Document:

Shareholders Agreement

 Exhibit 4.4 
 SHAREHOLDERS AGREEMENT 
 THIS SHAREHOLDERS AGREEMENT (this
“Agreement”) is made as of May 30, 2008 by and among the parties as follows: 
  

	(1)	PAKER TECHNOLOGY LIMITED (

, the “Company”; to the extent that rights, obligations and actions relate to the Qualified IPO or subsequent events, “Company” shall refer to the Cayman Islands company
(“Listco”) that shall be established to hold 100% of the share capital of Paker Technology Limited), a company duly incorporated and validly existing under the Laws of Hong Kong Special Administrative Region (“Hong
Kong”); 

  

	(2)	LI Xiande, CHEN Kangping, LI Xianhua, each a citizen of the People’s Republic of China (the “PRC”) (collectively the “Founders” and
each, a “Founder”); 

  

	(3)	WEALTH PLAN INVESTMENTS LIMITED, a company duly incorporated and validly existing under the Laws of British Virgin Islands (“Wealth Plan”);

  

	(4)	JIANGXI KINKO ENERGY CO., LTD. (

, “Kinko”), a wholly foreign owned enterprise duly organized and validly existing under the Laws of the PRC; 

  

	(5)	FLAGSHIP DESUN SHARES CO., LIMITED, a company duly incorporated and validly existing under the Laws of Hong Kong (“Flagship”); and

  

	(6)	EVERBEST INTERNATIONAL CAPITAL LIMITED, a company duly incorporated and validly existing under the Laws of Hong Kong (“Everbest” and together with
Flagship, the “Series A Investors”). 

 Each of the Company, the Founders, Kinko, Wealth Plan,
Flagship and Everbest shall be referred to individually as a “Party” and collectively as the “Parties”. 
 RECITALS 
  

	A.	A Series A Preferred Share Purchase Agreement was entered into by and among Flagship, the Founders, Kinko and the Company on May 8, 2008 (the “Flagship
Share Purchase Agreement”). 

  

	B.	A Series A Preferred Share Purchase Agreement was entered into by and among Everbest, the Founders, Kinko and the Company on May 17, 2008 (the “Everbest
Share Purchase Agreement”). 

  

	C.	A letter of appointment was entered into by and among Wealth Plan and the Company on May 19, 2008 (the “Letter of Appointment”).

  

	D.	It is a condition precedent of Closing under the Flagship Share Purchase Agreement and Everbest Share Purchase Agreement that the Parties enter into this Agreement.

  

	E.	As of the date of this Agreement, the Company owns beneficially and of record one hundred percent (100%) of the equity interest of Kinko. 

 

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 WITNESSETH 
 NOW, THEREFORE, in consideration of the premises set forth above, the mutual promises and covenants set forth herein and other good and
valuable consideration, the Parties agree as follows: 
  

	 	1.	Interpretation. 

  

	 	1.1	Definitions.  

 Capitalized terms used herein shall have the meanings ascribed to them in Schedule I hereunder. Capitalized terms used herein without definitions shall have the meanings set forth in the Flagship Share Purchase Agreement. 

 

	 	1.2	Interpretation. 

 For all
purposes of this Agreement, except as otherwise expressly provided herein, (i) the terms defined in Schedule I shall have the meanings ascribed to them in Schedule I hereunder and shall include the plural as well as the singular,
(ii) all accounting terms not otherwise defined herein have the meanings assigned under US GAAP, (iii) all references in this Agreement to designated “Sections” and other subdivisions are to the designated Sections and other
subdivisions of the body of this Agreement, (iv) pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms, (v) the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Agreement as a whole and not to any particular Section or other subdivision (vi) all references in this Agreement to designated Schedules, Exhibits and Annexes are to the Schedules, Exhibits and Annexes attached to
this Agreement unless explicitly stated otherwise, (vii) all references to dollars are to currency of the United States of America, (viii) the term “including” will be deemed to be followed by “, but not limited to,”;
(ix) the terms “shall,” “will,” and “agrees” are mandatory, and the term “may” is permissive; and (x) the term “day” means “calendar day.” 
  

	 	1.3	Jurisdiction. 

 The terms
of this Agreement are drafted primarily in contemplation of an offering of securities in the United States of America. The Parties recognize, however, the possibility that securities may be qualified or registered in a jurisdiction other than the
United States of America for offering to the public or that the Company might effect an offering in the United States of America 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 United States of America but the Parties wish to effectuate
qualification or registration in a different jurisdiction, reference in this Agreement to the laws or institutions of the United States of America 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 Company’s Ordinary Shares unless arrangements have been made reasonably satisfactory to a majority in interest of the Holders of then outstanding Registrable Securities 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

  

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necessary such that the Holders will enjoy rights corresponding to the rights hereunder to sell their Registrable Securities in a public offering in the United States of America as if the Company
had listed Ordinary Shares in lieu of such derivative securities. 

  

	 	2.	Demand Registration. 

  

	 	2.1	Registration Other Than on Form F-3 or Form S-3. 

 Subject to the terms of this Agreement, at any time or from time to time that is six (6) months after the closing of an Qualified IPO, Holders holding fifty percent (50%) or more of the then
outstanding Registrable Securities may request in writing that the Company effect a Registration in any jurisdiction in which the Company has had a registered underwritten public offering (or, if the Company has not yet had a registered underwritten
public offering, then such request may be to effect such Registration on the New York Stock Exchange, the NASDAQ National Market, or any other internationally recognized exchange that is approved by the Company) of all or part of the Registrable
Securities, including without limitation any registration statement filed under the Securities Act providing for the registration of, and the sale on a continuous or delayed basis by the Holders of, all of the Registrable Securities pursuant to Rule
415 under the Securities Act and/or any similar rule that may be adopted by the Commission on Form F-1 or Form S-1 (or any comparable form for Registration in a jurisdiction other than the United States of America, if applicable). Upon receipt of
such a request, the Company shall (a) promptly give written notice of the proposed Registration to all other Holders and (b) as soon as practicable, use its reasonable best efforts to cause the Registrable Securities specified in the
request, together with any Registrable Securities of any Holder who requests in writing to join such Registration within fifteen (15) days after the Company’s delivery of written notice, to be Registered and/or qualified for sale and
distribution in such jurisdiction. The Company shall be obligated to effect no more than three (3) such demand Registrations by Holders of Registrable Securities pursuant to this Section 2.1, provided that in each case, the
anticipated aggregate offering price net of underwriting discounts and commissions shall exceed US$5,000,000. 
  

	 	2.2	Registration on Form F-3 or Form S-3. 

 Subject to the terms of this Agreement, at any time that is six months after an Qualified IPO, if the Company qualifies for registration on Form F-3 or Form S-3 (or any comparable form for Registration in
a jurisdiction other than the United States of America), Holders may request the Company to file, in any jurisdiction in which the Company has had a registered underwritten public offering, a Registration Statement on Form F-3 or Form S-3 (or any
comparable form for Registration in a jurisdiction other than the United States of America), including without limitation any registration statement filed under the Securities Act providing for the registration of, and the sale on a continuous or
delayed basis by the Holders of, all of the Registrable Securities pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the Commission. Upon receipt of such a request, the Company shall (i) promptly give
written notice of the proposed Registration to all other Holders and (ii) as soon as practicable, use its reasonable best efforts to cause the Registrable Securities specified in the request, together with any Registrable Securities of any
Holder who requests in writing to join such Registration within fifteen (15) days after the Company’s delivery of written notice, to be Registered and qualified for sale and distribution in such jurisdiction. The Holders may at any time,
and from time to time, require the Company to effect the Registration of Registrable Securities under this Section 2.2; provided, however, the Company shall not be obligated to effect any such Registration, qualification or compliance
pursuant to this Section 2.2: (i) if Form F-3 or Form S-3 (or

  

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comparable form for Registration in a jurisdiction other than the United States of America) is not available for such offering by the Holders; or (ii) if the Holders, together with the
holders of any other securities of the Company entitled to inclusion in such Registration, propose to sell Registered Securities and such other securities (if any) at an aggregate price to the public of less than US$1,000,000. The Holders shall be
entitled to an unlimited number of Registrations pursuant to this Section 2.2, provided, however, that the Company shall be only obligated to bear the expenses incurred for the first two (2) such Form F-3 or Form S-3
Registrations. 
  

	 	2.3	Right of Deferral. 

  

	 	(a)	The Company shall not be obligated to Register or qualify Registrable Securities pursuant to this Section 2: 

  

	 	(i)	if, within ten (10) days of the receipt of any request of the Holders to Register any Registrable Securities under Section 2.1 or
Section 2.2, the Company gives notice to the Initiating Holders of its bona fide intention to effect the filing for its own account of a Registration Statement of Ordinary Shares within sixty (60) days of receipt of that request;
provided that the Company is actively employing in good faith its reasonable best efforts to cause that Registration Statement to become effective within sixty (60) days of the initial filing; provided further that the
Holders are entitled to join such Registration subject to Section 3; 

  

	 	(ii)	during the period starting with the date of filing by the Company of, and ending six (6) months following the effective date of any Registration Statement
pertaining to Ordinary Shares of the Company; provided that the Holders are entitled to join such Registration subject to Section 3; or 

  

	 	(iii)	in any jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such Registration or qualification, unless
the Company is already subject to service of process in such jurisdiction; 

  

	 	(iv)	if the Registrable Securities to be included in the Registration Statement could be sold without restriction under Rule 144(b) of the Securities Act within a ninety
(90) day period and the Company is currently subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the Exchange Act. 

  

	 	(b)	 If, after receiving a request from Holders pursuant to Section 2.1 or Section 2.2 hereof, the Company furnishes to the Holders
a certificate signed by the chief executive officer of the Company stating that, in the good faith judgment of the Board, there is a reasonable likelihood that it would be materially detrimental to the Company or its members for a Registration
Statement to be filed in the near future, then the Company shall have the right to defer such filing for a period during which such filing would be materially detrimental, provided that such deferral by the Company shall not exceed ninety
(90) days from the receipt of any request duly submitted by Holders under Section 2.1 or sixty (60) days from the receipt of any request duly submitted by Holders under Section 2.2 to register Registrable
Securities; provided

  

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further, that the Company may not register any other of its Securities during such sixty (60) or ninety (90) day period (except for Registrations contemplated by
Section 3.4); as the case may be, and provided that the Company shall not utilize this right more than once in any twelve (12) month period. 

  

	 	2.4	Underwritten Offerings. 

 If, in connection with a request to register Registrable Securities under Section 2.1 or Section 2.2, the Initiating Holders seek to distribute such Registrable Securities in an underwriting, they shall so advise the
Company as a part of the request, and the Company shall include such information in the written notice to the other Holders described in Sections 2.1 and 2.2. In such event, the right of any Holder to include its 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 (unless otherwise mutually agreed by a majority in interest of the
Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters of
internationally recognized standing selected for such underwriting by the Company. Notwithstanding any other provision of this Agreement, if the managing underwriter advises the Company that marketing factors (including without limitation the
aggregate number of securities requested to be Registered, the general condition of the market, and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of Registrable Securities to
be underwritten in a Registration pursuant to Section 2.1 or 2.2, the underwriters may (i) in the event the offering is the Company’s Qualified IPO, exclude from the underwriting all of the Registrable Securities (so long as
the only securities included in such offering are those of the Company), or (ii) otherwise exclude up to seventy-five percent (75%) of the Registrable Securities requested to be registered but only after first excluding all other Equity
Securities from the Registration and underwriting and so long as the number of shares to be included in the Registration on behalf of Holders is allocated among all Holders in proportion, as nearly as practicable, to the respective amounts of
Registrable Securities requested by such Holders to be included, provided that if, as a result of such underwriter cutback, the Holders cannot include in the initial public offering all of the Registrable Securities that they have requested
to be included therein, then such Registration shall not be deemed to constitute one (1) of the three (3) demand Registrations to which the Holders are entitled pursuant to Section 2.1. Any Registrable Securities excluded or
withdrawn from such underwriting shall be withdrawn from the Registration. 
  

	 	3.	Piggyback Registrations. 

  

	 	3.1	Registration of the Company’s Securities. 

 Subject to the terms of this Agreement, if the Company proposes to register for its own account any of its Equity Securities, or for the account of any holder (other than a Holder) of Equity Securities
any of such holder’s Equity Securities, in connection with the public offering of such securities solely for cash (except as set forth in Section 3.4), the Company shall promptly give each Holder written notice of such Registration
and, upon the written request of any Holder given within fifteen (15) days after delivery of such notice, the Company shall use its reasonable best efforts to include in such Registration any Registrable Securities thereby requested to be
registered by such Holder subject to the right of the Company and its underwriters to reduce in view of market conditions the

  

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number of shares of Registrable Securities proposed to be registered. 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. 

 

	 	3.2	Right to Terminate Registration. 

 The Company shall have the right to terminate or withdraw any Registration initiated by it under Section 3.1 prior to the effectiveness of such Registration, whether or not any Holder has elected to participate therein. The
expenses of such withdrawn Registration shall be borne by the Company in accordance with Section 4.3. 
  

	 	3.3	Underwriting Requirements. 

  

	 	(a)	In connection with any offering involving an underwriting of the Company’s Equity Securities solely for cash, the Company shall not be required to Register the
Registrable Securities of a Holder under this Section 3 unless such Holder’s Registrable Securities are included in the underwriting and such Holder enters into an underwriting agreement in customary form with the underwriter or
underwriters of internationally recognized standing selected by the Company and setting forth such terms for the underwriting as have been agreed upon between the Company and the underwriters. In the event the underwriters advise Holders seeking
Registration of Registrable Securities pursuant to this Section 3 in writing that market factors (including the aggregate number of Registrable Securities requested to be Registered, the general condition of the market, and the status of
the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of Registrable Securities to be underwritten, the underwriters may (i) in the event the offering is the Company’s Qualified IPO,
exclude all of the Registrable Securities (so long as the only securities included in such offering are those of the Company and no securities of other selling shareholders are included), or (ii) otherwise exclude up to seventy-five percent
(75%) of the Registrable Securities requested to be Registered but only after first excluding all other Equity Securities (except for securities to be offered by the Company) from the Registration and underwriting and so long as the Registrable
Securities to be included in such Registration on behalf of Holders are allocated among all Holders in proportion, as nearly as practicable, to the respective amounts of Registrable Securities requested by such Holders to be included.

  

	 	(b)	If any Holder disapproves the terms of any underwriting, the Holder may elect to withdraw therefrom by written notice to the Company and the underwriters delivered at
least ten (10) days prior to the effective date of the Registration Statement. Any Registrable Securities excluded or withdrawn from the underwriting shall be withdrawn from the Registration. 

  

	 	3.4	Exempt Transactions. 

 The
Company shall have no obligation to register any Registrable Securities under this Section 3 in connection with a Registration by the Company (i) relating solely to the sale of securities to participants in a Company share plan, or
(ii) relating to a corporate reorganization or other transaction under Rule 145 of the Securities Act (or comparable provision under the laws of another jurisdiction, as applicable). 
  

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	 	4.	Procedures. 

  

	 	4.1	Registration Procedures and Obligations. 

 Whenever required under this Agreement to effect the Registration of any Registrable Securities held by the Holders, the Company shall, as expeditiously as reasonably possible: 
  

	 	(a)	Prepare and file with the Commission a Registration Statement with respect to those Registrable Securities and use its reasonable best efforts to cause that
Registration Statement to become effective, and, upon the request of the Holders holding a majority of the Registrable Securities registered thereunder, keep the Registration Statement effective for up to one hundred and eighty (180) days or,
if earlier, until the distribution contemplated thereunder has been completed; provided, however, that such one hundred and eighty (180) day period shall be extended for a period of time equal to the period any Holder refrains
from selling any Registrable Securities included in such Registration at the written request of the underwriter(s) of the Company for such Registration; 

  

	 	(b)	Prepare and file with the Commission amendments and supplements to such Registration Statement and the prospectus used in connection with the Registration Statement as
may be necessary to comply with the provisions of Applicable Securities Law with respect to the disposition of all securities covered by such Registration Statement; 

  

	 	(c)	Furnish to the Holders the number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Applicable Securities law,
and any other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 

  

	 	(d)	Use its reasonable best efforts to register and qualify the securities covered by such Registration Statement under the securities laws of any jurisdiction, as
reasonably requested by the Holders, provided that the Company shall not be required to qualify to do business or 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 customary form, with the managing
underwriter(s) of the offering. Each shareholder participating in the underwriting shall also enter into and perform its obligations under such an agreement; 

  

	 	(f)	Notify each Holder of Registrable Securities covered by the Registration Statement at any time when a prospectus relating thereto is required to be delivered under
Applicable Securities Law of (i) the issuance of any stop order by the Commission, or (ii) the happening of any event as a result of which any prospectus 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 then existing; 

  

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	 	(g)	Provide a transfer agent and registrar for all Registrable Securities registered pursuant to the Registration Statement and, where applicable, a number assigned by the
Committee on Uniform Securities Identification Procedures for all those Registrable Securities, in each case not later than the effective date of the Registration; 

  

	 	(h)	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, (i) an opinion, dated the closing 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 (ii) (A) a comfort letter dated the signing date of the underwriting agreement; and (B) a bring down comfort letter dated the closing of the sale, each 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; and

  

	 	(i)	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. 

  

	 	4.2	Information from Holder. 

 It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Agreement 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 shall be required to effect the Registration of such Holder’s Registrable Securities. 
  

	 	4.3	Expenses of Registration. 

 All expenses, other than the Selling Expenses (which shall be borne by the Holders requesting Registration on a pro rata basis in proportion to their respective numbers of Registrable Securities sold in such Registration), incurred in
connection with Registrations, filings or qualifications pursuant to this Agreement, including (without limitation) all Registration, filing and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the
Company and reasonable fees and disbursement of one counsel for all selling Holders, shall be borne 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 2.1 if the Registration request is subsequently withdrawn at the request of the Holders of fifty percent (50%) of then outstanding Registrable Securities) to be registered (in which case all participating 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 fifty percent (50%) of then outstanding Registrable Securities agree to forfeit their right to one
(1) demand registration pursuant to Section 2.1; provided further, however, that if at the

  

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time of such withdrawal, the Holders 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 promptness after learning of such information. then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Section 2.1. Underwriting fees, discounts
and commissions applicable to the sale of Registrable Securities shall be for the account of the participating Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 
  

	 	4.4	Delay of Registration. 

 No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any Registration as the result of any controversy that may arise with respect to the interpretation or implementation of Sections 2, 3, 4, 5
or 6 of this Agreement. 
  

	 	5.	Indemnification. 

  

	 	5.1	Company Indemnity. 

  

	 	(a)	To the maximum extent permitted by law, the Company will indemnify and hold harmless each Holder, such Holder’s officers, directors, shareholders, legal counsel
and accountants, any underwriter (as defined in the Securities Act) for such Holder and each Person, if any, who controls (as defined in the Securities Act) such Holder or underwriter, against any losses, claims, damages or liabilities (joint or
several) to which they may become subject under laws which are applicable to the Company insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements,
omissions or violations (each a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such Registration Statement, on the effective date thereof (including any preliminary prospectus
or final prospectus contained therein or any amendments or supplements thereto), (ii) the omission or alleged omission to state in the Registration Statement, including any preliminary prospectus or final prospectus contained therein or any
amendments or supplements thereto, 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 Company of Applicable Securities Laws, or any rule
or regulation promulgated under Applicable Securities Laws. The Company will reimburse each such Holder, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action. 

  

	 	(b)	The indemnity agreement contained in this Section 5.1 shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if
such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that
it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished for use in connection with such Registration by any such Holder, underwriter, controlling person or other aforementioned
person. 

  

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	 	5.2	Holder Indemnity. 

  

	 	(a)	To the maximum extent permitted by law, each selling Holder will indemnify and hold harmless the Company, its directors, officers, legal counsel and accountants, any
underwriter, any other Holder selling securities in connection with such Registration and each Person, if any, who controls (within the meaning of the Securities Act) the Company, such underwriter or other Holder, against any losses, claims, damages
or liabilities (joint or several) to which any of the foregoing persons may become subject, under Applicable Securities Laws, or any rule or regulation promulgated under Applicable Securities Laws, insofar as such losses, claims, damages or
liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such
Holder for use in connection with such Registration; and each such Holder will reimburse any Person intended to be indemnified pursuant to this Section 5.2, for any legal or other expenses reasonably incurred by such Person in connection
with investigating or defending any such loss, claim, damage, liability or action. No Holder’s liability under this Section 5.2 shall exceed the net proceeds (less underwriting discounts and selling commissions) received by such
Holder from the offering of securities made in connection with that Registration; provided, however, such limitation shall not apply in the case of fraud or willful misconduct by such Holder. 

  

	 	(b)	The indemnity contained in this Section 5.2 shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld or delayed). 

  

	 	5.3	Notice of Indemnification Claim. 

 Promptly after receipt by an indemnified party under Section 5.1 or Section 5.2 of notice of the commencement of any action (including any governmental action), such indemnified Party shall, if a claim in respect
thereof is to be made against any indemnifying party under Section 5.1 or Section 5.2, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to
participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the indemnifying parties. 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 reasonably incurred 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
proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party, to the extent so
prejudiced, of any liability to the indemnified party under this Section 5, but the omission to deliver written 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 5. 
  

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	 	5.4	Contribution. 

 If any
indemnification provided for in Section 5.1 or Section 5.2 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to
herein, the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is
appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other, in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well
as 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 alleged untrue statement of a material fact or
the omission to state 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. 
  

	 	5.5	Underwriting Agreement. 

 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. No Holder shall be entitled to recover on any claim for indemnification or contribution hereunder if such Holder has been indemnified or recovered pursuant to the contribution provisions of the underwriting
agreement in relation to the same losses, claims, damages or liabilities. 
  

	 	5.6	Survival. 

 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 5 shall survive the completion of any offering of
Registrable Securities in a Registration Statement under this Agreement. 
  

	 	6.	Additional Undertakings. 

  

	 	6.1	Reports under the Exchange Act. 

 With a view to making available to the Holders the benefits of Rule 144 promulgated under the Securities Act and any comparable provision of any Applicable Securities Law 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 Form S-3 (or any comparable form in a jurisdiction other than the United States of America), the Company agrees to: 
  

	 	(a)	make and keep public information available, as those terms are understood and defined in Rule 144 (or comparable provision, if any, under Applicable Securities Laws in
any jurisdiction where the Company’s securities are listed), at all times following ninety (90) days after the effective date of the first Registration under the Securities Act filed by the Company for an offering of its securities to the
general public so long as the Company is subject to the periodic reporting requirements under Sections 13 or 15(d) of the Exchange Act; 

  

	 	(b)	file with the Commission in a timely manner all reports and other documents required of the Company under all Applicable Securities Laws; and 

 

 11 

	 	(c)	at any time following ninety (90) days after the effective date of the first Registration under the Securities Act filed by the Company for an offering of its
securities to the general public by the Company, promptly furnish to any Holder holding Registrable Securities, upon request (i) a written statement by the Company that it has complied with the reporting requirements of all Applicable
Securities Laws at any time after it has become subject to such reporting requirements 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 form comparable
thereto 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
with the Commission, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the Commission, that permits the selling of any such securities without Registration or pursuant to Form
F-3 or Form S-3 (or any form comparable thereto under Applicable Securities Laws of any jurisdiction where the Company’s Securities are listed). 

  

	 	6.2	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 would allow such holder or prospective holder (i) to include such Equity Securities in any Registration filed under Section 2 or
Section 3, unless under the terms of such agreement such holder or prospective holder may include such Equity Securities in any such Registration only to the extent that the inclusion of such Equity Securities will not reduce the amount
of the Registrable Securities of the Holders that are included, or (ii) cause the Company to include such Equity Securities in any Registration filed under Section 2.2 or Section 3 hereof on a basis more favorable to
such holder or prospective holder than is provided to the Holders thereunder. 
  

	 	6.3	“Market Stand-Off” Agreement. 

 Each Holder agrees, if so required by the managing underwriter(s), that it will not during the period commencing on the date of the final prospectus relating to the Company’s Qualified IPO and ending
on the date specified by the Company and the managing underwriter (such period not to exceed one hundred and eighty (180) days from the date of such final prospectus), (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 (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 the Equity Securities, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Equity Securities or such other securities, in cash or otherwise; provided, that (x) all directors, senior executive officers and all other holders of 5% or
more of share capital of the Company must be bound by restrictions substantially identical to those applicable to any Holder pursuant to this Section 6.3, (y) all Holders will be released from any restrictions set forth in this
Section 6.3 to the extent that any other members subject to substantially similar restrictions are

  

 12 

 
released, and (z) the lockup agreements shall permit Holders to transfer their Registrable Securities to their respective Affiliates so long as each transferee enters into a lockup agreement
identical to that entered into by the transferring Holder. The underwriters in connection with the Company’s Qualified IPO are intended third party beneficiaries of this Section 6.3 and shall have the right, power and authority to
enforce the provisions hereof as though they were a Party hereto. In order to enforce the foregoing covenant, the Company may place restrictive legends on the certificates and impose stop-transfer instructions with respect to the Registrable
Securities of each shareholder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. 
  

	 	6.4	Termination of Registration Rights. 

 The rights to cause the Company to register Registrable Securities pursuant to Section 2 and Section 3 will be automatically terminated upon the earlier of (i) the first (1
st) anniversary of the occurrence of the
Company’s Qualified IPO and (ii) with respect to a Holder, when such Holder may sell his/her/its Registrable Securities without restriction under Rule144 of the Securities Act within ninety (90) days. 
  

	 	6.5	Assignment of Registration Rights. 

 The rights to cause the Company to register Registrable Securities pursuant to Section 2 and Section 3 may be assigned (but only with all related obligations) by a Holder to
(i) a transferee or assignee of at least 100,000 Registrable Securities, or (ii) an Affiliate or partner of the Holder or shareholders who agree to act through a single representative; provided the Company is, within a reasonable
time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; and provided, further, that such assignment
shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Securities Act. For the purposes of determining the number of shares of Registrable
Securities held by a transferee or assignee, the holdings of transferees and assignees of a partnership who are partners or retired partners of such partnership (including spouses and ancestors, lineal descendants and siblings of such partners or
spouses who acquire Registrable Securities by gift, will or intestate succession) shall be aggregated together and with the partnership; provided that all assignees and transferees who would not qualify individually for assignment of
registration rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices or taking any action hereunder. 
  

	 	6.6	Exercise of Series A Preferred Shares. 

 Notwithstanding anything to the contrary provided in this Agreement, the Company shall have no obligation to register Registrable Securities which, if constituting Ordinary Share Equivalents, have not
been exercised, converted or exchanged, as applicable, for Ordinary Shares. 
  

	 	7.	Preemptive Right 

  

	 	7.1	General. 

 The Company
hereby grants to the holders of then-outstanding Series A Preferred Shares (each, a “Series A Holder”) a right

  

 13 

 
to purchase up to its pro rata shares of any New Securities that the Company may, from time to time, propose to sell or issue to any person or entity other than the holders of Ordinary Shares. A
Series A Holder’s “pro rata share” for purposes of this purchase right shall be determined according to the number of Ordinary Shares owned by such Series A Holder immediately prior to the issuance of the New Securities (assuming the
exercise, conversion or exchange of all then outstanding Ordinary Share Equivalents) in relation to the total number of Ordinary Shares of the Company outstanding immediately prior to the issuance of the New Securities (assuming the exercise,
conversion or exchange of all then outstanding Ordinary Share Equivalents). This preemptive right shall not apply to the sale and issuance of shares contemplated by the transactions described in Section 9.4 of the Flagship Share Purchase
Agreement. 
  

	 	7.2	Issuance Notice. 

 In the
event the Company proposes to undertake an issuance of New Securities, it shall give each Series A Holder written notice (an “Issuance Notice”) of such intention, describing the type of New Securities, and their price and the
general terms upon which the Company proposes to issue the same. The Series A Holder shall have fifteen (15) days after the receipt of such notice to agree to purchase such New Securities (as determined in Section 7.1 above) at the
price and upon the terms specified in the notice by giving written notice to the Company and stating therein the quantity of New Securities to be purchased. Failure by a Series A Holder to give notice within such 15-day period shall be deemed to
constitute a decision by such Series A Holder not to exercise its purchase rights with respect to such issuance of New Securities. 
  

	 	7.3	Sales by the Company. 

 For a period of one hundred and twenty (120) days following the expiration of the fifteen (15) day period as described in Section 7.2 above, the Company may sell any New Securities with respect to which a Series A
Holder’s preemptive rights under this Section 7 were not exercised, at a price and upon terms not more favorable to the purchasers thereof than specified in the Issuance Notice. In the event the Company has not sold such New
Securities within such one hundred and twenty (120) day period, the Company shall not thereafter issue or sell any New Securities, without first again offering such securities to the Series A Holder(s) in the manner provided in
Section 7.1 above. 
  

	 	7.4	Termination of Preemptive Rights. 

 The preemptive rights in this Section 7 shall terminate on the earliest of (i) the closing of the Qualified IPO, (ii) the date on which the Series A Preferred Shares are converted into Ordinary Shares or (iii) a
Liquidation Event. 
  

	 	8.	Information and Inspection Rights. 

  

	 	8.1	Delivery of Financial Statements. 

 Subject to Section 8.3, the Company shall deliver to such Series A Investor the following documents or reports: 
  

	 	(a)	 within one hundred twenty (120) days after the end of each fiscal year of the Company Group beginning in respect of the Company’s fiscal year
ending December 31, 2008, consolidated, audited annual financial statements for the

  

 14 

	 	 
Company Group for such fiscal year and a consolidated balance sheet for the Company Group as of the end of the fiscal year, audited and certified by an Auditor selected by the Company and
approved by the Series A Holders holding more than fifty percent (50%) of then outstand Series A Preferred Shares, a copy of the Company Group’s annual operating plan and budget, and a management report including a comparison of the
financial results of such fiscal year with the corresponding business plan, all prepared in accordance with US GAAP; 

  

	 	(b)	within forty-five (45) days of the end of each quarter, a consolidated un-audited income statement and statement of cash flows for such quarter and a consolidated
balance sheet for the Company Group as of the end of such quarter, and a management report including a comparison of the financial results of such quarter with the corresponding business plan, prepared in accordance with US GAAP;

  

	 	(c)	within fifteen (15) days of the end of each month, a consolidated un-audited income statement and a consolidated balance sheet for the Company Group as of the end
of such month, a copy of the annual operating plan and budget, and a management report including a comparison of the financial results against the Company's business plan, all prepared in accordance with US GAAP; 

  

	 	(d)	no later than forty-five (45) days prior to the end of each fiscal year, an annual consolidated budget and operating plan of the Company Group for the succeeding
fiscal year; and 

  

	 	(e)	any reports publicly filed by the Company Group with any relevant securities exchange, regulatory authority or governmental agency. 

  

	 	8.2	Inspection. 

 Each member
of the Company Group shall permit the Series A Investor, at its own expense, to visit and inspect, during normal business hours following reasonable notice by such Series A Investor to such member of the Company Group and only in a manner so as not
to interfere with the normal business operations of the Company Group, any of the properties of the Company Group, and examine the books of account and records of the Company Group, and discuss the affairs, finances and accounts of the Company Group
with the directors, officers, management employees, accountants, legal counsel and investment bankers of such companies, all at such reasonable times as may be requested in writing by the Series A Investor; provided, that such Series A
Investor agrees to keep confidential any information so obtained; provided, further, that the Series A Investor may be excluded from access to any material, records or other information if the Company Group is restricted from making
such disclosure pursuant to a bona fide agreement with a third party or if such disclosure will jeopardize the attorney-client privilege. 
  

	 	8.3	Termination of Information and Inspection Rights. 

 The rights and covenants set forth in Sections 8.1 and 8.2 shall terminate and be of no further force or effect upon the earliest occurrence of (i) the closing of a Qualified IPO,
(ii) the date on which the Series A Preferred Shares are converted into Ordinary Shares, (iii) the date on which the Series A Holder ceases to hold at least 4% of the Company’s outstanding shares on a fully-diluted, as converted
basis, (iv) the date that the Company becomes subject to the reporting requirements of Section 13 and Section 15 of the Exchange Act, as amended; or (v) a Liquidation Event. 
  

 15 

	 	8.4	Governmental/Securities Filings. 

 For three (3) years after the time when the Company becomes subject to the filing requirements of the Exchange Act or any other organized securities exchange, the Company shall deliver to Flagship copies of, or provide a link on its
public website to, any quarterly, annual, extraordinary, or other reports publicly filed by the Company with the Commission or any other relevant securities exchange, regulatory authority or government agency, and any annual reports and other
materials to the members. 
  

	 	9.	Rights of First Refusal and Co-Sale Rights. 

  

	 	9.1	Prohibition on Transfer of Shares. 

  

	 	(a)	Holders of Ordinary Shares. 

 Except as provided in Sections 9.2 through 9.5 of this Agreement, any holder of Ordinary Shares of the Company other than the Series A Investors or holders of Ordinary Shares converted from the
Series A Preferred Shares (each a “Restricted Shareholder”), regardless of any such holder’s employment status with the Company may not transfer any direct or indirect interest in any Equity Securities of the Company now or
hereafter owned or held by him or her before a Qualified IPO, unless otherwise approved in writing by Series A Holders holding more than fifty percent (50%) of then outstanding Series A Preferred Shares. For the purposes hereof, redemption or
repurchase of shares by the Company shall not be prohibited under this clause. 
  

	 	(b)	Prohibited Transfers Void. 

 Any transfer of Equity Securities by a Restricted Shareholder not made in compliance with this Agreement shall be null and void as against the Company, shall not be recorded on the books of the Company
and shall not be recognized by the Company. 
  

	 	9.2	Rights of First Refusal. 

  

	 	(a)	Transfer Notice. 

 Prior to the closing of a Qualified IPO, if a Restricted Shareholder proposes to transfer the Equity Securities he or it directly or indirectly holds in the Company to one or more third parties pursuant to an understanding with such third
parties (a “Transfer”, and such holder a “Transferor”), then the Transferor shall give the Company 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) subject to any applicable non-disclosure agreement with such third party, the identity 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 certify that the Transferor has received a firm 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. 
  

 16 

	 	(b)	Holder’s Option. 

  

	 	(i)	Each Holder shall have an option for a period of fifteen (15) days following the Holder’s receipt of the Transfer Notice to elect to purchase its respective
pro rata share of the Offered Shares at the same price and subject to the same material terms and conditions as described in the Transfer Notice. 

  

	 	(ii)	Each Holder may exercise such purchase option and, thereby, purchase all or any portion of its pro rata share of the Offered Shares, by notifying Transferor and the
Company in writing, before expiration of the fifteen (15) day after delivery of the Transfer Notice as to the number of such Offered Shares that it wishes to purchase. 

  

	 	(iii)	Each Holder’s pro rata share of the Offered Shares shall be a fraction, the numerator of which shall be the number of Equity Securities (assuming the exercise,
conversion and exchange of any Ordinary Share Equivalents) owned by such Holder on the date of the Transfer Notice and the denominator of which shall be the total number of Equity Securities (assuming the exercise, conversion and exchange of any
Ordinary Share Equivalents) held by all Holders on such date. 

  

	 	(iv)	If any Holder fails to exercise such purchase option pursuant to this Section 9.2, the Transferor shall give notice of such failure (the
“Re-allotment Notice”) to each other Holder that elected to purchase its entire pro rata share of the Offered Shares (the “Purchasing Holders”). Such Re-allotment Notice may be made by telephone if confirmed in
writing within two (2) days. The Purchasing Holders shall have a right of re-allotment such that they shall have ten (10) days from the date such Re-allotment Notice was given to elect to increase the number of Offered Shares they agreed
to purchase under Section 9.2(b)(iii) to include their respective pro rata share of the Offered Shares contained in any Re-allotment Notice. 

  

	 	(v)	Subject to applicable securities Laws, the Holder shall be entitled to apportion Offered Shares to be purchased among its partners and Affiliates upon written notice to
the Company and the Transferor. 

  

	 	(vi)	If a Holder gives the Transferor notice that it desires to purchase Offered Shares, then payment for the Offered Shares to be purchased shall be by check or wire
transfer in immediately available funds of the appropriate currency, against delivery of such Offered Shares to be purchased at a place agreed by the Transferor and all the participating Holders and at the time of the scheduled closing therefor,
which shall be no later than forty-five (45) days after the Holder's receipt of the Transfer Notice, unless such notice contemplated a later closing with the prospective third party transferee or unless the value of the purchase price has not
yet been established pursuant to Section 9.2(c). 

  

 17 

	 	(vii)	Regardless of any other provision of this Agreement, if the Holders decline in writing, or fail to exercise their purchase option pursuant to this
Section 9.2 with respect to all (and not less than all) Offered Shares, the Transferor shall be under no obligation to transfer the Offered Shares to the Holders pursuant to this Section 9.2 and instead shall be free to sell
such Offered Shares pursuant to the Transfer Notice, subject to Sections 9.3 and Section 9.4 hereunder. 

  

	 	(viii)	The Transferor shall have the right to terminate or withdraw any Transfer Notice and any intent to transfer Offered Shares at any time, whether or not any Holder has
elected to purchase under this Section 9.2 any Offered Shares offered thereby. 

  

	 	(c)	Valuation of Property. 

  

	 	(i)	Should the purchase price specified in the Transfer Notice be payable in property other than cash or evidences of indebtedness, the Holders shall have the right to pay
the purchase price in the form of cash equal in amount to the fair market value of such property. 

  

	 	(ii)	If the Transferor, on the one hand, and the Holders on the other hand, cannot agree on such cash value within seven (7) days after the Holders’ receipt of the
Transfer Notice, the valuation shall be made by an appraiser of internationally recognized standing jointly selected by the Transferor and the Holders, or, if they cannot agree on an appraiser within ten (10) days after the Holders’
receipt of the Transfer Notice, each shall select an appraiser of internationally recognized standing and the two appraisers shall designate a third appraiser of internationally recognized standing, whose appraisal shall be determinative of such
value. 

  

	 	(iii)	The cost of such appraisal shall be shared equally by the Transferor and the Purchasing Holders, with the half of the cost borne by the Purchasing Holders to be borne
pro rata by each Purchasing Holder based on the number of shares such Purchasing Holder has elected to purchase pursuant to this Section 9. 

  

	 	(iv)	If the value of the purchase price offered by the prospective transferee is not determined within the forty-five (45) day period specified in
Section 9.2(b)(vi) above, the closing of the Holders’ purchase shall be held on or prior to the fifth business day after such valuation shall have been made pursuant to this Section 9.2(c). 

  

	 	9.3	Right of Co-Sale. 

  

	 	(a)	to the extent the Holders do not exercise their respective right of first refusal as to all of the Offered Shares pursuant to Section 9.2, each Holder that
did not exercise its right of first refusal as to any of the Offered Shares pursuant to Section 9.2 shall have the right to participate in such sale of Equity Securities on the same terms and conditions as specified in the Transfer
Notice by notifying the Transferor in writing within fifteen (15) days after delivery of the Transfer Notice referred to in Section 9.2(a) (such Holder, a “Selling Holder”; all such Holders and the Transferor are
referred to collectively as the “Selling Holders”). 

  

 18 

	 	(i)	Such Selling Holder’s notice to the Transferor shall indicate the number of Equity Securities the Selling Holder wishes to sell under its right to participate.

  

	 	(ii)	To the extent one or more of the Holders exercise such right of participation in accordance with the terms and conditions set forth below, the number of Equity
Securities that the Transferor may sell in the Transfer shall be the Transferor’s pro rata share of the Offered Shares, calculated on the basis that the Transferor is a Selling Holder. 

  

	 	(b)	The Selling Holders may elect to sell such number of Equity Securities that in aggregate equals the total number of Offered Shares being transferred following the
exercise or expiration of all rights of first refusal pursuant to Section 9.2 hereof on pro rata basis. Each Selling Holder may elect to sell such number of Equity Securities that equals the product of (i) the aggregate number of
the Offered Shares being transferred following the exercise or expiration of all rights of first refusal pursuant to Section 9.2 hereof multiplied by (ii) a fraction, the numerator of which is the number of Ordinary Shares (on
as-if-converted basis which includes the number of Ordinary Shares that would be issuable upon the exercise, conversion or exchange of Ordinary Share Equivalents) owned by the Selling Holder on the date of the Transfer Notice and the denominator of
which is the total number of Ordinary Shares (on as-if-converted basis which include the number of Ordinary Shares that would be issuable upon the exercise, conversion or exchange of Ordinary Share Equivalents) owned by all Selling Holders on the
date of the Transfer Notice. 

  

	 	(c)	Each Selling Holder shall effect its participation in the sale by promptly delivering to the Transferor for transfer to the prospective purchaser (i) an executed
sale and purchase agreement, if required, and any other documentation reasonably requested by the prospective purchaser and (ii) one or more certificates, properly endorsed for transfer, which represent the type and number of Equity Securities
which such Selling Holder elects to sell; provided, however that if the prospective third-party purchaser objects to the delivery of any Ordinary Share Equivalents in lieu of Ordinary Shares, such Selling Holder shall only deliver
Ordinary Shares (and therefore shall convert any such Ordinary Share Equivalents into Ordinary Shares) and certificates corresponding to such Ordinary Shares. To the extent that such Ordinary Share Equivalents are by their terms then exercisable
for, or convertible into, Ordinary Shares, the Company agrees to permit such exercise or make any such conversion concurrent with the actual transfer of such shares to the purchaser and contingent on such transfer, subject in each case to receiving
the exercise price, if applicable, and all other documents required for such exercise or conversion. 

  

	 	(d)	The share certificate or certificates that a Selling Holder delivers to the Transferor pursuant to Section 9.3(c) shall be transferred to the prospective
purchaser in consummation of the sale of the Equity Securities pursuant to the terms and conditions specified in the Transfer Notice, and the Transferor shall promptly remit to such Selling Holder that portion of the sale proceeds to which such
Selling Holder is entitled by reason of its participation in such sale. 

  

 19 

	 	(e)	To the extent that any prospective purchaser prohibits the participation of a Selling Holder exercising its co-sale rights hereunder in a proposed Transfer or otherwise
refuses to purchase shares or other securities from a Selling Holder exercising its co-sale rights hereunder, the Transferor shall not sell to such prospective purchaser any Equity Securities unless and until, simultaneously with such sale, the
Transferor shall purchase from such Selling Holder such shares or other securities that such Selling Holder would otherwise be entitled to sell to the prospective purchaser pursuant to its co-sale rights for the same consideration and on the same
terms and conditions as the proposed transfer described in the Transfer Notice. 

  

	 	9.4	Non-Exercise of Rights. 

  

	 	(a)	Subject to any other applicable restrictions on the sale of such shares, to the extent that the Holders have not exercised their rights to purchase the Offered Shares
within the time periods specified in Section 9.2 and the Holders have not exercised their rights to participate in the sale of the Offered Shares within the time periods specified in Section 9.3, the Transferor shall have a
period of 90 days from the expiration of such rights in which to sell the Offered Shares, as the case may be, to the third-party transferee identified in the Transfer Notice upon terms and conditions (including the purchase price) no more favorable
to the purchaser than those specified in the Transfer Notice. 

  

	 	(b)	In the event the Transferor does not consummate the sale or disposition of the Offered Shares within 90 days from the expiration of such rights, the Holders’ first
refusal rights and co-sale rights shall continue to be applicable to any subsequent disposition of the Offered Shares by the Transferor until such rights lapse in accordance with the terms of this Agreement. 

  

	 	(c)	The exercise or non-exercise of the rights of the Holders under this Section 9 to purchase Equity Securities from a Transferor or participate in the sale of
Equity Securities by a Transferor shall not adversely affect their rights to make subsequent purchases from the Transferor of Equity Securities or subsequently participate in sales of Equity Securities by the Transferor hereunder.

  

	 	9.5	Limitations to Rights of First Refusal and Co-Sale. 

 The provisions of this Section 9 shall not apply to: 
  

	 	(a)	any transfer of Equity Securities by the Founders pursuant to the terms of options issued under the Original ESOP; 

  

	 	(b)	the exercise of outstanding options pursuant to the Original ESOP, 

  

	 	(c)	any Transfers by the Founders to any of their respective Affiliates, and any Transfers by the Founders among themselves; 

  

	 	(d)	 sale or otherwise assignment, with or without consideration, of up to twenty percent (20%) of Equity Securities now or

  

 20 

	 	 
hereafter held by such holder, to an entity wholly-owned by such holder, or to a spouse or child of such holder, or to a trust, custodian, trustee, or other fiduciary for the account of any of
the foregoing, or to a trust for such holder’s account; 

  

	 	(e)	other option rights or warrants approved by the Series A Investors; or 

  

	 	(f)	any Transfers that may result from the transactions contemplated by the Offshore Reorganization. 

 provided that, in case of (a), (b), (c) and (d) above, each of the transferees, prior to the completion of the sale, transfer, or
assignment, shall have executed documents, in form and substance reasonably satisfactory to the Holders, assuming the obligations of the Restricted Shareholders under this Agreement with respect to the transferred securities. 
  

	 	9.6	Termination of Rights of First Refusal and Co-Sale Rights. 

 The rights and covenants set forth in this Section 9 shall terminate and be of no further force or effect upon the earliest occurrence of (i) the closing of a Qualified IPO, (ii) the date
on which the Series A Preferred Shares are converted into Ordinary Shares, (iii) the date on which the Series A Holder ceases to hold at least 4% of the Company’s outstanding shares on a fully-diluted, as converted basis, or (iv) a
Liquidation Event. 
  

	 	10.	Assignments and Transfers; No Third Party Beneficiaries. 

 10.1 Except as otherwise provided herein, this Agreement and the rights and obligations of the Parties hereunder shall inure to the benefit of, and be binding upon, their respective successors,
assigns and legal representatives, but shall not otherwise be for the benefit of any third party. Except as otherwise provided herein, the rights of any Holder hereunder are only assignable in connection with the transfer or sale (subject to
applicable securities and other Laws) of the Equity Securities held by such Holder but only to the extent of such transfer, provided, however, that (i) the transferor shall, prior to the effectiveness of such transfer,
furnish to the Company written notice of the name and address of such transferee and the Equity Securities that are being assigned to such transferee, and (ii) such transferee shall, concurrently with the effectiveness of such transfer, become
a party to this Agreement as a Holder and be subject to all applicable restrictions set forth in this Agreement. Unless otherwise provided herein, this Agreement and the rights and obligations of any Party hereunder shall not be otherwise assigned
to any third party without the mutual written consent of the other Parties. 
 10.2 The sale or transfer of any Equity
Securities by the Holders shall not be subject to any right of first refusal, co-sale rights or any other contractual conditions or restrictions on transfer except as may be required by Law. Notwithstanding the foregoing, the Holders shall not
transfer Equity Securities to any Person that is a direct competitor of the Company without the prior written consent of the Company. 
  

	 	11.	Potential Trade Sale 

 At
any time after the second anniversary of the Closing Date and prior to the closing of the Company’s Qualified IPO, the holders of a 60% majority of the Series A Preferred Shares may bring before a meeting of the Board of Directors or
Shareholders a proposal for the sale of 100% of the share capital of the Company. 
  

 21 

	 	12.	Legend. 

 Each existing or
replacement certificate for shares now owned or hereafter acquired by any Restricted Shareholder shall bear the following legend: 
 “THE SALE, PLEDGE, HYPOTHECATION, ASSIGNMENT OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A SHAREHOLDER AGREEMENT BY AND BETWEEN THE MEMBER, THE COMPANY AND CERTAIN HOLDERS OF
SHARES OF THE COMPANY. SUBJECT TO APPLICABLE CONFIDENTIALITY PROVISIONS, COPIES OF SUCH AGREEMENTS MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.” 
  

	 	13.	Election of Directors; Board Observer. 

  

	 	13.1	Board of Directors. 

  

	 	(a)	Number of Directors. The Company shall initially have a Board consisting of four (4) directors, of which (i) so long as Flagship holds not less than 4%
of the Company’s Shares on a fully-diluted as-converted basis one (1) Director shall be appointed by Flagship (the “Flagship Director”), and (ii) and three (3) Directors shall be appointed by the Founders (the
“Management Directors”). 

 The Founders, Wealth Plan and Series A Investors agree that
(i) the Company may offer to each potential investor in additional preferred shares who proposes to invest US$15,000,000 or more the right to appoint one (1) director to the Board of Directors and (ii) in each such event, it will
approve both an increase to the number of directors to accommodate one (1) director appointed by such investor and a further increase to the number of directors to accommodate the appointment of one (1) additional director by the Founders.

  

	 	(b)	Designation and Election of Flagship Director. At each election of the directors of the Board, each holder of Series A Preferred Shares and each holder of
Ordinary Shares shall vote at any meeting of members, such number of Series A Preferred Shares (on an as-converted basis) and Ordinary Shares as may be necessary, or in lieu of any such meeting, shall give such holder’s written consent, as the
case may be, with respect to such number of Series A Preferred Shares (on an as-converted basis) and Ordinary Shares (i) as may be necessary to elect as Flagship Director one (1) individual designated by Flagship and (ii) against any
other Flagship Director nominee not so designated by Flagship. The Flagship Director shall initially be Mr. Siew Wing Keong. 

  

	 	(c)	 Designation and Election of the Management Directors. At each election of the directors of the Board, each holder of Series A Preferred Shares
and each holder of Ordinary Shares shall vote at any meeting of members, such number of Series A Preferred Shares (on an as-converted basis) and Ordinary Shares as may be necessary, or in lieu of any such meeting, shall give such holder’s
written consent, as the case may be, with respect to such number of Series A Preferred Shares (on an as-converted basis) and Ordinary Shares (i) as may be necessary to elect as the Management Directors

  

 22 

	 	 
three (3) individuals (or such larger number of Management Directors as may be appointed pursuant to the second paragraph of Section 13.1(a)) designated by the Founders, and
(ii) against any other Management Director nominee not so designated. The Management Directors shall initially be Mr. Li Xiande, Mr. Chen Kangping and Mr. Li Xianhua. 

  

	 	13.2	Committees. 

 The Board of
Directors of the Company shall establish a financial committee (the “Financial Committee”), which shall consist of three (3) members, including one (1) director nominated by Flagship. The Financial Committee shall be
responsible for supervising the finance and accounting of the Company Group, including but not limited to budget, Related Party transactions, employee welfare planning and conducting internal audit. All actions of the Financial Committee relating to
matters set out in Section 14.9 of this Agreement shall require the affirmative vote of the director nominated by Flagship. The Financial Committee shall meet on a regular basis at least once every quarter. 
 The Board of Directors of the Company shall establish an executive committee (the “Executive Committee”), which shall
consist of at least three (3) members, including one (1) director nominated by Flagship and all the key management members designated by the Board of Directors, and the chairman of the Executive Committee shall be appointed by the Board of
Directors. The authority of the Executive Committee shall be determined by the Board of Directors, which shall, amongst others, include the authority of providing guidance, supervision and support to the management team of the Company Group,
assessing the management team’s performance and conducting other activities in relation to the Company Group’s business operations. The Executive Committee shall meet on a regular basis at least once every month. 
  

	 	13.3	Board Observer. 

 For so
long as Flagship holds any Series A Preferred Shares, Flagship shall have the right, from time to time, at its own expense, and at any time, to designate one (1) individual that is an employee, officer or counsel of Flagship (the
“Observer”) to attend all meetings of the Board and all committees thereof (whether in person, by telephone or other) in a non-voting observer capacity. The Company shall provide to the Observer, concurrently with the members of the
Board, and in the same manner, notice of such meeting and a copy of all materials provided to such members. 
  

	 	13.4	Alternate. 

 Subject to
applicable law, each of the Flagship Director and the Management Directors, in the case of his or her absence, shall be entitled to appoint an alternate to serve at any Board meeting, and such alternate shall be permitted to attend all Board
meetings and vote on behalf of the director for whom she or he is serving as an alternative. 
  

 23 

	 	13.5	Meetings and Expenses. 

 The Board shall meet in person or by teleconference no less than one time per quarter. The Company shall reimburse all reasonable, documented expenses of all the Directors related to all Board activities, other than the Board Observer
designated by Flagship pursuant to Section 13.3 herein, including but not limited to attending the Board meetings. 
  

	 	13.6	Amendment. 

 So long as a
Series A Investor hold any Series A Preferred Shares, no rights of such Series A Investor under this Section 13 may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) without the
written consent of the holder(s) of at least seventy-five percent (75%) of the Series A Preferred Shares. 
  

	 	13.7	Directors’ Insurance and Indemnification. 

 After the Company’s Qualified IPO, the Company shall provide customary insurance coverage for members of its Board of Directors to the extent available on commercially reasonable terms. The
Memorandum and Articles of the Company shall at all times provide that the Company shall indemnify the members of the Company’s Board of Directors to the maximum extent permitted by the law of the jurisdiction in which the Company is organized.

  

	 	13.8	Board Meetings. 

 The
directors shall use their reasonable best efforts to hold no less than one (1) Board meeting during each quarter. 
 A
quorum for a Board meeting shall consist of three (3) directors, including the Flagship Director; provided, however, if such quorum cannot be obtained per two (2) consecutive meetings of directors due to the failure of the
Flagship Director to attend such meetings of directors after the notice of the meeting has been sent by the Company in accordance with the Memorandum and Articles, then the attendance of any three (3) directors at the next duly called meeting
of directors shall constitute a quorum. 
 In the case of an equality of votes in a Board meeting, no director shall have a
second or casting vote and the second Board meeting shall be convened within thirty (30) days in which the unresolved matter shall be put to the vote again. In case that the matter cannot be resolved in the second Board meeting, such matter
shall be put to the vote in the general meeting of the shareholders of the Company in accordance with this Agreement and Memorandum and Articles. 
  

	 	13.9	Shareholders’ Meeting and Board Meeting of Kinko 

 The Company, Kinko and each Founder agree that, unless otherwise approved in advance by the Board of the Company (shall include the Flagship Director), (1) a meeting of the board of directors of
Kinko and any Subsidiary and branch shall only be convened at the time when the meeting of the Board of the Company is convened; (2) no resolution of the board of directors (or the executive director, as the case may be) of Kinko and any
Subsidiary and branch thereof shall be passed unless approved in advance by the Board of the Company; (3) any appointment, removal and replacement of the directors of Kinko and any Subsidiary and branch thereof shall be approved in advance by
the Board of the Company. 
  

 24 

	 	14	Additional Agreement; Covenants 

  

	 	14.1	Employee Stock Option Plan. 

  

	 	(a)	After the completion of the Offshore Reorganization, an employee share option plan (the “Original ESOP”) shall be adopted among the Company and the Founders
pursuant to which options to purchase up to 2% of the Ordinary Shares issued and outstanding prior to the Closing may be issued to qualifying officers, directors and employees of the Company Group. 

  

	 	(b)	Options under the Original ESOP (“Options”) shall be granted by the Financial Committee (or any other committee of the Board of Directors formed for the
purpose of deciding and administering matters relating to compensation). 

  

	 	(c)	The Ordinary Shares subject to the options (“Optionable Shares”) shall be made available for issuance under the Original ESOP by the Founders ratably in
accordance with their respective holdings of Ordinary Shares prior to the Closing. The Founders shall place such Optionable Shares, together with undated share transfers executed in blank, in escrow with an agent (the “Option Agent”) for
issuance against exercise of options. The Option Agent shall transfer Ordinary Shares (“Option Shares”) against the exercise of options in accordance with the terms of the Original ESOP. 

  

	 	(d)	The Original ESOP shall include such ordinary and customary terms as the Parties may agree, including among others the following: 

  

	 	(i)	the Original ESOP shall be administered by the Financial Committee or such other committee, which shall grant Options in accordance with the provisions of the Original
ESOP and on such other terms as they may in their discretion determine, in relation to the number of options, vesting schedule, exercise price and other terms; 

  

	 	(ii)	the vesting schedule for Options granted under the Original ESOP shall not be less than four (4) years, with a maximum of 25% of the Options under any grant
vesting in each year; 

  

	 	(iii)	Options not exercised prior to the expiration date specified in the relevant grant shall expire, subject to any extension approved by the Financial Committee or such
other committee; 

  

	 	(iv)	Options granted to employees whose employment is involuntarily terminated for cause, and Options granted to employees who voluntarily leave the employ of the Company,
shall forthwith terminate; 

  

	 	(v)	no Options granted under the Original ESOP shall have an exercise price of less than the greater of (A) fair market value of the Option Shares at the date of grant
and (B) the purchase price per share of the Series A Preferred Shares purchased by the Series A Investors hereunder; and 

  

	 	(vi)	no Options shall be granted under the Original ESOP unless both the grant and the exercise of the Options and the transfer of the Option Shares by the Option Agent are
exempt from registration requirements under applicable securities laws, including the Securities Act. 

  

 25 

	 	(e)	Prior to the Qualified IPO, the Company shall adopt a new employee share option plan (“IPO ESOP”) and a long-term incentive plan (“LTIP”) on such
terms as the shareholders shall agree. Commencing from the time of the adoption of the IPO ESOP and the LTIP (the “Adoption Date”): 

  

	 	(i)	no further Options shall be issued pursuant to the Original ESOP; and 

  

	 	(ii)	the Option Agent shall promptly release from escrow and return to the Founders in proportion with their interests any Optionable Shares as to which Options have not
been granted as of the Adoption Date and any Optionable Shares as to which the Options granted have not been exercised (“Unexercised Options”) as of the Adoption Date or have expired or terminated. 

  

	 	(f)	Commencing from the Adoption Date, upon the exercise of Unexercised Options granted under the Original ESOP, the Company shall deliver newly-issued Ordinary Shares
reserved for this purpose under the IPO ESOP. 

  

	 	(g)	The Company, the Founders and Kinko shall have, obtained (or cause the Subsidiaries to have obtained) all authorizations, consents, orders and approvals of all
Governmental Authorities and officials that may be or become necessary to adopt the Original ESOP in compliance with PRC Law and regulations. 

  

	 	14.2	Qualified IPO. 

 Subject
to applicable laws, commercial considerations and market conditions, the Company and each of the Founders shall use commercially reasonable efforts to effectuate the closing of a Qualified IPO prior to the second (2nd) anniversary of the date
of Closing Date. In the event of the closing of a Qualified IPO, each of the Company and the Founders agrees to use commercially reasonable efforts, subject to applicable laws and the requirements of the underwriters in relation to the Qualified
IPO, to minimize restrictions on the transfer of any Series A Preferred Shares held by the Series A Investors (or Ordinary Shares that have been converted from such Series A Preferred Shares). 
  

	 	14.3	Use of Proceeds. 

 The
Company shall use the proceeds that it receives pursuant to the Flagship Share Purchase Agreement and Everbest Share Purchase Agreement in the manner set out therein. 
  

	 	14.4	Approval of Business Plan. 

 The Company, the Founders, and Flagship shall use their reasonable best efforts to cause each quarterly or annual budget, business plan or operating plan (including any capital expenditure budget, operating budget and financing plan) to be
approved before the beginning of each quarter or year, as the case may be. 
  

 26 

	 	14.5	Related Party Transactions. 

 Until the closing of the Company’s Qualified IPO, except for the transactions contemplated under this Agreement and the Transaction Documents, all Related Party transactions between any of the Company, the members of the Company Group,
the Founders, the Key Employees, and directors of the Company Group, Related Party of any of such Persons and the Founders, shall be negotiated and entered into on an arms-length basis and shall be subject to the approval of the Board. In addition,
any related party transactions concerning consideration in excess of US$50,000 shall be subject to the approval of the Board, including the approval of the Flagship Director. 
  

	 	14.6	Restriction on Indirect Transfer. 

 Unless with the prior written approval of the Board, which shall include the approval of the Flagship Director, none of the Founders shall, directly or indirectly, (i) transfer, sell, pledge, mortgage, encumber or otherwise dispose of
any of his or her shares in the Company or equity interest in Kinko, or (ii) pass any resolutions approving the issuance of any additional shares, equity interest, registered capital, options, warrants or other equity securities in Kinko. Each
of the Founders and Kinko hereby agrees that it/he/she will not effect any transfer in violation of this Section 14.6 nor will it treat any alleged transferee as the holder of such shares or equity interest. Each of the Founders and
Kinko shall not, and each of the Founders shall cause Kinko not to, issue to any person any new shares or equity securities or any options or warrants for, or any other securities exchangeable for or convertible into, such shares or equity
securities in Kinko, unless with the prior written approval of the Board, which shall include the approval of the Flagship Director. 
  

	 	14.7	Right of Assignment. 

 Notwithstanding any other provision of this Agreement, each Series A Investor shall be entitled to transfer all or part of its Series A Preferred Shares purchased by it, provided that such transferee agrees in writing to be subject to the
terms of the Flagship Share Purchase Agreement or Everbest Share Purchase Agreement, as the case may be, and Ancillary Agreements as if it were a purchaser thereunder. Such transfer shall not be subject to right of first refusal of any other Party
hereto, provided that such transfer by any of the Series A Investor to any or their respective directors, officers or partners shall be subject to Section 10.2 of this Agreement. 
  

	 	14.8	Non-Competition by the Founders. 

 The Founders undertake to the Company and the Series A Investors that he or she will devote his or her working time and attention exclusively to the business of the Company Group and use his or her best efforts to promote the Company
Group’s interests until at least one (1) year after the Qualified IPO, unless his/her earlier resignation is approved by the Series A Holders holding more than fifty percent (50%) of then outstanding Series A Preferred Shares.

 The Founders further undertake to the Company and the Series A Investors that, commencing from the date of this Agreement for
the later of a period of one (1) year after he ceases to be (x) employed by the Company Group or (y) a shareholder in the Company Group, he will not, without the prior written consent of the Board (including the consent of the
Flagship Director), either on his own account or through any of his Affiliates, or in conjunction with or on behalf of any other person: (i) invest or be engaged or interested directly or indirectly in any other corporate or entity which
carries out any business that is in direct competition with the principal business of the Company Group, or otherwise carry out any such business, unless otherwise permitted by the Flagship Share Purchase Agreement and Everbest Share Purchase
Agreement; (ii) act as the shareholder, director, employee, partner, agent or representative of

  

 27 

 
any entity described in subsection (i) above unless otherwise permitted by the Flagship Share Purchase Agreement and Everbest Share Purchase Agreement; (iii) solicit or entice away or
attempt to solicit or entice away from any member of the Company Group, any person, firm, company or organization who is a customer, client, representative, agent or correspondent of such member of the Company Group or in the habit of dealing with
such member of the Company Group, provided that the Founders will be compensated in accordance with the agreement entered into by and between the Company and the Founders pursuant to the applicable Laws. 
  

	 	14.9	Protective Provision. 

 For so long as the Flagship remains a Series A Holder, in addition to any requirements set forth in the Memorandum and Articles or by the laws of Hong Kong, the Company and Kinko shall not, and the Company and the Founders shall cause any
Subsidiary not to (by way of shareholders resolutions, board resolutions or other means), without the prior approval of Flagship, take any action that would (for the purpose of this Section 14.9, the term Company below shall also include
the members of the Company Group), except as provided or contemplated in the Flagship Share Purchase Agreement or this Agreement: 
  

	 	(i)	alter or change the rights, preferences or privileges of the Series A Preferred shares, including any amendment or waiver of any provisions of the Memorandum and
Articles that adversely affects the rights of the Series A Preferred Shares; 

  

	 	(ii)	declaration or payment of dividend or other distribution of any of the Company Group; 

  

	 	(iii)	making any increase or decrease of the number of authorized or issued shares in capital, or any purchase or redemption of any shares of the Company Group; authorize or
issue any equity security senior to or on a parity with the Series A Preferred Shares as to dividend rights or redemption rights or liquidation preferences; 

  

	 	(iv)	making any investment in excess of US$1,000,000, or incurring any debt, or capital expenditure in excess of eight percent (8%) of the net asset value of the
Company, or enter into any transaction or series of related transactions for which the aggregate value of the transaction or series of related transactions exceeds eight percent (8%) of the net asset value of the Company, unless such investment
or transaction is conducted in the ordinary course of business or included in its annual budget; 

  

	 	(v)	approving the entering into, any amendment to the agreements among the members of the Company Group, or any transaction involving both a member of the Company Group and
a shareholder or any Company Group’s employees, officers, directors or shareholders or any affiliate of a shareholder or any of its officers, directors or shareholders or other Related Parties, each with an amount exceeding US$150,000;

  

	 	(vi)	adoption of annual budget, or any material change in the annual budget, or engaging in any new line of business of the Company Group; 

  

 28 

	 	(vii)	amendment of the accounting policies previously adopted or change the Auditor of the Company Group; 

  

	 	(viii)	granting or creating by the Company Group of any indemnity or guarantee or any charge, lien or debenture or other security over all or any part of the assets or rights
of the Company Group, or provision of loans by any Company Group member to any other person other than a member of the Company Group, or dispose of substantial assets or any intellectual property owned by the Company Group, in an aggregate amount of
US$150,000; 

  

	 	(ix)	granting or creating by the Company Group of any indemnity or guarantee or any charge, lien or debenture or other security over all any part of the assets or rights of
the Company Group, or provision of loans by any Company Group member to any member of the Company Group, or dispose of substantial assets or any intellectual property owned by the Company Group, in an aggregate amount exceeding eight percent
(8%) of the net asset value of the Company; 

  

	 	(x)	adoption of, and amendment of any terms of, any of the Company Group’s employee stock option plans or profit sharing scheme; 

  

	 	(xi)	formation of subsidiary (except Kinko) or affiliate, or effecting any merger, joint venture, spin-off, liquidation, dissolution, consolidation, scheme of arrangement,
reorganization or sale of all or substantially all of the assets of the Company Group; 

  

	 	(xii)	other customary protective rights mutually agreed upon by the Parties in accordance with Section 15.7 hereof; 

  

	 	(xiii)	increase or decrease the authorized size of the Company’s Board of Directors; and 

  

	 	(xiv)	any increase in compensation of any senior executive employee of the Company by more than twenty percent (20%) in a twelve (12) month period.

  

	 	14.10	Most Favored Terms. 

 If
the Company completes a future financing with terms more favorable (“Investor Favorable Terms”) to investors than the transactions contemplated herein, Flagship shall have the right to acquire such Investor Favorable Terms and have them
apply to the Series A Preferred Shares and the purchase thereof. Both Series A Investors acknowledge that, for purposes of this Section 14.10, neither the acquisition of the Series A Shares by Flagship pursuant to the Flagship Share Purchase
Agreement and Loan Agreement nor the acquisition of the Series A Preferred Shares by Everbest pursuant to the Everbest Share Purchase Agreement shall be deemed as future financing. 
  

	 	14.11	Offshore Reorganization and Establishment of Listco. 

 The Parties agree to, and to cause the Company and any member of the Company Group to, take all necessary actions and sign all necessary documents and agreements to effect the offshore reorganization of
the Company Group, including: 
  

	 	(i)	cause Listco to be promptly established with substantially the same capitalization as the Company, including the same number of Ordinary Shares and the same number of
Series A Preferred Shares; 

  

 29 

	 	(ii)	cause Listco to adopt Memorandum and Articles of Association with substantially the same terms and conditions as the Memorandum and Articles, subject to any changes
required to comply with the laws of the Cayman Islands; 

  

	 	(iii)	contribute their respective Ordinary Shares or Series A Preferred Shares to Listco in exchange for an identical number of the same class of shares;

  

	 	(iv)	cause Listco to enter into a shareholders agreement on substantially the same terms as this Agreement; and 

  

	 	(v)	as soon as practicable, in view of the Company’s operating results, market circumstances and commercial considerations, undertake a Qualified IPO.

 The foregoing actions and any other related actions are referred to as the “Offshore
Reorganization”. 
  

	 	15.	Miscellaneous. 

  

	 	15.1	Governing Law. 

 This
Agreement shall be governed by and construed in accordance with the laws of the State of New York as to matters within the scope thereof and without regard to its principles of conflicts of laws. 
  

	 	15.2	Dispute Resolution. 

  

	 	(a)	Any dispute, controversy or claim arising out of or relating to this Agreement, or the interpretation, breach, termination or validity hereof, shall first be subject to
resolution through consultation of the Parties to such dispute, controversy or claim. Such consultation shall begin within seven (7) days after one Party hereto has delivered to the other Parties involved a written request for such
consultation. If within thirty (30) days following the commencement of such consultation the dispute cannot be resolved, the dispute shall be submitted to arbitration upon the request of any Party with notice to the other Parties.

  

	 	(b)	The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the “HKIAC”). There shall be
three arbitrators. The complainant and the respondent involved in such dispute shall each select one arbitrator within thirty (30) days after giving or receiving the demand for arbitration. Such arbitrators shall be freely selected, and the
Parties shall not be limited in their selection to any prescribed list. The Chairman of the HKIAC shall select the third arbitrator, who shall be qualified to practice law in the State of New York. If either party to the arbitration does not appoint
an arbitrator who has consented to participate within thirty (30) days after selection of the first arbitrator, the relevant appointment shall be made by the Chairman of the HKIAC. 

  

	 	(c)	The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the Arbitration Rules of the HKIAC in effect at the time of the
arbitration. However, if such rules are in conflict with the provisions of this Section 15.2, including the provisions concerning the appointment of arbitrators, the provisions of this Section 15.2 shall prevail.

  

 30 

	 	(d)	The arbitrators shall decide any dispute submitted by the Parties to the arbitration strictly in accordance with the substantive law of the State of New York and shall
not apply any other substantive law. 

  

	 	(e)	Each Party hereto shall cooperate with any party to the dispute in making full disclosure of and providing complete access to all information and documents requested by
such party in connection with such arbitration proceedings, subject only to any confidentiality obligations binding on the Party receiving the request. 

  

	 	(f)	The award of the arbitration tribunal shall be final and binding upon the disputing parties, and any party to the dispute may apply to a court of competent jurisdiction
for enforcement of such award. 

  

	 	(g)	Any party to the dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the
arbitral tribunal. 

  

	 	15.3	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. 
  

	 	15.4	Notices. 

 Any notice
required or permitted pursuant to this Agreement shall be given in writing and shall be given either personally or by next-day or second-day courier service, fax, electronic mail or similar means to the address as shown below the signature of such
Party on the signature page of this Agreement (or at such other address as such Party may designate by fifteen (15) days’ advance written notice to the other Parties to this Agreement given in accordance with this Section 14).
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 confirmation of delivery, and by two days having passed after the letter containing the same is sent as aforesaid. Where a notice is sent by fax or electronic mail, service of the notice shall be deemed to be
effected on the same day on which it is properly addressed and sent through a transmitting organization with a reasonable confirmation of delivery. 
  

	 	15.5	Headings and Titles. 

 Headings and titles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 
  

 31 

	 	15.6	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. 
  

	 	15.7	Entire Agreement: Amendments and Waivers. 

 This Agreement (including the Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof. Any term of this
Agreement may be amended and 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 (i) the Company, (ii) the
shareholders holding more than fifty percent (50%) of then outstanding Ordinary Shares, and (iii) the Series A Holders holding more than fifty percent (50%) of then outstanding Series A Preferred Shares. Any amendment or waiver
effected in accordance with this paragraph shall be binding upon each holder of any Registrable Securities, each future holder of all such Registrable Securities, and the Company. 
  

	 	15.8	Severability. 

 If a
provision of this Agreement is held to be unenforceable under applicable laws, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms. 
  

	 	15.9	Further Instruments and Actions. 

 The Parties agree to execute such further instruments and to take such further action as may be reasonably necessary to carry out the intent of this Agreement. Each Party agrees to cooperate affirmatively with the other Parties, to the
extent reasonably requested by another Party, to enforce rights and obligations pursuant hereto. 
  

	 	15.10	Rights Cumulative. 

 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. 
  

	 	15.11	No Waiver. 

 Failure to
insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed a waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any
right, power or remedy power hereunder at any one or more times be deemed a waiver or relinquishment of such right, power or remedy at any other time or times. 
  

	 	15.12	Conflict with Memorandum and Articles. 

 In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of the Company’s Memorandum and Articles or other constitutional documents, the terms of this
Agreement shall prevail as between the shareholders

  

 32 

 
of the Company only. The Parties shall, notwithstanding the conflict or inconsistency, act so as to effect the intent of this Agreement to the greatest extent possible under the circumstances and
shall promptly amend the conflicting constitutional documents to conform to this Agreement to the greatest extent possible. 
  

	 	15.13	No Presumption. 

 The
Parties acknowledge that any applicable law that would require interpretation of any claimed ambiguities in this Agreement against the Party that drafted it has no application and is expressly waived. If any claim is made by a Party relating to any
conflict, omission or ambiguity in the provisions of this Agreement, no presumption or burden of proof or persuasion will be implied because this Agreement was prepared by or at the request of any Party or its counsel. 
 [The remainder of this page has been intentionally left blank] 
  

 33 

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

					
	COMPANY:	 	PAKER TECHNOLOGY LIMITED
			
		 	By:	 	 /s/    Kangping
Chen        

			
		 		 	Name: Kangping Chen
			
		 		 	Title:
			
		 		 	Attn:
			
		 		 	Tel:
			
		 		 	Fax:
			
		 		 	Email:

  

 34 

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

					
	FOUNDER:	 	LI Xiande
			
		 	BY:	 	 /s/ Kangping Chen

			
		 		 	ID Number:
			
		 		 	Address:
			
		 		 	Tel:
			
		 		 	Fax:
			
		 		 	Email:
		
	FOUNDER:	 	CHEN Kangping
			
		 	BY:	 	 /s/ Kangping Chen

			
		 		 	ID Number:
			
		 		 	Address:
			
		 		 	Tel:
			
		 		 	Fax:
			
		 		 	Email:
		
	FOUNDER:	 	LI Xianhua
			
		 	BY:	 	 /s/ Kangping Chen

			
		 		 	ID Number:
			
		 		 	Address:
			
		 		 	Tel:
			
		 		 	Fax:
			
		 		 	Email:

  

 35 

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

			
	 JIANGXI KINKO ENERGY CO., LTD.
 (

)

		
	By:	 	 /s/ Kangping Chen

		
		 	Name:
		
		 	Title:
		
		 	Attn:
		
		 	Tel:
		
		 	Fax:
		
		 	Email:

  

 36 

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

					
	FLAGSHIP DESUN SHARES CO., LIMITED
		
	By:	 	 /s/ CHAN KOK PUN

			
		 	Name:	 	
			
		 	Title:	 	Director
			
		 	Attn:	 	
			
		 	Tel:	 	
			
		 	Fax:	 	
			
		 	Email:	 	

  

 37 

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

			
	EVERBEST INTERNATIONAL CAPITAL LIMITED
		
	By:	 	 /s/ Runsheng Xu

		
		 	Name:
		
		 	Title:
		
		 	Attn:
		
		 	Tel:
		
		 	Fax:
		
		 	Email:

  

 38 

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

					
	WEALTH PLAN INVESTMENTS LIMITED
		
	By:	 	 /s/ KWP NOMINEES LIMITED

			
		 	Name:	 	KWP NOMINEES LIMITED
			
		 	Title:	 	Director
			
		 	Attn:	 	
			
		 	Tel:	 	
			
		 	Fax:	 	
			
		 	Email:	 	

  

 39 

 SCHEDULE I 
 “Adoption Date” has the meaning ascribed to it in Section 14.1 (e) hereof. 
 “Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, Controls, is Controlled by or
is under common Control with such Person. 
 “Agreement” has the meaning ascribed to it in the Preamble hereof.

 “Applicable Securities Law” means (i) with respect to any offering of securities in the United States
of America, or any other act or omission within that jurisdiction, the securities law of the United States of America, including the Exchange Act and the Securities Act, and any applicable securities law of any state of the United States of America,
and (ii) with respect to any offering of securities in any jurisdiction other than the United States of America, or any related act or omission in that jurisdiction, the applicable securities laws of that jurisdiction. 
 “Board” or “Board of Directors” means the board of directors of the Company. 
 “Commission” means (i) with respect to any offering of securities in the United States of America, the Securities and
Exchange Commission of the United States of America or any other federal agency at the time administering the Securities Act, and (ii) with respect to any offering of securities in a jurisdiction other than the United States of America, the
regulatory body of the jurisdiction with authority to supervise and regulate the offering and sale of securities in that jurisdiction. 
 “Company” has the meaning ascribed to it in the Preamble hereof. 
 “Company Group”
means the Company, Kinko, any of their Subsidiaries, and each Person (other than a natural person) that is, directly or indirectly, controlled by the Company or Kinko. 
 “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, which 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 meetings 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 “Controlling” and “Controlled” have meanings
correlative to the foregoing. 
 “Drag Along Right” has the meaning set forth in Section 11.1 hereof.

 “Effective Date” has the meaning ascribed to it in the Preamble hereof. 
 “Equity Securities” means any Ordinary Shares and/or Ordinary Share Equivalents of the Company. 
 “Everbest Share Purchase Agreement” has the meaning ascribed to it in the Recitals hereof. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 
  

 40 

 “Executive Committee” has the meaning ascribed to it in Section 13.2
hereof. 
 “Financial Committee” has the meaning ascribed to it in Section 13.2 hereof. 
 “Flagship Director” has the meaning ascribed to it in Section 13.1(a) hereof. 
 “Flagship Share Purchase Agreement” has the meaning ascribed to it in the Recitals hereof. 
 “Form F-3” means Form F-3 promulgated by the Commission under the Securities Act or any successor form or substantially
similar form then in effect. 
 “Form S-3” means Form S-3 promulgated by the Commission under the Securities
Act or any successor form or substantially similar form then in effect. 
 “Founders” shall mean LI Xiande,
CHEN Kangping and LI Xianhua, each a citizen of the PRC. 
 “Founders ESOP” has the meaning ascribed to it in
Section 14.1 hereof. 
 “HKIAC” has the meaning ascribed to it in Section 15.2 hereof. 
 “Holders” means the holders of Registrable Securities who are Parties to this Agreement from time to time, and their
permitted transferees that become Parties to this Agreement from time to time. 
 “Initiating Holders” means,
with respect to a request duly made under Section 2.1 or Section 2.2 to Register any Registrable Securities, the Holders initiating such request. 
 “IPO ESOP” has the meaning ascribed to it in Section 14.1 hereof. 
 “Issuance Notice” has the meaning ascribed to it in Section 7.2. 
 “Key
Employees” has the meaning ascribed to it in the Flagship Share Purchase Agreement. 
 “Liquidation
Event” has the meaning ascribed to it in the Memorandum and Articles. 
 “Listco” has the meaning
ascribed to it in the Preamble. 
 “Loan Agreement” means the loan agreement entered into by and among the
Company, Founders and Flagship on May 19, 2008. 
 “LTIP” has the meaning ascribed to it in
Section 14.1(e). 
 “Management Director” has the meaning ascribed to it in Section 13.1(a).

 “Memorandum and Articles” means the Company’s Memorandum and Articles of Association, as amended and
restated from time to time. 
 “Market Capitalization” means the amount equal to the estimated aggregate number
of issued and outstanding Ordinary Shares, on a fully diluted basis, immediately before the initial public offering and listing of Ordinary Shares multiplied by the estimated listing price in respect of such Ordinary Shares. 
  

 41 

 “New Securities” means, subject to the terms of Section 7 hereof, any
newly issued Equity Securities of the Company, except for (i) Ordinary Shares issued to the selected Key Employees and other employees of the Company pursuant to the Original ESOP and IPO ESOP or any Ordinary Shares Equivalent issued to the
employees, consultants, officers or directors of the Company Group pursuant to other share option, share purchase or share bonus plan, agreement or arrangement to be approved by the Financial Committee from time to time; (ii) securities issued
upon conversion of the Series A Preferred Shares or exercise of any outstanding warrants or options; (iii) securities issued in connection with a bona fide acquisition of another business; (iv) securities issued in a Qualified IPO;
(v) securities issued in connection with any share split, share dividend, combination, recapitalization or similar transaction of the Company; (vi) securities issued pursuant to the Flagship Share Purchase Agreement, Loan Agreement,
Everbest Share Purchase Agreement and Letter of Appointment as such agreements may be amended or modified from time to time; or (vii) any other issuance of Equity Securities whereby the Series A Investors give a written waiver of their rights
under Section 7 hereof at their discretion. 
 “Observer” has the meaning ascribed to it in
Section 13.3 hereof. 
 “Offered Shares” has the meaning set forth in Section 9.2(a) hereof.

 “Offshore Reorganization” has the meaning set forth in Section 14.12. 
 “Ordinary Shares” means the Company’s ordinary shares, par value HK$1.00 per share. 
 “Ordinary Share Equivalents” means warrants, options and rights exercisable for Ordinary Shares or securities convertible
into or exchangeable for Ordinary Shares, including, without limitation and the Series A Preferred Shares. 
 “Party” has the meaning ascribed to it in the Preamble hereof. 
 “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 the Hong Kong Special Administrative Region, Macau Special Administrative Region
and Taiwan. 
 “Purchasing Holders” has the meaning set forth in Section 9.2(b) hereof. 
 “Qualified IPO” means a firmly underwritten public offering of Ordinary Shares of the Company approved by Series A Holders
holding more than fifty percent (50%) of then outstanding Series A Preferred Shares on NASDAQ or NYSE or an internationally recognized stock exchange (including but not limited to the Stock Exchange of Hong Kong). 
 “Re-allotment Notice” has the meaning set forth in Section 9.2(b) hereof. 
  

 42 

 “Registrable Securities” means (i) the Ordinary Shares issuable or
issued upon conversion of the Series A Preferred Shares, and (ii) any Ordinary Shares of the Company issued as a dividend or other distribution with respect to, in exchange for, or in replacement of, the shares referenced in (i) and
(ii) herein, excluding in all cases, however, any of the foregoing sold by a Person in a transaction in which rights under Section 2 and Section 3 are not assigned or shares for which registration rights have terminated pursuant to
Section 6.4. For purposes of this Agreement, (i) Registrable Securities shall cease to be Registrable Securities when a Registration Statement covering such Registrable Securities has been declared effective under the Securities Act by the
Commission whether or not such Registrable Securities have been disposed of pursuant to such effective Registration Statement and (ii) the Registrable Securities of a Holder shall not be deemed to be Registrable Securities at any time when the
entire amount of such Registrable Securities proposed to be sold by such Holder in a single sale are or, in the opinion of counsel satisfactory to the Company and such Holder, each in their reasonable judgment, may be, so distributed to the public
pursuant to Rule 144 (or any successor provision then in effect) under the Securities Act in any three (3) month period or any such Registrable Securities have been sold in a sale made pursuant to Rule 144 of the Securities Act. 
 “Registration” means a registration effected by preparing and filing a Registration Statement and the declaration or
ordering of the effectiveness of that Registration Statement; and the terms “Register” and “Registered” have meanings concomitant with the foregoing. 
 “Registration Statement” means a registration statement prepared on Form F-1, F-2, F-3, S-1, S-2 or S-3 under the Securities Act (including, without limitation, Rule 415 under the
Securities Act), or on any comparable form in connection with registration in a jurisdiction other than the United States of America. 
 “Restricted Shareholder” has the meaning set forth in Section 9.1(a) hereof. 
 “Securities Act” means the United States Securities Act of 1933, as amended. 
 “Selling
Expenses” means all underwriting discounts and selling commissions applicable to the sale of Registrable Securities pursuant to this Agreement. 
 “Selling Holder” has the meaning set forth in Section 9.3 hereof. 
 “Series A Investor” has the meaning ascribed to it in the Preamble hereof. 
 “Series A
Holder” has the meaning ascribed to it in Section 7.1 hereof. 
 “Series A Preferred Shares”
means any and all of the Company’s Series A Preferred Shares, par value HK$1.00 per share, with the rights and privileges as set forth in the Memorandum and Articles. 
 “Shares” means the Company’s Ordinary Shares and/or Series A Preferred Shares. 
 “Subsidiary” means, with respect to any specified Person, any Person of which the specified Person, directly or indirectly,
owns more than fifty percent (50%) of the issued and outstanding authorized capital, share capital, voting interests or registered capital. 
 “Transfer” or “Transferor” has the meaning set forth in Section 9.2(a) hereof. 
 “Transfer Notice” has the meaning set forth in Section 9.2(a) hereof. 
  

 43 

 “Violation” has the meaning ascribed to it in Section 5.1 hereof.

 “Unexercised Options” has the meaning ascribed to it in Section 14.1(e) hereof. 
 “US GAAP” means generally accepted accounting principles in effect in the United States of America from time to time.

  

 44Series A Preferred Share Purchase Agreement

			
	Exhibit 4.5	  	Execution Copy

 PAKER TECHNOLOGY LIMITED 
 

 
 SERIES A PREFERRED SHARE PURCHASE AGREEMENT 
 May 8, 2008 

 SERIES A PREFERRED SHARE PURCHASE AGREEMENT 
 THIS SERIES A PREFERRED SHARE PURCHASE AGREEMENT (this “Agreement”) is made as of May 8, 2008, by and among the
parties as follows: 
  

	(1)	PAKER TECHNOLOGY LIMITED (

, “the Company”) , a company duly incorporated and validly existing under the Laws of Hong Kong Special Administrative Region (“Hong Kong”); 

  

	(2)	LI Xiande, CHEN Kangping, LI Xianhua, each a citizen of the People’s Republic of China (the “PRC”) (collectively the “Founders”
and each, a “Founder”); 

  

	(3)	JIANGXI KINKO ENERGY CO., LTD. (

, “Kinko”), a wholly foreign owned enterprise duly organized and validly existing under the Laws of the PRC; and 

  

	(4)	FCC, a company duly incorporated and validly existing under the Laws of Singapore (the “Series A Investor”). 

 Each of the Company, the Founders, Kinko and the Series A Investor shall be referred to individually as a “Party” and
collectively as the “Parties”. 
 RECITALS 
  

	A.	The Company is a limited liability company incorporated under the law of Hong Kong. As of the date hereof, the Company has an authorized capital of HK$10,000.00,
divided into 10,000 ordinary shares of par value HK$1.00 each (the “Ordinary Shares”), of which, (i) a total of 200 shares, representing 50% of the issued share capital of the Company, has been issued to LI Xiande; (ii) a
total of 120 shares, representing 30% of the issued share capital of the Company, has been issued to CHEN Kangping; and (iii) a total of 80 shares, representing 20% of the issued share capital of the Company, has been issued to LI Xianhua. All
the said issued and outstanding Ordinary Shares has been fully paid; 

  

	B.	The Company wishes to increase its authorized capital and the Series A Investor wishes to subscribe for from the Company, and the Company wishes to sell to the Series A
Investor, an aggregate of 67,402 Series A Preferred Shares of the Company pursuant to the terms and subject to the terms and conditions of this Agreement. 

  

 1 

 WITNESSETH 
 THE PARTIES HEREBY AGREE AS FOLLOWS: 
  

	1	Definitions. 

 Capitalized
terms used herein shall have the meanings ascribed to them in Schedule 1 attached hereto. 
  

	2	Purchase and Sale of Series A Preferred Shares; Closing. 

  

	 	2.1	Authorization. 

 As of the
Closing, the Company shall have an authorized share capital of HK$10,000, consisting of 9,892,188 Ordinary Shares of HK$0.001 each and 107,812 Series A Preferred Shares of HK$0.001 each. As of the Closing, the Company shall have authorized
(a) the issuance at the Closing, pursuant to the terms and conditions of this Agreement, of 107,812 Series A Preferred Shares to the Series A Investor, having the rights, preferences, privileges and restrictions as set forth in the Memorandum
and Articles; and (b) the reservation of at least 107,812 Ordinary Shares for the conversion of the Series A Preferred Shares. 
  

	 	2.2	Sale and Issuance of Series A Preferred Shares. 

 Subject to the terms and conditions of this Agreement, at the Closing, the Series A Investor agrees to subscribe for, and the Company agrees to issue and allot to the Investor, an aggregate of 67,402
Series A Preferred Shares, par value HK$0.001 per share, each having the rights and privileges as set forth in the Memorandum and Articles (the “Series A Preferred Shares”), at a per share issue price of US$222,545 for an aggregate
amount of consideration of US$15,000,000 (the “Series A Purchase Price”), to be paid in accordance with Section 2.3. Each Founder hereby waives any pre-emptive rights or rights of first refusal if any that he or she has
with regard to the issuance and sale of Series A Preferred Shares pursuant to this Section 2.2 and Section 9.4. 
  

	 	2.3	Closing. 

  

	 	(i)	 Subject to the satisfaction or waiver of each condition to the Closing set forth in Section 5 and Section 6, other than
conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions, the issue and allotment of the Series A Preferred Shares hereunder shall take place at the offices of Baker &
McKenzie, 14th Floor Hutchison House, 10 Harcourt Road,
Central, Hong Kong on the date that is no later than seven (7) days after the execution of this Agreement (which date may be extended by a further seven (7) days upon agreement by the parties) or at another time and date and at another
location to be mutually agreed by the Parties, (which time, date and place are designated as the “Closing”). The date on which the Closing shall be held is referred to in this Agreement as the “Closing Date.”

  

 2 

	 	(ii)	At the Closing, the Company shall (i) deliver to the Series A Investor a certificate representing the Series A Preferred Shares subscribed by the Series A
Investor, (ii) cause the Company’s share register to be updated to reflect the Series A Preferred Shares subscribed and purchased by the Series A Investor; and (iii) cause the register of directors of the Company to be updated to
reflect the director designated by the Series A Investor. 

  

	 	(iii)	At the Closing, the Series A Investor shall (A) deliver an executed counterpart of the Shareholders Agreement in the form attached hereto as Exhibit B to
the Company, the Founders and Kinko; and (B) deposit, or cause its affiliate to deposit, the Series A Purchase Price set forth in Section 2.2 by wire transfer of immediately available U.S. dollar funds into an account specified by
the Company. 

  

	 	(iv)	At the Closing, the Founders and the Kinko shall deliver an executed counterpart of the Shareholders Agreement in the form attached hereto as Exhibit B to the
Series A Investor. 

  

	 	2.4	Termination of Agreement. 

 This Agreement may be terminated before the Closing as follows: 
  

	 	(i)	at the election of the Series A Investor or the Company, after the date of June 30, 2008 or another date to be mutually agreed by the Parties (the
“Termination Date”), if the Closing shall not have occurred on or before such date; 

  

	 	(ii)	by mutual written consent of the Company, the Founders, Kinko and the Series A Investor as evidenced in writing signed by each of the Company, the Founders, Kinko and
the Series A Investor; 

  

	 	(iii)	by the Series A Investor in the event of any material breach or violation of any representation or warranty, covenant or agreement contained herein or in any of the
other Transaction Documents by the Company, the Founders or Kinko; or 

  

	 	(iv)	by the Company in the event of any material breach or violation of any representation or warranty, covenant or agreement contained herein or in any of the other
Transaction Documents by the Series A Investor. 

 In the event of termination by any Party pursuant to this
Section 2.4, written notice thereof shall forthwith be given to the other Parties, and this Agreement shall terminate, and the purchase of the issue and subscription of the Series A Preferred Shares hereunder shall be terminated.

  

 3 

	 	2.5	Effect of Termination. 

 In the event that this Agreement is validly terminated pursuant to Section 2.4, then each of the Parties shall be relieved of their duties and obligations arising under this Agreement after the date of such termination and such
termination shall be without liability to the Company, the Founders, Kinko or the Series A Investor; provided that no such termination shall relieve any party hereto from liability for any breach of this Agreement occurring prior to such
termination. The provisions of this Section 2.5, Section 7, Section 9.8 and Section 9.13 hereof shall survive any termination of this Agreement. 
  

	3	Representations and Warranties of the Company, the Founders and Kinko. 

 The Company, Kinko, and, to the extent only specifically set out herein, the Founders, jointly and severally, represent and warrant to the
Series A Investor that the statements contained in this Section 3 are true, correct and complete with respect to each member of the Company Group, on and as of the Execution Date and the date of the Closing Date, except as set forth on
the Disclosure Schedule attached hereto as Exhibit C (the “Disclosure Schedule”), which exceptions shall be deemed to modify the following representations and warranties. The Series A Investor acknowledges that the
Disclosure Schedule may be revised and delivered to the Series A Investor prior to Closing. In the event that any such revision reflects a Material Adverse Effect in relation to any member of the Company Group, the Series A Investor shall not be
obligated to proceed with the Closing. In the event that the Series A Investor elects to proceed with the Closing, it will be deemed to waive its rights to sue the Company, the Founders or any member of the Company Group or seek indemnification for
any losses suffered as a result of such Material Adverse Effect. 
  

	 	3.1	Organization, Good Standing; Due Authorization. 

 Each member of the Company Group is duly organized, validly existing and in good standing under the laws of their respective jurisdiction of incorporation. Each member of the Company Group has all
requisite legal and corporate power and authority to carry on its business as now conducted, and is duly qualified to transact business in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect on such Person.

  

	 	3.2	Authorization; Consents. 

 Each of the Company, the Founders and Kinko has all requisite legal and corporate power, and has taken all corporate action necessary, for each to properly and legally authorize, execute and deliver this Agreement and each of the
Transaction Documents to which he/she/it is a party, and to carry out his/her/its respective obligations hereunder and thereunder. The authorization of all of (A) the Series A Preferred Shares being issued and sold under this Agreement and
(B) the Ordinary Shares issuable upon conversion of the Series A Preferred Shares has been taken or will be taken prior to the Closing. This Agreement, each of the Transaction

  

 4 

 
Documents to which the Company, the Founders and/or Kinko is a party, when executed and delivered by the Company, the Founders and/or Kinko, will constitute the valid and legally binding
obligation of the Company, the Founders and/or Kinko, as the case may be, and enforceable against such Person in accordance with their respective terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and
other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. The issuance of any
Series A Preferred Shares or Conversion Shares is not subject to any preemptive rights or rights of first refusal, or if any such preemptive rights or rights of first refusal exist, waiver of such rights has been obtained or will be obtained prior
to the Closing from the holders thereof. For the purpose only of this Agreement, “reserve”, “reservation” or similar words with respect to a specified number of Series A Preferred Shares of the Company shall mean that the Company
shall, and the Board of Directors of the Company shall procure that the Company shall, refrain from issuing such number of shares so that such number of shares will remain in the authorized but unissued share capital of the Company until the
conversion rights of the holders of any Convertible Securities exercisable for such shares are exercised in accordance with the Memorandum and Articles or otherwise. 
  

	 	3.3	Valid Issuance of Series A Preferred Shares; Consents. 

  

	 	(i)	The Series A Preferred Shares, when issued and sold to the Series A Investor in accordance with the terms of this Agreement, and the Conversion Shares, when issued upon
conversion of the Series A Preferred Shares, will be duly and validly issued, fully paid and non-assessable, free from any Liens and will be free of restrictions on transfer (except for any restrictions on transfer under applicable securities laws).
The Ordinary Shares issuable upon conversion of the Series A Preferred Shares, when issued and sold to the Series A Investor in accordance with the terms of this Agreement and other relevant documents, have been or at the time of Closing will have
been duly and validly reserved for issuance and, upon issuance in accordance with the terms of the Memorandum and Articles, will be duly and validly issued, fully paid and non-assessable, free from any liens and will be free of restrictions on
transfer (except for any restrictions on transfer under applicable securities laws or the Shareholders Agreement). 

  

	 	(ii)	Except as set forth in Section 3.3(ii) of the Disclosure Schedule, no consent, approval, order or authorization of, or registration, qualification,
designation, declaration or filing with, any Governmental Authority on the part of the Company is required in connection with the valid execution, delivery and consummation of the transactions contemplated by the Transaction Documents.

  

	 	(iii)	 Subject to the truth and accuracy of the Series A Investor’s representations set forth in Section 4 of this Agreement, the offer, sale
and issuance of all Series A Preferred Shares and Conversion Shares as contemplated by this Agreement and

  

 5 

	 	 
the Ancillary Agreements, are exempt from the registration and prospectus delivery requirements of the Securities Act and any applicable securities laws. 

  

	 	(iv)	Except as contemplated under the Transaction Documents, all presently outstanding Ordinary Shares of the Company were duly and validly issued, fully paid and
non-assessable, and are free and clear of any liens and free of restrictions on transfer (except for any restrictions on transfer under applicable securities laws) and have been issued in compliance in all material respects with the requirements of
all applicable securities laws and regulations, including, to the extent applicable, the Securities Act. 

  

	 	3.4	Capitalization and Voting Rights. 

  

	 	(i)	The Corporate Chart sets forth the complete and accurate shareholding structure of the Company Group, including but not limited, to: (i) all record and beneficial
owners of each member of the Company Group; and, (ii) all share capital or registered capital holdings of each member of the Company Group. All share capital or registered capital of each member of the Company Group have been duly and validly
issued (or subscribed for) and fully paid and are non-assessable. All share capital or registered capital of each member of the Company Group is free of Liens and any restrictions on transfer (except for any restrictions on transfer under applicable
laws and the Shareholders Agreement). No share capital or registered capital of any member of the Company Group was issued or subscribed to in violation of the preemptive rights of any person, terms of any agreement or any laws, by which each such
Person at the time of issuance or subscription was bound. Except as set forth in Section 3.4 of the Disclosure Schedule and as contemplated under this Agreement or the Ancillary Agreements, (i) there are no resolutions pending to
increase the share capital or registered capital of any member of the Company Group; (ii) there are no outstanding options, warrants, proxy agreements, preemptive rights or other rights relating to the share capital or registered capital of any
member of the Company Group, other than as contemplated by this Agreement; (iii) there are no outstanding Contracts or other agreements under which any member of the Company Group or any other Person purchases or otherwise acquires, or has the
right to purchase or otherwise acquire, any interest in the share capital or registered capital of any member of the Company Group; (iv) there are no dividends which have accrued or been declared but are unpaid by any member of the Company
Group; and (v) there are no outstanding or authorized equity appreciation, phantom equity, equity plans or similar rights with respect to any member of the Company Group. 

  

	 	(ii)	Immediately prior to the Closing, the authorized capital of the Company shall consist of: 

  

	 	(a)	Ordinary Shares. A total of 9,892,188 authorized Ordinary Shares, of which 1,000,000 are issued and outstanding. Exhibit D attached hereto is a true and
correct Capitalization Table for the Company. The rights, privileges and preferences of Ordinary Shares are as stated in the Memorandum and Articles and the Ancillary Agreements. 

  

 6 

	 	(b)	Preferred Shares. A total of 107,812 authorized preferred shares, all of which are designated as Series A Preferred Shares, none of which are issued and
outstanding. The rights, privileges and preferences of the Series A Preferred Shares will be as stated in the Memorandum and Articles and the Ancillary Agreements. 

  

	 	(c)	Options, Reserved Shares. The Company has authorized sufficient Ordinary Shares for issuance upon conversion of the Series A Preferred Shares. Except for
(i) the conversion privileges of the Series A Preferred Shares and as contemplated hereby, and (ii) Options that may be granted under the Original ESOP, there are no options, warrants, reserved shares, conversion privileges or other
rights, or agreements with respect to the issuance thereof, presently outstanding to purchase any of the shares of the Company before the Closing. Apart from the exceptions noted in this Section 3.4 and the Ancillary Agreements, no
shares of the Company’s outstanding share capital, or shares issuable upon exercise or exchange of any outstanding options or other shares issuable by the Company, are subject to any participation rights, rights of first refusal or other rights
to purchase such shares. 

  

	 	(d)	Except as set forth above and except for (i) the conversion privileges of the Series A Preferred Shares, and (ii) certain rights provided in the Ancillary
Agreements, there are no outstanding options, securities, warrants, rights (including conversion or preemptive rights and rights of first refusal), proxy or shareholders agreements, or agreements of any kind for the purchase or acquisition from the
Company of any of its Equity Securities. The Company is not a party or subject to any agreement that affects or relates to the voting or giving of written consents with respect to any Equity Securities of the Company.

  

	 	(iii)	The capitalization table attached hereto as Exhibit D sets forth an accurate and complete list of all of the holders (assuming the consummation of and upon the
Closing pursuant hereto) of the Company’s Equity Securities with reasonable detail and includes all outstanding shares of the Company as well as all securities that are convertible into, or exercisable for shares of the Company as of the date
hereof and on a pro-forma basis, giving effect to the Closing. 

  

 7 

	 	3.5	Tax Matters. 

  

	 	(i)	The provisions for taxes as shown on the balance sheet included in the Financial Statements (as defined in Section 3.7 below) are sufficient in all material
respects for the payment of all accrued and unpaid applicable taxes of the Company Group as of the date of each such balance sheet, whether or not assessed or disputed as of the date of each such balance sheet. There have been no extraordinary
examinations or audits of any tax returns or reports by any applicable Governmental Authority. Each member of the Company Group has filed or caused to be filed on a timely basis all tax returns that are or were required to be filed (to the extent
applicable), all such returns are correct and complete, and each member of the Company Group has paid all taxes that have become due, except where the failure to make such payment would not cause a Material Adverse Effect. There are in effect no
waivers of applicable statutes of limitation with respect to taxes for any year, except as disclosed. 

  

	 	(ii)	No member of the Company Group is, or (without taking into account the transactions contemplated in this Agreement or the Shareholders Agreement) expects to become, a
“controlled foreign corporation” within the meaning of Section 957 of the Code or a passive foreign investment company as described in Section 1297 of the United States Internal Revenue Code of 1986, as amended (the
“Code”). 

  

	 	(iii)	No shareholder of any member of the Company Group, solely by virtue of his/her/its status as shareholder of such member of the Company Group, has personal liability
which, under local law, may result in the debts and claims of such member of the Company Group. There has been no communication from any tax authority relating to or affecting the tax clarification of any member of the Company Group, except as
disclosed. 

  

	 	3.6	Books and Records. 

 Each
member of the Company Group maintains in all material respects its books of accounts and records in the usual, regular and ordinary manner, on a basis consistent with prior practice, and which permits its Financial Statements to be prepared in
accordance with generally accepted accounting principles in the PRC or Hong Kong. 
  

	 	3.7	Financial Statements. 

 The Company has delivered to the Series A Investor, (a) the audited consolidated financial statements (including income statement, balance sheet and cash flow statements) of the Company Group for the fiscal year ended December 31,
2007 prepared by

  

 8 

 
the Auditor in accordance with US GAAP, (b) the unaudited consolidated financial Statement of the Company Group for the period commencing from January 1, 2008 and ended on
March 31, 2008 (the “Statement Date”) prepared by the Company in accordance with US GAAP (collectively, the “Financial Statements”). The Financial Statements are complete and correct in all material
respects and present fairly the financial condition and position of the Company Group as of their respective dates, in each case except as disclosed therein and except for the absence of notes. 
  

	 	3.8	Changes. 

 Since the
Statement Date, except as contemplated by this Agreement, the Restructuring Documents, the Offshore Reorganization or as set out in the Financial Statements, there has not been: 
  

	 	(i)	any change in the assets, liabilities, financial condition or operations of any member of the Company Group from that reflected in the Financial Statements, other than
changes in the ordinary course of business, or other changes which would not reasonably be expected to have a Material Adverse Effect on any member of the Company Group; 

  

	 	(ii)	any resignation or termination of any Key Employee of any member of the Company Group; 

  

	 	(iii)	any satisfaction or discharge of any Lien or payment of any obligation by any member of the Company Group, except those made in the ordinary course of business or those
that are not material to the assets, properties, financial condition, or operation of such entities (as such business is presently conducted); 

  

	 	(iv)	any change, amendment to or termination of a Material Contract (as defined below in Section 3.11(i)) other than in the ordinary course of business or which
would not reasonably be expected to have a Material Adverse Effect on any member of the Company Group; 

  

	 	(v)	any material change in any compensation arrangement or agreement with any Key Employee of any member of the Company Group; 

  

	 	(vi)	any sale, assignment or transfer of any Intellectual Property of any member of the Company Group, other than in the ordinary course of business or which would not
reasonably be expected to have a Material Adverse Effect on any member of the Company Group; 

  

	 	(vii)	any declaration, setting aside or payment or other distribution in respect of any member of the Company Group’s capital shares, or any direct or indirect
redemption, purchase or other acquisition of any of such shares by any member of the Company Group other than the repurchase of capital shares from employees, officers, directors or consultants pursuant to agreements approved by the Board of
Directors of such Person; 

  

 9 

	 	(viii)	any failure to conduct business in the ordinary course, consistent with such member of the Company Group’s past practices which would have a Material Adverse
Effect on any member of the Company Group; 

  

	 	(ix)	any damages, destruction or loss, whether or not covered by insurance, materially and adversely affecting the assets, properties, financial condition, operation or
business of any member of the Company Group; 

  

	 	(x)	any event or condition of any character which might have a Material Adverse Effect on the assets, properties, financial condition, operation or business of any member
of the Company Group; 

  

	 	(xi)	any agreement or commitment by any member of the Company Group to do any of the things described in this Section 3.8 except pursuant to this Agreement, the
Ancillary Agreements or the Restructuring Documents; 

  

	 	(xii)	any incurrence or commitment to incur any indebtedness for money borrowed in excess of US$150,000 individually or in the aggregate that is currently outstanding;

  

	 	(xiii)	any loan or commitment to make any loans or advances to any individual, other than ordinary advances for travel or other bona fide business-related expenses;

  

	 	(xiv)	waiver or commitment to waive any material right of value. 

  

	 	3.9	Litigation. 

 To the best
knowledge of the Company and the Company Group, there is no action, suit, or other court proceeding pending or threatened, against any member of the Company Group which involves an amount in dispute exceeding US$150,000. To the best knowledge of the
Company and Kinko, there is no investigation pending or threatened in the PRC or Hong Kong against any member of the Company Group. To the best knowledge of the Company and Kinko, there is no action, suit, proceeding or investigation pending or
threatened in the PRC or Hong Kong against any Key Employee of any member of the Company Group in connection with their respective relationship with such Person, as the case may be. To the best knowledge of the Company and the Company Group, there
is no judgment, decree, or order of any court in the PRC or Hong Kong in effect and binding of any member of the Company Group or its assets or properties. There is no court action, suit, proceeding or investigation by any member of the Company
Group which such Person intends to initiate against any third party. No Government Authority has at any time materially challenged or questioned in writing the legal right of any member of the Company Group to conduct its business as presently being
conducted. 
  

	 	3.10	Liabilities. 

 Except as
set forth in Section 3.10 of the Disclosure Schedule or arising under the instruments set forth in Section 3.11 of the

  

 10 

 
Disclosure Schedule, any member of the Company Group has no liabilities of any nature, whether accrued, absolute, contingent or otherwise, and whether due or to become due, except for
(i) liabilities set forth in the Financial Statements, (ii) trade or business liabilities incurred in the ordinary course of business, and (iii) other liabilities that do not exceed US$150,000 in the aggregate. 
  

	 	3.11	Commitments. 

  

	 	(i)	Section 3.11 of the Disclosure Schedule contains a complete and accurate list of all Contracts to which any member of the Company Group is bound that
involve (a) obligations (contingent or otherwise) or payments to any member of the Company Group in excess of US$2,000,000 concerning the normal business of any member of the Company Group, (b) the license or transfer of Intellectual
Property or other proprietary rights to or from any member of the Company Group in excess of US$250,000, and (c) any other Contracts that affect the assets, properties, financial condition, operation or business of any member of the Company
Group in material respects, including any Contract having an effective term of more than one (1) year or payments in excess of US$150,000 (collectively, the “Material Contracts”). 

  

	 	(ii)	Except as set forth in Section 3.11 of the Disclosure Schedule and except for this Agreement or the Ancillary Agreements , there are no Contracts of
any member of the Company Group containing covenants that in any material way purport to restrict the business activity of such member of the Company Group or limit in any material respect the freedom of such member of the Company Group to engage in
any line of business that it is currently engaged in, to compete in any material respect with any entity or to obligate in any material respect such member of the Company Group to share, license or develop any product or technology.

  

	 	(iii)	All of the Material Contracts are valid, subsisting, in full force and effect and binding upon the respective member of the Company Group and to the other parties
thereto except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (b) as limited by laws relating to the
availability of specific performance, injunctive relief, or other equitable remedies. 

  

	 	(iv)	 Each member of the Company Group has in all material respects satisfied or provided for all of its liabilities and obligations under the Material
Contracts requiring performance prior to the date hereof, is not in default in any material respect under any Material Contract, nor does any condition exist that with notice or lapse of time or both would constitute such a default. The Company, and
Kinko are not aware of any material default thereunder by any other party

  

 11 

	 	 
to any Material Contract or any condition existing that with notice or lapse of time or both would constitute such a material default, or give any Person the right to declare a material default
or exercise any remedy under, or to accelerate the maturity or performance of, or to cancel, terminate, or modify, a Material Contract. 

  

	 	(v)	No member of the Company Group has given to, or received from, any Person any notice or other communication (whether oral or written) regarding any actual, alleged,
possible, or potential material violation or material breach of, or material default under, any Material Contract. 

  

	 	3.12	Compliance with Laws. 

  

	 	(i)	Each of the Founders or any member of the Company Group is in compliance with all Laws or regulations that are applicable to it, or to the conduct or operation of its
business or the ownership or use of any of his/her/its assets or properties. 

  

	 	(ii)	No event has occurred and no circumstance exists that (with or without notice or lapse of time) (a) may constitute or result in a violation by any Founder or any
member of the Company Group of, or a failure on the part of any Founder or any member of the Company Group to comply with, any Law or regulation applicable to such Founder or member of the Company Group, or (b) may give rise to any obligation
on the part of any member of the Company Group to undertake, or to bear all or any portion of the cost of, any remedial action of any nature, except for such violations or failures by such Founder or member of the Company Group that, individually or
in the aggregate, would not result in any Material Adverse Effect on such entity. 

  

	 	(iii)	No Founder or member of the Company Group has received any written notice from any Governmental Authority regarding (a) any actual, alleged, possible, or potential
material violation of, or material failure to comply with, any Law, or (b) any actual, alleged, possible, or potential material obligation on the part of any Founder or member of the Company Group to undertake, or to bear all or any portion of
the cost of, any remedial action of any nature. 

  

	 	(iv)	 To the Company’s, the Founders’ and Kinko’s best knowledge, no Founder or member of the Company Group, nor any director, agent, employee
or any other person acting for or on behalf of any member of the Company Group, has directly or indirectly (a) made any contribution, gift, bribe, payoff, influence payment, kickback, or any other fraudulent payment in any form, whether in
money, property, or services to any Public Official or otherwise, (A) to obtain favorable treatment in securing business for any member of the Company Group, (B) to pay for favorable treatment for business secured, or (C) to obtain
special concessions or for special concessions already obtained, for or in respect of

  

 12 

	 	 
any member of the Company Group, in each case which would have been materially in violation of any applicable Law or (b) established or maintained any fund or assets in which any member of
the Company Group shall have proprietary rights that have not been recorded in the books and records of such Person. 

  

	 	(v)	Except as set forth in Section 3.12 of Disclosure Schedule, all consents, permits, approvals, orders, authorizations or registrations, qualifications,
designations, declarations or filings by or with any governmental authority and any third party which are required to be obtained or made by each Company Group and each Founder in connection with the consummation of the transactions contemplated
hereunder shall have been obtained or made prior to and be effective as of the Closing. The Founders have obtained all approvals and registration required by the Laws of the PRC. 

  

	 	(vi)	Each of full time employees of Kinko has entered into an employment agreement with Kinko in accordance with PRC Law. 

  

	 	3.13	Title; Liens; Permits. 

  

	 	(i)	Each member of the Company Group has good and marketable title to all the tangible properties and assets reflected in its books and records, whether real, personal, or
mixed, purported to be owned by such Person, free and clear of any Liens, other than Permitted Liens. With respect to the tangible property and assets it leases, each member of the Company Group is in compliance in all material respects with such
leases and holds a valid leasehold interest free of any Liens, other than Permitted Liens. Each member of the Company Group owns or leases all tangible properties and assets necessary to conduct in all material respects its business and operations
as presently conducted. 

  

	 	(ii)	Each member of the Company Group has all material franchises, authorizations, approvals, permits, certificates and licenses (“Permits”) necessary for
its business and operations as now conducted or planned to be conducted under the Corporate Chart, the Business Plan and current budget, and believes that each member of the Company Group can renew and continue to hold such Permits without undue
burden or expense, including but not limited to any special approval or permits required under the Laws of the PRC for Kinko to engage in its business. No member of the Company Group is in default in any material respect under any such Permits.

  

	 	3.14	Subsidiaries. 

 Except as
indicated under the Corporate Chart, no member of the Company Group owns or Controls, directly or indirectly, any interest in any other Person and is not a participant in any joint venture, partnership or similar arrangement. 
  

 13 

	 	3.15	Compliance with Other Instruments. 

  

	 	(i)	No member of the Company Group is in violation, breach or default of its articles of association except for such violation, breach or default that would not result in a
Material Adverse Effect on such member. The execution, delivery and performance by any member of the Company Group of and compliance with each of the Transaction Documents, and the consummation of the transactions contemplated thereby, will not
result in any such violation, breach or default, or be in conflict with or constitute, with or without the passage of time or the giving of notice or both, a default under (a) the articles of association of any member of the Company Group,
(b) any Material Contract, (c) any judgment, order, writ or decree or (d) to the best knowledge of the Company, the Founder and Kinko, any applicable Law. 

  

	 	(ii)	The execution and delivery of this Agreement do not, and the performance by the Founders of the transactions contemplated hereby or thereby will not violate, conflict
with, or result in a violation or breach of, or constitute a default (with or without due notice or lapse of time or both) under, or give any party the right to terminate or accelerate any obligation under, any of the terms, conditions, or
provisions of any agreement or other instrument or obligation to which any of the Founders is a party or by which he/she may be bound except for violation, breach or default that would not result in a Material Adverse Effect on such member.

  

	 	3.16	Related Party Transactions. 

 Except as set forth in Section 3.16 of the Disclosure Schedule or in the Restructuring Documents, no Founder, officer or director of any member of the Company Group or any “affiliate” or “associate”
(as those terms are defined in Rule 405 promulgated under the Securities Act) of any of them (each of the foregoing, a “Related Party”), has any material agreement, understanding, proposed transaction with, or is materially indebted to,
any member of the Company Group, nor is any member of the Company Group materially indebted (or committed to make loans or extend or guarantee credit) to any Related Party (other than for accrued salaries, reimbursable expenses or other standard
employee benefits). No Related Party has any material direct or indirect ownership interest in any firm or corporation with which any member of the Company Group is affiliated or with which any member of the Company Group has a business
relationship, or any firm or corporation that competes with any member of the Company Group (except that Related Parties may own less than 1% of the stock of publicly traded companies that engage in the foregoing). No Related Party has, either
directly or indirectly, a material interest in: (a) any Person which purchases from or sells, licenses or furnishes to any member of the Company Group any goods, property, intellectual or other property rights or services; or (b) any
Contract to which any member of the Company Group is a party or by which it may be bound or affected. For purposes of this Section 3.16 only, the term “material” or “materially” shall mean an obligation or interest in
excess of US$50,000. 
  

 14 

	 	3.17	Finder’s Fee. 

 Except as disclosed in Section 3.17 of the Disclosure Schedule, there is no any liability for any broker, finder or similar fee or commission (and the reasonable costs and expenses of defending against such liability or asserted
liability) incurred by the Company in connection with the transactions contemplated hereunder. 
  

	 	3.18	Intellectual Property Rights. 

  

	 	(i)	Each member of the Company Group owns or otherwise has the right or license to use all Intellectual Property material to their business as currently conducted without
any violation or infringement of the rights of others, free and clear of all Liens other than Permitted Liens except where any non-compliance with this subsection would not result in any Material Adverse Effect. Section 3.18(i) of the
Disclosure Schedule contains a complete and accurate list of all Intellectual Property owned, licensed to or used by all members of the Company Group, whether registered or not, and a complete and accurate list of all licenses granted by any
member of the Company Group to any third party with respect to any Intellectual Property. There is no pending or threatened, claim or litigation against any member of the Company Group, contesting the right to use its Intellectual Property,
asserting the misuse thereof, or asserting the infringement or other violation of any Intellectual Property of any third party. All material inventions and material know-how conceived by employees of each member of the Company Group, including the
Founders, and related in all its material aspects to the businesses of such Person were “works for hire,” and all right, title, and interest therein, including any applications therefore, have been or will be transferred and assigned to
such member of the Company Group. 

  

	 	(ii)	No proceedings or claims in which any member of the Company Group alleges that any person is infringing upon, or otherwise violating, its Intellectual Property rights
are pending, and none has been served, instituted or asserted by a member of the Company Group. 

  

	 	(iii)	 None of the Key Employees or employees of any member of the Company Group or the Founders is obligated under any Contract (including a Contract of
employment), or subject to any judgment, decree or order of any court or administrative agency, that would interfere with the use of his or her best efforts to promote the interests of the Company Group, or that would conflict with the business of
any member of the Company Group as presently conducted. To the best knowledge of the Company and Kinko, it will not be necessary to utilize in the course of the any member of

  

 15 

	 	 
the Company Group’s business operations any inventions of any of the employees of any member of the Company Group made prior to their employment by such member of the Company Group, except
for inventions that have been validly and properly assigned or licensed to such member of the Company Group as of the date hereof. 

  

	 	(iv)	Each member of the Company Group has taken necessary security measures that in the judgment of such Person are commercially prudent in order to protect the secrecy,
confidentiality, and value of its material Intellectual Property. 

  

	 	3.19	Entire Business. 

 There
are no material facilities, services, assets or properties shared with any entity other than the members of the Company Group which are used in connection with the business of any member of the Company Group. 
  

	 	3.20	Labor Agreements and Actions.  

 Except as required by Law or as set forth in Section 3.20 of the Disclosure Schedules, no member of the Company Group is a party to or bound by any currently effective employment contract,
deferred compensation agreement, bonus plan, incentive plan, profit sharing plan, retirement agreement or other employee compensation agreement. Each member of the Company Group has complied in all material respects with all applicable Laws related
to employment, and no member of the Company Group has any union organization activities, threatened or actual strikes or work stoppages or material grievances. Except as required by law, no member of the Company Group is bound by or subject to (and
none of their assets or properties is bound by or subject to) any written or oral, express or implied, contract, commitment or arrangement with any labor union. 
  

	 	3.21	Business Plan and Budget. 

 The Founders have delivered to the Series A Investor on or before the Closing a business plan and budget for the twelve months following the Closing (the “Business Plan”). Such Business Plan was prepared in good faith based
upon assumptions and projections which the Founders believe are reasonable and not materially misleading. 
  

	 	3.22	Environmental and Safety Laws. 

 None of the Company Group is in violation of any applicable statute, law, or regulation relating to the environment or occupational health and safety which would have a Material Adverse Effect on any member of the Company Group and no
material expenditures are or will be required in order to comply with any such existing statute, law or regulation. 
  

 16 

	 	3.23	Disclosure. 

 No
representation or warranty of the Company, the Founders or Kinko contained in this Agreement (including the Disclosure Schedule), the Ancillary Agreements, or any certificate furnished or to be furnished to the Series A Investor at the Closing (when
read together) contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein or therein not misleading in light of the circumstances under which they were made.

  

	 	3.24	Exempt Offering. 

 Assuming the accuracy of the representations and warranties of the Series A Investor, the offer and sale of the Series A Preferred Shares pursuant to this Agreement are exempt from the registration requirements of the Securities Act and the
issuance of the Conversion Shares in accordance with the Memorandum and Articles, will be exempt from such registration requirements. 
  

	 	3.25	Representations and Warranties Relating to the Founders. 

 Except for those set forth in Section 3.25 of the Disclosure Schedule, 
  

	 	(i)	Each Founder has the legal right and full power to enter into and perform this Agreement and any other documents to be executed by it pursuant to or in connection with
the Transaction Documents. 

  

	 	(ii)	Except for the Company Group, none of the Founders presently owns or controls, and will as of the Closing own or control, directly or indirectly, more than 3% of the
entire issued and outstanding shares of a listed company or any interest in any other corporation, partnership, trust, joint venture, association, or other entity, and none of such Founder is a director, supervisor, a member of the senior
management, general partner, trustee or Controlling person of any entity, or own or control any interest in any entity competing with, or any material supplier or customer of, any member of Company Group. 

  

	 	(iii)	None of the Founders presently and will as of the Closing own, manage, operate, finance, join, or control, or participate in the ownership, management, operation,
financing or control of, or be associated as a director, senior management, partner, lender, investor or representative in connection with, any business or corporation, partnership, or organization which competes directly with the principal business
conducted by the Company Group or with which a Company Group has a material business relationship. 

  

	 	(iv)	 There is no action, suit, proceeding, claim, arbitration or investigation pending in PRC or Hong Kong against any of the Founders in connection with
his involvement with any member of the Company Group. No Founder is a party to or subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or

  

 17 

	 	 
instrumentality and there is no action, suit, proceeding, claim, arbitration or investigation which a Founder intends to initiate in connection with his involvement with any member of the Company
Group. 

  

	4	Representations and Warranties of the Series A Investor. 

 The Series A Investor hereby represents and warrants to the Company and the Founders that the statements contained in this Section 4 with respect to the Series A Investor are correct and
complete as of the date of this Agreement and on and as of the date of the Closing with the same effect as if made on and as of the date of the Closing. 
  

	 	(i)	The Series A Investor is an entity duly organized, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or formation.

  

	 	(ii)	The Series A Investor has the financial capability and other resources necessary for the consummation of the transaction contemplated in this Agreement and as of the
Closing Date it will provide the Company with all the corporate documents as listed in Schedule 3. 

  

	 	(iii)	The Series A Investor has all requisite legal and corporate power and authority, and has taken all corporate action necessary to properly and legally authorize, execute
and deliver this Agreement and each of the Ancillary Agreements to which it is a party, and to carry out its respective obligations hereunder and thereunder, and this Agreement and each of the Ancillary Agreements to which it is a party, when
executed and delivered by the Series A Investor, will constitute valid and legally binding obligations of the Series A Investor, enforceable against it in accordance with their respective terms except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other Law of general application affecting enforcement of creditors’ rights generally and (ii) as limited by Law relating to the availability of specific performance, injunctive relief, or other
equitable remedies. 

  

	 	(iv)	The Series A Preferred Shares will be acquired or accepted for investment purposes for the Series A Investor’s own account, not as a nominee or agent, and not with
a view to the resale or distribution of any part thereof, and the Series A Investor does not have any present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, the Series A Investor
further represents that it does not have any Contract with any Person to, directly or indirectly, sell, transfer or grant participations, with respect to any of the Series A Preferred Shares and has not solicited any Person for such purpose. There
is no contract or arrangement pursuant to which the equity interest, ownership or control of Series A Investor will be transferred 

  

 18 

	 	(v)	The Series A Investor understands and acknowledges that the offering of the Series A Preferred Shares will not be registered or qualified under the Securities Act, or
any applicable securities Laws on the grounds that the offering and sale of securities contemplated by this Agreement and the issuance of securities hereunder is exempt from registration or qualification, and that the Company’s reliance upon
these exemptions is predicated upon the Series A Investor’s representations in this Agreement. The Series A Investor further understands that no public market now exists for any of the securities issued by the Company and the Company has given
no assurances that a public market will ever exist for the Company’s securities. 

  

	 	(vi)	The Series A Investor is an “accredited investor” within the meaning of SEC Rule 501 of Regulation D, as presently in effect, under the Securities Act.

  

	 	(vii)	The Series A Investor understands that the Series A Preferred Shares have been sold in an offshore transaction and accordingly have not been, and will not be,
registered under the Securities Act in reliance on the exemption from registration provided by Regulation S under the Securities Act, and may not be resold, pledged or otherwise transferred except (i) pursuant to an effective registration
statement under the Securities Act, (ii) pursuant to an available exemption from the registration requirements of the Securities Act and in accordance with applicable laws of any state of the United States of America, or (iii) outside the
United States of America in an offshore transaction in compliance with Regulation S under the Securities Ac. The Series A Investor acknowledges that the Company has no obligation to register or qualify the Series A Preferred Shares, or the Ordinary
Shares into which they may be converted, for resale except as set forth in the Shareholders’ Agreement. The Series A Investor further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on
various requirements including, but not limited to, the time and manner of sale, the holding period for the Series A Preferred Shares, and on requirements relating to the Company which are outside the Series A Investor’s control, and which the
Company is under no obligation and my not be able to satisfy. The Series A Investor understands that this offering is not intended to be part of the public offering, and that the Series A Investor will not be able to rely on the protection of
Section 11 of the Securities Act. 

  

	 	(viii)	The Series A Investor is not a U.S. person within the meaning of Rule 902 of Regulation S under the Securities Act. 

  

	 	(ix)	The Series A Investor understands that the certificates evidencing the Series A Preferred Shares and the Conversion Shares may bear the following legend:

 “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER THE ACT OR AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF THE ACT.” 
  

 19 

	5	Conditions of the Series A Investor’s Obligations at Closing. 

 The obligations of the Series A Investor under Section 2 of this Agreement, unless otherwise waived in writing by the Series A Investor, are subject to the fulfillment of each of the following
conditions on or before the Closing: 
  

	 	5.1	Representations and Warranties. 

 Except as set forth in the Disclosure Schedule, the representations and warranties of the Company, the Founders and Kinko contained in Section 3 shall be true and correct in all material respects when made, and shall be
true and correct in all material respects on and as of the Closing with the same effect as if such representations and warranties had been made on and as of the date of the Closing, except in either case for those representations and warranties
(i) that already contain any materiality qualification, which representations and warranties, to the extent already so qualified, shall instead be true and correct in all respects as so qualified as of such respective dates and (ii) that
address matters only as of a particular date, which representations will have been true and correct in all material respects (subject to clause (i)) as of such particular date. 
  

	 	5.2	Performance. 

 The
Company, the Founders and Kinko shall have performed and complied in all material respects with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by him/her/it on or before the
Closing. 
  

	 	5.3	Authorizations. 

 The
Company, the Founders and Kinko shall have obtained all authorizations, approvals, waivers or permits of any Person or any Governmental Authority necessary for the consummation of all of the transactions contemplated by this Agreement and other
Transaction Documents other than those that by their nature shall be obtained after the Closing, including without limitation any authorizations, approvals, waivers or permits that are required in connection with the lawful issuance of the Series A
Preferred Shares pursuant to this Agreement and the transactions contemplated by the Corporate Chart, and all such authorizations, approvals, waivers and permits shall be effective as of the Closing. 
  

 20 

	 	5.4	Closing Certificate. 

 The
director of the Company shall have executed and delivered to the Series A Investor at the Closing a certificate of the Company (i) stating that the conditions specified in Sections 5.1, 5.2 and 5.3 hereto have been fulfilled, and
(ii) attaching thereto a true and complete copy of (A) the Memorandum and Articles as then in effect and (B) all resolutions of the Company’s shareholders and board of directors approving the transactions contemplated hereby.

  

	 	5.5	Proceedings and Documents. 

 All corporate and other proceedings in connection with the transactions contemplated at the Closing and all documents incident thereto shall be reasonably satisfactory in form and substance to the Series A Investor, and the Series A
Investor shall have received all such counterpart original or other copies of such documents as it may reasonably request. 
  

	 	5.6	Memorandum and Articles. 

 The Memorandum and Articles shall have been duly amended by all necessary action of the Board of Directors and/or the members of the Company, as set forth in the forms attached hereto as Exhibit A-1 and Exhibit A-2,
respectively. 
  

	 	5.7	Legal Opinions. 

 The
Series A Investor shall have received from Chen & Co. Law Firm, the PRC counsel to the Company Group, an opinion, dated as of the Closing, satisfactory to the Series A Investor. The Series A Investor shall have received from
Baker & McKenzie, the Hong Kong legal counsel to the Company, an opinion, dated as of the Closing, satisfactory to the Series A Investor. 
  

	 	5.8	Completion of Due Diligence. 

 The Series A Investor shall have satisfactorily completed their business, legal and financial due diligence review, including but not limited to the receipt by the Series A Investor of the Financial Statements, with respect to each member
of the Company Group, at the Company’s expense, and shall have confirmed completion of such due diligence in writing to the Company. 
  

	 	5.9	Submission of the Estimated Profit and Loss Statement of the Company for 2008. 

 The Series A Investor shall have been provided and satisfied with the estimated profit and loss statement of the Company for 2008 on or
before the Closing. 
  

 21 

	 	5.10	Investment Committee Approval. 

 The Series A Investor’s investment committee has approved the execution of this Agreement and the other Transaction Documents and the transactions contemplated hereby and thereby and such approval remains valid at the Closing Date.

  

	 	5.11	Employment Agreements. 

 Each of the Key Employees and the Founders who are also employees of the Company Group shall have entered into an employment agreement with the Company or a member of the Company Group in compliance with applicable laws and regulations.
Substantially all of the full time employees of the Company Group who have been employed by the Company Group on a full time basis for not less than one month shall have entered into employment agreements that are in compliance with applicable PRC
laws with Kinko. 
  

	 	5.12	Non-Competition Agreement and Confidentiality Agreement, Proprietary Information and Inventions Assignment Agreement. 

 Each of the Key Employees and the Founders who are also employees of the Company Group shall have entered into a Non-Competition Agreement
and Confidentiality Agreement with the member of the Company Group to which he or she has employment or service relationship, each case in a form acceptable to the Series A Investor. Each of the Key Employees and the Founders shall have entered into
a Proprietary Information and Inventions Assignment Agreement with the Company on terms and conditions satisfactory to the Series A Investor. 
  

	 	5.13	Financial Committee. 

 The
Board of Director of the Company shall have established a financial committee (the “Financial Committee”), which shall consist of 3 members, including 1 director nominated by the Series A Investor. The Financial Committee shall be
responsible for supervising the finance and accounting of the Company Group, including but not limited to budget, Related Party transactions, employee welfare planning and conducting internal audit provided however, that all actions of the Financial
Committee relating to matters set out in Section 14.10 of the Shareholders Agreement shall require the affirmative vote of the director nominated by the Series A Investor. The Financial Committee shall meet on a regular basis at least
once every quarter. 
  

	 	5.14	Executive Committee. 

 The
Board of Directors of the Company shall have established an executive committee (the “Executive Committee”), which shall consist of at least 3 members, including 1 director nominated by the Series A Investor and all the key
management members designated by the Board of Directors, and the chairman of the Executive Committee shall be appointed by the Board of Directors. The authority of the Executive Committee shall be determined by the Board of Directors, which shall,
amongst others, include the authority of providing guidance, supervision and support to the management team of the Company Group, assessing the management

  

 22 

 
team’s performance and conducting other activities in relation to the Company Group’s business operations. The Executive Committee shall meet on a regular basis at least once every
month. 
  

	 	5.15	Closing Account. 

 The
Company shall have opened and maintained the Company Closing Account. 
  

	 	5.16	No Adverse Change. 

 There
shall be no Material Adverse Effect on the Company or Company Group. 
  

	 	5.17	Foreign Exchange Registration by Kinko. 

 Kinko shall have fulfilled its foreign exchange registration proceedings with the competent SAFE so as to reflect its approved registered capital increase in such a manner satisfactory to the Series A
Investor. 
  

	 	5.18	Annual Review and Examination of Kinko. 

 Kinko shall have passed its annual review and examination for Year 2007. 
  

	 	5.19	Capital Verification Report. 

 The Series A Investor shall have received the capital verification report of Kinko showing the paid-up registered capital of Kinko. 
  

	 	5.20	Indemnification Agreement with the Series A Director. 

 At the Closing, the Company shall have entered into an indemnification agreement with the Company’s director appointed by the Series A Investor, on terms and conditions satisfactory to the Series A
Investor. 
  

	 	5.21	SAFE Registration under Circular 75. 

 The Founders shall have obtained all approvals and registration required by the State Administration of Foreign Exchange (the “SAFE”) under the Circular of the State Administration of Foreign
Exchange on Relevant Issues concerning Foreign Exchange Administration of Financing and Inbound Investment through Offshore Special Purpose Companies by PRC Residents 

 issued by the SAFE on October 21, 2005 (“Circular 75”) and any of its implementing measures or guidelines. 
  

 23 

	6	Conditions of the Company’s and the Founders’ Obligations at Closing. 

 The obligations of the Company under Sections 2 of this Agreement, unless otherwise waived in writing by them, are subject to the
fulfillment of each of the following conditions on or before the Closing: 
  

	 	6.1	Representations and Warranties. 

 The representations and warranties of the Series A Investor contained in Section 4 shall be true and correct in all material respects when made, and shall be true and correct in all material respects on and as of the Closing
with the same effect as though such representations and warranties had been made on and as of the date of the Closing. 
  

	7	Confidentiality. 

  

	 	7.1	Disclosure of Terms. 

 The
terms and conditions of this Agreement, any term sheet or memorandum of understanding entered into pursuant to the transactions contemplated hereby, all exhibits and schedules attached hereto and thereto, and the transactions contemplated hereby and
thereby (collectively, the “Financing Terms”), including their existence, shall be considered confidential information and shall not be disclosed by any Party hereto to any third party except as permitted in accordance with the
provisions set forth below. 
  

	 	7.2	Permitted Disclosures. 

 Notwithstanding the foregoing, the Company may disclose (i) the Financing Terms to its bona fide prospective investors, employees bankers, accountants, and legal counsels in relation to a transaction under Section 9.4, in
each case , only where such persons or entities are under appropriated non disclosure obligations substantially similar to those set forth in this Section 7.2, (ii) the existence of the investment to its bona fide prospective
investors, employees, bankers, lenders, accountants, legal counsels and business partners, or to any person or entity to which disclosure is approved in writing by the Series A Investor, and, (iii) the Financing Terms to its current investors,
employees, bankers, lenders, accountants and legal counsels, in each case only where such persons or entities are under appropriate nondisclosure obligations substantially similar to those set forth in this Section 7.2, or to any person
or entity to which disclosure is approved in writing by the Series A Investor. The Series A Investor may disclose (i) the existence of the investment and the Financing Terms to any partner, limited partner, former partner, potential partner or
potential limited partner of the Series A Investor or other third parties and (ii) the fact of the investment to the public, in each case only if such disclosure is approved in advance in writing by the Company. Any Party hereto may also
provide disclosure in order to comply with applicable Laws, as set forth in Section 7.3 below. The Company and the Series A Investor agree that this Agreement and its exhibits and schedules will be filed as exhibits to the Registration
Statement on Form F-1 to be filed by the Company with the United States Securities and Exchange Commission (“SEC”) in connection with the Qualified IPO, and available to the public on the SEC’s website. 
  

 24 

	 	7.3	Legally Compelled Disclosure. 

 In the event that any Party is requested or becomes legally compelled (including without limitation, pursuant to any applicable tax, securities, or other Laws and regulations of any jurisdiction) to disclose the existence of this Agreement
or content of any of the Financing Terms, such Party (the “Disclosing Party”) shall provide the other Parties with prompt written notice of that fact and shall consult with the other Parties regarding such disclosure. At the request
of another Party, the Disclosing Party shall, to the extent reasonably possible and with the cooperation and reasonable efforts of the other Parties, seek a protective order, confidential treatment or other appropriate remedy. In any event, the
Disclosing Party 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. 
  

	 	7.4	Other Exceptions. 

 Notwithstanding any other provision of this Section 7, the confidentiality obligations of the Parties shall not apply to: (a) information which a restricted Party learns from a third party having the right to make the
disclosure, provided the restricted Party complies with any restrictions imposed by the third party; (b) information which is rightfully in the restricted Party’s possession prior to the time of disclosure by the protected Party and not
acquired by the restricted Party under a confidentiality obligation; or (c) information which enters the public domain without breach of confidentiality by the restricted Party. 
  

	 	7.5	Press Releases, Etc. 

 No
announcements regarding the Series A Investor’s investment in the Company may be made by any Party hereto in any press conference, professional or trade publication, marketing materials or otherwise to the public without the prior written
consent of the Series A Investor and the Company. 
  

	 	7.6	Other Information. 

 The provisions of this Section 7 shall terminate and supersede the provisions of any separate nondisclosure agreement executed by any of the Parties with respect to the transactions contemplated hereby, including the Term Sheet
dated as of March 24, 2008. 
  

 25 

	8	Undertakings. 

 After the
Execution Date or the Closing Date (as the case maybe), the Company, the Founders and Kinko agree as follows: 
  

	 	8.1	Use of Proceeds from the Sale of Series A Preferred Shares. 

 The proceeds from the sale of the Series A Preferred Shares shall be used as follows: all the Series A Purchase Price shall be injected by the Company to Kinko as its increased registered capital, of
which (i) approximately US$3,000,000 for the purchase of equipment for Kinko and (ii) approximately US$12,000,000 as working capital of Kinko. 
  

	 	8.2	Exclusivity. 

 Except as
set out in Section 9.4, from the Execution Date until the date that is five (5) Business Days after the satisfaction or waiver of each condition to the Closing set forth in Section 5 and Section 6 (other than
conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions), the Company, the Founders and Kinko agree not to (i) discuss the sale of any Ordinary Shares, Convertible
Securities or Equity Securities of the Company with any third party, or (ii) to provide any information with respect to the Company to a third party in connection with a potential investment by such third party in the Ordinary Shares,
Convertible Securities or Equity Securities of the Company, or (iii) to close any equity financing transaction of the Ordinary Shares, Convertible Securities or Equity Securities of the Company with any third party, so long as the Series A
Investor shall not have breached or violated any of its representations, warranties, covenants or agreement contained herein or in any of the other Transaction Documents. Subject to the Shareholders Agreement, this Section 8.2 shall
terminate and be of no further force and effect immediately following the Closing Date or the Termination Date. 
  

	 	8.3	Compliance by Shareholders. 

 Each of the Founders shall take all necessary actions, at his/her own expenses, to fully comply with all Applicable Laws and the requirements of the Governmental Authorities with respect to his/her direct and indirect holding of Equity
Securities in the Company on a continuing basis (including, but not limited to, all obligations imposed and all consents, approvals, registrations and permits required by the SAFE and by other PRC Governmental Authorities or under other Applicable
Laws of the PRC in connection therewith). 
  

	 	8.4	Compliance by Company Group. 

 Each member of the Company Group shall, at its own expenses, fully comply with all Applicable Laws of the jurisdiction of its incorporation as well as all requirements of the competent Government Authorities with respect to their conducting
of business, on a continuing basis. The Company shall (i) comply with the US Foreign Corrupt Practices Act, (ii) use its commercially reasonable efforts to avoid PFIC status and minimize the effects of CFC and PFIC status to the
extent either one occurs, and (iii) comply with PRC Laws. 
  

 26 

	 	8.5	Filing of Memorandum and Articles. 

 The Company shall duly file the Memorandum and Articles with the Registry of Companies in Hong Kong within five (5) working days after the Closing. 
  

	 	8.6	Offshore Reorganization. 

 Each of the Founders and the Company undertakes to, and shall procure each member of the Company Group to, take all actions or transactions considered necessary to complete an offshore reorganization within two (2) months of the date
of this Agreement, so as to achieve a shareholding structure as indicated under the Corporate Chart as shown in Exhibit E hereto. 
  

	 	8.7	Social Insurance. 

 Kinko
shall pay the social insurance, welfare funds, medical benefits, retirement benefits, pensions or other insurance and benefits for all of its employees in accordance with, and to the extent required by, the PRC laws and regulations. 
  

	 	8.8	Employee Stock Option Plan. 

  

	 	(i)	After the completion of the Offshore Reorganization, an employee share option plan (the “Original ESOP”) shall be adopted among the Company and the
Founders pursuant to which options to purchase up to 2% of the Ordinary Shares issued and outstanding prior to the Closing may be issued to qualifying officers, directors and employees of the Company Group. 

  

	 	(ii)	Options under the Original ESOP (“Options”) shall be granted by the Financial Committee (or any other committee of the Board of Directors formed for
the purpose of deciding and administering matters relating to compensation). 

  

	 	(iii)	The Ordinary Shares subject to the options (“Optionable Shares”) shall be made available for issuance under the Original ESOP by the Founders ratably
in accordance with their respective holdings of Ordinary Shares prior to the Closing. The Founders shall place such Optionable Shares, together with undated share transfers executed in blank, in escrow with an agent (the “Option
Agent”) for issuance against exercise of options. The Option Agent shall transfer Ordinary Shares (“Option Shares”) against the exercise of options in accordance with the terms of the Original ESOP.

  

	 	(iv)	The Original ESOP shall include such ordinary and customary terms as the Parties may agree, including among others the following: 

  

	 	(a)	the Original ESOP shall be administered by the Financial Committee or such other committee, which shall grant Options in accordance with the provisions of the Original
ESOP and on such other terms as they may in their discretion determine, in relation to the number of options, vesting schedule, exercise price and other terms; 

  

 27 

	 	(b)	the vesting schedule for Options granted under the Original ESOP shall not be less than four (4) years, with a maximum of 25% of the Options under any grant
vesting in each year; 

  

	 	(c)	Options not exercised prior to the expiration date specified in the relevant grant shall expire, subject to any extension approved by the Financial Committee or such
other committee; 

  

	 	(d)	Options granted to employees whose employment is involuntarily terminated for cause, and Options granted to employees who voluntarily leave the employ of the Company,
shall forthwith terminate; 

  

	 	(e)	no Options granted under the Original ESOP shall have an exercise price of less than the greater of (A) fair market value of the Option Shares at the date of grant
and (B) the purchase price per share of the Series A Preferred Shares purchased by the Series A Investor hereunder; and 

  

	 	(f)	no Options shall be granted under the Original ESOP unless both the grant and the exercise of the Options and the transfer of the Option Shares by the Option Agent are
exempt from registration requirements under applicable securities laws, including the Securities Act. 

  

	 	(v)	Prior to the Qualified IPO, the Company shall adopt a new employee share option plan (“IPO ESOP”) and a long-term incentive plan
(“LTIP”) on such terms as the shareholders shall agree. Commencing from the time of the adoption of the IPO ESOP and the LTIP (the “Adoption Date”): 

  

	 	(a)	no further Options shall be issued pursuant to the Original ESOP; and 

  

	 	(b)	the Option Agent shall promptly release from escrow and return to the Founders in proportion with their interests any Optionable Shares as to which Options have not
been granted as of the Adoption Date and any Optionable Shares as to which the Options granted have not been exercised (“Unexercised Options”) as of the Adoption Date or have expired or terminated. 

  

	 	(vi)	Commencing from the Adoption Date, upon the exercise of Unexercised Options granted under the Original ESOP, the Company shall deliver newly-issued Ordinary Shares
reserved for this purpose under the IPO ESOP. 

  

 28 

	 	(vii)	The Company, the Founders and Kinko shall have, obtained (or cause the Subsidiaries to have obtained) all authorizations, consents, orders and approvals of all
Governmental Authorities and officials that may be or become necessary to adopt the Original ESOP in compliance with PRC Law and regulations. 

  

	 	8.9	Dispose of Equity Interest in Desun. 

 The Company shall take all actions dispose or transactions necessary to sell all its equity interest in DESUN ENERGY CO., LTD. 

, “Desun”) within two (2) months of the date of this Agreement. 
  

	9	Miscellaneous. 

  

	 	9.1	Survival of Representations and Warranties. 

 The representations and warranties set forth under Sections 3 and Section 4 and any covenants of the Company, the Founders, Kinko and Series A Investor contained in or made pursuant to
this Agreement shall survive for a period of earlier of (i) second anniversary of the Closing Date, or (ii) Qualified IPO, and such warranties, representations and covenants shall in no way be affected by any investigation of the subject
matter thereof made by or on behalf of the Series A Investor or the Company. For avoidance of doubt, the representations and warranties of the Company, the Founders or Kinko in Section 3 and the representations and warranties of the
Series A Investor in Section 4 are made on and as of the Execution Date and on and as of the Closing Date, unless otherwise stated therein. 
  

	 	9.2	Successors and Assigns. 

 Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties whose rights or obligations hereunder are affected by
such terms and conditions. This Agreement, and the rights and obligations hereunder, shall not be assigned without the mutual written consent of the Parties hereto. Nothing in this Agreement, express or implied, is intended to confer upon any party
other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
  

	 	9.3	Indemnity. 

  

	 	(i)	 The Founders and Kinko (each, an “Indemnitor”) shall, jointly and severally, indemnify the Series A Investor for any losses,
liabilities, damages, liens, penalties, costs and expenses, including reasonable advisor’s fees and other reasonable expenses of investigation and defense of any of the foregoing (but excluding any consequential, speculative or punitive
damages) (“Losses”), incurred by such Series A Investor as a result of any breach or violation of any representation or

  

 29 

	 	 
warranty made by the Company, the Founders or Kinko, or any breach by the Company, the Founders or Kinko of any covenant or agreement contained herein or in any of the other Transaction Documents
(an “Indemnifiable Loss”). If a Series A Investor believes that it has a claim that may give rise to an indemnity obligation hereunder, it shall give prompt notice thereof to the Founders or Kinko stating specifically the basis on
which such claim is being made, the material facts related thereto, and the amount of the claim asserted; provided that in any event any such notice with respect to the breach of any representation or warranty shall be given within two (2) year
after the Closing; provided further that in any event any such notice with respect to the breach of any covenant shall be given on a timely basis. 

  

	 	(ii)	Notwithstanding anything to the contrary in this Agreement, no amount of indemnity shall be payable by the Indemnitor as a result of any Losses arising under Section
9.3(i): 

  

	 	(a)	with respect to any claim, unless and until the aggregate amount of Losses suffered cumulatively by the Series A Investor exceeds US$500,000; 

 

	 	(b)	to the extent it arises from or was caused by actions taken by the Series A Investor; or 

  

	 	(c)	to the extent the Series A Investor has been compensated for such Losses. 

  

	 	(iii)	Notwithstanding any other provision of this Agreement, the Founders and Kinko shall not be obliged to indemnify the Series A Investor in excess of an aggregate amount
of US$15,000,000. 

  

	 	9.4	Subsequent Investment. 

  

	 	(i)	The Series A Investor agrees that the Company may issue additional Series A Preferred Shares and additional series of preferred shares (together, “Additional
Preferred Shares”) to the potential investors in the indicative amounts set out in Schedule 2 or such other investors as the Series A Investor may agree, subject to the following conditions: 

  

	 	(a)	No Additional Preferred Shares shall be issued at a price per share lower than the Series A Purchase Price; 

  

	 	(b)	The terms and conditions of the Additional Preferred Shares shall be substantially identical to the terms and conditions of the Series A Preferred Shares,
notwithstanding that the issue dates may differ and the price per share may be higher than the Series A Preferred Shares. 

  

 30 

	 	(ii)	The Series A Investor agrees that (i) the Company may offer to each potential investor in Additional Preferred Shares who proposes to invest US$15,000,000 or more
the right to appoint one (1) director to the Board of Directors and (ii) in each such event, it will approve both an increase to the number of directors to accommodate one (1) director appointed by such investor and a further increase
to the number of directors to accommodate the appointment of one (1) additional director appointed by the Founders. 

  

	 	9.5	Governing Law. 

 This
Agreement shall be governed by and construed in accordance with the laws of the State of New York as to matters within the scope thereof and without regard to its principles of conflicts of laws. 
  

	 	9.6	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. 
  

	 	9.7	Titles 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. 
  

	 	9.8	Notices. 

 Any notice
required or permitted pursuant to this Agreement shall be given in writing and shall be given either personally or by sending it by next-day or second-day courier service, fax, electronic mail or similar means to the address as shown below the
signature of such Party on the signature page of this Agreement (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 9.8).
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 confirmation of delivery, and by two (2) days having passed after the letter containing the same is sent as aforesaid. Where a notice is sent by fax or electronic mail, service of the notice shall be deemed
to be effected on the same day on which it is properly addressed and sent through a transmitting organization with a reasonable confirmation of delivery. 
  

 31 

	 	9.9	Transaction Fees and Other Expenses. 

 Subject to this Section 9.9, the Company shall pay all of its own costs and expenses incurred in connection with the negotiation, execution, delivery and performance of this Agreement and
other Transaction Documents and the transactions contemplated hereby and thereby. Kinko shall also pay all reasonable costs and expenses incurred or to be incurred by the Series A Investor, which shall include all reasonable costs and expenses in
conducting due diligence investigations on the Company and the Company Group and in preparing, negotiating and executing all documentation, including all reasonable fees and expenses of any outside legal counsel, as well as all costs and expenses
related to the financial due diligence review of the Company or the Company Group up to an amount to be agreed by the Parties, upon presentation of invoices in reasonable detail by the Series A Investor.] 
  

	 	9.10	Amendments and Waivers. 

 Any term of this Agreement may be amended and 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 Parties
hereto. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any securities purchased under this Agreement at the time outstanding (including securities into which such securities are convertible),
each future holder of all such securities, and the Company. 
  

	 	9.11	Severability. 

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

	 	9.12	Entire Agreement. 

 This
Agreement and the documents referred to herein, together with all schedules and exhibits hereto and thereto, constitute the entire agreement among the Parties and no Party shall be liable or bound to any other Party in any manner by any warranties,
representations, or covenants except as specifically set forth herein or therein. For the avoidance of doubt, this Agreement shall be deemed to terminate and supersede the provisions of any confidentiality and nondisclosure agreements executed by
the Parties prior to the date of this Agreement, none of which agreements shall continue, including the Term Sheet, dated as of March 24, 2008. 
  

	 	9.13	Dispute Resolution. 

  

	 	(i)	 Any dispute, controversy or claim arising out of or relating to this Agreement, or the interpretation, breach, termination or validity hereof, shall
first be subject to resolution through consultation of the parties to such dispute, controversy or claim. Such consultation shall begin within seven (7) days after one Party hereto has delivered to the other Parties

  

 32 

	 	 
involved a written request for such consultation. If within thirty (30) days following the commencement of such consultation the dispute cannot be resolved, the dispute shall be submitted to
arbitration upon the request of any Party with notice to the other Parties. 

  

	 	(ii)	The arbitration shall be conducted in Hong Kong at the Hong Kong International Arbitration Centre (the “HKIAC”). There shall be three arbitrators. The
complainant and the respondent to such dispute shall each select one arbitrator within thirty (30) days after giving or receiving the demand for arbitration. Such arbitrators shall be freely selected, and the Parties shall not be limited in
their selection to any prescribed list. The Chairman of the HKIAC shall select the third arbitrator, who shall be qualified to practice law in the State of New York. If either party to the arbitration does not appoint an arbitrator who has consented
to participate within thirty (30) days after selection of the first arbitrator, the relevant appointment shall be made by the Chairman of the HKIAC. 

  

	 	(iii)	The arbitration proceedings shall be conducted in Chinese. The arbitration tribunal shall apply the Arbitration Rules of the HKIAC in effect at the time of the
arbitration. However, if such rules are in conflict with the provisions of this Section 9.13, including the provisions concerning the appointment of arbitrators, the provisions of this Section 9.13 shall prevail.

  

	 	(iv)	The arbitrators shall decide any dispute submitted by the parties to the arbitration strictly in accordance with the substantive law of the State of New York and shall
not apply any other substantive law. 

  

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

  

	 	(vi)	The award of the arbitration tribunal shall be final and binding upon the disputing parties, and any party to the dispute may apply to a court of competent jurisdiction
for enforcement of such award. 

  

	 	(vii)	Any party to the dispute shall be entitled to seek preliminary injunctive relief, if available, from any court of competent jurisdiction pending the constitution of the
arbitral tribunal. 

  

	 	9.14	Rights Cumulative. 

 Each
and all of the various rights, powers and remedies of a Party 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. 
  

 33 

	 	9.15	Interpretation. 

 Unless a
provision hereof expressly provides otherwise: (i) all references to dollars are to currency of the United States of America; (ii) words in the singular include the plural, and words in the plural include the singular; (iii) the terms
“herein,” “hereof,” and other similar words refer to this Agreement as a whole and not to any particular section, subsection, paragraph, clause, or other subdivision; (iv) the term “including” will be deemed to be
followed by “, but not limited to,”; (v) the masculine, feminine, and neuter genders will each be deemed to include the others; (vi) the terms “shall,” “will,” and “agrees” are mandatory, and the
term “may” is permissive; and (vii) the term “day” means “calendar day.” For purposes of this Agreement, the term “knowledge” shall be deemed to refer to the belief, knowledge or awareness (as the case
may be) of the relevant Person who shall be deemed to have knowledge of such matters that they would have discovered had they made due and careful enquiries. 
  

	 	9.16	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 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. 
  

	 	9.17	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. 
 [The remainder of this page has intentionally been left blank] 
  

 34 

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

					
	COMPANY:	 	PAKER TECHNOLOGY LIMITED

			
		 	By:	 	 /s/ Kangping Chen

			
		 		 	Name:
			
		 		 	Title:
			
		 		 	Address:
			
		 		 	Attn:
			
		 		 	Tel:
			
		 		 	Fax:
			
		 		 	Email:

  

 35 

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

					
	FOUNDER:	 	LI Xiande
			
		 	BY:	 	 /s/ Kangping Chen

			
		 		 	ID Number:
			
		 		 	Address:
			
		 		 	Tel:
			
		 		 	Fax:
			
		 		 	Email:
		
	FOUNDER:	 	CHEN Kangping
			
		 	BY:	 	 /s/ Kangping Chen

			
		 		 	ID Number:
			
		 		 	Address:
			
		 		 	Tel:
			
		 		 	 Fax:

			
		 		 	Email:
		
	FOUNDER:	 	LI Xianhua
			
		 	BY:	 	 /s/ Kangping Chen

			
		 		 	ID Number:
			
		 		 	Address:
			
		 		 	Tel:
			
		 		 	Fax:
			
		 		 	Email:

  

 36 

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

					
		 	JIANGXI KINKO ENERGY CO., LTD.

			
		 	By:	 	 /s/ Kangping Chen

			
		 		 	Name:
			
		 		 	Title:
			
		 		 	Attn:
			
		 		 	Tel:
			
		 		 	Fax:
			
		 		 	Email:

  

 37 

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

					
	SERIES A INVESTOR:	 		 	
			
		 	By:	 	 /s/ Chan Kok Pun

			
		 		 	Name: 
			
		 		 	Title:
			
		 		 	Attn:
			
		 		 	Tel:
			
		 		 	Fax:
			
		 		 	Email:

  

 38 

 SCHEDULE 1 
 “Agreement” means this Series A Preferred Share Purchase Agreement. 
 “Ancillary Agreements” means, collectively, the Shareholders Agreement, the Memorandum and Articles of the Company.

 “Auditors” means any of PricewaterhouseCoopers, Deloitte Touche Tohmatsu, KPMG, or Ernst & Young as
may be appointed as auditors of the Company from time to time. 
 “Board of Directors” or
“Board” means the board of directors of the Company. 
 “Business Day” means any day of the
year on which national banking institutions in New York, Hong Kong, Singapore and the PRC are open to the public for conducting business and are not required or authorized to close. 
 “Business Plan” has the meaning set forth in Section 3.21 of this Agreement. 
 “CFC” means controlled foreign corporation under the US Law. 
 “Closing” has the meaning set forth in Section 2.3 of this Agreement. 
 “Closing Date” has the meaning set forth in Section 2.3 of this Agreement. 
 “Code” has the meaning set forth in Section 3.5(ii) of this Agreement. 
 “Company” means PAKER TECHNOLOGY LIMITED, a limited liability company duly incorporated and validly existing under the Laws
of Hong Kong. 
 “Company Closing Account” has the meaning set forth in Section 5.15 of this
Agreement. 
 “Company Group” means the Company, Kinko, any of their Subsidiaries, and each Person (other than
a natural person) that is, directly or indirectly, controlled by the Company and Kinko. 
 “Contract” means a
legally binding contract, agreement, understanding, indenture, note, bond, loan, instrument, lease, mortgage, franchise or license. 
 “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, which 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 “Controlling” and “Controlled” have meanings correlative to the foregoing. 

 

 39 

 “Convertible Securities” means, with respect to any specified Person,
Securities convertible or exchangeable into any shares of any class of such specified Person, however described and whether voting or non-voting. 
 “Conversion Shares” means Ordinary Shares issuable upon conversion of any Series A Preferred Shares. 
 “Corporate Chart” means the Corporate Chart attached hereto as Exhibit E. 
 “Disclosing Party” has the meaning ascribed to it in Section 7.3 hereof. 
 “Disclosure Schedule” has the meaning ascribed to it in Section 3 hereof. 
 “Equity Securities” means any Ordinary Shares and/or Ordinary Share Equivalents of the Company. 
 “Execution Date” shall mean the date of this Agreement. 
 “Executive Committee” means the executive committee to be established under the Board in accordance with Section 5.14 of this Agreement. 
 “Financial Committee” means the financial committee to be established under the Board in accordance with
Section 5.13 of this Agreement. 
 “Financial Statements” has the meaning set forth in
Section 3.7 of this Agreement. 
 “Financing Terms” has the meaning set forth in
Section 7.1 of this Agreement. 
 “Founders” shall mean LI Xiande, CHEN Kangping, LI Xianhua, each
a citizen of the PRC. 
 “Governmental Authority” means any nation or government or any 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 political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization. 
 “HKIAC” means the Hong Kong International Arbitration Centre. 
 “Indemnitor” has the meaning set forth in Section 9.3. 
 “Indemnifiable
Loss” has the meaning set forth in Section 9.3. 
 “Intellectual Property” means all
patents, patent applications, trademarks, service marks, trade names, copyrights, trade secrets, processes, compositions of matter, formulas, designs, inventions, proprietary rights, know-how and any other confidential or proprietary information
owned or otherwise used by the Company Group. 
  

 40 

 “IPO ESOP” has the meaning set forth in Section 8.8 of this
Agreement. 
 “Key Employees” means, with respect to each of the members of the Company Group, the chief
executive officer, the chief financial officer, the president, the general manager or any other manager with the title of “vice-president” or higher, of such entity. The name and tile of each Key Employee are set forth on Exhibit F
attached hereto. 
 “Law” means any constitutional provision, statute or other law, rule, regulation, official
policy or interpretation of any Governmental Authority and any injunction, judgment, order, ruling, assessment or writ issued by any Governmental Authority. 
 “Lien” means any mortgage, pledge, claim, security interest, encumbrance, title defect, lien, charge or other restriction or limitation. 
 “Material Adverse Effect” means with respect to any Person, any (i) event, occurrence, fact, condition, change or
development that has had a material adverse effect on the operations, results of operations, financial condition, assets or liabilities, or (ii) material impairment of the ability to perform the material obligations of such Person hereunder or
under the other Transaction Documents, as applicable; provided, however, that in no event shall any of the following be deemed, either alone or in combination, to constitute, nor shall any of the following be taken into account in determining
whether there has been, a Material Adverse Effect: (i) any Effect that results from changes in general economic conditions or as a result of war or an act of terrorism, (ii) any Effect that results from any action taken pursuant to or in
accordance with this Agreement or at the request of the Series A Investor or (iii) any issue or condition which the Company may reasonably demonstrate was known to the Series A Investor prior to the date of this Agreement or has been disclosed
in the Disclosure Schedules. 
 “Material Contracts” has the meaning set forth in Section 3.11(i)
of this Agreement. 
 “Memorandum and Articles” means the amended and restated memorandum of association and
the articles of association of the Company attached hereto as Exhibit A-1 and Exhibit A-2, respectively, to be adopted by resolution in writing of all members of the Company and to be effective on or before the Closing. 
 “Offshore Reorganization” means the series of transactions described in Section 14.12 of the
Shareholders Agreement. 
 “Ordinary Shares” means the Company’s ordinary shares, par value HK$1.00 per
share as of the date hereof and HK$0.001 per share at the Closing. 
  

 41 

 “Ordinary Share Equivalents” means warrants, options and rights exercisable
for Ordinary Shares or securities convertible into or exchangeable for Ordinary Shares, including, without limitation, the Series A Preferred Shares. 
 “Original ESOP” has the meaning set forth in Section 8.8 of this Agreement. 
 “Party” has the meaning set forth in the Preamble hereof. 
 “Permits” has the meaning set forth in Section 3.13(ii). 
 “Permitted
Liens” means (i) Liens for taxes not yet delinquent or the validity of which are being contested and (ii) Liens incurred in the ordinary course of business, which (a) do not in the aggregate materially detract from the value
of the assets that are subject to such Liens and (b) were not incurred in connection with the borrowing of money. 
 “Person” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability company, firm, trust, estate or other enterprise or entity. 
 “PFIC” means passive foreign investment company under the US Law. 
 “PRC” means the People’s Republic of China, but solely for the purposes of this Agreement and the other Transaction
Documents excluding the Hong Kong, the Macau Special Administrative Region and Taiwan. 
 “Public Official”
means an employee of a Governmental Authority, a member of a political party, a political candidate, an officer of a public international organization, or an officer or employee of a state-owned enterprise, including a PRC state-owned enterprise.

 “Related Party” has the meaning set forth in Section 3.16 of this Agreement. 
 “SAFE” means the State Administration of Foreign Exchange of PRC. 
 “SEC” means the Securities and Exchange Commission of U.S. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended and interpreted from time to time. 
 “Series A Preferred Shares” means any and all of the Company’s Series A Preferred Shares, par value HK$0.001 per
share, with the rights and privileges as set forth in the Memorandum and Articles. 
 “Series A Investor” has
the meaning set forth in the first paragraph of this Agreement. 
 “Series A Purchase Price” has the meaning
set forth in Section 2.2 of this Agreement. 
  

 42 

 “Shareholders Agreement” means the Shareholders Agreement, in the form
attached hereto as Exhibit B, to be entered into at the Closing by and among the Company, the Founders and the Series A Investor. 
 “Statement Date” has the meaning set forth in Section 3.7 of this Agreement. 
 “Subsidiary” means, with respect to any specified Person, any Person of which the specified Person, directly or indirectly, owns more than fifty percent (50%) of the issued and
outstanding authorized capital, share capital, voting interests or registered capital. 
 “Termination Date”
has the meaning set forth in Section 2.4(i) of this Agreement. 
 “Transaction Documents” means
this Agreement, the Ancillary Agreements, and other documents required in connection with the Corporate Chart, and other agreements and documents the execution and delivery of which is contemplated under this Agreement. 
 “US” means the United States of America. 
 “US GAAP” means generally accepted accounting principles of the US, in effect from time to time. 
  

 43 

 SCHEDULE 2 
 Proposed investor in additional Series A Preferred Shares: 
  

			
	Investor:	 	 Yongjia Capital
  
 [address]

 Proposed investment amount: US$9,000,000 
 Number of Series A Preferred Shares: 49,410 
 Price per Share: US$222,545 
 Proposed investors in Series B Preferred Shares 
  

			
	Investors:	 	 Wangling Capital
  
 [address]
  
 Proposed investment amount: US$[            ]
  
 Huiyuan Capital
  
 [address]
  
 Proposed investment
amount: US$[            ]

  

 44 

 EXHIBIT A-1 
 AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION 
 [To
come] 

 EXHIBIT A-2 
 AMENDED AND RESTATED ARTICLES OF ASSOCIATION 

 EXHIBIT B 
 FORM OF SHAREHOLDERS AGREEMENT 
 [To come] 

 EXHIBIT D 
 CAPITALIZATION TABLE OF THE COMPANY AT THE CLOSING 
 Capitalization Table 
  

			
	 Authorized Shares
	  	10,000,000
		
	 Issued Shares
	  	
	 Ordinary Shares
	  	1,000,000
	 Li Xiande
	  	500,000
	 Chen Kangping
	  	300,000
	 Li Xianhua
	  	200,000
		
	 Consultant’s Fee
	  	14,657
		  	 
		  	1,014,657
	 Series A Preferred Shares
	  	
	 FCC
	  	67,402
	 Yongjia Capital
	  	40,410
		  	 
		  	107,812
		  	 
		
	 Total Shares Outstanding
	  	1,122,469

 EXHIBIT E 
 CORPORATE CHART 
 1. PARTICULARS OF MEMBER OF THE COMPANY GROUP
PRIOR TO THE CLOSING: 
  

	(i)	Paker Technology Limited 

 

  

							
	Company Name	  	:	  	Paker Technology Limited 

			
	Registered Address	  	:	  	RM. 1202, 12/F., Tower 1, China Hong Kong City, 33 Canton Road, T.S.T., Kowloon, Hong Kong
			
	Date of Incorporation	  	:	  	November 10, 2006
			
	Nature of the Entity	  	:	  	Limited Liability Company
			
	Authorized Share Capital	  	:	  	HK$10,000 divided into 10,000 shares of HK$1.00 each
			
	Issued Share Capital	  	:	  	HK$400
			
	Directors	  	:	  	Chen Xiafang
				
	Shareholders and shareholding	  	:	  	Li Xiande	    	200 shares (50%)
				
		  		  	Chen Kangping	    	120 shares (30%)
				
		  		  	Li Xianhua	    	80 shares (20%)

  

	(ii)	Jiangxi Kinko Energy Co., Ltd. 

 

  

					
	Registered Name	  	:	  	Jiangxi Kinko Energy Co., Ltd. 

			
	Registered Address	  	:	  	Beside Longda Road, Shangrao Industrial Park
			
	Establishment Date	  	:	  	December 13, 2006
			
	Nature of the Entity	  	:	  	Limited Liability Company (wholly invested by Taiwan, Hong Kong and Macau enterprise)
			
	Registered Capital	  	:	  	HK dollar 85,000,000
			
	Capital Received	  	:	  	HK dollar 85,000,000

					
			
	Business Scope	  	:	  	Manufacture and sale of solar cell, silicon material and other relevant product (subject to license or qualification if is required by a specific regulation)
			
	Legal Representative	  	:	  	Hui Yan Sang
			
	Shareholder and shareholding	  	:	  	Paker Technology Limited holds 100% of shares

  

 2 

 2. CORPORATE CHART IMMEDIATELY BEFORE THE CLOSING: 
 

 
 Footnote: The Company also holds 27.02% of the equity interests in Desun. The Company will dispose all its
equity interest in Desun within two (2) months after the date of this Agreement. 
  

 3 

 3. CORPORATE CHART AT THE CLOSING: 
 

 
  

 4 

 4. CORPORATE CHART AFTER OFFSHORE REORGANIZATION 
 

 
 Footnote: According to Section 8.8 of this Agreement, after the completion of the Offshore Reorganization,
the Original ESOP shall be adopted among the Company and the Founders pursuant to which options to purchase up to 2% of the Ordinary Shares issued and outstanding prior to the Closing may be issued to qualifying officers, directors and employees of
the Company Group. For purposes of the Original ESOP, the “Company” may also refer to the Cayman Islands Co. as appropriate 
  

 F 

 EXHIBIT F 
 LIST OF KEY EMPLOYEES 
  

							
	 NO.
	  	 Name
	  	 Position
	  	 Academic Qualification

	 1
	  	Li Xiande 

	  	Chairman	  	Bachelor’s Degree
				
	 2
	  	Chen Kangping 

	  	General Manager	  	Master’s Degree
				
	 3
	  	Li Xianhua 

	  	Vice General Manager	  	Bachelor’s Degree
				
	 4
	  	Yu Musen 

	  	Vice General Manager	  	Bachelor’s Degree
				
	 5
	  	Wang Xiaoou 

	  	Board Secretary	  	Doctor’s Degree
				
	 6
	  	Chen Zhiyuan 

	  	Human Resource Controller	  	Master’s Degree
				
	 7
	  	Wang Zhihua 

	  	Vice Financial Controller	  	Bachelor’s Degree

  

 G 

 Execution Copy 
 AMENDMENT TO SERIES A PREFERRED SHARE 
 PURCHASE
AGREEMENT 
 THIS AMENDMENT (“Amendment”) is made as of May 19, 2008, by and among the parties as follows:

  

	(5)	PAKER TECHNOLOGY LIMITED (

, “the Company”) , a company duly incorporated and validly existing under the Laws of Hong Kong Special Administrative Region (“Hong Kong”); 

  

	(6)	LI Xiande, CHEN Kangping, LI Xianhua, each a citizen of the People’s Republic of China (the “PRC”) (collectively the “Founders”
and each, a “Founder”); 

  

	(7)	JIANGXI KINKO ENERGY CO., LTD. (

, “Kinko”), a wholly foreign owned enterprise duly organized and validly existing under the Laws of the PRC; and 

  

	(8)	FLAGSHIP DESUN SHARES CO., LIMITED, a company duly incorporated and validly existing under the Laws of Hong Kong (the “Series A Investor”).

 Each of the Company, the Founders, Kinko and the Series A Investor shall be referred to individually as a
“Party” and collectively as the “Parties”. 
 RECITALS 
  

	C.	The Parties have entered into a Series A Preferred Share Purchase Agreement dated May 8, 2008 (“Agreement”); and 

  

	D.	The Parties wish to amend the Agreement in accordance with Section 9.10 thereof. 

 WITNESSETH 
 THE PARTIES HEREBY AGREE AS FOLLOWS:

  

	1.	Capitalized terms used herein shall have the meanings ascribed to them in the Agreement. 

  

	2.	Each reference to 

 in the Agreement shall be deleted in entirety and replaced with 

. 

  

	3.	Paragraph B of the preamble of the Agreement shall be amended by deleting its text and replacing with the following: 

 “The Series A Investor wishes to subscribe for from the Company, and the Company wishes to sell to the Series A Investor, an aggregate
of 67,544 Series A Preferred Shares of the Company pursuant to the terms and subject to the terms and conditions of this Agreement.” 
  

 1 

	4.	Section 2.1 of the Agreement is hereby amended by deleting its text and replacing with the following: 

 “As of the Closing, the Company shall have an authorized share capital of HK$10,000, consisting of 9,891,929 Ordinary Shares of
HK$0.001 each and 108,071 Series A Preferred Shares of HK$0.001 each. As of the Closing, the Company shall have authorized (a) the issuance at the Closing, pursuant to a letter of appointment (the “Letter of Appointment”)
entered into between the Company and Wealth Plan Investments Limited (“Wealth Plan”) on May 19, 2008, of 14,685 Ordinary Shares to Wealth Plan; (b) the issuance at the Closing, pursuant to the terms and conditions of this
Agreement, of 67,544 Series A Preferred Shares to the Series A Investor, having the rights, preferences, privileges and restrictions as set forth in the Memorandum and Articles; (c) the issuance at the Closing, pursuant to the terms and
conditions of a Series A Preferred Share Purchase Agreement (“Everbest Share Purchase Agreement”) entered into by and among Everbest International Capital Limited (“Everbest”), the Founders, Kinko and the Company on
May 19, 2008, of 40,527 Series A Preferred Shares to Everbest, having the rights, preferences, privileges and restrictions as set forth in the Memorandum and Articles; and (d) the reservation of at least 108,071 Ordinary Shares for the
conversion of the Series A Preferred Shares.” 
  

	5.	Section 2.2 of the Agreement is hereby amended by deleting its text in entirety and replacing with the following: 

  

	 	“(i)	Subject to the terms and conditions of this Agreement, the Series A Investor agrees to subscribe for, and the Company agrees to issue and allot to the Series A
Investor, an aggregate of 67,544 Series A Preferred Shares, par value HK$0.001 per share, each having the rights and privileges as set forth in the Memorandum and Articles (the “Series A Preferred Shares”), at a per share issue
price of US$222.077 for an aggregate amount of consideration of US$15,000,000 (the “Series A Purchase Price”), to be paid in accordance with this Section 2.2 and Section 2.3, provided that the number of
Series A Preferred Shares so subscribed by the Series A Investor and price per share are based on the exchange rates of U.S. dollar against Renminbi on May 16, 2008, and shall be subject to adjustment at the Closing based on the exchange rates
of U.S. dollar against Renminbi on May 19, 2008 and the Closing Date, so that as a result of such adjustments the total number of the Series A Preferred Shares issued to the Series A Investor shall represent a percentage (rounded to the nearest
2 decimal places) of a shareholding percentage calculated by the following formula: 

  

							
	N	 	=	 	 FIA
	 	
	 	 	RMB250,000,000 × 6.3 + FIA + EIA	 	

 N = the percentage of the Series A Preferred Shares to be issued to Series A
Investor; 
  

 2 

 FIA = the First Tranche Investment Amount (as defined in Section 2.2(ii) herebelow)
multiplied by the exchange rate between the US dollar and Renminbi on May 19, 2008, plus, the Second Tranche Investment Amount (as defined in Section 2.3(iii) herebelow) multiplied by the exchange rate between the US dollar and Renminbi on
Closing Date. 
 EIA = the purchase price paid by Everbest in US dollar multiplied by the exchange rate between the US dollar
and Renminbi of the date Everbest makes the payment of such purchase price. 
 Each Founder hereby waives any pre-emptive rights
or rights of first refusal if any that he or she has with regard to the issuance and sale of Series A Preferred Shares pursuant to this Section 2.2 and Section 9.4. 
  

	 	(ii)	On May 19, 2008, the Series A Investor shall deposit or cause its affiliate to deposit US$10,000,000 (the “First Tranche Investment Amount”) by
wire transfer in immediately available U.S. dollar funds into an account of the Company, the details of which are set forth in Schedule 4 hereto” 

  

	6.	Section 2.3 of the Agreement shall be amended by deleting the first three paragraphs in entirety and replacing it with the following: 

  

	 	“(i)	 Subject to the satisfaction or waiver of each condition to the Closing set forth in Section 5 and Section 6, other than
conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions, the issue and allotment of the Series A Preferred Shares hereunder shall take place at the offices of Baker &
McKenzie, 14th Floor Hutchison House, 10 Harcourt Road,
Central, Hong Kong before May 29, 2008 or at another time and date and at another location to be mutually agreed by the Parties, (which time, date and place are designated as the “Closing”). The date on which the Closing shall
be held is referred to in this Agreement as the “Closing Date”. 

  

	 	(ii)	At the Closing, the Company shall (A) deliver an counterpart of the Shareholders Agreement in the form attached hereto as Exhibit B executed by the Company,
the Founders and Kinko to the Series A Investor; (B) deliver to the Series A Investor a certificate representing the Series A Preferred Shares subscribed by the Series A Investor, (C) cause the Company’s share register to be updated
to reflect the Series A Preferred Shares subscribed and purchased by the Series A Investor; and (D) cause the register of directors of the Company to be updated to reflect the director designated by the Series A Investor.

  

	 	(iii)	 At the Closing, the Series A Investor shall (A) deliver an executed counterpart of the Shareholders Agreement in the form attached hereto as
Exhibit B to the Company, the Founders and Kinko; and (B) deposit, or cause its affiliate to

  

 3 

	 	 
deposit, the remainder of the Series A Purchase Price (US$5,000,000) (the “Second Tranche Investment Amount”) by wire transfer in immediately available U.S. dollar funds into the
account of the Company set forth in Section 2.2.” 

  

	7.	Section 2.5 of the Agreement shall be amended by deleting the text in entirety and replacing it with the following: 

  

	 	“(i)	In the event that this Agreement is validly terminated prior to the Closing pursuant to Section 2.4, then each of the Parties shall be relieved of their
duties and obligations arising under this Agreement after the date of such termination and such termination shall be without liability to the Company, the Founders, Kinko or the Series A Investor; provided that no such termination shall relieve any
party hereto from liability for any breach of this Agreement occurring prior to such termination. Notwithstanding the above, if the Series A Investor has made the payment pursuant to Section 2.2(ii) hereof, the Company shall, and the Founders
shall cause the Company to, return to the Series A Investor the full amount of such payment made by the Series A Investor as soon as commercially practicable, but nevertheless within ten (10) days of the Termination Date, provided that in such
case, the Company shall not be liable for any interest accrued on such funds. 

  

	 	(ii)	The provisions of this Section 2.5, Section 7, Section 9.8 and Section 9.13 hereof shall survive any termination of this
Agreement.” 

  

	8.	Section 3.4(ii) shall be amended by deleting the first two subparagraphs and replacing with the following: 

  

	 	“(a)	Ordinary Shares. A total of 9,891,929 authorized Ordinary Shares, of which 400,000 are issued and outstanding. Exhibit D attached hereto is a true and
correct Capitalization Table for the Company. The rights, privileges and preferences of Ordinary Shares are as stated in the Memorandum and Articles and the Ancillary Agreements. 

  

	 	(b)	Preferred Shares. A total of 108,071 authorized preferred shares, all of which are designated as Series A Preferred Shares, none of which are issued and
outstanding. The rights, privileges and preferences of the Series A Preferred Shares will be as stated in the Memorandum and Articles and the Ancillary Agreements.” 

  

	9.	Section 9.4 shall be amended by inserting a new paragraph (ii) between original paragraph (i) and paragraph (ii) and the original paragraph
(ii) shall be new paragraph (iii). The new paragraph (ii) shall read as follows: 

  

	 	“(ii)	 The Series A Investor hereby waives any preemptive rights, rights of first refusal or other similar rights in

  

 4 

	 	 
relation to the issue of Additional Preferred Shares in accordance with paragraph (i) above, the conversion of Additional Preferred Shares into Ordinary Shares in accordance with their terms
and the issuance of Ordinary Shares to Wealth Plan pursuant to the Letter of Appointment.” 

  

	10.	Schedule 1 of the Agreement shall be amended by adding the following definitions in appropriate places: 

 “Everbest” shall have the meaning set forth in Section 2.1. 
 “Everbest Share Purchase Agreement” shall have the meaning set forth in Section 2.1. 
 “First Tranche Investment Amount” shall have the meaning set forth in Section 2.2. 
 “Letter of Appointment” shall have the meaning set forth in Section 2.1. 
 “Second Tranche Investment Amount” shall have the meaning set forth in Section 2.3. 
 “Wealth Plan” shall have the meaning set forth in Section 2.1. 
  

	11.	Schedule 2 of the Agreement shall be deleted and replaced with Schedule 2 attached to this Amendment. 

  

	12.	Schedule 4 attached to this Amendment shall be added to the Agreement as Schedule 4 of the Agreement. 

  

	13.	Exhibit D of the Agreement shall be deleted and replaced with Exhibit D attached to this Amendment. 

  

	14.	Other terms and provisions of the Agreement shall not be affected and shall continue in full force and effect. 

  

	15.	This Amendment 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 Amendment. 

  

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

  

 5 

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the date first
written above. 
  

							
	COMPANY:	 	PAKER TECHNOLOGY LIMITED

			
		 	By:	 	 /s/ Kangping Chen

				
		 		 	Name:	 	
				
		 		 	Title:	 	
				
		 		 	Address:	 	 Flat/Rm 1202, 12/F, Tower 1
 China Hong Kong City, 33
 Canton Rd. T.S.T KL, Hong Kong

				
		 		 	Attn:	 	
				
		 		 	Tel:	 	
			
		 		 	Fax: +852 2668 3099
			
		 		 	Email:

  

 6 

 Execution Copy 
 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the date first written above. 
  

							
	FOUNDER:	 	LI Xiande
			
		 	BY:	 	 /s/ Kangping Chen

			
		 		 	ID Number:
				
		 		 	Address:	 	 Industy Road 4, Xuri District
 Shangrao Economic
 Development Zone
 Jiangxi, P.R. China

				
		 		 	Tel:	 	
			
		 		 	Fax: +86 0793 846 1152
			
		 		 	Email:
		
	FOUNDER:	 	CHEN Kangping
			
		 	BY:	 	 /s/ Kangping Chen

			
		 		 	ID Number:
				
		 		 	Address:	 	 Industy Road 4, Xuri District
 Shangrao Economic
 Development Zone
 Jiangxi, P.R. China

			
		 		 	Tel:
			
		 		 	Fax: +86 0793 846 1152
			
		 		 	Email: ckp@desunsolar.com

  

 7 

							
	FOUNDER:	 	LI Xianhua
			
		 	BY:	 	 /s/ Kangping Chen

			
		 		 	ID Number:
				
		 		 	Address:	 	 Industy Road 4, Xuri District
 Shangrao Economic
 Development Zone
 Jiangxi, P.R. China

				
		 		 	Tel:	 	
			
		 		 	Fax: +86 0793 846 1152
			
		 		 	Email:

  

 8 

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the date first
written above. 
  

					
	JIANGXI KINKO ENERGY CO., LTD.

		
	By:	 	 /s/ Kangping Chen

			
		 	Name:	 	
			
		 	Title:	 	
			
		 	Address:	 	 Kinko Road, Xuri District,
 Shangrao Economic Development
 Zone, Jiangxi, P.R. China

		
		 	Attn: David Wang 

		
		 	Tel:
		
		 	Fax: +86 0793 846 1152
		
		 	Email: wxo@desunsolar.com

  

 9 

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the date first
written above. 
  

							
	SERIES A INVESTOR:	 	FLAGSHIP DESUN SHARES CO., LIMITED
			
		 	By:	 	 /s/ Chan Kok Pun

			
		 		 	Name: Chan Kok Pun
			
		 		 	Title: Director
				
		 		 	Address:	 	 79 Robinson Road,
 1501, CPF
Building,
 Singapore 068897

			
		 		 	Attn: Chan Kok Pun
			
		 		 	Tel: +65 6536 6590
			
		 		 	Fax: +65 6438 0802
			
		 		 	Email:

  

 10 

 SCHEDULE 2 
 Proposed investor in additional Series A Preferred Shares: 
  

			
	Investor:	 	EVERBEST INTERNATIONAL CAPITAL LIMITED
		
		 	Flat/RM 105 BLK A
		
		 	Cambridge Plaza, 188 San Wan Rd. Sheung Shui, NT, Hong Kong
	
	Proposed investment amount:            US$9,000,000

 Number of Series A Preferred Shares: 40,527 (subject to adjustment pursuant to the
Everbest Share Purchase Agreement) 
 Price per Share: US$222.077 (subject to adjustment pursuant to the Everbest Share Purchase
Agreement) 
 Proposed investors in Series B Preferred Shares 
  

			
	Investors:	 	        Wangling Capital
		
		 	 [address]
  
 Proposed investment amount: US$[            ]
  
 Huiyuan Capital
  
 [address]
  
 Proposed investment amount:
US$[            ]

  

 11 

 SCHEDULE 4 
 Account Name: PAKER TECHNOLOGY LIMITED 
 Account NO.: 039-737-9-202372-0 
 Bank Name: Chiyu Banking Corporation Ltd. 
 Bank
Address: SHOP3, G/F., LEE FUNG BLDG., 315-319 QUEEN’S ROA 
 CENTRAL, HONGKONG 
 Swift Code: CIYUHKHH 
  

 12 

 EXHIBIT D 
 CAPITALIZATION TABLE OF THE COMPANY AT THE CLOSING 
 Capitalization Table 
  

			
	 Authorized Shares
	  	10,000,000
		
	 Issued Shares
	  	
	 Ordinary Shares
	  	1,000,000
	 Li Xiande
	  	500,000
	 Chen Kangping
	  	300,000
	 Li Xianhua
	  	200,000
		
	 Wealth Plan Investments Limited
	  	14,685
		  	 
		  	1,014,685
		
	 Series A Preferred Shares
	  	
	 Flagship Desun Shares Co., Limited
	  	67,544
	 Everbest International Capital Limited
	  	40,527
		  	 
		  	108,071
		  	 
		
	 Total Shares Outstanding
	  	1,122,756

  

 13 

 Execution Copy 
 AMENDMENT NO. 2 TO SERIES A PREFERRED SHARE 
 PURCHASE AGREEMENT 
 THIS AMENDMENT NO. 2 (“Amendment No. 2”) is made as of September 18,
2008, by and among the parties as follows: 
  

	(9)	PAKER TECHNOLOGY LIMITED (

, “the Company”) , a company duly incorporated and validly existing under the Laws of Hong Kong Special Administrative Region (“Hong Kong”); 

  

	(10)	LI Xiande, CHEN Kangping, LI Xianhua, each a citizen of the People’s Republic of China (the “PRC”) (collectively the “Founders”
and each, a “Founder”); 

  

	(11)	JIANGXI KINKO ENERGY CO., LTD. (

, “Kinko”), a wholly foreign owned enterprise duly organized and validly existing under the Laws of the PRC; and 

  

	(12)	FLAGSHIP DESUN SHARES CO., LIMITED, a company duly incorporated and validly existing under the Laws of Hong Kong (the “Series A Investor”).

 Each of the Company, the Founders, Kinko and the Series A Investor shall be referred to individually as a
“Party” and collectively as the “Parties”. 
 RECITALS 
  

	E.	The Parties have entered into a Series A Preferred Share Purchase Agreement dated May 8, 2008 (such agreement, as amended by Amendment No. 1 referred to below
and this Amendment No. 2, the “Agreement”); 

  

	F.	The Parties have entered into an amendment to the Agreement dated May 19, 2008; and 

  

	G.	The Parties wish to further amend the Agreement in accordance with Section 9.10 of the Agreement. 

 WITNESSETH 
 THE PARTIES HEREBY AGREE AS FOLLOWS: 
  

	1.	Capitalized terms used herein shall have the meanings ascribed to them in the Agreement. 

  

	2.	Section 8 is hereby amended by adding a new subsection 8.10 following subsection 8.9 as follows: 

 “ 8.10 Shareholding Percentage Adjustment Based on Year 2008 Net Earnings 
  

 1 

	 	(i)	The Company shall deliver to the Series A Investor the Year 2008 Account on or prior to April 1, 2009. If the Year 2008 Net Earnings is less than RMB225 million or
greater than RMB275 million: 

  

	 	(a)	If the Series A Preferred Shares held by the Series A Investor have not been converted into Ordinary Shares at the time of delivery of the Year 2008 Account, the
conversion price of the Series A Preferred Shares shall be adjusted so that when the Series A Investor converts all of its Series A Preferred Shares it acquired under this Agreement into Ordinary Shares, such Ordinary Shares shall represent a
percentage (rounded to the nearest 2 decimal places) of all of the then outstanding Ordinary Shares and Ordinary Share Equivalents calculated as follows: 

 N = Investment Amount / Final Post-money Valuation, where: 
 N = the percentage of
the Ordinary Share held by the Series A Investor after giving effect to the adjustment under this Section 8.10 and subscription for the Series A Preferred Shares as provided herein; 
 Investment Amount = RMB104,411,500, being the subscription price paid by the Series A Investor in US dollar multiplied by the respective
exchange rate between the US dollar and Renminbi as of the date the Series A Investor makes the payment of such subscription price. 
 Final Post-money Valuation = Year 2008 Net Earnings in Renminbi multiplied by 6.3 plus (a) the Investment Amount and (b) RMB62,464,644, being the subscription price paid by Everbest in US dollars multiplied by the exchange rate
between the US dollar and Renminbi as of the date Everbest makes the payment of such purchase price. 
  

	 	(b)	If all the Series A Preferred Shares held by the Series A Investor have been converted into Ordinary Shares at the time of delivery of the Year 2008 Account, the
Founders (on pro rata basis) and Series A Investor shall, within five (5) Business Days, transfer Ordinary Shares among them, so that as the result of such transfer of Ordinary Shares under this Section 8.10 and the subscription for the
Series A Preferred Shares as provided herein, the percentage of the total Ordinary Shares held by the Series A Investor shall equal N calculated in subparagraph (a) above. 

  

 2 

	 	(c)	The Series A Investor shall not convert any portion of the Series A Preferred Shares into Ordinary Shares unless all of the Series A Preferred Shares held by the Series
A Investor are proposed to be converted into Ordinary Shares. 

  

	 	(iii)	If the Year 2008 Net Earnings is less than RMB175 million, it shall, for the purposes of calculating N in Paragraph (i) above, be deemed to be RMB175 million. If
the Year 2008 Net Earnings is greater than RMB325 million, it shall, for the purposes of calculating N in Paragraph (i) above, be deemed to be RMB325 million. 

  

	 	(iv)	Any earnings obtained through or as the result of mergers or acquisitions or any extraordinary or non-recurring earnings shall not be counted toward the audited
consolidated Year 2008 Net Earnings of the Company for purposes of this Section 8.10. In calculating the Year 2008 Net Earnings of the Company, the costs and expenses incurred by the Company in relation to the investment by the Series A
Investor, any other financing conducted by the Company or the Parent Company and implementing any equity incentive plan including employee stock option plan shall not be deducted from the income of the Company. Year 2008 Net Earnings of the Company
shall be rounded to the nearest RMB100,000.” 

  

	3.	Section 9.2 of the Agreement is hereby amended by deleting its text in entirety and replacing with the following: 

  

	 	“(i)	Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns
of the Parties whose rights or obligations hereunder are affected by such terms and conditions. This Agreement, and the rights and obligations hereunder, shall not be assigned without the mutual written consent of the Parties hereto. Except as
otherwise provided herein, the rights of the Series A Investor are only assignable in connection with the transfer or sale (subject to applicable securities and other laws) of the Series A Preferred Shares or Ordinary Shares converted from such
Series A Preferred Shares held by the Series A Investor but only to the extent of such transfer, provided, however, that (a) the Series A Investor shall, prior to the effectiveness of such transfer, furnish to the Company written notice of the
name and address of such transferee and Series A Preferred Shares or Ordinary Shares that are being assigned to such transferee, (b) such transferee shall, concurrently with the effectiveness of such transfer, become a party to this Agreement
as the Series A Investor, (c) such transfer shall satisfy the requirements set forth in the Shareholders Agreement and Memorandum and Articles. 

  

 3 

	 	(ii)	Nothing in this Agreement, express or implied, is intended to confer upon any party other than the Parties hereto or their respective successors and assigns any rights,
remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.” 

  

	4.	Schedule 1 is hereby amended by adding the following definitions in appropriate places: 

 “Parent Company” means any company which may become the owner of all the outstanding shares of the Company. 
 “Year 2008 Account” means the audited consolidated financial statements of the Company for the period from January 1,
2008 to December 31, 2008 audited by the Auditors and prepared in accordance with U.S. GAAP. 
 “Year 2008 Net
Earnings” means the consolidated after-tax net income of the Company as reflected in the Year 2008 Account, subject to the adjustments pursuant to Section 8.10 (iv) hereof. 
  

	5.	Except as modified by this Amendment No. 2, all other terms and provisions of the Agreement (as amended by Amendment No. 1) shall continue in full force and
effect without modification or amendment. 

  

	6.	This Amendment No. 2 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 Amendment No. 2. 

  

	7.	If one or more provisions of this Amendment No. 2 are held to be unenforceable under applicable law, such provision shall be excluded from this Amendment No. 2 and the
balance of this Amendment No. 2 shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

  

 4 

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment No. 2 as of the date
first written above. 
  

							
	COMPANY:	 	PAKER TECHNOLOGY LIMITED

			
		 	By:	 	 /s/ Kangping Chen

			
		 		 	Name:
				
		 		 	Title:	 	
				
		 		 	Address:	 	 Flat/Rm 1202, 12/F, Tower 1
 China Hong Kong City, 33
 Canton Rd. T.S.T KL, Hong Kong

				
		 		 	Attn:	 	
				
		 		 	Tel:	 	
			
		 		 	Fax: +852 2668 3099
			
		 		 	Email:

  

 5 

 Execution Copy 
 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment No. 2 as of the date first written above. 
  

							
	FOUNDER:	 	LI Xiande
			
		 	BY:	 	 /s/ Kangping Chen

			
		 		 	ID Number:
				
		 		 	Address:	 	 Industry Road 4, Xuri District
 Shangrao Economic
 Development Zone
 Jiangxi, P.R. China

				
		 		 	Tel:	 	
			
		 		 	Fax: +86 0793 846 1152
			
		 		 	Email:
		
	FOUNDER:	 	CHEN Kangping
			
		 	BY:	 	 /s/ Kangping Chen

			
		 		 	ID Number:
				
		 		 	Address:	 	 Industry Road 4, Xuri District
 Shangrao Economic
 Development Zone
 Jiangxi, P.R. China

				
		 		 	Tel:	 	
			
		 		 	Fax: +86 0793 846 1152
			
		 		 	Email: ckp@desunsolar.com

  

 6 

							
	FOUNDER:	 	LI Xianhua
			
		 	BY:	 	 /s/ Kangping Chen

			
		 		 	ID Number:
				
		 		 	Address:	 	 Industry Road 4, Xuri District
 Shangrao Economic
 Development Zone
 Jiangxi, P.R. China

				
		 		 	Tel:	 	
			
		 		 	Fax: +86 0793 846 1152
			
		 		 	Email:

  

 7 

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment No. 2 as of the date
first written above. 
  

					
	JIANGXI KINKO ENERGY CO., LTD.

		
	By:	 	 /s/ Kangping Chen

			
		 	Name:	 	
			
		 	Title:	 	
			
		 	Address:	 	 Kinko Road, Xuri District,
 Shangrao Economic Development
 Zone, Jiangxi, P.R. China

		
		 	Attn: David Wang 

			
		 	Tel:	 	
		
		 	Fax: +86 0793 846 1152
		
		 	Email: wxo@desunsolar.com

  

 8 

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment No. 2 as of the date
first written above. 
  

							
	SERIES A INVESTOR:	 	FLAGSHIP DESUN SHARES CO., LIMITED
			
		 	By:	 	 /s/ Chan Kok Pun

			
		 		 	Name: Chan Kok Pun
			
		 		 	Title: Director
				
		 		 	Address:	 	 79 Robinson Road,
 1501, CPF
Building,
 Singapore 068897

			
		 		 	Attn: Chan Kok Pun
			
		 		 	Tel: +65 6536 6590
			
		 		 	Fax: +65 6438 0802
			
		 		 	Email:

  

 9

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