Document:

Exhibit
10.1

 

QUANTA,
INC.

SUBSCRIPTION
AGREEMENT

S-1
SHARES

 

THIS
SUBSCRIPTION AGREEMENT made as of the _____ day of __________________, 2021 between QUANTA, INC., a corporation organized
under the laws of the State of Nevada, (the “Company”), and the undersigned (the “Subscriber”
and together with each of the other subscribers in the Offering (defined below), the “Subscribers”).

 

WHEREAS,
the Company desires to sell registered S-1 shares of its common stock (collectively, the “Shares”) (the
“Offering”), at a purchase price of $0.04 per Share and per the terms set forth in the Company’s
S-1 Registration Statement (as amended) which was originally filed on ______________ and declared Effective by the SEC on __________________.

 

NOW,
THEREFORE, for and in consideration of the promises and the mutual covenants hereinafter set forth, the parties hereto do
hereby agree as follows:

 

1.1.
Subscription for Shares. Subject to the terms and conditions hereinafter set forth, the Subscriber hereby subscribes for
and agrees to purchase from the Company such aggregate amount of Shares as is set forth upon the signature page hereof; and the
Company agrees to sell such Shares to the Subscriber for said purchase price subject to the Company’s right to sell to the
Subscriber such lesser number of Shares as the Company may, in its sole discretion, deem necessary or desirable. The purchase
price is payable by wire transfer, or certified or bank checks made payable to “QUANTA, INC.” and delivered contemporaneously
with the execution and delivery of this Subscription Agreement to the Company’s address set forth in the S-1.

 

1.2.
S-1 Registered Shares. The Subscriber acknowledges that the Shares being purchased herein are shares of common stock registered
in the Company’s S-1 (as amended) which was originally filed on _______________.

 

1.3.
Investment Purpose. The Subscriber represents that the Shares (the “Securities”) are being purchased
for his or her or its own account, for investment purposes only and not for distribution or resale to others in contravention
of the registration requirements of the 1933 Act. The Subscriber agrees that it will not sell or otherwise transfer the Securities
unless they are registered under the 1933 Act or unless an exemption from such registration is available.

 

1.4.
Accredited Investor. The Subscriber represents and warrants that he, she or it is an “accredited investor”
as such term is defined in Rule 501 of Regulation D promulgated under the 1933 Act, and that it is able to bear the economic risk
of any investment in the Shares.

 

1.5.
RISK OF INVESTMENT. THE SUBSCRIBER RECOGNIZES THAT THE PURCHASE OF THE SHARES INVOLVES A HIGH DEGREE OF RISK INCLUDING, WITHOUT
LIMITATION, ANY AND ALL RISKS DISCUSSED IN THIS SUBSCRIPTION AGREEMENT. AN INVESTMENT IN THE COMPANY AND THE SHARES MAY RESULT
IN THE LOSS OF A SUBSCRIBER’S ENTIRE INVESTMENT.

 

(a)
Risk of Loss of Investment. An investment in the Company and the Shares offered hereby involve a high degree of risk. An
investment in the Shares is suitable only for investors who can bear a loss of their entire investment.

 

(b)
Value of Shares is Speculative. The terms of this offering have been determined arbitrarily by the Company. There is no
relationship between such terms and the Company’s assets, earnings, book value and/or any other objective criteria of value.

 

    	 

    	 

    

 

(c)
Dependence on Net Proceeds; No Minimum Offering. The Company is dependent upon the net proceeds of this Offering to fund
its operations, as more specifically described elsewhere in this Subscription Agreement. There is no commitment by any person
to purchase Shares and there is no assurance that any number of Shares will be sold. Additionally, there is no minimum amount
of funds that are required to be raised in order for the Company to accept subscriptions received from investors and the Company’s
may terminate this Offering prior to the expiration of the Offering Period. There is no assurance that the Company will sell a
sufficient number of Shares in this Offering on a timely basis or that the net proceeds after payment of debts and other obligations
will be adequate for the Company’s needs.

 

(d)
Need for Additional Capital; Additional Private Placement. The net proceeds raised by the Company from this Offering will
be used immediately to fund the Company’s current operations. The Company will therefore require significant additional
financing shortly after this Offering, regardless of the net proceeds received, in order to satisfy its cash requirements. The
Company may seek to raise additional funds in private placement transactions. However, there is no assurance that it will be able
to do so in a timely manner or on terms that will enable it to enter its proposed business on a reasonable basis.

 

1.6
Reserved.

 

1.7
Information. The Subscriber acknowledges receipt and full and careful review and understanding of this Subscription Agreement
and of the S-1 (as amended) which was originally filed on ______________.

 

1.8
No Representations or Warranties. The Subscriber hereby represents that, except as expressly set forth in the S-1, no representations
or warranties have been made to the Subscriber by the Company or any agent, employee or affiliate of the Company and in entering
into this transaction the Subscriber is not relying on any information other than that contained in the S-1 and the results of
independent investigation by the Subscriber.

 

1.9
Tax Consequences. The Subscriber acknowledges that this Offering of the Shares may involve tax consequences and that the
contents of the S-1 does not contain tax advice or information. The Subscriber acknowledges that it must retain its own professional
advisors to evaluate the tax and other consequences of an investment in the Shares.

 

1.10
Transfer or Resale. The Subscriber understands that the Shares purchased herein were qualified in the S-1 under the Securities
Act of 1933 Act, but that Subscriber will be required by the transfer agent or Subscriber’s brokerage firm to obtain a legal
opinion from securities counsel to deposit and sell the Shares.

 

2.1
Organization and Registration. The Company and its “Subsidiaries” (which for purposes of this
Subscription Agreement means any entity in which the Company, directly or indirectly, owns capital stock and holds a majority
or similar interest) are duly organized and validly existing in good standing under the laws of the jurisdiction in which they
were organized, and have the requisite power and authorization to own their properties and to carry on their business as now being
conducted.

 

2.2
Authorization; Enforcement; Validity. The Company has the requisite corporate power and authority to enter into and perform
its obligations under this Subscription Agreement and to issue the Securities in accordance with the terms of the S-1.

 

3.1
Closing and Termination of Offering. Provided that the required conditions to closing set forth herein have been satisfied
or waived, a closing (the “Initial Closing”) shall take place at the offices of the Company as set forth
herein or at such place as may otherwise be agreed to by the Company within 30 days of the receipt of the first cleared subscriber’s
funds. The Company may consummate subsequent closings of the Offering, upon mutual agreement only, each of which shall be subject
to satisfaction or waiver of the conditions to closing set forth herein, and each of which shall be deemed a “Closing”
hereunder.

 

    	 

    	 

    

 

4.1
The obligation of the Company hereunder to issue and sell Shares to the Subscriber at the Closing is subject to the satisfaction,
at or before the Closing, of each of the following conditions, provided that these conditions are for the Company’s sole
benefit and may be waived by the Company at any time in its sole discretion by providing the Subscriber with prior written notice
thereof:

 

4.2
Execution and Delivery. The Subscriber shall have executed this Subscription Agreement and delivered the same to the Company.

 

4.3
Purchase Price. The Subscriber shall have paid the purchase price for the Shares being purchased by the Subscriber at the
Closing in the manner set forth in Section 1.1.

 

4.4
Representations and Warranties. The representations and warranties of the Subscriber shall be true and correct in all material
respects as of the date when made and as of the Closing as though made at that time, and the Subscriber shall have performed,
satisfied and complied in all material respects with the covenants, agreements and conditions required by this Subscription Agreement
to be performed, satisfied or complied with by the Subscriber at or prior to the Closing.

 

4.5
Other Matters. All opinions, certificates and documents and all proceedings related to this Offering shall be in form and
content reasonably satisfactory to the Company and its legal counsel.

 

4.6
Notice. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this
Subscription Agreement must be in writing and will be deemed to have been delivered: (a) upon receipt, when delivered personally,
(b) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party), or (c) one (1) business day after deposit with an overnight courier service, in each case
properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be:

 

If
to the Company at the address set forth in the S-1, Attn. Arthur Mikaelian, CEO.

 

If
to the Subscriber, to its address and email or facsimile number set forth at the end of this Subscription Agreement, or to such
other address and/or facsimile number and/or to the attention of such other person as specified by written notice given to the
Company five (5) days prior to the effectiveness of such change.

 

Written
confirmation of receipt (a) given by the recipient of such notice, consent, waiver or other communication, (b) mechanically or
electronically generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an
image of the first page of such transmission, or (c) provided by an overnight courier service shall be rebuttable evidence of
personal service, receipt by facsimile or receipt from an overnight courier service in accordance with clauses (a), (b) or (c)
above, respectively.

 

4.7
Entire Agreement; Amendment. This Subscription Agreement supersedes all other prior oral or written agreements between
the Subscriber, the Company, their affiliates and persons acting on their behalf with respect to the matters discussed herein,
and this Subscription Agreement and the instruments referenced herein contain the entire understanding of the parties with respect
to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor the
Subscriber makes any representation, warranty, covenant or undertaking with respect to such matters.

 

4.8
Severability. If any provision of this Subscription Agreement shall be invalid or unenforceable in any jurisdiction, such
invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Subscription Agreement
in that jurisdiction or the validity or enforceability of any provision of this Subscription Agreement in any other jurisdiction.

 

    	 

    	 

    

 

4.9
Governing Law; Jurisdiction. This Agreement shall be governed by and construed solely in accordance with the internal laws
of the State of Nevada with respect to contracts executed, delivered and to be fully performed therein, without regard to the
conflicts of laws principles thereof. The parties hereto hereby expressly and irrevocably agree that any suit or proceeding arising
under this Agreement or the consummation of the transactions contemplated hereby, shall be brought solely in a federal or state
court located in the State of Nevada. By its execution hereof, Company and Subscriber hereby expressly and irrevocably submits
to the in personam jurisdiction of the federal and state courts located in the State of Nevada and agree that any
process in any such action may be served upon him or her personally, or by certified mail or registered mail upon such party or
such agent, return receipt requested, with the same full force and effect as if personally served upon such party in Nevada. The
parties hereto each waive any claim that any such jurisdiction is not a convenient forum for any such suit or proceeding and any
defense or lack of in personam jurisdiction with respect thereto. In the event of any such action or proceeding,
the party prevailing therein shall be entitled to payment from the other party hereto of its reasonable counsel fees and disbursements.

 

4.10
Headings. The headings of this Subscription Agreement are for convenience of reference and shall not form part of, or affect
the interpretation of, this Subscription Agreement.

 

4.11
Successors And Assigns. This Subscription Agreement shall be binding upon and inure to the benefit of the parties and their
respective successors and assigns, including any purchasers of the Shares. The Company shall not assign this Subscription Agreement
or any rights or obligations hereunder. Subscriber may assign some or all of its rights hereunder without the consent of the Company,
provided, however, that any such assignment shall not release the Subscriber from its obligations hereunder unless
such obligations are assumed by such assignee and the Company has consented to such assignment and assumption, which consent shall
not be unreasonably withheld.

 

4.12
No Third-Party Beneficiaries. This Subscription Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

4.13
Survival. The representations and warranties of the Company and the Subscriber contained in herein shall survive the Closing
for a period of twelve (12) months.

 

4.14
Legal Representation. The Subscriber acknowledges that: (a) it has read this Subscription Agreement and the exhibits hereto;
(b) it understands that the Company has been represented in the preparation, negotiation, and execution of this Subscription Agreement
by counsel to the Company; (c) it has either been represented in the preparation, negotiation, and execution of this Subscription
Agreement by legal counsel of its own choice, or has chosen to forego such representation by legal counsel after being advised
to seek such legal representation; and (d) it understands the terms and consequences of this Subscription Agreement and is fully
aware of its legal and binding effect.

 

4.15
Confidentiality. The Subscriber agrees that it shall keep confidential and not divulge, furnish or make accessible to anyone,
the confidential information concerning or relating to the business or financial affairs of the Company contained in the S-1 to
which it has become privy by reason of this Subscription Agreement.

 

4.16
Counterparts. This Subscription Agreement may be executed in two or more identical counterparts, all of which shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party; provided that a facsimile signature shall be considered due execution and shall be binding upon the signatory
thereto with the same force and effect as if the signature were an original, not a facsimile signature.

 

Signature
Page Follows

Remainder
of Page Intentionally Left Blank

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned Subscriber(s) have executed this QUANTA, INC. Subscription Agreement for S-1 Shares as of
the date first written above. The Company’s acceptance of such subscription is as of the date shown below.

 

	SUBSCRIBER
    **	 	CO-SUBSCRIBER
    **
	 	 	 
	 	 	 
	Signature
    of Subscriber	 	Signature
    of Co-Subscriber
	 	 	 
	 	 	 
	Name
    of Subscriber [please print]	 	Name
    of Co-Subscriber [please print]
	 	 	 
	 	 	 
	Address
    of Subscriber	 	Address
    of Co-Subscriber
	 	 	 
	 	 	 
	Social
        Security or Taxpayer

        Identification
        Number of Subscriber
	 	Social
        Security or Taxpayer Identification

        Number
        of Co-Subscriber

 

Name
of Holder(s) as it should appear on the security certificates* [please print]

 

*
Please provide the exact names that you wish to see on the certificates

 

(1)
For individuals, print full name of subscriber.

(2)
For joint, print full name of subscriber and all co-subscribers.

(3)
For corporations, partnerships, LLC, print full name of entity, including “&,” “Co.,” “Inc.,”
“etc,” “LLC,” “LP,” etc.

(4)
For Trusts, print trust name (please contact your trustee for the exact name that should appear on the certificates.)

 

Dollar
Amount of Shares Subscribed For: $_________________

 

	 	 	 	Dollar
    Amount of
	 	 	 	Subscription
    Accepted: $___________________
	 	 	 	 
	 	 	 	SUBSCRIPTION
    ACCEPTED BY THE COMPANY
	 	 	 	 	 
	 	 	 	QUANTA,
    INC.
	 	 	 	 	 
	Date:	 	 	By:	 
	 	To
Be Dated by Company Upon Acceptance	 	 	Arthur
    Mikaelian, CEO

 

**If
Subscriber is a Registered Representative with an FINRA member firm or an affiliated person of an FINRA member firm, have the
acknowledgment to the right signed by the appropriate party:

 

The
undersigned FINRA Member firm acknowledges receipt of the notice required by Rule 3040 of the FINRA Conduct Rules.

 

Name
of FINRA Member Firm

 

	By:	 	 
	 	Authorized OfficerExhibit 10.11

 

SHARE SUBSCRIPTION AND WARRANT PURCHASE
AGREEMENT

 

dated January 25, 2021

 

among

 

The9 Limited

 

Mr. Jianping Kong

(solely for purposes of Section 5.02)

 

and

 

The Purchasers Listed on Schedule A
Attached Hereto

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	ARTICLE I DEFINITION AND INTERPRETATION	1
	 	 
	Section 1.01	Definition, Interpretation and Rules of Construction	1
	 	 	 
	ARTICLE II PURCHASE AND SALE; CLOSING	7
	 	 
	Section 2.01	Purchase and Sale of Securities	7
	Section 2.02	Closing	7
	 	 	 
	ARTICLE III CONDITIONS TO CLOSING	9
	 	 
	Section 3.01	Conditions to Obligations of All Parties	9
	Section 3.02	Conditions to Obligations of Purchasers	9
	Section 3.03	Conditions to Obligations of the Company	9
	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	10
	 	 
	Section 4.01	Representations and Warranties of the Company	10
	Section 4.02	Representations and Warranties of Each Purchaser	19
	 	 	 
	ARTICLE V COVENANTS AND RIGHTS of PURCHASERS	20
	 	 
	Section 5.01	Cryptocurrencies Mining Business of the Company	20
	Section 5.02	Non-competition	21
	Section 5.03	Transformation of the Business of the Company	21
	Section 5.04	Registration Rights	21
	Section 5.05	Board of Directors	21
	Section 5.06	Approval Rights	22
	Section 5.07	Right of First Offer	22
	Section 5.08	FPI Status	23
	Section 5.09	Further Assurances	24
	Section 5.10	No Adverse Change	24
	Section 5.11	Reservation of Shares	24
	Section 5.12	No Integrated Offering	24
	 	 	 
	ARTICLE VI INDEMNIFICATION	24
	 	 
	Section 6.01	Indemnification	24
	Section 6.02	Procedures Relating to Indemnification	25
	Section 6.03	Limitation on Liability	26
	 	 	 
	ARTICLE VII MISCELLANEOUS	27
	 	 
	Section 7.01	Survival of the Representations and Warranties	27
	Section 7.02	Governing Law; Arbitration	27
	Section 7.03	No Third Party Beneficiaries	27

 

     

     

    

 

	Section 7.04	Amendment	28
	Section 7.05	Binding Effect	28
	Section 7.06	Assignment	28
	Section 7.07	Notices	28
	Section 7.08	Entire Agreement	29
	Section 7.09	Severability	29
	Section 7.10	Fees and Expenses	29
	Section 7.11	Confidentiality	29
	Section 7.12	Specific Performance	30
	Section 7.13	Termination	30
	Section 7.14	Headings	31
	Section 7.15	Execution in Counterparts	31
	Section 7.16	Public Disclosure	31
	Section 7.17	Waiver	31
	Section 7.18	Adjustment of Share Numbers	32

 

	Schedule A	Schedule of Subject Securities to be Purchased	38
	Schedule B	Registration Rights	39
	Exhibit A	Tranche I Warrants	44
	Exhibit B	Tranche II Warrants	45
	Exhibit C	Tranche III Warrants	46
	Exhibit D	Tranche IV Warrants	47

 

    ii

     

    

 

SHARE SUBSCRIPTION AND WARRANT PURCHASE
AGREEMENT

 

THIS
SHARE Subscription and warrant purchase Agreement (this “Agreement”),
dated January 25, 2021, is entered into by and among (i) The9 Limited, an exempted company with limited liability organized and
existing under the laws of the Cayman Islands (the “Company”), (ii)
solely for purposes of Section 5.02, Mr. Jianping Kong (“Mr. Kong”),
and (iii) each of the Persons whose name is set forth in Schedule A attached hereto (the “Purchasers”
and each a “Purchaser”).

 

RECITALS

 

WHEREAS, the Purchasers desire to subscribe
for and purchase, and the Company desires to issue and sell, certain number of Class A Shares (as defined below) pursuant to the
terms and conditions set forth in this Agreement;

 

WHEREAS, the Purchasers desire to subscribe
for and purchase, and the Company desires to issue and sell, Tranche I Warrants (as defined below), in the form attached hereto
as Exhibit A, pursuant to the terms and conditions set forth in this Agreement.

 

WHEREAS, the Purchasers desire to subscribe
for and purchase, and the Company desires to issue and sell, Tranche II Warrants (as defined below), in the form attached hereto
as Exhibit B, pursuant to the terms and conditions set forth in this Agreement.

 

WHEREAS, the Purchasers desire to subscribe
for and purchase, and the Company desires to issue and sell, Tranche III Warrants (as defined below), in the form attached hereto
as Exhibit C, pursuant to the terms and conditions set forth in this Agreement.

 

WHEREAS, the Purchasers desires to subscribe
for and purchase, and the Company desires to issue and sell, Tranche IV Warrants (as defined below), in the form attached hereto
as Exhibit D, pursuant to the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual representations, warranties, covenants and agreements set forth herein, as well as other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, each of the Parties hereto, intending to be legally
bound, agrees as follows:

 

ARTICLE
I

DEFINITION AND INTERPRETATION 

 

Section 1.01       
Definition, Interpretation and Rules of Construction

 

(a)         
As used in this Agreement, the following terms have the following meanings:

 

“ADSs”
means the American depositary shares of the Company, each representing thirty (30) Class
A Shares as of the date hereof.

 

    1

     

    

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control
with such Person; provided that none of the Company, nor any of its Subsidiaries shall be considered an Affiliate of the
Purchaser. For purposes of this definition, “control” when used with respect to any Person means the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract
or otherwise, and the terms “controlling” and “controlled” have correlative meanings.

 

“Applicable
Law” means, with respect to any Person, any transnational, domestic or foreign, state or local law (statutory, common
or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling
or other similar requirement enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable
to such Person, as amended unless expressly specified otherwise.

 

“Board”
means the board of directors of the Company.

 

“Business Day”
means any day other than a Saturday, Sunday or another day on which commercial banks in the Cayman Islands, the People’s
Republic of China (the “PRC” or “China”, which for the purpose of this Agreement shall exclude
Hong Kong, Macau SAR and Taiwan), Hong Kong or New York are required or authorized by law or executive order to be closed.

 

“Class A Shares”
means the Class A ordinary shares, par value US$0.01 per share, in the share capital of the Company.

 

“Class B Shares”
means the Class B ordinary shares, par value US$0.01 per share, in the share capital of the Company.

 

“Company Fundamental
Warranties” means any representations and warranties of the Company contained in Section 4.01(a) to 4.01(d)
and Section 4.01(g).

 

“Company SEC
Documents” means all registration statements, proxy statements and other statements, reports, schedules, forms and other
documents required to be filed or furnished by the Company with the SEC pursuant to the Exchange Act and the Securities Act and
all exhibits included therein and financial statements, notes and schedules thereto and documents incorporated by reference therein,
in each case, filed or furnished with the SEC.

 

“Condition”
means any condition to any Party’s obligation to effect the Closing as set forth in Article III, and collectively,
the “Conditions.”

 

“Control Documents”
means all the contracts included as Exhibits 4.8 to 4.12 to the Company’s annual report on Form 20-F for the year ended
December 31, 2019 filed with the SEC on April 30, 2020.

 

“Employee
Benefit Plan” means any written plan, program, policy, contract or other arrangement providing for severance,
termination pay, deferred compensation, performance awards, share or share-related awards, housing funds, insurance
arrangements, fringe benefits, perquisites, superannuation funds retirement benefits, pension schemes or other employee
benefits, that is maintained, contributed to or required to be contributed to by the Company or any of its Subsidiaries for
the benefit of any current or former employee, director, officer or independent contractor of the Company or any of its
Subsidiaries, or with respect to which the Company or any of its Subsidiaries has or would reasonably expect to have any
liability or obligation, other than, in each case, one that is sponsored and maintained by a Governmental Authority.

 

    2

     

    

 

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

 

“Fully Diluted
Basis” means the Company’s outstanding share capital, including (i) all Ordinary Shares, (ii) all preferred shares
on an as-converted to Ordinary Shares basis, and (iii) all shares reserved for grant or issuance under the Company’s share
equity incentive plans, and assuming full conversion of all convertible securities and exercise of all convertible securities and
exercise of all convertible rights, options and warrants, reserved or outstanding, directly or indirectly, into Ordinary Shares
of the Company.

 

“Founder Loan
Conversions” means one or more conversions of interest-free loans that Mr. Jun Zhu has provided to the Company as of
the date hereof, provided that (x) the aggregate amount of the loan converted shall be no more than US$6,000,000; (y) three-quarters
of such loan shall be converted at US$0.1233 per Class A Share (equivalent to US$3.7 per ADS); and (z) one-quarter of such loan
shall be converted at US$0.2667 per Class A Share (equivalent to US$8.0 per ADS).

 

“Governmental
Authority” means any supranational, national, provincial, state, municipal, local or other government, whether U.S.,
PRC or otherwise, any instrumentality, subdivision, administrative agency or commission thereof, court, other governmental authority
or regulatory body or instrumentality, or any quasi-governmental or private body exercising any regulatory, taxing, importing or
other governmental or quasi-governmental authority or any self-regulatory agency (including any stock exchange).

 

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

 

“HK Subsidiary”
means NBTC Limited, a limited liability company organized under the laws of Hong Kong and wholly owned by the Company.

 

“Material
Adverse Effect” with respect to a Party means 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 (i) the financial condition, business or operations of
such Party and its Subsidiaries taken as a whole, or (ii) the ability of such Party to consummate the transactions
contemplated by the Transaction Agreements and to timely perform its obligations hereunder and thereunder; provided that
in determining whether a Material Adverse Effect has occurred under clause (i) above, there shall be excluded any
events, facts, circumstances or occurrences relating to or arising in connection with (a) changes in generally accepted
accounting principles that are generally applicable to comparable companies (to the extent not materially disproportionately
affecting such Party and its Subsidiaries), (b) changes in general economic and market conditions and capital market
conditions or changes affecting any of the industries in which such Party and its Subsidiaries operate generally (in each
case to the extent not materially disproportionately affecting such Party and its Subsidiaries), (c) the announcement or
disclosure of this Agreement or any other Transaction Agreement or the consummation of the transactions hereunder or
thereunder, or any act or omission required or specifically permitted by this Agreement and/or any other Transaction
Agreement; (d) any pandemic (including the COVID-19 pandemic (or any mutation or variation of the underlying virus thereof or
related health condition)), earthquake, typhoon, tornado or other natural disaster or similar force majeure event, (e) in the
case of the Company, any failure to meet any internal or public projections, forecasts, or guidance, or (f) in the case of
the Company, any change in the Company’s stock price or trading volume, in and of itself; provided further that
the underlying causes giving rise to or contributing to any such change or failure under sub-clause (e) or (f) shall not
be excluded in determining whether a Material Adverse Effect has occurred except to the extent such underlying causes are
otherwise excluded pursuant to any of sub-clauses (a) through (d).

 

    3

     

    

 

“Nasdaq”
means The Nasdaq Stock Market.

 

“Ordinary Shares”
means, collectively, the Class A Shares and the Class B Shares.

 

“Parties”
means, collectively, the Company and the Purchasers.

 

“Person”
means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization.

 

“Purchaser Fundamental
Warranties” means any representations and warranties of the Purchasers contained in Section 4.02(a) to Section 4.02(c)
and Section 4.02(g).

 

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

 

“Subsidiary”
of a Party means any organization or entity, whether incorporated or unincorporated, which is controlled by such Party and, for
the avoidance of doubt, the Subsidiaries of a Party shall include any variable interest entity over which such Party or any of
its Subsidiaries effects control pursuant to contractual arrangements and which is consolidated with such Party in accordance with
generally accepted accounting principles applicable to such Party and any Subsidiaries of such variable interest entity.

 

“Subject Securities”
means the Subscription Shares, the Tranche I Warrants, the Tranche II Warrants, the Tranche III Warrants and the Tranche IV Warrants,
collectively.

 

    4

     

    

 

“Tranche I Warrants”
means the warrants and any replacement warrants to purchase 51,972,990 Class A Shares of the Company at the exercise price of US$0.1233
per Class A Share to be issued by the Company to the Purchasers on the Closing Date in the form attached hereto as Exhibit A.

 

“Tranche II
Warrants” means the warrants and any replacement warrants to purchase 51,972,990 Class A Shares of the Company at the
exercise price of US$0.1233 per Class A Share to be issued by the Company to the Purchasers on the Closing Date in the form attached
hereto as Exhibit B.

 

“Tranche III
Warrants” means the warrants and any replacement warrants to purchase 51,972,960 Class A Shares of the Company at the
exercise price of US$0.1233 per Class A Share to be issued by the Company to the Purchasers on the Closing Date in the form attached
hereto as Exhibit C.

 

“Tranche IV
Warrants” means the warrants and any replacement warrants to purchase 51,972,960 Class A Shares of the Company at the
exercise price of US$0.2667 per Class A Share to be issued by the Company to the Purchasers on the Closing Date in the form attached
hereto as Exhibit D.

 

“Transaction
Agreements” means, collectively, this Agreement, Tranche I Warrants, Tranche II Warrants, Tranche III Warrants, Tranche
IV Warrants and each of the other agreements and documents entered into or delivered by the parties hereto or their respective
Affiliates in connection with the transactions contemplated by this Agreement.

 

“Warrants”
means, collectively, the Tranche I Warrants, the Tranche II Warrants, the Tranche III Warrants and the Tranche IV Warrants.

 

(b)         
Each of the following terms is defined in the Section set forth opposite such term:

 

	Aggregate Purchase Price	Section 2.01
	Agreement	Preamble
	Bankruptcy and Equity Exception	Section 4.01(b)
	Closing	Section 2.02(a)
	Closing Date	Section 2.02(a)
	Company	Preamble, Preamble
	Company Indemnitees	Section 6.01(b)
	Confidential Information	Section 7.11(a)
	Cryptocurrencies Subsidiary	Section 5.06
	Deductible	Section 6.03(a)
	Encumbrances	Section 4.01(d)
	Fully Exercising Holder	Section 5.07(b)
	HKIAC	Section 7.02
	Indemnified Party	Section 6.02(a)
	Indemnifying Party	Section 6.02(a)
	Intellectual Property	Section 4.01(s)
	Losses	Section 6.01(a)
	Material Contracts	Section 4.01(p)
	New Securities	Section 5.07(c)
	Offered Securities	Section 5.07
	Permits	Preamble
	Purchase Price	Section 2.01
	Purchaser	Preamble
	Purchasers	Preamble
	Returns	Section 4.01(u)
	RFO Holders	Section 5.07(b)
	RFO Notice	Section 5.07(a)
	Significant Subsidiaries	Section 4.01(c)(iv)
	Subscription Shares	Section 2.01
	Tax	Section 4.01(u)
	Third Party Claim	Section 6.02(b)
	Warrant Shares	Section 4.01(d)

 

    5

     

    

 

(c)         
In this Agreement, except to the extent otherwise provided or that the context otherwise requires:

 

(i)     
The words “Party” and “Parties” shall be construed to mean a party or the parties to this Agreement,
and any reference to a party to this Agreement or any other agreement or document contemplated hereby shall include such party’s
successors and permitted assigns.

 

(ii)     
When a reference is made in this Agreement to an Article, Section, Exhibit, Schedule or clause, such reference is to an
Article, Section, Exhibit, Schedule or clause of this Agreement.

 

(iii)     
The headings for this Agreement are for reference purposes only and do not affect in any way the meaning or interpretation
of this Agreement.

 

(iv)     
Whenever the words “include,” “includes” or “including” are used in this Agreement,
they are deemed to be followed by the words “without limitation.”

 

(v)     
The words “hereof,” “herein” and “hereunder” and words of similar import, when used
in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

(vi)     
All terms defined in this Agreement have the defined meanings when used in any certificate or other document made or delivered
pursuant hereto, unless otherwise defined therein.

 

(vii)     
The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms.

 

(viii)     
The use of “or” is not intended to be exclusive unless expressly indicated otherwise.

 

    6

     

    

 

(ix)     
 The term “$” or “US$” means United States Dollars.

 

(x)     
The word “will” shall be construed to have the same meaning and effect as the word “shall.”

 

(xi)     
References to “law,” “laws” or to a particular statute or law shall be deemed also to include any
and all Applicable Law.

 

(xii)     
A reference to any legislation or to any provision of any legislation shall include any modification, amendment, re-enactment
thereof, any legislative provision substituted therefor and all rules, regulations and statutory instruments issued or related
to such legislation.

 

(xiii)     
References herein to any gender include the other gender.

 

(xiv)     
The parties hereto have each participated in the negotiation and drafting of this Agreement and if any ambiguity or question
of interpretation should arise, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof shall arise favoring or burdening any Party by virtue of the authorship of any of the provisions in this Agreement
or any interim drafts thereof.

 

ARTICLE
II

PURCHASE AND SALE; CLOSING

 

Section 2.01       
Purchase and Sale of Securities.

 

Upon the terms and subject
to the conditions of this Agreement and subject to Applicable Laws, at Closing (as defined below), each Purchaser hereby agrees
to subscribe for and purchase, and the Company hereby agrees to issue and sell to each Purchaser, the number of Class A Shares,
Tranche I Warrants, Tranche II Warrants, Tranche III Warrants and Tranche IV Warrants as set forth opposite such Purchaser’s
name under the column titled “Subscription Shares” under Schedule A (with respect to such Purchaser, its
 “Subscription Shares”) and the column titled “Subject Warrants”
under Schedule A for an aggregate subscription price as set forth opposite such Purchaser’s name under the column
titled “Purchase Price” under Schedule A (with respect to such Purchaser, its “Purchase
Price”). The aggregate Purchase Price payable by all the Purchasers is US$1.0 million (the “Aggregate
Purchase Price”).

 

Section 2.02       
Closing.

 

(a)          Closing.
Subject to satisfaction or, to the extent permissible, waiver by the Party or Parties entitled to the benefit of the relevant
Conditions, of all the Conditions (other than Conditions that by their nature are to be satisfied at Closing, but subject to
the satisfaction or, to the extent permissible, waiver of those Conditions at Closing), the closing of the sale and purchase
of the Subject Securities pursuant to this Section 2.02(a) (the “Closing”)
shall take place remotely by electronic means on (i) the third (3rd) Business Day after
the date on which the Conditions (other than the Conditions that by their nature are to be satisfied at Closing, but subject
to the satisfaction or, to the extent permissible, waiver of those Conditions at the Closing) are satisfied, or (ii) any
other date as may be agreed by the Purchasers and the Company in writing (the “Closing
Date”); provided that the Closing Date shall be no later than February 26, 2021.

 

    7

     

    

 

(b)         
Payment and Delivery. At Closing,

 

(i)     
each Purchaser shall deliver to the Company:

 

(1)        
the Purchase Price, by (i) wire transfer of immediately available funds in U.S. dollars to such bank account designated
in writing by the Company to each Purchaser no later than five (5) Business Days prior to the Closing Date, (ii) cryptocurrencies,
or (iii) a combination of (i) and (ii) above, at the election of the Company on or prior to the Closing Date;

 

(2)        
a copy of the Tranche I Warrants in the form attached hereto as Exhibit A, duly executed by such Purchaser;

 

(3)        
a copy of the Tranche II Warrants in the form attached hereto as Exhibit B, duly executed by such Purchaser;

 

(4)        
a copy of the Tranche III Warrants in the form attached hereto as Exhibit C, duly executed by such Purchaser;
and

 

(5)        
a copy of the Tranche IV Warrants in the form attached hereto as Exhibit D, duly executed by such Purchaser.

 

(ii)     
the Company shall deliver to each Purchaser:

 

(1)        
a copy of the duly executed share certificates representing the Subscription Shares registered in the name of such Purchaser
(the original copy of which shall be delivered to the Purchasers as soon as practicable following the Closing Date);

 

(2)        
an updated certified true copy of the register of members of the Company evidencing the ownership of the Subscription Shares
by such Purchaser;

 

(3)        
a copy of the Tranche I Warrants in the form attached hereto as Exhibit A, duly executed by the Company;

 

(4)        
a copy of the duly executed Tranche II Warrants in the form attached hereto as Exhibit B, duly executed by the
Company;

 

(5)        
a copy of the duly executed Tranche III Warrants in the form attached hereto as Exhibit C, duly executed by
the Company;

 

(6)        
 a copy of the duly executed Tranche IV Warrants in the form attached hereto as Exhibit D, duly executed by
the Company;

 

    8

     

    

 

ARTICLE
III

CONDITIONS TO CLOSING

 

Section 3.01       
Conditions to Obligations of All Parties.

 

(a)         
No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any law, rule, regulation, judgment,
injunction, order or decree (in each case, whether temporary, preliminary or permanent) that is in effect and restrains, enjoins,
prevents, prohibits or otherwise makes illegal the consummation of the transactions contemplated by the Transaction Agreements.

 

(b)         
No action, suit, proceeding or investigation shall have been instituted or threatened by a Governmental Authority or any
third party that seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the transactions contemplated
by the Transaction Agreements.

 

Section 3.02       
Conditions to Obligations of Purchasers. The obligations of each Purchaser to subscribe for, purchase and pay for
the Subject Securities as contemplated by this Agreement are subject to the satisfaction, on or before the Closing Date, of the
following conditions, any of which may be waived in writing by such Purchaser in its sole discretion:

 

(a)         
The Company Fundamental Warranties shall have been true and correct in all respects on and as of the Closing Date as though
such representations and warranties were made on and as of the Closing Date (except for representations and warranties that expressly
speak as of a specified date, in which case on and as of such specified date). Other representations and warranties of the Company
contained in Section 4.01 of this Agreement shall have been true and correct in all material respects (or, if qualified
by “materiality,” “Material Adverse Effect” or similar qualifications, true and correct in all respects)
on and as of the Closing Date as though such representations and warranties were made on and as of the Closing Date (except for
representations and warranties that expressly speak as of a specified date, in which case on and as of such specified date).

 

(b)         
The Company shall have duly executed and delivered or shall have caused to be duly executed and delivered each Transaction
Agreement to which it is a party to the Purchaser at or prior to Closing.

 

Section 3.03       
Conditions to Obligations of the Company. The obligations of the Company to issue and sell the Subject Securities
to each Purchaser as contemplated by this Agreement are subject to the satisfaction, on or before the Closing Date, of each of
the following conditions with respect to such Purchaser, any of which may be waived in writing by the Company in its sole discretion:

 

(a)          The
Purchaser Fundamental Warranties shall have been true and correct in all respects on and as of the Closing Date as though
such representations and warranties were made on and as of the Closing Date (except for representations and warranties that
expressly speak as of a specified date, in which case on and as of such specified date). Other representations and warranties
of the Purchaser contained in Section 4.02 of this Agreement shall have been true and correct in all material
respects (or, if qualified by “materiality,” “Material Adverse Effect” or similar qualifications,
true and correct in all respects) on and as of the Closing Date as though such representations and warranties were made on
and as of the Closing Date (except for representations and warranties that expressly speak as of a specified date, in which
case on and as of such specified date).

 

    9

     

    

 

(b)         
Each Purchaser shall have performed and complied with all, and not be in breach or default under any, agreements, covenants,
conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing
Date.

 

(c)         
Each Purchaser shall have duly executed and delivered each Transaction Agreement to which it is a party to the Company at
or prior to Closing.

 

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES

 

Section 4.01       
Representations and Warranties of the Company. The Company hereby represents and warrants to each Purchaser that,
except as set forth in the Company SEC Documents:

 

(a)         
Due Formation. The Company is an exempted company, duly incorporated, validly existing and in good standing under
the laws of the Cayman Islands. Each of the Company and the Company’s Subsidiaries is duly formed, validly existing and in
good standing in the jurisdiction of its organization. Each of the Company and its Subsidiaries has all requisite power and authority
to carry on its business as it is currently being conducted.

 

(b)         
Authority; Valid Agreement. The Company has all requisite legal power and authority to execute, deliver and perform
its obligations under the Transaction Agreements to which it is a party and each other agreement, certificate, document and instrument
to be executed by the Company pursuant to this Agreement and each other Transaction Agreement. The execution, delivery and performance
by the Company of this Agreement and each other Transaction Agreement to which it is a party and the performance by the Company
of its obligations hereunder and thereunder have been duly authorized by all necessary corporate action on the part of the Company.
This Agreement has been, and each other Transaction Agreement to which it is a party will be duly executed and delivered by the
Company and, assuming due authorization, execution and delivery by the relevant Purchaser(s), constitutes (or, when executed and
delivered in accordance herewith will constitute) a legal, valid and binding obligation of the Company, enforceable against the
Company in accordance with its terms, except as enforcement may be limited by general principles of equity, whether applied in
a court of law or a court of equity, and by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and similar law affecting creditors’ rights and remedies generally (the “Bankruptcy
and Equity Exception”).

 

    10

     

    

 

(c)         
 Capitalization.

 

(i)     
The authorized capital stock of the Company is US$50,000,000 divided into (A) 4,300,000,000 Class A Shares, (B) 600,000,000
Class B Shares, and (C) 100,000,000 shares of a par value of US$0.01 each of such class or classes as Board may determine in accordance
with the second amended and restated memorandum and articles of association of the Company. As of the date of this Agreement, 255,169,494
Class A Shares and 13,607,334 Class B Shares are issued and outstanding. As of the date of this Agreement, the maximum aggregate
number of Class A Shares which may be issued under the Company’s share incentive plan is 100,000,000 Class A Shares. As of
the date of this Agreement, 33,352,118 Class A Shares are available for future issuances under the Company’s share incentive
plan, including 50,000 Class A Shares issuable upon exercise of outstanding options. Except as disclosed in the Company SEC Documents,
the Company has no outstanding bonds, debentures, notes or other obligations, the holders of which have been granted the right
to vote (or which are convertible into or exercisable for securities having the right to vote) with the shareholders of the Company
on any matter. All issued and outstanding Ordinary Shares have been duly authorized and validly issued and are fully paid and non-assessable,
are free of preemptive rights, were issued in compliance with applicable U.S. and other applicable securities laws and were not
issued in violation of any preemptive right, resale right, right of first refusal, or similar right.

 

(ii)     
Except as provided in the Transaction Agreements, the Control Documents and except the Company’s share incentive plans,
there are no outstanding (A) shares of capital stock or voting securities of the Company, (B) securities of the Company convertible
into or exchangeable for shares of capital stock or voting securities of the Company or (C) preemptive or other outstanding rights,
options, warrants, conversion rights, “phantom” stock rights, stock appreciation rights, redemption rights, repurchase
rights, agreements, arrangements, calls, commitments or rights of any kind that obligate the Company to issue or sell any shares
of capital stock or other securities of the Company or any securities or obligations convertible or exchangeable into or exercisable
for, or giving any person a right to subscribe for or acquire, any securities of the Company, and no securities or obligations
evidencing such rights are authorized, issued or outstanding.

 

(iii)     
Except as disclosed in the Company SEC Documents or provided in the Transaction Agreements, to the knowledge of the Company,
there are no registration rights, rights of first offer, rights of first refusal, tag-along rights with respect to the securities
of the Company or any Subsidiary of the Company that have been granted to any Person.

 

(iv)      All
outstanding shares of capital stock or other securities or ownership interests of the “significant subsidiaries”
(“Significant Subsidiaries”) as defined in Article 1, Rule
1-02 of Regulation S-X under the Exchange Act are duly authorized, validly issued, fully paid and non-assessable and all such
shares or other securities or ownership interests in any Significant Subsidiary (except for any Significant Subsidiary which
is a variable interest entity over which the Company or any of its Subsidiaries effects control pursuant to the Control
Documents) are owned, directly or indirectly, by the Company free and clear of any Encumbrance.

 

    11

     

    

 

(d)         
Valid Issuance. The Subject Securities have been duly and validly authorized for issuance by the Company. The Class
A Shares and Class B Shares, as applicable, that will be issued upon exercise of the Warrants pursuant to the terms therein (the
 “Warrant Shares”) and the Subscription Shares, when issued and delivered
by the Company to the Purchasers and registered in the register of members of the Company will (i) be duly and validly issued,
fully paid and non-assessable, (ii) rank pari passu with, and carry the same rights in all respects as, the other Class
A Shares and Class A Shares, as applicable, then in issue, (iii) be entitled to all dividends and other distributions declared,
paid or made thereon, and (iv) free and clear of any pledge, mortgage, security interest, encumbrance, lien, charge, assessment,
right of first refusal, right of pre-emption, third party right or interest, claim or restriction of any kind or nature, except
for restrictions arising under the Securities Act or as disclosed in the Company SEC Documents or created by virtue of the transactions
under this Agreement (collectively, the “Encumbrances”).

 

(e)         
Non-contravention. None of the execution and the delivery of this Agreement and other Transaction Agreements, nor
the consummation of the transactions contemplated hereby or thereby, will (i) violate any provision of the organizational documents
of the Company, (ii) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge,
or other restriction of any government, governmental entity or court to which the Company is subject, or (iii) conflict with, result
in a breach of, constitute a default under, result in the acceleration of or creation of any Encumbrances 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 Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or to which
any of the Company’s or any of its Subsidiaries’ assets are subject, except, in the case of (ii) and (iii) above, for
such conflicts, breach, defaults, rights or violations, which would not reasonably be expected to result in a Material Adverse
Effect. There is no action, suit or proceeding, pending or, to the knowledge of the Company, threatened against the Company that
questions the validity of the Transaction Agreements or the right of the Company to enter into this Agreement or to consummate
the transactions contemplated hereby or thereby.

 

(f)          
Consents and Approvals. None of the execution and delivery by the Company of this Agreement or any Transaction Agreement,
nor the consummation by the Company of any of the transactions contemplated hereby or thereby, nor the performance by the Company
of this Agreement or other Transaction Agreements in accordance with their respective terms requires the consent, approval, order
or authorization of, or registration with, or the giving notice to, any governmental or public body or authority or any third party,
except such as have been or will have been obtained, made or given on or prior to the Closing Date and except for any filing or
notification required to made with the SEC or the Nasdaq regarding the issuance of the Subject Securities.

 

(g)          Brokers.
No broker, investment banker, financial advisor or other Person is entitled to any broker’s, finder’s, financial
advisor’s or other similar fee or commission from the Company in connection with the transactions contemplated by this
Agreement based upon arrangements made by or on behalf of the Company.

 

    12

     

    

 

(h)         
Compliance with Laws. The Company and each of its Subsidiaries have conducted at any time during the three years
prior to the date hereof, their businesses in compliance with all Applicable Laws, except where the failure to be in compliance,
individually or in the aggregate, do not and would not reasonably be expected to have a Material Adverse Effect. Except as disclosed
in the Company SEC Documents, the Company and each of its Subsidiaries have all material permits, licenses, authorizations, consents,
orders and approvals (collectively, “Permits”) that are required in
order to carry on their business as presently conducted. Except as disclosed in the Company SEC Documents, all such Permits are
in full force and effect and, to the knowledge of the Company, no suspension or cancellation of any of them is threatened. The
Company has complied with the applicable listing and corporate governance rules and regulations of Nasdaq in all material respects.
The Company and its Subsidiaries have taken no action designed to, or reasonably likely to have the effect of, delisting the ADSs
from Nasdaq. Except as disclosed in the Company SEC Documents, there are no proceedings pending or, to the Company’s knowledge,
threatened against the Company relating to the continued listing of the ADSs on Nasdaq and the Company has not received any notification
that the SEC or Nasdaq is contemplating suspending or terminating such listing (or the applicable registration under the Exchange
Act related thereto).

 

(i)           
SEC Matters. The Company has filed or furnished, as applicable, on a timely basis, all Company SEC Documents pursuant
to the Exchange Act and the Securities Act. None of the Subsidiaries is required to file periodic reports with the SEC pursuant
to the Exchange Act. As of their respective effective dates (in the case of the Company SEC Documents that are registration statements
filed pursuant to the requirements of the Securities Act) and as of their respective SEC filing dates (in the case of all other
Company SEC Documents), or in each case, if amended prior to the date hereof, as of the date of the last such amendment: (A) each
of the Company SEC Documents complied in all material respects with the applicable requirements of the Securities Act or the Exchange
Act and the Sarbanes-Oxley Act of 2002, as amended, and any rules and regulations promulgated thereunder applicable to the Company
SEC Documents (as the case may be) and (B) none of the Company SEC Documents contained any untrue statement of a material fact
or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading.

 

(j)           
Financial Statements.

 

(i)      The
financial statements (including any related notes) contained in the Company SEC Documents: (A) complied as to form in all
material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect
thereto, (B) were prepared in accordance with GAAP applied on a consistent basis throughout the periods covered thereby
(except (a) as may be otherwise specifically provided in such financial statements or the notes thereto, or (b) in the case
of unaudited interim statements, to the extent they may exclude footnotes or may be condensed to summary statements) and (C)
fairly present in all material respects the consolidated financial position of the Company and the Subsidiaries as of the
respective dates thereof and the consolidated results of operations and cash flows of the Company and its Subsidiaries for
the periods covered thereby (other than as may have corrected or clarified in a subsequent Company SEC Document), in each
case except as disclosed therein and as permitted under the Exchange Act.

 

    13

     

    

 

(ii)     
Neither the Company nor any of its Subsidiaries is a party to, nor has any commitment to become a party to, any joint venture,
off-balance sheet partnership or any similar contract, agreement, arrangement or undertaking (including any contract, agreement,
arrangement or undertaking relating to any transaction or relationship between or among one or more of the Company and/or any of
its Subsidiaries, on the one hand, and any unconsolidated Affiliate, including any structured finance, special purpose or limited
purpose entity or Person, on the other hand), or any “off-balance sheet arrangements” (as defined in Item 303(a) of
Regulation S-K promulgated by the SEC), where the result, purpose or intended effect of such contract, agreement, arrangement or
undertaking is to avoid disclosure of any material transaction involving, or material liabilities of, the Company or any of the
Subsidiaries in the Company’s or such Subsidiary’s published financial statements or other Company SEC Documents.

 

(iii)     
Grant Thornton, who has certified certain financial statements of the Company, are independent public accountants as required
by the Securities Act and the rules and regulations of the SEC thereunder and are independent in accordance with the requirements
of the U.S. Public Company Accounting Oversight Board.

 

(k)         
Internal Control and Procedures. The Company has established and maintains a system of internal control over financial
reporting (as defined in Rule 13a-15(f) or 15d-15(f), as applicable, under the Exchange Act) sufficient to provide reasonable assurance
regarding the reliability of financial reporting, including policies and procedures that (A) mandate the maintenance of records
that in reasonable detail accurately and fairly reflect the material transactions and dispositions of the assets of the Company,
(B) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with GAAP, and that receipts and expenditures of the Company are being made only in accordance with appropriate authorizations
of management and the Board and (C) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use or disposition of the assets of the Company. Save as disclosed in the Company SEC Documents, there are no material weaknesses
or significant deficiencies in the Company’s internal controls. The Company’s auditors and the audit committee of the
Board have not been advised of any fraud, whether or not material, that involves management or other employees who have a significant
role in the Company’s internal controls over financial reporting. Since December 30, 2019, there has been no change in the
Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect,
the Company’s internal control over financial reporting, except for the implementation of certain measures to address the
material weakness in the Company’s internal control over financial reporting that has been disclosed in the Company SEC Documents.

 

    14

     

    

 

(l)           
 No Undisclosed Liabilities. There are no material liabilities of the Company or any Subsidiary of any kind, whether
accrued, contingent, absolute, determined, determinable or otherwise, and there is no existing condition, situation or set of circumstances
which could reasonably be expected to result in such a liability, other than: (i) liabilities reflected on, reserved against, or
disclosed in the Company’s unaudited consolidated balance sheet as of June 30, 2020, (ii) liabilities incurred since June
30, 2020 in the ordinary course of business consistent with past practices, (iii) any other undisclosed liabilities that are not
material to the Company and its Subsidiaries on a consolidated basis, and (iv) any liabilities incurred as a result of the Company’s
performing the transactions contemplated by any Transaction Agreement. There are no unconsolidated Subsidiaries of the Company
or any off-balance sheet arrangements of any type (including any off-balance sheet arrangement required to be disclosed pursuant
to Item 303(a)(4) of Regulation S-K promulgated under the Securities Act) that have not been so described in the Company SEC Documents
nor any obligations to enter into any such arrangements.

 

(m)       
Investment Company. The Company is not and, after giving effect to the offering and sale of the Subject Securities,
the consummation of the offering and the application of the proceeds hereof, will not be an “investment company,” as
such term is defined in the U.S. Investment Company Act of 1940, as amended.

 

(n)         
No Registration. Assuming the accuracy of the representations and warranties set forth in Section 4.02
of this Agreement, it is not necessary in connection with the issuance and sale of each of the Subject Securities (and, when issued,
the Warrant Shares) to register any Subject Securities (and, when issued, the Warrant Shares) under the Securities Act or to qualify
or register them under applicable U.S. state securities laws. No directed selling efforts (as defined in Rule 902 of Regulation
S under the Securities Act) have been made by any of the Company, any of its Affiliates or any Person acting on its behalf with
respect to any Subject Securities; and none of such Persons has taken any actions that would result in the sale of any of the Subject
Securities to the Purchasers under this Agreement requiring registration under the Securities Act; and the Company is a “foreign
issuer” (as defined in Regulation S).

 

(o)         
Absence of Changes. Except for the execution and performance of this Agreement and the other Transaction Agreements
and the discussions, negotiations and transactions related thereto, since December 31, 2020, the Company and its Subsidiaries have
conducted their business in the ordinary course of business consistent with past practice and there has not been:

 

(i)     
any declaration, setting aside or payment of any dividend or other distribution with respect to any securities of the Company
or any of its Subsidiaries (except for dividends or other distributions by any Subsidiary to the Company or to any of the Company’s
wholly owned Subsidiaries);

 

(ii)      any
issuances or sales of shares of capital stock or other securities or obligations convertible or exchangeable into or
exercisable for, or giving any person a right to subscribe for or acquire, any securities of the Company or any of its
Subsidiaries or any redemption, share splits, reclassifications, share dividends, share combinations or other
recapitalizations of any such securities other than pursuant to any existing obligation of the Company as of the date of this
Agreement or share incentive plan effective as at the date of this Agreement;

 

    15

     

    

 

(iii)     
any amendment to the constitutional documents of the Company; or

 

(iv)     
any entry into any contract, agreement, instrument or other document in respect of any of the foregoing.

 

(p)         
Contracts. The Company has filed as exhibits to the Company SEC Documents all contracts, agreements and instruments
(including all amendments thereto) to which the Company or any of its Subsidiaries is a party or by which it is bound and which
is material to the business of the Company and its Subsidiaries, taken as a whole, and are required to be filed as an exhibit to
the Company SEC Documents pursuant to Item 601(b)(4) or Item 601(b)(10) of Regulation S-K promulgated by the SEC (the “Material
Contracts”). Each Material Contract is in full force and effect and, to the knowledge of the Company, enforceable
against the counterparties of the Company or any of its Subsidiaries which it is party thereto, except for the contracts and agreements
that have already expired pursuant to the terms therein (which for the avoidance of doubt excludes those contracts or agreements
that had been terminated by the other party thereto for cause). The Company and its Subsidiaries and, to the knowledge of the Company,
each other party thereto, are not in default under, or in breach or violation of, any Material Contract, , except where such breach,
defaults, or violations would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
To the Company’s knowledge, no event, fact or circumstance has occurred that will have or is reasonably expected to have
a material adverse impact on the renewal or extension of any Material Contract.

 

(q)         
Litigation. Except as disclosed in the Company SEC Documents and to the knowledge of the Company there are no pending
or threatened actions, claims, demands, investigations, examinations, indictments, litigations, suits or other criminal, civil
or administrative or investigative proceedings before or by any Governmental Authority or by any other person against the Company
or any of its Subsidiaries, which would, individually or in the aggregate, have a Material Adverse Effect.

 

(r)          
Ownership of Assets. The Company and its Subsidiaries have good and marketable title to, or in the case of leased
property and assets, have valid leasehold interests in, all property and assets (whether real, personal, tangible or intangible)
reflected on the Company’s consolidated unaudited balance sheet as of June 30, 2020 or acquired thereafter, except for properties
and assets sold since such date in the ordinary course of business consistent with past practices and except where the failure
to have such good and marketable title or valid leasehold interests would not have a Material Adverse Effect.

 

    16

     

    

 

(s)          
Intellectual Property. All registered or unregistered, (i) patents, patentable inventions and other patent rights
(including any divisions, continuations, continuations-in-part, reissues, reexaminations and interferences thereof); (ii) trademarks,
service marks, trade dress, trade names, taglines, brand names, logos and corporate names and all goodwill related thereto; (iii)
copyrights, mask works and designs; (iv) trade secrets, know-how, inventions, processes, procedures, databases, confidential business
information and other proprietary information and rights; (v) computer software programs, including all source code, object code,
specifications, designs and documentation related thereto; and (vi) domain names, Internet addresses and other computer identifiers,
in each case that is material to the business of the Company or any of its Subsidiaries as currently being conducted (the “Intellectual
Property”) is either (a) owned by the Company or one or more of its Subsidiaries, except where failure to so
own would not reasonably be expected, individually or in the aggregate, to result in any liability, limitation or restriction
that is material and adverse to the Company and its Subsidiaries, taken as a whole or (b) is used by the Company or one or more
of its Subsidiaries pursuant to a valid license, except where failure to be so licensed would not reasonably be expected, individually
or in the aggregate, to result in any liability, limitation or restriction that is material and adverse to the Company and its
Subsidiaries, taken as a whole. To the knowledge of the Company, there are no infringements or other material violations of any
Intellectual Property owned by the Company or any of its Subsidiaries by any third party, except where such infringement or violations
would not have a Material Adverse Effect. The Company and its Subsidiaries have taken all necessary actions to maintain and protect
each item of Intellectual Property. The conduct of the business of the Company and its Subsidiaries does not infringe or otherwise
violate any intellectual property or other proprietary rights of any other Person in any material respects, and there is no action
pending or, to the knowledge of the Company, threatened alleging any such infringement or violation or challenging the Company’s
or any of its Subsidiaries’ rights in or to any Intellectual Property which, either individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect.

 

(t)           
Employment Matters.

 

(i)     
Neither the Company nor any of its Subsidiaries is a party to or bound by any collective bargaining agreement or other labor
union contract applicable to persons employed by the Company or any of its Significant Subsidiaries. There are no unfair labor
practice complaints pending, or to the knowledge of the Company, threatened, against the Company or any of its Significant Subsidiaries
before any Governmental Authority. Each of the Company and its Subsidiaries complies with all Applicable Laws relating to employment
and employment practices (including without limitation, terms and conditions of employment, termination of employment, mandatory
severance benefits, pension programs, social insurance programs, employee health and safety, equal employment, employment of veterans
and the handicapped, and prohibition of discrimination) in all material aspects. There is no material claim with respect to payment
of wages, salary, overtime pay, withholding individual income taxes, social security fund or housing fund that has been asserted
and is now pending or, to the knowledge of the Company, threatened before any Governmental Authority with respect to any persons
currently or formerly employed by the Company or any of its Significant Subsidiaries.

 

(ii)      Each
Employee Benefit Plan is in compliance in all material respects with its terms and the requirements of all Applicable Laws.
All employer and employee contributions to each Employee Benefit Plan required by the terms of such Employee Benefit Plan or
by the Applicable Laws have been made, or, if applicable, accrued in accordance with normal accounting practices and in
compliance in all material respects with its terms and the requirements of all Applicable Laws. Each Employee Benefit Plan
required to be registered has been registered and has been maintained in good standing with applicable Governmental
Authorities.

 

    17

     

    

 

(u)         
Tax Status. Except as disclosed in the Company SEC Documents, each of the Company and its Subsidiaries (i) has made
or filed in the appropriate jurisdictions all material foreign, federal and state income and all other tax returns required to
be filed or maintained in connection with the calculation, determination, assessment or collection of any and all federal, state,
local, foreign and other taxes, levies, fees, imposts, duties, governmental fees and charges of whatever kind (including any interest,
penalties or additions to the tax imposed in connection therewith or with respect thereto) (each a “Tax”),
including all amended returns required as a result of examination adjustments made by any Governmental Authority responsible for
the imposition of any Tax (collectively, the “Returns”), and such Returns
are true, correct and complete in all material respects, and (ii) has paid all material Taxes and other governmental assessments
and charges shown or determined to be due on such Returns, except those being contested or will be contested in good faith. Except
as disclosed in the Company SEC Documents, neither the Company nor any of its Subsidiaries has received notice regarding unpaid
foreign, federal and state income in any amount or any Taxes in any material amount claimed to be due by the taxing authority of
any jurisdiction, and the Company is not aware of any reasonable basis for such claim. No Returns filed by or on behalf of the
Company or any of its Subsidiaries with respect to material Taxes are currently being audited, and neither the Company nor any
of its Subsidiaries has received notice of any such audit.

 

(v)         
Solvency. Both before and after giving effect to the transactions contemplated by this Agreement and other Transaction
Agreements, each of the Company and its Subsidiaries (i) will be solvent (in that both the fair value of its assets will not be
less than the sum of its debts and that the present fair saleable value of its assets will not be less than the amount required
to pay its probable liability on its recourse debts as they mature or become due) and (ii) will have adequate capital and liquidity
with which to engage in the their businesses as currently conducted and as described in the Company SEC Documents.

 

(w)       
Transactions with Affiliates and Employees. All related party transactions required to be disclosed under applicable
rules of Nasdaq or the applicable securities law have been accurately described in the Company SEC Documents in all material respects.
Any such related party transaction was entered into on terms and conditions no less favorable to the Company or its applicable
Subsidiary than those applicable in comparable transactions between independent parties acting at arm’s length.

 

(x)         
Use of Proceeds. The application of the net proceeds from the issue and sale of the Subject Securities will not
(i) contravene any provision of any current and Applicable Laws or the current constitutional documents of the Company or any
of its Subsidiaries, (ii) contravene the terms or provisions of, or constitute a default under, any material indenture, mortgage,
deed of trust, loan agreement, note, lease or other agreement or instrument currently binding upon the Company or any of its Subsidiaries,
or (iii) contravene or violate the terms or provisions of any order or decree of any government entity having jurisdiction over
the Company or any Subsidiary.

 

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(y)         
Labor disputes. No material labor dispute with the employees of the Company or any of its Subsidiaries exists, except
as described in the Company SEC Documents, or, to the knowledge of the Company, is imminent; and, to the Company’s knowledge,
there is no existing, threatened or imminent labor disturbance by the employees of any of its principal suppliers, manufacturers
or contractors that could have a Material Adverse Effect.

 

(z)         
No Additional Representations. The Company makes no representations or warranties as to any matter whatsoever except
as expressly set forth in this Agreement or in any certificate delivered by the Company to the Purchaser in accordance with the
terms thereof.

 

Section 4.02       
Representations and Warranties of Each Purchaser. Each Purchaser hereby severally, and not jointly, represents and
warrants to the Company as follows:

 

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

 

(b)         
Authority. In the case of each Purchaser that is not an individual, such Purchaser has full power and authority to
enter into, execute and deliver this Agreement and other Transaction Agreements to which it is to become a party and each other
agreement, certificate, document and instrument to be executed and delivered by such Purchaser pursuant to this Agreement and each
other Transaction Agreement and to perform its obligations hereunder and thereunder. The execution and delivery by such Purchaser
of this Agreement and each other Transaction Agreement to which it is or is to become 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 other Transaction Agreement to which such Purchaser is to become
a party will be, duly executed and delivered by such Purchaser and, assuming the due authorization, execution and delivery by the
Company, constitutes (or, when executed and delivered in accordance herewith will constitute), the legal, valid and binding obligation
of such Purchaser, enforceable against such Purchaser in accordance with its terms, subject to the Bankruptcy and Equity Exception
and except as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

 

(d)         
Non-contravention. None of the execution and the delivery of this Agreement or any other Transaction Agreement, nor
the consummation of the transactions contemplated hereby or thereby, by such Purchaser will violate any provision of the organizational
documents of such Purchaser, if applicable, or violate any constitution, statute, regulation, rule, injunction, judgment, order,
decree, ruling, charge, or other restriction of any government, governmental entity or court to which such Purchaser is subject.

 

    19

     

    

 

(e)         
 Consents and Approvals. None of the execution and delivery by such Purchaser of this Agreement and the Transaction
Agreements to which such Purchaser is to become a Party, nor the consummation by such Purchaser of any of the transactions contemplated
hereby or thereby, nor the performance by such Purchaser of this Agreement or any such Transaction Agreement in accordance with
its terms requires the consent, approval, order or authorization of, or registration with, or the giving notice to, any governmental
or public body or authority or any third party, except such as have been or will have been obtained, made or given at or prior
to Closing and except for any filing or notification required to made with the SEC regarding the issuance of the Subject Securities.

 

(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 Subject Securities. Such Purchaser is capable of bearing the
economic risks of such investment, including a complete loss of its investment. Such Purchaser has carefully reviewed all
documents relating to the transactions contemplated by this Agreement and has been provided with all other materials that it considers
relevant to the transactions contemplated by this Agreement, has had a full opportunity to ask questions of and receive answers
from the Company or any person acting on behalf of the Company concerning the terms and conditions of transactions contemplated
by this Agreement. In making its decision to invest in the Company, Such Purchaser is not relying upon, and has not relied upon,
any statement, representation or warranty made by any person, except for the statements, representations and warranties contained
in this Agreement.

 

(ii)     
Purchase Entirely for Own Account. Such Purchaser is acquiring the Subject Securities 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 in a manner that would violate the Applicable Laws. Such Purchaser is not a broker-dealer registered
with the SEC under the Exchange Act or an entity engaged in a business that would require it to be so registered as a broker-dealer.

 

(iii)     
Status. Such Purchaser is not a “U.S. person” as defined in Rule 902 of Regulation S. Such Purchaser
has not been subject to any “directed selling efforts” within the meaning of Rule 903 of Regulation S under the Securities
Act in connection with its execution of this Agreement.

 

(g)         
 Brokers. No broker, investment banker, financial advisor or other Person is entitled to any broker’s, finder’s,
financial advisor’s or other similar fee or commission from such Purchaser in connection with the transactions contemplated
by this Agreement based upon arrangements made by or on behalf of such Purchaser.

 

(h)         
Sufficient Funds. Such Purchaser has at its disposal sufficient funding to pay the Purchase Price and consummate
the transactions contemplated hereby.

 

(i)           
 No Additional Representations. Such Purchaser makes no representations or warranties as to any matter whatsoever
except as expressly set forth in this Agreement or in any certificate delivered by such Purchaser to the Company in accordance
with the terms thereof.

 

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ARTICLE
V

COVENANTS AND RIGHTS of PURCHASERS

 

Section 5.01       
Cryptocurrencies Mining Business of the Company. Each Purchaser hereby undertakes to assist the Company and its Subsidiaries
in (a) developing the cryptocurrencies mining business, (b) purchasing cryptocurrencies mining machines, including but not limited
to Ipollo miners, AvalonMiners, AntMiners and WhatsMiners. Each Purchaser further undertakes to use its reasonable best efforts
to assist the Company and its Subsidiaries in building up cryptocurrencies mining equipment which will contribute 8% to 10% of
the global hash rate of Bitcoin, 10% of the global hash rate of Ethereum and 10% of the global hash rate of Gin, and become the
world’s largest cryptocurrencies mining company in terms of hash rate. The Company shall use its reasonable best efforts
to implement the strategies and business plan as proposed by the Purchasers. The Company shall also use its reasonable best efforts
to, and shall cause its Subsidiaries to, use (i) the Aggregate Purchase Price, (ii) the exercise price to be received by the Company
upon exercise of the Warrants, and (iii) any funds raised by the Company after the Closing Date for the purpose of the businesses
mentioned in this Section 5.01, to finance the cryptocurrencies mining business and other digital currency businesses such
as blockchain, as well as other businesses approved by any Purchaser in writing.

 

Section 5.02       
Non-competition. For a period of two (2) years following the Closing Date, Mr. Kong hereby undertakes and covenants
to the Company that he shall not, and shall cause his Affiliates not to, directly or indirectly, make any equity investment in
any other entities listed on any securities exchange whose principal business is cryptocurrencies mining business, other than (i)
any existing investment by Mr. Kong as of the date hereof or (ii) any investment approved by the Company in writing.

 

Section 5.03       
Transformation of the Business of the Company. The Company shall transform its principal business to cryptocurrencies
mining business upon the satisfaction of the following conditions:

 

(a)         
upon the satisfaction of the vesting condition of the Tranche III Warrants, as set forth in Section 2(b) thereof, the Company
shall use its best efforts to (i) deconsolidate, at no cost (except for general legal and professional fees and taxes, if any),
all of its Subsidiaries conducting online gaming business that recorded net liabilities, and (ii) apply for a change of ticker
symbol of the Company to “NBTC.”

 

(b)          upon
the satisfaction of the vesting condition of the Tranche IV Warrants, as set forth in Section 2(b) thereof, the Company shall
use its best efforts to (i) deconsolidate, at no cost (except for general legal and professional fees and taxes, if any), all
of its Subsidiaries conducting online gaming business, and (ii) cause the Class A Shares then held by each Purchaser to be
exchanged for the same number of Class B Shares in means permitted by Applicable Laws, including without limitation to
approve and adopt, vote in favor of, or consent in writing to, any necessary amendment and/or restatement of the
Company’s memorandum of association and articles of association to give effect to such exchange of Class A Shares for
Class B Shares.

 

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Section 5.04       
Registration Rights. The Company hereby agrees to grant each Purchaser, and each Purchaser shall be entitled to,
the registration rights as specified in Schedule B attached hereto.

 

Section 5.05       
Board of Directors. Upon the satisfaction of the vesting condition of the Tranche III Warrants, as set forth in Section
2(b) thereof, the Purchasers shall be entitled to collectively appoint one (1) director to the Board with requisite skills and
qualifications as are reasonably expected from directors of a public company. The Purchasers’ right under this Section
5.05 shall automatically terminate on the later of (i) the third anniversary of the Closing Date, and (ii) the date on which
the Purchasers collectively hold less than 5% of the Company’s total Ordinary Shares on a Fully Diluted Basis.

 

Section 5.06       
Approval Rights. The Company hereby covenants and agrees with the Purchasers that it shall cause each of its Subsidiaries
that is engaged principally in the cryptocurrencies mining business (each, a “Cryptocurrencies
Subsidiary,” which, for the avoidance of doubt, shall include the HK Subsidiary) not to, without prior written
approval of the Purchasers, take, permit to occur, approve, authorize, or agree or commit to do: (i) any related party transaction
involving a Cryptocurrencies Subsidiary outside the ordinary course of business and not conducted on an arm’s length basis
in an amount exceeding US$500,000 for one single transaction or in the aggregate for a series of related transactions; or (ii)
any Trade Sale. The Purchasers hereby agree that the prior written consent of any Purchaser shall be deemed to be prior written
consent of all Purchasers. A “related party transaction involving a Cryptocurrencies Subsidiary” means any transaction,
arrangement or relationship, or any series of similar transactions, arrangements or relationships, between a Cryptocurrencies Subsidiary
and any Person who is an executive officer or director of such Cryptocurrencies Subsidiary, any shareholder owning more than 5%
of any class of the voting securities of such Cryptocurrencies Subsidiary, or an immediate family member of any such Person. A
 “Trade Sale” means (x) any merger, consolidation, or similar transaction that results in a Change of Control
of a Cryptocurrencies Subsidiary, or (y) the sale, lease, transfer, exclusive license or other disposition, in a single transaction
or series of related transactions, by such Cryptocurrencies Subsidiary of all or substantially all of its assets. “Change
of Control” means, any merger, consolidation, or similar transaction in which a Cryptocurrencies Subsidiary’s equity
securities outstanding immediately before such merger or consolidation or transaction do not, immediately after such merger or
consolidation or transaction, continue to represent, or are converted into or exchanged for equity securities that fail to represent,
immediately following such merger or consolidation or transaction, at least a majority, by voting power, of the equity securities
of (a) the surviving or resulting company; or (b) if the surviving or resulting company is a wholly owned subsidiary of another
company immediately following such merger or consolidation or transaction, the parent company of such surviving or resulting company.
The Purchasers’ rights under this Section 5.06 shall automatically terminate on the later of (i) the third anniversary
of the Closing Date, and (ii) the date on which the Purchasers collectively hold less than 5% of the Company’s total Ordinary
Shares on a Fully Diluted Basis.

 

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Section 5.07       
Right of First Offer. If the Company proposes to offer or sell any New Securities, each Purchaser shall have a right of
first offer with respect to such New Securities (the “Offered Securities”).
If any Purchaser elects to exercise the right of first offer it may designate as purchasers under such right itself or its partners
or affiliates, in such proportions among itself and such partners or affiliates as it deems appropriate. Each time the Company
proposes to offer any Offered Securities, the Company shall first make an offering of such Offered Securities to the Purchasers
in accordance with the following provisions:

 

(a)         
The Company shall deliver a notice (the “RFO Notice”) to each
Purchaser stating (i) its bona fide intention to offer such Offered Securities, (ii) the number of such Offered Securities to be
offered, and (iii) the price and terms, if any, upon which it proposes to offer such Offered Securities.

 

(b)         
Within fifteen (15) calendar days after delivery of the RFO Notice, such Purchaser may elect to purchase or obtain, at the
price and on the terms specified in the RFO Notice, up to that portion of such Offered Securities which equals the proportion that
(A) the total number of Ordinary Shares then held by such Purchaser bears to (B) the total number of Ordinary Shares then held
by all the shareholders with right of first offer with respect to such Offered Securities (such shareholders, including such Purchaser,
collectively, the “RFO Holders”). At the expiration of such fifteen
(15) day period, the Company shall promptly notify each RFO Holder that elects to purchase or acquire all the New Securities available
to it, (each, a “Fully Exercising Holder”) of any other RFO Holder’s
failure to do likewise. During the ten (10) day period commencing after the Company has given such notice, each Fully Exercising
Holder may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of Offered Securities specified
above, up to that portion of the Offered Securities for which RFO Holders were entitled to subscribe but that were not subscribed
for by such RFO Holders which is equal to the proportion that (x) the total number of Ordinary Shares then held by such Fully Exercising
Holder bears to (y) the total number of Ordinary Shares then held by all Fully Exercising Holders who wish to purchase such unsubscribed
Offered Securities. The closing of any sale pursuant to this Section 5.07(b) shall occur within 60 days of the later of
(x) the date that the RFO Notice is given and (y) the date of initial sale of Offered Securities pursuant to this Section 5.07(b).

 

(c)         
For purposes of this Section 5.07, “New Securities” means,
collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to
purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into
or exercisable for such equity securities, other than shares issued (i) by reason of a dividend, stock split, split-up or other
distribution on shares, (ii) to employees or directors of, or consultants to, the Company or any of its Affiliates pursuant to
a plan, agreement or arrangement approved by the Board in exchange for their services, (iii) as a result of Founder Loan Conversions,
(iv) upon the exercise of the Warrants, or (v) any securities issued pursuant to the acquisition of another corporation or entity
by the Company or any of its Subsidiaries by consolidation, merger, purchase of assets, or other reorganization, or other transactions
as approved by the Board.

 

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(d)         
 The rights of each Purchaser under this Section 5.07 shall terminate on the earliest of (i) the 12-month anniversary
of the Closing Date if the vesting condition of the Tranche II Warrants, as set forth in Section 2(b) thereof, fails to be satisfied,
(ii) the 24-month anniversary of the Closing Date if the vesting condition of the Tranche III Warrants, as set forth in Section
2(b) thereof, fails to be satisfied, (iii) the third anniversary of the Closing Date, and (iv) the date on which the Purchasers
collectively hold less than 5% of the Company’s total Ordinary Shares on a Fully Diluted Basis.

 

Section 5.08       
FPI Status. Following the Closing Date, the Company shall promptly take all necessary or desirable actions required
to duly and validly rely on the exemption for foreign private issuers from applicable rules and regulations of Nasdaq with respect
to corporate governance to rely on “home country practice” in connection with the transactions contemplated hereunder
(including an exemption from any Nasdaq rules that would otherwise require seeking shareholder approval in respect of such transactions),
including without limitation, to the extent necessary, making disclosures, notices and filings to or with the Nasdaq and obtaining
an adequate opinion of counsel in respect of the home country practice exemption. The Company shall use commercially reasonable
efforts to continue the listing and trading of the ADSs on Nasdaq and, in accordance, therewith, will use commercially reasonable
efforts to comply in all respects with the Company’s reporting, filing and other obligations under any Nasdaq rules.

 

Section 5.09       
Further Assurances. From the date of this Agreement until Closing, the Parties shall each use their respective reasonable
best efforts to fulfill or obtain the fulfillment of the conditions precedent to the consummation of the transactions contemplated
hereby and by the Transaction Agreements.

 

Section 5.10       
No Adverse Change. Without limiting the generality of the foregoing, the Company agrees that from the date hereof
until the earlier of the termination of this Agreement pursuant to Section 7.13 and the Closing Date, it shall not
make (or otherwise enter into any contract with respect to) (x) any material change in any method of accounting or accounting practice
by the Company or any of its Subsidiaries; (y) any declaration, setting aside or payment of any dividend or other distribution
with respect to any securities of the Company or any of its Subsidiaries (except for dividends or other distributions by any Subsidiary
to the Company or to any of the Company’s Subsidiaries) or (z) any redemption, repurchase or other acquisition of any share
capital of the Company or any of its Subsidiaries, except in each case for the avoidance of doubt as contemplated by the Transaction
Agreements or required by Applicable Law or specifically requested or permitted in writing by or on behalf of the Purchasers.

 

Section 5.11       
Reservation of Shares. The Company shall ensure that it has sufficient number of duly authorized Ordinary Shares
to comply with its obligations to issue the Subscription Shares and the Warrants Shares pursuant to the terms of the Transaction
Agreements.

 

Section 5.12       
No Integrated Offering. The Company shall not, and shall cause its Affiliates and any Person acting on its or their
behalf not to, directly or indirectly, make any offers or sales of any security or solicit any offers to buy any security, under
circumstances that would require registration of the issuance of any of the Subject Securities (and, when issued, the Warrant Shares)
under the Securities Act whether through integration with prior offerings or otherwise.

 

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ARTICLE
VI

 

INDEMNIFICATION

 

Section 6.01       
Indemnification.

 

(a)         
Indemnification by the Company. From and after the Closing Date and subject to Section 6.03, the Company
shall indemnify and hold each Purchaser harmless from and against any losses, claims, damages, liabilities, judgments, fines, obligations,
cost and expenses, including but not limited to any investigative, legal and other expenses (collectively, “Losses”)
incurred by such Purchaser as a result of or arising out of: (i) breach of any representation or warranty of the Company contained
in Section 4.01; or (ii) violation or nonperformance, partial or total, of any covenant or agreement of the Company
contained in this Agreement.

 

(b)         
Indemnification by the Purchasers. From and after the Closing Date and subject to Section 6.03, each
Purchaser shall indemnify and hold the Company, its Affiliates and their respective directors, officers, agents, successors and
assigns (the “Company Indemnitees”) harmless from and against any Losses
incurred by any Company Indemnitee as a result of or arising out of: (i) breach of any representation or warranty of such Purchaser
contained in Section 4.02; or (ii) violation or nonperformance, partial or total, of any covenant or agreement of such
Purchaser contained in this Agreement.

 

(c)         
The amount of any and all Losses under this Article VI shall be determined net of any insurance or other indemnification
proceeds received by the Indemnified Party or its Affiliates in connection with the facts giving rise to the right of indemnification
and any increased insurance costs resulting from such claim, including any retroactive or prospective premium adjustments associated
with such coverage, as such amounts are determined in accordance with those policies and programs generally applicable from time
to time, and only after first applying any available insurance to the portion of a Loss that is not indemnified hereunder.

 

Section 6.02       
Procedures Relating to Indemnification.

 

(a)          Any
party seeking indemnification under Section 6.01 (an “Indemnified
Party”) shall promptly give the Party from whom indemnification is being sought (an “Indemnifying
Party”) notice of any matter which such Indemnified Party has determined has given or would reasonably be
expected to give rise to a right of indemnification under this Agreement stating in reasonable detail the factual basis of
the claim to the extent known by the Indemnified Party, and containing a reference to the provisions of this Agreement in
respect of which such right of indemnification is claimed or arises; provided that the failure to provide such notice
shall not release the Indemnifying Party from any of its obligations under this Article VI except to the extent
the Indemnifying Party is materially prejudiced by such failure. With respect to any recovery or indemnification sought by an
Indemnified Party from the Indemnifying Party that does not involve a Third Party Claim, if the Indemnifying Party does not
notify the Indemnified Party within thirty (30) days from its receipt of the notice from the Indemnified Party that the
Indemnifying Party disputes such claim, the Indemnifying Party shall be deemed to have accepted and agreed with such claim.
If the Indemnifying Party has disputed a claim for indemnification (including any Third Party Claim), the Indemnifying Party
and the Indemnified Party shall proceed in good faith to negotiate a resolution to such dispute. If the Indemnifying Party
and the Indemnified Party cannot resolve such dispute in thirty (30) days after delivery of the dispute notice by the
Indemnifying Party, such dispute shall be resolved by arbitration pursuant to Section 7.02.

 

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(b)         
If an Indemnified Party shall receive notice of any claim or demand asserted by a third party (each, a “Third
Party Claim”) against it or which may give rise to a claim for Loss under this Article VI, within
thirty (30) days of the receipt of such notice, the Indemnified Party shall give the Indemnifying Party notice of such Third Party
Claim; provided that the failure to provide such notice shall not release the Indemnifying Party from any of its obligations
under this Article VI except to the extent that the Indemnifying Party is materially prejudiced by such failure. If
the Indemnifying Party acknowledges in writing its obligation to indemnify the Indemnified Party hereunder against any Losses that
may result from such Third Party Claim, then the Indemnifying Party shall be entitled to assume and control the defense of such
Third Party Claim at its expense and through counsel of its choice if it gives notice of its intention to do so to the Indemnified
Party within fifteen (15) days of the receipt of such notice from the Indemnified Party; provided that that if there exists
or is reasonably likely to exist a conflict of interest that would make it inappropriate in the judgment of the Indemnified Party
in its sole and absolute discretion for the same counsel to represent both the Indemnified Party and the Indemnifying Party, then
the Indemnified Party shall be entitled to retain its own counsel in each jurisdiction for which the Indemnified Party determines
counsel is required, at the Indemnifying Party’s expense. In the event that the Indemnifying Party exercises the right to
undertake any such defense against any such Third Party Claim as provided above, the Indemnified Party shall cooperate with the
Indemnifying Party in such defense and make available to the Indemnifying Party, at the Indemnifying Party’s expense, all
witnesses, pertinent records, materials and information in the Indemnified Party’s possession or under the Indemnified Party’s
control relating thereto as is reasonably required by the Indemnifying Party. Similarly, in the event the Indemnified Party is,
directly or indirectly, conducting the defense against any such Third Party Claim, the Indemnifying Party shall cooperate with
the Indemnified Party in such defense and make available to the Indemnified Party, at the Indemnifying Party’s expense, all
such witnesses, records, materials and information in the Indemnifying Party’s possession or under the Indemnifying Party’s
control relating thereto as is reasonably required by the Indemnified Party. No such Third Party Claim may be settled by the Indemnifying
Party without the prior written consent of the Indemnified Party.

 

Section 6.03       
Limitation on Liability. Absent fraud, intentional misrepresentation or willful breach:

 

(a)          In
no event shall any Indemnified Party be entitled to indemnification for any Losses arising from a claim for indemnification
pursuant to Section 6.01(a)(i) (other than Company Fundamental Warranties) or 6.01(b)(i) (other than
Purchaser Fundamental Warranties) unless and until the aggregate amount of all Losses suffered or incurred by the Indemnified
Party thereunder exceeds five percent (5%) of the Purchase Price (in the event the Indemnified Party is a Company Indemnitee)
or five percent (5%) of the Aggregate Purchase Price (in the event the Indemnified Party is a Purchaser), as applicable (the
 “Deductible”), in which case the Indemnifying Party shall be
liable only for Losses in excess of the Deductible.

 

    26

     

    

 

(b)         
the maximum aggregate liabilities of the Indemnifying Party in respect of Losses suffered by the Indemnified Parties pursuant
to Section 6.01(a)(i) (other than Company Fundamental Warranties) or 6.01(b)(i) (other than Purchaser Fundamental
Warranties) shall not in any event be greater than the Purchase Price (in the event the Indemnified Party is a Purchaser) or the
Aggregate Purchase Price (in the event the Indemnified Party is a Company Indemnitee), as applicable; and

 

(c)         
notwithstanding any other provision contained herein, from and after the Closing, the right to indemnity pursuant to Article VI
shall be the sole and exclusive remedy of any of the Indemnified Party for any claims against the Indemnifying Party arising out
of or resulting from this Agreement; provided that the Indemnified Party shall also be entitled to specific performance
or other equitable remedies in any court of competent jurisdiction pursuant to Section 7.12 hereof.

 

ARTICLE
VII

MISCELLANEOUS

 

Section 7.01       
Survival of the Representations and Warranties.

 

(a)         
The Company Fundamental Warranties and Purchaser Fundamental Warranties shall survive until the latest date permitted by
law or indefinitely if such date is not provided. All other representations and warranties contained in Section 4.01
and Section 4.02 of this Agreement shall survive Closing until twelve (12) months after the Closing Date.

 

(b)         
Notwithstanding anything to the contrary in the foregoing clauses, (i) any breach of representation or warranty in respect
of which indemnity may be sought under this Agreement shall survive the time at which it would otherwise terminate pursuant to
the preceding sentences, if notice of the inaccuracy or breach thereof giving rise to such right of indemnity shall have been given
to the Party against whom such indemnity may be sought in accordance with this Agreement prior to such time and (ii) any breach
of representation or warranty in respect of which indemnity may be sought that was caused as a result of fraud or intentional misrepresentation
shall survive until the latest date permitted by law.

 

Section 7.02        Governing
Law; Arbitration. This Agreement and all questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by and construed in accordance with the laws of the state of New York without giving
effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal
laws of New York to the rights and duties of the Parties hereunder. Any dispute, controversy or claim arising out of or
relating to this Agreement, or the interpretation, breach, termination or validity hereof, shall be submitted to arbitration
upon the request of any Party with notice to the other Party. The arbitration shall be conducted in Hong Kong under the
auspices of the Hong Kong International Arbitration Centre (“HKIAC”)
in accordance with the HKIAC Administered Arbitration Rules then in effect, which rules are deemed to be incorporated by
reference into this Section 7.02. There shall be three (3) arbitrators. The complainant and the respondent to
such dispute shall each select one arbitrator within thirty (30) days after giving or receiving the demand for arbitration.
The Chairman of the HKIAC shall select the third arbitrator, who shall be qualified to practice law in New York. If either
party to the arbitration does not appoint an arbitrator who has consented to participate within the aforementioned 30-day
period, the relevant appointment shall be made by the Chairman of the HKIAC. The arbitration proceedings shall be conducted
in English. Each party irrevocably waives, to the fullest extent it may effectively do so, any objection which it may now or
hereafter have to the laying of venue of any such arbitration in Hong Kong and the HKIAC, and hereby submits to the exclusive
jurisdiction of HKIAC in any such arbitration. The award of the arbitration tribunal shall be conclusive and binding upon the
disputing parties, and any party to the dispute may apply to a court of competent jurisdiction for enforcement of such award.
Any party to the dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent
jurisdiction pending the constitution of the arbitral tribunal.

 

    27

     

    

 

Section 7.03       
No Third Party Beneficiaries. A person who is not a party to this Agreement has no right to enforce any term of this
Agreement.

 

Section 7.04       
Amendment. This Agreement shall not be amended, changed or modified, except by another agreement in writing executed
by the Parties hereto.

 

Section 7.05       
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 7.06       
Assignment. Neither this Agreement nor any of the rights, duties or obligations hereunder may be assigned, as between
each Purchaser and the Company, without the express written consent of such Purchaser and the Company. Any purported assignment
in violation of the foregoing sentence shall be null and void.

 

Section 7.07       
Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms
of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii)
upon receipt, when sent by facsimile or email (provided confirmation of transmission is mechanically or electronically generated
and kept on file by the sending party); (iii) one (1) Business Day after deposit with an internationally recognized overnight courier
service, or (iv) when sent by confirmed electronic mail if sent during normal business hours of the recipient, and if not, then
on the next Business Day, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers
for such communications shall be:

 

If to the Company:

 

	The9 Limited
	Address: 	17 Floor, No. 130 Wu Song Road
	 	Hong Kou District, Shanghai 200080
	 	People’s Republic of China
	Telephone: 	(86) 21 6108-6080
	Email:	georgelai@corp.the9.com
	Attention: 	George Lai

 

If to the Purchasers:

	 
	Address: 	c/o 30/F, Dikai Yinzuo, No. 29 East Jiefang Road, Jianggan District, Hangzhou 310016, China
	Telephone: 	(+86) 18767162914
	Email:	hzwmy@nano.cn
	Attention: 	Mona Wang
	 	 

Any Party may change
its address for purposes of this Section 7.07 by giving the other Parties hereto written notice of the new address
in the manner set forth above. For the avoidance of doubt, only notice delivered to the address and person of the Parties to this
Agreement shall constitute effective notice to such Party for the purposes of this Agreement.

 

    28

     

    

 

Section 7.08       
Entire Agreement. This Agreement and the other Transaction Agreements including the schedules and exhibits hereto
and thereto constitutes the entire understanding and agreement between the Parties with respect to the matters covered hereby and
thereby, and all prior agreements and understandings, oral or in writing, if any, between the Parties with respect to the matters
covered hereby and thereby are merged and superseded by this Agreement and the other Transaction Agreements.

 

Section 7.09       
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 7.10       
Fees and Expenses. The expenses incurred in connection with the negotiation, preparation and execution of this Agreement
and other Transaction Agreements and the transactions contemplated hereby and thereby, including fees and expenses of attorneys,
accountants, consultants and financial advisors, shall be the responsibility of the Party incurring such expenses.

 

Section 7.11       
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 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. Either Party may use the Confidential Information only for the purpose of, and to the extent necessary for performing
this Agreement; and shall not use such Confidential Information for any other purposes. The Parties hereby agree, for the
purpose of this Section 7.11, that the existence and terms and conditions of this Agreement and schedule hereof
shall be deemed as Confidential Information.

 

    29

     

    

 

(b)         
Notwithstanding any other provisions in this Section 7.11, 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 this Agreement or any Transaction 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 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.

 

(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 Agreements; 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 7.12       
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.

 

    30

     

    

 

Section 7.13       
Termination.

 

(a)         
 This Agreement shall automatically terminate as between the Company and each Purchaser upon the earliest to occur of:

 

(i)     
the written consent of each of the Company and such Purchaser;

 

(ii)     
the delivery of written notice to terminate by either the Company or such Purchaser if Closing shall not have occurred by
February 26, 2021; provided that such right to terminate this Agreement under this Section 7.13(a)(ii) shall
not be available to any Party whose failure to fulfill any obligation under this Agreement shall have been the principal cause
of, or shall have resulted in, the failure of Closing to occur on or prior to such date; or

 

(iii)     
by the Company or such Purchaser in the event that any Governmental Authority shall have issued a judgment or taken any
other action restraining, enjoining or otherwise prohibiting the transactions contemplated by the Transaction Agreements and such
judgment or other action shall have become final and non-appealable.

 

(b)         
Upon the termination of this Agreement, this Agreement will have no further force or effect, except for the provisions of
Sections 7.02, 7.07, 7.11 and 7.16 hereof, which shall survive any termination under this Section 7.13;
provided that neither the Company nor the Purchaser shall be relieved or released from any liabilities or damages arising
out of (i) fraud or (ii) any breach of this Agreement prior to such termination.

 

Section 7.14       
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 7.15       
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. Signatures in the form of facsimile or electronically imaged “PDF”
shall be deemed to be original signatures for all purposes hereunder.

 

    31

     

    

 

Section 7.16        Public
Disclosure. Without limiting any other provision of this Agreement, both the Purchaser and the Company shall consult and
agree with each other on the terms and content of a joint press release with respect to the execution of this Agreement and
any other Transaction Agreements and the transactions contemplated hereby and thereby and no press release shall be issued by
any Party hereto without the prior written consent of the other Parties. Thereafter, neither the Company nor the Purchaser,
nor any of their respective Affiliates, shall issue any press release or other public announcement or communication (to the
extent not previously publicly disclosed or made in accordance with this Agreement or any other Transaction Agreements) with
respect to the transactions contemplated hereby or thereby without the prior written consent of the other parties (such
consent not to be unreasonably withheld, conditioned or delayed), except to the extent a party’s counsel deems such
disclosure necessary or desirable in order to comply with any law or the regulations or policies of any securities exchange
or other similar regulatory body (in which case the disclosing party shall give the other parties notice as promptly as is
reasonably practicable of any required disclosure to the extent permitted by Applicable Law), shall limit such disclosure to
the information such counsel advises is required to comply with such law or regulations, and if reasonably practicable, shall
consult with the other party regarding such disclosure and give good faith consideration to any suggested changes to such
disclosure from the other party. Notwithstanding anything to the contrary in this Section 7.16, the Purchaser and
the Company may make public statements in response to specific questions by the press, analysts, investors or those attending
industry conferences or financial analyst conference calls, so long as any such statements are not materially inconsistent
with previous press releases, public disclosures or public statements made by the Company or the Purchaser and do not reveal
material, non-public information regarding the other Parties or the transactions contemplated by this Agreement.

 

Section 7.17       
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.

 

Section 7.18       
Adjustment of Share Numbers. If there is a subdivision, split, stock dividend, combination, reclassification or similar
event with respect to any of the shares of Class A Shares referred to in this Agreement, then, in any such event, the numbers and
types of shares of such Class A Shares referred to in this Agreement shall be equitably adjusted as appropriate to the number and
types of shares of such stock that a holder of such number of shares of such stock would own or be entitled to receive as a result
of such event of such holder had held such number of shares immediately prior to the record date for, or effectiveness of, such
event.

 

[Signature pages follow]

 

    32

     

    

 

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

 

	The9 Limited	 
	 	 	 
	 	 	 
	By:	/s/
    George Lai	 
	Name:   	George Lai	 
	Title:	CFO
	 

 

[Signature Page to Share Subscription
and Warrants Purchase Agreement]

 

     

     

    

 

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

 

 

 

	Jianping
    Kong	 
	 	 	 
	 	 	 
	/s/
    Jianping Kong	 
	 	 	 
	 	 	 
	JPKONG
    LTD.	 
	 	 	 
	 	 	 
	By:	/s/
    Jianping Kong	 
	Name:   	Jianping Kong	 
	Title:	Director	 

 

[Signature Page to Share Subscription
and Warrants Purchase Agreement]

 

     

     

    

 

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

 

 

 

	Qifeng Sun Ltd.	 
	 	 	 
	 	 	 
	By:	/s/
    Qifeng Sun	 
	Name:   	Qifeng Sun	 
	Title:	Director	 

 

[Signature Page to Share Subscription
and Warrants Purchase Agreement]

 

     

     

    

 

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

 

 

 

	Luckylily
    Ltd.	 
	 	 	 
	 	 	 
	 	 	 
	By:	/s/
    Luckylily Ltd.	 
	Name:   	Li Zhang	 
	Title:	Director	 

 

[Signature Page to Share Subscription
and Warrants Purchase Agreement]

 

     

     

    

 

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

 

 

 

	Root Grace Ltd.	 
	 	 	 
	 	 	 
	 	 	 
	By:	/s/
    Enguang Li	 
	Name:   	Enguang Li	 
	Title:	Director	 

 

[Signature Page to Share Subscription
and Warrants Purchase Agreement]

 

     

     

    

 

Schedule A

 

Schedule of Subject Securities to be Purchased

 

	Purchaser	Subscription Shares	Subject Warrants	Purchase Price
	JPKONG LTD.	3,603,600 Class A Shares	
        23,099,093 Tranche I Warrants

         

        23,099,093 Tranche II Warrants

         

        23,099,093 Tranche III Warrants

         

        23,099,093 Tranche IV Warrants

         
	US$444,444
	Qifeng Sun Ltd.	1,801,800 Class A Shares	
        11,549,547 Tranche I Warrants

         

        11,549,547 Tranche II Warrants

         

        11,549,547 Tranche III Warrants

         

        11,549,547 Tranche IV Warrants

         
	US$222,222
	Luckylily Ltd.	900,900 Class A Shares	
        5,774,773 Tranche I Warrants

         

        5,774,773 Tranche II Warrants

         

        5,774,773 Tranche III Warrants

         

        5,774,773 Tranche IV Warrants

         
	US$111,111
	Root Grace Ltd.	1,801,800 Class A Shares	
        11,549,547 Tranche I Warrants

         

        11,549,547 Tranche II Warrants

         

        11,549,547 Tranche III Warrants

         

        11,549,547 Tranche IV Warrants

         
	US$222,222

 

[Schedule A]

 

     

     

    

 

Schedule B

 

Registration Rights

 

Section
1.               
Form F-3 Demand. If at any time when it is eligible to use a Form F-3 registration statement, the Company receives
a request from Holders holding at least a majority of the voting power of the then outstanding Registrable Securities held by all
Holders (the “Initiating Holders”) (such request, a “Demand Registration”) that the Company
file a Form F-3 registration statement with respect to outstanding Registrable Securities of the Holders having an anticipated
aggregate offering price, net of Selling Expenses, of at least US$5.0 million, then the Company shall (i) within ten (10) days
after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the
Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request is
given by the Initiating Holders, file a Form F-3 registration statement under the Securities Act covering all Registrable Securities
requested to be included in such registration by the Holders, as specified by notice given by each such Holder to the Company within
twenty (20) days of the date the Demand Notice is given. Notwithstanding the foregoing, if the Company furnishes to the Initiating
Holders a certificate signed by the Company’s chief executive officer 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 either become effective
or remain effective for as long as such registration statement would remain effective, then the Company shall have the right to
defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be
tolled correspondingly. Additionally, the Company shall not be required to effect, or take any action to effect, any registration
pursuant to this Section 1 (i) during the period that is thirty (30) days before the Company’s good faith estimate of
the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company registration, or (ii)
if the Company has effected two (2) registrations pursuant to this Section 1 within the twelve (12) month period immediately
preceding the date of such request. A registration shall not be counted as “effected” for purposes of this Section 1
until such time as the applicable registration statement has been declared effective by the SEC, unless Holders holding at least
a majority of the voting power of the Registrable Securities to be registered withdraw their request for such registration and
forfeits their right to one demand registration statement, in which case such withdrawn registration statement shall be counted
as “effected” for purposes of this Section 1; provided, that if such withdrawal is during a period the
Company has deferred taking action pursuant to this Section 1, then the Initiating Holders may withdraw their request for
registration and such registration will not be counted as “effected” for purposes of this Section 1.

 

Section
2.                
Piggyback Rights. If the Company proposes to file a registration statement under the Securities Act with respect
to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity
securities, for its own account or for the account of shareholders of the Company (excluding registration statements relating
to any registration under Section 1 above or to any employee benefit plan or a corporate reorganization or other Rule 145
transaction, an offer and sale of debt securities, or a registration on any registration form that does not permit secondary sales),
then the Company shall give written notice of such proposed filing to each Holder as soon as practicable but not less than ten
(10) days before the anticipated filing date of such registration statement, which notice shall (A) describe the amount and type
of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing underwriter
or underwriters, if any, in such offering, and (B) offer to each Holder the opportunity to register the sale of such number of
Registrable Securities as such Holder may request in writing within five (5) days after receipt of such written notice (such Registration
a “Piggyback Registration”). The Company shall, in good faith, cause such Registrable Securities to be included
in such Piggyback Registration and shall use its best efforts to cause the managing underwriter or underwriters of a proposed
underwritten offering to permit the Registrable Securities requested by the such Holder pursuant to this Section 2 to be
included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in such
Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s)
of distribution thereof. For purposes of clarity, any Registration effected pursuant to this Section 2 shall not be counted
as a Registration pursuant to a Demand Registration effected under Section 1 above.

 

[Schedule B]

  

     

     

    

 

Section
3.                
Reduction of Underwritten Offerings. If a Registration initiated pursuant
to Sections 1 or 2 above is in the form of an Underwritten Offering, and the managing Underwriter or Underwriters in such
Underwritten Registration, in good faith, advises the Company and the Holders in writing that the dollar amount or number of Registrable
Securities that the Holders desire to sell, taken together with all other equity securities that the Company desires to sell (if
any) and the equity securities, if any, as to which a Registration has been requested pursuant to separate written contractual
registration rights held by any other shareholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum
number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price,
the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number
of such securities, as applicable, the “Maximum Number of Securities”), then the Company shall include in such
Underwritten Offering the Registrable Securities of the Holders (pro rata based on the respective number of Registrable Securities
that each Holder has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities
that the Holder have requested be included in such Underwritten Registration) that can be sold without exceeding the Maximum Number
of Securities.

 

Section
4.               
Re-sale Rights. The Company shall
at its own cost use its best efforts to assist each Holder in the sale or disposition of, and to enable each Holder to sell under
Rule 144 promulgated under the Securities Act the maximum number of, its Registrable Securities, including without limitation (a) the
prompt delivery of applicable instruction letters to the Company’s transfer agent to remove legends from certificates representing
the such Holder’s ownership in the Company, (b) (i) the prompt delivery of instruction letters to the Company’s
share registrar and depository agent to convert each Holder’s securities into depository receipts or similar instruments
to be deposited in such Holder’s brokerage account(s), and (ii) the prompt reimbursement of the portion of the ADS conversion
fees paid by such Holder for Registrable Securities held by such Holder calculated based on the percentage of reimbursement received
from the Company’s depositary bank, if and when the Company receives such reimbursement from its depositary bank.

 

[Schedule B]

 

     

     

    

 

Section
5.               
Reports Under Exchange Act. With a view to making available to the Holders
the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit the Holders
to sell securities of the Company to the public without registration or pursuant to a registration on Form F-3, the Company
shall:

 

(a)              
make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144,
at all times;

 

(b)              
use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of
the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements);
and

 

(c)              
furnish to any Holder, so long as such Holder
owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company that it
has complied with the reporting requirements of SEC Rule, the Securities Act, and the Exchange Act, or that it qualifies as a registrant
whose securities may be resold pursuant to Form F-3 (at any time after the Company so qualifies); (ii) a copy of the most recent
annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such other information
as may be reasonably requested in availing any Holder of any rule or regulation of
the SEC that permits the selling of any such securities without registration or pursuant to Form F-3 (at any time after the Company
so qualifies to use such form).

 

Section
6.               
Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings,
or qualifications pursuant to this Schedule B, including all registration, filing, and qualification fees; printers’
and accounting fees; fees and disbursements of counsel for the Company, reasonable fees and disbursements of one counsel for the
Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided that the Company shall
not be required to pay for any expenses of any Registration proceeding begun pursuant to Section 1 above if the Registration
request is subsequently withdrawn at the request of the Holders holding at least a majority of the voting power of the Registrable
Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable
Securities that were to be included in the withdrawn registration), unless the Holders holding at least a majority of the voting
power of the Registrable Securities agree to forfeit their right to one Demand Registration. Each Holder participating in a Registration
pursuant to this Schedule B 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 Selling Expenses or other amounts payable to underwriter(s)
or brokers, in connection with such offering by the Holders.

 

[Schedule B]

 

     

     

    

 

Section
7.               
Indemnification.

 

(a)               The
Company agrees to indemnify, to the extent permitted by law, each Holder, its officers and directors and each person who
controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses
(including attorneys’ fees) (collectively, the “Damages”) caused by any untrue or alleged untrue
statement of material fact contained in any registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any
information furnished in writing to the Company by such Holder expressly for use
therein.

 

(b)              
Each Holder, severally and not jointly, agrees to indemnify, to the extent permitted by law, the Company, and each of its
directors, each of its officers who has signed the registration statement, each Person (if any) who controls the Company within
the meaning of the Securities Act, any underwriter, any other Holder selling securities in such registration statement, and any
controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that such Damages
arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished
by or on behalf of such Holder expressly for use in connection with such Registration.

 

Section
8.               
Termination. The registration rights under this Schedule B with respect to any Registrable Securities proposed
to be sold by a Holder shall terminate on the earlier of (i) the date that is five (5) years from the Closing Date, and (ii) the
date on which such Holder may sell all of its Registrable Securities under Rule 144 (a) in one three (3) month period without exceeding
the volume limitations thereunder or (b) without volume limitations.

 

Section
9.               
Definitions. As used in this Schedule B, the following terms
have the following meanings. Capitalized terms used but not defined below shall have the meanings ascribed to them in this Agreement
to which this Schedule B is attached.

 

(a)              
“Holder” means any holder of Registrable Securities.

 

(b)              
“Registrable Securities” means (i) any Subscription Shares; (ii) any Ordinary Shares issued upon exercise
of the Warrant Shares; and (iii) any other securities that may be issued as (or issuable upon the conversion or exercise of any
warrant, right, or other security that is issued as) upon any split, dividend, combination or consolidation, recapitalization,
reclassification or other similar event with respect to, or in exchange for or in replacement of, the Ordinary Shares referenced
in clauses (i) and (ii) above.

 

(c)              
“Registration” means a registration effected by preparing and filing a registration statement or similar
document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder,
and such registration statement becoming effective.

 

(d)              
“Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable
to the sale of Registrable Securities, depositary charges applicable to the sale of Registrable Securities, and fees and disbursements
of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as
provided in Section 6 above.

 

(e)              
“Underwriter” means a securities dealer who purchases any Registrable Securities as principal in an Underwritten
Offering and not as part of such dealer’s market-making activities.

 

(f)               
 “Underwritten Registration” or “Underwritten Offering”
shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution
to the public.

 

[Schedule B]

 

     

     

    

 

Exhibit A

Tranche I Warrants

 

[Exhibit A]

 

    
 

     

    

 

Warrant No.:

Date of Issuance:                 , 2021 (the
 “Issuance Date”)

 

WARRANT TO PURCHASE

CLASS A ORDINARY SHARES

OF

THE9 LIMITED

 

This Warrant (the “Warrant”)
certifies that, for value received,                  and/or such entity that such person may designate in accordance with the Share Subscription
and Warrant Purchase Agreement (as defined below) shall collectively be referred to as the “Holder”) is entitled
to purchase                 1 Class A ordinary
shares, with par value US$0.01 per share (“Class A Shares”) of The9 Limited, an exempted company incorporated
with limited liability under the laws of the Cayman Islands (the “Company”), on the terms set forth herein.

 

This Warrant is issued
pursuant to a Share Subscription and Warrant Purchase Agreement (the “Purchase Agreement”) dated as of January
25, 2021 and entered into among the Company, the Holder and certain other parties thereto. Capitalized terms used herein without
definition shall have the meanings ascribed to them in the Purchase Agreement.

 

1.                 
Purchase of Shares. Subject to the terms and conditions hereinafter set forth, the Company hereby grants the Holder
the right to purchase from the Company up to                  Class A Shares of the Company (the “Warrant Shares”)
at the Exercise Price (as defined below), subject to adjustment and change as provided herein.

 

2.                 
Exercise.

 

(a)              
Exercise Price. Unless otherwise mutually agreed
by the Holder and the Company, and subject to adjustment and change as provided herein, the per share purchase price for the Warrant
Shares shall be US$0.1233 per Class A Share (the “Exercise Price”).

 

Notwithstanding
any adjustment made in accordance with this Warrant or anything to the contrary in this Warrant, the aggregate Exercise Price shall
in no event be less than the aggregate par value of the Warrant Shares at the time of exercise (the “Minimum Consideration”).

 

 

1
Note: Corresponding to the number applicable to each Purchaser.

 

    1

     

    

 

(b)             
Exercise Period. Unless otherwise agreed by
the Holder and the Company, this Warrant is exercisable, in whole but not in part, by the Holder on any day during the period
(the “Exercise Period”) commencing on the Issuance Date, and
ending on the third anniversary of the Issuance Date so long as the Market Capitalization of the Company shall be higher than
US$100 million for any ten consecutive Trading Days within six (6) months of the Issuance Date (the “Vesting Condition”).
For the purpose of this Warrant, “Market Capitalization” shall mean the market capitalization as reported by
Bloomberg at www.bloomberg.com on a Trading Day, or if Bloomberg is not then reporting such figures, by a comparable reporting
service of national reputation selected by the Company and reasonably satisfactory to the Holder. For the purpose of this Warrant,
 “Trading Day” shall mean a day on which trading in the ADSs (or other security for which a closing sale price
must be determined) generally occurs on the Nasdaq or, if the ADSs (or such other security) are not then listed on the Nasdaq,
on other principal U.S. national or regional securities exchange on which the ADSs (or such other security) are then listed or,
if the ADSs (or such other security) are not then listed on a U.S. national or regional securities exchange, on other principal
market on which the ADSs (or such other security) are then traded; provided that if the ADSs (or such other security) are
not so listed or traded, “Trading Day” means a Business Day.

 

(c)              
Form of Payment. Subject to Section
2(a), the aggregate Exercise Price for the Warrant Shares may be settled, in part or in whole, no later than the close
of business on the tenth (10th) Business Day following the receipt of the Notice of Exercise (as defined below) by the
Company from the Holder, by (i) wire transfer of immediately available funds in U.S. dollars to such bank account designated in
writing by the Company, (ii) cryptocurrencies, or (iii) a combination of cash and cryptocurrencies set out in (i) and (ii) above,
at the election of the Company determined on the date of receipt of the Notice of Exercise by the Company.

 

(d)             
Issuance of Certificates; Acknowledgement. The
exercise of this Warrant shall be effected by the delivery of the Warrant, together with a duly executed copy of the Notice
of Exercise in the form attached hereto as Exhibit A, to the Company (the “Notice of Exercise”) and the
payment of the Exercise price in accordance with Section 2(c). The Company agrees that the
Warrant Shares purchased under this Warrant shall be and are deemed to be issued to the Holder as the record owner of such shares
as of the close of business on the date the Purchase Price for the Warrant Shares is paid to the Company. The Company shall deliver
to the Holder within three (3) Business Days after its receipt of the executed Notice of Exercise:
(i) a duly issued share certificate representing the Warrant Shares, and (ii) a certified true copy of the updated register of
members of the Company reflecting the Holder’s ownership of the Warrant Shares with the issuance date of the Warrant Shares
being the Purchase Price payment date, provided, however, that the aggregate Exercise Price shall be paid
in accordance with Section 2(c).

 

3.                 
Reservation of Shares. The Company covenants and agrees that all Warrant Shares which may be issued upon the exercise
of the rights represented by this Warrant will, upon issuance and after payment of the aggregate Exercise Price in accordance
with Section 2(c), be duly authorized, validly issued, fully paid and non-assessable and free from all preemptive rights
of any shareholder and free of all taxes, liens and charges with respect to the issue thereof, except as provided under Applicable
Laws, this Warrant and the memorandum and articles of association of the Company then in effect. The Company further covenants
and agrees that the Company will, at all times during the Exercise Period, have authorized and reserved a sufficient number of
Class A Shares to provide for the exercise of the rights represented by this Warrant.

 

    2

     

    

 

4.                 
Adjustment of Exercise Price and Warrant. The Exercise Price and/or Warrant shall be subject
to adjustment from time to time as follows:

 

(a)              
Share Splits, Share Subdivisions, Dividends or Combinations.
In the event the Company shall at any time, or from time to time, effect a split or subdivision of the outstanding Ordinary
Shares, the Exercise Price of this Warrant shall be proportionally decreased and the number
of Class A Shares issuable upon exercise of this
Warrant (or any shares or other securities at the time issuable upon exercise of this Warrant) shall be proportionally increased
to reflect any such share split or subdivision of the Class A Shares.
Conversely, if the Company shall at any time, or from time to time, combine the outstanding Ordinary
Shares into a smaller number of shares, the Exercise Price of this Warrant shall be proportionally
increased and the number of Ordinary Shares issuable
upon exercise of this Warrant (or any shares or other securities at the time issuable upon exercise of this Warrant) shall be proportionally
decreased to reflect any such combination of the Ordinary Shares.
Any adjustment under this paragraph shall become effective at the close of business on the date the share split, subdivision or
combination becomes effective.

 

(b)             
Dividends or Distributions of Shares or Other Securities or Property.
In the event the Company shall make or issue, or shall fix a record date for the determination of eligible holders entitled to
receive, a dividend or other distribution with respect to the Ordinary Shares (or
any shares or other securities at the time issuable upon exercise of this Warrant) payable in (i) shares or other securities of
the Company; or (ii) assets (excluding cash dividends paid or payable solely out of retained earnings), then, in each such case,
the Holder on exercise hereof at any time after the consummation, effective date or record date of such dividend or other distribution,
shall receive, in addition to the Class A Shares (or
such other shares or securities) issuable on such exercise prior to such date, and without the payment of additional consideration
therefor, the shares or other securities of the Company or such other assets to which it would have been entitled upon such date
as if it had exercised this Warrant on the date hereof and had thereafter, during the period from the date hereof to and including
the date of such exercise, retained such shares and/or all other additional shares or securities available to it as aforesaid during
such period giving effect to all adjustments called for by this Section 4.

 

(c)              
Reclassification. If the Company, by reclassification
of shares or otherwise, shall change any of the shares as to which purchase rights under this Warrant exist into the same or a
different number of shares of any other class or classes, this Warrant shall thereafter represent the right to acquire such number
and kind of shares as would have been issuable as the result of such change with respect to the shares that were subject to the
purchase rights under this Warrant immediately prior to such reclassification or other change and the Exercise Price therefor shall
be equitably adjusted, all subject to further adjustment as provided in this Section 4.

 

    3

     

    

 

(d)             
 Capital Reorganization, Merger or Consolidation.
In case of any reorganization of the share capital of the Company (other than a combination, reclassification or subdivision of
shares otherwise provided for herein), or any merger or consolidation of the Company with or into another corporation, or the sale
or transfer of all or substantially all the assets of the Company then, and in each such case, as a part of such reorganization,
merger, consolidation, sale or transfer, lawful provision shall be made so that the Holder shall thereafter be entitled to receive,
upon exercise of this Warrant, during the period specified herein and upon payment in accordance with Section 2(c), the
number of shares or other securities or property of the successor corporation resulting from such reorganization, merger, consolidation,
sale or transfer that a holder of the shares deliverable upon exercise of this Warrant would have been entitled to receive in such
reorganization, consolidation, merger, sale or transfer if this Warrant had been exercised immediately before such reorganization,
merger, consolidation, sale or transfer, all subject to further adjustment as provided in this Section 4. The foregoing
provisions of this Section 4(d) shall similarly apply to successive reorganizations, consolidations, mergers, sales and
transfers of the shares or securities of any other corporation that are at the time receivable upon the exercise of this Warrant.
In all events, appropriate adjustment (as determined in good faith by the Company’s board of directors) shall be made in
the application of the provisions of this Warrant with respect to the rights and interests of the Holder after the transaction,
to the end that the provisions of this Warrant shall be applicable after that event, as near as reasonably may be, in relation
to any shares or other property deliverable after that event upon exercise of this Warrant.

 

(e)              
Notice of Adjustment. The Company shall promptly
give the Holder of this Warrant written notice of each adjustment or readjustment of the Exercise Price or the number of Warrant
Shares or other securities issuable upon exercise of this Warrant. The notice shall describe the adjustment or readjustment and
show in reasonable detail the facts on which the adjustment or readjustment is based.

 

5.                 
Transfers of Warrant. This Warrant and all rights and obligations hereunder are transferable and assignable in whole
or in part by the Holder (subject to compliance with the Act, other applicable securities laws and constitutional documents of
the Company).

 

6.                 
Loss or Mutilation. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction,
or mutilation of this Warrant and, in the event of any such loss, theft or destruction, upon receipt of an indemnity reasonably
satisfactory to the Company, or in the event of any such mutilation upon surrender and cancellation of such Warrant, the Company
will execute and deliver a new Warrant of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant.

 

7.                 
Amendment and Waiver. Any term of this Warrant may be amended and the observance of any term of this Warrant may be
waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent
of the Company and the Holder.

 

    4

     

    

 

8.                 
 Successors and Assigns. This Warrant shall be binding upon and inure to the benefit of the Company, the Holder and
their respective successors and permitted assigns.

 

9.                 
Notices. Any notice required or permitted pursuant to this Warrant shall be given in writing and shall be given either
personally or by sending it by next-day or second-day courier service, fax, electronic mail or similar means to the address as
shown below (or at such other address as such party may designate by fifteen (15) days’ advance written notice to the Company
or Holder, as applicable, given in accordance with this Section 9). Where such notice is sent by next-day or second-day
courier service, service of the notice shall be deemed to be effected by properly addressing, pre-paying and sending by next-day
or second-day service through an internationally-recognized courier a letter containing the notice, with a confirmation of delivery,
and to have been effected at the expiration of sixty (60) hours after the letter containing the same is sent as aforesaid. Where
a notice is sent by facsimile, service of the notice shall be deemed to be effected by properly addressing, and sending such notice
through a transmitting organization, with a written confirmation of delivery, and to have been effected on the day the same is
sent as provided above.

 

If notice to the Company:

Attn: George Lai

Address: 17 Floor, No. 130 Wu Song Road, Hong Kou District, Shanghai 200080, People’s Republic of China

Email: georgelai@corp.the9.com

 

If notice to the Holder: 

Attn:

Address:

Email:

Contact No.:

 

10.             
Headings. The section and subsection headings of this Warrant are inserted for convenience only and shall not constitute
a part of this Warrant in construing or interpreting any provision hereof.

 

11.             
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of state of New York without
giving effect to any choice or conflict of law provision or rule thereof.

 

12.             
Dispute Resolution.

 

(a)               Any
dispute, controversy, difference or claim arising out of or relating to this Warrant, including the existence, validity,
interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out
of or relating to it (the “Dispute”) shall first be attempted to be resolved through consultation between
the Company and the Holder in good faith. Such resolution may include agreeing upon a proposed plan specifying the steps to
be taken, and the time period for taking such steps. The Company and the Holder agree that all discussions contemplated under
this Section 12 will be conducted in good faith and that such executives and officers will use their best efforts to
resolve the Dispute and preserve the arrangements contemplated under this Warrant. Notwithstanding any other provision
contained herein, either the Company or the Holder shall have the right in its sole discretion to seek emergency and/or
interim measures at any time after the posting of a request for consultation.

 

    5

     

    

 

(b)             
If the Dispute remains unresolved, either the Company or the Holder in its sole discretion
may elect to submit the Dispute to be finally settled by arbitration with notice to the other party. The arbitration shall be conducted
in Hong Kong and shall be administered by the Hong Kong International Arbitration Centre (“HKIAC”) in accordance
with the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The arbitration tribunal shall
consist of three (3) arbitrators. The language of the arbitration shall be English. The seat of the arbitration shall be Hong Kong.
The decision of the arbitrators (by rule of majority) shall be final and binding on the Company and the Holder.

 

13.             
Interpretation. For all purposes of this Warrant, except as otherwise expressly provided, (i) the term “or”
is not exclusive; (ii) the terms defined herein and any capitalized terms used herein without definition shall include the plural
as well as the singular, (ii) unless otherwise provided for, all references in this Warrant to designated “Sections”
and other subdivisions are to the designated Sections and other subdivisions of the body of this Warrant, (iii) pronouns of either
gender or neuter shall include, as appropriate, the other pronoun forms, (iv) the words “herein,” “hereof”
and “hereunder” and other words of similar import refer to this Warrant as a whole and not to any particular Section
or other subdivision, and (vi) “include,” “including,” “are inclusive of” and similar expressions
are not expressions of limitation and shall be construed as if followed by the expression “without limitation”.

 

14.             
No Presumption. The parties acknowledge that any applicable law that would require interpretation of any claimed ambiguities
in this Warrant against the party that drafted it has no application and is expressly waived. If any claim is made by a party relating
to any conflict, omission or ambiguity in the provisions of this Warrant, no presumption or burden of proof or persuasion will
be implied because this Warrant was prepared by or at the request of any party or its counsel.

 

15.             
Counterparts. This Warrant may be executed in two or more counterparts and may be delivered by electronic PDF or facsimile
transmission, all of which shall be considered one and the same agreement and each of which shall be deemed an original.

 

16.             
Severability. If one or more provisions of this Warrant are held to be unenforceable under any applicable law, such
provision shall be excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so
excluded and shall be enforceable in accordance with its terms.

 

17.             
Entire Agreement. This Agreement together with the other instruments and agreements referenced herein constitutes the
entire agreement between the Parties with respect to the subject matter hereof.

 

 

[The remainder of this page has been
intentionally left blank.]

 

    6

     

    

 

IN WITNESS WHEREOF,
the Company caused this Warrant to be executed by a director thereunto duly authorized.

 

	 	Company:
	 	 
	 	 
	 	The9 Limited
	 	 
	 	 
	 	By:	                                    
	 	Name:   	 
	 	Title:	 

 

ACCEPTED BY:

 

 

[Holder]

 

 

____________________________

 

[Signature Page to Warrant]

 

    7

     

    

 

EXHIBIT A

 

FORM OF NOTICE OF EXERCISE

 

		To:	The9 Limited

 

The undersigned hereby
elects to purchase                                 
Class A ordinary shares of The9 Limited, pursuant to the terms of the attached Warrant.

 

The undersigned hereby
represents and warrants that the undersigned is acquiring such shares for its own account for investment purposes only, and not
for immediate resale or with a view to distribution of such shares or any part thereof.

 

	 	WARRANT HOLDER:
	 	 	 
	 	 
	 	 	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

Date:______________________

 

 

Name in which shares should be registered:

 

__________________________________

 

    
 

     

    

 

Exhibit B

Tranche II Warrants

 

[Exhibit B]

 

    
 

     

    

 

Warrant No.: 

Date of Issuance:                  , 2021 (the
 “Issuance Date”)

 

WARRANT TO PURCHASE

CLASS A ORDINARY SHARES

OF

THE9 LIMITED

 

This Warrant (the
 “Warrant”) certifies that, for value received,                  
and/or such entity that such person may designate in accordance with the Share Subscription and Warrant Purchase Agreement (as
defined below) shall collectively be referred to as the “Holder”) is entitled to purchase                  1
Class A ordinary shares, with par value US$0.01 per share (“Class A Shares”) of The9 Limited, an exempted
company incorporated with limited liability under the laws of the Cayman Islands (the “Company”), on the terms
set forth herein.

This Warrant is issued
pursuant to a Share Subscription and Warrant Purchase Agreement (the “Purchase Agreement”) dated as of January
25, 2021 and entered into among the Company, the Holder and certain other parties thereto. Capitalized terms used herein without
definition shall have the meanings ascribed to them in the Purchase Agreement.

 

1.                 
Purchase of Shares. Subject to the terms and conditions hereinafter set forth, the Company hereby grants the Holder
the right to purchase from the Company up to                   Class A Shares of the Company (the “Warrant Shares”)
at the Exercise Price (as defined below), subject to adjustment and change as provided herein.

 

2.                 
Exercise.

 

(a)              
Exercise Price. Unless otherwise mutually agreed
by the Holder and the Company, and subject to adjustment and change as provided herein, the per share purchase price for the Warrant
Shares shall be US$0.1233 per Class A Share (the “Exercise Price”).

 

Notwithstanding
any adjustment made in accordance with this Warrant or anything to the contrary in this Warrant, the aggregate Exercise Price shall
in no event be less than the aggregate par value of the Warrant Shares at the time of exercise (the “Minimum Consideration”).

 

 

1
Note: Corresponding to the number applicable to each Purchaser.

 

    1

     

    

 

(b)              Exercise
Period. Unless otherwise agreed by the Holder and the Company, this Warrant is
exercisable, in whole but not in part, by the Holder on any day during the period (the
 “Exercise Period”) commencing on the Issuance Date, and ending on the third anniversary of the
Issuance Date so long as the Market Capitalization of the Company shall be higher than US$300 million for any ten consecutive
Trading Days within twelve (12) months of the Issuance Date (the “Vesting Condition”). For the purpose of
this Warrant, “Market Capitalization” shall mean the market capitalization as reported by Bloomberg at www.bloomberg.com
on a Trading Day, or if Bloomberg is not then reporting such figures, by a comparable reporting service of national
reputation selected by the Company and reasonably satisfactory to the Holder. For the purpose of this Warrant,
 “Trading Day” shall mean a day on which trading in the ADSs (or other security for which a closing sale
price must be determined) generally occurs on the Nasdaq or, if the ADSs (or such other security) are not then listed on the
Nasdaq, on other principal U.S. national or regional securities exchange on which the ADSs (or such other security) are then
listed or, if the ADSs (or such other security) are not then listed on a U.S. national or regional securities exchange, on
other principal market on which the ADSs (or such other security) are then traded; provided that if the ADSs (or such
other security) are not so listed or traded, “Trading Day” means a Business Day.

 

(c)              
Form of Payment. Subject to Section
2(a), the aggregate Exercise Price for the Warrant Shares may be settled, in part or in whole, no later than the close
of business on the tenth (10th) Business Day following the receipt of the Notice of Exercise (as defined below) by the
Company from the Holder, by (i) wire transfer of immediately available funds in U.S. dollars to such bank account designated in
writing by the Company, (ii) cryptocurrencies, or (iii) a combination of cash and cryptocurrencies set out in (i) and (ii) above,
at the election of the Company determined on the date of receipt of the Notice of Exercise by the Company.

 

(d)             
Issuance of Certificates; Acknowledgement. The
exercise of this Warrant shall be effected by the delivery of the Warrant, together with a duly executed copy of the Notice
of Exercise in the form attached hereto as Exhibit A, to the Company (the “Notice of Exercise”) and the
payment of the Exercise price in accordance with Section 2(c). The Company agrees that the
Warrant Shares purchased under this Warrant shall be and are deemed to be issued to the Holder as the record owner of such shares
as of the close of business on the date the Purchase Price for the Warrant Shares is paid to the Company. The Company shall deliver
to the Holder within three (3) Business Days after its receipt of the executed Notice of Exercise:
(i) a duly issued share certificate representing the Warrant Shares, and (ii) a certified true copy
of the updated register of members of the Company reflecting the Holder’s ownership
of the Warrant Shares with the issuance date of the Warrant Shares being the Purchase Price payment date, provided,
however, that the aggregate Exercise Price shall be paid in accordance with Section 2(c).

 

3.                  Reservation
of Shares. The Company covenants and agrees that all Warrant Shares which may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance and after payment of the aggregate Exercise Price in accordance with Section
2(c), be duly authorized, validly issued, fully paid and non-assessable and free from all preemptive rights of any
shareholder and free of all taxes, liens and charges with respect to the issue thereof, except as provided under Applicable
Laws, this Warrant and the memorandum and articles of association of the Company then in effect. The Company further
covenants and agrees that the Company will, at all times during the Exercise Period, have authorized and reserved a
sufficient number of Class A Shares to provide for the exercise of the rights
represented by this Warrant.

 

    2

     

    

 

4.                 
Adjustment of Exercise Price and Warrant. The Exercise Price and/or Warrant shall be subject
to adjustment from time to time as follows:

 

(a)              
Share Splits, Share Subdivisions, Dividends or Combinations.
In the event the Company shall at any time, or from time to time, effect a split or subdivision of the outstanding Ordinary
Shares, the Exercise Price of this Warrant shall be proportionally decreased and the number
of Class A Shares issuable upon exercise of this
Warrant (or any shares or other securities at the time issuable upon exercise of this Warrant) shall be proportionally increased
to reflect any such share split or subdivision of the Class A Shares.
Conversely, if the Company shall at any time, or from time to time, combine the outstanding Ordinary
Shares into a smaller number of shares, the Exercise Price of this Warrant shall be proportionally
increased and the number of Ordinary Shares issuable
upon exercise of this Warrant (or any shares or other securities at the time issuable upon exercise of this Warrant) shall be proportionally
decreased to reflect any such combination of the Ordinary Shares.
Any adjustment under this paragraph shall become effective at the close of business on the date the share split, subdivision or
combination becomes effective.

 

(b)             
Dividends or Distributions of Shares or Other Securities or Property.
In the event the Company shall make or issue, or shall fix a record date for the determination of eligible holders entitled to
receive, a dividend or other distribution with respect to the Ordinary Shares (or
any shares or other securities at the time issuable upon exercise of this Warrant) payable in (i) shares or other securities of
the Company; or (ii) assets (excluding cash dividends paid or payable solely out of retained earnings), then, in each such case,
the Holder on exercise hereof at any time after the consummation, effective date or record date of such dividend or other distribution,
shall receive, in addition to the Class A Shares (or
such other shares or securities) issuable on such exercise prior to such date, and without the payment of additional consideration
therefor, the shares or other securities of the Company or such other assets to which it would have been entitled upon such date
as if it had exercised this Warrant on the date hereof and had thereafter, during the period from the date hereof to and including
the date of such exercise, retained such shares and/or all other additional shares or securities available to it as aforesaid during
such period giving effect to all adjustments called for by this Section 4.

 

(c)              
Reclassification. If the Company, by reclassification
of shares or otherwise, shall change any of the shares as to which purchase rights under this Warrant exist into the same or a
different number of shares of any other class or classes, this Warrant shall thereafter represent the right to acquire such number
and kind of shares as would have been issuable as the result of such change with respect to the shares that were subject to the
purchase rights under this Warrant immediately prior to such reclassification or other change and the Exercise Price therefor shall
be equitably adjusted, all subject to further adjustment as provided in this Section 4.

 

    3

     

    

 

(d)             
 Capital Reorganization, Merger or Consolidation.
In case of any reorganization of the share capital of the Company (other than a combination,
reclassification or subdivision of shares otherwise provided for herein), or any merger or consolidation of the Company with or
into another corporation, or the sale or transfer of all or substantially all the assets
of the Company then, and in each such case, as a part of such reorganization, merger, consolidation, sale or transfer, lawful provision
shall be made so that the Holder shall thereafter be entitled to receive, upon exercise of this Warrant, during the period specified
herein and upon payment in accordance with Section 2(c), the number of shares or other securities or property of the successor
corporation resulting from such reorganization, merger, consolidation, sale or transfer that a holder of the shares deliverable
upon exercise of this Warrant would have been entitled to receive in such reorganization, consolidation, merger, sale or transfer
if this Warrant had been exercised immediately before such reorganization, merger, consolidation, sale or transfer, all subject
to further adjustment as provided in this Section 4. The foregoing provisions of this Section 4(d) shall similarly
apply to successive reorganizations, consolidations, mergers, sales and transfers of the shares or securities of any other corporation
that are at the time receivable upon the exercise of this Warrant. In all events, appropriate adjustment (as determined in good
faith by the Company’s board of directors) shall be made in the application of the provisions of this Warrant with respect
to the rights and interests of the Holder after the transaction, to the end that the provisions of this Warrant shall be applicable
after that event, as near as reasonably may be, in relation to any shares or other property deliverable after that event upon exercise
of this Warrant.

 

(e)              
Notice of Adjustment. The Company shall promptly
give the Holder of this Warrant written notice of each adjustment or readjustment of the Exercise Price or the number of Warrant
Shares or other securities issuable upon exercise of this Warrant. The notice shall describe the adjustment or readjustment and
show in reasonable detail the facts on which the adjustment or readjustment is based.

 

5.                 
Transfers of Warrant. This Warrant and all rights and obligations hereunder are transferable and assignable in whole
or in part by the Holder (subject to compliance with the Act, other applicable securities laws and constitutional documents of
the Company).

 

6.                 
Loss or Mutilation. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction,
or mutilation of this Warrant and, in the event of any such loss, theft or destruction, upon receipt of an indemnity reasonably
satisfactory to the Company, or in the event of any such mutilation upon surrender and cancellation of such Warrant, the Company
will execute and deliver a new Warrant of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant.

 

7.                 
Amendment and Waiver. Any term of this Warrant may be amended and the observance of any term of this Warrant may be
waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent
of the Company and the Holder.

 

    4

     

    

 

8.                 
 Successors and Assigns. This Warrant shall be binding upon and inure to the benefit of the Company, the Holder and
their respective successors and permitted assigns.

 

9.                 
Notices. Any notice required or permitted pursuant to this Warrant shall be given in writing and shall be given either
personally or by sending it by next-day or second-day courier service, fax, electronic mail or similar means to the address as
shown below (or at such other address as such party may designate by fifteen (15) days’ advance written notice to the Company
or Holder, as applicable, given in accordance with this Section 9). Where such notice is sent by next-day or second-day
courier service, service of the notice shall be deemed to be effected by properly addressing, pre-paying and sending by next-day
or second-day service through an internationally-recognized courier a letter containing the notice, with a confirmation of delivery,
and to have been effected at the expiration of sixty (60) hours after the letter containing the same is sent as aforesaid. Where
a notice is sent by facsimile, service of the notice shall be deemed to be effected by properly addressing, and sending such notice
through a transmitting organization, with a written confirmation of delivery, and to have been effected on the day the same is
sent as provided above.

 

If notice to the Company:

Attn: George Lai

Address: 17 Floor, No. 130 Wu Song Road, Hong Kou District, Shanghai 200080, People’s Republic of China

Email: georgelai@corp.the9.com

 

If notice to the Holder: 

Attn:

Address:

Email:

Contact No.:

 

10.             
Headings. The section and subsection headings of this Warrant are inserted for convenience only and shall not constitute
a part of this Warrant in construing or interpreting any provision hereof.

 

11.             
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of state of New York without
giving effect to any choice or conflict of law provision or rule thereof.

 

12.             
Dispute Resolution.

 

(a)              
Any dispute, controversy, difference or claim arising out of or relating to this Warrant,
including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual
obligations arising out of or relating to it (the “Dispute”) shall first be attempted to be resolved through
consultation between the Company and the Holder in good faith. Such resolution may include agreeing upon a proposed plan specifying
the steps to be taken, and the time period for taking such steps. The Company and the Holder agree that all discussions contemplated
under this Section 12 will be conducted in good faith and that such executives and officers will use their best efforts
to resolve the Dispute and preserve the arrangements contemplated under this Warrant. Notwithstanding any other provision
contained herein, either the Company or the Holder shall have the right in its sole discretion to seek emergency and/or interim
measures at any time after the posting of a request for consultation.

 

    5

     

    

 

(b)             
If the Dispute remains unresolved, either the Company or the Holder in its sole discretion
may elect to submit the Dispute to be finally settled by arbitration with notice to the other party. The arbitration shall be conducted
in Hong Kong and shall be administered by the Hong Kong International Arbitration Centre (“HKIAC”) in accordance
with the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The arbitration tribunal shall
consist of three (3) arbitrators. The language of the arbitration shall be English. The seat of the arbitration shall be Hong Kong.
The decision of the arbitrators (by rule of majority) shall be final and binding on the Company and the Holder.

 

13.             
Interpretation. For all purposes of this Warrant, except as otherwise expressly provided, (i) the term “or”
is not exclusive; (ii) the terms defined herein and any capitalized terms used herein without definition shall include the plural
as well as the singular, (ii) unless otherwise provided for, all references in this Warrant to designated “Sections”
and other subdivisions are to the designated Sections and other subdivisions of the body of this Warrant, (iii) pronouns of either
gender or neuter shall include, as appropriate, the other pronoun forms, (iv) the words “herein,” “hereof”
and “hereunder” and other words of similar import refer to this Warrant as a whole and not to any particular Section
or other subdivision, and (vi) “include,” “including,” “are inclusive of” and similar expressions
are not expressions of limitation and shall be construed as if followed by the expression “without limitation”.

 

14.             
No Presumption. The parties acknowledge that any applicable law that would require interpretation of any claimed ambiguities
in this Warrant against the party that drafted it has no application and is expressly waived. If any claim is made by a party relating
to any conflict, omission or ambiguity in the provisions of this Warrant, no presumption or burden of proof or persuasion will
be implied because this Warrant was prepared by or at the request of any party or its counsel.

 

15.             
Counterparts. This Warrant may be executed in two or more counterparts and may be delivered by electronic PDF or facsimile
transmission, all of which shall be considered one and the same agreement and each of which shall be deemed an original.

 

16.             
Severability. If one or more provisions of this Warrant are held to be unenforceable under any applicable law, such
provision shall be excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so
excluded and shall be enforceable in accordance with its terms.

 

17.             
Entire Agreement. This Agreement together with the other instruments and agreements referenced herein constitutes the
entire agreement between the Parties with respect to the subject matter hereof.

 

 

[The remainder of this page has been
intentionally left blank.]

 

    6

     

    

 

IN WITNESS WHEREOF,
the Company caused this Warrant to be executed by a director thereunto duly authorized.

 

	 	Company:
	 	 
	 	 
	 	The9 Limited
	 	 
	 	 
	 	By:	                                    
	 	Name:   	 
	 	Title:	 

 

ACCEPTED BY:

 

 

[Holder]

 

 

___________________________________

 

[Signature Page to Warrant]

 

     

     

    

 

EXHIBIT A

 

FORM OF NOTICE OF EXERCISE

 

		To:	The9 Limited

 

The undersigned hereby
elects to purchase                                             
Class A ordinary shares of The9 Limited, pursuant to the terms of the attached Warrant.

 

The undersigned hereby
represents and warrants that the undersigned is acquiring such shares for its own account for investment purposes only, and not
for immediate resale or with a view to distribution of such shares or any part thereof.

 

	 	WARRANT HOLDER:
	 	 	 
	 	 
	 	 	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Date: __________________________

 

 

Name in which shares should be registered:

 

 

_____________________________________

 

    
 

     

    

 

Exhibit C

Tranche III Warrants

 

[Exhibit C]

 

     

     

    

 

Warrant No.: 

Date of Issuance:                 , 2021 (the
 “Issuance Date”)

 

WARRANT TO PURCHASE

CLASS A ORDINARY SHARES

OF

THE9 LIMITED

 

This Warrant (the “Warrant”)
certifies that, for value received,                   and/or such entity that such person may designate in accordance with the Share Subscription
and Warrant Purchase Agreement (as defined below) shall collectively be referred to as the “Holder”) is entitled
to purchase                  1 Class A ordinary
shares, with par value US$0.01 per share (“Class A Shares”) of The9 Limited, an exempted company incorporated
with limited liability under the laws of the Cayman Islands (the “Company”), on the terms set forth herein.

This Warrant is issued
pursuant to a Share Subscription and Warrant Purchase Agreement (the “Purchase Agreement”) dated as of January
25, 2021 and entered into among the Company, the Holder and certain other parties thereto. Capitalized terms used herein without
definition shall have the meanings ascribed to them in the Purchase Agreement.

 

1.                 
Purchase of Shares. Subject to the terms and conditions hereinafter set forth, the Company hereby grants the Holder
the right to purchase from the Company up to                   Class A Shares of the Company (the “Warrant Shares”)
at the Exercise Price (as defined below), subject to adjustment and change as provided herein.

 

2.                 
Exercise.

 

(a)              
Exercise Price. Unless otherwise mutually agreed
by the Holder and the Company, and subject to adjustment and change as provided herein, the per share purchase price for the Warrant
Shares shall be US$0.1233 per Class A Share (the “Exercise Price”).

 

Notwithstanding
any adjustment made in accordance with this Warrant or anything to the contrary in this Warrant, the aggregate Exercise Price shall
in no event be less than the aggregate par value of the Warrant Shares at the time of exercise (the “Minimum Consideration”).

 

 

1
Note: Corresponding to the number applicable to each Purchaser.

 

    1

     

    

 

(b)              Exercise
Period. Unless otherwise agreed by the Holder and the Company, this Warrant is
exercisable, in whole but not in part, by the Holder on any day during the period (the
 “Exercise Period”) commencing on the Issuance Date, and ending on the third anniversary of the
Issuance Date so long as the Market Capitalization of the Company shall be higher than US$500 million for any ten consecutive
Trading Days within twenty-four (24) months of the Issuance Date (the “Vesting Condition”). In the event
that the vesting condition of the Tranche II Warrants is not satisfied, this Warrant will be forfeited by the Company
automatically with nil consideration. For the purpose of this Warrant, “Market Capitalization” shall mean
the market capitalization as reported by Bloomberg at www.bloomberg.com on a Trading Day, or if Bloomberg is not then
reporting such figures, by a comparable reporting service of national reputation selected by the Company and reasonably
satisfactory to the Holder. For the purpose of this Warrant, “Trading Day” shall mean a day on which
trading in the ADSs (or other security for which a closing sale price must be determined) generally occurs on the Nasdaq or,
if the ADSs (or such other security) are not then listed on the Nasdaq, on other principal U.S. national or regional
securities exchange on which the ADSs (or such other security) are then listed or, if the ADSs (or such other security) are
not then listed on a U.S. national or regional securities exchange, on other principal market on which the ADSs (or such
other security) are then traded; provided that if the ADSs (or such other security) are not so listed or traded,
 “Trading Day” means a Business Day.

 

(c)              
Form of Payment. Subject to Section
2(a), the aggregate Exercise Price for the Warrant Shares may be settled, in part or in whole, no later than the close
of business on the tenth (10th) Business Day following the receipt of the Notice of Exercise (as defined below) by the
Company from the Holder, by (i) wire transfer of immediately available funds in U.S. dollars to such bank account designated in
writing by the Company, (ii) cryptocurrencies, or (iii) a combination of cash and cryptocurrencies set out in (i) and (ii) above,
at the election of the Company determined on the date of receipt of the Notice of Exercise by the Company.

 

(d)             
Issuance of Certificates; Acknowledgement. The
exercise of this Warrant shall be effected by the delivery of the Warrant, together with a duly executed copy of the Notice
of Exercise in the form attached hereto as Exhibit A, to the Company (the “Notice of Exercise”) and the
payment of the Exercise price in accordance with Section 2(c). The Company agrees that the
Warrant Shares purchased under this Warrant shall be and are deemed to be issued to the Holder as the record owner of such shares
as of the close of business on the date the Purchase Price for the Warrant Shares is paid to the Company. The Company shall deliver
to the Holder within three (3) Business Days after its receipt of the executed Notice of Exercise:
(i) a duly issued share certificate representing the Warrant Shares, and (ii) a certified true copy
of the updated register of members of the Company reflecting the Holder’s ownership
of the Warrant Shares with the issuance date of the Warrant Shares being the Purchase Price payment date, provided,
however, that the aggregate Exercise Price shall be paid in accordance with Section 2(c).

 

    2

     

    

 

3.                  Reservation
of Shares. The Company covenants and agrees that all Warrant Shares which may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance and after payment of the aggregate Exercise Price in accordance with Section
2(c), be duly authorized, validly issued, fully paid and non-assessable and free from all preemptive rights of any
shareholder and free of all taxes, liens and charges with respect to the issue thereof, except as provided under Applicable
Laws, this Warrant and the memorandum and articles of association of the Company then in effect. The Company further
covenants and agrees that the Company will, at all times during the Exercise Period, have authorized and reserved a
sufficient number of Class A Shares to provide for the exercise of the rights
represented by this Warrant.

 

4.                 
Adjustment of Exercise Price and Warrant. The Exercise Price and/or Warrant shall be subject
to adjustment from time to time as follows:

 

(a)              
Share Splits, Share Subdivisions, Dividends or Combinations.
In the event the Company shall at any time, or from time to time, effect a split or subdivision of the outstanding Ordinary
Shares, the Exercise Price of this Warrant shall be proportionally decreased and the number
of Class A Shares issuable upon exercise of this
Warrant (or any shares or other securities at the time issuable upon exercise of this Warrant) shall be proportionally increased
to reflect any such share split or subdivision of the Class A Shares.
Conversely, if the Company shall at any time, or from time to time, combine the outstanding Ordinary
Shares into a smaller number of shares, the Exercise Price of this Warrant shall be proportionally
increased and the number of Ordinary Shares issuable
upon exercise of this Warrant (or any shares or other securities at the time issuable upon exercise of this Warrant) shall be proportionally
decreased to reflect any such combination of the Ordinary Shares.
Any adjustment under this paragraph shall become effective at the close of business on the date the share split, subdivision or
combination becomes effective.

 

(b)             
Dividends or Distributions of Shares or Other Securities or Property.
In the event the Company shall make or issue, or shall fix a record date for the determination of eligible holders entitled to
receive, a dividend or other distribution with respect to the Ordinary Shares (or
any shares or other securities at the time issuable upon exercise of this Warrant) payable in (i) shares or other securities of
the Company; or (ii) assets (excluding cash dividends paid or payable solely out of retained earnings), then, in each such case,
the Holder on exercise hereof at any time after the consummation, effective date or record date of such dividend or other distribution,
shall receive, in addition to the Class A Shares (or
such other shares or securities) issuable on such exercise prior to such date, and without the payment of additional consideration
therefor, the shares or other securities of the Company or such other assets to which it would have been entitled upon such date
as if it had exercised this Warrant on the date hereof and had thereafter, during the period from the date hereof to and including
the date of such exercise, retained such shares and/or all other additional shares or securities available to it as aforesaid during
such period giving effect to all adjustments called for by this Section 4.

 

(c)               Reclassification.
If the Company, by reclassification of shares or otherwise, shall change any of the shares as to which purchase rights under
this Warrant exist into the same or a different number of shares of any other class or classes, this Warrant shall thereafter
represent the right to acquire such number and kind of shares as would have been issuable as the result of such change with
respect to the shares that were subject to the purchase rights under this Warrant immediately prior to such reclassification
or other change and the Exercise Price therefor shall be equitably adjusted, all subject to further adjustment as provided in
this Section 4.

 

    3

     

    

 

(d)             
Capital Reorganization, Merger or Consolidation.
In case of any reorganization of the share capital of the Company (other than a combination, reclassification or subdivision of
shares otherwise provided for herein), or any merger or consolidation of the Company with or into another corporation, or the sale
or transfer of all or substantially all the assets of the Company then, and in each such
case, as a part of such reorganization, merger, consolidation, sale or transfer, lawful provision shall be made so that the Holder
shall thereafter be entitled to receive, upon exercise of this Warrant, during the period specified herein and upon payment in
accordance with Section 2(c), the number of shares or other securities or property of the successor corporation resulting
from such reorganization, merger, consolidation, sale or transfer that a holder of the shares deliverable upon exercise of this
Warrant would have been entitled to receive in such reorganization, consolidation, merger, sale or transfer if this Warrant had
been exercised immediately before such reorganization, merger, consolidation, sale or transfer, all subject to further adjustment
as provided in this Section 4. The foregoing provisions of this Section 4(d) shall similarly apply to successive
reorganizations, consolidations, mergers, sales and transfers of the shares or securities of any other corporation that are at
the time receivable upon the exercise of this Warrant. In all events, appropriate adjustment (as determined in good faith by the
Company’s board of directors) shall be made in the application of the provisions of this Warrant with respect to the rights
and interests of the Holder after the transaction, to the end that the provisions of this Warrant shall be applicable after that
event, as near as reasonably may be, in relation to any shares or other property deliverable after that event upon exercise of
this Warrant.

 

(e)              
Notice of Adjustment. The Company shall promptly
give the Holder of this Warrant written notice of each adjustment or readjustment of the Exercise Price or the number of Warrant
Shares or other securities issuable upon exercise of this Warrant. The notice shall describe the adjustment or readjustment and
show in reasonable detail the facts on which the adjustment or readjustment is based.

 

5.                 
Transfers of Warrant. This Warrant and all rights and obligations hereunder are transferable and assignable in whole
or in part by the Holder (subject to compliance with the Act, other applicable securities laws and constitutional documents of
the Company).

 

6.                 
Loss or Mutilation. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction,
or mutilation of this Warrant and, in the event of any such loss, theft or destruction, upon receipt of an indemnity reasonably
satisfactory to the Company, or in the event of any such mutilation upon surrender and cancellation of such Warrant, the Company
will execute and deliver a new Warrant of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant.

 

7.                  Amendment
and Waiver. Any term of this Warrant may be amended and the observance of any term of this Warrant may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the
Company and the Holder.

 

    4

     

    

 

8.                 
Successors and Assigns. This Warrant shall be binding upon and inure to the benefit of the Company, the Holder and their
respective successors and permitted assigns.

 

9.                 
Notices. Any notice required or permitted pursuant to this Warrant shall be given in writing and shall be given either
personally or by sending it by next-day or second-day courier service, fax, electronic mail or similar means to the address as
shown below (or at such other address as such party may designate by fifteen (15) days’ advance written notice to the Company
or Holder, as applicable, given in accordance with this Section 9). Where such notice is sent by next-day or second-day
courier service, service of the notice shall be deemed to be effected by properly addressing, pre-paying and sending by next-day
or second-day service through an internationally-recognized courier a letter containing the notice, with a confirmation of delivery,
and to have been effected at the expiration of sixty (60) hours after the letter containing the same is sent as aforesaid. Where
a notice is sent by facsimile, service of the notice shall be deemed to be effected by properly addressing, and sending such notice
through a transmitting organization, with a written confirmation of delivery, and to have been effected on the day the same is
sent as provided above.

 

If notice to the Company:

Attn: George Lai

Address: 17 Floor, No. 130 Wu Song Road, Hong Kou District, Shanghai 200080, People’s Republic of China

Email: georgelai@corp.the9.com

 

If notice to the Holder: 

Attn:

Address:

Email:

Contact No.:

 

10.             
Headings. The section and subsection headings of this Warrant are inserted for convenience only and shall not constitute
a part of this Warrant in construing or interpreting any provision hereof.

 

11.             
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of state of New York without
giving effect to any choice or conflict of law provision or rule thereof.

 

12.             
Dispute Resolution.

 

(a)               Any
dispute, controversy, difference or claim arising out of or relating to this Warrant, including the existence, validity,
interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out
of or relating to it (the “Dispute”) shall first be attempted to be resolved through consultation between
the Company and the Holder in good faith. Such resolution may include agreeing upon a proposed plan specifying the steps to
be taken, and the time period for taking such steps. The Company and the Holder agree that all discussions contemplated under
this Section 12 will be conducted in good faith and that such executives and officers will use their best efforts to
resolve the Dispute and preserve the arrangements contemplated under this Warrant. Notwithstanding any other provision
contained herein, either the Company or the Holder shall have the right in its sole discretion to seek emergency and/or
interim measures at any time after the posting of a request for consultation.

 

    5

     

    

 

(b)             
If the Dispute remains unresolved, either the Company or the Holder in its sole discretion
may elect to submit the Dispute to be finally settled by arbitration with notice to the other party. The arbitration shall be conducted
in Hong Kong and shall be administered by the Hong Kong International Arbitration Centre (“HKIAC”) in accordance
with the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The arbitration tribunal shall
consist of three (3) arbitrators. The language of the arbitration shall be English. The seat of the arbitration shall be Hong Kong.
The decision of the arbitrators (by rule of majority) shall be final and binding on the Company and the Holder.

 

13.             
Interpretation. For all purposes of this Warrant, except as otherwise expressly provided, (i) the term “or”
is not exclusive; (ii) the terms defined herein and any capitalized terms used herein without definition shall include the plural
as well as the singular, (ii) unless otherwise provided for, all references in this Warrant to designated “Sections”
and other subdivisions are to the designated Sections and other subdivisions of the body of this Warrant, (iii) pronouns of either
gender or neuter shall include, as appropriate, the other pronoun forms, (iv) the words “herein,” “hereof”
and “hereunder” and other words of similar import refer to this Warrant as a whole and not to any particular Section
or other subdivision, and (vi) “include,” “including,” “are inclusive of” and similar expressions
are not expressions of limitation and shall be construed as if followed by the expression “without limitation”.

 

14.             
No Presumption. The parties acknowledge that any applicable law that would require interpretation of any claimed ambiguities
in this Warrant against the party that drafted it has no application and is expressly waived. If any claim is made by a party relating
to any conflict, omission or ambiguity in the provisions of this Warrant, no presumption or burden of proof or persuasion will
be implied because this Warrant was prepared by or at the request of any party or its counsel.

 

15.             
Counterparts. This Warrant may be executed in two or more counterparts and may be delivered by electronic PDF or facsimile
transmission, all of which shall be considered one and the same agreement and each of which shall be deemed an original.

 

16.             
Severability. If one or more provisions of this Warrant are held to be unenforceable under any applicable law, such
provision shall be excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so
excluded and shall be enforceable in accordance with its terms.

 

17.             
Entire Agreement. This Agreement together with the other instruments and agreements referenced herein constitutes the
entire agreement between the Parties with respect to the subject matter hereof.

 

[The remainder of this page has been
intentionally left blank.]

 

    6

     

    

 

IN WITNESS WHEREOF,
the Company caused this Warrant to be executed by a director thereunto duly authorized.

 

 

	 	Company:
	 	 
	 	 
	 	The9 Limited
	 	 
	 	 
	 	By:	                                    
	 	Name:   	 
	 	Title:	 

 

ACCEPTED BY:

 

 

[Holder]

 

 

___________________________________

 

[Signature Page to Warrant]

 

     

     

    

 

EXHIBIT A

 

FORM OF NOTICE OF EXERCISE

 

		To:	The9 Limited

 

The undersigned
hereby elects to purchase 
                                          
Class A ordinary shares of The9 Limited, pursuant to the terms of the attached Warrant.

 

The undersigned hereby
represents and warrants that the undersigned is acquiring such shares for its own account for investment purposes only, and not
for immediate resale or with a view to distribution of such shares or any part thereof.

 

	 	WARRANT HOLDER:
	 	 	 
	 	 
	 	 	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Date: __________________________

 

 

Name in which shares should be registered:

 

 

_____________________________________

 

    
 

     

    

 

Exhibit D

Tranche IV Warrants

 

[Exhibit D]

 

     

     

    

 

Warrant No.: 

Date of Issuance:               , 2021 (the
 “Issuance Date”)

 

WARRANT TO PURCHASE

CLASS A ORDINARY SHARES

OF

THE9 LIMITED

 

This Warrant (the “Warrant”)
certifies that, for value received,                and/or such entity that such person may designate in accordance with the Share Subscription
and Warrant Purchase Agreement (as defined below) shall collectively be referred to as the “Holder”) is entitled
to purchase               1 Class A ordinary
shares, with par value US$0.01 per share (“Class A Shares”) of The9 Limited, an exempted company incorporated
with limited liability under the laws of the Cayman Islands (the “Company”), on the terms set forth herein.

This Warrant is issued
pursuant to a Share Subscription and Warrant Purchase Agreement (the “Purchase Agreement”) dated as of January
25, 2021 and entered into among the Company, the Holder and certain other parties thereto. Capitalized terms used herein without
definition shall have the meanings ascribed to them in the Purchase Agreement.

 

1.                 
Purchase of Shares. Subject to the terms and conditions hereinafter set forth, the Company hereby grants the Holder
the right to purchase from the Company up to                Class A Shares of the Company (the “Warrant Shares”)
at the Exercise Price (as defined below), subject to adjustment and change as provided herein.

 

2.                 
Exercise.

 

(a)              
Exercise Price. Unless otherwise mutually agreed
by the Holder and the Company, and subject to adjustment and change as provided herein, the per share purchase price for the Warrant
Shares shall be US$0.2667 per Class A Share (the “Exercise Price”).

 

Notwithstanding
any adjustment made in accordance with this Warrant or anything to the contrary in this Warrant, the aggregate Exercise Price shall
in no event be less than the aggregate par value of the Warrant Shares at the time of exercise (the “Minimum Consideration”).

 

 

1
Note: Corresponding to the number applicable to each Purchaser.

 

    1

     

    

 

(b)              Exercise
Period. Unless otherwise agreed by the Holder and the Company, this Warrant is
exercisable, in whole but not in part, by the Holder on any day during the period (the
 “Exercise Period”) commencing on the Issuance Date, and ending on the third anniversary of the
Issuance Date so long as the Market Capitalization of the Company shall be higher than US$1.0 billion for any ten consecutive
Trading Days within thirty-six (36) months of the Issuance Date (the “Vesting Condition”). In the event
that the vesting condition of the Tranche II Warrants or the Tranche III Warrants is not satisfied, this Warrant will be
forfeited by the Company automatically with nil consideration. For the purpose of this Warrant, “Market
Capitalization” shall mean the market capitalization as reported by Bloomberg at www.bloomberg.com on a
Trading Day, or if Bloomberg is not then reporting such figures, by a comparable reporting service of national reputation
selected by the Company and reasonably satisfactory to the Holder. For the purpose of this Warrant, “Trading
Day” shall mean a day on which trading in the ADSs (or other security for which a closing sale price must be
determined) generally occurs on the Nasdaq or, if the ADSs (or such other security) are not then listed on the Nasdaq, on
other principal U.S. national or regional securities exchange on which the ADSs (or such other security) are then listed or,
if the ADSs (or such other security) are not then listed on a U.S. national or regional securities exchange, on other
principal market on which the ADSs (or such other security) are then traded; provided that if the ADSs (or such other
security) are not so listed or traded, “Trading Day” means a Business Day.

 

(c)              
Form of Payment. Subject to Section
2(a), the aggregate Exercise Price for the Warrant Shares may be settled, in part or in whole, no later than the close
of business on the tenth (10th) Business Day following the receipt of the Notice of Exercise (as defined below) by the
Company from the Holder, by (i) wire transfer of immediately available funds in U.S. dollars to such bank account designated in
writing by the Company, (ii) cryptocurrencies, or (iii) a combination of cash and cryptocurrencies set out in (i) and (ii) above,
at the election of the Company determined on the date of receipt of the Notice of Exercise by the Company.

 

(d)             
Issuance of Certificates; Acknowledgement. The
exercise of this Warrant shall be effected by the delivery of the Warrant, together with a duly executed copy of the Notice
of Exercise in the form attached hereto as Exhibit A, to the Company (the “Notice of Exercise”) and the
payment of the Exercise price in accordance with Section 2(c). The Company agrees that the
Warrant Shares purchased under this Warrant shall be and are deemed to be issued to the Holder as the record owner of such shares
as of the close of business on the date the Purchase Price for the Warrant Shares is paid to the Company. The Company shall deliver
to the Holder within three (3) Business Days after its receipt of the executed Notice of Exercise:
(i) a duly issued share certificate representing the Warrant Shares, and (ii) a certified true copy
of the updated register of members of the Company reflecting the Holder’s ownership
of the Warrant Shares with the issuance date of the Warrant Shares being the Purchase Price payment date, provided,
however, that the aggregate Exercise Price shall be paid in accordance with Section 2(c).

 

3.                  Reservation
of Shares. The Company covenants and agrees that all Warrant Shares which may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance and after payment of the aggregate Exercise Price in accordance with Section
2(c), be duly authorized, validly issued, fully paid and non-assessable and free from all preemptive rights of any
shareholder and free of all taxes, liens and charges with respect to the issue thereof, except as provided under Applicable
Laws, this Warrant and the memorandum and articles of association of the Company then in effect. The Company further
covenants and agrees that the Company will, at all times during the Exercise Period, have authorized and reserved a
sufficient number of Class A Shares to provide for the exercise of the rights
represented by this Warrant.

 

    2

     

    

 

4.                 
Adjustment of Exercise Price and Warrant. The Exercise Price and/or Warrant shall be subject
to adjustment from time to time as follows:

 

(a)              
Share Splits, Share Subdivisions, Dividends or Combinations.
In the event the Company shall at any time, or from time to time, effect a split or subdivision of the outstanding Ordinary
Shares, the Exercise Price of this Warrant shall be proportionally decreased and the number
of Class A Shares issuable upon exercise of this
Warrant (or any shares or other securities at the time issuable upon exercise of this Warrant) shall be proportionally increased
to reflect any such share split or subdivision of the Class A Shares.
Conversely, if the Company shall at any time, or from time to time, combine the outstanding Ordinary
Shares into a smaller number of shares, the Exercise Price of this Warrant shall be proportionally
increased and the number of Ordinary Shares issuable
upon exercise of this Warrant (or any shares or other securities at the time issuable upon exercise of this Warrant) shall be proportionally
decreased to reflect any such combination of the Ordinary Shares.
Any adjustment under this paragraph shall become effective at the close of business on the date the share split, subdivision or
combination becomes effective.

 

(b)             
Dividends or Distributions of Shares or Other Securities or Property.
In the event the Company shall make or issue, or shall fix a record date for the determination of eligible holders entitled to
receive, a dividend or other distribution with respect to the Ordinary Shares (or
any shares or other securities at the time issuable upon exercise of this Warrant) payable in (i) shares or other securities of
the Company; or (ii) assets (excluding cash dividends paid or payable solely out of retained earnings), then, in each such case,
the Holder on exercise hereof at any time after the consummation, effective date or record date of such dividend or other distribution,
shall receive, in addition to the Class A Shares (or
such other shares or securities) issuable on such exercise prior to such date, and without the payment of additional consideration
therefor, the shares or other securities of the Company or such other assets to which it would have been entitled upon such date
as if it had exercised this Warrant on the date hereof and had thereafter, during the period from the date hereof to and including
the date of such exercise, retained such shares and/or all other additional shares or securities available to it as aforesaid during
such period giving effect to all adjustments called for by this Section 4.

 

(c)               Reclassification.
If the Company, by reclassification of shares or otherwise, shall change any of the shares as to which purchase rights under
this Warrant exist into the same or a different number of shares of any other class or classes, this Warrant shall thereafter
represent the right to acquire such number and kind of shares as would have been issuable as the result of such change with
respect to the shares that were subject to the purchase rights under this Warrant immediately prior to such reclassification
or other change and the Exercise Price therefor shall be equitably adjusted, all subject to further adjustment as provided in
this Section 4.

 

    3

     

    

 

(d)             
Capital Reorganization, Merger or Consolidation.
In case of any reorganization of the share capital of the Company (other than a combination, reclassification or subdivision of
shares otherwise provided for herein), or any merger or consolidation of the Company with or into another corporation, or the sale
or transfer of all or substantially all the assets of the Company then, and in each such case, as a part of such reorganization,
merger, consolidation, sale or transfer, lawful provision shall be made so that the Holder shall thereafter be entitled to receive,
upon exercise of this Warrant, during the period specified herein and upon payment in accordance with Section 2(c), the
number of shares or other securities or property of the successor corporation resulting from such reorganization, merger, consolidation,
sale or transfer that a holder of the shares deliverable upon exercise of this Warrant would have been entitled to receive in such
reorganization, consolidation, merger, sale or transfer if this Warrant had been exercised immediately before such reorganization,
merger, consolidation, sale or transfer, all subject to further adjustment as provided in this Section 4. The foregoing
provisions of this Section 4(d) shall similarly apply to successive reorganizations, consolidations, mergers, sales and
transfers of the shares or securities of any other corporation that are at the time receivable upon the exercise of this Warrant.
In all events, appropriate adjustment (as determined in good faith by the Company’s board of directors) shall be made in
the application of the provisions of this Warrant with respect to the rights and interests of the Holder after the transaction,
to the end that the provisions of this Warrant shall be applicable after that event, as near as reasonably may be, in relation
to any shares or other property deliverable after that event upon exercise of this Warrant.

 

(e)              
Notice of Adjustment. The Company shall promptly
give the Holder of this Warrant written notice of each adjustment or readjustment of the Exercise Price or the number of Warrant
Shares or other securities issuable upon exercise of this Warrant. The notice shall describe the adjustment or readjustment and
show in reasonable detail the facts on which the adjustment or readjustment is based.

 

5.                 
Transfers of Warrant. This Warrant and all rights and obligations hereunder are transferable and assignable in whole
or in part by the Holder (subject to compliance with the Act, other applicable securities laws and constitutional documents of
the Company).

 

6.                 
Loss or Mutilation. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction,
or mutilation of this Warrant and, in the event of any such loss, theft or destruction, upon receipt of an indemnity reasonably
satisfactory to the Company, or in the event of any such mutilation upon surrender and cancellation of such Warrant, the Company
will execute and deliver a new Warrant of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant.

 

7.                  Amendment
and Waiver. Any term of this Warrant may be amended and the observance of any term of this Warrant may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the
Company and the Holder.

 

    4

     

    

 

8.                 
Successors and Assigns. This Warrant shall be binding upon and inure to the benefit of the Company, the Holder and their
respective successors and permitted assigns.

 

9.                 
Notices. Any notice required or permitted pursuant to this Warrant shall be given in writing and shall be given either
personally or by sending it by next-day or second-day courier service, fax, electronic mail or similar means to the address as
shown below (or at such other address as such party may designate by fifteen (15) days’ advance written notice to the Company
or Holder, as applicable, given in accordance with this Section 9). Where such notice is sent by next-day or second-day
courier service, service of the notice shall be deemed to be effected by properly addressing, pre-paying and sending by next-day
or second-day service through an internationally-recognized courier a letter containing the notice, with a confirmation of delivery,
and to have been effected at the expiration of sixty (60) hours after the letter containing the same is sent as aforesaid. Where
a notice is sent by facsimile, service of the notice shall be deemed to be effected by properly addressing, and sending such notice
through a transmitting organization, with a written confirmation of delivery, and to have been effected on the day the same is
sent as provided above.

 

If notice to the Company:

Attn: George Lai

Address: 17 Floor, No. 130 Wu Song Road, Hong Kou District, Shanghai 200080, People’s Republic of China

Email: georgelai@corp.the9.com

 

If notice to the Holder: 

Attn:

Address:

Email:

Contact No.:

 

10.             
Headings. The section and subsection headings of this Warrant are inserted for convenience only and shall not constitute
a part of this Warrant in construing or interpreting any provision hereof.

 

11.             
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of state of New York without
giving effect to any choice or conflict of law provision or rule thereof.

 

12.             
Dispute Resolution.

 

(a)               Any
dispute, controversy, difference or claim arising out of or relating to this Warrant, including the existence, validity,
interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out
of or relating to it (the “Dispute”) shall first be attempted to be resolved through consultation between
the Company and the Holder in good faith. Such resolution may include agreeing upon a proposed plan specifying the steps to
be taken, and the time period for taking such steps. The Company and the Holder agree that all discussions contemplated under
this Section 12 will be conducted in good faith and that such executives and officers will use their best efforts to
resolve the Dispute and preserve the arrangements contemplated under this Warrant. Notwithstanding any other provision
contained herein, either the Company or the Holder shall have the right in its sole discretion to seek emergency and/or
interim measures at any time after the posting of a request for consultation.

    5

     

    

 

(b)             
If the Dispute remains unresolved, either the Company or the Holder in its sole discretion
may elect to submit the Dispute to be finally settled by arbitration with notice to the other party. The arbitration shall be conducted
in Hong Kong and shall be administered by the Hong Kong International Arbitration Centre (“HKIAC”) in accordance
with the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The arbitration tribunal shall
consist of three (3) arbitrators. The language of the arbitration shall be English. The seat of the arbitration shall be Hong Kong.
The decision of the arbitrators (by rule of majority) shall be final and binding on the Company and the Holder.

 

13.             
Interpretation. For all purposes of this Warrant, except as otherwise expressly provided, (i) the term “or”
is not exclusive; (ii) the terms defined herein and any capitalized terms used herein without definition shall include the plural
as well as the singular, (ii) unless otherwise provided for, all references in this Warrant to designated “Sections”
and other subdivisions are to the designated Sections and other subdivisions of the body of this Warrant, (iii) pronouns of either
gender or neuter shall include, as appropriate, the other pronoun forms, (iv) the words “herein,” “hereof”
and “hereunder” and other words of similar import refer to this Warrant as a whole and not to any particular Section
or other subdivision, and (vi) “include,” “including,” “are inclusive of” and similar expressions
are not expressions of limitation and shall be construed as if followed by the expression “without limitation”.

 

14.             
No Presumption. The parties acknowledge that any applicable law that would require interpretation of any claimed ambiguities
in this Warrant against the party that drafted it has no application and is expressly waived. If any claim is made by a party relating
to any conflict, omission or ambiguity in the provisions of this Warrant, no presumption or burden of proof or persuasion will
be implied because this Warrant was prepared by or at the request of any party or its counsel.

 

15.             
Counterparts. This Warrant may be executed in two or more counterparts and may be delivered by electronic PDF or facsimile
transmission, all of which shall be considered one and the same agreement and each of which shall be deemed an original.

 

16.             
Severability. If one or more provisions of this Warrant are held to be unenforceable under any applicable law, such
provision shall be excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so
excluded and shall be enforceable in accordance with its terms.

 

17.             
Entire Agreement. This Agreement together with the other instruments and agreements referenced herein constitutes the
entire agreement between the Parties with respect to the subject matter hereof.

 

[The remainder of this page has been
intentionally left blank.]

 

    6

     

    

 

IN WITNESS WHEREOF,
the Company caused this Warrant to be executed by a director thereunto duly authorized.

 

 

	 	Company:
	 	 
	 	 
	 	The9 Limited
	 	 
	 	 
	 	By:	                                    
	 	Name:   	 
	 	Title:	 

 

ACCEPTED BY:

 

 

[Holder]

 

 

___________________________________

 

[Signature Page to Warrant]

 

     

     

    

 

EXHIBIT A

 

FORM OF NOTICE OF EXERCISE

 

		To:	The9 Limited

 

The undersigned
hereby elects to purchase 
                                          
Class A ordinary shares of The9 Limited, pursuant to the terms of the attached Warrant.

 

The undersigned hereby
represents and warrants that the undersigned is acquiring such shares for its own account for investment purposes only, and not
for immediate resale or with a view to distribution of such shares or any part thereof.

 

	 	WARRANT HOLDER:
	 	 	 
	 	 
	 	 	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Date: __________________________

 

 

Name in which shares should be registered:

 

 

_____________________________________

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