Document:

EX-4.4

 Exhibit 4.4 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

This SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this “Agreement”) is entered into on December 1, 2020 by and
among: 
  

	1.	 Connect Biopharma Holdings Limited, an exempted company incorporated under the laws of the Cayman Islands (the
“Company”); 

  

	2.	 Connect Biopharma Hong Kong Limited, a limited liability company incorporated under the Laws of Hong Kong and a
wholly owned subsidiary of the Company (“Connect HK”); 

  

	3.	 Suzhou Connect Biopharma Co., Ltd.
(苏州康乃徳生物医药有限公司), a limited liability company incorporated under the Laws of the PRC (“Connect
Suzhou”); 

  

	4.	 Connect Biopharma (Beijing) Co., Ltd.
(康乃徳生物医药(北京)有限公司), a limited liability company incorporated under the Laws of the PRC
(“Connect Beijing”); 

  

	5.	 Connect Biopharma (Shanghai) Co., Ltd.
(康乃徳生物医疗(上海)有限公司), a limited liability company incorporated under the Laws of the PRC
(“Connect Shanghai”); 

  

	6.	 Connect Biopharma Australia PTY LTD, a limited liability company incorporated under the Laws of Australia
(“Connect Australia”); 

  

	7.	 Connect Biopharm LLC, a limited liability company incorporated under the Laws of the United States
(“Connect US”); 

  

	8.	 Wubin Pan (潘武宾), a citizen of Canada with
passport number GA336068; 

  

	9.	 Zheng Wei (郑伟), a citizen of the United States with
passport number 566383998 (together with Wubin Pan, each a “Founder”, and collectively the “Founders”); 

  

	10.	 Connect Union Inc., a limited liability company incorporated under the Laws of the British Virgin Islands
(“ESOP Holdco”); 

  

	11.	 Each of the Person named on Schedule I hereto; 

 

	12.	 Each of the Persons named on Schedule II hereto; 

 

	13.	 Each of the Persons named on Schedule III hereto; 

 

	14.	 Each of the Persons named on Schedule IV hereto; 

 

	15.	 Each of the Persons named on Schedule V hereto; and 

 

	16.	 Each of the Persons named on Schedule VI hereto. 

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

  
 1 

 RECITALS 
  

	A.	 The Group Companies are engaged in the business of discovery and development of novel immune modulators for the
treatment of autoimmune diseases and inflammation (the “Primary Business”). 

  

	B.	 The Additional Series C Investors (as defined below) have agreed to purchase from the Company, and the Company
has agreed to sell to the Additional Series C Investors, certain Series C Preferred Shares (as defined below) of the Company on the terms and conditions set forth in certain Series C Preferred Share Purchase Agreement dated as of December 1,
2020 by and among the Group Companies, the Founders, the Additional Series C Investors and other relevant parties thereto (the “Series C Preferred Share Purchase Agreement”). 

 

	C.	 The Series C Preferred Share Purchase Agreement provides that this Agreement shall be executed and delivered on
or prior to the Closing. 

  

	D.	 The Company, the Founders, the Series A Shareholders, the Series B Shareholders, the Series C Shareholders and
certain other parties named therein entered into an Amended and Restated Shareholders Agreement dated August 21, 2020 (the “Prior Agreement”). 

 

	E.	 The Parties desire to amend and restate the Prior Agreement by entering into this Agreement for the governance,
management and operations of the Group Companies and for the rights and obligations between and among the shareholders and the Company. 

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

1. Definitions. 
 1.1 Defined Terms

 Except as otherwise defined herein, the following terms shall have the meanings ascribed to them below: 

“Accounting Standards” means, with respect to the Group Companies, the PRC GAAP, or IFRS, as applicable. 

“Additional Series C Investors” means the Persons named on Schedule VI hereto. 

“Affiliate” means, with respect to a Person, in case of a natural person, includes any other Person that is an Immediate
Family Member of such Person; and, in case of a Person other than a natural person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person. For purposes of this Agreement, the term
“control” when used with respect to any Person shall mean the power or authority, whether exercised or not, to direct the business, management and policies of such Person, directly or 

  
 2 

 
indirectly, whether through the ownership of voting securities, by Contract or otherwise; provided, that such power or authority shall conclusively be presumed to exist upon possession of
beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of a majority of the board of directors
of such Person. The terms “controlled” and “controlling” have meanings correlative to the foregoing. In the case of a Preferred Shareholder, the term “Affiliate” also includes (i) any shareholder of
the Preferred Shareholder, (ii) any of such Preferred Shareholder’s or its shareholder’s general partners or limited partners, (iii) the fund manager managing the Preferred Shareholder or its shareholder (and general partners,
limited partners and officers thereof) and other funds or entities managed by such fund manager, and (iv) trusts controlled by or for the benefit of any such Person referred to in (i), (ii) or (iii). For the avoidance of doubt, no Preferred
Shareholder shall be deemed as an Affiliate of any Group Company. 
 “Anti-Bribery and Anti-Corruption Laws” means the PRC
Criminal Law ( 《中华人民共和国刑法》), the PRC Anti-Unfair Competition Law (《中华人民共和国反不正当竞争法》), the Provisional Regulations on
Anti-Commercial Bribery
(《关于禁止商业贿赂行为的暂行规定》) and any other PRC
anti-corruption laws, the Foreign Corrupt Practices Act of 1977 of the US and the U.K. Bribery Act, or other similar anti-corruption or anti-bribery laws of any other jurisdiction that are applicable to any Group Company, each as amended.

 “Applicable Securities Laws” means (i) with respect to any offering of securities in the U.S., or any other
act or omission within that jurisdiction, the securities Laws of the U.S., including the Exchange Act and the Securities Act, and any applicable securities Law of any state of the U.S., and (ii) with respect to any offering of securities in any
jurisdiction other than the U.S., or any related act or omission in that jurisdiction, the applicable securities Laws of that jurisdiction. 

“Advantech Capital” means Advantech Capital II Connect Partnership L.P., together with its Affiliates, successors, assignees
and transferees. 
 “Benefit Plan” has the meaning as set forth in the Series C Preferred Share Purchase Agreement. 

“Big Four Auditing Firm” means Deloitte Touche Tohmatsu, Ernst & Young, KPMG, or PricewaterhouseCoopers. 

“Board” or “Board of Directors” means the board of directors of the Company as constituted from time to
time. 
 “Business Day” means any day that is not a Saturday, Sunday, legal holiday or other day on which commercial banks
are required or authorized by Law to be closed in the Cayman Islands, the PRC, New York City and Hong Kong, with respect to any action to be undertaken or notice to be given in such jurisdiction. 

“CEO” means the chief executive officer of the Company and/or Connect Suzhou. 

“CFO” means the chief financial officer of the Company and/or Connect Suzhou. 

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

“Closing” has the meaning as set forth in the Series C Preferred Share Purchase Agreement. 

“Competitive Business” means any business that is the same as, similar to, or otherwise competing, or may compete, directly
or indirectly, with the business of any Group Company. 
 “COO” means the chief operating officer of the Company and/or
Connect Suzhou. 
 “Damages” means any loss, damage, claim or liability (joint or several) to which a Party hereto may
become subject under the Securities Act, the Exchange Act, or other Applicable Securities Laws, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue statement or
alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged
omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying Party (or any of its agents or Affiliates) of
the Securities Act, the Exchange Act, or any other Applicable Securities Laws. 
 “Deemed Liquidation Event” has the
meaning as set forth in Section 10.1(g). 
 “Director” means a director serving on the Board.

 “Equity Securities” means, with respect to any Person that is a legal entity, any and all shares of capital stock,
membership interests, units, profits interests, ownership interests, equity interests, registered capital, and other equity securities of such Person, and any right, warrant, option, call, commitment, conversion privilege, preemptive right or other
right to acquire any of the foregoing, or security convertible into, exchangeable or exercisable for any of the foregoing, or any Contract providing for the purchase or acquisition from such Person of any of the foregoing. 

“ESOP” means the share incentive option plan established by the Company under which certain Ordinary Shares held by Connect
Union Inc. are reserved for future issuance to officers, directors, employees, consultants, or service providers of the Company. 

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

  
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 “Excluded Registration” means (i) a registration relating to the sale
of Equity Securities to employees of the Company or a subsidiary pursuant to an ESOP, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially the
same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Ordinary Shares being registered are Ordinary Shares issuable upon
conversion of debt securities that are also being registered. 
 “Form F-1” means
Form F-1 promulgated by the SEC under the Securities Act or any successor form or substantially similar form then in effect. 

“Form F-3” means Form F-3 promulgated by the
SEC under the Securities Act or any successor form or substantially similar form then in effect. 
 “Form S-1” means Form S-1 promulgated by the SEC under the Securities Act or any successor form or substantially similar form then in effect. 

“Form S-3” means such form under the Securities Act as in effect on the date hereof
or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

“Founder Parties” means the Founders and BioFortune Inc. 

“Force Majeure Event” means an event beyond the reasonable control of either Party, which by its nature was not foreseen by
such Party, or, if it was foreseen, was not reasonably avoidable, and includes without limitation, outbreak of epidemic, acts of God, storms, floods, riots, fires, sabotage, civil commotion or civil unrest, interference by civil or military
authorities, threat, declaration, continuation, escalation or acts of war (declared or undeclared) or acts of terrorism, any unauthorized, unlawful access by a third party to either Party’s computing systems other than as a result of such
Party’s, failure or shortage of energy sources, strike, walkout, lockout or other labor trouble or shortage, delays by unaffiliated suppliers, and acts, omissions or delays in acting by any competent authority. 

“Governmental Authority” means any government of any nation or any federation, province or state or any other political
subdivision thereof, any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board, commission or
instrumentality of the PRC or any other country, or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization. 

“Group Companies” means the Company, Connect HK, Connect Suzhou, Connect Beijing, Connect Shanghai, Connect Australia,
Connect US and their respective Subsidiaries from time to time, each is a “Group Company” and “Group” refers to all of the Group Companies collectively. 

“Holder” means any holder of Registrable Securities who is a Party to this Agreement. 

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

 “IFRS” means the International Financial Reporting Standards adopted by the International Accounting Standards Board.

 “Immediate Family Member” means, with respect to any natural person, (a) such Person’s spouse, parents, parents-in-law, grandparents, children, grandchildren, siblings and siblings-in-law (in each
case whether adoptive or biological), (b) spouses of such Person’s children, grandchildren and siblings (in each case whether adoptive or biological) and (c) estates, trusts, partnerships and other Persons which directly or indirectly
through one or more intermediaries are controlled by the foregoing. 
 “Initiating Holders” means, collectively, Holders
who properly initiate a registration request under this Agreement. 
 “Intellectual Property” means any and all
(i) patents, patent rights and applications therefor and reissues, reexaminations, continuations, continuations-in-part, divisions, and patent term extensions
thereof, (ii) inventions (whether patentable or not), discoveries, improvements, concepts, innovations and industrial models, (iii) registered and unregistered copyrights, copyright registrations and applications, mask works and
registrations and applications therefor, author’s rights and works of authorship (including artwork, software, computer programs, source code, object code and executable code, firmware, development tools, files, records and data, and related
documentation), (iv) URLs, web sites, web pages and any part thereof, (v) technical information, know-how, trade secrets, drawings, designs, design protocols, specifications, proprietary data, customer
lists, databases, proprietary processes, technology, formulae, and algorithms and other intellectual property, (vi) trade names, trade dress, trademarks, domain names, service marks, logos, business names, and registrations and applications
therefor, and (vii) the goodwill symbolized or represented by the foregoing. 
 “IPO” means the closing of the first
firm commitment underwritten public offering of the Ordinary Shares of the Company (or securities representing such Ordinary Shares) or the Equity Securities of any other Group Company. 

“Key Employees” means each of the Founders and the full time senior management of each of the Group Companies. 

“Law” or “Laws” means any and all provisions of any applicable constitution, treaty, statute, law,
regulation, ordinance, code, rule, or rule of common law, any governmental approval, concession, grant, franchise, license, agreement, directive, requirement, or other governmental restriction or any similar form of decision of, or determination by,
or any interpretation or administration of any of the foregoing by, any Governmental Authority, in each case as amended. 

“Majority Ordinary Shareholders” means the holders of at least a majority of the voting power of the issued and outstanding
Ordinary Shares. 
 “Majority Series A Shareholders” means the holder(s) of more than fifty percent (50%) of the voting
power of the issued and outstanding Series A Preferred Shares. 

  
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 “Majority Series B Shareholders” means the holder(s) of more than fifty
percent (50%) of the voting power of the issued and outstanding Series B Preferred Shares. 
 “Majority Series C
Shareholders” means the holder(s) of more than fifty percent (50%) of the voting power of the issued and outstanding Series C Preferred Shares. 

“M&AA” means the fourth amended and restated memorandum and articles of association of the Company, as each may be
amended and/or restated from time to time. 
 “NMPA” means the National Medical Products Administration (国家药品监督管理局) and its local counterparts. 

“Ordinary Shareholders” means the holders of the Ordinary Shares. 

“Ordinary Shares” means the ordinary shares, each with a par value US$0.0001 per share, in the share capital of the Company.

 “Ordinary Share Equivalents” means any Equity Security which is by its terms convertible into or exchangeable or
exercisable for Ordinary Shares or other securities convertible into or exchangeable for Ordinary Shares, including, without limitation, the Preferred Shares. 

“Person” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability
company, firm, trust, estate or other enterprise or entity. 
 “PRC” means the People’s Republic of China, but solely
for the purposes of this Agreement, excluding Hong Kong, the Macau Special Administrative Region and the islands of Taiwan. 
 “PRC
GAAP” means the Corporate Accounting Standards (2014) (企业会计准则 (2014)) as promulgated by the Ministry of Finance of
the PRC and as amended and in effect from time to time and their interpretations, guidelines and implementation rules, which collectively are accepted as generally accepted accounting principles in the PRC. 

“Preferred Shares” means, collectively, the Series Pre-A Preferred Shares, the Series
A Preferred Shares, the Series B Preferred Shares and the Series C Preferred Shares. 
 “Preferred Shareholders” means the
holders of Preferred Shares. 
 “Qiming” means Qiming Venture Partners V, L.P., Qiming Managing Directors Fund V, L.P.,
Qiming Venture Partners VII, L.P., Qiming VII Strategic Investors Fund, L.P. and its Affiliates or assignees. 
 “Qualified
IPO” means an IPO or a backdoor listing on the Stock Exchange as permitted or approved under this Agreement. 

  
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 “RA Capital” means RA Capital Healthcare Fund, L.P., BLACKWELL PARTNERS LLC
– SERIES A and RA Capital NEXUS Fund, L.P.. 
 “Registrable Securities” means (i) the Ordinary Shares issued or
issuable upon conversion of the Preferred Shares, (ii) any Ordinary Shares of the Company issued (or issuable upon the conversion or exercise of any warrant, right or other security which is issued) as a dividend or other distribution with
respect to, in exchange for, or in replacement of, the shares referenced in (i); (iii) any other Ordinary Share owned or hereafter acquired by any Preferred Shareholder, including Ordinary Shares issued or issuable in respect of the Ordinary Shares
described in (i)-(ii) above or any Ordinary Share Equivalents upon any share split, share dividend, recapitalization or a similar event; excluding in all cases, however, any of the foregoing sold by a Person in a transaction in which the applicable
rights under this Agreement are not assigned pursuant to Section 17.5, and excluding for purposes of Section 3, any Shares for which registration rights have terminated pursuant to
Section 3.13 of this Agreement. For purposes of this Agreement, Registrable Securities shall cease to be Registrable Securities when such Registrable Securities have been disposed of pursuant to an effective registration
statement. 
 “Registrable Securities then outstanding” means the number of shares determined by adding the number of
outstanding Ordinary Shares that are Registrable Securities and the number of Ordinary Shares issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable Securities. 

“RMB” means Renminbi, the lawful currency of the PRC. 

“SEC” means the Securities and Exchange Commission of the US. 

“SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

“SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

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

“Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of
Registrable Securities, and fees and disbursements of counsel for any Holder. 
 “Series
Pre-A Issue Price” means US$1.5661, as adjusted for share dividends, consolidation, splits, combinations, recapitalizations or similar events. 

“Series Pre-A Preferred Shares” means the Series A redeemable convertible preferred
shares, each with a par value US$0.0001 per share, in the share capital of the Company. 
 “Series
Pre-A Shareholders” means the holders of Series Pre-A Preferred Shares. 

  
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 “Series A Issue Price” means US$2.3691, as adjusted for share dividends,
consolidation, splits, combinations, recapitalizations or similar events. 
 “Series A Preferred Shares” means the Series A
redeemable convertible preferred shares, each with a par value US$0.0001 per share, in the share capital of the Company. 
 “Series
A Shareholders” means the holders of Series A Preferred Shares. 
 “Series B Issue Date” means December 20,
2018. 
 “Series B Issue Price” means US$5.4307, as adjusted for share dividends, consolidation, splits, combinations,
recapitalizations or similar events. 
 “Series B Lead Investor” means Advantech Capital. 

“Series B Preferred Shares” means the Series B redeemable convertible preferred shares, each with a par value US$0.0001 per
share, in the share capital of the Company. 
 “Series B Shareholders” means the holders of Series B Preferred Shares. 

“Series C Investors” means the Persons named on Schedule V hereto. 

“Series C Issue Price” mean US$6.3233. 

“Series C Issue Date” with respect to Series C Preferred Shares issued to Series C Shareholders other than Orchids Limited,
means August 21, 2020; with respect to Series C Preferred Shares issued to Orchids Limited and the Additional Series C Investors, means December 1, 2020. 

“Series C Preferred Shares” means the Company’s Series C redeemable convertible preferred shares, par value US$0.0001
per share. 
 “Series C Shareholders” means the holders of Series C Preferred Shares. 

“Shanghai Minhui” means
上海旻荟企业管理咨询合伙企业(有限合伙).

 “Shareholder” means a holder of any Shares. 

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

“Stock Exchange” means the NASDAQ, the New York Stock Exchange, the Main Board of The Stock Exchange of Hong Kong Limited,
the Shenzhen Stock Exchange, the Shanghai Stock Exchange, or such other internationally recognized stock exchange (other than the National Equities Exchange and Quotations
(全国中小企业股份转让系统) in the PRC) as permitted or approved under this Agreement.

 “Subsidiary” means, with respect to any given Person, any other Person that is controlled directly or indirectly
by such given Person. 

  
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 “Trade Sale” means any of the following events: 

 

	 	(a)	 any consolidation, amalgamation, scheme of arrangement or merger of any Group Company with or into any other
Person or other reorganization in which the Shareholders or shareholders of such Group Company will, immediately after such event, own less than fifty percent (50%) of such Group Company’s or surviving entity’s voting power in the
aggregate immediately after such event; 

  

	 	(b)	 a sale, lease, transfer or other disposition of a majority of the issued and outstanding share capital of the
Company or a majority of the voting power of the Company; 

  

	 	(c)	 a sale, transfer, lease or other disposition of all or substantially all of the assets (including Intellectual
Property) of the Group Companies (or any series of related transactions resulting in such sale, transfer, lease or other disposition of all or substantially all of the assets of the Group Companies); or 

 

	 	(d)	 the exclusive licensing of all or substantially all of the Group Companies’ Intellectual Property to a
third party. 

 “Transaction Documents” has the meaning set forth in the Series C Preferred Share
Purchase Agreement. 
 “US” means the United States of America. 

“US$” means the US dollars, the lawful currency of the US. 

“Vast Majority Shareholders” means (i) the Majority Ordinary Shareholders; and (ii) the holders of at least two
thirds of the voting power of the issued and outstanding Preferred Shares (calculated on a fully-diluted and as-converted basis). 

1.2 Other Defined Terms. The following terms shall have the meanings defined for such terms in the Sections set forth below: 

 

			
	Additional Number	  	Section 4.4(b)
	Additional Offered Shares	  	Section 5.2(b)
	Agreement	  	Preamble
	Arbitration Notice	  	Section 16.2(a)
	Available Fund	  	Section 9.2(a)
	CFC	  	Section 14.3
	Code	  	Section 14.3
	Company	  	Preamble
	Competitor	  	Section 5.6(a)
	Confidential Information	  	Section 17.1(a)
	Conversion Notice	  	Section 11.1(c)

  
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	Connect Australia	  	Preamble
	Connect Beijing	  	Preamble
	Connect HK	  	Preamble
	Connect Shanghai	  	Preamble
	Connect Suzhou	  	Preamble
	Connect US	  	Preamble
	Demand Notice	  	Section 3.2(a)
	Dispute	  	Section 16.2
	Drag-Along Sale	  	Section 6.1
	Drag Holder	  	Section 6.1
	Drag Notice	  	Section 6.1
	ESOP Holdco	  	Preamble
	Exercising Shareholder	  	Section 5.2(b)
	Financing Terms	  	Section 17.1(a)
	First Participation Notice	  	Section 4.4(a)
	First Participation Period	  	Section 4.4(a)
	Founder Directors	  	Section 8.1
	Founder/Founders	  	Preamble
	HKIAC	  	Section 16.2(b)
	HKIAC Rules	  	Section 16.2(b)
	Liquidation Payment Notice	  	Section 10.1(f)
	New Securities	  	Section 4.3
	Offered Shares	  	Section 5.2(a)
	Offeror	  	Section 6.1
	Option Period	  	Section 5.2(b)
	Other Shareholders	  	Section 6.1
	Over-Exercising Shareholders	  	Section 5.2(b)
	Party/Parties	  	Preamble
	PFIC	  	Section 14.4
	Preemptive Right	  	Section 7.1
	Preemptive Rights Holder	  	Section 7.1
	Prior Agreement	  	Recital
	Pro Rata Share	  	Section 4.2
	QEF Election	  	Section 14.4
	Redemption Event	  	Section 9.1
	Redemption Payment Notice	  	Section 9.2(b)
	Restricted Holder	  	Section 5.1(a)
	Rights Holder	  	Section 4.1
	Right Participants	  	Section 4.4(b)
	ROFR Shareholder	  	Section 5.2(b)
	Second Participation Notice	  	Section 4.4(b)
	Second Participation Period	  	Section 4.4(b)
	Second Transfer Notice	  	Section 5.2(b)
	Series A Director	  	Section 8.1
	Series A Preference Amount	  	Section 10.1(c)
	Series A Redemption Price	  	Section 9.1(c)

  
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	Series A Redemption Request	  	Section 9.1(c)
	Series B Director	  	Section 8.1
	Series B Preference Amount	  	Section 10.1(b)
	Series B Redemption Price	  	Section 9.1(b)
	Series B Redemption Request	  	Section 9.1(b)
	Series C Director	  	Section 8.1
	Series C Preference Amount	  	Section 10.1(a)
	Series C Preferred Share Purchase Agreement	  	Recitals
	Series C Redemption Price	  	Section 9.1(a)
	Series C Redemption Request	  	Section 9.1(a)
	Series Pre-A Preference Amount	  	Section 10.1(d)
	Subsidiary Board	  	Section 8.1
	Target QIPO Date	  	Section 9.1
	Transfer	  	Section 5.1(a)
	Transfer Notice	  	Section 5.2(a)
	Transferor	  	Section 5.2(a)

 1.3 Interpretation. 

In this Agreement, except to the extent otherwise provided or that the context otherwise requires, 

(a) When a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an Article or Section of, or
an Exhibit or Schedule to, this Agreement unless otherwise indicated; 
 (b) Whenever the words “include”, “includes” or
“including” are used in this Agreement, they are deemed to be followed by the words “without limitation”; 
 (c) 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; 

(d) References to a Party or a Person are also to its successors and permitted assigns; 

(e) Unless the context otherwise requires, all words (whether gender-specific or gender neutral) shall be deemed to include each of the
masculine, feminine and neuter genders, and words importing the singular include the plural and vice versa; 
 (f) References to any date and
time refers to Hong Kong date and time, respectively; and 
 (g) All representations, warranties, indemnities (if any), covenants, agreements
and obligations given or entered into by the holders of Preferred Shares under this Agreement or other Transaction Documents are given or entered into on a several (but not joint, or joint and several) basis. 

  
 12 

 2. Information and Inspection Rights. 

2.1 Information Rights. The Board and/or the Company shall deliver to each Preferred Shareholder the following documents,
statements, reports or information: 
 (a) within ninety (90) days after the end of each fiscal year of the Company, an audited
consolidated balance sheet, income statement and other financial statement for the Group for such fiscal year, prepared in accordance with the Accounting Standards and audited and certified by a Big Four Auditing Firm or other auditor of
international repute appointed by the Board; 
 (b) within sixty (60) days after the end of each fiscal year of the Company, an
unaudited consolidated balance sheet, income statement and other financial statement for the Group for such fiscal year, prepared in accordance with the Accounting Standards; 

(c) within forty-five (45) days after the end of each of the fiscal quarters, an up-to-date capitalization table, an unaudited consolidated balance sheet, income statement and other financial statement for the Group for such quarter, prepared in accordance with the Accounting Standards;

 (d) an annual budget and operating plan within thirty (30) days following the beginning of each fiscal year; 

(e) copies of all documents or other information delivered to all other Shareholders; 

(f) meeting minutes and resolutions of any board or shareholders meeting of any Group Company within five (5) Business Days after such
board or shareholders meeting is convened (or, in the case of any written resolutions passed by the board or shareholders of any Group Company in lieu of a meeting, such written resolutions within five (5) Business Days after their effective
date); 
 (g) any material reports publicly filed by the Company or any other Group Company with any relevant securities exchange, regulatory
authority or other Governmental Authority, which involves or may involve any interest of the holders of any Preferred Shares under this Agreement; and 

(h) as soon as practicable, any other information reasonably requested by any holder of Preferred Shares. 

2.2 Inspection Rights. Each Preferred Shareholder shall have the right, at its own expense, to reasonably inspect facilities,
properties, records and books of each Group Company at any time during regular working hours on reasonable prior notice to such Group Company and the right to discuss the business, operation and conditions of a Group Company with any Group
Company’s directors, officers, employees, accountants, auditors, legal counsels and investment bankers and the Company and Connect Suzhou shall, and shall cause the other Group Companies to, cooperate with and grant access to the requesting
Shareholder. Exercise of the above inspection right shall comply with relevant Laws and shall not disrupt the ordinary course of 

  
 13 

 
business of the Group Companies; provided that such exercise of inspection right shall not exceed one time in each fiscal year. If any major issue is discovered, any Shareholder shall have
the right, at its own expense, to appoint an auditor to audit the financial statements of the Group Companies in accordance with the Accounting Standards. If major differences exist between the auditing results of the auditor appointed by the Board
and the Shareholder, and are accepted by the Board, then the Company shall bear the expenses of the appointment of the auditor by the Shareholder. The Company shall, and shall cause each Group Company to, provide the auditor appointed by the
Shareholder with access to the facilities, books and records of the Group Companies, and with reasonable assistance in furtherance of the auditing work. The auditing results shall be reported to the Board, the CEO, the CFO and the Shareholders. 

3. Registration Rights. 
 3.1
Intent. The terms of Section 3 are drafted primarily in contemplation of an offering of securities in the US. The Parties recognize, however, the possibility that securities may be qualified or registered for
offering to the public in a jurisdiction other than the US where registration rights have significance or that the Company might effect an offering in the US in the form of American Depositary Receipts or American Depositary Shares. Accordingly:

 (a) it is their intention that, whenever this Agreement refers to a Law, form, process or institution of the US but the Parties wish to
effectuate qualification or registration in a different jurisdiction where registration rights have significance, reference in this Agreement to the Laws or institutions of the US shall be read as referring, mutatis
mutandis, to the comparable Laws or institutions of the jurisdiction in question; and 
 (b) it is agreed that the Company will
not undertake any listing of American Depositary Receipts, American Depositary Shares or any other security derivative of the Ordinary Shares unless arrangements have been made reasonably satisfactory to the Vast Majority Shareholders to ensure that
the spirit and intent of this Agreement will be realized and that the Company is committed to take such actions as are necessary such that the Holders will enjoy rights corresponding to the rights hereunder to sell their Registrable Securities in a
public offering in the US as if the Company had listed Ordinary Shares in lieu of such derivative securities. 
 3.2 Demand
Registration. 
 (a) Registration on Form F-1 or Form
S-1. If at any time after the earlier of (i) Target QIPO Date or (ii) 180 days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of at
least 10% of the Registrable Securities then outstanding that the Company file a Form F-1 or Form S-1 registration statement (or any other comparable form of
registration in any jurisdiction) with respect to at least 10% of the Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of Selling Expenses, would exceed US$10 million), then the Company
shall (x) within 10 days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within 60 days
after the date such request is given by the Initiating Holders, file a Form F-1 or Form S-1 registration statement under the Securities Act covering all Registrable
Securities that the 

  
 14 

 
Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each
such Holder to the Company within 20 days of the date the Demand Notice is given, and in each case, subject to the limitations of Sections 3.2(c) and 3.4. 

(b) Registration on Form F-3 or Form S-3. If at any time
when it is eligible to use a Form F-3 or Form S-3 registration statement, the Company receives a request from Holders of at least 10% of the Registrable Securities then
outstanding that the Company file a Form F-3 or Form S-3 registration statement (or any comparable form of registration in any jurisdiction) with respect to outstanding
Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least US$2 million, then the Company shall (i) within 10 days after the date such request is given, give a Demand Notice
to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within 45 days after the date such request is given by the Initiating Holders, file a Form F-3 or Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the
Company within 20 days of the date the Demand Notice is given, and in each case, subject to the limitations of Sections 3.2(c) and 3.4. 

(c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this
Section 3.2 a certificate signed by the Company’s CEO stating that in the good faith judgment of the Company’s Board of Directors 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 otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition,
corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the
Company unable to comply with requirements under the Securities Act or Exchange Act, 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, for a period of not more than 90 days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any 12 month period; and provided
further that the Company shall not register any Equity Securities for its own account or that of any other stockholder during such 90-day period other than an Excluded Registration. 

(d) The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to
Section 3.2(a) (i) during the period that is 60 days before the Company’s good faith estimate of the date of filing of, and ending on a date that is 180 days after the effective date of, a
Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected three
(3) registrations pursuant to Section 3.2(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form
F-3 or Form S-3 pursuant to a request made pursuant to Section 3.2(b). The Company shall not be obligated to effect, or to take any action to
effect, any registration pursuant to Section 3.2(b) (i) during the period that is 30 days before the Company’s good faith estimate of the date of filing of, and ending on a date that is 90

  
 15 

 
days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration
statement to become effective; or (ii) if the Company has effected two registrations pursuant to Section 3.2(b). A registration shall not be counted as “effected” for purposes of this
Section 3.2(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration
expenses therefor, and forfeit their right to one demand registration statement pursuant to Section 3.7, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this
Section 3.2(d). 
 3.3 Company Registration. If the Company proposes to register (including, for
this purpose, a registration effected by the Company for Shareholders other than the Holders) any of its Equity Securities under the Securities Act in connection with the public offering of such Equity Securities solely for cash (other than in an
Excluded Registration), the Company shall, at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within 20 days after such notice is given by the Company, the Company shall, subject to the
provisions of Section 3.4, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. If a Holder decides not to include all or any of its Registrable
Securities in such registration by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company, all
upon the terms and conditions set forth herein. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 3.3 before the effective date of such registration, whether or
not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Section 3.7. 

3.4 Underwriting Requirements. 

(a) If, pursuant to Section 3.2, the Initiating Holders intend to distribute the Registrable Securities covered by
their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Section 3.2, and the Company shall include such information in the Demand Notice. The underwriter(s)
will be selected by the Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be
conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through
such underwriting shall (together with the Company as provided in Section 3.5(e)) enter into an underwriting agreement in customary form with terms which are reasonably acceptable to a majority in interest of the Initiating
Holders with the underwriter(s) selected for such underwriting. If any Holder disapproves the terms of any underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s) delivered at least ten
(10) days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from the underwritten offering shall be withdrawn from the registration. Notwithstanding any other provision of this
Section 3.4, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be 

  
 16 

 
underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that
may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities requested by each Holder to be
included or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced
unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to
the nearest 100 shares. 
 (b) In connection with any offering involving an underwriting of shares of the Company’s Equity Securities
pursuant to Section 3.3, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the
Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If any Holder disapproves the terms of any underwriting, such Holder
may elect to withdraw therefrom by written notice to the Company and the underwriter(s) delivered at least ten (10) days prior to the effective date of the Registration Statement. Any Registrable Securities excluded or withdrawn from the
underwritten offering shall be withdrawn from the registration. If the total number of securities, including Registrable Securities, requested by Shareholders to be included in such offering exceeds the number of securities to be sold (other than by
the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable
Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine in good faith that less than all of the Registrable Securities requested to be
registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities requested
by each selling Holder to be included or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round
the number of shares allocated to any Holder to the nearest 100 shares. Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than
securities to be sold for the account of the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced below 30% of the total number of securities included in such
offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other Shareholder’s securities are included in such offering. 

(c) For purposes of Section 3.2, a registration shall not be counted as “effected” if, as a result of an
exercise of the underwriter’s cutback provisions in Section 3.4(a), fewer than 50% of the total number of Registrable Securities that Holders have requested to be included in such registration statement are actually
included. 

  
 17 

 3.5 Obligations of the Company. Whenever required under this
Section 3 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable
efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective until the distribution contemplated
in the registration statement has been completed; 
 (b) prepare and file with the SEC such amendments and supplements to such registration
statement, and the prospectus (or a similar document) used in connection with such registration statement, as may be necessary to comply with the Applicable Securities Laws in order to enable the disposition of all securities covered by such
registration statement; 
 (c) furnish to the selling Holders such numbers of copies of a prospectus (or a similar document), including a
preliminary prospectus, as required by the Applicable Securities Laws, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d) use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under Applicable
Securities Laws of any jurisdiction as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to file a general consent to service of process in any such
jurisdictions; 
 (e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting
agreement, in usual and customary form, with the underwriter(s) of such offering; 
 (f) use its commercially reasonable efforts to cause all
such Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then
listed; 
 (g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a
CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 
 (h) promptly make
available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the
selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested
by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

  
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 (i) notify each selling Holder, promptly after the Company receives notice thereof, of the
time when such registration statement has been declared effective or a supplement to any prospectus (or a similar document) forming a part of such registration statement has been filed; 

(j) after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or
supplement such registration statement or prospectus (or a similar document); 
 (k) promptly notify each Holder of Registrable Securities
covered by the Registration Statement at any time when a prospectus (or a similar document) relating thereto is required to be delivered under Applicable Securities Laws of (A) the issuance of any stop order by the SEC, or (B) the
happening of any event or the existence of any condition as a result of which any prospectus (or a similar document) included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made, or if in the opinion of counsel for the Company it is necessary to supplement or
amend such prospectus (or a similar document) to comply with law, and at the request of any such Holder promptly prepare and furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such prospectus (or a similar
document) as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus (or a similar document) shall not include an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made or such prospectus (or a similar document), as supplemented or amended, shall comply with law; 

(l) use its reasonable efforts to prevent the issuance of any stop order suspending the effectiveness of any Registration Statement or of any
order preventing or suspending the use of any preliminary or final prospectus (or a similar document), and, if such order is issued, to obtain the withdrawal of any such order as soon as practicable; 

(m) furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to this Agreement, on the date that such
Registrable Securities are delivered for sale in connection with a registration pursuant to this Agreement, (A) an opinion, dated the date of the sale, of the counsel representing the Company for the purposes of the registration, in form and
substance as is customarily given to underwriters in an underwritten public offering; and (B) comfort letters dated as of (x) the effective date of the final registration statement covering such Registrable Securities, and (y) the
closing date of the sale of the Registrable Securities, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten
public offering, addressed to the underwriters; 
 (n) otherwise comply with all applicable rules and regulations of the SEC to the extent
applicable to the applicable Registration Statement and use its commercially reasonable efforts to make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an earnings
statement satisfying the provisions of Section 11(a) of the Securities Act, no later than forty-five (45) days after the end of a twelve (12) month period (or ninety (90) days, if such period is a fiscal year) beginning with the
first month of the Company’s first fiscal quarter commencing after the effective date of such registration statement, which statement shall cover such twelve (12) month period, subject to any proper and necessary extensions; 

  
 19 

 (o) not, without the written consent of the Holders of a majority of the then outstanding
Registrable Securities, make any offer relating to the Equity Securities that would constitute a “free writing prospectus” as defined in Rule 405 promulgated under the Securities Act; 

(p) provide a special legal opinion issued by a qualified counsel, at the cost of the Group Companies, if any special legal opinion is
requested by the Company, the Company’s underwriter or underwriters, or any of their counsels; and 
 (q) take all reasonable action
necessary to list the Registrable Securities on the primary exchange on which the Company’s securities are then traded or, in connection with a Qualified IPO, the primary exchange on which the Company’s securities will be traded. 

In addition, the Company shall ensure that, at all times after any registration statement covering a public offering of securities of the
Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act.

 3.6 Information from Holder. It shall be a condition precedent to the obligations of the Company to take any action pursuant
to this Section 3 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended
method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

3.7 Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or
qualifications pursuant to Section 3, including all registration, filing, and qualification fees; printers’ and accounting fees; and fees and disbursements of counsel for the Company, and fees and disbursements of
counsel of the Initiating Shareholders of up to an aggregate of US$100,000 in connection with any registration, and if requested by the Company, the Company’s underwriter or underwriters, or any of their counsels, the costs and expenses
incurred in connection with any special legal opinion, shall be borne and paid (or reimbursed) by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun
pursuant to Section 3.2 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case 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 of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to
Sections 3.2(a) or 3.2(b), as the case may be; provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company from
that known to the Holders at the time of their request and have withdrawn the request with reasonable 

  
 20 

 
promptness after learning of such information then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant Sections
3.2(a) or 3.2(b). All Selling Expenses relating to Registrable Securities registered pursuant to this Section 3 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities
registered on their behalf. 
 3.8 Delay of Registration. No Holder shall have any right to obtain or seek an injunction
restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 3. 

3.9 Registration-Related Indemnification. If any Registrable Securities are included in a registration statement under this
Section 3: 
 (a) To the extent permitted by Law, the Company will indemnify and hold harmless each selling Holder,
and the partners, members, officers, directors, and shareholder of each such Holder; legal counsel for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls (as defined in
the Securities Act) such Holder or underwriter, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection
with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 3.9(a) shall not
apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent
that they 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 any such Holder, underwriter, controlling Person, or other aforementioned Person expressly
for use in connection with such registration. 
 (b) To the extent permitted by Law, each selling Holder, severally and not jointly, will
indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any) who controls (as defined in the Securities Act) the Company, legal counsel for the Company, any
underwriter (as defined in the Securities Act), 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 selling Holder expressly for use in connection with such registration; and each such
selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses
are incurred; provided, however, that the indemnity agreement contained in this Section 3.9(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected
without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Sections 3.9(b) and
3.9(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

  
 21 

 (c) Promptly after receipt by an indemnified party under this
Section 3.9 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be
made against any indemnifying party under this Section 3.9, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the
indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an
indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such
action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this
Section 3.9, to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that
it may have to any indemnified party otherwise than under this Section 3.9. 
 (d) To provide for just and
equitable contribution to joint liability under the Securities Act in any case in which either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this
Section 3.9 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such
indemnification may not be enforced in such case, notwithstanding the fact that this Section 3.9 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of
any party hereto for which indemnification is provided under this Section 3.9, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may
be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted
in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things,
whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent,
knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering
price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be
entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Section 3.9(d), when combined
with the amounts paid or payable by such Holder pursuant to Section 3.9(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful
misconduct or fraud by such Holder. 

  
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 (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations
of the Company and Holders under this Section 3.9 shall survive the completion of any offering of Registrable Securities in a registration under this Section 3, and otherwise shall survive the
termination of this Agreement. 
 3.10 Reports Under Exchange Act. With a view to making available to the Holders the benefits of SEC
Rule 144 and any comparable provision of any other Applicable Securities Laws that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form F-3 (or any comparable form in any jurisdiction), the Company shall: 
 (a) make and keep available
adequate current public information, as those terms are understood and defined in SEC Rule 144 (or comparable provision, if any, under the Applicable Securities Laws in any jurisdiction where the Company’s securities are listed), at all times
after the effective date of the registration statement filed by the Company for the IPO; 
 (b) use commercially reasonable efforts to file
with the SEC in a timely manner all reports and other documents required of the Company under all Applicable Securities Laws; and 
 (c)
furnish to any Holder, so long as the 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 under all Applicable
Securities Laws (at any time after 90 days after the effective date of the registration statement filed by the Company for the IPO), or at any time after so qualified, that it qualifies as a registrant whose securities may be resold pursuant to Form
F-3 or Form S-3 (or any comparable form under Applicable Securities Laws of any jurisdiction where the Company’s securities are listed); (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 or Form S-3 (or any comparable form under Applicable Securities Laws of any
jurisdiction where the Company’s securities are listed). 
 3.11 Limitations on Subsequent Registration Rights. From and
after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any Equity
Securities of the Company that allow such holder or prospective holder to initiate a demand for registration of any Equity Securities held by such holder or prospective holder. 

  
 23 

 3.12 “Market Stand-off”
Agreement. Each Holder hereby agrees, if so required by the managing underwriter(s), that it will not during the period commencing on the date of the final prospectus (or a similar document) relating to the Company’s IPO and ending
on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days from the date of such final prospectus (or a similar document)) (i) lend, offer, pledge, hypothecate, hedge, sell, make
any short sale of, loan, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Equity
Securities of the Company owned immediately prior to the date of the final prospectus (or a similar document) relating to the Company’s IPO (other than those included in such offering), or (ii) enter into any swap or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of such Equity Securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Equity Securities of the
Company or such other securities, in cash or otherwise; provided, that (x) the forgoing provisions of this Section shall not apply to the sale of any Equity Securities of the Company to an underwriter pursuant to any underwriting
agreement, and shall not be applicable to any Holder unless all directors, officers and all other holders of at least one percent (1%) of the outstanding share capital of the Company (calculated on an
as-converted to Ordinary Share basis) are bound by restrictions at least as restrictive as those applicable to any such Holder pursuant to this Section, (y) this Section shall not apply to a Holder to the
extent that any other Person subject to substantially similar restrictions is released in whole or in part, and (z) the lockup agreements shall permit a Holder to transfer their Registrable Securities to their respective Affiliates so long as
the transferees enter into the same lockup agreement. 
 3.13 Termination of Registration Rights. The right of any Holder to
request registration or inclusion of Registrable Securities in any registration pursuant to Sections 3.2 or 3.3 shall terminate upon the earliest to occur of: 

(a) the closing of a Deemed Liquidation Event; 

(b) such time as Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such Holder’s
Registrable Securities without limitation during a three-month period without registration; and 
 (c) the date that is the fifth anniversary
of the date of closing of a Qualified IPO. 
 4. Preemptive Right. 

4.1 General. The Company hereby grants to each of the Preferred Shareholders (“Rights Holder”) the right of first
refusal to purchase up to all of such Rights Holder’s Pro Rata Share (as defined below) of any New Securities (as defined below), and the right to oversubscribe if any other Rights Holder elects not to purchase its Pro Rata Share of such New
Securities, at the same price and subject to the same terms and conditions as offered to the other purchaser(s) (the “Preemptive Right”). 

  
 24 

 4.2 Pro Rata Share. A Rights Holder’s “Pro Rata Share”
for purposes of the Preemptive Right shall be equal to (i) the total number of the New Securities, multiplied by (ii) a fraction, the numerator of which shall be the aggregate number of Ordinary Shares (calculated on an as-converted but otherwise non-diluted basis) held by such Rights Holder and the denominator of which shall be the total number of Ordinary Shares (calculated on an as-converted but otherwise non-diluted basis) then outstanding in each case immediately prior to the issuance of New Securities giving rise to the Preemptive Right. 

4.3 New Securities. For purposes hereof, “New Securities” shall mean any Equity Securities of the Company issued from
time to time after the date hereof, EXCEPT FOR: 
 (a) any Ordinary Shares or Ordinary Share Equivalents issued under the ESOP
approved by the Shareholders and the Board in accordance with this Agreement and the M&AA; 
 (b) any Ordinary Shares or Ordinary Share
Equivalents issued or issuable upon the conversion of the Preferred Shares; 
 (c) any Preferred Shares issued under the Series C Preferred
Share Purchase Agreement; 
 (d) any Equity Securities of the Company issued as a dividend or distribution on any Preferred Shares; 

(e) any Equity Securities of the Company issued in connection with any share split or subdivision, share dividend, reclassification or other
similar event in which all Rights Holders are entitled to participate on a pro rata basis in accordance with their respective shareholding percentages in the Company (calculated on a fully-diluted and
as-converted basis) immediately prior to the consummation of such transaction; 
 (f) any Equity
Securities of the Company issued pursuant to the Qualified IPO; 
 (g) any Series C Preferred Shares issued pursuant to 12.2 (c); and 

(h) any Equity Securities of the Company issued pursuant to the bona fide acquisition of another corporation or entity by the Company by
consolidation, merger, purchase of assets, or other reorganization in which the Company acquires, in a single transaction or series of related transactions, all or substantially all assets of such other corporation or entity, or fifty percent (50%)
or more of the equity ownership or voting power of such other corporation or entity, in any case, provided that the requisite approval for such transaction pursuant to Section 7.2 has been obtained. 

  
 25 

 4.4 Procedures. 

(a) First Participation Notice. In the event that the Company proposes to undertake an issuance of New Securities (in a single
transaction or a series of related transactions), it shall give to each Rights Holder written notice of its intention to issue New Securities (the “First Participation Notice”), describing the amount and type of New Securities, the
price and the general terms upon which the Company proposes to issue such New Securities, and the identity and address of the proposed subscribers or purchasers for such New Securities. Each Rights Holder shall have thirty (30) days from the
date of receipt of any such First Participation Notice (the “First Participation Period”) to agree in writing to purchase up to such Rights Holder’s Pro Rata Share of such New Securities for the price and upon the terms and
conditions specified in the First Participation Notice by giving written notice to the Company and stating therein the quantity of New Securities to be purchased (not to exceed such Rights Holder’s Pro Rata Share). If any Rights Holder fails to
so respond in writing within the First Participation Period, then such Rights Holder shall forfeit the right hereunder to purchase its Pro Rata Share of such New Securities, but shall not be deemed to forfeit any right with respect to any other
issuance of New Securities. 
 (b) Second Participation Notice; Oversubscription. If any Rights Holder fails or declines to exercise
its Preemptive Right in full in accordance with subsection (a) above, the Company shall promptly give notice (the “Second Participation Notice”) to the other Rights Holders who exercised their Preemptive Right in full in
accordance with subsection (a) above (the “Right Participants”) within three (3) Business Days of the expiry of the First Participation Period. Each Right Participant shall have five (5) Business Days from the
date of the Second Participation Notice (the “Second Participation Period”) to notify the Company of its desire to purchase more than its Pro Rata Share of the New Securities, stating the number of the additional New Securities it
proposes to buy (the “Additional Number”). Such notice may be made by telephone if confirmed in writing within two (2) Business Days of the telephone notice. If, as a result thereof, the aggregate Additional Number exceeds the
total number of the remaining New Securities available for purchase, each Right Participant’s Additional Number shall be reduced to the lesser of (x) the Additional Number, and (y) the product obtained by multiplying (i) the
number of the remaining New Securities available for oversubscription by (ii) a fraction, the numerator of which is the number of Ordinary Shares (calculated on an as-converted but otherwise non-diluted basis) held by such oversubscribing Right Participant immediately prior to the exercise of the Preemptive Right and the denominator of which is the total number of Ordinary Shares (calculated on an as-converted but otherwise non-diluted basis) held by all the oversubscribing Right Participants immediately prior to the exercise of the Preemptive Right; provided
that in no event shall any Right Participant’s aggregate shareholding percentage in the Company immediately after such purchase of Additional Number exceeds twenty-five percent (25%) of the total outstanding share capital of the Company. Each
Right Participant shall be obligated to buy such number of New Securities as determined by the Company pursuant to this Section 4.4 and the Company shall so notify the Right Participants within fifteen (15) Business
Days following the date of the Second Participation Notice. 

  
 26 

 4.5 Failure to Exercise. Upon the expiration of the Second Participation
Period, or in the event no Rights Holder exercises the Preemptive Right within the First Participation Period, the Company shall have one hundred (100) days thereafter to sell any New Securities described in the First Participation Notice with
respect to which the Preemptive Right hereunder were not exercised at the same or higher price and upon non-price terms not more favorable to the purchasers thereof than those specified in the First
Participation Notice. In the event that the Company has not issued and sold such New Securities within such one hundred (100) day period, then the Company shall not thereafter issue or sell any New Securities without again first offering such
New Securities to the Rights Holders pursuant to this Section 4. 
 4.6 Assignment to Affiliates. Any
Rights Holder shall be entitled to assign its right to purchase any New Securities pursuant to this

 to any of its Affiliates (which shall not be a Competitor (as defined below) of the Company) upon written notice to the Company, provided that such Affiliate executes a deed of adherence substantially in the form
set out in Exhibit I and becomes a party to, and is bound by, this Agreement. 
 5. Transfer Restrictions. 

5.1 Share Transfer Restriction. 

(a) Subject to this Section 5 hereof, at any time before a Qualified IPO is consummated, (i) without the prior
written approval of the Vast Majority Shareholders, each of the Founder Parties and any employee directly or indirectly owns more than 1% of the total share capital of the Company (each, a “Restricted Holder”) shall not sell,
transfer, assign, pledge, hypothecate or otherwise encumber or dispose of in any way or otherwise grant any interest or right with respect to (“Transfer”), its Equity Securities in the Company, directly or indirectly, now or
hereafter, owned or held by it; and (ii) without the prior written approval of the Founder Parties, Shanghai Minhui shall not Transfer its Equity Securities in the Company, directly or indirectly, now or hereafter, owned or held by it. The
Restricted Holder and all other Ordinary and Preferred Shareholders shall not, in any way, Transfer its Equity Securities in the Company, directly or indirectly, now or hereafter, owned or held by it to any Competitor (as defined below) without the
consent of the Company. 
 (b) Notwithstanding any other provision of this Agreement, no Transfer of Equity Securities in the Company may be
made by any Restricted Holder, Ordinary and Preferred Shareholders unless (a) the transferee has agreed in writing to be bound by the terms and conditions of this Agreement pursuant to a deed of adherence substantially in the form of Exhibit
I and (b) the Transfer complies with all respects with applicable securities laws, including the inclusion of any required legend covering applicable securities laws on certificates Transferred or newly issued in respect of such Equity
Securities. 
 (c) Any Transfer of Equity Securities of the Company not made in compliance with this Agreement and other Transaction
Documents (as applicable) shall be null and void as against the Company, shall not be recorded on the books of the Company and shall not be recognized by the Company or any other Party. 

(d) Each of the Restricted Holders and Shanghai Minhui agrees not to circumvent or otherwise avoid the transfer restrictions or intent thereof
set forth in this Agreement, whether by holding the Equity Securities of the Company indirectly through another Person or by causing or effecting, directly or indirectly, the Transfer or issuance of any Equity

  
 27 

 
Securities by any such Person, or otherwise. Each Restricted Holder furthermore agrees that, so long as any of the Founder Parties is bound by this Agreement, the Transfer, sale or issuance of
any Equity Securities held by ESOP Holdco without the prior approval of the Vast Majority Shareholders and the Board shall be prohibited, and each such Restricted Holder agrees not to make, cause or permit any Transfer, sale or issuance of any
Equity Securities held by ESOP Holdco without the prior approval of the Vast Majority Shareholders and the Board. Any purported Transfer, sale or issuance of any Equity Securities held by ESOP Holdco in contravention of this Agreement shall be void
and ineffective for any and all purposes and shall not confer on any transferee or purported transferee any rights whatsoever, and no Party (including without limitation, any of the Founder Parties) shall recognize any such Transfer, sale or
issuance. Notwithstanding the foregoing, the above restrictions on Transfer, sale or issuance of Equity Securities held by ESOP Holdco shall not apply to the implementation of the ESOP approved pursuant to
Section 1.1(a)(j). 
 (e) In order to ensure compliance with the terms of this Agreement and other
Transaction Documents (as applicable), the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and, if the Company acts as transfer agent for its own securities, it may make appropriate notations to
the same effect in its own records. 
 5.2 Rights of First Refusal. 

(a) Transfer Notice. If any Ordinary Shareholder (a “Transferor”) proposes to Transfer all or a portion of its
Equity Securities, held directly or indirectly, of the Company or any interest therein to any third parties, then the Transferor shall give the Company and each of the Preferred Shareholders a written notice of the Transferor’s intention to
make the Transfer (the “Transfer Notice”), which shall include (i) a description of the Equity Securities to be Transferred (the “Offered Shares”), (ii) the identity and address of the prospective transferee
and (iii) the consideration and the material terms and conditions upon which the proposed Transfer is to be made. The Transfer Notice shall also certify that the Transferor has received a definitive offer from the prospective transferee and in
good faith believes a binding agreement for the Transfer is obtainable on the terms set forth in the Transfer Notice. The Transfer Notice shall also include a copy of any written proposal, term sheet or letter of intent or other agreement relating
to the proposed Transfer. 
 (b) Option of the ROFR Shareholders. 

The Preferred Shareholders (each, individually, a “ROFR Shareholder”, and collectively, the “ROFR
Shareholders”) shall have an option for a period of thirty (30) Days following receipt of the Transfer Notice (the “Option Period”) to determine whether to elect to purchase all or a portion of its respective Pro Rata
Share of the Offered Shares, at the same price and subject to the same terms and conditions as described in the Transfer Notice, exercisable by written notice to the Transferor and the Company before expiration of the Option Period. 

If any ROFR Shareholder fails or declines to exercise its right of first refusal in accordance with the above, the Transferor shall promptly
give notice (the “Second Transfer Notice”) to the ROFR Purchasers electing to fully purchase all of its Pro Rata Share of the Offered Shares (the “Over-Exercising Shareholders”). Each Over-Exercising
Shareholder shall 

  
 28 

 
have five (5) Business Days from the date of the Second Transfer Notice to notify the Transferor of its desire to purchase more than its Pro Rata Share of the Offered Shares, stating the
number of the additional Offered Shares it proposes to purchase (the “Additional Offered Shares”). Such notice may be made by telephone if confirmed in writing within two (2) Business Days of the telephone notice. If, as a
result thereof, such over-exercising exceeds the total number of the remaining Offered Shares available for purchase, each Over-Exercising Shareholder will be cut back with respect to its over-exercising to such number of remaining Offered Shares
equal to the lesser of (x) the Additional Offered Shares and (y) the product obtained by multiplying (i) the number of the remaining Offered Shares available for purchase by (ii) a fraction, the numerator of which is the number
of Ordinary Shares held by such Over-Exercising Shareholder (calculated on an as-converted but otherwise non-diluted basis) and the denominator of which is the total
number of Ordinary Shares held by all the Over-Exercising Shareholders (calculated on an as-converted but otherwise non-diluted basis); provided that in no event
shall any Over-Exercising Shareholder’s aggregate shareholding percentage in the Company immediately after such purchase of Additional Offered Shares exceed twenty-five percent (25%) of the total
outstanding share capital of the Company. 
 A ROFR Shareholder’s “Pro Rata Share” of such Offered Shares shall be
equal to (i) the total number of such Offered Shares, multiplied by (ii) a fraction, the numerator of which shall be the aggregate number of Ordinary Shares (calculated on an as-converted but
otherwise non-diluted basis) held by such ROFR Shareholder on the date of the Transfer Notice and the denominator of which shall be the total number of Ordinary Shares (calculated on an as-converted but otherwise non-diluted basis) held by all ROFR Shareholders on such date. 

Subject to applicable securities Laws, each ROFR Shareholder who elects to exercise its right of first refusal in whole or in part pursuant to
this Section 5.2 (the “Exercising Shareholder”) shall be entitled to apportion Offered Shares to be purchased among its Affiliates (which shall not be the Competitor (as defined below) of the Company),
provided that such Exercising Shareholder notifies the Transferor in writing in advance and such Affiliates shall execute and deliver such documents (including a deed of adherence substantially in the form set out in Exhibit I) and
take such other actions as may be necessary for such Affiliates to join in and be bound by the terms of this Agreement and other Transaction Documents (as applicable) as a “Preferred Shareholder” (as the case may be, and if not already a
Party hereto) upon and after such Transfer. 
 5.3 Right of Co-Sale. 

(a) To the extent any of the ROFR Shareholders does not exercise its right of first refusal as to any of its Pro Rata Share of the Offered
Shares proposed to be sold by the Transferor to the other third party transferee identified in the Transfer Notice, the Transferor shall promptly give written notice (the “Co-Sale Notice”)
thereof to each such ROFR Shareholder not exercising its right of first refusal pursuant to Section 5.2 (each, a “CSR Shareholder”), specifying the total number of the Offered Shares in the Transfer (the
“Co-Sale Shares”), including both Equity Securities to be Transferred to the third party transferee and Equity Securities to be Transferred to the Exercising Shareholders. Each CSR Shareholder
shall have the right to participate in such sale to the third party transferee and/or Exercising Shareholders identified in the Transfer Notice of the Co-Sale Shares, on the same terms and

  
 29 

 
conditions as specified in the Transfer Notice (but in no event less favorable than the terms and conditions offered to the Transferor) by notifying the Transferor in writing within fifteen
(15) Days following the date of the Co-Sale Notice. Such CSR Shareholder’s notice to the Transferor shall set forth the number of Preferred Shares (on both an absolute and as-converted to Ordinary Shares basis) that such CSR Shareholder wishes to include in such sale or transfer, which amount shall not exceed the Co-Sale Pro Rata Portion (as
defined below) of such CSR Shareholder. To the extent one or more ROFR Shareholders exercise such right of co-sale, the number of Offered Shares that the Transferor may sell in the Transfer to the third-party
transferee and/or Exercising Shareholders identified in the Transfer Notice shall be correspondingly reduced. If the proposed transferee or Exercising Shareholder in any Transfer of the Offered Shares refuses to purchase from any CSR Shareholder
electing to participate in such sale, the Transferor shall not consummate such Transfer of the Offered Shares to such proposed transferee or Exercising Shareholder. 

(b) Co-Sale Pro Rata Portion. The total number of Equity Securities that each CSR Shareholder
may elect to sell shall be equal to the product of (i) the aggregate number of the Co-Sale Shares, multiplied by (ii) a fraction, the numerator of which is the number of Ordinary Shares (calculated
on an as-converted but otherwise non-diluted basis) owned by such CSR Shareholder on the date of the Transfer Notice and the denominator of which is the total number of
Ordinary Shares (calculated on an as-converted but otherwise non-diluted basis) held by all CSR Shareholders and the selling Transferor immediately on the date of the
Transfer Notice (the “Co-Sale Pro Rata Portion”). 
 (c) If any Transferor Transfers
all or a portion of its Equity Securities of the Company not in compliance with the terms set forth in Section 5.3, CSR Shareholders is entitled to transfer its Co-Sale Shares to the
Transferor in default and the Transferor in default shall purchase such Co-Sale Shares upon the terms and conditions specified in the Transfer Notice. 

5.4 Non-Exercise of Rights. 

In the event that the ROFR Shareholders: (i) do not elect to purchase the Offered Shares in accordance with
Section 5.2, and (ii) do not exercise their rights to participate in the sale of Offered Shares in accordance with Section 5.3, and/or expressly notify the Transferor that they do not intend
to excise such aforementioned rights within thirty (30) Days after receiving the Transfer Notice, the Transferor may, no later than one hundred (100) days following the expiration of the Option Period, transfer the Offered Shares to the
transferee identified in the Transfer Notice upon the terms and conditions specified in the Transfer Notice, and shall deliver a sealed copy of such Transfer agreement to the ROFR Shareholders with fifteen (15) days after the execution thereof.
Any proposed transfer on terms and conditions which are materially different from those described in the Transfer Notice, as well as any subsequent proposed transfer of any Ordinary Shares by the Transferor, shall again be subject to the right of
first refusal and the co-sale right of the ROFR Shareholders and shall require compliance by the Transferor with the procedures described in Section 5 of this Agreement. 

  
 30 

 5.5 Exempt Transfers 

Notwithstanding anything to the contrary contained herein, the transfer restrictions under this Section 5.1 to
5.4 shall not apply to (i) transfer of any Equity Securities now or hereafter held by any Founder Party/Ordinary Shareholder to any entity wholly held by such Person, (ii) transfer of any Equity Securities pursuant to the ESOP, and
(iii) transfer of the Equity Securities directly or indirectly held by any Founder Party to the children or spouse of such Person, or to trusts for the benefit of such Persons, for bona fide estate planning purposes. 

5.6 Preferred Shareholders’ Transfer 

(a) Notwithstanding anything to the contrary in this Agreement and other Transaction Documents, each Shareholder agrees that, without the prior
written consent of the Company, it shall not transfer or sell any Equity Security or any rights/interests under the Transaction Documents held by it to any Competitor of the Group Companies. For the purpose of this Agreement, a
“Competitor” of the Group Companies means the entities engaging in any drug discovery and development program that has the same drug target as any of the Company’s three most advanced programs among the five drug candidates
nominated by the Company. 
 (b) Except as otherwise provided under this Agreement or applicable Laws, the Preferred Shareholders may
Transfer its interest in the Equity Securities of the Company to any third parties, free of any restrictions. 
 (c) Each party agrees that
in the event any Preferred Shareholder Transfers all or any portion of its interest of Equity Securities in the Company, the privileges or preferred rights entitled by the Preferred Shareholders shall also transfer to the transferee accordingly,
provided however that the transferee shall commit to take all obligations the Preferred Shareholder bears under Transaction Documents, including the Charter Documents. 

5.7 Accession by permitted transferees 

Each permitted transferee of Shares under this Section 5 (if not already a Party hereto) shall execute and deliver
such documents and take such other actions as may be necessary for such permitted transferee to join in and be bound by the terms of this Agreement and other Transaction Documents (as applicable) upon and after such transfer. 

6. Drag-Along Right. 
 6.1
Approval and Drag Notice. Notwithstanding anything to the contrary contained herein, if Series B Lead Investor or RA Capital (the “Drag Holder”) proposes a Trade Sale (a “Drag-Along Sale”) of the Company
to any bona fide Person (the “Offeror”) and such Drag-Along Sale has been approved by the Board, the Majority Ordinary Shareholders, the Majority Series C Shareholders, the Majority Series B
Shareholders and the Majority Series A Shareholders, (a) each Group Company shall, and each Shareholder shall procure each Group Company to, promptly obtain all necessary approvals, consents and waivers as the Drag Holder and/or the Offeror may
reasonably require in connection with the consummation of such Drag-Along Sale, including without limitation any necessary third party consent for effecting a change in control of any Group Company in
consequence of such Drag-Along Sale that would 

  
 31 

 
otherwise be restricted under any Contracts to which any Group Company is a party or is bound thereunder; and (b) the Company shall promptly deliver a written notice (the “Drag
Notice”) to notify each other Shareholder (“Other Shareholders”) of such approval and the material terms and conditions of such proposed Drag-Along Sale, whereupon each such Other Shareholder shall, in accordance with
instructions received from the Company at the direction of the Drag Holder: 
 (a) sell, at the same time and on the same terms and
conditions as the Drag Holder sell to the Offeror, all of its Equity Securities of the Company or the same percentage of its Equity Securities of the Company as the Drag Holder sell; 

(b) vote all of its Equity Securities of the Company, and cause the director(s) appointed by it to the board of directors (or similar governing
body) of any Group Company pursuant to Section 8.1 to vote at the relevant board meetings of such Group Company, (i) in favor of such Drag-Along Sale, (ii) against any other consolidation, recapitalization,
amalgamation, merger, sale of securities, sale of assets, business combination, or transaction that would interfere with, delay, restrict, or otherwise adversely affect such Drag-Along Sale, and (iii) against any action or agreement that would
result in a breach of any covenant, representation or warranty or any other obligation or agreement of the Company under the definitive agreement(s) related to such Drag-Along Sale or that could result in any of the conditions to the closing
obligations under such agreement(s) not being fulfilled, and, in connection therewith, to be present (in person or by proxy) at all relevant meetings of the shareholders of the Company (or adjournments thereof) or to approve and execute all relevant
written consents in lieu of a meeting; 
 (c) not exercise any dissenters’ or appraisal rights under applicable Laws with respect to
such Drag-Along Sale; and 
 (d) take all necessary actions in connection with the consummation of such Drag-Along Sale as reasonably
requested by the Drag Holder, including but not limited to the execution and delivery of any share transfer or other agreements prepared in connection with such Drag-Along Sale, and the delivery of any share certificates. 

6.2 Other Terms of Drag-Along Sale. In any Drag-Along Sale, (i) each Shareholder shall bear a proportionate share (based upon the
relative proceeds received in such transaction) of the Drag Holder’s reasonable expenses incurred in the transaction, including, without limitation, legal and accounting fees and expenses, and (ii) each Shareholder shall severally, not
jointly, join on a pro rata basis (based upon the relative proceeds received in such transaction) in any indemnification or other obligations that are part of the terms and conditions of such Drag-Along Sale (other than those that relate
specifically to a particular Shareholder, such as indemnification with respect to representations and warranties given by such Shareholder regarding such Shareholder’s title to and ownership of shares, due authorization, enforceability, and no
conflicts, which shall instead be given solely by such Shareholder) but only up to the net proceeds paid to such Shareholder in connection with such Drag-Along Sale. Without limiting the foregoing sentence, no Shareholder who is not an employee or
officer or controlling shareholder of a Group Company shall be required to make any representations or warranties other than with respect to itself (including due authorization, title to shares, enforceability of applicable agreements, and similar
representations and warranties). For the avoidance of doubt, all proceeds generated from such Drag-Along Sale shall be distributed among the Shareholders in accordance with Section 10. 

  
 32 

 6.3 Irrevocable Power of Attorney and Proxy. In the event that any Other
Shareholder refuses to or fails to take any of the foregoing actions under Section 6.1, such Other Shareholder hereby grants to the Drag Holder an irrevocable proxy to vote such Other Shareholder’s Equity Securities of
the Company, and to execute and deliver any and all written resolutions or consents of shareholders for and on behalf of such Other Shareholder, in accordance with such Other Shareholder’s agreements in this Section 6
and a power of attorney to execute and deliver in the name and on behalf of such Other Shareholder all such agreements, instruments and other documentation (including any written resolutions or consents of shareholders) as is required to sell the
Equity Securities of the Company held by such Other Shareholder to the Offeror in accordance with this Section 6. 

6.4 Drag-along Provisions to Control. For the avoidance of doubt, if and to the extent that there are inconsistencies between
this Section 6 and any other provisions of this Agreement, the terms of this Section 6 shall prevail and control as regards the Parties. 

7. Voting Rights and Reserved Matters. 

7.1 Voting Right. (i) Each holder of Ordinary Shares shall be entitled to one (1) vote for each issued and outstanding
Ordinary Share held by such holder of Ordinary Shares, and (ii) each holder of Preferred Shares shall be entitled to votes equal to the number of votes attaching to the number of Ordinary Shares to which such Preferred Shares held by such
holder could be converted. The Preferred Shareholders shall vote together with the other Shareholders and not as a separate class except as otherwise provided in this Agreement and the Charter Documents of the Company. 

7.2 Matters Requiring Approval of the Majority Ordinary Shareholders, Majority Series C Shareholders, Majority Series B Shareholders and
Majority Series A Shareholders. Regardless of anything else contained herein or in the Charter Documents of any Group Company, to the extent permissible under applicable Laws, no Group Company shall take, permit to occur, approve, authorize, or
agree or commit to do any of the following, and each Party shall procure each Group Company not to, and the Shareholders shall procure the Company not to, take, permit to occur, approve, authorize, or agree or commit to do any of the following,
whether in a single transaction or a series of related transactions, whether directly or indirectly, and whether or not by amendment, merger, consolidation, scheme of arrangement, amalgamation, or otherwise, unless approved in writing by the
Majority Ordinary Shareholders, the Majority Series C Shareholders, the Majority Series B Shareholders and the Majority Series A Shareholders in advance: 

(a) make any alteration or amendment to this Agreement or the M&AA and/or Charter Documents of the Company or any other Group Companies,
except for amendments for the purpose of performing the transactions contemplated under the Transaction Documents; 

  
 33 

 (b) (A) create, issue, allot, increase, reduce or cancel the authorized or issued share
capital of the Company and/or any other Group Company, or any Equity Securities of any Group Company convertible into, exchangeable for, or exercisable into any Equity Securities of any Group Company, or (B) purchase, repurchase, redeem or
retire any Equity Securities of any Group Company or securities convertible or exchangeable into or carrying a right of subscription in respect of shares or any share warrants or grant or issue any options, rights or warrants which may require the
issue of shares in the future, other than (i) the purchase, repurchase or redemption of the Equity Securities by the Company from terminated employees, officers or consultants in accordance with the ESOP and (ii) the purchase, repurchase
or redemption of any Equity Securities of any Group Company as permitted under this Agreement or the other Transaction Documents, and in circumstances of (A) and (B) above, except for any of the foregoing matters solely between any Group
Company and its wholly-owned Subsidiary, or (C) do any act which has the effect of diluting or reducing the effective shareholding of any series of the Preferred Shareholders in the Company (including increasing shares reserved under ESOP other
than what has been agreed in the Transaction Documents); 
 (c) pass any resolution approving dissolution of any Group Companies, any
combination, reorganization or liquidation or application for appointment of receiver, bankruptcy trustee, manager, judicial administrator or likewise, including the commencement of or consent to any proceeding seeking (i) to adjudicate any
Group Company as bankrupt or insolvent, (ii) liquidation, winding up, dissolution, reorganization, termination or arrangement of any of the Group Companies under any Law relating to bankruptcy, insolvency or reorganization or relief of debtors,
or (iii) the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property; 

(d) take or permit any action that reclassifies any outstanding Shares into shares having rights, preferences, privileges or powers senior to
or on a parity with any of the Preferred Shares, whether as to liquidation, conversion, dividend, voting, redemption or otherwise; or any amendment, change, restrict or cancel of the rights, preferences, privileges or powers of the Preferred Shares;

 (e) any public offering of any Equity Securities of any Group Company (including appointment or change of underwriters, auditors or legal
counsels, and the determination of the time, valuation, stock exchange, or venue therefor); 
 (f) effect any merger or consolidation or any
other Deemed Liquidation Event. 
 For the avoidance of doubt, for any matters aforementioned within the power of the Board, it shall be
further approved by the Board. 
 7.3 Matters Requiring Approval of Investor Directors. Regardless of anything else contained
herein or in the Charter Documents of any Group Company, to the extent permissible under applicable Laws, no Group Company shall take, permit to occur, approve, authorize, or agree or commit to do any of the following, and each Party shall procure
each Group Company not to, and the Shareholders shall procure the Company not to, take, permit to occur, approve, authorize, or agree or commit to do any of the following, whether in a single transaction or a

  
 34 

 
series of related transactions, whether directly or indirectly, and whether or not by amendment, merger, consolidation, scheme of arrangement, amalgamation, or otherwise, unless approved in
advance in writing by a majority of the votes of the directors of the Company, including the affirmative votes of the Investor Directors: 

(a) sell, transfer, assign, mortgage, pledge, lease or otherwise dispose any legal and/or beneficial interests in itself, or in any other
entity, or all or substantially all goodwill or material assets (including any Intellectual Property rights) of any Group Company in excess of USD$1,000,000; 

(b) make loan directly or indirectly, or provide any guarantee or compensation for any director or senior manager of any Group Company in
excess of RMB1,000,000, whether individually or through a series of transactions; 
 (c) any loan from banks or other financial institutions
in excess of USD$1,000,000, or issuance of indentures or bonds pledged by assets of the Company or any other Group Companies, except those in the ordinary course of business consistent with its past practice or within the approved annual budget;

 (d) purchase or lease any real estate in excess of USD$1,000,000, except those in the ordinary course of business consistent with its past
practice or within the approved annual budget; 
 (e) formulate or amend any annual business plan, any annual budget or final settlement of
the Group Companies (on a consolidated basis); 
 (f) terminate or materially change the Primary Business of the Group Companies (including
its nature and scope) or any material portion of the business of any Group Company; 
 (g) any declaration, set aside or payment of a
dividend or other form of distribution (regardless of whether such dividend or distribution is interim or final), capitalization of reserves or other distribution by any Group Company or the adoption of, or any change to, the dividend policy of any
Group Company, except for any distribution solely between the Group Companies; 
 (h) any transaction for transferring or licensing of
Intellectual Property (whether as licensor, licensee, sub-licensor, sub-licensee, or in other capacities), except those in the ordinary course of business consistent
with its past practice; 
 (i) appointment or change of auditors of any Group Company or change of the Company’s accounting policy or
fiscal year; 
 (j) approve, change or amend the terms of ESOP (for the avoidance of doubt, not including the implementation of the approved
ESOP); 

  
 35 

 (k) any transfer of cash of assets worth of more than US$2,000,000 among the Group Companies
or their Affiliates, except those in the ordinary course of business consistent with its past practice or within the approved annual budget; 

(l) appointment of general manager, CFO, or COO regardless of the compensation level for any of them, or appointment of any other employee
whose total annual cash compensation (base salary and bonus) is more than US$500,000; 
 (m) any action by a Group Company to agree,
authorize, approve, enter into, commit to or effect any agreement or obligation with respect to any action listed above. 
 8. Corporate
Governance. 
 8.1 Board of Directors. The Company shall have, and the Parties hereto agree to cause the Company to have, a Board
consisting of seven (7) Directors, with the composition of the Board as follows: (i) the Founders shall be exclusively entitled to designate, appoint, remove, replace and reappoint four (4) Directors (the “Founder
Directors”); (ii) for so long as Qiming directly or indirectly holds no less than seven percent (7%) of the outstanding share capital of the Company (on a fully diluted and as-converted basis), Qiming
shall be exclusively entitled to designate, appoint, remove, replace and reappoint one (1) Director (the “Series A Director”); (iii) for so long as Advantech Capital directly or indirectly holds no less than seven percent
(7%) of the outstanding share capital of the Company (on a fully diluted and as-converted basis), Advantech Capital shall be exclusively entitled to designate, appoint, remove, replace and reappoint one
(1) Director (the “Series B Director”), and (iv) for so long as RA Capital directly or indirectly holds no less than seven percent (7%) of the outstanding share capital of the Company (on a fully diluted and as-converted basis), RA Capital shall be exclusively entitled to designate, appoint, remove, replace and reappoint one (1) Director (the “Series C Director”, together with the Series A Director
and Series B Director, collectively the “Investor Directors”). At the request of Series B Lead Investor or RA Capital, the Company agrees to take such action, and each Party agrees to take such action, to the extent within its
power, to cause the Connect Suzhou and Connect US to have (i) a board of directors or similar governing body (the “Subsidiary Board”); (ii) the authorized size of each Subsidiary Board shall at all times be the same as the size
of the Board; (iii) the composition of each Subsidiary Board shall at all times consist of the same persons as those designated to serve on the Board pursuant to this Section 8.1; and (iv) the quorum for meeting
of each Subsidiary Board shall at all times be the same as that required for a meeting of the Board pursuant to Section 8.3. 

8.2 Voting Arrangements. 

(a) With respect to each election of Directors of the Board, each holder of voting securities of the Company shall vote at each meeting of
shareholders of the Company, or in lieu of any such meeting shall give such holder’s written consent with respect to, as the case may be, all of such holder’s voting securities of the Company as may be necessary (i) to keep the
authorized size of the Board at seven (7) Directors, (ii) to cause the election or re-election as members of the Board, and during such period to continue in office, each of the individuals designated
pursuant to Section 8.1, and (iii) against any nominees not designated pursuant to Section 8.1. 

  
 36 

 (b) Any Director designated pursuant to Section 8.1 may be removed
from the Board, either for or without cause, only upon the vote or written consent of the Person or group of Persons then entitled to designate such Director pursuant to Section 8.1, and the Parties agree not to seek, vote
for or otherwise effect the removal of any such Director without such vote or written consent. Any Person or group of Persons then entitled to designate any individual to be elected as a Director on the Board shall have the exclusive right at any
time or from time to time to remove any such Director occupying such position and to fill any vacancy caused by the death, disability, retirement, resignation or removal of any Director occupying such position or any other vacancy therein, and each
other Party agrees to cooperate with such Person or group of Persons in connection with the exercise of such right to update the register of directors of the Company within ten (10) Business Days upon receipt of the written notification from
the Person or group of Persons then entitled to designate such Director. Each holder of voting securities of the Company agrees to always vote such holder’s respective voting securities of the Company at a meeting of the members of the Company
(and given written consents in lieu thereof) in support of the foregoing. 
 (c) Upon a removal or replacement of any director from the Board
in accordance with Section 8.1, the Company agrees to take such action, and each other Party hereto agrees to take such action, as is necessary to cause the removal of such director from each Subsidiary Board. 

8.3 Quorum. The Board shall hold no less than one (1) board meeting every quarter, unless otherwise agreed by an affirmative vote
of the majority of the Directors, at the time and in a location agreed to by a majority of the Directors or through telephone or video conference. A meeting of the Board shall only proceed where there are present (whether in person or by means of a
conference telephone or any other equipment which allows all participants in the meeting to speak to and hear each other simultaneously) at least two-third (2/3) of the number of Directors of the Company then
in office, provided that such Directors shall include the Investor Directors and Founder Directors, and the Parties shall cause the foregoing to be the quorum requirements for the Board. In the event any Board meeting is not quorate, such
Board meeting should be adjourned in accordance with the requirements of the M&AA. Unless otherwise provided herein, resolutions of the Board can be passed only upon affirmative votes of a simple majority of all the votes held by all the
Directors then in office. Each Director shall be entitled to one (1) vote; provided that each Founder, as the Director, shall be entitled to two (2) or more votes that can ensure the Founder Parties to control the majority votes of
the Board. 
 8.4 Chairman of the Board. The Chairman of Board shall be the director appointed by the Founder Parties. 

8.5 CEO and CFO. The CEO shall be nominated by the Founder Parties and appointed or discharged by the Board. The CFO shall be
nominated by any Founder Party or holder of Preferred Shares and appointed or discharged by the Board. Management officers except for CEO and CFO shall be nominated by the CEO, and appointed or discharged by the Board. 

8.6 Committee of the Board. Series B Director and Series C Director shall be members of any committee set up by the Board. 

  
 37 

 8.7 D&O Insurance and Indemnification. The Company shall purchase and
maintain Directors’ and Officers’ insurance covering each Director and term “key-person” insurance on the Founders, on commercially reasonable and customary terms that are in form and
substance satisfactory to the Investor Directors and covering an amount approved by the Board. The key-person policy shall name the Company as loss payee, and neither policy shall be cancelable by the Company
without prior approval by the Board. Each of the Founders hereby covenants and agrees that, to the extent he is named under such key-person policy, he will execute and deliver to the Company, as reasonably
requested, a written notice and consent form with respect to such policy. Each Group Company shall, jointly and severally, indemnify and hold harmless each Director and his or her alternate, to the fullest extent permissible by applicable Law, from
and against all liabilities, damages, actions, suits, proceedings, claims, costs, charges and expenses suffered or incurred by or brought or made against such Director or his or her alternate as a result of any act, matter or thing done or omitted
to be done by him or her (other than acts, matters or things done or omitted that constitute actual fraud or willful default) in the course of acting as a Director or alternate Director, as applicable, of the Company or any other Group Company. 

9. Redemption. 
 9.1 Redemption
Right. 
 In the event that (i) the Company fails to consummate a Qualified IPO on or before December 31, 2024 (the
“Target QIPO Date”, such Target QIPO Date shall be postponed reasonably if any Force Majeure Event adversely affects the process of the QIPO of the Company and the postponement arising therefrom is agreed by all the Parties
(including the Preferred Shareholders)); (ii) the Company or any of the Founder Parties or the other Group Companies materially breaches its or his representations, warranties, covenants or obligations under any Transaction Document; or
(iii) any holder of any other series of Preferred Shares is entitled to request a redemption of any of its Shares (each such event, a “Redemption Event”), upon the occurrence of any Redemption Event, 

(a) with the written consent of the holder(s) of more than fifty percent (50%) of the voting power of the aggregate number of the issued and
outstanding Series C Preferred Shares, at the written request of any holder of the Series C Preferred Shares which shall be delivered to the Company (the “Series C Redemption Request”), the Company shall redeem the issued and
outstanding Series C Preferred Shares held by such holder of the Series C Preferred Shares and required to be redeemed by the Company pursuant to such Series C Redemption Request, out of funds legally available therefor including the capital. The
redemption price for each issued and outstanding Series C Preferred Share redeemed pursuant to this Section 9 (the “Series C Redemption Price”) shall be the amount equal to the sum of (x) an amount
that would give an internal rate of return that equals to eight percent (8%) per annum on such Series C Preferred Share in respect of the Series C Issue Price, calculated for a period of time commencing from the Series C Issue Date and ending on the
date that the Series C Redemption Price is paid in full by the Company in respect of all of the Series C Preferred Shares held by such holder and requested to be redeemed, and (y) any declared but unpaid dividends thereupon. The Company shall
pay the Series C Redemption Price for each Series C Preferred Share to be redeemed and complete the corporate procedures for redemption on a date no later than three (3) months after the date of the Series C Redemption Request. 

  
 38 

 (b) with the written consent of Advantech Capital, at the written request of any holder of
the Series B Preferred Shares which shall be delivered to the Company (the “Series B Redemption Request”), the Company shall redeem the issued and outstanding Series B Preferred Shares held by such holder of the Series B Preferred
Shares and required to be redeemed by the Company pursuant to such Series B Redemption Request, out of funds legally available therefor including the capital; provided that (i) all Series C Preferred Shares that have been elected to be
redeemed following the occurrence of any Redemption Event, are redeemed and paid in full by the Company in priority to the redemption of any Series B Preferred Shares requested to be redeemed, or (ii) all holders of the Series C Preferred
Shares have elected not to exercise their respective right to the redemption of the Series C Preferred Shares in writing, whichever is earlier. The redemption price for each issued and outstanding Series B Preferred Share redeemed pursuant to this
Section 9 (the “Series B Redemption Price”) shall be the amount equal to the sum of (x) an amount that would give an internal rate of return that equals to eight percent (8%) per annum on such Series B
Preferred Share in respect of the Series B Issue Price, calculated for a period of time commencing from the Series B Issue Date and ending on the date that the Series B Redemption Price is paid in full by the Company in respect of all of the Series
B Preferred Shares held by such holder and requested to be redeemed, and (y) any declared but unpaid dividends thereupon. The Company shall pay the Series B Redemption Price for each Series B Preferred Share to be redeemed and complete the
corporate procedures for redemption on a date no later than three (3) months after the date of the Series B Redemption Request. 
 (c)
with the written consent of the holder(s) of more than fifty percent (50%) of the voting power of the aggregate number of the issued and outstanding Series A Preferred Shares, at the written request of any holder of the Series A Preferred Shares
which shall be delivered to the Company (the “Series A Redemption Request”), the Company shall redeem the issued and outstanding Series A Preferred Shares held by such holder of the Series A Preferred Shares and required to be
redeemed by the Company pursuant to such Series A Redemption Request, out of funds legally available therefor including the capital; provided that (i) all Series B Preferred Shares that have been elected to be redeemed following the
occurrence of any Redemption Event, are redeemed and paid in full by the Company in priority to the redemption of any Series A Preferred Shares requested to be redeemed, or (ii) all holders of the Series B Preferred Shares have elected not to
exercise their respective right to the redemption of the Series B Preferred Shares in writing, whichever is earlier. The redemption price for each issued and outstanding Series A Preferred Share redeemed pursuant to this
Section 9 (the “Series A Redemption Price”) shall be the amount equal to 150% of the Series A Issue Price and any declared but unpaid dividends thereupon. The Company shall pay the Series A Redemption Price
for each Series A Preferred Share to be redeemed and complete the corporate procedures for redemption on a date no later than three (3) months after the date of the Series A Redemption Request. 

  
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 9.2 Insufficient Funds. 

(a) If the Company’s assets or funds which are legally available (the “Available Fund”) are insufficient to permit the
payment of the Series C Redemption Price in full in respect of each issued and outstanding Preferred Share, (i) the Available Fund shall first be used to the extent permitted by applicable Law to pay all Series C Redemption Price due on such
date on the Series C Preferred Shares in proportion to the full amounts to which the holders to which such redemption payments are due would otherwise be respectively entitled thereon, and (ii) after the payment of the Series C Redemption
Price, the Available Fund shall be used to the extent permitted by applicable Law to pay all Series B Redemption Price due on such date on the Series B Preferred Shares in proportion to the full amounts to which the holders to which such redemption
payments are due would otherwise be respectively entitled thereon, and (iii) after the payment of the Series C Redemption and Series B Redemption Price, the Available Fund shall be used to the extent permitted by applicable Law to pay all
Series A Redemption Price due on such date on the Series A Preferred Shares in proportion to the full amounts to which the holders to which such redemption payments are due would otherwise be respectively entitled thereon. In the case above, before
the full Series C Redemption Price, Series B Redemption Price and Series A Redemption Price has been paid in respect of all redeeming issued Preferred Shares, the redemption shall not be deemed to have been consummated in respect of any issued
Preferred Share requested to be redeemed by the holders of Preferred Shares but which the Company has not paid, and the holders of Preferred Shares requested to be redeemed by the holders of Preferred Shares but which the Company has not paid shall
remain entitled to all of its rights, including without limitation its voting rights, in respect of such issued Preferred Shares, and each of such issued Preferred Shares shall remain “outstanding” for the purposes hereunder, until such
time as the Series C Redemption Price, Series B Redemption Price and the Series A Redemption Price in respect of each such issued and redeeming Preferred Share has been paid in full whereupon all such rights shall automatically cease. At any time
thereafter when additional funds of the Company are legally available for redemption of issued Preferred Shares, such funds shall immediately be used to redeem the balance of the redeeming issued Preferred Shares requested to be redeemed. 

(b) Notwithstanding anything to the contrary herein, if the Company fails to redeem all or part of the issued and outstanding Preferred Shares
held by a redeeming holder of the Preferred Shares in accordance with Sections 9.1 and 9.2 within 180 days after the due date of such redemption, the Founder Parties shall jointly and severally be liable to purchase any outstanding
Preferred Shares that the Company fails to redeem in accordance with Sections 9.1 and 9.2 from such holder of the Preferred Shares and pay to each such holder of Preferred Shares, upon receipt of the written notice from such
holder of Preferred Shares, a sum in cash equal to any shortfall of such holder’s redemption price under this Section 9 (the “Redemption Payment Notice”), to such account designated by such holder
prior to or on the payment date stipulated in such holder’s written notice, provided that the total liabilities of the Founder Parties pursuant to this Section 9.2 shall be limited to the Shares then held
directly or indirectly by the Founder Parties and their respective Affiliates in the Company at the payment date stipulated in the Redemption Payment Notice or the proceeds received by the Founder Parties and their respective Affiliates by disposing
such Shares and shall in no event apply to any other personal properties of the Founders other than the abovementioned Shares or proceeds, save and except that the total liabilities of the Founder Parties shall not be restricted as aforesaid if the
Redemption Event arises because of any fraud or willful misconduct by any of the Founders; provided further, that the sequences of payment of the Company in the event of insufficient funds as set forth in
Section 9.2 (a) shall apply mutatis mutandis to the Founder Parties’ payment obligations under this Section 9.2 (b). 

  
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 10. Liquidation Preference. 

10.1 In the event of (i) any liquidation, dissolution or termination event, whether voluntary or involuntary, or (ii) unless
waived in writing by the holders of at least two thirds of the voting power of the issued and outstanding Preferred Shares (calculated on a fully-diluted and as converted basis), any Deemed Liquidation Event, all assets and funds of the Company
legally available for distribution (after satisfaction of all taxes, compensation, creditors’ claims and claims that may be preferred by law) and any proceeds arising from such event shall be distributed as follows: 

(a) First, each holder of the Series C Preferred Shares shall be entitled to receive for each Series C Preferred Share held by such holder, on
parity with each other and prior and in preference to any distribution of any of the assets or funds of the Company to the holders of any other class or series of Shares by reason of their ownership of such Shares, the amount equal to (i) the
applicable Series C Issue Price, plus (ii) any declared but unpaid dividends thereupon (the “Series C Preference Amount”) 

(b) Second, each holder of the Series B Preferred Shares shall be entitled to receive for each Series B Preferred Share held by such holder, on
parity with each other and prior and in preference to any distribution of any of the assets or funds of the Company to the holders of any other class or series of Shares by reason of their ownership of such Shares, the amount equal to (i) the
Series B Issue Price, plus (ii) any declared but unpaid dividends thereupon (the “Series B Preference Amount”), provided that the Series C Preference Amount to the applicable holders of Series C Preferred Shares pursuant
to subsection (a) above shall be paid in full. 
 (c) Third, each holder of the Series A Preferred Shares shall be entitled to
receive for each Series A Preferred Share held by such holder, on parity with each other and prior and in preference to any distribution of any of the assets or funds of the Company to the holders of any other class or series of shares by reason of
their ownership of such shares, the amount equal to (i) the Series A Issue Price, plus (ii) any declared but unpaid dividends thereupon (the “Series A Preference Amount”); provided that the Series B Preference
Amount to the applicable holders of Series B Preferred Shares pursuant to subsection (b) above shall be paid in full. 
 (d)
Fourth, each holder of the Series Pre-A Preferred Shares shall be entitled to receive for each Series Pre-A Preferred Share held by such holder, on parity with each
other and prior and in preference to any distribution of any of the assets or funds of the Company to the holders of any other class or series of shares by reason of their ownership of such shares, the amount equal to (i) the Series Pre-A Issue Price, plus (ii) any declared but unpaid dividends thereupon (the “Series Pre-A Preference Amount”); provided that the Series A
Preference Amount to the applicable holders of Series A Preferred Shares pursuant to subsection (c) above shall be paid in full. 

(e) If there are any assets or funds remaining after the aggregate Series Pre-A Preference Amount,
Series A Preference Amount, Series B Preference Amount and Series C Preference Amount have been distributed or paid in full to the applicable holders of the Preferred Shares pursuant to Section 10.1(a)-(d) above, the
remaining assets and funds of the Company available for distribution shall be distributed ratably among all Shareholders (including the Preferred Shareholders) according to the relative number of the Shares held by such Shareholder (on an as-converted basis). 

  
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 (f) In the event that any holder of Preferred Shares receives none or less than the full
amount of the total preference amount in accordance with Section 10.1(a)-(d) above, the Founder Parties shall jointly and severally pay to such Shareholder, upon receipt of the written notice from such Shareholder (the
“Liquidation Payment Notice”), a sum in cash equal to the full amount of any such shortfall to such account designated by such Shareholder prior to or on the payment date stipulated in the above written notice, provided that
the total liabilities of the Founder Parties pursuant to this Section 10.1 shall be limited to the Shares then held directly or indirectly by the Founder Parties and their respective Affiliates in the Company at the payment
date stipulated in the Liquidation Payment Notice or the proceeds received by the Founder Parties and their respective Affiliates by disposing such Shares and shall in no event apply to any other personal properties of the Founders other than the
abovementioned Shares or proceeds, provided that the sequences of payment of the Company in the event of insufficient funds as set forth in Section 10.1 (a)-(d) shall apply mutatis mutandis to the Founder
Parties’ payment obligations under this Section 10.1 (f). 
 (g) “Deemed Liquidation Event”
shall mean (A) a merger, consolidation, amalgamation or scheme of arrangement of any Group Company with or into any other Person, or sale of Shares of the Company, or other reorganization in which the Shareholders or the shareholders of such
Group Company immediately prior to such event do not or will not, immediately after such event, directly or indirectly own a majority of the outstanding Shares of or otherwise Control such Group Company or the surviving corporation (provided
that the sale by the Company of its Equity Securities for the purposes of raising additional funds shall not constitute a Deemed Liquidation Event hereunder), or (B) a sale, transfer, lease, exclusive license or other disposal of all or
substantially all of the assets or Intellectual Property of the Company or of all of its Subsidiaries as a whole (or any series of related transactions resulting in such sale, transfer, lease, exclusive license or other disposition of all or
substantially all of the assets or Intellectual Property of the Company or of all of its Subsidiaries as a whole). For the avoidance of doubt, a Drag-Along Sale shall constitute a Deemed Liquidation Event. 

11. Conversion and Anti-Dilution. 

11.1 Conversion of Preferred Shares. 

(a) Optional Conversion and Conversion Ratio. Each holder of Preferred Share shall be entitled to exercise its right to convert any of
its Preferred Shares pursuant to this Section 11, at any time after the date of issuance of such Shares, and each Preferred Share may be convertible into a certain number of fully paid and
non-assessable Ordinary Shares at a ratio calculated by dividing the Series Pre-A Issue Price, the Series A Issue Price, the Series B Issue Price or the Series C Issue
Price, as applicable, by the then applicable conversion price (the “Conversion Price”). The Conversion Price is initially equal to the Series Pre-A Issue Price, the Series A Issue Price, the
Series B Issue Price or the Series C Issue Price, as applicable, and is subject to adjustment from time to time pursuant to Section 11.2. For the avoidance of doubt, no payment shall be made by the holders of Preferred
Shares to the Company upon or in connection with the conversion of the Preferred Shares into Ordinary Shares. 

  
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 (b) Automatic Conversion. The Preferred Shares held by each holder shall be, at the
applicable Conversion Price in effect at the time of conversion, without the payment of any additional consideration, converted into fully-paid and non-assessable Ordinary Shares upon the closing of a
Qualified IPO. 
 (c) Mechanics of Conversion. 

(i) In the event of an optional conversion, upon the exercise by any holder of Preferred Shares of its conversion right, such holder shall
deliver a written notice (the “Conversion Notice”) to the Company. The conversion of Preferred Shares into Ordinary Shares as listed in the Conversion Notice shall become effective as of the date of delivery of the Conversion Notice
(or, if such date is not a Business Day, the immediately subsequent Business Day), provided that the Register of Members shall have been updated to reflect such conversion. 

(ii) In the event of automatic conversion prior to a Qualified IPO, all holders of Preferred Shares will be given at least ten
(10) days’ prior written notice of the date fixed (which shall be the latest practicable date immediately prior to the closing of such Qualified IPO) and the place designated for such automatic conversion of all Preferred Shares. On or
before the date fixed for conversion, each holder of Preferred Shares shall surrender his or its certificate or certificates for all such Shares to the Company at the place designated in such notice, and shall promptly receive certificates for the
number of Ordinary Shares, to which such holder is entitled pursuant to this Section 11. On the date fixed for conversion, the Register of Members of the Company shall be updated to reflect such conversion. 

(iii) The Company may effect the conversion of the Preferred Shares in any manner not prohibited by applicable Laws, including by way of re-designation or redeeming or repurchasing the relevant Preferred Shares and issuing the relevant number of Ordinary Shares resulting from such conversion. 

11.2 Adjustments to Conversion Price. 

(a) Adjustment of Conversion Price upon Issuance of New Securities below the Applicable Conversion Price. In the event of an issuance of
New Securities, at any time after the date hereof, for no consideration or a consideration per Ordinary Share received by the Company (net of any selling concessions, discounts or commissions) less than the Conversion Price for any class of the
Preferred Shares in effect immediately prior to such issue, then and in such event, the Conversion Price for that applicable Preferred Shares shall be reduced, concurrently with such issue, to a price determined as set forth below: 

NCP = OCP * (OS + (NP/OCP))/(OS + NS) 

WHERE: 
 NCP = the new
Conversion Price, 

  
 43 

 OCP = the Conversion Price in effect immediately before the issuance of the New Securities,

 OS = the total outstanding Ordinary Shares immediately before the issuance of the New Securities plus the total Ordinary Shares issuable
upon conversion of the outstanding Convertible Securities (“Convertible Securities” shall mean any indebtedness, shares or other Equity Securities directly or indirectly convertible into or exchangeable for Ordinary Shares), 

NP = the total consideration received for the issuance or sale of the New Securities, and 

NS = the number of New Securities issued or sold or deemed issued or sold. 

(b) Deemed Issuance of New Securities. In the event the Company at any time or from time to time after the date hereof shall issue any
Convertible Securities or shall fix a record date for the determination of holders of any class or series of Shares entitled to receive any Convertible Securities, then the maximum number of Ordinary Shares (as set forth in the instrument relating
thereto without regard to any provisions contained therein for a subsequent adjustment of such number that would result in an adjustment pursuant to clause (ii) of this Section 11.2(b) below) issuable upon the
conversion or exchange of such Convertible Securities, shall be deemed to be New Securities issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date, provided
that New Securities shall not be deemed to have been issued unless the issue price per share (determined pursuant to Section 11.2(c) below) of such New Securities would be less than the applicable Conversion Price in
effect on the date of and immediately prior to such issue, or such record date, as the case may be, and provided further that in any such case in which New Securities are deemed to be issued: 

(i) no further adjustment in the applicable Conversion Price shall be made upon the subsequent issue of Convertible Securities or Ordinary
Shares upon the conversion or exchange of such Convertible Securities; 
 (ii) if such Convertible Securities by their terms provide, with
the passage of time or otherwise, for any increase or decrease in the consideration payable to the Company, or increase or decrease in the number of Ordinary Shares issuable, upon the exercise, conversion or exchange thereof, the applicable
Conversion Price for the applicable Preferred Shares computed upon the issuance thereof (or upon the occurrence of a record date with respect thereto), and any subsequent adjustments based thereon, shall, upon any such increase or decrease becoming
effective, be recomputed to reflect such increase or decrease insofar as it affects such rights of conversion or exchange under such Convertible Securities; 

(iii) upon the expiration of any rights of conversion or exchange under such Convertible Securities which shall not have been exercised, the
Conversion Price computed upon the issuance thereof (or upon the occurrence of a record date with respect thereto), and any subsequent adjustments based thereon, shall, upon such expiration, be recomputed as if the only New Securities issued were
Ordinary Shares, if any, actually issued upon the conversion or 

  
 44 

 
exchange of such Convertible Securities and the consideration received therefor was the consideration actually received by the Company for the issue of all such Convertible Securities which were
actually converted or exchanged, plus the additional consideration, if any, actually received by the Company upon such conversion or exchange, and 

(iv) no readjustment pursuant to clause (ii) or (iii) above shall have the effect of increasing the Conversion Price to an amount which
exceeds the lower of (x) the Conversion Price in effect immediately prior to the original adjustment date, or (y) the Conversion Price that would have resulted from any issuance of New Securities between the original adjustment date and
such readjustment date. 
 (c) Determination of Consideration. For purposes of this Section, the consideration received by the Company
for the issue of any New Securities shall be computed as follows: 
 (i) insofar as it consists of cash, be computed at the aggregate amount
of cash received and to be received by the Company excluding amounts paid or payable for accrued interest; 
 (ii) insofar as it consists of
property other than cash, be computed at the fair value thereof at the time of such issue, as determined by an appraiser of internationally recognized standing appointed by the Board; and 

(iii) in the event New Securities are issued together with other shares or securities or other assets of the Company for consideration which
covers both such New Securities and such other shares or securities or other assets, be the proportion of such consideration so received with respect to such New Securities, computed as provided in clauses (i) and (ii) above, as determined in
good faith by the Board. 
 (d) Adjustments for Split, Subdivision, Combination, Reduction, Reclassification, etc. If the Company
(i) splits, subdivides, combines or reduces the outstanding Ordinary Shares, (ii) issues any shares during the process of a reclassification of Ordinary Shares (including any such reclassification in connection with a consolidation or
merger in which the Company is the surviving entity), or (iii) merges into (with another entity as the surviving company) or is converted into any other entity, the Conversion Price then in effect at the time of the record date for such split,
subdivision, combination, reduction, reclassification, merger or conversion shall be properly adjusted so that the conversion of the Preferred Shares after such adjustment shall entitle each holder of Preferred Shares to receive the aggregate number
of Ordinary Shares (or shares of any security into which such Ordinary Shares have been split, subdivided, combined, reduced, reclassified, merged or converted) which, if such Preferred Shares had been converted into Ordinary Shares immediately
prior to such time, such holder would have owned upon such conversion and been entitled to receive by virtue of such split, subdivision, combination, reduction, reclassification, merger or conversion (or shares of any security into which such
Ordinary Shares have been split, subdivided, combined, reduced, reclassified, merged or converted). 

  
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 (e) Adjustment for Certain Dividends and Distributions. In the event the Company at
any time or from time to time after the date hereof shall make or issue, or fix a record date for the determination of holders of Ordinary Shares entitled to receive, a dividend or other distribution payable on the Ordinary Shares in New Securities,
then and in each such event the Conversion Price in effect immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the close of business on such record date,
by multiplying such Conversion Price then in effect by a fraction: 
 (i) the numerator of which shall be the total number of Ordinary
Shares issued and outstanding immediately prior to the time of such issuance or the close of business on such record date, and 
 (ii) the
denominator of which shall be the total number of Ordinary Shares issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of Ordinary Shares issuable in payment of such
dividend or other distribution. 
 Notwithstanding the foregoing, (A) if such record date shall have been fixed and such dividend is
not fully paid or if such other distribution is not fully made on the date fixed therefor, such Conversion Price shall be recomputed accordingly as of the close of business on such record date and thereafter such Conversion Price shall be adjusted
pursuant to this Section 11.2(e) as of the time of actual payment of such dividends or other distributions; and (B) no such adjustment shall be made if the holders of such Preferred Shares simultaneously receive a
dividend or other distribution of Ordinary Shares in number equal to the number of Ordinary Shares as they would have received if all outstanding Preferred Shares had been converted into Ordinary Shares on the date of such event. 

(f) Adjustments for Other Dividends and Distributions. In the event the Company at any time or from time to time after the date hereof
shall make or issue, or fix a record date for the determination of holders of Ordinary Shares entitled to receive, a dividend or other distribution payable in securities of the Company (other than a distribution of Ordinary Shares in respect of
outstanding Ordinary Shares), then and in each such event the holders of Preferred Shares shall receive, simultaneously with the distribution to the holders of Ordinary Shares, a dividend or other distribution of such securities in an amount equal
to the amount of such securities as they would have received if all outstanding Preferred Shares had been converted into Ordinary Shares on the date of such event. 

11.3 No Impairment. The Company will not, by amendment of the M&AA or through any reorganization, recapitalization, transfer
of assets, consolidation, merger, amalgamation, scheme of arrangement, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed
hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Section 11 and in the taking of all such action as may be necessary or appropriate to protect the
conversion rights of the holders of Preferred Shares against impairment. 

  
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 11.4 Miscellaneous. 

(a) All calculations under this Section 11 shall be made to the nearest cent or to the nearest one hundredth (1/100)
of a Share, as the case may be. 
 (b) In the case of any adjustment or readjustment of the Conversion Price, the Company, at its sole
expense, shall compute such adjustment or readjustment in accordance with the provisions hereof and prepare a certificate showing such adjustment or readjustment, and shall deliver such certificate by notice to each registered holder of Preferred
Shares, at the holder’s address as shown in the Company’s books. The certificate shall set forth such adjustment or readjustment, showing in detail the facts upon which such adjustment or readjustment is based, including a statement of
(i) the consideration received or deemed to be received by the Company for any New Securities issued or sold or deemed to have been issued or sold, (ii) the number of New Securities issued or sold or deemed to be issued or sold,
(iii) the applicable Conversion Price in effect before and after such adjustment or readjustment, and (iv) the type and number of Equity Securities of the Company, and the type and amount, if any, of other property which would be received
upon conversion of Preferred Shares after such adjustment or readjustment. 
 (c) The Ordinary Shares acquired by any holder of Preferred
Shares as a result of the conversion shall rank pari passu in all respects with the then outstanding Ordinary Shares. The conversion by any holder of Preferred Shares by exercise of its conversion right shall not require any consent or vote
or approval of the holders of Ordinary Shares or the Board. 
 (d) The Company shall at all times reserve and keep available and free of
preemptive rights out of its authorized but unissued Ordinary Shares such number of Ordinary Shares as shall from time to time be sufficient to ensure that the holders of Preferred Shares can exercise their conversion rights at any time and that all
then outstanding Preferred Shares can be converted. If at any time the number of authorized but unissued Ordinary Shares shall not be sufficient to effect the conversion of all then outstanding Preferred Shares, the Company and each Shareholder of
the Company shall take all such actions including passing a special resolution or an ordinary resolution as may be necessary to increase the Company’s authorized share capital to such level as creates such number of unissued Ordinary Shares as
shall be sufficient for such purpose. 
 12. Additional Covenants 

12.1 Change of Voting Mechanism. Immediately prior to or upon a Qualified IPO of the Company: 

(a) (a) the Company shall adopt A/B share mechanism, according to which (i) the Ordinary Shares held by the Founder Parties will be re-designated as class B ordinary shares (the “Class B Ordinary Shares”) and each holder of Class B Ordinary Shares shall have multiple votes as agreed pursuant to
Section 12.1(b) below for each issued and outstanding Class B Ordinary Share held by such holder, (ii) the Ordinary Shares held by other Ordinary Shareholders will be
re-designated as class A ordinary shares (the “Class A Ordinary Shares”) and each holder of Class A Ordinary Shares shall have one vote for each issued and

  
 47 

 
outstanding Class A Ordinary Share held by such holder, (iii) the holder of Preferred Shares shall be entitled to votes equal to the number of votes attaching to the number of
Class A Ordinary Shares to which such Preferred Shares held by such holder could be converted. A Class A Ordinary Share or a Preferred Share is not convertible into a Class B Ordinary Share under any circumstances; 

(b) each holder of Class B Ordinary Shares shall have five (5) or more votes for each Class B Ordinary Share that ensure the
Founder Parties collectively holding at least a majority of total voting power of then outstanding share capital of the Company (calculated on an as-converted and fully-diluted basis) immediately after the
completion of the Qualified IPO; and 
 (c) the M&AA shall be amended to reflect the change of voting mechanism as provided under this
Section 12.1(a) and (b). 
 12.2 Further Arrangement for the ESOP 

(a) Subject to the fulfillment of the conditions as provided under Schedule VII of this Agreement, additional Ordinary Shares shall be
issued to the ESOP Holdco and the Founder Parties pursuant to the arrangement as set forth in Schedule VII of this Agreement in every six (6) months (or other time reasonably suggested by the Founders) following the Closing. 

(b) If (i) the investor’s qualification, the investment amount and the terms for a new financing round satisfy the Board’s
requirement, (ii) all Investor Directors approve such new financing, (iii) the pre-money valuation of the Group Companies exceeds US$600,000,000, and (iv) the closing of such new financing has
been completed, 342,144 Ordinary Shares of the Company shares to be issued to ESOP Holdco and 210,682 Ordinary Shares to be issued to the Founder Parties pursuant to the arrangement set forth in Schedule VII of this Agreement shall be issued
to the ESOP Holdco and Founder Parties in a lump sum immediately after the closing of such new financing. For the avoidance of doubt, the maximum amount of Ordinary Shares may be issued pursuant to Section 12.2 (a) and
(b) shall not exceed 552,826. 
 (c) Upon the issuance of additional Ordinary Shares pursuant to Section 12.2(a) and
(b) above, the Company shall issue additional Series C Preferred Shares at par value to each of the Series C Shareholders so that the shareholdings of the Series C Preferred Shares obtained by such Series C Shareholder will not be
diluted. Concurrently with the issuance of additional Series C Preferred Shares at par value, the Series C Issue Price shall be adjusted accordingly to reflect such issuance of additional Series C Preferred Shares to the Series C Shareholders (i.e.,
the Series C Issue Price shall be the total investment amount paid by a Series C Shareholder to purchase the Series C Preferred Shares divided by the actual number of Series C Preferred Shares they obtained after consummation of issuance of shares
under this Section 12.2(c)). 

  
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 13. Non-Competition 

13.1 The Founders shall, and shall cause Key Employees to, commit his and their full efforts to the Primary Business of the Group
Companies, and to develop the business and protect the interests of the Group Companies. 
 13.2 Except for relevant matters set forth
in the Disclosure Schedule, without the prior written approval of Advantech Capital and RA Capital, for a period from the date hereof to the end of the two-year period after the Founders are no longer legally
or beneficially interested in any Equity Security, directly or indirectly, of the Company or ceases to be a Key Employee, the Founders shall, and shall cause the Key Employees and the Founders’ Affiliates not to, directly or indirectly (whether
or not through his own, jointly with any person, corporation, partner, joint venture or any other contractual arrangements, and whether or not in exchange for profit or other benefits): 

(a) invest, possess, manage, conduct, operate, consult, serve, participate, take office in any competitive entities that engage in any
Competitive Business, or carry out, conduct or hold any right or interest in or otherwise be involved in or undertake any Competitive Business, or participate in any Competitive Business in any way (in all cases, whether or not as shareholder,
partner, agent or any other capacity, and whether or not for profits, returns or any benefits); 
 (b) solicit or induce any customer,
supplier, agent, contractor or distributor of the Company, or any person, partner or company that is used to transact with any Group Company, to leave any Group Company; or 

(c) solicit or induce any person employed, as of the date hereof, by any Group Company engaged in technical or management work to leave the
Group Company, offer opportunity for employment or employ such person, or offer or execute any service contract with such person. 
 13.3
Notwithstanding anything to the contrary herein, each Founder is allowed to hold no more than 1% of the shares of any listed company, provided that such Founder does not hold a post as director, supervisor of such listed company or
otherwise be employed by, serves as a consultant to, such listed company. The Founders and the Key Employees shall promptly disclose any direct or indirect investment in any pharmaceutical companies (except for listed companies) to the Board. 

14. Covenants. 
 14.1 Qualified
IPO. The Founder Parties and the Company covenant they will use their best efforts to effect the Qualified IPO on or before the Target QIPO Date, subject to necessary Board and Shareholders approvals. 

14.2 Lock-Up. Each controlling shareholder as defined by the applicable listing rules of
the Stock Exchange shall not, and shall cause each of his/her holding vehicles to agree not to, sell or otherwise transfer or dispose of any Ordinary Shares from the date of the completion of the Qualified IPO for a lockup period as reasonably
determined by the underwriters of the Qualified IPO. 

  
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 14.3 Controlled Foreign Corporation. The Company will provide written notice to the
Preferred Shareholders as soon as practicable if at any time the Company becomes aware that it or any Group Company has become a “controlled foreign corporation” (“CFC”) within the meaning of Section 957 of the United
States Internal Revenue Code of 1986 (the “Code”). Upon written request of any Preferred Shareholder who is a United States shareholder within the meaning of Section 951(b) of the Code, the Company will (i) use best
efforts to provide in writing such information as is in its possession and reasonably available concerning its shareholders to assist such Preferred Shareholder in determining whether the Company is a CFC and (ii) provide such Preferred
Shareholder with reasonable access to such other Company information as is in the Company’s possession and reasonably available as may be required by such Preferred Shareholder (A) to determine the Company’s status as a CFC,
(B) to determine whether such Preferred Shareholder is required to report its pro rata portion of the Company’s “Subpart F income” (as defined in Section 952 of the Code) on its United States federal income tax return, or
(C) to allow such Preferred Shareholder to otherwise comply with applicable United States federal income tax laws. 
 14.4 Passive
Foreign Investment Company. The Company shall use its best efforts to avoid being a “passive foreign investment company” within the meaning of Section 1297 of the Code (“PFIC”) for the current and any future
taxable year. The Company shall make due inquiry with its tax advisors on at least an annual basis regarding its status as a PFIC, and if the Company is informed by its tax advisors that it has become a PFIC, or that there is a likelihood of the
Company being classified as a PFIC for any taxable year, the Company shall promptly notify each Preferred Shareholder of such status or risk, as the case may be, in each case no later than forty-five (45) days following the end of the
Company’s taxable year. In connection with a “Qualified Electing Fund” election (a “QEF Election”) made by a Preferred Shareholder pursuant to Section 1295 of the Code or a “Protective Statement” filed
by such Investor pursuant to Treasury Regulation Section 1.1295-3, as amended (or any successor thereto), the Company shall provide such Preferred Shareholder with annual financial information in the form
to the satisfaction of such Preferred Shareholder as soon as reasonably practicable following the end of each taxable year of such Preferred Shareholder (but in no event later than forty-five (45) days following the end of each such taxable
year), and shall, upon the request in writing by such Preferred Shareholder, provide such Preferred Shareholder with access to such other information, as is in the Company’s possession and reasonably available, as may be required for purposes
of filing U.S. federal income tax returns in connection with such QEF Election or Protective Statement. In the event that it is determined by the Company’s or a Preferred Shareholder’s tax advisors that the control documents in place
between one or more of the Company’s wholly owned Subsidiaries and/or the Company, on the one hand, and any of the Group Companies organized in the PRC that is not a wholly foreign owned enterprise, on the other hand, does not allow the Company
to look through the Group Companies to their assets and income for purposes of the PFIC rules and regulations under the Code, the Company shall use its best efforts to take such actions as are reasonably necessary or advisable, including the
amendment of such control documents, to qualify for such look-through treatment of the Group Companies under the PFIC rules and regulations under the Code. 

  
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 14.5 Anti-Corruption. The Company, Connect Suzhou and the Founder Parties
covenant that each of the Group Companies shall not, and shall not permit any of its Subsidiaries or Affiliates or any of its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to,
promise, authorize or make any payment to, or otherwise contribute any item of value to, directly or indirectly, to any third party, including any non-U.S. official, in each case, in violation of the
applicable Anti-Bribery and Anti-Corruption Laws. The Company further covenants that it shall, and shall cause each of its Subsidiaries and Affiliates to, cease all of its or their respective activities and remediate any actions taken by the
Company, its Subsidiaries or Affiliates, or any of their respective directors, officers, managers, employees, independent contractors, representatives or agents in violation of the applicable Anti-Bribery and Anti-Corruption Laws, if applicable. The
Company further covenants that it shall, and shall cause each of its Subsidiaries and Affiliates to, maintain systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) to ensure
compliance with applicable Anti-Bribery and Anti-Corruption Laws. 
 15. Termination of Preferred Rights at Qualified IPO. 

For clarity purposes, the Parties agree that this Agreement and all rights and covenants contained herein, except for obligations set forth in
Sections 1, 3, 13, 14.2, 14.5, 15, 16, 17.1, 17.4, 17.6, 17.8, and 17.10 in this Agreement, shall be terminated upon the consummation of the Qualified IPO unless otherwise
terminated earlier according to the applicable listing rules of the Stock Exchange, and shall be restored to the fullest effect in the event the IPO application is denied, withdrawn or becomes invalid. In the event the Preferred Shareholders’
preferred rights under this Agreement are terminated, the Shareholders’ rights and obligations shall be determined in accordance with the Charter Documents then in effect. 

16. Governing Law and Dispute Resolution. 

16.1 Governing Law. This Agreement is governed by and shall be construed in accordance with the Laws of Hong Kong, without regard to
principles of conflict of Laws thereunder. 
 16.2 Dispute Resolution. 

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

(b) The Dispute shall be settled by arbitration in Hong Kong conducted in English by the Hong Kong International Arbitration Centre (the
“HKIAC”) in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules (the “HKIAC Rules”) in force when the Arbitration Notice is submitted in accordance with the HKIAC Rules. The
arbitration tribunal shall consist of three (3) arbitrators to be appointed according to the HKIAC Rules. Each of the claimant and the respondent to the Dispute shall be entitled to designate one (1) arbitrator in accordance with the HKIAC
Rules. If either party fails to designate an arbitrator, HKIAC shall appoint the arbitrator. The two arbitrators so appointed shall designate the third arbitrator who shall act as the presiding arbitrator of the arbitral tribunal. Failing such
designation within thirty (30) days from the confirmation of the second arbitrator, HKIAC shall appoint the presiding arbitrator. 

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

(d) The award of the arbitral tribunal shall be final and binding upon the Parties thereto, and the prevailing Party may apply to a court of
competent jurisdiction for enforcement of such award. 
 (e) 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. 
 (f) During the course of
the arbitral tribunal’s adjudication of the Dispute, this Agreement shall continue to be performed except with respect to the part in dispute and under adjudication. 

17. Miscellaneous. 
 17.1
Confidentiality. 
 (a) The terms and conditions of this Agreement and the other Transaction Documents, any term sheet or memorandum of
understanding entered into pursuant to the transactions contemplated hereby and thereby, all exhibits and schedules attached hereto and thereto, the transactions contemplated hereby and thereby, the documents, materials, and other information
obtained by the holders of the Preferred Shares upon exercising the Information Rights and Inspection Rights (collectively, the “Financing Terms”), including their existence and all information of a confidential nature furnished by
any Party hereto and by representatives of such Party to any other Party hereto or any of the representatives of such Party shall be considered confidential information (the “Confidential Information”) and shall not be disclosed by
any Party hereto to any third party except in accordance with the provisions set forth below: 
 (i) each Party may disclose any of the
Confidential Information to its fund manager and its limited partners, bona fide prospective purchasers and investors, prospective permitted transferees, directors, employees, shareholders, advisors, investment bankers, lenders, insurers, business
and financial advisers, accountants and attorneys so long as such Persons are under appropriate nondisclosure obligations, and provided that each Party shall remain liable to the other Parties if such Persons fail to maintain or perform their
obligation of confidentiality; 
 (ii) if any Party is requested or becomes legally compelled (including without limitation, pursuant to
securities Laws) to disclose the existence or content of any of the Confidential Information in contravention of the provisions of this Section 17.1, such Party shall promptly provide the other Parties with written notice
of that fact so that such other Parties may seek a protective order, confidential treatment or other appropriate remedy and in any event shall furnish only that portion of the information that is legally required and shall exercise reasonable
efforts to obtain reliable assurance that confidential treatment will be accorded such information. 

  
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 (b) The confidentiality obligations of the Parties set out in this
Section 17.1 shall not apply to information which was in the public domain or otherwise known to the relevant Party before it was furnished to it by another Party hereto or, after it was furnished to that Party, entered the
public domain otherwise than as a result of (x) a breach by that Party of this Section 17.1 or (y) a breach of a confidentiality obligation by a third party discloser, where the breach was actually known to that
relevant Party. 
 (c) No announcement regarding any of the Financing Terms in a press release, conference, advertisement, announcement,
professional or trade publication, mass marketing materials or otherwise to the general public may be made without the prior written consent of the Board. 

(d) The obligations of each Party hereto under this Section 17.1 shall survive and continue to be binding upon such
Party for a period of four (4) years after the earlier of (i) the termination of this Agreement; and (ii) the first date that such Party no longer holds any shares and ceases to be a Party to this Agreement. 

17.2 Termination. This Agreement shall terminate with respect to any Shareholder, when such Shareholder ceases to beneficially
own any Equity Securities of the Company, except that 16, 17.1, 17.4, 17.6, 17.8 and 17.10 shall survive the termination of this Agreement. 

17.3 Adjustments for Share Splits/Subdivision/Share Dividend. Wherever in this Agreement there is a reference to a specific number of
Shares, then, upon the occurrence of any subdivision, combination or share dividend of the relevant class or series of the Shares, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted, as
appropriate, to reflect the effect on the outstanding shares of such class or series of Shares by such subdivision, combination or share dividend. 

17.4 Notices. Any notice required pursuant to this Agreement shall be given in writing and shall be given either personally or by
sending it by next-day or second-day courier service, fax, electronic mail or similar means to the address of the relevant Party as shown on
Schedule VI (or at such other address as such Party may designate by fifteen (15) days’ advance written notice to the other Parties given in accordance with this Section). Where a notice is sent by next-day or second-day courier service, service of the notice shall be deemed to be effected by properly addressing, pre-paying and
sending by next-day or second-day service through an internationally-recognized courier a letter containing the notice, with a written confirmation of delivery, and to
have been effected at the earlier of (i) delivery (or when delivery is refused) and (ii) expiration of two (2) Business Days after the letter containing the same is sent as aforesaid. Where a notice is sent by fax or electronic mail,
service of the notice shall be deemed to be affected by properly addressing, and to have been affected on the day the same is sent as aforesaid, if such day is a Business Day and if sent during normal business hours of the recipient, otherwise the
next Business Day. 

  
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 17.5 Successors and Assigns. Except as otherwise provided herein, the terms
and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the Parties whose rights or obligations hereunder are affected by such terms and conditions. Unless otherwise
provided hereunder, this Agreement and the rights and obligations herein may not be assigned or transferred by any Party without the prior written consent of the other Parties. For the avoidance of doubt, the rights and obligations herein may be
assigned or transferred by each Shareholder along with its transfer of Shares in accordance with this Agreement. 
 17.6 Rights
Cumulative; Specific Performance. Each and all of the various rights, powers and remedies of a Party hereto will be considered to be cumulative with and in addition to any other rights, powers and remedies which such Party may have at Law
or in equity in the event of the breach of any of the terms of this Agreement. The exercise or partial exercise of any right, power or remedy will neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy
available to such Party. Without limiting the foregoing, the Parties hereto acknowledge and agree irreparable harm may occur for which money damages would not be an adequate remedy if any of the provisions of this Agreement were not performed in
accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to injunction to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement.

 17.7 Amendments and Waivers. Any term of this Agreement may be amended, only with the written consent of the Founder
Parties, the Majority Series A Shareholders, the Majority Series B Shareholders and the Majority Series C Shareholders. Any amendment effected in accordance with this paragraph shall be binding upon each of the Parties hereto. Notwithstanding the
foregoing, the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Party against whom such waiver is sought.
Provided, however, that (i) no amendment or waiver shall be effective or enforceable in respect of a holder of any particular series of Preferred Shares of the Company if such amendment or waiver affects such holder, respectively,
materially and adversely differently from the other holders of the same series of Preferred Shares, respectively, unless such holder consents in writing to such amendment or waiver, and (ii) any provision that specifically and expressly gives a
right to a named Preferred Shareholder shall not be amended or waived without the prior written consent of such named Preferred Shareholder. 

17.8 No Waiver. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed a
waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy power hereunder at any one or more times be deemed a waiver or relinquishment of such
right, power or remedy at any other time or times. 
 17.9 Severability. In case any provision of the Agreement shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. If, however, any provision of this Agreement shall be invalid, illegal, or unenforceable
under any such applicable Law in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such Law, or, if for any reason it is not deemed so modified, it shall be invalid, illegal, or
unenforceable only to the extent of such invalidity, illegality, or limitation on enforceability without affecting the remaining provisions of this Agreement, or the validity, legality, or enforceability of such provision in any other jurisdiction.

  
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 17.10 Delays or Omissions; Waivers. No delay or omission to exercise any right, power
or remedy accruing to any Party, upon any breach or default of any Party under this Agreement, shall impair any such right, power or remedy of such Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence
therein, or of any similar breach of default thereafter occurring; nor shall any waiver of any other breach or default theretofore or thereafter occurring. Any waiver must be in writing and shall be effective only to the extent specifically set
forth in such writing. All remedies, either under this Agreement or by Laws or otherwise afforded to any Party shall be cumulative and not alternative. 

17.11 Headings and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be
considered in construing or interpreting this Agreement. 
 17.12 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Facsimile and e-mailed copies of signatures shall be deemed to be originals for
purposes of the effectiveness of this Agreement. 
 17.13 Aggregation of Shares. All Shares held or acquired by any Affiliates shall
be aggregated together for the purpose of determining the availability of any rights under this Agreement. 
 17.14 Inconsistency and
Control. In case of any conflict or inconsistency among any of the terms of this Agreement and any of the terms of any of the Charter Documents for any of the Group Companies (other than the Company), or in case of any dispute related to
any such Charter Document, the terms of this Agreement shall prevail as regards the Parties, the Parties shall give full effect to and act in accordance with the provisions of this Agreement over the provisions of the Charter Documents, and the
Parties hereto shall exercise all voting and other rights and powers (including to procure any required alteration to such Charter Documents to resolve such conflict or inconsistency) to make the provisions of this Agreement effective, and not to
take any actions that impair any provisions in this Agreement. 
 17.15 No Presumption. The Parties acknowledge that any
applicable Law that would require interpretation of any claimed ambiguities in this Agreement against the Party that drafted it has no application and is expressly waived. If any claim is made by a Party relating to any conflict, omission or
ambiguity in the provisions of this Agreement, no presumption or burden of proof or persuasion will be implied because this Agreement was prepared by or at the request of any Party or its counsel. 

17.16 Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the
prevailing Party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled. 

  
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 17.17 Further Assurances. Upon the terms and subject to the conditions herein,
each of the Parties hereto agrees to use its best efforts to take or cause to be taken all action, to do or cause to be done, to execute such further instruments, and to assist and cooperate with the other Parties hereto in doing, all things
necessary, proper or advisable under applicable Laws or otherwise to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement and, to the extent reasonably requested by another Party,
to enforce rights and obligations pursuant hereto. 
 17.18 Third Party Rights. The Contracts (Rights of Third Parties)
Ordinance (Chapter 623 of the Laws of Hong Kong) shall apply to this Agreement. Nothing in this Agreement, express or implied, is intended to confer upon any Person other than the Parties or their respective successors and assigns any rights,
remedies, obligations, or Liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 17.19
Effectiveness. This Agreement shall become effective upon the Closing and duly execution by the Parties hereto. 
 17.20 Additional
Parties. In the event that after the date of this Agreement, the Company enters into an agreement with any employees, officers, directors, consultants or any other qualified Persons (who is not a party hereto) pursuant to the ESOP or other
Benefit Plan to issue Shares to such Person, following which such Person shall hold Shares constituting one percent (1%) or more of the Company’s then fully-diluted share capital, then, the Company shall cause such Person, as a condition
precedent to entering into such agreement, to become a party to this Agreement by executing a joinder agreement substantially in the form of Exhibit II, agreeing to be bound by and subject to the terms of this Agreement as an Ordinary
Shareholder and thereafter such Person shall be deemed a Party and an Ordinary Shareholder for all purposes under this Agreement. 
 17.21
Entire Agreement. This Agreement and the other Transaction Documents, together with all schedules and exhibits hereto and thereto, constitute the full and entire understanding and agreement among the Parties with regard to the subjects
hereof and thereof, and supersede all other agreements between or among any of the Parties with respect to the subject matters hereof and thereof. 

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

  
 56 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	NON-PRC GROUP COMPANIES:
	
	Connect Biopharma Holdings Limited
		
	By:	 	 /s/ Wubin Pan

	Name:	 	Wubin Pan (潘武宾)
	Title:	 	Director
	
	Connect Biopharma Hong Kong Limited
		
	By:	 	 /s/ Wubin Pan

	Name:	 	Wubin Pan (潘武宾)
	Title:	 	Director
	
	Connect Biopharm LLC
		
	By:	 	 /s/ Wubin Pan

		
	Name:	 	Zheng Wei (郑伟)
	Title:	 	Director
	
	Connect Biopharma Australia PTY LTD
		
	By:	 	 /s/ Wubin Pan

	Name:	 	Wubin Pan (潘武宾)
	Title:	 	Director

  

  
 [Signature Pages to
Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	PRC GROUP COMPANIES
	
	 Suzhou Connect Biopharma Co., Ltd.

(苏州康乃德生物医药有限公司
)

		
	By:	 	 /s/ [STAMPED]

	Name:	 	Wubin Pan (潘武宾)
	Title:	 	Legal Representative
	(Company Seal/公司盖章)
	
	 Connect Biopharma (Beijing) Co., Ltd.

(康乃德生物医药(北京)有限公司
)

		
	By:	 	 /s/ [STAMPED]

	Name:	 	Chang Qing (常青)
	Title:	 	Legal Representative
	(Company Seal/公司盖章)
	
	 Connect Biopharma (Shanghai) Co., Ltd. 

(康乃德生物医药(上海)有限公司
)

		
	By:	 	 /s/ [STAMPED]

	Name:	 	Zheng Wei (郑伟)
	Title:	 	Legal Representative
	(Company Seal/公司盖章)

  

  
 [Signature Pages to
Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	FOUNDER:
	
	Wubin Pan (潘武宾)
		
	By:	 	 /s/ Wubin Pan

	
	ORDINARY SHAREHOLDER:
	
	BioFortune Inc.
		
	By:	 	 /s/ Wubin Pan

	Name:	 	Wubin Pan (潘武宾)
	Title:	 	Authorized Representative
	
	ESOP HOLDCO:
	
	CONNECT UNION INC.
		
	By:	 	 /s/ Wubin Pan

	Name:	 	Wubin Pan (潘武宾)
	Title:	 	Director

  

  
 [Signature Pages to
Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	FOUNDER/ORDINARY SHAREHOLDER:
	
	Zheng Wei (郑伟)

			
		
	By:	 	 /s/ Zheng Wei

  
 [Signature Pages to
Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	ORDINARY SHAREHOLDER:
	
	上海旻荟企业管理咨询合伙企业(有限合伙)
		
	By:	 	 /s/ [STAMPED]

	Name:	 	
	Title:	 	Authorized Representative

  
 [Signature Pages to
Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written.· 
  

			
	SERIES PRE-A SHAREHOLDER:
	
	Excellent Health Limited
		
	By:	 	 /s/ Guibin Zhao

	Name:	 	
	Title:	 	Authorized Representative

  
 [Signature Pages to
Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	SERIES PRE-A SHAREHOLDER:
	
	XIN PING HOLDINGS LTD.
		
	By:	 	 /s/ Umu Ye

	Name:	 	
	Title:	 	Authorized Representative

  

  
 [Signature Pages to
Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	SERIES A SHAREHOLDER:
	
	西藏龙脉得股权投资中心(有限合伙)
		
	By:	 	 /s/ [STAMPED]

	Title:	 	Authorized Representative

  
 [Signature Pages to
Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	SERIES A SHAREHOLDER:
	
	北京龙磐生物医药创业投资中心(有限合伙)

		
	By:	 	 /s/ [STAMPED]

	Its:	 	Authorized Signatory

  
 [Signature Pages to
Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	SERIES A SHAREHOLDER:
	
	南京凯泰创业投资合伙企业(有限合伙)
		
	By:	 	 /s/ [STAMPED]

	Name:	 	
	Title:	 	Authorized Signatory

  
 [Signature Pages to
Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

					
	SERIES A SHAREHOLDER/ SERIES B SHAREHOLDER:
	
	 QIMING VENTURE PARTNERS V, L.P.

a Cayman Islands exempted limited partnership

		
		 	By: QIMING GP V, L.P. a Cayman Islands exempted limited partnership
		
		 	Its: General Partner
		
		 	By: QIMING CORPORATE GP V, LTD., a Cayman Islands exempted limited partnership
		
		 	Its: General Partner
			
		 	By:	 	 /s/ Ryan Baker

		 	Its: Authorized Signatory
	
	 QIMING MANAGING DIRECTORS FUND V, L.P.

a Cayman Islands exempted limited partnership

		
		 	By: QIMING CORPORATE GP V, LTD., a Cayman Islands exempted limited partnership
		
		 	Its: General Partner
			
		 	By:	 	 /s/ Ryan Baker 

		 	Its: Authorized Signatory

  

  
 [Signature Pages to
Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	SERIES A SHAREHOLDER/ SERIES B SHAREHOLDER:
	
	Northern Light Venture Capital IV, Ltd.
		
	By:	 	 /s/ Jeffrey David Lee

	Its:	 	Authorized Signatory

  

  
 [Signature Pages to
Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	SERIES B SHAREHOLDER:
	
	Advantech Capital II Connect Partnership L.P.
		
	By:	 	 /s/ Jennifer Jin

	Name:	 	
	Title:	 	Authorized Signatory

  
 [Signature Pages to
Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	SERIES B SHAREHOLDER:
	
	Co-win Healthcare Fund II, L.P.
		
	By:	 	 /s/ Guibin Zhao

	Name:	 	
	Title:	 	Authorized Signatory

  

  
 [Signature Pages to
Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	SERIES C INVESTOR:
	
	RA Capital Healthcare Fund, L.P.
	
	 By: RA Capital Healthcare Fund GP, LLC

Its General Partner

		
	By:	 	 /s/ Peter Kolchinsky

	Name:	 	Peter Kolchinsky
	Title:	 	Manager
	
	BLACKWELL PARTNERS LLC – SERIES A
		
	By:	 	 /s/ Yomi Adigun

	 Name:
	 	Abayomi A. Adigun
	Title: Investment Manager, DUMAC, Inc., Authorized Signatory
		
	By:	 	 /s/ Jannine Lall

	 Name:
	 	Jannine M. Lall
	Title:	 	Head of Finance & Controller, DUMAC, Inc., Authorized Signatory
	
	RA Capital NEXUS Fund, L.P.
	
	 By: RA Capital Nexus Fund GP, LLC

Its General Partner

		
	By:	 	 /s/ Peter Kolchinsky

	Name:	 	Peter Kolchinsky
	Title:	 	Manager

 [Signature Pages to Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	SERIES C INVESTOR:
	
	 QIMING VENTURE PARTNERS VII, L.P.,

a Cayman Islands exempted limited partnership

		
	By:	 	QIMING GP VII, LLC a Cayman Islands limited liability company
		
	Its:	 	General Partner
		
		 	By:   /s/ Ryan Baker
		 	Name:                                     
                               
		 	Title: Authorized Signatory
	
	QIMING VII STRATEGIC INVESTORS FUND, L.P.,
	a Cayman Islands exempted limited partnership
		
	By:	 	QIMING GP VII, LLC a Cayman Islands limited liability company
		
	Its:	 	General Partner
		
		 	By:   /s/ Ryan Baker
		 	Name:                                     
                               
		 	Title: Authorized Signatory

 [Signature Pages to Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	SERIES C INVESTOR:
	
	 QIMING VENTURE PARTNERS V, L.P.,

a Cayman Islands exempted limited partnership

		
	By:	 	QIMING GP V, L.P. a Cayman Islands exempted limited partnership
		
	Its:	 	General Partner
		
	By:	 	 QIMING CORPORATE GP V, LTD.,
 a Cayman Islands
exempted company

		
	Its:	 	General Partner
		
		 	By:   /s/ Ryan Baker
		 	Name:                                     
                               
		 	Title: Authorized Signatory
	
	QIMING MANAGING DIRECTORS FUND V, L.P.,
	a Cayman Islands exempted limited partnership
		
	By:	 	 QIMING CORPORATE GP V, LTD.,
 a Cayman Islands
limited liability company

		
	Its:	 	General Partner
		
		 	By:   /s/ Ryan Baker
		 	Name:                                     
                               
		 	Title: Authorized Signatory

 [Signature Pages to Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	SERIES C INVESTOR:
	
	LAV BIOSCIENCES FUND V, L.P.
		
	By:	 	LAV GP V, L.P.
	Its:	 	General Partner
	By:	 	LAV Corporate V GP, Ltd.
	Its:	 	General Partner
		
	By:	 	 /s/ Yu Luo

	Name:	 	Yu Luo
	Title:	 	Authorized Signatory

 [Signature Pages to Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	SERIES C INVESTOR:
	
	Orchids Limited
		
	By:	 	 /s/ Fei Chen

	Name:	 	Fei Chen
	Title:	 	Authorized Signatory

 [Signature Pages to Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	SERIES C INVESTOR:
	
	Boxer Capital, LLC

		
	By:	 	 /s/ Aaron Davis

	Name:	 	Aaron Davis
	Title:	 	Chief Executive Officer
	
	MVA Investors, LLC
		
	By:	 	 /s/ Aaron Davis

	Name:	 	Aaron Davis
	Title:	 	Chief Executive Officer

 [Signature Pages to Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	SERIES C INVESTOR:
	
	HBM Healthcare Investments (Cayman) Ltd.
		
	By:	 	 /s/ Jean-Marc Lesieur

	Name:	 	Jean-Marc Lesieur
	Title:	 	Managing Director

 [Signature Pages to Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	ADDITIONAL SERIES C INVESTOR:
	
	BlackRock Health Sciences Opportunities Portfolio, a Series of BlackRock Funds
		
	By:	 	BlackRock Advisors, LLC, its Investment Adviser
		
	By:	 	 /s/ Hongying Erin Xie

	Name:	 	Hongying Erin Xie
	Title:	 	Managing Director
	
	BlackRock Health Sciences Trust
		
	By:	 	BlackRock Advisors, LLC, its Investment Adviser
		
	By:	 	 /s/ Hongying Erin Xie

	Name:	 	Hongying Erin Xie
	Title:	 	Managing Director
	
	BlackRock Health Sciences Trust II
		
	By:	 	BlackRock Advisors, LLC, its Investment Adviser
		
	By:	 	 /s/ Hongying Erin Xie

	Name:	 	Hongying Erin Xie
	Title:	 	Managing Director

 [Signature Pages to Shareholders Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date first above written. 
  

			
	ADDITIONAL SERIES C INVESTOR:
	
	BlackRock Health Sciences Master Unit Trust
		
	By:	 	BlackRock Capital Management, Inc, its investment Adviser
		
	By:	 	 /s/ Hongying Erin Xie

	Name:	 	Hongying Erin Xie
	Title:	 	Managing Director

 [Signature Pages to Shareholders Agreement] 

 Schedule I 

List of Ordinary Shareholders 
  

									
	 Name of Shareholder
	  	Class of Shares	 	  	Number of Shares	 
	 Zheng Wei 郑伟
	  	 	Ordinary Shares	 	  	 	10,245,798	 
	 BioFortune Inc.
	  	 	Ordinary Shares	 	  	 	10,245,798	 
	 Connect Union Inc.
	  	 	Ordinary Shares	 	  	 	4,473,305	 
	
上海旻荟企业管理咨询合伙企业(有限合伙)

	  	 	Ordinary Shares	 	  	 	9,232,700	 

 Schedule II 

List of Series Pre-A Shareholders 

 

									
	 Name of Shareholder
	  	Class of Shares	 	  	Number of Shares	 
	 XIN PING HOLDINGS LTD.
	  	 	Series Pre-A Preferred Shares	 	  	 	939,000	 
	
西藏龙脉得股权投资中心(有限合伙)

	  	 	Series Pre-A Preferred Shares	 	  	 	939,000	 
	 Excellent Health Limited
	  	 	Series Pre-A Preferred Shares	 	  	 	1,231,000	 

 Schedule III 

List of Series A Shareholders 
  

									
	 Name of Shareholder
	  	Class of Shares	 	  	Number of Shares	 
	 QIMING VENTURE PARTNERS V, L.P.
	  	 	Series A Preferred Shares	 	  	 	4,108,100	 
	 QIMING MANAGING DIRECTORS FUND V, L.P.
	  	 	Series A Preferred Shares	 	  	 	127,500	 
	 Northern Light Venture Capital IV, Ltd.
	  	 	Series A Preferred Shares	 	  	 	2,117,800	 
	
南京凯泰创业投资合伙企业(有限合伙)

	  	 	Series A Preferred Shares	 	  	 	847,100	 
	
北京龙磐生物医药创业投资中心(有限合伙)

	  	 	Series A Preferred Shares	 	  	 	1,270,700	 

 Schedule IV 

List of Series B Shareholders 
  

									
	 Name of Shareholder
	  	Class of Shares	 	  	Number of Shares	 
	 Advantech Capital II Connect Partnership L.P.
	  	 	Series B Preferred Shares	 	  	 	8,286,202	 
	 QIMING VENTURE PARTNERS V, L.P.
	  	 	Series B Preferred Shares	 	  	 	982,272	 
	 QIMING MANAGING DIRECTORS FUND V, L.P.
	  	 	Series B Preferred Shares	 	  	 	30,486	 
	 Northern Light Venture Capital IV, Ltd.
	  	 	Series B Preferred Shares	 	  	 	276,206	 
	 Co-win Healthcare Fund II, L.P.
	  	 	Series B Preferred Shares	 	  	 	552,413	 

 Schedule V 

List of Series C Shareholders 
  

									
	 Name of Shareholder
	  	Class of Shares	 	  	Number of Shares	 
	 RA Capital Healthcare Fund, L.P.
	  	 	Series C Preferred Shares	 	  	 	4,299,267	 
	 BLACKWELL PARTNERS LLC – SERIES A
	  	 	Series C Preferred Shares	 	  	 	445,075	 
	 RA Capital NEXUS Fund, L.P.
	  	 	Series C Preferred Shares	 	  	 	1,581,447	 
	 QIMING VENTURE PARTNERS V, L.P.
	  	 	Series C Preferred Shares	 	  	 	306,772	 
	 QIMING MANAGING DIRECTORS FUND V, L.P.
	  	 	Series C Preferred Shares	 	  	 	9,518	 
	 Qiming Venture Partners VII, L.P.
	  	 	Series C Preferred Shares	 	  	 	2,820,613	 
	 Qiming VII Strategic Investors Fund, L.P.
	  	 	Series C Preferred Shares	 	  	 	25,992	 
	 LAV BIOSCIENCES FUND V, L.P.
	  	 	Series C Preferred Shares	 	  	 	3,162,894	 
	 Orchids Limited
	  	 	Series C Preferred Shares	 	  	 	1,581,447	 
	 Boxer Capital, LLC
	  	 	Series C Preferred Shares	 	  	 	2,307,806	 
	 MVA Investors, LLC
	  	 	Series C Preferred Shares	 	  	 	64,365	 
	 HBM Healthcare Investments (Cayman) Ltd.
	  	 	Series C Preferred Shares	 	  	 	1,581,447	 

 Schedule IV 

List of Additional Series C Shareholders 
  

									
	 Name of Shareholder
	  	Class of Shares	 	  	Number of Shares	 
	 BlackRock Health Sciences Opportunities Portfolio, a Series of BlackRock Funds
	  	 	Series C Preferred Shares	 	  	 	790,722	 
	 BlackRock Health Sciences Trust
	  	 	Series C Preferred Shares	 	  	 	39,540	 
	 BlackRock Health Sciences Trust II
	  	 	Series C Preferred Shares	 	  	 	2,305,747	 
	 BlackRock Health Sciences Master Unit Trust
	  	 	Series C Preferred Shares	 	  	 	26,885	 

 Schedule VI 

Address for Notices 
 If to the Group
Companies or the Founder Parties: 
 Address: Suzhou Connect Biopharmaceuticals, Ltd. 

3rd floor, East R&D Building, Science and Technology Park, #6 Beijing West Road, 215400 Taicang, Jiangsu, China 

Contact Person: Chris Song 
 If to 上海旻荟企业管理咨询合伙企业(有限合伙):

 Address:
江苏省苏州市太仓市朝阳路3号香塘发展大厦8楼

 Contact Person: 叶清 

If to Excellent Health Limited: 
 Address: Room 2C, 20/F,
Malaysia Building, 50 Gloucester Road, Wan Chai, Hong Kong 
 Attention: Mr. ZHAO Guibin 

If to
南京凯泰创业投资合伙企业(有限合伙): 

Address:
上海市南京西路1468号中欣大厦1801室 

If to XIN PING HOLDINGS LTD.: 
 Address: H1-401, No.1 Longdong Avenue, Pudong new district, Shanghai 
 Contact Person: Julie Ye 

If to
西藏龙脉得股权投资中心(有限合伙): 

Address:
北京市西城区西直门外大街1号西环广场T2-8C12 

Contact Person: 朱翔 

 If to Qiming: 

11100 NE 8th Street 
 Suite 200 

Bellevue, Washington 98004 
 Attention: Robert Headley 

If to Northern Light Venture Capital IV, Ltd.: 
 Address: 香港中环夏慤道10号和记大厦17楼1701室/Suite 1701, 17/F, Hutchison House, 10 Harcourt Road, Central, Hong Kong 
 Contact Person: Jeffrey David
Lee/Canny Chan 
 If to
北京龙磐生物医药创业投资中心(有限合伙):

 Address:
北京市西城区西直门外大街1号院2好楼17C1 

Contact Person: 徐光宇 

If to Advantech Capital II Connect Partnership L.P.: 

Address: Suite 1702-03, 17/F, One Exchange Square, 8 Connaught Place, Central, Hong Kong 

Attention: Director 
 If to
Co-win Healthcare Fund II, L.P.: 
 Address: Room 2C, 20/F, Malaysia Building, 50 Gloucester Road, Wan Chai, Hong
Kong 
 Attention: Mr. ZHAO Guibin 
 If to RA Capital
Healthcare Fund, L.P.: 
 RA Capital Management, L.P. 
 200
Berkeley Street 
 18th Floor 

Boston, MA 02116 
 Attn: General Counsel 

 If to BLACKWELL PARTNERS LLC – SERIES A: 

Blackwell Partners LLC – Series A 
 280 S. Mangum Street 

Suite 210 
 Durham, NC 27701 

Attn: Jannine Lall 
 If to RA Capital NEXUS Fund, L.P.:

 RA Capital Management, L.P. 
 200 Berkeley Street. 

18th Floor 

Boston, MA 02116 
 Attn: General Counsel 

If to LAV BIOSCIENCES FUND V, L.P. and Orchids Limited: 

Address: Unit 902-904, Two China Chem Central, 26 Des Voeux Road Central, Hong Kong 

Attention: Josh JIN 
 If to Boxer Capital, LLC or MVA
Investors, LLC: 
  

			
	Address:	  	11682 El Camino Real, Suite 320
		  	San Diego, California 92130
		  	United States
	Attention:	  	Aaron Davis

 If to HBM Healthcare Investments (Cayman) Ltd.: 

Address: Governors Square, Suite #4-212-2 

23 Lime Tree Bay Avenue 
 PO Box 30852 

Grand Cayman, KY1-1204, Cayman Islands 

If to Additional Series C Investors: 
 Address: 

Attention: 

 Schedule VII 

Further Arrangement for the ESOP 
  

	(a)	 If the enrollment of patients for CBP-307’s UC indication Phase II
clinical trial in China was accomplished (in Chinese,
完成CBP-307项目UC的国内二期临床病人入组), 114,047 Ordinary Shares shall be
issued to the ESOP Holdco and 70,228 Ordinary Shares shall be issued to the Founder Parties; 

  

	(b)	 If the enrollment of patients for CBP-307’s CD indication Phase II
clinical trial in China was accomplished (in Chinese, 完成CBP-307项目CD的国内二期临床病人入组), 114,047 Ordinary
Shares shall be issued to the ESOP Holdco and 70,228 Ordinary Shares shall be issued to the Founder Parties; 

  

	(c)	 If the Top Line Positive data for effectiveness validation was obtained on patients enrolled for CBP-307’s CD or UC indication Phase II (in Chinese,
获得CBP-307项目CD/(或)UC临床2期患者有效验证性Top Line Positive数据), 114,050 Ordinary Shares shall be
issued to the ESOP Holdco and 70,226 Ordinary Shares shall be issued to the Founder Parties. 

 Exhibit I 

Deed of Adherence 
 This
Deed of Adherence (“Deed of Adherence”) is executed by the undersigned (the “Transferee”) pursuant to the terms of the Second Amended and Restated Shareholders Agreement dated as of December 1, 2020 (the
“Agreement”) by and among Connect Biopharma Holdings Limited, a Cayman Islands exempted company (the “Company”) and certain of its shareholders and certain other parties named thereto, and in consideration of the
Shares acquired by the Transferee thereunder and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. Capitalized terms used but not defined herein shall have the respective meanings ascribed to such
terms in the Agreement. By the execution of this Deed of Adherence, the Transferee agrees as follows: 
 1. Acknowledgment. Transferee
acknowledges that Transferee is acquiring [number] [Preferred/Ordinary] shares of the Company (the “Shares”) from [name of transferor] (the “Transferor”), subject to the terms and conditions of the Agreement. 

2. Agreement. Immediately upon transfer of the Shares, Transferee (i) agrees that the Shares acquired by Transferee shall be bound
by and subject to the terms of the Agreement applicable to the Transferor, and (ii) hereby adopts the Agreement with the same force and effect as if Transferee were originally a/an [Ordinary Shareholder thereunder]/[Series [*] Investor
thereunder]. 
 3. Notice. Any notice required or permitted by the Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Governing Law. This Deed of Adherence shall be governed in all respects by the laws of the
Hong Kong Special Administrative Region without regard to conflicts of law principles. 
 EXECUTED AND DATED
this                                 day of
                                
,             . 
  

			
	 TRANSFEREE:

		
	 By:
	 	
              
                   

	 Name:

	 Title:

	
	 Attn:

	 Address:

	 Tel:

	 Fax:

	 Email:

 Exhibit II 

JOINDER AGREEMENT 
 The
undersigned is executing and delivering this Joinder Agreement dated [*] pursuant to the Second Amended and Restated Shareholders Agreement dated as of December 1, 2020 (the “Agreement”) by and among Connect Biopharma Holdings
Limited, a Cayman Islands exempted company (the “Company”) and certain of its shareholders and certain other parties named thereto. 

Capitalized terms used but not defined in this Joinder Agreement shall have their meanings in the Agreement. 

The undersigned hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, it shall be deemed to be a Party to
the Agreement as of the date hereof and shall have all of the rights and obligations of the “[Ordinary Shareholder]” thereunder, as the case may be, as if it had executed the Agreement. 

The undersigned hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in
the Agreement. 
 IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and delivered as of the date
first written above. 
  

			
	[*]
		
	 By:
	 	
              
                   

	 Name:

	 Title:EX-10.1

 Exhibit 10.1 

Connect Biopharma Holdings Limited 

2019 STOCK INCENTIVE PLAN 

1. Purposes of the Plan. The purposes of this Plan are to attract and retain the best available personnel, to provide additional
incentives to Employees, Directors and Consultants and to promote the success of the Company’s business. 
 2. Definitions. The
following definitions shall apply as used herein and in the individual Award Agreements except as defined otherwise in an individual Award Agreement. In the event a term is separately defined in an individual Award Agreement, such definition shall
supersede the definition contained in this Section 2. 
 (a) “Administrator” means the Board or any of the Committees
appointed by the Board to administer the Plan. 
 (b) “Affiliate” means (a) with respect to a Person, any other Person
that. directly or indirectly, Controls, is Controlled by or is under common Control with such Person; and (b) in the case of an individual, shall include his/her parents, spouse, children (and their spouses, if any), siblings (and their
spouses, if any), and other immediate family members, or any Person Controlled by any of the aforesaid individuals. 
 (c)
“Applicable Laws” means the legal requirements relating to the Plan and the Awards under applicable laws, regulations, rules, federal securities laws, state corporate and securities laws, the rules of any applicable stock exchange
or national market system, the U.S. Code, and the laws, regulations, orders or rules of any jurisdiction applicable to the Awards granted to residents therein or the Grantees receiving such Awards. 

(d) “Assumed” means that pursuant to a Corporate Transaction either (i) the Award is expressly affirmed by the Company or
(ii) the contractual obligations represented by the Award are expressly assumed (and not simply by operation of law) by the successor entity or its Parent in connection with the Corporate Transaction with appropriate adjustments to the number
and type of securities of the successor entity or its Parent subject to the Award and the exercise or purchase price thereof which at least preserves the compensation element of the Award existing at the time of the Corporate Transaction as
determined in accordance with the instruments evidencing the agreement to assume the Award. 
 (e) “Award” means the grant
of an Option, SAR, Dividend Equivalent Right, Restricted Share, Restricted Share Unit or other right or benefit under the Plan. 
 (f)
“Award Agreement” means the written agreement evidencing the grant of an Award executed by the Company and the Grantee, including any amendments thereto. 

(g) “Board” means the Board of Directors of the Company. 

Signature page 

 (h) “Cause” means, with respect to the termination of the Grantee’s
Continuous Service by or with the Company or the Related Entity to which the Grantee provides service, that such termination is for “Cause” as such term is expressly defined in a then-effective
written agreement between the Grantee and the Company or such Related Entity, or in the absence of such then-effective written agreement or such definition, is based on, in the determination of the
Administrator, the Grantee’s: (i) negligence in performing, or refusal to perform, any major duties to the Company or any Related Entity (as stated in the agreement between the Grantee and the Company or any Related Entity, or reasonably
assigned by the Company or such Related Entity based on the Grantee’s position), or material violation of any code of conduct, rules, regulations, or policies of the Company or any Related Entity, (ii) performance of any act or failure to
perform any act in bad faith and to the detriment of the Company or a Related Entity (economical or reputational), (iii) dishonesty or commitment in an act of theft, embezzlement, fraud, or a breach of trust, (iv) any intentional misconduct or
material breach of any labor contract (employment agreement), non-disclosure obligation, non-competition obligation,
non-solicitation obligation or other agreement between the Grantee and the Company or any Related Entity, (v) breach of a fiduciary duty, or commission of a crime (other than minor traffic violations or
similar offenses), (vi) material violation of any Applicable Laws or securities laws, or (vii) any intentional act in a manner detrimental to the reputation, business operation, assets, or market image of the Company or any Related Entity. 

(i) “Change in Control” means (as determined by the Administrator acting reasonably) a change in ownership or control of the
Company effected through the direct or indirect acquisition by any Person or related group of Persons (other than an acquisition from or by the Company or by a Company-sponsored employee benefit plan or by an
Affiliate of the Company) of beneficial ownership of securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities pursuant to a tender or exchange offer made directly to the
Company’s shareholders which a majority of the Directors who are not Affiliates or associates of the offeror do not recommend such shareholders accept. 

(j) “Committee” means any committee appointed by the Board to administer the Plan, including the compensation committee. 

(k) “Company” means Connect Biopharma Holdings Limited, an exempted company incorporated with limited liability under the laws
of the Cayman Islands or any successor corporation that adopts the Plan in connection with a Corporate Transaction. 
 (l)
“Consultant” means any person (other than an Employee or a Director, solely with respect to rendering services in such person’s capacity as an Employee or Director) who is engaged by the Company or any Related Entity to render
consulting or advisory services to the Company or such Related Entity. 

 (m) “Continuous Service” means that the provision of services to the
Company or a Related Entity in any capacity of an Employee, Director or Consultant is not interrupted or terminated. In jurisdictions requiring notice in advance of an effective termination as an Employee, Director or Consultant, Continuous Service
shall be deemed terminated upon the actual cessation of providing services to the Company or a Related Entity notwithstanding any required notice period that must be fulfilled before a termination as an Employee, Director or Consultant can be
effective under Applicable Laws. A Grantee’s Continuous Service shall be deemed to have terminated either upon an actual termination of Continuous Service or upon the entity for which the Grantee provides services ceasing to be a Related
Entity. Continuous Service shall not be considered interrupted in the case of (i) any approved leave of absence, (ii) transfers among the Company, any Related Entity, or any successor, in any capacity of Employee, Director or Consultant,
or (iii) any change in status as long as the individual remains in the service of the Company or a Related Entity in any capacity of Employee, Director or Consultant (except as otherwise provided in the Award Agreement). An approved leave of
absence shall include sick leave, military leave, or any other authorized personal leave. 
 (n) “Control” of a given Person
means the power or authority, whether exercised or not, to direct the business, management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; provided, that such power
or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such
Person or power to control the composition of a majority of the board of directors of such Person. 
 (o) “Corporate
Transaction” means (as reasonably) any of the following transactions: 
 (i) a merger, amalgamation, consolidation or other
business combination of the Company with or into any Person, in which the Company is not the surviving entity, or any other transaction or series of transactions, as a result of which the shareholders of the Company immediately prior to such
transaction or series of transactions will cease to own a majority of the voting power of the surviving entity immediately after consummation of such transaction or series of transactions, except for a transaction the principal purpose of which is
to change the state in which the Company is incorporated; 
 (ii) the sale, transfer, exclusive license or other disposition of all or
substantially all of the assets of the Company and its Subsidiaries and Affiliates; 
 (iii) the complete liquidation or dissolution of the
Company; 
 (iv) any reverse merger or series of related transactions culminating in a reverse merger (including, but not limited to, a
tender offer followed by a reverse merger) in which the Company is the surviving entity but (A) the Ordinary Shares outstanding immediately prior to such merger are converted or exchanged by virtue of the merger into other property, whether in
the form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are transferred to a Person or Persons different
from those who held such securities immediately prior to such merger or the initial transaction culminating in such merger, but excluding any such transaction or series of related transactions that the Administrator determines shall not be a
Corporate Transaction; or 

 (v) acquisition in a single or series of related transactions by any Person or related
group of Persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership of securities possessing more than fifty percent (50%) of the total combined voting power
of the Company’s outstanding securities, but excluding any such transaction or series of related transactions that the Administrator determines shall not be a Corporate Transaction. 

(p) “Director” means a member of the Board or the board of directors of any Related Entity. 

(q) “Disability” means that a Grantee is unable to carry out the responsibilities and functions of the position held by the
Grantee by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Grantee will not be considered to have incurred a Disability unless he or she furnishes proof of such
impairment sufficient to satisfy the Administrator in its discretion. 
 (r) “Dividend Equivalent Right” means a right
entitling compensation measured by dividends paid with respect to Ordinary Shares. 
 (s)
“Drag-Along Event” means a Drag-Along Event or Trade Sale of the Company as defined in the Shareholders Agreement and/or the M&A of the
Company, or in the absence of such then-effective document or such definition, means the Corporate Transaction. 

(t) “Employee” means any person, including a Director, who is in the employment of the Company or any Related Entity, subject
to the control and direction of the Company or any Related Entity as to both the work to be performed and the manner and method of performance. The payment of a Director’s fee by the Company or a Related Entity shall not be sufficient to
constitute “employment” by the Company or the Related Entity. 
 (u) “Fair Market Value” means, as of any date,
the value of Ordinary Shares determined as follows: 
 (i) If the Ordinary Shares are traded on a securities exchange, the value shall be
deemed to be the average of the security’s closing prices on such exchange over the thirty (30) day period ending one (1) day prior to the distribution, as reported in The Wall Street Journal or such other source as the Administrator
deems reliable; 
 (ii) If the Ordinary Shares are traded
over-the-counter, the value shall be deemed to be the average of the closing bid prices over the thirty (30) day period ending three (3) days prior to the
distribution as reported in The Wall Street Journal or such other source as the Administrator deems reliable; and 
 (iii) In the absence of
an established market for the Ordinary Shares of the type described in (i) and (ii), above, the Fair Market Value thereof shall be determined by the Administrator in good faith by reference to: (1) the audited and consolidated financial
statements of the Company, or (2) the value of the Company determined by an independent appraiser chosen by the Administrator, or (3) the placing price in the Company’s latest round of equity financing (if applicable), and the
development of the business operation of the Company and the market conditions since such financing, or otherwise determined by the Administrator, and not inconsistent with the Applicable Laws. 

 The method of valuation of securities subject to restrictions on free marketability shall be
adjusted to make an appropriate discount from the market value determined as above in sub-clauses (i), (ii) or (iii) to reflect the fair market value thereof as determined in good faith by the
Administrator, or by a liquidator if one is appointed. 
 (v) “Grantee” means an Employee, Director or Consultant who
receives an Award under the Plan. 
 (w) “IPO” shall mean the Company’s first firm commitment underwritten public
offering of any of its securities (or the securities of a successor corporation) to the general public pursuant to (a) a registration statement filed under the Securities Act of 1933, as amended, or (b) the securities laws applicable to an
offering of securities in another jurisdiction pursuant to which such securities will be listed on an internationally recognized securities exchange. 

(x) “Incentive Stock Option” shall mean a stock option granted pursuant to the Plan that by its terms qualifies and is
otherwise intended to qualify as an incentive stock option within the meaning of Section 422 of the U.S. Code. 
 (y)
“M&A” means the currently effective memorandum and articles of association of the Company, as amended from time to time. 

(z) “Ordinary Share” means the Company’s ordinary shares of a par value of US$0.0001 each. 

(aa) “Option” means an option to purchase Shares pursuant to an Award Agreement granted under the Plan. Options granted to
employees who are U.S. taxpayers may either qualify as Incentive Stock Options or as options that do not qualify as Incentive Stock Options. 

(bb) “Parent” means any company (other than the Company) in an unbroken chain of companies ending with the Company, if each of
the companies (other than the Company) owns or Controls stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other companies in such chain. A company that attains the status of a Parent on a date
after the adoption of the Plan shall be considered a Parent commencing as of such date. 
 (cc) “Person” means any
individual, corporation, partnership, limited partnership, limited liability company, firm, joint venture, estate, trust, unincorporated organization, association, enterprise, institution, public benefit corporation, entity or governmental or
regulatory authority or other entity of any kind or nature. 
 (dd) “Plan” means this Connect Biopharma Holdings Limited
2019 Stock Incentive Plan. 
 (ee) “Registration Date” means the first to occur of (i) the closing of the IPO; and
(ii) in the event of a Corporate Transaction, the date of the consummation of the Corporate Transaction if the same class of securities of the successor corporation (or its Parent) issuable in such Corporate Transaction shall have been sold to
the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended, on or prior to the date of consummation of such Corporate Transaction.

 (ff) “Related Entity” means any Parent or Subsidiary or Affiliate of the
Company and any business, corporation, partnership, limited liability company or other entity in which the Company or a Parent or a Subsidiary or an Affiliate of the Company holds a substantial ownership interest, directly or indirectly. 

(gg) “Replaced” means that pursuant to a Corporate Transaction the Award is replaced with a comparable share or stock award or
a cash incentive program of the Company, the successor entity (if applicable) or Parent of either of them which preserves the compensation element of such Award existing at the time of the Corporate Transaction and provides for subsequent payout in
accordance with the same (or a more favorable) vesting schedule applicable to such Award. The determination of Award comparability shall be made by the Administrator and its determination shall be final, binding and conclusive. 

(hh) “Restricted Share” means a Share issued under the Plan to the Grantee for such consideration, if any, and subject to such
restrictions on transfer, rights of first refusal, repurchase provisions, forfeiture provisions, and other terms and conditions as established by the Administrator. 

(ii) “Restricted Share Units” means an Award which may be earned in whole or in part upon the passage of time or the
attainment of performance criteria established by the Administrator and which may be settled for cash, Shares or other securities or a combination of cash, Shares or other securities as established by the Administrator. 

(jj) “SAR” means a share appreciation right entitling the Grantee to Shares or cash compensation, as established by the
Administrator, measured by appreciation in the value of Ordinary Shares. 
 (kk) “Share” means an Ordinary Share of the
Company. 
 (ll) “Spin-off Transaction” means a distribution by the Company
to its shareholders of all or any portion of the securities of any Subsidiary of the Company. 
 (mm) “Shareholders
Agreement” means the Shareholders Agreement dated December 20, 2018 by and among the Company, the shareholders of the Company, and certain other related parties named therein (as amended, restated and supplemented from time to time).

 (nn) “Subsidiary” means with respect to a specific entity, (i) any entity (x) more than fifty percent (50%) of
whose shares or other interests entitled to vote in the election of directors or (y) more than a fifty percent (50%) interests in whose profits or capital, are owned or Controlled directly or indirectly by the subject entity or through one
(1) or more Subsidiaries of the subject entity; (ii) any entity whose assets, or portions thereof, are consolidated with the net earnings of the subject entity and are recorded on the books of the subject entity for financial reporting
purposes in accordance with U.S. GAAP; or (iii) any entity with respect to which the subject entity has the power to otherwise direct the business and policies of that entity directly or indirectly through another Subsidiary. 

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

 3. Shares Subject to the Plan. 

(a) Subject to the provisions of Section 11 below, the Company has initially allocated 1,538,800 Shares to this Plan which have already
been issued to Connect Union Inc. (the “ESOP Entity”). The ESOP Entity has reserved 1,538,800 class B ordinary shares (the “Class B Ordinary Shares”) to be issued upon the exercise of the Award. Unless otherwise stated in
this Plan, the Shares subject to this Plan will ultimately be represented by the Class B Ordinary Shares, which means the issue of the Shares pursuant to the Awards will in fact be reflected by the issue of the equal number of the Class B
Ordinary Shares. Grantees will indirectly receive the rights and benefits under the Shares through the rights and benefits directly received under the Class B Ordinary Shares. Any disposal of the Shares under this Plan, including but not
limited to forfeiture, repurchase of the Shares, will be realized through the disposal of the Class B Ordinary Shares. 
 (b) Any Shares
covered by an Award (or portion of an Award) which is forfeited, canceled or expires (whether voluntarily or involuntarily) shall be deemed not to have been issued for purposes of determining the maximum aggregate number of Shares which may be
issued under the Plan. Shares that actually have been issued under the Plan pursuant to an Award shall not be returned to the Plan and shall not become available for future issuance under the Plan, except that if unvested Shares are forfeited, or
repurchased by the Company at the lower of their original purchase price or their Fair Market Value at the time of repurchase, such Shares shall become available for future grant under the Plan. To the extent not prohibited by the Applicable Law and
the listing requirements of the applicable stock exchange or national market system on which the Ordinary Shares are traded, any Shares covered by an Award which are surrendered (i) in payment of the Award exercise or purchase price or
(ii) in satisfaction of tax withholding obligations incident to the exercise of an Award shall be deemed not to have been issued for purposes of determining the maximum number of Shares which may be issued pursuant to all Awards under the Plan,
unless otherwise determined by the Administrator. 
 4. Administration of the Plan. 

(a) Plan Administrator. 

(i) Administration. The Plan shall be administered by (A) the Board or (B) a Committee designated by the Board, which
Committee shall be constituted in accordance with the Applicable Laws and the M&A. Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board. The Board may authorize one or more
officers or directors (the “Management”) to grant such Awards and may limit such authority as the Board determines from time to time. 

(ii) Administration Errors. In the event an Award is granted in a manner inconsistent with the provisions of this subsection (a),
such Award shall be presumptively valid as of its grant date to the extent permitted by the Applicable Laws and approved by the Administrator. 

(b) Powers of the Administrator and the Management. 

Subject to Applicable Laws and the provisions of the Plan (including any other powers given to the Administrator hereunder), and except as
otherwise provided by the Board, the Administrator shall have the authority, in its discretion: 

 (i) to determine whether and the total number of Awards (if any) are granted in any fiscal
year of the Company under this Plan; 
 (ii) to determine the Fair Market Value and exercise price set forth in the Notice of Stock Option
Award and the Award Agreements; 
 (iii) to approve forms of Award Agreements for use under the Plan, to amend terms of the Award
Agreements; 
 (iv) to amend the terms of any outstanding Award granted under the Plan, provided that any amendment that would adversely
affect the Grantee’s rights under an outstanding Award in material aspects shall not be made without the Grantee’s written consent; 

(v) to construe and interpret the terms of the Plan and Awards, including without limitation, any notice of award or Award Agreement, granted
pursuant to the Plan; 
 (vi) other powers of Administrator as provided in this Plan, any Award Agreement or notice of award. 

Subject to Applicable Laws and the provisions of the Plan (including any other powers given to the Management hereunder), and except as
otherwise provided by the Board, the Management shall have the authority, in its discretion: 
 (i) to select the Employees, Directors and
Consultants to whom Awards may be granted from time to time hereunder; 
 (ii) subject to item (i) of Administrator’s power
described above, to determine the type or the number of Awards to be granted, the number of Shares or the amount of consideration to be covered by each Award granted hereunder; 

(iii) except for the exercise price (which shall be determined by the Administrator), to determine or alter the terms and conditions of any
Award granted hereunder (including without limitation the Award vesting schedule, repurchase provisions, rights of first refusal, forfeiture provisions, form of payment (cash, Shares, or other consideration) upon settlement of the Award, payment
contingencies, and satisfaction of any performance criteria); 
 (iv) to require the Grantee to provide representation or evidence that any
currency used to pay the exercise price of any Award was legally acquired and taken out of the jurisdiction in which the Grantee resides in accordance with the Applicable Laws; 

(v) to take such other action, not inconsistent with the terms of the Plan and the Applicable Laws, as the Administrator deems appropriate.

 To avoid any doubt, for the powers granted to Management above, the wording “as determined by the Administrator”, “as
approved by the Administrator” or other similar descriptions in the context of this Plan, the Notice of Stock Option Award, and the Award Agreement shall be construed to be the decision or approval made by the Management or the right/power of
the Management. 

 (c) Indemnification. In addition to such other rights of indemnification as they may
have as members of the Board or Employees of the Company or a Related Entity, members of the Board and any Employees of the Company or a Related Entity to whom authority to act for the Board, the Administrator or the Company is delegated shall be
defended and indemnified by the Company to the extent permitted by Applicable Law and in the manner approved by the Administrator, on an after-tax basis, against all reasonable expenses, including
attorneys’ fees, actually and necessarily incurred in connection with the defense of any claim, investigation, action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any
action taken or failure to act under or in connection with the Plan, or any Award granted hereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved by the Company) or paid by them in satisfaction of
a judgment in any such claim, investigation, action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such claim, investigation, action, suit or proceeding that such Person is liable for gross negligence, bad
faith or intentional misconduct; provided, however, that within thirty (30) days after the institution of such claim, investigation, action, suit or proceeding, such Person shall offer to the Company, in writing, the opportunity at the
Company’s expense to defend the same. 
 5. Eligibility. Awards may be granted to Employees, Directors and Consultants. An
Employee, Director or Consultant who has been granted an Award may, if otherwise eligible, be granted additional Awards. 
 6. Terms and
Conditions of Awards. 
 (a) Types of Awards. The Administrator is authorized under the Plan to award any type of arrangement to
an Employee, Director or Consultant that is not inconsistent with the provisions of the Plan and that by its terms involves or might involve the issuance of (i) Shares, (ii) cash or (iii) an Option, a SAR, or similar right with a fixed or
variable price related to the Fair Market Value of the Shares and with an exercise or conversion privilege related to the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or other conditions. Such
awards include, without limitation, Options, SARs, sales or bonuses of Restricted Shares, Restricted Share Units or Dividend Equivalent Rights, and an Award may consist of one such security or benefit, or two (2) or more of them in any
combination or alternative. 
 (b) Designation of Award. Each Award shall be designated in the Award Agreement. 

(c) Conditions of Award. Subject to the terms of the Plan, the Administrator shall determine the provisions, terms, and conditions of
each Award including, but not limited to, the Award vesting schedule, repurchase provisions, rights of first refusal, forfeiture provisions, form of payment (cash, Shares, or other consideration) upon settlement of the Award, payment contingencies,
and satisfaction of any performance criteria. Each Award shall be subject to the terms of an Award Agreement approved by the Administrator. The performance criteria established by the Administrator may be based on any one of, or combination of, the
following: (i) increase in share price, (ii) earnings per share, (iii) total shareholder return, (iv) operating margin, (v) gross margin, (vi) return on equity, (vii) return on assets, (viii) return on
investment, (ix) operating income, (x) net operating income, (xi) pre-tax profit, (xii) cash flow, (xiii) revenue, (xiv) expenses, (xv) earnings before interest, taxes and
depreciation, (xvi) economic value added and (xvii) market share. The performance criteria may be applicable to the Company, Related Entities and/or any individual business units of the Company or any Related Entity. Partial achievement of
the specified criteria may result in a payment or vesting corresponding to the degree of achievement as specified in the Award Agreement. 

 (d) Acquisitions and Other Transactions. The Administrator may issue Awards under the
Plan in settlement, assumption or substitution for, outstanding awards or obligations to grant future awards in connection with the Company or a Related Entity acquiring another entity, an interest in another entity or an additional interest in a
Related Entity whether by merger, share purchase, asset purchase or other form of transaction. 
 (e) Deferral of Award Payment. The
Administrator may establish one or more programs under the Plan to permit selected Grantees the opportunity to elect to defer receipt of consideration upon exercise of an Award (other than an Award held by a U.S. taxpayer), satisfaction of
performance criteria, or other event that absent the election would entitle the Grantee to payment or receipt of Shares or other consideration under an Award. The Administrator may establish the election procedures, the timing of such elections, the
mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts, Shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the Administrator deems advisable for the
administration of any such deferral program. 
 (f) Separate Programs. The Administrator may establish one or more separate programs
under the Plan for the purpose of issuing particular forms of Awards to one or more classes of Grantees on such terms and conditions as determined by the Administrator from time to time. 

(g) Early Exercise. The Award Agreement may, but need not, include a provision whereby the Grantee may elect at any time while an
Employee, Director or Consultant to exercise any part or all of the Award prior to full vesting of the Award, subject to compliance with the Applicable Laws and approval by the Administrator. Any unvested Shares received pursuant to such exercise
may be subject to a repurchase right in favor of the Company or a Related Entity or to any other restriction the Administrator determines to be appropriate. 

(h) Term of Award. The term of each Award shall be the term stated in the Award Agreement. Notwithstanding the foregoing, the specified
term of any Award shall not include any period for which the Grantee has elected to defer the receipt of the Shares or cash issuable pursuant to the Award. (In the case of an Incentive Stock Option granted to an U.S. taxpayer who, at the time
the Incentive Stock Option is granted, owns (or, pursuant to Section 424(d) of the U.S. Code, is deemed to own) stock representing more than 10% of the total combined voting power of all classes of shares of the Company or any Subsidiary
or Affiliate, the term of the Incentive Stock Option will not be longer than ten years from the date of grant). 
 (i) Transferability of
Awards. Subject to the Applicable Laws, Awards shall be transferable (i) by will and by the laws of descent and distribution and (ii) during the lifetime of the Grantee, only to the extent and in the manner approved by the
Administrator. Notwithstanding the foregoing, the Grantee may designate one or more beneficiaries of the Grantee’s Award in the event of the Grantee’s death on a beneficiary designation form provided by the Administrator. 

 (j) Time of Granting Awards. The date of grant of an Award shall for all purposes be
the date on which the Administrator makes the determination to grant such Award, or such other date as is determined by the Administrator. 

7. Award Exercise or Purchase Price, Consideration and Taxes. 

(a) Exercise or Purchase Price. The exercise or purchase price, if any, for an Award shall be determined by the Administrator. In the
case of Options or SARs granted to U.S. taxpayers, shall not be less than 100% of the Fair Market Value of a Share as of the date of grant. In addition, in the case of an Incentive Stock Option granted to an U.S. taxpayer, who, at the time
the Incentive Stock Option is granted, owns (or, pursuant to Section 424(d) of the U.S. Code, is deemed to own) Shares representing more than 10% of the total combined voting power of all classes of shares of the Company or any Subsidiary
or Affiliate, the per Share exercise price will be no less than 110% of the Fair Market Value per Share on the date of grant. 

Notwithstanding the foregoing provisions of this Section 7(a), in the case of an Award issued pursuant to Section 6(d), above, the
exercise or purchase price for the Award shall be determined in accordance with the provisions of the relevant instrument evidencing the agreement to issue such Award. 

(b) Consideration. Subject to Applicable Laws, the consideration to be paid for the Shares to be issued upon exercise or purchase of an
Award including the method of payment, shall be determined by the Administrator. In addition to any other types of consideration the Administrator may determine, the Administrator is authorized to accept as consideration for Shares issued under the
Plan the following: 
 (i) cash; 

(ii) check; 
 (iii) if the
exercise or purchase occurs on or after the Registration Date, or as otherwise permitted by the Administrator, surrender of Shares or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may require which
have a Fair Market Value on the date of surrender or attestation equal to the aggregate exercise price of the Shares as to which said Award shall be exercised; 

(iv) with respect to Options, if the exercise occurs on or after the Registration Date, payment through a
broker-dealer sale and remittance procedure pursuant to which the Grantee (A) shall provide written instructions to a Company designated brokerage firm to effect the immediate sale of some or all of the
purchased Shares and remit to the Company sufficient funds to cover the aggregate exercise price payable for the purchased Shares and (B) shall provide written directives to the Company to deliver the certificates for the purchased Shares
directly to such brokerage firm in order to complete the sale transaction; or 
 (v) any combination of the foregoing methods of payment.

 The Administrator may at any time or from time to time, by adoption of or by amendment to the standard forms of Award Agreement described
in Section 4(b)(iv), or by other means, grant Awards which do not permit all of the foregoing forms of consideration to be used in payment for the Shares or which otherwise restrict one or more forms of consideration. 

 (c) Taxes. No Shares shall be delivered under the Plan to any Grantee or other Person
until such Grantee or other Person has made arrangements acceptable to the Administrator for the satisfaction of any income and employment tax withholding obligations under any Applicable Laws. The Grantee shall be responsible for all taxes
associated with the receipt, vest, exercise, transfer and disposal of the Awards and the Shares. Upon exercise of an Award, the Company and/or the Related Entity which is an employer of the Grantee shall have the right to withhold or collect from
Grantee an amount sufficient to satisfy such tax obligations. 
 8. Exercise of Award. 

(a) Procedure for Exercise; Rights as a Shareholder. 

(i) Any Award granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator under the
terms of the Plan and specified in the Award Agreement. 
 (ii) An Award shall be deemed to be exercised when written notice of such
exercise has been given to the Company in accordance with the terms of the Award by the Person entitled to exercise the Award and full payment for the Shares with respect to which the Award is exercised, including, to the extent selected, use of the
broker-dealer sale and remittance procedure to pay the purchase price as provided in Section 7(b)(iv). 

(b) Exercise of Award Following Termination of Continuous Service. 

(i) An Award may not be exercised after the termination date of such Award set forth in the Award Agreement and may be exercised following the
termination of a Grantee’s Continuous Service only to the extent provided in the Award Agreement. 
 (ii) Where the Award Agreement
permits a Grantee to exercise an Award following the termination of the Grantee’s Continuous Service for a specified period, the Award shall terminate to the extent not exercised on the last day of the specified period or the last day of the
original term of the Award, whichever occurs first. 
 (c) No Exercise in Violation of Applicable Law. 

Notwithstanding the foregoing, regardless of whether an Award has otherwise become exercisable, the Award shall not be exercised if the
Administrator (in its sole discretion) determines that an exercise would violate any Applicable Laws. 
 (d) Restrictions on Exercise.

 Notwithstanding the foregoing, regardless of whether an Award has become vested and exercisable, the Administrator may determine that the
Award shall not be exercised before the consummation of (i) an IPO of the Company, or (ii) a Corporate Transaction or a Change in Control, except as permitted by the applicable Award Agreement. 

9. Conditions Upon Issuance of Shares. 

 (a) Shares shall not be issued pursuant to the exercise of an Award unless the exercise of
such Award and the issuance and delivery of such Shares pursuant thereto shall comply with all Applicable Laws, the M&A and the relevant Award Agreement, and shall be further subject to the approval of counsel for the Company with respect to
such compliance. 
 (b) As a condition to the exercise of an Award, the Company may require the Person exercising such Award to represent and
warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required by
any Applicable Laws. 
 (c) As a condition to the exercise of an Award, the applicable Award Agreement may require the Grantee to grant a
power of attorney to the Board or any Person designated by the Board to exercise the voting rights with respect to the Shares and the Company may require the Person exercising such Award to acknowledge and agree to be bound by the provisions of the
currently effective M&A, the Shareholders Agreements and other documents of the Company in relation to the Shares (if any), as if the Grantee is a holder of Ordinary Shares thereunder. 

10. Termination and Repurchase Rights. Upon termination of the Grantee’s Continuous Service for any reason, all unvested Awards
shall be terminated immediately without further effect. To the extent any vested Award is not terminated, following termination of the Grantee’s Continuous Service for any reason, the Company shall have the right (but not the obligation) to
repurchase (the “Repurchase Right”) from the Grantee all or any portion of the vested Awards or the Shares obtained by the Grantee upon exercise of any Awards. The Repurchase Right may be exercised by the Company at any time within
two (2) year after termination of the Grantee’s Continuous Service. The repurchase price shall be as follows: 
 (a) the
consideration payable for the vested Awards or the Shares obtained by the Grantee upon exercise of the Awards shall be made in cash or by cancellation of purchase money indebtedness owed to the Company by the Grantee; and 

(b) the amount of consideration payable for the vested Awards or the Shares obtained by the Grantee upon exercise of the Awards shall be:
(x) in the event of termination of the Grantee’s Continuous Service other than for Cause, the original purchase price actually paid by the Grantee for such vested Awards or such Shares, or the Fair Market Value of such vested Awards or
such Shares on the termination date (after deducting (if have not already done so) the exercise price that would be payable on such vested Awards or such Shares had such vested Awards been exercised immediately prior to the termination date), or
other amount as reasonably determined by the Administrator; and (y) in the event of termination of the Grantee’s Continuous Service for Cause, the nominal value of such vested Awards or such Shares, unless otherwise determined by the
Administrator; 
 If the Company decides to exercise the repurchase right, each holder of the vested Awards or the Shares subject to
repurchase shall (1) immediately execute all necessary documents and take all necessary actions as required by the Applicable Laws, the M&A and the Administrator to give full effect to such repurchase, and (2) provide customary
representations and warranties with respect to such vested Awards or such Shares as the Administrator requires, provided however that, the failure of the holder to make such representations and warranties shall in no way delay or affect the
completion of the repurchase of such Shares or such vested Awards, which shall become effective and be recorded in the Company’s register of members (if applicable) at the moment when the Company makes available to such holder the applicable
repurchase price. 

 11. Adjustments Upon Changes in Capitalization. Subject to any required action by the
shareholders of the Company, the number of Shares covered by each outstanding Award, the number of Shares which have been authorized for issuance under the Plan but as to which no Awards have yet been granted or which have been returned to the Plan,
the exercise or purchase price of each such outstanding Award, the maximum number of Shares with respect to which Awards may be granted to any Grantee in any fiscal year of the Company, as well as any other terms that the Administrator determines
require adjustment shall be proportionately adjusted for (i) any increase or decrease in the number of issued Shares resulting from a share split, reverse share split, share dividend, combination or reclassification of the Shares, or similar
transaction affecting the Shares, (ii) any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company, or (iii) as the Administrator may determine in its discretion, any other
transaction with respect to Ordinary Shares including a corporate merger, consolidation, acquisition of property or equity, separation (including a spin-off or other distribution of shares or property),
reorganization, liquidation (whether partial or complete) or any similar transaction; provided, however that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of
consideration.” Such adjustment shall be made by the Administrator and its determination shall be final, binding and conclusive. Except as the Administrator determines, no issuance by the Company of shares of any class, or securities
convertible into shares of any class, shall affect, and no adjustment by reason hereof shall be made with respect to, the number or price of Shares subject to an Award. In the event of a Spin-off Transaction,
the Administrator may in its discretion make such adjustments and take such other action as it deems appropriate with respect to outstanding Awards under the Plan, including but not limited to: (i) adjustments to the number and kind of Shares,
the exercise or purchase price per Share and the vesting periods of outstanding Awards, (ii) prohibit the exercise of Awards during certain periods of time prior to the consummation of the Spin-off
Transaction, or (iii) the substitution, exchange or grant of Awards to purchase securities of the Subsidiary; provided that the Administrator shall not be obligated to make any such adjustments or take any such action hereunder. 

12. Corporate Transactions and Changes in Control. 

(a) Acceleration of Award Upon Corporate Transaction or Change in Control. 

(i) Corporate Transaction. Except as provided otherwise in an individual Award Agreement or in any other written agreement between the
Company and a Grantee, in the event of a Corporate Transaction (other than a Corporate Transaction which also is a Change in Control), each Award can be Assumed or Replaced immediately prior to the specified effective date of such Corporate
Transaction, for the portion of each Award that is neither Assumed nor Replaced, such portion of the Award shall automatically become fully vested and exercisable and be released from any repurchase or forfeiture rights (other than repurchase rights
exercisable at Fair Market Value) for all of the Shares at the time represented by such portion of the Award, immediately prior to the specified effective date of such Corporate Transaction, provided that the Grantee’s Continuous Service has
not terminated prior to such date. The portion of the Award that is not Assumed or Replaced shall terminate under subsection (b) of this Section to the extent not exercised prior to the consummation of such Corporate Transaction. 

 (ii) Change in Control. Except as provided otherwise in an individual Award
Agreement or in any other written agreement between the Company and a Grantee, in the event of a Change in Control (other than a Change in Control which also is a Corporate Transaction), each Award which is at the time outstanding under the Plan
shall automatically become fully vested and exercisable and be released from any repurchase or forfeiture rights (other than repurchase rights exercisable at Fair Market Value) for all of the Shares at the time represented by such Award, immediately
prior to the specified effective date of such Change in Control, provided that the Grantee’s Continuous Service has not terminated prior to such date. 

(b) Termination of Award to the Extent Not Assumed and Replaced in Corporate Transaction. Effective upon the consummation of a Corporate
Transaction, all outstanding Awards under the Plan shall terminate, provided however that, all such Awards shall not terminate to the extent they are Assumed or Replaced in connection with the Corporate Transaction. 

(c) Other Mechanisms. Except as provided otherwise in an individual Award Agreement or in any other written agreement between the
Company and a Grantee, and subject to Applicable Laws, in the event of a Corporate Transaction or a Change in Control, the Administrator may provide for other mechanisms, such as (1) termination and payment of any Awards in cash based on the
value of the Shares on the date of the Corporate Transaction or the Change in Control (as the case may be), or (2) allowing any Grantee the right to exercise any outstanding Awards during a specified period of time determined by the
Administrator. 
 13. Effective Date and Term of Plan. The Plan shall become effective upon the later to occur of its adoption by the
Board or its approval by the shareholders of the Company. The Plan shall continue in effect for a term of ten (10) years after the date of adoption, unless sooner terminated. Subject to Applicable Laws, Awards may be granted under the Plan upon
its becoming effective. 
 14. Amendment, Suspension or Termination of the Plan. 

(a) The Board may at any time amend (including extend the term of the Plan), suspend or terminate the Plan; provided, however, that no such
amendment, suspension or termination shall be made without the approval of the Company’s shareholders to the extent such approval is required by Applicable Laws or if such amendment would change any of the provisions of Section 4(b)(vi) or
this Section 14(a). 
 (b) No Award may be granted during any suspension of the Plan or after termination of the Plan. 

(c) Unless otherwise determined by the Administrator in good faith, the suspension or termination of the Plan (including termination of the
Plan under Section 12, above) shall not materially adversely affect any rights under Awards already granted to a Grantee. 

 15. Source of Shares. 

(a) 1,538,800 Shares have been issued to the ESOP Entity by the Company to satisfy the requirements of the Plan. As provided under the
Shareholders Agreement or otherwise agreed by the Shareholders, additional Shares shall be allocated to the ESOP Entity by way of Share transfer or issuance of new Shares. 

(b) Unless otherwise determined by the Administrator, the Company shall carry out the Plan through the ESOP Entity. Specifically, (i) the
exercise of Awards, repurchase of vested Awards or Shares issued pursuant to vested Awards and any other types of execution in connection with the Awards shall be carried out via the ESOP Entity; (ii) the Shares under any Award shall be
represented by the class B ordinary shares (“Class B Shares”) of the ESOP Entity. The ESOP Entity shall have 1,538,800 Class B Shares and one Class B Share represents one Share issued pursuant to any Award under this Plan;
(iii) the Grantee will obtain the Class B Shares of the ESOP Entity or the economic interests related thereto after he/she exercising the Awards, which represent the underlying Shares under such Awards; (iv) any mention of
“Shares” under this Plan shall also mean the Class B Shares represent such Shares where applicable. 
 16. No Effect on
Terms of Employment/Consulting Relationship. The Plan shall not confer upon any Grantee any right with respect to the Grantee’s Continuous Service, nor shall it interfere in any way with his or her right or the right of the Company or any
Related Entity to terminate the Grantee’s Continuous Service at any time, with or without Cause, and with or without notice. The ability of the Company or any Related Entity to terminate the employment of a Grantee who is employed at will is in
no way affected by its determination that the Grantee’s Continuous Service has been terminated for Cause for the purposes of this Plan. 

17. No Effect on Retirement and Other Benefit Plans. Except as specifically provided in a retirement or other benefit plan of the
Company or a Related Entity, Awards shall not be deemed compensation for purposes of computing benefits or contributions under any retirement plan of the Company or a Related Entity, and shall not affect any benefits under any other benefit plan of
any kind or any benefit plan subsequently instituted under which the availability or amount of benefits is related to level of compensation. The Plan is not a “Retirement Plan” or “Welfare Plan” under the Employee Retirement
Income Security Act of 1974, as amended. 
 18. Vesting Schedule. The Awards to be issued to any Grantee under the Plan shall be
subject to the vesting schedule as specified in the Award Agreement of such Grantee. The Administrator shall have the right to adjust the vesting schedule of the Awards granted to the Grantees. 

19. Drag-Along Events. Except as provided in the applicable Award Agreement, in the event
of a Drag-Along Event, the Grantees who hold any Shares upon exercise of the Award shall sell, transfer, convey or assign all of their Shares pursuant to, and so as to give effect to, the Drag-Along Event, and each of such Grantees shall grant to the Board or a Person designated by the Board, a power of attorney to transfer, sell, convey and assign his/her Shares and to do and carry out all acts and
to execute all documents that are necessary or advisable to complete the Drag-Along Event. 

 20. IPO. In the case of an IPO, the Grantees shall enter into any agreements with any
underwriter, coordinator, bankers or sponsor elected by the Company for the purpose of the IPO, and each of such Grantees shall grant to the Board or a Person designated by the Board, a power of attorney to enter into any agreements with any
underwriter, coordinator, bankers or sponsor elected by the Company and to do and carry out all the acts and to execute all the documents that are necessary or advisable to complete the IPO. 

21. Unfunded Obligation. Any amounts payable to Grantees pursuant to the Plan shall be unfunded and unsecured obligations for all
purposes. Neither the Company nor any Related Entity shall be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at all times
beneficial ownership of any investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Grantee account shall not create or
constitute a trust or fiduciary relationship between the Administrator, the Company or any Related Entity and a Grantee, or otherwise create any vested or beneficial interest in any Grantee or the Grantee’s creditors in any assets of the
Company or a Related Entity. The Grantees shall have no claim against the Company or any Related Entity for any changes in the value of any assets that may be invested or reinvested by the Company with respect to the Plan. 

22. Entire Plan. This Plan, the individual Award Agreements and notices of issuance of the Awards, together with all the exhibits hereto
and thereto, constitute and contain the entire stock incentive plan and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements, understandings, memorandum,
duties or obligations between the parties respecting the subject matter hereof. 
 23. Construction. Captions and titles contained
herein are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of
the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 

 Connect Biopharma Holdings Limited 

2019 STOCK INCENTIVE PLAN 

NOTICE OF STOCK OPTION AWARD 
  

			
	 Grantee’s Name: 
	  	
                     
                

		
	 Identification Document and No.: 
	  	  

 You (the “Grantee”) have been granted an option to purchase the Ordinary Shares of Connect Biopharma
Holdings Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Company”), subject to the terms and conditions of this Notice of Stock Option Award (the “Notice”), the 2019
Stock Incentive Plan of the Company (as amended or supplemented from time to time, the “Plan”), and the Stock Option Award Agreement attached hereto (the “Option Agreement”), as follows. Unless otherwise defined herein, the
terms used in this Notice shall have the same meanings ascribed to them in the Plan. 
  

			
	Award Serial Number 	  	  

		
	Date of Award 	  	  

		
	Vesting Commencement Date 	  	  

		
	Exercise Price per Ordinary Share	  	  

		
	Total Number of Ordinary Shares	  	  

		
	Subject to the Option (the “Shares”) 	  	  

		
	Total Exercise Price	  	$                                      
                                         
                                         
                                         
        
		
	Expiration Date:	  	10 Years after Date of Award
		
	Post-Termination Exercise Period:	  	Three (3) Months, subject to Section 5 of the Option Agreement

 Vesting Schedule 

Subject to the Grantee’s Continuous Service with the Company (or a Related Entity) and other limitations set forth in this Notice, the
Plan and the Option Agreement, the Option may be exercised, in whole or in part, in accordance with the following schedule: 
 The Option
shall vest in [four] years. [The Option representing 25% of the Shares shall vest at the end of the twelve (12) month period commencing from the Vesting Commencement Date, with remaining portions vesting in equal monthly installments over next thirty-six (36) months.] 

 During any authorized leave of absence, the vesting of the Option as provided in this
schedule shall be suspended after the authorized leave of absence exceeds a period of thirty (30) days. Vesting of the Option shall resume upon the Grantee’s termination of the authorized leave of absence and return to service to the
Company or a Related Entity. The Vesting Schedule of the Option shall be extended by the length of the suspension. 
 In the event of
termination of the Grantee’s Continuous Service for Cause, the Grantee’s right to exercise all the Option shall terminate concurrently with the termination of the Grantee’s Continuous Service, except as otherwise determined by the
Administrator. In the event of termination of the Grantee’s Continuous Service for any reason, the Company shall have the right to repurchase from the Grantee all or any portion of the vested Option or the Shares obtained by the Grantee upon
exercise of the Option at the price set forth in the Option Agreement or otherwise determined by the Administrator. Details are as set forth in the Option Agreement. 

IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Option is to be governed by the terms and
conditions of this Notice, the Plan and the Option Agreement, as well as the currently effective memorandum and articles of association of the Company (as amended or supplemented from time to time, the “M&A”) and the Shareholders
Agreement (as defined in the Plan). 
  

			
	Connect Biopharma Holdings Limited
	an exempted company incorporated with limited liability under the laws of the Cayman Islands
		
	By: 	 	
                     
    

	Name:	 	
	Title:	 	Director

 THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE OPTION SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE GRANTEE’S
CONTINUOUS SERVICE (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE OPTION AGREEMENT, OR THE PLAN SHALL CONFER UPON THE GRANTEE
ANY RIGHT WITH RESPECT TO FUTURE AWARDS OR CONTINUATION OF THE GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE RIGHT OF THE COMPANY OR RELATED ENTITY TO WHICH THE GRANTEE PROVIDES SERVICES TO
TERMINATE THE GRANTEE’S CONTINUOUS SERVICE, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE GRANTEE’S EMPLOYMENT
IS AT WILL. 

 The Grantee acknowledges receipt of a copy of the Plan, the Option Agreement, the
Shareholders Agreement and the M&A, and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Option subject to all of the terms and provisions hereof and thereof. The Grantee has reviewed this
Notice, the Plan, the Option Agreement, the Shareholders Agreement and the M&A in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice, and fully understands all provisions of this Notice, the
Plan, the Option Agreement, the Shareholders Agreement and the M&A. The Grantee hereby agrees that all questions of interpretation and administration relating to this Notice, the Plan, and the Option Agreement shall be resolved by the
Administrator in accordance with Section 25 of the Option Agreement. The Grantee further agrees to the venue selection and waiver of a jury trial in accordance with Section 26 of the Option Agreement. The Grantee further agrees to notify
the Company upon any change in the residence address indicated in this Notice. 
  

							
	Dated: 	 		 	Signed:	 	
                     
    

		 		 		 	Grantee

 Award Serial Number: ___________ 

Connect Biopharma Holdings Limited 

2019 STOCK INCENTIVE PLAN 

STOCK OPTION AWARD AGREEMENT 

1. Grant of Option. Connect Biopharma Holdings Limited, an exempted company incorporated with limited liability under the laws of the
Cayman Islands (the “Company”), hereby grants to to_([ 🌑 ]) ([insert Identification document and No.]) (the “Grantee”), an option (the “Option”) to purchase
the Total Number of Ordinary Shares subject to the Option (the “Shares”) set forth in the Notice of Stock Option Award (the “Notice”), at the Exercise Price per Share set forth in the Notice (the “Exercise Price”)
subject to the terms and provisions of the Notice, this Stock Option Award Agreement (the “Option Agreement”) and the Company’s 2019 Stock Incentive Plan, as amended from time to time (the “Plan”), which are incorporated
herein by reference. The Grantee’s acceptance of the Option and participation in the Plan are voluntary. Unless otherwise defined herein, the terms used herein shall have the same meanings ascribed to them in the Plan. 

2. Exercise of Option. 
  

	 	1.	 Right to Exercise. The Option may not be exercised until vested. Subject to Section 5, the Option
shall be exercisable before Expiration Date in accordance with the Vesting Schedule set out in the Notice and pursuant to the applicable provisions of the Plan and this Option Agreement. If the Option is not exercised prior to the Expiration
Date, it will terminate and no longer be exercisable. Further, the Option shall be subject to the provisions of Section 12 of the Plan relating to the exercisability or termination of the Option in the event of a Corporate Transaction or Change
in Control. The Grantee shall be subject to reasonable limitations on the number of requested exercises during any monthly or weekly period as determined by the Administrator. In no event shall the Company issue fractional Shares.

  

	 	2.	 Method of Exercise. The Grantee may exercise the Option by delivery of an exercise notice (a form of
which is attached as Exhibit A) stating the election to exercise the Option, the whole number of Shares in respect of which the Option is being exercised and such other provisions as may be required by the Administrator, accompanied by payment
of the Exercise Price, or by such other procedure as specified from time to time by the Administrator. The exercise notice shall be delivered to the Company in person, by certified mail, or by such other method (including electronic transmission) as
determined from time to time by the Administrator, accompanied by payment of the Exercise Price. The Option shall be deemed to be exercised upon receipt by the Company of such notice accompanied by the payment of the Exercise Price, which shall be
deemed to be satisfied in accordance with Section 4(d) below. 

  

	 	3.	 Taxes. The Grantee shall be responsible for all taxes associated with the receipt, vesting, exercise,
transfer and disposal of the Option and the Shares. No Shares will be delivered to the Grantee or other Person pursuant to the exercise of the Option until the Grantee or other Person has made arrangements acceptable to the Administrator for the
satisfaction of applicable income tax and employment tax withholding obligations. Upon exercise of the Option, the Company or the Grantee’s employer shall have the right to offset or withhold (from any amount owed by the Company or the
Grantee’s employer to the Grantee) or collect from the Grantee or other Person an amount sufficient to satisfy such tax withholding obligations. 

	 	4.	 Other Agreements. As a condition to the exercise of an Award, the Grantee shall execute, acknowledge and
agree to be bound by the provisions of that the Shareholders Agreement (if any). The Grantee acknowledges and agrees that the Award and any Shares issued pursuant thereto shall be subject to the M&A. 

3. Grantee’s Representations 

. The Grantee understands that neither the Option nor the Shares exercisable pursuant to the Option have been registered under the Securities
Act of 1933 (as amended), any United States securities laws or any securities laws of any other jurisdiction. In the event the Shares purchasable pursuant to the exercise of the Option have not been registered under the Securities Act of 1933 (as
amended) (or any securities laws of any other jurisdiction), at the time the Option is exercised, the Grantee shall, if requested by the Company, concurrently with the exercise of all or any portion of the Option, deliver to the Company his or her
Investment Representation Statement in the form attached hereto as Exhibit B. 
 4. Method of Payment. Payment of the Exercise
Price shall be made by any of the following, or a combination thereof, at the election of the Grantee and as determined by the Administrator; provided, however, that such exercise method does not then violate any Applicable Law or the Plan, provided
further, that the portion of the Exercise Price equal to the par value of the Shares must be paid as legal consideration: 
  

	 	5.	 cash; 

  

	 	6.	 check; 

  

	 	7.	 if the exercise occurs on or after the Registration Date, or as otherwise permitted by the Administrator,
surrender of Shares or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may require which have a Fair Market Value on the date of surrender or attestation equal to the aggregate Exercise Price of the
Shares as to which the Option is being exercised; or 

  

	 	8.	 if the exercise occurs on or after the Registration Date, payment through a
broker-dealer sale and remittance procedure pursuant to which the Grantee (i) shall provide written instructions to a Company-designated brokerage firm to effect
the immediate sale of some or all of the purchased Shares and remit to the Company sufficient funds to cover the aggregate exercise price payable for the purchased Shares and (ii) shall provide written directives to the Company to deliver the
certificates for the purchased Shares directly to such brokerage firm in order to complete the sale transaction. 

 5.
Restrictions on Exercise. 

	 	9.	 The Option may not be exercised until such time as the Plan has been approved by the Company.

  

	 	10.	 Notwithstanding other provisions of this Option Agreement, (i) the Option shall not be exercised if the
Administrator determines that the issuance of the Shares upon such exercise would violate any Applicable Laws, (ii) the Option shall not be exercised by the Grantee until all approvals, consents, registrations, filings or waivers which are
required to be obtained by such Grantee under Applicable Laws in connection with his/her ownership of the Shares have been duly obtained (in particular, in case that the Grantee is a PRC resident, the Grantee shall complete individual foreign
exchange registration with the State Administration of Foreign Exchange or its local branch before exercise of the Option), and (iii) if requested by the Administrator, the exercise of Option shall be conditioned upon the issuance of an opinion
of a qualified counsel satisfactory to the Administrator stating to the effect that the issuance of the Shares to the Grantee would be in full compliance with the Applicable Laws. 

 

	 	11.	 Notwithstanding the foregoing, regardless of whether an Option has otherwise become exercisable, the Option may
not be exercised before the consummation of (i) an IPO of the Company, (ii) a Corporate Transaction, or (iii) the Change in Control, unless approved by the Administrator. 

 

	 	12.	 Notwithstanding anything provided to the contrary hereof, if the exercise of the Option within the applicable
time periods set forth in Section 6, 7 and 8 of this Option Agreement is prevented by Section 5(b) or (c) above, the Option shall remain exercisable until three (3) months after the date the Grantee is notified by the Company
that the Option is exercisable, except as otherwise determined by the Administrator, but in any event no later than the Expiration Date set forth in the Notice. 

 

	 	13.	 The Grantee acknowledges and agrees that until the Shares are issued (as evidenced by the appropriate entry in
the register of members of the Company for the issuance of the Shares), no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares, notwithstanding the vesting or the exercise of the Option.
After the Option is duly exercised in accordance with the Option Agreement, the Notice and the Plan, the Company shall update (or cause to be updated) its register of members to reflect the issuance of the Shares promptly. The Grantee further
acknowledges and agrees that, upon due exercise of the Option (and registration of the issuance of the Shares in the register of members of the Company), the rights and obligations on the Shares shall be subject to the provisions of this Option
Agreement, the Shareholders Agreement (if any), the currently effective M&A, and other documents of the Company in relation to the Shares (if any), as if the Grantee is a holder of Ordinary Shares thereunder. 

6. Termination or Change of Continuous Service. 

	 	14.	 In the event the Grantee’s Continuous Service terminates, other than for Cause, Disability and death, the
portion of the Option that was vested at the date of such termination (the “Termination Date”) shall remain exercisable (unless otherwise determined by the Administrator), provided that the Grantee may only exercise the vested portion of
the Option during the Post-Termination Exercise Period (subject to Section 5 above). The Post-Termination Exercise Period shall commence on the Termination Date.
Notwithstanding the foregoing, in no event, however, shall the Option be exercised later than the Expiration Date set forth in the Notice. Except as provided in Sections 7 and 8 below, if any Option was unvested on the Termination Date, or if
the Grantee does not exercise the vested portion of any Option within the Post-Termination Exercise Period (subject to Section 5 above), such Option shall terminate immediately and automatically.

  

	 	15.	 In the event the Grantee’s Continuous Service terminates for Cause, all of the Option granted to the
Grantee (vested or unvested) and the Grantee’s right to exercise such Option shall, except as otherwise determined by the Administrator, terminate immediately and automatically on the date of the termination of the Grantee’s Continuous
Service (also the “Termination Date”). If upon written approval of the Administrator, any portion of the Option that was vested at the Termination Date is not terminated, then such vested portion of the Option shall be subject to the same
exercise method set forth in Section 6(a) above and other restrictions set forth in this Option Agreement and the Plan. 

  

	 	16.	 In the event of the Grantee’s change in status from Employee, Director or Consultant to any other status
of Employee, Director or Consultant, the Option shall remain in effect unless otherwise determined by the Administrator. In the event of the Grantee’s change in status from Employee to Director or Consultant, vesting of the Option shall
continue only to the extent determined by the Administrator as of such change in status. 

  

	 	17.	 In the event the Grantee’s Continuous Service terminates for any reason, the Company shall have the right
(but not obligation) to exercise the Repurchase Right described under Section 15 hereof. 

 7. Disability of
Grantee. Unless otherwise determined by the Administrator, in the event the Grantee’s Continuous Service terminates as a result of his or her Disability (as defined in the Plan), the Grantee may, but only within twelve (12) months
commencing on the Termination Date (but in no event later than the Expiration Date), exercise the portion of the Option that was vested on the Termination Date (subject to section 5 above). To the extent that any Option was unvested on the
Termination Date, or if the Grantee does not exercise the vested portion of any Option within the time specified herein, such Option shall terminate immediately and automatically. 

8. Death of Grantee. Unless otherwise determined by the Administrator, in the event of the termination of the Grantee’s Continuous
Service as a result of his or her death, or in the event of the Grantee’s death during the Post-Termination Exercise Period or during the twelve (12) month period following the Grantee’s
termination of Continuous Service as a result of his or her Disability, the Person who acquired the right to exercise the Option pursuant to Section 9 may exercise the portion of the Option that was vested at the date of termination within
twelve (12) months commencing on the date of death (but in no event later than the Expiration Date) (subject to section 5 above). To the extent that any Option was unvested on the date of death, or if the vested portion of any Option is
not exercised within the time specified herein, such Option shall terminate immediately and automatically. 

 9. Transferability of Option. The Option (and the rights conferred hereby) may not be
transferred or disposed of in any manner other than by will or by the laws of descent and distribution, provided, however, that the Option may be transferred during the lifetime of the Grantee only to the extent and in the manner authorized by the
Administrator, and at the price and on the conditions not objected by the Administrator. Notwithstanding the foregoing, the Grantee may designate one or more beneficiaries of the Grantee’s Option in the event of the Grantee’s death on a
beneficiary designation form provided by the Administrator. Following the death of the Grantee, the Option, to the extent provided in Section 8, may be exercised (a) by the Person or Persons designated under the deceased Grantee’s
beneficiary designation or (b) in the absence of an effectively designated beneficiary, by the Grantee’s legal representative or by any Person empowered to do so under the deceased Grantee’s will or under the then Applicable Laws of
descent and distribution. The terms of the Option shall be binding upon the executors, administrators, heirs, successors and transferees of the Grantee. 

10. Term of Option. The Option must be exercised no later than the Expiration Date set forth in the Notice or such earlier date as
otherwise provided herein. After the Expiration Date or such earlier date, the Option shall be of no further force or effect and may not be exercised. 

11. Company’s Right of First Refusal. 
  

	 	18.	 Transfer Notice. Neither the Grantee nor a transferee (either being sometimes referred to herein as the
“Holder”) shall transfer, sell, hypothecate, encumber or otherwise dispose of any Shares or any right or interest therein without first obtaining the prior written consent of the Company and complying with the provisions of this
Section 11 (as well as any applicable provisions of the Shareholders Agreement and the M&A). In the event the Holder desires to accept a bona fide third-party offer for any or all of the Shares, the
Holder shall provide the Company with a written notice (the “Transfer Notice”), stating (1) Holder’s intention to transfer, (2) the name of the proposed transferee, (3) the number of Shares to be transferred (the
“Offered Shares”), and (4) the proposed transfer price or value and the key terms and conditions thereof. If the Grantee proposes to transfer any Shares to more than one transferee, the Grantee shall provide a separate Transfer Notice
with respect to each proposed transfer to each transferee. The Grantee shall provide the Company with the term sheet or other documents signed by both the Grantee and the proposed transferee, showing the commitment of the Grantee and the proposed
transferee for the transfer of the Offered Shares to the proposed transferee, subject to the terms and conditions of this Option Agreement, the Shareholders Agreement and the M&A. 

 

	 	19.	 Bona Fide Transfer. If the Administrator determines in good faith that the information provided by the
Grantee in the Transfer Notice is insufficient to establish the bona fide nature of a proposed voluntary transfer, the Company shall give the Grantee a written notice of the Grantee’s failure to comply with the procedure described in this
Section 11, and the Grantee shall have no right to transfer any Offered Shares without first complying with the procedure described in this Section 11. The Grantee shall not be permitted to transfer the Offered Shares if the proposed
transfer is not bona fide. In addition, if the proposed transferee or an Affiliate of the proposed transferee is a Person which carries out business in direct competition of the business of the Company and the Related Entities, the Administrator has
the right to require the Holder not to transfer the Offered Shares to such proposed transferee. 

	 	20.	 First Refusal Exercise Notice. The Company shall have the right to purchase (or designate other
Person(s) to purchase) (the “Right of First Refusal”) all, but not less than all, of the Offered Shares which are described in the Transfer Notice at any time within forty-five (45) days after
receipt of the Transfer Notice (the “Option Period”). The Right of First Refusal shall be exercised by delivery of a written notice (the “First Refusal Exercise Notice”) to the Holder. The Offered Shares shall be repurchased by
the Company at the per share price or value, and in accordance with the terms conditions, as stated in the Transfer Notice (subject to Section 11(d) below). 

 

	 	21.	 Payment Terms. The Company shall consummate the purchase of the Offered Shares on the terms set forth in
the Transfer Notice within sixty (60) days after delivery of the First Refusal Exercise Notice; provided, however, that in the event the Transfer Notice provides for the payment for the Offered Shares other than in cash, the Company and/or its
assigns shall have the right to pay for the Offered Shares by the discounted cash equivalent of the consideration described in the Transfer Notice as reasonably determined by the Administrator. Upon payment for the Offered Shares to the Holder or
into escrow for the benefit of the Holder, the Company or its assigns shall become the legal and beneficial owner of the Offered Shares and all rights and interest therein or related thereto, and the Company shall have the right to transfer the
Offered Shares to its own name or its assigns without further action by the Holder. 

  

	 	22.	 Assignment. Whenever the Company shall have the right to purchase Shares under this Right of First
Refusal, the Company may designate and assign one or more employees, officers, directors or shareholders of the Company or other Persons or organizations, to exercise all or a part of the Company’s Right of First Refusal. 

 

	 	23.	 Non-Exercise. If the Company and/or its assigns fail to
exercise or do not collectively elect to exercise the Right of First Refusal within the Option Period (or such earlier time if the Company and/or its assigns notify the Holder that they will not exercise the Right of First Refusal), then the sale
and transfer of the Offered Shares by the Holder shall be subject to the Shareholders Agreement and the M&A. If no shareholder of the Company elects to exercise its right of first refusal available to it under the Shareholders Agreement and the
M&A with respect to the Offered Shares, then the Holder may transfer the Offered Shares upon the terms and conditions stated in the Transfer Notice, provided that: 

 

	 	1.	 The transfer is made within ninety (90) days of the earlier of (A) the date the Company and/or its
assigns notify the Holder that the Right of First Refusal herein and the right of first refusal of the shareholders of the Company under the Shareholders Agreement and the M&A will not be exercised or (B) the expiration of the Option Period
and the expiration of the option period for other shareholders’ right of first refusal as set forth in the Shareholders Agreement and the M&A; and 

	 	2.	 The transferee agrees in writing that such Shares shall be held subject to the provisions of this Option
Agreement, the Shareholders Agreement and the M&A; and 

  

	 	3.	 Any transfer of the Offered Shares at a price lower than that stated in the Transfer Notice and/or upon the
terms and conditions more favorable than those provided in the Transfer Notice shall be subject to this Section 11 again. 

The Company shall have the right to demand further assurances from the Grantee and the transferee (in a form satisfactory to the Company) that
the transfer of the Offered Shares was actually carried out on the terms and conditions described in the Transfer Notice. No Offered Shares shall be transferred on the books of the Company until the Company has received such assurances, if so
demanded, and has approved the proposed transfer as bona fide. 
  

	 	24.	 Expiration of Transfer Period. Following such 90 day period, no transfer of the Offered Shares and
no change in the terms of the transfer as stated in the Transfer Notice (including the name of the proposed transferee) shall be permitted without a new written Transfer Notice prepared and submitted in accordance with the requirements of this
Section 11. 

  

	 	25.	 Termination of Right of First Refusal. The provisions of this Right of First Refusal shall terminate as
to all Shares upon the consummation of the IPO. 

  

	 	26.	 Additional Shares or Substituted Securities. In the event of any transaction described in
Sections 11 and 12 of the Plan, any new, substituted or additional securities or other property which is by reason of any such transaction distributed with respect to the Shares shall be immediately subject to the Right of First Refusal, but
only to the extent the Shares are at the time covered by such right. 

 12.
Stop-Transfer Notices. In order to ensure compliance with the restrictions on transfer set forth in this Option Agreement, the Notice, the Plan, the Shareholders Agreement and the M&A, the
Company may issue appropriate “stop transfer” instructions to its transfer agent, and, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 

13. Refusal to Transfer. The Company shall not be required to (i) record on its register of members any transfer of Shares in
violation of any of the provisions of this Option Agreement, the Shareholders Agreement or the M&A, or (ii) treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such
Shares shall have been so sold or transferred in violation of any of the provisions of this Option Agreement, the Shareholders Agreement or the M&A. 

14. Tax Consequences. THE GRANTEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES. The Grantee
shall pay all taxes and duties that are required by the Applicable Laws to be paid by him/her in connection with the transactions contemplated by this Option Agreement (including but not limited to the exercise of the Option and the disposal of the
Shares). The Company (including the Subsidiaries, Affiliates and other shareholders of the Company) shall have no obligation to pay any tax of any nature that is required by the Applicable Laws to be paid by the Grantee in connection with the
transactions contemplated by this Option Agreement. 

 15. Repurchase Right. 

 

	 	27.	 Subject to Sections 6, 7, and 8 above, upon termination of the Grantee’s Continuous Service for any
reason, all unvested portion of the Option shall be terminated immediately without further effect, and upon termination of the Grantee’s Continuous Service for Cause, all Options (vested or unvested) held by the Grantee shall be terminated
immediately without further effect. To the extent any vested portion of the Option is not terminated, following termination of the Grantee’s Continuous Service for any reason, the Company shall have the right (but not the obligation) to
repurchase (the “Repurchase Right”) from the Grantee all or any portion of the vested Option or the Shares obtained by the Grantee upon exercise of any Option. The Repurchase Right may be exercised by the Company at any time within
two (2) year after termination of the Grantee’s Continuous Service. The repurchase price shall be as follows: 

  

	 	4.	 the consideration payable for the vested portion of the Option or the Shares obtained by the Grantee upon
exercise of the Option shall be made in cash or by cancellation of purchase money indebtedness owed to the Company by the Grantee; and 

  

	 	5.	 the amount of consideration payable for the vested portion of the Option or the Shares obtained by the Grantee
upon exercise of the Option shall be: (x) in the event of termination of the Grantee’s Continuous Service other than for Cause, the original purchase price actually paid by the Grantee for such vested Option or such Shares, or the Fair
Market Value of such vested Option or such Shares on the Termination Date (after deducting (if have not already done so) the Exercise Price that would be payable on such vested Option or such Shares had such vested Option been exercised immediately
prior to the Termination Date), or other amount as reasonably determined by the Administrator; and (y) in the event of termination of the Grantee’s Continuous Service for Cause, the nominal value of such vested Option or such Shares,
unless otherwise determined by the Administrator. 

  

	 	28.	 If the Company decides to exercise the Repurchase Right, the Grantee shall (1) immediately execute all
necessary documents and take all necessary actions as required by the Applicable Laws, the M&A and the Administrator to give full effect to such repurchase, and (2) provide customary representations and warranties with respect to such
vested Option or such Shares as the Administrator requires, provided however that, the failure of the Grantee to make such representations and warranties shall in no way delay or affect the completion of the repurchase of such Shares or vested
Option, which shall become effective and be recorded in the Company’s register of members (if applicable) at the moment when the Company makes available to the Grantee the applicable repurchase price. 

 

	 	29.	 Upon approval by the Administrator, the Company has the right (but not the obligation) to reach a mutual
agreement with the Grantee for the repurchase all or any portion of the vested Option or the Shares obtained by the Grantee upon exercise of the Option before termination of the Grantee’s Continuous Service. 

 16. Adjustments Upon Changes in Capitalization. The number of the Shares vested or
unvested pursuant to this Option Agreement shall be entitled to adjustment upon changes in capitalization of the Company pursuant to Section 11 of the Plan. 

17. Lock-Up Agreement. 

 

	 	30.	 Agreement. The Grantee, if requested by the Company and the lead underwriter of any public offering of
the Ordinary Shares (the “Lead Underwriter”), hereby irrevocably agrees not to sell, contract to sell, grant any option to purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or
dispose of any interest in any Ordinary Shares or any securities convertible into or exchangeable or exercisable for or any other rights to purchase or acquire Ordinary Shares (except Ordinary Shares included in such public offering or acquired on
the public market after such offering) during the 180-day period following the effective date of a registration statement of the Company filed under the Securities Act of 1933, as amended, or such shorter or
longer period of time as the Lead Underwriter shall specify. 

  

	 	31.	 Additional Obligations. The Grantee further agrees to sign such documents as may be requested by the
Lead Underwriter to effect the foregoing and agrees that the Company may impose stop-transfer instructions with respect to such Ordinary Shares subject to the lock-up
period until the end of such period. The Company and the Grantee acknowledge that each Lead Underwriter of a public offering of the Company’s stock, during the period of such offering and for the lock-up
period thereafter, is an intended beneficiary of this Section. 

  

	 	32.	 No Amendment Without Consent of Lead Underwriter. During the period from identification of a Lead
Underwriter in connection with any public offering of the Company’s Ordinary Shares until the earlier of (i) the expiration of the lock-up period specified in subsection (a) in connection with
such offering or (ii) the abandonment of such offering by the Company and the Lead Underwriter, the provisions of this Section may not be amended or waived except with the consent of the Lead Underwriter. 

18. Drag-Along Events. The Grantee agrees that in the event of a Drag-Along Event, if it holds any Shares upon exercise of the Option, it shall sell, transfer, convey or assign all of his/her Shares pursuant to, and so as to give effect to, the
Drag-Along Event. For this purpose, the Grantee hereby irrevocably grants to the Board or the Person designated by the Board a power of attorney to transfer, sell, convey and assign his/her Shares and to do
and carry out all acts and to execute all documents that are necessary or advisable to complete the Drag-Along Event, on behalf of the Grantee. 

19. IPO. The Grantee agrees that in the case of an IPO, he/she shall enter into any agreements with any underwriter, coordinator,
bankers or sponsor elected by the Company for the purpose of the IPO. For this purpose, the Grantee hereby irrevocably grants to the Board or the Person designated by the Board a power of attorney to enter into any agreements with any underwriter,
coordinator, bankers or sponsor elected by the Company and to do and carry out all the acts and to execute all the documents that are necessary or advisable to complete the IPO, on behalf of the Grantee. 

 20. Power of Attorney. The Grantee hereby grants a power of attorney to the Board or
any Person designated by the Board to (i) exercise the voting rights (if any) with respect to the Shares (including executing any shareholders’ resolutions), and (ii) execute, deliver and perform, on behalf of the Grantee, any share
purchase agreement, share subscription agreement, shareholders agreement, and any other similar agreements and documents (including any documents, instruments and certificates contemplated in the aforesaid agreements and documents, and any
amendments, restatements or supplements to the aforesaid agreements and documents from time to time), which are required to be signed by the Grantee due to the fact that the Grantee is a holder of Shares, in the future equity financing or financing
transaction of the Company or otherwise. 
 21. Entire Agreement and Amendment. The Notice, the Plan and this Option Agreement
(together with the documents referenced in Section 2(d) hereof) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings, commitments and agreements of the
Company and the Grantee with respect to the subject matter hereof, and may not be modified or amended adversely to the Grantee’s interest in material aspects except by means of a written form signed by the Company and the Grantee. Nothing in
the Notice, the Plan and this Option Agreement (except as expressly provided therein) is intended to confer any rights or remedies on any Persons other than the parties. 

22. Governing Law. The Notice, the Plan and this Option Agreement are to be construed in accordance with and governed by the laws of
Hong Kong Special Administrative Region, without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the laws of Hong Kong Special Administrative Region to the rights and duties of the
parties. 
 23. Severability. In the event that one or several of the provisions of the Notice, the Plan or this Option Agreement are
found to be invalid, illegal or unenforceable in any aspect in accordance with any Applicable Laws, such provisions shall be enforced to the fullest extent allowed by the Applicable Law, and the validity, legality or enforceability of the remaining
provisions of the Notice, the Plan or this Option Agreement shall not be affected or compromised in any aspect. The parties shall negotiate in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that
accomplish to the greatest extent permitted by law and the intentions of the parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

 24. Construction. The captions used in the Notice and this Option Agreement are inserted for convenience and shall not be deemed a
part of the Option for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive,
unless the context clearly requires otherwise. 
 25. Administration and Interpretation. Any question or dispute regarding the
administration or interpretation of the Notice, the Plan or this Option Agreement shall be submitted by the Grantee or by the Company to the Administrator. The Administrator shall have the authority and the right to construe and interpret the terms
of the Plan, the Notice and this Option Agreement. The resolution of such question or dispute by the Administrator shall be final and binding on all Persons. 

 26. Venue and Waiver of Jury Trial. The Company, the Grantee, and the Grantee’s
assignees pursuant to Section 9 hereby irrevocably and unconditionally (i) agree that any suit, action, or proceeding arising out of or in relation to this Option Agreement, the Notice, and the Plan shall be brought in Hong Kong, and
(2) submit to the exclusive jurisdiction of the court in Hong Kong. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought
in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section 26 shall for any reason be held invalid or unenforceable, it
is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 

27. Agent. The Grantee irrevocably appoints [ ● ] (address: [Hong Kong address], fax No.: +852 [__], marked for the
attention of [name of recipient]) as its agent to receive and acknowledge on his/her behalf service of any writ, summons, order, judgment or other notice of legal process in Hong Kong. Any such legal process shall be sufficiently served on him/her
if delivered to such service agent. 
 28. Covenant After Termination of the Grantee’s Continuous Service. Unless otherwise
approved by the Administrator, if after the termination of the Grantee’s Continuous Service, the Grantee is determined to be in material breach of any non-compete obligation, non-solicitation obligation or non-disclosure obligation entered into by the Grantee with the Company or any Related Entity, without limiting other legal remedies available to
the Company or any Related Entity, all of the Option granted to the Grantee (vested or unvested) and the Grantee’s right to exercise such Option shall terminate immediately and automatically, and upon request by the Company, all vested Option
and exercised Shares held by the Grantee may be repurchased by the Company at the nominal value of such vested Option or such Shares, unless otherwise determined by the Administrator. 

29. No Third Party Rights. Save as expressly provided hereunder, a Person who is not a party to this Option Agreement has no right under
the Contracts (Rights of Third Parties) Ordinance (Cap. 623 of the Laws of Hong Kong) to enforce or to enjoy the benefit of any term of this Option Agreement. 

30. Notices. All notices and other communications required or permitted to be given pursuant to this Option Agreement shall be delivered
personally or sent by registered mail, certified mail, prepaid postage, a commercial courier service, facsimile transmission or electronic mail to the address of such party set forth below, or to such other address as such party may designate in
writing from time to time to the other party. 
 To the Company: 

Address: 
 Fax: 

Email: 

 To the Grantee: 

Address: 
 Fax: 

Email: 
 31. IPO Amendment.
Immediately before an IPO of the Company, the terms of this Option Agreement may be amended as reasonably determined by the Administrator, in conformity with the requirements of the listing rules, the Applicable Laws and the Lead Underwriter’s
requirements of the jurisdiction pursuant to which the Company’s securities will be listed. 
 32. Execution of Award. According
to Section 15 of the Plan, certain Shares have been issued to Connect Union Inc. (the “ESOP Entity”) by the Company for purpose of the Plan. Unless otherwise determined by the Administrator, the Company shall carry out the Award under
this Agreement through the ESOP Entity. Specifically, (i) the exercise of the Option, repurchase of the vested Option or Shares issued pursuant to the vested Option and any other types of execution in connection with this Award shall be carried
out via the ESOP Entity; (ii) the Shares under the Option shall be represented by the class B ordinary shares (“Class B Shares”) of the ESOP Entity. One Class B Share represents one Share issued pursuant to the Option under
this Plan; (iii) the Grantee will obtain the Class B Shares of the ESOP Entity or the economic interests related thereto after he/she exercising the Option, which represent the underlying Shares under the Option; (iv) any mention of
“Shares” under this Agreement shall also mean the Class B Shares represent such Shares where applicable. 
 END OF
AGREEMENT 

 IN WITNESS WHEREOF, the Company and the Grantee have executed this Option Agreement as of
the Date of Award as set forth in the Notice of Stock Option Award. 
  

			
	Connect Biopharma Holdings Limited
		
	By:	 	
                     
    

	Name:	 	
	Title:	 	Director
	
	  

	Name of Grantee:
	ID Card Number:

 EXHIBIT A 

Connect Biopharma Holdings Limited 

2019 STOCK INCENTIVE PLAN 

EXERCISE NOTICE 
 Date:
_______________, ________ 
  

	To:	 The Board of Directors of 

Connect Biopharma Holdings Limited 

The undersigned (the “Grantee”) hereby elects to exercise the Grantee’s option to purchase ________ Ordinary Shares (the
“Shares”) of Connect Biopharma Holdings Limited (the “Company”) by purchasing ________ Class B Ordinary Shares (“Class B Shares”) of Connect Union Inc. (the “ESOP Entity”) pursuant to the
Company’s 2019 Stock Incentive Plan, as amended from time to time (the “Plan”), the Stock Option Award Agreement (the “Option Agreement”) and the Notice of Stock Option Award (the “Notice”) dated ________, ____ by
and between the Company and the Grantee. Unless otherwise defined herein, the terms defined in the Plan, the Notice and the Option Agreement shall have the same defined meanings in this Exercise Notice. 

Representations of the Grantee. The Grantee acknowledges that the Grantee has received, read and understood the Notice, the Plan and
the Option Agreement and agrees to abide by and be bound by their terms and conditions. 
 Rights as Shareholder. Until the Shares
are issued (as evidenced by the appropriate entry in the register of members of the Company/ESOP Entity for the issuance of the Shares/Class B Shares), no right to vote or receive dividends or any other rights as a shareholder shall exist with
respect to the Shares/Class B Shares, notwithstanding the exercise of the Option. The Company/ESOP Entity shall update (or cause to be updated) its register of members to reflect the issuance of the Shares/Class B Shares promptly after the Option is
duly exercised in accordance with the Option Agreement, the Notice and the Plan. No adjustment will be made for a dividend or other right for which the record date is prior to the date on which the register of members of the Company/ESOP Entity is
updated, except as provided in the Plan. 
 The Grantee shall enjoy rights as a shareholder until such time as the Grantee disposes of the
Shares/Class B Shares or the Company and/or its assignee(s) and/or any other shareholder of the Company exercises the Right of First Refusal or the Repurchase Right. Upon exercise by the Company and/or its assignee(s) and/or any other
shareholder of the Company of the Right of First Refusal or the Repurchase Right, the Grantee shall have no further rights as a holder of the Shares/Class B Shares so purchased except the right to receive payment for the Shares/Class B Shares
so purchased in accordance with the provisions of the Option Agreement, and the Grantee shall forthwith cause the certificate(s) evidencing the Shares/Class B Shares so purchased to be surrendered to the Company for transfer or cancellation, and
execute all necessary documents and take all necessary actions as required by the Applicable Laws and the M&A to give effect to the transfer or repurchase, as the case may be. 

 Notwithstanding anything to the contrary set forth herein, the Grantee hereby grants a power
of attorney to the Board or any Person designated by the Board to (i) exercise the voting rights (if any) with respect to the Shares/Class B Shares (including executing any shareholders’ resolutions), and (ii) execute, deliver and
perform, on behalf of the Grantee, any share purchase agreement, share subscription agreement, shareholders agreement, and any other similar agreements and documents (including any documents, instruments and certificates contemplated in the
aforesaid agreements and documents, and any amendments, restatements or supplements to the aforesaid agreements and documents from time to time), which are required to be signed by the Grantee due to the fact that the Grantee is a holder of
Shares/Class B Shares, in the future equity financing or financing transaction of the Company or otherwise. 
 The Grantee hereby
irrevocably grants to the Board or the Person designated by the Board a power of attorney to (i) in the case of a Drag-Along Event, transfer, sell, convey and assign all his/her Shares/Class B Shares
and to do and carry out all acts and to execute all documents that are necessary or advisable to complete the Drag-Along Event; and (ii) in the case of an IPO, enter into any agreements with any
underwriter, coordinator, bankers or sponsor elected by the Company, and to do and carry out all acts and to execute all documents that are necessary or advisable to complete the IPO. 

Delivery of Payment. The Grantee herewith delivers to the Company the full Exercise Price for the Shares/Class B Shares, without the
payment of which the exercise of the Option shall not be effective. 
 Tax Consultation. The Grantee understands that the Grantee may
suffer adverse tax consequences as a result of the Grantee’s purchase or disposition of the Shares/Class B Shares. The Grantee represents that the Grantee has consulted with any tax consultants the Grantee deems advisable in connection
with the purchase or disposition of the Shares/Class B Shares and that the Grantee is not relying on the Company for any tax advice. 

Taxes. The Grantee agrees to pay all taxes and fulfill all tax filing and reporting obligations and all employment tax withholding
obligations, as required by the Applicable Laws to be paid or fulfilled by him/her in connection with the exercise of the Option and the holding and disposal of the Shares/Class B Shares, and herewith delivers to the Company and the Related Entities
the full amount of such obligations or has made arrangements acceptable to the Company to satisfy such obligations. 
 Restrictive
Legends. The Grantee understands and agrees that the Company/ESOP Entity shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares/Class B Shares
together with any other legends that may be required by the Company or by the Applicable Laws: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN
THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH. 

 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER
AND A RIGHT OF FIRST REFUSAL AND REPURCHASE RIGHT HELD BY THE ISSUER (OR ITS ASSIGNEE(S)) OR OTHER SHAREHOLDERS OF THE COMPANY AS SET FORTH IN THE OPTION AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, AS WELL AS THE
SHAREHOLDERS AGREEMENT OF THE COMPANY AND THE MEMORANDUM AND ARTICLES OF ASSOCIATION OF THE COMPANY (EACH AS MAY BE AMENDED FROM TIME TO TIME), COPIES OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. ALL SUCH TRANSFER RESTRICTIONS AND
LIMITATIONS ARE BINDING ON TRANSFEREES OF THESE SHARES. 
 Other Agreements. The Grantee acknowledges and agrees that the
Shares/Class B Shares issued pursuant to this Exercise Notice are subject to the terms of the Option Agreement, the Notice and the Plan, as well as the Shareholders Agreement (if any) and the M&A (each as defined in the Plan and the Option
Agreement). As a condition to the exercise of the option described herein, the Grantee shall agree to accede to and be bound by the terms of the Shareholders Agreement (if any) in relation to the Shares/Class B Shares, by executing and
delivering to the Company a deed of adherence in the form satisfactory to the Company, in accordance with the requirements of the Shareholders Agreement and the M&A. 

Successors and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this
Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be binding upon the Grantee and his or her heirs, executors,
administrators, successors and assigns. 
 Construction. The captions used in this Exercise Notice are inserted for convenience and
shall not be deemed a part of this Exercise Notice for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is
not intended to be exclusive, unless the context clearly requires otherwise. 
 Administration and Interpretation. The Grantee hereby
agrees that any question or dispute regarding the administration or interpretation of this Exercise Notice shall be submitted by the Grantee or by the Company to the Administrator. The Administrator shall have the authority and the right to construe
and interpret the terms of the Exercise Notice. The resolution of such question or dispute by the Administrator shall be final and binding on all Persons. 

Governing Law. The Exercise Notice is to be construed in accordance with and governed by the laws of Hong Kong Special Administrative
Region, without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the laws of Hong Kong Special Administrative Region to the rights and duties of the parties. 

 Severability. In the event that one or several of the provisions of the Exercise
Notice are found to be invalid, illegal or unenforceable in any aspect in accordance with any Applicable Laws, such provisions shall be enforced to the fullest extent allowed by the Applicable Law, and the validity, legality or enforceability of the
remaining provisions of the Exercise Notice shall not be affected or compromised in any aspect. The parties shall negotiate in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the
greatest extent permitted by law and the intentions of the parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions. 

Notices. All notices and other communications required or permitted to be given pursuant to this Exercise Notice shall be delivered
personally or sent by registered mail, certified mail, prepaid postage, a commercial courier service, facsimile transmission or electronic mail to the address of such party as shown below beneath its signature, or to such other address as such party
may designate in writing from time to time to the other party. 
 Venue and Waiver of Jury Trial. The Company and the Grantee hereby
irrevocably and unconditionally (1) agree that any suit, action, or proceeding arising out of or in relation to this Exercise Notice shall be brought in Hong Kong, and (2) submit to the exclusive jurisdiction of the court in Hong Kong. The
parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY
HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to
the minimum extent necessary to make it or its application valid and enforceable. 
 Agent. The Grantee irrevocably appoints [ 🌑 ] (address: [Hong Kong address], fax No.: +852 [__], marked for the attention of [name of recipient]) as its agent to receive and acknowledge on his/her behalf service of any writ, summons, order, judgment
or other notice of legal process in Hong Kong. Any such legal process shall be sufficiently served on him/her if delivered to such service agent. 

Further Instruments. The parties agree to execute such further instruments and to take such further action as may be reasonably
necessary to carry out the purposes and intent of this Exercise Notice. 
 No Third Party Rights. Save as expressly provided
hereunder, a Person who is not a party to this Exercise Notice has no right under the Contracts (Rights of Third Parties) Ordinance (Cap. 623 of the Laws of Hong Kong) to enforce or to enjoy the benefit of any term of this Exercise Notice. 

Entire Agreement. The Notice, the Plan and the Option Agreement (together with the documents referenced in Section 8 hereof) are
incorporated herein by reference and together with this Exercise Notice constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings, commitments and agreements of
the Company and the Grantee with respect to the subject matter hereof, and may not be modified or amended adversely to the Grantee’s interest in material aspects except by means of a written form signed by the Company and the Grantee. Nothing
in the Notice, the Plan, the Option Agreement and this Exercise Notice (except as expressly provided therein) is intended to confer any rights or remedies on any Persons other than the parties. 

									
	Submitted by:	 		 	Accepted by:
				
	GRANTEE:	 		 		 	Connect Biopharma Holdings Limited
				
	
                     
            
	 		 	By:	 	
                     
    

	(Signature)	 		 		 	Name:	 	
		 		 		 	Title:	 	Director
					
	Address:	 		 		 	Address:	 	
					
	Fax:	 		 		 	Fax:	 	
	Email:	 		 		 	Email:	 	

 EXHIBIT B 

Connect Biopharma Holdings Limited 

2019 STOCK INCENTIVE PLAN 

INVESTMENT REPRESENTATION STATEMENT 
  

					
	GRANTEE:	  	  
	  	
			
	COMPANY:	  	Connect Biopharma Holdings Limited	  	
			
	SECURITY:	  	ORDINARY SHARES	  	
			
	AMOUNT:	  	  
	  	
			
	DATE:	  	
                     
            
	  	

 In connection with the purchase of the above-listed Securities, the undersigned
Grantee represents to the Company the following: 
 1. Grantee is aware of the Company’s business affairs and financial condition and
has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Grantee is acquiring these Securities for investment for Grantee’s own account only and not with a view to, or for
resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). 

2. Grantee acknowledges and understands that the Securities constitute “restricted securities” under the Securities Act and have not
been registered under the Securities Act (or the securities laws of any other jurisdiction) in reliance upon a specific exemption therefrom, which exemption depends upon among other things, the bona fide nature of Grantee’s investment intent as
expressed herein. Grantee further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Grantee further acknowledges and
understands that the Company is under no obligation to register the Securities. Grantee understands that the certificate evidencing the Securities will be imprinted with a legend which prohibits the transfer of the Securities unless they are
registered or such registration is not required in the opinion of counsel satisfactory to the Company. 
 3. Grantee is familiar with the
provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Option to the Grantee, the exercise will be exempt
from registration under the Securities Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 (as amended), ninety (90) days thereafter (or such longer
period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of certain of the conditions specified by Rule 144, including: (1) the
resale being made through a broker in an unsolicited “broker’s transaction” or in transactions directly with a market maker (as said term is defined under the Securities Exchange Act of 1934 (as amended)); and, in the case of an
affiliate, (2) the availability of certain public information about the Company, (3) the amount of Securities being sold during any three month period not exceeding the limitations specified in Rule 144(e), and (4) the timely filing
of a Form 144, if applicable. 

 In the event that the Company does not qualify under Rule 701 at the time of grant of the
Option, then the Securities may be resold in certain limited circumstances subject to the provisions of Rule 144, which requires the resale to occur not less than one year after the later of the date the Securities were sold by the Company or the
date the Securities were sold by an affiliate of the Company, within the meaning of Rule 144; and, in the case of acquisition of the Securities by an affiliate, or by a non-affiliate who subsequently holds the
Securities less than two (2) years, the satisfaction of the conditions set forth in sections (1), (2), (3) and (4) of the paragraph immediately above. 

4. Grantee further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under
the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed
its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration
is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Grantee understands that no assurances can be given that any such other registration exemption
will be available in such event. 
 5. Grantee represents that Grantee is a resident of the state of ____________. 

 

	
	Signature of Grantee:
	
	  

	
	Date:

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