Notice is submitted in accordance with the HKIAC Rules. There shall be three
(3) arbitrators. The HKIAC shall select the arbitrators, who shall be qualified to practice law in Hong Kong. 
 (c) The arbitral
proceedings shall be conducted in English. To the extent that the HKIAC Rules are in conflict with the provisions of this Section, including the provisions concerning the appointment of the arbitrators, the provisions of this Section shall prevail.

 (d) Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of and providing
complete access to all information and documents requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. 

  
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 (e) The award of the arbitral tribunal shall be final and binding upon the parties thereto,
and the prevailing party may apply to a court of competent jurisdiction for enforcement of such award. 
 (f) The arbitral tribunal shall
decide any Dispute submitted by the parties to the arbitration strictly in accordance with the substantive Laws of Hong Kong (without regard to principles of conflict of Laws thereunder) and shall not apply any other substantive Law. 

(g) Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction
pending the constitution of the arbitral tribunal. 
 (h) During the course of the arbitral tribunal’s adjudication of the Dispute,
this Agreement shall continue to be performed except with respect to the part in dispute and under adjudication. 
 SECTION 10.04
Notices. Any notice required or permitted pursuant to this Agreement shall be given in writing and shall be given either personally or by sending it by next-day or
second-day courier service, fax, electronic mail or similar means to the address of the relevant Party as shown on Schedule V (or at such other address as such Party may designate by fifteen
(15) days’ advance written notice to the other Parties to this Agreement given in accordance with this Section). Where a notice is sent by next-day or
second-day courier service, service of the notice shall be deemed to be effected by properly addressing, pre-paying and sending by
next-day or second-day service through an internationally-recognized courier a letter containing the notice, with a written confirmation of delivery, and to have been
effected at the earlier of (i) delivery (or when delivery is refused) and (ii) expiration of two (2) Business Days after the letter containing the same is sent as aforesaid. Where a notice is sent by fax or electronic mail, service of
the notice shall be deemed to be effected by properly addressing, and sending such notice through a transmitting organization, with a written confirmation of delivery, and to have been effected on the day the same is sent as aforesaid, if such day
is a Business Day and if sent during normal business hours of the recipient, otherwise the next Business Day. Notwithstanding the foregoing, to the extent a “with a copy to” address is designated, notice must also be given to such address
in the manner above for such notice, request, consent or other communication hereunder to be effective. 
 SECTION 10.05 Rights
Cumulative; Specific Performance. Subject to express limitations of liability of a Party under this Agreement, each and all of the various rights, powers and remedies of a party hereto will be considered to be cumulative with and in addition to
any other rights, powers and remedies which such Party may have at Law or in equity in the event of the breach of any of the terms of this Agreement. The exercise or partial exercise of any right, power or remedy will neither constitute the
exclusive election thereof nor the waiver of any other right, power or remedy available to such Party. Without limiting the foregoing, the Parties hereto acknowledge and agree irreparable harm may occur for which money damages would not be an
adequate remedy in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to injunction to prevent
breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement (including the other parties’ obligation to consummate the Transactions, subject in each case to the terms and conditions of this Agreement), in
addition to any other remedy at law or equity. Each Party hereby waives (i) any defenses in any action for specific performance, including the defense that a remedy at law would be adequate, and (ii) any requirement under any Law to post a
bond or other security as a prerequisite to obtaining equitable relief. 

  
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 SECTION 10.06 Fees and Expenses. Each Party shall bear its own legal, accounting and
other out-of-pocket costs and expenses incurred by such Party in connection with the negotiation, execution, delivery and performance of this Agreement and other
Transaction Documents and the transactions contemplated hereby and thereby. 
 SECTION 10.07 Restriction on the Use of Name. Without
the prior written consent of Alibaba, none of the Group Companies and the Parties hereto (other than Alibaba) shall, and each foregoing Person shall cause its Affiliates not to, (i) use in advertising, publicity, announcements, or otherwise,
the name of Alibaba or any Affiliate of Alibaba, either alone or in combination of, including
“阿里巴巴” (Chinese equivalent for “Alibaba”), “淘宝” (Chinese equivalent for “Taobao”),
“阿里” (Chinese equivalent for “Ali”), “全球速卖通” (Chinese brand for “AliExpress”), “淘” (Chinese equivalent for “Tao”),
“天猫” (Chinese equivalent for “Tmall”), “聚划算” (Chinese equivalent for “Juhuasuan”),
“飞猪” (Chinese equivalent for “Fliggy”), “阿里妈妈” (Chinese equivalent for “Alimama”), “阿里云” (Chinese equivalent for “Alibaba Cloud”), “口碑” (Chinese equivalent for “Koubei’),
“虾米” (Chinese equivalent for “Xiami”), “蚂蚁金服” (Chinese brand for “Ant Financial”), “蚂蚁” (Chinese equivalent for “Ant”),
“蚂蚁财富” (Chinese equivalent for “Ant Fortune”), “支付宝” (Chinese brand for “Alipay”), “1688”, “一达通” (Chinese brand for “OneTouch”),
“友盟” (Chinese equivalent for “Umeng”), “阿里音乐” (Chinese equivalent for “Alibaba Music”), “阿里星球” (Chinese equivalent for “Alibaba Planet”), “优视” (Chinese equivalent for “UC/UCWeb”),
“高德地图” (Chinese brand for “AMAP”), “钉钉” (Chinese brand for “DingTalk”),
“余额宝” (Chinese equivalent for “Yu’e Bao”), “招财宝” (Chinese equivalent for “Zhaocaibao”),
“芝麻信用” (Chinese equivalent for “Zhima Credit”), “网商银行” (Chinese brand for “MYbank”),
“阿里通信” (Chinese equivalent for “AliTelecom”), “优酷” (Chinese equivalent for “YOUKU”), “Alibaba”, “Taobao”, “Ali”,
“AliExpress”, “Tao”, “Tmall”, “Juhuasuan”, “Fliggy”, “Alimama”, “Alibaba Cloud”, “YunOS”, “Koubei”, “Xiami”, “Ant Financial”,
“Ant”, “Ant Fortune”, “Alipay”, “OneTouch”, “Umeng”, “Alibaba Music”, “Alibaba Planet”, “UCWeb”, “UC”, “AMAP”, “DingTalk”, “Yu’e
Bao”, “Zhaocaibao”, “Zhima Credit”, “MYbank”, “AliTelecom”, “YOUKU”, the associated devices and logos of the above brands (including but not limited to the smiling face device of Alibaba Group,
the cow device of Alibaba.com, the ant device of Taobao, the Tao doll device of Taobao, the cat device of Tmall, the Ju doll device of Juhuasuan, the bracket device of Alibaba Cloud, the cloud device of YunOS, the pig device of Fliggy, the wing
device of Dingtalk, the ant device of Ant Financial, the lion device and the Zhixiaobao device of Alipay, the ingot device of Zhaocaibao, the sesame device of Zhima Credit together with the Gaoxiaode device and the paper aeroplane device of
AutoNavi), or any company name, trade name, trademark, service mark, domain name, device, design, symbol or any abbreviation, contraction or simulation thereof owned or used by Alibaba or any of its Affiliates, or (ii) represent, directly or
indirectly, that any product or services provided by any Group Company has been approved or endorsed by Alibaba or any of its Affiliates. 

  
 69 

 SECTION 10.08 Finder’s Fee. Purchaser agrees to indemnify and to hold harmless
the Company from any liability for any commission or compensation in the nature of a finders’ fee (and the costs and expenses of defending against such liability or asserted liability) for which Purchaser or any of its officers, partners,
employees or representatives is responsible in connection with the transaction contemplated herein. The Company agrees to indemnify and hold harmless Purchaser from any liability for any commission or compensation in the nature of a finders’
fee (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible in connection with the transaction contemplated herein. 

SECTION 10.09 Severability. In case any provision of the Agreement shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. If, however, any provision of this Agreement shall be invalid, illegal, or unenforceable under any such applicable Law in any jurisdiction, it
shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such Law, or, if for any reason it is not deemed so modified, it shall be invalid, illegal, or unenforceable only to the extent of such invalidity,
illegality, or limitation on enforceability without affecting the remaining provisions of this Agreement, or the validity, legality, or enforceability of such provision in any other jurisdiction. Without limitation of the foregoing, notwithstanding
any claim or determination regarding the validity, legality, enforceability or binding nature of this Agreement with respect to any individual Party, this Agreement shall be valid, binding and enforceable with respect to each other Party, and
nothing herein and no such claim or determination shall in any way limit Purchaser’s right to treat the agreements herein with each Party as a separate, severable agreements, enforce this Agreement with respect to an individual Party and
separately consummate the transactions hereunder with respect to an individual Party. 
 SECTION 10.10 Amendments and Waivers. Any
term of this Agreement may be amended, only with the written consent of each of (i) the Company, (ii) the holders of a majority of the voting power of the Ordinary Shares held by the Principals (through their Principal Holdcos) who are
then employees of the Company, (iii) the Shareholders Representative, and (iv) Purchaser; provided however that no amendment or waiver shall be effective or enforceable in respect of any Selling Shareholder if such amendment or waiver
affects such Selling Shareholder in a materially adverse and materially disproportionate manner from the other Selling Shareholders. Any amendment effected in accordance with this paragraph shall be binding upon each of the Parties hereto.
Notwithstanding the foregoing, the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Party against whom such waiver is
sought. For the avoidance of doubt, Purchaser may, in its sole discretion, waive any of the conditions set forth in Section 8.01(b) or Section 8.02 with respect to any one or more Selling Shareholders and to consummate
individual Share Purchases with respect to any one or more Selling Shareholders; provided that Purchaser shall deliver a written notice of any such individual Share Purchase to the Shareholders Representative on the date of such individual
consummation of such individual Share Purchase. 

  
 70 

 SECTION 10.11 No Waiver. Failure to insist upon strict compliance with any of the
terms, covenants, or conditions hereof will not be deemed a waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy power hereunder at any
one or more times be deemed a waiver or relinquishment of such right, power or remedy at any other time or times. 
 SECTION 10.12
Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of
such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar
breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on
the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in
such writing. 
 SECTION 10.13 No Presumption. The Parties acknowledge that any applicable Law that would require interpretation of
any claimed ambiguities in this Agreement against the Party that drafted it has no application and is expressly waived. If any claim is made by a Party relating to any conflict, omission or ambiguity in the provisions of this Agreement, no
presumption or burden of proof or persuasion will be implied because this Agreement was prepared by or at the request of any Party or its counsel. 

SECTION 10.14 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. Facsimile, PDF and e-mailed copies of signatures shall be deemed to be originals for purposes of the effectiveness of this Agreement. 

SECTION 10.15 Entire Agreement. This Agreement (including the Exhibits and Schedules hereto) and the other Transaction Documents
together with all schedules and exhibits hereto and thereto, constitute the full and entire understanding and agreement among the Parties with regard to the subjects hereof and thereof, and supersede all other agreements between or among any of the
Parties with respect to the subject matters hereof and thereof. 

  
 71 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first written above by their respective officers or authorized representatives thereunto duly authorized. 
 PURCHASER: 

 

			
	ALI PANINI INVESTMENT LIMITED
		
	By	 	 /s/ Timothy Alexander Steinert

			
	Name:	 	Timothy Alexander Steinert
	Title:	 	Authorized Signatory

  
 [Panini IV –
Signature Page to Share Purchase Agreement] 

 PRINCIPALS: 

 

	
	 /s/ Xuhao Zhang

	Xuhao Zhang (張旭豪)
	
	 /s/ Yuan Wang

	Yuan Wang (汪淵)
	
	 /s/ Jia Kang

	Jia Kang (康嘉)
	
	 /s/ Gaochao Deng

	Gaochao Deng (鄧高潮)

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 PRINCIPAL HOLDCOS: 

 

			
	Mark X Taurus Investment Holdings Inc.
		
	By:	 	 /s/ Xuhao Zhang

			
	Name:	 	Xuhao Zhang (張旭豪)
	Title:	 	Director
	
	Three Body Technology Inc.

 
			
		
	By:	 	 /s/ Yuan Wang

 
			
	Name:	 	Yuan Wang (汪淵)
	Title:	 	Director
	
	King Jack Investment Inc.

 
			
		
	By:	 	 /s/ Jia Kang

 
			
	Name:	 	Jia Kang (康嘉)
	Title:	 	Director
	
	Three Stone Investment Inc.

 
			
		
	By:	 	 /s/ Gaochao Deng

			
	Name:	 	Gaochao Deng (鄧高潮)
	Title:	 	Director

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	Legend Giant Group Limited
		
	By:	 	 /s/ Chen Hao

 
			
	Name:	 	Chen Hao
	Title:	 	Authorized Signatory

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	MATRIX PARTNERS CHINA II HONG KONG LIMITED
		
	By:	 	 /s/ Yibo SHAO

 
			
	Name:	 	Yibo SHAO
	Title:	 	Authorized Signatory

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	Sequoia Capital CV IV Holdco, Ltd.
		
	By:	 	 /s/ Ip Siu Wai Eva

			
	 Name:
 Title:
	 	 Ip Siu Wai Eva
 Authorized
Signatory

	
	Sequoia Capital China GF Holdco III-A, Ltd.

 
			
		
	By:	 	 /s/ Ip Siu Wai Eva

			
	Name:	 	Ip Siu Wai Eva
	Title:	 	Authorized Signatory

  
 [Panini – Signature
Page to Share Purchase Agreement - Rajax Holding] 

 SELLING SHAREHOLDERS: 

 

			
	Sevva Investment Limited
		
	By:	 	 /s/ Cheung Wing Hong Shannon

			
	Name:	 	Cheung Wing Hong Shannon
	Title:	 	Director

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	Tactic Smart Limited
		
	By:	 	 /s/ Wen Quan

 
			
	Name:	 	Wen Quan
	Title:	 	Authorized Signatory

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	CE Takeout Limited
		
	By:	 	 /s/ Wu Jingyang

			
	Name:	 	Wu Jingyang
	Title:	 	Authorized Signatory
	
	CE Takeout II Limited

 
			
		
	By:	 	 /s/ Wu Jingyang

			
	Name:	 	Wu Jingyang
	Title:	 	Authorized Signatory

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	CMC Element Investment Limited
		
	By:	 	 /s/ CHEN Xian

 
			
	Name:	 	CHEN Xian
	Title:	 	Authorized Signatory

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	GOPHER HARVEST FUND LP
		
	By:	 	 /s/ Yin Zhe

 
			
	Name:	 	Yin Zhe
	Title:	 	Authorized Signatory

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	Shanghai Jize Investment Center (Limited
Partnership)
(上海基澤投資中心(有限合夥))
		
	By:	 	 /s/ Yin Zhe

 
			
	Name:	 	Yin Zhe
	Title:	 	Authorized Signatory

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	Shanghai Gefei Cuicheng Investment Center (LP)
(上海歌斐翠誠投資中心(有限合夥))
		
	By:	 	 /s/ Zeng Chun

 
			
	Name:	 	Zeng Chun
	Title:	 	Authorized Signatory

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	 Hefei Zhong’an Gefei Strategic Emerging
Industries Fund Investment Partnership (LP)

(合肥中安歌斐戰略新興產業基金投資合夥企業(有限

合夥))

		
	By:	 	 /s/ Zeng Chun

 
			
	Name:	 	Zeng Chun
	Title:	 	Authorized Signatory

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	GSR Ventures III, L.P.
		
	By:	 	 /s/ Richard Lim

			
	Name:	 	Richard Lim
	Title:	 	Authorized Signatory
	
	Banean Holdings Ltd

 
			
		
	By:	 	 /s/ Waiping Leong

			
	Name:	 	Waiping Leong
	Title:	 	Authorized Signatory

 GSR Ventures Seal. Notwithstanding any of the provisions in this Agreement, this Agreement shall
not be effective until the signature page(s) of GSR Ventures III, L.P. are accompanied by a seal or chop of such fund or its general partner. 

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	Shanghai Huasheng Leading Venture Capital (Limited Partnership)
(上海華晟領勢創業投資合夥企業(有限合夥))
		
	By:	 	 /s/ Wang Xinwei

			
	Name:	 	Wang Xinwei
	Title:	 	Authorized Signatory

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	Shanghai Huasheng Lingfei Equity Investment (Limited Partnership)
(上海華晟領飛股權投資合夥企業(有限合夥))
		
	By:	 	 /s/ Wang Xinwei

			
	Name:	 	Wang Xinwei
	Title:	 	Authorized Signatory

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	JD.com E-Commerce (Investment) Hong Kong
Corporation Limited
		
	By:	 	 /s/ WANG Nani

 
			
	Name:	 	WANG Nani
	Title:	 	Authorized Signatory

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	Unicorn (HK) Capital Investment Co., Limited
		
	By:	 	 /s/ Dan CHEN

 
			
	Name:	 	Dan CHEN
	Title:	 	Authorized Signatory

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	Baidu (Hong Kong) Limited
		
	By:	 	 /s/ Xuhao Zhang

 
			
	Name:	 	Xuhao Zhang (張旭豪)
	Title:	 	 Authorized Signatory under Power of
 Attorney
and Proxy

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	CICC ALPHA Active Investment Limited
		
	By:	 	 /s/ Xuhao Zhang

 
			
	Name:	 	Xuhao Zhang (張旭豪)
	Title:	 	 Authorized Signatory under Power of
 Attorney
and Proxy

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	DianPing Holdings Ltd.
		
	By:	 	 /s/ Xuhao Zhang

			
	Name:	 	Xuhao Zhang (張旭豪)
	Title:	 	Authorized Signatory under Power of
		 	Attorney and Proxy

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	High Mark Enterprise Development Limited
		
	By:	 	 /s/ Xuhao Zhang

			
	Name:	 	Xuhao Zhang (張旭豪)
	Title:	 	Authorized Signatory under Power of
		 	Attorney and Proxy

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	Hina Group Fund II, L.P.
		
	By:	 	 /s/ Xuhao Zhang

			
	Name:	 	Xuhao Zhang (張旭豪)
	Title:	 	 Authorized Signatory under Power of
 Attorney
and Proxy

 
			
	
	Hina Group Fund III, L.P.
		
	By:	 	 /s/ Xuhao Zhang

			
	Name:	 	Xuhao Zhang (張旭豪)
	Title:	 	 Authorized Signatory under Power of
 Attorney
and Proxy

 
			
	
	Hina Hanking I Investment L.P.
		
	By:	 	 /s/ Xuhao Zhang

			
	Name:	 	Xuhao Zhang (張旭豪)
	Title:	 	 Authorized Signatory under Power of
 Attorney
and Proxy

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	Horizon Thrive International Limited
		
	By:	 	 /s/ Xuhao Zhang

			
	Name:	 	Xuhao Zhang (張旭豪)
	Title:	 	Authorized Signatory under Power of
		 	Attorney and Proxy

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	HUA XIN 1 PTE. LTD.
		
	By:	 	 /s/ Xuhao Zhang

			
	Name:	 	Xuhao Zhang (張旭豪)
	Title:	 	Authorized Signatory under Power of
		 	Attorney and Proxy

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	HUA XIN 2 PTE. LTD.
		
	By:	 	 /s/ Xuhao Zhang

			
	Name:	 	Xuhao Zhang (張旭豪)
	Title:	 	Authorized Signatory under Power of
		 	Attorney and Proxy

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	HUA XIN 3 PTE. LTD.
		
	By:	 	 /s/ Xuhao Zhang

			
	Name:	 	Xuhao Zhang (張旭豪)
	Title:	 	Authorized Signatory under Power of
		 	Attorney and Proxy

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	Slender West Lake Investment Limited
		
	By:	 	 /s/ Xuhao Zhang

			
	Name:	 	Xuhao Zhang (張旭豪)
	Title:	 	Authorized Signatory under Power of
		 	Attorney and Proxy

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	Rosebook Holding Limited
		
	By:	 	 /s/ Xuhao Zhang

			
	Name:	 	Xuhao Zhang (張旭豪)
	Title:	 	Authorized Signatory

 
			
	
	Three Body Technology Inc.
		
	By:	 	 /s/ Yuan Wang

 
			
	Name:	 	Yuan Wang (汪淵)
	Title:	 	Authorized Signatory

 
			
	
	King Jack Investment Inc.
		
	By:	 	 /s/ Jia Kang

 
			
	Name:	 	Jia Kang (康嘉)
	Title:	 	Authorized Signatory

 
			
	
	The Kunpen Limited
		
	By:	 	 /s/ Gaochao Deng

			
	Name:	 	Gaochao Deng (鄧高潮)
	Title:	 	Authorized Signatory

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

			
	Worldwide Access Investment Limited
		
	By:	 	 /s/ Ge Xu

 
			
	Name:	 	Ge Xu
	Title:	 	Authorized Signatory
	
	Dragon Universe Investment Inc.

 
			
		
	By:	 	 /s/ Yulong Luo

 

			
	Name:	 	Yulong Luo
	Title:	 	Authorized Signatory
	
	Qinyang Technology Limited

 
			
		
	By:	 	 /s/ Xuefeng Zhang

			
	Name:	 	Xuefeng Zhang
	Title:	 	Authorized Signatory

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

	
	 /s/ ZHOU Zhengchuan

	ZHOU Zhengchuan
	
	 /s/ CHEN Yulong

	CHEN Yulong
	
	 /s/ XU Ge

	XU Ge
	
	 /s/ CHEN Qi

	CHEN Qi
	
	 /s/ CHEN Yuming

	CHEN Yuming
	
	 /s/ DAI Zhenkai

	DAI Zhenkai
	
	 /s/ FAN Xiaofeng

	FAN Xiaofeng
	
	 /s/ GAO Guobin

	GAO Guobin
	
	 /s/ GAO Wei

	GAO Wei
	
	 /s/ GUO Haochuan

	GUO Haochuan

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

	
	 /s/ HAN Donghua

	HAN Donghua
	
	 /s/ HU Jian

	HU Jian
	
	 /s/ HUANG Nian

	HUANG Nian
	
	 /s/ HUANG Ping

	HUANG Ping
	
	 /s/ JIANG Xinwei

	JIANG Xinwei
	
	 /s/ JIN Qianchen

	JIN Qianchen
	
	 /s/ JIN Xin

	JIN Xin
	
	 /s/ LAN Jiangang

	LAN Jiangang
	
	 /s/ LI Baoxin

	LI Baoxin
	
	 /s/ LI Haiyan

	LI Haiyan

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

	
	 /s/ LI Lei

	LI Lei
	
	 /s/ LI Lixun

	LI Lixun
	
	 /s/ LI Ming

	LI Ming
	
	 /s/ LI Yan

	LI Yan
	
	 /s/ MAO Ruizhe

	MAO Ruizhe
	
	 /s/ MAO Pengcheng

	MAO Pengcheng
	
	 /s/ Min Jie

	Min Jie
	
	 /s/ PAN Yuan

	PAN Yuan
	
	 /s/ PU Zhihua

	PU Zhihua
	
	 /s/ SHI Jianing

	SHI Jianing

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

	
	 /s/ TANG Lei

	TANG Lei
	
	 /s/ TU Yanping

	TU Yanping
	
	 /s/ WAN Jiabao

	WAN Jiabao
	
	 /s/ WANG Qiuxiao

	WANG Qiuxiao
	
	 /s/ WANG Taizhou

	WANG Taizhou
	
	 /s/ WANG Yong

	WANG Yong
	
	 /s/ WEI Hai

	WEI Hai
	
	 /s/ XIA Liebo

	XIA Liebo
	
	 /s/ XIN Jingbo

	XIN Jingbo
	
	 /s/ XING Juan

	XING Juan

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SELLING SHAREHOLDERS: 

 

	
	 /s/ XU Mengyun

	XU Mengyun
	
	 /s/ YANG Gengsheng

	YANG Gengsheng
	
	 /s/ YAO Zhen

	YAO Zhen
	
	 /s/ YU Lixin

	YU Lixin
	
	 /s/ ZANG Yunfei

	ZANG Yunfei
	
	 /s/ ZHANG Hao

	ZHANG Hao
	
	 /s/ ZHANG Yi

	ZHANG Yi

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 ROLLOVER SHAREHOLDER: 

 

			
	Ali Panini Investment Holding Limited
		
	By	 	 /s/ Timothy Alexander Steinert

			
	Name:	 	Timothy Alexander Steinert
	Title:	 	Authorized Signatory

  
 [Panini IV –
Signature Page to Share Purchase Agreement] 

 COMPANY: 

 

			
	Rajax Holdings
		
	By:	 	 /s/ Xuhao Zhang

			
	Name:	 	Xuhao Zhang (張旭豪)
	Title:	 	Director

  
 [Panini – Signature
Page to Share Purchase Agreement] 

 SCHEDULE I 

LIST OF PRINCIPALS AND PRINCIPAL HOLDCOS 
  

					
	 Principal
	  	 ID Card Number
	  	 Principal Holdco

	 Xuhao Zhang
(张旭豪)
	  	310103198504094033	  	 Mark X Taurus Investment Holdings Inc.

	 Yuan Wang (汪渊)
	  	342221198804241555	  	 Three Body Technology Inc.

	 Jia Kang (康嘉)
	  	612701198502030610	  	 King Jack Investment Inc.

	 Gaochao Deng
(邓高潮)
	  	130984198705035118	  	 Three Stone Investment Inc.

 SCHEDULE II 

SELLING SHAREHOLDERS 

																			
	Column 1	  	Column 2	  	Column 3	 	  	Column 4	 	  	Column 5	 	  	Column 6	 
						
	 Selling Shareholder
	  	Type of shares owned in
Rajax	  	Number of
shares owned
in Rajax	 	  	Purchase Price	 	  	Tax Escrow
Amount[1]	 	  	Audit and
Indemnity
Escrow
Amount[2]	 
	 Mark X Taurus Investment Holdings Inc.
	  	Ordinary Shares	  	 	458,288,880	 	  	 	298,685,239.01	 	  	 	29,868,523.90	 	  	 	26,881,671.51	 
	 Three Body Technology Inc.
	  	Ordinary Shares	  	 	110,614,540	 	  	 	72,091,931.01	 	  	 	7,209,193.10	 	  	 	6,488,273.79	 
	 King Jack Investment Inc.
	  	Ordinary Shares	  	 	15,816,618	 	  	 	10,308,324.15	 	  	 	1,030,832.42	 	  	 	927,749.17	 
	 Three Stone Investment Inc.
	  	Ordinary Shares	  	 	4,472,095	 	  	 	2,914,643.63	 	  	 	291,464.36	 	  	 	262,317.93	 
	 Banean Holdings Ltd
	  	Series A Preferred Shares	  	 	9,000,000	 	  	 	5,865,660.87	 	  	 	586,566.09	 	  	 	527,909.48	 
	 CE Takeout Limited
	  	Series E Preferred Shares	  	 	458,333,320	 	  	 	298,714,202.34	 	  	 	29,871,420.23	 	  	 	26,884,278.21	 
	 CE Takeout II Limited
	  	Series F Preferred Shares	  	 	186,456,474	 	  	 	121,521,160.41	 	  	 	12,152,116.04	 	  	 	10,936,904.44	 
		  	Series D Preferred Shares	  	 	550,000,000	 	  	 	358,457,053.24	 	  	 	35,845,705.32	 	  	 	32,261,134.79	 
	 DianPing Holdings Ltd.
	  		  				  				  				  			
		  	Series E Preferred Shares	  	 	152,777,773	 	  	 	99,571,400.56	 	  	 	9,957,140.06	 	  	 	8,961,426.05	 
		  	Series A Preferred Shares	  	 	440,999,920	 	  	 	287,417,330.55	 	  	 	28,741,733.06	 	  	 	25,867,559.75	 
		  	Series B Preferred Shares	  	 	50,000,000	 	  	 	32,587,004.84	 	  	 	3,258,700.48	 	  	 	2,932,830.44	 
	 GSR Ventures III, L.P.
	  		  				  				  				  			
		  	Series C Preferred Shares	  	 	77,777,760	 	  	 	50,690,884.83	 	  	 	5,069,088.48	 	  	 	4,562,179.63	 
		  	Series E Preferred Shares	  	 	11,458,333	 	  	 	7,467,855.06	 	  	 	746,785.51	 	  	 	672,106.96	 
	 High Mark Enterprise Development Limited
	  	Series E Preferred Shares	  	 	39,000,000	 	  	 	25,417,863.78	 	  	 	2,541,786.38	 	  	 	2,287,607.74	 
		  	Series E Preferred Shares	  	 	152,777,773	 	  	 	99,571,400.56	 	  	 	9,957,140.06	 	  	 	8,961,426.05	 
	 Horizon Thrive International Limited
	  	Series F Preferred Shares	  	 	37,291,295	 	  	 	24,304,232.21	 	  	 	2,430,423.22	 	  	 	2,187,380.90	 
	 HUA XIN 1 PTE. LTD.
	  	Series F Preferred Shares	  	 	186,456,475	 	  	 	121,521,161.07	 	  	 	12,152,116.11	 	  	 	10,936,904.50	 
	 HUA XIN 2 PTE. LTD.
	  	Series F Preferred Shares	  	 	96,957,366	 	  	 	63,191,003.10	 	  	 	6,319,100.31	 	  	 	5,687,190.28	 
	 HUA XIN 3 PTE. LTD.
	  	Series F Preferred Shares	  	 	52,207,812	 	  	 	34,025,924.45	 	  	 	3,402,592.45	 	  	 	3,062,333.20	 
	 JD.com E-Commerce (Investment) Hong Kong Corporation
Limited
	  	Series E Preferred Shares	  	 	336,944,433	 	  	 	219,600,197.38	 	  	 	21,960,019.74	 	  	 	19,764,017.76	 
		  	Series F Preferred Shares	  	 	130,519,532	 	  	 	85,064,812.42	 	  	 	8,506,481.24	 	  	 	7,655,833.12	 
	 Legend Giant Group Limited
	  	Series E Preferred Shares	  	 	6,000,000	 	  	 	3,910,440.58	 	  	 	391,044.06	 	  	 	351,939.65	 
		  	Series B Preferred Shares	  	 	300,000,000	 	  	 	195,522,029.04	 	  	 	19,552,202.90	 	  	 	17,596,982.61	 
		  	Series C Preferred Shares	  	 	100,000,000	 	  	 	65,174,009.68	 	  	 	6,517,400.97	 	  	 	5,865,660.87	 
	 Matrix Partners China II Hong Kong Limited
	  		  				  				  				  			
		  	Series D Preferred Shares	  	 	21,638,560	 	  	 	14,102,717.19	 	  	 	1,410,271.72	 	  	 	1,269,244.55	 
		  	Series E Preferred Shares	  	 	38,194,443	 	  	 	24,892,849.98	 	  	 	2,489,285.00	 	  	 	2,240,356.50	 
	 Sequoia Capital China GF Holdco III-A. Limited
	  	Series E Preferred Shares	  	 	255,902,770	 	  	 	166,782,096.09	 	  	 	16,678,209.61	 	  	 	15,010,388.65	 
		  	Series F Preferred Shares	  	 	130,519,533	 	  	 	85,064,813.07	 	  	 	8,506,481.31	 	  	 	7,655,833.18	 
		  	Series C Preferred Shares	  	 	377,777,760	 	  	 	246,212,913.87	 	  	 	24,621,291.39	 	  	 	22,159,162.25	 
	 Sequoia Capital CV IV Holdco, Ltd.
	  		  				  				  				  			
		  	Series D Preferred Shares	  	 	20,436,400	 	  	 	13,319,221.31	 	  	 	1,331,922.13	 	  	 	1,198,729.92	 
		  	Series E Preferred Shares	  	 	381,944,433	 	  	 	248,928,501.74	 	  	 	24,892,850.17	 	  	 	22,403,565.16	 
	 Slender West Lake Investment Limited
	  	Series F Preferred Shares	  	 	130,519,532	 	  	 	85,064,812.42	 	  	 	8,506,481.24	 	  	 	7,655,833.12	 
	 Shanghai Huasheng Leading Venture Capital (Limited Partnership)
	  	Series F Preferred Shares	  	 	37,291,295	 	  	 	24,304,232.21	 	  	 	2,430,423.22	 	  	 	2,187,380.90	 
	 Shanghai Huasheng Lingfei Equity Investment (Limited Partnership)
	  	Series F Preferred Shares	  	 	149,165,179	 	  	 	97,216,928.20	 	  	 	9,721,692.82	 	  	 	8,749,523.54	 
	 CMC Element Investment Limited
	  	Series F Preferred Shares	  	 	186,456,474	 	  	 	121,521,160.41	 	  	 	12,152,116.04	 	  	 	10,936,904.44	 
	 GOPHER CHINA HARVEST FUND LP
	  	Series F Preferred Shares	  	 	74,582,590	 	  	 	48,608,464.43	 	  	 	4,860,846.44	 	  	 	4,374,761.80	 
	 Shanghai Jize Investment Center (Limited Partnership)
	  	Series F Preferred Shares	  	 	74,582,590	 	  	 	48,608,464.43	 	  	 	4,860,846.44	 	  	 	4,374,761.80	 

																			
	 Shanghai Gefei Cuicheng Investment Center (LP)
	  	Series F Preferred Shares	  	 	37,291,294	 	  	 	24,304,231.56	 	  	 	2,430,423.16	 	  	 	2,187,380.84	 
	 Hefei Zhong’an Gefei Strategic Emerging Industries Fund Investment Partnership (LP)
	  	Series F Preferred Shares	  	 	18,645,647	 	  	 	12,152,115.78	 	  	 	1,215,211.58	 	  	 	1,093,690.42	 
	 Baidu (Hong Kong) Limited
	  	Series G-1 Preferred Shares	  	 	748,836,549	 	  	 	488,046,804.93	 	  	 	48,804,680.49	 	  	 	43,924,212.44	 
	 Hina Group Fund II, L.P.
	  	Series G-1 Preferred Shares	  	 	1,263,098	 	  	 	823,211.61	 	  	 	82,321.16	 	  	 	74,089.04	 
	 Hina Group Fund III, L.P.
	  	Series G-1 Preferred Shares	  	 	17,683,369	 	  	 	11,524,960.62	 	  	 	1,152,496.06	 	  	 	1,037,246.46	 
	 Hina Hanking I Investment L.P.
	  	Series G-1 Preferred Shares	  	 	45,110,635	 	  	 	29,400,409.62	 	  	 	2,940,040.96	 	  	 	2,646,036.87	 
	 Tactic Smart Limited
	  	Series G-1 Preferred Shares	  	 	6,315,489	 	  	 	4,116,057.41	 	  	 	411,605.74	 	  	 	370,445.17	 
	 CICC ALPHA Active Investment Limited
	  	Series G-1 Preferred Shares	  	 	6,315,489	 	  	 	4,116,057.41	 	  	 	411,605.74	 	  	 	370,445.17	 
	 Sevva Investment Limited
	  	Series G-1 Preferred Shares	  	 	18,044,254	 	  	 	11,760,163.85	 	  	 	1,176,016.39	 	  	 	1,058,414.75	 
	 Unicorn (HK) Capital Investment Co., Limited
	  	Series G-1 Preferred Shares	  	 	27,066,381	 	  	 	17,640,245.77	 	  	 	1,764,024.58	 	  	 	1,587,622.12	 
	 Former Company Share Award Holders – see Appendix A
	  		  				  				  				  			
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  		  	 	6,769,734,163	 	  	 	4,412,107,198.68	 	  	 	441,210,719.88	 	  	 	397,089,647.92	 
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

	[1]	 Note: Tax Escrow Amount for each Selling Shareholder shall be 10% of the Purchase Price (Column 4) to be paid
to such Selling Shareholder. 

	[2]	 Note: Audit / Indemnity Escrow Amount for each Selling Shareholder shall be 9% of the Purchase Price (Column 4)
to be paid to such Selling Shareholder. 

 APPENDIX A 

TO SCHEDULE II 
 FORMER
COMPANY SHARE AWARD HOLDERS 

																			
	Column 1	  	Column 2	  	Column 3	 	  	Column 4	 	  	Column 5	 	  	Column 6	 
						
	 Former Company Share Award Holders
	  	Type of shares
owned in Rajax	  	Number of
shares owned
in Rajax	 	  	Purchase Price	 	  	Tax Escrow
Amount[1]	 	  	Audit and
Indemnity
Escrow
Amount[2]	 
	 Rosebook Holding Limited
	  	Ordinary Shares	  	 	897,500,089	 	  	 	584,936,794.88	 	  	 	58,493,679.49	 	  	 	52,644,311.54	 
	 Three Body Technology Inc.
	  	Ordinary Shares	  	 	72,884,355	 	  	 	47,501,656.58	 	  	 	4,750,165.66	 	  	 	4,275,149.09	 
	 King Jack Investment Inc.
	  	Ordinary Shares	  	 	125,616,479	 	  	 	81,869,296.18	 	  	 	8,186,929.62	 	  	 	7,368,236.66	 
	 The Kunpen Limited
	  	Ordinary Shares	  	 	2,459,478	 	  	 	1,602,940.43	 	  	 	160,294.04	 	  	 	144,264.64	 
	 Worldwide Access Investment Limited
	  	Ordinary Shares	  	 	66,189,976	 	  	 	43,138,661.37	 	  	 	4,313,866.14	 	  	 	3,882,479.52	 
	 Dragon Universe Investment Inc.
	  	Ordinary Shares	  	 	100,988,034	 	  	 	65,817,951.05	 	  	 	6,581,795.11	 	  	 	5,923,615.59	 
	 Qinyang Technology Limited
	  	Ordinary Shares	  	 	50,269,688	 	  	 	32,762,771.32	 	  	 	3,276,277.13	 	  	 	2,948,649.42	 
	 ZHOU Zhengchuan
	  	Ordinary Shares	  	 	3,770,823	 	  	 	2,457,596.55	 	  	 	245,759.66	 	  	 	221,183.69	 
	 CHEN Yulong
	  	Ordinary Shares	  	 	9,778,787	 	  	 	6,373,227.59	 	  	 	637,322.76	 	  	 	573,590.48	 
	 XU Ge
	  	Ordinary Shares	  	 	14,000,000	 	  	 	9,124,361.36	 	  	 	912,436.14	 	  	 	821,192.52	 
	 CHEN Qi
	  	Ordinary Shares	  	 	1,800,000	 	  	 	1,173,132.17	 	  	 	117,313.22	 	  	 	105,581.90	 
	 CHEN Yuming
	  	Ordinary Shares	  	 	1,500,000	 	  	 	977,610.15	 	  	 	97,761.02	 	  	 	87,984.91	 
	 DAI Zhenkai
	  	Ordinary Shares	  	 	3,615,980	 	  	 	2,356,679.16	 	  	 	235,667.92	 	  	 	212,101.12	 
	 FAN Xiaofeng
	  	Ordinary Shares	  	 	1,500,000	 	  	 	977,610.15	 	  	 	97,761.02	 	  	 	87,984.91	 
	 GAO Guobin
	  	Ordinary Shares	  	 	2,374,654	 	  	 	1,547,657.23	 	  	 	154,765.72	 	  	 	139,289.15	 
	 GAO Wei
	  	Ordinary Shares	  	 	2,579,593	 	  	 	1,681,224.19	 	  	 	168,122.42	 	  	 	151,310.18	 
	 GUO Haochuan
	  	Ordinary Shares	  	 	1,650,170	 	  	 	1,075,481.96	 	  	 	107,548.20	 	  	 	96,793.38	 
	 HAN Donghua
	  	Ordinary Shares	  	 	1,665,590	 	  	 	1,085,531.79	 	  	 	108,553.18	 	  	 	97,697.86	 
	 HU Jian
	  	Ordinary Shares	  	 	1,600,000	 	  	 	1,042,784.15	 	  	 	104,278.42	 	  	 	93,850.57	 
	 HUANG Nian
	  	Ordinary Shares	  	 	1,601,704	 	  	 	1,043,894.72	 	  	 	104,389.47	 	  	 	93,950.52	 
	 HUANG Ping
	  	Ordinary Shares	  	 	3,925,543	 	  	 	2,558,433.77	 	  	 	255,843.38	 	  	 	230,259.04	 
	 JIANG Xinwei
	  	Ordinary Shares	  	 	1,482,324	 	  	 	966,089.99	 	  	 	96,609.00	 	  	 	86,948.10	 
	 JIN Qianchen
	  	Ordinary Shares	  	 	3,615,980	 	  	 	2,356,679.16	 	  	 	235,667.92	 	  	 	212,101.12	 
	 JIN Xin
	  	Ordinary Shares	  	 	6,066,269	 	  	 	3,953,630.75	 	  	 	395,363.08	 	  	 	355,826.77	 
	 LAN Jiangang
	  	Ordinary Shares	  	 	1,505,107	 	  	 	980,938.58	 	  	 	98,093.86	 	  	 	88,284.47	 
	 LI Baoxin
	  	Ordinary Shares	  	 	6,347,424	 	  	 	4,136,870.73	 	  	 	413,687.07	 	  	 	372,318.37	 
	 LI Haiyan
	  	Ordinary Shares	  	 	2,551,383	 	  	 	1,662,838.60	 	  	 	166,283.86	 	  	 	149,655.47	 
	 LI Lei
	  	Ordinary Shares	  	 	2,445,774	 	  	 	1,594,008.98	 	  	 	159,400.90	 	  	 	143,460.81	 
	 LI Lixun
	  	Ordinary Shares	  	 	4,031,501	 	  	 	2,627,490.85	 	  	 	262,749.09	 	  	 	236,474.18	 
	 LI Ming
	  	Ordinary Shares	  	 	4,900,309	 	  	 	3,193,727.86	 	  	 	319,372.79	 	  	 	287,435.51	 
	 LI Yan
	  	Ordinary Shares	  	 	1,500,000	 	  	 	977,610.15	 	  	 	97,761.02	 	  	 	87,984.91	 
	 MAO Ruizhe
	  	Ordinary Shares	  	 	2,171,450	 	  	 	1,415,221.03	 	  	 	141,522.10	 	  	 	127,369.89	 
	 MAO Pengcheng
	  	Ordinary Shares	  	 	3,338,967	 	  	 	2,176,138.68	 	  	 	217,613.87	 	  	 	195,852.48	 
	 Min Jie
	  	Ordinary Shares	  	 	12,713,308	 	  	 	8,285,772.59	 	  	 	828,577.26	 	  	 	745,719.53	 
	 PAN Yuan
	  	Ordinary Shares	  	 	1,000,000	 	  	 	651,740.10	 	  	 	65,174.01	 	  	 	58,656.61	 
	 PU Zhihua
	  	Ordinary Shares	  	 	2,853,808	 	  	 	1,859,941.10	 	  	 	185,994.11	 	  	 	167,394.70	 
	 SHI Jianing
	  	Ordinary Shares	  	 	1,839,124	 	  	 	1,198,630.85	 	  	 	119,863.09	 	  	 	107,876.78	 
	 TANG Lei
	  	Ordinary Shares	  	 	5,238,125	 	  	 	3,413,896.09	 	  	 	341,389.61	 	  	 	307,250.65	 
	 TU Yanping
	  	Ordinary Shares	  	 	2,246,407	 	  	 	1,464,073.52	 	  	 	146,407.35	 	  	 	131,766.62	 
	 WAN Jiabao
	  	Ordinary Shares	  	 	1,500,000	 	  	 	977,610.15	 	  	 	97,761.02	 	  	 	87,984.91	 
	 WANG Qiuxiao
	  	Ordinary Shares	  	 	3,328,802	 	  	 	2,169,513.74	 	  	 	216,951.37	 	  	 	195,256.24	 
	 WANG Taizhou
	  	Ordinary Shares	  	 	8,969,213	 	  	 	5,845,595.75	 	  	 	584,559.58	 	  	 	526,103.62	 
	 WANG Yong
	  	Ordinary Shares	  	 	1,831,812	 	  	 	1,193,865.33	 	  	 	119,386.53	 	  	 	107,447.88	 
	 WEI Hai
	  	Ordinary Shares	  	 	3,676,250	 	  	 	2,395,959.53	 	  	 	239,595.95	 	  	 	215,636.36	 
	 XIA Liebo
	  	Ordinary Shares	  	 	1,619,407	 	  	 	1,055,432.47	 	  	 	105,543.25	 	  	 	94,988.92	 
	 XIN Jingbo
	  	Ordinary Shares	  	 	15,868,111	 	  	 	10,341,884.20	 	  	 	1,034,188.42	 	  	 	930,769.58	 
	 XING Juan
	  	Ordinary Shares	  	 	1,191,267	 	  	 	776,396.47	 	  	 	77,639.65	 	  	 	69,875.68	 
	 XU Mengyun
	  	Ordinary Shares	  	 	2,597,989	 	  	 	1,693,213.60	 	  	 	169,321.36	 	  	 	152,389.22	 
	 YANG Gengsheng
	  	Ordinary Shares	  	 	1,382,016	 	  	 	900,715.24	 	  	 	90,071.52	 	  	 	81,064.37	 

																			
	 YAO Zhen
	  	Ordinary Shares	  	 	1,529,949	 	  	 	997,129.11	 	  	 	99,712.91	 	  	 	89,741.62	 
	 YU Lixin
	  	Ordinary Shares	  	 	7,420,676	 	  	 	4,836,352.09	 	  	 	483,635.21	 	  	 	435,271.69	 
	 ZANG Yunfei
	  	Ordinary Shares	  	 	1,298,196	 	  	 	846,086.39	 	  	 	84,608.64	 	  	 	76,147.78	 
	 ZHANG Hao
	  	Ordinary Shares	  	 	3,615,980	 	  	 	2,356,679.16	 	  	 	235,667.92	 	  	 	212,101.12	 
	 ZHANG Yi
	  	Ordinary Shares	  	 	1,375,796	 	  	 	896,661.42	 	  	 	89,666.14	 	  	 	80,699.53	 
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  		  	 	1,490,323,667	 	  	 	971,303,691.01	 	  	 	97,130,369.18	 	  	 	87,417,332.18	 
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

	[1]	 Note: Tax Escrow Amount for each Former Company Share Award Holders shall be 10% of the Purchase Price (Column
4) to be paid to such Former Company Share Award Holders. 

	[2]	 Note: Audit / Indemnity Escrow Amount for each Former Company Share Award Holders shall be 9% of the Purchase
Price (Column 4) to be paid to such Former Company Share Award Holders. 

 SCHEDULE III 

CAPITALIZATION TABLE OF THE COMPANY 
  

									
	 Ordinary Shares
	  	Number	 	  	Percentage	 
	 Mark X Taurus Investment Holdings Inc.
	  	 	458,288,880	 	  	 	3.30653681	% 
	 Three Body Technology Inc.
	  	 	110,614,540	 	  	 	0.79807969	% 
	 King Jack Investment Inc.
	  	 	15,816,618	 	  	 	0.11411630	% 
	 Three Stone Investment Inc.
	  	 	4,472,095	 	  	 	0.03226600	% 
	 Former Company Share Award Holders – see Appendix A to Schedule II
	  	 	1,490,323,667	 	  	 	10.75262847	% 
		  	  
	  
	 	  	  
	  
	 
	 Subtotal
	  	 	2,079,515,800	 	  	 	15.00362727	% 
		  	  
	  
	 	  	  
	  
	 
	 ESOP
	  	 	399,075,395	 	  	 	2.87931377	% 
		  	  
	  
	 	  	  
	  
	 
	 Series A Preferred Shares
	  				  			
	 Banean Holdings Ltd
	  	 	9,000,000	 	  	 	0.06493466	% 
	 GSR Ventures III, L.P.
	  	 	440,999,920	 	  	 	3.18179762	% 
		  	  
	  
	 	  	  
	  
	 
	 Subtotal
	  	 	449,999,920	 	  	 	3.24673228	% 
		  	  
	  
	 	  	  
	  
	 
	 Series B Preferred Shares
	  				  			
	 GSR Ventures III, L.P.
	  	 	50,000,000	 	  	 	0.36074809	% 
	 Matrix Partners China II Hong Kong Limited
	  	 	300,000,000	 	  	 	2.16448857	% 
		  	  
	  
	 	  	  
	  
	 
	 Subtotal
	  	 	350,000,000	 	  	 	2.52523666	% 
		  	  
	  
	 	  	  
	  
	 
	 Series C Preferred Shares
	  				  			
	 Sequoia Capital CV IV Holdco, Ltd.
	  	 	377,777,760	 	  	 	2.72565214	% 
	 GSR Ventures III, L.P.
	  	 	77,777,760	 	  	 	0.56116358	% 
	 Matrix Partners China II Hong Kong Limited
	  	 	100,000,000	 	  	 	0.72149619	% 
		  	  
	  
	 	  	  
	  
	 
	 Subtotal
	  	 	555,555,520	 	  	 	4.00831191	% 
		  	  
	  
	 	  	  
	  
	 
	 Series D Preferred Shares
	  				  			
	 DianPing Holdings Ltd.
	  	 	550,000,000	 	  	 	3.96822904	% 
	 Matrix Partners China II Hong Kong Limited
	  	 	21,638,560	 	  	 	0.15612139	% 
	 Sequoia Capital CV IV Holdco, Ltd.
	  	 	20,436,400	 	  	 	0.14744785	% 
		  	  
	  
	 	  	  
	  
	 
	 Subtotal
	  	 	592,074,960	 	  	 	4.27179828	% 
		  	  
	  
	 	  	  
	  
	 
	 Series E Preferred Shares
	  				  			
	 CE Takeout Limited
	  	 	458,333,320	 	  	 	3.30685744	% 
	 Slender West Lake Investment Limited
	  	 	381,944,433	 	  	 	2.75571453	% 
	 JD.com E-Commerce (Investment) Hong Kong Corporation
Limited
	  	 	336,944,433	 	  	 	2.43104125	% 

									
	 High Mark Enterprise Development Limited
	  	 	39,000,000	 	  	 	0.28138351	% 
	 Legend Giant Group Limited
	  	 	6,000,000	 	  	 	0.04328977	% 
	 DianPing Holdings Ltd.
	  	 	152,777,773	 	  	 	1.10228581	% 
	 Matrix Partners China II Hong Kong Limited
	  	 	38,194,443	 	  	 	0.27557145	% 
	 Sequoia Capital China GF Holdco III-A. Limited
	  	 	255,902,770	 	  	 	1.84632874	% 
	 GSR Ventures III, L.P.
	  	 	11,458,333	 	  	 	0.08267144	% 
	 Horizon Thrive International Limited
	  	 	152,777,773	 	  	 	1.10228581	% 
		  	  
	  
	 	  	  
	  
	 
	 Subtotal
	  	 	1,833,333,278	 	  	 	13.22742975	% 
		  	  
	  
	 	  	  
	  
	 
	 Series F Preferred Shares
	  				  			
	 CE Takeout II Limited
	  	 	186,456,474	 	  	 	1.34527636	% 
	 Horizon Thrive International Limited
	  	 	37,291,295	 	  	 	0.26905527	% 
	 HUA XIN 1 PTE. LTD.
	  	 	186,456,475	 	  	 	1.34527636	% 
	 HUA XIN 2 PTE. LTD.
	  	 	96,957,366	 	  	 	0.69954370	% 
	 HUA XIN 3 PTE. LTD.
	  	 	52,207,812	 	  	 	0.37667737	% 
	 JD.com E-Commerce (Investment) Hong Kong Corporation
Limited
	  	 	130,519,532	 	  	 	0.94169345	% 
	 Slender West Lake Investment Limited
	  	 	130,519,532	 	  	 	0.94169345	% 
	 Sequoia Capital China GF Holdco III-A. Limited
	  	 	130,519,533	 	  	 	0.94169346	% 
	 Shanghai Huasheng Leading Venture Capital (Limited Partnership)
	  	 	37,291,295	 	  	 	0.26905527	% 
	 Shanghai Huasheng Lingfei Equity Investment (Limited Partnership)
	  	 	149,165,179	 	  	 	1.07622108	% 
	 CMC Element Investment Limited
	  	 	186,456,474	 	  	 	1.34527636	% 
	 GOPHER CHINA HARVEST FUND LP
	  	 	74,582,590	 	  	 	0.53811055	% 
	 Shanghai Jize Investment Center (Limited Partnership)
	  	 	74,582,590	 	  	 	0.53811055	% 
	 Shanghai Gefei Cuicheng Investment Center (LP)
	  	 	37,291,294	 	  	 	0.26905527	% 
	 Hefei Zhong’an Gefei Strategic Emerging Industries Fund Investment Partnership (LP)
	  	 	18,645,647	 	  	 	0.13452763	% 
		  	  
	  
	 	  	  
	  
	 
	 Subtotal
	  	 	1,528,943,088	 	  	 	11.03126613	% 
		  	  
	  
	 	  	  
	  
	 
	 Series F-1 Preferred Shares
	  				  			
	 Ali Panini Investment Holding Limited
	  	 	2,974,476,361	 	  	 	21.46073361	% 
			
	 Series G Preferred Shares
	  				  			
	 Ali Panini Investment Holding Limited
	  	 	782,937,131	 	  	 	5.64886157	% 
			
	 Series G-1 Preferred Shares
	  				  			
	 Ali Panini Investment Holding Limited
	  	 	1,443,540,335	 	  	 	10.41508852	% 
	 Baidu (Hong Kong) Limited
	  	 	748,836,549	 	  	 	5.40282717	% 
	 Hina Group Fund II, L.P.
	  	 	1,263,098	 	  	 	0.00911320	% 
	 Hina Group Fund III, L.P.
	  	 	17,683,369	 	  	 	0.12758483	% 

									
	 Hina Hanking I Investment L.P.
	  	 	45,110,635	 	  	 	0.32547151	% 
	 Tactic Smart Limited
	  	 	6,315,489	 	  	 	0.04556601	% 
	 CICC ALPHA Active Investment Limited
	  	 	6,315,489	 	  	 	0.04556601	% 
	 Sevva Investment Limited
	  	 	18,044,254	 	  	 	0.13018861	% 
	 Unicorn (HK) Capital Investment Co., Limited
	  	 	27,066,381	 	  	 	0.19528291	% 
		  	  
	  
	 	  	  
	  
	 
	 Subtotal
	  	 	2,314,175,599	 	  	 	16.69668877	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	13,860,087,052	 	  	 	100.00000000	% 
		  	  
	  
	 	  	  
	  
	 

 SCHEDULE IV 

LIST OF CERTAIN GROUP COMPANIES 
  

	1.	 Rajax Holding (HK) Limited
(拉扎斯控股香港有限公司), a company incorporated under the Laws of Hong Kong (the “Rajax HK Subsidiary”),

  

	2.	 Rajax Network &Technology (Shanghai) Co., Ltd.
(拉扎斯网络科技(上海)有限公司
), a company incorporated under the Laws of the PRC (the “Rajax WFOE”), 

  

	3.	 Shanghai Rajax Information & Technology, Ltd.
(上海拉扎斯信息科技有限公司), a company incorporated under the Laws of the PRC (the “Rajax Domestic
Company”), 

  

	4.	 Shanghai Zhuanshan Restaurant Management Co., Ltd.
(上海馔山餐饮管理有限公司), a company incorporated under the Laws of the PRC (the “Rajax WFOE
Subsidiary”), 

  

	5.	 Shanghai Hongyi Information and Technology Co., Ltd.
(上海泓弈信息科技有限公司), a company incorporated under the Laws of the PRC (“Hongyi”),

  

	6.	 Shanghai Pengxun Culture Communication Co., Ltd.
(上海鹏逊文化传播有限公司), a company incorporated under the Laws of the PRC (“Pengxun”),

  

	7.	 Shanghai Zhiguan Information and Technology Co., Ltd.
(上海止观信息科技有限公司 ), a company incorporated under the Laws of the PRC (“Zhiguan”),

  

	8.	 Hangzhou Fengniao Investment Management Co.,
Ltd.(杭州蜂鸟投资管理有限公司) (“Fengniao”), 

 

	9.	 Jiangsu Rajax Information & Technology, Ltd.
(江苏拉扎斯信息科技有限公司) (the “Jiangsu Company”) 

 

	10.	 Xiaodu Life Technology Limited (“Xiaodu Cayman Company”), 

 

	11.	 Xiaodu Life Technology Hong Kong Limited
(小度生活科技香港有限公司) (“Xiaodu HK Company”), 

 

	12.	 Beijing Xiaodu Information Technology Co.,
Ltd.(北京小度信息科技有限公司 ) (“Xiaodu WFOE”), 

 

	13.	 Xiaodu Shenghuo (Beijing) Technology Co.,
Ltd.(小度生活(北京)科技有限公司) (“Xiaodu Shenghuo”), 

 

	14.	 Beijing Xunda Delivery Co.,
Ltd.(北京迅达快递有限公司) (“Xunda”), 

	15.	 Beijing Xinchi Supply Chain Management Co.,
Ltd.(北京新驰供应链管理有限公司) (“Xinchi”), and 

 

	16.	 Beijing Zhenxuan Foods Co.,
Ltd.(北京甄选食品有限公司) (“Zhenxuan”). 

 SCHEDULE V 

ADDRESS FOR NOTICES 
  

			
	 If to the Company:
	  	

  

			
	 Address:
	  	Room 401, North Tower of MTR City Plaza, No. 1518, Jinshajiang Road, Shanghai (上海市普陀区金沙江路 1518 弄 2 号 近铁城市 广场 401 室)
	 Tel:
	  	021- 80241717
	 Fax:
	  	N/A
	 Attn:
	  	Xuhao Zhang (张旭豪)

  

			
	 If to the Principals and the Principal
Holdcos:

  

			
	 Address:
	  	No.3, Lane 148, Nanchang Road, Shanghai (上海市南昌路 148 弄 3 号)
	 Tel:
	  	13482200180
	 Fax:
	  	N/A
	 Attn:
	  	Xuhao Zhang (张旭豪)

  

			
	 If to the Shareholders Representative (on behalf of the Selling
Shareholders):

  

			
	 Address:
	  	No.3, Lane 148, Nanchang Road, Shanghai (上海市南昌路 148 弄 3 号)
	 Tel:
	  	13482200180
	 Fax:
	  	N/A
	 Attn:
	  	Xuhao Zhang (张旭豪)

  

			
	 If to Purchaser and/or the Rollover
Shareholder:

  

			
	 Address:
	  	c/o Alibaba Group Services Limited 26th Floor, Tower One Times Square, 1 Matheson Street Causeway Bay, Hong Kong S.A.R.
	 Fax:
	  	+ (852) 2215-5200
	 Email:
	  	legalnotice@hk.alibaba-inc.com
	 Attn:
	  	General Counsel

			
		
	 with a copy to:
	  	
	
	 Simpson Thacher & Bartlett

	 35/F ICBC Tower

	 3 Garden Road

	 Central, Hong Kong

	 Fax:    + (852) 2869-7694

	 Email: ksudol@stblaw.com

Attn:    Kathryn King Sudol

 SCHEDULE VI 

LIST OF KEY EMPLOYEES 
  

			
	 姓名
	  	 职位

	 张旭豪 
	  	
CEO&创始合伙人

	 康嘉 
	  	
COO&创始合伙人

	 汪渊 
	  	
资深副总裁&创始合伙人 

	 罗宇龙 
	  	 资深副总裁

	 张雪峰 
	  	 CTO

	 徐舸 
	  	 CFO

	 金鑫 
	  	 副总裁

	 信景波 
	  	 资深副总裁

	 黄念 
	  	 副总裁

	 王三虎 
	  	
首席食品安全官

	 姜新维 
	  	
廉正部高级总监

	 张怿 
	  	 设计部总监

 SCHEDULE VII 

COMPANY DISCLOSURE SCHEDULE 

 SCHEDULE VIII 

SELLING SHAREHOLDERS DISCLOSURE SCHEDULE 

 EXHIBIT A-1 

FORM OF DEED OF INSTRUMENT OF TRANSFER 

FOR SELLING SHAREHOLDERS 
 RAJAX
HOLDING 
 (incorporated in the Cayman Islands) 

DEED OF INSTRUMENT OF TRANSFER 
 Date:

 [Name of transferor] (the “Transferor”) for good and valuable consideration does hereby transfer to Ali Panini Investment Limited
of P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY – 1205 Cayman Islands (the “Transferee”), the shares of Rajax Holding, a company organized under the laws of the Cayman Islands (“Rajax
Holding” or the “Company”), set forth in the schedule below registered in the name of the Transferor (the “Shares”) to hold unto the Transferee (the “Transfer”). All of the cash
consideration payable to the Transferor in connection with the Transfer shall be delivered to the Transferor in accordance with the wire transfer instructions set forth in the schedule below. 

Reference is made to the Share Purchase Agreement, dated [·], by and among Rajax Holding, the Transferee, and the other parties named therein (as the same may be amended or modified, the “Share Purchase Agreement”). Terms used but not defined herein shall
have the meaning given them in the Share Purchase Agreement. 
 Notwithstanding any provision in the Share Purchase Agreement, the Memorandum and
Articles, the Shareholders Agreement or the ROFR Agreement (the “Transaction Documents”) or any provision of applicable law to the contrary, as of and following the Closing: 

(i) the undersigned hereby expressly and irrevocably waives, and shall be deemed to have irrevocably waived, any and all claims and right to recourse against
the Company and each other Group Company, and their respective directors, shareholders, officers and employees, whether by subrogation or otherwise, (a) with respect to any breach, violation or
non-compliance by the Company or any other Group Company of any provision in any Transaction Document (provided, however, that the foregoing waiver shall not apply with respect to any breach by the Company of
any covenant or agreement in the Share Purchase Agreement to be performed or complied with after the Closing) and (b) with respect to, arising from, or in connection with, such Selling Shareholder’s ownership of Shares at any time prior to
the Closing; 

 (ii) the undersigned hereby acknowledges that he/she/it has transferred to Purchaser all legal and
beneficial ownership interests, and all rights related thereto, in such Sale Shares and, upon receipt of the Purchase Price payable in respect of the undersigned’s Sale Shares in accordance with the Share Purchase Agreement, the undersigned
hereby expressly and irrevocably waives any and all rights to retain or hold any legal or beneficial ownership interest or any other voting, transfer or other rights or interests in any of such Sale Shares (provided, however, that the foregoing
waiver shall not apply with respect to any breach by Purchaser of any covenant or agreement in the Share Purchase Agreement to be performed or complied with after the Closing); 

(iii) the undersigned hereby acknowledges that the Transactions (which, for the avoidance of doubt, includes this Transfer) constitute an “Approved
Sale” for purposes of the Memorandum and Articles and the ROFR Agreement and that the obligations of the undersigned under Articles 123, 124 and 125 of the Memorandum and Articles and Sections 5.1, 5.2 and 5.3 of the ROFR Agreement apply to
this Transfer; and 
 (iv) the undersigned hereby approves, confirms and ratifies all actions taken on behalf of the undersigned by such one or more
Directors as designated by the Board through such Director(s)’ exercise of the irrevocable power of attorney and proxy granted pursuant to Article 124 of the Memorandum and Articles and Section 5.3 of the ROFR Agreement, including such
actions taken by such Director(s) to execute and deliver all documents reasonably necessary to effectuate the terms of the Share Purchase Agreement and the Transactions. 

This Deed of Instrument of Transfer is governed by and is to be construed according to the laws of the Cayman Islands. 

 SCHEDULE TO THE DEED OF INSTRUMENT OF TRANSFER 

Shares to be transferred 
 Name of Company: Rajax
Holding 
 Class of Shares: 
 Number of Shares: 

Wire Transfer Instruction of the Transferor 
 Bank
Name: 
 Bank Address: 
 Bank Code: 

SWIFT: 
 Other Bank Reference Number (as necessary): 

Correspondent Bank Details (if any): 
 Account Number: 

Beneficiary Name: 
 Beneficiary Address: 

(Signature Page Follows) 

 Executed and delivered as a deed by [Name of signatory] [as attorney in fact and proxy]1 for and on behalf of the Transferor 
 [Name of Transferor] 

 

					
	  
	 	 	  	 
	Name:	 		  	
	Title:	 		  	
			
	(if the Transferor is an individual) 2	 		  	
			
	  
	 		  	
	Name of Witness:	 		  	
	Title of Witness:	 		  	
	
	We hereby agree to take the Shares and have them registered in our name in the Register of Members of the Company.
			
	ALI PANINI INVESTMENT LIMITED	 		  	
			
	  
	 		  	
	Name:	 		  	

					
	Title:    Duly authorised signatory for and on behalf of the Transferee/Purchaser

  
  

	1 	 Note to Draft: Only for those Transferors who have failed to sign the Instrument of Transfer. Otherwise
the Transferors themselves should sign. 

	2 	 Note to Draft: If the Transferor is a private individual a witness should countersign and print name and
address. 

 EXHIBIT A-2 

FORM OF DEED OF INSTRUMENT OF TRANSFER 

FOR THE ROLLOVER SHAREHOLDER 

RAJAX HOLDING 
 (incorporated in
the Cayman Islands) 
 DEED OF INSTRUMENT OF TRANSFER 

Date: 
 [Name of transferor] (the
“Transferor”) for good and valuable consideration does hereby transfer to Ali Panini Investment Limited of P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY – 1205 Cayman Islands (the
“Transferee”), the shares of Rajax Holding, a company organized under the laws of the Cayman Islands (“Rajax Holding” or the “Company”), set forth in the schedule below registered in the name of the
Transferor (the “Shares”) to hold unto the Transferee (the “Transfer”). 
 Reference is made to the Share Purchase
Agreement, dated [·], by and among Rajax Holding, the Transferee, and the other parties named therein (as the same may be amended
or modified, the “Share Purchase Agreement”). Terms used but not defined herein shall have the meaning given them in the Share Purchase Agreement. 

Notwithstanding any provision in the Share Purchase Agreement, the Memorandum and Articles, the Shareholders Agreement or the ROFR Agreement (the
“Transaction Documents”) or any provision of applicable law to the contrary, as of and following the Closing: 
 (i) the undersigned hereby
expressly and irrevocably waives, and shall be deemed to have irrevocably waived, any and all claims and right to recourse against the Company and each other Group Company, and their respective directors, shareholders, officers and employees,
whether by subrogation or otherwise, (a) with respect to any breach, violation or non-compliance by the Company or any other Group Company of any provision in any Transaction Document (provided, however,
that the foregoing waiver shall not apply with respect to any breach by the Company of any covenant or agreement in the Share Purchase Agreement to be performed or complied with after the Closing) and (b) with respect to, arising from, or in
connection with, such Selling Shareholder’s ownership of Shares at any time prior to the Closing; 
 (ii) the undersigned hereby acknowledges that it
has transferred to Purchaser all legal and beneficial ownership interests, and all rights related thereto, in such Sale Shares and, upon receipt of the Purchase Price payable in respect of the undersigned’s Sale Shares in accordance with the
Share Purchase Agreement, the undersigned hereby expressly and irrevocably waives any and all rights to retain or hold any legal or beneficial ownership interest or any other voting, transfer or other rights or interests in any of such Sale Shares
(provided, however, that the foregoing waiver shall not apply with respect to any breach by Purchaser of any covenant or agreement in the Share Purchase Agreement to be performed or complied with after the Closing); 

 (iii) the undersigned hereby acknowledges that the Transactions (which, for the avoidance of doubt, includes
this Transfer) constitutes an “Approved Sale” for purposes of the Memorandum and Articles and the ROFR Agreement and that the obligations of the undersigned under Articles 123, 124 and 125 of the Memorandum and Articles and Sections 5.1,
5.2 and 5.3 of the ROFR Agreement apply to this Transfer; and 
 (iv) the undersigned hereby approves, confirm and ratifies all actions taken on behalf of
the undersigned by such one or more Directors as designated by the Board through such Director(s)’ exercise of the irrevocable power of attorney and proxy granted pursuant to Article 124 of the Memorandum and Articles and Section 5.3 of
the ROFR Agreement, including such actions taken by such Director(s) to execute and deliver all documents reasonably necessary to effectuate the terms of the Share Purchase Agreement and the Transactions. 

This Deed of Instrument of Transfer is governed by and is to be construed according to the laws of the Cayman Islands. 

 SCHEDULE TO THE DEED OF INSTRUMENT OF TRANSFER 

Shares to be transferred 
 Name of Company: Rajax
Holding 
 Class of Shares: 
 Number of Shares: 

(Signature Page Follows) 

 Executed and delivered as a deed by [Name of signatory] as authorised signatory for and on behalf of
the Transferor 
 [Name of Transferor] 
  

					
	  
	 	 	  	 
	Name:	 		  	
	Title:	 		  	
	
	We hereby agree to take the Shares and have them registered in our name in the Register of Members of the Company.
			
	ALI PANINI INVESTMENT LIMITED	 		  	
			
	  
	 		  	
	Name:	 		  	

					
	Title:    Duly authorised signatory for and on behalf of the Transferee/Purchaser

 EXHIBIT B 

FORM OF CAYMAN ISLANDS LEGAL OPINION 

      

     
  

     
      

 
      

     
      

     
 Hong Kong Office 

2206-19 Jardine House 
 1 Connaught
Place 
 Central 
 Hong Kong 

Tel +852 2523 8123 
 Fax +852 2524
5548 
 applebyglobal.com 
  

     
      

     
 Managing Partner 

Cameron Adderley 

     
 Partners

 Judy Lee 
 Eliot Simpson 

Fiona Chan 
 Nicholas Davies 

Paul Cheuk 
 Chris Cheng

 Agreed Form 

(SUBJECT TO REVIEW AND APPROVAL BY THE OPINIONS COMMITTEE) 
  

	 [Name of Purchaser] 
	Email ndavies@applebyglobal.com 

	 [Address] 
	vchan@applebyglobal.com 

	 	

 Direct Dial +852 2905 5769 

+852 2905 5759 
 Tel +852 2523
8123 
 Fax +852 2524 5548 

Appleby Ref 438632.0001 

     

     
 Dear Sirs 

 
      

Rajax Holding (Company) 
 INTRODUCTION 

This opinion as to Cayman Islands law is addressed to you in connection with the transfer of all of the Issued Shares (as defined below) of the Company
(Share Transfer) from the Selling Shareholders (as defined in the Document) and the Rollover Shareholder (as defined in the Document) to [NAME] (Purchaser), and the document listed in Part 1 of Schedule 1 (Document). 

OUR REVIEW 
 For the purposes of giving this opinion we
have examined and relied upon the Document and the documents listed in Part 2 of Schedule 1. We have not examined any other documents, even if they are referred to in the Document. 

In giving this opinion we have relied upon and assume the accuracy and completeness of the Director’s Certificate, the Certificate of Incumbency, and the
Registers (all as defined in Part 2 of Schedule 1), the contents of which we have not verified. 
 For the purposes of giving this opinion we have carried
out the Litigation Search described in Part 3 of Schedule 1. 
 We have not made any other enquiries concerning the Company and in particular we have not
investigated or verified any matter of fact or opinion (whether set out in the Document or elsewhere) other than as expressly stated in this opinion.

 

  
 Bermuda ◾ British
Virgin Islands ◾ Cayman Islands ◾ Guernsey ◾ Hong Kong ◾ Isle of Man ◾ Jersey ◾ Mauritius ◾ Seychelles ◾ Shanghai 

     

 Unless otherwise defined herein, capitalised terms have the meanings assigned to them in Schedule 1. 

LIMITATIONS 
 Our opinion is limited to, and should be
construed in accordance with, the laws of the Cayman Islands at the date of this opinion. We express no opinion on the laws of any other jurisdiction. 

This opinion is limited to the matters stated in it and does not extend to, and is not to be extended by implication, to any other matters. We express no
opinion on the commercial implications of the Document or whether they give effect to the commercial intentions of the parties.     

This opinion is given solely for the benefit of the addressee(s) in connection with the matters referred to herein and, except with our prior written consent
it may not be transmitted or disclosed to or used or relied upon by any other person or be relied upon for any other purpose whatsoever, save as, and to the extent provided, below. 

A copy of this opinion may be provided where required by law or judicial process and (b) for the purpose of information only to the addressee’s
affiliates, professional advisers, auditors, insurers and regulators. 
 ASSUMPTIONS AND RESERVATIONS 

We give the following opinions on the basis of the assumptions set out in Schedule 2 (Assumptions), which we have not verified, and subject to the reservations
set out in Schedule 3 (Reservations). 
 OPINIONS 
  

	1.	 Incorporation and Status: The Company is an exempted company duly incorporated with limited
liability and existing under the laws of the Cayman Islands and is a separate legal entity. The Company is in good standing with the Registrar of Companies of the Cayman Islands (Cayman Registrar). The Company possesses the capacity to sue
and be sued in its own name. 

  

	2.	 Capacity: The Company has the requisite capacity, power and authority to enter into, execute and
deliver the Document to which it is a party and to perform its obligations under them. 

 

  
 2 

Bermuda ◾ British Virgin Islands ◾ Cayman Islands ◾ Guernsey ◾ Hong Kong ◾ Isle of Man ◾ Jersey ◾
Mauritius ◾ Seychelles ◾ Shanghai 

     

	3.	 Authorisation: The Company has taken all necessary corporate action to authorise (i) the
Share Transfer and (ii) the execution and delivery of the Document and the performance of the Company’s obligations thereunder. 

  

	4.	 Execution and Binding Obligations: The Document has been duly executed by or on behalf of the
Company and constitutes legal, valid and binding obligations of the Company, enforceable against the Company. 

  

	5.	 No Conflict: The Share Transfer, and the due execution and delivery by the Company of the
Document and the performance by the Company of its obligations thereunder, will not (i) contravene any provisions of the Constitutional Documents or (ii) violate or contravene any applicable Cayman Islands law, public rule or regulation.

  

	6.	 Consents and Approvals: No consent, approval, licence or authorisation is required from any
governmental, judicial or public body or authority in the Cayman Islands in connection with (i) the Share Transfer, and (ii) the execution and delivery by the Company of the Document or the performance by the Company of its obligations
under them. No consent, approval, licence, authorisation, validation or exemption is required from any governmental or public body or authority in the Cayman Islands in connection with, subject to the payment of the appropriate stamp duty,
enforcement of the Document against the Company. 

  

	7.	 Registrations: It is not necessary in order to ensure the legality, validity, enforceability or
admissibility in evidence in proceedings of the obligations of the Company under the Document or the rights of the parties that the Document or any other document be notarised, filed, registered or recorded in the Cayman Islands.

  

	8.	 Arbitration: The submission by the Company to arbitration pursuant to the terms of the
Document is not contrary to Cayman Islands law and would be recognised by the courts of the Cayman Islands as a legal, valid and binding submission, if such submission is legal, valid and binding under all relevant laws (other than the Cayman
Islands). 

  

	9.	 Enforcement of Arbitration Award:  

 

	 	(A)	 An award made in pursuance of an arbitration agreement in a foreign country (being a party to the Convention on
the Recognition and Enforcement of Foreign Arbitral Awards adopted by the United Nations Conference on International Commercial Arbitration on 10 June 1958) may be enforced with leave of the courts and judgment entered in terms of the
award and such leave shall not be refused except: 

	

 

  
 3 

Bermuda ◾ British Virgin Islands ◾ Cayman Islands ◾ Guernsey ◾ Hong Kong ◾ Isle of Man ◾ Jersey ◾
Mauritius ◾ Seychelles ◾ Shanghai 

     

	 	(a)	 if the person against whom the award is invoked proves that:     

 

	 	(i)	 a party to the relevant arbitration agreement was (under the law applicable to him) under some
incapacity;     

  

	 	(ii)	 the relevant arbitration agreement was not valid under the law to which the parties subjected it or, failing
any indication thereof, was bit valid under the law of the country where the award was made;     

  

	 	(iii)	 such person was not given proper notice of the appointment of the arbitrator or of the arbitration proceedings
or was otherwise unable to present their case;     

  

	 	(iv)	 subject to 9(C) below, the award deals with an issue not contemplated by or not falling within the terms of the
submission to arbitration or contains decisions on matters beyond the scope of the submission to arbitration;     

  

	 	(v)	 the composition of the arbitral authority or the arbitral procedure was not in accordance with the agreement of
the parties or, failing such agreement, with the law of the country where the arbitration took place; or 

  

	 	(vi)	 the award has not yet become binding on the parties, or has been set aside or suspended by a competent
authority of the country in which or under the law of which it was made;     

  

	 	(b)	 if the award is in respect of a matter which is not capable of settlement by arbitration or if it would be
contrary to public policy to enforce the award.     

  

	 	(B)	 An award which contains decisions on matters not submitted to arbitration may be enforced to the extent that it
contains decisions on matters submitted to arbitration which can be separated from those on matters not so submitted.    

 

  
 4 

Bermuda ◾ British Virgin Islands ◾ Cayman Islands ◾ Guernsey ◾ Hong Kong ◾ Isle of Man ◾ Jersey ◾
Mauritius ◾ Seychelles ◾ Shanghai 

     

	 	(C)	 Where an application for the setting aside of an award has been made to such a competent authority as is
mentioned in sub-paragraph 9(A)(a)(vi) the court before which the enforcement of the award is sought may, if it thinks fit, adjourn the proceedings and may on the application of the party seeking to enforce
the award order the other party to give security. 

  

	10.	 Choice of Governing Law: The choice of the laws of Hong Kong Special Administrative Region of the
Peoples’ Republic of China (Hong Kong) as the proper law to govern the Document would be recognised, upheld and applied by the courts of the Cayman Islands as a valid choice of law and the proper law of the Document in
proceedings brought before them in relation to the Document except for those laws (i) which such courts consider to be procedural in nature; (ii) which are revenue or penal laws; or (iii) the application of which would be inconsistent
with public policy as that term is interpreted under Cayman Islands law. 

  

	11.	 Residence: The Purchaser would not be deemed to be resident, domiciled or carrying on business,
or subject to taxation, in the Cayman Islands, or in violation of any Cayman Islands law, by reason solely of the negotiation, preparation, execution, performance, enforcement of, and/or receipt of any payment due from the Company under the Document
or the Share Transfer, nor is it necessary for the execution, delivery, performance and enforcement of the Document or the Share Transfer that the Purchaser be licensed, authorised or qualified to carry on business in the Cayman Islands.

  

	12.	 Interest Limitations: There is no applicable usury or interest limitation law in the Cayman
Islands which would restrict the recovery of payments or the performance by the Company of its obligations under the Document. 

  

	13.	 Taxes: Other than stamp duty, there are no registration, documentary or any similar taxes or
duties of any kind payable in the Cayman Islands (a) in connection with the signature, performance or enforcement by legal proceedings of the Document, or (b) in respect of the Share Transfer. 

 

	14.	 Withholding Taxes: The Company is not required under Cayman Islands law to make any deduction or
withholding for or on account of any tax from any payment to be made in accordance with the terms of the Document. The Selling Shareholders are not required under Cayman Islands law to make any withholding for or on account of any tax in connection
with the Share Transfer. 

  

	15.	 No Immunity: The Company is not entitled to immunity from suit or enforcement of a judgment on
the ground of sovereignty or otherwise in the courts of the Cayman Islands in respect of proceedings against it in relation to the Document and the execution of the Document and performance of its obligations under the Document by the Company
constitute private and commercial acts. 

 

  
 5 

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	16.	 Winding Up and Litigation: Based solely upon the Litigation Search: 

 

	 	(a)	 [no] court proceedings are pending against the Company; and 

 

	 	(b)	 [no] court proceedings have been started by or against the Company for the liquidation, winding-up or dissolution of the Company or for the appointment of a liquidator, receiver, trustee or similar officer of the Company or of all or any of its assets. 

 

	17.	 Authorised Share Capital: Based solely upon a review of the Constitutional Documents and the
Certificate of Incumbency, as of [DATE], the authorised share capital of the Company was US$500,000 divided into (i) 26,962,943,820 ordinary shares of par value US$0.0000125 each (Ordinary Shares); (ii) 449,999,920
series A preferred shares of par value US$0.0000125 each (Series A Preferred Shares); (iii) 350,000,000 series B preferred shares of par value US$0.0000125 each (Series B Preferred Shares); (iv) 555,555,520
series C preferred shares of par value US$0.0000125 each (Series C Preferred Shares); (v) 592,074,960 series D preferred shares of par value US$0.0000125 each (Series D Preferred Shares); (vi) 1,833,333,278
series E preferred shares of par value US$0.0000125 each (Series E Preferred Shares); (vii) 1,528,943,088 series F preferred shares of par value US$0.0000125 each (Series F Preferred Shares); (viii)
2,974,476,361 series F-1 preferred shares of par value US$0.0000125 each (Series F-1 Preferred Shares); (ix) 1,865,592,383 series G preferred shares
of par value US$0.0000125 each (Series G Preferred Shares); and (x) 2,887,080,670 series G-1 preferred shares of par value US$0.0000125 each (Series G-1 Preferred Shares). 

  

	18.	 Issued Share Capital: Based solely upon a review of the Register of Members, as of [DATE],
the issued share capital of the Company was US$138,382.4383 divided into (i) [591,311,917] Ordinary Shares, (ii) 449,999,920 Series A Preferred Shares, (iii) 350,000,000 Series B Preferred Shares, (iv) 555,555,520 Series C Preferred Shares, (v)
592,074,960 Series D Preferred Shares, (vi) 1,833,333,278 Series E Preferred Shares, (vii) 1,528,943,088 Series F Preferred Shares, (viii) 2,974,476,361 Series F-1 Preferred Shares, (ix) 782,937,131 Series G
Preferred Shares, and (x) 1,411,962,890 Series G-1 Preferred Shares (collectively the Issued Shares).

 

  
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	19.	 Registered Member: Based solely on our review of the Register of Members, as of [DATE],
the registered member of the Company was [NAME], being the holder of all the Issued Shares. 

 Yours faithfully 

DRAFT 
 Appleby

 

  
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 Schedule 1  

Part 1 
 The Document

 A scanned copy of the executed Hong Kong-law governed share purchase agreement dated [DATE] 2018 made
between, among others, the Purchaser, the Selling Shareholders, the Rollover Shareholder and the Company. 
 Part 2 

Other Documents Examined 
  

	1.	 A scanned copy of the certificate of incorporation of the Company dated 8 June 2011 (Certificate
of Incorporation). 

  

	2.	 A scanned copy of the twelfth amended and restated memorandum of association and articles of association
(Articles) of the Company adopted on 22 August 2017 and effective on 24 August 2017 (together the Constitutional Documents). 

  

	3.	 A scanned copy of the executed Hong Kong-law governed tenth amended and
restated right of first refusal and co-sale agreement dated 24 August 2017 made between, among others, the Company and its shareholders (ROFR). 

 

	4.	 Scanned copies of the executed deed of instruments of transfer of the Company, all dated [DATE], made
between each of the Selling Shareholders and the Rollover Shareholder (as transferor) and the Purchaser (as transferee). 

  

	5.	 A scanned copy of the certificate of incumbency of the Company dated [DATE] 2018, and issued by the
registered office provider of the Company (Certificate of Incumbency). 

  

	6.	 A scanned copy of the certificate of good standing dated [DATE] issued by the Cayman Registrar in
respect of the Company (Certificate of Good Standing). 

  

	7.	 A scanned copy of the unanimous written resolutions of the directors of the Company dated [DATE]
(Directors’ Resolutions). 

  

	8.	 A scanned copy of the unanimous written resolutions of the shareholders of the Company dated 22 August
2017 (Shareholders’ Resolutions). 

 

  
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	9.	 A scanned copy of the Hong Kong-law governed [consent agreement] in
respect of the Share Transfer dated [DATE] (Shareholders’ Consent), granted by the Majority Ordinary Holders and the Majority Preferred Holders (including Alibaba) (capitalised terms as defined in the Articles).

  

	10.	 A scanned copy of the Hong Kong-law governed [approved sale notice] in
respect of the Share Transfer dated [DATE] (Approved Sale Notice), issued by the Company. 

  

	11.	 A scanned copy of the Register of Members of the Company dated [DATE] (Register of
Members). 

  

	12.	 A scanned copy of the Register of Members of the Company dated [DATE] ([DATE] Register of
Members). 

  

	13.	 A scanned copy of the Register of Directors and Officers of the Company dated [DATE] (Register of
Directors and Officers), 

 (the Register of Members and the Register of Directors and Officers, together the
Registers) 
  

	14.	 A scanned copy of the director’s certificate of the Company dated [DATE], confirming certain
matters of fact and opinion of the Company (Director’s Certificate). 

  

	15.	 A copy of the results of the Litigation Search. 

Part 3 
 Search 

 

	1.	 A search of the entries and filings shown and available for inspection in respect of the Company in the
Register of Writs and other Originating Process maintained at the Clerk of the Courts Office in George Town, Cayman Islands for the period from as revealed by a search conducted as at [TIME]am on [DATE] 2018 for the period of one year
preceding such search in respect of the Company (Litigation Search). 

 

  
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 Schedule 2  

Assumptions 
 We have assumed: 

 

	1.	 (i) that the originals of all documents examined in connection with this opinion are authentic, accurate and
complete; and (ii) the authenticity, accuracy completeness and conformity to original documents of all documents submitted to us as copies; 

  

	2.	 that there has been no change to the information contained in the Certificate of Incorporation and the
Registers and that the Constitutional Documents remain in full force and effect and are unamended; 

  

	3.	 that the signatures, initials and seals on all documents and certificates submitted to us as originals or
copies of executed originals are authentic, and the signatures and initials on any Document executed by the Company are the signatures and initials of a person or persons authorised by the Company, by resolution of its board of directors or any
power of attorney granted by the Company, to execute such Document; 

  

	4.	 that where incomplete documents, drafts or signature pages only have been supplied to us for the purposes of
issuing this opinion, the original documents have been duly completed and correspond in all material respects with the last version of the relevant documents examined by us prior to giving our opinion; 

 

	5.	 that the Document does not differ in any material respects from any drafts of the same which we have examined
and upon which this opinion is based; 

  

	6.	 that each of the parties (other than the Company under Cayman Islands law) is incorporated, organised or
registered (as the case may be) and in good standing (where such concept is legally relevant) under the laws which govern its capacity and has the capacity, power and authority, has fulfilled all internal authorisation procedures and completed all
applicable filings and formalities, and has obtained all authorisations, approvals, consents, licences and exemptions required under the laws of any relevant jurisdiction to execute, deliver and perform its respective obligations under the Document
and the transactions contemplated thereby and has taken all necessary corporate and other action required and completed all applicable formalities required to authorise the execution of the Document and the performance of its obligations under them;

  

	7.	 the due execution and delivery of the Document by each of the parties thereto (other than execution by the
Company under Cayman Islands law); 

 

  
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	8.	 that the Document constitutes, or when executed will constitute, legal, valid, binding and enforceable
obligations of all parties thereto (save for the Company under Cayman Islands law) in accordance with their governing law; 

  

	9.	 that the choice of laws as the governing law of the Document has been made in good faith and is valid and
binding under the laws of all relevant jurisdictions (other than the Cayman Islands); 

  

	10.	 that, insofar as any obligation under the Document is to be performed by any of the parties thereto in any
jurisdiction outside of the Cayman Islands, its performance will be legal and effective in accordance with the law of any jurisdiction to which they are subject or in which they are respectively constituted and established; 

 

	11.	 that no party to the Document by having entered into and performing the transactions contemplated by the
Document will be in breach of any other agreement, deed, trust deed or licence to which it is a party or by which it is bound; 

  

	12.	 the truth, accuracy and completeness of all representations and warranties or statements of fact or law (other
than as to the laws of the Cayman Islands in respect of matters upon which we have expressly opined) made in the Document and any correspondence submitted to us; 

 

	13.	 the accuracy, completeness and currency of the records and filing systems maintained at the public offices
where we have searched or enquired or have caused searches or enquiries to be conducted, that such search and enquiry did not fail to disclose any information which had been filed with or delivered to the relevant body but had not been processed at
the time when the search was conducted and the enquiries were made, and that the information disclosed by the Litigation Search is accurate and complete in all respects and such information has not been materially altered since the date and time of
the Litigation Search; 

  

	14.	 that the Company was not unable to pay its debts as they became due when it executed the Document and did not
become unable to do so as a result of the execution and delivery of the Document or the performance of its obligations under the Document; 

  

	15.	 that none of the Company’s directors or its registered office has received any notice of any litigation or
threatened litigation to which the Company is or may be party; 

 

  
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	16.	 that the Company has not (i) received notice of any stop notice under Order 50 of the Grand Court Rules in
respect of any of its shares or (ii) issued any restrictions notice under the Companies Law in respect of the registration of the beneficial ownership of any of its shares, which restrictions notice has not been withdrawn by the Company or
ceased by court order; 

  

	17.	 that (i) the Document is in the form of the document approved in the Directors’ Resolutions and the
Consent, (ii) the Resolutions have been adopted in accordance with the relevant provisions of the Constitutional Documents and the Companies Law; (iii) all interests of the directors of the Company on the subject matter of the
Directors’ Resolutions, if any, were declared and disclosed in accordance with the law and Constitutional Documents, (iv) the Resolutions have not been revoked, amended or superseded, in whole or in part, and remain in full force and
effect at the date of this opinion, and (v) the directors of the Company have concluded that the entry by the Company into the Document and such other documents approved by the Directors’ Resolutions and the transactions contemplated
thereby are bona fide in the best interests of the Company and for a proper purpose of the Company; 

  

	18.	 that the Register of Directors and Officers accurately reflects the names of all directors and officers of the
Company as at the date the Resolutions were passed or adopted, the date the Document was executed and as at the date of this opinion; 

  

	19.	 that the Register of Members accurately reflects the names of the sole member of the Company as at the date of
this opinion, and that the [DATE] Register of Members accurately reflects the names of all members of the Company as at the date the Resolutions were passed or adopted and the date the Document was executed; 

 

	20.	 that there is no matter affecting the authority of the directors of the Company to effect entry by the Company
into the Document including breach of duty, lack of good faith, not disclosed by the Constitutional Documents or the Resolutions, which would have any adverse implications in relation to the opinions expressed herein; 

 

	21.	 that there are no records of the Company, agreements, documents or arrangements other than the Constitutional
Documents, the Resolutions and the documents expressly referred to herein as having been examined by us which materially affect, amend or vary the transactions contemplated in the Document or restrict the powers and authority of the directors of the
Company in any way which would affect opinions expressed herein; 

  

	22.	 that the Document does not relate to or affect any immovable or movable property situate in the Cayman Islands;

 

  
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	23.	 that the entry into the Document and carrying out each of the transactions referred to therein will not
conflict with or breach any applicable economic, anti-money laundering, anti-terrorist financing or other sanctions; 

  

	24.	 that any applicable escrow conditions have been met; 

 

	25.	 that the Share Transfer constitutes an Approved Sale (as defined in the Constitutional Documents) pursuant to,
and all the necessary steps have been taken under, Articles 123 - 125 of the Articles and Section 5 of the ROFR; 

  

	26.	 that the transactions contemplated by the Document are private acts for commercial purposes and not sovereign
acts; the property against which enforcement is to be taken or sought to be taken is used or intended to be used for commercial purposes only; none of the parties to the Document is the sovereign or other head of a country, a state-owned or
governmental entity, a government or quasi-government entity, or the central bank or other monetary authority of any country; the transactions contemplated by the Document are not related to anything done in the exercise of sovereign and/or
governmental authority; 

  

	27.	 that the directors or members of the Company have not taken any steps to have the Company struck off or placed
in liquidation, no steps have been taken to wind up the Company and no receiver has been appointed over any of the Company’s property or assets; and 

  

	28.	 that there are no matters of fact or law (excluding matters of Cayman Islands law) affecting the enforceability
of the Document that have arisen since the execution of the Document which would affect the opinions expressed herein.

 

  
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 Schedule 3  

Reservations 
 Our opinion is subject to
the following: 
  

	1.	 Enforcement: The term “enforceable” as used in this opinion means that there is a way
of ensuring that each party performs an agreement or that there are remedies available for breach. Notwithstanding that the obligations established by the Document are obligations which the Cayman Islands courts would generally enforce, they may not
necessarily be capable of enforcement in all circumstances in accordance with their terms. In particular, but without limitation: 

  

	 	(a)	 enforcement and priority may be limited by laws relating to bankruptcy, insolvency, reorganisation,
liquidation, court schemes, schemes of arrangements, moratoriums or other laws of general application relating to, or affecting the rights of, creditors generally; 

 

	 	(b)	 enforcement may be limited by the principles of unjust enrichment or by general principles of equity and we
express no opinion as to the availability of equitable remedies or as to any matters which are within the discretion of the courts of the Cayman Islands, even where such remedies are included in the Document (for example equitable remedies such as
the grant of an injunction or an order for specific performance may not be available where liquidated damages are considered an adequate remedy); 

  

	 	(c)	 claims may become barred by prescription or may be or become subject to defences of set-off, counterclaim, estoppel and similar defences; 

  

	 	(d)	 obligations to be performed outside the Cayman Islands may not be enforceable in the Cayman Islands to the
extent that performance would be illegal or contrary to public policy under the laws of that foreign jurisdiction; 

  

	 	(e)	 enforcement may be limited to the extent that matters which we have expressly assumed in this opinion will be
done, have not been done; 

  

	 	(f)	 the enforcement of the obligations of the parties to the Document may be limited by the law applicable to
obligations held to have been frustrated by events happening after their execution; 

  

	 	(g)	 enforcement of obligations may be invalidated by reason of fraud, duress, misrepresentation or undue influence;

 

  
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	 	(h)	 where the performance of payment obligations is contrary to the exchange control regulations of any country in
the currency of which such amounts are payable, such obligations may not be enforceable in the Cayman Islands; 

  

	 	(i)	 any provision of a Document purporting to impose an obligation on a person who is not a party to the Document
(a Third Party) is unenforceable against that Third Party. Any provision in a Document purporting to grant rights to a Third Party is unenforceable by that Third Party except to the extent that the relevant Document expressly provides that
the Third Party may, in its own right, enforce such rights in accordance with (and subject to) the Contracts (Rights of Third Parties) Law, 2014; and 

  

	 	(j)	 matters of procedure on enforcement of the Document and forum conveniens will be governed by and
determined in accordance with the lex fori. 

  

	2.	 Penalties: Any provision as to the payment of additional money consequent on the breach of any
provision of a Document by any person expressed to be a party to it, whether expressed by way of penalty, additional or default interest, liquidated damages or otherwise, may be unenforceable if it could be established that such additional payment
constitutes a penalty rather than a compensatory amount. 

  

	3.	 Severability: Severability provisions contained in the Document may not be binding and the
question of whether or not provisions may be severed would be determined by the Cayman Islands courts at their discretion, having regard to such matters as whether a particular severance would accord with public policy or involve the courts in
making a new contract for the parties. 

  

	4.	 Other Obligations: We express no opinion as to whether the acceptance, execution or performance
of the Company’s obligations under the Document will result in the breach of or infringe any other agreement, deed or document (other than the Constitutional Documents) entered into by or binding on the Company. 

 

	5.	 Determination: Notwithstanding the provisions of the Document, a determination, designation,
calculation or certificate of any party to the Document, as to any matter provided for in such Document might, in certain circumstances, be held in the Cayman Islands courts not to be final, conclusive or binding (for example, if it could be shown
to have been fraudulent or erroneous on its face, manifestly inaccurate, made on an unreasonable or arbitrary basis or not to have been reached in good faith) and the Document will not necessarily escape judicial enquiry into the merit of any claim
by any party in that respect. 

 

  
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	6.	 Discretion: Where a party to the Document is vested with a discretion or may determine a matter
in its opinion or is given the right to determine a conclusive calculation or determination, the Cayman Islands courts, if called upon to consider the question, may require that such discretion be exercised reasonably or that such opinion be based
upon reasonable grounds or may determine that such right is not finally binding. 

  

	7.	 Modification of Document: We express no view on any provision in the Document requiring written
amendments and waivers of any of the provisions of such Document insofar as it suggests that oral or other modification, amendments or waivers could not be effectively agreed upon or granted by or between the parties or implied by the course of
conduct of the parties. 

  

	8.	 Limitations on Liability: The effectiveness of any terms releasing or limiting a party from a
liability or duty owed is limited by law. 

  

	9.	 Jurisdiction: Where a Document provides for the submission to the exclusive or non-exclusive jurisdiction of the Cayman Islands courts, the court may decline to accept jurisdiction in any matter where (a) it determines that some other jurisdiction is a more appropriate or convenient
forum; (b) another court of competent jurisdiction has made a determination in respect of the same matter; or (c) litigation is pending in respect of the same matter in another jurisdiction. 

 

	10.	 Concurrent Proceedings: Proceedings may be stayed in the Cayman Islands if concurrent proceedings
in respect of the same matter are or have been commenced in another jurisdiction. Notwithstanding any provision in the Document that all disputes arising under or in connection with the Document should be brought before the competent court in the
jurisdiction specified in the Document, a Cayman Islands court has discretion to refuse to stay proceedings in the Cayman Islands if it is satisfied that it is just and equitable to do so and may grant leave to serve Cayman Islands proceedings
outside of the Cayman Islands. 

  

	11.	 Foreign Law: Relevant foreign law will not be applied by the Cayman Islands courts if it is not
pleaded and proved, is not a bona fide and lawful choice of law, or it would be contrary to public policy for that law to be applied. 

  

	12.	 Currency of Court Judgments: The Cayman Islands Grand Court Rules 1995 expressly contemplate that
judgments may be granted by the Grand Court of the Cayman Islands in currencies other than Cayman Islands dollars or United States dollars. Such Rules provide for various specific rates of interest payable upon judgment debts according to the
currency of the judgment. 

 

  
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	13.	 Costs: A Cayman Islands court may refuse to give effect to any provisions of the Document in
respect of costs of unsuccessful litigation brought before the Cayman Islands court or where that court has itself made an order for costs. 

  

	14.	 Conversion of Debts: In the event the Company is placed into liquidation, the Cayman Islands
court is likely to require that all debts are converted (at the official exchange rate at the date of conversion) into and paid in a common currency which is likely to be Cayman Islands dollars or United States dollars. 

 

	15.	 Stamp Duty: Cayman Islands stamp duty will be payable if the Document is executed in or brought
to the Cayman Islands, or produced before a Cayman Islands court. An unstamped document which is required to be stamped may not be admissible in evidence until duly stamped and unstamped documents may be subject to penalties and interest for late
stamping. Certain criminal offences may also be committed in connection with unstamped documents. 

  

	16.	 Litigation Search: The Litigation Search is not conclusively capable of revealing whether or not
there is any originating process, amended originating process pending or any appeal pending in proceedings in which any party is a defendant or respondent as notice of these matters might not be entered on the court registers immediately. The
Litigation Search would not reveal any proceedings against any predecessor entities that may have merged with or into any party under the laws of any jurisdiction nor any proceedings against any of the parties in a name other than the relevant
party’s current name. 

  

	17.	 Summary Court Register: We have not examined the register of the summary court of the Cayman
Islands on the basis that claims in such court are limited to a maximum of approximately USD24,000. 

  

	18.	 Preferences: Every conveyance or transfer of property, or charge thereon, and every payment
obligation and judicial proceeding, made, incurred, taken or suffered by a company at a time when that company was unable to pay its debts within the meaning of section 93 of the Companies Law, and made or granted in favour of a creditor with a view
to giving that creditor a preference over the other creditors of the Company, would be invalid pursuant to section 145(1) of the Companies Law, if made, incurred, taken or suffered within the six months preceding the commencement of a liquidation of
the Company. Such actions will be deemed to have been made with a view to giving such creditor a preference if it is a “related party” of the Company. A creditor shall be treated as a related party if it has the ability to control a
company or exercise significant influence over a company in making financial and operating decisions. 

 

  
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	19.	 Undervalues: Any disposition of property made at an undervalue by or on behalf of a company and
with an intent to defraud its creditors (which means an intention to wilfully defeat an obligation owed to a creditor), shall be voidable (i) under section 146 of the Companies Law at the instance of the company’s official liquidator, and
(ii) under the Fraudulent Dispositions Law, at the instance of a creditor thereby prejudiced. 

  

	20.	 Defrauding Creditors: If any business of a company has been carried on with intent to defraud
creditors of the company or creditors of any other person or for any fraudulent purpose, the Cayman Islands court may declare that any persons who were knowingly parties to the carrying on of the business of the company in such manner are liable to
make such contributions, if any, to the company’s assets as the court thinks proper. 

  

	21.	 Good Standing: Our opinion as to good standing is based solely upon receipt of the Certificate of
Good Standing issued by the Cayman Registrar. The Company shall be deemed to be in good standing under section 200A of the Companies Law on the date of issue of the certificate if all fees and penalties under the Companies Law have been paid and the
Cayman Registrar has no knowledge that the Company is in default under the Companies Law. 

  

	22.	 Fettering of Statutory Powers: We express no opinion as to the validity or binding effect of any
provision in the Document which provides that the Company will not exercise its statutory powers. This may constitute an unlawful fetter on the statutory powers of the Company. 

 

	23.	 Corporate Documents: The Registry of Companies in the Cayman Islands is not public in the sense
that copies of the Company’s memorandum of association and articles of association and information on directors and shareholders are not publicly available. We have therefore obtained copies of the corporate documents specified in Schedule 1
and relied exclusively on such copies for the verification of such corporate information. 

  

	24.	 Director’s Certificate: We have relied upon statements and representations made to us in the
Director’s Certificate provided to us by an authorised director of the Company for the purposes of this opinion. We have made no independent verification of the matters referred to in the Director’s Certificate, and we qualify our opinion
to the extent that the statements or representations made in the Director’s Certificate are not accurate in any respect. 

  

	25.	 Register of Members: Our opinion is subject to the Register of Members not containing any
manifest error and the absence of fraud or other extraordinary circumstances which may lead to the Register of Members being rectified pursuant to an order of Court issued in accordance with the Companies Law or other competent court.

 

  
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	26.	 Document with an “as of” Date: We express no opinion on the effectiveness of the date
of the Document that is an agreement which is dated as of or with effect from a date prior to that on which it is authorised, executed, and delivered by all parties thereto.

 

  
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 EXHIBIT C 

BENCHMARK DATE NET DEBT CALCULATION PRINCIPLES 
  

													
	 模拟 2018.2 
	  				  				  		  	
	 Items
	  	 	Amount	 	  	 	Original	 	  	Currency	  	Notes
	 	  	in USD	 	  	Amount	 	  	 	  	 
	 (-) Indebtedness
	  	 	1,253,882,498	 	  				  		  	
	 Short term loan
	  	 	775,772,203	 	  	 	4,926,153,491	 	  	RMB	  	 Including: (1) Onshore loan from bank, with offshore cash

		  				  				  		  	 deposited, (2) Loan from Alibaba, (3) Onshore loan from Guangfa

		  				  				  		  	 Bank of Rmb300m, (4) Loan of Rmb168m in Feb.2018

	 Notes payable
	  	 	200,000,000	 	  	 	200,000,000	 	  	USD	  	 Loan due to Koubei

	 Interest payable for Koubei loan
	  	 	8,230,137	 	  	 	8,230,137	 	  	USD	  	 Interest due to Koubei, 2% per annum, period:
2016.2.8-2018.2.28

	 Interest payable for bank loan
	  	 	9,308,790	 	  	 	59,110,820	 	  	RMB	  	 Interest due to bank

	 Accounts payables
	  	 	57,722,967	 	  	 	366,540,842	 	  	RMB	  	 Historical net payable due to Baidu before merger (at closing date:

		  				  				  		  	 Rmb366m)

	 Other payables
	  	 	69,641,105	 	  	 	442,221,014	 	  	RMB	  	 Deposit from merchants, City agents, delivery companies

	 Other payables
	  	 	40,332,808	 	  	 	256,113,328	 	  	RMB	  	 Consideration payable for Baidu Waimai merger

	 Other debt like items
	  	 	92,874,488	 	  	 	589,753,000	 	  	RMB	  	 Potential tax
liability(蜂鸟众包配送员的劳务个税风险以及其他 

	 	  	 	 	  	 	 	  	 	  	个人劳务个税风险) 
	 (+) Cash and Cash Equivalents
	  	 	807,637,262	 	  				  		  	
	 Bank
	  	 	88,661,417	 	  	 	563,000,000	 	  	RMB	  	 Based on the cashflow forecast as of Feb. 28, 2018 (including

		  				  				  		  	 Rm300m low risk investment purchased from bank, and cash in

		  				  				  		  	 Alipay and Wechat)

	 Restricted cash
	  	 	683,974,836	 	  	 	4,343,240,206	 	  	RMB	  	 Cash deposited in offshore bank

	 Interest receivable
	  	 	8,988,267	 	  	 	57,075,495	 	  	RMB	  	 Interest receivable from bank, including 9m for Feb. 2018 interest

	 Other receivable-deposit
	  	 	7,902,506	 	  	 	50,180,912	 	  	RMB	  	 Deposited paid by the company

	 Other receivable
	  	 	18,110,236	 	  	 	115,000,000	 	  	RMB	  	 Loan due from Dianwoda

	 Notes: 1 USD = 6.35 RMB
	  				  				  		  	
	 FX
	  	 	6.35EX-4.54

 Exhibit 4.54 

SHARE PURCHASE AGREEMENT AMENDMENT 

This SHARE PURCHASE AGREEMENT AMENDMENT (this “Amendment”) is made as of August 21, 2018, by and among Baidu Holdings
Limited, a company incorporated under the laws of the British Virgin Islands (“Baidu”), Baidu (Hong Kong) Limited, a company incorporated with limited liability under the laws of Hong Kong (“Baidu HK”) and a
wholly-owned Subsidiary of Baidu, TPG Bellwether, Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands (“TPG”), Beacon Group Limited, an exempted company incorporated with limited
liability under the laws of the Cayman Islands, (“Carlyle,” and together with TPG, the “Lead Investors” and each a “Lead Investor”), Taikang Kaitai Special Opportunity Fund II Segregated Portfolio,
a segregated portfolio company incorporated under the laws of the Cayman Islands (“Taikang”), CB Finance Investment Limited, a business company incorporated under the laws of the British Virgin Islands (“CB
Finance”), Express Success Investments Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands (“Express Success”), Wellrich Investment Fund Limited Partnership, an exempted
limited partnership organized under the laws of the Cayman Islands (“Wellrich,” collectively with Carlyle, Taikang, CB Finance and Express Success, the “Other Investors” and each an “Other
Investor”), and 91 Wireless Websoft Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Company,” and together with Baidu and Baidu HK, the “Seller
Parties” and each, a “Seller Party”). Baidu, Baidu HK, the Company, the Lead Investors and the Other Investors are each referred to herein as a “Party,” and collectively as the “Parties.”
TPG and the Other Investors are referred to herein as the “Investors.” 
 W I T N E S S E T H: 

WHEREAS, the parties hereto have entered into a share purchase agreement dated April 28, 2018 (the “Share Purchase
Agreement”); and 
 WHEREAS, pursuant to Section 6.3 of the Share Purchase Agreement, the Parties have agreed to enter into
this Amendment to amend certain provisions of the Share Purchase Agreement. 
 NOW, THEREFORE, in consideration of the premises and the
mutual agreements and covenants hereinafter set forth, and intending to be legally bound, each Party hereby agrees as follows: 
  

	1.	 Definitions and Interpretation. All capitalized terms used but not defined in this Amendment shall have
the meaning assigned to such terms in the Share Purchase Agreement and the rules of interpretation and construction set forth in Section 1.1 of the Share Purchase Agreement shall also apply to this Amendment. 

  
 1 

	2.	 Amendments. 

  

	 	a.	 Section 2.1(b) is hereby deleted and replaced in its entirety with the following: 

“Baidu Subscription. Upon the terms and subject to the conditions of this Agreement and the Framework Business Cooperation
Agreement, at the Closing, Baidu HK shall subscribe for, and the Company shall issue and deliver to Baidu HK, such number of Ordinary Shares (the “Baidu Subscription Shares”), at a price per Ordinary Share of US$16.4502 (as rounded,
on the Base Case) (being the same as the per share Investor Subscription Price), at an aggregate consideration valued at US$126,984,127. Each of Baidu and Baidu HK hereby, jointly and severally, acknowledges and agrees that in consideration of
(i) the Baidu Subscription Shares issued to Baidu HK by the Company, and (ii) payment of service fee of RMB 317 million (the “Service Fee”) received by Affiliates of Baidu pursuant to that certain agreements entered
into by and among the applicable Affiliates of the Company and the applicable Affiliates of Baidu (the “Service Purchase Agreement”), the Company and applicable Affiliates of the Company shall be deemed to have paid in full for
(i) RMB317 million in value of the services that are in the process of being provided by applicable Affiliates of Baidu pursuant to the Service Purchase Agreement (the “RMB317 Million Services”); and
(ii) RMB483 million in value of the services that have been provided by applicable Affiliates of Baidu under the Framework Business Cooperation Agreement (the “RMB483 Million Services”). For the avoidance of doubt,
all Parties agree and acknowledge that, (i) for the purpose of the calculation as set forth in this paragraph, US$126,984,127 shall be translated into RMB800 million (for the avoidance of doubt, the exchange rate on April 28, 2018 is
used); and (ii) the aggregate consideration for the Baidu Subscription Shares shall be deemed to be paid by (x) the performance by Baidu and its applicable Affiliates of the RMB 317 Million Services and the RMB 483 Million Services and
(y) the payment by applicable Affiliates of Baidu of RMB317 million pursuant to those certain donation agreements entered into by and among the applicable Affiliates of the Company and the applicable Affiliates of Baidu, which shall be
further used by applicable Affiliates of the Company as payment of the Services Fee (as defined above) paid to Affiliates of Baidu. The number of the Baidu Subscription Shares shall be 7,719,306, on the Base Case.” 

 

	 	b.	 Section 2.5(a)(i) is hereby deleted and replaced in its entirety with the following:

 “Closing Net Assets Attributable to Shareholders of Parent” means the consolidated total assets, minus
the consolidated total liabilities, and minus the noncontrolling interests of the Principal Business, as determined as of 12:01 a.m. (Hong Kong time) on the Closing Date and shown on the Closing Balance Sheet, for the avoidance of doubt disregarding
the Baidu Restructuring Cash, any Investment Subscription Price, or the USD equivalent of RMB2,000,000,000, received by Chongqing Baidu Micro-credit Co., Ltd.
(重庆百度小额贷款有限公司) in accordance with Section
B.1.1 of the Restructuring Plan. The Parties agree that for the purposes of calculating the Closing Net Assets Attributable to Shares of Parent, (i) the value of the Net Assets attributable to the invested amount provided under the transaction
documents attached to the Disclosure Schedule as Appendix 3.2(d), irrespective of the appreciation or depreciation of the underlying investment, shall be RMB500,000,000 and (ii) the Company shall be deemed to own one hundred percent (100%) of
the equity interest in Beijing Baiyuxin Credit Reference Co., Ltd. (北京百誉信征信有限公司). 

  
 2 

	 	c.	 Section 2.5(a)(iii) is hereby deleted and replaced in its entirety with the following:

 “Target Net Assets Attributable to Shareholders of Parent” means RMB9,000,000,000. 

 

	 	d.	 Section 2.5(b) is hereby deleted and replaced in its entirety with the following: 

 

	 	e.	 “Closing Statement. As soon as practicable, but not later than ten (10) days following the
Closing Date, PricewaterhouseCoopers, or another “Big Four” firm of independent certified public accountants mutually agreed upon by the Lead Investors, shall be engaged for the preparation and delivery, within fifty (50) days from
the date of its engagement, to each Investor and the Seller Parties a statement (the “Closing Statement”) consisting of (i) an audited consolidated balance sheet of the Principal Business as determined as of 12:01 a.m. (Hong
Kong time) on the Closing Date and reasonable supporting documentation therefor, together with a report of such independent certified public accountant thereon, (the “Closing Balance Sheet”), and (ii) a statement setting forth
the Closing Net Assets Attributable to Shareholders of Parent. The Closing Statement (and each component thereof) shall be prepared in accordance with the definitions in this Agreement and US GAAP applied on a basis consistent with those used
in the preparation of the Financial Statements.” 

  

	 	f.	 Exhibit C of the Share Purchase Agreement is hereby deleted and replaced in its entirety with Exhibit A
attached hereto. 

  

	 	g.	 Exhibit E of the Share Purchase Agreement is hereby deleted and replaced in its entirety with Exhibit B
attached hereto. 

  

	3.	 Miscellaneous. 

 

	 	a.	 No Further Amendment. Except as expressly amended and/or superseded by this Amendment, the Share
Purchase Agreement remains and shall remain in full force and effect. This Amendment shall not constitute an amendment or waiver of any provision of the Share Purchase Agreement, except as expressly set forth herein. Upon the execution and delivery
hereof, the Share Purchase Agreement shall thereupon be deemed to be amended as hereinabove set forth as fully and with the same effect as if the amendments made hereby were originally set forth in the Share Purchase Agreement. This Amendment and
the Share Purchase Agreement shall each henceforth be read, taken and construed as one and the same instrument, but such amendments and supplements shall not operate so as to render invalid or improper any action heretofore taken under the Share
Purchase Agreement. If and to the extent there are any inconsistencies between the Share Purchase Agreement and this Amendment with respect to the matters set forth herein, the terms of this Amendment shall control. 

  
 3 

	 	b.	 Entire Agreement. Notwithstanding Section 6.7 of the Share Purchase Agreement, the Share Purchase
Agreement as amended by this Amendment constitutes the entire agreement of the Parties with respect to the subject matter set forth in the Share Purchase Agreement and supersede any prior understandings, negotiations, agreements or representations
by or among the parties hereto, written or oral, to the extent they related in any way to the subject matter hereof or thereof. 

  

	 	c.	 Additional Provisions. The provisions of Section 6.2(Governing Law; Arbitration),
Section 6.3(Amendment; Waiver), Section 6.5(Assignment), Section 6.6(Notices), Section 6.9(Fees and Expenses), Section 6.13 through and including Section 6.16 of the Share Purchase Agreement shall apply mutatis
mutandis to this Amendment. 

 [Remainder of this page intentionally left blank] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and
year first written above. 
  

			
	BAIDU HOLDINGS LIMITED
		
	By:	 	 /s/ Yanhong Li

	Name:	 	Yanhong Li
	Title:	 	Director
	
	BAIDU (HONG KONG) LIMITED
		
	By:	 	 /s/ Herman Yu

	Name:	 	Herman Yu
	Title:	 	Director

 [Signature Page to Amendment Agreement] 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and
year first written above. 
  

			
	91 WIRELESS WEBSOFT LIMITED
		
	By:	 	 /s/ Da Zhou

	Name:	 	Da Zhou
	Title:	 	Director

 [Signature Page to Amendment Agreement] 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and
year first written above. 
  

			
	TPG BELLWETHER, LTD.
		
	By:	 	 /s/ Michael LaGatta

	Name:	 	Michael LaGatta
	Title:	 	Vice President

 [Signature Page to Amendment Agreement] 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and
year first written above. 
  

			
	BEACON GROUP LIMITED
		
	By:	 	 /s/ Norma Kuntz

	Name:	 	Norma Kuntz
	Title:	 	Director

 [Signature Page to Amendment Agreement] 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and
year first written above. 
  

			
	TAIKANG KAITAI SPECIAL OPPORTUNITY FUND II SEGREGATED PORTFOLIO
		
	By:	 	 /s/ Zhang Le

	Name:	 	Zhang Le
	Title:	 	Managing Director, Taikang Asset Management (Hong Kong) Co.Ltd

 [Signature Page to Amendment Agreement] 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and
year first written above. 
  

			
	CB FINANCE INVESTMENT LIMITED
		
	By:	 	 /s/ Ching Nar Cindy Chan

	Name:	 	Ching Nar Cindy Chan
	Title:	 	Director

 [Signature Page to Amendment Agreement] 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and
year first written above. 
  

			
	EXPRESS SUCCESS INVESTMENTS LIMITED
		
	By:	 	 /s/ Yang Raorao, Peng Ching

	Name:	 	Yang Raorao, Peng Ching
	Title:	 	Director

 [Signature Page to Amendment Agreement] 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and
year first written above. 
  

			
	WELLRICH INVESTMENT FUND LIMITED PARTNERSHIP
		
	By:	 	 /s/ ZHENG Jun

	Name:	 	ZHENG Jun
	Title:	 	Director

 [Signature Page to Amendment Agreement] 

 EXHIBIT A 

RESTRUCTURING PLAN 

 EXHIBIT B 

FORM OF TRANSITION SERVICES AGREEMENT 

 SHARE PURCHASE AGREEMENT 

by and among 
 BAIDU HOLDINGS
LIMITED 
 BAIDU (HONG KONG) LIMITED 

TPG BELLWETHER, LTD. 
 and

 91 WIRELESS WEBSOFT LIMITED 

Dated April 28, 2018 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I INTERPRETATION
	  	 	2	 
	 Section 1.1
	 	Definitions	  	 	2	 
	 Section 1.2
	 	Interpretation	  	 	12	 
		
	 ARTICLE II SUBSCRIPTION AND PURCHASE
	  	 	13	 
	 Section 2.1
	 	Subscription and Purchase	  	 	13	 
	 Section 2.2
	 	Escrow; Letter of Credit; Closing	  	 	14	 
	 Section 2.3
	 	Payment and Delivery	  	 	15	 
	 Section 2.4
	 	Conditions	  	 	16	 
	 Section 2.5
	 	Closing Date Payment Adjustment	  	 	19	 
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	22	 
	 Section 3.1
	 	Representations and Warranties of Baidu and Baidu HK	  	 	22	 
	 Section 3.2
	 	Representations and Warranties of the Company	  	 	25	 
	 Section 3.3
	 	Representations and Warranties of Each Investor	  	 	39	 
		
	 ARTICLE IV COVENANTS
	  	 	40	 
	 Section 4.1
	 	Conduct of Business of the Company	  	 	40	 
	 Section 4.2
	 	Operation of the Principal Business	  	 	42	 
	 Section 4.3
	 	Additional Covenants	  	 	42	 
	 Section 4.4
	 	Compliance with ABAC Laws	  	 	44	 
	 Section 4.5
	 	Compliance with Anti-Money Laundering and Sanctions Laws	  	 	44	 
	 Section 4.6
	 	Restructuring	  	 	44	 
	 Section 4.7
	 	Misallocated Assets; Misdirected Payments and Correspondence	  	 	45	 
	 Section 4.8
	 	Tax Matters	  	 	46	 
	 Section 4.9
	 	Further Assurances	  	 	47	 
	 Section 4.10
	 	ESOP	  	 	47	 
	 Section 4.11
	 	Most Favored Nation	  	 	47	 
	 Section 4.12
	 	Related Party Arrangements	  	 	47	 
	 Section 4.13
	 	Insurance	  	 	47	 
	 Section 4.14
	 	Release	  	 	48	 
	 Section 4.15
	 	Business Compliance	  	 	48	 

  
 i 

							
		
	 ARTICLE V INDEMNIFICATION
	  	 	49	 
	 Section 5.1
	 	Survival of the Representations and Warranties	  	 	49	 
	 Section 5.2
	 	Indemnification	  	 	50	 
	 Section 5.3
	 	Third Party Claims	  	 	51	 
	 Section 5.4
	 	Tax Indemnity	  	 	52	 
	 Section 5.5
	 	Direct Claims	  	 	52	 
	 Section 5.6
	 	Limitations on Liability	  	 	52	 
	 Section 5.7
	 	Tax Treatment of Indemnity Payments	  	 	53	 
	 Section 5.8
	 	Indemnity for Wealth Management Products	  	 	54	 
		
	 ARTICLE VI MISCELLANEOUS
	  	 	55	 
	 Section 6.1
	 	Disclosure Schedule References	  	 	55	 
	 Section 6.2
	 	Governing Law; Arbitration	  	 	55	 
	 Section 6.3
	 	Amendment; Waiver	  	 	55	 
	 Section 6.4
	 	Binding Effect	  	 	55	 
	 Section 6.5
	 	Assignment	  	 	56	 
	 Section 6.6
	 	Notices	  	 	56	 
	 Section 6.7
	 	Entire Agreement	  	 	57	 
	 Section 6.8
	 	Severability	  	 	57	 
	 Section 6.9
	 	Fees and Expenses	  	 	57	 
	 Section 6.10
	 	Confidentiality	  	 	57	 
	 Section 6.11
	 	Termination	  	 	58	 
	 Section 6.12
	 	Put Right	  	 	60	 
	 Section 6.13
	 	Third Party Rights	  	 	60	 
	 Section 6.14
	 	Headings	  	 	60	 
	 Section 6.15
	 	Counterparts; Effectiveness	  	 	61	 
	 Section 6.16
	 	Specific Performance	  	 	61	 
	 Section 6.17
	 	Public Announcements	  	 	61	 

  

			
	Schedules	  	
		
	Schedule 1	  	Subscription of Series A Preferred Shares
		
	Exhibits	  	
		
	Exhibit A	  	Form of Articles
	Exhibit B	  	Form of Shareholders Agreement
	Exhibit C	  	Restructuring Plan
	Exhibit D	  	Form of Framework Business Cooperation Agreement
	Exhibit E	  	Form of Transition Services Agreement
	Exhibit F	  	Capitalization Table
	Exhibit G	  	Legal Opinion Items

  

  
 ii 

 SHARE PURCHASE AGREEMENT 

This Share Purchase Agreement (this “Agreement”) is entered into as of April 28, 2018, by and among Baidu Holdings
Limited, a company incorporated under the laws of the British Virgin Islands (“Baidu”), Baidu (Hong Kong) Limited, a company incorporated with limited liability under the laws of Hong Kong (“Baidu HK”) and a
wholly-owned Subsidiary of Baidu, TPG Bellwether, Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands (“TPG”) and 91 Wireless Websoft Limited, an exempted company incorporated with
limited liability under the laws of the Cayman Islands (the “Company”, and together with Baidu and Baidu HK, the “Seller Parties” and each, a “Seller Party”). Baidu, Baidu HK, TPG and the Company
are each referred to herein as a “Party,” and collectively as the “Parties.” Each other Person which executes and delivers a counterpart signature page to this Agreement as an “Other Investor” after the
date hereof and on or prior to April 30, 2018 pursuant to Section 2.1(a) is referred to herein as an “Other Investor,” and collectively as the “Other Investors” and shall thereupon be deemed to have
entered into, and be party to, this Agreement and the terms “Party” and “Parties” shall thereafter be construed accordingly to include such Other Investor and the Other Investors, respectively. TPG and the Other Investors (if
any) are referred to herein as the “Investors”. 
 W I T N E S S
E T H: 
 WHEREAS, the Seller Parties and certain of their respective Affiliates desire to restructure their
financial services business and contribute, transfer or otherwise spin off to the Group the Principal Business pursuant to the Restructuring Plan, and on completion of the Restructuring, the Principal Business will be owned by the Group; 

WHEREAS, Baidu HK is the sole shareholder of the Company and prior to Closing, Baidu HK will invest the Baidu Restructuring Cash in the
Company in consideration for the issuance of additional Ordinary Shares to Baidu HK; 
 WHEREAS, in consideration for certain contributions
to be made to the Company by Baidu pursuant to the Framework Business Cooperation Agreement, subject to the terms and conditions herein, Baidu HK desires to subscribe for, and the Company desires to issue, the Baidu Subscription Shares, at the
Closing; 
 WHEREAS, subject to the terms and conditions herein, each Investor desires to subscribe for, and the Company desires to issue,
certain Series A Preferred Shares, at the Closing, for an aggregate Investor Subscription Price for all Investors which is within the Investor Subscription Range, such that (a) at the bottom end of such range (i) TPG will hold 27.8333% of
the issued share capital of the Company on a fully diluted basis immediately following the Closing, and (ii) the Investors collectively will hold 38.9666% of the issued share capital of the Company on a fully diluted basis immediately following
the Closing, and (b) at the top end of such range (i) TPG will hold 25.9784% of the issued share capital of the Company on a fully diluted basis immediately following the Closing, and (ii) the Investors collectively will hold 51.6972%
of the issued share capital of the Company on a fully diluted basis immediately following the Closing, in either case, after taking into account the Ordinary Shares held and subscribed for by Baidu HK at the Closing and the Ordinary Shares reserved
for issuance pursuant to the ESOP as contemplated under this Agreement. The relevant actual percentages to be held by TPG and the Investors at the Closing shall be extrapolated from the foregoing based on the final aggregate amount of the Investor
Subscription Price when determined after April 30, 2018. The subscription for the Investor Subscriptions Shares shall take place at a pre-money valuation of the Company of US$1,825,396,825, on the Base
Case; and 

 WHEREAS, the Seller Parties and the Investors desire for the Company (or certain Affiliates
thereof) and Baidu (or certain Affiliates thereof) to enter into the Framework Business Cooperation Agreement and the Transition Services Agreement, in each case on the Closing Date. 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises hereinafter set forth, the Parties agree as follows: 

ARTICLE I 

INTERPRETATION 

Section 1.1 Definitions. As used in this Agreement, the following terms shall have the following respective meanings: 

“Affiliate” of a Person shall mean (a) in the case of a Person other than a natural person, any other Person that, from
time to time, directly or indirectly Controls, is Controlled by or is under common Control with such Person and (b) in the case of a natural person, any other Person that, from time to time, is directly or indirectly Controlled by such Person
or is a Relative of such Person. 
 “Agreement” shall have the meaning set forth in the Preamble. 

“Articles” shall mean the Amended and Restated Memorandum And Articles of Association of the Company, in the form attached
hereto as Exhibit A. 
 “Authorization” shall have the meaning set forth in Section 3.1(d). 

“Baidu” shall have the meaning set forth in the Preamble. 

“Baidu HK” shall have the meaning set forth in the Preamble. 

“Baidu Parent” shall mean Baidu, Inc., an exempted company incorporated with limited liability under the laws of the Cayman
Islands. 
 “Baidu Parties” shall mean Baidu Parent and each of its Subsidiaries (including any variable interest entities
Controlled by such Subsidiaries) which has owned or operated or owns or operates any part of the Principal Business or will contribute any part of the Principal Business to the Group, including any Contributed Asset; provided that no Group
Company shall be a Baidu Party. 
 “Baidu Restructuring Cash” shall mean the difference of the (a) the aggregate
purchase price payable by the Group Companies for the purchase of all of the Equity Securities in the Group Companies and Contributed Assets from the Baidu Parties in the Restructuring, as determined pursuant to the Restructuring Plan, minus
(b) the product of aggregate Investor Subscription Price for all the Investors multiplied by a fraction, (x) the numerator of which is 6.5, and (y) the denominator of which is 11.5. 

  
 2 

 “Board” shall mean the board of directors of the Company. 

“Bulletin 7” shall mean the Bulletin on Certain Issues regarding Equity Transfers by
Non-Resident Enterprises issued by the State Administration of Taxation of the PRC on February 3, 2015. 

“Business Day” shall mean any day other than Saturday, Sunday or another day on which commercial banks located in the Cayman
Islands, New York, the PRC or Hong Kong are authorized or required by law or executive order to be closed and on which no tropical cyclone warning No. 8 or above and no “black” rainstorm warning signal is hoisted in Hong Kong at any
time between 8:00 a.m. and 6:00 p.m. Hong Kong time. 
 “Capitalization Table” shall mean the capitalization table setting
out the capitalization of each of the Group Companies on a fully diluted basis as of the date hereof, immediately prior to the Closing and immediately following the Closing, as attached hereto as Exhibit F in Excel format (including the formulas
incorporated therein). 
 “Chief Executive Officer” shall mean Mr. Guang ZHU (朱光) or any other duly appointed chief executive officer of the Group prior to the Closing Date. 

“Claim Notice” shall have the meaning set forth in Section 5.3(a). 

“Closing” shall have the meaning set forth in Section 2.2(a). 

“Closing Date” shall mean the date on which the Closing occurs. 

“Company” shall have the meaning set forth in the Preamble. 

“Company Employee Agreement” shall mean any management, employment, severance, change in control, transaction bonus,
consulting, or other similar contract between any Group Company or, with respect to any Transferred Employee, any Baidu Party, on the one hand, and any current or former Company Personnel, on the other hand, pursuant to which any Group Company or
Baidu Party has any Liability. 
 “Company Employee Plan” shall mean any plan, program, policy, practice, contract or other
arrangement providing for compensation, severance, termination pay, deferred compensation, performance awards, share or share-related awards, material fringe benefits or other material employee benefits or remuneration of any kind, whether written
or unwritten, that is maintained, contributed to or required to be contributed to by any Group Company or, with respect to any Transferred Employee, any Baidu Party, for the benefit of any current or former Company Personnel, or with respect to
which any Group Company or Baidu Party has or would reasonably be expected to have any Liability. 

  
 3 

 “Company Software” shall mean any Software owned by any of the Group
Companies or any Baidu Party in connection with the Principal Business and licensed, distributed or otherwise available (or in development to be licensed, distributed or otherwise made available) to any customer or potential customer of any Group
Company or the Principal Business. 
 “Confidential Information” shall have the meaning set forth in Section 6.10(a).

 “Contemplated Transactions” shall mean the transactions contemplated by the Transaction Documents. 

“Contract” shall mean, as to any Person, a contract, agreement, indenture, note, bond, loan, instrument, lease, mortgage,
franchise, license, commitment, purchase order, and other legally binding arrangement, whether written or oral. 
 “Contributed
Assets” shall mean all assets, properties, rights, Intellectual Property, Information Technology, employees, Contracts and Permits (i) set out in the Restructuring Plan to be transferred or otherwise contributed by the relevant Baidu
Parties to the Group or (ii) owned or leased by the Group Companies. 
 “Control” shall mean the possession, directly
or indirectly, of the power to direct or cause the direction of the management of a Person, whether through the ownership of voting securities, by contract, credit arrangement or proxy, as trustee, executor or agent or otherwise. For purposes of
this definition, a Person shall be deemed to Control another Person if such first Person, directly or indirectly, owns or holds more than 50% of the voting Equity Securities in such other Person for the general election of directors, or if such
first Person, directly or indirectly, controls the board of directors, managing partner or other similar governing body or position of such other Person. The terms “Controlled” and “Controls” shall have meanings
correlative to the foregoing. 
 “Control Documents” shall mean, collectively, the agreements made from time to time, which
enable the Company to exclusively Control, and consolidate in its financial statements the results of, each Group Company that is a variable interest entity in the form as agreed by TPG and the Seller Parties as soon as practicable after the date
hereof, provided that the nominee shareholders of each Group Company that is a variable interest entity shall be employees of the Principal Business as agreed by TPG and the Seller Parties. 

“Director Indemnification Agreements” shall mean the respective indemnification agreements to be entered into by and between
the Company and each director appointed to the Board in the form as agreed by TPG and the Seller Parties as soon as practicable after the date hereof. 

“Disclosure Schedule” shall mean the disclosure schedule dated the date hereof in respect of this Agreement, which has been
provided to, and receipt of which has been acknowledged by, TPG as of such date. 

  
 4 

 “Encumbrance” shall mean (a) any mortgage, charge (whether fixed or
floating), pledge, lien, hypothecation, assignment, deed of trust, title retention, security interest or other encumbrance of any kind securing, or conferring any priority of payment in respect of, any obligation of any Person, including any right
granted by a transaction which, in legal terms, is not the granting of security but which has an economic or financial effect similar to the granting of security under applicable Law, (b) any proxy, power of attorney, voting trust agreement,
interest, option, right of first offer, negotiation or refusal or transfer restriction in favor of any Person and (c) any adverse claim as to title, possession or use. 

“Equity Securities” shall mean, with respect to any Person, such Person’s capital stock, membership interests,
partnership interests, registered capital, joint venture or other ownership interests or any options, warrants or other securities that are directly or indirectly convertible into, or exercisable or exchangeable for, such capital stock, membership
interests, partnership interests, registered capital, joint venture or other ownership interests (whether or not such derivative securities are issued by such Person). 

“Escrow Agent” shall mean, with respect to each Investor (except TPG if it exercises its right to provide the Letter of
Credit pursuant to Section 2.2(b)), the financial institution as agreed by the Company, Baidu and such Investor prior to the 5th Business Day after April 30, 2018. 

“Escrow Agreement” shall mean, with respect to each Investor (except TPG if it exercises its right to provide the Letter of
Credit pursuant to Section 2.2(b)), the Escrow Agreement to be entered into by and among the Company, Baidu, such Investor and the applicable Escrow Agent as soon as practicable (after completion of the Escrow Agent’s “Know Your
Customer” requirements) after April 30, 2018, in the form as agreed among the parties thereto as soon as practicable after the date hereof. 

“Escrow Amount” shall have the meaning set forth in Section 2.2(a). 

“Escrow Percentage” shall mean (a) 2% in the case of the Lead Investors, or (b) 10% in the case of any other Investor. 

“ESOP” shall mean the employee equity incentive plan of the Company, pursuant to which 26,631,606 Ordinary Shares shall be
reserved for issuance, on the Base Case, to be adopted by the Company in the form as agreed by TPG and the Seller Parties as soon as practicable after the date hereof. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and
regulations promulgated thereunder. 
 “Framework Business Cooperation Agreement” shall mean the Framework Business
Cooperation Agreement to be entered into by and among certain Group Companies and Baidu and/or its Affiliates, in the form attached hereto as Exhibit D. 

“fully diluted basis” shall mean, for the purpose of calculating share numbers, that the calculation is to be made assuming
that all outstanding options, warrants and other Equity Securities directly or indirectly convertible into or exercisable or exchangeable for Ordinary Shares (whether or not by their terms then currently convertible, exercisable or exchangeable) and
Equity Securities which have been reserved for issuance pursuant to the ESOP have been so converted, exercised, exchanged or issued. 

  
 5 

 “Fundamental Representations” shall mean the representations and warranties
set forth in Sections 3.1(a), (b), (c), (e), (g)(ii), (h) and (i) and Sections 3.2(a), (b), (c), (d), (e), (f), (n)(ii), (w) and (x). 

“Governmental Authority” shall mean any government or political subdivision thereof, whether on a federal, central, state,
provincial, municipal or local level and whether executive, legislative or judicial in nature, including any agency, authority, board, bureau, commission, court, department, office, leading group or team, inter-authorities leading and/or
coordination bodies or other instrumentality thereof, interim or permanent, and any governing body of any securities exchange. 

“Group” or “Group Companies” shall mean, collectively, the Company and its Subsidiaries, including any
Person that becomes a Subsidiary of the Company at or prior to the completion of the Restructuring, and a “Group Company” shall mean any of them. 

“HKIAC” shall have the meaning set forth in Section 6.2. 

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

“Indebtedness” shall mean, as of any time with respect to any Person, without duplication, (a) all Liabilities for
borrowed money, whether current or funded, secured or unsecured, all obligations evidenced by bonds, debentures, notes or similar instruments, (b) all Liabilities for the deferred purchase price of property, other than trade payables in the
ordinary course outstanding for 90 days or less, (c) all Liabilities in respect of any lease of, or other arrangement conveying the right to use, real or personal property, or a combination thereof, which Liabilities are required to be
classified and accounted for under US GAAP as capital leases, (d) all Liabilities for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction securing obligations of a type described
in clauses (a), (b) or (c) above to the extent of the obligation secured, and all Liabilities as obligor, guarantor, or otherwise, to the extent of the obligation secured, (e) all guarantees of obligations of any other Person with respect
to any of the foregoing and (f) any accrued and unpaid interest on any of the foregoing. 
 “Indemnified Parties”
shall have the meaning set forth in Section 5.2(a). 
 “Indemnifying Party” shall have the meaning set forth in
Section 5.2(a). 
 “Indemnity Notice” shall have the meaning set forth in Section 5.5. 

“Information Technology” shall mean all computer systems, telecommunication systems, Software (and the tangible media on
which it is stored) and hardware including source and object code, cabling, routers, switched, racks, servers, PCs, laptops, terminals, scanners, printers, all associated peripherals and all other information technology assets, including all
documentation relating to the foregoing, (a) owned or used by any of the Group Companies or (b) licensed or leased to any of the Group Companies. 

  
 6 

 “Initial Budget” shall mean the initial budget of the Group as adopted by
the Company on or prior to the Closing in the form agreed by TPG and the Seller Parties. 
 “Initial Business Plan” shall
mean the initial business plan of the Group as adopted by the Company on or prior to the Closing in the form agreed by TPG and the Seller Parties. 

“Intellectual Property” shall mean any and all (a) patents (including all reissues, divisionals, provisionals,
continuations, continuations in part, re-examinations, renewals and extensions thereof), patent applications, and other patent rights, (b) trademarks, service marks, tradenames, brand names, logos,
slogans, trade dress, design rights, and other similar designations of source or origin, together with all goodwill associated with any of the foregoing and applications, registrations and renewals in connection therewith, (c) copyrights, mask
works, and copyrightable works, and all applications, registrations for and renewals in connection therewith, (d) internet domain names, web addresses, web pages, websites and related content, accounts with Twitter, Facebook, Instagram, and
other social media companies and the content found thereon and related thereto, and uniform resource locators, (e) proprietary Software, including source code, object code and supporting documentation for such Software, (f) trade secrets
and proprietary information, including confidential business information, technical data, customer lists, data collections, methods and inventions (whether or not patentable and where or not reduced to practice), (g) copies and tangible embodiments
of any of the foregoing, (h) all other intellectual property, whether or not registrable, in each case, under any Law or statutory provision or common law doctrine in any country, and (i) all rights to sue or recover and retain damages and
costs and attorneys’ fees for past, present and future infringement or misappropriation of any of the foregoing. 
 “Investor
Subscription Price” shall have the meaning set forth in Section 2.1(a). 
 “Investor Subscription Shares”
shall have the meaning set forth in Section 2.1(a). 
 “Investor Subscription Range” shall mean any amount between
US$1,400,000,000 and US$1,990,000,000. 
 “Investors” shall have the meaning set forth in the Preamble. 

“Key Employees” shall mean the Persons named as key employees in the Restructuring Plan. 

“Knowledge” of any Person shall mean the knowledge of such Person (and in the case of any Person which is not an individual,
any of such Person’s directors or officers). 

  
 7 

 “Law” or “Laws” shall mean all applicable laws,
regulations, rules and Orders of any Governmental Authority, securities exchange or other self-regulating body, including any common or customary law, constitution, code, ordinance, statute or other legislative measure and any regulation, rule,
treaty, order, decree or judgment. For the avoidance of doubt, with respect to the Principal Business, “Law” or “Laws” shall also include administrative/regulatory policies of any applicable Governmental Authority, securities
exchange or other self-regulating body, as reflected in guidance received from such Governmental Authority in the form of notices, correspondences or written communication with such Governmental Authority from time to time, or otherwise reflected in
their administrative or regulatory practice. 
 “Lead Investor” shall mean (a) TPG and (b) such Other Investor as
selected by the Company which shall have (i) become a party to this Agreement pursuant to Section 2.1(a) on or prior to April 30, 2018, (ii) agreed to subscribe for Investor Subscription Shares for an aggregate Investor Subscription
Price not less than US$300,000,000 at the Closing, upon the terms and subject to the conditions of this Agreement, (iii) been designated by Baidu HK as the Investor (other than TPG) that will provide to the Company after Closing certain
strategic resources to the satisfaction of Baidu, and (iv) the right to appoint the Strategic Investor Director pursuant to the Shareholders Agreement on Closing. 

“Leases” shall mean all leases, subleases, licenses, concessions and other agreements (written or oral), including all
amendments, extensions, renewals, guarantees and other agreements with respect thereto, pursuant to which any Group Company or any Baidu Party holds any Leased Real Property. 

“Liabilities” shall mean any and all debts, liabilities, commitments and obligations of any kind, whether fixed, contingent
or absolute, matured or unmatured, liquidated or unliquidated, accrued or not accrued, asserted or not asserted, known or unknown, determined, determinable or otherwise, and whenever or however arising (including whether arising out of any contract
or tort based on negligence or strict liability). 
 “Licensed Intellectual Property” shall mean all Intellectual Property
owned by any Person other than a Group Company and licensed or sublicensed to any Group Company, or any Baidu Party for use in the Principal Business, or for which any Group Company, or any Baidu Party for use in the Principal Business, has obtained
a covenant not to be sued. 
 “Losses” shall have the meaning set forth in Section 5.2(a). 

“Majority Series A Preferred Shareholders” shall have the meaning set forth in the Shareholders Agreement. 

“Material Adverse Effect” shall mean any event, fact, circumstance or occurrence that, individually or in the aggregate,
results in or would reasonably be expected to result in a material adverse change in or a material adverse effect on (a) the condition, assets, liabilities, results of operations or business of the Principal Business and the Group taken as a
whole or (b) the ability of any of the Seller Parties or their respective Affiliates to consummate the Contemplated Transactions; provided, that in determining whether a Material Adverse Effect has occurred pursuant to clause
(a) above, there shall be excluded any effect on the Principal Business or the Group to the extent relating to or arising in connection with (i) any action required to be taken pursuant to the terms and conditions of this Agreement or any
other Transaction Documents or taken at the written direction of the Investors, or (ii) the announcement or consummation of the Contemplated Transactions. 

  
 8 

 “Open Source Software” shall mean any and all Software that (a) is
distributed under an open source license, including (by way of example only) the GNU General Public License, GNU Lesser General Public License, Apache License, Mozilla Public License, BSD License, MIT License, any other license approved as an open
source license by the Open Source Initiative, and any derivative of the foregoing licenses, or (b) is otherwise licensed under any terms or conditions that could require that any Software be (i) made available or distributed in source code
form; (ii) licensed for the purpose of making derivative works; (iii) licensed under terms that allow reverse engineering, reverse assembly or disassembly of any kind; or (iv) redistributable at no charge. 

“Order” shall mean any order, ruling, decision, verdict, decree, writ, subpoena, mandate, command, directive, consent,
approval, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental Authority. 

“Ordinary Shares” shall mean the ordinary shares, par value US$0.0001 per share, in the share capital of the Company. 

“Owned Intellectual Property” shall mean all Intellectual Property owned or purported to be owned by the Group Companies, or
the Baidu Parties for use in the Principal Business. 
 “Parties” shall have the meaning set forth in the Preamble. 

“Party” shall have the meaning set forth in the Preamble. 

“Person” shall mean any natural person, firm, partnership, association, corporation, company, trust, public body or
government or other entity of any kind or nature. 
 “PRC” shall mean the People’s Republic of China, but for purposes
of this Agreement, excluding Hong Kong, the Macau Special Administrative Region and Taiwan. 
 “Principal Business” shall
mean the business of providing, distributing, selling and issuing financial services and products and Internet financial services and products, including (without limitation) online and mobile payment services, lending services, consumer finance
services, installment payment services and wealth management services and products, as such business is conducted by the Baidu Parties and the Group Companies. 

“Relative” of a natural person means such Person’s spouse, parents, children and siblings, whether by blood, marriage or
adoption. 

  
 9 

 “Restructuring” means the contribution of the Principal Business to the
Group by the relevant Baidu Parties pursuant to and in accordance with the details set forth in the Restructuring Plan, and the other transactions expressly contemplated by the Restructuring Plan. 

“Restructuring Documents” shall mean any agreements, documents or certificates delivered pursuant thereto or pursuant to the
Restructuring, each in such form as agreed by TPG and the Seller Parties. 
 “Restructuring Plan” shall mean the
Restructuring Plan in the form attached hereto as Exhibit C. 
 “SEC” shall mean the Securities and Exchange Commission of
the United States of America. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, or any successor
statute, and the rules and regulations promulgated thereunder. 
 “Series A Preferred Shares” shall mean the Series A
preferred shares, par value US$0.0001 per share, in the share capital of the Company. 
 “Shareholders Agreement” shall
mean the Shareholders Agreement to be entered into by and among the Company, Baidu, Baidu HK and the Investors, in the form attached hereto as Exhibit B. 

“Shares” shall mean, collectively, the Ordinary Shares and the Series A Preferred Shares. 

“Software” shall mean any and all (a) computer programs, applications, systems and software, including any and all
software implementations of algorithms, models and methodologies and any and all source code, object code, development and design tools, applets, compilers and assemblers, (b) databases and compilations, including any and all libraries and
collections of data whether machine readable or otherwise, (c) descriptions, flow-charts and other work product used to design, plan, organize and develop any of the foregoing, (d) technology supporting, and the contents and audiovisual
displays of, any internet site(s), and (e) documentation and media, including user manuals and training materials, relating to or embodying any of the foregoing or on which any of the foregoing recorded. 

“Strategic Investor Director” shall have the meaning set forth in the Shareholders Agreement. 

“Subsidiary” shall mean, with respect to any Person, any corporation, partnership, limited liability company or other
organization, whether incorporated or unincorporated, which is Controlled by such Person. For the avoidance of doubt, a “variable interest entity” Controlled by a Person shall be deemed to be a Subsidiary of such Person. 

  
 10 

 “Tax” shall mean any tax, duty, deduction, withholding, impost, levy, fee,
assessment or charge of any nature whatsoever (including income, franchise, value added, sales, use, excise, stamp, customs, documentary, transfer, withholding, property, capital, employment, payroll, ad valorem, net worth or gross receipts taxes
and any social security, unemployment or other mandatory contributions) imposed, levied, collected, withheld or assessed by any local, municipal, regional, urban, governmental, state, national or other Governmental Authority and any interest,
addition to tax, penalty, surcharge or fine in connection therewith, including any obligations to indemnify or otherwise assume, bear or succeed to the liability of any other Person with respect to any of the foregoing items by virtue of any Laws or
contractual arrangements. 
 “Tax Grant” shall mean any Tax exemption, Tax holiday or reduced Tax rate granted by a Taxing
Authority with respect to the Company or any of its Subsidiaries that is not generally available to Persons without specific application therefor. 

“Tax Return” shall mean any Tax return, statement, report, election, declaration, disclosure, schedule or form (including any
estimated tax or information return or report) filed or required to be filed with any Taxing Authority by the Company or any Subsidiary. 

“Threshold” shall have the meaning set forth in Section 5.3(a). 

“Third Party Claim” shall have the meaning set forth in Section 5.3(a). 

“Transaction Documents” shall mean, collectively, this Agreement, the Articles, the Shareholders Agreement, the Transition
Services Agreement, the Restructuring Plan, the Framework Business Cooperation Agreement, the Director Indemnification Agreements, the Restructuring Documents, the Control Documents and any other agreements, documents or certificates delivered
pursuant hereto or thereto. 
 “Transfer Tax” shall mean any transfer, documentary, sales, use, stamp, registration, value
added or other similar Tax (including any penalties and interest). 
 “Transferred Employees” shall mean all employees of
the Baidu Parties who are involved in the Principal Business and whose employment will be transferred to the Group Companies pursuant to the Restructuring. 

“Transition Services Agreement” shall mean the Transition Services Agreement to be entered into by and among certain Group
Companies and Baidu and/or its Affiliates, in the form attached hereto as Exhibit E. 
 “US GAAP” shall mean the Generally
Accepted Accounting Principles of the United States of America. 
 “Wealth Management Asset” shall mean the underlying
assets of the Wealth Management Products distributed, sold or issued by any of the Baidu Parties and the Group Companies. 
 “Wealth
Management Business” shall mean the fund-raising activities in the manner of distributing, selling or issuing wealth management products of, among others, delegated entrustment plan (“定向委托计划”), delegated financing plan (“定向融资计划”), wealth management plan (“理财计划”), assets management plan
(“资产管理计划”), or investment rights assignment (“收益权转让”), as carried out by any of the Baidu Parties and the Group Companies. 

  
 11 

 “Wealth Management Product” shall mean any wealth management product
distributed, sold or issued by any Group Company or any Baidu Party in connection with the Wealth Management Business prior to the Closing (for the avoidance of doubt, including any such product distributed, sold or issued prior to the Closing
but which remains outstanding after the Closing). Such Wealth Management Products shall be considered as outstanding as of a particular date as long as their underlying assets are not fully paid off as of such date. 

Section 1.2 Interpretation. Unless the express context otherwise requires: 

(a) the words “hereof,” “hereby,” “hereto,” “herein,” and “hereunder” and words of similar
import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement; 
 (b)
the terms defined in the singular have a comparable meaning when used in the plural, and vice versa; 
 (c) any references herein to
“US$” are to United States Dollars, and any references herein to “RMB” are to PRC Renminbi; 
 (d) any references herein
to a specific Section, Schedule or Exhibit or to the Recitals or Preamble shall refer, respectively, to Sections, Schedules, Exhibits, Recitals or Preamble of this Agreement, unless otherwise specified; 

(e) wherever the word “include,” “includes” or “including” is used in this Agreement, it shall be deemed to be
followed by the words “without limitation;” 
 (f) references herein to any gender shall include each other gender as the context
requires; 
 (g) the word “or” shall not be exclusive; 

(h) references to “written” or “in writing” include in electronic form; 

(i) the Parties have each participated in the negotiation and drafting of this Agreement and if an ambiguity or question of interpretation
should arise, this Agreement shall be construed as if drafted jointly by the Parties and no presumption of burden of proof shall arise favoring or burdening any Party by virtue of the authorship of any provision in this Agreement; 

(j) reference to any Person includes such Person’s successors and permitted assigns; 

(k) any reference to “days” shall mean calendar days unless Business Days are expressly specified; 

  
 12 

 (l) when calculating the period of time before which, within which or following which any
act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded and if the last day of such period is not a Business Day, the period shall end on the next succeeding
Business Day; 
 (m) any reference to any Law shall be deemed to refer to the applicable Law in effect as of the date hereof (unless the
applicable Law addressed matters as of an earlier date, in which case, applicable Law shall be deemed to mean the applicable Law in effect as of that date); 

(n) any reference in this Agreement to any agreement or instrument (other than the Disclosure Schedule) is a reference to that agreement or
instrument as amended, novated or supplemented; and 
 (o) if any amount in a certain currency is to be translated into an equivalent
amount in another currency, such translation shall be done at the relevant daily spot rate of exchange reported by the People’s Bank of China which appears on the Reuters Screen “SAEC” Page at the end of the day on the second Business
Day immediately prior to the date on which such amount is required to be paid. 
 ARTICLE II 

SUBSCRIPTION AND PURCHASE 

Section 2.1 Subscription and Purchase. 

(a) Subscription of the Investor Subscription Shares. Upon the terms and subject to the conditions of this Agreement, at the Closing,
each Investor shall subscribe for, and the Company shall issue and deliver to such Investor, such number of Series A Preferred Shares as set forth against its name in Schedule 1 hereto in the column entitled “Number of Series A Preferred Shares
Subscribed for” (the “Investor Subscription Shares”), free and clear of all Encumbrances other than transfer restrictions imposed thereon by applicable securities Laws or similar Laws, for a subscription price set forth against
its name in Schedule 1 hereto in the column entitled “Investor Subscription Price” (the “Investor Subscription Price”); provided, that from the date hereof until April 30, 2018, (i) the Company shall agree to
issue and deliver Series A Preferred Shares to one or more Other Investors, (ii) each Other Investor shall execute and deliver to the other Parties a counterpart signature page to this Agreement as an “Other Investor”, and
(iii) subject to Section 2.1(c), Schedule 1 hereto shall be deemed amended to add each Other Investor, the Investor Subscription Price for such Other Investor as agreed between the Company and such Other Investor (and notified to TPG in
writing by the Company within the same day of such agreement) and the Investor Subscription Shares for such Other Investor (which shall be the quotient of (A) the Investor Subscription Price for such Other Investor divided by (B) the same
price per Series A Preferred Share as TPG’s per share Investor Subscription Price); provided, further, that (x) the sum of the aggregate Investor Subscription Price for all Other Investors, plus the aggregate Investor
Subscription Price for TPG shall be within the Investor Subscription Range, (y) at least one of the Other Investors shall be the other Lead Investor and shall have agreed to subscribe for Investor Subscription Shares for an aggregate Investor
Subscription Price not less than US$300,000,000 at the Closing, upon the terms and subject to the conditions of this Agreement (the conditions set forth in sub-clauses (x) and (y) above, the
“Additional Subscription Conditions”) and (z) in no event shall TPG’s Investor Subscription Price be deemed amended pursuant to this Section 2.1(a). The per share Investor Subscription Price shall be US$16.4502, as
rounded, on the Base Case. 

  
 13 

 (b) Baidu Subscription. Upon the terms and subject to the conditions of this
Agreement and the Framework Business Cooperation Agreement, at the Closing, Baidu HK shall subscribe for, and the Company shall issue and deliver to Baidu HK, such number of Ordinary Shares (the “Baidu Subscription Shares”), at a
price per Ordinary Share of US$16.4502 (as rounded, on the Base Case) (being the same as the per share Investor Subscription Price), at an aggregate consideration valued at US$126,984,127. Each of Baidu and Baidu HK hereby, jointly and severally,
acknowledges and agrees that in consideration of the Baidu Subscription Shares issued to Baidu HK by the Company, applicable Affiliates of the Company shall be deemed to have paid, and shall receive credit, for such US$126,984,127 in value of the
services to be provided by applicable Affiliates of Baidu under the Framework Business Cooperation Agreement. The number of the Baidu Subscription Shares shall be 7,719,306, on the Base Case. 

(c) Capitalization Table. The Parties agree that the Capitalization Table set forth in Exhibit F assumes the Investors will subscribe
for Series A Preferred Shares for an aggregate Investor Subscription Price of US$1,825,396,825 (the “Base Case”). The subscription for the Investor Subscription Shares shall take place at a
pre-money valuation of the Company of US$1,825,396,825, on the Base Case. In the event that the amount of aggregate Investor Subscription Price is different from the Base Case, the subscription for the
Investor Subscription Shares shall take place at a pre-money valuation of the Company that equals to (i) US$2,857,142,857, minus (ii) the product of aggregate Investor Subscription Price for all the
Investors multiplied by a fraction, (x) the numerator of which is 6.5, and (y) the denominator of which is 11.5. The aggregate number of outstanding Ordinary Shares of the Company on a fully diluted basis immediately prior to the Closing
(after taking into account the Ordinary Shares reserved for issuance pursuant to the ESOP as contemplated under this Agreement) is 110,965,024, on the Base Case. In the event that the assumption in the first sentence of this Section 2.1(c)
shall vary (but in any event within the parameters set forth in this Agreement), the share numbers and percentages in the Capitalization Table, and used in this Agreement as derived from the Capitalization Table on the Base Case, shall be
appropriately adjusted or re-calculated to reflect such variation pursuant to the formulas incorporated in the Capitalization Table. For the avoidance of doubt, in no event shall the Investor Subscription
Price for TPG (as set forth in Schedule 1) or the Investor Subscription Range be varied, or the aggregate Investor Subscription Price paid by the Investors be over the top end of the Investor Subscription Range. 

Section 2.2 Escrow; Letter of Credit; Closing. 

(a) Subject to Section 2.2(b), on the later of (i) any date within five (5) Business Days after April 30, 2018, or
(ii) the execution and delivery of the Escrow Agreement by the applicable Escrow Agent, pursuant to the applicable Escrow Agreement, each Investor shall pay or cause to be paid to a non-interest bearing
bank account, designated in writing by the Escrow Agent to such Investor, an amount (with respect to such Investor, the “Escrow Amount”) equal to (x) the Investor Subscription Price as applicable to such Investor, multiplied by
(y) such Investor’s Escrow Percentage, in US$ by wire transfer of immediately available funds, such payment obligation to be satisfied by delivery of evidence of an irrevocable payment instruction by such Investor to the Company. Each
Investor’s Escrow Amount shall be used to reduce such Investor’s Investor Subscription Price, be returned to such Investor, or be forfeited by such Investor to the Company, as the case may be, in accordance with this Agreement (including,
without limitation, Section 2.3(a) and Section 6.11(c)) and pursuant to the Escrow Agreement. 

  
 14 

 (b) The Seller Parties agree that, at the sole discretion of TPG, as an alternative to the
payment of the Escrow Amount pursuant to Section 2.2(a), TPG shall have the right to provide to the Company a standby letter of credit or bank guarantee (the “Letter of Credit”) in the face amount equal to its Escrow Amount,
for the benefit of the Company, which may be drawn by the Company in accordance with the terms thereof in the event that the Escrow Amount would have been forfeited by TPG to the Company pursuant to Section 6.11(c) if TPG had paid the Escrow
Amount pursuant to Section 2.2(a). 
 (c) The closing of transactions contemplated in Section 2.1 (collectively, the
“Closing”) shall take place electronically on the twelfth (12th) Business Day following the satisfaction or waiver of the conditions set forth in Section 2.4(a) (other than those conditions that by their terms are to be
satisfied at the Closing, but subject to the satisfaction or waiver of such conditions), or at such other time and place as the Seller Parties and the applicable Investor(s) may agree in writing with respect to such Investor(s). The consummation of
the transactions contemplated in Section 2.1(b) shall not be conditioned on the conditions set forth in Section 2.4, but shall be conditioned on and be held substantially concurrently with the consummation of the transactions contemplated
in Section 2.1(a). 
 Section 2.3 Payment and Delivery. 

(a) At the Closing: 
 (i) each
Investor shall pay and deliver, or cause to be paid and delivered, (1) to the Company an amount equal to the Investor Subscription Price less the Escrow Amount paid by such Investor, or if applicable in the case of TPG, provided through the
Letter of Credit, pursuant to Section 2.2, in US$ by wire transfer of immediately available funds, to such bank account designated in writing by the Company to such Investor no later than five (5) Business Days prior to the Closing Date,
such payment obligation to be satisfied by delivery of evidence of an irrevocable payment instruction by such Investor to the Company on the Closing Date; 

(ii) the Company shall deliver to each Investor (A) a certified true copy of the register of members of the Company evidencing
(x) such Investor as the holder of the Investor Subscription Shares and (y) the capitalization of the Company as of immediately after the Closing and completion of the transactions contemplated by Sections 2.1, and (B) a certified
true copy of the register of directors of the Company evidencing the appointment of the directors appointed by the applicable Investor to the Board pursuant to the Shareholders Agreement; and 

(iii) the Company shall deliver to Baidu HK (A) a certified true copy of the register of members of the Company evidencing (x) Baidu
HK as the holder of the Baidu Subscription Shares and (y) the capitalization of the Company as of immediately after the Closing and completion of the transactions contemplated by Sections 2.1, and (B) a certified true copy of the register
of directors of the Company evidencing the appointment of the directors appointed by Baidu HK to the Board pursuant to the Shareholders Agreement. 

  
 15 

 (b) Share Certificates. Within ten (10) Business Days after the Closing Date,
the Company shall deliver one or more duly executed share certificates (i) to each Investor in respect of the Investor Subscription Shares issued to such Investor, and (ii) to Baidu HK in respect of the Baidu Subscription Shares. Each of
the share certificates in respect of any of the Investor Subscription Shares, and the Ordinary Shares owned by Baidu HK at the Closing (including the Baidu Subscription Shares) will be endorsed with the following legend: 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (AS AMENDED, THE “ACT”) OR UNDER THE SECURITIES LAWS OF ANY STATE.
THIS SECURITY MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR (B) AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED UNDER THE ACT. 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH
IN THE APPLICABLE SHAREHOLDERS AGREEMENT, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON REQUEST TO THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE. 

Section 2.4 Conditions. 

(a) Conditions to Each Investor’s Obligations to Effect the Closing. The obligation of each Investor
to consummate the transactions contemplated by Section 2.1 is subject to the satisfaction, on or before the Closing Date, of the following conditions, any of which may be waived in writing by any Investor (for purposes of the Closing with
respect of such Investor) in its sole discretion: 
 (i) (A) The Fundamental Representations shall have been true and accurate in all
respects and (B) the representations and warranties of Baidu and Baidu HK contained in Section 3.1 and the representations and warranties of the Company contained in Section 3.2 (in each case, other than the Fundamental
Representations) shall have been true and accurate in all respects (in the case of any such representation or warranty containing any materiality or Material Adverse Effect qualifier) or in all material respects (in the case of any such
representation or warranty without any materiality or Material Adverse Effect qualifier), in the case of sub-clauses (A) and (B) above, as of the date of this Agreement and as of the Closing Date as if
made on and as of the Closing Date (except for such representations and warranties that are made as of a specific date, which shall speak only as of such date). 

(ii) The Seller Parties shall have performed and complied in all material respects with all, and not be in breach or default in any material
respect under any, agreements, covenants, conditions and obligations contained in this Agreement and the other Transaction Documents that are required to be performed or complied with on or before the Closing Date. 

  
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 (iii) No Governmental Authority shall have enacted, issued, promulgated, enforced or
entered any Law (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the Contemplated Transactions, or imposes any damages or penalties in
connection with the Contemplated Transactions; and no Action shall have been instituted or threatened by any Governmental Authority or any third party that seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of
the Contemplated Transactions, or imposes any damages or penalties in connection with the consummation of the Contemplated Transactions. 

(iv) The Baidu Parties and the Group Companies shall have obtained any and all Authorizations necessary for the issuance by the Company of the
Investor Subscription Shares to such Investor and the entry by any Baidu Party or any Group Company into the Transaction Documents to which it is a party and the performance by it of its obligations contemplated thereby, all of which shall be in
full force and effect. 
 (v) The Baidu Restructuring Cash shall have been invested. 

(vi) The Payment Business License
(《支付业务许可证》) possessed by Beijing Baifubao Technology Co., Ltd.
(北京百付宝科技有限公司, “Baifubao”)
(the expiration date of which is July 5, 2018) shall have been duly renewed with the competent Governmental Authorities. 

(vii) No event, development or circumstances shall have occurred or come to exist which, individually or in the aggregate, has resulted in a
Material Adverse Effect. 
 (viii) The portion of the Restructuring to be completed prior to the Closing pursuant to, and the obligations of
each of the Baidu Parties and the Group Companies to be performed prior to the Closing under, the Restructuring Plan shall have been completed in accordance with the Restructuring Plan to the reasonable satisfaction of TPG. 

(ix) Baidu and the Company shall have delivered to such Investor a duly executed certificate, dated the Closing Date, certifying that the
conditions set forth in Section 2.4(a)(i), Section 2.4(a)(ii), Section 2.4(a)(iii), Section 2.4(a)(iv), Section 2.4(a)(v), Section 2.4(a)(vi), Section 2.4(a)(vii), Section 2.4(a)(viii),
Section 2.4(a)(xiii), Section 2.4(a)(xv), Section 2.4(a)(xvi), Section 2.4(a)(xvii) and Section 2.4(a)(xviii) have been satisfied. 

(x) Baidu or the Company shall have delivered to such Investor a copy of each of the Shareholders Agreement and the Director Indemnification
Agreements, duly executed by all of the parties thereto other than the Investors and the director appointed by the applicable Investor to the Board pursuant to the Shareholders Agreement. 

  
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 (xi) Baidu or the Company shall have delivered to such Investor a copy of each of the
Framework Business Cooperation Agreement and the Transition Services Agreement, duly executed by all of the parties thereto. 
 (xii) Baidu
or the Company shall have delivered to such Investor legal opinions issued to the Investors by the Company’s Cayman Islands and PRC legal counsels, dated the Closing Date, relating to the Contemplated Transactions and including those items set
forth on Exhibit G. 
 (xiii) (A) The Articles shall have been duly adopted by the Company and shall remain in full force and effect,
(B) the Initial Budget and the Initial Business Plan shall have been adopted by the Company, and (C) the ESOP shall have been adopted by the Company and shall remain in full force and effect. 

(xiv) TPG shall have appointed two directors to the Board and the other Lead Investor shall have appointed the Strategic Investor Director to
the Board pursuant to the Shareholders Agreement. 
 (xv) The Board and the shareholders of the Company shall have adopted resolutions
approving the Contemplated Transactions. 
 (xvi) Other than the matters set forth on Section 2.4(a)(xvi) of the Disclosure Schedule,
all Permits required for the operation of the Principal Business shall be in possession of the Group and such Permits shall be valid and in full force and effect. 

(xvii) Each Transferred Employee contemplated under the Restructuring Documents to be transferred to the Group Companies prior to the Closing
shall have duly transferred pursuant to and in accordance with the Restructuring Documents, and each Key Employee shall be employed by a Group Company. 

(xviii) All notices, consents or approvals in connection with the matters set forth on Section 2.4(a)(xviii) of the Disclosure Schedule
shall have been delivered or obtained, as applicable. 
 (xix) All Contemplated Transactions under Sections 2.1(a) and 2.1(b) shall occur
concurrently at the Closing. 
 (b) Conditions to Baidu’s, Baidu HK’s and the Company’s Obligations to Effect the
Closing. The obligation of Baidu, Baidu HK and the Company to consummate the transactions contemplated by Section 2.1 with any Investor is subject to the satisfaction, on or before the Closing Date, of each of the following conditions, any
of which may be waived in writing by Baidu, Baidu HK or the Company in its sole discretion: 
 (i) The representations and warranties of
such Investor contained in Section 3.3 shall have been true and accurate in all respects (in the case of any such representation or warranty containing any materiality qualification) or in all material respects (in the case of any such
representation or warranty without any materiality qualification) as of the date of this Agreement and as of the Closing Date as if made on and as of the Closing Date (except for such representations and warranties that are made as of a specific
date, which shall speak only as of such date). 

  
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 (ii) Such Investor shall have performed and complied in all material respects with all, and
not be in breach or default in any material respect under any, agreements, covenants, conditions and obligations contained in this Agreement and the other Transaction Documents that are required to be performed or complied with on or before the
Closing Date. 
 (iii) No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law (whether temporary,
preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the Contemplated Transactions, or imposes any damages or penalties in connection with the Contemplated
Transactions; and no Action shall have been instituted or threatened by any Governmental Authority or any third party that seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the Contemplated Transactions, or
imposes any damages or penalties in connection with the consummation of the Contemplated Transactions. 
 (iv) Such Investor shall have
delivered to the Company a copy of each of the Shareholders Agreement and the Director Indemnification Agreement (if applicable) in respect of the director nominated by the Investors to the Board, duly executed by such Investor or such director (as
the case may be). 
 Section 2.5 Closing Date Payment Adjustment. 

(a) For purposes of this Agreement: 

(i) “Closing Net Assets Attributable to Shareholders of Parent” means the consolidated total assets, minus the consolidated
total liabilities, and minus the noncontrolling interests of the Principal Business, as determined as of 12:01 a.m. (Hong Kong time) on the Closing Date and shown on the Closing Balance Sheet, for the avoidance of doubt disregarding the Baidu
Restructuring Cash or any Investment Subscription Price. 
 (ii) “Post-Closing Adjustment Amount” means an amount, which
may be a positive or a negative number, equal to the Final Closing Net Assets Attributable to Shareholders of Parent minus the Target Net Assets Attributable to Shareholders of Parent. 

(iii) “Target Net Assets Attributable to Shareholders of Parent” means the USD equivalent of RMB9,000,000,000. 

(iv) For purposes of this Section 2.5, to the extent any portion of the Restructuring is not completed prior to the Closing, pro forma
adjustments shall be made to the extent required on the same basis as if such portion of the Restructuring were effective at the Closing Date. 

  
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 (b) Closing Statement. As soon as practicable, but not later than ten (10) days
following the Closing Date, PricewaterhouseCoopers, or another “Big Four” firm of independent certified public accountants mutually agreed upon by the Lead Investors, shall be engaged for the preparation and delivery, within fifty
(50) days from the date of its engagement, to each Investor and the Seller Parties a statement (the “Closing Statement”) consisting of (i) an audited consolidated balance sheet of the Principal Business as determined as of
12:01 a.m. (Hong Kong time) on the Closing Date and reasonable supporting documentation therefor, together with a report of such independent certified public accountant thereon, (the “Closing Balance Sheet”), and (ii) a
statement setting forth the Closing Net Assets Attributable to Shareholders of Parent. The Closing Statement (and each component thereof) shall be prepared in accordance with the definitions in this Agreement and US GAAP applied on a basis
consistent with those used in the preparation of the Financial Statements, except that the following shall be adopted in the preparation of the Closing Statement: Accounting Standards Update 2016-13, Financial
Instruments—Credit Losses (Topic 326) issued by the Financial Accounting Standards Board on June 16, 2016. 
 (c) Dispute
Notice. The Closing Statement shall become final, binding and conclusive upon each Investor and the Seller Parties on the thirtieth (30th) day following the Investor’s receipt of the Closing Statement, unless on or prior to such thirtieth
day any Seller Party delivers to the Company and each Lead Investor a written notice (a “Dispute Notice”) specifying in reasonable detail each item that such Seller Party disputes (each, a “Disputed Item”), and to
the extent such Seller Party is reasonably able to so specify, the amount in dispute for each Disputed Item (it being understood that such Seller Party shall be deemed to have agreed to all other items and amounts in the Closing Statement as to
which such Seller Party did not dispute). 
 (d) Resolution Period. If the Company and the Lead Investors receive a Dispute Notice,
then the Seller Parties and the Lead Investors shall seek in good faith to resolve the Disputed Items within the fifteen (15) days from the date the Company and each Lead Investor receive the Dispute Notice (the “Resolution
Period”). If the Seller Parties and the Lead Investors reach agreement with respect to any Disputed Items, the Closing Statement shall be deemed to be revised to reflect such agreement. 

(e) Independent Accountant. If the Seller Parties and the Lead Investors are unable to resolve all of the Disputed Items during the
Resolution Period, then the Seller Parties and the Lead Investors shall jointly engage and submit the unresolved Disputed Items (the “Unresolved Items”) to a partner in the Hong Kong office of an internationally recognized
independent public accounting firm (other than independent certified public accounting firm that prepared the Closing Statement pursuant to Section 2.5(b)) appointed by mutual agreement of the Seller Parties and the Lead Investors (the
“Independent Accountant”); provided that, if Seller Parties and the Lead Investors do not appoint an Independent Accountant within ten (10) days after the end of the Resolution Period, they shall request the HKIAC to
appoint as the Independent Accountant a partner in the Hong Kong office of an internationally recognized independent public accounting firm that has not had a material relationship with the Seller Parties, the Lead Investors, or any of their
respective Affiliates within the preceding two years, and such appointment shall be final, binding and conclusive on the Seller Parties and the Lead Investors. The Independent Accountant shall act as an arbitrator to determine, based solely on
presentations by the Seller Parties and the Lead Investors and not by independent review, only the Unresolved Items still in dispute and shall be limited to those adjustments, if any, required to be made for the Closing Statement to comply with the
provisions of this Agreement. The parties shall agree, promptly after the Independent Accountant has been appointed, on procedures governing the resolution of any dispute by the Independent Accountant; provided that if the parties fail to
agree on such procedures, the dispute resolution procedures of the HKIAC shall govern. The Seller Parties and the Lead Investors shall use their reasonable best efforts to cause the Independent Accountant to issue its written determination regarding
the Unresolved Items within thirty (30) days after such items are submitted for review. The Independent Accountant shall make a determination with respect to the Unresolved Items only and in a manner consistent with this Section 2.5, the
definitions in this Agreement and US GAAP applied on a basis consistent with those used in the preparation of the Financial Statements, but in all instances in accordance with US GAAP (except that the following shall be adopted in the
preparation of the Closing Statement: Accounting Standards Update 2016-13, Financial Instruments—Credit Losses (Topic 326) issued by the Financial Accounting Standards Board on June 16, 2016), and in
no event shall the Independent Accountant’s determination of the Unresolved Items be for an amount that is outside the range of the Seller Parties’ and the Lead Investors’ disagreement. Each Party shall use its reasonable best efforts
to furnish to the Independent Accountant such work papers and other documents and information pertaining to the Unresolved Items as the Independent Accountant may reasonably request. The determination of the Independent Accountant shall be final,
binding and conclusive upon the Seller Parties and the Investors, absent manifest error, and the Closing Statement shall be deemed to be revised to reflect such determination upon receipt thereof. The fees, expenses and costs of the Independent
Accountant shall be borne equally by Baidu (on the one hand) and the Investors (on the other hand, and as among the Investors, on a pro rata basis according to their respective number of Investor Subscription Shares). 

  
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 (f) Access to Information. Each Party shall use its reasonable best efforts to
provide promptly to the other Parties all information and reasonable access to service providers and accountants as such other Parties shall reasonably request in connection with preparation and review of the Closing Statement or the Dispute Notice,
as the case may be, including all work papers of the accountants who audited, compiled or reviewed such statements or notices (subject to a party and its representatives executing a customary non-reliance
agreement if required by the other party’s accountants in connection herewith), and shall otherwise cooperate in good faith with such other party to arrive at a final determination of the Closing Statement. 

(g) Final Closing Net Assets Attributable to Shareholders of Parent. The Closing Net Assets Attributable to Shareholders of
Parent as finally determined pursuant to this Section 2.5 shall be deemed the “Final Closing Net Assets Attributable to Shareholders of Parent.” 

(h) Adjustment Amount. If and only if the Post-Closing Adjustment Amount is a negative amount, then Baidu and Baidu HK hereby, jointly
and severally, undertakes that it shall, within three (3) business days after the determination of the Final Closing Net Assets Attributable to Shareholders of Parent, pay or cause to be paid an amount equal to the Post-Closing Adjustment
Amount to the Company, in cash by wire transfer of immediately available funds account designated by the Company in writing or in any other manner as agreed by the Company. 

  
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Section 3.1 Representations and Warranties of Baidu and Baidu HK. Subject to Section 6.1, each of Baidu and Baidu HK
hereby, jointly and severally, represents and warrants to each Investor the following as of the date hereof and as of the Closing Date, and, with respect to Section 3.1(g)(ii) and Section 3.1(h), as of the date hereof, the Closing Date and
the date on which the Restructuring is completed:  
 (a) Authority. Each Baidu Party has full power and authority to
enter into, execute and deliver each Transaction Document to which it is or will be a party and to perform its obligations thereunder. The execution and delivery by each Baidu Party of each Transaction Document to which it is or will be a party and
the performance by it of its obligations thereunder have been duly authorized by all requisite actions on its part. 
 (b) Valid
Agreement. Each Transaction Document to which any Baidu Party is or will be a party has been or will be duly executed and delivered by such Baidu Party and constitutes, or when executed and delivered in accordance herewith will constitute, the
legal, valid and binding obligations of such Baidu Party, enforceable against such Baidu Party in accordance with its terms, except as limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally and (ii) laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 

(c) Non-Contravention; Litigation. Neither the execution and delivery of each Transaction Document to which any Baidu Party is or will
be a party nor the consummation of any of the Contemplated Transactions will (i) violate any provision of the organizational documents of such Baidu Party or violate any Law or Order to which such Baidu Party is subject or (ii) conflict
with, result in a breach of, constitute a default under, result in the acceleration of or creation of an Encumbrance under or create in any party the right to accelerate, terminate, modify or cancel any Contract to which such Baidu Party is a party,
by which such Baidu Party is bound or to which any of such Baidu Party’s assets are subject. There is no action, suit, litigation, arbitration, investigation, claim or proceeding (an “Action”) pending or, to the Knowledge of the Baidu
Parties, threatened in writing against any Baidu Party that (A) questions the validity of this Agreement or the right of any Baidu Party to enter into each Transaction Document to which it is or will be a party or to consummate the Contemplated
Transactions or (B) would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 (d)
Consents and Approvals. None of the execution and delivery of each Transaction Document to which any Baidu Party is or will be a party, the consummation of any of the Contemplated Transactions nor the performance by any Baidu Party of each
Transaction Document to which such Baidu Party is or will be a party in accordance with its terms requires any consent, approval, order, license or authorization of, registration, certificate, declaration or filing with or notice to any Governmental
Authority or any other Person (each, an “Authorization”), except for those Authorizations expressly set forth in the Transaction Documents. 

  
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 (e) Compliance with Laws. None of the Baidu Parties has been in violation in any
material respect of any applicable Law or Order applicable in relation to its operation of the Principal Business since its establishment. 

(f) Anti-bribery, Anti-corruption, Anti-money Laundering and Sanctions. 

(i) Anti-bribery and Anti-corruption. Each of the Baidu Parties and, to the Knowledge of the Baidu Parties, their Affiliates and their
respective directors, officers, managers, employees, independent contractors, representatives, agents and other Persons acting on their behalf (collectively, “Representatives”) are and have been in compliance with all applicable
Laws relating to anti-bribery, anti-corruption, record keeping and internal control laws (collectively, the “ABAC Laws”) in connection with the Principal Business. Without limiting the foregoing, in connection with the Principal
Business, neither any Baidu Party nor, to the Knowledge of the Baidu Parties, any of its Representatives has, directly or indirectly, offered, authorized, promised, condoned, participated in, consummated, or received notice of any allegation or
request for information of, or has information that would lead a reasonable person to believe there is a high likelihood of, (1) the making of any gift or payment of anything of value to any public official by any Person to obtain any improper
advantage, affect or influence any act or decision of any such public official, or assist any Baidu Party in obtaining or retaining business for, or with, or directing business to, any Person; (2) the taking of any action by any Person which
(A) would violate the United States Foreign Corrupt Practices Act of 1977, as amended (“FCPA”), if taken by an entity subject to the FCPA, (B) would violate the U.K. Bribery Act, if taken by an entity subject to the U.K.
Bribery Act, or (C) could reasonably be expected to constitute a violation of any applicable ABAC Law; (3) the making of any false or fictitious entries in the books or records of any Baidu Party by any Person; or (4) the using of any
assets of any Baidu Party for the establishment of any unlawful or unrecorded fund of monies or other assets, or the making of any unlawful or undisclosed payment. The Baidu Parties have established reasonable internal controls and procedures
intended to ensure compliance with the Laws in connection with the Principal Business. 
 (ii) Sanctions. None of the Baidu Parties
or, to the Knowledge of the Baidu Parties, any of their respective Representatives, is owned or Controlled by a Person that is targeted by or the subject of any sanctions administered by the Office of Foreign Assets Control of the U.S. Department of
Treasury (“OFAC”), or by the U.S. Department of State, or any sanctions imposed by the European Union (including under Council Regulation (EC) No. 194/2008), the United Nations Security Council, Her Majesty’s Treasury or
any other relevant Governmental Authority or has engaged in any activities that would be in violation of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, as amended or the Iran Sanctions Act, as amended, or sanctions and
measures imposed by the United Nations or any other relevant Governmental Authority (collectively, the “Sanctions Laws”). None of the Baidu Parties or, to the Knowledge of the Baidu Parties, any of their respective Representatives,
has been investigated or is being investigated or is subject to a pending or, to the Knowledge of the Baidu Parties, threatened investigation in relation to any Sanctions Laws by any law enforcement, regulatory or other Governmental Authority or any
customer or supplier, or has admitted to, or been found by a court in any jurisdiction to have engaged in any violation of any Sanctions Laws or been debarred from bidding for any contract or business, and to the Knowledge of the Baidu Parties,
there are no circumstances which are likely to give rise to any such investigation, admission, finding or disbarment. 

  
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 (iii) Anti-Money Laundering. The operations of the Baidu Parties in connection with
the Principal Business are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, to the
extent applicable, the applicable anti-money laundering statutes of all jurisdictions where the Baidu Parties conduct business, the rule and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or
enforced by any Governmental Authority (collectively, the “Anti-Money Laundering Laws”). The Baidu Parties have instituted, maintain and enforce policies and procedures designed to ensure compliance with Anti-Money Laundering Laws
in connection with the Principal Business. For the past five years, in connection with the Principal Business, none of the Baidu Parties have been penalized for or threatened to be charged with, or given notice of any violation of, or, to the
Knowledge of the Baidu Parties, under investigation with respect to, any Anti-Money Laundering Laws, and no Action by or before any court, Governmental Authority or any arbitrator involving any of the Baidu Parties with respect to Anti-Money
Laundering Laws is pending or threatened. 
 (g) Principal Business; Contributed Assets. 

(i) Ordinary Course. The Principal Business has been carried on in the ordinary course and is a going concern. There is no existing
fact or circumstance that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on the Principal Business. 

(ii) Sufficiency of Assets; Contributed Assets. The assets, properties and rights owned or leased by the Group Companies and the other
Contributed Assets constitute all of the assets, properties and rights (tangible and intangible) that are necessary for the conduct of the Principal Business as conducted as of the date hereof. As of the date hereof, the relevant Baidu Parties and
the Group Companies have good and marketable title in and to, or a valid leasehold interest in, each of the Contributed Assets, free and clear of all Encumbrances other than the Encumbrances expressly provided for in the Transaction Documents. Upon
the completion of the Restructuring, the Group Companies will have good and marketable title in and to, or a valid leasehold interest in, each of the Contributed Assets, free and clear of all Encumbrances other than the Encumbrances expressly
provided for in the Transaction Documents. 
 (iii) The Contributed Assets have been maintained in accordance with prudent practice in all
material respects and in compliance with Laws in all material respects. 

  
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 (h) Restructuring Documents. Each Restructuring Document to which any Baidu Party is
or will be a party will, upon execution, constitute the legal, valid and binding obligation of each party thereto, enforceable against such party in accordance with its terms, except as limited by (i) applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally and (ii) laws relating to the availability of specific performance, injunctive relief or other equitable remedies. The
execution, delivery and performance of, and compliance with, the Restructuring Documents by the parties thereto will not result in any violation, breach or default, with or without the passage of time or the giving of notice or both, of any
organizational document of any Baidu Party, any Contract to which any Baidu Party is a party or by which any Baidu Party is bound or any Law or Order to which any Baidu Party is subject. 

(i) Finders’ Fees. Except for Huatai Securities whose fees and expenses will be paid by Baidu and the Company pursuant to the
Restructuring Documents and will not be paid by any Investor, there is no investment banker, broker, finder or other intermediary which has been retained by or is authorized to act on behalf of any Baidu Party or any Group Company who might be
entitled to any fee or commission in connection with the Contemplated Transactions. 
 Section 3.2 Representations and Warranties
of the Company. Subject to Section 6.1, the Company hereby represents and warrants to each Investor the following as of the date hereof and as of the Closing Date, and, with respect to Section 3.2(n)(ii), as of the date
hereof, the Closing Date and the date on which the Restructuring is completed: 
 (a) Due Formation. Each Group Company is duly
formed, validly existing and in good standing in its jurisdiction of organization and has all requisite power and authority to carry on its business as it is currently being conducted. The organizational documents, each as amended to date, of each
Group Company are in full force and effect. No Group Company is in violation of any of the provisions of its organizational documents in any material respect. 

(b) Authority. Each Group Company has full power and authority to enter into, execute and deliver each Transaction Document to which it
is or will be a party and to perform its obligations thereunder. The execution and delivery by each Group Company of each Transaction Document to which it is or will be a party and the performance by such Group Company of its obligations thereunder
have been duly authorized by all requisite actions on its part. 
 (c) Valid Agreement. Each Transaction Document to which any Group
Company is or will be a party has been or will be duly executed and delivered by such Group Company and constitutes, or when executed and delivered in accordance herewith will constitute, the legal, valid and binding obligations of such Group
Company, enforceable against it in accordance with its terms, except as limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally
and (ii) laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 

  
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 (d) Capitalization. 

(i) As of the date hereof, the authorized share capital of the Company is US$50,000 divided into a total of 500,000,000 Ordinary Shares,
10,000 of which are issued and outstanding. Immediately prior to the Closing, the authorized share capital of the Company is US$50,000 divided into, on the Base Case, a total of 389,034,977 Ordinary Shares , 84,333,418 of which will be issued and
outstanding, and 110,965,023 Series A Preferred Shares, none of which are issued and outstanding. The Capitalization Table accurately describes the capitalization of each Group Company on a fully diluted basis as of the date hereof, immediately
prior to the Closing and immediately following the Closing, in each case reflecting all the then outstanding Equity Securities in such Group Company and the record and beneficial holders thereof, and the name and jurisdiction of organization of each
Group Company. All of the outstanding Equity Securities in each Group Company are duly authorized, validly issued, fully paid and non-assessable, free and clear of all Encumbrances. 

(ii) Except for certain rights provided in or contemplated by the Transaction Documents (including relevant Control Documents) and provided
under applicable Laws and the outstanding Equity Securities set forth in the Capitalization Table, (1) there are no outstanding Equity Securities in any Group Company, (2) no Equity Securities in any Group Company are subject to any
preemptive rights, rights of first refusal or first offer or other rights to purchase such Equity Securities or any other rights with respect to such Equity Securities, (3) no Group Company is a party or subject to any Contract that affects or
relates to the voting or giving of written consents with respect to any Equity Securities in such Group Company, (4) there are no obligations, contingent or otherwise, of any Group Company to issue, repurchase, redeem or otherwise acquire any
Equity Securities, and (5) there are no dividends which have accrued or been declared but are unpaid by any Group Company. 
 (iii)
Section 3.2(d)(iii) of the Disclosure Schedule sets forth (1) the name of each Person in which the Company holds, directly or indirectly, a minority interest in such Person’s Equity Securities (each, a “Joint Venture
Affiliate”), (2) a description of the interests in each such Joint Venture Affiliate and (3) the name of each immediate owner of any such interest and its percentage interest. The interest of the Company in each Joint Venture Affiliate
is owned by the Company, directly or indirectly, free and clear of all Encumbrances. 
 (e) Due Issuance and Delivery. The Investor
Subscription Shares have been duly authorized and, when issued and delivered to and paid for by the applicable Investor pursuant to this Agreement, will be validly issued, fully paid and non-assessable, free
and clear of all Encumbrances (except for restrictions arising under the Securities Act or created by virtue of the Transaction Documents). Upon delivery and entry into the register of members of the Company of the Investor Subscription Shares, such
Investor shall have good and valid title to the Investor Subscription Shares, free and clear of all Encumbrances (except for restrictions arising under the Securities Act or created by virtue of the Transaction Documents). The Ordinary Shares
issuable upon conversion of the Investor Subscription Shares will be reserved for issuance at and after the Closing and, upon issuance in accordance with the terms of the Articles, will be duly and validly issued, fully paid and non-assessable, free and clear of all Encumbrances (except for restrictions arising under the Securities Act or created by virtue of the Transaction Documents). 

  
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 (f) Non-Contravention. Neither the execution and delivery of each
Transaction Document to which any Group Company is or will be a party nor the consummation of any of the Contemplated Transactions will (i) violate any provision of the organizational documents of any Group Company or violate any Law or Order
to which any Group Company is subject or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation of an Encumbrance under or create in any party the right to accelerate, terminate, modify
or cancel any Contract to which any Group Company is a party, by which any Group Company or the Principal Business is bound or to which any assets of any Group Company or the Principal Business are subject. 

(g) Litigation. There is no Action pending or threatened in writing against any Group Company or affecting the Principal Business that
(A) questions the validity of this Agreement or the right of any Group Company to enter into each Transaction Document to which it is or will be a party or to consummate the Contemplated Transactions, or (B) would reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect. 
 (h) Consents and Approvals. None of the execution and delivery
of each Transaction Document to which any Group Company is or will be a party, the consummation of any of the Contemplated Transactions nor the performance by any Group Company of each Transaction Document to which such Group Company is or will be a
party in accordance with its terms requires any Authorization, except for those Authorizations expressly set forth in the Transaction Documents. 

(i) Compliance with Laws. None of the Group Companies or any Baidu Party in relation to the Principal Business, has been in violation
in any material respect with any Law or Order applicable to it since its establishment. 
 (j) Permits. Each of the Group Companies
and the Baidu Parties in relation to the Principal Business is in possession of all material licenses, franchises, permits, certificates, approvals or other similar authorizations of any Governmental Authority necessary (i) to carry on and
operate the Principal Business, and (ii) to own, lease, operate and use the Contributed Assets (collectively, the “Permits”) and such Permits are valid and in full force and effect. On the Closing Date, the Group Companies
shall be in possession of all Permits. None of the Group Companies and the Baidu Parties is in default under, and no condition exists that with notice or lapse of time or both would constitute a default under, any of the Permits and none of the
Permits will be terminated or impaired or become terminable, in whole or in part, as a result of the Contemplated Transactions. None of the Group Companies and the Baidu Parties is party to any Action seeking the revocation, suspension, termination,
adverse modification or impairment of any Permit. 

  
 27 

 (k) Anti-bribery, Anti-corruption, Anti-money Laundering and Sanctions. 

(i) Anti-bribery and Anti-corruption. Each of the Group Companies and, to the Knowledge of the Group Companies, their Affiliates and
their respective Representatives are and have been in compliance with all applicable laws relating to anti-bribery, anti-corruption, record keeping and internal control laws (collectively, the “ABAC Laws”) in connection with
the Principal Business. Without limiting the foregoing, in connection with the Principal Business, neither any Group Company nor, to the Knowledge of the Group Companies, any of its Representatives has, directly or indirectly, offered, authorized,
promised, condoned, participated in, consummated, or received notice of any allegation or request for information of, or has information that would lead a reasonable person to believe there is a high likelihood of, (1) the making of any gift or
payment of anything of value to any public official by any Person to obtain any improper advantage, affect or influence any act or decision of any such public official, or assist any Group Company in obtaining or retaining business for, or with, or
directing business to, any Person; (2) the taking of any action by any Person which (A) would violate the United States Foreign Corrupt Practices Act of 1977, as amended (“FCPA”), if taken by an entity subject to the FCPA,
(B) would violate the U.K. Bribery Act, if taken by an entity subject to the U.K. Bribery Act, or (C) could reasonably be expected to constitute a violation of any applicable ABAC Law; (3) the making of any false or fictitious entries
in the books or records of any Group Company by any Person; or (4) the using of any assets of any Group Company for the establishment of any unlawful or unrecorded fund of monies or other assets, or the making of any unlawful or undisclosed
payment. The Group Companies have established reasonable internal controls and procedures intended to ensure compliance with the Laws in connection with the Principal Business. 

(ii) Sanctions. None of the Group Companies or, to the Knowledge of the Group Companies, any of their respective Representatives, is
owned or Controlled by a Person that is targeted by or the subject of any sanctions administered by the Office of Foreign Assets Control of the U.S. Department of Treasury (“OFAC”), or by the U.S. Department of State, or any
sanctions imposed by the European Union (including under Council Regulation (EC) No. 194/2008), the United Nations Security Council, Her Majesty’s Treasury or any other relevant Governmental Authority or has engaged in any activities that
would be in violation of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, as amended or the Iran Sanctions Act, as amended, or sanctions and measures imposed by the United Nations or any other relevant Governmental
Authority (collectively, the “Sanctions Laws”). None of the Group Companies or, to the Knowledge of the Group Companies, any of their respective Representatives, has been investigated or is being investigated or is subject to a
pending or, to the Knowledge of the Group Companies, threatened investigation in relation to any Sanctions Laws by any law enforcement, regulatory or other Governmental Authority or any customer or supplier, or has admitted to, or been found by a
court in any jurisdiction to have engaged in any violation of any Sanctions Laws or been debarred from bidding for any contract or business, and to the Knowledge of the Group Companies, there are no circumstances which are likely to give rise to any
such investigation, admission, finding or disbarment. 
 (iii) Anti-Money Laundering. The operations of the Group Companies in
connection with the Principal Business are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as
amended, to the extent applicable, the applicable anti-money laundering statutes of all jurisdictions where the Group Companies conduct business, the rule and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any Governmental Authority (collectively, the “Anti-Money Laundering Laws”). The Group Companies have instituted, maintain and enforce policies and procedures designed to ensure compliance with
Anti-Money Laundering Laws in connection with the Principal Business. For the past five years, in connection with the Principal Business, none of the Group Companies have been penalized for or threatened to be charged with, or given notice of any
violation of, or, to the Knowledge of the Group Companies, under investigation with respect to, any Anti-Money Laundering Laws, and no Action by or before any court, Governmental Authority or any arbitrator involving any of the Group Companies with
respect to Anti-Money Laundering Laws is pending or threatened. 

  
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 (l) Financial Statements; No Undisclosed Liabilities; Intercompany Accounts. 

(i) The Company have made available to the Investors the unaudited pro forma consolidated balance sheet as of December 31, 2017 (the
“Balance Sheet Date”) and the related unaudited pro forma consolidated income statement for the year ended December 31, 2017 of the Principal Business (collectively, the “Financial Statements”). The Financial
Statements present a true and fair view of, in conformity with the US GAAP applied on a consistent basis, the consolidated financial position of the Principal Business as of the date thereof and their consolidated results of operations for the
periods then ended (subject to normal year-end adjustments in the case of any unaudited interim financial statements). The Financial Statements do not reflect the assets, liabilities or operations of any
entity or business other than the Principal Business and the Group Companies. The Group Companies have prepared and maintained their financial accounts, based on which the Financial Statements have been prepared, on a consistent basis in accordance
with applicable Laws and applicable accounting standards and principles. The Group Companies’ accounting records are in the Group Companies’ possession or under their control and have been maintained in all material respects in accordance
with applicable Laws. 
 (ii) Neither the Group Companies nor the Principal Business has any Liabilities, except for Liabilities
(1) reflected or reserved for in the Financial Statements, (2) incurred after the Balance Sheet Date in the ordinary course of business consistent with past practice, or (3) which individually do not exceed US$1,000,000. 

(iii) Section 3.2(k)(iii) of the Disclosure Schedule contains a complete list of each intercompany Indebtedness in excess of US$100,000
as of the Balance Sheet Date between Baidu or any of its Affiliates (other than the Group Companies), on the one hand, and any of the Group Companies, on the other hand. Since the Balance Sheet Date, there has not been any accrual of Liability that
is individually in excess of US$1,000,000 by any Group Company to Baidu or any of its Affiliates (other than the Group Companies) or any other transaction that is individually in excess of US$1,000,000 between any Group Company and Baidu or any of
its Affiliates (other than the Group Companies), except in the ordinary course of business of the consistent with past practice. 

  
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 (m) Absence of Certain Changes. 

(i) Since the Balance Sheet Date, the business of the Group Companies and the Principal Business have been conducted in the ordinary course
consistent with past practices (except as required by applicable Laws) and there has not been any event, development or circumstances that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(ii) From the Balance Sheet Date until the date hereof, there has not been any action taken by any Group Company or any action taken by any
Baidu Party with respect to the Principal Business that, if taken during the period from the date of this Agreement through the Closing Date without the Investors’ consent, would constitute a breach of Section 4.1. 

(n) Principal Business; Contributed Assets. 

(i) Ordinary Course. The Principal Business has been carried on in the ordinary course and is a going concern. There is no existing
fact or circumstance that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on the Principal Business. 

(ii) Sufficiency of Assets; Contributed Assets. The assets, properties and rights owned or leased by the Group Companies and the other
Contributed Assets constitute all of the assets, properties and rights (tangible and intangible) that are necessary for the conduct of the Principal Business as conducted as of the date hereof. As of the date hereof, the relevant Baidu Parties and
the Group Companies have good and marketable title in and to, or a valid leasehold interest in, each of the Contributed Assets, free and clear of all Encumbrances other than the Encumbrances expressly provided for in the Transaction Documents. Upon
the completion of the Restructuring, the Group Companies will have good and marketable title in and to, or a valid leasehold interest in, each of the Contributed Assets free and clear of all Encumbrances other than the Encumbrances expressly
provided for in the Transaction Documents. 
 (iii) The assets, properties and rights owned by the Group Companies and the other Contributed
Assets have been maintained in accordance with prudent practice in all material respects and in compliance with Laws in all material respects. 

(o) Material Contracts. 

(i) Each Contract to which any Group Company is a party or that is related to the Principal Business described in clauses (1) through
(14) below of Section 3.2(o)(i), whether or not disclosed in the Disclosure Schedule, is referred to herein as a “Material Contract.” Each Material Contract is a valid and binding agreement and is in full force and effect, and
none of the parties thereto is in default or breach in any material respect under the terms of any such Material Contract, and, to the Knowledge of the Group Companies and the Baidu Parties in connection with the Principal Business, no event or
circumstance has occurred that, with notice or lapse of time or both, would constitute any event of default thereunder. 
 (ii) Except as
disclosed in Section 3.2(o)(ii) of the Disclosure Schedule, none of the Group Companies and the Baidu Parties relating to the Principal Business is a party to or bound by: 

  
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 (1) any Contract relating to the issuance of any Equity Securities of any Group Company;

 (2) any Contract that involves payments (or a series of payments) to or from any Person, contingent or otherwise, of US$1,000,000 or more
individually or in the aggregate with respect to a series of related agreements, in cash, property or services; 
 (3) any partnership,
joint venture or other similar Contract or arrangement; 
 (4) any Contract relating to the acquisition or disposition of any business
(whether by merger, sale of stock, sale of assets or otherwise) for a consideration in excess of US$1,000,000; 
 (5) any Contract relating
to Indebtedness or any guarantee of such Indebtedness (in either case, whether incurred, assumed, guaranteed or secured by any asset) in excess of US$5,000,000; 

(6) any Contract involving the waiver, compromise, or settlement of any material Action; 

(7) any agency, dealer, sales representative, marketing or other similar Contract with an amount in excess of US$1,000,000; 

(8) any Contract that limits the freedom of any Group Company to compete in any line of business or with any Person or in any area or which
would so limit the freedom of any Group Company after the Closing Date; 
 (9) any Contract between any Group Company on the one hand and
(A) Baidu or any of Baidu’s Affiliates (other than the other Group Companies), (B) any Affiliate of any Group Company (other than the other Group Companies), (C) any director or officer of any Group Company or of any Person described in
clause (A) or (B), or (D) any Affiliate of any natural person described in clause (A), (B) or (C), on the other hand, except for the employment agreements relating to services as employees, officers or directors of any Group Company and
the Transaction Documents; 
 (10) any Contract with Governmental Authorities material to the operation of any Group Company party thereto
or the Principal Business; 
 (11) any Contract that involves prohibition of payment of dividends or distributions in respect of the Equity
Interests of any Group Company; 
 (12) any Contract with an amount in excess of US$1,000,000 that will be terminated or varied upon a
change of control involving any Group Company or the consummation of the Contemplated Transactions, will subject such change of control or the Contemplated Transactions to the consent of any Person or will trigger any payment to any Person as a
result of such change of control or the consummation of the Contemplated Transactions; 

  
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 (13) any Contract material to the operation of any Group Company party thereto or the
Principal Business (including license agreements, research agreements, development agreements, distribution agreements, settlement agreements, consent to use agreements and covenant not to sue, but excluding licenses for commercial off-the-shelf Software that are generally available on nondiscriminatory pricing terms which have an aggregate acquisition cost of US$100,000 or less) pursuant to which any
Group Company, or any Baidu Party in connection with the Principal Business, obtains the right to use or a covenant not to be sued under, any Intellectual Property or grants the right to use, or a covenant not to be sued under, any Intellectual
Property; or 
 (14) any other agreement, commitment, arrangement, plan or Contract not made in the ordinary course of business that is
material to the Group Companies and the Principal Business, taken as a whole. 
 (p) Properties. None of the Group Companies owns any
real property. Section 3.2(p) of the Disclosure Schedule sets forth the address of the location of each leasehold or sub-leasehold estates and other rights to use or occupy any land, buildings,
structures, improvements, fixtures or other interest in real property held by any Group Company, or any Baidu Party that is used in the operation of the Principal Business (collectively, the “Leased Real Property”). Each Group
Company, and each Baidu Party, has a valid leasehold interest in all of its Leased Real Property free and clear of any and all Encumbrances. With respect to each Lease, (i) such Lease is legal, valid, binding, enforceable and in full force and
effect, (ii) the possession and quiet enjoyment of the Leased Real Property by applicable Group Company or Baidu Party under such Lease has not been disturbed and there are no material disputes with respect to such Lease, and (iii) neither
any Group Company or Baidu Party, nor any other party to the Lease is in material breach or material default under such Lease, and no event has occurred or circumstance exists which, with the delivery of notice, the passage of time or both, would
constitute such a material breach or material default, or permit the termination, modification or acceleration of rent under such Lease. Except as would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect,
each Group Company has title to, or a valid leasehold interest in, as applicable, all personal property used in its business, and each Baidu Party has title to, or a valid leasehold interest in, as applicable, all personal property that is used in
the operation of the Principal Business, in each case, free and clear of any and all Encumbrances, and such personal property is in good operating condition and repair in all material respects. 

(q) Tax Matters. 
 (i)
Filing and Payment. (1) All Tax Returns have been filed when due in accordance with all applicable Laws; (2) all Tax Returns that have been filed were true and complete in all material respects; and (3) all Taxes shown as due
and payable on any Company Return have been timely paid, or withheld and remitted, to the appropriate Governmental Authority. Each Baidu Party has timely paid (or has caused to be paid), or has withheld and remitted (or caused to be withheld and
remitted) to the appropriate Governmental Authority for Taxes related to the Contributed Assets, the nonpayment of which would result in an Encumbrance on any Contributed Asset or otherwise would result in any Group Company being liable for such
Taxes. 

  
 32 

 (ii) Retention of Tax Information. The Group Companies have maintained proper,
accurate and adequate records to enable each of them to comply with its obligations to (1) prepare any accounts necessary to comply with the Tax Law; and (2) retain necessary records as to comply with the Tax Law. The records referred to
in tax warranty have been retained for the period required by law and will be available to the Investor upon request. 
 (iii) Financial
Records. The charges, accruals and reserves for Taxes with respect to the Group Companies reflected on the books of the Group Companies on a consolidated basis are adequate to cover Tax liabilities accruing through the end of the last period for
which the Group Companies ordinarily record items on their respective books. Since the end of the last period for which the Group Companies ordinarily record items on their respective books, no Group Company has engaged in any transaction, or taken
any other action, other than in the ordinary course of business, that would materially impact any Tax asset, Tax liability of any Group Company. 

(iv) Procedure and Compliance. There is no claim, audit, action, suit, proceeding or investigation now pending or threatened in writing
against or with respect to any Group Company relating to Taxes. To the Knowledge of the Group Companies, there are no facts or circumstances that might give rise to such claim, audit, action, suit, proceeding or investigation that would have a
Material Adverse Effect. 
 (v) Taxing Jurisdictions. No claim has been made by any Governmental Authority in any jurisdiction where
any Group Company does not file Tax Returns that the Group Company is or may be required to file any tax return, or pay tax, in such jurisdiction. 

(vi) Tax Exemptions. The Group Companies have complied in all material respects with the conditions stipulated in each Tax Grant and
the transactions expressly contemplated by this Agreement will not adversely affect the eligibility of any Group Company for any Tax Grant. 

(vii) Tax Rulings. Each of the Tax rulings, advice, consents and clearances from any Governmental Authority
(“Rulings”) affecting any Group Company is valid and effective and has been complied with, and no action has been taken to prejudice the application of any Ruling.. All particulars given to any Governmental Authority in connection
with any Ruling fully and accurately disclose all facts and circumstances material for such Governmental Authority’s decision. 

(viii) Anti-avoidance. No Group Company has entered into or been party to any tax shelter or similar transaction which is considered
abusive of any applicable Tax law. 
 (ix) Restructuring. No restructuring of the Group prior to the Closing shall give rise to a Tax
Liability, nor adversely impact the Tax attributes, of any Group Company. The Seller Parties have disclosed to the Investor all details of any proposed Restructuring of the Group prior to implementing such Restructuring. 

  
 33 

 (x) No U.S. tax elections. None of the Company or any Subsidiary has ever filed any
election for U.S. Tax purposes (including any entity classification election). 
 (xi) Tax Sharing Agreements. None of the Company is
required to pay Tax of any other Person under any Tax Sharing Agreement or similar agreement or under any Laws applicable to consolidated or affiliated Tax groups. 

(xii) Passive Foreign Investment Company. The Company is not, and does not expect to be, a passive foreign investment company for U.S.
federal income tax purposes 
 (r) Intellectual Property. 

(i) Section 3.2(r)(i) of the Disclosure Schedule contains a true and complete list of all registrations or applications for registrations
included in the Owned Intellectual Property. 
 (ii) The Licensed Intellectual Property and the Owned Intellectual Property together
constitute all the Intellectual Property Rights necessary to, or used or held for use in, the conduct of the business of the Group Companies and the Principal Business as currently conducted. Except as contemplated under the Transaction Documents,
(A) there exist no restrictions on the disclosure, use, license or transfer of the Owned Intellectual Property, and (B)the consummation of the Contemplated Transactions will not alter, encumber, impair or extinguish any Owned Intellectual
Property or Licensed Intellectual Property. 
 (iii) None of the Group Companies, or, in connection with the Principal Business, any Baidu
Party, has infringed, misappropriated or otherwise violated any Intellectual Property of any third person. There is no Action pending against or, to the Knowledge of the Group Companies and the Baidu Parties in connection with the Principal
Business, threatened against or affecting, any of the Group Companies or, in connection with the Principal Business, any Baidu Party, any present or former officer, director or employee of any Group Company or, in connection with the Principal
Business, any Baidu Party (A) based upon, or challenging or seeking to deny or restrict, the rights of the Group Companies or such Baidu Party in any of the Owned Intellectual Property and the Licensed Intellectual Property, (B) alleging
the use of the Owned Intellectual Property or the Licensed Intellectual Property or any services provided, processes used or products manufactured, used, imported, offered for sale or sold by the Group Companies or such Baidu Party do or may
conflict with, misappropriate, infringe or otherwise violate any Intellectual Property of any third party or (C) alleging that any of the Group Companies or such Baidu Parties have infringed, misappropriated or otherwise violated any
Intellectual Property of any third party. 

  
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 (iv) The Group Companies, or, in connection with the Principal Business, the Baidu Parties
are the sole owners of all Owned Intellectual Property and hold all right, title and interest in and to all Owned Intellectual Property and the Licensed Intellectual Property, free and clear of any Encumbrances. None of the Owned Intellectual
Property and Licensed Intellectual Property material to the operation of the business of the Group Companies or the Principal Business have been adjudged invalid or unenforceable in whole or part, and, to the Knowledge of the Group Companies and the
Baidu Parties in connection with the Principal Business, all such Owned Intellectual Property and Licensed Intellectual Property are valid and enforceable. 

(v) The Group Companies and, in connection with the Principal Business, the Baidu Parties have taken all actions necessary to maintain and
protect the Owned Intellectual Property and their rights in Licensed Intellectual Property, including payment of applicable maintenance fees and filing of applicable statement of use. 

(vi) To the Knowledge of the Group Companies and the Baidu Parties in connection with the Principal Business, no Person has infringed,
misappropriated or otherwise violated any Owned Intellectual Property or Licensed Intellectual Property. The Group Companies and the Baidu Parties in connection with the Principal Business have taken reasonable steps in accordance with normal
industry practice to maintain the confidentiality of all Intellectual Property of the Group Companies and the Baidu Parties that are material to the business or operation of the Group Companies or the Principal Business and the value of which to any
of the Group Companies or the Principal Business is contingent upon maintain the confidentiality thereof. None of the Intellectual Property of the Baidu Parties that are material to the business or operation of any of the Group Companies or the
Principal Business and the value of which to any of the Group Companies or the Principal Business is contingent upon maintaining the confidentiality thereof, has been disclosed other than to employees, representatives and agents of the Group
Companies and the Baidu Parties all of whom are bound by written confidentiality agreements substantially in the form previously disclosed to Investors. 

(vii) To the extent that any Intellectual Property has been developed or created by a third party (including any current or former employee of
any of the Group Companies and Baidu Parties) for the Principal Business, the Group Companies and, in connection with the Principal Business, the Baidu Parties have a written agreement with such third party with respect thereto, and the Group
Companies and, in connection with the Principal Business, the Baidu Parties thereby either (A) has obtained ownership of and is the exclusive owner of, or (B) has obtained a valid and unrestricted right to exploit, sufficient for the
conduct of its business as currently conducted, such Intellectual Property. 
 (viii) The Information Technology is fully functional and
operate and perform in a manner that permits the Group Companies, and the Baidu Parties in connection with the Principal Business, to conduct their respective businesses or the Principal Business as currently conducted. The Group Companies, and
Baidu Parties in connection with the Principal Business, have taken all commercially reasonable actions to protect the confidentiality, integrity, operation and security of the Information Technology (and all information and transactions stored or
contained therein or transmitted thereby) against any unauthorized, use, access, interruption, malfunction, modification, or corruption, including the implementation and periodic testing of commercially reasonable (A) data backup,
(B) disaster avoidance and recovery procedures, (C) business continuity procedures, and (D) encryption and other security protocol technology. There has been no material unauthorized use, access, interruption, modification, corruption
or malfunction of any information technology (or any information or transactions stored or contained therein or transmitted thereby), and to the Knowledge of the Group Companies and the Baidu Parties in connection with the Principal Business, the
Information Technology are free of all viruses, worms, trojan horses and other malicious Software code. 

  
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 (ix) The Group Companies and the Baidu Parties in connection with the Principal Business,
have at all times complied with all applicable Laws relating to privacy, data protection and the collection and use of personal information and user information gathered or accessed in the course of the operation of the Group Companies or the
Principal Business in all material aspects. The Group Companies and the Baidu Parties in connection with the Principal Business have at all times complied in all aspects with all rules, policies and procedures established by the Group Companies, and
the Baidu Parties in connection with the Principal Business, from time to time with respect to the foregoing. Except as would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, no claims have been asserted
or threatened against any of the Group Companies, or any Baidu Party in connection with the Principal Business (and to the Knowledge of the Group Companies and the Baidu Parties in connection with the Principal Business, no such claims are likely to
be asserted or threatened against the Group Companies or any of the Baidu Parties in connection with the Principal Business) by any Person alleging a violation of such Person’s privacy, personal or confidentiality rights under any such laws,
regulations, rules, policies or procedures. The consummation of the Contemplated Transactions will not breach or otherwise cause any violation of any such laws, regulations, rules, policies or procedures. 

(s) Insurance. The Group Companies and the Baidu Parties in connection with the Principal Business maintain insurance coverage with
reputable insurers in such amounts and covering such risks as are in accordance with normal industry practice for companies engaged in businesses similar to that of the Principal Business. None of the Group Companies and the Baidu Parties in
connection with the Principal Business has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business without a significant increase in cost. None of the Group Companies and the Baidu Parties in connection with the Principal Business have received any written notice of any threatened termination of, material premium increase with
respect to, or material alteration of coverage under, any of its respective insurance policies. None of the Group Companies and the Baidu Parties in connection with the Principal Business have been denied any insurance coverage which it has sought
or for which it has applied. 
 (t) Labor and Employment Matters. 

(i) To the Knowledge of the Group Companies and the Baidu Parties in connection with the Principal Business, no key employee of the Principal
Business (including the Transferred Employees) has indicated by written notice to any of the Baidu Parties and the Group Companies that he or she intends to resign or retire as a result of the Contemplated Transactions. 

  
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 (ii) Each Group Company has entered into employment contracts with all of its employees
(including all members of its senior management) or deploy its employees through third party dispatching firms in compliance with applicable Laws, and the compensation paid by such Group Company to such employees under the relevant employment
contracts constitutes all the income and benefits such employees may validly claim from such Group Company, and there are no other agreements or arrangements in connection with such employee’s compensation. Each Transferred Employee has entered
into employment contract with a Baidu Party, and the compensation paid by such Baidu Party to such Transferred Employee under the relevant employment contract constitutes all the income and benefits such Transferred Employee may validly claim from
such Baidu Party, and there are no other agreements or arrangements in connection with such Transferred Employee’s compensation. 

(iii) There are no material controversies pending or, to the Knowledge of the Group Companies and the Baidu Parties in connection with the
Principal Business, threatened between any Group Company and its employees, contractors, subcontractors, agents or other persons engaged by it in connection with their businesses or any Baidu Party and its employees, contractors, subcontractors,
agents or other persons whose services are dedicated to the Principal Business (collectively, “Company Personnel”). No Group Company, nor any Baidu Party with respect to Company Personnel, is a party to or bound by any collective
bargaining agreement or other labor union contract applicable to persons employed by it, there are no labor unions, works councils or other organizations representing or purporting to represent any Company Personnel, nor are there any organizational
campaigns, petitions or other unionization activities seeking recognition of a collective bargaining unit which could affect any Group Company, nor any Baidu Party with respect to Company Personnel. There are no unfair labor practice complaints
pending or threatened against any Group Company, nor any Baidu Party with respect to Company Personnel, before any Governmental Authority. There is no strike, slowdown, work stoppage or lockout, or similar activity or, to the Knowledge of the Group
Companies and the Baidu Parties in connection with the Principal Business, the threat thereof, by or with respect to any Company Personnel nor has there been any such occurrence during the past five (5) years. 

(iv) Each Group Company, and each Baidu Party with respect to Company Personnel, is in compliance with all applicable Laws relating to
employment and employment practices, including those related to wages, social insurance and housing fund registrations, social security benefits, holidays and leave, collective bargaining terms and conditions of employment and the payment and
withholding of taxes and other sums as required by the appropriate Governmental Authority and has withheld and paid in full to the appropriate Governmental Authority, or is holding for payment not yet due to such Governmental Authority, all amounts
required to be withheld from or paid with respect to Company Personnel (including the withholding and payment of all individual income taxes and contributions to social security benefits payable), and is not liable for any arrears of wages, taxes,
penalties or other sums for failure to comply with any of the foregoing. Each Group Company, and each Baidu Party with respect to Company Personnel, has paid in full to all of its Company Personnel or adequately accrued for in accordance with
US GAAP consistently applied all wages, salaries, commissions, bonuses, benefits and other compensation due to or on behalf of such Company Personnel and there is no claim with respect to payment of wages, salary, commission or overtime pay
that has been asserted or is now pending or threatened before any Governmental Authority with respect to any persons currently or formerly employed or engaged by any Group Company, or any Baidu Party with respect to Company Personnel. There is no
charge of discrimination in employment or employment practices, for any reason, including, without limitation, age, gender, race, religion or other legally protected category, which has been asserted or is now pending or threatened before any
Governmental Authority with respect to any Company Personnel. 

  
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 (v) Each Company Employee Plan and each Company Employee Agreement is and has at all times
been operated and administered in compliance with the provisions thereof and all applicable Laws. Each contribution or other payment that is required to have been accrued or made under or with respect to any Company Employee Plan has been duly
accrued and made on a timely basis. There are no Actions, or, to the Knowledge of the Group Companies and the Baidu Parties in connection with the Principal Business, threatened against any Company Employee Plan or against the assets of any Company
Employee Plan. 
 (u) Environmental Matters. The operations of the Group Companies and the Principal Business do not involve the use,
disposal or release of hazardous or toxic substances or the protection or restoration of the environment or human exposure to hazardous or toxic substances. No Group Company, nor any Baidu Party with respect to the Principal Business, has been
penalized by Governmental Authorities for violation of any applicable environmental Law or Order related thereto. 
 (v) Insolvency.
No bankruptcy, insolvency or judicial composition proceedings concerning the Baidu Parties or any Group Company have been applied for. To the Knowledge of the Group Companies and the Baidu Parties in connection with the Principal Business, no
circumstances exist which would require an application for any bankruptcy, insolvency or judicial composition proceedings concerning the Baidu Parties or any Group Company nor do any circumstances exist according to any applicable bankruptcy or
insolvency laws which would justify the avoidance of this Agreement. No steps have been taken, or, to the Knowledge of the Group Companies and the Baidu Parties in connection with the Principal Business, proposed in relation to the winding-up, bankruptcy, administration, insolvency or dissolution of any Baidu Party or any Group Company, nor, o the Knowledge of the Group Companies and the Baidu Parties in connection with the Principal Business,
has any analogous procedure or step been taken or proposed in any jurisdiction in relation to any Baidu Party or any Group Company. Neither the Baidu Parties nor any Group Company is insolvent under the laws of its jurisdiction of incorporation or
unable to pay its debts as they fall due and neither Baidu Parties nor any Group Company has stopped paying its debts or indicated an intention to do so. 

(w) Restructuring Documents. Each Restructuring Document to which any Group Company is or will be a party will, upon execution,
constitute the legal, valid and binding obligation of each party thereto, enforceable against such party in accordance with its terms, except as limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium and other laws of
general application affecting enforcement of creditors’ rights generally and (ii) laws relating to the availability of specific performance, injunctive relief or other equitable remedies. The execution, delivery and performance of, and
compliance with, the Restructuring Documents by the parties thereto will not result in any violation, breach or default, with or without the passage of time or the giving of notice or both, of any organizational document of any Group Company, any
Contract to which any Group Company is a party or by which any Group Company is bound or any Law or Order to which any Group Company is subject. 

  
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 (x) Finders’ Fees. Except for Huatai Securities whose fees and expenses will be
paid by Baidu and the Company pursuant to the Restructuring Documents and will not be paid by any Investor, there is no investment banker, broker, finder or other intermediary which has been retained by or is authorized to act on behalf of any Baidu
Party or any Group Company who might be entitled to any fee or commission in connection with the Contemplated Transactions. 

Section 3.3 Representations and Warranties of Each Investor. Each Investor hereby severally and not jointly represents and
warrants to Baidu, Baidu HK and the Company the following, in respect of itself only, as of the date hereof and as of the Closing Date: 

(a) Authority. The Investor has full power and authority to enter into, execute and deliver each Transaction Document to which it is or
will be a party and to perform its obligations thereunder. The execution and delivery by the Investor of each Transaction Document to which it is or will be a party and the performance by the Investor of its obligations thereunder have been duly
authorized by all requisite actions on its part. 
 (b) Valid Agreement. Each Transaction Document to which the Investor is or will
be a party has been or will be duly executed and delivered by the Investor and constitutes, or when executed and delivered in accordance herewith will constitute, the legal, valid and binding obligations of the Investor, enforceable against the
Investor in accordance with its terms, except as limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally and (ii) laws
relating to the availability of specific performance, injunctive relief or other equitable remedies. 
 (c) Non-Contravention; Litigation. Neither the execution and delivery of each Transaction Document to which the Investor is or will be a party nor the consummation of any of the Contemplated Transactions will
(i) violate any provision of the organizational documents of the Investor or violate any Law or Order to which the Investor is subject or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of
or creation of an Encumbrance under or create in any party the right to accelerate, terminate, modify or cancel any Contract to which the Investor is a party, by which the Investor is bound or to which any of the Investor’s assets are subject.
There is no Action pending or, to the Knowledge of the Investor, threatened against the Investor that questions the validity of this Agreement or the right of the Investor to enter into this Agreement or to consummate the Contemplated Transactions.

 (d) Consents and Approvals. None of the execution and delivery by the Investor of each Transaction Document to which the Investor
is a party, the consummation by the Investor of any of the Contemplated Transactions nor the performance by the Investor of each Transaction Document to which the Investor is a party in accordance with its terms requires any Authorization, except
for those Authorizations as have been or will have been obtained, made or given on or prior to the Closing Date. 

  
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 (e) Status and Investment Intent. 

(i) Experience. The Investor has sufficient knowledge and experience in financial and business matters so as to be capable of
evaluating the merits and risks of its investment in the Investor Subscription Shares. The Investor is capable of bearing the economic risks of such investment, including a complete loss of its investment. 

(ii) Purchase Entirely for Own Account. The Investor is acquiring the Investor Subscription Shares pursuant to this Agreement for its
own account for investment purposes only and not with the view nor intention to resell, distribute or otherwise dispose thereof, other than to certain of its Affiliates. The Investor does not have any direct or indirect arrangement or understanding
with any other Person to distribute the Investor Subscription Shares in violation of the Securities Act or any other applicable state securities law. 

(iii) Restricted Securities. The Investor acknowledges that the Investor Subscription Shares are “restricted securities” that
have not been registered under the Securities Act or any applicable state securities law. The Investor further acknowledges that, absent an effective registration under the Securities Act, the Investor Subscription Shares may only be offered, sold
or otherwise transferred (1) to the Company, (2) outside the United States of America in accordance with Rule 904 of Regulation S under the Securities Act or (3) pursuant to an exemption from registration under the Securities Act.

 (iv) Status of Investors. The Investor is (i) purchasing the Investor Subscription Shares outside the United States in
compliance with Regulation S under the Securities Act, or (ii) is an “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act. 

ARTICLE IV 
 COVENANTS

 Section 4.1 Conduct of Business of the Company. From the date hereof until the Closing Date, except as expressly
contemplated by this Agreement or the Restructuring Plan or with the prior written consent of each Lead Investor (which consent shall not be unreasonably withheld, delayed or conditioned), the Company shall not, and the Company shall cause each of
the Group Companies, and Baidu will cause the Baidu Parties with respect to the Principal Business, not to: 
 (a) amend its organizational
documents; 
 (b) split, combine or reclassify any Equity Security in any Group Company; 

  
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 (c) issue, deliver or dispose of any Equity Securities in any Group Company, other than the
issuance of any Equity Securities of any wholly owned Subsidiary of the Company to the Company or any other wholly owned Subsidiary of the Company; 

(d) effect or commence any liquidation, dissolution, scheme of arrangement, merger, consolidation, amalgamation, restructuring, reorganization
or similar transaction involving any Group Company; 
 (e) declare or pay any dividends on authorize or make other distributions in respect
of any of its Equity Securities; 
 (f) acquire (by merger, consolidation or otherwise), directly or indirectly, any assets, securities,
properties, interests or businesses, other than such acquisitions in an amount not to exceed US$1,000,000 individually or US$5,000,000 in the aggregate; 

(g) sell, lease or otherwise dispose of, or create or incur any Encumbrance on, any assets, securities, properties or interests of any Group
Company or that would be a Contributed Asset, with a value in excess of US$1,000,000 individually or US$5,000,000 in the aggregate; 
 (h)
create, incur, assume, suffer to exist or otherwise be liable with respect to any Indebtedness, or incur capital expenditures or similar obligations or liabilities, in excess of US$1,000,000 individually or US$5,000,000 in the aggregate, except for
such actions taken by the Group Companies in the ordinary course of business consistent with past practice; 
 (i) (A) hire or retain
the Chief Executive Officer, or any officer, employee or individual who reports directly to Chief Executive Officer (other than his personal assistant) and the business unit heads of the Group Company’s Wealth Management Business, third party
payment service business and micro-credit business, (B) terminate the service of any officer, employee or individual independent contractor with annual base compensation of RMB3,000,000 or more, other than for “cause” or take any
action that is reasonably likely to give rise to a “good reason” (or any term of similar import) claim; (C) increase in any manner any compensation, bonus, benefits payable or severance entitlements of any officer, director, employee
or individual independent contractor, except such increases or payments that, in the aggregate, do not cause an increase in the labor costs of the Group Companies or the Principal Business, taken as a whole, by more than 15%; or (D) adopt,
enter into or amend any Company Employee Plan; 
 (j) enter into any new line of business, or abandon or discontinue any existing lines of
business; 
 (k) make any change in any method of accounting for financial reporting, except for any such change required by reason of a
concurrent change in US GAAP, as agreed to by its independent public accountants; 

  
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 (l) enter into, amend or modify in any material respect or terminate any Material Contract
(or any Contract that would have been a Material Contract if in effect on the date hereof) or otherwise waive, release or assign any material rights, claims or benefits; 

(m) settle, or offer or propose to settle, (i) any material Action with an amount in excess of US$1,000,000, or (ii) any Action that
relates to the Contemplated Transactions; 
 (n) sell, lease, license, sublicense, modify, terminate, abandon or permit to lapse, transfer
or dispose of, create or incur any Encumbrance on, or otherwise fail to take any action necessary to maintain, enforce or protect any Owned Intellectual Property or their rights in any Licensed Intellectual Property; 

(o) disclose or permit the disclosure of any source code for any of the Company Software, other than in the ordinary course of business to
employees, contractors, consultants, representatives and agents of the Group Companies who are bound by written and enforceable confidentiality and/or non-disclosure agreements; 

(p) terminate or cancel, let lapse, or amend or modify in any material respect, other than renewals in the ordinary course of business, any
material insurance policies maintained by it which is not promptly replaced by a comparable amount of insurance coverage; 
 (q) undertake
any action or fail to take any action that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; or 

(r) agree, resolve or commit to do any of the foregoing. 

Section 4.2 Operation of the Principal Business. From the date hereof until the Closing Date, the Seller Parties shall, and Baidu
shall cause the Baidu Parties to, ensure that the Principal Business is carried out in the ordinary course of business consistent with past practice (except as required by applicable Laws), and shall, and Baidu shall cause the Baidu Parties to, use
commercially reasonable efforts to preserve the Baidu Parties’ relationships with customers, suppliers, lenders and other Persons having business dealings relating to the Principal Business, maintain in effect all of the Permits, and manage its
working capital in connection with the Principal Business (including the timing of collection of accounts receivable and of the payment of accounts payable) in the ordinary course of business. The Seller Parties shall, and Baidu shall cause the
Baidu Parties to, ensure that the Principal Business is conducted in a manner which complies with all applicable Laws in all material respects.  

Section 4.3 Additional Covenants. From the date hereof until the Closing Date, the Seller Parties shall, Baidu shall ensure that
each of the Baidu Parties will, and the Company shall ensure that each of the Group Companies will, do the following: 

  
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 (a) Access to Information. provide each of the Investors and their respective
authorized representatives reasonable access to the Principal Business and the Group Companies and the books and records of the Group Companies and the Baidu Parties relating to the Principal Business, the Contributed Assets and the Group Companies,
including for purposes of audit and inspection, and make available or cause to be made available to each of the Investors and their respective authorized representatives all information with respect to, instruct the employees, counsel and financial
advisors of the Baidu Parties to cooperate with the Investors in their investigation of, the Principal Business, the Contributed Assets and the Group Companies, in each case, as such Person may reasonably request; 

(b) Books and Records. maintain the books and records of the Principal Business and the Group Companies in the ordinary course; 

(c) Compliance with Laws. comply in all material respects with all Laws applicable to the Principal Business and the Contributed
Assets. 
 (d) Notices of Certain Events. promptly notify the Investors of: 

(i) any notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with the
Contemplated Transactions; 
 (ii) any notice or other communication from any Governmental Authority in connection with the Contemplated
Transactions by the recipient of such notice; 
 (iii) any Actions commenced or, to its knowledge threatened against, relating to or
involving or otherwise affecting any Baidu Party that, if pending on the date of this Agreement, would have been required to have been disclosed pursuant to Section 3.2(f) or that relate to the consummation of the Contemplated Transactions;

 (iv) any inaccuracy of any representation or warranty contained in this Agreement at any time during the term hereof that could
reasonably be expected to cause the conditions set forth in Section 2.4(a)(i), Section 2.4(a)(iv), Section 2.4(a)(vi), Section 2.4(a)(vii), Section 2.4(a)(viii), Section 2.4(a)(xvi), Section 2.4(a)(xvii) or
Section 2.4(a)(xviii) not to be satisfied; and 
 (v) any failure of any Seller Party to comply with or satisfy any covenant, condition
or agreement to be complied with or satisfied by it hereunder; 
 provided, however, that the delivery of any notice pursuant to this
Section 4.3(d) shall not limit or otherwise affect the remedies available hereunder to the Party receiving that notice. 

  
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 Section 4.4 Compliance with ABAC Laws. Each Seller Party covenants that it shall
not, and the Company shall not permit any Group Company, the Affiliates of any Group Company or any of their respective Representatives, to promise, authorize or make any payment to, or otherwise contribute any item of value to, directly or
indirectly, to any third party, including any non-U.S. official, in each case, in violation of the ABAC Laws. Each Seller Party further covenants that it shall, and the Company shall cause each of the Group
Companies and the Affiliates of each Group Company to, cease all of its or their respective activities, as well as remediate any actions taken by any Group Company or its Affiliates, or any of their respective Representatives in violation of ABAC
Laws. Each Seller Party further covenants that it shall, and the Company shall cause each of the Group Companies and the Affiliates of each Group Company to, maintain systems of internal controls (including, but not limited to, accounting systems,
purchasing systems and billing systems) to ensure compliance with ABAC Laws. 
 Section 4.5 Compliance with Anti-Money Laundering
and Sanctions Laws. Each Seller Party shall, and the Company shall cause the Group Companies, the Affiliates of each Group Company and their respective Representatives to comply with all applicable Anti-Money Laundering laws and Sanctions Laws.
The Company covenants that the Group Companies shall continue to maintain and enforce policies and procedures designed to ensure compliance with the Anti-Money Laundering Laws. The Company further covenants that none of the Group Companies, the
Affiliates of each Group Company or any of their respective Representatives will engage, directly or indirectly, in (1) any business or activities with any person that is the target of any applicable Sanctions Laws, or (2) any activities
that would reasonably be expected to result in any of the Group Companies becoming the target of any applicable Sanctions Laws. 

Section 4.6 Restructuring. 

(a) The Seller Parties shall, Baidu shall cause the Baidu Parties to, and the Company shall cause the Group Companies to, negotiate, prepare
and finalize in good faith the Restructuring Documents as soon as practicable following the date hereof. 
 (b) From the date hereof until
the expiration of the term of the Framework Restructuring Agreement, each of Seller Parties shall, Baidu shall cause the Baidu Parties to, and the Company shall cause the Group Companies to, provide any Investor, at the request of such Investor,
with (i) an update on the status of the Restructuring after the completion of any material step thereto and (ii) relevant documentation (if any) evidencing such update. 

(c) The Seller Parties shall, and Baidu shall cause the Baidu Parties to, and the Company shall cause the Group Companies to, duly perform
each of its obligations under the Restructuring Plan to meet any applicable deadlines and consummate the Restructuring in accordance with the Restructuring Plan and in compliance with all applicable PRC Laws in all material respects. 

(d) To the extent that any necessary actions in order to effect the Restructuring are not completed on the Closing Date, the Seller Parties
shall, and Baidu shall cause the Baidu Parties to, and the Company shall cause the Group Companies to, undertake all steps necessary to complete these actions as soon as reasonably possible after Closing. 

  
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 (e) Subject to the terms and conditions of the Restructuring Plan, the Restructuring will
be effective as of the date set forth in the Restructuring Plan and consequently, subject to the other provisions of this Agreement, the Seller Parties shall, and Baidu shall cause the Baidu Parties to, and the Company shall cause the Group
Companies to, take all necessary action to procure that the benefit and risk of the Principal Business, will be for the account of the Company and its Subsidiaries in accordance with the Restructuring Plan. Without limitation of the foregoing, with
respect to any Contributed Asset which shall not have been transferred to the Group Companies prior to the Closing (each, a “Non-Transferred Asset”), until such transfer is completed to the
extent permitted by applicable Law and by the terms of such Non-Transferred Asset, each Seller Party shall use its reasonable best efforts to enter into arrangements, effective as of the Closing or as promptly
as practicable thereafter, to provide to the Parties the economic and operational equivalent of the transfer of such Non-Transferred Asset to the Group and the performance by the Group of the obligations
thereunder as of the Closing and, in furtherance of the foregoing, (i) the Company or its designated Group Company shall, as agent or subcontractor for Baidu (or, as applicable, its relevant Affiliate), pay, perform and discharge fully the
Liabilities of Baidu (or, as applicable, its relevant Affiliate) thereunder from and after the Closing Date in accordance with any such alternate arrangement and (ii) Baidu shall, or shall cause its relevant Affiliate to hold in trust for and
pay to the Company or its designated Group Company promptly upon receipt thereof, all the income, proceeds and other consideration received by Baidu (or, as applicable, its relevant Affiliate) to the extent related to such Non-Transferred Asset in connection with and in accordance with the terms of any such alternate arrangement. 

Section 4.7 Misallocated Assets; Misdirected Payments and Correspondence. 

(a) If, following the Closing, any right, property or asset not forming part of the Principal Business is found to be owned or held by a Group
Company, or any right, property or asset that is not a Contributed Asset is otherwise found to have been transferred to any Group Company in error, then the Company shall transfer, or shall cause the applicable Group Company to transfer, such right,
property or asset (and any related Liability) as soon as practicable to Baidu or any other Baidu Party designated by Baidu. If, following the Closing, any right, property or asset that is a Contributed Asset is found to have been retained by any
Baidu Party in error, then Baidu shall transfer, or shall cause the applicable Baidu Party to transfer, such right, property or asset (and any related Liability) as soon as practicable to the Company or a Group Company as designated by the Company.

 (b) Following the Closing, Baidu shall, and shall cause the Baidu Parties to, promptly forward to the Company or a Group Company
designated by the Company (i) any payment which under the terms of this Agreement belongs to the Group Companies that is received by any Baidu Party after the Closing and (ii) copies of any communications received by any Baidu Party after
the Closing from a customer or other business partner to the extent related to the Group or the Principal Business. 
 (c) Following the
Closing, the Company shall, and shall cause the Group Companies to, promptly forward to Baidu or any Baidu Party designated by Baidu (i) any payment which per the terms of this Agreement belongs to any Baidu Party that is received by the Group
after the Closing and (ii) copies of any communications received by the Group after the Closing from a customer or other business partner to the extent related to any Baidu Party. 

  
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 Section 4.8 Tax Matters. 

(a) Without the prior written consent of the Investors, none of Baidu, the Company, any of the Company’s Subsidiaries and any Affiliate
of Baidu shall, to the extent it may affect or relate to the Company or any of its Subsidiaries, make or change any material Tax election, change any annual Tax accounting period, adopt or change any method of Tax accounting, file any amended
material Tax Return, enter into any closing agreement, settle any material Tax claim or assessment, surrender any right to claim a material Tax refund, offset or other reduction in Tax liability or, if it would have the effect of increasing the Tax
liability or reducing any Tax asset of the Company, any of its Subsidiaries or an Investor, take or omit to take any other action outside of the ordinary course of business. 

(b) All Transfer Taxes incurred with respect to the subscription of the Investor Subscription Shares shall be paid by the Company when due,
and the Company will at its own expense, file all necessary Tax Returns with respect to all such Transfer Taxes. 
 (c) As soon as
practicable, Baidu and Baidu HK shall, and shall cause each Baidu Party to, handle its PRC tax affairs on its own or through its own agents and, to the extent required, submit the Tax reports and/or other documentation as required pursuant to
Bulletin 7 and any other PRC Tax Laws (the “Indirect Transfer Tax Filing Documents”) relating to the indirect sale of the PRC Group Companies or otherwise with respect to the transactions contemplated under this Agreement and such
Indirect Transfer Tax Filing Documents shall, to the Seller Parties’ Knowledge, be true and accurate in all material respects. In particular, Baidu and Baidu HK shall, and shall cause the Baidu Parties to: 

(i) prior to any filing, deliver to the Investors a copy of all draft Indirect Transfer Tax Filing Documents and provide the Investors and
their respective tax advisors with a reasonable opportunity to review and comment on such Indirect Transfer Tax Filing Documents; 
 (ii)
promptly after completion of the filing, deliver to the Investors a copy of the Indirect Transfer Tax Filing Documents and an acknowledgement receipt in respect of the filing issued by the appropriate PRC Tax authority or the original signature of
the PRC Tax authority on the duplicate of the Indirect Transfer Tax Filing Documents submitted; and 
 (iii) if any PRC Tax authority
requires any Taxes to be paid pursuant to Bulletin 7 in connection with the transactions contemplated under the Transaction Documents, pay, or cause the Baidu Parties to pay, such Taxes in the amount and at the time as agreed by Baidu, Baidu HK or
any other Baidu Party and the PRC Tax authorities and provide the Investors with the relevant documents (being tax payment certificate(s) issued by the relevant PRC Tax authorities) evidencing the payment of such Taxes. 

  
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 Section 4.9 Further Assurances. From the date hereof until the Closing Date, the
Parties shall use their commercially reasonable efforts to satisfy the conditions precedent to the consummation of the Contemplated Transactions. Without limiting the foregoing, prior to and at the Closing Date, each Party shall cooperate with the
other Parties without any further consideration to make all filings with, and to obtain all consents of, any Governmental Authority or any other Person under any permit, license, agreement, indenture or other instrument (including any consents), and
to take all such other actions as such party may reasonably be requested to take by the other party from time to time, consistent with the terms of this Agreement and the other Transaction Documents, in order to effectuate the provisions and
purposes of this Agreement and the other Transaction Documents and the Contemplated Transactions. 
 Section 4.10 ESOP. The
Seller Parties shall cause the Company to adopt the ESOP as soon as practicable prior to the Closing Date. 
 Section 4.11 Most
Favored Nation. The Seller Parties each represent and warrant that none of the Seller Parties, nor any of their respective Affiliates, has entered into or shall enter into any Contract, side letter or similar agreement with any investor or its
Affiliate in connection with the Contemplated Transactions or any similar investment in the Company or any of the Group Companies which would take place from the date hereof through the thirtieth (30th) day after the Closing Date (a “Side
Letter”) that has the effect of establishing rights or otherwise benefiting such investor or its Affiliate in a manner more favorable in any material respect to such investor or its Affiliate than the rights and benefits established in favor of
each Lead Investor by this Agreement and the other Transaction Documents unless, in any such case, such Lead Investor is offered the opportunity to receive such rights and benefits by being provided with a copy of such Side Letter and is given
thirty (30) days after receipt thereof to elect in writing (delivered to Baidu) to receive such more favorable rights or benefits; provided that, for the avoidance of doubt, the Lead Investor (other than TPG) shall have no right under this
Section 4.11 to elect to receive the rights and benefits established in favor of TPG by this Agreement and the other Transaction Documents. 

Section 4.12 Related Party Arrangements. Except for the Transaction Documents and any transactions on arm’s length basis in
the ordinary course of business, on or prior to the Closing Date, the Seller Parties will terminate or settle in full or cause to be terminated or settled in full all contracts and all intercompany accounts between any Group Company, on the one
hand, and Baidu or any of its Affiliates (other than the Group Companies) or any of their respective directors or executive officers, on the other hand, prior to the Closing, and, as of immediately prior to the Closing, all Liabilities thereunder
shall be deemed to have been satisfied, in Baidu’s reasonable discretion, by repayment, capital contribution, distribution, forgiveness, offset, or any combination of the foregoing, and, after the Closing, neither Baidu or any of its Affiliates
(other than the Group Companies), on the one hand, nor any of the Group Companies, on the other hand, shall be bound thereby or have any further Liability thereunder to the other party. 

Section 4.13 Insurance. 

(a) Except as set forth in this Section 4.13, coverage of the Group Companies under any insurance policy of any Baidu or its Affiliates
(other than the Group Companies) shall cease as of the Closing Date. 

  
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 (b) Baidu shall, and shall cause its Affiliates to, use reasonable best efforts to ensure
that the Group Companies shall, to the extent covered as of the date hereof or the Closing Date, continue to have coverage under each insurance policy in effect with respect thereto at any time prior to the Closing (each, a “Specified
Policy”) in accordance with the terms and conditions thereof from and after the Closing Date for any loss, liability or damage suffered with respect to any incident or event occurring prior to the Closing. 

(c) In the case of any Specified Policy that is a “claims made basis” policy, from the Closing Date until the policy expiration
date (including any renewal thereof) of such policy (if later than the Closing Date), and in the case of any Specified Policy that is an “occurrence basis” policy, after the Closing Date, Baidu shall, and shall cause its Affiliates to, use
their reasonable efforts to assist the Group Companies in asserting claims for any Loss suffered after the Closing with respect to any incident or event occurring prior to the Closing, to the extent such Loss is covered by the terms of such
Specified Policy. This Section 4.13(c) shall not affect Baidu’s, Baidu HK’s or any other Baidu Party’s indemnification obligations pursuant to Article V. 

Section 4.14 Release. Each of Baidu and Baidu HK, on behalf of itself and its Affiliates (other than the Group Companies),
equityholders, directors, officers, employees and representatives (in their capacities as such), hereby releases each Group Company and each of its respective Affiliates, equityholders, directors, officers, employees and representatives
(collectively, the “Released Parties”) from any and all Actions, causes of action, suits, Indebtedness, dues, sums of money, accounts, reckoning, bonds, bills, Liabilities, specialties, covenants, contracts, controversies,
agreements, promises, variances, trespasses, damages, Losses, judgments, extents, executions, claims and demands (each, a “Released Claim”) and agrees not to bring or threaten to bring or otherwise join or participate in any Released Claim
against the Released Parties or any of them, relating to, arising out of or in connection with any facts or circumstances, directly or indirectly, relating to any Group Company or any Group Company’s properties, assets or Liabilities which
existed on or prior to the Closing, provided, however, that the foregoing shall not apply to or prevent any claim or Action for breach of any Transaction Document. 

Section 4.15 Business Compliance. 

(a) The Company shall cause the Group Companies to rectify the business models of the wealth management products, including but not limited to
“Dingqiying” (定期盈), “Dinghuoying” (定活盈) and “Huoqiying”
(活期盈), and complete the cleaning up of the existing volume of such wealth management products in
accordance with all applicable Laws and regulations, including but not limited to the Notice of Carrying Out the Clean-up and Rectification on the Illegal Business Undertaken by Internet Platforms and
Various Types of Exchange Centers
(《关于对互联网平台与各类交易场所合作从事违法违规业务开展清理整顿的通知》
(整治办函[2017]64号)) and the Circular on Strengthening the Rectification of Developing Asset Management Business via Internet and
Implementing Acceptance Work
(《关于加大通过互联网开展资产管理业务整治力度及开展验收工作的通知》
(整治办函[2018]29号)), in a timely manner, and in any case no later than the later of (i) December 31, 2018 or (ii) any
rectification deadline imposed by relevant Governmental Authorities. 

  
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 (b) The Company shall cause the Group Companies to complete the reduction of the leverage
ratio of Chongqing Baidu Micro-credit Co., Ltd. (重庆百度小额贷款有限公司) in accordance with all applicable laws and regulations, including but not limited to the Interim Measures for the Financing of Chongqing Micro-credit Companies (《重庆市小额贷款公司融资监管暂行办法》(渝金发[2012]11号)) and within time limit set out by Chongqing Finance Affairs Office (重庆市金融工作办公室), but in any case no later than the later of
(i) October 31, 2018 or (ii) any rectification deadline imposed by relevant Governmental Authorities. 
 (c) The
Company shall cause Shanghai Baidu Micro-credit Co., Ltd(上海百度小额贷款有限公司) to obtain the formal approval issued by the local authorities for carrying out “Internet Micro-credit” business in a timely manner. 

(d) The Company shall cause the Group Companies to rectify the current business model of loan facilitation business carried out by the Group
Companies, including but not limited to the credit enhancement provided by Xi’an Chunhe Assets Management Co., Ltd.
(西安春禾资产管理有限公司), in accordance with all
applicable laws and regulations, including but not limited to the Regulations on the Administration of Financing Guarantee Companies
(《融资担保公司监督管理条例》) and
the Notice on Rectification of Cash Loan
Businesses《关于规范整顿”现金贷”业务的通知》
(整治办函[2017]141号)), in a timely manner. 

(e) The Company shall cause Beijing Baidu Baiying Technology Co., Ltd.
(北京百度百盈科技有限公司) to obtain the Fund Sales
License in a timely manner, but in any case no later than August 31, 2018. 
 ARTICLE V 

INDEMNIFICATION 

Section 5.1 Survival of the Representations and Warranties. All representations and warranties made by Baidu, Baidu HK or the
Company to the Investors contained in Section 3.1 and Section 3.2 or by the Investors to Baidu, Baidu HK and the Company contained in Section 3.3 shall survive for a period of twenty-four (24) months following the Closing Date;
provided, that the Fundamental Representations shall survive indefinitely or until the latest date permitted by Law; and provided further, that all representations and warranties contained in Section 3.2(q) relating to Taxes shall
survive until the expiry of any applicable statute of limitation period. Notwithstanding the foregoing, if an Indemnified Party asserts any claim in writing pursuant to Section 5.2 resulting from or arising out of an alleged breach of any such
representation or warranty on or prior to the applicable expiration date of such representation or warranty, such representation or warranty shall survive, solely with respect to such asserted claim, until such claim has been finally resolved. The
covenants and agreements of each Party contained in this Agreement shall survive the Closing until they are terminated, whether by the performance thereof, their respective express terms or as a matter of applicable Law. 

  
 49 

 Section 5.2 Indemnification. 

(a) From and after the Closing, Baidu and Baidu HK shall, jointly and severally, indemnify and hold each Investor and its Affiliates, and
their respective directors, officers, employees, agents, successors and assigns harmless from and against any losses, claims, damages, judgments, fines, Taxes, expenses and Liabilities of any kind or nature whatsoever, including any investigative
and legal expenses incurred in connection with, and any amounts paid in settlement of, any pending or threatened Action and any incidental, indirect or consequential damages, losses, expenses or Liabilities, and any lost profits or diminution in
value) (collectively, “Losses”) resulting from or arising out of (A) the breach of any representation or warranty of Baidu and Baidu HK contained in this Agreement, and (B) the breach of any covenant of Baidu, Baidu HK or
any Baidu Party contained in this Agreement, (C) Liabilities of any Group Company (1) resulting from or arising out of the operation or conduct by Baidu Parent or any of its Affiliates of any businesses now, previously or hereafter
conducted by such Persons other than the Principal Business, or (2) which are not expressly contemplated to be transferred to the Group Companies in the Transaction Documents, or (D) the Restructuring, any failure to fully complete the
Restructuring or any failure of the Baidu Parties to transfer (1) any of the Contributed Assets or Permits to the Group Companies, or (2) any of the Equity Securities of the Group Companies (other than the Company) to the Company, in
accordance with the Restructuring Plan (the matters referred to in sub-clauses (C) and (D) above, collectively, the “Restructuring Indemnity Matters”). 

(b) From and after the Closing, the Company shall indemnify and hold each Investor and its Affiliates, and their respective directors,
officers, employees, agents, successors and assigns harmless from and against any Losses resulting from or arising out of (A) the breach of any representation or warranty of the Company contained in this Agreement, (B) the breach of any
covenant of the Company contained in this Agreement or (C) any of the Restructuring Indemnity Matters. 
 (c) From and after the
Closing, the Company shall indemnify and hold each Baidu Party and its Affiliates, and their respective directors, officers, employees, agents, successors and assigns harmless from and against any Losses resulting from or arising out of the
operation or conduct by any Baidu Party in connection with the Principal Business prior to the Closing Date, except for any Liabilities that are borne or assumed by, or shall remain with (including, without limitation, Liabilities indemnifiable by
Baidu and Baidu HK pursuant to Section 5.2(a)), any Baidu Parties under any Transaction Document (including without limitation, Section 5.8 and Section 6.12 of this Agreement). 

(d) From and after the Closing, each Investor severally and not jointly shall indemnify and hold the Company and its Affiliates, and their
respective directors, officers, employees, agents, successors and assigns harmless from and against any Losses resulting from or arising out of (A) the breach of any representation or warranty of such Investor contained in this Agreement or
(B) the breach of any covenant of such Investor contained in this Agreement. 
 (e) For purposes of this Agreement, (A)
“Indemnifying Party” means Baidu and Baidu HK (with respect to Section 5.2(a)), the Company (with respect to Section 5.2(b) and Section 5.2(c)) and each Investor (with respect to Section 5.2(d)); and (B)
“Indemnified Parties” means, collectively, each Investor and its Affiliates, and their respective directors, officers, employees, agents, successors and assigns (with respect to Section 5.2(a) and 5.2(b)), Baidu and its
Affiliates, and their respective directors, officers, employees, agents, successors and assigns (with respect to Section 5.2(c)), and the Company and its Affiliates, and their respective directors, officers, employees, agents, successors and
assigns (with respect to Section 5.2(d)). 

  
 50 

 (f) For purposes of applying the indemnification remedies provided in this Article
V, when determining whether any breach has occurred or calculating the amount of any Losses relating thereto, in each case, the representations, warranties and covenants made by any Indemnifying Party in this Agreement shall be considered and
applied without regard to any reference as to materiality, Material Adverse Effect or similar materiality qualifications set forth therein. 

Section 5.3 Third Party Claims. 

(a) If any third party shall notify any Indemnified Party in writing with respect to any matter involving a claim by such third party (a
“Third Party Claim”) which such Indemnified Party believes would give rise to a claim for indemnification against an Indemnifying Party under this Article V, then the Indemnified Party shall promptly following receipt of notice of
such claim transmit to the Indemnifying Party a written notice (a “Claim Notice”) describing in reasonable detail the nature of the Third Party Claim, a copy of all papers served with respect to such claim (if any) and the basis of
the Indemnified Party’s request for indemnification under this Agreement. Notwithstanding the foregoing, no failure or delay in providing such Claim Notice shall constitute a waiver or otherwise modify the Indemnified Party’s right to
indemnification hereunder, except to the extent that the Indemnifying Party shall have been materially and adversely prejudiced by such failure or delay. If the Indemnifying Party does not notify the Indemnified Party in writing within 30 days from
receipt of such Claim Notice that the Indemnifying Party disputes such claim for indemnification under this Agreement, the Indemnifying Party shall be deemed to have accepted and agreed with such claim for indemnification under this Agreement. 

(b) Upon the receipt of a Claim Notice with respect to a Third Party Claim, the Indemnifying Party shall have the right to assume the defense
of any Third Party Claim by notifying the Indemnified Party in writing within 30 days of receipt of such Claim Notice that the Indemnifying Party elects to assume the defense of such Third Party Claim, and upon delivery of such notice by the
Indemnifying Party, the Indemnifying Party shall have the right to fully control and settle the relevant proceeding; provided, that any such settlement shall require the prior written consent of the Indemnified Party. Notwithstanding the
foregoing, the Indemnifying Party shall not be entitled to assume the defense of any Third Party Claim if (i) the Third Party Claim relates to or arises in connection with any criminal action, (ii) the Third Party Claim seeks an injunction
or equitable relief against any Indemnified Party, or (iii) the Indemnifying Party has not acknowledged that such Third Party Claim is subject to indemnification pursuant to this Article V. 

(c) If requested by the Indemnifying Party, the Indemnified Party shall, at the sole cost and expense of the Indemnifying Party, cooperate
reasonably with the Indemnifying Party and its counsel in contesting any Third Party Claim which the Indemnifying Party elects to contest, including in connection with the making of any related counterclaim against the third party asserting the
Third Party Claim or any cross complaint against any Person. The Indemnified Party shall have the right to receive copies of all pleadings, notices and communications with respect to such Third Party Claim, other than any privileged communications
between the Indemnifying Party and its counsel, and shall be entitled, at its sole cost and expense, to retain separate co-counsel and participate in, but not control, any defense or settlement of any Third
Party Claim assumed by the Indemnifying Party pursuant to Section 5.3(b). 

  
 51 

 (d) In the event that the Indemnifying Party fails to elect to assume the defense of a
Third Party Claim within thirty (30) days of receipt of the relevant Claim Notice or otherwise fails to continue the defense of the Indemnified Party in good faith, the Indemnified Party may, at its option, defend, settle, compromise or pay
such action or claim at the expense of the Indemnifying Party. 
 Section 5.4 Tax Indemnity. Without limiting the foregoing,
Baidu and Baidu HK shall, jointly and severally, indemnify the Investors, the Company, any Subsidiary or an Affiliate thereof for any Tax incurred or assessed pursuant to any applicable Law, including Bulletin 7 as a result of the Restructuring or
any transfer of the Series A Preferred Shares or Ordinary Shares by Baidu HK or any Baidu Party pursuant to this Agreement (including as a result of any failure of the Baidu Parties to report any such transfer or pay Tax in respect thereof, any
failure of any Investor to withhold on the purchase price or any adjustment to an Investor’s tax basis in the Series A Preferred Shares pursuant to Bulletin 7). 

Section 5.5 Direct Claims. If any Indemnified Party has a claim against any Indemnifying Party hereunder which does not
involve a Third Party Claim, the Indemnified Party shall promptly transmit to the Indemnifying Party a written notice (the “Indemnity Notice”) describing in reasonable detail the nature of the claim, the Indemnified Party’s
best estimate of the amount of Losses attributable to such claim and the basis of the Indemnified Party’s request for indemnification under this Agreement; provided, that no failure or delay in providing such Indemnity Notice shall
constitute a waiver or otherwise modify the Indemnified Party’s right to indemnification hereunder, except to the extent that the Indemnifying Party shall have been materially and adversely prejudiced by such failure or delay. If the
Indemnifying Party does not notify the Indemnified Party within 30 days from its receipt of the Indemnity Notice that the Indemnifying Party disputes such claim, the Indemnifying Party shall be deemed to have accepted and agreed with such claim.

 Section 5.6 Limitations on Liability 

(a) Deductible. 
 (i) Absent
fraud and willful breach and except in the case of a breach of any Fundamental Representation, no Indemnifying Party shall be liable under Section 5.2(a)(A), Section 5.2(b)(A) or Section 5.2(d)(A) unless and until the aggregate amount
of all relevant claims thereunder (regardless of how relevant Indemnified Party allocates such amount among such Sections in its claims) exceeds RMB3,000,000 (the “Threshold”) (in which case the Indemnifying Party shall be
responsible for the full amount of such claim from dollar one). 
 (b) Absent fraud, no Indemnifying Party shall be liable under
Section 5.2(c) unless and until the aggregate amount of all relevant claims thereunder exceeds RMB10,000,000 (in which case the Indemnifying Party shall be responsible for the full amount of such claim from dollar one). 

  
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 (c) Maximum Liability. Absent fraud and willful breach, (i) the maximum
aggregate liability of Baidu and Baidu HK towards the Indemnified Parties of any Investor in respect of all Losses under Section 5.2(a) shall not exceed RMB6,500,000,000; (ii) the maximum aggregate liability of the Company towards the
Indemnified Parties of any Investor in respect of all Losses under Section 5.2(b) shall not exceed the product of (x) such Investor’s Investor Subscription Price and (y) a fraction, the numerator of which is 5 and the denominator
of which is 11.5; (iii) the maximum aggregate liability of the Company towards the Indemnified Parties in respect of all Losses under Section 5.2(c) shall not exceed RMB100,000,000; and (iv) the maximum aggregate liability of any Investor
towards the Indemnified Parties in respect of all Losses under Section 5.2(d) shall not exceed the product of (x) such Investor’s Investor Subscription Price and (y) a fraction, the numerator of which is 5 and the denominator of
which is 11.5. 
 (d) Double Claims. No Indemnifying Party shall be required to compensate any Indemnified Party more than once
(whether under this Agreement or any other Transaction Document) in respect of the same Loss. 
 (e) Exclusive Remedy.
Notwithstanding any provision to the contrary in this Agreement, from and after the Closing, except in the case of fraud or a willful breach, this Article V shall be the sole and exclusive remedy of the Indemnified Parties for any claim with respect
to any and all Losses arising out of or resulting from this Agreement; provided, that nothing in this Article V shall affect any Party’ right to seek and obtain any equitable relief to which such Party may be entitled pursuant to
Section 6.15 or TPG’s rights pursuant to Section 6.12. Notwithstanding anything to the contrary contained in the foregoing, the foregoing limitation shall not apply with respect to claims, Losses or other matters arising out of,
relating to or resulting from any Transaction Document other than this Agreement. 
 (f) No Seller Claims against Group. Baidu
and Baidu HK undertakes not to (and will procure that each of its Affiliates do not) make any claim against a Group Company or a director, officer or employee of a Group Company which it may have in respect of a misrepresentation, inaccuracy or
omission in or from information or advice provided by a Group Company or a director, officer or employee of a Group Company for the purpose of assisting Baidu and/or its Affiliates to make a representation, give a warranty or prepare the Disclosure
Schedule pursuant to this Agreement, or any other matter in relation to which any Investor is an Indemnified Party hereunder. 

Section 5.7 Tax Treatment of Indemnity Payments. The Parties agree to treat any indemnity payment made pursuant to this Article V
as an adjustment to the Investor Subscription Price, for all income tax purposes. If an Indemnifying Party is required to deduct or withhold from a payment under Section 5.2 to an Indemnified Party any Tax, the Indemnifying Party agrees to pay
on demand from the Indemnified Party such additional amounts as shall be required so that the net amount received by such Indemnified Party after such deduction or withholding shall equal the amount that would have been received by such Indemnified
Party had no such deduction or withholding been made. 

  
 53 

 Section 5.8 Indemnity for Wealth Management Products. Notwithstanding anything
to the contrary contained in this Agreement, if any Wealth Management Assets causes or otherwise leads to any decrease in the consolidated net assets of the Group Companies from the Closing to September 30, 2019, which is determined on a
consistent basis same as used in the preparation of the Closing Statement (any amount of such decrease, the “Wealth Management Loss”): 

(a) Unless and until the aggregate amount of all Wealth Management Losses exceeds RMB540,000,000, Baidu and Baidu HK shall, jointly and
severally, indemnify the Investors for the amount of such Wealth Management Loss, within 10 Business Days after the written request of any Lead Investor, (i) by transferring to the Investors, for no additional consideration, such aggregate
number of Ordinary Shares (the “Wealth Management Share Number”) which would reduce Baidu HK’s ownership percentage in the Company at the Closing by a fraction (expressed as a percentage), (x) the numerator of which is the
amount of such Wealth Management Loss in RMB, and (y) the denominator of which RMB18,000,000,000, or (ii) by permitting the Investors to subscribe, at par value, for an aggregate number of Series A Preferred Shares equal to the Wealth
Management Share Number from the Company, and immediately thereafter causing the Company to repurchase from Baidu HK, at par value, an amount of Ordinary Shares equal to the Wealth Management Share Number. Such number of Ordinary Shares, in the case
of clause (i) above, or Series A Preferred Shares, in the case of clause (ii) above, shall be allocated to the Investors on a pro rata basis according to their respective number of Investor Subscription Shares. The Parties shall take all
necessary steps to effect such transfer of Ordinary Shares to the Investors by Baidu HK and the re-designation of each Ordinary Share so transferred as a Series A Preferred Share immediately upon the
effectiveness of the transfer, in the case of clause (i) above, or the subscription for Series A Preferred Shares by the Investors and repurchase of Ordinary Shares from Baidu HK by the Company, in the case of clause (ii) above. 

(b) If the aggregate amount of all Wealth Management Losses exceeds RMB540,000,000, the Company shall indemnify the amount of any further
Wealth Management Loss within 10 Business Days after the written request of any Lead Investor, by paying to each Investor in US$ by wire transfer of immediately available funds an amount equal to the product of (i) the amount of such further
Wealth Management Losses and (ii) a fraction, the numerator of which is the number of Investor Subscription Shares subscribed by such Investor at the Closing, and the denominator of which is the aggregate number of Investors Subscription Shares
subscribed by the Investors at the Closing. 
 (c) Notwithstanding anything in this Section 5.8 to the contrary absent fraud and
willful breach, (i) Baidu and Baidu HK shall not be liable to indemnify for any Wealth Management Loss pursuant to Section 5.8(a) unless and until the aggregate amount of all Wealth Management Losses exceeds RMB150,000,000 (in which case
Baidu and Baidu HK shall be responsible for the full amount of such claim from dollar one pursuant to Section 5.8(a)), and (ii) the aggregate amount of all Wealth Management Losses indemnifiable by Baidu, Baidu HK and the Company pursuant
to this Section 5.8 shall not exceed the RMB equivalent of US$500,000,000. 

  
 54 

 ARTICLE VI 

MISCELLANEOUS 

Section 6.1 Disclosure Schedule References. The Parties agree that any reference in a particular Section of the Disclosure
Schedule shall be deemed to be an exception to or, as applicable, a disclosure for purposes of (i) the representations and warranties, or covenants, as applicable, of the relevant Party that are contained in the corresponding Section of this
Agreement and (ii) any other representations and warranties of such Party that is contained in this Agreement, regardless of the absence of an express cross-reference thereto, if the relevance of that reference as an exception to or a
disclosure for purposes of such representations, warranties or covenants would be reasonably apparent. The Parties acknowledge and agree that the Disclosure Schedule may include certain items and information solely for informational purposes for the
convenience of the Investors, and the disclosure by the Company, Baidu or Baidu HK of any matter in the Disclosure Schedule shall not constitute an acknowledgment by the Company, Baidu or Baidu HK that the matter is required to be disclosed by the
terms of this Agreement or that the matter is material. 
 Section 6.2 Governing Law; Arbitration. This Agreement shall be
governed by and interpreted in accordance with the laws of Hong Kong. Any dispute arising out of or relating to this Agreement, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by
arbitration at the Hong Kong International Arbitration Centre (the “HKIAC”) in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules in force when the relevant arbitration notice is received
by the HKIAC. There shall be three arbitrators. Each side in dispute shall have the right to appoint one arbitrator, and the third arbitrator shall be appointed by the HKIAC. The language to be used in the arbitration proceedings shall be English.
Each of the Parties irrevocably waives any immunity to jurisdiction to which it may be entitled or become entitled (including immunity to pre-award attachment, post-award attachment or otherwise) in any
arbitration proceedings and/or enforcement proceedings against it arising out of or based on this Agreement or the Contemplated Transactions. The award of the arbitration tribunal shall be final and binding upon the Parties, and the prevailing Party
may apply to a court of competent jurisdiction for enforcement of such award. Any Party shall be entitled to seek preliminary injunctive relief from any court of competent jurisdiction pending the constitution of the arbitral tribunal. 

Section 6.3 Amendment; Waiver. This Agreement shall not be amended or modified except by an agreement in writing executed by the
Parties. No waiver of any provision of this Agreement shall be effective unless set forth in a written instrument signed by the Party waiving such provision. No failure or delay by a Party in exercising any right, power or remedy under this
Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of the same preclude any further exercise thereof or the exercise of any other right, power or remedy. 

Section 6.4 Binding Effect. This Agreement shall inure to the benefit of, and be binding upon, each of the Parties and their
respective heirs, successors and permitted assigns and legal representatives. 

  
 55 

 Section 6.5 Assignment. Neither this Agreement nor any of the rights, duties or
obligations hereunder may be assigned by any Party without the express written consent of the other Parties. Any purported assignment in violation of the foregoing sentence shall be null and void. Notwithstanding the foregoing, any Investor may
assign any of its rights hereunder to any one or more of its Affiliates; provided that no such assignment shall relieve such Investor of its obligations hereunder or enlarge, alter or change any obligation of any other Party or due to such
Investor,. 
 Section 6.6 Notices. All notices, requests, demands and other communications under this Agreement shall be in
writing and shall be deemed to have been duly given if (a) in writing and served by personal delivery upon the Party for whom it is intended, (b) if delivered by facsimile or electronic mail with receipt confirmed or (c) if delivered
by certified mail, registered mail or courier service, return receipt received, to the Party at the address set forth below: 
  

					
	 If to Baidu or Baidu HK, at:

			
		  	Address:	  	 Baidu Campus, No. 10, Shangdi
 10th Street,
Haidian District, Beijing
 100085, People’s Republic of China

		  	Attn:	  	Shanshan Bi
		  	Email:	  	bishanshan@baidu.com
	
	 With a copy (which shall not constitute notice) to:

			
		  	Address:	  	 Skadden, Arps, Slate, Meagher &
 Flom
LLP

		  		  	 42/F Edinburgh Tower, The
 Landmark, 15
Queen’s Road
 Central, Hong Kong

		  	Attn:	  	Z. Julie Gao
		  	Facsimile:	  	+852 3910 4863
		  	Email:	  	julie.gao@skadden.com
	
	 If to the Company, at:

		  	Address:	  	 Baidu Campus, No. 10, Shangdi
 10th Street,
Haidian District, Beijing
 100085, People’s Republic of China

		  	Attn:	  	Wen WU
		  	Email:	  	wuwen01@baidu.com
	
	 If to TPG, at: 

			
		  	Address:	  	Suite 3300
		  		  	Fort Worth, TX 76102
		  		  	United States
		  	Attn:	  	Legal and Compliance Department
		  	Facsimile:	  	+1 (817) 871-4001

  
 56 

					
	 With a copy (which shall not constitute notice) to:

			
		  	Address:	  	Davis Polk & Wardwell
		  		  	 18th Floor, The Hong Kong Club

Building

		  		  	3A Chater Road
		  		  	Central, Hong Kong
		  	Attn:	  	Miranda So
		  	Facsimile:	  	+852 2533 1773
		  	Email:	  	miranda.so@davispolk.com

 If to any Other Investor, at the address for notice set forth on its counterpart signature page hereto. 

Any Party may change its address for purposes of this Section 6.6 by giving the other Parties written notice of the new address in the manner set forth
above. 
 Section 6.7 Entire Agreement. This Agreement, together with the Schedules and Exhibits and the other Transaction
Documents, constitutes the entire understanding and agreement among the Parties with respect to the matters covered hereby and thereby, and all prior agreements and understandings, oral or in writing, if any, among the Parties with respect to the
matters covered hereby and thereby are superseded by this Agreement and the other Transaction Documents. In the event of any inconsistency between any provision of this Agreement and any provision of any other Transaction Document, the provisions of
this Agreement shall prevail, and the Parties shall cause such inconsistent provision of such other Transaction Document to be promptly amended in order to conform to this Agreement. 

Section 6.8 Severability. If any provision of this Agreement is inoperative or unenforceable for any reason, such circumstances
shall not have the effect of rendering the provision in question inoperative or unenforceable in any other case or circumstance, or of rendering any other provision or provisions herein contained invalid, inoperative or unenforceable to any extent
whatsoever. If any provision of this Agreement shall be adjudged to be excessively broad as to duration, geographical scope, activity or subject, such provision shall be deemed modified to the minimum degree necessary to make such provision valid
and enforceable under applicable Law, and that such modified provision shall thereafter be enforced to the fullest extent possible. 

Section 6.9 Fees and Expenses. Except as otherwise provided in this Agreement, the Parties will bear their respective expenses
incurred in connection with the negotiation, preparation and execution of the Transaction Documents and the Contemplated Transactions, including fees and expenses of attorneys, accountants, consultants and financial advisors. 

Section 6.10 Confidentiality. 

(a) Subject to Section 6.10(b) and Section 6.10(c), each Party shall keep confidential and shall not disclose to any Person the
existence and provisions of any Transaction Document, the negotiations relating to any Transaction Document and any non-public material or information with respect to the business, technology, financial
conditions or other aspects of the other Parties or their respective Affiliates (collectively, “Confidential Information”). 

  
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 (b) Confidential Information shall not include any information that is (i) previously
known on a non-confidential basis by the receiving Party, (ii) in the public domain through no fault of such receiving Party, its Affiliates or its or its Affiliates’ officers, directors or
employees, (iii) received from a Person other than any of the other Parties or their respective representatives or agents, so long as such Person was not, to the best knowledge of the receiving Party, subject to a duty of confidentiality to
such other Party or (iv) developed independently by the receiving Party without reference to confidential information of the disclosing Party. 

(c) Notwithstanding Section 6.10(a): 

(i) any Party may disclose Confidential Information to the extent that such disclosure is required under applicable Laws or any judicial or
regulatory process or is requested by any Governmental Authority or other regulatory body, including the rules and requirements of the SEC and any securities exchange; provided, that such Party shall, to the extent permitted by Law and so far
as it is practicable, provide the other Parties with prompt notice of such requirement or request and cooperate with the other Parties at such other Parties’ request and cost to enable such other Parties to seek an appropriate protection order
or remedy; and 
 (ii) any Party may disclose Confidential Information to its Affiliates and its and its Affiliates’ respective
officers, directors, employees, agents, professional advisors and representatives on a need-to-know basis; provided, that such Party shall use commercially
reasonable efforts to ensure that each such Person to which it discloses Confidential Information strictly abides by the confidentiality obligations hereunder and shall be responsible for any breach of confidentiality obligations by such Person; and

 (iii) any Investor may disclose Confidential Information to the disclosure is made to any beneficial owner of any Investor in the
ordinary course of investment reporting or any existing or to any prospective equity or debt financing source of any Investor or any of its Affiliates in connection with any ordinary course fund raising activities, as long as the recipient has been
advised of the confidential nature of such information. 
 Section 6.11 Termination. 

(a) This Agreement may be terminated at any time prior to the Closing: 

(i) by the written consent of each of the Parties; 

(ii) by any Seller Party or any Investor only with respect to such Investor if the Closing shall not have been consummated on or before
December 31, 2018; or 
 (iii) by Baidu, Baidu HK or the Company by written notice to any Investor only with respect to such Investor
if (A) all of the conditions to the obligations of such Investor to consummate the transactions contemplated by Section 2.1 (other than those conditions that by their terms are to be satisfied at the Closing) have been satisfied or duly
waived; (B) Baidu, Baidu HK and the Company have notified such Investor in writing that the event referred to in Section 6.11(a)(iii)(A) above has occurred, and that Baidu, Baidu HK and the Company are ready, willing and able to consummate
the Closing; and (C) such Investor fails to consummate the transactions contemplated by Section 2.1(a) within fifteen (15) Business Days after the delivery of the written notice referred to in Section 6.11(a)(iii)(B) above; 

  
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 (iv) by any Party by written notice to the other Parties if any Governmental Authority
shall have issued any Order or taken any other action permanently restraining, enjoining, preventing, prohibiting or otherwise making illegal the consummation of the Contemplated Transactions and such Order or other action has become final and non-appealable; provided, that a Party shall have no right to terminate this Agreement pursuant to this Section 6.11(a)(iv) if the imposition of such Order or other action was caused by the breach by
such Party or its Affiliate of any representation, warranty or covenant in this Agreement, the Framework Restructuring Agreement or any Restructuring Document; 

(v) by an Investor only with respect to such Investor if there exists a material breach of any representation, warranty, covenant or agreement
of any Seller Party such that the condition set forth in Section 2.4(a)(i) or Section 2.4(a)(ii) would not be satisfied and such breach has not been cured, or is incapable of being cured, by such Seller Party (as the case may be) within 30
days following its receipt of notice from the Investor of such breach; 
 (vi) by Baidu or the Company only with respect to an Investor if
there exists a material breach of any representation or warranty of such Investor such that the condition set forth in Section 2.4(b)(i) would not be satisfied and such breach has not been cured, or is incapable of being cured, by such Investor
within 30 days following its receipt of notice from Baidu or the Company (as the case may be) of such breach; or 
 (vii) by TPG only if the
Additional Subscription Conditions shall not have been satisfied on or prior to April 30, 2018. 
 (b) Upon the termination of this
Agreement pursuant to this Section 6.11, this Agreement (other than Article I, Article V and this Article VI) shall become void and have no further force or effect; provided, that no such termination shall relieve any Party of liability
for any breach of this Agreement prior to such termination. 
 (c) Notwithstanding anything to the contrary herein: (A) if this
Agreement is terminated with respect to any Investor in accordance with (x) Section 6.11(a)(iii), or (y) Section 6.11(a)(vi), then the Escrow Amount paid by or on behalf of such Investor shall immediately and forever be forfeited
to the Company, and such Investor shall take all actions necessary, appropriate or as requested by the Company or the Escrow Agent to effect the forfeiture and the transfer of the Escrow Amount from the Escrow Agent to the Company; (B) if this
Agreement is terminated with respect to any Investor for any other reason, then (xx) the Escrow Amount paid by or on behalf of such Investor shall be immediately returned to such Investor, and Baidu and the Company shall take all actions
necessary, appropriate or as requested by such Investor to effect the transfer of the Escrow Amount from the Escrow Agent to such Investor, and (yy) if applicable, the Letter of Credit shall be immediately terminated. 

  
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 Section 6.12 Put Right. 

(a) If the indirect transfer of Equity Interests of Beijing BaiduPay Science and Technology Co., Ltd. (北京百付宝科技有限公司) and/or Chongqing Baidu Mini Lending Co.,
Ltd. (重庆百度小额贷款有限公司) to the Company
has not been completed in accordance with the Restructuring Plan by the Restructuring Longstop Date, at any time thereafter, following the written request of the Majority Series A Preferred Shareholders, each holder of Series A Preferred Shares
shall have the right, but not the obligation, to sell to Baidu all of the Series A Preferred Shares held by such holder by written notice to the Company and Baidu (the “Put Notice”). 

(b) If any holder of Series A Preferred Shares delivers a Put Notice (the “Put Investor”), Baidu and Baidu HK hereby, jointly
and severally, undertakes to pay to the Put Investor, in respect of each Series A Preferred Share to be sold in the Put Notice (each, a “Put Share”), an amount in cash (the “Put Price”) equal to: 

IP x (1.10) N + D 

WHERE 
 IP = the per share
Investor Subscription Price (as adjusted for any share split, share dividend, subdivision, combination, reclassification or other similar event) 

N = a fraction the numerator of which is the number of calendar days between the Closing Date and the date of actual payment of the Put Price
in respect of such Put Share and the denominator of which is 365 
 D = any accrued but unpaid dividends on such Put Share (as adjusted for
any share split, share dividend, subdivision, combination, reclassification or other similar event) 
 (c) Baidu and/or Baidu HK shall pay
the aggregate Put Price to the Put Investor in US$ by wire transfer of immediately available funds, and the Put Investor shall transfer its Put Shares to Baidu, on a date to be determined at the discretion of Baidu, but in any event no later than 45
days after the date of the Put Notice. 
 (d) “Restructuring Longstop Date” means the date that falls one (1) year
after the Closing Date, which may be extended by the written consent of Baidu and TPG. 
 Section 6.13 Third Party Rights.
Except as provided in Section 5.2, a Person that is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the Laws of Hong Kong) to enforce any term of, or enjoy any benefit under,
this Agreement. 
 Section 6.14 Headings. The headings of the various Articles and Sections of this Agreement are inserted
merely for convenience and do not expressly or by implication limit, define or extend the specific terms of the Article or Section so designated. 

  
 60 

 Section 6.15 Counterparts; Effectiveness. This Agreement may be executed
in one or more counterparts (including the counterpart of any Other Investor which executes and delivers such counterpart pursuant to Section 2.1(a)), including counterparts transmitted by facsimile or
e-mail, each of which shall be deemed to be an original, and all of which together shall constitute one and the same instrument. Delivery of executed signature pages by facsimile or electronic transmission
(via scanned PDF) by all Parties will constitute effective and binding execution and delivery of this Agreement. The Seller Parties and TPG agree that this Agreement shall become effective and be binding immediately as between such Parties when each
such Party shall have received counterparts hereof signed by all of such other Parties on the date first hereinabove mentioned, and shall not be conditional on, or affected by, the entry into this Agreement by any Other Investors. 

Section 6.16 Specific Performance. The Parties agree that irreparable damage would occur if any provision of this Agreement were
not performed in accordance with the terms hereof and that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof, in addition
to any other remedy to which they are entitled at law or in equity. 
 Section 6.17 Public Announcements. The Parties agree to
consult with each other before issuing any press release or making any public disclosure or statement with respect to the existence or terms of this Agreement or the Contemplated Transactions and, except for any press releases and public disclosure
or statements the making of which may be required by applicable Law or any listing agreement with any national securities exchange, will not issue any such press release or make any such public statement without the prior consent of the Seller
Parties and TPG. 
 [SIGNATURE PAGES FOLLOW] 

  
 61 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed on the day and year first above
written. 
  

			
	BAIDU HOLDINGS LIMITED
		
	By:	 	 /s/ Yonhong Li

	Name:	 	Yonhong Li
	Title:	 	Director
	
	BAIDU (HONG KONG) LIMITED
		
	By:	 	 /s/ Herman Yu

	Name:	 	Herman Yu
	Title:	 	Director

 [SIGNATURE PAGE TO SHARE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed on the day and year first above
written. 
  

			
	TPG BELLWETHER, LTD.
		
	By:	 	 /s/ Michael LaGatta

	Name:	 	Michael LaGatta
	Title:	 	Vice President

 [SIGNATURE PAGE TO SHARE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed on the day and year first above
written. 
  

			
	91 WIRELESS WEBSOFT LIMITED
		
	By:	 	 /s/ Da Zhou

	Name:	 	Da Zhou
	Title:	 	Director

 [SIGNATURE PAGE TO SHARE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed on the day and year first above
written. 
  

			
	Beacon Group Limited
		
	By:	 	 /s/ Norma Kuntz

	Name:	 	Norma Kuntz
	Title:	 	Director

 Address for Notice: 
 Address:
1001 Pennsylvania Avenue, Washing DC, 20004-2505 
 Attn: Norma Kuntz 

Email: Norma.Kuntz@Carlyle.com 
 [SIGNATURE PAGE
TO SHARE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed on the day and year first above
written. 
  

			
	OTHER INVESTOR
	
	 Kaitai International Funds SPC for and on behalf of Taikang Kaitai Special

Opportunity Fund II Segregated Portfolio

			
		
	By:	 	 /s/ Zhang Le

	Name:	 	Zhang Le
	Title:	 	Managing Director, Taikang Asset Management (Hong Kong) Company Limited

 Address for Notice: 
 Address:
Unit 4911-13, 49/F, The Center, 99 Queen’s Road Central, Hong Kong 
 Attn: Nelson Yeung 

Email: nelson_yeung@taikangamc.com.cn 
 [SIGNATURE
PAGE TO SHARE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed on the day and year first above
written. 
  

			
	OTHER INVESTOR
	
	CB FINANCE INVESTMENT LIMITED
		
	By:	 	 /s/ Ching Nar Cindy Chan

	Name:	 	Ching Nar Cindy Chan
	Title:	 	Director

 Address for Notice: 
 Address:

 Attn: 
 Email: 

[SIGNATURE PAGE TO SHARE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed on the day and year first above
written. 
  

			
	OTHER INVESTOR
	
	EXPRESS SUCCESS INVESTMENTS LIMITED

			
		
	By:	 	 /s/ Yang Rao Rao; Peng Cheng

	Name:	 	Yang Rao Rao; Peng Cheng
	Title:	 	Director

 Address for Notice: 
 Address:
10/F., Agricultural Bank of China Tower, 50 Connaught Road Central, HK 
 Attn: Yang Rao Rao 

Email: yangraorao@abci.com.hk 
 [SIGNATURE PAGE TO
SHARE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed on the day and year first above
written. 
  

			
	OTHER INVESTOR
	
	Wellrich Investment Fund Limited Partnership
	
	Acting by its general partner Springwell Capital Investment Limited

			
		
	By:	 	 /s/ ZHENG Jun

	Name:	 	ZHENG Jun
	Title:	 	Director

 Address for Notice: 
 Address: 301-1 No.35 Jinshifang Street, Xicheng District, Beijing, P.R.China 
 Attn: Jason SHI 

Email: jasonshi@htsc.com 
 [SIGNATURE PAGE TO
SHARE PURCHASE AGREEMENT] 

 Schedule 1 

Subscription of Series A Preferred Shares 
  

									
	 Name of Investor
	  	Number of Series A
Preferred Shares Subscribed
for	 	  	Investor Subscription Price	 
	 TPG Bellwether, Ltd.
	  	 	54,147,422	 	  	US$	1,000,000,000	 
	 Beacon Group Limited
	  	 	27,073,711	 	  	US$	500,000,000	 
	 Taikang Kaitai Special Opportunity Fund II Segregated Portfolio
	  	 	8,122,113	 	  	US$	150,000,000	 
	 CB Finance Investment Limited
	  	 	5,414,742	 	  	US$	100,000,000	 
	 Express Success Investments Limited
	  	 	5,414,742	 	  	US$	100,000,000	 
	 Wellrich Investment Fund Limited Partnership
	  	 	4,331,794	 	  	US$	80,000,000	 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	 	104,504,524	 	  	US$	1,930,000,000	 

 Exhibit A 

Form of Articles 

 Exhibit B 

Form of Shareholders Agreement 

 Exhibit C 

Restructuring Plan 

 Exhibit D 

Form of Framework Business Cooperation Agreement 

 Exhibit E 

Form of Transition Services Agreement 

 Exhibit F 

Capitalization Table 

 Exhibit G 

Legal Opinion Items 
 Cayman Islands
Legal Opinion 
 It is acknowledged that the following items shall be included in the executed Cayman Islands legal opinion dated
as of the Closing subject to necessary assumptions, customary qualifications added therein, those disclosed in the disclosure schedule and the actual conditions relevant to the following items as of the Closing. 

 

	 	1.	 The Company is an exempted company duly incorporated with limited liability, validly existing under the laws of
the Cayman Islands and in good standing with the Registrar of Companies in the Cayman Islands (the “Registrar”). 

  

	 	2.	 The Company has full corporate power and authority to execute and deliver the documents to which it is a party
(the “Documents”) and to perform its obligations under the Documents. 

  

	 	3.	 The Documents to which the Company is a party have been duly authorised and executed and, when delivered by the
Company, will constitute the legal, valid and binding obligations of the Company enforceable in accordance with their respective terms. 

  

	 	4.	 The execution, delivery and performance of the Documents to which the Company is a party, the consummation of
the transactions contemplated thereby and the compliance by the Company with the terms and provisions thereof do not: 

  

	 	(i)	 contravene any law, or public rule or regulation of the Cayman Islands applicable to the Company which is
currently in force; or 

  

	 	(ii)	 contravene the Memorandum and Articles. 

 

	 	5.	 Neither: 

  

	 	(i)	 the execution, delivery or performance of any of the Documents to which the Company is a party; nor

  

	 	(ii)	 the consummation or performance of any of the transactions contemplated thereby by the Company,

 requires the consent or approval of, the giving of notice to, or the registration with, or the taking of any other
action in respect of any Cayman Islands governmental or judicial authority or agency. 
  

	 	6.	 The law (if any) chosen in each of the Documents to which the Company is a party to govern its interpretation
would be upheld as a valid choice of law in any action on that Document in the courts of the Cayman Islands (the “Courts”). 

	 	7.	 There are no stamp duties, income taxes, withholdings, levies, registration taxes, or other duties or similar
taxes or charges now imposed, or which under the present laws of the Cayman Islands could in the future become imposed, in connection with the enforcement or admissibility in evidence of the Documents or on any payment to be made by the Company or
any other person pursuant to the Documents.

  

	 	8.	 The Company will not be deemed to be resident, domiciled or carrying on business in the Cayman Islands by
reason only of the execution, delivery, performance or enforcement of the Documents to which it is party. 

  

	 	9.	 A judgment obtained in a foreign court will be recognised and enforced in the Courts without any re-examination of the merits at common law, by an action commenced on the foreign judgment in the Grand Court of the Cayman Islands (the “Grand Court”), where the judgment: 

 

	 	(i)	 is final and conclusive; 

 

	 	(ii)	 is one in respect of which the foreign court had jurisdiction over the defendant according to Cayman Islands
conflict of law rules; 

  

	 	(iii)	 is either for a liquidated sum not in respect of penalties or taxes or a fine or similar fiscal or revenue
obligations or, in certain circumstances, for in personam non-money relief (following Bandone Sdn Bhd v Sol Properties Inc. [2008] CILR 301); and 

 

	 	(iv)	 was neither obtained in a manner, nor is of a kind enforcement of which is contrary to natural justice or the
public policy of the Cayman Islands. 

  

	 	10.	 It is not necessary under the laws of the Cayman Islands that any of the Documents be registered or recorded in
any public office or elsewhere in the Cayman Islands in order to ensure the validity or enforceability of any of the Documents. 

  

	 	11.	 It is not necessary under the laws of the Cayman Islands: 

 

	 	(i)	 in order to enable any party to any of the Documents to enforce their rights under the Documents; or

  

	 	(ii)	 solely by reason of the execution, delivery and performance of the Documents, 

that the Company should be licensed, qualified or otherwise entitled to carry on business in the Cayman Islands or any other political
subdivision thereof. 
  

	 	12.	 There are no actions, suits or proceedings pending against the Company before the Grand Court and no steps have
been, or are being, taken compulsorily to wind up the Company. 

	 	13.	 The Companies Law provides that upon registration, the Memorandum and Articles bind the Company and members
thereof to the same extent as if each member had subscribed his name thereto, and there were in such Memorandum and Articles contained a covenant on the part of the member to conform to all the conditions and regulations contained in such Memorandum
and Articles subject to the provisions of the Companies Law. 

  

	 	14.	 In relation to the Series A Preferred Shares: 

 

	 	(a)	 [specify number] the Series A Preferred Shares have been duly authorised and were validly allotted and issued
to [insert TPG and other investor entities] on [Date] 2018. 

  

	 	(b)	 the Series A Preferred Shares carry such rights as are attributed to them in the Memorandum and Articles.

 PRC Legal Opinion 

It is acknowledged that the following items shall be included in the executed PRC legal opinion dated as of the Closing subject to necessary
assumptions, customary qualifications added therein, those disclosed in the disclosure schedule and the actual conditions relevant to the following items as of the Closing. 

 

	 	1.	 Due incorporation, valid existence and good standing of the PRC Group Companies. 

 

	 	2.	 Effectiveness and validness of the articles of association, business licenses and approval certificate/filings
of the PRC Group Companies and no breach thereof. 

  

	 	3.	 Each PRC Group Company has all necessary approvals, filings and registration required for the establishment and
maintenance of the enterprise legal person status and to conduct its business and such approvals/filings/registrations are in full force and effect. 

  

	 	4.	 Businesses currently conducted by the PRC Group Companies comply with the PRC Laws or consistent with common
industry practice in all material aspects 

  

	 	5.	 Full contribution of registered capital of the PRC Group Companies. 

 

	 	6.	 No options over equity interests of the PRC Group Companies except for the Control Documents.

  

	 	7.	 No outstanding rights to issue any equity interest in the PRC Group Companies. 

 

	 	8.	 Full corporate power and authority to own and use its properties and other assets owned by it, free and clear
of any mortgage or pledge. 

  

	 	9.	 Due registration and good title to all registered Intellectual Property of the PRC Group Companies listed in
the Transaction Documents and no current disputes with respect to violation or infringement of any intellectual property rights of others. 

	 	10.	 No notice from any Governmental Authority assessing any Tax deficiency against, or imposing any penalty on the
PRC Group Companies. 

  

	 	11.	 No winding up, dissolution, bankruptcy or liquidation for the PRC Group Companies. 

 

	 	12.	 Each PRC Group Company is legally capable of suing and being sued and can be the subject of any legal
proceedings in the PRC courts and can legally assume relevant civil liabilities. 

  

	 	13.	 No pending action, suit, arbitration, proceeding, inquiry, investigation or governmental proceeding by or
against any PRC Group Company or its properties. 

  

	 	14.	 Full power and authority for the relevant PRC Group Companies and their shareholders to execute and perform the
Control Documents to which they are parties. 

  

	 	15.	 Full power and authority for the PRC Group Companies to execute and perform the Transaction Documents. Legal
binding, validness and enforceability of each Transaction Document against the PRC Group Companies excluding the Control Documents. 

  

	 	16.	 Legal ability of distributing dividends out of the PRC by WFOE. 

 

	 	17.	 Legal binding, validness and enforceability of the Material Contracts excluding the Control Documents.

  

	 	18.	 Validness and enforceability of choice of laws and dispute resolution under the PRC Laws.

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