Document:

EX-4.18

 Exhibit 4.18 

SHARE SUBSCRIPTION AGREEMENT 

by and among 
 BITAUTO HOLDINGS
LIMITED, 
 YIXIN CAPITAL LIMITED, 

DONGTING LAKE INVESTMENT LIMITED, 

JD FINANCIAL INVESTMENT LIMITED, 

and 
 HAMMER CAPITAL MANAGEMENT
LIMITED 
 Dated as of January 9, 2015 

  
 1 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	ARTICLE I DEFINITIONS AND TERMS	  	 	5	  
			
	 Section 1.1
	 	Definitions	  	 	5	  
			
	 Section 1.2
	 	Other Definitional Provisions	  	 	14	  
		
	ARTICLE II PURCHASE AND SALE	  	 	15	  
			
	 Section 2.1
	 	Issuance of the Subscription Shares	  	 	15	  
			
	 Section 2.2
	 	Closing	  	 	16	  
			
	 Section 2.3
	 	Payment and Delivery	  	 	16	  
			
	 Section 2.4
	 	Conditions	  	 	17	  
		
	ARTICLE III REPRESENTATIONS AND WARRANTIES	  	 	20	  
			
	 Section 3.1
	 	Representations and Warranties of the Key Holder	  	 	20	  
			
	 Section 3.2
	 	Representations and Warranties of the Company	  	 	26	  
			
	 Section 3.3
	 	Representations and Warranties of Each Purchaser	  	 	30	  
			
	 Section 3.4
	 	Bring-Down to Closing	  	 	32	  
		
	ARTICLE IV COVENANTS	  	 	32	  
			
	 Section 4.1
	 	Conduct of Business of the Company	  	 	32	  
			
	 Section 4.2
	 	Operation of the PRC Business	  	 	33	  
			
	 Section 4.3
	 	Negative Covenants	  	 	33	  
			
	 Section 4.4
	 	Affirmative Covenants	  	 	35	  
			
	 Section 4.5
	 	Change of Contributed Assets and Asset List	  	 	37	  
			
	 Section 4.6
	 	Pro Forma Balance Sheet	  	 	37	  
			
	 Section 4.7
	 	Appointment of Tencent Nominee and JD Nominee	  	 	38	  
			
	 Section 4.8
	 	Contribution Agreement and Restructuring	  	 	39	  
			
	 Section 4.10
	 	Purchaser Put Right	  	 	41	  
			
	 Section 4.11
	 	Distribution Compliance Period	  	 	41	  
			
	 Section 4.12
	 	Noncompetition	  	 	41	  
			
	 Section 4.13
	 	Further Assurances	  	 	42	  
			
	 Section 4.14
	 	Use of Proceeds	  	 	42	  
			
	 Section 4.15
	 	Cooperation	  	 	42	  
			
	 Section 4.16
	 	SAFE Registration	  	 	42	  
			
	 Section 4.17
	 	Permits	  	 	42	  
			
	 Section 4.18
	 	Access	  	 	42	  
			
	 Section 4.19
	 	Non-Assignable Assets	  	 	43	  

  
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	ARTICLE V INDEMNIFICATION		 	43	  
			
	 Section 5.1
		Survival of the Representations and Warranties		 	43	  
			
	 Section 5.2
		Indemnification		 	44	  
			
	 Section 5.3
		Third Party Claims		 	44	  
			
	 Section 5.4
		Other Claims		 	45	  
			
	 Section 5.5
		Limitations on Liability		 	45	  
			
	 Section 5.6
		Exclusive Remedy		 	46	  
		
	ARTICLE VI MISCELLANEOUS		 	46	  
			
	 Section 6.1
		Disclosure Schedule References		 	46	  
			
	 Section 6.2
		Governing Law; Arbitration		 	46	  
			
	 Section 6.3
		Amendment		 	47	  
			
	 Section 6.4
		Binding Effect		 	47	  
			
	 Section 6.5
		Assignment		 	47	  
			
	 Section 6.6
		Notices		 	47	  
			
	 Section 6.7
		Entire Agreement		 	49	  
			
	 Section 6.8
		Severability		 	49	  
			
	 Section 6.9
		Fees and Expenses		 	49	  
			
	 Section 6.10
		Confidentiality		 	50	  
			
	 Section 6.11
		Specific Performance		 	51	  
			
	 Section 6.12
		Termination		 	51	  
			
	 Section 6.13
		Headings		 	52	  
			
	 Section 6.14
		Execution in Counterparts		 	52	  
			
	 Section 6.15
		Press Release and Public Filing		 	52	  
			
	 Section 6.16
		Waiver		 	52	  

  

			
	Exhibits		
		
	Exhibit A		Form of Articles
	Exhibit B		Terms and Conditions of the Contribution Agreement
	Exhibit C		Form of Shareholders Agreement
	Exhibit D		Legal Opinion Items
		
	Annex		
		
	Annex A		Restructuring Plan and Timeline
	Annex B		Asset List

  
 3 

 SHARE SUBSCRIPTION AGREEMENT 

This Share Subscription Agreement (this “Agreement”) is made as of January 9, 2015, by and between Bitauto Holdings
Limited, a company incorporated in the Cayman Islands (the “Key Holder”), Yixin Capital Limited, a company incorporated in the Cayman Islands (the “Company”), Dongting Lake Investment Limited, a company incorporated
in the British Virgin Islands (the “Tencent Purchaser”), JD Financial Investment Limited, a company incorporated in the British Virgin Islands (the “JD Purchaser”, together with the Tencent Purchaser, the
“Lead Purchasers”), and Hammer Capital Management Limited, a company incorporated in the British Virgin Islands (the “Hammer Purchaser” and, together with the Lead Purchasers, the “Purchasers”). The
Purchasers, the Key Holder and the Company are each referred to herein as a “Party,” and collectively as the “Parties.” 

W I T N E S S E T H:

 WHEREAS, the Key Holder desires to contribute (a) its online financial service platform which links financiers, insurers,
dealers and users to provide automobile related financial services including its business currently operated through the “chedai” channel on the website www.bitauto.com (the “Online Financial Services Business”) to
the Company in exchange for 13,499,906 Ordinary Shares representing 27.0% of the issued and outstanding Equity Securities of the Company (on a fully diluted basis) to be issued to its wholly owned subsidiary Bitauto Hong Kong Limited and
(b) 100% of the equity interest in Shanghai Yixin Financial Leasing Co., Ltd. (

), a wholly foreign-owned enterprise (the “Leasing WFOE”) with a registered capital of $30,000,000 that has been approved to engage in the automobile financial leasing business (the “Financial
Leasing Business” and, together with the Online Financial Services Business, the “PRC Business”) and US$100,000,000 in cash to the Company in exchange for 11,534,156 Subject Shares representing 23.1% of the issued and
outstanding Equity Securities of the Company (on a fully diluted basis) to be issued to its wholly owned subsidiary Bitauto Hong Kong Limited, in each case as described on and in accordance with Annex A ((a) and (b), collectively, the
“Restructuring”); 
 WHEREAS, the Company desires to establish the ESOP and reserve 1,900,094 Ordinary Shares representing
3.8% of the issued and outstanding Equity Securities of the Company (on a fully diluted basis); 
 WHEREAS, subject to the conditions
herein, the Hammer Purchaser desires to purchase, and the Company desires to issue, 887,243 Subject Shares representing 1.8% of the issued and outstanding Equity Securities of the Company (on a fully diluted basis) (such Subject Shares, the
“Hammer Subscription Shares”) to the Hammer Purchaser; 
 WHEREAS, subject to the terms and conditions herein, the Tencent
Purchaser desires to purchase, and the Company desires to issue, 13,308,642 Subject Shares representing 26.6% of the issued and outstanding Equity Securities of the Company (on a fully diluted basis) (such Subject Shares, the “Tencent
Subscription Shares”) to the Tencent Purchaser; and 

  
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 WHEREAS, subject to the terms and conditions herein, the JD Purchaser desires to purchase, and
the Company desires to issue, 8,872,428 Subject Shares representing 17.7% of the issued and outstanding Equity Securities of the Company (on a fully diluted basis) (such Subject Shares, the “JD Subscription Shares” and, together
with the Hammer Subscription Shares and the Tencent Subscription Shares, the “Subscription Shares”) to the JD Purchaser. 

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

ARTICLE I 
 DEFINITIONS
AND TERMS 
 Section 1.1 Definitions. As used in this Agreement, the following terms shall have the following respective
meanings: 
 “ACT” shall have the meaning set forth in Section 2.3(b). 

“Actions” shall mean actions, claims, demands, investigations, examinations, indictments, litigations, suits or other
criminal, civil or administrative or investigative proceedings. 
 “Affiliate” shall of a Person (the “Subject
Person”) means (a) in the case of a Person other than a natural person, any other Person that directly or indirectly Controls, is Controlled by or is under common Control with the Subject Person and (b) in the case of a natural
person, any other Person that is directly or indirectly Controlled by the Subject Person or is a Relative of the Subject Person; provided that the Company and its Subsidiaries shall be deemed not to be Affiliates of any Purchaser. 

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

“Articles” shall mean the Amended and Restated Memorandum and Articles of Association of the Company in the form as attached
hereto as Exhibit A. 
 “Asset List” shall means the Asset List attached hereto as Annex B. 

“Authorization” shall have the meaning set forth in Section 3.1(e). 

“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks located in the Cayman
Islands, New York, the PRC or Hong Kong are authorized or required by law or executive order to be closed and on which no tropical cyclone warning No. 8 or above and no “black” rainstorm warning signal is hoisted in Hong Kong at any
time between 8:00 a.m. and 6:00 p.m. Hong Kong time. 
 “Claim Notice” shall have the meaning set forth in
Section 5.3(a). 
 “Closing” shall mean the Lead Purchasers Closing or the Hammer Closing, as applicable; and
“Closings” shall mean both the Lead Purchasers Closing and the Hammer Closing. 

  
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 “Closing Date” shall mean the Lead Purchasers Closing Date or the Hammer Closing
Date, as applicable. 
 “Company” shall have the meaning set forth in the Preamble. 

“Competitor” shall mean any Person or Affiliates of such Person whose primary business is in direct competition with the PRC
Business. 
 “Confidential Information” shall have the meaning set forth in Section 6.10(a). 

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

“Contract” means, as to any Person, a contract, agreement, indenture, note, bond, loan, instrument, lease, mortgage,
franchise, license, commitment, purchase order, and other legally binding arrangement, whether written or oral. 
 “Contributed
Assets” shall mean all assets, intellectual property rights, employees and Contracts set out in the Asset List (prior to the date on which the Updated Asset List is provided, and to the extent applicable, approved by the Lead Purchasers
pursuant to Section 4.5(b)) or the Updated Asset List (on and after the date on which the Updated Asset List is provided, and to the extent applicable, approved by the Lead Purchasers pursuant to Section 4.5(b)). 

“Contribution Agreement” shall mean the Contribution Agreement to be entered into by and among the Key Holder, the Company
and certain other parties thereto prior to the Closing, having the terms and conditions set forth on Exhibit B, and otherwise in form and substance reasonably acceptable to both Lead Purchasers. 

“Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
of a Person, whether through the ownership of voting securities, by contract, credit arrangement or proxy, as trustee, executor, agent or otherwise. For the purpose of this definition, a Person shall be deemed to Control another Person if such first
Person, directly or indirectly, owns or holds more than 50% of the voting Equity Securities in such other Person. The term “Controlled” has the meaning correlative to the foregoing. 

“Control Documents” shall mean, collectively, the agreements made from time to time, which enable the Company to exclusively
Control, and consolidate in its financial statements the results of the VIE Entity, entered into between the WFOE on the one hand and the VIE Entity or the shareholders of the VIE Entity on the other hand, in each case, in form and substance to the
satisfaction of both Lead Purchasers. 
 “Director’s Indemnification Agreement” shall mean the indemnification
agreement by and between each director appointed to the board of directors of the Company by the Lead Purchasers and the Company in form and substance reasonably satisfactory to both Lead Purchasers. 

  
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 “Disclosure Schedule” shall mean the disclosure schedule dated the date hereof
regarding this Agreement that has been provided by the Company and the Key Holder to the Purchasers. 
 “Dispute” shall
have the meaning set forth in Section 6.2. 
 “Employment Agreement” shall mean an employment, confidentiality,
non-competition, non-solicitation and assignment of inventions agreement by and between a Key Employee and the Company or one of its Subsidiaries in form and substance reasonably satisfactory to the Purchasers. 

“Encumbrance” shall mean any mortgage, charge, pledge, lien (otherwise than arising by statute or operation of law),
hypothecation, equities, adverse claims, or other encumbrance, priority or security interest, over or in any property, assets or rights of whatsoever nature or interest or any agreement for any of the same. 

“Equity Interest Transfer Agreement” shall mean an equity interest transfer agreement to be entered into between Bitauto Hong
Kong Limited with a Group Company in respect of transfer of all equity interest owned by Bitauto Hong Kong Limited in the Leasing WFOE, in form and substance to the reasonable satisfaction of both Lead Purchasers. 

“Equity Securities” means, with respect to any Person, such Person’s capital stock, membership interests, partnership
interests, registered capital, joint venture or other ownership interests (including, without limitation, in the case of the Company, Ordinary Shares and Subject Shares) or any options, warrants or other securities that are directly or indirectly
convertible into, or exercisable or exchangeable for, such capital stock, membership interests, partnership interests, registered capital, joint venture or other ownership interests (whether or not such derivative securities are issued by such
Person). 
 “ESOP” shall mean the employee equity incentive plan in form and substance reasonably satisfactory to the
Purchasers. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any successor statute, and the
rules and regulations promulgated thereunder. 
 “Financial Leasing Business” shall have the meaning set forth in the
Recitals. 
 “FINRA” shall have the meaning set forth in Section 3.3(f)(vii). 

On a “fully diluted basis” shall mean, for the purpose of calculating share numbers, that the calculation is to be made
assuming that all outstanding options, warrants and other securities convertible into or exercisable or exchangeable for Ordinary Shares (whether or not by their terms then currently convertible, exercisable or exchangeable), have been so converted,
exercised or exchanged, and, in case of calculating the numbers of the Shares, giving effect to both Closings, the Ordinary Shares reserved for issuance under the ESOP and all issuances of Equity Securities in connection with the Restructuring. 

  
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 “Fundamental Representations” shall mean the representations
and warranties made by the Key Holder or the Company, as the case may be, to the Purchasers pursuant to Section 3.1(a), Section 3.1(b), Section 3.1(c), Section 3.1(f), Section 3.1(h),
Section 3.2(a), Section 3.2(b), Section 3.2(c), Section 3.2(d), Section 3.2(e), Section 3.2(f), Section 3.2(g) and Section 3.2(j). 

“Governmental Authority” shall mean any government or political subdivision thereof, whether on a federal, central, state,
provincial, municipal or local level and whether executive, legislative or judicial in nature, including any agency, authority, board, bureau, commission, court, department or other instrumentality thereof and any governing body of any securities
exchange. 
 “Group” or “Group Companies” means collectively the Company and its Subsidiaries, and a
“Group Company” means any of them. 
 “Hammer Closing” shall have the meaning set forth in
Section 2.2(b). 
 “Hammer Closing Date” shall have the meaning set forth in Section 2.2(b). 

“Hammer Purchase Price” shall have the meaning set forth in Section 2.1(b). 

“Hammer Purchaser” shall have the meaning set forth in the Preamble. 

“Hammer Share Subscription” shall have the meaning set forth in Section 2.1(b). 

“Hammer Subscription Shares” shall have the meaning set forth in the Recitals. 

“ICP Permit” shall have the meaning set forth in Section 4.8(d). 

“IFRS” shall mean International Financial Reporting Standards, as developed and issued by the International Accounting
Standards Board (IASB). 
 “Indebtedness” shall mean as of any time with respect to any Person, without duplication,
(a) all Liabilities for borrowed money, whether current or funded, secured or unsecured, all obligations evidenced by bonds, debentures, notes or similar instruments, (b) all Liabilities for the deferred purchase price of property (other
than trade payables in the ordinary course outstanding for ninety (90) days or less); (c) all Liabilities in respect of any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof,
which liabilities are required to be classified and accounted for under IFRS as capital leases; (d) all Liabilities for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction securing
obligations of a type described in clauses (a), (b) or (c) above to the extent of the obligation secured, and all Liabilities as obligor, guarantor, or otherwise, to the extent of the obligation secured; (e) all guarantees of
obligations of any other Person with respect to any of the foregoing, and (f) any accrued and unpaid interest on any of the foregoing. 

  
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 “Indemnified Party” shall have the meaning set forth in Section 5.2.

 “Indemnifying Party” shall have the meaning set forth in Section 5.2. 

“Indemnity Notice” shall have the meaning set forth in Section 5.4. 

“JD Nominee” shall mean

, or such other Person designated by the JD Purchaser from time to time. 
 “JD Purchase
Price” shall have the meaning set forth in Section 2.1(b). 
 “JD Purchaser” shall have the meaning
set forth in the Preamble. 
 “JD Share Subscription” shall have the meaning set forth in Section 2.1(b). 

“JD Subscription Shares” shall have the meaning set forth in the Recitals. 

“Key Employees” shall mean the Persons specified as such in the Asset List. 

“Key Holder” shall have the meaning set forth in the Preamble. 

“Key Holder Party” shall mean the Key Holder and its Subsidiaries (including any variable interest entities Controlled by
such Subsidiaries and the Leasing WFOE). 
 “Labor Problems” shall have the meaning set forth in
Section 3.1(g)(v)(1). 
 “Law” or “Laws” shall mean all applicable laws, regulations, rules
and Orders of any Governmental Authority, securities exchange or other self-regulating body, including any common or customary law, constitution, code, ordinance, statute or other legislative measure and any regulation, rule, treaty, order, decree
or judgment; and “lawful” shall be construed accordingly. 
 “Lead Purchasers” shall have the meaning set forth
in the Preamble. 
 “Lead Purchasers Closing” shall have the meaning set forth in Section 2.2(a). 

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

“Leasing WFOE” shall have the meaning set forth in the Recitals. 

“Leasing WFOE Equity” shall have the meaning set forth in Section 4.9(c)(ii). 

“Leasing WFOE Purchaser” shall have the meaning set forth in Section 4.9(c)(ii). 

  
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 “Leasing WFOE Purchase Cash” shall have the meaning set forth in
Section 2.4(a)(xix). 
 “Liabilities” shall mean any and all debts, liabilities, commitments and obligations of any
kind, whether fixed, contingent or absolute, matured or unmatured, liquidated or unliquidated, accrued or not accrued, asserted or not asserted, known or unknown, determined, determinable or otherwise, whenever or however arising (including, whether
arising out of any contract or tort based on negligence or strict liability) and whether or not the same would be required by IFRS or PRC GAAP to be reflected in financial statements or disclosed in the notes thereto. 

“Long-Stop Date” shall have the meaning set forth in Section 6.12(a). 

“Losses” shall have the meaning set forth in Section 5.2. 

“Material Adverse Effect” shall mean any event, fact, circumstance or occurrence that, individually or in the aggregate with
any other events, facts, circumstances or occurrences, results in or would reasonably be expected to result in a material adverse change in or a material adverse effect on any of (i) the condition, assets, liabilities, results of operations, or
business of the PRC Business, the Leasing WFOE, the Group Companies taken as a whole, except to the extent that any such Material Adverse Effect results from (A) the identity of either Purchaser or its affiliates, (B) changes in IFRS or
generally accepted accounting principles that are generally applicable to comparable companies (to the extent not materially disproportionately affecting the Company or its Subsidiaries), (C) changes in general economic and market conditions
(to the extent not materially disproportionately affecting the PRC Business, the Company or its Subsidiaries), (D) acts of war, sabotage or terrorism or natural disaster involving any jurisdiction in which the Company and its Subsidiaries
operate, (E) any action taken by the Key Holder, the Company, or the Group Companies that is required or expressly contemplated to be taken pursuant to the Transaction Documents, or (F) any action taken (or omitted to be taken) at the
request of a Purchaser or its Affiliates; or (ii) the ability of the Company, the Key Holder or their respective Affiliates to consummate the Contemplated Transactions. 

“Net Working Capital” shall mean current assets minus current liabilities minus US$30,000,000, as determined in accordance
with the IFRS. 
 “Non-assignable Asset” shall have the meaning set forth in Section 4.19(a). 

“Non-assignable Contract” means any Contract identified as such in the Asset List. 

“Online Financial Services Business” shall have the meaning set forth in the Recitals. 

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

  
 10 

 “Ordinary Shares” shall mean the ordinary shares of par value of US$0.001 each
in the capital of the Company. 
 “Party” shall have the meaning set forth in the Preamble. 

“Person” shall mean any natural person, firm, partnership, association, corporation, company, trust, public body or
government or other entity of any kind or nature. 
 “PRC” shall mean the People’s Republic of China, but for the
purposes of this Agreement, excluding Hong Kong, Macau and Taiwan. 
 “PRC Business” shall have the meaning set forth in
the Recitals. 
 “PRC GAAP” means the Generally Accepted Accounting Principles of the PRC. 

“Pro Forma Balance Sheet” shall have the meaning set forth in Section 2.4(a)(vi). 

“Purchase Price” shall have the meaning set forth in Section 2.1(c). 

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

“Registered Trademark Applications” shall have the meaning set forth in Section 3.1(g)(vi)(1). 

“Relative” of a natural person means any spouse, parent, child, or sibling of such person. 

“Restructuring” shall have the meaning set forth in the Recitals. 

“Restructuring Completion Balance Sheet” shall have the meaning set forth in Section 4.6(c). 

“Restructuring Completion Date” shall have the meaning set forth in Section 4.9(c). 

“Restructuring Documents” shall have the meaning set forth in Section 4.8(a). 

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

“SAFE Rules and Regulations” means the SAFE Circular of State Administration of Foreign Exchange on Foreign Exchange
Administration of Offshore Investment, Financing and Return Investment by Domestic Residents Utilizing Special Purpose Vehicles (

) issued by SAFE on July 4, 2014 with effect from the same date, and any other related guidelines, implementing rules, reporting and registration requirements issued by SAFE. 

  
 11 

 “Sarbanes-Oxley Act” shall mean the Sarbanes-Oxley Act of 2002. 

“SEC” shall mean the Securities and Exchange Commission of the United States of America or any other federal agency at the
time administering the Securities Act. 
 “Securities Act” shall mean the Securities Act of 1933 of the United States of
America, as amended, or any similar federal statute and the rules and regulations of the SEC thereunder, all as the same shall be in effect at the time. 

“Securities Laws” shall mean the Securities Act, the Exchange Act, the listing rules of, or any listing agreement with, the
applicable stock exchange and any other applicable law regulating securities or takeover matters. 
 “Share Pledge” shall
mean the share pledge agreement between the WFOE, the VIE Entity and its shareholders as one of the Control Documents, as amended from time to time. 

“Share Subscription” shall have the meaning set forth in Section 2.1(c). 

“Shareholders Agreement” shall mean the Shareholders Agreement to be entered into by and among the Key Holder, the Purchasers
and the Company, in the form attached hereto as Exhibit C, which may be updated upon agreement by the Parties to reflect the status of the Contemplated Transactions at Closing. 

“Subject Shares” shall mean the Series A Preferred Shares of the Company, par value US$0.001 per share. 

“Subscription Shares” shall have the meaning set forth in the Recitals. 

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

“Tencent Nominee” shall mean

, a company incorporated in the PRC, or such other Person designated by Tencent from time to time. 

“Tencent Purchase Price” shall have the meaning set forth in Section 2.1(a). 

“Tencent Purchaser” shall have the meaning set forth in the Preamble. 

“Tencent Share Subscription” shall have the meaning set forth in Section 2.1(a). 

“Tencent Subscription Shares” shall have the meaning set forth in the Recitals. 

  
 12 

 “Third Party Claim” shall have the meaning set forth in
Section 5.3(a). 
 “Total Consideration” shall mean, collectively, all consideration that the Group is required
to pay to the Key Holder or its Subsidiaries to acquire the PRC Business, if any. 
 “Transaction Documents” shall mean,
collectively, this Agreement, the Articles, the Contribution Agreement, the Restructuring Documents, the Director’s Indemnification Agreement, the Shareholders Agreement, the Control Documents and any other agreements, documents or certificates
delivered pursuant hereto or thereto. 
 “Transferred Contracts” shall mean the business Contracts set out in the Asset
List (prior to the date on which the Updated Asset List is provided, and to the extent applicable, approved by the Lead Purchasers pursuant to Section 4.5(b)) or the Updated Asset List (on and after the date on which the Updated Asset
List is provided, and to the extent applicable, approved by the Lead Purchasers pursuant to Section 4.5(b)). 

“Transferred Employees” shall mean the employees set out in the Asset List (prior to the date on which the Updated Asset List
is provided, and to the extent applicable, approved by the Lead Purchasers pursuant to Section 4.5(b)) or the Updated Asset List (on and after the date on which the Updated Asset List is provided, and to the extent applicable, approved
by the Lead Purchasers pursuant to Section 4.5(b)). 
 “Transferred IP” shall mean the intellectual property
rights set out in the Asset List (prior to the date on which the Updated Asset List is provided, and to the extent applicable, approved by the Lead Purchasers pursuant to Section 4.5(b)) or the Updated Asset List (on and after the date
on which the Updated Asset List is provided, and to the extent applicable, approved by the Lead Purchasers pursuant to Section 4.5(b)). 

“Transferred Leases” shall mean the leases set out in the Asset List (prior to the date on which the Updated Asset List is
provided, and to the extent applicable, approved by the Lead Purchasers pursuant to Section 4.5(b)) or the Updated Asset List (on and after the date on which the Updated Asset List is provided, and to the extent applicable, approved by
the Lead Purchasers pursuant to Section 4.5(b)). 
 “Updated Asset List” shall have the meaning set forth in
Section 4.5(b). 
 “VIE Entity” shall mean the PRC domestic limited liability company owned by Bin Li and certain
other shareholders to operate the Online Financial Services Business. 
 “WFOE” shall mean a wholly foreign-owned entity
(or two wholly foreign-owned entities if agreed by the Company and both Lead Purchasers) to be established in Shanghai (or such other place as agreed by the Company and both Lead Purchasers) directly or indirectly by the Company, with a business
scope enabling the WFOE (subject to any other incenses or permits required by law) to operate automobile online financial service platform and related commercial and/or technical services or such other business as agreed by the Company and both Lead
Purchasers. 

  
 13 

 Section 1.2 Other Definitional Provisions. Unless the express context otherwise
requires: 
 (a) the words “hereof,” “hereby,” “hereto,” “herein,” and “hereunder” and
words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement; 

(b) the terms defined in the singular have a comparable meaning when used in the plural, and vice versa; 

(c) any references herein to “Dollars” and “$” and “US$” are to United States Dollars and any references herein
to RMB are to PRC Renminbi; 
 (d) any references herein to a specific Section, Schedule or Exhibit or to the Recitals or Preamble shall
refer, respectively, to Sections, Schedules, Exhibits, Recitals or Preamble of this Agreement, unless otherwise specified; 
 (e) wherever
the word “include,” “includes” or “including” is used in this Agreement, it shall be deemed to be followed by the words “without limitation;” 

(f) references herein to any gender shall include each other gender as the context requires; 

(g) the word “or” shall not be exclusive; 

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

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

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

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

(l) when calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this
Agreement, the date that is the reference date in calculating such period shall be excluded and if the last day of such period is not a Business Day, the period shall end on the next succeeding Business Day; 

(m) any reference to any Law shall be deemed (i) to refer to the applicable Law in effect as of the date hereof without giving effect to
the Contemplated Transactions (unless the applicable Law addressed matters as of an earlier date, in which case, applicable Law shall be deemed to mean the applicable Law in effect as of the date thereof) and (ii) also to refer to all rules and
regulations promulgated thereunder, unless the context requires otherwise; and 

  
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 (n) any reference in this Agreement to any agreement or instrument (other than the Disclosure
Schedule) is a reference to that agreement or instrument as amended or novated or supplemented. 
 ARTICLE II 

PURCHASE AND SALE 

Section 2.1 Issuance of the Subscription Shares. 

(a) Upon the terms and subject to the conditions of this Agreement, at the Lead Purchasers Closing (as defined below), the Tencent Purchaser
hereby agrees to purchase, and the Company hereby agrees to issue and deliver to the Tencent Purchaser, the Tencent Subscription Shares for an aggregate purchase price (the “Tencent Purchase Price”) equal to $150,000,000 minus the
US$ equivalent of RMB13,300,000 (being the newly increased registered capital to be contributed by Tencent Nominee to the VIE Entity pursuant to Section 4.7(b)), free and clear of all Encumbrances (except for restrictions on transfer
pursuant to applicable Securities Laws, the Shareholders Agreement or the Articles) (the “Tencent Share Subscription”). 

(b) Upon the terms and subject to the conditions of this Agreement, at the Lead Purchasers Closing, the JD Purchaser hereby agrees to
purchase, and the Company hereby agrees to issue and deliver to the JD Purchaser, the JD Subscription Shares for an aggregate purchase price (the “JD Purchase Price”) equal to $100,000,000 minus the US$ equivalent of RMB8,850,000
(being the newly increased registered capital to be contributed by JD Nominee to the VIE Entity pursuant to Section 4.7(b)), free and clear of all Encumbrances (except for restrictions on transfer pursuant to applicable Securities Laws,
the Shareholders Agreement or the Articles) (the “JD Share Subscription”). The exchange rate to be used in determining the US Dollar equivalent of the Renminbi amounts described in Section 2.1(a), this Section 2.1(b) and
Section 2.4(a)(xviii) shall be the middle rate published by the People’s Bank of China for the exchange of Renminbi into US Dollars at the close of business in the PRC on the date that is ten (10) days prior to the Closing Date or any
other date agreed by the Parties. 
 (c) Upon the terms and subject to the conditions of this Agreement, at the Hammer Closing (as defined
below), the Hammer Purchaser hereby agrees to purchase, and the Company hereby agrees to issue and deliver to the Hammer Purchaser, the Hammer Subscription Shares for an aggregate purchase price of $10,000,000 (the “Hammer Purchase
Price” and the Hammer Purchase Price or Tencent Purchase Price or JD Purchase Price, as applicable, the “Purchase Price”), free and clear of all Encumbrances (except for restrictions on transfer pursuant to applicable
Securities Laws, the Shareholders Agreement or the Articles) (the “Hammer Share Subscription” and, together with the Tencent Share Subscription and the JD Share Subscription, the “Share Subscription”). 

(d) The obligations of the Purchasers hereunder shall in all matters be several and not joint. None of the Purchasers shall have any
liability whatsoever for the obligations of the other Purchasers hereunder. 

  
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 Section 2.2 Closing. 

(a) The closing of the Tencent Share Subscription and the JD Share Subscription (the “Lead Purchasers Closing”) shall take
place at the offices of Skadden, Arps, Slate, Meagher & Flom, 42/F, Edinburgh Tower, The Landmark, 15 Queen’s Road Central, Hong Kong or at such other location as may be agreed upon by the Lead Purchasers and the Key Holder on the
third Business Day following the satisfaction or waiver of the conditions set forth in Section 2.4(a) (other than those conditions that by their terms are to be satisfied at the Lead Purchasers Closing, but subject to the satisfaction or waiver
of such conditions), or at such other time and place specified herein or as the Lead Purchasers and the Key Holder may agree in writing. The “Lead Purchasers Closing Date” shall be the date upon which the Lead Purchasers Closing
occurs. 
 (b) The closing of the Hammer Share Subscription (the “Hammer Closing”) shall take place at the offices of
Skadden, Arps, Slate, Meagher & Flom, 42/F, Edinburgh Tower, The Landmark, 15 Queen’s Road Central, Hong Kong or at such other location as may be agreed upon by the Hammer Purchaser and the Key Holder on the first Business Day
following the satisfaction or waiver of the conditions set forth in Section 2.4(b) (other than those conditions that by their terms are to be satisfied at the Hammer Closing, but subject to the satisfaction or waiver of such conditions),
or at such other time and place as the Parties may agree in writing. The “Hammer Closing Date” shall be the date upon which the Hammer Closing occurs. 

Section 2.3 Payment and Delivery. 

(a) Payment. At the Closing, the applicable Purchaser shall pay and deliver, or cause to be paid and delivered, the applicable
Purchase Price to the Company in U.S. dollars by wire transfer, or by such other method as the Parties may mutually agree, of immediately available funds to such bank account designated in writing by the Company to the applicable Purchaser at least
seven (7) Business Days prior to the applicable Closing, and the Company shall deliver a duly executed share certificate for the applicable Subscription Shares in original form, a certified true copy of the register of members of the Company
showing the applicable Purchaser as the legal and beneficial holder of the relevant Subscription Shares and, in the case of the Lead Purchasers Closing, a certified true copy of the register of directors of the Company showing each director
nominated by the Lead Purchasers at the Lead Purchasers Closing Date as a director of the board of directors of the Company. 
 (b)
Restrictive Legend. The certificate representing the Subscription Shares shall be endorsed with the following legend: 
 THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 (AS AMENDED, THE “ACT”) OR UNDER THE SECURITIES LAWS OF ANY STATE. THIS SECURITY MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED: (A) IN THE ABSENCE OF (1) AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (2) AN EXEMPTION OR QUALIFICATION UNDER APPLICABLE SECURITIES LAWS. 

  
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 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN
THE APPLICABLE SHAREHOLDERS’ AGREEMENT, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON REQUEST TO THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE. 

Section 2.4 Conditions. 

(a) Conditions to the Lead Purchasers’ Obligations to Effect the Closing. The obligation of each Lead Purchaser to purchase and
pay for its respective Subscription Shares as contemplated by this Agreement is subject to the satisfaction, on or before the Closing Date, of the following conditions, any of which may be waived in writing by both Lead Purchasers in their sole
discretion: 
 (i) The Fundamental Representations shall have been true and correct on the date of this Agreement (and if any Fundamental
Representation expressly speaks of another date, then also for such other specified date) and true and correct in all respects on and as of the Closing Date and all other representations and warranties of the Key Holder contained in
Section 3.1 and all other representations and warranties of the Company contained in Section 3.2 shall have been true and correct on the date of this Agreement and true and correct in all material respects (or, if qualified
by materiality or Material Adverse Effect, true and correct in all respects) on and as of the Closing Date (except for representations and warranties that expressly speak as of an earlier date, in which case as of such specified date); and the Key
Holder and the Company shall have performed and complied in all material respects with all, and not be in breach or default in any material respects under any, agreements, covenants, conditions and obligations contained in this Agreement and the
other Transaction Documents that are required to be performed or complied with on or before the Closing Date. 
 (ii) No Governmental
Authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any Law (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the
consummation of the Contemplated Transactions, or imposes any damages or penalties in connection with the Contemplated Transactions; and no action, suit, proceeding or investigation shall have been instituted or threatened by a Governmental
Authority of competent jurisdiction or any third party that seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the Contemplated Transactions, or imposes any damages or penalties in connection with the
Contemplated Transactions. 
 (iii) The Key Holder and the Company shall have obtained any and all Authorizations necessary for the
consummation by the Key Holder and the Company of the issuance of the Subscription Shares, and the entry by the Key Holder and the Company into any Transaction Document to which it is a party, such Authorizations to include the consent of AutoTrader
Group, Inc. pursuant to that certain Shareholder Agreement, dated November 1, 2012, by and among the Key Holder, AutoTrader Group, Inc. and the management vehicles party thereto, if necessary, on or prior to the Closing Date, all of which shall
be in full force and effect. 

  
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 (iv) The Key Holder and the Company shall have delivered to each Lead Purchaser a certificate,
dated the Closing Date and signed by an authorized signatory of the Key Holder, certifying that the conditions set forth in Section 2.4(a)(i) to Section 2.4(a)(iii) have been satisfied. 

(v) Each of the parties to the Contribution Agreement and each other Restructuring Document shall have entered into the Contribution
Agreement and each other Restructuring Document (on terms consistent with Exhibit B) and otherwise in form and substance reasonably acceptable to both Lead Purchasers, and the Contribution Agreement and each other Restructuring Document
(subject to any Authorizations to be obtained under the Contribution Agreement and each other Restructuring Agreement) shall remain in full force and effect. 

(vi) A pro forma consolidated balance sheet of the Group Companies (the “Pro Forma Balance Sheet”) as of the Closing Date,
giving effect to the completion of the Restructuring, shall have been delivered to each Lead Purchaser in accordance with Section 4.6, and the Net Working Capital, as reflected in the Pro Forma Balance Sheet, shall be a positive number and the
non-current liabilities of the Group Company, as reflected in the Pro Forma Balance Sheet, shall be zero. 
 (vii) The Updated Asset List
shall have been provided to each Lead Purchaser and, to the extent applicable, shall have been agreed by both Lead Purchasers pursuant to Section 4.5(b). 

(viii) The VIE Entity and the WFOE shall have been duly established with their respective Business License having been issued and the initial
shareholder of the VIE Entity and his ownership interest in the VIE Entity being: Bin Li (100%). 
 (ix) The VIE Entity, Bin Li, and the
WFOE shall have entered into the Control Documents. 
 (x) The Company shall have provided each Lead Purchaser with true and correct copies
of the constitutional documents of each Group Company (other than the Company and the Leasing WFOE). 
 (xi) The ESOP shall have been
adopted by the Company. 
 (xii) The Company, the Hammer Purchaser, the Key Holder and all other parties to the Shareholder Agreement other
than such Lead Purchaser shall have entered into the Shareholders Agreement and the Shareholders Agreement shall, subject to occurrence of the Closing, remain in full force and effect. 

(xiii) The Key Holder and the Company shall have delivered the Director’s Indemnification Agreement for each of the directors nominated
by the Lead Purchasers, duly executed and in full force and effect. 
 (xiv) The Key Holder and the Company shall have delivered to each
Lead Purchaser opinions of the Company’s outside legal counsel for Cayman Islands and the PRC, dated as of the Closing Date, relating to the Contemplated Transactions, and including those items set forth on Exhibit D. 

  
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 (xv) The Articles shall have been duly adopted by the Company and shall remain in full force and
effect. 
 (xvi) (x) A director nominated by the Tencent Purchaser shall have been appointed to the board of directors of the Company,
and (y) a director nominated by the JD Purchaser shall have been appointed to the board of directors of the Company. 
 (xvii) The Key
Holder and the Company shall have delivered to each Lead Purchaser duly executed board resolutions of the Company approving immediately upon payment of the applicable Purchase Price (a) the issue of the applicable Subscription Shares to each
Purchaser, free and clear of all Encumbrances (except for restrictions on transfer pursuant to applicable Securities Laws, the Shareholders Agreement or the Articles) and (b) the register of members of the Company to be written up to record
each Purchaser as the legal owner of the applicable Subscription Shares fully paid and non-assessable and (c) the issue of a certificate in the name of the applicable Purchaser in respect of the applicable Subscription Shares and (d) the
appointment of directors nominated by the Tencent Purchaser and the JD Purchaser respectively. 
 (xviii) The Key Holder shall have
contributed US$100,000,000 minus the US$ equivalent of RMB27,850,000 (being the registered capital to be contributed by Li Bin to the VIE Entity) in cash to the Company, and the Company shall have issued 8,872,428 Subject Shares to Bitauto Hong Kong
Limited. 
 (xix) (A) the Key Holder shall have contributed an amount in cash equal to US$30,000,000 into the Company (the
“Leasing WFOE Purchase Cash”) and (B) the Company shall have issued 2,661,728 Subject Shares to the Bitauto Hong Kong Limited. 

(xx) The Tencent Share Subscription and the JD Share Subscription shall be completed simultaneously at the Lead Purchasers Closing. 

(b) Conditions to the Hammer Purchaser’s Obligations to Effect the Closing. The obligation of the Hammer Purchaser to purchase
and pay for the Hammer Subscription Shares as contemplated by this Agreement is subject to the satisfaction, on or before the Hammer Closing Date, of the following conditions, any of which may be waived in writing by the Hammer Purchaser in its sole
discretion: 
 (i) No Governmental Authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any Law
(whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the Contemplated Transactions, or imposes any damages or penalties in connection with the
Contemplated Transactions; and no action, suit, proceeding or investigation shall have been instituted or threatened by a Governmental Authority of competent jurisdiction or any third party that seeks to restrain, enjoin, prevent, prohibit or
otherwise make illegal the consummation of the Contemplated Transactions, or imposes any damages or penalties in connection with the Contemplated Transactions. 

  
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 (ii) The Lead Purchasers Closing shall have been completed. 

(c) Conditions to the Key Holder’s and the Company’s Obligations to Effect the Closing. The obligation of the Company to
issue the Subscription Shares to each Purchaser as contemplated by this Agreement is subject to the satisfaction, on or before the Closing Date, of each of the following conditions, any of which may be waived in writing by the Key Holder or the
Company, as applicable, in its sole discretion: 
 (i) The representations and warranties of such Purchaser contained in
Section 3.3 shall have been true and correct on the date of this Agreement and true and correct in all material respects (or, if qualified by materiality or Material Adverse Effect, true and correct in all respects) on and as of the
Closing Date; and such Purchaser shall have performed and complied in all material respects with all, and not be in breach or default in any material respect under any, agreements, covenants, conditions and obligations contained in this Agreement
that are required to be performed or complied with on or before the applicable Closing Date. 
 (ii) No Governmental Authority of competent
jurisdiction shall have enacted, issued, promulgated, enforced or entered any Law (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the
Contemplated Transactions, or imposes any damages or penalties in connection with the Contemplated Transactions; and no action, suit, proceeding or investigation shall have been instituted or threatened by a Governmental Authority of competent
jurisdiction or any third party that seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of Contemplated Transactions, or imposes any damages or penalties in connection with the Contemplated Transactions. 

(iii) Such Purchaser shall have obtained any and all Authorizations necessary for the consummation by such Purchaser of the purchase of the
Subscription Shares on or prior to the Closing Date, all of which shall be in full force and effect. 
 (iv) Such Purchaser shall have
entered into the Shareholders Agreement and the Shareholders Agreement shall, subject to occurrence of the Closing, remain in full force and effect. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Section 3.1 Representations and Warranties of the Key Holder. Subject to Section 6.1, except as set forth in the
Disclosure Schedule, the Key Holder hereby represents, warrants and undertakes to each Purchaser that, as of the date hereof and as of the Closing Date, in each case, the following representations and warranties are true and correct: 

(a) Due Formation. The Key Holder is duly formed, validly existing and in good standing in the jurisdiction of its organization and
has all requisite power and authority to carry on its business as it is currently being conducted. The Leasing WFOE is duly formed, validly existing and in good standing in the jurisdiction of its organization. 

  
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 (b) Authority. Each of the Key Holder and the Leasing WFOE has full power and authority
to enter into, execute and deliver this Agreement, each Transaction Document to which it is or shall be made a party and each other agreement, certificate, document and instrument to be executed and delivered by the Key Holder or the Leasing WFOE
(as the case may be) pursuant to this Agreement or any Transaction Document and to perform its obligations hereunder and thereunder. The execution and delivery by the Key Holder or the Leasing WFOE of this Agreement and each Transaction Document to
which it is or shall be made a party and the performance by the Key Holder or the Leasing WFOE of its obligations hereunder and thereunder have been duly authorized by all requisite actions on its part. Except as set forth in the Transaction
Documents, no vote or other approval of the stockholders of the Key Holder shall be required for the consummation by the Key Holder of the Contemplated Transactions. 

(c) Valid Agreement. This Agreement has been, and each Transaction Document to which the Key Holder or the Leasing WFOE is a party has
been or will be, duly executed and delivered by the Key Holder or the Leasing WFOE (as the case may be) and constitutes (or, when executed and delivered in accordance herewith will constitute), the legal, valid and binding obligations of the Key
Holder or the relevant Group Company or the Leasing WFOE, enforceable against it in accordance with their respective terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, and (iii) any Authorizations to be
obtained under the Contribution Agreement or each other Restructuring Documents to which the Key Holder or the Leasing WFOE is a party or shall be a party. 

(d) Non-contravention; Litigation. None of the execution and the delivery of this Agreement and the Transaction Documents to which the
Key Holder or the Leasing WFOE is a party or shall be made a party, nor the consummation of the Contemplated Transactions, will (i) violate any provision of the organizational documents of the Key Holder or the Leasing WFOE or violate any Law
or Order of any Governmental Authority to which the Key Holder or the Leasing WFOE is subject, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation of an Encumbrance under, or
create in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract, lease, license, instrument, or other arrangement to which the Key Holder or the Leasing WFOE is a party or by which the Key Holder or the Leasing
WFOE is bound or to which any of the Key Holder’s or the Leasing WFOE’s assets are subject, except for such violations, conflicts, breaches, or defaults which would not have a Material Adverse Effect. There is no action, suit or
proceeding, pending or, to the best knowledge of the Key Holder, threatened in writing against the Key Holder or the Leasing WFOE that questions the validity of this Agreement or the right of the Key Holder or the Leasing WFOE to enter into this
Agreement or to consummate the Contemplated Transactions, except for such actions, suits or proceedings which would not have a Material Adverse Effect. 

  
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 (e) Consents and Approvals. Assuming the accuracy of the representations made by the
Purchasers in Section 3.3 of this Agreement, none of the execution and delivery by the Key Holder or the Leasing WFOE of this Agreement or any Transaction Document, nor the consummation of any of the Contemplated Transactions, nor the
performance by the Key Holder or the Leasing WFOE of this Agreement or any Transaction Document in accordance with their respective terms requires the consent, approval, order or authorization of, or registration with, or the giving notice to, any
Governmental Authority or any third party (each, an “Authorization”), except such (i) as have been or will have been obtained, made or given on or prior to the Closing Date, (ii) as set forth in the Transaction Documents,
or (iii) solely with respect to the Contribution Agreement and the Restructuring Documents, as would not have a Material Adverse Effect. 

(f) Brokers. The Key Holder has not dealt with any broker, finder, commission agent, placement agent or arranger in connection with
the issuance of the Subscription Shares, and none of the Group Companies nor the Leasing WFOE is under any obligation to pay any broker’s fee or commission in connection with the issuance of the Subscription Shares or the Contemplated
Transactions, except for Hammer Capital Management Limited and an obligation to pay a success fee to Hammer Capital Management Limited. 

(g) PRC Business. 
 (i)
Ordinary Course. The PRC Business has been carried on in the ordinary course and so as to maintain the same as a going concern. There is no existing fact or circumstance that may have a Material Adverse Effect on the PRC Business for it to be
conducted as currently conducted. 
 (ii) Leasing WFOE. The registered capital of the Leasing WFOE in the amount of US$30,000,000
has been fully paid up and is free and clear of any Encumbrance. As of the Closing Date, the Leasing WFOE will not have any liabilities except as reflected in the Pro Forma Balance Sheet and will have US$30,000,000 in cash in its foreign exchange
capital account. The Leasing WFOE has all of the licenses and permits necessary to permit the Leasing WFOE to lawfully conduct and operate the Financial Leasing Business and to permit the Leasing WFOE to own and use its assets in the manner it
currently owns and uses its assets. 
 (iii) Transferred Contracts. Each Transferred Contract has been duly executed and is valid
and binding on the parties thereto with full force and effect. No Transferred Contract will be terminated or adversely affected as a result of or relating to the Contemplated Transaction. None of the Key Holder Parties is in breach of or has best
knowledge of the invalidity of or grounds for rescission, avoidance or repudiation of any Transferred Contract, nor has any such party received notice of any intention to terminate any such agreement or repudiate or disclaim any other transaction.

  
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 (iv) Real Property. Each Transferred Lease is in full force and effect, unimpaired by any
acts or omissions of the relevant Key Holder Party, and constitutes the legal, valid and binding obligation of such Key Holder Party, enforceable against such Key Holder Party in accordance with its terms and, to the best knowledge of the relevant
Key Holder, against any other party thereto. All rent and other sums and charges payable by the relevant Key Holder Party as tenant thereunder are current, no notice of default or termination under any Transferred Lease is outstanding, no
termination event or condition or uncured default on the part of the relevant Key Holder Party or, to the best knowledge of the Key Holder, the landlord, exists under any Transferred Lease, and no event has occurred and no condition exists which,
with the giving of notice, the lapse of time, or both, would constitute such a default or termination event or condition. The relevant Key Holder Parties own such leasehold interests free and clear of all Encumbrances, subject to the terms and
conditions of the Transferred Leases and applicable Laws. 
 (v) Transferred Employees 

(1) As of the date hereof and as of the Closing, no Key Holder Party is a party to any collective bargaining agreement. There are no existing
or, to the best knowledge of the Key Holder, threatened, labor strikes, disputes, grievances, arbitrations, union organizing efforts, picketing, handbilling, organized work stoppages, organized work slowdowns or other labor trouble or disputes
involving any Transferred Employees (collectively, “Labor Problems”). 
 (2) As of the date hereof and as of the Closing,
except as expressly contemplated under the Transaction Documents or existing employment contracts with the Transferred Employees, no Key Holder Party has any obligation or liability whatsoever in respect of the employment of any Transferred Employee
for any period prior to the Closing, including under any employee incentive plan, as a result of its execution of this Agreement or as a result of the completion of any of the Contemplated Transactions. 

(vi) Intellectual Property Rights. As of the Closing Date: 

(1) Each relevant Key Holder Party owns all rights (including but not limited to the rights of development, maintenance, licensing and sale),
title and interest in and to, free and clear of all Encumbrances, or otherwise has all necessary and valid rights to use, all the Transferred IP other than the registered trademark applications listed in the Asset List (the “Registered
Trademark Applications”), and no item of such Transferred IP is subject to any outstanding injunction, judgment, order, decree, ruling or charge. Each Transferred IP other than the Registered Trademark Applications is valid, enforceable,
and subsisting, in full force and effect, and has not been cancelled, expired or abandoned. Each relevant Key Holder Party has applied for the Registered Trademark Applications. None of the Key Holder Parties is aware of any notice, claim or
assertion that any item of Transferred IP is invalid and is aware of any actual, threatened or pending claim, action, opposition, re-examination, interference or cancellation proceeding with respect thereto. 

  
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 (2) All Transferred IP are owned by and registered or applied for solely in the name of the
relevant Key Holder Parties, is valid and subsisting and have not been abandoned, and all necessary registration, maintenance and renewal fees with respect thereto and currently due have been satisfied. No Key Holder Party or, to the best knowledge
of the Key Holder Parties, any of its employees, officers or directors has taken any actions or failed to take any actions that would cause any Transferred IP to be invalid, unenforceable or not subsisting. No Transferred IP is the subject of any
Encumbrance, license or other contracts granting rights therein to any other Person. Except for the Registered Trademark Applications pending registration, no Transferred IP is subject to any proceeding or outstanding orders from any Governmental
Authorities or settlement agreement or stipulation that restricts in any manner the use, transfer or licensing thereof, by any Key Holder Party or affect the validity, use or enforceability of such Transferred IP. No Key Holder Party has
(a) transferred or assigned any Transferred IP; (b) authorized the joint ownership of, any Transferred IP; or (c) permitted the rights of any Key Holder Party in any Transferred IP to lapse or enter the public domain. 

(vii) Legal Actions and Orders. There are no legal actions in progress, pending or, to the best knowledge of the Key Holder,
threatened, against the Leasing WFOE, the PRC Business or the Contributed Assets. None of the Leasing WFOE, the PRC Business and the Contributed Assets are subject to any Orders. 

(viii) Compliance with Legal Requirements. Each Key Holder Party has, in connection with the execution and delivery of any Transaction
Document to which it is a party and the consummation of the Contemplated Transactions, complied with, and the PRC Business and the Contributed Assets are in material compliance with, all legal requirements, other than as would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect. 
 (ix) Contributed Assets. The Asset List, or, as of
the Closing Date, if to the extent applicable both Lead Purchasers agree to the Updated Asset List, the Updated Asset List, includes all of the assets, intellectual property rights, employees and Contracts that are currently used for, and are
material to, the operation of the PRC Business as currently operated. The Key Holder Parties have good and valid title to the Contributed Assets, free and clear of any and all Encumbrances, other than as would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect. 
 (x) Pro Forma Balance Sheet. The Pro Forma Balance Sheet has been
prepared in accordance with IFRS, and presents fairly, in all material respects, the financial condition of the Leasing WFOE and the PRC Business as of the Closing Date, after giving effect to the completion of the Restructuring. 

(h) Contribution Agreement and other Restructuring Documents. The Contribution Agreement and any Restructuring Documents to which any
Key Holder Party is a party, upon execution, constitutes the legal, valid and binding obligation of each party thereto, enforceable against such party in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies, and (iii) any Authorizations to be obtained under the Contribution Agreement and the Restructuring Documents. 

  
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 (i) Tax Filings; Interested Party Transaction. 

(i) The Leasing WFOE and any other Key Holder Party contributing Online Financial Services Business to the Group has timely filed or caused
to be filed all tax returns required to be filed by it, all such tax returns are true, correct and complete in all material respects, and the Leasing WFOE and any other Key Holder Party contributing Online Financial Services Business to the Group
has paid, or provided adequate reserves, for all deficiencies or other assessments of tax owed by it in respect of the PRC Business. No unassessed tax deficiency has been proposed or threatened against the Leasing WFOE or any other Key Holder Party
contributing Online Financial Services Business to the Group. 
 (ii) Except set forth in the Transaction Documents, none of the direct or
indirect shareholders or officers, employees or directors of the Leasing WFOE, or officer, employee or director of the Leasing WFOE’s direct or indirect shareholder, or any affiliate of any foregoing party, has any contract, understanding,
proposed transaction with, or is indebted to, the Leasing WFOE, nor is the Leasing WFOE indebted (or committed to make loans or extend or guarantee credit) to any of such Persons (other than for accrued salaries, reimbursable expenses or other
standard employee benefits). 
 (j) FCPA Compliance. None of the Leasing WFOE, Key Holder and, to the best knowledge of the Key
Holder, any of the Leasing WFOE’s or Key Holder’s respective directors, administrators, officers, board of directors (supervisory and management) members or employees have made, directly or indirectly, any payment or promise to pay, or
gift or promise to give or authorized such a promise or gift, of any money or anything of value, directly or indirectly, to (i) any foreign official (as such term is defined in The Foreign Corrupt Practices Act of 1977, as amended) for the
purpose of influencing any official act or decision of such official or inducing him or her to use his or her influence to affect any act or decision of a governmental authority, or (ii) any foreign political party or official thereof or
candidate for foreign political office for the purpose of influencing any official act or decision of such party, official or candidate or inducing such party, official or candidate to use his, her or its influence to affect any act or decision of a
foreign governmental authority, in the case of both (i) and (ii) above in order to assist the Leasing WFOE to obtain or retain business for, or direct business to the Leasing WFOE, subject to applicable exceptions and affirmative defenses.
None of the Leasing WFOE, the Key Holder and, to the best knowledge of the Key Holder, any of the Leasing WFOE’s or the Key Holder’s respective directors, administrators, officers, board of directors (supervisory and management) members
and employees has made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment of funds or received or retained any funds in violation of any law, rule or regulation subject to applicable exceptions and affirmative defenses.

 (k) Full Disclosure. To the best knowledge of the Key Holder, the Key Holder has disclosed all material documents and information
relating to the Contemplated Transactions that is in the possession or control of the Key Holder as at the date hereof. 

  
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 (l) Compliance with Laws. Neither the Key Holder nor the Leasing WFOE has been in
violation of any Law or Order applicable to the Key Holder or the Leasing WFOE (as the case may be) since its establishment, other than as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 3.2 Representations and Warranties of the Company. Subject to Section 6.1, except as set forth in the
Disclosure Schedule, the Company hereby represents, warrants and undertakes to each Purchaser that, as of the date hereof and as of the Closing Date, in each case, the following representations and warranties are true and correct: 

(a) Due Formation. Each Group Company is duly formed, validly existing and in good standing in the jurisdiction of its organization.
Each Group Company has all requisite power and authority to carry on its business as it is currently being conducted. 
 (b)
Authority. Each Group Company has full power and authority to enter into, execute and deliver each Transaction Document to which it is or shall be made a party and each other agreement, certificate, document and instrument to be executed and
delivered by such Group Company pursuant to this Agreement or any Transaction Document and to perform its obligations hereunder and thereunder. The execution and delivery by each Group Company of each Transaction Document to which it is or shall be
made a party and the performance by such Group Company of its obligations hereunder and thereunder have been duly authorized by all requisite actions on its part. 

(c) Valid Agreement. This Agreement has been, and each Transaction Document to which any Group Company is a party has been or will be,
duly executed and delivered by such Group Company and constitutes (or, when executed and delivered in accordance herewith will constitute), the legal, valid and binding obligations of such Group Company, enforceable against it in accordance with
their respective terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws
relating to the availability of specific performance, injunctive relief, or other equitable remedies, and (iii) any Authorizations to be obtained under the Contribution Agreement or each other Restructuring Documents or each Control Documents
to which the Group Company is a party or shall be a party. 
 (d) Articles. As of the Closing Date, the Articles shall be in full
force and effect and shall not have been superseded or amended. 
 (e) Capitalization. 

(i) Except as set forth in Schedule 3.2(e) to the Disclosure Schedule, there are no authorized or outstanding Equity Securities in the
Company. All issued and outstanding Equity Securities are validly issued, fully paid and non-assessable. The capitalization table attached hereto as Schedule 3.2(e) to the Disclosure Schedule truly and accurately describes the shareholding of
the Company (1) immediately prior to the Closing and (2) immediately after the Closing. 

  
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 (ii) All outstanding Equity Securities of the Company and all outstanding Equity Securities of
each of the other Group Companies have been issued and granted in compliance with (x) all applicable Securities Laws and other applicable Laws and (y) all requirements set forth in applicable contracts, without violation of the preemptive
rights, rights of first refusal or other similar rights. 
 (iii) The rights of the Subscription Shares are as stated in the Articles. 

(f) Due Issuance of the Subscription Shares. The Subscription Shares have been duly authorized and, when issued and delivered to and
paid for by the applicable Purchaser pursuant to this Agreement, will be validly issued, fully paid and non-assessable and free and clear of any Encumbrance, except for restrictions arising under the Securities Act or created by virtue of this
Agreement or other Transaction Documents and upon delivery and entry into the register of members of the Company, the Subscription Shares will transfer to the applicable Purchaser with good and valid title, free and clear of any Encumbrance, except
for restrictions arising under the Securities Act or created by virtue of this Agreement or other Transaction Documents. 
 (g)
Title. Immediately following the Closing, each Purchaser shall acquire good and valid title to the applicable Subscription Shares that are being purchased hereunder, free and clear of any and all Encumbrances (except for restrictions arising
under the Securities Act or created by virtue of this Agreement or other Transaction Documents). There are no outstanding options, warrants, rights (preemptive or otherwise), calls, contracts or other binding commitments to which the Company or any
of its Affiliates is a party or by which the Company is bound to issue or adjust Equity Securities as a result of the issuance of the Subscription Shares. Except for the Contemplated Transactions, the Company has not assigned, transferred, sold,
distributed, pledged or otherwise disposed of or agreed to dispose of all or any portion, or any interest in, any other Equity Securities of the Company. Except for the Transaction Documents, no voting or similar agreements exist in relation to the
Equity Securities of any Group Company that are presently outstanding or that may hereafter be issued. 
 (h) Non-contravention;
Litigation. None of the execution and the delivery of this Agreement and the Transaction Documents to which any Group Company is a party or shall be made a party, nor the consummation of the Contemplated Transactions, will (i) violate any
provision of the organizational documents of any Group Company or violate any Law or Order of any Governmental Authority to which any Group Company is subject, or (ii) conflict with, result in a breach of, constitute a default under, result in
the acceleration of or creation of an Encumbrance under, or create in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract, lease, license, instrument, or other arrangement to which any Group Company is a party or
by which any Group Company is bound or to which any of the Group Companies’ assets are subject, except for such violations, conflicts, breaches, or defaults which would not have a Material Adverse Effect. There is no action, suit or proceeding,
pending or, to the best knowledge of the Company, threatened in writing against any Group Company that questions the validity of this Agreement or the right of any Group Company to enter into this Agreement or to consummate the Contemplated
Transactions, except for such actions, suits or proceedings which would not have a Material Adverse Effect. 

  
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 (i) Consents and Approvals. None of the execution and delivery by any Group Company of
this Agreement or any other Transaction Document, nor the consummation of any of the Contemplated Transactions, nor the performance by any Group Company of this Agreement or any other Transaction Documents in accordance with their respective terms
requires any Authorization which is required to be obtained by such Group Company, except such (i) as have been or will have been obtained, made or given on or prior to the Closing Date, (ii) as set forth in the Transaction Documents, or
(iii) solely with respect to the Contribution Agreement and the Restructuring Documents, as would not have a Material Adverse Effect. 

(j) Brokers. The Company has not dealt with any broker, finder, commission agent, placement agent or arranger in connection with the
issuance of the Subscription Shares, and none of the Group Companies is under any obligation to pay any broker’s fee or commission in connection with the issuance of the Subscription Shares or the Contemplated Transactions. 

(k) Control Documents. As of the Closing Date: 

(i) Each party to any Control Document (other than the Tencent Nominee and the JD Nominee) has full power and authority to enter into,
execute and deliver such Control Document to which it is a party and each other agreement, certificate, document and instrument to be executed and delivered by the Company pursuant to the Control Documents and to perform its obligations hereunder
and thereunder. The execution and delivery by such party of the Control Documents to which it is a party and the performance by such party of its obligations hereunder and thereunder have been duly authorized by all requisite actions on its part.
The Control Documents to which such party is a party have been or will be, duly executed and delivered by such party and constitutes (or, when executed and delivered in accordance herewith will constitute), its legal, valid and binding obligations,
enforceable against it in accordance with their respective terms, except (x) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights
generally, (y) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, and (z) any Authorizations to be obtained under the Control Documents. 

(ii) No approvals are required to be obtained for the execution and delivery of the Control Documents, the performance by the relevant
parties of their obligations, and the transactions contemplated under the Control Documents, other than those approvals that: (v) have already been obtained, (w) remain in full force, (x) are required to register any Share Pledge to
secure the VIE Entity’s obligations under the Control Documents, (y) are required for transfer of equity interests of the VIE Entity upon exercise by the WFOE of its rights under the relevant exclusive option agreement among the WFOE, the
VIE Entity and the shareholders of the VIE Entity, and (z) do not impose any obligation, condition or restriction that would create a material burden on the parties to the Control Documents. 

(iii) The execution, delivery and performance by each and all of the relevant parties (other than the Tencent Nominee and the JD Nominee) of
their respective obligations under each and all of the Control Documents, and the consummation of the transactions contemplated thereunder, did not and do not (i) result in any violation of their respective articles of association, their
respective business licenses or constitutive documents, (ii) result in any violation of any applicable PRC Laws, or (iii) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under,
any agreement, instrument, arbitration award or judgment, order or decree of any court of the PRC having jurisdiction over the relevant parties to the Control Documents, as the case may be, or any agreement with, or instrument to which any of them
is expressed to be a party or which is binding on any of them. 

  
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 (iv) Each Control Document is, and all of the Control Documents taken as a whole are, legal,
valid, enforceable and admissible as evidence under PRC Laws, and constitute the legal and binding obligations of the relevant parties. 

(v) To the Company’s best knowledge, all shareholders of such VIE Entity (other than the Tencent Nominee and the JD Nominee) are acting
in good faith and in the best interests of the Company. There have been no disputes, disagreements, claims or any legal proceedings of any nature, raised by any Governmental Authority or any other party, pending or, to the Company’s best
knowledge, threatened against or affecting any of the Company, the WFOE or any VIE Entity that: (i) challenge the validity or enforceability of any part or all of the Control Documents taken as whole; (ii) challenge the VIE structure or
the ownership structure as set forth in the Control Documents; (iii) claim any ownership, share, equity or interest in the WFOE or VIE Entity, or claim any compensation for not being granted any ownership, share, equity or interest in the WFOE
or VIE Entity; or (iv) claim any of the Control Documents or the ownership structure thereof or any arrangements or performance of or in accordance with the Control Documents was, is or will violate any PRC Laws. 

(l) Tax Filings; Interested Party Transaction. 

(i) Each of the Group Companies has timely filed or caused to be filed all tax returns required to be filed by it, all such tax returns are
true, correct and complete in all material respects, and each of the Group Companies has paid, or provided adequate reserves, for all deficiencies or other assessments of tax owed by it. No unassessed tax deficiency has been proposed or threatened
against any Group Company. 
 (ii) Except set forth in the Transaction Documents, none of the direct or indirect shareholders or officers,
employees or directors of a Group Company, or officer, employee or director of any Group Company’s direct or indirect shareholder, or any affiliate of any foregoing party, has any contract, understanding, proposed transaction with, or is
indebted to, any Group Company, nor is any Group Company indebted (or committed to make loans or extend or guarantee credit) to any of such Persons (other than for accrued salaries, reimbursable expenses or other standard employee benefits). 

  
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 (m) FCPA Compliance. None of the Group Companies and, to the best knowledge of the
Company, any of the Group Companies’ respective directors, administrators, officers, board of directors (supervisory and management) members or employees have made, directly or indirectly, any payment or promise to pay, or gift or promise to
give or authorized such a promise or gift, of any money or anything of value, directly or indirectly, to (i) any foreign official (as such term is defined in The Foreign Corrupt Practices Act of 1977, as amended) for the purpose of influencing
any official act or decision of such official or inducing him or her to use his or her influence to affect any act or decision of a governmental authority, or (ii) any foreign political party or official thereof or candidate for foreign
political office for the purpose of influencing any official act or decision of such party, official or candidate or inducing such party, official or candidate to use his, her or its influence to affect any act or decision of a foreign governmental
authority, in the case of both (i) and (ii) above in order to assist any Group Company to obtain or retain business for, or direct business to any Group Company, subject to applicable exceptions and affirmative defenses. None of the Group
Companies, and to the best knowledge of the Company, any of the Group Companies’ respective directors, administrators, officers, board of directors (supervisory and management) members and employees has made any bribe, rebate, payoff, influence
payment, kickback or other unlawful payment of funds or received or retained any funds in violation of any law, rule or regulation subject to applicable exceptions and affirmative defenses. 

(n) Compliance with Laws. The Group Companies have not been in violation of any Law or Order applicable to them since their
establishment, other than as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 3.3 Representations and Warranties of Each Purchaser. Each Purchaser hereby severally and not jointly represents and
warrants to the Key Holder and the Company as of the date hereof and as of each Closing Date, as follows: 
 (a) Due Formation. Such
Purchaser is duly formed, validly existing and in good standing in the jurisdiction of its organization and has all requisite power and authority to carry on its business as it is currently being conducted. 

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

  
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 (d) Non-contravention; Litigation. None of the execution and the delivery of this
Agreement and the Transaction Documents to which such Purchaser is a party or shall be made a party, nor the consummation of the Contemplated Transactions, will (i) violate any provision of the organizational documents of such Purchaser or
violate any Law or Order of any Governmental Authority to which such Purchaser is subject, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation of an Encumbrance under, or create in
any party the right to accelerate, terminate, modify, or cancel, any agreement, contract, lease, license, instrument, or other arrangement to which such Purchaser is a party or by which such Purchaser is bound or to which any of such
Purchaser’s assets are subject. There is no action, suit or proceeding, pending or threatened against such Purchaser that questions the validity of this Agreement or the right of such Purchaser to enter into this Agreement or to consummate the
Contemplated Transactions. 
 (e) Consents and Approvals. None of the execution and delivery by such Purchaser of this Agreement or
any Transaction Document, nor the consummation by such Purchaser of any of the Contemplated Transactions, nor the performance by such Purchaser of this Agreements or any Transaction Document in accordance with its terms requires any Authorization,
except such as have been or will have been obtained, made or given on or prior to the Closing Date. 
 (f) Status and Investment
Intent. 
 (i) Experience. Such Purchaser has sufficient knowledge and experience in financial and business matters so as to be
capable of evaluating the merits and risks of its investment in the Subscription Shares. Such Purchaser is capable of bearing the economic risks of such investment, including a complete loss of its investment. 

(ii) Purchase Entirely for Own Account. Such Purchaser is acquiring the Subscription Shares pursuant to this Agreement for investment
for its own account for investment purposes only and not with the view to, or with any intention of, resale, distribution or other disposition thereof. Such Purchaser does not have any direct or indirect arrangement, or understanding with any other
persons to distribute, or regarding the distribution of the Subscription Shares in violation of the Securities Act or any other applicable state securities law. 

(iii) Solicitation. Such Purchaser was not identified or contacted through the marketing of the Subscription Shares. Such Purchaser
did not contact the Company as a result of any general solicitation or directed selling efforts. The issuance of the Subscription Shares to such Purchaser was not solicited by or through anyone other than the Company. 

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

  
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 (v) Not U.S. Person. Such Purchaser is not a “U.S. person” as defined in Rule
902 of Regulation S. 
 (vi) Offshore Transaction. Such Purchaser has been advised and acknowledges that in issuing the Subscription
Shares to such Purchaser pursuant hereto, the Company is relying upon the exemption from registration provided by Regulation S. Such Purchaser is acquiring the Subscription Shares in offshore transactions in reliance upon the exemption from
registration provided by Regulation S. 
 (vii) FINRA. Such Purchaser does not, directly or indirectly, own more than five percent
of the outstanding common stock (or other voting securities) of any member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) or a holding company for a FINRA member, and is not otherwise a “restricted person”
for the purposes of the Free-Riding and Withholding Interpretation of FINRA. 
 Section 3.4 Bring-Down to Closing. The Key
Holder and the Company shall be permitted to supplement the Disclosure Schedule prior to the Closing Date subject to agreement to the form and substance of such supplemental disclosure by both Lead Purchasers. 

ARTICLE IV 
 COVENANTS

 Section 4.1 Conduct of Business of the Company. From the date hereof until the Closing Date, except as expressly
contemplated by this Agreement or any other Transaction Documents or with the prior written consent of both Lead Purchasers (which consent shall not be unreasonably withheld or delayed), the Company shall cause the Group Companies not to: 

(a) amend its organizational documents (whether by merger, consolidation or otherwise); 

(b) split, combine or reclassify any Equity Security of any Group Company (whether by merger, consolidation or otherwise); 

(c) declare, set aside or pay any dividend or other distribution (whether in cash, stock or property or any combination thereof) in respect
of the Equity Securities of any Group Company (whether by merger, consolidation or otherwise); 
 (d) redeem, repurchase or otherwise
acquire any Equity Securities of the any Group Company (whether by merger, consolidation or otherwise); 
 (e) issue, deliver or sell any
Equity Securities of any Group Company (whether by merger, consolidation or otherwise), other than the issuance of any Equity Securities of any wholly owned Subsidiary of the Company to the Company or any other wholly owned Subsidiary of the
Company; 

  
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 (f) amend any term of any Equity Securities of any Group Company (whether by merger,
consolidation or otherwise); 
 (g) acquire (by merger, consolidation or otherwise), directly or indirectly, any assets, securities,
properties, interests or businesses, other than in the ordinary course of business consistent with past practice; 
 (h) sell, lease or
otherwise transfer, or create or incur any Encumbrance on, any assets, securities, properties or interests of any Group Company, other than in the ordinary course of business consistent with past practice; 

(i) make any loans, advances or capital contributions to, or investments in, any other Person; 

(j) create, incur, assume, suffer to exist or otherwise be liable with respect to any Indebtedness, other than in the ordinary course of
business consistent with past practice; 
 (k) hire any employee or consultant or adopt, establish, enter into, amend or terminate or
increase the benefits under any employee benefit, plan, practice, program, policy or Contract; 
 (l) initiate or settle any Action
involving or against the any Group Company; or 
 (m) agree, commit or offer to do any of the foregoing. 

Section 4.2 Operation of the PRC Business. From the date hereof until the Restructuring Completion Date, the Key Holder shall
ensure that the PRC Business is carried out in the ordinary course consistent with past practice and use commercially reasonable efforts to preserve its relationships with customers, suppliers and others having business dealings relating to the PRC
Business. The Key Holder shall, and shall cause its relevant Subsidiary to, use commercially reasonable best efforts to negotiate and renew business contracts in the PRC Business which have expired on or prior to the date hereof. 

Section 4.3 Negative Covenants. Except as expressly contemplated by this Agreement or any other Transaction Documents or with the
prior written consent of both Lead Purchasers (which consent shall not be unreasonably withheld or delayed), the Key Holder shall ensure no Key Holder Party shall do any of the following: 

(a) Compensation. other than in the ordinary course of business consistent with past practice, (i) increase annual recurring
compensation or fringe benefits payable to any Person employed in connection with the PRC Business; (ii) pay or grant any severance, termination or change-of-control benefit; or (iii) adopt or amend any employee incentive plan; 

(b) Contracts. (i) terminate any Transferred Contract; (ii) modify or amend any Transferred Contract or otherwise assume any
additional liability or obligations pursuant to such Transferred Contract save on terms that would not be materially adverse to the interests of the Key Holder Parties and for modifications, amendments or liabilities that are made or incurred in the
ordinary course of business, provided that if such amendment, modification or incurrence of liability will increase the net Liabilities for the Asset List (except for any net Liability increase in connection with existing assets on the Asset List),
the consent from both Lead Purchasers shall be required in advance; 

  
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 (c) Disposition of Contributed Assets. sell, convey, assign, lease or otherwise transfer
or dispose of any of the Contributed Assets, other than in the ordinary course of business consistent with past practice; 
 (d)
Encumbrances. create, assume or permit to exist any Encumbrance upon any of the Contributed Assets, the Equity Securities of the Leasing WFOE or any assets owned by the Leasing WFOE, other than in the ordinary course of business consistent
with past practice; 
 (e) Licenses. do any act or fail to do any act which could result in the termination, expiration, revocation,
suspension, nonrenewal or adverse modification of any licenses or permits held by the Leasing WFOE; 
 (f) Waivers. waive any
material right relating to the Leasing WFOE, the PRC Business or the Contributed Assets; 
 (g) Leasing WFOE. take any of the
following actions in connection with the Leasing WFOE: 
 (i) amend the Articles of Association of the Leasing WFOE (whether by merger,
consolidation or otherwise); 
 (ii) reduce, increase or otherwise change the registered capital of the Leasing WFOE (whether by merger,
consolidation or otherwise); 
 (iii) declare, set aside or pay any dividend or other distribution (whether in cash, stock or property or
any combination thereof) in respect of the registered capital of the Leasing WFOE (whether by merger, consolidation or otherwise); 
 (iv)
transfer any Equity Securities of the Leasing WFOE (whether by merger, consolidation or otherwise), other than pursuant to the Leasing WFOE Transfer; 

(v) incur any capital expenditures or any liabilities in respect of the Leasing WFOE; 

(vi) acquire, sell, lease, license, transfer, pledge, encumber, grant or dispose of (by merger, consolidation or otherwise), directly or
indirectly, any assets, securities, properties, interests or businesses, other than in the ordinary course of business consistent with past practice; 

  
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 (vii) acquire, sell, lease, license, transfer, pledge, encumber, grant or dispose of (whether by
merger, consolidation, purchase, sale or otherwise) any intellectual property of the Leasing WFOE, or enter into any contract, or take any action, with respect to any intellectual property of the PRC Business outside the ordinary course of business
consistent with past practice, or do any act or knowingly omit to do any act whereby any intellectual property of the PRC Business may become invalidated, abandoned, unmaintained, unenforceable or dedicated to the public domain; 

(viii) make any loans, advances or capital contributions to, or investments in, any other Person; 

(ix) create, incur, assume, suffer to exist or otherwise be liable with respect to any Indebtedness, other than in the ordinary course of
business consistent with past practice; 
 (x) adopt, establish, enter into, amend or terminate or increase the benefits under any employee
incentive plan; 
 (xi) other than in the ordinary course of business consistent with past practice, increase the compensation or benefits
of any current or former director, officer, employee or consultant of the Leasing WFOE; 
 (xii) other than in the ordinary course of
business consistent with past practice, grant or increase any severance, retention, change-of-control or similar payments to any current or former director, officer, employee or consultant of the Leasing WFOE; 

(xiii) enter into, amending or terminating any contract other than in connection with the Restructuring, other than in the ordinary course of
business consistent with past practice and not in a manner adverse to the Key Holder Parties; 
 (xiv) change any methods of accounting;

 (xv) initiate or settle any Action involving or against the Leasing WFOE; or 

(h) No Agreement. agree to do any of the foregoing. 

Section 4.4 Affirmative Covenants. The Key Holder shall, and shall ensure that the Key Holder Parties shall, do the following:

 (a) Access to Information. allow the Company, each Lead Purchaser and their respective representatives reasonable access to the
PRC Business and Contributed Assets for the purpose of audit and inspection, and make available or cause to be made available to the Company, each Lead Purchaser and their respective authorized representatives all information with respect to the PRC
Business and Contributed Assets as the Company, such Lead Purchaser or such authorized representative may reasonably request. The Key Holder shall also provide the Lead Purchasers with a reasonable opportunity to discuss the Pro Forma Balance Sheet;

 (b) Maintenance of Assets. maintain all of the Contributed Assets and all buildings or other improvements located on any leased
real property in good condition (ordinary wear and tear excepted), and use all of the Contributed Assets and all buildings or other improvements located on any leased real property in a reasonable manner; 

  
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 (c) Insurance. maintain existing insurance coverage with respect to the PRC Business and
the Contributed Assets consistent with past practice; 
 (d) Books and Records. maintain the books and records of the PRC Business
in the ordinary course; 
 (e) Notification. promptly notify the Company and each Lead Purchaser of (i) any material change in
the Key Holder’s representations and warranties or of any material failure to perform any covenant or agreement of the Key Holder or the Leasing WFOE contained in this Agreement or any of the other Transaction Documents, or (ii) any
material breach of any representation, warranty, covenant or agreement of the Key Holder or the Leasing WFOE contained in this Agreement or any of the other Transaction Documents; 

(f) Compliance with Legal Requirements. comply in all material respects with all legal requirements applicable to the Leasing WFOE,
the PRC Business and the Contributed Assets; 
 (g) Goodwill. use its commercially reasonable best efforts to preserve for the
Company the goodwill of the Key Holder Parties’ suppliers, customers, landlords and others having business relations with the Key Holder Parties in relation to the PRC Business; 

(h) Maintenance of Intellectual Property. use its commercially reasonable best efforts (i) to maintain all of the intellectual
property owned or used in connection with the PRC Business and (ii) not to do any act or fail to do any act that would allow such intellectual property to lapse, become abandoned, become dedicated to the public or become unenforceable; 

(i) Software Migration. use its commercially reasonable best efforts to facilitate the transfer of the software to the Group and
otherwise to minimize the extent of disruption or threat of disruption to the PRC Business at and following the Closing; 
 (j) Leasing
WFOE. use its commercially reasonable best efforts to (i) preserve intact its present business organization, (ii) maintain in effect all existing licenses of the Leasing WFOE, (iii) keep available the services of the Leasing
WFOE’s directors, officers and key employees, (iv) maintain good relationships with the Leasing WFOE’s customers, suppliers, lenders and others having material business relationships with the Leasing WFOE, and (v) manage the
Leasing WFOE’s working capital (including the timing of collection of accounts receivable and of the payment of accounts payable and the management of inventory) in the ordinary course of business consistent with past practice. 

  
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 Section 4.5 Change of Contributed Assets and Asset List. 

(a) The Parties agree that the Contributed Assets may change from time to time after the date hereof and after the Closing Date, and neither
the Key Holder nor any Key Holder Party shall be held liable for breach of representations, warranties, covenants or agreements if there is any change to the Contributed Assets to the extent that such change is (i) in the ordinary course of
business consistent with past practice, (ii) a change of assets in exchange for other assets comparable or superior as to type, value and quality, (iii) a change that has been consented to by both Lead Purchasers, or as a result of any
action taken by the Key Holder or the relevant Key Holder Party at the request of both Lead Purchasers, (iv) any decrease or increase of the market value or fair value of the Contributed Assets (provided that the Key Holder or the
relevant Key Holder Party has complied with Section 4.4), or (v) as a result of voluntary resignation of any Transferred Employee. 

(b) The Key Holder shall, no fewer than ten (10) Business Days prior to the anticipated Lead Purchasers Closing Date, provide or cause
to be provided an updated Asset List (the “Updated Asset List”) to each Lead Purchaser. The Parties agree that the Updated Asset List shall be agreed in writing by both Lead Purchasers if and only if the Updated Asset List contains
any material changes to the Asset List (except for any changes set forth in Section 4.5(a) above). 
 (c) No Key Holder Party
shall contribute any assets, intellectual property rights, employees or Contracts to the Group that are not set forth on the Asset List or the Updated Asset List (as the case may be). 

Section 4.6 Pro Forma Balance Sheet. 

(a) Not fewer than ten (10) Business Days prior to the anticipated Lead Purchasers Closing Date, the Company shall deliver to each Lead
Purchaser the Company’s good faith estimates of Net Working Capital and the assumptions used, together with supporting documentation for such estimates and any additional information reasonably requested by any Lead Purchaser. The Parties agree
that the Pro Forma Balance Sheet shall be prepared on the basis of the Asset List or the Updated Asset List (as the case may be) and in accordance with the IFRS and the Company shall consider reasonable comments of the Lead Purchasers when preparing
the Pro Forma Balance Sheet. 
 (b) The Key Holder shall ensure that upon the completion of the Restructuring in accordance with the
Restructuring Documents (and for any Non-assignable Asset or Non-assignable Contract, appropriate measures have been implemented in accordance with Section 4.19), the amount of net assets of the Group shall not be less than the amount of net
assets stated in the Pro Forma Balance Sheet by more than US$10,000,000. 
 (c) Promptly after the Restructuring Completion Date, the Key
Holder shall deliver to each Lead Purchaser an unaudited consolidated balance sheet of the Group as of the date immediately following the Restructuring Completion Date (the “Reference Date”) prepared in accordance with the IFRS and
the same assumptions used to prepare the Pro Forma Balance Sheet (the “Restructuring Completion Balance Sheet”). A Lead Purchaser shall have the right to engage an auditor which shall be any one of Deloitte Touche Tohmatsu,
Ernst & Young, KPMG, PricewaterhouseCoopers and their PRC Affiliates to conduct a special audit on the Restructuring Completion Balance Sheet. The Company shall bear the cost of such audit unless the audit results reveal that there is a
deficiency exceeding $10 mm in the amount of the net assets of the Group as compared to that status in the Pro Forma Balance Sheet in which case the Key Holder shall bear the cost of such audit. 

  
 37 

 Section 4.7 Appointment of Tencent Nominee and JD Nominee. 

(a) Subject to satisfaction of Section 4.7(b), within 30 days after the Lead Purchasers Closing Date, the Company shall ensure
that (i) Tencent Nominee will hold 26.6% of all equity interests of VIE Entity, and (ii) JD Nominee will hold 17.7% of all equity interests of VIE Entity, in each case, by way of subscribing to newly increased registered capital of the VIE
Entity, and (iii) the constitutional documents of VIE Entity shall be amended to the reasonable satisfaction of both Lead Purchasers, and (iv) all necessary filings and registrations and Authorizations shall have been completed or obtained
in connection with the foregoing equity subscriptions and amendment of constitutional documents of VIE Entity (except for the registration of the Share Pledge in connection with the Tencent Nominee and the JD Nominee shall be completed within 60
days after the Lead Purchasers Closing Date). 
 (b) As soon as practicable after the Closing Date and in any event within 30 days after
the Lead Purchasers Closing Date, (i) the registered capital of the VIE Entity shall be increased to RMB50,000,000, (ii) the Tencent Purchaser shall cause to be contributed RMB13,300,000 (being the newly increased registered capital to be
contributed by Tencent Nominee to the VIE Entity) to the VIE Entity, and (iii) the JD Purchaser shall cause to be contributed RMB8,850,000 (being the newly increased registered capital to be contributed by JD Nominee to the VIE Entity) to the
VIE Entity. The Tencent Purchaser shall procure Tencent Nominee to enter into the Control Documents with the WFOE, the VIE Entity and the other shareholders of the VIE Entity as soon as practicable after the Closing Date. The JD Purchaser shall
procure JD Nominee to enter into the Control Documents with the WFOE, the VIE Entity and the other shareholders of the VIE Entity as soon as practicable after the Closing Date. 

(c) The Tencent Purchaser and the JD Purchaser shall share, on a pro rata basis based upon their respective subscription percentage in the
newly increased registered capital of the VIE Entity, the costs and expenses, including, but not limited to, filing fees, registration fees and other transaction expenses, incurred in connection with paragraph (a) above (including any change or
replacement of the Tencent Nominee or JD Nominee, as applicable). Notwithstanding the foregoing, each Party shall bear its own taxes incurred in connection with paragraph (a) above (including any change or replacement of the Tencent Nominee or
JD Nominee, as applicable). 
 (d) As soon as practicable after the Closing Date and in any event within 30 days after the Lead Purchasers
Closing Date, the Key Holder shall cause to be contributed RMB27,850,000 (being the newly increased registered capital to be contributed by Bin Li to the VIE Entity) to the VIE Entity. The Key Holder shall procure Bin Li to make the necessary
amendments to the Control Documents to which he is a party to reflect the additional contributions made by Bin Li to the VIE Entity and to promptly take any other actions required to implement the transactions contemplated in the Control Documents
to which he is a party (including, without limitation, registering the Share Pledge in connection with Bin Lin). 

  
 38 

 Section 4.8 Contribution Agreement and Restructuring. 

(a) The Parties shall, and the Company shall cause the Group Companies and the Key Holder shall cause the Key Holder Parties to, negotiate in
good faith the Contribution Agreement, the Equity Interest Transfer Agreement, the assets transfer agreement, the intellectual property rights transfer or exclusive license agreement (the exclusive license agreement shall have a term of three years
and shall only apply to the domain name chedai.bitauto.com (the “Licensed Domain Name”). During the term of such exclusive license agreement, the Key Holder Parties shall not use or otherwise exploit the Licensed Domain
Name), the contract assignment agreement and other agreement or instrument necessary to effect the Restructuring in accordance with the Contribution Agreement (each, a “Restructuring Document” and collectively, the
“Restructuring Documents”) and, upon agreement of the final form of such documents, acknowledged in writing by each Lead Purchaser (which acknowledgement shall not be unreasonably withheld or delayed), the Key Holder and the
applicable Group Companies and the applicable Key Holder Parties shall execute and deliver each such document. The Contribution Agreement shall be consistent with the terms and conditions set forth on Exhibit B, except as otherwise agreed in
writing by the Parties. The Parties shall cooperate in good faith to permit the completion of such documentation in accordance with the terms hereof as promptly as reasonably practicable following the date hereof. For the avoidance of doubt, each of
the Contribution Agreement and the Equity Interest Transfer Agreement shall be a Restructuring Document. 
 (b) The Key Holder shall not,
and the Company shall cause the Group Companies not to, and the Key Holder shall cause the Key Holder Parties not to, consent to any amendment, supplement, termination or waiver of rights or obligations pursuant to, the Contribution Agreement or any
Restructuring Document, save on terms that would not be materially adverse to the interests of the Group Companies parties thereto. 
 (c)
In connection with the Restructuring, the Key Holder shall bear, or shall reimburse the Group Companies for, (i) all tax liabilities of the Group Companies incurred in connection with the Restructuring in excess of RMB3,000,000, (ii) all
historical tax liabilities resulting from or arising out of the period prior to the earlier of (x) the Restructuring Completion Date and (y) the date on which the Contributed Assets are transferred to the Company pursuant to the
Restructuring Documents, and (iii) all obligations for severance or similar payments to employees of the PRC Business to the extent arising from or in connection with the seniority of such employee with the relevant Key Holder Party prior to
the earlier of (x) the Restructuring Completion Date and (y) the date on which such employees are transferred to the Company pursuant to the Restructuring Documents. 

(d) Within twelve (12) months following the Lead Purchasers Closing, the Company shall use its reasonable best efforts to obtain an
Internet content provider value-added telecommunications services permit (

) for providing Internet information services (the “ICP Permit”) from the Governmental Authority of competent jurisdiction and deliver a copy of the ICP Permit to each Lead Purchaser. 

  
 39 

 (e) The Company shall cause the Group Companies, and the Key Holder shall cause the Key Holder
Parties, to provide each Lead Purchaser with a reasonable opportunity to review and comment upon the Contribution Agreement and each Restructuring Document, and each amendment, supplement or waiver thereof, and the Contribution Agreement and each
Restructuring Document, and each amendment, supplement or waiver thereof, shall be in form and substance reasonably acceptable to each Lead Purchaser. 

Section 4.9 Key Holder Covenants relating to Restructuring. The Key Holder shall, and shall procure each of the Key Holder Parties
will, use its commercially reasonable best efforts to: 
 (a) satisfy the conditions to the Group Companies’ obligations to consummate
the Restructuring, 
 (b) obtain any Authorization required to consummate the Restructuring in accordance with the Contribution Agreement
and with the Restructuring Documents, and 
 (c) subject to Section 4.19, consummate the Restructuring as soon as practicable
in accordance with Section 4.8, with the Contribution Agreement and with the Restructuring Documents within twelve (12) months following the Lead Purchasers Closing Date (the date on which the Restructuring is so consummated is the
“Restructuring Completion Date”), provided that: 
 (i) within six (6) months following the Lead Purchasers
Closing, the Key Holder shall, and shall procure each of the Key Holder Parties will, use its commercially reasonable best efforts to terminate all existing employment contracts between the Key Holder Parties and the Transferred Employees who are
currently employed by the Key Holder Parties, terminate or waive all the confidentiality and non-competition obligations or requirements of the Transferred Employees, and cause the VIE Entity or any other Group Company to enter into new Employment
Agreements with the Key Employees and employment arrangements with the other Transferred Employees who are not Key Employees, and complete all required filings in connection with such transfers of employment; 

(ii) within six (6) months following the Lead Purchasers Closing, the Key Holder shall, and shall procure each of the Key Holder Parties
will, use its commercially reasonable best efforts to complete the transfer of 100% of Equity Securities of the Leasing WFOE (the “Leasing WFOE Equity”) to a Group Company established in Hong Kong and wholly owned by the Company
(the “Leasing WFOE Purchaser”) pursuant to the Equity Interest Transfer Agreement and to obtain all Authorizations required by PRC Laws such that the Leasing WFOE Purchaser is the registered shareholder of the Leasing WFOE as
described in the business license of the Leasing WFOE; 

  
 40 

 (iii) the Share Pledge shall be registered within sixty (60) days following the Lead
Purchasers Closing. 
 Section 4.10 Purchaser Put Right. In the event that, within twelve (12) months following the Lead
Purchasers Closing Date, the Restructuring Completion Date has not occurred pursuant to Section 4.9 (except with respect to any Non-assignable Assets), then each Purchaser shall be entitled to cause the Key Holder to purchase from such
Purchaser all (but not less than all) of such Purchaser’s Subscription Shares, by deliver of written notice by such Purchaser to the Key Holder. The purchase price payable by the Key Holder for such purchase shall equal the Purchase Price paid
by the applicable Purchaser for such Subscription Shares, plus interest accrued from the Closing Date to the date of payment at a rate equal to the rate of interest then payable on the funds in the Company’s checking account. Each such purchase
shall be consummated no later than thirty (30) days following the delivery of the applicable Purchaser’s notice. At such purchase, the applicable Purchaser shall deliver a customary instrument of transfer in respect of its Subscription
Shares against delivery by the Key Holder of the applicable purchase price, by wire transfer of immediately available funds to an account designated in writing by the applicable Purchaser at least two (2) Business Days prior to the date of such
sale.Distribution Compliance Period. Each Purchaser, severally and not jointly, agrees not to resell, pledge or transfer any Subscription Shares within the United States or to any U.S. Person, as each of those terms is defined in Regulation S,
during the forty (40) days following the Closing Date. 
 Section 4.12 Noncompetition. 

(a) Noncompetition. Following the date of this Agreement, the Key Holder shall not, and shall cause its Subsidiaries and consolidated
PRC Affiliates not to, directly or indirectly (including through any Subsidiary), invest in, own, manage, operate, or Control any Competitor, other than through the Group Companies, provided, however, that the restrictions contained in this
paragraph (a) shall not restrict (x) the acquisition by such individual, directly or indirectly, of less than 5% of the outstanding share capital of any Competitor that is a publicly traded company and (y) the Key Holder or the Key
Holder Parties from owning, managing, operating or Controlling the PRC Business after the date hereof until the Restructuring Completion Date. 

(b) Specific Performance: Modification of Covenant. The Key Holder acknowledges and agrees that the agreements and covenants contained
in this Section 4.12 are reasonable in scope and duration, an integral part of the Contemplated Transactions and necessary to protect and preserve the Company’s legitimate business interests and the value of the PRC Business and to
prevent any unfair advantage. The Key Holder further acknowledges and agrees that if it breaches any provision of this Section 4.12, any remedy at law may be inadequate and insufficient and may cause the Company irreparable harm and that
the Company, in addition to seeking monetary damages in connection with such breach, shall be entitled to specific performance and injunctive and other equitable relief to prevent or restrain a breach of this Section 4.12 or to enforce
the provisions hereof without the requirement of posting bond or other security. If a final judgment of a Governmental Authority determines that any term or provision contained in this Section 4.12 is invalid or unenforceable, then the
Parties agree that the court or tribunal will have the power to reduce the scope, duration or geographic area of the term or provision, to delete specific words or phrases or to replace any invalid or unenforceable term or provision with a term or
provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision. This Section 4.12 will be enforceable as so modified after the expiration of the time within
which the judgment may be appealed. Notwithstanding anything to the contrary, each Purchaser shall have the right to enforce this Section 4.12 against the Key Holder. 

  
 41 

 Section 4.13 Further Assurances. From the date of this Agreement until the Closing
Date, the Parties shall use their commercially reasonable best efforts to fulfill or obtain the fulfillment of the conditions precedent to the consummation of the Contemplated Transactions. 

Section 4.14 Use of Proceeds. The Company shall use the Purchase Price for the general corporate purposes of the Group Companies.
Notwithstanding the foregoing, the Purchase Price shall not be used by the Company to pay for the Total Consideration. The Company may only use the Leasing WFOE Purchase Cash to pay for the consideration to acquire 100% of the Equity Interest of the
Leasing WFOE. 
 Section 4.15 Cooperation. The Parties shall use their commercially reasonable efforts to cooperate to
facilitate the further development of the PRC Business following the Closing. 
 Section 4.16 SAFE Registration. The Company
shall cause Bin Li and any other person who is PRC resident (as defined in the SAFE Rules and Regulations) to, at the expense of the Company, fully comply with all applicable Laws of the PRC with respect to his direct or indirect holding of Equity
Securities in the Group Companies on a continuing basis (including, but not limited to, all reporting and filing obligations imposed by and all approvals and permits required by the SAFE Rules and Regulations and the SAFE in connection therewith).
In particular, if required by the SAFE Rules and Regulations or the SAFE, the Key Holder and the Company shall cause Bin Li and any other person who is PRC resident (as defined in the SAFE Rules and Regulations) to update their registration forms
with SAFE with respect to the Contemplated Transactions within the applicable required time period. 
 Section 4.17 Permits. If
applicable PRC laws require any Group Company to obtain any other permits for any business proposed to be conducted by such Group Company, the Company shall ensure that such Group Company promptly obtain such permits prior to such Group Company
conducting such business. 
 Section 4.18 Access. From the date of this Agreement until the Closing Date, the Key Holder shall,
and shall cause its Affiliates to (a) give each Purchaser, its counsel, financial advisors, auditors and other representatives reasonable access to the offices, properties, books and records of the Group Companies, the Leasing WFOE and the PRC
Business and the Contributed Assets; (b) furnish to each Purchaser, its counsel, financial advisors, auditors and other representatives such information relating to the Group Companies, the Leasing WFOE and the PRC Business and the Contributed
Assets as may be reasonably requested; and (c) instruct the employees, counsel, accountants and other advisors of the Key Holder and its Affiliates to cooperate with each Purchaser in its investigation of the Group Companies, the Leasing WFOE
and the PRC Business and the Contributed Assets. 

  
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 Section 4.19 Non-Assignable Assets. 

(a) None of the Key Holder, the Key Holder Parties, the Company or the Group Companies will be required to transfer any Contributed Assets
which by its terms or by Law is not assignable or transferable without the consent or approval of any Governmental Authority or other third party or satisfaction of any other condition or is cancelable by a third party in the event of an assignment
or transfer (a “Non-assignable Asset”), unless and until such consent or approval shall have been obtained or condition satisfied. 

(b) Each of the Key Holder, the Key Holder Parties, the Company or the Group Companies shall use its commercially reasonable best efforts to
obtain as expeditiously as possible any consent or approval that may be required and to satisfy a condition necessary to the assignment or transfer of a Non-assignable Asset to the Group Companies. 

(c) Unless and until any such consent or approval that may be required is obtained or condition satisfied, to the extent permitted by
applicable Law and by the terms of the applicable Non-assignable Asset, each of the Key Holder, the Key Holder Parties, the Company or the Group Companies shall cooperate and use its commercially reasonable best efforts to establish an arrangement
under which the Group Companies would obtain the rights and benefits and assume the corresponding liabilities and obligations under such Non-assignable Asset (including by means of any subcontracting, sublicensing or subleasing arrangement, as
applicable) or under which the Key Holder or the Key Holder Parties would, at the reasonable request and at the costs and expenses of the Group Companies, enforce for the benefit of the Group Companies, in respect of such Non-assignable Asset, any
and all claims, rights and benefits of the Key Holder and its Subsidiaries against a third party thereto. The foregoing arrangement shall not apply to a Transferred Employee. 

(d) If and when the applicable consents or approvals, the absence of which caused the deferral of transfer of any Non-assignable Asset
pursuant to this Section 4.19, are obtained, the transfer of the applicable Non-assignable Asset to the Group Companies shall automatically and without further action be effected in accordance with the terms of Restructuring Documents.

 (e) For any Non-assignable Contract, the Lead Purchasers, the Company and the Key Holder shall discuss in good faith and agree upon the
arrangement to ensure that the arrangements under this Section 4.19 can be applied to such Contract. 
 ARTICLE V 

INDEMNIFICATION 

Section 5.1 Survival of the Representations and Warranties. All representations and warranties made by the Key Holder or the
Company to the Purchasers or by a Purchaser to the Key Holder and the Company shall expire on the date that is eighteen (18) months after the Closing, except the Fundamental Representations, which shall expire on the expiration of the
applicable statute of limitations. Notwithstanding the foregoing, any claims which have been asserted in writing pursuant to Section 5.2 against the Party making such representations and warranties on or prior to such applicable
expiration date shall continue to survive and be fully effective and enforceable until a final and nonappealable Order of a Governmental Authority of competent jurisdiction has been issued. The covenants and agreements of any Party contained in this
Agreement shall survive the Closing until they are terminated, whether by performance thereof, their express terms or as a matter of applicable Law. 

  
 43 

 Section 5.2 Indemnification. From and after the Closing, each Party, as applicable
(the “Indemnifying Party”), shall indemnify and hold the other Parties and their respective directors, officers and agents (collectively, the “Indemnified Party”) harmless from and against any losses, claims,
damages, liabilities, judgments, fines, obligations, expenses and liabilities of any kind or nature whatsoever, including but not limited to any investigative, legal and other expenses incurred in connection with, and any amounts paid in settlement
of, any pending or threatened legal action or proceeding, and any taxes or levies that may be payable by such person by reason of the indemnification of any indemnifiable loss hereunder (collectively, “Losses”) resulting from or
arising out of: (i) the breach of any representation or warranty of the Indemnifying Party contained in this Agreement; or (ii) the violation or nonperformance, partial or total, of any covenant or agreement of the Indemnifying Party
contained in this Agreement. For the avoidance of doubt, the Company shall not indemnify the Key Holder, and the Key Holder shall not indemnify the Company, pursuant to this Section 5.2. 

Section 5.3 Third Party Claims. 

(a) If any third party shall notify any Indemnified Party in writing with respect to any matter involving a claim by such third party (a
“Third Party Claim”) which such Indemnified Party believes would give rise to a claim for indemnification against the Indemnifying Party under this Article V, then the Indemnified Party shall promptly following receipt of
notice of such claim (i) notify the Indemnifying Party thereof in writing and (ii) transmit to the Indemnifying Party a written notice (“Claim Notice”) describing in reasonable detail the nature of the Third Party Claim, a
copy of all papers served with respect to such claim (if any), and the basis of the Indemnified Party’s request for indemnification under this Agreement. Notwithstanding the foregoing, no failure or delay in providing such notice shall
constitute a waiver or otherwise modify the Indemnified Party’s right to indemnity hereunder, except to the extent that the Indemnifying Party shall have been prejudiced by such failure or delay. If the Indemnifying Party does not notify the
Indemnified Party in writing within thirty (30) days from receipt of such Claim Notice that the Indemnifying Party disputes such claim for indemnification under this Agreement, the Indemnifying Party shall be deemed to have accepted and agreed
with such claim for indemnification under this Agreement. 
 (b) Upon receipt of a Claim Notice with respect to a Third Party Claim, the
Indemnifying Party shall have the right to assume the defense of any Third Party Claim by, within thirty (30) days of receipt of the Claim Notice, notifying the Indemnified Party in writing that the Indemnifying Party elects to assume the
defense of such Third Party Claim, and upon delivery of such notice by the Indemnifying Party, the Indemnifying Party shall have the right to fully control and settle the proceeding; provided, that any such settlement or compromise shall be
permitted hereunder only with the written consent of the Indemnified Party. Notwithstanding the foregoing, the Indemnifying Party shall not be entitled to assume the defense of any Third Party Claim if (i) the Third Party Claim relates to or
arises in connection with any criminal action, (ii) the Third Party Claim seeks an injunction or equitable relief against any Indemnified Party, (iii) the Third Party Claim is or would reasonably be expected to result in Losses in excess
of the amounts available for indemnification pursuant to Section 5.5 or (iv) the Indemnifying Party has not acknowledged that such Third Party Claim is subject to indemnification pursuant to this Article V. If the
Indemnifying Party assumes the defense of a Third Party Claim pursuant to this Section 5.3(b), the Indemnifying Party shall conduct such defense in good faith. 

  
 44 

 (c) If requested by the Indemnifying Party, the Indemnified Party shall, at the sole cost and
expense of the Indemnifying Party, cooperate reasonably with the Indemnifying Party and its counsel in contesting any Third Party Claim which the Indemnifying Party elects to contest, including in connection with the making of any related
counterclaim against the person asserting the Third Party Claim or any cross complaint against any person. The Indemnified Party shall have the right to receive copies of all pleadings, notices and communications with respect to any Third Party
Claim, other than any privileged communications between the Indemnifying Party and its counsel, and shall be entitled, at its sole cost and expense, to retain separate co-counsel and participate in, but not control, any defense or settlement of any
Third Party Claim assumed by the Indemnifying Party pursuant to Section 5.3(b). 
 (d) In the event of a Third Party Claim for
which the Indemnifying Party elects not to assume the defense, fails to make such an election within the thirty (30) days of the Claim Notice or otherwise fails to continue the defense of the Indemnified Party reasonably and in good faith, the
Indemnified Party may, at its option, defend, settle, compromise or pay such action or claim at the expense of the Indemnifying Party; provided that any such settlement or compromise shall be permitted hereunder only with the written consent
of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. 
 Section 5.4 Other Claims. In the
event any Indemnified Party should have a claim against the Indemnifying Party hereunder which does not involve a Third Party Claim, the Indemnified Party shall promptly transmit to the Indemnifying Party a written notice (the “Indemnity
Notice”) describing in reasonable detail the nature of the claim, the Indemnified Party’s best estimate of the amount of Losses attributable to such claim and the basis of the Indemnified Party’s request for indemnification under
this Agreement; provided, that no failure or delay in providing such notice shall constitute a waiver or otherwise modify the Indemnified Party’s right to indemnity hereunder, except to the extent that the Indemnifying Party shall have
been prejudiced by such failure or delay. If the Indemnifying Party does not notify the Indemnified Party within thirty (30) days from its receipt of the Indemnity Notice that the Indemnifying Party disputes such claim, the Indemnifying Party
shall be deemed to have accepted and agreed with such claim. 
 Section 5.5 Limitations on Liability. Notwithstanding the
foregoing, other than with respect to fraud, breach of the Fundamental Representations, and indemnification pursuant to Section 5.2(ii), (i) no Party shall have liability (for indemnification or otherwise) with respect to any Losses
unless the aggregate amount of such Losses exceeds US$1,500,000 (in which case, the entire amount of Losses, subject to Section 5.5(ii) and Section 5.5(iii) below, shall be payable by the liable Party), (ii) the maximum liability for
the Key Holder or the Company with respect to the Tencent Purchaser and the maximum liability for the Tencent Purchaser, in each case, shall not exceed an amount equal to 50% of the Tencent Purchase Price, (iii) the maximum liability for the
Key Holder or the Company with respect to the JD Purchaser and the maximum liability for the JD Purchaser, in each case, shall not exceed an amount equal to 50% of the JD Purchase Price and (iv) the maximum liability for the Key Holder or the
Company with respect to the Hammer Purchaser and the maximum liability for the Hammer Purchaser, in each case, shall not exceed an amount equal to 50% of the Hammer Purchase Price. No Indemnifying Party shall be required to compensate any
Indemnified Party more than once (whether under this Agreement or any other Transaction Document) in respect of the same Loss. 

  
 45 

 Section 5.6 Exclusive Remedy. From and after the Closing, this Article V shall
provide the exclusive remedy for any misrepresentation, breach of warranty, covenant or other agreement or other claim resulting from or arising out of this Agreement. 

ARTICLE VI 

MISCELLANEOUS 

Section 6.1 Disclosure Schedule References. The Parties agree that any reference in a particular Section of the Disclosure
Schedule shall be deemed to be an exception to (or, as applicable, a disclosure for purposes of) (i) the representations and warranties (or covenants, as applicable) of the relevant Party that are contained in the corresponding Section of this
Agreement and (ii) any other representations and warranties of such Party that is contained in this Agreement (regardless of the absence of an express reference or cross reference thereto), but only if the relevance of that reference as an
exception to (or a disclosure for purposes of) such representations and warranties would be reasonably apparent. The Parties acknowledge and agree that the Disclosure Schedule may include certain items and information solely for informational
purposes for the convenience of the Purchasers, and the disclosure by the Company of any matter in the Disclosure Schedule shall not be deemed to constitute an acknowledgment by the Company that the matter is required to be disclosed by the terms of
this Agreement or that the matter is material. 
 Section 6.2 Governing Law; Arbitration. This Agreement shall be governed and
interpreted in accordance with the internal laws of Hong Kong. Any dispute arising out of or relating to this Agreement, including any question regarding its existence, validity or termination (“Dispute”) shall be referred to and
finally resolved by arbitration at the Hong Kong International Arbitration Centre in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules then in force. There shall be three arbitrators. The Key Holder and
the Company collectively shall have the right to appoint one arbitrator, the Lead Purchasers shall have the right to jointly appoint one arbitrator, and the third arbitrator shall be appointed by the Hong Kong International Arbitration Centre. The
language to be used in the arbitration proceedings shall be English. Each of the Parties irrevocably waives any immunity to jurisdiction to which it may be entitled or become entitled (including without limitation sovereign immunity, immunity to
pre-award attachment, post-award attachment or otherwise) in any arbitration proceedings and/or enforcement proceedings against it arising out of or based on this Agreement or the Contemplated Transactions. The award of the arbitration tribunal
shall be final and binding upon the Parties, and the prevailing Party may apply to a court of competent jurisdiction for enforcement of such award. Any Party shall be entitled to seek preliminary injunctive relief from any court of competent
jurisdiction pending the constitution of the arbitration tribunal. 

  
 46 

 Section 6.3 Amendment. This Agreement shall not be amended, changed or modified,
except by another agreement in writing executed by the Parties. 
 Section 6.4 Binding Effect. This Agreement shall inure to the
benefit of, and be binding upon, each of the Parties and their respective heirs, successors and permitted assigns and legal representatives. 

Section 6.5 Assignment. Neither this Agreement nor any of the rights, duties or obligations hereunder may be assigned by the any
Party without the express written consent of the other Parties. Any purported assignment in violation of the foregoing sentence shall be null and void. Notwithstanding the foregoing, (a) the Tencent Purchaser may assign its rights hereunder to
any Affiliate of the Tencent Purchaser; and (b) the JD Purchaser may assign its rights hereunder to any Affiliate of the JD Purchaser. 

Section 6.6 Notices. All notices, requests, demands, and other communications under this Agreement shall be in writing and shall
be deemed to have been duly given if (a) in writing and served by personal delivery upon the party for whom it is intended; (b) if delivered by facsimile or electronic mail with receipt confirmed; or (c) if delivered by certified
mail, registered mail or courier service, return-receipt received to the party at the address set forth below: 
  

					
	 If to the Key Holder, at:
		
			
			Address:		Bitauto Holdings Limited
					 New Century Hotel Office Tower

6/F

					 No. 6 South Capital Stadium Road
 Beijing,
100044

					The People’s Republic of China
			Attn:		Bin LI
			Facsimile:		(86 10) 6849-2200
			
	 If to the Company, at:
				
			
			Address:		Bitauto Holdings Limited
					 New Century Hotel Office Tower

6/F

					 No. 6 South Capital Stadium Road
 Beijing,
100044

					The People’s Republic of China
			Attn:		Bin LI
			Facsimile:		(86 10) 6849-2200

  
 47 

					
	 If to the Tencent Purchaser, at:

			
			Address:		 c/o Tencent Holdings Limited
 29/F., Three
Pacific Place, No.1
 Queen’s Road East, Wanchai,
 Hong
Kong

			Attn.:		Compliance and Transactions Department
			E-mail:		legalnotice@tencent.com
	
	 With a copy (which shall not constitute notice) to:

			
			Address:		Tencent Building, Kejizhongyi
					Avenue, Hi-tech Park, Nanshan
					District, Shenzhen, 518057,
					P.R. China
			Attn.:		Mergers and Acquisitions Department
			E-mail:		PD_Support@tencent.com
	
	 With a copy (which shall not constitute notice) to:

		
			Paul, Weiss, Rifkind, Wharton & Garrison LLP
			Address:		 12th Floor, The Hong Kong Club
 Building, 3A
Chater Road, Central,

					Hong Kong
			Attn:		Jeanette K. Chan, Esq.
			Facsimile:		(852) 2840-4300
			E-mail:		
		
			Paul, Weiss, Rifkind, Wharton & Garrison LLP
			Address:		 1285 Avenue of the Americas,
 New York, NY
10019-6064, USA

			Attn:		Steven J. Williams, Esq.
			Facsimile:		(212) 492-0257
			Email:		
	
	 If to the JD Purchaser, at:

		
			JD.com, Inc.
			10th Floor, Building A, North Star Century Center,
			8 Beichen West Street, Chaoyang District, Beijing
			100101, P.R. China
			Attention:		Legal Department
			E-mail:		legalnotice@jd.com
	
	 With copy (which shall not constitute notice) to:

		
			JD.com, Inc.
			10th Floor, Building A, North Star Century Center,
			8 Beichen West Street, Chaoyang District, Beijing
			100101, P.R. China
			Attention:		Corporate Development Department

  
 48 

					
	 If to the Hammer Purchaser, at:
				
			
			Address:		 Suite 508, 5th Floor, ICBC Tower, 3
 Garden
Road, Central, Hong Kong

			Attn:		Amanda Chau
			Facsimile:		+852 2660 6996

 Any Party may change its address for purposes of this Section 6.6 by giving the other Parties written notice of
the new address in the manner set forth above. 
 Section 6.7 Entire Agreement. This Agreement (together with the schedules and
exhibits hereto and the other Transaction Documents) constitutes the entire understanding and agreement between the Parties with respect to the matters covered hereby, and all prior agreements and understandings, oral or in writing, if any, between
the Parties with respect to the matters covered hereby are merged and superseded by this Agreement and the other Transaction Documents. 

Section 6.8 Severability. If any provisions of this Agreement shall be adjudicated to be illegal, invalid or unenforceable in any
action or proceeding whether in its entirety or in any portion, then such provision shall be deemed amended, if possible, or deleted, as the case may be, from the Agreement in order to render the remainder of the Agreement and any provision thereof
both valid and enforceable, and all other provisions hereof shall be given effect separately therefrom and shall not be affected thereby. 

Section 6.9 Fees and Expenses. Except as otherwise provided in this Agreement, the Parties will bear their respective expenses
incurred in connection with the negotiation, preparation and execution of this Agreement and the Contemplated Transactions, including fees and expenses of attorneys, accountants, consultants and financial advisors; provided, that if (i) the
Contemplated Transactions are consummated or (ii) the Agreement is terminated by a Purchaser as a result of the breach of this Agreement by the Key Holder or the Company, then the Company shall bear all expenses incurred by the Purchasers in
connection with the negotiation, preparation and execution of this Agreement and the Contemplated Transactions, including fees and expenses of attorneys, accountants, consultants and financial advisors, up to an aggregate amount equal to two hundred
fifty thousand dollars ($250,000), which shall be shared among the Purchasers on a pro rata basis based upon the Purchase Price for Subscription Shares paid or required to be paid by the Purchasers under this Agreement. 

  
 49 

 Section 6.10 Confidentiality. 

(a) Each Party shall keep confidential any non-public material or information with respect to the business, technology, financial conditions,
and other aspects of the other Parties which it is aware of, or have access to, in signing or performing this Agreement (including written or non-written information, hereinafter the “Confidential Information”). Confidential
Information shall not include any information that is (a) previously known on a non-confidential basis by the receiving Party, (b) in the public domain through no fault of such receiving Party, its Affiliates or its or its Affiliates’
officers, directors or employees, (c) received from a party other than the Company or the Company’s representatives or agents, so long as such party was not, to the best knowledge of the receiving Party, subject to a duty of
confidentiality to the Company or (d) developed independently by the receiving Party without reference to confidential information of the disclosing Party. No Party shall disclose such Confidential Information to any third party. The Parties
hereby agree, for the purpose of this Section 6.10, that the existence and terms and conditions of this Agreement and schedules hereof shall be deemed as Confidential Information; provided that, notwithstanding any other provision
of this Agreement, the Key Holder shall be permitted to include a description of this Agreement and its terms, which description shall be true and consistent with the terms hereunder in all respects, in any filing with the SEC and/or any securities
exchange, and any documents or communications undertaken in connection with such filing(s), subject to the Key Holder providing each Lead Purchaser with a reasonable opportunity to review a draft of any such description and giving due consideration
to such Lead Purchaser’s reasonable comments, if any, to such disclosure to the extent permitted by applicable Laws (including any rules or regulations of any securities exchange or valid legal process). Notwithstanding any other provision of
this Section 6.10 or any provisions under the Shareholders Agreement, this Section 6.10 and any provisions under the Shareholders Agreement shall not restrict any Lead Purchaser’s or its Affiliates’ normal
accounting or tax reporting in respect of such Lead Purchaser investment in the Company as required by (i) applicable Law and (ii) IFRS or PRC GAAP, as applicable. 

(b) Notwithstanding any other provisions in this Section 6.10, if any Party believes in good faith that any announcement or
notice must be prepared or published pursuant to applicable Laws (including any rules or regulations of any securities exchange or valid legal process) or information is otherwise required to be disclosed to any Governmental Authority, such Party
may, in accordance with its understanding of the applicable Laws, make the required disclosure in the manner it deems in compliance with the requirements of applicable Laws; provided that, the Party who is required to make such disclosure
shall, to the extent permitted by Law and so far as it is practicable, provide the other Parties with prompt notice of such requirement and cooperate with the other Parties at such other Parties’ request and at the requesting Party’s cost,
to enable such other Parties to seek an appropriate protection order or remedy. In addition, each Party may disclose, after giving prior notice to the other Parties to the extent practicable under the circumstances and subject to any practicable
arrangements to protect confidentiality, Confidential Information to the extent required under judicial or regulatory process or in connection with any judicial process regarding any legal action, suit or proceeding arising out of or relating to the
Transaction Documents; provided that, the Party who is required to make such disclosure shall, to the extent permitted by Law and so far as it is practicable, at the other Parties’ request and at the requesting Party’s cost,
cooperate with the other Parties to enable such other Parties to seek an appropriate protection order or remedy. 

  
 50 

 (c) Each Party may disclose the Confidential Information only to its Affiliates and its and its
Affiliates’ officers, directors, employees, agents and representatives on a need-to-know basis in the performance of the Transaction Documents; provided that, such Party shall ensure such persons strictly abide by the confidentiality
obligations hereunder. 
 (d) The confidentiality obligations of each Party hereunder shall survive the termination of this Agreement. Each
Party shall continue to abide by the confidentiality clause hereof and perform the obligation of confidentiality it undertakes until the other Party approves release of that obligation or until a breach of the confidentiality clause hereof will no
longer result in any prejudice to the other Party. 
 Section 6.11 Specific Performance. The Parties agree that irreparable
damage would occur in the event any provision of this Agreement were not performed in accordance with the terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or
equity. 
 Section 6.12 Termination. 

(a) This Agreement shall terminate upon the earliest to occur of (i) the written consent of each of the Parties, (ii) written
notice of any Party delivered at any time following three (3) months after the date hereof (such date, as may be extended in accordance with this Section 6.12(a), the “Long-Stop Date”), if the Closing has not
occurred on or prior to such date, provided that no Party shall be permitted to terminate this Agreement pursuant to this Section 6.12(a)(ii) if the failure to consummate the Contemplated Transactions was proximately caused by the
breach by such Party or its Affiliate of any representation, warranty or covenant in this Agreement. 
 (b) Any Party may terminate this
Agreement, upon written notice to the other Parties, if any Governmental Authority shall have issued any Order or taken any other action permanently retraining, enjoining or otherwise prohibiting the Contemplated Transactions and such Order or other
action has become final and nonappealable (provided that no Party shall be permitted to terminate this Agreement pursuant to this Section 6.12(b) if the imposition of such Order or other action was proximately caused by the breach
by such Party or its Affiliate of any representation, warranty or covenant in this Agreement, the Contribution Agreement or any Restructuring Document). 

(c) A Lead Purchaser may terminate this Agreement if there exists a breach of any warranty of the Key Holder or the Company such that the
condition set forth in Section 2.4(a)(i) would not be satisfied and breach has not been cured (or is incapable of being cured) by the Key Holder or the Company, as the case may be, within thirty (30) days following its receipt of
notice from such Lead Purchaser of such breach. 
 (d) The Key Holder or the Company may terminate this Agreement if there exists a breach
of any warranty of a Lead Purchaser such that the condition set forth in Section 2.4(c)(i) would not be satisfied and breach has not been cured (or is incapable of being cured) by such Lead Purchaser within thirty (30) days
following its receipt of notice from the Key Holder or the Company, as applicable, of such breach. 

  
 51 

 (e) Upon any termination of this Agreement, this Agreement will have no further force or effect,
except for the provisions of Article V and this Article VI, which shall survive any termination under this Section 6.12; provided, that no termination of this Agreement shall relieve any Party of liability for any
breach of this Agreement prior to such termination. 
 Section 6.13 Headings. The headings of the various articles and sections
of this Agreement are inserted merely for the purpose of convenience and do not expressly or by implication limit, define or extend the specific terms of the section so designated. 

Section 6.14 Execution in Counterparts. For the convenience of the Parties and to facilitate execution, this Agreement may be
executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. Delivery of executed signature pages by facsimile or electronic transmission (via
scanned PDF) will constitute effective and binding execution and delivery of this Agreement. 
 Section 6.15 Press Release and
Public Filing. Upon the signing of this Agreement by all of the Parties, each may issue a press release regarding the signing of this Agreement, in the form previously agreed by the Parties. 

Section 6.16 Waiver. No waiver of any provision of this Agreement shall be effective unless set forth in a written instrument
signed by the Party waiving such provision. No failure or delay by a Party in exercising any right, power or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of the same preclude any further
exercise thereof or the exercise of any other right, power or remedy. 
 [SIGNATURE PAGE FOLLOWS] 

  
 52 

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

			
	DONGTING LAKE INVESTMENT LIMITED
		
	By:		 /s/ Ma Huateng

	Name:		Ma Huateng
	Title:		Director

 [SIGNATURE PAGE TO SHARE SUBSCRIPTION AGREEMENT] 

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

			
	JD FINANCIAL INVESTMENT LIMITED
		
	By:		 /s/ Liu Qiangdong

	Name:		LIU Qiangdong
	Title:		Director

 [SIGNATURE PAGE TO SHARE SUBSCRIPTION AGREEMENT] 

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

					
	HAMMER CAPITAL MANAGEMENT LIMITED
			
					 For and on behalf of
 Hammer Capital
Management Limited
 

		
	By:		 /s/ Rodney Tsang

	Name:		Rodney Tsang
	Title:		Director

 [SIGNATURE PAGE TO SHARE SUBSCRIPTION AGREEMENT] 

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

			
	BITAUTO HOLDINGS LIMITED
		
	By:		 /s/ Li Bin

	Name:		Li Bin
	Title:		

 [SIGNATURE PAGE TO SHARE SUBSCRIPTION AGREEMENT] 

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

			
	YIXIN CAPITAL LIMITED
		
	By:		 /s/ Li Bin

	Name:		Li Bin
	Title:		

 [SIGNATURE PAGE TO SHARE SUBSCRIPTION AGREEMENT]EX-4.19

 Exhibit 4.19 
  

 
  

SHAREHOLDERS’ AGREEMENT 

among 
 YIXIN CAPITAL
LIMITED, 
 BITAUTO HONG KONG LIMITED, 

DONGTING LAKE INVESTMENT LIMITED, 

JD FINANCIAL INVESTMENT LIMITED 

and 
 HAMMER CAPITAL
MANAGEMENT LIMITED 
  
  

Dated February 16, 2015 
  

 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	 	Page	 
		
	 SECTION 1 INTERPRETATION
	 	 	1	  
		
	 SECTION 2 OBLIGATIONS OF THE SHAREHOLDERS
	 	 	9	  
		
	 SECTION 3 RESTRICTIONS ON TRANSFER OF SHARES
	 	 	9	  
		
	 SECTION 4 PREEMPTIVE RIGHTS
	 	 	16	  
		
	 SECTION 5 CORPORATE GOVERNANCE
	 	 	19	  
		
	 SECTION 6 REGISTRATION RIGHTS
	 	 	25	  
		
	 SECTION 7 COVENANTS
	 	 	25	  
		
	 SECTION 8 REPRESENTATIONS AND WARRANTIES
	 	 	29	  
		
	 SECTION 9 CONFIDENTIALITY
	 	 	30	  
		
	 SECTION 10 TERM AND TERMINATION
	 	 	31	  
		
	 SECTION 11 NOTICES
	 	 	32	  
		
	 SECTION 12 MISCELLANEOUS
	 	 	34	  
		
	 SECTION 13 GOVERNING LAW AND DISPUTE RESOLUTION
	 	 	36	  

  

			
	Schedules	  	
		
	SCHEDULE 1	  	SHAREHOLDING STRUCTURE OF THE COMPANY
		
	SCHEDULE 2	  	REGISTRATION RIGHTS
		
	Exhibits	  	
		
	EXHIBIT A	  	DEED OF ADHERENCE

 SHAREHOLDERS’ AGREEMENT (this “Agreement”) made as of February 16, 2015 

AMONG: 
  

	(1)	YIXIN CAPITAL LIMITED, company incorporated under the laws of the Cayman Islands (the “Company”); 

  

	(2)	BITAUTO HONG KONG LIMITED, a company incorporated under the Hong Kong laws (“Bitauto”); 

  

	(3)	DONGTING LAKE INVESTMENT LIMITED, a company incorporated in the British Virgin Islands (“Tencent”); 

  

	(4)	JD FINANCIAL INVESTMENT LIMITED, a company incorporated in the British Virgin Islands (“JD”); and 

  

	(5)	HAMMER CAPITAL MANAGEMENT LIMITED, a company incorporated in the British Virgin Islands (“Hammer”). 

RECITALS: 
  

	(A)	On the date hereof, Tencent, JD, Bitauto and Hammer have subscribed for certain Shares (as defined below) in the Company. The shareholding details of the Company on the date hereof are set out in Schedule 1
hereto. 

  

	(B)	The Parties wish to provide for certain matters relating to the transfer of shares of the Company and the management and operation of the Company and its Subsidiaries. 

AGREEMENT: 
 SECTION 1 

INTERPRETATION 
  

	1.1	Definitions. In this Agreement, unless the context otherwise requires the following words and expressions have the following meanings: 

“Act” means the Companies Law (2013 Revision) of the Cayman Islands, as amended, modified or re-enacted from time to time.

 “Affiliate” of a Person (the “Subject Person”) means (a) in the case of a Person other than a
natural person, any other Person that directly or indirectly Controls, is Controlled by or is under common Control with the Subject Person and (b) in the case of a natural person, any other Person that is directly or indirectly Controlled by
the Subject Person or is a Relative of the Subject Person; provided that the Company and its Subsidiaries shall be deemed not to be Affiliates of any Shareholder. 

 “Anticorruption Laws” shall mean any applicable laws, regulations or orders
relating to anti-bribery or anticorruption (governmental or commercial), which apply to the business and dealings of the Group Companies, including but not limited to, the U.S. Foreign Corrupt Practices Act of 1977, as amended from time to time.

 “Articles” means, collectively, the Amended and Restated Memorandum and Articles of Association of the Company effective
as of the date hereof. 
 “Big-4 accounting firm” means any of Deloitte Touche Tohmatsu, Ernst & Young, KPMG,
PricewaterhouseCoopers and their PRC Affiliates. 
 “Board” means the board of Directors of the Company. 

“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks located in the Cayman Islands,
New York, the PRC or Hong Kong are authorized or required by law or executive order to be closed and on which no tropical cyclone warning No. 8 or above and no “black” rainstorm warning signal is hoisted in Hong Kong at any time
between 8:00 a.m. and 6:00 p.m. Hong Kong time. 
 “Company Representative” shall mean any of the Key Employees, the
Company, any other Group Company, or any director, officer, agent, employee, representative, consultant, or any other person acting for or on behalf of the foregoing (individually and collectively). 

“Competitor” shall mean any Person or Affiliates of any such Person whose primary business is in direct competition with the
PRC Business. 
 “Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction
of the management of a Person, whether through the ownership of voting securities, by contract, credit arrangement or proxy, as trustee, executor, agent or otherwise. For the purpose of this definition, a Person shall be deemed to Control another
Person if such first Person, directly or indirectly, owns or holds more than 50% of the voting Equity Securities in such other Person. The term “Controlled” has the meaning correlative to the foregoing. 

“Control Documents” means, collectively, the agreements made from time to time, which enable the Company to exclusively
Control, and consolidate in its financial statements the results of the VIE Entity, entered into between the wholly foreign-owned entity established by the Company in China on the one hand and the VIE Entity or the shareholders of the VIE Entity on
the other hand. 
 “Director” means a director of the Company (including any duly appointed alternate director). 

“Encumbrance” shall mean any mortgage, charge, pledge, lien (other than arising by statute or operation of law),
hypothecation, equities, adverse claims, or other encumbrance, priority or security interest, over or in any property, assets or rights of whatsoever nature or interest or any agreement for any of the same. 

  
 2 

 “ESOP” means the employee stock option plan adopted by the Company from time to
time. 
 “Equity Securities” means, with respect to any Person, such Person’s capital stock, membership interests,
partnership interests, registered capital, joint venture or other ownership interests (including, without limitation, in the case of the Company, Shares) or any options, warrants or other securities that are directly or indirectly convertible into,
or exercisable or exchangeable for, such capital stock, membership interests, partnership interests, registered capital, joint venture or other ownership interests (whether or not such derivative securities are issued by such Person). 

“Financial Year” means the financial year of the Company, which ends on December 31. 

“Government Official” means (i) any official, officer, employee, or representative of, or any Person acting in an
official capacity for or on behalf of, any Governmental Entity, or (ii) any party official or candidate for political office (other than officials or candidates for party committees or other organizations in any Group Company). 

“Governmental Authority” shall mean any government or political subdivision thereof, whether on a federal, central, state,
provincial, municipal or local level and whether executive, legislative or judicial in nature, including any agency, authority, board, bureau, commission, court, department or other instrumentality thereof and any governing body of any securities
exchange. 
 “Governmental Entity” means (i) any national, federal, state, provincial county, municipal, local, or
foreign government or any entity exercising executive, legislative, judicial, regulatory, taxing, or administrative functions of or pertaining to government, (ii) any public international organization, (iii) any agency, division, bureau,
instrumentality, department, or other political subdivision of any government, entity or organization described in the foregoing clauses (i) or (ii) of this definition, (iv) any company, business, enterprise, or other entity
controlled by any government, entity, organization, or other Person described in the foregoing clauses (i), (ii) or (iii) of this definition, or (v) any political party. 

“Group” or “Group Companies” means collectively the Company and its Subsidiaries, and a “Group
Company” means any of them. 
 “IFRS” means International Financial Reporting Standards, as developed and issued by
the International Accounting Standards Board (IASB). 
 “Investors” means Tencent, JD and Hammer. 

  
 3 

 “IPO” means an initial public offering of Shares on an internationally
recognized stock exchange. 
 “Key Employees” has the meaning set forth in the Share Subscription Agreement. 

“Listco” means Bitauto Holdings Limited, a company incorporated under the laws of the Cayman Islands and listed on the New
York Stock Exchange as of the date hereof. 
 “Nominee Shareholder” means the person nominated by each of Bitauto, Tencent
or JD as a shareholder of the VIE Entity of the Company and, the Nominee Shareholder for Bitauto shall initially be Bin Li, the Nominee Shareholder for Tencent shall initially be 

, and the Nominee Shareholder for JD shall initially be 

. 
 “Ordinary Shares” means the ordinary shares, par value $0.001 each, in the capital of
the Company. 
 “Party” or “Parties” means any signatory or the signatories to this Agreement and any
Person or Persons who subsequently becomes a party to this Agreement as provided herein. 
 “Person” shall mean any natural
person, firm, partnership, association, corporation, company, trust, public body or government or other entity of any kind or nature. 

“PRC” means the People’s Republic of China, but for purposes of this Agreement, excluding Hong Kong, Macau and Taiwan.

 “PRC Business” shall have the meaning given to it in the Share Subscription Agreement. 

“PRC GAAP” means the Generally Accepted Accounting Principles of the PRC. 

“Preferred Shareholders” means Bitauto and the Investors, and a “Preferred Shareholder” means any one of
them. 
 “Preferred Shares” means the Series A Preference Shares, par value $0.001 each, in the capital of the Company. 

“Pro Rata Share” means, with respect to any Shareholder, the proportion that is calculated as (i) the number of Shares
held by such Shareholder divided by (ii) the aggregate number of Shares held by all Shareholders, in each case on an as converted and non-diluted basis. 

  
 4 

 “Qualified IPO” means a firm commitment underwritten public offering of Ordinary
Shares of the Company or of the listing vehicle (or securities representing such Ordinary Shares) on a Recognized Exchange which meets the following requirements: (a) the offering price per share values the Company at US$1,000,000,000 or more
on a fully diluted basis immediately following the completion of such offering and (b) such offering results in gross proceeds of at least US$200,000,000. The term “gross proceeds” used herein means the total amount raised from
an initial public offering prior to paying any expenses including without limitation to underwriters’ discounts, legal expense, auditors’ fees and similar third party expenses. A “Qualified IPO” shall also include other IPO that
does not satisfy the foregoing valuation and gross proceeds, provided that the holders of at least 75% of the then issued and outstanding Preferred Shares have expressly agreed in writing that such an offering shall be deemed a “Qualified
IPO.” 
 “Recognized Exchange” means the main board of the Stock Exchange of Hong Kong Limited, NASDAQ, New York Stock
Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange or another internationally recognized securities exchange or board approved by the Board. 

“Regulatory Approvals” means all approvals, permissions, authorizations, consents and notifications from any Governmental
Authority, regulatory or departmental authority. 
 “Related Party” means any of the following: (a) any shareholder of
the Company or the VIE Entity, who beneficially owns more than 5% of the voting securities or ownership interests of the Company or the VIE Entity, as the case may be (each, a “Substantial Shareholder”), (b) any director or
executive officer of any Group Company, (c) the Key Employees, (d) Li Bin, and (e) any Person in which any Substantial Shareholder, director or executive officer of any Group Company, Key Employee, Li Bin or Substantial Shareholder
owns more than 5% of the voting securities or ownership interests. 
 “Relative” of a natural person means any spouse,
parent, child, or sibling of such person. 
 “Restricted Person” means (i) in the case of a Transfer by Shareholders
other than Bitauto, a “Company Restricted Person”, (ii) in the case of a Transfer by Shareholders other than Tencent, a “Tencent Restricted Person”, (iii) in the case of a Transfer by Shareholders other
than JD, a “JD Restricted Person”, in each case as such persons is agreed from time to time among Bitauto, JD, Tencent and the Company, and in each case to include the Affiliates of the agreed persons. 

“Share Subscription Agreement” means the Share Subscription Agreement date January 9, 2015, by and among the Company,
Bitauto, JD, Tencent and Hammer. 
 “Shareholders” means the holders of the Shares of the Company and in the case of any
Shareholder that is a natural person shall be deemed to include the estate of such Shareholder and the executor, conservator, committee or other similar legal representative of such Shareholder or such Shareholder’s estate following the death
or incapacitation of such Shareholder. 

  
 5 

 “Shares” means collectively the Ordinary Shares and the Preferred Shares. 

“Subsidiary” of any Person means any corporation, partnership, limited liability company, or other organization, whether
incorporated or unincorporated, which is Controlled by such Person. For the avoidance of the doubt, a “variable interest entity” Controlled by a Person shall be deemed a Subsidiary of such Person (the “VIE Entity”). 

“Trade Sale” means any of the following (a) merger, consolidation, transfer of Shares or other form of restructuring of
the Company as a result of which its Shareholders do not retain at least 50% of the voting power of the surviving or resulting company, (b) a transaction in which in excess of 50% of the Company’s voting power is transferred or (c) a
sale of all or substantially all of the Group Companies’ assets or an exclusive licensing of all or substantially all of the Group Companies’ intellectual property. 

“US GAAP” means the Generally Accepted Accounting Principles of the United States of America. 

“US$” means United States Dollars, the lawful currency of the United States of America. 

 

	1.2	Terms Defined Elsewhere in this Agreement. The following terms are defined in this Agreement as follows: 

  

			
	 Term
		Section
	 “Acceptance Notice”
		Section 3.4(d)
	 “Agreement”
		Preamble
	 “Arbitration Notice”
		Section 13.2
	 “Bitauto”
		Preamble
	 “Breaching Drag-Along Shareholder”
		Section 3.6(c)
	 “Company”
		Preamble
	 “Confidential Information”
		Section 9.1
	 “Dispute”
		Section 13.2
	 “Drag-Along Event”
		Section 3.6(a)
	 “Drag-Along Proxy Holder”
		Section 3.6(c)
	 “Drag-Along Sale”
		Section 3.6(a)(i)
	 “Drag-Along Shareholders”
		Section 3.6(b)
	 “Dragging Shareholders”
		Section 3.6(a)
	 “Electing Offerees”
		Section 3.4(c)
	 “Excess Offered Shares”
		Section 3.4(c)
	 “Excess Securities”
		Section 4.3(a)
	 “First Refusal Allocation”
		Section 3.4(c)
	 “First Refusal Right”
		Section 3.4(a)
	 “Fully Participating Shareholder”
		Section 4.3(a)
	 “Hammer”
		Preamble
	 “HKIAC”
		Section 13.2
	 “Issuance Period”
		Section 4.3(c)
	 “Issuance Securities”
		Section 4.1(a)
	 “JD”
		Preamble

  
 6 

			
	 “JD Director”
		Section 5.2(a)(ii)
	 “Non-Electing Offerees”
		Section 3.4(c)
	 “Notices”
		Section 11.1
	 “Offer Period”
		Section 3.4(c)
	 “Offer Price”
		Section 3.4(b)
	 “Offered Shares”
		Section 3.4(b)
	 “Offerees”
		Section 3.4(b)
	 “Permitted Transferee”
		Section 3.3
	 “Preemptive Acceptance Notice”
		Section 4.3(a)
	 “Preemptive Acceptance Period”
		Section 4.3(a)
	 “Preemptive Offer Notice”
		Section 4.2(a)
	 “Preemptive Offer”
		Section 4.2(b)
	 “Proposed Issuance”
		Section 4.2(a)
	 “Proposed Recipient”
		Section 4.1(a)
	 “Remaining Shares”
		Section 3.4(f)
	 “Replacement”
		Section 7.10
	 “Representatives”
		Section 9.1
	 “Sale Transaction”
		Section 3.6(a)(ii)
	 “Shareholders Meeting”
		Section 5.1
	 “Tag-Along Notice”
		Section 3.5(a)(ii)
	 “Tag-Along Offeree”
		Section 3.5(a)(ii)
	 “Tag-Along Right”
		Section 3.5(a)(i)
	 “Tencent Directors”
		Section 5.2(a)(i)
	 “Tencent”
		Preamble
	 “Transfer Notice”
		Section 3.4(b)
	 “Transfer”
		Section 3.1
	 “Transferee”
		Section 3.4(b)
	 “Transferring Shareholder”
		Section 3.4(b)

  

	1.3	Interpretation. 

  

	 	(a)	Directly or Indirectly. The phrase “directly or indirectly” means directly, or indirectly through one or more intermediate Persons or through contractual or other arrangements and “direct or
indirect” has the correlative meaning. 

  

	 	(b)	Gender and Number. Unless the context otherwise requires, all words (whether gender-specific or gender neutral) shall be deemed to include each of the masculine, feminine and neuter genders, and words importing
the singular include the plural and vice versa. 

  

	 	(c)	Headings. Headings are included for convenience only and shall not affect the construction of any provision of this Agreement. 

 

	 	(d)	Include not Limiting. “Include,” “including,” “are inclusive of” and similar expressions are not expressions of limitation and shall be construed as if followed by the words
“without limitation”. 

  
 7 

	 	(e)	Law. References to “law” or “laws” shall include all applicable laws, regulations, rules and orders of any Governmental Authority, securities exchange or other self-regulating body, including
any common or customary law, constitution, code, ordinance, statute or other legislative measure and any regulation, rule, treaty, order, decree or judgment; and “lawful” shall be construed accordingly. 

 

	 	(f)	Persons. A reference to any “Person” shall, where the context permits, include such person’s executors, administrators, legal representatives and permitted successors and assignors.

  

	 	(g)	References to Documents. References to this Agreement include the Schedules and Exhibits, which form an integral part hereof. A reference to any Section, Schedule or Exhibit is, unless otherwise specified, to
such Section of, or Schedule or Exhibit to this Agreement. The words “hereof,” “hereunder” and “hereto,” and words of like import, unless the context requires otherwise, refer to this Agreement as a whole and not to any
particular Section hereof or Schedule or Exhibit hereto. References to any document (including this Agreement) are references to that document as amended, consolidated, supplemented, novated or replaced from time to time. 

 

	 	(h)	Share Calculations. In calculations of share numbers, references to “fully diluted basis” mean that the calculation is to be made assuming that all outstanding options, warrants, other Equity
Securities convertible into or exercisable or exchangeable for Shares (whether or not by their terms then currently convertible) and Equity Securities which have been reserved for issuance pursuant to the ESOP, have been so converted, exercised,
exchanged or issued and references to “non-diluted basis” mean the calculation is made taking into account Shares then in issue only. Any share calculation that makes reference to a specific date shall be appropriately adjusted to
take into account any share split, share consolidation or similar event after such date. 

  

	 	(i)	Statutory References. A reference to a statute or statutory provision includes, to the extent applicable at any relevant time: 

 

	 	(i)	that statute or statutory provision as from time to time consolidated, modified, re-enacted or replaced by any other statute or statutory provision; 

 

	 	(ii)	any repealed statute or statutory provision which it re-enacts (with or without modification); and 

  

	 	(iii)	any subordinate legislation or regulation made under the relevant statute or statutory provision. 

  

	 	(j)	Time. Except as otherwise provided, (i) for purposes of calculating the length of time from a given day or the day of a given act or event, the relevant period shall be calculated exclusive of that day, and
(ii) for all other purposes, any period of time commencing on or from a given day or the day of a given act or event shall include that day. If the day on or by which a payment must be made is not a Business Day, such payment must be made on or
by the Business Day immediately following such day. 

  
 8 

	 	(k)	Writing. References to writing include any mode of reproducing words in a legible and non-transitory form including emails and faxes. 

SECTION 2 
 OBLIGATIONS
OF THE SHAREHOLDERS 
  

	2.1	Shareholder Obligations. Each Shareholder shall comply with the provisions of this Agreement in relation to its investment in the Company and in transacting business with the Company and shall exercise its rights
and powers in accordance with and so as to give effect to this Agreement. 

 SECTION 3 

RESTRICTIONS ON TRANSFER OF SHARES 
  

	3.1	Limitation on Transfers. No Shareholder shall sell, give, assign, hypothecate, pledge, encumber, grant a security interest in or otherwise dispose of, or suffer to exist (whether by operation of law or otherwise)
any Encumbrance on, any Shares or any right, title or interest therein or thereto (each, a “Transfer”), except as expressly permitted by this Section 3. Any attempt to Transfer any Shares in violation of the preceding sentence
shall be null and void ab initio, and the Company shall not register any such Transfer. 

  

	3.2	Transfers in Compliance with Law. Notwithstanding any other provision of this Agreement, no Transfer may be made pursuant to this Section 3 unless (a) the transferee has agreed in writing to be bound by
the terms and conditions of this Agreement pursuant to a Deed of Adherence substantially in the form attached hereto as Exhibit A, (b) the transferee is not a Restricted Person, (c) the Transfer complies in all respects with the
other applicable provisions of this Agreement and (d) the Transfer complies in all respects with applicable securities laws. 

  

	3.3	Permitted Transfers. The following Transfers may be made without compliance with the provisions of Section 3.4 or 3.5: 

  

	 	(a)	any Transfer by a Shareholder to an Affiliate of such Shareholder, provided that the transferee is not a Competitor; 

  

	 	(b)	any Transfer by a Shareholder that is a natural person to a trust for the benefit of a Relative of such Shareholder, provided that such Shareholder is the sole trustee of such trust; 

 

	 	(c)	any sale or transfer of Equity Securities to the Company pursuant to a repurchase right or right of first refusal held by the Company in the event of a termination of employment relationship; or 

  
 9 

	 	(d)	any sale of Shares on the public market in connection with or following a Qualified IPO. 

 A
person described with respect to a Shareholder in clause (a) or (b) of this Section 3.3 is hereinafter referred to as a “Permitted Transferee” of such Shareholder. If a transferee of Shares pursuant to clause
(a) or (b) of this Section 3.3 at any time ceases to be a Permitted Transferee of the transferring Shareholder, the transferee shall Transfer such Shares back to such transferring Shareholder. 

 

	3.4	Right of First Refusal of the Shareholders. 

  

	 	(a)	Transfers Subject to Right of First Refusal. If any Shareholder proposes to Transfer any Shares, the other Shareholders (other than Shareholders that acquired Shares through the ESOP) shall have a right of first
refusal (the “First Refusal Right”) with respect to such Transfer as provided in this Section 3.4. A Shareholder proposing to Transfer any Shares to a third party shall, prior to issuing the Transfer Notice, confirm with the
Company that the proposed transferee is not a Restricted Person, and if the Company confirms that the proposed transferee is a Restricted Person, the proposed Transfer to such third party may not proceed. 

 

	 	(b)	Transfer Notice. If a Shareholder (the “Transferring Shareholder”) either receives a bona fide offer to acquire Shares held by it and the Transferring Shareholder proposes to accept such offer or
makes a bona fide offer to sell Shares held by it to a third party and the third party proposes to accept such offer, the Transferring Shareholder shall send a written notice (the “Transfer Notice”) to the Company and the other
Shareholders (other than Shareholders that acquired Shares through the ESOP) (the “Offerees”), which notice shall state (i) the name of the Transferring Shareholder, (ii) the name and address of the proposed transferee
(the “Transferee”), (iii) the number and the type of Shares to be Transferred (the “Offered Shares”), (iv) the amount and form of the proposed consideration for the Transfer and (v) the other material
terms and conditions of the proposed Transfer. In the event that the proposed consideration for the Transfer includes consideration other than cash, the Transfer Notice shall include a calculation of the fair market value of such consideration and
an explanation of the basis for such calculation. The total value of the consideration for the proposed Transfer is referred to herein as the “Offer Price”. 

  
 10 

	 	(c)	Rights of the Offerees. For a period of 20 days after the date of delivery of a Transfer Notice (the “Offer Period”), the Offerees shall have the right, exercisable by each Offeree through the
delivery of an Acceptance Notice as provided in Section 3.4(d), to purchase up to all of the Offered Shares at a purchase price equal to the Offer Price per Share and upon the other terms and conditions set forth in the Transfer Notice. Each
Offeree shall have the right to purchase a number of Offered Shares equal to the total number of Offered Shares multiplied by a fraction, the numerator of which is the number of Shares held by such Offeree and the denominator of which is the number
of Shares held by all of the Offerees (such number, an Offeree’s “First Refusal Allocation”) in each case (for both the numerator and the denominator) on a fully diluted basis as of the date of the Transfer Notice. In addition,
in the event that one or more Offerees declines or is deemed pursuant to Section 3.4(d) to have waived its First Refusal Right (“Non-Electing Offerees”), each Offeree electing to exercise its First Refusal Right (an
“Electing Offeree”) shall have the right as provided in Section 3.4(d) to purchase all or a portion of the Offered Shares constituting the aggregate of the First Refusal Allocations of the Non-Electing Offerees (“Excess
Offered Shares”). An Offeree may assign to an Affiliate of such Offeree its right to acquire Offered Shares pursuant to this Section 3.4, provided that such Affiliate is not a Competitor. 

 

	 	(d)	Exercise of Rights. The First Refusal Right of each Offeree under Section 3.4(c) shall be exercisable by delivering a written notice of exercise (an “Acceptance Notice”) within the Offer
Period to the Transferring Shareholder, with a copy to each other Offeree. Each Acceptance Notice shall include a statement of (i) the number of Shares held by such Offeree and (ii) the maximum number of Excess Offered Shares (up to the
total number of Offered Shares less such Offeree’s First Refusal Allocation) that such Offeree is willing to purchase, if any. An Acceptance Notice shall be irrevocable and shall constitute a binding agreement by such Offeree to purchase the
relevant number of Offered Shares determined in accordance with Sections 3.4(c) and 3.4(e). The failure of an Offeree to give an Acceptance Notice within the Offer Period shall be deemed to be a waiver of such Offeree’s First Refusal Right.

  

	 	(e)	Allocation of Excess Offered Shares. Each Electing Offeree shall have the right to purchase the number of Excess Offered Shares specified in such Electing Offeree’s Acceptance Notice; provided that,
if the number of Excess Offered Shares is less than the aggregate number of Excess Offered Shares that the Electing Offerees have indicated a willingness to purchase in their Acceptance Notices, the Excess Offered Shares shall be allocated by the
Transferring Shareholder and agreed by all Electing Offerees in a fair manner such that each Electing Offeree shall have a right to purchase (i) not less than the total number of Excess Offered Shares multiplied by a fraction, the numerator of
which is the number of Shares held by such Electing Offeree and the denominator of which is the number of Shares held by all Electing Offerees, in each case (for both the numerator and the denominator) on a fully diluted basis as of the date of the
Transfer Notice and (ii) not more than the maximum number of Excess Offered Shares specified in such Electing Offeree’s Acceptance Notice. 

  
 11 

	 	(f)	Sale to Third Party Purchaser. If the Offerees do not elect in the aggregate to purchase all of the Offered Shares, the Transferring Shareholder may Transfer, subject to Section 3.5, the remaining Offered
Shares (the “Remaining Shares”) to the Transferee identified in the Transfer Notice on the terms and conditions set forth in the Transfer Notice; provided, however, that (i) such sale is bona fide, (ii) the price for the
sale to the Transferee is a price not less than the Offer Price and the sale is otherwise on terms and conditions no less favorable to the Transferring Shareholder than those set forth in the Transfer Notice, (iii) the Transfer is made within
four months after the giving of the Transfer Notice and (iv) the proposed transferee is not a Competitor. If such a Transfer does not occur within such four-month period for any reason, the restrictions provided for herein shall again become
effective, and no Transfer of Shares may be made by the Transferring Shareholder thereafter without again making an offer to the Offerees in accordance with this Section 3.4. 

 

	 	(g)	Closing. The closing of any purchase of Offered Shares by the Offerees shall be held at the principal office of the Company at 11:00 a.m. local time on the
15th day after the giving of the Acceptance Notice or at such other time and place as the parties to the transaction may agree. The said 15 day period shall be extended for an additional period of
up to 45 days if necessary to obtain any Regulatory Approvals required for such purchase and payment. At such closing, the Transferring Shareholder shall deliver certificates representing the Offered Shares, accompanied by duly executed instruments
of transfer and the Transferring Shareholder’s portion of the requisite transfer taxes, if any. Such Offered Shares shall be free and clear of any Encumbrance (other than Encumbrances arising hereunder or attributable to actions by the Offeree
acquiring such Offered Shares), and the Transferring Shareholder shall so represent and warrant and shall further represent and warrant that it is the beneficial and record owner of such Offered Shares. Each Offeree purchasing Offered Shares shall
deliver at such closing (or on such later date or dates as may be provided in the Transfer Notice with respect to payment of consideration by the proposed Transferee, or as otherwise agreed between the Transferring Shareholder and such Offeree)
payment in full of the Offer Price. At such closing, all of the parties to the transaction shall execute such additional documents as may be necessary or appropriate to effect the sale of the Offered Shares to the Offerees. Any stamp duty or
transfer taxes or fees payable on the transfer of any Offered Shares shall be borne and paid equally by the Transferring Shareholder and the relevant Offeree. 

  
 12 

	3.5	Tag-Along Rights. 

  

	 	(a)	Tag-Along Rights on Transfer. 

  

	 	(i)	Tag-Along Right. If a Shareholder proposes to make a Transfer, provided that an Offeree does not exercise its First Refusal Right, such Offeree shall have the right (the “Tag-Along Right”) but
not the obligation to require the proposed transferee in such Transfer to purchase from such Offeree, for the same consideration per Share and upon the same terms and conditions as to be paid and given to the Transferring Shareholder, up to a
maximum number of Remaining Shares multiplied by a fraction, the numerator of which is the number of Shares held by such Offeree and the denominator of which is the aggregate number of Shares held by the Transferring Shareholder and the Offerees
exercising the Tag-Along Right, in each case (for both the numerator and the denominator) on a fully diluted basis as of the date of the Transfer Notice. If an Offeree elects to exercise its Tag-Along Right, the number of Shares to be Transferred by
the Transferring Shareholder shall be reduced accordingly. 

  

	 	(ii)	Tag-Along Notice. If an Offeree elects to exercise its Tag-Along Right (the “Tag-Along Offeree”), such Offeree shall deliver a written notice (the “Tag-Along Notice”) of such
election to the Transferring Shareholder within the Offer Period, specifying the number of Shares with respect to which it wishes to sell pursuant to the Tag-Along Right, subject to the maximum number of Shares calculated pursuant to
Section 3.5(a). Such notice shall be irrevocable and shall constitute a binding agreement by such Shareholder to Transfer up to such number of Shares on the terms and conditions set forth in the Transfer Notice. The failure of the Tag-Along
Offeree to give a Tag-Along Notice within the Offer Period shall be deemed to be a waiver of such Tag-Along Offeree’s Tag Along Right. 

  

	 	(iii)	Allocation of Remaining Shares. Within 5 Business Days after the expiry of the Offer Period, the Transferring Shareholder shall send a notice to each Tag-Along Offeree specifying (1) the number of Remaining
Shares, (2) the identity of each Tag-Along Offeree, (3) the number and type of Shares that each Tag-Along Offeree has requested to sell, and (4) the number and the type of Shares that each Tag-Along Offeree shall sell to the third
party. 

  

	 	(b)	Consummation. The closing of the sale of Shares pursuant to the Tag-Along Right shall occur simultaneously with the Transfer of Shares by the Transferring Shareholder. Where any Offeree has properly elected to
exercise its Tag-Along Right and the proposed Transferee fails to purchase Shares from such Offeree, the Transferring Shareholder shall not make the proposed Transfer, and if purported to be made, such Transfer shall be void. 

  
 13 

	3.6	Drag Along Rights. 

  

	 	(a)	If (i) the holders of a majority of the total issued and outstanding Ordinary Shares of the Company (excluding any Shares issued or issuable pursuant to the ESOP or other incentive programs of the Company) and
(ii) the holders of at least 75% of the total issued and outstanding Preferred Shares ((i) and (ii), collectively, the “Dragging Shareholders”) have jointly approved a Trade Sale (such approved Trade Sale, a “Drag-Along
Event”), the Dragging Shareholders shall have the option, but not the obligation, to issue a written notice to the other Shareholders, and: 

  

	 	(i)	in the case of Drag-Along Event that is a sale of Shares to one or more purchasers (a “Drag-Along Sale”), each Shareholder shall sell all its Shares (or in the case of a sale of less than all of the
Shares, its Pro Rata Share of the Shares to be sold) to the prospective purchaser or purchasers on the terms and conditions approved by the Dragging Shareholders, and for such purpose each of the other Shareholders shall, within 15 days after
receipt of the notice specified above, deliver to the Company the endorsed share certificates and corresponding instruments of transfer, undated and executed in blank, representing all of the Shares held by such Shareholder, and the relevant letter
of authority to the Company to dispose of the Shares as appropriate; 

  

	 	(ii)	in the case of a Drag-Along Event that is (1) a sale of all or substantially all of the Group Companies’ assets or an exclusive licensing of all or substantially all of the Group Companies’ intellectual
property or (2) a merger or consolidation or other transaction effecting a sale of the Company or a Controlling interest in the Company, including without limitation by way of a scheme or arrangement or similar business combination (any of
(1) and (2), a “Sale Transaction”), each other Shareholder shall (x) vote its Shares in favor of such Sale Transaction in the terms approved by the Board, in any vote of the Shareholders on such matter, (y) cause its
designated Director(s) on the Board (as applicable) to vote in favor of the Sale Transaction and (z) otherwise take all actions necessary or appropriate to facilitate such Sale Transaction; and 

 

	 	(iii)	each Shareholder shall waive all rights of appraisal it, he or she may have under applicable law with respect to the Drag-Along Event. 

  
 14 

	 	(b)	The Shareholders selling their Shares in a Drag-Along Sale other than the Dragging Shareholders (together, the “Drag-Along Shareholders”) shall agree to make or agree to the same customary
representations, warranties, covenants, indemnities and agreements as the Dragging Shareholders so long as they are made severally and not jointly, and the liabilities thereunder are borne on a pro rata basis based on the consideration to be
received by each such Shareholder and in any event shall not exceed such Shareholder’s net proceeds from the Drag-Along Sale. Any representation relating specifically to a Dragging Shareholder or Drag-Along Shareholder shall be made only by
such relevant Shareholder and any indemnity given with respect to such representation shall be given only by such relevant Shareholder. Each Dragging Shareholder and Drag-Along Shareholder shall be responsible for funding its pro rata share of
(i) any escrow arrangements (if any) in connection with the Drag-Along Sale and, subject to the foregoing sentence, for its proportionate share of any withdrawals therefrom, and (ii) any fees, commissions, adjustments to purchase price,
expenses and costs in connection with the Drag-Along Sale. No Shareholder or Affiliate of any Shareholder shall have any liability to any other Shareholder or the Company arising from, relating to or in connection with the pursuit, consummation,
postponement, abandonment or terms and conditions of any proposed Transfer pursuant to this Section 3.6, except to the extent such Shareholder shall have failed to comply with the provisions of this Section 3.6. 

 

	 	(c)	Solely for purposes of Section 3.6(a)(ii) and in order to secure the performance of each Drag-Along Shareholder’s obligations under Section 3.6(a)(ii), each Drag-Along Shareholder hereby irrevocably
appoints each other Shareholder that qualifies as a Drag-Along Proxy Holder (as defined below) as the attorney-in-fact and proxy of such Drag-Along Shareholder (with full power of substitution) to vote or provide a written consent with respect to
its Shares as described in this Section 3.6(c) if, and only in the event that, such Drag-Along Shareholder fails to vote or provide a written consent with respect to its Shares in accordance with the terms of Section 3.6(a)(ii) (each such
Shareholder, a “Breaching Drag-Along Shareholder”) within three (3) days of a request for such vote or written consent. Upon such failure, the Dragging Shareholders shall have and are hereby irrevocably granted a proxy to vote
or provide a written consent with respect to each such Breaching Drag-Along Shareholder’s Shares for the purposes of taking the actions required by Section 3.6(a)(ii) (the Dragging Shareholders in such capacity, the “Drag-Along
Proxy Holder”). Each Shareholder intends this proxy to be, and it shall be, irrevocable and coupled with an interest, and each Drag-Along Shareholder will take such further action and execute such other instruments as may be necessary to
effectuate the intent of this proxy and hereby revoke any proxy previously granted by it with respect to the matters set forth in Section 3.6(a)(ii) with respect to the Shares owned by such Shareholder. 

 

	 	(d)	For the avoidance of doubt, Sections 3.4 and 3.5 shall not apply in the event of a Drag-Along Event. 

  

	 	(e)	Notwithstanding the provisions provided in this Section 3, the prior written approval of Bitauto is required if the Trade Sale is to a Company Restricted Person, the prior written approval of Tencent is required if
the Trade Sale is to a Tencent Restricted Person, and the prior written approval of JD is required if the Trade Sale is to a JD Restricted Person. 

  
 15 

	3.7	Avoidance of Restrictions. The Parties agree that the Transfer restrictions in this Agreement and in the Articles shall not be capable of being avoided by the holding of Shares indirectly through a company or
other entity that can itself be sold in order to dispose of an interest in Shares free of such restrictions. Any Transfer or other disposal of any shares (or other interest) resulting in any change in the Control of a Shareholder or of any company
(or other entity) having Control over that Shareholder shall be treated as being a Transfer of the Shares held by that Shareholder, and the provisions of this Agreement and the Articles that apply in respect of the Transfer of Shares shall thereupon
apply in respect of the Shares so held. 

  

	3.8	Transfer of Convertible Securities. Any Transfer of Equity Securities exercisable or convertible into or exchangeable for Shares will be deemed for the purposes of this Section 3 to be a Transfer of Shares.

  

	3.9	Notice of Transfer. After registering any Transfer of Shares or other Equity Securities on its books, the Company shall promptly send a notice to each Shareholder stating that such Transfer has taken place and
setting forth the name of the transferor, the name of the transferee and the number and class of Equity Securities involved. 

  

	3.10	Termination of Transfer Restrictions. The Transfer restrictions described in this Section 3 shall terminate upon the earlier of (i) the completion of a Qualified IPO or (ii) the closing of a Trade
Sale and shall not apply to the Qualified IPO of the Company. 

 SECTION 4 

PREEMPTIVE RIGHTS 
  

	4.1	Restrictions. 

  

	 	(a)	Except as provided under Section 4.1(c), the Company shall not issue any securities (including, without limitation, any Equity Securities or any debt or other securities of any kind) of any type or class
(“Issuance Securities”) to any person (the “Proposed Recipient”) unless the Company has offered each Preferred Shareholder in accordance with the provisions of this Section 4 the right to purchase such
Preferred Shareholder’s pro rata share of such Issuance Securities for a per unit consideration, payable solely in cash, equal to the per unit consideration to be paid by the Proposed Recipient and otherwise on the same terms and conditions as
are offered to the Proposed Recipient. Any Shareholder who is not a Preferred Shareholder shall have no rights under this Section 4. 

  

	 	(b)	For the purposes of this Section 4, a Preferred Shareholder’s pro rata share of Issuance Securities at any time shall be calculated as the product of (i) the number of Issuance Securities and (ii) a
fraction, the numerator of which is the total amount of Preferred Shares owned by such Preferred Shareholder at such time, and the denominator of which is the total amount of Preferred Shares owned by all Preferred Shareholders at such time, in each
case (for both the numerator and the denominator) on a fully diluted basis. 

  
 16 

	 	(c)	The restrictions set out in Section 4.1(a) shall not apply to (i) any issuance of Ordinary Shares upon the conversion of the Preferred Shares, (ii) issuance of Shares pursuant to a Qualified IPO,
(iii) issuance of Shares pursuant to the ESOP approved in accordance with this Agreement and the Articles, (iv) issuance of Equity Securities as consideration in connection with a bona fide business acquisition by the Company, whether by
merger, consolidation, amalgamation or other business combination transaction, joint venture, sale or exchange of securities or other similar transaction involving the Company or a Group Company, approved in accordance with this Agreement and the
Articles and (v) any Equity Securities issued in connection with any share split, share dividend, subdivision, combination, reclassification or other similar event in which all Preferred Shares participate on a pro rata basis, as approved in
accordance with the Articles. 

  

	4.2	Preemptive Offer Notice. 

  

	 	(a)	Not less than twenty (20) days before a proposed issuance of securities other than in connection with an issuance permitted under Section 4.1(c) (a “Proposed Issuance”), the Company shall
deliver to each Preferred Shareholder a written notice (a “Preemptive Offer Notice”) which shall set forth (i) the number, type and terms of such Issuance Securities, (ii) the consideration to be received by the Company in
connection with the Proposed Issuance and (iii) a summary of any other material terms and conditions of the Proposed Issuance, including the name of the Proposed Recipient and the proposed issuance date. 

 

	 	(b)	The Company shall, by delivering the Preemptive Offer Notice, offer each Preferred Shareholder the option to acquire all or any portion of its pro rata share of the Issuance Securities (the “Preemptive
Offer”). Such Preemptive Offer Notice shall also be accompanied by any written offer, if any, from the Proposed Recipient to purchase such Issuance Securities. The Preemptive Offer shall remain open and irrevocable for the periods set forth
below (and, to the extent the Preemptive Offer is accepted during such periods, until the consummation of the issuance contemplated by the Preemptive Offer). 

  

	4.3	Exercise of Preemptive Rights. 

  

	 	(a)	Each Preferred Shareholder shall have the right and option, for a period of fifteen (15) days after delivery of the Preemptive Offer Notice (the “Preemptive Acceptance Period”), to elect to
purchase all or any portion of its pro rata share of the Issuance Securities (and any of its Affiliates’ pro rata share of the Issuance Securities not purchased by such Affiliates) at the purchase price and on the terms and conditions stated in
the Preemptive Offer Notice. Each Preferred Shareholder may accept the Preemptive Offer by delivering a written notice (the “Preemptive Acceptance Notice”) to the Company within the Preemptive Acceptance Period specifying the
maximum number of Issuance Securities such Preferred Shareholder will purchase. If any Preferred Shareholder does not exercise its preemptive rights under this Section 4.3 or elects to exercise such rights with respect to less than its pro rata
share of the Issuance Securities, any Preferred Shareholder that has elected to exercise its rights with respect to its full pro rata share of the Issuance Securities (a “Fully Participating Shareholder”) shall be entitled to
purchase from the Company an additional number of Issuance Securities equal to the product of (x) the aggregate number of Excess Securities (defined below) and (y) a fraction, the numerator of which is the total amount of Preferred Shares
owned by such Fully Participating Shareholder on the date of the Preemptive Offer, and the denominator of which is the total amount of Preferred Shares owned by all Fully Participating Shareholders that elect to purchase Excess Securities, in each
case (for both the numerator and the denominator) on a fully diluted basis. 

  
 17 

 For the purposes of this Section 4.3, “Excess Securities” means the
aggregate number of Issuance Securities not taken up by the Preferred Shareholders pursuant to their pro rata share of the Proposed Issuance. 
  

	 	(b)	All sales of Issuance Securities to the Preferred Shareholders subject to any Preemptive Offer Notice shall be consummated contemporaneously at the offices of the Company on a mutually satisfactory Business Day within
twenty (20) Business Days after the expiration of the Preemptive Acceptance Period. The delivery of certificates or other instruments, if any, evidencing such Issuance Securities shall be made by the Company or such other Group Company, as
applicable, on such date against payment of the purchase price for such Issuance Securities. 

  

	 	(c)	If any Issuance Securities set forth in the Preemptive Offer Notice remain unpurchased or unsubscribed after the Preferred Shareholders have either exercised or waived their rights under this Section 4.3, then the
Company may issue all or any portion of such Issuance Securities so offered and not purchased or subscribed, at a price not less than the purchase price, and on terms and conditions not more favorable to the Proposed Recipient than the purchase
price, terms and conditions stated in the Preemptive Offer Notice at any time within sixty (60) days after the expiration of the Preemptive Acceptance Period (the “Issuance Period”); provided, that in connection with and
as a condition to such issuance (solely in the case of any issuance of Shares), each purchaser or recipient of such Shares who is not then a party to this Agreement shall execute and deliver to the Company signs a Deed of Adherence substantially in
the form attached hereto as Exhibit A; provided, further, that if such issuance is subject to Regulatory Approval, the Issuance Period shall be extended until the expiration of the fifth (5th) Business Day following the
receipt of all such Regulatory Approvals, but in no event later than one hundred and eighty (180) days following the expiration of the Preemptive Acceptance Period. In the event that all of the Issuance Securities is not so issued during the
Issuance Period, the right of the Company to issue such unsold Issuance Securities shall expire and the obligations of this Section 4 shall be reinstated and such securities shall not be offered unless first reoffered to the Preferred
Shareholders in accordance with this Section 4. 

  
 18 

	 	(d)	Any Preferred Shareholder that fails to deliver a Preemptive Acceptance Notice in accordance with Section 4.3(a) shall be deemed to have irrevocably waived any and all rights under this Section 4 with respect
to a Preemptive Offer (but not with respect to any future Preemptive Offers). Any sale of securities by the Company without first giving the Preferred Shareholders the rights described in this Section 4 shall be void and of no force and effect.

  

	4.4	Termination of Rights. The Preemptive Rights under this Section 4 shall terminate upon the completion of a Qualified IPO and shall not apply to the Qualified IPO of the Company. 

SECTION 5 
 CORPORATE
GOVERNANCE 
  

	5.1	General. From and after the date hereof, each Shareholder shall vote its Shares at any regular or special meeting of Shareholders (a “Shareholders Meeting”), and shall take all other actions
necessary, to give effect to the provisions of this Agreement and to ensure the inclusion in the Articles the rights and privileges of the Shareholders included in this Agreement. In addition, each Shareholder shall vote its Shares at any
Shareholders Meeting, upon any matter submitted for action by the Shareholders or with respect to which such Shareholder may vote, in conformity with the specific terms and provisions of this Agreement. 

 

	5.2	Board of Directors 

  

	 	(a)	Number and Composition. The number of Directors constituting the entire Board shall be five (5). Each Shareholder shall vote its Shares at any Shareholders Meeting called for the purpose of filling the positions
on the Board or in any written consent of Shareholders executed for such purpose to elect, and shall take all other actions necessary to ensure the election to the Board of: 

 

	 	(i)	so long as (1) Tencent and its Affiliates hold in the aggregate at least 15% of the Shares on a fully diluted basis or (2) Tencent and its Affiliates hold in the aggregate less than 15% of the Shares on a
fully diluted basis but neither Tencent nor its Affiliates Transferred any Shares held by Tencent on the date of this Agreement to any Person who is not an Affiliate of Tencent, one (1) nominee of Tencent (the “Tencent
Director”); 

  
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	 	(ii)	so long as (1) JD and its Affiliates hold in the aggregate at least 15% of the Shares on a fully diluted basis or (2) JD and its Affiliates hold in the aggregate less than 15% of the Shares on a fully diluted
basis but neither JD nor its Affiliates Transferred any Shares held by JD on the date of this Agreement to any Person who is not an Affiliate of JD, one (1) nominee of JD (the “JD Director”); and 

 

	 	(iii)	three (3) nominees designated by Bitauto. 

  

	 	(b)	Removal and Replacement of Directors. 

  

	 	(i)	A Director shall be removed from the Board, with or without cause, upon, and only upon, by the Shareholder who appointed him, unless such Director resigns voluntarily or the term of his service expires, in which case
the Shareholder entitled to appoint such director shall be entitled to nominate a replacement to be appointed by the Board to fill the vacancy thus created. 

  

	 	(ii)	Directors may only be appointed to and removed from the Board by the relevant Shareholders in accordance with this Agreement and the Articles. 

 

	 	(c)	Chairman of the Board. The Chairman of the Board shall be selected by a majority vote of the Directors. The Chairman shall not have a casting vote. 

 

	5.3	Board Meetings. 

  

	 	(a)	Frequency and Location. Meetings of the Board shall take place at least once every quarter. Meetings shall be held in a location approved by a majority of the Directors. 

 

	 	(b)	Notice. A meeting may be called by the Chairman of the Board or any three Directors giving notice in writing to the Company Secretary specifying the date, time and agenda for such meeting. The Company Secretary
shall upon receipt of such notice give a copy of such notice to all Directors of such meeting, accompanied by a written agenda specifying the business of such meeting and copies of all papers relevant for such meeting. Not less than seven
(7) days’ notice shall be given to all Directors; provided, however, that such notice period may be reduced with the written consent of all of the Directors. 

  
 20 

	 	(c)	Quorum. All meetings of the Board shall require a quorum of at least three (3) Directors, among which one shall be a Tencent Director and one JD Director. If such a quorum is not present within one hour from
the time appointed for the meeting, the meeting shall adjourn to such place and time as those Directors who did attend shall decide or, if no such decision is reached, at the same place and time seven (7) days later, at which meeting any three
(3) Directors present shall constitute a valid quorum, provided that notice of such adjourned meeting shall have been delivered to all Directors at least five (5) days prior to the date of such adjourned meeting. 

 

	 	(d)	Voting. At any Board meeting, each Director may exercise one vote. No Director shall have a casting vote in the event of a tie. Any Director may, by written notice to the company secretary of the Company,
authorize another Person to attend and vote by proxy for such Director at any Board meeting. Subject to Section 5.4, the adoption of any resolution of the Board shall require the affirmative vote of a majority of the Directors present at a duly
constituted meeting of the Board. The Board shall not at any meeting adopt any resolution covering any matter that is not specified on the agenda for such meeting unless all Directors are present at such meeting and vote in favor of such resolution.

  

	 	(e)	Participation. Directors may participate in Board meetings by telephone or video conference, and such participation shall constitute presence for purposes of the quorum provisions of Section 5.3(c).

  

	 	(f)	Expenses. The reasonable costs of attendance of Directors at Board meetings shall be borne by the Company. 

  

	 	(g)	Action by Written Consent. Any action that may be taken by the Directors at a meeting may be taken by a written resolution signed by all of the Directors. 

 

	5.4	Board Reserved Matters. Subject to any additional requirements imposed by the Act, except as contemplated under this Agreement and the Share Subscription Agreement, the Company shall ensure that no Group Company
shall, without the affirmative consent or approval by the majority of the Directors (which majority, for so long as Tencent has the right to appoint the Tencent Director and JD has the right to appoint the JD Director, shall include the Tencent
Director and the JD Director), take, permit to occur, approve, authorize or agree or commit to do any of the following actions, whether in a single transaction or a series of related transactions, whether directly or indirectly, and whether or not
by amendment, merger, consolidation, scheme of arrangement, amalgamation or otherwise: 

  

	 	(a)	during any fiscal year starting from the 2nd year of business operation of the Group, other than in the ordinary course of business, purchase or lease of any business and/or assets valued in excess of (i) 10% of
the Group’s total assets at the end of preceding fiscal year individually or (ii) 20% of the Group’s total assets at the end of preceding fiscal year in the aggregate for the Group , provided that in circumstances where the threshold
will materially adversely affect business operations, the threshold may be reviewed by the Board; 

  
 21 

	 	(b)	during any fiscal year starting from the 2nd year of business operation of the Group, other than in the ordinary course of business, investment in any other Person in excess of (i) 10% of the Group’s total
assets at the end of preceding fiscal year individually or (ii) 20% of the Group’s total assets at the end of preceding fiscal year in the aggregate for the Group, provided that in circumstances where the threshold will materially
adversely affect business operations, the threshold may be reviewed by the Board; 

  

	 	(c)	appointment or removal of auditors, or the change of the term of the fiscal year; 

  

	 	(d)	any fundamental change to the business scope or nature of the business of the Group, or cessation of any business line which is critical to the PRC Business; 

 

	 	(e)	adoption of or change to, a significant tax or accounting practice or policy or any internal financial controls and authorization policies, or the making of any significant tax or accounting election; or

  

	 	(f)	any transaction with a Related Party, which together with all other transactions with any Related Party during the same fiscal year, results in a transaction value in excess of 5% of the annual total revenues as
approved in the annual budget of such fiscal year, provided that in circumstances where the threshold will materially adversely affect business operations, the threshold may be reviewed by the Board; notwithstanding the foregoing, any transaction
with a Related Party will be on arm’s-length terms and conditions. 

  

	5.5	Board Committees. The Board may establish other committees, such as a compensation and audit committee, as it may determine; provided, subject to the Act, applicable laws and the Articles, the composition
of any committee formed by the Board shall reflect as closely as is practicable, the composition of the Board. 

  

	5.6	Rights and Obligations of the Shareholders and the Company in Relation to the Group Companies. The Company shall cause the board of directors of each other Group Company, to the extent permitted by applicable
law, to be the same size as the Board and nominated in the same manner as set out in Section 5.2(a), provided that any Shareholder having the right to nominate the director of a Group Company pursuant to this Section 5.6 may, from time to
time in its sole discretion, decline to designate such director. The right of nomination by each Shareholder shall also carry the right to remove or replace the director so nominated, and if a nominating Shareholder ceases to be a Shareholder, such
Shareholder shall immediately cause the directors on the board of each Group Company appointed by such Shareholder to resign or be removed. The Shareholders shall cause their nominees on the boards of directors of the Group Companies to vote in the
manner determined by the Board and shall cause any director who fails to vote in such manner to be removed. The Company shall cause the quorum and voting arrangements and other procedures with respect to the boards of directors of the Group
Companies, as well as other corporate governance matters, to the extent permitted by applicable law, to be the same as those set forth in this Section 5 with respect to the Board, the Shareholders and the Company. 

  
 22 

	5.7	Incentive Plan. The Company shall reserve such amount of Ordinary Shares of the Company representing 3.8% of all the outstanding Equity Securities in the Company on a fully-diluted basis immediately after the
date hereof for the ESOP. 

  

	5.8	Termination of Board Nomination Right. Subject to the provisions under Sections 5.2(a)(i) and 5.2(a) (ii), the right of Tencent and JD to nominate a person as Director to the Board shall terminate upon the
consummation of a Qualified IPO only if such termination is required under applicable laws. 

  

	5.9	Share Votes. Each Preferred Share shall carry such number of votes as is equal to the number of votes of Ordinary Shares then issuable upon the conversion of such Preferred Share into Ordinary Shares. The
Preferred Shareholders and the Ordinary Shareholders shall vote together and not as a separate class unless otherwise required herein or in the Articles or by applicable laws. 

 

	5.10	Shareholders Reserved Matters. Subject to any additional requirements imposed by the Act, except as contemplated under this Agreement and the Share Subscription Agreement, the Company and the Parties shall ensure
that no Group Company shall, without the affirmative written consent or approval by Tencent (for so long as (1) Tencent and its Affiliates hold in the aggregate at least 10% of the Shares on a fully diluted basis or (2) Tencent and its
Affiliates hold in the aggregate less than 10% of the Shares on a fully diluted basis but neither Tencent nor its Affiliates Transferred any Shares held by Tencent on the date of this Agreement to any Person who is not an Affiliate of Tencent) and
JD (for so long as (1) JD and its Affiliates hold in the aggregate at least 10% of the Shares on a fully diluted basis or (2) JD and its Affiliates hold in the aggregate less than 10% of the Shares on a fully diluted basis but neither JD
nor its Affiliates Transferred any Shares held by JD on the date of this Agreement to any Person who is not an Affiliate of JD), take, permit to occur, approve, authorize or agree or commit to do any of the following actions, whether in a single
transaction or a series of related transactions, whether directly or indirectly, and whether or not by amendment, merger, consolidation, scheme of arrangement, amalgamation or otherwise; provided, that written consent from the individuals
designated by any Shareholder to serve on the Board, with any such individual acting in his or her capacity as a representative of such Shareholder, and not in his or her capacity as a Director of the Company, shall be deemed to constitute consent
of such Shareholder: 

  

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

  
 23 

	 	(b)	any action that authorizes, creates, issues, increases or decreases the authorized number of (including through altering, reorganizing, reclassifying or otherwise recapitalizing any existing Equity Securities), any
Equity Securities except for: (i) Ordinary Shares issuable upon conversion of Preferred Shares or (ii) Ordinary Shares or other securities issued under the ESOP with the approval of the Board; 

 

	 	(c)	any purchase, repurchase, redemption or retirement of any Equity Securities, other than repurchases pursuant to share restriction agreements approved by the Board upon termination of a Director, employee or consultant
or any redemption of any Preferred Shares in accordance with their terms (which terms shall have been approved by Tencent (for so long as (1) Tencent and its Affiliates hold in the aggregate at least 10% of the Shares on a fully diluted basis
or (2) Tencent and its Affiliates hold in the aggregate less than 10% of the Shares on a fully diluted basis but neither Tencent nor its Affiliates Transferred any Shares held by Tencent on the date of this Agreement to any Person who is not an
Affiliate of Tencent) and JD (for so long as (1) JD and its Affiliates hold in the aggregate at least 10% of the Shares on a fully diluted basis or (2) JD and its Affiliates hold in the aggregate less than 10% of the Shares on a fully
diluted basis but neither JD nor its Affiliates Transferred any Shares held by JD on the date of this Agreement to any Person who is not an Affiliate of JD)); 

  

	 	(d)	any amendment or modification to or waiver under any of the Articles or any other charter documents of any Group Company; 

  

	 	(e)	adoption, amendment or termination of the ESOP or any other equity incentive, purchase or participation plan for the benefit of employees, officers, directors, contractors, advisors or consultants; 

 

	 	(f)	starting from the 2nd year of business operation of the Group, other than in the ordinary course of business, any sale, transfer, or other disposal of, or the
incurrence of any lien on, any substantial part of its assets valued in excess of 20% of the Group’s total assets at the end of preceding fiscal year, provided that in circumstances where the threshold will materially adversely affect business
operations, the threshold may be reviewed by the Board; 

  

	 	(g)	the commencement of or consent to any proceeding seeking (i) to adjudicate it as bankrupt or insolvent, (ii) liquidation, winding up, dissolution, reorganization, or other arrangement under law relating to
bankruptcy, insolvency or reorganization or relief of debtors, or (iii) the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property; 

 

	 	(h)	any change in the equity ownership of the VIE Entity of the Company or any amendment or modification to, waiver under any of the Control Documents; 

 

	 	(i)	any merger, amalgamation, consolidation, division, scheme of arrangement or any other type of corporate restructuring; 

  
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	 	(j)	any divestiture or sale of an interest in a subsidiary, partnership or joint venture; or 

  

	 	(k)	any Trade Sale other than a Drag-Along Event. 

  

	5.11	Termination of Right to Approve Reserved Matters. The rights to approve the reserved matters under Sections 5.4 and 5.10 shall terminate upon the completion of a Qualified IPO. 

SECTION 6 
 REGISTRATION
RIGHTS 
  

	6.1	Generally. The Preferred Shareholders shall be entitled to the registration rights set out in Schedule 2. 

  

	6.2	Other Jurisdictions. In the event that the Company (or as the case may be, the relevant entity resulting from any merger, reorganization or other arrangements made by the Company for the purposes of public
offering) intends to effect a public offering of its securities outside of the United States of America, the Parties agree that the Preferred Shareholders shall, to the extent permitted by relevant Laws, have the same registration rights or rights
as similar to such registration rights as permissible under relevant laws. 

 SECTION 7 

COVENANTS 
  

	7.1	Mutual Cooperation. Bitauto, JD and Tencent shall, and shall cause their Affiliates to, use their commercially reasonable efforts to cooperate with each other to facilitate the further development of the PRC
Business. 

  

	7.2	Inspection Rights. For so long as Tencent and its Affiliates or JD and its Affiliates hold in the aggregate at least 10% of the Shares on a fully diluted basis, Tencent or JD, as applicable, and its authorized
representatives shall have access, at all reasonable times during normal business hours and with prior written notice, over the facilities and financial books and records of the Group Companies and the right to make extracts and copies of the
financial books and records so inspected at its own expense and to discuss the business, operations and conditions of the Group Companies with the directors, officers, employees, accountants, legal counsels, investment bankers and other advisors of
the relevant Group Companies, provided that the onsite inspection shall not unreasonably affect the normal operation of the Group Companies. 

  

	7.3	Information Rights. 

  

	 	(a)	For so long as Tencent and its Affiliates or JD and its Affiliates hold in the aggregate at least 10% of the Shares on a fully diluted basis, the Company shall provide to Tencent or JD, as applicable: 

 

	 	(i)	audited consolidated annual financial statements within ninety (90) days after the end of each Financial Year, audited by a Big-4 accounting firm or any other accounting firm acceptable to Tencent and JD;

  
 25 

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

  

	 	(iii)	an annual budget at least thirty (30) days prior to the beginning of each Financial Year; 

  

	 	(iv)	copies of all documents or other information sent to other Shareholders; and 

  

	 	(v)	copies of other documents and information as Tencent or JD may reasonably request. 

  

	 	(b)	All financial statements delivered by the Company pursuant to Sections 7.3(a)(i) and 7.3(a)(ii) shall be prepared in accordance with IFRS or US GAAP. 

 

	7.4	Termination of Information and Inspection Rights. The information and inspection Rights described in Sections 7.3 and 7.3 shall terminate upon the completion of a Qualified IPO. 

 

	7.5	Books and Records. The Company shall, and shall cause the other Group Companies to, keep proper, complete and accurate books of account in its functional currency and, in the case of each Group Company, the
currency of the jurisdiction in which such Group Company is organized, in each case in accordance with (a) IFRS or PRC GAAP and (b) applicable laws. The Company shall have its accounts and those of each Group Company audited annually in
accordance with such standards by a Big-4 accounting firm or any other accounting firm acceptable to the Investors. 

  

	7.6	Budgets and Business Plans. The Company shall prepare proposed annual operating and capital budgets and business plans for the Company, which shall be submitted to all Directors not less than thirty
(30) days after the commencement of each Financial Year. The Board shall adopt budgets and business plans for the Company within forty-five (45) days after the commencement of the relevant Financial Year. 

 

	7.7	Compliance Covenants. 

  

	 	(a)	The Company shall ensure that the Group Companies shall (a) conduct their respective business in compliance in all material respects with all applicable laws and (b) obtain, make and maintain in effect, all
consents, permits, approvals, authorizations, registrations and filings from the relevant Governmental Authority or other Persons required in respect of the due and proper establishment and operations of each Group Company as now conducted in
accordance with applicable laws and regulations. 

  
 26 

	 	(b)	Each Shareholder and the Company agrees that neither the Company, nor any Company Representative shall, directly or indirectly, make or authorize any offer, gift, payment, or transfer, or promise of, any money or
anything else of value, or provide any benefit, to any Government Official, Governmental Entity, or other Person that would result in a breach of any applicable Anticorruption Law, by the Company or such Company Representative. 

 

	7.8	Cooperation. Each Shareholder and the Company agrees to cooperate and provide all reasonable information and assistance requested upon an investigation or inquiry by a Governmental Entity directed to the Company.

  

	7.9	Control Documents. The Company shall ensure that each party to the relevant Control Documents perform its/his/her respective obligations thereunder to the fullest extent, carry out the terms and the intent of the
Control Documents (including any amendments hereto) and ensure each Control Document is valid and binding, in full force and effect and enforceable in accordance with its terms. Each of Tencent and JD shall ensure that the Nominee Shareholder
nominated by it shall perform its/his/her respective obligations thereunder to the fullest extent and carry out the terms and the intent of the Control Documents (including any amendments hereto). Any termination, or modification or waiver of, or
amendment to any Control Documents shall require the approval of the Shareholders in accordance with Section 5.10 and the Articles. If any of the Control Documents becomes illegal, void or unenforceable under any applicable laws after the date
hereof, the Group Companies shall use their best efforts to devise a feasible alternative legal structure reasonably satisfactory to all of the Preferred Shareholders which gives effect to the intentions of the parties in each Control Document and
the economic arrangement thereunder as closely as possible and maintains the economic interests of the Shareholders and consolidates the financial results of the Group Companies into the Company’s financial statements. 

 

	7.10	Transfer of Equity Interest in the VIE Entity of the Company. The percentage of Equity Securities held by each of the Nominee Shareholders for Tencent and JD in the VIE Entity of the Company shall be equal to the
percentage of Shares such Preferred Shareholder holds in the Company on a fully diluted basis and the Nominee Shareholder for Bitauto shall hold the remaining percentage of Equity Securities in the VIE of the Company. In the event that there is any
discrepancy between the foregoing percentages as a result of the change to the percentage of Shares the relevant Preferred Shareholder holds in the Company, the Shareholders who appointed the Nominee Shareholders may, and upon request by the
Company, the Shareholders who appointed the Nominee Shareholders shall, discuss in good faith and adjust the percentage of Equity Securities held by the relevant Preferred Shareholder’s Nominee Shareholder in the VIE Entity of the Company,
provided such adjustment will not result in any material adverse effect on any Party or Group Company and such adjustment shall not be made more than once in any given calendar year. 

  
 27 

 In the event that Tencent or JD wishes to replace its existing Nominee Shareholder with a new
Nominee Shareholder to hold Equity Securities in the VIE Entity of the Company (the “Replacement”), Bitauto shall procure its Nominee Shareholder and the Company shall procure the VIE Entity of the Company to, upon Tencent’s or
JD’s request, as applicable, take all necessary actions to implement the Replacement, including executing and delivering all resolutions, corporate documents, consents, waivers and other related instruments and documentation and taking all such
further actions to the satisfaction of Tencent or JD, as applicable, necessary to approve the Replacement and the transfer of Equity Securities in the VIE Entity of the Company held by Tencent’s or JD’s existing Nominee Shareholder to
Tencent’s or JD’s new Nominee Shareholder , provided such Replacement will not result in any material adverse effect on any Party or Group Company and such Replacement shall not be made more than once in any given calendar year. 

Notwithstanding anything to the contrary herein, to the extent any of Bitauto, Tencent or JD designates or changes one Nominee Shareholder to
hold an equity interest in the VIE Entity of the Company, such Preferred Shareholder shall bear all costs and expenses, including, but not limited to, taxes, filing fees, registration fees and other transaction expenses, incurred in connection with
appointing such Nominee Shareholder or adjusting such Nominee Shareholder’s equity interest in the VIE Entity of the Company in accordance with the provisions hereof. 
  

	7.11	Protection of Intellectual Property. The Group Companies shall take all reasonable steps to protect their respective material intellectual property, including without limitation (x) registering their
material respective trademarks, brand names, domain names and copyrights, and (y) requiring each director and Key Employee and consultant (if applicable) of each Group Company to enter into an employment agreement or a consulting agreement
which includes the provisions in respect of confidentiality, non-compete and work product ownership right assignment provisions in a form reasonably satisfactory to the Investors. The Company shall ensure that the Group Companies shall not make any
material changes to such employment agreement or the consulting agreement without the prior written consent of Tencent (for so long as (1) Tencent and its Affiliates hold in the aggregate at least 10% of the Shares on a fully diluted basis or
(2) Tencent and its Affiliates hold in the aggregate less than 10% of the Shares on a fully diluted basis but neither Tencent nor its Affiliates Transferred any Shares held by Tencent on the date of this Agreement to any Person who is not an
Affiliate of Tencent) and JD (for so long as (1) JD and its Affiliates hold in the aggregate at least 10% of the Shares on a fully diluted basis or (2) JD and its Affiliates hold in the aggregate less than 10% of the Shares on a fully
diluted basis but neither JD nor its Affiliates Transferred any Shares held by JD on the date of this Agreement to any Person who is not an Affiliate of JD). 

  

	7.12	Control of Subsidiaries. The Company shall institute and keep in place such arrangements as are reasonably satisfactory to the Investors such that the Company (a) will at all times Control the operations of
each other Group Company, and (b) will at all times be permitted to properly consolidate the financial results for each other Group Company (including without limitation the VIE Entities of the Company) in the consolidated financial statements
for the Company prepared under IFRS or US GAAP. 

  
 28 

 SECTION 8 

REPRESENTATIONS AND WARRANTIES 
  

	8.1	Representations and Warranties. 

 Each Party represents to other Parties that: 

 

	 	(a)	such Party has the full power and authority to enter into, execute and deliver this Agreement and to perform the transactions contemplated hereby and, if such Party is not a natural person, such Party is duly
incorporated or organized and existing under the laws of the jurisdiction of its incorporation or organization; 

  

	 	(b)	the execution and delivery by such Party of this Agreement and the performance by such Party of the transactions contemplated hereby have been duly authorized by all necessary corporate or other action of such Party;

  

	 	(c)	assuming the due authorization, execution and delivery hereof by the other Parties, this Agreement constitutes the legal, valid and binding obligation of such Party, enforceable against such Party in accordance with its
terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies; and 

  

	 	(d)	the execution, delivery and performance of this Agreement by such Party and the consummation of the transactions contemplated hereby will not, (i) violate any provision of the constitutional, organizational or
governance documents of such Party to the extent relevant, (ii) require such Party to obtain any consent, approval or action of, or make any filing with or give any notice to, any government authority in such Party’s country of
organization or any other Person pursuant to any instrument, contract or other agreement to which such Party is a party or by which such Party is bound, other than any such consent, approval, action or filing that has already been duly obtained or
made, or that is permitted to be, and will be, obtained or made following the date hereof, or that is otherwise required hereunder, (iii) conflict with or result in any material breach or violation of any of the terms and conditions of, or
constitute (or with notice or lapse of time or both constitute) a material default under, any instrument, contract or other agreement to which such Party is a party or by which such Party is bound, (iv) violate any law applicable to such Party
that would materially and adversely affect such Party’s ability to execute, deliver or perform its obligations hereunder. 

  
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 SECTION 9 

CONFIDENTIALITY 
  

	9.1	General Obligation. Each Party shall keep confidential (a) any information concerning the organization, business, technology, intellectual property, safety records, investment, finance, transactions or
affairs of any Party or its Affiliates or any of their respective directors, officers, employees or agents (collectively, the “Representatives”) (whether conveyed in written, oral or in any other form and whether such information is
furnished before, on or after the date of this Agreement); (b) the terms of this Agreement or any of the other documents entered into in connection with the Preferred Shareholders’ investment in the Company, including the documents
referred to in this Agreement, or the identities of the Parties and their respective Affiliates; and (c) any other information or materials prepared by a Party or its Representatives that contains or otherwise reflects, or is generated from,
Confidential Information (collectively, the “Confidential Information”). Confidential Information shall not include any information that is (w) previously known on a non-confidential basis by the receiving Party, (x) in
the public domain through no fault of such receiving Party, its Affiliates or its or its Affiliates’ officers, directors or employees, (y) received from a party other than a Party so long as such other party was not, to the knowledge of
the receiving Party, subject to a duty of confidentiality to any Party or (z) developed independently by the receiving Party without reference to confidential information of the disclosing Party. No Party shall disclose such Confidential
Information to any third party. Notwithstanding anything to the contrary, this Section 9.1 shall not affect the Preferred Shareholders’ or their Affiliates’ normal accounting or tax reporting in respect of their investment in the
Company as required by applicable Law, and IFRS and PRC GAAP as applicable. 

  

	9.2	Exemptions. Notwithstanding any other provisions in this Section 9, if any Party believes in good faith that any announcement or notice must be prepared or published pursuant to applicable laws (including
any rules or regulations of any securities exchange or valid legal process) or information is otherwise required to be disclosed to any Governmental Authority, such Party may, in accordance with its understanding of the applicable Laws, make the
required disclosure in the manner it deems in compliance with the requirements of applicable Laws; provided that, the Party who is required to make such disclosure shall, to the extent permitted by Law and so far as it is practicable, provide
the Preferred Shareholders with prompt notice of such requirement and cooperate with the Preferred Shareholders at such Preferred Shareholders’ request and at the requesting Preferred Shareholders’ cost, to enable such other Parties to
seek an appropriate protection order or remedy. In addition, each Party may disclose, after giving prior notice to the other Parties to the extent practicable under the circumstances and subject to any practicable arrangements to protect
confidentiality, Confidential Information to the extent required under judicial or regulatory process or in connection with any judicial process regarding any legal action, suit or proceeding arising out of or relating to this Agreement and the
Share Subscription Agreement; provided that, the Party who is required to make such disclosure shall, to the extent permitted by Law and so far as it is practicable, at the Preferred Shareholders’ request and at the requesting Preferred
Shareholders’ cost, cooperate with the other Parties to enable such other Parties to seek an appropriate protection order or remedy. 

  
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	9.3	Disclosure to Affiliates. Each Party may disclose the Confidential Information only to its Affiliates and its and its Affiliates’ officers, directors, employees, agents and Representatives on a need-to-know
basis in the performance of this Agreement and the Share Subscription Agreement; provided that, such Party shall ensure such persons strictly abide by the confidentiality obligations hereunder. 

 

	9.4	Survival of Obligations. The confidentiality obligations of each Party hereunder shall survive the termination of this Agreement. Each Party shall continue to abide by the confidentiality clause hereof and
perform the obligation of confidentiality it undertakes until the other Party approves release of that obligation or until a breach of the confidentiality clause hereof will no longer result in any prejudice to the other Party. 

SECTION 10 
 TERM AND
TERMINATION 
  

	10.1	Effective Date; Termination. This Agreement shall become effective upon the execution hereof by all of the Parties and shall continue in effect until the earlier to occur of (a) a Qualified IPO (provided
that Section 5.2 shall survive a Qualified IPO to the extent permitted under the applicable law and Section 6 shall survive a Qualified IPO), (b) the date on which the Company goes into liquidation or dissolution or any property or
assets of the Company are placed in the hands of a receiver, trust custodian or liquidator or a winding up order in respect of the Company is issued, (c) any date agreed upon in writing by all of the Preferred Shareholders and the Company and
(d) with respect to a Shareholder, upon such Shareholder ceasing to own any Equity Securities. 

  

	10.2	Consequences of Termination. If this Agreement is terminated pursuant to Section 10.1 (other than Section 10.1(d)), this Agreement shall become null and void and of no further force and effect, except
that the Parties shall continue to be bound by the provisions of this Section 10, Section 9 (Confidentiality and Restrictions on Publicity), Section 12 (Miscellaneous) and Section 13 (Governing Law and Dispute Resolution). If
this Agreement is terminated pursuant to Section 10.1(d), this Agreement shall become of no further force and effect upon the such Shareholder, except that such Shareholder shall continue to be bound by the provisions of this Section 10,
Section 9 (Confidentiality), Section 12 (Miscellaneous) and Section 13 (Governing Law and Dispute Resolution). Nothing in this Section 10.2 shall be deemed to release any Party from any liability for any breach of this Agreement
prior to the effective date of such termination. 

  
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 SECTION 11 

NOTICES 
  

	11.1	Notice Addresses and Method of Delivery. All notices, requests, demands, consents and other communications (“Notices”) required to be given by any Party to any other Party shall be in writing and
delivered by hand delivery express courier or facsimile to the applicable Party at the address or facsimile number stated below: 

  

			
	 if to the
		New Century Hotel Office Tower 6/F
	 Company:
		No. 6 South Capital Stadium Road
			Beijing, 100044
			The People’s Republic of China
			Attention: Bin LI
			Facsimile: (86 10) 6849-2200
		
	 with a copy
		Skadden, Arps, Slate, Meagher & Flom LLP
	 to:
		c/o 42/F, Edinburgh Tower, The Landmark
			15 Queen’s Road Central
			Hong Kong
			Attention: Z. Julie Gao, Esq.
			Tel: +852 3740-4700
		
	 if to
		New Century Hotel Office Tower 6/F
	 Bitauto:
		No. 6 South Capital Stadium Road
			Beijing, 100044
			The People’s Republic of China
			Attention: Bin LI
			Facsimile: (86 10) 6849-2200
		
	 with a copy
		Skadden, Arps, Slate, Meagher & Flom LLP
	 to:
		c/o 42/F, Edinburgh Tower, The Landmark
			15 Queen’s Road Central
			Hong Kong
			Attention: Z. Julie Gao, Esq.
			Tel: +852 3740-4700
		
	 if to
		c/o Tencent Holdings Limited
	 Tencent:
		29/F., Three Pacific Place, No. 1 Queen’s Road
			East, Wanchai, Hong Kong
			Attn: Compliance and Transactions Department
			E-mail: legalnotice@tencent.com
		
	 with a copy (which
		Tencent Building, Kejizhongyi Avenue, Hi-tech
	 shall not constitute
		Park, Nanshan District, Shenzhen, 518057,
	 notice) to:
		P.R.China
			Attn: Mergers and Acquisitions Department
			E-mail: PD Support@tencent.com

  
 32 

			
	 With a copy (which
		Paul, Weiss, Rifkind, Wharton & Garrison LLP
	 shall not constitute
		12th Floor, The Hong Kong Club Building, 3A
	 notice) to:
		Chater Road, Central, Hong Kong
			Attn. : Jeanette K. Chan, Esq.
			Fax No. (852) 2840-4300
			E-mail:
		
			Paul, Weiss, Rifkind, Wharton & Garrison LLP
			1285 Avenue of the Americas, New York, NY
			10019-6064, USA
			Attn.: Steven J. Williams, Esq.
			Fax No. (212) 492-0257
			E-mail:
		
	 if to JD:
		JD.com, Inc.
			10th Floor, Building A, North Star Century Center,
			8 Beichen West Street, Chaoyang District, Beijing
			100101, P.R.China
			Attention: Legal Department
			Email: legalnotice@jd.com
		
	 with a copy
		JD.com, Inc.
	 (which
		10th Floor, Building A, North Star Century Center,
	 shall not
		8 Beichen West Street, Chaoyang District, Beijing
	 constitute
		100101, P.R.China
	 notice) to:
		Attention: Corporate Development Department
		
	 If to
		Suite 508, 5th Floor, ICBC Tower
	 Hammer:
		3 Garden Road
			Central
			Hong Kong
			Attn.: Amanda Chau, Esq.
			Fax No. (852) 2660-6996
			E-mail:

 or, as to each Party, at such other address or number as shall be designated by such Party in a notice to the
other Party containing the new information in the same format as the information set out above and complying as to delivery with the terms of this Section 11.1. Notwithstanding the foregoing, any notice involving non-performance or termination
shall be sent by hand delivery or by prepaid express courier. 

  
 33 

	11.2	Time of Delivery. Any Notice delivered: 

  

	 	(a)	by hand delivery shall be deemed to have been delivered on the date of actual delivery; 

  

	 	(b)	by prepaid express courier shall be deemed to have been delivered upon delivery by the courier; and 

  

	 	(c)	by facsimile shall be deemed to have been delivered on the day the transmission is sent (as long as the sender has a confirmation report specifying a facsimile, a facsimile number of the recipient, the number of pages
sent and the date of the transmission). 

  

	11.3	Proof of Delivery. In proving delivery of any Notice it shall be sufficient: 

  

	 	(a)	in the case of delivery by hand delivery or courier, to prove that the Notice was properly addressed and delivered; and 

  

	 	(b)	in the case of delivery by facsimile transmission, to prove that the transmission was confirmed as sent by the originating machine to the facsimile number of the recipient, on the date specified. 

SECTION 12 

MISCELLANEOUS 
  

	12.1	Legend. Each certificate for any Shares now held or hereafter acquired by any Shareholder shall, for as long as this Agreement is effective, bear a legend as follows: 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (AS AMENDED, THE “ACT”) OR UNDER THE SECURITIES LAWS OF ANY
STATE. THIS SECURITY MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED: (A) IN THE ABSENCE OF (1) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (2) AN EXEMPTION OR QUALIFICATION UNDER APPLICABLE
SECURITIES LAWS. 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN THE
APPLICABLE SHAREHOLDERS’ AGREEMENT, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON REQUEST TO THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE. 

 

	12.2	Discrepancies. If there is any discrepancy between any provision of this Agreement and any provision of the Articles or the charter documents of any Group Company, the provisions of this Agreement shall prevail,
and the Parties shall procure that the Articles or the charter documents of the relevant Group Company, as the case may be, are promptly amended, to the extent permitted by applicable law, in order to conform with this Agreement. 

  
 34 

	12.3	Assignment. This Agreement shall inure to the benefit of, and be binding upon, the successors and Persons to whom a Shareholder transfers Equity Securities in the Company in a Transfer permitted under this
Agreement, provided that in each case such Person signs a Deed of Adherence substantially in the form attached hereto as Exhibit A. 

  

	12.4	No Agency. No Shareholder, acting solely in its capacity as a Shareholder, shall act as an agent of the Company or have any authority to act for or to bind the Company, except as authorized by the Board. For the
purposes of this Section, unless acting expressly solely in its capacity as a Shareholder, any Shareholder who is a director or officer or employee of any Group Company acting in the ordinary course of business of any Group Company shall be
conclusively deemed to act for and on behalf of, and shall not be regarded as acting as an agent of, any Group Company. Any Shareholder that takes any action or binds the Company in violation of this Section shall be solely responsible for, and
shall indemnify the Company and each other Shareholder against, any losses, claims, damages, liabilities, judgments, fines, obligations, expenses and liabilities of any kind or nature whatsoever (including any investigative, legal and other expenses
reasonably incurred in connection with, and any amounts paid in settlement of, any pending or threatened legal action or proceeding) that the Company, or such other Shareholders, as the case may be, may at any time become subject to or liable for by
reason of such violation. 

  

	12.5	No Partnership. The Shareholders expressly do not intend hereby to form a partnership, either general or limited, under any jurisdiction’s partnership law. The Shareholders do not intend to be partners one
to another, or partners as to any third party, or create any fiduciary relationship among themselves, by virtue of their status as Shareholders. To the extent that any Shareholder, by word or action, represents to another Person that any Shareholder
is a partner or that the Company is a partnership, the Shareholder making such representation shall be liable to each of the other Shareholders that incur any losses, claims, damages, liabilities, judgments, fines, obligations, expenses and
liabilities of any kind or nature whatsoever (including any investigative, legal or other expenses reasonably incurred in connection with, and any amount paid in settlement of, any pending or threatened legal action or proceeding) arising out of or
relating to such representation. 

  

	12.6	Amendment. This Agreement may only be amended, modified or supplemented with a written instrument executed by the holders of more than 75% of the then issued and outstanding Ordinary Shares, the holders of more
than 75% of the then issued and outstanding Preferred Shares and the Company, and any such amendment shall be valid and binding on all Parties except that any amendment that adversely affects the rights of Preferred Shareholders shall require the
consent of the relevant Preferred Shareholders. 

  

	12.7	Waiver. No waiver of any provision of this Agreement shall be effective unless set forth in a written instrument signed by the Party waiving such provision. No failure or delay by a Party in exercising any right,
power or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of the same preclude any further exercise thereof or the exercise of any other right, power or remedy. Without limiting the foregoing,
no waiver by a Party of any breach by any other Party of any provision hereof shall be deemed to be a waiver of any subsequent breach of that or any other provision hereof. 

  
 35 

	12.8	Entire Agreement. This Agreement represents the entire understanding and constitutes the whole agreement among the Parties relating to the subject matter hereof and supersedes any prior agreements or
understandings relating to such subject matter. 

  

	12.9	Severability. Each and every obligation under this Agreement shall be treated as a separate obligation and shall be severally enforceable as such and in the event of any obligation or obligations being or
becoming unenforceable in whole or in part. To the extent that any provision or provisions of this Agreement are unenforceable they shall be deemed to be deleted from this Agreement, and any such deletion shall not affect the enforceability of this
Agreement as remain not so deleted. 

  

	12.10	Counterparts. This Agreement may be executed in any number of counterparts and by the Parties in separate counterparts, including counterparts transmitted by facsimile or by e-mails, each of which when so
executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Except as otherwise specified, this Agreement shall become legally binding at the time of execution of the last such
counterpart and shall have effect from the date first above written. 

  

	12.11	Consent to Specific Performance. The Parties declare that it may be impossible to measure in money the damages that would be suffered by a Party by reason of the failure by the other Parties to perform any of the
obligations hereunder. Therefore, if any Party shall institute any action or proceeding to enforce the provisions hereof, the Party against whom such action or proceeding is brought hereby waives any claim or defense therein that the other Parties
has an adequate remedy at law. 

  

	12.12	Consent. Any consent required under this Agreement shall be valid and effective only if given in writing. 

SECTION 13 
 GOVERNING
LAW AND DISPUTE RESOLUTION 
  

	13.1	Governing Law. This Agreement shall be governed and interpreted in accordance with the internal laws of Hong Kong. 

  
 36 

	13.2	Arbitration. This Agreement shall be governed and interpreted in accordance with the internal laws of Hong Kong. Any dispute arising out of or relating to this Agreement and the Share Subscription Agreement,
including any question regarding its existence, validity or termination (“Dispute”) shall be referred to and finally resolved by arbitration at the Hong Kong International Arbitration Centre (“HKIAC”) in accordance
with the Hong Kong International Arbitration Centre Administered Arbitration Rules then in force. A dispute may be submitted to arbitration upon the request of any Party with written notice to the other Parties (the “Arbitration
Notice”). There shall be three arbitrators. The claimants to the dispute shall collectively choose one arbitrator, and the respondents shall collectively choose one arbitrator, within 30 days after the delivery of the Arbitration Notice to
the other Parties. The third arbitrator shall be appointed by the Hong Kong International Arbitration Centre. The language to be used in the arbitration proceedings shall be English. Each of the Parties irrevocably waives any immunity to
jurisdiction to which it may be entitled or become entitled (including without limitation sovereign immunity, immunity to pre-award attachment, post-award attachment or otherwise) in any arbitration proceedings and/or enforcement proceedings against
it arising out of or based on this Agreement or the Share Subscription Agreement. The award of the arbitration tribunal shall be final and binding upon the Parties, and the prevailing Party may apply to a court of competent jurisdiction for
enforcement of such award. Any Party shall be entitled to seek preliminary injunctive relief from any court of competent jurisdiction pending the constitution of the arbitration tribunal. 

[Remainder of this page intentionally left blank] 

  
 37 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written. 

 

			
	YIXIN CAPITAL LIMITED
		
	By:		 /s/ Zhang Xuan

	Name:		ZHANG Xuan
	Title:		

 [SIGNATURE PAGE TO SHAREHOLDERS AGREEMENT] 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written. 

 

			
	BITAUTO HONG KONG LIMITED
		
	By:		 /s/ Bin Li

	Name:		Bin Li
	Title:		

 [SIGNATURE PAGE TO SHAREHOLDERS AGREEMENT] 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written. 

 

			
	DONGTING LAKE INVESTMENT LIMITED
		
	By:		 /s/ Ma Huateng

	Name:		Ma Huateng
	Title:		Director

 [SIGNATURE PAGE TO SHAREHOLDERS AGREEMENT] 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written. 

 

			
	JD FINANCIAL INVESTMENT LIMITED
		
	By:		 /s/ Liu Qiangdong

	Name:		LIU Qiangdong
	Title:		Director

 [SIGNATURE PAGE TO SHAREHOLDERS’ AGREEMENT] 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written. 

 

			
	HAMMER CAPITAL MANAGEMENT LIMITED
			For and on behalf of
			Hammer Capital Management Limited
			    

		
	By:		 /s/ Rodney Tsang

			 Authorized Signature(s)

	Name:		Rodney Tsang
	Title:		Director

 [SIGNATURE PAGE TO SHAREHOLDERS AGREEMENT] 

 SCHEDULE 1 

SHAREHOLDING STRUCTURE OF THE COMPANY 

Company’s authorized capital: US$100,000 divided into 100,000,000 shares, with a par value of US$0.001 each 

Share Ownership as of Date Hereof (on a fully diluted basis): 
  

					
	 	  	No. shares held	  	Shareholding %
	Bitauto Hong Kong Limited	  	13,499,906
Ordinary Shares	  	27.0%
	Bitauto Hong Kong Limited	  	11,534,156
Preferred Shares	  	23.1%
	Dongting Lake Investment Limited	  	13,308,642
Preferred Shares	  	26.6%
	JD Financial Investment Limited	  	8,872,428
Preferred Shares	  	17.7%
	Hammer Capital Management Limited	  	887,243
Preferred Shares	  	1.8%
	ESOP	  	1,900,094
Ordinary Shares	  	3.8%

 SCHEDULE 2 

REGISTRATION RIGHTS 
  

	1.	Applicability of Rights. The Holders (as defined below) shall be entitled to the following rights with respect to any potential public offering of the Company’s Shares in the United States and shall be
entitled to reasonably analogous or equivalent rights with respect to any other offering of Securities in any other jurisdiction pursuant to which the Company undertakes to publicly offer or list such securities for trading on a Recognized Exchange.
The rights provided hereunder shall terminate with respect to any Holder, at the earlier of (a) eight years after the Company’s IPO and (b) if all Registrable Securities held by such Holder may then be sold without registration in any
ninety (90) day period pursuant to Rule 144 promulgated under the Securities Act. 

  

	2.	Definitions. In this Agreement, in addition to those defined in the context, the following expressions shall have the following meanings: 

“ADSs” means American Depositary Shares representing the relevant number of the Company’s ordinary shares. 

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

“Holder” means any Person owning of record Registrable Securities that have not been sold to the public or pursuant to Rule
144 promulgated under the Securities Act or any permitted assignee of record of such Registrable Securities to whom rights under this Agreement have been duly assigned in accordance with this Agreement. 

For purposes of this Section 2, “Holder”, the term “Holder” means any person owning or having the rights
to acquire Registrable Securities or any permitted assignee of record of such Registrable Securities to whom rights under this Section 2 have been duly assigned in accordance with this Agreement. 

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

“Registrable Securities” means: (1) any Ordinary Shares of the Company issued or to be issued pursuant to the conversion
of any Preferred Shares; (2) any Ordinary Shares of the Company issued or issuable upon the conversion or exercise of any warrant, right or other security which is issued as a dividend or other distribution with respect to, or in exchange for
or in replacement of, any Preferred Shares described in clause (1) of this definition; and (3) any other Ordinary Shares of the Company owned or hereafter acquired by holders of Preferred Shares. Notwithstanding the foregoing,
“Registrable Securities” shall exclude any Registrable Securities sold by a Person in a transaction in which rights under this Agreement are not assigned in accordance with this Agreement or any Registrable Securities sold in
a public offering, whether sold pursuant to Rule 144 promulgated under the Securities Act, or in a registered offering, or otherwise. 

 “Registrable Securities then outstanding” shall mean the number of
Ordinary Shares of the Company that are Registrable Securities and are then issued and outstanding or are issuable upon conversion of Preferred Shares then issued and outstanding, or issuable upon conversion or exercise of any warrant, right or
other security then outstanding. 
 “SEC” or “Commission” means the U.S. Securities and Exchange
Commission. 
  

	3.	Demand Registration.  

  

	 	(a)	Request by Holders. If the Company shall at any time after the earlier of (i) the third (3rd) anniversary of the Closing (as defined in the Share
Subscription Agreement) of the Share Subscription Agreement and (ii) the expiry of six (6) months after a Qualified IPO receive a written request from the Holders of at least 20% of the Registrable Securities that the Company file a
registration statement under the Securities Act covering the registration of Registrable Securities pursuant to this Section 3, then the Company shall, within ten (10) Business Days of the receipt of such written request, give written
notice of such request (“Request Notice”) to all Holders, and use all reasonable efforts to effect, as soon as practicable, the registration under the Securities Act of all Registrable Securities that Holders (including other
Shareholders who so) request to be registered and included in such registration by written notice given by such Holders to the Company within twenty (20) Business Days after receipt of the Request Notice, subject only to the limitations of this
Section 3; provided, that the Registrable Securities requested by all Holders to be registered pursuant to such request must have a market value in excess of US$20,000,000 (or, in the case of an initial public offering, US$100,000,000);
provided, further that the Company shall not be obligated to effect any such registration if the Company has, within the six (6) month period preceding the date of such request, already effected a registration under the Securities
Act pursuant to this Section 3 or Section 5, or in which the Holders had an opportunity to participate pursuant to the provisions of Section 4, other than a registration from which the Registrable Securities of Holders have been
excluded (with respect to all or any portion of the Registrable Securities the Holders requested be included in such registration) pursuant to the provisions of Section 4(a). 

	 	(b)	Underwriting. If the Holders initiating the registration request under this Section 3 (“Initiating Holders”) intend to distribute the Registrable Securities covered by their request
by means of an underwriting, then they shall so advise the Company as a part of their request made pursuant to this Section 3 and the Company shall include such information in the written notice referred to in subsection 3(a). In such event,
the right of any Holder to include his Registrable Securities in such registration shall be conditional upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting
(unless otherwise mutually agreed by a majority in interest of the initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting
agreement in customary form with the managing underwriter or underwriters selected for such underwriting by the Holders of a majority of the Registrable Securities being registered and reasonably acceptable to the Company (including a market
stand-off agreement of up to 180 days if required by such underwriter or underwriters). Notwithstanding any other provision of this Section 3, if the underwriter(s) advise(s) the Company in writing that marketing factors require a limitation of
the number of securities to be underwritten then the Company shall so advise all Holders of Registrable Securities which would otherwise be registered and underwritten pursuant hereto, and the number of Registrable Securities that may be included in
the underwriting shall be reduced as required by the underwriter(s) and allocated among the Holders of Registrable Securities on a pro rata basis according to the number of Registrable Securities then outstanding held by each Holder requesting
registration (including the initiating Holders); provided, however, that (i) the number of Registrable Securities included in any such registration shall not be reduced below thirty percent (30%) of the aggregate number of
Registrable Securities for which inclusion has been requested and (ii) the number of shares of Registrable Securities to be included in such underwriting and registration shall not be reduced unless all other securities are first entirely
excluded from the underwriting and registration. Any Registrable Securities excluded and withdrawn from such underwriting shall be withdrawn from the registration. If the underwriter has not limited the number of Registrable Securities to be
underwritten, the Company may include its securities for its own account in such registration if the underwriter so agrees and if the number of Registrable Securities which would otherwise have been included in such registration and underwriting
will not thereby be limited. 

  

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

 

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

 

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

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

 

	 	(iii)	if the Company shall furnish to Holders requesting the filing of a registration statement pursuant to this Section 3, a certificate signed by the President or Chief Executive Officer of the Company stating that in
the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such registration statement to be filed, then the Company shall have the right to defer such filing for a period of not more than one
hundred twenty (120) days after receipt of the request of the initiating Holders; provided, however, that the Company may not utilize this right more than once in any twelve (12) month period; or 

 

	 	(iv)	In any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, qualification, or compliance, unless the Company is already
subject to service in such jurisdiction and except as may be required by the Securities Act. 

  

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

 

	4.	Piggyback Registrations. The Company shall notify all Holders of Registrable Securities in writing at least twenty (20) days prior to filing any registration statement under the Securities Act for purposes
of effecting a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding registration statements relating to any registration
under Section 3 or Section 5 of this Schedule 2 or to any employee benefit plan or a corporate reorganization) and will afford each such Holder an opportunity to include in such registration statement all or any part of the Registrable
Securities then held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by such Holder shall within 18 days after receipt of the above-described notice from the
Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Securities such Holder wishes to include in such registration statement. If a Holder decides not to include all of its Registrable
Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be
filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 

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

 

	 	(b)	Underwriting. If a registration statement under which the Company gives notice under this Section 4 is for an underwritten offering, then the Company shall so advise the Holders of Registrable Securities. In
such event, the right of any such Holder’s Registrable Securities to be included in a registration pursuant to this Section 4 shall be conditional upon such Holder’s participation in such underwriting and the inclusion of such
Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the
managing underwriter or underwriters selected for such underwriting (including a market stand-off agreement of up to 180 days if required by such underwriter or underwriters). Notwithstanding any other provision of this Agreement, if the managing
underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares (including up to seventy percent (70%) of the Registrable
Securities) from the registration and the underwriting, and the number of shares that may be included in the registration and the underwriting shall be allocated, first to the Company, and second, to each of the Holders requesting inclusion of their
Registrable Securities in such registration statement on a pro rata basis based on the total number of Registrable Securities then held by each such Holder; provided, however, that the right of the underwriter(s) to exclude shares
(including Registrable Securities) from the registration and underwriting as described above shall be restricted so that (i) the number of Registrable Securities included in any such registration is not reduced below thirty percent
(30%) of the aggregate number of Registrable Securities for which inclusion has been requested; and (ii) all shares that are not Registrable Securities and are held by any other Person, including, without limitation, any Person who is an
employee, officer, consultant or director of the Company (or any Subsidiary of the Company) shall first be excluded from such registration and underwriting before any Registrable Securities are so excluded. If any Holder disapproves of the terms of
any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s), delivered at least ten (10) Business Days prior to the effective date of the registration statement. Any Registrable
Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder that is a partnership, the Holder and the partners and retired partners of such Holder, or the estates and family members
of any such partners and retired partners and any trusts for the benefit of any of the foregoing Persons, and for any Holder that is a corporation, the Holder and all corporations that are Affiliates of such Holder, shall be deemed to be a single
“Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “Holder,” as
defined in this sentence. 

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

  

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

  

	5.	Form F-3 Registration. In case the Company shall receive from any Holder or Holders of at least 20% of the Registrable Securities then outstanding a written request or requests that the Company effect a
registration on Form F-3 (or an equivalent registration in a jurisdiction outside of the United States) and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, then the
Company will: 

  

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

  

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

  

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

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

 

	 	(iii)	if the Company shall furnish to the Holders a certificate signed by the President or Chief Executive Officer of the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the
Company and its shareholders for such Form F-3 Registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form F-3 registration statement no more than once during any twelve month period for
a period of not more than ninety (90) days after receipt of the request of the Holder or Holders under this Section 5; 

  

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

 

	 	(v)	in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance, unless
the Company is already subject to service of process in such jurisdiction; or 

  

	 	(vi)	if such registration is to be effected more than eight (8) years after the Company’s IPO. 

  

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

  

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

	 	(e)	Resale Shelf; Alternative Transactions. At any time when the Company is eligible to file a registration statement on Form F-3 for a secondary offering of equity securities pursuant to Rule 415 under the Securities Act
(a “Resale Shelf”), any registration statement requested pursuant to this Agreement shall be made as a Resale Shelf. During the period of effectiveness of a Resale Shelf, any resale of shares of Registrable Securities
pursuant to this Schedule 2 shall be in the form of a “takedown” from such Resale Shelf rather than a separate registration statement. The Company shall use its commercially reasonable efforts to cooperate in a timely manner with any
request of the Holders in respect of any block trade, hedging transaction or other transaction that is registered pursuant to a Resale Shelf that is not a firm commitment underwritten offering (each, an “Alternative Transaction”),
including entering into customary agreements with respect to such Alternative Transactions (and providing customary representations, warranties, covenants and indemnities in such agreements) as well as providing other reasonable assistance in
respect of such Alternative Transactions of the type applicable to a public offering, to the extent customary for such transactions. 

  

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

 

	 	(a)	Registration Statement. Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use all reasonable efforts to cause such registration statement to become effective
for the lesser of (x) one hundred twenty (120) days (or, in the case of a Resale Shelf, three years from the effective date of the registration statement) and (y) such shorter period which will terminate when all Registrable
Securities covered by such Registration Statement have been sold. 

  

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

  

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

  

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

  

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

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

  

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

Notwithstanding any of the foregoing provisions, the Company shall not be required to pay for any expenses of any registration proceeding begun
pursuant to Section 3 or Section 5 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case the participating Holders requesting for the
withdrawal shall bear such expenses), unless, in the case of a registration requested under Section 3, all of the Holders of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 3. 

 

	7.	Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Schedule 2 with respect to the Registrable Securities of the selling Holders that such
selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to timely effect the Registration of their
Registrable Securities. In this connection, each selling Holder shall be required to represent and warrant to the Company that all such information which is given in writing expressly for inclusion in such registration is true and accurate in all
material respects. 

	8.	No Registration Rights to Third Parties. Without the prior consent of the Holders of seventy-five percent (75%) of the Registrable Securities then outstanding, the Company covenants and agrees that it shall
not grant, or cause or permit to be created, for the benefit of any Person or entity any registration rights of any kind (whether similar to the demand, “piggyback” or Form S-3 or Form F-3 registration rights described in this Schedule 2,
or otherwise) relating to any Securities of the Company, other than rights that are subordinate in right to the Holders. 

  

	9.	Assignment. The registration rights under this Schedule 2 may be transferred or assigned to any transferee of Preferred Shares. 

 

	10.	Market Stand-Off Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to
the Company’s initial public offering and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) Business Days) (i) lend, offer, pledge, sell, contract to sell, sell any
option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or
exercisable or exchangeable for Ordinary Shares (whether such shares or any such securities are then owned by the Holder or are thereafter acquired), or (ii) enter into any swap or other arrangement that transfers to another, in whole or in
part, any of the economic consequences of ownership of the Ordinary Shares, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Ordinary Shares or such other securities, in cash or otherwise.
The foregoing provisions of this Section 10 shall apply only to the Company’s initial public offering of equity securities, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only
be applicable to the Holders if all officers and directors and greater than five percent (5%) Shareholders of the Company enter into similar agreements. The underwriters in connection with the Company’s initial public offering are intended
third party beneficiaries of this Section 10 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer
instructions with respect to the Registrable Securities of each Holder (and the shares or securities of every other Person subject to the foregoing restriction) until the end of such period. 

	11.	Indemnification and Contribution.  

  

	 	(a)	Indemnification by the Company. To the extent permitted by law, the Company will indemnify and hold harmless each Holder, its partners, directors, officers, legal counsel and each Person who controls such Holder
(within the meaning the Securities Act or the Exchange Act) from and against any and all losses, claims, damages, liabilities and expenses, or any action or proceeding in respect thereof (including reasonable costs of investigation and reasonable
attorneys’ fees and expenses) (each, a “Liability” and collectively, “Liabilities”) to which they may become subject under the Securities Act, the Exchange Act, or other United States federal or state law,
insofar as such Liability arising out of or based upon (a) any untrue, or allegedly untrue, statement of a material fact contained in any registration statement, prospectus or free-writing prospectus filed in connection with any registration
hereunder or in any amendment or supplement thereto (each a “Disclosure Document”); and (b) the omission or alleged omission to state in any Disclosure Document any material fact required to be stated therein or necessary to
make the statements therein not misleading under the circumstances such statements were made; provided, however, that that the indemnity agreement contained in this subsection (a) shall not apply to amounts paid in settlement of
any such loss, claim, damage, liability or action if such settlement is effected without the written consent of the Company (which consent shall not be unreasonably withheld), nor the Company shall be held liable in any such case to the extent that
any such Liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission contained in such Disclosure Document in reliance upon and in conformity with information concerning such Holder
furnished in writing to the Company by or on behalf of such Holder expressly for use therein. 

  

	 	(b)	Indemnification by Holders. To the extent permitted by law, in connection with any offering in which a Holder is participating pursuant to Section 3, Section 4 or Section 5 hereof, such Holder will
severally and not jointly indemnify and hold harmless the Company, each of its directors and officers, the other Holders and any of such other Holder’s partners, directors, officers, legal counsel, any underwriter retained by the Company and
each Person who controls the Company, the other Holders or such underwriter (within the meaning of the Securities Act or the Exchange Act) to the same extent as the foregoing indemnity from the Company to the Holders (including indemnification of
their respective partners, directors, officers, legal counsel and controlling Persons), but only to the extent that Liabilities arise out of or are based upon a statement or alleged statement or an omission or alleged omission that was made in
reliance upon and in conformity with information with respect to such Holder furnished in writing to the Company by or on behalf of such Holder expressly for use in such Disclosure Document; provided, however, that that the indemnity
agreement contained in this subsection (b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the written consent of the Holder (which consent shall not be
unreasonably withheld), and that the total amount to be indemnified by such Holder pursuant to this Section 11(b) shall be limited to the net proceeds (after deducting any underwriters’ discounts and commissions) received by such Holders
in the offering to which such Disclosure Document relates. 

	 	(c)	Conduct of Indemnification Proceedings. Any Person entitled to indemnification or contribution hereunder (the “Indemnified Party”) agrees to give prompt written notice to the indemnifying party
(the “Indemnifying Party”) after the receipt by the Indemnified Party of any written notice of the commencement of any action, suit, proceeding or investigation or threat thereof made in writing for which the Indemnified Party
intends to claim indemnification or contribution pursuant to this Agreement; provided, however, that the failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party of any Liability that it may have to the
Indemnified Party hereunder (except to the extent that the Indemnifying Party is materially prejudiced or otherwise forfeits substantive rights or defenses by reason of such failure). If notice of commencement of any such action is given to the
Indemnifying Party as above provided, the Indemnifying Party shall be entitled to participate in and, to the extent it may wish, jointly with any other Indemnifying Party similarly notified, to assume the defense of such action at its own expense,
with counsel chosen by it and reasonably satisfactory to such Indemnified Party. Each Indemnified Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the reasonable and documented
out-of-pocket fees and expenses of such counsel shall be paid by the Indemnified Party unless (i) the Indemnifying Party agrees to pay the same, (ii) the Indemnifying Party fails to assume the defense of such action with counsel reasonably
satisfactory to the Indemnified Party or (iii) the named parties to any such action (including any impleaded parties) include both the Indemnifying Party and the Indemnified Party and such parties have been advised by such counsel that either
(x) representation of such Indemnified Party and the Indemnifying Party by the same counsel would be inappropriate under applicable standards of professional conduct or (y) there may be one or more legal defenses available to the
Indemnified Party which are different from or additional to those available to the Indemnifying Party. In any of such cases, the Indemnifying Party shall not have the right to assume the defense of such action on behalf of such Indemnified Party, it
being understood, however, that the Indemnifying Party shall not be liable for the reasonable and documented out-of-pocket fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all Indemnified Parties
and all such reasonable and documented out-of-pocket fees and expenses shall be reimbursed as incurred. No Indemnifying Party shall be liable for any settlement entered into without its written consent, which consent shall not be unreasonably
withheld. No Indemnifying Party shall, without the consent of such Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which such Indemnified Party is a party and indemnity has been sought hereunder by such
Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability for claims that are the subject matter of such proceeding. 

	 	(d)	Contribution. If the indemnification provided for in this Section 11 from the Indemnifying Party is unavailable to an Indemnified Party hereunder or insufficient to hold harmless an Indemnified Party in
respect of any Liabilities referred to herein, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Liabilities in such proportion
as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions which resulted in such Liabilities, as well as any other relevant equitable considerations. The relative faults of such
Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact, has been made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid
or payable by a party as a result of the Liabilities referred to above shall be deemed to include, subject to the limitations set forth herein, any reasonable and documented out-of-pocket legal or other fees, charges or expenses reasonably incurred
by such party in connection with any investigation or proceeding; provided, that the total amount to be contributed by any Holder shall be limited to the net proceeds (after deducting any underwriters’ discounts and commissions) received
by such Holder in the offering. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 11(d) were determined by pro rata allocation or by any other method of allocation which does not take
account of the equitable considerations referred to in the immediately preceding paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any
Person who was not guilty of such fraudulent misrepresentation. 

  

	12.	Reports. The Company covenants that it shall (i) use commercially reasonable efforts to file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations
adopted by the Commission thereunder and (ii) take such action as may be required from time to time to enable such Holders to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions
provided by (A) Rule 144 under the Securities Act, as such rule may be amended from time to time, or (B) any similar rules or regulations hereafter adopted by the Commission. The Company shall, upon the request of any Holder, deliver to
such Holder a written statement as to whether it has complied with such requirements. 

 EXHIBIT A 

DEED OF ADHERENCE 
 THIS DEED is
made the [        ] day of [        ] by [name of new shareholder], [a citizen of [        ] with
[        ] passport no. [        ] and [his/her] residential address at [        ] / [a limited liability company incorporated
under the laws of [        ] with its registered office at [        ]] (the “New Shareholder”). 

WHEREAS 
  

	(A)	By a [transfer of OR subscription for] [description of equity securities] dated [of even date herewith], [[name of transferor], [a citizen of [        ] with
[        ] passport no. [        ] and [his/her] residential address at [        ] / [a limited liability company incorporated
under the laws of [        ] with its registered office at [        ] (the “Transferor”) agreed to transfer to the New Shareholder] / [the New
Shareholder subscribed for] [number] [description of equity securities]], [par value US$[        ] each] in the capital of [Name of the Company], a company limited by shares incorporated
in Cayman Islands, with its registered office at [        ] (the “Company”) (together the [“Transferred Shares” OR “Subscribed Shares”]). 

 

	(B)	This Deed is entered into in compliance with the terms of the shareholders agreement dated [        ] made by and among, inter alios, the Company, Bitauto Holdings Limited,
Dongting Lake Investment Limited and certain other parties thereto (as supplemented and amended from time to time) (the “Shareholders Agreement”). 

NOW THEREFORE IT IS HEREBY AGREED as follows: 
  

	(1)	Words and expressions used in this Deed shall have the same meaning assigned to them in the Shareholders Agreement unless the context otherwise expressly requires. The rules of interpretation contained in
Section 1.3 of the Shareholders Agreement shall apply to the construction of this Deed with all necessary changes. 

  

	(2)	The New Shareholder hereby confirms that it has been supplied with a copy of the Shareholders Agreement. 

  

	(3)	The New Shareholder hereby agrees to assume and assumes the benefit of the rights [of the Transferor] under the Shareholders Agreement in respect of the [Transferred Shares OR Subscribed Shares] and hereby agrees to
assume and assumes the burden of the [Transferor’s] obligations under the Shareholders Agreement to be performed after the date hereof in respect of the [Transferred Shares OR Subscribed Shares]. 

 

	(4)	The New Shareholder hereby agrees to be bound by the Shareholders Agreement in all respects as if the New Shareholder were a party to the Shareholders Agreement as [description of capacity]] and to perform:

  

	 	(i)	[all the obligations of the Transferor in that capacity thereunder; and] 

  
 Exhibit A 

	 	(ii)	all the obligations expressed to be imposed on such a party to the Shareholders Agreement; 

 [in
both cases,] to be performed on or after the date hereof. 
  

	(5)	The New Shareholder hereby further agrees and covenants that (a) the [acquisition, owning and holding of Transferred Shares / subscription, owning and holding of Subscribed Shares] is in full compliance with the
requirements of all applicable laws; and (b) if requested by the Company, the New Shareholder shall provide such assurances, representations, documents and materials as the Company may deem necessary or desirable to assure compliance with all
Applicable Laws. 

  

	(6)	This Deed is made for the benefit of: 

  

	 	(i)	the parties to the Shareholders Agreement; and 

  

	 	(ii)	any other Person who may after the date of the Shareholders Agreement (and whether or not prior to, on or after the date hereof) assume any rights or obligations under the Shareholders Agreement and be permitted to do
so by the terms thereof; 

 and this Deed shall be irrevocable without the written consent of the Company acting on their
behalf in each case only for so long as they hold any equity securities in the capital of the Company. 
  

	(7)	[For the avoidance of doubt, if applicable, nothing in this Deed shall release the Transferor from any liability in respect of any obligations under the Shareholders Agreement due to be performed prior to the date of
this Deed.] 

  

	(8)	None of the Preferred Shareholder: 

  

	 	(i)	makes any representation or warranty or assumes any responsibility with respect to the legality, validity, effectiveness, adequacy or enforceability of the Shareholders Agreement (or any agreement entered into pursuant
thereto); or 

  

	 	(ii)	makes any representation or warranty or assumes any responsibility with respect to the content of any information regarding the Company or any Group Company or otherwise relates to the acquisition of equity securities
in the Company; or 

  

	 	(iii)	assumes any responsibility for the financial condition of the Company or any Group Company or any other party to the Shareholders Agreement or any other document or for the performance and observance by the Company or
any other party to the Shareholders Agreement or any other document (save as expressly provided therein); 

 and any and all
conditions and warranties, whether express or implied by law or otherwise, are excluded. 

  
 Exhibit A 

	(9)	The New Shareholder’s address for notices, demands and all other communications under the Shareholders Agreement is as follows: 

[name of New Shareholder] 
  

			
	Address:		[        ]
	Post Code:		[        ]
	Fax Number:		[        ]
	Email:		[        ]
	Attention:		[        ]

  

	(10)	This Deed shall be read as one with the Shareholders Agreement so that any reference in the Shareholders Agreement to “this Agreement” and similar expressions shall include this Deed. 

 

	(11)	This Deed shall be governed by and construed in all respects in accordance with the internal laws of Hong Kong. 

[SIGNATURE PAGE TO FOLLOW] 

  
 Exhibit A 

 IN WITNESS WHEREOF this Deed of Adherence is executed as a deed on the date and year first above
written. 
  

							
	EXECUTED AS A DEED		)				
			)				
	SEALED with the COMMON SEAL		)				
			)				
	of [name of new shareholder]		)				
			)				
	and SIGNED by [            ]		)				
			)				
	(Director)		)				
			)				
	in the presence of:-		)				
			)				
			)				
	Name of witness:		)				
	Address of witness:		)				
				
	[Or, if the New Shareholder is an individual:]						
				
	EXECUTED AS A DEED		)				
			)				
	SIGNED SEALED AND DELIVERED		)				
			)				
	by [name of new shareholder]		)				
			)				
	the holder of [            ]		)				
			)				
	[Passport / ID Card] No. [            ]		)				
			)				
	in the presence of:		)				
			)				
			)				
	Name of witness:		)				
	Address of witness:		)				

  
 Exhibit A

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