Document:

EX-4.3

 Exhibit 4.3 

 
  

UCLOUDLINK GROUP INC. 
 AND 

THE BANK OF NEW YORK MELLON 

                        
                                         
                   As Depositary 
 AND 

OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES 

Deposit Agreement 

            , 2019 

 
  

 

 TABLE OF CONTENTS 
  

					
	ARTICLE 1.             DEFINITIONS	  	1
	 SECTION 1.1.
	 	American Depositary Shares	  	1
	 SECTION 1.2.
	 	Commission	  	2
	 SECTION 1.3.
	 	Company	  	2
	 SECTION 1.4.
	 	Custodian	  	2
	 SECTION 1.5.
	 	Deliver; Surrender	  	2
	 SECTION 1.6.
	 	Deposit Agreement	  	3
	 SECTION 1.7.
	 	Depositary; Depositary’s Office	  	3
	 SECTION 1.8.
	 	Deposited Securities	  	3
	 SECTION 1.9.
	 	Disseminate	  	3
	 SECTION 1.10.
	 	Dollars	  	4
	 SECTION 1.11.
	 	DTC	  	4
	 SECTION 1.12.
	 	Foreign Registrar	  	4
	 SECTION 1.13.
	 	Holder	  	4
	 SECTION 1.14.
	 	Owner	  	4
	 SECTION 1.15.
	 	Receipts	  	4
	 SECTION 1.16.
	 	Registrar	  	4
	 SECTION 1.17.
	 	Replacement	  	4
	 SECTION 1.18.
	 	Restricted Securities	  	5
	 SECTION 1.19.
	 	Securities Act of 1933	  	5
	 SECTION 1.20.
	 	Shares	  	5
	 SECTION 1.21.
	 	SWIFT	  	5
	 SECTION 1.22.
	 	Termination Option Event	  	5
		
	 ARTICLE 2.
            FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES
	  	6
	 SECTION 2.1.
	 	Form of Receipts; Registration and Transferability of American Depositary Shares	  	6
	 SECTION 2.2.
	 	Deposit of Shares	  	7
	 SECTION 2.3.
	 	Delivery of American Depositary Shares	  	8
	 SECTION 2.4.
	 	Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares	  	8
	 SECTION 2.5.
	 	Surrender of American Depositary Shares and Withdrawal of Deposited Securities	  	9
	 SECTION 2.6.
	 	Limitations on Delivery, Registration of Transfer and Surrender of American Depositary Shares	  	10
	 SECTION 2.7.
	 	Lost Receipts, etc.	  	11
	 SECTION 2.8.
	 	Cancellation and Destruction of Surrendered Receipts	  	11
	 SECTION 2.9.
	 	DTC Direct Registration System and Profile Modification System	  	11

  
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	ARTICLE 3.             CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES	  	12
	 SECTION 3.1.
	 	Filing Proofs, Certificates and Other Information	  	12
	 SECTION 3.2.
	 	Liability of Owner for Taxes	  	13
	 SECTION 3.3.
	 	Warranties on Deposit of Shares	  	13
	 SECTION 3.4.
	 	Disclosure of Interests	  	13
		
	ARTICLE 4.             THE DEPOSITED SECURITIES	  	14
	 SECTION 4.1.
	 	Cash Distributions	  	14
	 SECTION 4.2.
	 	Distributions Other Than Cash, Shares or Rights	  	14
	 SECTION 4.3.
	 	Distributions in Shares	  	15
	 SECTION 4.4.
	 	Rights	  	16
	 SECTION 4.5.
	 	Conversion of Foreign Currency	  	17
	 SECTION 4.6.
	 	Fixing of Record Date	  	18
	 SECTION 4.7.
	 	Voting of Deposited Shares	  	19
	 SECTION 4.8.
	 	Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities	  	20
	 SECTION 4.9.
	 	Reports	  	22
	 SECTION 4.10.
	 	Lists of Owners	  	22
	 SECTION 4.11.
	 	Withholding	  	22
		
	ARTICLE 5.             THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY	  	23
	 SECTION 5.1.
	 	Maintenance of Office and Register by the Depositary	  	23
	 SECTION 5.2.
	 	Prevention or Delay of Performance by the Company or the Depositary	  	23
	 SECTION 5.3.
	 	Obligations of the Depositary and the Company	  	24
	 SECTION 5.4.
	 	Resignation and Removal of the Depositary	  	25
	 SECTION 5.5.
	 	The Custodians	  	26
	 SECTION 5.6.
	 	Notices and Reports	  	27
	 SECTION 5.7.
	 	Distribution of Additional Shares, Rights, etc.	  	27
	 SECTION 5.8.
	 	Indemnification	  	28
	 SECTION 5.9.
	 	Charges of Depositary	  	29
	 SECTION 5.10.
	 	Retention of Depositary Documents	  	29
	 SECTION 5.11.
	 	Exclusivity	  	30
	 SECTION 5.12.
	 	Information for Regulatory Compliance	  	30

  
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	ARTICLE 6.             AMENDMENT AND TERMINATION	  	30
	SECTION 6.1.	 	Amendment	  	30
	SECTION 6.2.	 	Termination	  	31
		
	ARTICLE 7.             MISCELLANEOUS	  	32
	SECTION 7.1.	 	Counterparts; Signatures; Delivery	  	32
	SECTION 7.2.	 	No Third Party Beneficiaries	  	32
	SECTION 7.3.	 	Severability	  	32
	SECTION 7.4.	 	Owners and Holders as Parties; Binding Effect	  	32
	SECTION 7.5.	 	Notices	  	33
	SECTION 7.6.	 	Arbitration; Settlement of Disputes	  	33
	SECTION 7.7.	 	Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver	  	34
	SECTION 7.8.	 	Waiver of Immunities	  	35
	SECTION 7.9.	 	Governing Law	  	35

  
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 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT dated as of             , 2019 among UCLOUDLINK GROUP INC., a
company incorporated under the laws of the Cayman Islands (herein called the Company), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary), and all Owners and Holders (each as hereinafter defined) from time to
time of American Depositary Shares issued hereunder. 
 W I T N E S S E T H: 

WHEREAS, the Company desires to provide, as set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of the
Company from time to time with the Depositary or with the Custodian (as hereinafter defined) under this Deposit Agreement, for the creation of American Depositary Shares representing the Shares so deposited and for the execution and delivery of
American Depositary Receipts evidencing the American Depositary Shares; and 
 WHEREAS, the American Depositary Receipts are to be
substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as set forth in this Deposit Agreement; 

NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties hereto as follows: 

ARTICLE 1.    DEFINITIONS 

The following definitions shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit
Agreement: 
 SECTION 1.1.    American Depositary Shares. 

The term “American Depositary Shares” shall mean the securities created under this Deposit Agreement representing rights with
respect to the Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities. The form of Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required
under the Securities Act of 1933 for sales of both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit Agreement that refer specifically to Receipts, all the provisions of this Deposit Agreement
shall apply to both certificated and uncertificated American Depositary Shares. 

 Each American Depositary Share shall represent the number of Shares specified in Exhibit A
to this Deposit Agreement, except that, if there is a distribution upon Deposited Securities covered by Section 4.3, a change in Deposited Securities covered by Section 4.8 with respect to which additional American Depositary Shares
are not delivered or a sale of Deposited Securities under Section 3.2 or 4.8, each American Depositary Share shall thereafter represent the amount of Shares or other Deposited Securities that are then on deposit per American Depositary Share
after giving effect to that distribution, change or sale. 
 SECTION 1.2.    Commission. 

The term “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental
agency in the United States. 
 SECTION 1.3.    Company. 

The term “Company” shall mean UCLOUDLINK GROUP INC., a company incorporated under the laws of the Cayman Islands, and its
successors. 
 SECTION 1.4.    Custodian. 

The term “Custodian” shall mean The Hongkong and Shanghai Banking Corporation Limited, as custodian for the Depositary in Hong
Kong for the purposes of this Deposit Agreement, and any other firm or corporation the Depositary appoints under Section 5.5 as a substitute or additional custodian under this Deposit Agreement, and shall also mean all of them collectively.

 SECTION 1.5.    Deliver; Surrender. 

(a)    The term “deliver”, or its noun form, when used with respect to Shares or other Deposited
Securities, shall mean (i) book-entry transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized under applicable law to effect transfers of such securities designated by the person entitled to
that delivery or (ii) physical transfer of certificates evidencing those Shares or other Deposited Securities registered in the name of, or duly endorsed or accompanied by proper instruments of transfer to, the person entitled to that delivery.

 (b)    The term “deliver”, or its noun form, when used with respect to American Depositary Shares,
shall mean (i) registration of those American Depositary Shares in the name of DTC or its nominee and book-entry transfer of those American Depositary Shares to an account at DTC designated by the person entitled to that delivery,
(ii) registration of those American Depositary Shares not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled to that delivery and mailing to that person of a statement confirming that registration
or (iii) if requested by the person entitled to that delivery, execution and delivery at the Depositary’s Office to the person entitled to that delivery of one or more Receipts evidencing those American Depositary Shares registered in the
name requested by that person. 

  
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 (c)    The term “surrender”, when used with respect to
American Depositary Shares, shall mean (i) one or more book-entry transfers of American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at its Office of an instruction to surrender American
Depositary Shares not evidenced by a Receipt or (iii) surrender to the Depositary at its Office of one or more Receipts evidencing American Depositary Shares. 

SECTION 1.6.    Deposit Agreement. 

The term “Deposit Agreement” shall mean this Deposit Agreement, as it may be amended from time to time in accordance with the
provisions of this Deposit Agreement. 
 SECTION 1.7.    Depositary; Depositary’s Office. 

The term “Depositary” shall mean The Bank of New York Mellon, a New York banking corporation, and any successor as depositary
under this Deposit Agreement. The term “Office”, when used with respect to the Depositary, shall mean the office at which its depositary receipts business is administered, which, at the date of this Deposit Agreement, is located at
240 Greenwich Street, New York, New York 10286. 
 SECTION 1.8.    Deposited Securities. 

The term “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this
Deposit Agreement, including without limitation, Shares that have not been successfully delivered upon surrender of American Depositary Shares, and any and all other securities, property and cash received by the Depositary or the Custodian in
respect of Deposited Securities and at that time held under this Deposit Agreement. 
 SECTION
1.9.    Disseminate. 
 The term “Disseminate,” when referring to a notice or other information
to be sent by the Depositary to Owners, shall mean (i) sending that information to Owners in paper form by mail or another means or (ii) with the consent of Owners, another procedure that has the effect of making the information available
to Owners, which may include (A) sending the information by electronic mail or electronic messaging or (B) sending in paper form or by electronic mail or messaging a statement that the information is available and may be accessed by the
Owner on an Internet website and that it will be sent in paper form upon request by the Owner, when that information is so available and is sent in paper form as promptly as practicable upon request. 

  
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 SECTION 1.10.    Dollars. 

The term “Dollars” shall mean United States dollars. 

SECTION 1.11.    DTC. 

The term “DTC” shall mean The Depository Trust Company or its successor. 

SECTION 1.12.    Foreign Registrar. 

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

SECTION 1.13.    Holder. 

The term “Holder” shall mean any person holding a Receipt or a security entitlement or other interest in American Depositary
Shares, whether for its own account or for the account of another person, but that is not the Owner of that Receipt or those American Depositary Shares. 

SECTION 1.14.    Owner. 

The term “Owner” shall mean the person in whose name American Depositary Shares are registered on the books of the Depositary
maintained for that purpose. 
 SECTION 1.15.    Receipts. 

The term “Receipts” shall mean the American Depositary Receipts issued under this Deposit Agreement evidencing certificated
American Depositary Shares, as the same may be amended from time to time in accordance with the provisions of this Deposit Agreement. 

SECTION 1.16.    Registrar. 

The term “Registrar” shall mean any corporation or other entity that is appointed by the Depositary to register American
Depositary Shares and transfers of American Depositary Shares as provided in this Deposit Agreement. 
 SECTION
1.17.    Replacement. 
 The term “Replacement” shall have the meaning assigned to it in
Section 4.8. 

  
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 SECTION 1.18.    Restricted Securities. 

The term “Restricted Securities” shall mean Shares that (i) are “restricted securities,” as defined in Rule 144
under the Securities Act of 1933, except for Shares that could be resold in reliance on Rule 144 without any conditions, (ii) are beneficially owned by an officer, director (or person performing similar functions) or other affiliate of the
Company, (iii) otherwise would require registration under the Securities Act of 1933 in connection with the public offer and sale thereof in the United States or (iv) are subject to other restrictions on sale or deposit under the laws of
the Cayman Islands, a shareholder agreement or the articles of association or similar document of the Company. 
 SECTION
1.19.    Securities Act of 1933. 
 The term “Securities Act of 1933” shall mean the United
States Securities Act of 1933, as from time to time amended. 
 SECTION 1.20.    Shares. 

The term “Shares” shall mean Class A ordinary shares of the Company that are validly issued and outstanding, fully paid
and nonassessable and that were not issued in violation of any pre-emptive or similar rights of the holders of outstanding securities of the Company; provided, however, that, if there shall occur
any change in nominal or par value, a split-up or consolidation or any other reclassification or, upon the occurrence of an event described in Section 4.8, an exchange or conversion in respect of the
Shares of the Company, the term “Shares” shall thereafter also mean the successor securities resulting from such change in nominal or par value, split-up or consolidation or such other
reclassification or such exchange or conversion. 
 SECTION 1.21.    SWIFT. 

The term “SWIFT” shall mean the financial messaging network operated by the Society for Worldwide Interbank Financial
Telecommunication, or its successor. 
 SECTION 1.22.    Termination Option Event. 

The term “Termination Option Event” shall mean any of the following events or conditions: 

(i)    the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution of
bankruptcy or insolvency proceedings against it, files a petition or answer or consent seeking reorganization or relief under any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition of that kind or to the
appointment of a receiver, liquidator, assignee, trustee, custodian or sequestrator (or other similar official) of it or any substantial part of its property or makes an assignment for the benefit of creditors, or admits its inability to pay its
debts as they become due in the ordinary course of business; 

  
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 (ii)    the American Depositary Shares are delisted from a securities
exchange on which the American Depositary Shares were listed and the Company has not listed or applied to list the American Depositary Shares on another stock exchange in the United States; or 

(iii)    an event or condition that is defined as a Termination Option Event in Section 4.1, 4.2 or 4.8. 

 

			
	ARTICLE 2.	  	FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES

 SECTION 2.1.    Form of Receipts; Registration and Transferability of American
Depositary Shares. 
 Definitive Receipts shall be substantially in the form set forth in Exhibit A to this Deposit Agreement, with
appropriate insertions, modifications and omissions, as permitted under this Deposit Agreement. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless that Receipt has been
(i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature of a
duly authorized signatory of the Depositary or the Registrar or a co-registrar. The Depositary shall maintain books on which (x) each Receipt so executed and delivered as provided in this Deposit
Agreement and each transfer of that Receipt and (y) all American Depositary Shares delivered as provided in this Deposit Agreement and all registrations of transfer of American Depositary Shares, shall be registered. A Receipt bearing the
facsimile signature of a person that was at any time a proper officer of the Depositary shall, subject to the other provisions of this paragraph, bind the Depositary, even if that person was not a proper officer of the Depositary on the date of
issuance of that Receipt. 
 The Receipts and statements confirming registration of American Depositary Shares may have incorporated in or
attached to them such legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or regulations thereunder or with the rules
and regulations of any securities exchange upon which American Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts and American
Depositary Shares are subject by reason of the date of issuance of the underlying Deposited Securities or otherwise. 

  
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 American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or
accompanied by proper instruments of transfer, shall be transferable as certificated registered securities under the laws of the State of New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated
registered securities under the laws of the State of New York. The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person
entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability
under this Deposit Agreement to any Holder of American Depositary Shares (but only to the Owner of those American Depositary Shares). 

SECTION 2.2.    Deposit of Shares. 

Subject to the terms and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited under this
Deposit Agreement by delivery thereof to any Custodian, accompanied by any appropriate instruments or instructions for transfer, or endorsement, in form satisfactory to the Custodian. 

As conditions of accepting Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the
Custodian in accordance with the provisions of this Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the written order of, the person or persons stated in that order American Depositary Shares representing
those deposited Shares, (iii) evidence satisfactory to the Depositary that those Shares have been re-registered in the books of the Company or the Foreign Registrar in the name of the Depositary, a
Custodian or a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary that any necessary approval for the transfer or deposit has been granted by any governmental body in each applicable jurisdiction and
(v) an agreement or assignment, or other instrument satisfactory to the Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property, that any
person in whose name those Shares are or have been recorded may thereafter receive upon or in respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. 

At the request and risk and expense of a person proposing to deposit Shares, and for the account of that person, the Depositary may receive
certificates for Shares to be deposited, together with the other instruments specified in this Section, for the purpose of forwarding those Share certificates to the Custodian for deposit under this Deposit Agreement. 

  
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 The Depositary shall instruct each Custodian that, upon each delivery to a Custodian of a
certificate or certificates for Shares to be deposited under this Deposit Agreement, together with the other documents specified in this Section, that Custodian shall, as soon as transfer and recordation can be accomplished, present that certificate
or those certificates to the Company or the Foreign Registrar, if applicable, for transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or that Custodian or its nominee. 

Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other
place or places as the Depositary shall determine. 
 SECTION 2.3.    Delivery of American Depositary Shares.

 The Depositary shall instruct each Custodian that, upon receipt by that Custodian of any deposit pursuant to Section 2.2, together
with the other documents or evidence required under that Section, that Custodian shall notify the Depositary of that deposit and the person or persons to whom or upon whose written order American Depositary Shares are deliverable in respect thereof.
Upon receiving a notice of a deposit from a Custodian, or upon the receipt of Shares or evidence of the right to receive Shares by the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall deliver, to or
upon the order of the person or persons entitled thereto, the number of American Depositary Shares issuable in respect of that deposit, but only upon payment to the Depositary of the fees and expenses of the Depositary for the delivery of those
American Depositary Shares as provided in Section 5.9, and of all taxes and governmental charges and fees payable in connection with that deposit and the transfer of the deposited Shares. However, the Depositary shall deliver only whole
numbers of American Depositary Shares. 
 SECTION 2.4.    Registration of Transfer of American Depositary Shares;
Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares. 

The Depositary, subject to the terms and conditions of this Deposit Agreement, shall register a transfer of American Depositary Shares on its
transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper
instruments of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in
Section 2.9), and, in either case, duly stamped as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the Depositary shall deliver the transferred American Depositary
Shares to or upon the order of the person entitled thereto. 
 The Depositary, subject to the terms and conditions of this Deposit
Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized
number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 

  
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 The Depositary, upon surrender of certificated American Depositary Shares for the purpose of
exchanging for uncertificated American Depositary Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the owner of the same number of uncertificated
American Depositary Shares. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9) from the Owner of uncertificated American Depositary
Shares for the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt evidencing the same number of certificated American
Depositary Shares. 
 The Depositary may appoint one or more co-transfer agents for the purpose of
effecting registration of transfers of American Depositary Shares and combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Owners or persons entitled to American Depositary Shares and will be entitled to protection and
indemnity to the same extent as the Depositary. 
 SECTION 2.5.    Surrender of American Depositary Shares and
Withdrawal of Deposited Securities. 
 Upon surrender of American Depositary Shares for the purpose of withdrawal of the Deposited
Securities represented thereby and payment of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 and payment of all taxes and governmental charges payable in connection with that surrender and
withdrawal of the Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then be lawfully and practicably
made), to or as instructed by that Owner, of the amount of Deposited Securities at the time represented by those American Depositary Shares, but not any money or other property as to which a record date for distribution to Owners has passed
(since money or other property of that kind will be delivered or paid on the scheduled payment date to the Owner as of that record date), and except that the Depositary shall not be required to accept surrender of American Depositary Shares
for the purpose of withdrawal to the extent it would require delivery of a fraction of a Deposited Security. That delivery shall be made, as provided in this Section, without unreasonable delay. 

  
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 As a condition of accepting a surrender of American Depositary Shares for the purpose of
withdrawal of Deposited Securities, the Depositary may require (i) that each surrendered Receipt be properly endorsed in blank or accompanied by proper instruments of transfer in blank and (ii) that the surrendering Owner execute and
deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be delivered to or upon the written order of a person or persons designated in that order. 

Thereupon, the Depositary shall direct the Custodian to deliver, subject to Sections 2.6, 3.1 and 3.2, the other terms and conditions of this
Deposit Agreement and local market rules and practices, to the surrendering Owner or to or upon the written order of the person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities
represented by the surrendered American Depositary Shares, and the Depositary may charge the surrendering Owner a fee and its expenses for giving that direction by cable (including SWIFT) or facsimile transmission. 

If Deposited Securities are delivered physically upon surrender of American Depositary Shares for the purpose of withdrawal, that delivery
will be made at the Custodian’s office, except that, at the request, risk and expense of an Owner surrendering American Depositary Shares for withdrawal of Deposited Securities, and for the account of that Owner, the Depositary shall
direct the Custodian to forward any cash or other property comprising, and forward a certificate or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities represented by the surrendered American
Depositary Shares to the Depositary for delivery at the Depositary’s Office or to another address specified in the order received from the surrendering Owner. 

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

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

  
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 The Depositary may refuse to accept deposits of Shares for delivery of American Depositary
Shares or to register transfers of American Depositary Shares in particular instances, or may suspend deposits of Shares or registration of transfer generally, whenever it or the Company considers it necessary or advisable to do so. The Depositary
may refuse surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities in particular instances, or may suspend surrenders for the purpose of withdrawal generally, but, notwithstanding anything to the contrary in
this Deposit Agreement, only for (i) temporary delays caused by closing of the Depositary’s register or the register of holders of Shares maintained by the Company or the Foreign Registrar, or the deposit of Shares, in connection with
voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares
or to the withdrawal of the Deposited Securities or (iv) any other reason that, at the time, is specified under paragraph I(A)(1) of the General Instructions to Form F-6 under the Securities Act of 1993
or any successor to that provision. 
 The Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares that,
at the time of deposit, are Restricted Securities. 
 SECTION 2.7.    Lost Receipts, etc. 

If a Receipt is mutilated, destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares evidenced by
that Receipt in uncertificated form or, if requested by the Owner, execute and deliver a new Receipt of like tenor in exchange and substitution for such mutilated Receipt, upon surrender and cancellation of that mutilated Receipt, or in lieu of and
in substitution for that destroyed, lost or stolen Receipt. However, before the Depositary will deliver American Depositary Shares in uncertificated form or execute and deliver a new Receipt, in substitution for a destroyed, lost or stolen
Receipt, the Owner must (a) file with the Depositary (i) a request for that replacement before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and
(b) satisfy any other reasonable requirements imposed by the Depositary. 
 SECTION 2.8.    Cancellation and
Destruction of Surrendered Receipts. 
 The Depositary shall cancel all Receipts surrendered to it and is authorized to destroy Receipts
so cancelled. 
 SECTION 2.9.    DTC Direct Registration System and Profile Modification System. 

(a)    Notwithstanding the provisions of Section 2.4, the parties acknowledge that DTC’s Direct Registration
System (“DRS”) and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between
registered holding of uncertificated securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS that allows a DTC participant, claiming to act on behalf of an Owner of
American Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the
Depositary of prior authorization from the Owner to register that transfer. 

  
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 (b)    In connection with DRS/Profile, the parties acknowledge that the
Depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in paragraph (a) above has the actual authority to act on behalf of
that Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 apply to the matters arising from the use of the DRS/Profile. The parties agree that the
Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile system and otherwise in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the part of the
Depositary. 
  

			
	ARTICLE 3.	  	CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES

 SECTION 3.1.    Filing Proofs, Certificates and Other Information. 

Any person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian
such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations
and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of American Depositary Shares, the distribution of any dividend or other distribution or of the proceeds thereof or
the delivery of any Deposited Securities until that proof or other information is filed or those certificates are executed or those representations and warranties are made. The Depositary shall provide the Company, upon the Company’s written
request and at the Company’s expense, as promptly as practicable, with copies of any information or other materials that it receives pursuant to this Section 3.1, to the extent that disclosure is permitted under applicable law. 

  
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 SECTION 3.2.    Liability of Owner for Taxes. 

If any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection with any
American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 applies, that tax or other governmental charge shall be payable by the Owner of those
American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until that payment is
made, and may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares and apply those dividends or
other distributions or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even after a sale of that kind, the Owner of those American Depositary Shares shall remain liable for any deficiency.
The Depositary shall distribute any net proceeds of a sale made under this Section that are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Section 4.1. If the number of Shares represented by each
American Depositary Share decreases as a result of a sale of Deposited Securities under this Section, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American
Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them. 

SECTION 3.3.    Warranties on Deposit of Shares. 

Every person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each
certificate therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights of the holders of outstanding securities of the Company and that the person making that
deposit is duly authorized so to do. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All representations and warranties deemed made under this Section shall survive
the deposit of Shares and delivery of American Depositary Shares. 
 SECTION 3.4.    Disclosure of Interests.

 When required in order to comply with applicable laws and regulations or the articles of association or similar document of the Company,
the Company may from time to time request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity in which it holds American Depositary Shares, (b) the identity of any Holders or
other persons or entities then or previously interested in those American Depositary Shares and the nature of those interests and (c) any other matter where disclosure of such matter is required for that compliance. Each
Owner and Holder agrees to provide all information known to it in response to a request made pursuant to this Section. Each Holder consents to the disclosure by the Depositary and the Owner or any other Holder through which it holds
American Depositary Shares, directly or indirectly, of all information responsive to a request made pursuant to this Section relating to that Holder that is known to that Owner or other Holder. The Depositary agrees to use reasonable
efforts to comply with written instructions requesting that the Depositary forward any request authorized under this Section to the Owners and to forward to the Company any responses it receives in response to that request. The Depositary may
charge the Company a fee and its expenses for complying with requests under this Section 3.4. 

  
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 ARTICLE 4.    THE DEPOSITED SECURITIES 

SECTION 4.1.    Cash Distributions. 

Whenever the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary shall, subject to the
provisions of Section 4.5, convert that dividend or other distribution into Dollars and distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Section 5.9) to the Owners entitled thereto, in
proportion to the number of American Depositary Shares representing those Deposited Securities held by them respectively; provided, however, that if the Custodian or the Depositary shall be required to withhold and does withhold from
that cash dividend or other cash distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares representing those Deposited Securities shall be reduced accordingly.
However, the Depositary will not pay any Owner a fraction of one cent, but will round each Owner’s entitlement to the nearest whole cent. 

Where the Company is the primary obligor for withholding, the Company or its agent will remit to the appropriate governmental agency in each
applicable jurisdiction all amounts, if any, withheld by them in respect of taxes and owing to such agency. The Depositary or the Custodian will remit to the appropriate governmental agency in each applicable jurisdiction all amounts, if any,
withheld by them in respect of taxes and owing to such agency. 
 If a cash distribution would represent a return of all or substantially
all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares
(whether or not it is also requiring surrender of American Depositary Shares) as a condition of making that cash distribution. A distribution of that kind shall be a Termination Option Event. 

SECTION 4.2.    Distributions Other Than Cash, Shares or Rights. 

Subject to the provisions of Sections 4.11 and 5.9, whenever the Depositary receives any distribution other than a distribution described in
Section 4.1, 4.3 or 4.4 on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities), the Depositary shall cause the securities or property received by it to be distributed to the Owners entitled
thereto, after deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them
respectively, in any manner that the Depositary deems equitable and practicable for accomplishing that distribution (which may be a distribution of depositary shares representing the securities received); provided, however, that if in
the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement that the Company or the Depositary withhold an amount on
account of taxes or other governmental charges or that securities received must be registered under the Securities Act of 1933 in order to be distributed to Owners or Holders) the Depositary deems such distribution not to be lawful and feasible, the
Depositary may adopt such other method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any part
thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Section 5.9) to the Owners entitled thereto, all in the manner and subject to the conditions set forth in
Section 4.1. The Depositary may withhold any distribution of securities under this Section 4.2 if it has not received satisfactory assurances from the Company that the distribution does not require registration under the Securities Act of
1933. The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under this Section 4.2 that is sufficient to pay its fees and expenses in respect of that distribution. 

  
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 If a distribution under this Section 4.2 would represent a return of all or
substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary
Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition of making that distribution. A distribution of that kind shall be a Termination Option Event. 

SECTION 4.3.    Distributions in Shares. 

Whenever the Depositary receives any distribution on Deposited Securities consisting of a dividend in, or free distribution of, Shares, the
Depositary may deliver to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing those Deposited Securities held by them respectively, an aggregate number of American Depositary Shares representing the
amount of Shares received as that dividend or free distribution, subject to the terms and conditions of this Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary Shares, including withholding of any tax or
governmental charge as provided in Section 4.11 and payment of the fees and expenses of the Depositary as provided in Section 5.9 (and the Depositary may sell, by public or private sale, an amount of the Shares received (or American
Depositary Shares representing those Shares) sufficient to pay its fees and expenses in respect of that distribution). In lieu of delivering fractional American Depositary Shares, the Depositary may sell the amount of Shares represented by the
aggregate of those fractions (or American Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1. If and to the extent that additional American
Depositary Shares are not delivered and Shares or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent the additional Shares distributed on the Deposited Securities represented thereby. 

  
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 If the Company declares a distribution in which holders of Deposited Securities have a right
to elect whether to receive cash, Shares or other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with the Company, make that right of election
available for exercise by Owners in any manner the Depositary considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory assurances from the Company that
doing so does not require registration of any securities under the Securities Act of 1933. 
 SECTION
4.4.    Rights. 
 (a)    If rights are granted to the Depositary in respect of deposited
Shares to purchase additional Shares or other securities, the Company and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights. The Depositary may, to the extent
deemed by it to be lawful and practical (i) if requested in writing by the Company, grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or American
Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net
proceeds of that sale to Owners entitled to those proceeds. To the extent rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised. 

(b)    If the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement
setting forth the conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase
price of the securities to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The purchased securities shall be delivered to, or as instructed by, the
Depositary. The Depositary shall (i) deposit the purchased Shares under this Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver or cause the purchased Shares or other securities
to be delivered to or to the order of that Owner. The Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under the Securities Act of 1933 or the Depositary has received an
opinion of a United States counsel that is satisfactory to it to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities Act of 1933. 

  
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 (c)    If the Depositary will act under (a)(ii) above, the Company and
the Depositary will enter into a separate agreement setting forth the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable to the American Depositary Shares
of that Owner to an account specified by that Owner to which the rights can be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those
rights as requested by that Owner. 
 (d)    If the Depositary will act under (a)(iii) above, the Depositary will use
reasonable efforts to sell the rights in proportion to the number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that were sold, upon an averaged or other practical
basis without regard to any distinctions among such Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise. 

(e)    Payment or deduction of the fees of the Depositary as provided in Section 5.9 and payment or deduction of the
expenses of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds under this Section 4.4. 

(f)    The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make
rights available to or exercise rights on behalf of Owners in general or any Owner in particular, or to sell rights. 
 SECTION
4.5.    Conversion of Foreign Currency. 
 Whenever the Depositary or the Custodian receives foreign currency, by
way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a
reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall convert or cause to be converted by sale or in any other manner that it may determine that foreign currency into Dollars, and those
Dollars shall be distributed, as promptly as practicable, to the Owners entitled thereto. A cash distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the
date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9. 

If a conversion of foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license of any
government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or license. 

  
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 If the Depositary determines that in its judgment any foreign currency received by the
Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof that is required for such conversion is not filed or sought by the
Depositary or is not obtained within a reasonable period as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without
liability for interest thereon for the respective accounts of, the Owners entitled to receive the same. 
 If any conversion of foreign
currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners
entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold that balance uninvested and without liability for interest thereon for the account of, the Owners entitled thereto. 

The Depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not
as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference
between the exchange rate assigned to the currency conversion made under this Deposit Agreement and the rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account. The Depositary makes no
representation that the exchange rate used or obtained in any currency conversion under this Deposit Agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the
most favorable to Owners, subject to the Depositary’s obligations under Section 5.3. The methodology used to determine exchange rates used in currency conversions is available upon request. 

SECTION 4.6.    Fixing of Record Date. 

Whenever a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other
securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance with Section 4.4) or the Depositary receives notice that a distribution or issuance of that
kind will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested the Depositary to send a notice under Section 4.7, or whenever the Depositary will
assess a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary otherwise finds it necessary or convenient, the
Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any corresponding record date set by the Company with respect to Shares, (a) for the determination of the Owners (i) who shall be entitled to
receive the benefit of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting, (iii) who shall be responsible for that fee or charge or
(iv) for any other purpose for which the record date was set, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections 4.1 through 4.5 and to the other terms
and conditions of this Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with respect to that dividend or other distribution or those rights or the net
proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter for which that record date was fixed, or be responsible for that fee
or charge, as the case may be. 

  
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 SECTION 4.7.    Voting of Deposited Shares. 

(a)    Upon receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if
requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall be in the sole discretion of the Depositary, that shall contain (i) the information
contained in the notice of meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of Cayman Islands law and of the
articles of association or similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American Depositary Shares (iii) a statement as
to the manner in which those instructions may be given, including an express indication that instructions may be deemed given in accordance with the last sentence of paragraph (b) below, if no instruction is received, to the Depositary to give
a discretionary proxy to a person designated by the Company and (iv) the last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”). 

(b)    Upon the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record
date was specified by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph
shall, endeavor, in so far as practicable, to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the instructions set forth in that request. The Depositary shall not vote or
attempt to exercise the right to vote that attaches to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary or as provided in the following sentence. If 

  
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 (i) the Company instructed the Depositary to Disseminate a notice under paragraph
(a) above and complied with the paragraph (d) below, 
 (ii) no instructions are received by the Depositary from an Owner with
respect to a matter and an amount of American Depositary Shares of that Owner on or before the Instruction Cutoff Date and 
 (iii) the
Depositary has received from the Company, by the business day following the Instruction Cutoff Date, a written confirmation that, as of the Instruction Cutoff Date, (x) the Company wishes a proxy to be given under this sentence, (y) the
Company reasonably does not know of any substantial opposition to the matter and (z) the matter is not materially adverse to the interests of shareholders, 

then, the Depositary shall deem that Owner to have instructed the Depositary to give a discretionary proxy to a person designated by the
Company with respect to that matter and the amount of deposited Shares represented by that amount of American Depositary Shares and the Depositary shall give a discretionary proxy to a person designated by the Company to vote that amount of
deposited Shares as to that matter. 
 (c)    There can be no assurance that Owners generally or any Owner in
particular will receive the notice described in paragraph (a) above in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date. 

(d)    If the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company
shall give the Depositary notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders of Shares in connection with the meeting not less than 30 days prior to the meeting date. 

SECTION 4.8.    Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities. 

(a)    The Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange
offer or similar offer made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the
Depositary may require. 

  
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 (b)    If the Depositary receives a written notice that Deposited
Securities have been redeemed for cash or otherwise purchased for cash in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”), the Depositary, at the expense of
the Company, shall (i) if required, surrender Deposited Securities that have been redeemed to the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that
Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that the called American Depositary Shares have been converted into a right only to receive the money received by the
Depositary upon that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with
Section 2.5 or 6.2 and (iii) distribute the money received upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares in accordance with Section 2.5 (and, for the avoidance of doubt,
Owners shall not be entitled to receive that money under Section 4.1). If the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding portion of the outstanding American Depositary
Shares and only those American Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted under the preceding sentence among
the Owners pro-rata to their respective holdings of American Depositary Shares immediately prior to the Redemption, except that the allocations may be adjusted so that no fraction of a converted
American Depositary Share is allocated to any Owner. A Redemption of all or substantially all of the Deposited Securities shall be a Termination Option Event. 

(c)    If the Depositary is notified of or there occurs any change in nominal or par value or any subdivision, combination
or any other reclassification of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation affecting the issuer of the Deposited Securities or to which it is a party that
is mandatory and binding on the Depositary as a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement or in lieu of, Deposited Securities (a
“Replacement”), the Depositary shall, if required, surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under this Deposit Agreement, the new securities or other
property delivered to it in that Replacement. However, the Depositary may elect to sell those new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited Securities under
this Deposit Agreement because those new Deposited Securities may not be distributed to Owners without registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms as it deems
proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above. A Replacement shall be a Termination Option Event. 

(d)    In the case of a Replacement where the new Deposited Securities will continue to be held under this Deposit
Agreement, the Depositary may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities and the number of those new Deposited Securities represented by each American
Depositary Share. If the number of Shares represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser
number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled
to them. 

  
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 (e)    If there are no Deposited Securities with respect to American
Depositary Shares, including if the Deposited Securities are cancelled, or the Deposited Securities with respect to American Depositary Shares have become apparently worthless, the Depositary may call for surrender of those American Depositary
Shares or may cancel those American Depositary Shares, upon notice to Owners, and that condition shall be a Termination Option Event. 

SECTION 4.9.    Reports. 

The Depositary shall make available for inspection by Owners at its Office any reports and communications, including any proxy solicitation
material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of those Deposited Securities by the Company. The Company shall
furnish reports and communications, including any proxy soliciting material to which this Section applies, to the Depositary in English, to the extent those materials are required to be translated into English pursuant to any regulations of the
Commission. 
 SECTION 4.10.    Lists of Owners. 

Upon written request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the
names, addresses and American Depositary Share holdings of all Owners. 
 SECTION 4.11.    Withholding. 

If the Depositary determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe therefor)
is subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor) in
the amounts and manner the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall distribute the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in
proportion to the number of American Depositary Shares held by them respectively. 
 Services for Owners and Holders that may permit them to
obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and the fees and costs associated with using services of that kind, are not provided under, and are outside the scope of, this Deposit Agreement. 

  
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 Each Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and
their respective directors, employees, agents and affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes,
reduced withholding at source or other tax benefit received by it. 
 ARTICLE 5.    THE DEPOSITARY, THE CUSTODIANS AND
THE COMPANY 
 SECTION 5.1.    Maintenance of Office and Register by the Depositary. 

Until termination of this Deposit Agreement in accordance with its terms, the Depositary shall maintain facilities for the delivery,
registration of transfers and surrender of American Depositary Shares in accordance with the provisions of this Deposit Agreement. 
 The
Depositary shall keep a register of all Owners and all outstanding American Depositary Shares, which shall be open for inspection by the Owners at the Depositary’s Office during regular business hours, but only for the purpose of communicating
with Owners regarding the business of the Company or a matter related to this Deposit Agreement or the American Depositary Shares. 
 The
Depositary may close the register for delivery, registration of transfer or surrender for the purpose of withdrawal from time to time as provided in Section 2.6. 

If any American Depositary Shares are listed on one or more stock exchanges, the Depositary shall act as Registrar or appoint a Registrar or
one or more co-registrars for registration of those American Depositary Shares in accordance with any requirements of that exchange or those exchanges. 

SECTION 5.2.    Prevention or Delay of Performance by the Company or the Depositary. 

Neither the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any
Owner or Holder: 
 (i) if by reason of (A) any provision of any present or future law or regulation or other act of the government of
the United States, any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange; (B) (in the case of the Depositary only) any provision, present or future, of the articles of
association or similar document of the Company, or any provision of any securities issued or distributed by the Company, or any offering or distribution thereof; or (C) any event or circumstance, whether natural or caused by a person or
persons, that is beyond the ability of the Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited to, earthquakes, floods, severe storms, fires, explosions, war, terrorism,
civil unrest, labor disputes or criminal acts; interruptions or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer systems or websites; or other failures or malfunctions
of computer hardware or software or other systems or equipment), the Depositary or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal penalty on account of doing or
performing and therefore does not do or perform, any act or thing that, by the terms of this Deposit Agreement or the Deposited Securities, it is provided shall be done or performed; 

  
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 (ii) for any exercise of, or failure to exercise, any discretion provided for in this
Deposit Agreement (including any determination by the Depositary to take, or not take, any action that this Deposit Agreement provides the Depositary may take); 

(iii) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to
holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Owners or Holders; or 
 (iv) for
any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement. 
 Where, by the terms of a
distribution to which Section 4.1, 4.2 or 4.3 applies, or an offering to which Section 4.4 applies, or for any other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that
distribution or offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse. 

SECTION 5.3.    Obligations of the Depositary and the Company. 

The Company assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder, except that the
Company agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 
 The
Depositary assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder (including, without limitation, liability with respect to the validity or worth of the Deposited Securities), except that
the Depositary agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith, and the Depositary shall not be a fiduciary or have any fiduciary duty to Owners or Holders. 

  
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 Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute
or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any other person. 

Each of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or other
document believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 Neither the Depositary nor the
Company shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or any other person
believed by it in good faith to be competent to give such advice or information. 
 The Depositary shall not be liable for any acts or
omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the
issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. 

The Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection
with or arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise. 
 In the absence of bad
faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote. 

The Depositary shall have no duty to make any determination or provide any information as to the tax status of the Company or any liability
for any tax consequences that may be incurred by Owners or Holders as a result of owning or holding American Depositary Shares. The Depositary shall not be liable for the inability or failure of an Owner or Holder to obtain the benefit of a foreign
tax credit, reduced rate of withholding or refund of amounts withheld in respect of tax or any other tax benefit. 
 No disclaimer of
liability under the United States federal securities laws is intended by any provision of this Deposit Agreement. 
 SECTION
5.4.    Resignation and Removal of the Depositary. 
 The Depositary may at any time resign as Depositary
hereunder by written notice of its election so to do delivered to the Company, to become effective upon the appointment of a successor depositary and its acceptance of that appointment as provided in this Section. The effect of resignation if a
successor depositary is not appointed is provided for in Section 6.2. 

  
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 The Depositary may at any time be removed by the Company by 90 days’ prior written
notice of that removal, to become effective upon the later of (i) the 90th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of its appointment as provided in this
Section. 
 If the Depositary resigns or is removed, the Company shall use its best efforts to appoint a successor depositary, which shall
be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to the Company an instrument in writing accepting its appointment under this Deposit Agreement. If
the Depositary receives notice from the Company that a successor depositary has been appointed following its resignation or removal, the Depositary, upon payment of all sums due it from the Company, shall deliver to its successor a register listing
all the Owners and their respective holdings of outstanding American Depositary Shares and shall deliver the Deposited Securities to or to the order of its successor. When the Depositary has taken the actions specified in the preceding sentence
(i) the successor shall become the Depositary and shall have all the rights and shall assume all the duties of the Depositary under this Deposit Agreement and (ii) the predecessor depositary shall cease to be the Depositary and shall be
discharged and released from all obligations under this Deposit Agreement, except for its duties under Section 5.8 with respect to the time before that discharge. A successor Depositary shall notify the Owners of its appointment as soon as
practical after assuming the duties of Depositary. 
 Any corporation or other entity into or with which the Depositary may be merged or
consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 
 SECTION
5.5.    The Custodians. 
 The Custodian shall be subject at all times and in all respects to the directions of
the Depositary and shall be responsible solely to it. The Depositary in its discretion may at any time appoint a substitute or additional custodian or custodians, each of which shall thereafter be one of the Custodians under this Deposit Agreement.
If the Depositary receives notice that a Custodian is resigning and, upon the effectiveness of that resignation there would be no Custodian acting under this Deposit Agreement, the Depositary shall, as promptly as practicable after receiving that
notice, appoint a substitute custodian or custodians, each of which shall thereafter be a Custodian under this Deposit Agreement. The Depositary shall require any Custodian that resigns or is removed to deliver all Deposited Securities held by it to
another Custodian. 

  
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 SECTION 5.6.    Notices and Reports. 

If the Company takes or decides to take any corporate action of a kind that is addressed in Sections 4.1 to 4.4, or 4.6 to 4.8, or that effects
or will effect a change of the name or legal structure of the Company, or that effects or will effect a change to the Shares, the Company shall notify the Depositary and the Custodian of that action or decision as soon as it is lawful and practical
to give that notice. The notice shall be in English and shall include all details that the Company is required to include in any notice to any governmental or regulatory authority or securities exchange or is required to make available
generally to holders of Shares by publication or otherwise. 
 The Company will arrange for the translation into English, if not already in
English, to the extent required pursuant to any regulations of the Commission, and the prompt transmittal by the Company to the Depositary and the Custodian of all notices and any other reports and communications which are made generally available
by the Company to holders of its Shares. If requested in writing by the Company, the Depositary will Disseminate, at the Company’s expense, those notices, reports and communications to all Owners or otherwise make them available to Owners in a
manner that the Company specifies as substantially equivalent to the manner in which those communications are made available to holders of Shares and compliant with the requirements of any securities exchange on which the American Depositary Shares
are listed. The Company will timely provide the Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect that Dissemination. 

The Company represents that as of the date of this Deposit Agreement, the statements in Article 11 of the Receipt with respect to the
Company’s obligation to file periodic reports under the United States Securities Exchange Act of 1934, as amended, are true and correct. The Company agrees to promptly notify the Depositary upon becoming aware of any change in the truth of any
of those statements. 
 SECTION 5.7.    Distribution of Additional Shares, Rights, etc. 

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

  
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 The Company agrees with the Depositary that neither the Company nor any company controlled
by, controlling or under common control with the Company will at any time deposit any Shares that, at the time of deposit, are Restricted Securities. 

SECTION 5.8.    Indemnification. 

The Company agrees to indemnify the Depositary, its directors, employees, agents and affiliates and each Custodian against, and hold each of
them harmless from, any liability or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting such indemnity and the reasonable fees and expenses of counsel) that may arise out of or in connection
with (a) any registration with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof or (b) acts performed or omitted, pursuant to the provisions of or in connection with this Deposit Agreement
and the American Depositary Shares, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective directors, employees, agents and affiliates, except for any liability or
expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates. 

The indemnities contained in the preceding paragraph shall not extend to any losses arising out of information relating to the Depositary or
any Custodian, as the case may be, furnished in writing by the Depositary to the Company expressly for use in any registration statement, proxy statement, prospectus or preliminary prospectus or any other offering documents relating to the American
Depositary Share, the Shares or any other Deposited Securities (it being understood and agreed that, as of the date of this Deposit Agreement, the Depositary has not furnished any information of that kind). 

The Depositary agrees to indemnify the Company, its directors, employees, agents and affiliates and hold them harmless from any liability or
expense (including but not limited to any fees and expenses incurred in seeking, enforcing or collecting such indemnity and the reasonable fees and expenses of counsel) that may arise out of acts performed or omitted by the Depositary or any
Custodian or their respective directors, employees, agents and affiliates due to their negligence or bad faith. 

  
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 SECTION 5.9.    Charges of Depositary. 

The following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares
or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or
a delivery of American Depositary Shares pursuant to Section 4.3), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of
transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or
withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided in this Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign
currency pursuant to Section 4.5, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 and the surrender of American
Depositary Shares pursuant to Section 2.5 or 6.2, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections 4.1 through
4.4 and Section 4.8, (7) a fee for the distribution of securities pursuant to Section 4.2 or of rights pursuant to Section 4.4 (where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an
amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities under this Deposit Agreement (for purposes of this item 7 treating all
such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under item 6 above, a fee of $.05 or less per American Depositary Share (or portion thereof)
per annum for depositary services, which will be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian, any of the Depositary’s or Custodian’s agents or the agents of the
Depositary’s or Custodian’s agents, in connection with the servicing of Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6
and shall be payable at the sole discretion of the Depositary by billing those Owners for those charges or by deducting those charges from one or more cash dividends or other cash distributions). 

The Depositary may collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to be
distributed, to Owners that are obligated to pay those fees. 
 In performing its duties under this Deposit Agreement, the Depositary may
use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the Depositary and that may earn or share fees, spreads or commissions. 

The Depositary may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares. 

SECTION 5.10.    Retention of Depositary Documents. 

The Depositary is authorized to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement at
the times permitted by the laws or regulations governing the Depositary, unless the Company requests in writing prior to any such destruction that those papers be retained for a longer period or turned over to the Company. 

  
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 SECTION 5.11.    Exclusivity. 

Without prejudice to the Company’s rights under Section 5.4, the Company agrees not to appoint any other depositary for issuance of
depositary shares, depositary receipts or any similar securities or instruments so long as The Bank of New York Mellon is acting as Depositary under this Deposit Agreement. 

SECTION 5.12.    Information for Regulatory Compliance. 

Each of the Company and the Depositary shall provide to the other, as promptly as practicable, information from its records or otherwise
available to it that is reasonably requested by the other to permit the other to comply with applicable law or requirements of governmental or regulatory authorities. 

ARTICLE 6.    AMENDMENT AND TERMINATION 

SECTION 6.1.    Amendment. 

The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the
Company and the Depositary without the consent of Owners or Holders in any respect that they may deem necessary or desirable. Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges,
registration fees, cable (including SWIFT) or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding
American Depositary Shares until the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be
deemed, by continuing to hold American Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by this Deposit Agreement as amended thereby. Upon the effectiveness of an amendment to the form of Receipt,
including a change in the number of Shares represented by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of American Depositary Shares to
effect that change of ratio. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law. 

  
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 SECTION 6.2.    Termination. 

(a)    The Company may initiate termination of this Deposit Agreement by notice to the Depositary. The Depositary may
initiate termination of this Deposit Agreement if (i) at any time 90 days shall have expired after the Depositary delivered to the Company a written resignation notice and a successor depositary has not been appointed and accepted its
appointment as provided in Section 5.4 or (ii) a Termination Option Event has occurred or will occur. If termination of this Deposit Agreement is initiated, the Depositary shall Disseminate a notice of termination to the Owners of all
American Depositary Shares then outstanding setting a date for termination (the “Termination Date”), which shall be at least 90 days after the date of that notice, and this Deposit Agreement shall terminate on that Termination Date.

 (b)    After the Termination Date, the Company shall be discharged from all obligations under this Deposit Agreement
except for its obligations to the Depositary under Sections 5.8 and 5.9. 
 (c)    At any time after the Termination
Date, the Depositary may sell the Deposited Securities then held under this Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without
liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding, and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash. After making
that sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except (i) to account for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of
American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges) to pay them to Owners
upon surrender of American Depositary Shares in accordance with Section 2.5, (ii) for its obligations under Section 5.8 and (iii) to act as provided in paragraph (d) below. 

(d)    After the Termination Date, if any American Depositary Shares remain outstanding, the Depositary shall continue to
receive dividends and other distributions pertaining to Deposited Securities (that have not been sold), may sell rights and other property as provided in this Deposit Agreement and shall deliver Deposited Securities (or sale proceeds) upon surrender
of American Depositary Shares (after payment or upon deduction, in each case, of the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American Depositary Shares in accordance
with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares. After the Termination
Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities (that have not been sold) or reverse previously accepted surrenders of that kind that have not settled
if in its judgment the requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities
have been sold and (iii) the Depositary may discontinue the registration of transfers of American Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any
further notices or perform any further acts under this Deposit Agreement except as provided in this Section. 

  
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 ARTICLE 7.    MISCELLANEOUS 

SECTION 7.1.    Counterparts; Signatures; Delivery. 

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

The exchange of copies of this Deposit Agreement and signature pages by facsimile, or email attaching a pdf or similar bit-mapped image, shall constitute effective execution and delivery of this Deposit Agreement as to the parties to it; copies and signature pages so exchanged may be used in lieu of the original Deposit Agreement
and signature pages for all purposes and shall have the same validity, legal effect and admissibility in evidence as an original manual signature; the parties to this Deposit Agreement hereby agree not to argue to the contrary. 

SECTION 7.2.    No Third Party Beneficiaries. 

This Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Owners and the Holders and their respective successors
and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person. 
 SECTION
7.3.    Severability. 
 In case any one or more of the provisions contained in this Deposit Agreement or in a
Receipt should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained in this Deposit Agreement or that Receipt shall in no way be affected, prejudiced or
disturbed thereby. 
 SECTION 7.4.    Owners and Holders as Parties; Binding Effect. 

The Owners and Holders from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions of
this Deposit Agreement and of the Receipts by acceptance of American Depositary Shares or any interest therein. 

  
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 SECTION 7.5.    Notices. 

Any and all notices to be given to the Company shall be in writing and shall be deemed to have been duly given if personally delivered or sent
by domestic first class or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar bit-mapped image of a signed writing, provided that receipt of the
facsimile transmission or email has been confirmed by the recipient, addressed to UCLOUDLINK GROUP INC., Room 2118-2119, 21/F, One Pacific Centre, 414 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong, Attention: Chief Financial Officer, or any other
place to which the Company may have transferred its principal office with notice to the Depositary. 
 Any and all notices to be given to
the Depositary shall be in writing and shall be deemed to have been duly given if in English and personally delivered or sent by first class domestic or international air mail or air courier or sent by facsimile transmission or email attaching a pdf
or similar bit-mapped image of a signed writing, addressed to The Bank of New York Mellon, 240 Greenwich Street, New York, New York 10286, Attention: Depositary Receipt Administration, or any other
place to which the Depositary may have transferred its Office with notice to the Company. 
 Delivery of a notice to the Company or
Depositary by mail or air courier shall be deemed effected when deposited, postage prepaid, in a post-office letter box or received by an air courier service. Delivery of a notice to the Company or Depositary sent by facsimile transmission or email
shall be deemed effected when the recipient acknowledges receipt of that notice. 
 A notice to be given to an Owner shall be deemed to have
been duly given when Disseminated to that Owner. Dissemination in paper form will be effective when personally delivered or sent by first class domestic or international air mail or air courier, addressed to that Owner at the address of that Owner
as it appears on the transfer books for American Depositary Shares of the Depositary, or, if that Owner has filed with the Depositary a written request that notices intended for that Owner be mailed to some other address, at the address designated
in that request. Dissemination in electronic form will be effective when sent in the manner consented to by the Owner to the electronic address most recently provided by the Owner for that purpose. 

SECTION 7.6.    Arbitration; Settlement of Disputes. 

Any controversy, claim or cause of action brought by any party hereto against the Company arising out of or relating to the Shares or other
Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement, or the breach hereof or thereof, if so elected by the claimant, shall be settled by arbitration in accordance with the International Arbitration Rules of
the American Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 

  
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 The place of the arbitration shall be The City of New York, State of New York, United States
of America, and the language of the arbitration shall be English. 
 The number of arbitrators shall be three, each of whom shall be
disinterested in the dispute or controversy, shall have no connection with any party thereto, and shall be an attorney experienced in international securities transactions. Each party shall appoint one arbitrator and the two arbitrators shall select
a third arbitrator who shall serve as chairperson of the tribunal. If a dispute, controversy or cause of action shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant(s) and respondent(s)),
each of which shall appoint one arbitrator as if there were only two parties to such dispute, controversy or cause of action. If such alignment and appointment shall not have occurred within thirty (30) calendar days after the initiating party
serves the arbitration demand, the American Arbitration Association shall appoint the three arbitrators, each of whom shall have the qualifications described above. The parties and the American Arbitration Association may appoint from among the
nationals of any country, whether or not a party is a national of that country. 
 The arbitral tribunal shall have no authority to award
any consequential, special or punitive damages or other damages not measured by the prevailing party’s actual damages and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of this Deposit
Agreement. 
 SECTION 7.7.    Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial
Waiver. 
 The Company hereby (i) designates and appoints the person named in Exhibit A to this Deposit Agreement as the
Company’s authorized agent in the United States upon which process may be served in any suit or proceeding (including any arbitration proceeding) arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares,
the Receipts or this Deposit Agreement (a “Proceeding”), (ii) consents and submits to the jurisdiction of any state or federal court in the State of New York in which any Proceeding may be instituted and (iii) agrees that service of
process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any Proceeding. The Company agrees to deliver to the Depositary, upon the execution and delivery of this Deposit Agreement, a
written acceptance by the agent named in Exhibit A to this Deposit Agreement of its appointment as process agent. The Company further agrees to take any and all action, including the filing of any and all such documents and instruments, as may be
necessary to continue that designation and appointment in full force and effect, or to appoint and maintain the appointment of another process agent located in the United States as required above, and to deliver to the Depositary a written
acceptance by that agent of that appointment, for so long as any American Depositary Shares or Receipts remain outstanding or this Deposit Agreement remains in force. In the event the Company fails to maintain the designation and appointment of a
process agent in the United States in full force and effect, the Company hereby waives personal service of process upon it and consents that a service of process in connection with a Proceeding may be made by certified or registered mail, return
receipt requested, directed to the Company at its address last specified for notices under this Deposit Agreement, and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 

  
 -34- 

 EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND
HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY
QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 
 SECTION
7.8.    Waiver of Immunities. 
 To the extent that the Company or any of its properties, assets or revenues may
have or may hereafter become entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or
counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving
of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or
Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any immunity of that
kind and consents to relief and enforcement as provided above. 
 SECTION 7.9.    Governing Law. 

This Deposit Agreement and the Receipts shall be interpreted in accordance with and all rights hereunder and thereunder and provisions hereof
and thereof shall be governed by the laws of the State of New York. 

  
 -35- 

 IN WITNESS WHEREOF, UCLOUDLINK GROUP INC. and THE BANK OF NEW YORK MELLON have duly executed
this Deposit Agreement as of the day and year first set forth above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares or any interest therein. 

 

			
	UCLOUDLINK GROUP INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	 THE BANK OF NEW YORK MELLON,
as
Depositary

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 -36- 

 EXHIBIT A 

 

	
	AMERICAN DEPOSITARY SHARES
	(Each American Depositary Share represents
	             deposited Shares)

 THE BANK OF NEW YORK MELLON 

AMERICAN DEPOSITARY RECEIPT 
 FOR
CLASS A ORDINARY SHARES OF 
 UCLOUDLINK GROUP INC. 

(INCORPORATED UNDER THE LAWS OF THE CAYMAN ISLANDS) 

The Bank of New York Mellon, as depositary (hereinafter called the “Depositary”), hereby certifies that
                                         
                   , or registered assigns IS THE OWNER OF
                                         
                    
 AMERICAN DEPOSITARY
SHARES 
 representing deposited Class A ordinary shares (herein called “Shares”) of UCLOUDLINK GROUP INC., incorporated under the laws of
the Cayman Islands (herein called the “Company”). At the date hereof, each American Depositary Share represents              Shares deposited or subject to deposit under
the Deposit Agreement (as such term is hereinafter defined) with a custodian for the Depositary (herein called the “Custodian”) that, as of the date of the Deposit Agreement, was The Hongkong and Shanghai Banking Corporation Limited
located in Hong Kong. The Depositary’s Office and its principal executive office is located at 240 Greenwich Street, New York, N.Y. 10286. 

THE DEPOSITARY’S OFFICE ADDRESS IS 

240 GREENWICH STREET, NEW YORK, N.Y. 10286 

  
 A-1 

	1.	 THE DEPOSIT AGREEMENT. 

This American Depositary Receipt is one of an issue (herein called “Receipts”), all issued and to be issued upon the terms and
conditions set forth in the Deposit Agreement dated as of             , 2019 (herein called the “Deposit Agreement”) among the Company, the Depositary, and all Owners and
Holders from time to time of American Depositary Shares issued thereunder, each of whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions thereof. The Deposit Agreement sets
forth the rights of Owners and Holders and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of those Shares and held
thereunder (those Shares, securities, property, and cash are herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at the Depositary’s Office in New York City and at the office of the Custodian.

 The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are
qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit Agreement and not defined herein shall have the meanings set forth in the Deposit Agreement.

  

	2.	 SURRENDER OF AMERICAN DEPOSITARY SHARES AND WITHDRAWAL OF SHARES. 

Upon surrender of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment of the
fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 of the Deposit Agreement and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal of the
Deposited Securities, and subject to the terms and conditions of the Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then be lawfully and practicably made), to or as
instructed by that Owner, of the amount of Deposited Securities at the time represented by those American Depositary Shares, but not any money or other property as to which a record date for distribution to Owners has passed (since money or
other property of that kind will be delivered or paid on the scheduled payment date to the Owner as of that record date), and except that the Depositary shall not be required to accept surrender of American Depositary Shares for the purpose
of withdrawal to the extent it would require delivery of a fraction of a Deposited Security. The Depositary shall direct the Custodian with respect to delivery of Deposited Securities and may charge the surrendering Owner a fee and its expenses for
giving that direction by cable (including SWIFT) or facsimile transmission. If Deposited Securities are delivered physically upon surrender of American Depositary Shares for the purpose of withdrawal, that delivery will be made at the
Custodian’s office, except that, at the request, risk and expense of the surrendering Owner, and for the account of that Owner, the Depositary shall direct the Custodian to forward any cash or other property comprising, and forward a
certificate or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities represented by the surrendered American Depositary Shares to the Depositary for delivery at the Depositary’s Office or to
another address specified in the order received from the surrendering Owner. 

  
 A-2 

	3.	 REGISTRATION OF TRANSFER OF AMERICAN DEPOSITARY SHARES; COMBINATION AND
SPLIT-UP OF RECEIPTS; INTERCHANGE OF CERTIFICATED AND UNCERTIFICATED AMERICAN DEPOSITARY SHARES. 

The Depositary, subject to the terms and conditions of the Deposit Agreement, shall register a transfer of American Depositary Shares on its
transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper
instruments of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in
Section 2.9 of that Agreement), and, in either case, duly stamped as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the Depositary shall deliver the transferred
American Depositary Shares to or upon the order of the person entitled thereto. 
 The Depositary, subject to the terms and conditions of
the Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any
authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 

The Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary
Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon
receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9 of the Deposit Agreement) from the Owner of uncertificated American Depositary Shares for the purpose of
exchanging for certificated American Depositary Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt evidencing the same number of certificated American Depositary Shares. 

  
 A-3 

 As a condition precedent to the delivery, registration of transfer, or surrender of any
American Depositary Shares or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require payment from the depositor of the Shares
or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or
registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in the Deposit Agreement, may require the production of proof
satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement. 

The Depositary may refuse to accept deposits of Shares for delivery of American Depositary Shares or to register transfers of American
Depositary Shares in particular instances, or may suspend deposits of Shares or registration of transfer generally, whenever it or the Company considers it necessary or advisable to do so. The Depositary may refuse surrenders of American Depositary
Shares for the purpose of withdrawal of Deposited Securities in particular instances, or may suspend surrenders for the purpose of withdrawal generally, but, notwithstanding anything to the contrary in the Deposit Agreement, only for
(i) temporary delays caused by closing of the Depositary’s register or the register of holders of Shares maintained by the Company or the Foreign Registrar, or the deposit of Shares, in connection with voting at a shareholders’
meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or to the withdrawal of the
Deposited Securities or (iv) any other reason that, at the time, is specified under paragraph I(A)(1) of the General Instructions to Form F-6 under the Securities Act of 1993 or any successor to that
provision. 
 The Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares that, at the time of deposit, are
Restricted Securities. 
  

	4.	 LIABILITY OF OWNER FOR TAXES. 

If any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection with any
American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 of the Deposit Agreement applies, that tax or other governmental charge shall be
payable by the Owner of those American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary
Shares until that payment is made, and may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares,
and may apply those dividends or other distributions or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even after a sale of that kind, the Owner shall remain liable for any deficiency. The
Depositary shall distribute any net proceeds of a sale made under Section 3.2 of the Deposit Agreement that are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Section 4.1 of the Deposit
Agreement. If the number of Shares represented by each American Depositary Share decreases as a result of a sale of Deposited Securities under Section 3.2 of the Deposit Agreement, the Depositary may call for surrender of the American
Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange
and distribute the net proceeds of that sale to the Owners entitled to them. 

  
 A-4 

	5.	 WARRANTIES ON DEPOSIT OF SHARES. 

Every person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each
certificate therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights of the holders of outstanding securities of the Company and that the person making that
deposit is duly authorized so to do. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All representations and warranties deemed made under Section 3.3 of the
Deposit Agreement shall survive the deposit of Shares and delivery of American Depositary Shares. 
  

	6.	 FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION. 

Any person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian
such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations
and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of any American Depositary Shares, the distribution of any dividend or other distribution or of the proceeds thereof
or the delivery of any Deposited Securities until that proof or other information is filed or those certificates are executed or those representations and warranties are made. As conditions of accepting Shares for deposit, the Depositary may require
(i) any certification required by the Depositary or the Custodian in accordance with the provisions of the Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the written order of, the person or persons
stated in that order, the number of American Depositary Shares representing those Deposited Shares, (iii) evidence satisfactory to the Depositary that those Shares have been re-registered in the books of
the Company or the Foreign Registrar in the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary that any necessary approval for the transfer or deposit has been granted
by any governmental body in each applicable jurisdiction and (v) an agreement or assignment, or other instrument satisfactory to the Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for
additional Shares or to receive other property, that any person in whose name those Shares are or have been recorded may thereafter receive upon or in respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement as
shall be satisfactory to the Depositary. 

  
 A-5 

	7.	 CHARGES OF DEPOSITARY. 

The following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares
or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or
a delivery of American Depositary Shares pursuant to Section 4.3 of the Deposit Agreement), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for
the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of
deposits or withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of
foreign currency pursuant to Section 4.5 of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4
of the Deposit Agreement and the surrender of American Depositary Shares pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution made
pursuant to the Deposit Agreement, including, but not limited to Sections 4.1 through 4.4 and 4.8 of the Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement or of rights pursuant
to Section 4.4 of that Agreement (where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above
which would have been charged as a result of the deposit of such securities under the Deposit Agreement (for purposes of this item 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary
to Owners, (8) in addition to any fee charged under item 6, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services, which will be payable as provided in item 9 below, and (9) any other
charges payable by the Depositary or the Custodian, any of the Depositary’s or Custodian’s agents or the agents of the Depositary’s or Custodian’s agents, in connection with the servicing of Shares or other Deposited Securities
(which charges shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6 of the Deposit Agreement and shall be payable at the sole discretion of the Depositary by billing those Owners for
those charges or by deducting those charges from one or more cash dividends or other cash distributions). 

  
 A-6 

 The Depositary may collect any of its fees by deduction from any cash distribution payable,
or by selling a portion of any securities to be distributed, to Owners that are obligated to pay those fees. 
 The Depositary may own and
deal in any class of securities of the Company and its affiliates and in American Depositary Shares. 
 From time to time, the Depositary
may make payments to the Company to reimburse the Company for costs and expenses generally arising out of establishment and maintenance of the American Depositary Shares program, waive fees and expenses for services provided by the Depositary or
share revenue from the fees collected from Owners or Holders. In performing its duties under the Deposit Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the
Depositary and that may earn or share fees, spreads or commissions. 
  

	8.	 DISCLOSURE OF INTERESTS. 

When required in order to comply with applicable laws and regulations or the articles of association or similar document of the Company, the
Company may from time to time request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity in which it holds American Depositary Shares, (b) the identity of any Holders or
other persons or entities then or previously interested in those American Depositary Shares and the nature of those interests and (c) any other matter where disclosure of such matter is required for that compliance. Each
Owner and Holder agrees to provide all information known to it in response to a request made pursuant to Section 3.4 of the Deposit Agreement. Each Holder consents to the disclosure by the Depositary and the Owner or other Holder
through which it holds American Depositary Shares, directly or indirectly, of all information responsive to a request made pursuant to that Section relating to that Holder that is known to that Owner or other Holder.

 

	9.	 TITLE TO AMERICAN DEPOSITARY SHARES. 

It is a condition of the American Depositary Shares, and every successive Owner and Holder of American Depositary Shares, by accepting or
holding the same, consents and agrees that American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer, shall be transferable as certificated registered securities under
the laws of the State of New York, and that American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of the State of New York. The Depositary, notwithstanding any notice to the
contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement
and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement to any Holder of American Depositary Shares, but only to the Owner. 

  
 A-7 

	10.	 VALIDITY OF RECEIPT. 

This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt
shall have been (i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the
manual signature of a duly authorized signatory of the Depositary or the Registrar or a co-registrar. 
  

	11.	 REPORTS; INSPECTION OF TRANSFER BOOKS. 

The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports
with the Securities and Exchange Commission. Those reports will be available for inspection and copying through the Commission’s EDGAR system or at public reference facilities maintained by the Commission in Washington, D.C. 

The Depositary will make available for inspection by Owners at its Office any reports, notices and other communications, including any proxy
soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of those Deposited Securities by the Company. The
Company shall furnish reports and communications, including any proxy soliciting material to which Section 4.9 of the Deposit Agreement applies, to the Depositary in English, to the extent such materials are required to be translated into
English pursuant to any regulations of the Commission. 
 The Depositary will keep books for the registration of American Depositary Shares
and transfers of American Depositary Shares, which shall be open for inspection by the Owners at the Depositary’s Office during regular business hours, but only for the purpose of communicating with Owners regarding the business of the Company
or a matter related to this Deposit Agreement or the American Depositary Shares. 

  
 A-8 

	12.	 DIVIDENDS AND DISTRIBUTIONS. 

Whenever the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary will, if at the time of
receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into Dollars transferable to the United States, and subject to the Deposit Agreement, convert that dividend or other
cash distribution into Dollars and distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement) to the Owners entitled thereto;
provided, however, that if the Custodian or the Depositary is required to withhold and does withhold from that cash dividend or other cash distribution an amount on account of taxes or other governmental charges, the amount distributed
to the Owners of the American Depositary Shares representing those Deposited Securities shall be reduced accordingly. If a cash distribution would represent a return of all or substantially all the value of the Deposited Securities underlying
American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American
Depositary Shares) as a condition of making that cash distribution. A distribution of that kind shall be a Termination Option Event. 

Subject to the provisions of Section 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary receives any distribution other than
a distribution described in Section 4.1, 4.3 or 4.4 of the Deposit Agreement on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities), the Depositary will cause the securities or property received by
it to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in any manner that the Depositary deems equitable and practicable for
accomplishing that distribution (which may be a distribution of depositary shares representing the securities received); provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among
the Owners entitled thereto, or if for any other reason the Depositary deems such distribution not to be lawful and feasible, the Depositary may adopt such other method as it may deem equitable and practicable for the purpose of effecting such
distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any part thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses of the Depositary as
provided in Article 7 hereof and Section 5.9 of the Deposit Agreement) to the Owners entitled thereto all in the manner and subject to the conditions set forth in Section 4.1 of the Deposit Agreement. The Depositary may withhold any
distribution of securities under Section 4.2 of the Deposit Agreement if it has not received satisfactory assurances from the Company that the distribution does not require registration under the Securities Act of 1933. The Depositary may sell,
by public or private sale, an amount of securities or other property it would otherwise distribute under this Article that is sufficient to pay its fees and expenses in respect of that distribution. If a distribution under Section 4.2 of the
Deposit Agreement would represent a return of all of substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of
or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition of making that distribution. A distribution of that kind shall be a Termination Option
Event. 

  
 A-9 

 Whenever the Depositary receives any distribution consisting of a dividend in, or free
distribution of, Shares, the Depositary may deliver to the Owners entitled thereto, an aggregate number of American Depositary Shares representing the amount of Shares received as that dividend or free distribution, subject to the terms and
conditions of the Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary Shares, including the withholding of any tax or other governmental charge as provided in Section 4.11 of the Deposit Agreement and the
payment of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement (and the Depositary may sell, by public or private sale, an amount of Shares received (or American Depositary Shares
representing those Shares) sufficient to pay its fees and expenses in respect of that distribution). In lieu of delivering fractional American Depositary Shares, the Depositary may sell the amount of Shares represented by the aggregate of those
fractions (or American Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1of the Deposit Agreement. If and to the extent that additional American
Depositary Shares are not delivered and Shares or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent the additional Shares distributed on the Deposited Securities represented thereby. 

If the Company declares a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares or other
securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with the Company, make that right of election available for exercise by Owners in any manner the
Depositary considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory assurances from the Company that doing so does not require registration of any
securities under the Securities Act of 1933. 
 If the Depositary determines that any distribution received or to be made by the Depositary
(including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or private sale, all or a portion of the distributed property
(including Shares and rights to subscribe therefor) in the amounts and manner the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall distribute the net proceeds of that sale, after deduction of those
taxes or charges, to the Owners entitled thereto in proportion to the number of American Depositary Shares held by them respectively. 

Each Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and
affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit
received by it. Services for Owners and Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and the fees and costs associated with using services of that kind, are not provided under, and
are outside the scope of, the Deposit Agreement. 

  
 A-10 

	13.	 RIGHTS. 

(a)    If rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other
securities, the Company and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if
requested in writing by the Company, grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or American Depositary Shares representing those securities to
Owners, (ii) if requested in writing by the Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to Owners entitled to those
proceeds. To the extent rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised. 

(b)    If the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement
setting forth the conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase
price of the securities to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The purchased securities shall be delivered to, or as instructed by, the
Depositary. The Depositary shall (i) deposit the purchased Shares under the Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver or cause the purchased Shares or other securities
to be delivered to or to the order of that Owner. The Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under the Securities Act of 1933 or the Depositary has received an
opinion of a United States counsel that is satisfactory to it to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities Act of 1933. 

(c)    If the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement
setting forth the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable to the American Depositary Shares of that Owner to an account specified by that Owner
to which the rights can be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those rights as requested by that Owner. 

  
 A-11 

 (d)    If the Depositary will act under (a)(iii) above, the Depositary
will use reasonable efforts to sell the rights in proportion to the number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that were sold, upon an averaged or other
practical basis without regard to any distinctions among such Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise. 

(e)    Payment or deduction of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and
payment or deduction of the expenses of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds under Section 4.4 of that Agreement. 

(f)    The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make
rights available to or exercise rights on behalf of Owners in general or any Owner in particular , or to sell rights. 
  

	14.	 CONVERSION OF FOREIGN CURRENCY. 

Whenever the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the
sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the
United States, the Depositary shall convert or cause to be converted by sale or in any other manner that it may determine that foreign currency into Dollars, and those Dollars shall be distributed, as promptly as practicable, to the Owners entitled
thereto. A cash distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be net
of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9 of the Deposit Agreement. 
 If a
conversion of foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license of any government or agency thereof, the Depositary may, but will not be required to, file an application for that
approval or license. 
 If the Depositary determines that in its judgment any foreign currency received by the Depositary or the Custodian
is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof that is required for such conversion is not filed or sought by the Depositary or is not
obtained within a reasonable period as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest
thereon for the respective accounts of, the Owners entitled to receive the same. 

  
 A-12 

 If any conversion of foreign currency, in whole or in part, cannot be effected for
distribution to some of the Owners entitled thereto, the Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners entitled thereto and may distribute the balance of the
foreign currency received by the Depositary to, or hold that balance uninvested and without liability for interest thereon for the account of, the Owners entitled thereto. 

The Depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not
as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference
between the exchange rate assigned to the currency conversion made under the Deposit Agreement and the rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account. The Depositary makes no
representation that the exchange rate used or obtained in any currency conversion under the Deposit Agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the
most favorable to Owners, subject to the Depositary’s obligations under Section 5.3 of that Agreement. The methodology used to determine exchange rates used in currency conversions is available upon request. 

 

	15.	 RECORD DATES. 

Whenever a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other
securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance with Section 4.4 of the Deposit Agreement) or the Depositary receives notice that a
distribution or issuance of that kind will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested the Depositary to send a notice under Section 4.7 of
the Deposit Agreement, or whenever the Depositary will assess a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary
otherwise finds it necessary or convenient, the Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any corresponding record date set by the Company with respect to Shares, (a) for the determination of
the Owners (i) who shall be entitled to receive the benefit of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting, (iii) who shall be
responsible for that fee or charge or (iv) for any other purpose for which the record date was set, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections
4.1 through 4.5 of the Deposit Agreement and to the other terms and conditions of the Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with respect to that
dividend or other distribution or those rights or the net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter for which
that record date was fixed, or be responsible for that fee or charge, as the case may be. 

  
 A-13 

	16.	 VOTING OF DEPOSITED SHARES. 

(a)    Upon receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if
requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall be in the sole discretion of the Depositary, that shall contain (i) the information
contained in the notice of meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of Cayman Islands law and of the
articles of association or similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American Depositary Shares (iii) a statement as
to the manner in which those instructions may be given, including an express indication that instructions may be deemed given in accordance with the last sentence of paragraph (b) below, if no instruction is received, to the Depositary to give
a discretionary proxy to a person designated by the Company and (iv) the last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”). 

(b)    Upon the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record
date was specified by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in
so far as practicable, to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the instructions set forth in that request. The Depositary shall not vote or attempt to exercise
the right to vote that attaches to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary or as provided in the following sentence. If 

(i) the Company instructed the Depositary to Disseminate a notice under paragraph (a) above and complied with the paragraph
(d) below, 
 (ii) no instructions are received by the Depositary from an Owner with respect to a matter and an amount of American
Depositary Shares of that Owner on or before the Instruction Cutoff Date and 
 (iii) the Depositary has received from the Company, by the
business day following the Instruction Cutoff Date, a written confirmation that, as of the Instruction Cutoff Date, (x) the Company wishes a proxy to be given under this sentence, (y) the Company reasonably does not know of any substantial
opposition to the matter and (z) the matter is not materially adverse to the interests of shareholders, 

  
 A-14 

 then, the Depositary shall deem that Owner to have instructed the Depositary to give a
discretionary proxy to a person designated by the Company with respect to that matter and the amount of deposited Shares represented by that amount of American Depositary Shares and the Depositary shall give a discretionary proxy to a person
designated by the Company to vote that amount of deposited Shares as to that matter. 
 (c)    There can be no assurance
that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date. 

(d)    If the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company
shall give the Depositary notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders of Shares in connection with the meeting not less than 30 days prior to the meeting date. 

 

	17.	 TENDER AND EXCHANGE OFFERS; REDEMPTION, REPLACEMENT OR CANCELLATION OF DEPOSITED SECURITIES.

 (a)    The Depositary shall not tender any Deposited Securities in response to any voluntary cash
tender offer, exchange offer or similar offer made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do so by an Owner surrendering American Depositary Shares and subject to any
conditions or procedures the Depositary may require. 
 (b)    If the Depositary receives a written notice that
Deposited Securities have been redeemed for cash or otherwise purchased for cash in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”), the Depositary, at the
expense of the Company, shall (i) if required, surrender Deposited Securities that have been redeemed to the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of
that Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that the called American Depositary Shares have been converted into a right only to receive the money received by the
Depositary upon that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with
Section 2.5 or 6.2 of the Deposit Agreement and (iii) distribute the money received upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares in accordance with Section 2.5 of that
Agreement (and, for the avoidance of doubt, Owners shall not be entitled to receive that money under Section 4.1 of that Agreement). If the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a
corresponding portion of the outstanding American Depositary Shares and only those American Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption. The Depositary shall allocate the American
Depositary Shares converted under the preceding sentence among the Owners pro-rata to their respective holdings of American Depositary Shares immediately prior to the Redemption, except that the
allocations may be adjusted so that no fraction of a converted American Depositary Share is allocated to any Owner. A Redemption of all or substantially all of the Deposited Securities shall be a Termination Option Event. 

  
 A-15 

 (c)    If the Depositary is notified of or there occurs any change in
nominal or par value or any subdivision, combination or any other reclassification of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation affecting the issuer of the
Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement or
in lieu of, Deposited Securities (a “Replacement”), the Depositary shall, if required, surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under the Deposit Agreement,
the new securities or other property delivered to it in that Replacement. However, the Depositary may elect to sell those new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold those new
Deposited Securities under the Deposit Agreement because those new Deposited Securities may not be distributed to Owners without registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on
such terms as it deems proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above. A Replacement shall be a Termination Option Event. 

(d)    In the case of a Replacement where the new Deposited Securities will continue to be held under the Deposit
Agreement, the Depositary may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities and the number of those new Deposited Securities represented by each American
Depositary Share. If the number of Shares represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser
number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled
to them. 
 (e)    If there are no Deposited Securities with respect to American Depositary Shares, including if the
Deposited Securities are cancelled, or the Deposited Securities with respect to American Depositary Shares become apparently worthless, the Depositary may call for surrender of those American Depositary Shares or may cancel those American Depositary
Shares, upon notice to Owners, and that condition shall be a Termination Option Event. 

  
 A-16 

	18.	 LIABILITY OF THE COMPANY AND DEPOSITARY. 

Neither the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any
Owner or Holder: 
 (i) if by reason of (A) any provision of any present or future law or regulation or other act of the government of
the United States, any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange; (B) (in the case of the Depositary only) any provision, present or future, of the articles of
association or similar document of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution thereof; or (C) any event or circumstance, whether natural or caused by a
person or persons, that is beyond the ability of the Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited to earthquakes, floods, severe storms, fires, explosions, war,
terrorism, civil unrest, labor disputes or criminal acts; interruptions or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer systems or websites; or other failures or
malfunctions of computer hardware or software or other systems or equipment), the Depositary or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal penalty on account of
doing or performing and therefore does not do or perform, any act or thing that, by the terms of the Deposit Agreement or the Deposited Securities, it is provided shall be done or performed; 

(ii) for any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement (including any determination by the
Depositary to take, or not take, any action that the Deposit Agreement provides the Depositary may take); 
 (iii) for the inability of any
Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Owners or Holders; or 

(iv) for any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement. 

Where, by the terms of a distribution to which Section 4.1, 4.2 or 4.3 of the Deposit Agreement applies, or an offering to which
Section 4.4 of that Agreement applies, or for any other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that distribution or offering on behalf of Owners and make the net proceeds
available to Owners, then the Depositary shall not make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse. 

  
 A-17 

 Neither the Company nor the Depositary assumes any obligation or shall be subject to any
liability under the Deposit Agreement to Owners or Holders, except that they agree to perform their obligations specifically set forth in the Deposit Agreement without negligence or bad faith. The Depositary shall not be a fiduciary or have any
fiduciary duty to Owners or Holders. The Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute
or defend any action, suit, or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares, on behalf of any Owner or Holder or other person. Neither the Depositary nor the Company shall be liable for any
action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or Holder, or any other person believed by it in
good faith to be competent to give such advice or information. Each of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or other document believed by it to be genuine and to have
been signed or presented by the proper party or parties. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with a
matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises, the Depositary performed its obligations without negligence or bad faith while it
acted as Depositary. The Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of American Depositary Shares or
Deposited Securities or otherwise. In the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities or for the manner in which any such vote is
cast or the effect of any such vote. The Depositary shall have no duty to make any determination or provide any information as to the tax status of the Company or any liability for any tax consequences that may be incurred by Owners or Holders as a
result of owning or holding American Depositary Shares. The Depositary shall not be liable for the inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund of amounts withheld in
respect of tax or any other tax benefit. No disclaimer of liability under the United States federal securities laws is intended by any provision of the Deposit Agreement. 
  

	19.	 RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN. 

The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the
Company, to become effective upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by 90 days’ prior written notice
of that removal, to become effective upon the later of (i) the 90th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of its appointment as provided in the Deposit
Agreement. The Depositary in its discretion may at any time appoint a substitute or additional custodian or custodians. 

  
 A-18 

	20.	 AMENDMENT. 

The form of the Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the
Company and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable. Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges,
registration fees, cable (including SWIFT) or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding
American Depositary Shares until the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be
deemed, by continuing to hold American Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by the Deposit Agreement as amended thereby. Upon the effectiveness of an amendment to the form of Receipt,
including a change in the number of Shares represented by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of American Depositary Shares to
effect that change of ratio. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law. 
  

	21.	 TERMINATION OF DEPOSIT AGREEMENT. 

(a)    The Company may initiate termination of the Deposit Agreement by notice to the Depositary. The Depositary may
initiate termination of the Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and a successor depositary has not been appointed and accepted its
appointment as provided in Section 5.4 of that Agreement or (ii) a Termination Option Event has occurred. If termination of the Deposit Agreement is initiated, the Depositary shall Disseminate a notice of termination to the Owners of all
American Depositary Shares then outstanding setting a date for termination (the “Termination Date”), which shall be at least 90 days after the date of that notice, and the Deposit Agreement shall terminate on that Termination Date.

 (b)    After the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement
except for its obligations to the Depositary under Sections 5.8 and 5.9 of that Agreement. 

  
 A-19 

 (c)    At any time after the Termination Date, the Depositary may sell
the Deposited Securities then held under the Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability for interest, for the pro
rata benefit of the Owners of American Depositary Shares that remain outstanding, and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash. After making that sale, the Depositary shall be
discharged from all obligations under the Deposit Agreement, except (i) to account for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for
the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges) to pay them to Owners upon surrender of American Depositary Shares in
accordance with Section 2.5 of that Agreement, (ii) for its obligations under Section 5.8 of that Agreement and (iii) to act as provided in paragraph (d) below. 

(d)    After the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining
to Deposited Securities (that have not been sold), may sell rights and other property as provided in the Deposit Agreement and shall deliver Deposited Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon
deduction, in each case, of the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement
and any applicable taxes or governmental charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares. After the Termination Date, (i) the Depositary may refuse to accept
surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities (that have not been sold) or reverse previously accepted surrenders of that kind that have not settled if in its judgment the requested withdrawal would
interfere with its efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities have been sold and (iii) the Depositary may
discontinue the registration of transfers of American Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices or perform any further acts under
the Deposit Agreement except as provided in Section 6.2 of that Agreement. 

  
 A-20 

	22.	 DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM. 

(a)    Notwithstanding the provisions of Section 2.4 of the Deposit Agreement, the parties acknowledge that DTC’s
Direct Registration System (“DRS”) and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC that facilitates
interchange between registered holding of uncertificated securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS that allows a DTC participant, claiming to act on
behalf of an Owner of American Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant
without receipt by the Depositary of prior authorization from the Owner to register that transfer. 
 (b)    In
connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an Owner in requesting registration of transfer and delivery as described in paragraph
(a) above has the actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 of the Deposit Agreement apply to the
matters arising from the use of the DRS/Profile. The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile system and otherwise in accordance with the Deposit
Agreement, shall not constitute negligence or bad faith on the part of the Depositary. 
  

	23.	 ARBITRATION; SETTLEMENT OF DISPUTES. 

Any controversy, claim or cause of action brought by any party hereto against the Company arising out of or relating to the Shares or other
Deposited Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, or the breach hereof or thereof, if so elected by the claimant, shall be settled by arbitration in accordance with the International Arbitration Rules of
the American Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 

The place of the arbitration shall be The City of New York, State of New York, United States of America, and the language of the arbitration
shall be English. 
 The number of arbitrators shall be three, each of whom shall be disinterested in the dispute or controversy, shall have
no connection with any party thereto, and shall be an attorney experienced in international securities transactions. Each party shall appoint one arbitrator and the two arbitrators shall select a third arbitrator who shall serve as chairperson of
the tribunal. If a dispute, controversy or cause of action shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant(s) and respondent(s)), each of which shall appoint one arbitrator as if there
were only two parties to such dispute, controversy or cause of action. If such alignment and appointment shall not have occurred within thirty (30) calendar days after the initiating party serves the arbitration demand, the American Arbitration
Association shall appoint the three arbitrators, each of whom shall have the qualifications described above. The parties and the American Arbitration Association may appoint from among the nationals of any country, whether or not a party is a
national of that country. 

  
 A-21 

 The arbitral tribunal shall have no authority to award any consequential, special or
punitive damages or other damages not measured by the prevailing party’s actual damages and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of the Deposit Agreement. 

 

	24.	 APPOINTMENT OF AGENT FOR SERVICE OF PROCESS; SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF
IMMUNITIES. 

 The Company has (i) appointed Puglisi & Associates, 850 Library Avenue, Suite 204, Newark,
Delaware as the Company’s authorized agent in the United States upon which process may be served in any suit or proceeding (including any arbitration proceeding) arising out of or relating to the Shares or Deposited Securities, the American
Depositary Shares, the Receipts or this Agreement, (ii) consented and submitted to the jurisdiction of any state or federal court in the State of New York in which any such suit or proceeding may be instituted, and (iii) agreed that
service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. 

EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES,
THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 
 To the extent that the Company or any of its properties, assets or revenues may
have or hereafter become entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or
counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process or proceeding for the giving of any relief or for the
enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited Securities,
the American Depositary Shares, the Receipts or the Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such
relief and enforcement. 

  
 A-22EX-4.4

 Exhibit 4.4 

Dated 21 April 2017 

(1) UCLOUDLINK GROUP INC. 

AND 
 (2) INVESTORS 

AND 
 (3) FOUNDER PARTIES

 AND 
 (4) MAJOR
SUBSIDIARIES 
 AND 
 (5)
OTHER SHAREHOLDERS 
  
  

THIRD AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 
  

 

 CONTENTS 
  

					
	Clause	  	Page	 
		
	 Preamble
	  	 	3	 
	 Recitals
	  	 	3	 
	 Agreement
	  	 	4	 
	 1. Definitions
	  	 	4	 
	 2. Corporate Governance
	  	 	4	 
	 3. Preemptive Rights
	  	 	9	 
	 4. Share Transfer Rights and Restrictions
	  	 	13	 
	 5. Additional Agreements
	  	 	15	 
	 6. Termination
	  	 	18	 
	 7. Miscellaneous
	  	 	19	 
		
	 Exhibits
	  			
	 Exhibit A - Parties
	  	 	37	 
	 Exhibit B - Definitions
	  	 	42	 
	 Exhibit C - Protective Provisions
	  	 	48	 
	 Exhibit D - Terms of the Founder Restricted Shares
	  	 	50	 
	 Exhibit E - Terms of the Right of First Refusal and Right of
Co-sale
	  	 	53	 
	 Exhibit F - Terms of the Registration Rights
	  	 	58	 
	 Exhibit G - Form of Deed of Accession
	  	 	74	 
	 Exhibit H - Part I—Redemption Reminder Notice
	  	 	75	 
	
                 - Part
II—Redemption Notice
	  	 	76	 

  
 2 

 THIRD AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

THIS THIRD AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this “Agreement”) is entered into on
                                         
   , 2017 (the “Signing Date”), by and among: 
  

	(1)	 UCLOUDLINK GROUP INC., an exempted company duly incorporated with limited liability and validly existing under
the laws of Cayman Islands (the “Company”), 

  

	(2)	 the parties set forth in Part I of Exhibit A attached hereto (the “Investors”,
and each an “Investor”), 

  

	(3)	 the parties set forth in Part II of Exhibit A attached hereto (the “Founder
Parties”, and each a “Founder Party”), 

  

	(4)	 the parties set forth in Part III of Exhibit A attached hereto (the “Major
Subsidiaries”, and each a “Major Subsidiary”), and 

  

	(5)	 the parties set forth in Part IV of Exhibit A attached hereto (the “Other
Shareholders”, and each an “Other Shareholder”). 

 Each of the forgoing parties is referred to herein
individually as a “Party” and collectively as the “Parties”. 
 RECITALS 

 

	A.	 The Company, Haitong Noteholders (as defined in Exhibit B), the Founder Parties (as defined in Exhibit B) and
other certain parties have entered into a Notes Purchase Agreement dated 19 April, 2017 (the “Notes Purchase Agreement”). 

  

	B.	 In order to complete the registration of Circular 37(as defined in the Notes Purchase Agreement), on
February 22, 2017, Dream Box Limited and Miracle Wish Limited have duly executed the relevant transfer instruments, by which Dream Box Limited and Miracle Wish Limited have transferred their shares of Fun Box Limited, together with the relevant
rights and obligations, to MediaPlay Limited and AlphaGo Robot Limited respectively. Thus, MediaPlay Limited and AlphaGo Robot shall be redeemed as the Founder Holdco 3 (as defined below) and the Founder Holdco 4 (as defined below) respectively.

  

	C.	 Certain parties entered into a Shareholders’ Agreement dated January 28, 2015 (the “First
Shareholders’ Agreement”), an amended and restated Shareholders’ Agreement dated November 25, 2015 (the“Second Shareholders’ Agreement”) and a second amended and restated Shareholders’ Agreement
dated September 22, 2016 (the “Third Shareholders’ Agreement”, with the First Shareholders’ Agreement and the Second Shareholders’ Agreement, collectively, the “Prior Agreements”). At the request
of the Company and as part of the transactions contemplated under the Notes Purchase Agreement for closing (“Haitong Closing”) on 21 April, 2017 (“Closing Date”), the Parties agree to enter into this Agreement,
make the respective representations, warranties, covenants and agreements on the terms and conditions set forth herein, and supersede the Prior Agreements. 

  
 3 

 AGREEMENT 

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

	1.	 DEFINITIONS 

Unless otherwise defined in this Agreement, capitalized terms used in this Agreement shall have the meanings set forth in Exhibit B
attached hereto. 
  

	2.	 CORPORATE GOVERNANCE 

 

	 	2.1.	 Board of Directors. 

 

	 	(i)	 From and after the Closing Date, the Company shall have a board of directors (the “Board”)
consisting of at least five (5) directors, subject to adjustment pursuant to Section 2.1(c) below. The Board shall be constituted as follows: 

 

	 	(a)	 The Cashcapital Investor shall be entitled to nominate one (1) director (the “Cashcapital
Director”) of the Board; 

  

	 	(b)	 The Ordinary Majority shall be entitled to nominate four (4) directors (the “Ordinary
Directors”) of the Board; and 

  

	 	(c)	 Haitong shall be entitled to nominate one (1) director (the “Haitong Director”, together
with the Cashcapital Director, the “Investor Directors”) of the Board, as long as Haitong collectively owns not less than 10% of the outstanding Equity Securities of the Company (calculated on an as converted to Ordinary Shares and
on a Fully-Diluted Basis). The right of Haitong to nominate the Haitong Director shall no longer be exercised upon the occurrence or continuance of any of the following events: (1) Haitong collectively owns less than 8% of the outstanding
Equity Securities of the Company (calculated on an as converted to Ordinary Shares and on a Fully-Diluted Basis); or (2) the submission of application of a Qualified IPO of the Company; provided always that the restriction on Haitong’s
right to nominate Haitong Director due to the occurrence or continuance of the event set forth in item (1) above will be automatically lifted at any time and from time to time when Haitong collectively owns not less than 10% of the outstanding
Equity Securities of the Company (calculated on an as converted to Ordinary Shares and on a Fully-Diluted Basis). For so long as Haitong has right to nominate a Haitong Director, the Company shall have a Board consisting of seven (7) directors,
which shall be constituted by the Cashcapital Director, the Haitong Director and five (5) directors nominated by the Ordinary Majority. 

  
 4 

	 	(ii)	 Election and Removal of Board Members. Each Shareholder of the Company that is a party to this Agreement
also agrees to vote all of his, her or its shares from time to time and at all times in whatever manner as shall be necessary to ensure that (i) each director nominated pursuant to Section 2.1 may be elected to the Board;
(ii) no director elected pursuant to Section 2.1 may be removed from office unless the person(s) or entity(ies) originally entitled to designate or approve such director or occupy such Board seat pursuant to Section 2.1
is no longer so entitled to designate or approve such director or occupy such Board seat; and (iii) any vacancies created by the resignation, removal or death of a director elected pursuant to Section 2.1 shall be filled pursuant to
the provisions of Section 2.1. Each Shareholder of the Company that is a party to this Agreement agrees to execute any written consents required to effectuate the obligations of this Section 2.1, and the Company agrees at the
request of any Shareholder entitled to designate directors pursuant to Section 2.1 to call a meeting or a class meeting of Shareholders for the purpose of electing directors. 

 

	 	2.2.	 Observer. Each of the Preferred Shareholders, the Lead Ordinary Investor and Haitong shall be entitled
to appoint one (1) observer (the “Observer”) to the Board, provided that at any time and for so long as a Haitong Director is on the Board, Haitong shall not appoint an Observer to the Board. The Observer shall be entitled to
(a) attend meetings of the Board; and (b) receive copy of all notices, minutes, consents and other material that are provided to the directors at the same time and in the same manner as provided to the directors. 

 

	 	2.3.	 Board Meetings; Quorum. The Board shall meet at least once every quarter (whether in person or by means
of a conference telephone or any other equipment which allows all participants in the meeting to speak to and hear each other simultaneously). A quorum for a Board meeting shall consist of four (4) directors, including the Cashcapital Director
and the Haitong Director (if applicable). However, if within an hour from the time appointed for a board meeting, a quorum is not present due to the absence of any director, then a second board meeting shall be scheduled to a time the same day in
the next week and written notice for such second board meeting shall be duly delivered again to all directors. If within an hour from the time appointed for such second board meeting, a quorum is still not present due to the absence of any director,
then those directors present shall be deemed to be a quorum for such second board meeting; provided that at such second board meeting or the following meeting, the business not included in the notice for such second board meeting shall not be
transacted. Each of the Investor Directors shall be entitled to appoint an alternate respectively to serve at any board meeting (or the meeting of a committee formed by the Board), and such alternate shall be permitted to attend all Board meetings
and vote on such Investor Director’s behalf. Questions arising at any meeting shall be decided by a simple majority of votes (unless a higher vote is required pursuant to applicable laws or the Memorandum and Articles) of the directors present
at a meeting at which there is a quorum, with each director having one (1) vote. A resolution in writing (in one or more counterparts), signed by all the directors for the time being or all the members of a committee of the Board shall be as
valid and effectual as if it had been passed at a meeting of the Directors or such committee as the case may be duly convened and held. 

  
 5 

	 	2.4.	 Expenses, Indemnity and Director Insurance. 

 

	 	(i)	 The Company shall provide each of the Investor Directors and Observer of Board with all necessary working
conditions in respect of his performing of such director position, including without limitation, the transportations, accommodations and offices, and reimburse the Investor Directors for the allowance and all reasonable out-of-pocket expenses incurred in connection with attending any meetings of the Board and any committee thereof. 

 

	 	(ii)	 To the maximum extent permitted by applicable law and its memorandum and articles, the Investor Directors and
any trustee for the time being acting in relation to any of the affairs of the Company and their heirs, executors, administrators and personal representatives respectively shall be indemnified out of the assets of the Company from and against all
actions, proceedings, costs, charges, losses, damages and expenses which they or any of them shall or may incur or sustain by reason of any act done or omitted in or about the execution of their duty in their respective offices or trusts, except
such (if any) as they shall incur or sustain by or through their own willful neglect or default respectively and no such director or trustee shall be answerable for the acts, receipts, neglects or defaults of any other director or trustee or for
joining in any receipt for the sake of conformity or for the solvency or honesty of any banker or other persons with whom any monies or effects belonging to the Company may be lodged or deposited for safe custody or for any insufficiency of any
security upon which any monies of the Company may be invested or for any other loss or damage due to any such cause as aforesaid or which may happen in or about the execution of his office or trust unless the same shall happen through the willful
neglect or default of such director or trustee. 

  

	 	(iii)	 To the maximum extent permitted by applicable law, the Investor Directors and any trustee for the time being
acting in relation to any of the affairs of the Company and their heirs, executors, administrators and personal representatives respectively shall not be personally liable to the Company or the Party nominating him/her for monetary damages for
breach of their duty in their respective offices, except such (if any) as they shall incur or sustain by or through their own willful neglect or willful default respectively. 

 

	 	(iv)	 The Company shall, as soon as practicable after the Closing Date, obtain, and thereafter maintain, a
directors’ and officers’ liability insurance policy for the Investor Directors from a financially sound and reputable insurer with coverage limits customary for companies similarly situated to the Company. In addition, the Company shall
indemnify each Investor to the maximum extent permitted by applicable laws for any claims brought against such Investor by any third party (including any other Shareholder of the Company) on the basis of such Investor’s investment in the
Company. 

  

	 	2.5.	 Subsidiary Boards. The board of directors of any Group Company (other than the Company) shall be
constituted in the same manner as the Board, and the provisions in this Section 2 shall apply mutatis mutandis to the board of each Group Company. The Parties shall take all steps required to give effect to the first sentence of this
Section 2.5. 

  
 6 

	 	2.6.	 Protective Provisions. 

 

	 	(i)	 For so long as any Preferred Share remains outstanding and subject to provided otherwise, the Group Companies
and the Founder Parties (collectively, the “Covenantors”) shall ensure that each Group Company will not take any of the actions set forth in Part I of Exhibit C attached hereto without the prior consents of the
Cashcapital Director (Email shall be deemed as the formal evidencing documents of such consent of the Cashcapital Director) other than in respect of any action that requires a special resolution pursuant to the Companies Law of the
Cayman Islands (2013 Revision), subject to the provisions of (iii) below. 

  

	 	(ii)	 For so long as any Preferred Share remains outstanding and subject to provided otherwise, the Covenantors shall
ensure that each Group Company will not take any of the actions set forth in Part II of Exhibit C attached hereto without the prior consents of three-fourths (3/4) of the directors of the Board present at the meeting (including the consent of the
Cashcapital Director) other than in respect of any action that requires a special resolution pursuant to the Companies Law of the Cayman Islands (2013 Revision), subject to the provisions of (iii) below. 

 

	 	(iii)	 Provided that any of the actions set forth in Exhibit C requires a special resolution in accordance with the
Companies Law of the Cayman Islands (2013 Revision), such action shall require the approval of the Preferred Shareholders holding at least two-thirds (2/3) of the outstanding Preferred Shares (on an as-converted basis) (the “Preferred Majority”), and where such said prior approval has not been obtained, the holders of the Preferred Shares who vote against the resolution at a meeting of the
Shareholders shall have the same number of votes as the other Shareholders who vote in favor of such resolution plus one. 

  

	 	2.7.	 Group Structure. 

 

	 	(i)	 Maintenance of Group Structure. The Covenantors shall maintain the corporate structure of the Group
(including without limitation the Company’s control over each Domestic Company) and, the Covenantors shall cause that (i) the shareholding structure of the Domestic Companies will not be changed and (ii) the control documents between
the Beijing WFOE and the Domestic Companies (and its shareholders) will not be amended, in each case without the prior consent of the Board. 

  

	 	(ii)	 Shareholding of Domestic Company. If requested by any Investor in writing and permitted by applicable
laws, the Covenantors shall procure that equity interest in the Domestic Companies proportionate to such Investor’s equity interest in the Company be transferred to a party designated by such Investor within 30 days from receiving such written
request. In case that the party designated by such Investor may transfer any portion of the equity interests held by him in the Domestic Companies to any third party as necessary and required by any new financing of the Group Companies, any expense
and cost, including without limitation any and all taxes arising from or in connection with such transfer is incurred and assessed on or imposed against such party, such party shall be indemnified against all such expense and cost by the Group
Companies. 

  
 7 

	 	2.8.	 Information and Inspection Rights. 

 

	 	(i)	 Information. The Group Company shall, and each Covenantor shall cause the Group Company to, deliver, as
soon as practicable (but in any event within the timeframe specified below), to each Preferred Shareholder, the Lead Ordinary Investor and Haitong the following documents or reports: 

 

	 	(a)	 within thirty (30) days after the end of each fiscal month, the unaudited monthly consolidated financial
statements of the Group Companies; 

  

	 	(b)	 within forty-five (45) days after the end of each fiscal quarter, the unaudited consolidated quarterly
financial statements for such fiscal quarter; 

  

	 	(c)	 within ninety (90) days after the end of each fiscal year, the audited consolidated annual financial
statements for such fiscal year; 

  

	 	(d)	 at least thirty (30) days prior to the beginning of each fiscal year, a draft annual capital expenditure
and operating budget and business plan for the approval of the Board, provided that the final budget shall be approved by the Board (including approval of the Cashcapital Director and the Haitong Director); 

 

	 	(e)	 other information reasonably requested by the Preferred Shareholders, Lead Ordinary Investor and Haitong.

 The documents to be delivered pursuant to this Section 2.8 shall be prepared in form satisfactory to the
Preferred Shareholders, the Lead Ordinary Investor and Haitong. All audited financial statements shall be prepared in accordance with the PRC generally accepted accounting principles or other generally accepted accounting principles agreed to by the
Preferred Shareholders, the Lead Ordinary Investor and Haitong as deemed appropriate for the foreseeable venue for the Company’s initial public offering. 
  

	 	(ii)	 Inspection. Each Covenantor shall cause each Group Company to permit each Preferred Shareholder, Haitong
or their respective duly designated representatives at their own cost, to visit and inspect the relevant Group Company, and to examine the facilities, books of account and other records of the Group Company, and to discuss the businesses, operations
and conditions of the Group Company with the counsels, officers, employees and independent accountants of such entities. The Lead Ordinary Investor shall also be entitled to the forgoing inspection right provided that the Lead Ordinary Investor
shall give the Company a written notice at least ten (10) Business Days prior to the use of the inspection right. 

  
 8 

	3.	 PREEMPTIVE RIGHTS 

  

	 	3.1	 Preemptive Right in respect of New Shares. 

 

	 	(i)	 The Company hereby grants to each Shareholder of the Company a right to purchase up to its pro rata share of
any New Shares that the Company may, from time to time after the Closing Date, propose to sell or issue on the same price, terms and conditions as the Company proposes to sell or issue to any potential investor. The Preferred Shareholders, Xizang
Guoke, the Lead Ordinary Investor and the Haitong Shareholders (only in respect of such number of Ordinary Shares converted) shall also have a right of oversubscription if any Shareholder elects not to purchase its full pro rata share of the New
Shares. For the purposes of Section 3.1: (a) each Shareholder’s “pro rata share” shall be determined according to the number of the Ordinary Shares held by such Shareholder in relation to the aggregate number of all
outstanding Equity Securities of the Company (calculated on an as to be fully converted to Ordinary Shares and on a Fully-Diluted Basis basis) immediately prior to the issuance of the New Shares; (b) for the purpose of giving effect to
Section 3.1(ii)(b), Haitong Noteholders shall be treated as Shareholders and all the outstanding Notes owned by them shall be deemed to be fully converted into the Ordinary Shares immediately prior to the issuance of the New Shares; and
(c) each Preferred Shareholder’s “pro rata share” shall be determined according to the aggregate number of all Ordinary Shares convertible from the Preferred Shares held by such Preferred Shareholder immediately prior to the
issuance of the New Shares in relation to the aggregate number of all outstanding Equity Securities of the Company (calculated on an as to be fully converted to Ordinary Shares and on a Fully-Diluted Basis basis), provided, however, the Shareholders
shall not have such preemptive right in any of the following circumstances: (a) issuance of Ordinary Shares convertible from all or any part of the Notes; and (b) if the potential investor to whom the Company proposes to sell or issue New
Shares is a Strategic Investor provided further that the Board of the Company shall give each Shareholder a notice which explains and specifies the benefits or/and advantages the Company will obtain with the
join-in of such Strategic Investor. 

  

	 	(ii)	 Procedure: 

  

	 	(a)	 In the event that the Company proposes to issue any New Shares, it shall give each Shareholder written notice
(an “Issuance Notice of New Shares”) of such intention, describing (i) the type of New Shares, (ii) the identity of the prospective subscriber, and (iii) the price and the general terms upon which the Company proposes
to issue such New Shares. Each Shareholder shall have thirty (30) days after the receipt of the Issuance Notice of New Shares to agree to purchase up to such Shareholder’s pro rata share of such New Shares for the price and upon the terms
specified in the Issuance Notice of New Shares by giving written notice to the Company and stating therein the quantity of New Shares to be purchased. 

  
 9 

	 	(b)	 To the extent there is any Notes outstanding and not converted into Ordinary Shares by a Haitong Noteholder on
the date of the Issuance Notice of New Shares, such Haitong Noteholder may, for the purpose of exercising its preemptive right under Section 3.1, without any prejudice to its conversion rights under the Notes Terms and Conditions,
exercise its conversion right attached to any outstanding Notes within thirty (30) days after receipt of the Issuance Notice of New Shares in accordance with the Notes Terms and Conditions. The Company shall not issue any New Shares or deliver
the Second Participation Notice of New Shares (as defined in Section 3.1(ii)(c)) unless and until the aforesaid conversion requested by such Haitong Noteholder has been completed in accordance with the Notes Terms and Conditions. Any Ordinary
Shares converted by a Haitong Noteholder hereunder shall be taken into account in calculating Haitong Shareholder’s pro rata share in respect of the issuance of the New Shares under Section 3.1. 

 

	 	(c)	 In the event that any Shareholder fails to exercise its right to purchase its full pro rata share of the New
Shares, the Company shall deliver a written notice (the “Second Participation Notice of New Shares”) within five (5) days after the expiration of the aforementioned thirty (30) day period to each of the Preferred
Shareholder, Xizang Guoke, Lead Ordinary Shareholder and the Haitong Shareholders (only in respect of such Ordinary Shares already converted) that have elected to purchase its entire pro rata share of the New Shares (the “Fully Participating
Investors of New Shares”) which notice shall set forth the number of the New Shares for which a Shareholder was entitled to purchase but that were not purchased by the Shareholder, pursuant to subsection (i) above (such shares, the
“Overallotment New Shares”). Each Fully Participating Investor shall have five (5) days from the date of receipt of the Second Participation Notice of New Shares (the “Second Participation Period of New
Shares”) to notify the Company of its desire to purchase more than its pro rata share of the New Shares, stating the number of the additional New Shares it proposes to buy (the “Additional Number of New Shares”). Such
notice may be given by telephone provided it is confirmed in writing within two (2) Business Days. If, as a result thereof, the total number of additional New Shares the Fully Participating Investors of New Shares propose to buy exceeds the
total number of the Overallotment New Shares, then the Overallotment New Shares shall be allocated to such Fully Participating Investors of New Shares by allocating to each such Fully Participating Investor of New Shares the lesser of (A) the
difference between the Additional Number of New Shares and the aggregate number of Overallotment New Shares that has already been allocated to it, and (B) its over-allotment pro rata share of the Overallotment New Shares that has not yet been
allocated, which allocation step shall be repeated until all Overallotment New Shares are allocated. Each such Fully Participating Investor of New Shares who has been allocated all the Additional Number of New Shares shall cease to participate in
any subsequent allocation step. For the purposes of determining the allocation of Overallotment New Shares that a Fully Participating Investor of New Shares will receive in each allocation step, such Investor’s “over-allotment pro rata
share” shall be determined according to the aggregate number of all Ordinary Shares or all Ordinary Shares convertible from the Preferred Shares held by such Fully Participating Investor of New Shares on the date of the Issuance Notice of New
Shares in relation to the aggregate number of all Ordinary Shares and all Ordinary Shares convertible from the Preferred Shares held by all Fully Participating Investors of New Shares who participate in such allocation step on such date.

  
 10 

	 	(d)	 Payment for the New Shares to be purchased by the Shareholders shall be made by check or wire transfer in
immediately available funds of the appropriate currency, against delivery of such New Shares to be purchased at the business address of the Company at the time of the scheduled closing therefor, which shall be no later than seventy (70) days
after such Shareholders’ receipt of the Issuance Notice of New Shares. 

  

	 	3.2	 Preemptive Right in respect of New Notes. 

 

	 	(i)	 the Company hereby grants each Investor a right to purchase up to its pro rata share of any New Notes that the
Company may, from time to time after the Closing Date, propose to sell or issue on the same price, terms and conditions as the Company propose to sell or issue to any potential investor. The Preferred Shareholders, Xizang Guoke, the Lead Ordinary
Investor, Haitong Noteholders and Haitong Shareholders shall also have a right of oversubscription if any Investor elects not to purchase its full pro rata share of the New Notes. For the purposes of Section 3.2, each Investor “pro
rata share” shall be determined according to the number of the Equity Securities held by such Investor (calculated on an as converted to Ordinary Shares and on a Fully-Diluted Basis) in relation to the aggregate number of all Equity Securities
(calculated on an as converted to Ordinary Shares and on a Fully-Diluted Basis basis) immediately prior to the issuance of the New Notes, provided, however, the Investors shall not have such preemptive right in any of the following circumstances:
(a) issuance of any Notes to Haitong pursuant to the Notes Purchase Agreement, and (b) if the potential investor to whom the Company proposes to sell or issue New Notes is a Strategic Investor provided further that the Board of the Company
shall give each Investor a notice which explains and specifies the benefits or/and advantages the Company will obtain with the join-in of such Strategic Investor. 

 

	 	(ii)	 Procedures: 

  

	 	(a)	 In the event that the Company proposes to issue any New Notes, it shall give each Investor written notice (an
“Issuance Notice of New Notes”) of such intention, describing (i) the type of New Notes, (ii) the identity of the prospective subscriber, and (iii) the price and the general terms upon which the Company proposes to
issue such New Notes. Each Investor shall have thirty (30) days after the receipt of the Issuance Notice of New Notes to agree to purchase up to such Investor’s pro rata share of such New Notes for the price and upon the terms specified in
the Issuance Notice of New Notes by giving written notice to the Company and stating therein the quantity of New Notes to be purchased. 

  
 11 

	 	(b)	 In the event that any Investor fails to exercise its right to purchase its full pro rata share of the New
Notes, the Company shall deliver a written notice (the “Second Participation Notice of New Notes”) within five (5) days after the expiration of the aforementioned thirty (30) day period to each Preferred Shareholder,
Xizang Guoke, Lead Ordinary Shareholder and Haitong that have elected to purchase its entire pro rata share of the New Notes (the “Fully Participating Investors of New Notes”) which notice shall set forth the number of the New Notes
for which the Investor was entitled to purchase but that were not purchased by such Investor pursuant to subsection (a) above (such New Notes, the “Overallotment New Notes”). Each Fully Participating Investor of New Notes shall
have five (5) days from the date of receipt of the Second Participation Notice (the “Second Participation Period of New Notes”) to notify the Company of its desire to purchase more than its pro rata share of the New Notes,
stating the number of the additional New Notes it proposes to buy (the “Additional Number of New Notes”). Such notice may be given by telephone provided it is confirmed in writing within two (2) Business Days. If, as a result
thereof, the total number of additional New Notes the Fully Participating Investors of New Notes propose to buy exceeds the total number of the Overallotment New Notes, then the Overallotment New Notes shall be allocated to such Fully Participating
Investors of New Notes by allocating to each such Fully Participating Investor of New Notes the lesser of (A) the difference between the Additional Number of New Notes and the aggregate number of Over-allotment New Notes that has already been
allocated to it, and (B) its over-allotment pro rata share of the Overallotment New Notes that has not yet been allocated, which allocation step shall be repeated until all Overallotment New Notes are allocated. Each such Fully Participating
Investor of New Notes who has been allocated all the Additional Number of New Notes shall cease to participate in any subsequent allocation step. For the purposes of determining the allocation of Overallotment New Notes that a Fully Participating
Investor of New Notes will receive in each allocation step, such Investor’s “over-allotment pro rata share” shall be determined according to the aggregate number of all Equity Securities (calculated on an as converted to Ordinary
Shares and on a Fully-Diluted Basis basis) held by such Fully Participating Investor of New Notes on the date of the Issuance Notice of New Notes in relation to the aggregate number of all Equity Securities (calculated on an as converted to Ordinary
Shares and on a Fully-Diluted Basis basis) held by all Fully Participating Investors of New Notes who participate in such allocation step on such date. 

  

	 	(c)	 Payment for the New Notes to be purchased by the Investors shall be made by check or wire transfer in
immediately available funds of the appropriate currency, against delivery of such New Notes to be purchased at the business address of the Company at the time of the scheduled closing therefor, which shall be no later than seventy (70) days
after such Investor’s receipt of the Issuance Notice of New Notes. 

  
 12 

	 	3.3	 For a period of ninety (90) days following the expiration of the period during which any Investor may
exercise its preemptive rights under this Section 3, the Company may sell any New Shares and/or New Notes with respect to which the Preemptive Rights under this Section 3 were not exercised, to the purchasers identified in
the Issuance Notice of New Shares or Issuance Notice of New Notes (as the case may be) and at a price and upon terms not more favorable to the purchasers thereof than specified in the Issuance Notice of New Shares or Issuance Notice of New Notes (as
the case may be). In the event the Company has not completed the sale of such New Shares and/or New Notes within such ninety (90) day period, the Company shall not and the other Covenantors shall cause the Company not to thereafter issue or
sell any New Shares or New Notes, without first again offering such New Shares or New Notes to the Investors in the manner provided in this Section 3. 

 

	4.	 SHARE TRANSFER RIGHTS AND RESTRICTIONS 

 

	 	4.1.	 Restrictions on Ordinary Shares Owned by the Founder Parties. 

 

	 	(i)	 Transfer Restrictions and Non-Competition. At any time prior to
the Qualified IPO of the Company, without the prior written consent of the Investors the Founder Parties shall not transfer any Ordinary Shares directly or indirectly owned by them to other parties except to any entities wholly owned by such Founder
Parties, , nor shall such Founder Parties be engaged, make investments or otherwise involve in any business that shall compete against the business of the Group Company. Notwithstanding the foregoing, such transfer restrictions shall not apply to
the transfer of the Ordinary Shares to the employees, officers, consultants or directors of the Company pursuant to the ESOP and as approved by the Board (including the affirmative vote of the Cashcapital Director and Haitong Director (if
applicable)). 

  

	 	(ii)	 Key Founder Restricted Shares. The Founder Parties agree and acknowledge that (a) all the Ordinary
Shares held by the Founder Holdco 1, and Founder Holdco 5, as of the Closing Date, shall be designated as “Company Restricted Shares”; (b) all the shares of the Key Founder Holdco(s) held by other applicable Key Founder Holdco(s) as
of the Closing Date shall be designated as “Indirect Founder Holdco Restricted Shares”; and (c) all the shares of the Key Founder Holdco(s) held by the Key Founders as of the Closing Date shall be designated as “Direct
Founder Holdco Restricted Shares”. Each of the Company Restricted Shares, the Indirect Founder Holdco Restricted Shares and Direct Founder Holdco Restricted Shares (collectively, the “Founder Restricted Shares”) shall be
subject to the restrictions in the form set forth in Exhibit D attached hereto. 

  
 13 

	 	4.2.	 Right of First Refusal and Right of Co-Sale. Each Preferred
Shareholder, Xizang Guoke, Lead Ordinary Investor and the Haitong Shareholders (only in respect of the Ordinary Shares already converted from the Notes) shall have the right of first refusal and each Preferred Shareholder, Lead Ordinary Investor,
Xizang Guoke, A2 Ordinary Investors and the Haitong Shareholders (only in respect of the Ordinary Shares already converted from the Notes) shall have the right of
co-sale as set forth in Exhibit E attached hereto, provided, however, the Investors shall not have such right of first refusal and right of co-sale in respect of
any transfer of the Preferred Shares or Ordinary Shares under Section 4.3 or if the Prospective Purchaser is a Strategic Investor, further provided that the Investors shall not have such right of
co-sale if the Offered Shares are to be transferred to employee of the Company for the purpose of the ESOP subjected to Section 7.1(ii) hereof. 

 

	 	4.3.	 Transfer of Preferred Shares or Ordinary Shares held by certain Investors. Each Party agrees that the
Preferred Shares or Ordinary Shares held by the Lead Ordinary Investors and Xizang Guoke are freely transferrable to any other third party other than to any competitor of the Group Companies in direct competition or indirect competition of the
principal business of the Group Companies. For the sole purpose of this Section 4.3, only the business of data traffic operation shall mean indirect competition of the principal business of the Group Companies. For the avoidance of
doubt, this Section 4.3 shall not apply to the following circumstances: (i) Haitong Noteholders shall have the right to transfer the Notes in accordance with the terms and conditions thereto; and (ii) Haitong Shareholders shall have
the right to transfer Ordinary Shares to their respective Affiliates, including without limitation any fund or entities managed or advised by the Haitong Noteholders or Haitong Shareholders without any consent of the Company or any other Parties.
Any Investor who makes any transfer under this Section 4.3 shall procure the transferee to agree in writing that it will adhere to, and be bound by, the terms of this Agreement as a Party to this Agreement by executing a deed of
accession in the form set forth in Exhibit G attached hereto. Each party hereto irrevocably agrees to any transfer under this Section 4.3 and waives any right of first refusal or right of
co-sale in respect of such transfer and any other contractual conditions or restrictions on such transfer, and shall execute such documents and take such actions as necessary to complete such transfer.

  

	 	4.4.	 Permitted Transfer. Notwithstanding the foregoing or anything to the contrary herein, the rights of the
Investors under Section 4.2 shall not apply to: (i) a repurchase of Shares from a Transferor by the Company pursuant to an agreement containing vesting and/or repurchase provisions approved by the Board including the Cashcapital
Director and the Haitong Director (if applicable); (2) a transfer approved by the Board (including the Cashcapital Director and the Haitong Director (if applicable)) for the purpose of and as contemplated by the ESOP; (3) a transfer by the
Transferor to its wholly owned entity; or (4) a redemption of the Shares by the Company under Section 5.3(i). 

  

	 	4.5.	 Prohibited Transfers Void. Any transfer of Shares of the Company not made in compliance with this
Agreement shall be null and void as against the Company, shall not be recorded on the books of the Company and shall not be recognized by the Company. 

  
 14 

	 	4.6.	 Transfer Defined. For the purpose of this Agreement, the term “transfer” shall include any
direct or indirect transfer, sale, assignment or pledge, mortgage, and its verb form and the terms of “transferor” and “transferee” shall have the meaning correlative to the foregoing. In the case that any Ordinary Share is held
by its ultimate beneficial owner through one or more level of holding companies, any transfer, repurchase, or new issuance of the shares of such holding companies or similar transactions that have the effect of changing the beneficial ownership of
such Ordinary Share shall be deemed as an indirect transfer of such Ordinary Shares. The Parties agree that the restrictions on the transfer of the Ordinary Shares contained in this Agreement shall apply to such indirect transfer and shall not be
circumvented by means of any indirect transfer of the Ordinary Shares. 

  

	5.	 ADDITIONAL AGREEMENTS 

 

	 	5.1.	 Registration Rights. The Company hereby grants to the Shareholders such registration rights in the form
set forth in Exhibit F attached hereto. 

  

	 	5.2.	 Liquidation. If a Liquidation Event occurs, the Parties acknowledge and agree that distributions to the
Shareholders of the Company shall be made in accordance with the Company’s Memorandum and Articles. 

  

	 	5.3.	 Redemption Rights. 

 

	 	(i)	 A Haitong Shareholder shall have the right (but not the obligation) to request the Company to redeem all of the
Ordinary Shares held by such Haitong Shareholder which were converted from the Notes in the event (the “Haitong Redemption Event”) that the Company has not completed the Qualified IPO satisfying the requirement of Haitong Specified Pre-money Valuation (calculated as the total number of shares of the Company outstanding prior to the Qualified IPO multiplied by the final price per share in the Qualified IPO) within three (3) years after the
first Conversion Date of all or part of the Notes or, with the consent of such Haitong Shareholder, within five (5) years after the first Conversion Date of all or part of the Notes. The redemption price for such Haitong Shareholder (the
“Haitong Redemption Price”) shall be (i) the principal amount (the “Principal Amount”) of the Notes which had been converted into the Ordinary Shares that such Haitong Shareholder has requested the Company to
redeem plus (ii) a premium which in aggregate with the Principal Amount, will provide such Haitong Shareholder with an IRR of 8% per annum on the Principal Amount, calculated from the Conversion Date of the Notes (or, where applicable, each
Conversion Date of the relevant part of the Notes) to the date that Haitong Redemption Price has been fully paid. 

  
 15 

 Subject to the conditions and terms mentioned above, the Company shall, promptly and in any
event within five (5) Business Days after the Haitong Redemption Event occurs, deliver a written notice (the “Redemption Reminder Notice”) in the form set forth in Part I of Exhibit I attached hereto to all the
Haitong Shareholders. In the event that a Haitong Shareholder elects to exercise its redemption right hereunder, it shall deliver a written notice of redemption (the “Redemption Notice”) in the form set forth in Part II of
Exhibit I attached hereto to the Company within three (3) months after the receipt of the Redemption Reminder Notice. For the avoidance of doubt, if the Company fails to deliver the Redemption Reminder Notice to the Haitong Shareholders
upon the occurrence of a Haitong Redemption Event, a Haitong Shareholder will not be time-barred by the aforesaid 3 months’ notice and it may deliver the Redemption Notice to the Company to request the Company to redeem all of its Ordinary
Shares at any time after the Haitong Redemption Event occurs. The Company shall, and all the Parties shall procure the Company to, within thirty (30) days after receiving the Redemption Notice from a Haitong Shareholder, complete the purchase
of all of the Ordinary Shares then held by such Haitong Shareholder at the Haitong Redemption Price. 
 In the event that the Company’s
assets or funds which are then legally available are insufficient to pay in full all the redemption payments payable to all the relevant Shareholders having redemption rights under this Section 5.3, those assets or funds of the Company
which are then legally available shall be firstly used to pay the redemption price on a pro rata basis (as fully converted) among each of Preferred Shareholders, Haitong Shareholders and A2 Ordinary Investors in respect of the Shares requested to be
redeemed, to the extent permitted by Applicable Laws. Such assets or funds of the Company shall not be used to pay the redemption prices to other Shareholders under this Section 5.3 unless and until redemption payments payable to the
Preferred Shareholders, Haitong Shareholders and A2 Ordinary Investors pursuant to the terms of this Agreement and other Transaction Documents have been made in full. 
  

	 	(ii)	 Each A2 Ordinary Investors shall be entitled to request the Company to redeem all or portion of Ordinary Shares
held by such A2 Ordinary Investor by December 31, 2017 (the “A2 Redemption Start Date”). 

 The
redemption price per share for such A2 Ordinary Investors (the “A2 Ordinary Redemption Price”) shall be the Original A2 Ordinary Share Purchase Price plus an annualized rate of return of twelve percent (12%) (calculated from the
Closing Date to the actual payment date of the A2 Ordinary Redemption Price). 
 Within 30 days after the receipt of a written notice of
redemption from such A2 Ordinary Investor(s) to be redeemed, the Company shall redeem all or part of A2 Ordinary Shares held by such A2 Ordinary Investors legally available therefor including capital. The Board and other Shareholders of the Company
shall give help for such redemption unconditionally. 

  
 16 

	 	(iii)	 The Lead Ordinary Investor and SHENZHEN ZZX shall be entitled to request the Company to redeem all or portion
of Ordinary Shares held by such Ordinary Investor if by December 31, 2016 (the “A1 Redemption Start Date”), the Company shall have not fulfilled either of the following: (i) having signed the share purchase agreement with
investors for purchase of certain series B shares or other class of shares named then (with the subscription amount of no less than 10 million US dollars), pursuant to which
the valuation of the Company shall be at least 300 million US dollars; or(ii) having completed products commercialization, demonstration of products commercialization or strategic investment of certain chip product build-in with bi-IP channels with one mobile producer or chip producer that is recognized by the Lead Ordinary Investor or that is among the top ten mobile producers or chip
producers in PRC. 

 The redemption price per A1 Ordinary Share held by the Lead Ordinary Investor and SHENZHEN ZZX (the
“A1 Ordinary Redemption Price”) shall be the Original A1 Ordinary Share Purchase Price held by such investor plus ten percent (10%) compound annual return (calculated from the A1 Closing Date to the actual payment date of the A1
Ordinary Redemption Price). 
  

	 	5.4.	 Tax Matters. 

  

	 	(i)	 The Group Company shall comply with the applicable tax laws and comply with all record-keeping, reporting, and
other requirements necessary for Haitong or Preferred Shareholder’s compliance with any applicable tax laws. The Group Company shall use their respective commercially reasonable effort to avoid adverse tax status (such as “PRC resident
enterprise” for any Group Company organized outside the PRC under the PRC tax laws, or “controlled foreign corporation” or “passive foreign investment company” under the U.S. tax laws). 

 

	 	(ii)	 The Company will use, and will cause each of the other Group Companies to use, commercially reasonable efforts
to avoid classification as a passive foreign investment company (“PFIC”) as defined in the Internal Revenue Code of 1986, as amended (the “Code”) for the current year or any subsequent year. 

 

	 	(iii)	 The Company shall promptly provide the Investors with written notice if it (or any of the other Group
Companies) becomes a PFIC. Such notice shall include a reasonably detailed analysis of the determination that the Company (or any of the other Group Companies) has become a PFIC. 

  
 17 

	 	(iv)	 The Company shall make due inquiry with its tax advisors on at least an annual basis regarding its status as a
PFIC, and if Company is informed by its tax advisors that any such entity has become a PFIC, or that there is a likelihood of any such entity being classified as a PFIC for any taxable year, the Company shall promptly notify the Investors of such
status or risk, as the case may be. The Company agrees to make available to the Investors upon request, the books and records of the Company and the other Group Companies, and to provide information to the Investors pertinent to the Company’s
status or potential status as a PFIC. Upon a determination by the Company, the Investors or any taxing authority that the Company has been or is likely to become a PFIC, the Company will provide the following information to the Investors and each of
its direct or indirect holders (a “PFIC Shareholder”): (i) all information reasonably available to the Company to permit such PFIC Shareholder to (a) accurately prepare its US tax returns and comply with any other reporting
requirements , if any, arising from its investment in the Company and relating to the Company or any of its Subsidiaries’ classification as a PFIC and (b) make any election (including, without limitation, a “qualified electing
fund” election under Section 1295 of the Code), with respect to the Company (or any of its Subsidiaries); and (ii) a completed “PFIC Annual Information Statement” as described under Treasury Regulation Section 1.1295-1(g). 

  

	 	5.5.	 Memorandum and Articles. In the event of any conflict or inconsistency between any of the terms of this
Agreement and any of the terms of the Memorandum and Articles, the terms of this Agreement shall prevail in all respects as regards the Shareholders and Haitong. The Shareholders and Haitong shall give full effect to and act in accordance with the
provisions of this Agreement over the provisions of the Memorandum and Articles, and the Shareholders and Haitong shall exercise all voting and other rights and powers (including to procure any required alteration to the Memorandum and Articles to
resolve such conflict or inconsistency) to make the provisions of this Agreement effective. 

  

	6.	 TERMINATION 

This Agreement and all rights and covenants contained herein, including but not limited to those contained in Sections 2, 3,
4 and 5 (with the exception of the registration rights granted under Section 5.1, which shall survive the closing of a Qualified IPO in accordance with their terms), shall terminate on the closing of a Qualified IPO. All
the preferred rights of the Shares shall terminate in the event that the Investors (other than Haitong) shall hold less than 5% of the total outstanding Shares of the Company (on an as converted basis) solely resulting from the sale of the Equity
Securities as applicable. Notwithstanding the foregoing, Haitong’s right to appoint the Haitong Director or the Observer set forth in Section 2.1, Section 2.2 and Section 2.3 shall terminate in the event that Haitong collectively
hold less than 8% of the total outstanding Equity Securities of the Company (on an as converted basis). Further, Haitong’s Information and Inspection Rights set forth in Section 2.8, Haitong’s oversubscription right under the
Preemptive Rights set forth in Section 3, and Haitong’s Right of First Refusal and Right of Co-Sale set forth in Sections 4.2, shall terminate in the event that Haitong collectively
hold less than 5% of the total outstanding Equity Securities of the Company (on an as converted basis). Notwithstanding anything herein to the contrary, a Haitong Shareholder’s redemption right set forth in Section 5.3(i) shall
remain valid and enforceable despite the percentage of Haitong’s aggregate interests in the Company and shall only terminate upon the completion of the Qualified IPO with Haitong Specified Pre-money
Valuation within the prescribed period under Section 5.3(i). 

  
 18 

	7.	 MISCELLANEOUS 

  

	 	7.1.	 Anti-Dilution. 

 

	 	(i)	 If, at any time after the issue of any Conversion Share to any Haitong Shareholder but prior to a Qualified
IPO, the Company issues, allots or grants any Equity Security (other than the Equity Securities issued to employees, directors, officers, consultants or contractors of the Company pursuant to the ESOP) to any Person at an average cost (including the
cost for converting such Equity Security to one Ordinary Share of the Company) lower than the adjusted Conversion Price per Conversion Share issued to the Haitong Shareholder, the Company shall, and the Shareholders shall procure the Company to,
issue such number of additional Ordinary Shares to the Haitong Shareholder at a nominal value of US$1.00 per Ordinary Share without further cost and expense to the Haitong Shareholder. Such issuance shall put Haitong Shareholder in a position to
acquire the relevant Conversion Shares and the additional Ordinary Shares at an effective average cost per Ordinary Share no more than the average cost of the first-mentioned Person to obtain (and, if applicable, convert) the-first mentioned Equity Security. 

  

	 	(ii)	 At any time within three (3) years after the Closing Date, the Company shall have the right to issue
Ordinary Shares, or any option to acquire any Ordinary Shares, to employees, directors, officers, consultants or contractors of the Company pursuant to the ESOP and as approved by the Board (including the affirmative vote of the Cashcapital Director
and the Haitong Director (if applicable)), provided the number of all such issuances in aggregate shall not exceed the lower of (a) Ordinary Shares (on an as-converted basis) with value of USD67,000,000;
and (b) 10% of the aggregate number of Equity Securities (on an as-converted basis) of the Company outstanding as of the closing in respect of the purchase and sales of the warrant notes pursuant to
Section 2.3 of the Notes Purchase Agreement. 

  

	 	7.2.	 Governing Law. This Agreement shall be governed by and construed under the laws of the Hong Kong,
without regard to principles of conflict of laws thereunder. 

  

	 	7.3.	 Dispute Resolution. 

 

	 	(i)	 Each Party agrees that any legal action or proceeding arising out of or relating to this Agreement may be
brought in the courts of Hong Kong and irrevocably submits to the exclusive jurisdiction of such courts. 

  

	 	(ii)	 Each party shall cooperate with the other in making full disclosure of and providing complete access to all
information and documents requested by the o the court, subject only to any doctrine of legal privilege or any confidentiality obligations binding on such party. 

 

	 	(iii)	 The costs of court shall be borne by the losing party, unless otherwise determined by the court.

  
 19 

	 	(iv)	 When any dispute occurs and when any dispute is in the court, except for the matters in dispute, the parties
shall continue to fulfill their respective obligations and shall be entitled to exercise their rights under this Agreement. 

  

	 	7.4.	 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing
and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by an internationally recognized overnight courier service, by facsimile or registered or certified mail (postage prepaid, return
receipt requested) to the respective Parties at the addresses specified set forth in Part V of the Exhibit A attached hereto (or at such other address for a Party as shall be specified in a notice given in accordance with this
Section 7.4). 

  

	 	7.5.	 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 whose rights or obligations hereunder are affected by such terms and conditions. This Agreement, and the rights of any parties hereunder, shall
not be assigned, and the obligations of any party hereunder shall not be transferred without the written consents of the Investors and the Company; provided that each Investor may assign its rights and transfer its obligations hereunder to an
Affiliate of it or a transferee of the transfer in connection with the Equity Securities held by such Investor pursuant to Section 4.3 without consent of the other Parties under this Agreement; provided further that before such
assignment or transfer such Affiliate or transferee shall execute a deed of accession in the form set forth in Exhibit G attached hereto agreeing to be bound by all the terms of this Agreement as an “Investor”. For the avoidance of
doubt, the assignee or transferee of any Investor shall be treated as an “Investor” under this Agreement, and any Haitong Noteholder or Haitong Shareholder shall also be treated as an “Investor” for the purpose of determining the
availability of any rights under this Agreement. 

  

	 	7.6.	 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 laws in any
jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such law. 

  

	 	7.7.	 Waiver and Amendment. Any Party may (i) extend the time for the performance of any of the
obligations or other acts of another Party, (ii) waive any inaccuracies in the representations and warranties of another Party contained herein or in any document delivered by another Party pursuant hereto or (iii) waive compliance with
any of the agreements of another Party or conditions to such Party’s obligations contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the party to be bound thereby. Any waiver of
any term or condition shall not be construed as a waiver of any subsequent breach or a subsequent waiver of the same term or condition, or a waiver of any other term or condition of this Agreement. The failure of any Party to assert any of its
rights hereunder shall not constitute a waiver of any of such rights. This Agreement may not be amended or modified except (a) by an instrument in writing signed by the Company, Haitong, the Ordinary Majority and the Preferred Majority, or
(b) by a waiver in accordance with the immediately preceding sentence. 

  
 20 

	 	7.8.	 New Shareholders. The Company shall procure any new Shareholder or investor of the Company who is not
already a party to this Agreement shall, not later than the time that it becomes the registered owner of any Equity Securities, agree in writing that it will adhere to, and be bound by, the terms of this Agreement as a Party to this Agreement by
executing a deed of accession in the form set forth in Exhibit G attached hereto. 

  

	 	7.9.	 Interpretation. For all purposes of this Agreement, except as otherwise expressly provided, (i) the
defined terms shall have the meanings assigned to them in its definition and include the plural as well as the singular, and pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms; (ii) 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 unless explicitly stated otherwise, and all references in this Agreement to designated exhibits
are to the exhibits attached to this Agreement unless explicitly stated otherwise, (iii) 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, (iv) the word “knowledge” means, with respect to a person’s “knowledge”, the actual knowledge of such person and that knowledge which should have been acquired by it after
making due inquiry, (v) the titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement, (vi) any reference in this Agreement to any
“Party” or any other Person shall be construed so as to include its successors in title, permitted assigns and permitted transferees, (vii) any reference in this Agreement to any agreement or instrument is a reference to that
agreement or instrument as amended or novated, (viii) this Agreement is jointly prepared by the Parties and should not be interpreted against any Party by reason of authorship; (ix) unless otherwise specified herein, the obligations and
liabilities, and the title, interests and rights, of a party hereto is independent and several from those of the other parties hereto. 

  

	 	7.10.	 Entire Agreement. This Agreement constitutes the entire agreement of the Parties with respect to the
subject matter hereof and supersede all prior agreements and undertakings, both written and oral, among the Parties with respect to the subject matter hereof and thereof, including the Prior Agreements and those containing any provision of preferred
rights or privileges that any previous shareholder(s) or existing shareholder(s) is entitled to in respect of any Group Company. 

  

	 	7.11.	 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 and e-mailed copies of signatures shall be deemed to be originals for purposes of the effectiveness of this
Agreement. 

  
 21 

 {The remainder of this page has been left intentionally blank} 

  
 22 

 IN WITNESS WHEREOF, the Parties have duly executed this Shareholders’ Agreement as of the date first
above written. 
  

			
	UCLOUDLINK GROUP INC.
		
	By:	 	/s/ Wen Gao

 
			
	Name:	 	Wen Gao (高文)
	Title:	 	Director

  

			
	UCLOUDLINK(HK) LIMITED
		
	By:	 	/s/ Wen Gao

 
			
	Name:	 	Wen Gao (高文)
	Title:	 	Director

  

			
	 BEIJING UCLOUDLINK

TECHNOLOGY LIMITED (北京优克云联
科技有限公司)

		
	By:	 	/s/ Wen Gao

 
			
	Name:	 	Wen Gao
	Title:	 	Legal Representative
	[common seal]

  

			
	 Shenzhen Ucloudlink Technology

Limited
(深圳优克云联科技有限公司)

		
	By:	 	/s/ Zhigang Du

 
			
	Name:	 	Zhigang Du
	Title:	 	Legal Representative
	[common seal]

  

			
	 SHENZHEN UCLOUDLINK NEW

TECHNOLOGY CO., LTD

(深圳市优克联新技术有限公司)

		
	By:	 	/s/ Wen Gao

 
			
	Name:	 	Wen Gao (高文)
	Title:	 	Legal Representative
	[common seal]

  
 23 

 IN WITNESS WHEREOF, the Parties have duly executed this Shareholders’ Agreement as of the date first
above written. 
  

			
	HONGKONG UCLOUDLINK NETWORK TECHNOLOGY LIMITED (香港优克网络技术有限公司)
		
	By:	 	/s/ Wen Gao
	Name:	 	Wen Gao (高文)
	Title:	 	Director

  

			
	BEIJING UCLODLINK TECHNOLOGY CO., LTD (北克优克联技术有限公司)
		
	By:	 	/s/ Wen Gao
	Name:	 	Wen Gao (高文)
	Title:	 	Legal Representative
	[common seal]

  
 24 

 IN WITNESS WHEREOF, the Parties have duly executed this Shareholders’ Agreement as of the date first
above written. 
  

			
	TALENT WITS LIMITED
		
	By:	 	/s/ Wen Gao
	Name:	 	Wen Gao (高文)
	Title:	 	Director
	
	FAIRY MIND LIMITED
		
	By:	 	/s/ Zhongqi Kuang
	Name:	 	Zhongqi Kuang (况忠琪)
	Title:	 	Director
	
	FUN BOX LIMITED
		
	By:	 	/s/ Chaohui Chen, Zhiping Peng
	Name:	 	Chaohui Chen (陈朝晖), Zhiping Peng (彭智平)
	Title:	 	Director
	
	MEDIAPLAY LIMITED
		
	By:	 	/s/ Chaohui Chen
	Name:	 	Chaohui Chen (陈朝晖)
	Title:	 	Director
	
	ALPHAGO ROBOT LIMITED
		
	By:	 	/s/ Zhiping Peng
	Name:	 	Zhiping Peng (彭智平)
	Title:	 	Director

  
 25 

 IN WITNESS WHEREOF, the Parties have duly executed this Shareholders’ Agreement as of the date first
above written. 
  

	
	WEN GAO (高文)
	
	/s/ Wen Gao
	CHAOHUI CHEN (陈朝晖)
	
	/s/ Chaohui Chen
	ZHIPING PENG (彭智平)
	
	/s/ Zhiping Peng
	ZHONGQI KUANG (况忠琪)
	
	/s/ Zhongqi Kuang
	

  
 26 

 IN WITNESS WHEREOF, the Parties have duly executed this Shareholders’ Agreement as of the date first
above written. 
  

			
	Beijing Cash Capital Venture Partners.(北
京国科鼎鑫投资中心(有限合伙))

 
			
		
	By:	 	/s/ Ge Wang

 
			
	Name:	 	Ge Wang
	Title:	 	Authorized Signatory
	[common seal]

  
 27 

 IN WITNESS WHEREOF, the Parties have duly executed this Shareholders’ Agreement as of the date first
above written. 
  

			
	Shanghai Huiyin Tiantong Investment Center (Limited Partnership)(上海汇垠天
同投资中心(有限合伙))
		
	BY:	 	/s/ Guangshan Che
	Name:	 	Guangshan Che
	Title:	 	Authorized Signatory
	[common seal]

  
 28 

 IN WITNESS WHEREOF, the Parties have duly executed this Shareholders’ Agreement as of the date first
above written. 
  

			
	Shenzhen ZZX Technology Venture Investment Enterprise (Limited Partnership)(深圳中展信科技创业投资企业 (有限合伙))

 
			
		
	BY:	 	/s/ Chunwei Huang

 
			
	Name:	 	Chunwei Huang
	Title:	 	Authorized Signatory
	[common seal]

  
 29 

 IN WITNESS WHEREOF, the Parties have duly executed this Shareholders’ Agreement as of the date first
above written. 
  

			
	BEIJING ORIENTAL RHYTHM VENTURE CAPITAL CO., LTD (北京五
五东方瑞泰创业投资有限公司)

 
			
		
	BY:	 	/s/ Jianping Wang

 
			
	Name:	 	Jianping Wang
	Title:	 	Legal Representative
	[common seal]

  
 30 

 IN WITNESS WHEREOF, the Parties have duly executed this Shareholders’ Agreement as of the date first
above written. 
  

			
	SUN DEVELOPMENT INVESTMENT LIMITED

 
			
		
	BY:	 	/s/ Baixing Wang

 
			
	Name:	 	Baixing Wang
	Title:	 	Authorized Signatory

  
 31 

 IN WITNESS WHEREOF, the Parties have duly executed this Shareholders’ Agreement as of the date first
above written. 
  

			
	ASIAN ROUSE LIMITED

 
			
		
	BY:	 	/s/ Xingya Qiu

 
			
	Name:	 	Xingya Qiu
	Title:	 	Authorized Signatory

  
 32 

 IN WITNESS WHEREOF, the Parties have duly executed this Shareholders’ Agreement as of the date first
above written. 
  

			
	XIZANG GUOKE DINGYI INVESTMENT CENTER (LIMITED PARTNERSHIP) (西藏国科鼎奕投资中心
(有限合伙))
		
	BY:	 	/s/ Ge Wang
	Name:	 	Ge Wang
	Title:	 	Authorized Signatory
	[common seal]

  
 33 

 IN WITNESS WHEREOF, the Parties have duly executed this Shareholders’ Agreement as of the date first
above written. 
  

			
	WEALTH PLUS INVESTMENTS LIMITED

 
			
		
	BY:	 	/s/ Ingrid Wu

 
			
	Name:	 	Ingrid Wu
	Title:	 	Authorized Signatory

  
 34 

 IN WITNESS WHEREOF, the Parties have duly executed this Shareholders’ Agreement as of the date first
above written. 
  

			
	 Shenzhen HaineiLirong Technology

Investment Fund Partnership (深圳海内
利荣科技投资基金合伙企业(有限合伙))

			
		
	BY:	 	/s/ Peiping Qu

 
			
	Name:	 	Peiping Qu
	Title:	 	Authorized Signatory
	[common seal]

  
 35 

 IN WITNESS WHEREOF, the Parties have duly executed this Shareholders’ Agreement as of the date first
above written. 
  

			
	 HAITONG ASSET MANAGEMENT (HK) LIMITED

(acting on behalf of and for the account of HAITONG FREEDOM MULTI-TRANCHE BOND FUND)

		
	BY:	 	/s/ Jianxin Yang
	Name:	 	Jianxin Yang
	Title:	 	Authorized Signatory

  

			
	 HAITONG INTERNATIONAL INVESTMENT FUND SPC

(acting on behalf of and for the account of HAITONG INTERNATIONAL INVESTMENT FUND SPC - FUND I SP)

		
	By:	 	/s/ Huang Zhong
	Name:	 	Huang Zhong
	Title:	 	Authorized Signatory

  
 36 

 EXHIBIT A 

PARTIES 
 Part I Investors 

(A) Preferred Shareholders 
  

	1.	 Beijing Cash Capital Venture
Partners.(北京国科鼎鑫投资中心(有限合伙)) (the “Cashcapital Investor”); 

 

	2.	 Beijing Oriental Rhythm Venture Capital CO.,
LTD(北京五五东方瑞泰创业投资有限公司) (the “Oriental Investor”);

 (B) Ordinary Investors 
  

	1.	 Beijing Cash Capital Venture
Partners.(北京国科鼎鑫投资中心(有限合伙)); 

 

	2.	 Shanghai Huiyin Tiantong Investment Center (Limited Partnership)
(上海汇垠天同投资中心(有限合伙))(the “Lead Ordinary
Investor”); 

  

	3.	 Shenzhen ZZX Technology Venture Investment Enterprise (Limited Partnership)
(深圳中展信科技创业投资企业(有限合伙)) (the “Shenzhen
ZZX”); 

  

	4.	 Xizang Guoke Dingyi Investment Center (Limited Partnership)
(西藏国科鼎奕投资中心(有限合伙)) (the “Xizang
Guoke”); 

  

	5.	 WEALTH PLUS INVESTMENTS LIMITED (the “WEALTH PLUS”); and 

 

	6.	 Shenzhen Hainei Lirong Technology Investment Fund Partnership
(深圳海内利荣科技投资基金合伙企业(有限合伙
)) (the “Shenzhen Hainei”) 

 (C) Noteholders 

 

	1.	 Hai Tong Asset Management (HK) Limited (“Haitong 1”, acting on behalf of and for the account
of Haitong Freedom Multi-Tranche Bond Fund); 

  

	2.	 Haitong International Investment Fund SPC (“Haitong 2”, acting on behalf of and for the
account of Haitong International Investment Fund SPC – Fund I SP). 

 Part II Founder Parties 

 

	1.	 Gao Wen (高文), a Chinese citizen (residential ID number *****);

  

	2.	 Chen Chaohui( 陈 朝 晖 ), a Chinese citizen (residential
ID number *****); 

  

	3.	 Peng Zhiping(彭智平), a Chinese citizen (residential ID
number *****) (together with Gao Wen (高文) and Chen Chaohui (陈朝晖), the “Key Founders”, and each a “Key
Founder”); 

  
 37 

	4.	 Kuang Zhongqi (况忠琪), a Chinese citizen (residential ID
number *****) (together with the Key Founders, the “Founders” and each a “Founder”), 

  

	5.	 TALENT WITS LIMITED, a limited liability company duly established and validly existing under the laws of
British Virgin Islands whose entire outstanding shares are held by Gao Wen (高文) (the “Founder Holdco 1” ), 

 

	6.	 FAIRY MIND LIMITED, a limited liability company duly established and validly existing under the laws of British
Virgin Islands whose entire outstanding shares are held by Kuang Zhongqi (况忠琪) (the “Founder Holdco 2” ), 

 

	7.	 MEDIAPLAY LIMITED, a limited liability company duly established and validly existing under the laws of British
Virgin Islands whose entire outstanding shares are held by Chen Chaohui (the “Founder Holdco 3” ); 

  

	8.	 ALPHAGO ROBOT LIMITED, a limited liability company duly established and validly existing under the laws of
British Virgin Islands whose entire outstanding shares are held by Peng Zhiping (the “Founder Holdco 4” ); and 

  

	9.	 FUN BOX LIMITED, a limited liability company duly established and validly existing under the laws of British
Virgin Islands whose entire outstanding shares are held by MEDIAPLAY LIMITED and ALPHAGO ROBOT LIMITED (the “Founder Holdco 5”, together with the Founder Holdco 1, the Founder Holdco 2, the Founder Holdco 3, the Founder Holdco 4,
the “Founder Holdcos”, each a “Founder Holdco”, further together with the Founders, the “Founder Parties”, each a “Founder Party”). 

Part III Major Subsidiaries 
  

	1.	 UCLOUDLINK (HK) LIMITED, a company duly established and existing under the laws of Hong Kong (the “HK
Company”), with registered number 2139982; 

  

	2.	 BEIJING UCLOUDLINK SCIENCE & TECHNOLOGY LIMITED / BEIJING UCLOUDLINK TECHNOLOGY LIMITED (北京优克云联科技有限公司), a wholly foreign owned enterprise to be duly established and existing under the laws of PRC (the “Beijing
WFOE”), with unified social credit code 110000450278829; 

  

	3.	 SHENZHEN UCLOUDLINK SCIENCE & TECHNOLOGY LIMITED / SHENZHEN UCLOUDLINK TECHNOLOGY LIMITED (深圳优克云联科技有限公司), a wholly foreign owned enterprise to be duly established and existing under the laws of PRC (the “Shenzhen
WFOE”, together with Beijing WFOE, the “WFOEs”), with unified social credit code 91440300336385792W; 

  

	4.	 SHENZHEN CITY UCLOUDLINK NEW TECHNOLOGY CO., LTD/ SHENZHEN UCLOUDLINK NEW TECHNOLOGY CO., LTD (深圳市优克联新技术有限公司), a company duly established and existing under the laws of the PRC (the “Shenzhen Domestic
Company”), with unified social credit code 91440300311875816Q; 

	5.	 BEIJING UCLOUDLINK TECHNOLOGY CO., LTD. / BEIJING UCLOUDLINK TECHNOLOGY LIMITED
(北京优克联技术有限公司), a company duly established and existing under the laws of the PRC (the “Beijing Domestic Company”,
collectively with the Shenzhen Domestic Company, the “Domestic Companies”, and each, a “Domestic Company”)) with unified social credit code 91110105318148849A; and 

 

	6.	 HONGKONG UCLOUDLINK NETWORK TECHNOLOGY LIMITED
(香港优克网 络技术有限公司), a company duly established and existing under the laws of Hong Kong (the
“Existing HK Company”), with registered number 1519476. 

 Part IV Other Shareholders 

1. SUN DEVELOPMENT INVESTMENT LIMITED 
 2. ASIAN ROUSE LIMITED

 Part V Notice Address 
 For the purpose of the notice
provisions contained in this Agreement, the following are the initial addresses of each party: 
 If to any of the Group Companies, the Founders and the
Founder Holdcos: 
  

			
	Attention:	  	Shi Yimeng (石义猛)
	Address:	  	
深圳市南山区学府路85号软件产业基地
1栋A座3层

	Email:	  	*****
	Tel:	  	 *****

 If to the Cashcapital Investor: 
  

			
	Attention:	  	Chen Hongwu (陈洪武)
	Address:	  	
北京市东直门南大街11号中汇广场
B座1803

	Email:	  	 *****

	Fax:	  	 *****

 If to the Oriental Investor: 
  

			
	Attention:	  	He Zhiguang (何志光)
	Address:	  	
北京市海淀区阜成路67号银都大厦
1510室

	Email:	  	 *****

	Fax:	  	 *****

  
 39 

 If to SUN DEVELOPMENT INVESTMENT LIMITED: 

 

			
	Attention:	  	Cheng Xian (程娴)
	Address:	  	江苏省常熟市东南经济开发区8号
	Email:	  	*****
	Tel:	  	*****

 If to ASIAN ROUSE LIMITED: 
  

			
	Attention:	  	Qiu Xingya (邱醒亚)
	Address:	  	深圳市南山区科智西路5号科技园工业厂房25栋1段3层
	Email:	  	***** 
	Tel:	  	*****

 If to SHENZHEN ZZX: 
  

			
	Attention:	  	Huang Chunwei (黄春威)
	Address:	  	深圳市前湾深港合作区前湾一路1号A栋201
室
	Email:	  	*****

 If to Lead Ordinary Investor: 
  

			
	Attention:	  	Chen Guangshan (车广山)
	Address:	  	中国上海市长宁区虹桥路2272号六楼O座
	Email:	  	***** 

 If to WEALTH PLUS: 
  

			
	Attention:	  	INGRID WU CHUNYUAN/ JUNE YAN
	Address:	  	66B, No.39 Conduit Road, Hong Kong
	Email:	  	*****

 If to Shenzhen Hainei: 
  

			
	Attention:	  	Qu Peiping (屈佩平)
	Address:	  	深圳市福田区莲花街道金田路4028号荣超经贸中心1812

	Email:	  	*****
	Tel:	  	*****

 If to Haitong 1: 
  

			
	Attention:	  	Samson Leung
	Address:	  	22/F, Li Po Chun Chambers, 189 Des Voeux Road Central, Hong Kong
	Email:	  	*****
	Tel:	  	*****

  
 40 

 If to Haitong 2: 
  

			
	Attention:	  	Grace Liu
	Address:	  	22/F, Li Po Chun Chambers, 189 Des Voeux Road Central,
		  	HongKong
	Email:	  	 *****

	Tel:	  	 *****

  
 41 

 EXHIBIT B 

DEFINITIONS 
  

			
	“A1 Closing Date”	  	means December 29, 2015.
		
	“A1 Ordinary Investors”	  	means Beijing Cash Capital Venture Partners.(
北京国科鼎鑫投资中心(有限合伙)), Shanghai Huiyin Tiantong Investment Center
(Limited Partnership)(上海汇垠天同投资中心(有限合伙)), Shenzhen ZZX
Technology Venture Investment Enterprise (Limited Partnership)(深
圳中展信科技创业投资企业(有限合伙))and Xizang Guoke Dingyi Investment Center (Limited
Partnership) (西藏国科鼎奕投资中心(有限合伙)).
		
	“A1 Ordinary Redemption Price”	  	has the meaning set forth in Section 5.3(iii).
		
	“A1 Redemption Start Date”	  	has the meaning set forth in Section 5.3(ii).
		
	“A2 Ordinary Investors”	  	means WEALTH PLUS and Shenzhen Hainei Lirong Technology Investment Fund Partnership
(深圳海内利荣科技投资基金合伙企业(有限合伙
)).
		
	“A2 Ordinary Redemption Price”	  	has the meaning set forth in Section 5.3(ii).
		
	“A2 Redemption Start Date”	  	has the meaning set forth in Section 5.3(ii).
		
	“Additional Number of New Notes”	  	has the meaning set forth in Section 3.1(ii)(c).
		
	“Additional Number of New Shares”	  	has the meaning set forth in Section 3.1(ii)(c).
		
	“Affiliate”	  	means (i) as to any body corporate, any other body corporate, unincorporated entity or person directly or indirectly controlling, directly or indirectly controlled by or under direct or indirect common control with, such body
corporate; and (ii) as to any individual, his spouse, child, brother, sister, parent, trustee of any trust in which such individual or any of his immediate family members is a beneficiary or a discretionary object, or any entity or company
controlled by any of the aforesaid persons.
		
	“Agreement”	  	has the meaning set forth in the preamble hereof.
		
	“Board”	  	has the meaning set forth in Section 3.1(i).
		
	“Cashcapital Director”	  	has the meaning set forth in Section 2.1(i)(a).
		
	“Cashcapital Investor”	  	has the meaning set forth in the preamble hereof.
		
	“Change-in-Control”	  	has the meaning set forth in Section 2(1) of Exhibit D attached hereto.
		
	“Haitong Closing”	  	has the meaning set forth in paragraph C of the Recital.
		
	“Closing Date”	  	has the meaning set forth in paragraph C of the Recital.
		
	“Co-Sale Shareholder”	  	has the meaning set forth in Section 2.1 of Exhibit E attached hereto.
		
	“Company”	  	has the meaning set forth in the preamble hereof.
		
	“Company Repurchase Option”	  	has the meaning set forth in Section 2 of Exhibit D attached hereto.
		
	“Conversion Date”	  	means, with respect to each Ordinary Share held by the Haitong Shareholder, the date on which such Ordinary Share is converted from the Note.

  
 42 

			
	“Company Restricted Shares” “control”	  	 has the meaning set forth in Section 4.1(ii).
  

means, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of majority voting securities or appointing a majority of the board members or otherwise, and the terms “controlling” and “controlled” have correlative meaning.

		
	“Conversion Date”	  	means, with respect to each Ordinary Share held by the Haitong Shareholder, the date on which such Ordinary Share is converted from the Note.
		
	“Conversion Price”	  	has the meaning set forth in the Notes.
		
	“Covenantors”	  	has the meaning set forth in Section 2.6(i).
		
	“Direct Founder Restricted Shares”	  	has the meaning set forth in Section 4.1(ii).
		
	“Domestic Holdco 1”	  	has the meaning set forth in Part II of Exhibit A attached hereto.
		
	“Domestic Holdco 2”	  	has the meaning set forth in Part II of Exhibit A attached hereto.
		
	“Domestic Company”	  	has the meaning set forth in Part III of Exhibit A attached hereto.
		
	“Departing Founder”	  	has the meaning set forth in Section 2 of Exhibit D attached hereto.
		
	“Departure Event”	  	has the meaning set forth in Section 2 of Exhibit D attached hereto.
		
	“Equity Securities”	  	means, with respect to any Person, such Person’s share capital, 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 share capital, capital stock, membership interests, partnership interests, registered capital or joint venture or other ownership interest (whether
or not such derivative securities are issued by such Person).
		
	“ESOP”	  	means any stock option plan or equity incentive plan adopted by any Group Company from time to time in relation to the grant or issue of shares, stock options or any other securities to its employees, officers, directors,
consultants and/or other eligible persons.
		
	“Existing HK Company”	  	have the meaning set forth in Part III of Exhibit A attached hereto.
		
	“Founder”	  	has the meaning set forth in Part II of Exhibit A attached hereto.
		
	“Founder Holdco”	  	has the meaning set forth in Part II of Exhibit A attached hereto.
		
	“Founder Holdco 1”	  	has the meaning set forth in Part II of Exhibit A attached hereto.
		
	“Founder Holdco 2”	  	has the meaning set forth in Part II of Exhibit A attached hereto.

  
 43 

			
	“Founder Holdco 3”	  	has the meaning set forth in Part II of Exhibit A attached hereto.
		
	“Founder Holdco 4”	  	has the meaning set forth in Part II of Exhibit A attached hereto.
		
	“Founder Holdco 5”	  	has the meaning set forth in Part II of Exhibit A attached hereto.
		
	“Founder Holdco Restricted Shares”	  	has the meaning set forth in Section 4.1(ii).
		
	“Founder Holdco Repurchase Price”	  	has the meaning set forth in Section 2(5) of Exhibit D attached hereto.
		
	“Founder Holdco Repurchase Shares”	  	has the meaning set forth in Section 2(5) of Exhibit D attached hereto.
		
	“Founder Party”	  	has the meaning set forth in Part II of Exhibit A attached hereto.
		
	“Founder Restricted Shares”	  	has the meaning set forth in Section 4.1(ii).
		
	“Fully-Diluted Basis”	  	means that all options, warrants or other rights of any kind (whether vested or unvested) to acquire the Ordinary Shares and all securities convertible or exchangeable into the Ordinary Shares (or into options, warrants or other
rights of any kind to acquire the Ordinary Shares) outstanding at the relevant time shall be deemed to have been fully exercised, converted or exchanged, as the case may be, and the Ordinary Shares issuable as a result thereof shall be deemed to
have been fully issued and to form part of the holdings of the Person(s) entitled to receive such Ordinary Shares.
		
	“Fully Participating Investors of New Notes”	  	has the meaning set forth in Section 3.1(ii)(c).
		
	“Fully Participating Investors of New Shares”	  	has the meaning set forth in Section 3.1(ii)(c).
		
	“Fully Purchasing Holders”	  	has the meaning set forth in Section 1.2(ii) of Exhibit E attached hereto.
		  	has the meaning set forth in Section 1.1 of Exhibit E attached hereto.
		
	“Group Company”	  	means each of the Company and its subsidiaries (including the Major Subsidiaries) and “Group” refers to all of Group Companies collectively.
		
	“Haitong”	  	means collectively Haitong Shareholders and Haitong Noteholders.
		
	“Haitong Director”	  	has the meaning set forth in Section 2.1(i)(c).
		
	“Haitong Noteholders”	  	means the holders of the Notes from time to time and as of the date of this Agreement are the investors listed in Part I(C) of Exhibit A attached hereto.
		
	“Haitong Specified Pre-money Valuation”	  	means US$520 million, being the money valuation of the Company before any investment of Haitong into the Company (subject to any adjustment as a result of any share splits, share consolidation, share dividends, restructuring,
merge, reclassification of shares, adjustment of capital structure, issuance of new shares or subscription of options or the like).

  
 44 

			
		  	
	“Haitong Redemption Price”	  	has the meaning set forth in Section 5.3(i).
		
	“Haitong Shareholders”	  	means the holders of Ordinary Shares which were converted from the Notes pursuant to the terms and conditions thereof from time to time.
		
	“Hong Kong”	  	means the Hong Kong Special Administrative Region of the PRC.
		
	“HK Company”	  	has the meaning set forth on Part III of Exhibit A attached hereto.
		
	“Indirect Founder Restricted Shares”	  	has the meaning set forth in Section 4.1(ii).
		
	“Investor Directors”	  	has the meaning set forth in Section 3.1(i).
		
	“Investors”	  	has the meaning set forth in the preamble hereof.
		
	“IRR”	  	means an annual compounded, cumulative internal rate of return that produces a net present value of all cash flows (positive and negative) from an investment equal to zero.
		
	“Issuance Notice”	  	has the meaning set forth in Section 3.1(ii)(a).
		
	“Issuance Notice of New Notes”	  	has the meaning set forth in Section 3.1(ii)(a).
		
	“Issuance Notice of New Shares”	  	has the meaning set forth in Section 3.1(ii)(a).
		
	“Key Founder”	  	has the meaning set forth on Part II of Exhibit A attached hereto.
		
	“Key Founder Holdcos”	  	shall mean the Founder Holdco 1, the Founder Holdco 3, the Founder Holdco 4, the Founder Holdco 5 and the Domestic Holdco 1 and the Domestic Holdco 2 collectively.
		
	“Liquidation Event”	  	 means any of the following events:
  

(i) the liquidation, dissolution or winding-up of any Group Company;

 
 (ii)  the sale or other disposition
of all or the majority of, or substantially all or the majority of the assets or properties of the Group Companies taken as a whole or the exclusive licensing of all or substantially all of the Group Companies’ intellectual properties taken as
a whole; or
  
 (iii)  the
acquisition of the equity interests of the Company (whether by a sale of equity, merger or consolidation) in which in excess of 50% of the Company’s voting power outstanding before such transaction is transferred.

		
	“Major Subsidiary”	  	has the meaning set forth in the preamble hereof.
		
	“Memorandum and Articles”	  	means the Company’s Memorandum and Articles of Association, as may be amended and/or restated from time to time.

  
 45 

					
	 “New Notes”
	  	means any options, warrants and other securities convertible into, or exchangeable or exercisable for (at any time or upon the occurrence of any event or contingency and without regard to any vesting or other conditions
to which such securities may be subject) issued after the Closing, except for:
			
		  	(i)	  	any option to acquire any Ordinary Shares, issued to employees, officers, consultants or directors of the Company pursuant to the ESOP and as approved by the Board (including the affirmative vote of the Cashcapital Director and the
Haitong Director);
			
		  	(ii)	  	the Warrant Notes issued pursuant to the Section 2.3 of the Notes Purchase Agreement; or
			
		  	(iii)	  	Equity Securities issued for the purpose of obtaining financing or financial leasing by financial institutions or financing for the equipment and acquisition or merger for another companies as approved by the Board (including the
affirmative vote of the Cashcapital Director and the Haitong Director).
		
	 “New Shares”
	  	means any Shares of the Company issued after the Closing, except for:
			
		  	(i)	  	Ordinary Shares issued to employees, officers, consultants or directors of the Company pursuant to the ESOP and as approved by the Board (including the affirmative vote of the Cashcapital Director and the Haitong
Director);
			
		  	(ii)	  	Ordinary Shares issued upon conversion of the Preferred Shares or the Notes;
			
		  	(iii)	  	share dividend paid to all Shareholders (including the Preferred Shareholders) in proportion to their shareholding percentage;
			
		  	(iv)	  	Shares issued in connection with any share split, share dividend, capital reorganization, or similar transaction of the Company that does not change the relative shareholding percentage of the Shareholders;
			
		  	(v)	  	Ordinary Shares issued in the Qualified IPO;
			
		  	(vi)	  	Ordinary Shares issued upon the exercise or conversion of any Equity Securities issued prior to the Closing; or
			
		  	(vii)	  	Ordinary Shares issued for the purpose of obtaining financing or financial leasing by financial institutions or financing for the equipment and acquisition or merger for another companies as approved by the Board (including the
affirmative vote of the Cashcapital Director and the Haitong Director).
		
	 “Notes”
	  	means the convertible notes issued pursuant to the Notes Purchase Agreement and for the purpose of this Agreement shall include the warrant notes issued pursuant to Section 2.3 of the Notes Purchase
Agreement.
		
	 “Notes Purchase Agreement”
	  	has the meaning set forth in the recitals hereof.
		
	 “Observer”
	  	has the meaning set forth in Section 2.2.
		
	 “Offered Shares”
	  	has the meaning set forth in Section 1.1 of Exhibit E attached hereto.

  
 46 

					
	 “Options”
	  		  	means any options to purchase or rights to subscribe for Ordinary Shares, or other securities by their terms convertible into or exchangeable for Ordinary Shares, or options to purchase or rights to subscribe for such convertible or
exchangeable securities.
			
	 “Ordinary Investors”
	  		  	means the investors set forth in Part I(B) of Exhibit A attached hereto.
			
	 “Ordinary Majority”
	  		  	means the Founder Parties holding at least 50% of the outstanding Ordinary Shares.
			
	 “Ordinary Shares”
	  		  	means the Company’s Ordinary Shares, par value US$0.001 per share.
			
	 “Ordinary Shareholders”
	  		  	means the Shareholders, excluding the Investors, holding certain number of Ordinary Shares.
			
	 “Other Shareholders”
	  		  	have the meaning set forth in Part IV of Exhibit A attached hereto.
			
	 “Original A1 Ordinary Share Purchase Price”
	  		  	means in respect of the A1 Ordinary Investor, US$ 17.04042, as appropriately adjusted for any share split, share division, share combination, share dividend, additional share issuances or similar events.
			
	 “Original A2 Ordinary Shares Purchase Price”
	  		  	means in respect of the A2 Ordinary Investor, US$ 23.52222, as appropriately adjusted for any share split, share division, share combination, share dividend, additional share issuances or similar events.
			
	 “Overallotment New Notes”
	  		  	has the meaning set forth in 3.1(ii)(c).
			
	 “Overallotment New Shares”
	  		  	has the meaning set forth in 3.1(ii)(c).
			
	 “Party”
	  		  	have the meaning set forth in the preamble hereof.
			
	 “Person”
	  		  	shall be construed as broadly as possible and shall include an individual, a partnership (including a limited liability partnership), a company, an association, a joint stock company, a limited liability company, a trust, a joint
venture, a legal person, an unincorporated organization and a governmental authority.
			
	 “PFIC”
	  		  	has the meaning set forth in Section 5.5(ii).
			
	 “PFIC Shareholder”
	  		  	has the meaning set forth in Section 5.5(iv).
			
	 “PRC”
	  		  	means the People’s Republic of China, but solely for the purposes of this Agreement, excluding the Hong Kong Special Administrative Region, the Macau Special Administrative Region and the islands of Taiwan.
			
	 “Preemptive Right”
	  		  	has the meaning set forth in Section 3.
			
	 “Preferred Majority”
	  		  	has the meaning set forth in Section 2.6.
			
	 “Preferred Shares”
	  		  	means, the Series A Preferred Shares.
			
	 “Preferred Shareholder”
	  		  	means the holders of the Preferred Shares.
			
	 “Principal Amount”
	  		  	has the meaning set forth in Section 5.3(i).
			
	 “Prospective Purchaser”
	  		  	has the meaning set forth on Section 1.1 of Exhibit E attached hereto.
			
	 “Preferred Share Purchase Price”
	  		  	means RMB 49.04, as appropriately adjusted for any share split, share division, share combination, share dividend or similar events.

  
 47 

					
	 “Qualified IPO”
	  		  	means (a) an initial public offering of the Company on The New York Stock Exchange, NASDAQ, Hong Kong Stock Exchange or such other reputable stock exchange approved by the Board (including the affirmative vote of the
Cashcapital Director and the Haitong Director (if applicable)) and (b) following which (i) the shares of the Company are traded in a freely convertible currency and (ii) the shares of the Company held by the Investors can gain full
liquidity after the expiration of any lock-up period; provided that, notwithstanding the above, where the lock-up period with respect to the shares of the Company held
by the Investors is or may be for an indefinite term, such initial public offering and listing shall not be deemed to be a Qualified IPO.
			
	 “Redemption Reminder Notice”
	  		  	has the meaning set forth in Section 5.3(i).
			
	 “Right Holder”
	  		  	has the meaning set forth on Section 1.2(i) of Exhibit E attached hereto.
			
	 “Right of Co-Sale”
	  		  	has the meaning set forth on Section 2.1 of Exhibit E attached hereto.
			
	 “Right of First Refusal”
	  		  	has the meaning set forth on Section 1.2 of Exhibit E attached hereto.
			
	 “ROFR Option Period”
	  		  	has the meaning set forth on Section 1.2 of Exhibit E attached hereto.
			
	 “Second Participation Notice of New Notes”
	  		  	has the meaning set forth in Section 3.1(ii)(c).
			
	 “Second Participation Notice of New Shares”
	  		  	has the meaning set forth in Section 3.1(ii)(c).
			
	 “Second Participation Period of New Shares”
	  		  	has the meaning set forth in Section 3.1(ii)(c).
			
	 “Series A Preferred Shares”
	  		  	means the Company’s series A preferred shares, of par value US$0.001 each.
			
	 “Shares”
	  		  	means the Ordinary Shares and the Preferred Shares.
			
	 “Shareholders”
	  		  	means the holder of the Shares.
			
	 “Signing Date”
	  		  	has the meaning set forth in the preamble hereof.
			
	 “Strategic Investor”
	  		  	means any strategic investor that is approved by the Board including the Cashcapital Director and the Haitong Director.
			
	 “Transaction Documents”
	  		  	means the Notes Purchase Agreement, the Notes Certificates (together with the terms and conditions), the Warrant Notes Certificates (together with the terms and conditions), the Memorandum and Articles, the deeds of adherence and
other agreements, instruments, certificates executed or entered into pursuant to or in connection with the Notes Purchase Agreement.
			
	 “Transfer Notice”
	  		  	has the meaning set forth in Section 1.1 of Exhibit E attached hereto.
			
	 “Transferor”
	  		  	has the meaning set forth in Section 1.1 of Exhibit E attached hereto.
			
	 “U.S.”
	  		  	means the United States of America.
			
	 “US$”
	  		  	means the lawful currency of the United States of America.
			
	 “WFOEs”
	  		  	has the meaning set forth on Part III of Exhibit A attached hereto.

  
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