Document:

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                                                                     EXHIBIT 4.4

                                                                  EXECUTION COPY

                   SERIES A PREFERRED SHARE PURCHASE AGREEMENT

                         dated as of September 20, 2006

                                 by and between

                          INSPIRATION PARTNERS LIMITED,

                  YINGLI GREEN ENERGY HOLDING COMPANY LIMITED,

                       YINGLI POWER HOLDING COMPANY LTD.,

                                       and

                                 LIANSHENG MIAO

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
                                                                             No.
                                                                            ----
<S>                                                                         <C>
ARTICLE I    SALE OF SHARES AND CLOSING..................................     1
   SECTION 1.01.  Purchase and Sale......................................     1
   SECTION 1.02.  Closing................................................     1
   SECTION 1.03.  Purchase Price.........................................     1
   SECTION 1.04.  Share Certificate......................................     1
   SECTION 1.05.  Use of Proceeds........................................     2
   SECTION 1.06.  Further Assurances.....................................     2

ARTICLE II   REPRESENTATIONS AND WARRANTIES OF THE COMPANY...............     2
   SECTION 2.01.  Power and Authority....................................     2
   SECTION 2.02.  Execution and Delivery.................................     2
   SECTION 2.03.  Corporate Existence of the Company.....................     3
   SECTION 2.04.  Company Capital Stock..................................     3
   SECTION 2.05.  Subsidiaries...........................................     3
   SECTION 2.06.  No Conflicts...........................................     4
   SECTION 2.07.  Governmental Approvals and Filings.....................     4
   SECTION 2.08.  Books and Records......................................     4
   SECTION 2.09.  Financial Statements and Condition.....................     5
   SECTION 2.10.  Taxes..................................................     5
   SECTION 2.11.  Legal Proceedings......................................     6
   SECTION 2.12.  Compliance With Laws and Orders........................     6
   SECTION 2.13.  Real Property..........................................     6
   SECTION 2.14.  Tangible Personal Property.............................     6
   SECTION 2.15.  Investment Assets......................................     7
   SECTION 2.16.  Intellectual Property Rights...........................     7
   SECTION 2.17.  Contracts..............................................     7
   SECTION 2.18.  Insurance..............................................     8
   SECTION 2.19.  Employees; Labor Relations.............................     8
   SECTION 2.20.  Environmental Matters..................................     9
   SECTION 2.21.  Brokers................................................     9

ARTICLE III  REPRESENTATIONS AND WARRANTIES OF THE INVESTOR..............    10
   SECTION 3.01.  Corporate Existence....................................    10
   SECTION 3.02.  Authority..............................................    10
   SECTION 3.03.  No Conflicts...........................................    10
   SECTION 3.04.  Governmental Approvals and Filings.....................    11
   SECTION 3.05.  Legal Proceedings......................................    11
   SECTION 3.06.  Investment Purpose.....................................    11
   SECTION 3.07.  Brokers................................................    11

ARTICLE IV   COVENANTS AND OTHER AGREEMENTS..............................    11
</TABLE>

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<TABLE>
<S>                                                                         <C>
   SECTION 4.01.  Covenants of the Company...............................    11
   SECTION 4.02.  Covenants of the Investor..............................    13
   SECTION 4.03.  Mutual Covenants.......................................    14

ARTICLE V   CONDITIONS TO CLOSING........................................    14
   SECTION 5.01.  Conditions to Each Party's Obligations.................    14
   SECTION 5.02.  Conditions to Obligations of the Investor..............    14
   SECTION 5.03.  Conditions to Obligations of the Company...............    16

ARTICLE VI  SURVIVAL; NO OTHER REPRESENTATIONS...........................    16
   SECTION 6.01.  Survival of Representations and Warranties.............    16
   SECTION 6.02.  No Other Representations...............................    17
   SECTION 6.03.  Supplemental Disclosure................................    17

ARTICLE VII  INDEMNIFICATION.............................................    17
   SECTION 7.01.  Indemnification........................................    17
   SECTION 7.02.  Method of Asserting Claims.............................    18
   SECTION 7.03.  Exclusivity............................................    21
   SECTION 7.04.  No Consequential Damages...............................    21
   SECTION 7.05.  Limitation of Liability................................    21

ARTICLE VIII TERMINATION.................................................    22
   SECTION 8.01.  Termination............................................    22
   SECTION 8.02.  Effect of Termination..................................    22

ARTICLE IX   DEFINITIONS.................................................    22
   SECTION 9.01.  Defined Terms..........................................    22
   SECTION 9.02.  Construction of Certain Terms and Phrases..............    28

ARTICLE X    MISCELLANEOUS...............................................    28
   SECTION 10.01. Notices................................................    28
   SECTION 10.02. Entire Agreement.......................................    30
   SECTION 10.03. Expenses...............................................    30
   SECTION 10.04. Public Announcements...................................    30
   SECTION 10.05. Waiver.................................................    30
   SECTION 10.06. Amendment..............................................    30
   SECTION 10.07. No Third Party Beneficiary.............................    30
   SECTION 10.08. No Assignment; Binding Effect..........................    30
   SECTION 10.09. Enforcement of Agreement...............................    31
   SECTION 10.10. Headings...............................................    31
   SECTION 10.11. Governing Law; Consent to Jurisdiction.................    31
   SECTION 10.12. Invalid Provisions.....................................    32
   SECTION 10.13. Counterparts...........................................    32
</TABLE>

                                      -ii-

<PAGE>

                              EXHIBITS

Exhibit A   Transaction Documents
Exhibit B   Shareholders Agreement
Exhibit C   Amended and Restated Memorandum of Association

                                      -iii-

<PAGE>

          This SERIES A PREFERRED SHARE PURCHASE AGREEMENT, dated as of
September 20, 2006 (this "AGREEMENT"), is entered into by and between
Inspiration Partners Limited, an international business company incorporated
under the laws of the British Virgin Islands (the "INVESTOR"), Yingli Green
Energy Holding Company Limited, an exempted company with limited liability
incorporated and existing under the laws of the Cayman Islands (the "COMPANY"),
Yingli Power Holding Company Ltd., a company with limited liability incorporated
and existing under the laws of the British Virgin Islands (the "HOLDCO"), and
Mr. Liansheng Miao (together with the Holdco, the "FOUNDERS"). Capitalized terms
not otherwise defined herein have the meanings set forth in Section 9.01.

          WHEREAS, the Company wishes to sell and the Investor wishes to
purchase shares of Series A Preferred Shares, US$0.01 par value per share, of
the Company (the "SERIES A PREFERRED SHARES") on terms and subject to the
conditions set forth in this Agreement.

          NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

                                    ARTICLE I

                           SALE OF SHARES AND CLOSING

          SECTION 1.01. Purchase and Sale. The Company agrees to sell to the
Investor, and the Investor agrees to purchase from the Company, 8,081,081 Series
A Preferred Shares (the "SHARES") at the Closing on the terms and subject to the
conditions set forth in this Agreement.

          SECTION 1.02. Closing. The Closing shall take place not later than 12
days after the satisfaction or waiver of the conditions set forth in Articles V
or such other date agreed by the parties hereto (such date being the "CLOSING
DATE") at the offices of Simpson Thacher & Bartlett LLP, 7/F ICBC Tower, 3
Garden Road, Central Hong Kong, or at such other time and place as the Investor
and the Company mutually agree.

          SECTION 1.03. Purchase Price. Subject to Section 1.04, upon the terms
and subject to the conditions of this Agreement, on the Closing Date, the
Investor shall pay the Company US$17,010,000 (the "PURCHASE PRICE") in
immediately available funds, to be wired to an account to be designated by the
Company in writing prior to the Closing Date.

          SECTION 1.04. Share Certificate. At the Closing, in exchange for the
payment to the Company of the Purchase Price, the Company shall deliver or cause
to be delivered to the Investor a share certificate (the "SHARE CERTIFICATE")
representing all of the Shares duly issued to the Investor.

<PAGE>

          SECTION 1.05. Use of Proceeds. The Company shall not use the net
proceeds from the Purchase Price (the "Proceeds") for any purpose other than to
acquire at least 51% ownership of Tianwei Yingli from Baoding Yingli Group Co.,
Ltd. ("YINGLI GROUP"), provided further, that such acquisition shall be made in
accordance with that certain Share Purchase Agreement, dated August 25, 2006, by
and between Yingli Group and the Company (the "YINGLI GROUP SHARE PURCHASE
AGREEMENT"). Following the application of such proceeds in such manner, any
remaining Proceeds may be applied for the general corporate purpose of the
Company. The Proceeds shall be deposited in an account of the Company at a bank
located outside of the PRC and shall be withdrawn only by the Company's
authorized signatories subject to the Investor's prior approval, which shall not
be unreasonably withheld so long as the Proceeds are being used for the purposes
permitted hereunder.

          SECTION 1.06. Further Assurances. At any time or from time to time
after the Closing, each of the parties hereto shall, at the expense of the party
making such request, execute and deliver such other documents and instruments,
provide such materials and information and take such other actions as may
reasonably be necessary, proper or advisable, to the extent permitted by Law, to
fulfill its obligations under this Agreement.

                                   ARTICLE II

                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

          The Company and the Founders (together, the "WARRANTORS") hereby
jointly and severally represent and warrant to the Investor that the statements
contained in this Article II are true, correct and complete as of the date of
this Agreement and, where appropriate, the date of the Closing, except as set
forth in the Disclosure Schedule:

          SECTION 2.01. Power and Authority. The Company has full corporate
power and authority to execute and deliver this Agreement, to perform its
obligations hereunder and to consummate the transactions contemplated hereby,
including without limitation the sale and issuance of the Shares pursuant to
this Agreement.

          SECTION 2.02. Execution and Delivery. The execution and delivery by
the Company of the Transaction Documents and the performance by the Company of
its obligations under the Transaction Documents have been duly and validly
authorized by or on behalf of the Company, no other action on the part of the
Company or its shareholders being necessary except as expressly contemplated
hereby. The Transaction Documents have been duly and validly executed and
delivered by the Company and assuming the due execution of the Transaction
Documents by other parties hereto, constitutes a legal, valid and binding
obligation of the Company enforceable against the Company in accordance with
their terms.

                                      -2-

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          SECTION 2.03. Corporate Existence of the Company. The Company is a
corporation duly incorporated, validly existing and in good standing under the
laws of the Cayman Islands, and has full corporate power and authority to
conduct its business as and to the extent now conducted and to own, use and
lease its Assets and Properties. The Company is duly qualified, licensed or
admitted to do business in each jurisdiction in which the ownership, use or
leasing of its Assets and Properties, or the conduct or nature of its business,
makes such qualification, licensing or admission necessary, except for those
jurisdictions in which the adverse effects of all such failures by the Company
to be qualified, licensed or admitted would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect.

          SECTION 2.04. Company Capital Stock. Immediately prior to the Closing,
the authorized capital stock of the Company shall be US$5,000,000, consisting of
(a) 491,918,919 ordinary shares, US$0.01 par value per share, of which
59,800,000 shares are issued and outstanding and (b) 8,081,081 shares of Series
A Preferred Shares, US$0.01 par value per share, none of which are issued and
outstanding. The Shares, when issued, sold and delivered in accordance with the
terms and for the consideration set forth in this Agreement, shall be duly
authorized and validly issued, fully paid and nonassessable and free and clear
of all Liens. The delivery of the Share Certificate at the Closing representing
the Shares in the manner provided in Section 1.04 shall transfer to the Investor
good and valid title to the Shares, free and clear of all Liens other than
restrictions on the payment of dividends arising under applicable Law,
restrictions on transferability arising under applicable securities Laws and any
Liens created or suffered to exist by the Investor. Except as disclosed in the
Disclosure Schedule and except as provided in this Agreement, there are no
outstanding Options with respect to any shares of the Company.

          SECTION 2.05. Subsidiaries.

          (a) Each of the Subsidiaries is a corporation duly organized and
validly existing under the laws of its jurisdiction of incorporation and has
full corporate power and authority to conduct its business as and to the extent
now conducted and to own, use and lease its Assets and Properties. Each of the
Subsidiaries is duly qualified, licensed or admitted to do business in each
jurisdiction in which the ownership, use or leasing of its Assets and
Properties, or the conduct or nature of its business, makes such qualification,
licensing or admission necessary, except for those jurisdictions in which the
adverse effects of all such failures by any Subsidiary to be qualified, licensed
or admitted would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect.

          (b) The Disclosure Schedule lists for each of the Subsidiaries its
jurisdiction of organization, the amount of its authorized capital stock or its
equivalent, the amount of its outstanding capital stock or its equivalent, and
the record owners of such outstanding capital stock or its equivalent. As of the
date hereof and as of the Closing Date, except as disclosed in the Disclosure
Schedule, all the outstanding shares of capital stock or its equivalent of each
of the Subsidiaries have been duly authorized

                                      -3-

<PAGE>

and validly issued, are fully paid and nonassessable and free and clear of all
Liens other than the Permitted Liens. Except as disclosed in the Disclosure
Schedule, there are no outstanding Options or other rights, agreements,
arrangements or commitments to which any Subsidiary is a party or by which any
Subsidiary is bound relating to the issued or unissued shares of capital stock
or its equivalent of any Subsidiary.

          SECTION 2.06. No Conflicts. Except as disclosed in the Disclosure
Schedule or except as would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect, the execution and delivery by the
Company of the Transaction Documents do not, and the performance by the Company
of its obligations under the Transaction Documents, and the consummation of the
transactions contemplated thereby shall not:

          (a) conflict with or result in a violation or breach of any of the
terms, conditions or provisions of the organizational documents of the Company
or any Subsidiary;

          (b) conflict with or result in a violation or breach of any term or
provision of any Law or Order applicable to the Company, any Subsidiary or any
of their respective Assets and Properties; or

          (c) (i) conflict with or result in a violation or breach of, (ii)
constitute a default under, (iii) require the Company or any Subsidiary to
obtain any consent, approval or action of, make any filing with or give any
notice to any Person as a result or under the terms of, (iv) result in or give
to any Person any right of termination, cancellation, acceleration or
modification in or with respect to, or (v) result in the creation or imposition
of any Lien upon the Company, any Subsidiary or any of their respective Assets
and Properties under, any material Contract or License to which the Company or
any Subsidiary is a party or by which any of them or any of their respective
Assets and Properties is bound.

          SECTION 2.07. Governmental Approvals and Filings. Except as disclosed
in the Disclosure Schedule, no consent, approval or action of, filing with or
notice to any Governmental or Regulatory Authority on the part of the Company or
any Subsidiary is required in connection with the execution, delivery and
performance of the Transaction Documents or the consummation of the transactions
contemplated thereby.

          SECTION 2.08. Books and Records. The Company has made available to the
Investor prior to the execution of this Agreement complete and correct copies of
the organizational documents of the Company and each Subsidiary. The minute
books and other similar records of the Company and each Subsidiary as made
available to the Investor prior to the execution of this Agreement contain a
true and complete record, in all material respects, of all actions taken at all
meetings and by written consents in lieu of meetings of the stockholders, the
boards of directors and committees of the boards of directors of the Company and
each Subsidiary. The shareholders register of the Company and each Subsidiary as
made available to the Investor prior to the execution of

                                      -4-

<PAGE>

this Agreement accurately reflect all record issuances and transfers prior to
the execution of this Agreement of the capital stock of the Company and each
Subsidiary. To the Knowledge of the president, the directors, the vice
presidents and the department heads of the Company, the Books and Records of the
Company and each Subsidiary made available to the Investor prior to the
execution of this Agreement do not contain any untrue statement of a material
fact.

          SECTION 2.09. Financial Statements and Condition

          (a) Prior to the execution of this Agreement, the Company has made
available to the Investor true and complete copies of the Financial Statements.
The information contained in the Financial Statements shall be substantially
similar to the information contained in the audited consolidated balance sheets,
income statements and statements of cash flow of Tianwei Yingli for the years
ended on December 31, 2003, 2004 and 2005 (the "ACTUAL ANNUAL FINANCIAL
STATEMENTS") and the unaudited consolidated balance sheets, income statements
and statements of cash flow of Tianwei Yingli for the six months ended June 30,
2006 (the "ACTUAL INTERIM FINANCIAL STATEMENTS"); provided, that (i) net income
for each of the years ended on December 31, 2003, 2004 and 2005 as indicated in
the Financial Statements shall not be greater or less than net income for each
of the corresponding years indicated in the Actual Annual Financial Statements
by more than ten percent (10%) and (ii) net income for the six months ended on
June 30, 2006 shall not be greater or less than net income for the corresponding
period indicated in the Actual Interim Financial Statements by more than fifteen
percent (15%).

          (b) Except for the execution and delivery of the Transaction Documents
and the transactions to take place pursuant thereto on or prior to the Closing
Date or as disclosed in the Disclosure Schedule, since January 1, 2006 until the
Closing Date, the business of the Company and the Subsidiaries has been operated
in all material respects in the ordinary course consistent with past practice
and there has not been any change in the Business or Condition of the Company
that has or would reasonably be expected to have a Material Adverse Effect.

          (c) To the Knowledge of the Company, except as reflected in the
Financial Statements described in paragraph (a) of this Section or as set forth
in the Disclosure Schedule, and except for Liabilities incurred in the ordinary
course of business consistent with past practice, neither the Company nor any
Subsidiary has any material Liabilities of any nature (whether accrued,
absolute, contingent or otherwise) required by GAAP to be set forth on a
consolidated balance sheet of the Company or in the notes thereto.

          SECTION 2.10. Taxes. Except as disclosed in the Disclosure Schedule,
as of the date hereof, (1) the Company and each Subsidiary have filed all Tax
returns and reports required to be filed by the Company and each Subsidiary, or
requests for extensions to file such returns or reports have been timely filed
or granted and have not expired, and (2) there have been no examinations or
audits of any tax returns or reports by any applicable governmental agency.

                                      -5-

<PAGE>

As of the date hereof, the Company and each Subsidiary have paid all undisputed
Taxes shown as due on such Tax returns and reports in all material respects.
Further, each of the Company and its Subsidiaries has duly withheld individual
income taxes and adequately paid mandatory contributions to the statutory
welfare or social security funds on behalf of all its employees in material
compliance with the applicable regulations in each respective jurisdiction such
that there shall be no default or underpayment in respect of individual income
taxes and mandatory contributions to the statutory social security funds that
has or would reasonably be expected to have a Material Adverse Effect.

          SECTION 2.11. Legal Proceedings. As of the date hereof, except as
disclosed in the Disclosure Schedule or except as would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect:

          (a) there are no Actions or Proceedings pending or, to the Knowledge
of the Company, threatened seeking to restrain, adjourn or otherwise prohibit or
make illegal the consummation of any of the transactions contemplated by the
Transaction Documents; and

          (b) there are no Actions or Proceedings pending or, to the Knowledge
of the Company, threatened against, relating to or affecting the Company, any
Subsidiary or any of their respective Assets and Properties.

          SECTION 2.12. Compliance With Laws and Orders. Except as disclosed in
the Disclosure Schedule or except as would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect, neither the Company
nor any Subsidiary has received any received any written communication since
January 1, 2004 until the date hereof from any Governmental or Regulatory
Authority that alleges that the Company or any Subsidiary, as applicable, is in
violation of or in default under any Law or Order applicable to the Company or
such Subsidiary. To the Knowledge of the Company, each of the Company and its
Subsidiaries is in compliance, in all material respects, with all Laws or
Orders.

          SECTION 2.13. Real Property.

          (a) Each of the Company and the Subsidiaries has good title, free and
clear of any Lien other than the Permitted Liens, to each parcel of real
property owned by it and is in possession of each such parcel of real property,
together with all buildings, structures, facilities, fixtures and other
improvements thereon.

          (b) Each of the Company and the Subsidiaries has a valid and
subsisting leasehold estate in and the right to quiet enjoyment of the real
properties leased by it, free and clear of any Liens other than the Permitted
Liens (except by the Lessor).

          SECTION 2.14. Tangible Personal Property. Except as would not
reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect, each of the Company and the Subsidiaries is in possession of and
has good title to,

                                      -6-

<PAGE>

or has valid leasehold interests in or valid rights under Contract to use, all
tangible personal property material to the Business or Condition of the Company,
free and clear of any Liens other than the Permitted Liens.

          SECTION 2.15. Investment Assets. As of the date hereof, the Disclosure
Schedule lists each Investment Asset in excess of US$3 million held by the
Company or any Subsidiary in any Person which is not a Subsidiary. Except as
disclosed in the Disclosure Schedule, as of the date hereof, all such Investment
Assets listed on the Disclosure Schedule are owned by the Company or a
Subsidiary and are free and clear of all Liens other than the Permitted Liens.

          SECTION 2.16. Intellectual Property Rights. As of the date hereof,
each of the Company and the Subsidiaries either has all right, title and
interest in or a valid and binding right under Contract to use the Intellectual
Property material to the Business or Condition of the Company (the "COMPANY
INTELLECTUAL PROPERTY"). As of the date hereof, (a) all registrations with and
applications to Governmental or Regulatory Authorities in respect of the Company
Intellectual Property owned by the Company or a Subsidiary are valid and in full
force and effect and (b) the execution of the Transaction Documents and the
consummation of the transactions contemplated thereby do not trigger any
restrictions on the direct or indirect transfer of any material Contract, or any
interest therein, held by the Company or any Subsidiary in respect of the
Company Intellectual Property. As of the date hereof, neither the Company nor
any Subsidiary has received notice that the Company or any Subsidiary is
infringing any Intellectual Property of any other Person in any material
respect; to the Knowledge of the Company, no claim to such effect is pending and
has not been resolved; and as of the date hereof, to the Knowledge of the
Company, neither the Company nor any Subsidiary is infringing any Intellectual
Property of any other Person in any material respect.

          SECTION 2.17. Contracts.

          (a) As of the date hereof, the Disclosure Schedule contains a true and
complete list of each of the following Contracts to which the Company or any
Subsidiary is a party or by which any of their respective Assets and Properties
is bound:

               (i) Contracts providing for a commitment of employment or
consultation services for a specified or unspecified term or otherwise relating
to employment or termination of employment of each member of senior management
of the Company and the Subsidiaries;

               (ii) Contracts containing any provision or covenant prohibiting
or materially limiting the ability of the Company or any Subsidiary to engage in
any business activity or compete with any Person or prohibiting or materially
limiting the ability of any Person to compete with the Company or any
Subsidiary;

               (iii) material partnership, joint venture, shareholders' or other
similar Contracts with any Person;

                                      -7-

<PAGE>

               (iv) Contracts relating to Indebtedness of the Company or any
Subsidiary in excess of US$3 million;

               (v) Contracts with distributors, manufacturers, suppliers or
sales agencies that involve a binding payment or obligation by or to the Company
or any Subsidiary of more than US$3 million annually;

               (vi) Contracts relating to (A) the future disposition or
acquisition of any Assets and Properties individually or in the aggregate
material to the Business or Condition of the Company, other than dispositions or
acquisitions in the ordinary course of business, and (B) any merger or other
business combination (other than this Agreement);

               (vii) Contracts between or among the Company and any Subsidiary
relating to Indebtedness or the provision of services between such entities; and

               (viii) Contracts with top five (5) distributors, manufacturers,
suppliers or sales agencies, which collectively account for at least seventy
percent (70%) of the supply of silicon to the Company and its Subsidiaries in
the aggregate as of the date of this Agreement.

          (b) As of the date hereof, none of the Contracts required to be
disclosed in the Disclosure Schedule has been terminated prior to the expiration
of the agreed minimum term by any party thereto nor, to the Knowledge of the
Company as to any Contract the Company or any Subsidiary is a party, has any
party indicated its intention to terminate any of such Contracts. Except as
disclosed in the Disclosure Schedule, , to the Knowledge of the Company, neither
the Company nor any Subsidiary or any other party to such Contract is in
violation or breach of or default under any such Contract in any material
respect.

          SECTION 2.18. Insurance. As of the date hereof, except as disclosed in
the Disclosure Schedule or except as would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect, no premiums are due
or have not been paid in relation to, and neither the Company nor any Subsidiary
has received any notice of cancellation or termination in respect of, or, to the
Knowledge of the Company, is in default under, any insurance policy currently in
effect that insure the business, operations or employees of the Company or any
Subsidiary or affect or relate to the ownership, use or operation of any of the
Assets and Properties of the Company or any Subsidiary in any material respect.

          SECTION 2.19. Employees; Labor Relations. As of the date hereof,
except as disclosed in the Disclosure Schedule, there are no disputes pending
or, to the Knowledge of the Company, threatened in writing between the Company
or any Subsidiary and any trade union or other representatives of its employees,
except in each

                                      -8-

<PAGE>

case for such disputes as would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.

          SECTION 2.20. Environmental Matters. As of the date hereof, except as
disclosed in the Disclosure Schedule:

          (a) Neither the Company nor any Subsidiary has received any written
communication since January 1, 2003 until the date hereof from any Governmental
or Regulatory Authority that alleges that the Company or any Subsidiary, as
applicable, is not in compliance with applicable Environmental Laws in any
material respect, except for any non-compliance that has been settled or
resolved.

          (b) To the Knowledge of the Company, neither the Company nor any
Subsidiary is in violation of or not in compliance with applicable Environmental
Laws in any material respect.

          (c) To the Knowledge of the Company, each of the Company and the
Subsidiaries has obtained or maintains all environmental, health and safety
permits and governmental authorizations necessary for the construction of its
facilities and the conduct of its operations as currently conducted, as
applicable (collectively, the "ENVIRONMENTAL PERMITS"), and all such
Environmental Permits are in good standing or, where applicable, a renewal
application or an application for any new operations has been timely filed and
is pending agency approval, and the Company and the Subsidiaries are in
compliance with all terms and conditions of such Environmental Permits. To the
Knowledge of the Company, neither the Company nor any Subsidiary has received
any notice from any Governmental Authority that it will revoke, cancel,
withdraw, terminate, suspend, not renew, or modify any such Environmental
Permits.

          (e) This Section 2.20 contains the sole and exclusive representations
and warranties of the Company with respect to environmental matters arising
under any Environmental Law.

          SECTION 2.21. Brokers. All negotiations relating to this Agreement and
the transactions contemplated hereby have been carried out by the Company
directly with the Investor without the intervention of any Person on behalf of
the Company in such manner as to give rise to any valid claim by any Person
against the Investor, the Company or any Subsidiary for a finder's fee,
brokerage commission or similar payment.

          SECTION 2.22. Related Party Transaction. Except as disclosed in the
Disclosure Schedules, no Founder, officer or director of the Company or any
Subsidiary or any Affiliate of any such person has any agreement with the
Company or any Subsidiary (except for employment contracts), understanding,
proposed transaction with, or is indebted to, any Company or Subsidiary, nor is
any Company or Subsidiary indebted (or committed to make loans or extend or
guarantee credit) to any of such persons (other than for accrued salaries,
reimbursable expenses or other standard

                                      -9-

<PAGE>

employee benefits). Except as disclosed in the Disclosure Schedules, no Founder,
officer or director of the Company or any Subsidiary has any direct or indirect
ownership interest in (i) any firm or corporation with which a the Company or
any Subsidiary is affiliated, (ii) any firm or corporation with which the
Company or any Subsidiary has a business relationship, (iii) any firm or
corporation that competes with the Company or any Subsidiary or (iv) any firm or
corporation which purchases from or sells, licenses or furnishes to the Company
or any Subsidiary any goods, property, intellectual or other property rights or
services. Except as disclosed in the Disclosure Schedules, there is no agreement
between any Founder and any other shareholder with respect to the ownership or
control of the Company or any Subsidiary.

                                  ARTICLE III

                 REPRESENTATIONS AND WARRANTIES OF THE INVESTOR

          The Investor hereby represents and warrants to the Company as follows:

          SECTION 3.01. Corporate Existence. The Investor is an international
business company duly incorporated, validly existing and in good standing under
the laws of the British Virgin Islands. The Investor has full corporate power
and authority to execute and deliver this Agreement, to perform its obligations
hereunder and to consummate the transactions contemplated hereby.

          SECTION 3.02. Authority. The execution and delivery by the Investor of
this Agreement, and the performance by the Investor of its obligations
hereunder, have been duly and validly authorized by all necessary action on the
part of the Investor, no other action on the part of the Investor or its equity
holders being necessary. This Agreement has been duly and validly executed and
delivered by the Investor and constitutes a legal, valid and binding obligation
of the Investor enforceable against the Investor in accordance with its terms.

          SECTION 3.03. No Conflicts. The execution and delivery by the Investor
of this Agreement do not, and the performance by the Investor of its obligations
under this Agreement and the consummation of the transactions contemplated
hereby shall not:

          (a) conflict with or result in a violation or breach of any of the
terms, conditions or provisions of the corporate organizational documents of the
Investor;

          (b) conflict with or result in a violation or breach of any term or
provision of any Law or Order applicable to the Investor or any of its Assets
and Properties; or

          (c) (i) conflict with or result in a violation or breach of, (ii)
constitute (with or without notice or lapse of time or both) a default under,
(iii) require the Investor

                                      -10-

<PAGE>

to obtain any consent, approval or action of, make any filing with or give any
notice to any Person as a result or under the terms of, (iv) result in or give
to any Person any right of termination, cancellation, acceleration or
modification in or with respect to, or (v) result in the creation or imposition
of any Lien upon the Investor or any of its Assets and Properties under, any
Contract or License to which the Investor is a party or by which any of its
Assets and Properties is bound.

          SECTION 3.04. Governmental Approvals and Filings. No consent, approval
or action of, filing with or notice to any Governmental or Regulatory Authority
on the part of the Investor is required in connection with the execution,
delivery and performance of this Agreement or the consummation of the
transactions contemplated hereby.

          SECTION 3.05. Legal Proceedings. There are no Actions or Proceedings
pending or, to the Knowledge of the Investor, threatened seeking to restrain,
enjoin or otherwise prohibit or make illegal the consummation of any of the
transactions contemplated by this Agreement.

          SECTION 3.06. Investment Purpose. The Investor is acquiring the Shares
solely for the purpose of investment and not with a view to, or for offer or
sale in connection with, any distribution thereof.

          SECTION 3.07. Brokers. All negotiations relating to this Agreement and
the transactions contemplated hereby have been carried out by the Investor
directly with the Company without the intervention of any Person on behalf of
the Investor in such manner as to give rise to any valid claim by any Person
against the Company for a finder's fee, brokerage commission or similar payment.

                                   ARTICLE IV

                         COVENANTS AND OTHER AGREEMENTS

          SECTION 4.01. Covenants of the Warrantors. The Warrantors covenant and
agree with the Investor that, at all times from and after the date hereof until
the Closing, the Company shall comply and the Warrantors shall procure the
Company's compliance with all covenants and provisions of this Section 4.01,
except to the extent the Investor may otherwise consent in writing, which
consent shall not be unreasonably withheld, delayed or conditioned.

          (a) Regulatory and Other Approvals. The Company shall, and shall cause
the Subsidiaries to, as promptly as practicable, (a) take all commercially
reasonable steps necessary or desirable to obtain all consents, approvals or
actions of, make all filings with and give all notices to Governmental or
Regulatory Authorities or any other Person required of the Company or any
Subsidiary to consummate the transactions contemplated hereby, including without
limitation those described in the Disclosure Schedules, (b) provide such other
information and communications to such

                                      -11-

<PAGE>

Governmental or Regulatory Authorities or other Persons as such Governmental or
Regulatory Authorities or other Persons may reasonably request in connection
therewith and (c) provide reasonable cooperation to the Investor in connection
with the performance of its obligations under Section 4.02. The Company shall
provide prompt notification to the Investor when any such consent, approval,
action, filing or notice referred to in clause (a) above is obtained, taken,
made or given, as applicable, and shall advise the Investor of any
communications (and, unless precluded by Law, provide copies of any such
communications that are in writing) with any Governmental or Regulatory
Authority or other Person regarding any of the transactions contemplated by this
Agreement.

          (b) Conduct of Business. The Company and each Subsidiary shall conduct
its business in the ordinary course consistent with past practice. Without
limiting the generality of the foregoing, between the date of this Agreement and
the Closing Date, the Company shall use, and the Company shall cause each
Subsidiary to use, commercially reasonable efforts, but only to the extent the
officers of the Company believe such action to be in the best interests of the
Company and the Subsidiaries as a whole, to (i) preserve intact the present
business organization and reputation of the Company and the Subsidiaries,
respectively, in all material respects, (ii) keep available (subject to
dismissals and retirements in the ordinary course of business) the services of
the key officers and employees of the Company and the Subsidiaries,
respectively, (iii) maintain the respective Assets and Properties of the Company
and the Subsidiaries in working order and condition consistent with past custom
and practice, ordinary wear and tear excepted, and (iv) maintain the goodwill of
key customers, suppliers and lenders and other Persons with whom the Company and
any Subsidiary otherwise has significant business relationships.

          (d) Fulfillment of Conditions. The Warrantors shall take all
commercially reasonable steps necessary or desirable and proceed diligently and
in good faith to satisfy each condition to the obligations of the Investor
contained in this Agreement and shall not take or fail to take any action that
would reasonably be expected to result in the non-fulfillment of any such
condition.

          (e) Delivery of Financial Statements. As promptly as practicable, but
no later than one hundred twenty (120) days, after the end of 2006, the Company
shall deliver to the Investor audited consolidated balance sheets, income
statements and statements of cash flow of Tianwei Yingli, in each case prepared
in accordance with GAAP. As promptly as practicable, but no later than one
hundred twenty (120) days, after the end of 2007, the Company shall deliver to
the Investor audited consolidated balance sheets, income statements and
statements of cash flow of the Company, in each case prepared in accordance with
GAAP.

          (f) Employment Agreements. Each of the Company and its Subsidiaries
shall cause all of their present and future officers and employees to enter into
a standard form(s) of employment agreement containing standard confidentiality,
invention assignment, non-compete, non-solicit, and other applicable employment
terms

                                      -12-

<PAGE>

with the Company or its Subsidiaries, as the case may be in form and substance
reasonably satisfactory to the Investor.

          (g) Founder Proceeds. The Founder hereby agrees and covenants that the
Founder will cause Yingli Group and the Company to use best efforts to use the
purchase price paid by the Company to Yingli Group for the acquisition of at
least 51% equity interest in Tianwei Yingli to subscribe for and purchase,
through the Company, new equity interests in Tianwei Yingli, subject to legal
restrictions and the consent of Baoding Tiawnei Baobian Electric Co., Ltd. and
in accordance with the Yingli Group Share Purchase Agreement.

          (h) Repayment of Loan. The Company shall, and the Existing
Shareholders shall procure the Company to, repay that certain outstanding loan
between Yingli Group and Tianwei Yingli in the amount of approximately RMB 12.4
million within thirty (30) days of the Closing.

          (i) Amended and Restated Articles of Association. The Warrantors shall
take all necessary steps to file or register the Company's Amended and Restated
Articles of Association substantially in the form attached hereto as Exhibit C
with applicable Governmental and Regulatory Authorities.

          SECTION 4.02. Covenants of the Investor. The Investor covenants and
agrees with the Company that, at all times from and after the date hereof until
the Closing, the Investor shall comply with all covenants and provisions of this
Section 4.02, except to the extent the Company may otherwise consent in writing,
which consent shall not be unreasonably withheld, delayed or conditioned.

          (a) Regulatory and Other Approvals. The Investor shall as promptly as
practicable (i) take all commercially reasonable steps necessary or desirable to
obtain all consents, approvals or actions of, make all filings with and give all
notices to Governmental or Regulatory Authorities or any other Person required
of the Investor to consummate the transactions contemplated hereby, (ii) provide
such other information and communications to such Governmental or Regulatory
Authorities or other Persons as such Governmental or Regulatory Authorities or
other Persons may reasonably request in connection therewith and (iii) provide
reasonable cooperation to the Company in connection with the performance of its
obligations under this Section 4.02. The Investor shall provide prompt
notification to the Company when any such consent, approval, action, filing or
notice referred to in clause (iv) above is obtained, taken, made or given, as
applicable, and shall advise the Company of any communications (and, unless
precluded by Law, provide copies of any such communications that are in writing)
with any Governmental or Regulatory Authority or other Person regarding any of
the transactions contemplated by this Agreement.

          (b) Fulfillment of Conditions. The Investor shall take all
commercially reasonable steps necessary or desirable and proceed diligently and
in good faith to satisfy each condition to the obligations of the Company
contained in this

                                      -13-

<PAGE>

Agreement and shall not take or fail to take any action that would reasonably be
expected to result in the non-fulfillment of any such condition.

          SECTION 4.03. Mutual Covenants. Each party hereto covenants and agrees
with the other party that, at all times from and after the date hereof until the
Closing, such party shall comply with all covenants and provisions of this
Section 4.03, except to the extent the other party may otherwise consent in
writing, which consent shall not be unreasonably withheld, delayed or
conditioned.

          (a) Confidentiality. Each party hereto shall hold, and shall cause its
representatives to hold, in confidence this Agreement, the Transaction
Documents, all documents and information furnished to it by or on behalf of the
other party in connection with the transactions contemplated hereby and shall
continue to be bound the terms of the confidentiality agreement dated July 31,
2006, between the Company and the Investor, the terms of which are incorporated
herein by reference.

          (b) Publicity. Neither party hereto shall make any announcement
regarding this Agreement or the transactions contemplated hereby without the
prior written consent of the other party, except as may be required pursuant to
applicable Law and except pursuant to Section 10.04.

                                    ARTICLE V

                              CONDITIONS TO CLOSING

          SECTION 5.01. Conditions to Each Party's Obligations. The obligation
of any of the parties hereto to consummate the transactions contemplated by this
Agreement is subject to the fulfillment, at or before the Closing, of each of
the following conditions (all or any of which may be waived in whole or in part
by the Investor in its sole discretion):

          (a) Orders and Laws. There shall not be in effect on the Closing Date
any Order or Law restraining, enjoining or otherwise prohibiting or making
illegal the consummation of any of the transactions contemplated by this
Agreement.

          (b) Regulatory Consents and Approvals. All consents, approvals and
actions of, filings with and notices to any Governmental or Regulatory Authority
necessary to permit the Company and the Investor to perform their obligations
under this Agreement and to consummate the transactions contemplated hereby
shall have been duly obtained, made or given and shall be in full force and
effect, and all terminations or expirations of waiting periods imposed by any
Governmental or Regulatory Authority necessary for the consummation of the
transactions contemplated by this Agreement shall have occurred.

          SECTION 5.02. Conditions to Obligations of the Investor. The
obligation of the Investor to consummate the transactions contemplated by this

                                      -14-

<PAGE>

Agreement is subject to the fulfillment, at or before the Closing, of each of
the following conditions (all or any of which may be waived in whole or in part
by the Investor in its sole discretion):

          (a) Representations and Warranties. The representations and warranties
made by the Warrantors in this Agreement, taken as a whole, shall be true and
correct in all material respects on and as of the Closing Date as though made on
and as of the Closing Date (or, in the case of representations and warranties
made as of a specified date earlier than the Closing Date, on and as of such
earlier date), except for any such breaches which in the aggregate would not
reasonably be expected to have a Material Adverse Effect.

          (b) Performance. The Warrantors shall have performed and complied
with, in all material respects, the agreements, covenants and obligations
required by this Agreement to be so performed or complied with by the Warrantors
at or before the Closing.

          (c) Due Diligence. The Investor shall have completed to its reasonable
satisfaction all business, legal and financial due diligence, and any items
requiring correction identified by the Investor shall have been corrected to the
Investor's reasonable satisfaction.

          (d) No Material Change. Since June 30, 2006, there has not been any
material change in the information contained in the Financial Statements, except
for any change, which individually or in the aggregate would not reasonably be
expected to have a Material Adverse Effect.

          (e) Officer's Certificate. The Company's chief executive officer shall
deliver to the Purchasers at the Closing a certificate certifying that the
conditions specified in Sections 5.02(a) and 5.02(b) have been fulfilled.

          (f) Transaction Documents. Each party to each Transaction Document
shall have duly executed and delivered each of the Transaction Documents to
which it is a party, which shall each be on terms reasonably satisfactory to the
Investor.

          (g) Memorandum and Articles of Association. The Company shall have
obtained all necessary authorizations of the Company's board of directors and
shareholders to adopt the Amended and Restated Memorandum and Articles of
Association substantially in the form attached hereto as Exhibit C.

          (h) Employment Agreements. The Company shall have entered into an
employment agreement, which shall include appropriate non-compete, non-solicit,
confidentiality and invention assignment provisions, with each of Liansheng
Miao, Xiangdong Wang and Zhiheng Zhao, to the reasonable satisfaction of the
Investor.

                                      -15-

<PAGE>

          (j) Opinion of Counsel. The Investor shall have received as of the
Closing Date the opinions of each of Conyers Dill & Pearman, Cayman Islands
counsel to the Company, and Fangda Partners, the PRC counsel to the Company, to
the reasonable satisfaction of the Investor.

          (k) Expense Side Letter. The Company and the Investor shall have
entered on or prior to the Closing Date a side letter relating to the fees and
expenses incurred in connection with the consummation of the transactions
contemplated herein (the "EXPENSE SIDE LETTER").

          (j) Issuance of New Shares. Prior to the Closing, the Company shall
not, and the Warrantors shall procure the Company not to, have issued or
authorized the issuance of any ordinary shares or Series A Preferred Shares
other than as set forth in Section 2.04 hereof.

          (k) Determination of the ESOP Percentage. Prior to the Closing, the
Warrantors and the Investor shall have agreed on the Primary ESOP Percentage and
the Secondary ESOP Percentage (each as defined in the Shareholders Agreement).

          SECTION 5.03. Conditions to Obligations of the Company. The obligation
of the Company to consummate the transactions contemplated by this Agreement is
subject to the fulfillment, at or before the Closing, of each of the following
conditions (all or any of which may be waived in whole or in part by the
Investor in its sole discretion):

          (a) Representations and Warranties. The representations and warranties
made by the Investor in this Agreement, taken as a whole, shall be true and
correct in all material respects on and as of the Closing Date as though made on
and as of the Closing Date.

          (b) Performance. The Investor shall have performed and complied with,
in all material respects, the agreements, covenants and obligations required by
this Agreement to be so performed or complied with by the Investor at or before
the Closing.

                                   ARTICLE VI

                       SURVIVAL; NO OTHER REPRESENTATIONS

          SECTION 6.01. Survival of Representations and Warranties. The
representations and warranties of the Company contained in Article II and in the
Disclosure Schedule, as supplemented and amended from time to time pursuant to
Section 6.03, shall survive only until the first anniversary of the Closing,
except that any representation or warranty that would otherwise terminate in
accordance with this sentence shall continue to survive if a Claim Notice or
Indemnity Notice (as applicable) shall have been timely given in good faith
based on facts reasonably expected to establish

                                      -16-

<PAGE>

a valid claim under Article VII on or prior to such termination date, until the
related claim for indemnification has been satisfied or otherwise resolved as
provided in Article VII.

          SECTION 6.02. No Other Representations. Except those representations
and warranties contained in Article II as qualified by the Disclosure Schedule,
as supplemented or amended from time to time pursuant to Section 6.03, it is the
explicit intent of each party hereto that the Company is making no
representation or warranty whatsoever, express or implied, at law or in equity,
whether under contract, tort or other applicable law, in respect of the
Business, the Company or any Subsidiary, or any of their respective Assets and
Properties, Liabilities or operations. In addition, the Company makes no
representation or warranty to the Investor with respect to any financial
projection or forecast relating to the Business or Condition of the Company
provided by or on behalf of the Company to the Investor or any of its Affiliates
or Representatives, provided, that, such financial projection or forecast were
prepared in good faith. With respect to any projection or forecast with respect
to the Company and the Subsidiaries or the Business delivered by or on behalf of
the Company to the Investor or any of its Affiliates or Representatives, the
Investor acknowledges that (a) there are uncertainties inherent in attempting to
make such projections and forecasts, (b) it is familiar with such uncertainties,
(c) it is taking full responsibility for making its own evaluation of the
adequacy and accuracy of all such projections and forecasts furnished to it and
(d) it shall have no claim against the Company or any of their Affiliates or
Representatives with respect thereto, except where it is determined that such
projection or forecast were not prepared in good faith.

          SECTION 6.03. Supplemental Disclosure. The Company shall have the
right from time to time prior to the Closing to supplement or amend the
Disclosure Schedule with respect to any matter arising or discovered after the
date hereof which, if existing or known at the date of this Agreement, would
have been required to be set forth or described in the Disclosure Schedule.

                                   ARTICLE VII

                                 INDEMNIFICATION

          SECTION 7.01. Indemnification.

          (a) Following the Closing, subject to paragraphs (c) and (d) of this
Section, Section 7.03 and the other Sections of this Article VII, the Warrantors
shall jointly and severally indemnify the Investor in respect of, and hold it
harmless from and against, any and all Losses suffered, incurred or sustained by
it or to which it becomes subject, resulting from, arising out of or relating to
any breach of representation or warranty or non-fulfillment of or failure to
perform any covenant or agreement on the part of the Company made in or pursuant
to this Agreement.

                                      -17-

<PAGE>

          (b) Notwithstanding anything to the contrary contained in this
Agreement, no amounts of indemnity shall be payable by the Warrantors as a
result of any Losses arising under paragraph (a) of this Section 7.01:

               (i) with respect to any claim, unless and until the aggregate
amount of Losses suffered by the Investor exceeds US$1 million, in which case
the Investor shall be entitled to indemnification of the entire amount of
Losses;

               (ii) to the extent that, prior to Closing, the Investor had
actual knowledge (including by way of notice from the Company through
supplements to the Disclosure Schedule or otherwise), but elected to proceed
with the Closing notwithstanding such knowledge;

               (iii) to the extent it arises from or was caused by actions taken
by the Investor or any of its Affiliates; or

               (iv) to the extent that the Investor had been compensated for
such Loss.

          (c) Notwithstanding anything to the contrary contained in this
Agreement, the Warrantors shall, in no circumstance, be obligated hereunder to
indemnify the Investor in respect of any and all Losses in an amount in excess
of the Purchase Price.

          (d) Notwithstanding anything to the contrary contained in this
Agreement, this Article VII shall survive any termination of this Agreement.

          SECTION 7.02. Method of Asserting Claims. All claims for
indemnification by any Indemnified Party under Section 7.01 must be asserted and
resolved as follows:

          (a) In the event any claim or demand in respect of which an
Indemnified Party might seek indemnity under Section 7.01 is asserted against or
sought to be collected from such Indemnified Party by a Person other than the
Warrantors or any of their respective Affiliates (a "THIRD PARTY CLAIM"), the
Indemnified Party shall deliver a Claim Notice with reasonable promptness to the
Indemnifying Party. The Indemnifying Party shall notify the Indemnified Party as
soon as practicable within the Dispute Period whether the Indemnifying Party
disputes its liability to the Indemnified Party under Section 7.01 and whether
the Indemnifying Party desires, at its sole cost and expense, to defend the
Indemnified Party against such Third Party Claim.

               (i) If the Indemnifying Party notifies the Indemnified Party
within the Dispute Period that the Indemnifying Party desires to defend the
Indemnified Party with respect to the Third Party Claim pursuant to this Section
7.02(a), then the Indemnifying Party shall have the right to defend, at the sole
cost and expense of the Indemnifying Party, such Third Party Claim by all
appropriate proceedings, which proceedings shall be vigorously and diligently
prosecuted by the Indemnifying Party to a

                                      -18-

<PAGE>

final conclusion or shall be settled at the discretion of the Indemnifying Party
(but only with the consent of the Indemnified Party, which consent shall not be
unreasonably withheld or delayed in the case of any settlement that provides for
any relief other than the payment of monetary damages as to which the
Indemnified Party shall be indemnified in full). The Indemnifying Party shall
have full control of such defense and proceedings, including (except as provided
in the immediately preceding sentence) any settlement thereof, except that:

                    (x) the Indemnified Party may, at the sole cost and expense
of the Indemnified Party, at any time prior to the Indemnifying Party's delivery
of the notice referred to in the first sentence of this clause (i), file any
motion, answer or other pleadings or take any other action that the Indemnified
Party reasonably believes to be necessary or appropriate to protect its
interests and not prejudicial to the Indemnifying Party (it being understood and
agreed that, except as provided in clause (ii) below, if an Indemnified Party
takes any such action that is prejudicial and causes a final adjudication that
is adverse to the Indemnifying Party, the Indemnifying Party shall be relieved
of its obligations hereunder with respect to the portion of such Third Party
Claim prejudiced by the Indemnified Party's action); and

                    (y) if requested by the Indemnifying Party, the Indemnified
Party shall, at the sole cost and expense of the Indemnifying Party, cooperate
with the Indemnifying Party and its counsel in contesting any Third Party Claim
that the Indemnifying Party elects to contest, or, if appropriate and related to
the Third Party Claim in question, in making any counterclaim against the Person
asserting the Third Party Claim, or any cross-complaint against any Person
(other than the Indemnified Party or any of its Affiliates).

                         The Indemnified Party may retain separate counsel to
represent it in, but not control, any defense or settlement of any Third Party
Claim controlled by the Indemnifying Party pursuant to this clause (i), and the
Indemnified Party shall bear its own costs and expenses with respect to such
separate counsel except as provided in the preceding sentence. Notwithstanding
the foregoing, the Indemnified Party may retain or take over the control of the
defense or settlement of any Third Party Claim the defense of which the
Indemnifying Party has elected to control if the Indemnified Party irrevocably
waives its right to indemnity under Section 7.01 with respect to such Third
Party Claim.

               (ii) If the Indemnifying Party fails to notify the Indemnified
Party within the Dispute Period that the Indemnifying Party desires to defend
the Third Party Claim pursuant to this Section 7.02(a), then the Indemnified
Party shall have the right to defend, at the sole cost and expense of the
Indemnifying Party, the Third Party Claim by all appropriate proceedings, which
proceedings shall be vigorously and diligently prosecuted by the Indemnified
Party to a final conclusion or shall be settled at the discretion of the
Indemnified Party (with the consent of the Indemnifying Party, which consent
shall not be unreasonably withheld or delayed). The Indemnified Party

                                      -19-

<PAGE>

shall have full control of such defense and proceedings, including (except as
provided in the immediately preceding sentence) any settlement thereof;
provided, however, that:

                    (x) if requested by the Indemnified Party, the Indemnifying
Party shall, at the sole cost and expense of the Indemnifying Party, cooperate
with the Indemnified Party and its counsel in contesting any Third Party Claim
which the Indemnified Party is contesting, or, if appropriate and related to the
Third Party Claim in question, in making any counterclaim against the Person
asserting the Third Party Claim, or any cross-complaint against any Person
(other than the Indemnifying Party or any of its Affiliates);

                    (y) notwithstanding the foregoing provisions of this clause
(ii), if the Indemnifying Party has notified the Indemnified Party within the
Dispute Period that the Indemnifying Party disputes its liability hereunder to
the Indemnified Party with respect to such Third Party Claim and if such dispute
is resolved in favor of the Indemnifying Party in the manner provided in clause
(iii) below, the Indemnifying Party shall not be required to bear the costs and
expenses of the Indemnified Party's defense pursuant to this clause (ii) or of
the Indemnifying Party's participation therein at the Indemnified Party's
request, and the Indemnified Party shall reimburse the Indemnifying Party in
full for all reasonable costs and expenses incurred by the Indemnifying Party in
connection with such litigation; and

                    (z) the Indemnifying Party may retain separate counsel to
represent it in, but not control, any defense or settlement controlled by the
Indemnified Party pursuant to this clause (ii), and the Indemnifying Party shall
bear its own costs and expenses with respect to such participation.

               (iii) If the Indemnifying Party notifies the Indemnified Party
that it does not dispute its liability to the Indemnified Party with respect to
the Third Party Claim under Section 7.01 or fails to notify the Indemnified
Party within the Dispute Period whether the Indemnifying Party disputes its
liability to the Indemnified Party with respect to such Third Party Claim, the
Loss arising from such Third Party Claim shall, subject to the provisions of
Section 7.01(c), be conclusively deemed a liability of the Indemnifying Party
under Section 7.01 and the Indemnifying Party shall, subject to the provisions
of Section 7.01(c), pay the amount of such Loss to the Indemnified Party on
demand following the final determination thereof. If the Indemnifying Party has
timely disputed its liability with respect to such claim, the Indemnifying Party
and the Indemnified Party shall proceed in good faith to negotiate a resolution
of such dispute and, if not resolved through negotiations, such dispute shall be
resolved in accordance with the dispute resolution provisions in Section 10.11.

          (b) In the event of a claim by any Indemnified Party under Section
7.01 against any Indemnifying Party that does not involve a Third Party Claim,
the Indemnified Party shall deliver an Indemnity Notice with reasonable
promptness to the Indemnifying Party. If the Indemnifying Party notifies the
Indemnified Party that it does not dispute the claim described in such Indemnity
Notice or fails to notify the

                                      -20-

<PAGE>

Indemnified Party within the Dispute Period whether the Indemnifying Party
disputes the claim described in such Indemnity Notice, the Loss arising from the
claim specified in such Indemnity Notice shall, subject to the provisions of
Section 7.01(c), be conclusively deemed a liability of the Indemnifying Party
under Section 7.01 and the Indemnifying Party shall, subject to the provisions
of Section 7.01(c), pay the amount of such Loss to the Indemnified Party on
demand following the final determination thereof. If the Indemnifying Party has
timely disputed its liability with respect to such claim, the Indemnifying Party
and the Indemnified Party shall proceed in good faith to negotiate a resolution
of such dispute, and if not resolved through negotiations, such dispute shall be
resolved in accordance with the dispute resolution provisions in Section 10.11.

          SECTION 7.03. Exclusivity. After the Closing, except in the event of
fraud, the indemnities set forth in this Article VII shall be the sole and
exclusive remedies of the Investor and their respective officers, directors,
employees, agents and Affiliates for any breach of representation or warranty or
nonfulfillment of or failure to perform any covenant or agreement made in or
pursuant to this Agreement, and the parties shall not be entitled to a
rescission of this Agreement or to any further indemnification rights or claims
of any nature whatsoever in respect thereof, all of which the parties hereto
hereby waive. No Person who was an officer, director or stockholder of the
Company or any of the Subsidiaries prior to the Closing or any of their
respective Affiliates shall have any liability to make any payment in respect of
any breach of any representation or warranty or non-performance of any covenant
or agreement made in or pursuant to this Agreement, except for the Company's
indemnification obligations under this Article VII.

          SECTION 7.04. No Consequential Damages. Anything herein to the
contrary notwithstanding, no party shall be liable under this Agreement or with
respect to the transactions contemplated hereby for any consequential,
exemplary, punitive, special, indirect or incidental damages, including loss of
profits or revenue or any multiple of damages.

          SECTION 7.05. Limitation of Liability. No recourse shall be had for
any claim based on or otherwise in respect of this Agreement or the transactions
contemplated hereby against any Person other than the Warrantors or the
Investor.

          SECTION 7.06. Payment. Notwithstanding anything to the contrary
contained in this Agreement, at the absolute discretion of the Investor, all
Losses suffered by the Investors may be settled by (a) payment of cash in an
amount equal to the Losses, or (b) the Company's allotment and issuance of such
number of Ordinary Shares equal to (i) the amount of Losses suffered by the
Investors divided by (ii) the fair market value of one Ordinary Share as
determined in good faith by the Board (with the consent of the Investor
Nominee); provided, that, in the event that the Investor decides to settle the
Losses in the form of Ordinary Shares as provided in clause (b) above, in lieu
the Ordinary Shares to be issued pursuant to clause (b) above, the Founder shall
have the option of transferring to the Investor such number of Ordinary Shares
held by the Holdco equal to (i) the amount of Losses suffered by the Investors
divided by (ii) the fair market

                                      -21-

<PAGE>

value of one Ordinary Share as determined in good faith by the Board (with the
consent of the Investor Nominee); and provided, further that any such allotment,
issuance or transfer pursuant to clause (b) or (c), as the case may be, shall be
grossed up and shall not have any dilutive effect on the Investor.

                                  ARTICLE VIII

                                   TERMINATION

          SECTION 8.01. Termination. This Agreement may be terminated, and the
transactions contemplated hereby may be abandoned:

          (a) at any time before the Closing, by mutual written agreement of the
Company and the Investor; or

          (b) at any time after October 31, 2006, by the Company or the
Investor, upon notification to the non-terminating party by the terminating
party, if the Closing shall not have occurred on or before such date and such
failure to consummate is not caused by a breach of this Agreement by the
terminating party; provided, however, that on or before such date the parties
may mutually agree to extend such date until December 31, 2006.

          SECTION 8.02. Effect of Termination. If this Agreement is validly
terminated pursuant to Section 8.01, this Agreement shall forthwith become null
and void, and there shall be no liability or obligation on the part of the
Company or the Investor (or any of their respective officers, directors,
employees, agents or other Representatives or Affiliates) under this Agreement
or in connection with the transactions contemplated hereby, except that such
termination shall not relieve any breaching party from liability hereunder from
willful breach of any representation or warranty contained herein or any breach
of any covenant or agreement contained herein.

                                   ARTICLE IX

                                   DEFINITIONS

          SECTION 9.01. Defined Terms. As used in this Agreement, the following
defined terms have the meanings indicated below:

          "ACTIONS OR PROCEEDINGS" means any action, suit, proceeding,
arbitration or Governmental or Regulatory Authority investigation.

          "ACTUAL ANNUAL FINANCIAL STATEMENTS" has the meaning ascribed to it in
Section 2.09(a).

          "ACTUAL INTERIM FINANCIAL STATEMENTS" has the meaning ascribed to it
in Section 2.09(a).

                                      -22-

<PAGE>

          "AFFILIATE" means any Person that directly, or indirectly through one
or more intermediaries, controls or is controlled by or is under common control
with the Person specified. For purposes of this definition, control of a Person
means the power, direct or indirect, to direct or cause the direction of the
management and policies of such Person whether by Contract or otherwise and, in
any event and without limitation of the previous sentence, any Person owning
fifty percent (50%) or more of the voting securities of another Person shall be
deemed to control that Person.

          "AGREEMENT" means this Series A Preferred Share Purchase Agreement,
the Disclosure Schedule, as supplemented and amended from time to time pursuant
to Section 6.03, the exhibits and annexes attached hereto.

          "ASSETS AND PROPERTIES" of any Person means all assets and properties
of every kind, nature, character and description (whether real, personal or
mixed, whether tangible or intangible, and wherever situated), including the
goodwill related thereto, operated, owned or leased by such Person.

          "BOOKS AND RECORDS" means all files, documents, instruments, papers,
books and records relating to the Business or Condition of the Company,
including without limitation financial statements, Tax returns and related work
papers and letters from accountants, budgets, pricing guidelines, ledgers,
journals, deeds, title policies, minute books, stock certificates and books,
stock transfer ledgers, Contracts, Licenses, operating data and plans.

          "BUSINESS" means the design, manufacture, sales, assembly,
installation and servicing of photovoltaic products engaged in by the Company,
directly or indirectly through the Subsidiaries.

          "BUSINESS DAY" means a day other than Saturday, Sunday or any day on
which banks located in Hong Kong are authorized or obligated to close.

          "BUSINESS OR CONDITION OF THE COMPANY" means the business, financial
condition or results of operations of the Company and the Subsidiaries taken as
a whole.

          "CLAIM NOTICE" means written notification pursuant to Section 7.02(a)
of a Third Party Claim as to which indemnity under Section 7.01 is sought by an
Indemnified Party, enclosing a copy of all papers served, if any, and specifying
the nature of and basis for such Third Party Claim and for the Indemnified
Party's claim against the Indemnifying Party under Section 7.01, together with
the amount or, if not then reasonably determinable, the estimated amount,
determined in good faith, of the Loss arising from such Third Party Claim.

          "CLOSING" means the closing of the transactions contemplated by
Article I.

          "CLOSING DATE" has the meaning ascribed to it in Section 1.02.

                                      -23-

<PAGE>

          "COMPANY" has the meaning ascribed to it in the forepart of this
Agreement.

          "COMPANY INTELLECTUAL PROPERTY" has the meaning ascribed to it in
Section 2.16.

          "CONTRACT" means any agreement, lease, license, evidence of
Indebtedness, mortgage, indenture, security agreement or other contract.

          "CUT-OFF DATE" means, with respect to any representation or warranty
contained in this Agreement, the date on which such representation or warranty
ceases to survive as provided in Section 6.01.

          "DISCLOSURE SCHEDULE" means the records delivered or deemed to be
disclosed to the Investor on behalf of the Company herewith and dated as of the
date hereof, containing all lists, exceptions and other information and
materials as may be provided or deem to be provided pursuant to this Agreement,
as supplemented and amended from time to time pursuant to Section 6.03.

          "DISPUTE PERIOD" means the period ending twenty (20) days following
receipt by an Indemnifying Party of either a Claim Notice or an Indemnity
Notice.

          "ENVIRONMENTAL PERMITS" has the meaning ascribed to it in Section
2.20(b).

          "ENVIRONMENTAL LAWS" means all Laws of any jurisdiction in which the
Company or any Subsidiary conducts business or operations relating to pollution
and the environment generally.

          "EXPENSE SIDE LETTER" has the meaning ascribed to it in Section
5.02(k).

          "FINANCIAL STATEMENTS" means the drafts of the unaudited consolidated
balance sheets, income statements and statements of cash flow of Tianwei Yingli
for the years ended on December 31, 2003, 2004 and 2005 and for the six months
ended June 30, 2006, in each case, prepared in accordance with GAAP.

          "FOUNDERS" has the meaning ascribed to it in the Preamble.

          "GAAP" means generally accepted accounting principles in the United
States, consistently applied throughout the specified period and in the
immediately prior comparable period.

          "GOVERNMENTAL OR REGULATORY AUTHORITY" means any applicable court,
tribunal, arbitrator, authority, agency, commission, official or other
instrumentality of any jurisdiction in which a Person conducts business or
operations.

                                      -24-

<PAGE>

          "HOLDCO" has the meaning ascribed to it in the Preamble.

          "ICC" has the meaning ascribed to it in Section 10.11(b).

          "INDEBTEDNESS" of any Person means all obligations of such Person (i)
for borrowed money, (ii) evidenced by notes, bonds, debentures or similar
instruments, (iii) under capital leases and (iv) in the nature of guarantees of
the obligations described in clauses (i) through (iii) above of any other
Person.

          "INDEMNIFIED PARTY" means any Person claiming indemnification under
any provision of Article VII.

          "INDEMNIFYING PARTY" means any Person against whom a claim for
indemnification is being asserted under any provision of Article VII.

          "INDEMNITY NOTICE" means written notification pursuant to Section
7.02(b) of a claim for indemnity under Article VII, specifying the nature of and
basis for such claim, together with the amount or, if not then reasonably
determinable, the estimated amount, determined in good faith, of the Loss
arising from such claim.

          "INTELLECTUAL PROPERTY" of any Person means all patents and patent
rights, trademarks and trademark rights, trade names and trade name rights,
service marks and service mark rights, service names and service name rights,
brand names, inventions, copyrights and copyright rights, know-how and all
pending applications for and registrations of patents, trademarks, service marks
and copyrights.

          "INVESTMENT ASSETS" of any Person means all debentures, notes and
other evidences of Indebtedness, stocks, securities (including rights to
purchase and securities convertible into or exchangeable for other securities),
interests in joint ventures and general and limited partnerships, mortgage loans
and other investment or portfolio assets owned of record or beneficially by such
Person (other than trade receivables generated in the ordinary course of
business of such Person).

          "INVESTOR" has the meaning ascribed to it in the forepart of this
Agreement.

          "IPO" has the meaning ascribed to it in Section 4.02(c).

          "KNOWLEDGE" means a party's actual knowledge after due and diligent
inquiries of officers, directors and other employees of such party reasonably
believed to have knowledge of the matter in question.

          "LAWS" means, with respect to a Person, all laws, statutes, rules,
regulations, ordinances and other pronouncements having the effect of law of any

                                      -25-

<PAGE>

jurisdiction in which such Person conducts business or operations or of any
Governmental or Regulatory Authority.

          "LIABILITIES" means all Indebtedness, obligations and other
liabilities of a Person (whether absolute, accrued, contingent, fixed or
otherwise, or whether due or to become due).

          "LICENSES" means all licenses, permits, certificates of authority,
authorizations, approvals, registrations, franchises and similar consents
granted or issued by any Governmental or Regulatory Authority.

          "LIENS" means any mortgage, pledge, assessment, security interest,
lease, lien, levy, charge or other encumbrance of any kind, or any conditional
sale Contract, title retention Contract or other Contract to give any of the
foregoing.

          "LOSS" means any and all damages, fines, penalties, deficiencies,
losses and expenses (including without limitation interest, court costs,
reasonable fees of attorneys, accountants and other experts or other reasonable
expenses of litigation or other proceedings or of any claim, default or
assessment).

          "MATERIAL ADVERSE EFFECT" means an effect of any change, circumstance,
condition, development, effect, event, occurrence or state of facts that,
individually or in the aggregate, is or has been, or would reasonably be
expected to be, materially adverse to the Business or Condition of the Company,
other than an effect of any change, circumstance, condition, development,
effect, event, occurrence or state of facts relating to (i) economic, industry,
or securities market conditions generally, (ii) any change in Laws or regulatory
or political conditions affecting the solar energy industry generally, including
any acts of war or terrorist activities, (iii) any change in GAAP, or (iv) any
adverse change, effect, event, occurrence, state of facts or development arising
from or relating to compliance with the terms of this Agreement, or action
taken, or failed to be taken, to which the Investor has consented in writing.

          "OPTION" with respect to any Person means any security, right,
subscription, warrant, option, "phantom" stock right or other Contract that
gives the right to (i) purchase or otherwise receive or be issued any shares of
capital stock of such Person or any security of any kind convertible into or
exchangeable or exercisable for any shares of capital stock of such Person or
(ii) receive or exercise any benefits or rights similar to any rights enjoyed by
or accruing to the holder of shares of capital stock of such Person, including
any rights to participate in the equity or income of such Person or to
participate in or direct the election of any directors or officers of such
Person or the manner in which any shares of capital stock of such Person are
voted.

          "ORDER" means any writ, judgment, decree, injunction or similar order
of any Governmental or Regulatory Authority (in each such case whether
preliminary or final).

                                      -26-

<PAGE>

          "PERMITTED LIEN" means (i) statutory Liens for current Taxes not yet
due and payable or Taxes being contested in good faith through appropriate
proceedings, (ii) mechanics', carriers', workers', repairers' and other similar
Liens imposed by Law arising or incurred in the ordinary course of business for
obligations not yet due, (iii) in the case of leases of vehicles and other
personal property, Liens which do not, individually or in the aggregate,
materially impair the use of such leased equipment or other personal property,
(iv) Liens incidental to the operation of the Business or the ownership by the
Company or any Subsidiary of any of their Assets and Properties which were (x)
not incurred in connection with the borrowing of money or the advance of credit
and which do not materially detract from the value of the assets encumbered
thereby or materially interfere with the use thereof, or (y) incurred prior to
the date hereof, (v) in the case of Licenses or other rights to use the Company
Intellectual Property, Liens or other restrictions arising from the terms
thereof, and (vi) Liens on leases of real property arising from the provisions
of such leases, including, in relation to leased real property, any agreements
and/or conditions imposed on the issuance of land use permits, zoning, business
licenses, use permits or other entitlements of various types issued by any
Governmental or Regulatory Authority, necessary or beneficial to the continued
use and occupancy of the Assets and Properties of the Company or any Subsidiary.

          "PERSON" means any natural person, corporation, limited liability
company, general partnership, limited partnership, proprietorship, other
business organization, trust, union, association or Governmental or Regulatory
Authority.

          "PRC" means the People's Republic of China.

          "PURCHASE PRICE" has the meaning ascribed to it in Section 1.03.

          "REPRESENTATIVES" means, with respect to any Person, such Person's
counsel, accountants, financial advisors, consultants and other representatives.

          "SERIES A PREFERRED SHARES" has the meaning ascribed to it in the
forepart of this Agreement.

          "SHARES" has the meaning ascribed to it in Section 1.01.

          "SHARE CERTIFICATE" has the meaning ascribed to it in Section 1.04.

          "SUBSIDIARY" means any Person in which the Company, directly or
indirectly, beneficially owns more than fifty percent (50%) of either the equity
interests in, or the voting control of, such Person, including without
limitation Tianwei Yingli.

          "TAXES" means any taxes, charges, fees, levies, other assessments, or
withholding taxes or charges imposed by any Governmental or Regulatory
Authority, and includes any interest and penalties on or additions to any such
Taxes and any expenses incurred in connection with the determination, settlement
or litigation of any Tax Liabilities.

                                      -27-

<PAGE>

          "THIRD PARTY CLAIM" has the meaning ascribed to it in Section 7.02(a).

          "TIANWEI YINGLI" means Baoding Tianwei Yingli New Energy Resources
Co., Ltd., a company with limited liability organized under the laws of the PRC.

          "TRANSACTION DOCUMENTS" means this Agreement and each of the
agreements and documents set forth in Exhibit A attached hereto, including but
not limited to a Shareholders Agreement (the "SHAREHOLDERS AGREEMENT")
substantially in the form attached hereto as Exhibit B.

          "U.S. DOLLARS" or "US$" means the lawful currency of the United States
of America.

          "YINGLI GROUP" has the meaning ascribed to it in Section 1.05.

          "YINGLI GROUP SHARE PURCHASE AGREEMENT" has the meaning ascribed to it
in Section 1.05.

          SECTION 9.02. Construction of Certain Terms and Phrases. Unless the
context of this Agreement otherwise requires, (i) words of any gender include
each other gender; (ii) words using the singular or plural number also include
the plural or singular number, respectively; (iii) the terms "hereof," "herein,"
"hereby," "hereunder" and derivative or similar words refer to this entire
Agreement; (iv) the terms "Article" or "Section" refer to the specified Article
or Section of this Agreement; and (v) the phrase "ordinary course of business"
refers to the business of the Company consistent with past custom and practice.
Whenever this Agreement refers to a number of days, such number shall refer to
calendar days unless Business Days are specified. All accounting terms used
herein and not expressly defined herein shall have the meanings given to them
under GAAP. Any representation or warranty contained herein as to the
enforceability of a Contract (including this Agreement) shall be subject to the
effect of any bankruptcy, insolvency, reorganization, moratorium or other
similar Law affecting the enforcement of creditors' rights generally and to
general equitable principles (regardless of whether such enforceability is
considered in a proceeding in equity or at law).

                                    ARTICLE X

                                  MISCELLANEOUS

          SECTION 10.01. Notices. All notices, requests and other communications
hereunder must be in writing and shall be deemed to have been duly given only if
delivered personally or by facsimile transmission or mailed (first class postage
prepaid) to the parties at the following addresses or facsimile numbers:

                                      -28-

<PAGE>

          If to the Investor, to:

          Inspiration Partners Limited
          AZIA Center, Unit 2701B
          1233 Lujiazui Ring Road
          Shanghai P.R.China 200120
          Facsimile No.: +86 21 58767238
          Attn: Shujun Li and Donglei Zhou

          with a copy to:

          Paul, Hastings, Janofsky & Walker
          22/Fl Bank of China Tower
          1 Garden Rd.
          Central, Hong Kong
          Facsimile No.: 852 3192 9731
          Attn: Maurice Hoo, Esq.

          If to the Company, to:

          Yingli Green Energy Holding Company Limited
          No. 3055 Middle Fuxing Road
          Baoding, People's Republic of China
          Facsimile No.: +86 312 2151 881
          Attn: Conghui Liu

          and

          Simpson Thacher & Bartlett LLP
          7/F ICBC Tower
          3 Garden Road
          Central, Hong Kong
          Facsimile No.: +852-2869-7694
          Attn: Leiming Chen, Esq.

All such notices, requests and other communications shall (a) if delivered
personally to the address as provided in this Section, be deemed given upon
delivery, (b) if delivered by facsimile transmission to the facsimile number as
provided in this Section, be deemed given upon receipt, and (c) if delivered by
mail in the manner described above to the address as provided in this Section,
be deemed given upon receipt (in each case regardless of whether such notice,
request or other communication is received by any other Person to whom a copy of
such notice, request or other communication is to be delivered pursuant to this
Section). Any party from time to time may change its address, facsimile number
or other information for the purpose of notices to that party by giving notice
specifying such change to the other party hereto.

                                      -29-

<PAGE>

          SECTION 10.02. Entire Agreement. This Agreement (including the
Disclosure Schedule, as supplemented and amended from time to time pursuant to
Section 6.03, the exhibits and annexes attached hereto) supersedes all prior
discussions and agreements between the parties with respect to the subject
matter hereof and contains the sole and entire agreement between the parties
hereto with respect to the subject matter hereof.

          SECTION 10.03. Expenses. Except as otherwise expressly provided in
this Agreement or in the Expense Side Letter, whether or not the transactions
contemplated hereby are consummated, each party shall pay its own costs and
expenses incurred in connection with the negotiation, execution and closing of
this Agreement and the transactions contemplated hereby and thereby.

          SECTION 10.04. Public Announcements. At all times at or before the
Closing, the Company and the Investor shall not issue or make any reports,
statements or releases to the public with respect to this Agreement or the
transactions contemplated hereby without the consent of the other, which consent
shall not be unreasonably withheld or delayed. If either party is unable to
obtain the approval of its public report, statement or release from the other
party and such report, statement or release is, in the opinion of legal counsel
to such party, required by Law in order to discharge such party's disclosure
obligations, then such party may make or issue the legally required report,
statement or release and promptly furnish the other party with a copy thereof.
The Company and the Investor shall also obtain the other party's prior approval
of any press release to be issued immediately following the Closing announcing
the consummation of the transactions contemplated by this Agreement.

          SECTION 10.05. Waiver. Any term or condition of this Agreement may be
waived at any time by the party that is entitled to the benefit thereof, but no
such waiver shall be effective unless set forth in a written instrument duly
executed by or on behalf of the party waiving such term or condition. No waiver
by any party of any term or condition of this Agreement, in any one or more
instances, shall be deemed to be or construed as a waiver of the same or any
other term or condition of this Agreement on any future occasion. All remedies,
either under this Agreement or by Law or otherwise afforded, shall be cumulative
and not alternative.

          SECTION 10.06. Amendment. This Agreement may be amended, supplemented
or modified only by a written instrument duly executed by or on behalf of each
party hereto.

          SECTION 10.07. No Third Party Beneficiary. The terms and provisions of
this Agreement are intended solely for the benefit of each party hereto and
their respective successors or permitted assigns, and it is not the intention of
the parties to confer third party beneficiary rights upon any other Person.

          SECTION 10.08. No Assignment; Binding Effect. Neither this Agreement
nor any right, interest or obligation hereunder may be assigned by any party

                                      -30-

<PAGE>

hereto without the prior written consent of the other party hereto and any
attempt to do so shall be void, except that the Investor may assign any or all
of its rights, interests and obligations hereunder to an Affiliate, provided
that any such Affiliate agrees in writing to be bound by all of the terms,
conditions and provisions contained herein, but no such assignment shall relieve
the Investor of its obligations hereunder. Subject to the preceding sentence,
this Agreement is binding upon, inures to the benefit of and is enforceable by
the parties hereto and their respective successors and permitted assigns.

          SECTION 10.09. Enforcement of Agreement. Notwithstanding anything to
the contrary in this Agreement, the parties hereto agree that irreparable damage
for which monetary damages, even if available, would not be an adequate remedy
would occur in the event that any of the provisions of this Agreement (including
the failure by any party to take such actions as are required of it hereunder to
consummate this Agreement) was not performed in accordance with its specified
terms or was otherwise breached. It is accordingly agreed that the parties shall
be entitled to an injunction or other equitable relief to prevent breaches of
this Agreement and to enforce specifically the terms and provisions hereof in
any court of competent jurisdiction, this being in addition to any other remedy
to which they are entitled at law or in equity.

          SECTION 10.10. Headings. The headings used in this Agreement have been
inserted for convenience of reference only and do not define or limit the
provisions hereof.

          SECTION 10.11. Governing Law; Dispute Resolution.

          (a) This Agreement shall be governed by and construed in accordance
with the laws of the State of New York applicable to a contract executed and
performed in such jurisdiction, without giving effect to the conflicts of laws
principles thereof.

          (b) Any controversy or claim arising out of or relating to this
Agreement, or any breach of this Agreement, shall be initiated, maintained and
finally determined by binding arbitration under the rules of conciliation and
arbitration of the International Chamber of Commerce (the "ICC"); and the site
of the arbitration, unless the parties agree otherwise, shall be in Hong Kong.
The arbitral tribunal shall be appointed within thirty (30) days of the notice
of dispute, and shall consist of three arbitrators, one of which shall be
appointed by the Investor and one by the Company and the third by the Investor
and the Company jointly; provided, however, that if the Investor and the Company
shall be unable to select the third arbitrator within such thirty (30)-day
period, such third arbitrator shall be chosen by the International Court of
Arbitration of the ICC. Judgment upon any award rendered may be entered in any
court having jurisdiction thereof, or application may be made to such court for
a judicial acceptance of the award and an order of enforcement, as the case may
be. Any award pursuant to such proceeding shall be granted in U.S. Dollars. The
fees and costs of the arbitration shall be shared equally by all disputing
parties. The arbitrators shall award legal fees, disbursements and other
expenses to the prevailing party for such amounts as determined by the
arbitrators to be appropriate.

                                      -31-

<PAGE>

          SECTION 10.12. Invalid Provisions. If any provision of this Agreement
is held to be illegal, invalid or unenforceable under any present or future Law,
and if the rights or obligations of any party hereto under this Agreement shall
not be materially and adversely affected thereby, (a) such provision shall be
fully severable, (b) this Agreement shall be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part hereof,
and (c) the remaining provisions of this Agreement shall remain in full force
and effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance herefrom.

          SECTION 10.13. Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

                      [Signatures follow on the next page.]

                                      -32-

<PAGE>

          IN WITNESS WHEREOF, this Agreement has been duly executed and
delivered by or on behalf of each party hereto as of the date first above
written.

                                     INSPIRATION PARTNERS LIMITED

                                     By: /s/ Shujun Li
                                         ---------------------------------------
                                     Name: Shujun Li
                                     Title: Director

                                     YINGLI GREEN ENERGY HOLDING COMPANY LIMITED

                                     By: /s/ Liansheng Miao
                                         ---------------------------------------
                                     Name: Liansheng Miao
                                     Title: Chairman and Chief Executive Officer

                                     YINGLI POWER HOLDING COMPANY LTD.

                                     By: /s/ Liansheng Miao
                                         ---------------------------------------
                                     Name: Liansheng Miao
                                     Title: Director

                                     /s/ Liansheng Miao
                                     -------------------------------------------
                                     Liansheng Miao

<PAGE>

                                    EXHIBIT A

                          LIST OF TRANSACTION DOCUMENTS

Share Purchase Agreement, dated as of September 20, 2006, by and among
Inspiration Partners Limited, Yingli Green Energy Holding Company Limited,
Yingli Power Holding Company Ltd. and Mr. Liansheng Miao.

Expense Side Letter, dated as of September 20, 2006, by and between Inspiration
Partners Limited and Yingli Green Energy Holding Company Limited.

Joint Venture Contract, dated August 25, 2006, by and between Baoding Tianwei
Baobian Electric Co., Ltd. and Yingli Green Energy Holding Company Limited.

Share Purchase Agreement, dated August 25, 2006, by and between Baoding Yingli
Group, Co., Ltd. and Yingli Green Energy Holding Company Limited.

<PAGE>

                                    EXHIBIT B

                             SHAREHOLDERS AGREEMENT

                              [SEPARATELY PROVIDED]

<PAGE>

                                    EXHIBIT C

                 AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION

                              [SEPARATELY PROVIDED]<PAGE>

                                                                     EXHIBIT 4.5

                                                                  EXECUTION COPY

                             SHAREHOLDERS AGREEMENT

                                      AMONG

                          INSPIRATION PARTNERS LIMITED,

                       YINGLI POWER HOLDING COMPANY LTD.,

                                 LIANSHENG MIAO

                                       AND

                   YINGLI GREEN ENERGY HOLDING COMPANY LIMITED

                         DATED AS OF SEPTEMBER 20, 2006

<PAGE>

                                Table of Contents

<TABLE>
<S>                                                                           <C>
SECTION 1.  Certain Definitions............................................    1
SECTION 2.  Purchase Price Adjustment......................................    5
   2.1      The 2006 Adjustment............................................    5
   2.2      The 2007 Adjustment............................................    5
   2.3      Conversion.....................................................    6
SECTION 3.  Financial Statements and Reports; Information and
            Inspection Rights; Confidentiality.............................    6
   3.1      Financial Statements and Reports to Shareholders...............    6
   3.2      Information and Inspection Rights..............................    6
   3.3      Confidentiality................................................    7
SECTION 4.  Corporate Governance...........................................    7
   4.1      Board Composition..............................................    7
   4.2      Investor Representation at Subsidiaries........................    8
   4.3      Appointment of Chief Financial Officer.........................    8
   4.4      Audit Committee................................................    8
   4.5      Compensation Committee.........................................    8
   4.6      Meetings of the Board; Quorum; Telephonic Meetings.............    8
   4.7      Action by Written Consent......................................    8
   4.8      Expenses.......................................................    9
   4.9      Indemnification................................................    9
   4.10     Items Requiring Unanimous Consent..............................    9
SECTION 5.  Right of Participation.........................................    9
   5.1      Right of Participation With Respect to New Securities..........    9
   5.2      Issuance Notice................................................    9
   5.3      Sale of New Securities.........................................   10
SECTION 6.  Right of First Refusal; Co-Sale Right..........................   10
   6.1      Right of First Refusal.........................................   10
   6.2      Co-Sale Right..................................................   11
   6.3      Sale by the Existing Shareholder...............................   12
   6.4      No Adverse Effect..............................................   12
   6.5      Exempt Transfers...............................................   13
   6.6      Prohibited Transfer............................................   13
   6.7      Restrictions on the Transfer by Holders of the Series A
            Preferred Shares...............................................   13
SECTION 7.  Demand Registration............................................   13
   7.1      Request for Registration on Form Other Than Form F-3...........   13
   7.2      Request for Registration on Form F-3...........................   14
   7.3      Right of Deferral..............................................   14
   7.4      Registration of Other Securities in Demand Registration........   15
   7.5      Underwriting in Demand Registration............................   16
   7.6      Other Securities Laws in Demand Registration...................   17
   7.7      Other Registration Rights......................................   17
SECTION 8.  Piggyback Registration.........................................   17
   8.1      Notice of Piggyback Registration and Inclusion of
            Registrable Securities.........................................   17
   8.2      Underwriting in Piggyback Registration.........................   18
</TABLE>

<PAGE>

<TABLE>
<S>                                                                           <C>
SECTION 9.  Expenses of Registration.......................................   19
SECTION 10. Termination of Registration Rights.............................   20
SECTION 11. Registration Procedures and Obligations........................   20
SECTION 12. Information Furnished by Holder................................   22
SECTION 13. Indemnification................................................   22
   13.1     Company's Indemnification of the Holders.......................   22
   13.2     Holder's Indemnification of Company............................   22
   13.3     Condition to Indemnity.........................................   23
   13.4     Indemnification Procedure......................................   23
   13.5     Contribution...................................................   24
   13.6     Conflicts......................................................   24
   13.7     Survival of Obligations........................................   24
SECTION 14. Lock-Up........................................................   24
SECTION 15. No Action Letter or Opinion of Counsel in lieu of
            Registration...................................................   25
SECTION 16. Reports Under the Exchange Act.................................   25
SECTION 17. Transfer of Rights.............................................   26
SECTION 18. Legend; Stop Transfer Instructions.............................   26
   18.1     Legend.........................................................   26
   18.2     Stop Transfer Instructions.....................................   27
SECTION 19. Covenants......................................................   27
SECTION 20. Conflict with Charter Documents................................   29
SECTION 21. Miscellaneous..................................................   29
   21.1     Governing Law..................................................   29
   21.2     Dispute Resolution.............................................   29
   21.3     Counterparts and Facsimile Execution...........................   30
   21.4     Headings.......................................................   30
   21.5     Notices........................................................   30
   21.6     Amendment of Agreement.........................................   31
   21.7     Severability...................................................   31
   21.8     Entire Agreement; Successors and Assigns.......................   31
   21.9     Assignability..................................................   31
   21.10    Termination....................................................   32
</TABLE>

                                        3

<PAGE>

                             SHAREHOLDERS AGREEMENT

          THIS SHAREHOLDERS AGREEMENT, dated as of September 20, 2006 (the
"AGREEMENT"), is entered into by and among Yingli Green Energy Holding Company
Limited, an exempted company organized under the laws of the Cayman Islands (the
"COMPANY"), Yingli Power Holding Company Ltd., an international business company
incorporated under the laws of the British Virgin Islands (the "HOLDCO") and Mr.
Liansheng Miao (together with the Holdco, collectively, the "EXISTING
SHAREHOLDER"), and Inspiration Partners Limited, an international business
company incorporated under the laws of the British Virgin Islands (the
"INVESTOR", and together with the Existing Shareholder, the "SHAREHOLDERS", and
together with the Existing Shareholder and the Company, the "PARTIES").

                                    RECITALS

     WHEREAS:

     (A) The Investor and the Company have entered into a Series A Preferred
Share Purchase Agreement as of even date herewith (the "PURCHASE AGREEMENT");

     (B) In order to induce the Company to enter into the Purchase Agreement and
to induce the Investor to invest funds in the Company pursuant to the Purchase
Agreement, the Parties desire to set forth certain rights and obligations of the
Existing Shareholders, the Investor and the Company as hereinafter provided; and

     (C) The respective obligation of the Company and the Investor to consummate
the transactions contemplated in the Purchase Agreement is conditioned upon the
execution and delivery by the Parties of this Agreement.

     NOW, THEREFORE, in consideration of the foregoing and the mutual promises,
covenants and agreements of the Parties contained herein, the Parties agree as
follows:

     SECTION 1. Certain Definitions. As used in this Agreement, the following
terms have the following respective meanings:

          "2006 ACTUAL EARNINGS" has the meaning set forth in Section 2.1 of
     this Agreement.

          "2007 ACTUAL EARNINGS" has the meaning set forth in Section 2.2 of
     this Agreement.

          "AFFILIATE" means, in respect of a Person, any other Person that
     directly or indirectly through one or more intermediaries, Controls, is
     Controlled by, or is under common Control with, such Person, including,
     without limitation, any general partner, officer or director of such Person
     and any venture capital fund now or hereafter existing which is controlled
     by or under common control with one or more general partners or shares the
     same management company with such Person.

<PAGE>

          "AGREEMENT" has the meaning set forth in the preamble to this
     Agreement.

          "BLUE SKY" means the statutes of any state of the United States of
     America regulating the sale of corporate securities within that state.

          "BOARD" means the Company's board of directors as constituted from
     time to time.

          "BUSINESS DAY" means any day other than Saturday, Sunday or any other
     day on which banks in Hong Kong or the People's Republic of China (the
     "PRC") are authorized or required by law to close.

          "COMMISSION" means the United States Securities and Exchange
     Commission, as constituted from time to time, or any successor agency
     charged with administering the Securities Act and/or the Exchange Act.

          "CONTROL" with respect to any third Person means the possession,
     directly or indirectly, of the power or the ability to direct or cause the
     direction of the management and affairs of such third Person whether,
     through the ownership of voting securities, as trustee or executor, by
     contract or otherwise, including, without limitation, the ownership,
     directly or indirectly, of securities having the power to elect a majority
     of the board of directors or similar body of such third Person.

          "CONVERSION SHARES" has the meaning set forth in Section 3.2 of this
     Agreement.

          "CO-SALE RIGHT" has the meaning set forth in Section 6.2 of this
     Agreement.

          "DAMAGES" has the meaning set forth in Section 13.1 of this Agreement.

          "EXCHANGE ACT" means the United States Securities Exchange Act of
     1934, as amended, and the rules and regulations of the Commission
     promulgated thereunder, all as from time to time in effect.

          "FORM F-3" means Form F-3 issued by the Commission or any
     substantially similar form then in effect.

          "GROUP" means the Company, the Operating Subsidiary and their
     respective subsidiaries from time to time, and "GROUP COMPANY" means, as
     applicable, each of the Company, the Operating Subsidiary, and their
     respective subsidiaries from time to time.

          "HOLDER" means any holder of outstanding Registrable Securities.

          "INITIATING HOLDERS" means Holders who in the aggregate hold at least
     thirty-three percent (33%) of the Registrable Securities.

          "ICC" has the meaning set forth in Section 21.2 of this Agreement.

          "INVESTOR" has the meaning set forth in the preamble of this
     Agreement.

                                        2

<PAGE>

          "INVESTOR NOMINEE" has the meaning set forth in Section 4.1(a) of this
     Agreement.

          "ISSUANCE NOTICE" has the meaning set forth in Section 5.2 of this
     Agreement.

          "MAJORITY SERIES A PREFERRED SHAREHOLDERS" has the meaning set forth
     in Section 5.1 of this Agreement.

          "NEW SECURITIES" means any shares of the Company, whether now
     authorized or not, and any rights, options, or warrants to purchase shares
     of the Company, and securities of any type whatsoever that are, or may
     become, convertible into shares of the Company, provided that "New
     Securities" does not include: (a) the Series A Preferred Shares purchased
     under the Purchase Agreement; (b) Ordinary Shares issuable upon conversion
     of the Series A Preferred Shares; (c) securities offered to the public
     pursuant to a Registration Statement; (d) Ordinary Shares issuable pursuant
     to the exercise of warrants, rights or options, issued or issuable to
     officers, directors, and employees of, and consultants to, any Group
     Company pursuant to the Company's employee stock option plans, provided
     that the number of such Ordinary Shares shall not exceed that certain
     percentage of the Ordinary Shares Equivalent then outstanding (the "PRIMARY
     ESOP PERCENTAGE"), which percentage shall be determined prior to the
     Closing (as defined in the Purchase Agreement) in accordance with the terms
     of the Purchase Agreement; (e) shares issued without consideration pursuant
     to a stock dividend, stock split, or similar transaction; and (f) all
     Ordinary Shares or other securities hereafter issued in connection with or
     as consideration for acquisition or licensing of technology.

          "ORDINARY SHARES" means the Company's Ordinary Shares, par value
     US$0.01 per share.

          "ORDINARY SHARES EQUIVALENT" means, collectively, the issued and
     outstanding Ordinary Shares and the Ordinary Shares into which the issued
     and outstanding Series A Preferred Shares and other securities are
     convertible.

          "OPERATING SUBSIDIARY" means Baoding Tianwei Yingli New Energy
     Resources Co., Ltd., a company with limited liability organized under the
     laws of the PRC.

          "PERSON" shall mean any individual, sole proprietorship, partnership,
     estate, trust, unincorporated organization, association, corporation,
     institution, public benefit corporation, entity, governmental or regulatory
     authority or other entity of any kind or nature.

          "PRIMARY ESOP PERCENTAGE" has the meaning set forth in subclause (d)
     of the definition of "New Securities" in this Section 1.

          "PRO RATA SHARE" means the ratio of: (a) the total number of Ordinary
     Shares Equivalent held by the Majority Series A Preferred Shareholders
     immediately before the proposed allotment and issue of New Securities to
     (b) the total number of Ordinary Shares Equivalent held by all shareholders
     of the Company immediately before the proposed allotment and issue of New
     Securities.

                                        3

<PAGE>

          "QUALIFIED IPO" means the closing of the Company's first firm
     commitment, underwritten public offering of Ordinary Shares or shares
     representing Ordinary Shares in connection with which Ordinary Shares or
     shares representing Ordinary Shares are listed and become publicly traded
     on an internationally recognized securities exchange or the NASDAQ National
     Market, provided, however, that such listing shall result in net proceeds
     (after payment of the underwriters' discounts and commissions and the
     offering-related expenses) to the Company of at least US$50 million and (b)
     a total market capitalization of the Company of at least US$500 million.

          "REGISTER", "REGISTERED", and "REGISTRATION" means a registration of
     securities effected by preparing and filing a registration statement on
     Form F-1, S-1, SB-2, F-3 or S-3 in compliance with the Securities Act, or
     on any comparable form in connection with a registration in a jurisdiction
     other than the United States (collectively, a "REGISTRATION STATEMENT"),
     and the declaration or ordering of the effectiveness of that Registration
     Statement by the Commission.

          "REGISTRABLE SECURITIES" means (a) the Ordinary Shares issued or
     issuable upon conversion or exercise of any of the Series A Preferred
     Shares and (b) Ordinary Shares issued or issuable pursuant to stock splits,
     stock dividends and similar distributions to the Investor, or in exchange
     for or in replacement of the Ordinary Shares referred to clause (a) above,
     excluding in all cases, however, any Registrable Securities sold by a
     Person in a transaction in which its rights under Sections 7 or 8 hereof
     are not assigned or any shares for which registration rights have
     terminated pursuant to Section 10.

          "REGISTRATION EXPENSES" means all expenses incurred by the Company in
     complying with Section 7 or 8 of this Agreement, including, without
     limitation, all federal and state Registration, qualification, and filing
     fees, printing expenses, any fees, commissions, expenses and disbursements
     of underwriters customarily paid by similarly situated companies in
     connection with underwritten offerings of equity securities to the public,
     fees and disbursements of counsel for the Company and reasonable fees and
     disbursements of one special counsel for all Holders (if different from
     counsel to the Company), Blue Sky fees and expenses, and the expense of any
     special audits incident to or required by any Registration.

          "REGISTRATION STATEMENT" has the meaning set forth in the definition
     of "Registration," above.

          "RELATED PARTY" shall mean, with respect to any Person, (a) any
     Affiliate of such Person, (b) each Person that serves as a director,
     officer, partner, member, executor, or trustee of such Person (or in any
     other similar capacity), (c) any Person with respect to which such Person
     serves as a general partner or trustee (or in any other similar capacity),
     and (d) any Person that has direct or indirect beneficial ownership of
     voting securities or other voting interests representing at least ten
     percent (10%) of the outstanding voting power or equity securities or other
     equity interests (a "MATERIAL INTEREST") in such Person.

                                        4

<PAGE>

          "RIGHT OF FIRST REFUSAL" has the meaning set forth in Section 6.1 of
     this Agreement.

          "RIGHT OF PARTICIPATION" has the meaning set forth in Section 5.1 of
     this Agreement.

          "SECONDARY ESOP PERCENTAGE" has the meaning set forth in Section
     6.5(a) of this Agreement.

          "SECURITIES ACT" means the United States Securities Act of 1933, as
     amended, and the rules and regulations of the Commission promulgated
     thereunder, all as from time to time in effect.

          "SELLING EXPENSES" means all underwriting discounts and selling
     commissions applicable to the sale of Registrable Securities pursuant to
     this Agreement.

          "SERIES A PREFERRED SHARE" means a Series A preferred share in the
     capital of the Company, par value of US $0.01 each.

          "SHARE" means any Ordinary Share or a Series A Preferred Share, as the
     case may be.

          "STOCK" has the meaning set forth in Section 6.1 of this Agreement.

          "TRANSFER NOTICE" has the meaning set forth in Section 6.1 of this
     Agreement.

          "EXISTING SHAREHOLDERS" has the meaning set forth in Section 6.1 of
     this Agreement.

          "UNDERWRITERS' REPRESENTATIVE" has the meaning set forth in Section
     7.5(a) of this Agreement.

          "US GAAP" means generally accepted accounting principles in the United
     States.

     SECTION 2. Purchase Price Adjustment.

          2.1 The 2006 Adjustment. If the Operating Subsidiary's consolidated
profit after taxes, excluding any non-recurring or extraordinary items, for the
year ended December 31, 2006 (the "2006 ACTUAL EARNINGS"), as determined by the
audited consolidated statements of income of the Operating Subsidiary for such
year as prepared by a "big four" accounting firm in accordance with US GAAP, is
less than US$35 million (or its RMB equivalent), the Existing Shareholder shall
transfer to the Investor, for no consideration, such number of Ordinary Shares
that the value of the Investor's ownership in the Company on a fully-diluted,
as-converted basis, immediately following such transfer, shall be equal to the
Investment Amount (as defined in the Purchase Agreement) divided by 51% of the
product of the 2006 Actual Earnings times eight (8).

          2.2 The 2007 Adjustment. If the Operating Subsidiary's consolidated
profit after taxes, excluding any non-recurring or extraordinary items, for the
year ended December 31,

                                        5

<PAGE>

2007 (the "2007 ACTUAL EARNINGS"), as determined by the audited consolidated
statements of income of the Company for such year as prepared by a "big four"
accounting firm in accordance with US GAAP, is less than 1.5 times the 2006
Actual Earnings, the Existing Shareholder shall transfer to the Investor, for no
consideration, such number of Ordinary Shares that the value of the Investor's
ownership in the Company on a fully-diluted, as-converted basis, immediately
following such transfer, shall be equal to the Investment Amount (as defined in
the Purchase Agreement) divided by 51% of the product of the 2007 Actual
Earnings times 5.3.

          2.3 Conversion. Within the fifteen (15) days of a transfer of shares
under Section 2.1 or Section 2.2, the Existing Shareholder and the Company shall
cause, as soon as reasonably practicable, any Ordinary Shares transferred
pursuant to Section 2.1 or Section 2.2 hereof, as the case may be, to be
converted into Series A Preferred Shares at the conversion ratio applicable to
the date of such notice, as provided in the Company's Memorandum of Association.

     SECTION 3. Financial Statements and Reports; Information and Inspection
Rights; Confidentiality

          3.1 Financial Statements and Reports to Shareholders.

          (a) The Company shall keep true and accurate books of account and
records in accordance with US GAAP, and make available to the each holder of
Series A Preferred Shares (each, a "SERIES A SHAREHOLDER") in a form reasonably
acceptable to the Series A Stockholders: (i) within thirty (30) days after the
end of each month, an unaudited unconsolidated monthly income statement, balance
sheet, and cash flow statement of the Operating Subsidiary; (ii) within one
hundred twenty (120) days after the end of each fiscal year of the Company, an
audited consolidated balance sheet of the Company (or, in the case of financial
statements as of and for the year ended December 31, 2006, the Operating
Subsidiary) as of the end of such year and audited consolidated statements of
income and cash flow for such year, which year-end financial statements shall be
prepared in accordance with US GAAP consistently applied and accompanied by an
unqualified opinion of a "big four" firm of independent public accountants;
(iii) at least thirty (30) days prior to the end of each fiscal year of the
Group, the annual budget of the Group for the next fiscal year; and (iv) upon
the written request by the Investor, any other information as the Investor shall
reasonably request.

          (b) Notwithstanding anything in this Agreement to the contrary, the
Company may cease providing the information set forth in this Section 3.1(a)
during the period starting from the date sixty (60) days prior to the Company's
good faith estimate of the effective date of, and ending on a date one hundred
eighty (180) days after the effective date of, the Registration effecting the
Company' initial public offering pursuant to a Registration Statement, provided
that such estimated date of the Registration Statement is not postponed by more
than ninety (90) days.

          3.2 Information and Inspection Rights. The Company covenants and
agrees that, commencing on the date of this Agreement, for so long as the
Investor, together with its Affiliates, holds any Series A Preferred Shares
and/or Ordinary Shares issued upon the conversion of such Series A Preferred
Shares in an amount not less than thirty-three percent

                                        6

<PAGE>

(33%) of the outstanding Series A Preferred Shares or Ordinary Shares issued
upon the conversion of such Series A Preferred Shares (as the case may be) (the
"CONVERSION SHARES"),

          (a) the Investor shall have standard inspection rights of the
facilities, records and books of the Group, including without limitation,
discussing the business, operations and conditions of the Group with its
directors, officers, employees, accountants, legal counsel and investment
bankers, provided that (i) such rights shall be exercised reasonably and at the
Investor's expense and (ii) the Company shall not be obligated to provide
information which it reasonably considers to be a trade secret or similar
sensitive proprietary information relating to the management and operations of
the Company or would adversely affect the attorney-client privilege between the
Company and its counsel; and

          (b) the Company shall, as soon as reasonably practicable, notify the
Investor of all matters which in the Company's reasonable opinion is reasonably
expected to cause a material adverse change to the ability of the Company and
its subsidiaries to conduct their respective businesses as now conducted or own,
use or lease their respective assets and properties as now owned, used or
leased.

          3.3 Confidentiality. The Investor agrees that it will keep
confidential and will not disclose, divulge or use for any purpose, other than
to monitor its investment in the Company, any confidential information obtained
from any Group Company pursuant to the terms of this Agreement, unless such
confidential information (i) is known or becomes known to the public in general
(other than as result of a breach of this Section 3.3) by the Investor), (ii) is
or has been independently developed or conceived by the Investor without use of
the Company's confidential information or (iii) is or has been made known or
disclosed to the Investor by a third party without a breach of any obligation of
confidentiality such third party may have to the Company; provided, however,
that the Investor may disclose confidential information (a) to its attorneys,
accountants, consultants and other professionals to the necessary to obtain
their services in connection with monitoring its investment in the Company, (b)
to any prospective investor of any Registrable Securities from the Investor as
long as such prospective investor agrees to be bound by the provisions of this
Section 3.3, (c) to any Affiliate, partner, member, stockholder or wholly owned
subsidiary of the Investor on a "need to know" basis, or (d) as may otherwise be
required by law, provided that the Investor takes reasonable steps to minimize
the extent of any such required disclosure. The Investor shall be liable for any
breach of this Section 3.3 by any person set forth in clauses (a), (b) and (c)
of the preceding sentence in this Section 3.3.

     SECTION 4. Corporate Governance.

          4.1 Board Composition.

          (a) If and for so long as the Investor, together with its Affiliates,
holds at least thirty-three percent (33%) of the Conversion Shares, the Investor
shall be entitled to appoint, and to remove from office and replace one (1)
person as director of the Company. The director of the Company appointed by the
Investor pursuant to the foregoing provisions is herein referred to as the
"INVESTOR NOMINEE." The Investor Nominee shall have the right to appoint
alternates or proxies to attend any meeting of the Board and to vote on matters
before the Board on the behalf

                                        7

<PAGE>

of the Investors. If the Investor, together with its Affiliates, ceases to hold
at least thirty-three percent (33%) of the Conversion Shares, the Investor shall
remove the Investor Nominee, or cause the Investor Nominee to resign, from the
Board, in each case, immediately following the appointment by the Existing
Shareholder of a replacement director therefor.

          (b) The Existing Shareholder agrees that, at each meeting of the
shareholders of the Company called for the purpose of electing the members of
the Board, it shall vote all of its shares in the Company to elect the Series A
Director.

          4.2 Investor Representation at Subsidiaries. Of the number of
directors the Company is entitled to nominate, remove and replace in the
Operating Subsidiary, the Investor shall be entitled to nominate, and to remove
from office and replace one director of the Operating Subsidiary.

          4.3 Appointment of Chief Financial Officer. Subject to the prior
written consent of the Investor (which consent shall not be unreasonably
withheld), within sixty (60) days following the date of this Agreement, the
Company shall appoint the chief financial officer for employment with the
Company on a full-time basis, which officer shall be knowledgeable with respect
to the capital markets in the United States and shall be proficient in the
English language. The Investor agrees to use its best efforts to identify
qualified candidates for and facilitate the Company's timely appointment of a
chief financial officer pursuant to this Section 4.3.

          4.4 Audit Committee. The Company shall establish and maintain an Audit
Committee, which shall include at least the Investor Nominee.

          4.5 Compensation Committee. The Company shall establish and maintain a
Compensation Committee. The Compensation Committee shall make recommendations to
the full Board for such matters as management compensation, the Company's
benefit plans, and matters relating to the Company's option plans, if any, which
shall include at least the Investor Nominee.

          4.6 Meetings of the Board; Quorum; Telephonic Meetings. The Board
shall meet at least once every three calendar months. A quorum for any meeting
of the Board shall consist of more than fifty percent (50%) of all the
directors, at least one of which shall be the Investor Nominee. The quorum for
any committee meeting of the Board shall consist of at least the Investor
Nominee. The Directors may participate in a meeting of the Board by means of a
conference telephone or other communication equipment through which all persons
participating in such meeting can hear each other, and such participation in a
meeting shall constitute presence in person at such meeting.

          4.7 Action by Written Consent. Any action required or permitted to be
taken by the Board, either at a meeting or otherwise, may be taken without a
meeting if the Directors unanimously consent thereto in writing and the writing
or writings are filed with the minutes of the meeting of the Board.

                                        8

<PAGE>

          4.8 Expenses. The Company shall reimburse the Investor Nominee for all
reasonable expenses incurred by the Investor Nominee relating to Board's
activities, including but not limited to, expenses incurred to attend Board
meetings.

          4.9 Indemnification. The Company's Memorandum of Association shall
provide for indemnification for the directors of the Company to the extent
permissible under applicable law. The Company shall also purchase liability
insurance for the Investor Nominee and other directors, on terms and conditions
mutually acceptable to the Investor and the Company.

          4.10 Items Requiring Unanimous Consent. The Company and the Existing
Shareholder agree to procure that without the unanimous approval of the members
of the Board, the Company shall not:

          (a) allot or issue any New Securities or permit the allotment or
     issuance of any equity securities of any Group Company;

          (b) declare or pay any dividend or make distribution on any shares of
     the Company or permit any Group Company to make any distribution on its
     equity;

          (c) effect a recapitalization, reclassification or reorganization of
     its shares or the shares or register capital of any Group Company; and

          (d) amend the Articles of Association or Memorandum of Association of
     the Company, or the constitutional documents of the Operating Subsidiary or
     any of its subsidiaries.

     4.11 Governance of Subsidiaries. Each party hereto will use its
commercially reasonable efforts to procure that the Operating Subsidiary and any
other Group Company take actions only as directed or permitted by the Company's
Board of Directors.

     SECTION 5. Right of Participation.

          5.1 Right of Participation With Respect to New Securities. Subject to
the provisions of Sections 5.2 and 5.3, the Company grants to each of the
holders of Series A Preferred Shares then outstanding the right of participation
(the "RIGHT OF PARTICIPATION") to purchase its Pro Rata Share of New Securities
which the Company may, from time to time prior to the Qualified IPO, propose to
allot and issue; provided that the Right of Participation, with respect to each
such proposed allotment and issuance, is exercised by holders of Series A
Preferred Shares representing at least 50% of the Series A Preferred Shares in
the aggregate then outstanding (collectively, the "MAJORITY SERIES A PREFERRED
SHAREHOLDERS", and each such shareholder, a "MAJORITY SERIES A PREFERRED
SHAREHOLDER"). The Company shall offer to each of the Majority Series A
Preferred Shareholders for subscription up to its Pro Rata Share of the New
Securities on the same terms and at the same price at which the Company proposes
to allot and issue the New Securities.

          5.2 Issuance Notice. In the event the Company proposes to issue New
Securities, it shall give the holders of Series A Preferred Shares then
outstanding a written notice

                                        9

<PAGE>

(the "ISSUANCE NOTICE") of its intention, describing the type of New Securities,
the price, the terms upon which the Company proposes to issue the same, an offer
for subscription the aggregate number of New Securities that such holders are
entitled to purchase pursuant to Section 5.1 of this Agreement, a statement that
such holders shall have thirty (30) days from the date of receipt of the
Issuance Notice to accept the offer for subscription under the Issuance Notice
(the "ISSUANCE NOTICE PERIOD), and a statement that no such holder shall be
entitled to exercise the Right of Participation unless the Majority Series A
Preferred Shareholders elect to exercise the Right of Participation. If the
Majority Series A Preferred Shareholders elect to exercise the Right of
Participation within the Issuance Notice Period, each of the holders of the
Series A Preferred Shares may elect to purchase up to its Pro Rata Share of the
New Securities for the price and upon the terms specified in the Issuance Notice
by (a) giving written notice to the Company within the Issuance Notice Period
and (b) sending payment for its Pro Rata Share of New Securities to the Company.

          5.3 Sale of New Securities. If the Majority Series A Preferred
Shareholders fail to exercise the Right of Participation within the Issuance
Notice Period, the Company shall have sixty (60) days thereafter to sell or
enter into an agreement (pursuant to which the sale of New Securities covered by
the Issuance Notice shall be closed, if at all, within thirty (30) days after
the date of such agreement) to allot and issue the New Securities, at a price
and upon general terms no more favorable to the subscriber of the New Securities
than specified in the Issuance Notice. If the number of New Securities which the
Majority Series A Preferred Shareholders elect to subscribe in the aggregate is
less the aggregate number of New Securities that the Series A Preferred
Shareholders are entitled to purchase as stated in the Issuance Notice, the
Company shall have sixty (60) days thereafter to sell or enter into an agreement
(pursuant to which the sale of New Securities covered by the Issuance Notice
shall be closed, if at all, within thirty (30) days after the date of such
agreement) to allot and issue up to such number of the New Securities as equal
to the difference between the number of New Securities which the Majority Series
A Preferred Shareholders elect to subscribe in the aggregate and the aggregate
number of New Securities that the Series A Preferred Shareholders are entitled
to purchase as stated in the Issuance Notice, at a price and upon general terms
no more favorable to the subscriber of the New Securities than specified in the
Issuance Notice. In the event the Company has not allotted and issued the New
Securities within this ninety (90) day period, the Company shall not thereafter
allot or issue any New Securities without first offering the New Securities to
holders of Series A Preferred Shares in the manner provided above.

     SECTION 6. Right of First Refusal; Co-Sale Right.

          6.1 Right of First Refusal.

          (a) Subject to the provisions of this Section 6.1 and Sections 6.5 and
6.7 of this Agreement, if the Existing Shareholder proposes to sell or otherwise
transfer, directly or indirectly ("TRANSFER"), any interest in any Ordinary
Shares or other voting securities of the Company now owned or subsequently
acquired by the Existing Shareholder (the "STOCK"), then each of the holders of
the Series A Preferred Shares shall have a right of first refusal (the "RIGHT OF
FIRST REFUSAL") to purchase the Stock proposed to be Transferred; provided that
the Right of Participation, with respect each such Transfer, is exercised by the
Majority Series A Shareholders.

                                       10

<PAGE>

          (b) The Existing Shareholder shall give a written notice (the
"TRANSFER NOTICE") to each of the holders of the Series A Preferred Shares
describing fully the proposed Transfer, including the number of shares proposed
to be Transferred, the proposed Transfer price, the name and address of the
proposed Transferee and a statement that no such holder shall be entitled to
exercise the Right of First Refusal unless the Majority Series A Shareholders
elect to exercise the Right of First Refusal. The Transfer Notice shall be
accompanied by a written certification by the Existing Shareholder that the
proposed transferee is a bona fide purchaser and the Transfer Notice constitutes
a binding commitment of the Existing Shareholder and the proposed transferee,
with or without conditions, for the Transfer of that Stock subject to the Right
of First Refusal of the Majority Series A Shareholders.

          (c) The holders of Series A Preferred Shares shall then have the right
to purchase up to all of the Stock subject to the Transfer Notice at a price per
share equal to the proposed per share transfer price, by delivery of a notice of
exercise of the Right of First Refusal within thirty (30) days after the date
the Transfer Notice is delivered to such holders; provided that the Majority
Series A Preferred Shareholders exercise such right.

          6.2 Co-Sale Right.

          (a) General. If the Existing Shareholder proposes to Transfer any
Stock or any interest therein to any person or entity, each of the holders of
Series A Preferred Shares shall have the right, exercisable upon written notice
to the Existing Shareholder within thirty (30) days after the date the Transfer
Notice is delivered to such holder, to participate in such sale of Stock on
substantially the same terms and conditions applicable to the Existing
Shareholder (the "CO-SALE RIGHT"); provided, however, that (i) the Co-Sale
Right, with respect to each such Transfer, is exercised by the Majority Series A
Shareholders, and (ii) the Co-Sale Right shall not apply to any Transfer of
Stock to the Majority Series A Shareholders pursuant to the exercise of the
Right of First Refusal under Section 6.1. Notice of exercise of the Co-Sale
Right shall indicate the number of shares of Stock each holder of Series A
Preferred Shares wishes to Transfer under the Co-Sale Right and include an
acknowledgment that the Co-Sale Right may not be exercised by such holder unless
the Majority Series A Shareholders elect to exercise the Co-Sale Right. If the
Majority Series A Preferred Shareholders elect to exercise the Co-Sale Right,
the holders of Series A Preferred Shares may Transfer in the aggregate up to the
number of shares of Stock equal to the product obtained by multiplying the
aggregate number of shares of the Stock proposed to be Transferred as set out in
the Transfer Notice by a fraction, the numerator of which is the number of Stock
held in the aggregate by such Majority Series A Preferred Shareholders
immediately before the Transfer and the denominator of which is the total number
of shares of Stock held, in the aggregate, by the Existing Shareholder and such
Majority Series A Preferred Shareholders immediately before the Transfer. If the
Majority Series A Preferred Shareholders exercise their Co-Sale Right in
accordance with the terms and conditions set forth in this Section 6.2, the
Existing Shareholder may only Transfer its shares of Stock if the proposed
transferee completes the purchase of the shares which such Majority Series A
Preferred Shareholders seek to sell pursuant to the exercise of the Co-Sale
Right.

          (b) Delivery of Certificates. The Majority Series A Preferred
Shareholders shall effect their participation in the Transfer under this Section
6.2 by, promptly or no later than fifteen (15) days after the exercise of such
Majority Series A Preferred Shareholders of the Co-

                                       11

<PAGE>

Sale Right, delivering to the Existing Shareholder for Transfer to the
prospective purchaser one or more certificates, properly endorsed for transfer,
which represent the type and number of shares of Stock which such Majority
Series A Preferred Shareholders elect to Transfer; provided, however, that if
the prospective purchaser objects to the delivery of Series A Preferred Shares
in lieu of Ordinary Shares, such Majority Series A Preferred Shareholders shall
first convert the Series A Preferred Shares into Ordinary Shares and deliver
Ordinary Shares as provided in this Section 6.2. The Company agrees to make any
such conversion concurrent with and contingent upon the actual Transfer of such
shares to the prospective purchaser.

          (c) Sales Proceeds. The stock certificate or certificates that the
Majority Series A Preferred Shareholders deliver to the Existing Shareholder
pursuant to Section 6.2(a) shall be transferred to the prospective purchaser in
consummation of the sale of the Stock pursuant to substantially the same terms
and conditions as specified in the Transfer Notice, and the Existing Shareholder
shall upon receiving the same from the prospective purchaser concurrently remit
to each of such Majority Series A Preferred Shareholders on a prorated basis
that portion of the sale proceeds to which such Majority Series A Preferred
Shareholder is entitled by reason of its participation in the Transfer. To the
extent that any prospective purchaser or purchasers prohibits assignment or
otherwise refuses to purchase shares or other securities from such Majority
Series A Preferred Shareholders, the Existing Shareholder shall not Transfer to
the prospective purchaser or purchasers any Stock unless and until,
simultaneously with the sale, the Existing Shareholder purchases those shares or
other securities from such Majority Series A Preferred Shareholders.

          (d) Purchase and Sales Agreement. The terms and conditions of any sale
pursuant to this Section 6.2 shall be memorialized in, and governed by, a
written purchase and sales agreement with customary terms and provisions for
such a transaction; provided that no Majority Series A Preferred Shareholder
shall be required to give any representations or warranties other than those
reasonably requested relating to its title in and ownership of the shares and
information relating to such Majority Series A Preferred Shareholder in
connection with complying with the relevant exemptions of the Securities Act.

          6.3 Sale by the Existing Shareholder. Subject to Section 6.6, if and
to the extent that the Majority Series A Preferred Shareholders do not exercise
its Right of First Refusal or Co-Sale Right with respect to the sale of the
Stock subject to the Transfer Notice within the relevant prescribed period, the
Existing Shareholder may, not later than ninety (90) days following delivery to
such Majority Series A Preferred Shareholders of the Transfer Notice, conclude a
bona fide Transfer of all of the Stock covered by the Transfer Notice on terms
and conditions not more favorable to the transferee or transferor than those
described in the Transfer Notice. Any proposed Transfer on terms and conditions
more favorable than those described in the Transfer Notice, as well as any
subsequent proposed transfer of any Stock by the Existing Shareholder, shall
again be subject to the Majority Series A Preferred Shareholders' Right of First
Refusal and Co-Sale Right and shall require compliance by the Existing
Shareholder with the procedures described in this Section 6.

          6.4 No Adverse Effect. The exercise or non-exercise by the Majority
Series A Preferred Shareholders of the Right of First Refusal or the Co-Sale
Right shall not adversely

                                       12

<PAGE>

affect their rights to participate in subsequent transfers of Stock by the
Existing Shareholder subject to the provisions of this Section 6.

          6.5 Exempt Transfers.

          (a) Notwithstanding the foregoing, the Right of Refusal and the
Co-Sale Right shall not apply to (i) any transfer or transfers of Stock by the
Existing Shareholder to its Affiliates and (ii) the grant or sale by the
Existing Shareholder of up to a certain percentage of the Ordinary Shares (the
"SECONDARY ESOP PERCENTAGE") (which percentage shall be determined prior to the
Closing (as defined in the Purchase Agreement) in accordance with the terms of
the Purchase Agreement) to the Company's employees, provided that such employee
transferee shall agree to the same transfer restrictions set out in this Section
6.

          (b) Notwithstanding the foregoing, the Right of First Refusal or the
Co-Sale Right shall not apply to the sale of any Stock to the public pursuant to
a Registration Statement filed with, and declared effective by, the Commission
under the Securities Act (or with respect to a Registration in a jurisdiction
other than the United States, with or by an equivalent agency under applicable
law in such jurisdiction).

          6.6 Prohibited Transfer. No sale of the Stock to a transferee under
Section 6.5 shall be effective if a purpose or effect of such transfer shall
have been to circumvent the provisions in Sections 6.1 and 6.2. Each Shareholder
shall remain responsible for the performance of this Agreement by each
transferee of such Shareholder to whom the Stock is transferred. If any
Affiliate of any Shareholder to whom the Stock is transferred pursuant to
Section 6.5 ceases to be an Affiliate of such Shareholder from whom it acquired
such Stock pursuant to such provision, such Person shall re-convey such Stock to
such transferring Shareholder as soon as reasonably practicable after such
Person knows of its upcoming change of status immediately prior thereto. If such
change of status is not known until after its occurrence, the former Affiliate
shall make such transfer to such transferring Shareholder as soon as practicable
after the former Affiliate receives notice thereof.

          6.7 Restrictions on the Transfer by Holders of the Series A Preferred
Shares. Any Series A Preferred Shares, or any classes of shares of the Company,
held by the Investor are freely transferable, subject to restrictions under
applicable laws, provided, however, that (i) the Investor shall give advance
written notice to the Company with respect to a proposed transfer of such
shares; (ii) the Investor shall not transfer such shares to any Person whose
principal business is in direct competition with the principal business of the
Company at the time of such transfer, and (iii) for a period of one year (1)
following the date of this Agreement, the Investor (or its Affiliates) shall not
transfer shares of the Company representing, on an aggregated basis, more than
50% of the Series A Preferred Shares (as determined on a fully-converted basis)
to a Person other than Affiliates of the Investor without the prior written
consent of the Company, which consent shall not be unreasonably withheld.

     SECTION 7. Demand Registration.

          7.1 Request for Registration on Form Other Than Form F-3. Subject to
the terms of this Agreement, in the event that the Company receives from the
Initiating Holders at

                                       13

<PAGE>

any time six (6) months after the closing of the Company's initial public
offering of Ordinary Shares under a Registration Statement (other than a
Registration of securities in a Rule 145 transaction or of securities being
offered to the employees of the Group Companies pursuant to a stock option,
stock purchase or similar plan, a Registration on any form that does not include
substantially the same information as would be required to be included in a
Registration Statement covering the sale of the Registrable Securities, or a
Registration in which the only Ordinary Shares issuable upon conversion of debt
securities that are also being Registered), a written request that the Company
effect any Registration with respect to Registrable Securities on a form other
than Form F-3 for an offering of the then outstanding Registrable Securities,
the Company shall (i) within ten (10) days of the receipt thereof, give written
notice of the proposed Registration to all other Holders, and (ii) as soon as
practicable, use commercially reasonable efforts to effect the Registration of
the Registrable Securities specified in the request, together with any
Registrable Securities of any Holder as are specified in a written request from
such Holder given within twenty (20) days after written notice from the Company.
The Company shall not be obligated to take any action to effect any Registration
pursuant to this Section 7.1 after the Company has effected three (3)
Registrations pursuant to this Section 7.1 and each Registration has been
declared effective. The substantive provisions of Section 7.5 shall be
applicable to the Registration initiated under this Section 7.1.

          7.2 Request for Registration on Form F-3. If the Initiating Holders
request that the Company file a Registration Statement on Form F-3 (or any
successor form to Form F-3, or any comparable form for a Registration in a
jurisdiction other than the United States) for a public offering, of shares of
Registrable Securities, the reasonably anticipated aggregate price to the public
of which, net of Selling Expenses, would not be less than US$5,000,000, and the
Company is a registrant entitled to use Form F-3 or comparable form to Register
the Registrable Securities for an offering, the Company shall use commercially
reasonable efforts to cause those Registrable Securities to be Registered for
the offering on that form and to cause those Registrable Securities to be
qualified in jurisdictions as the Holder or Holders may reasonably request. The
Company shall not be required to effect more than one Registration pursuant to
this Section 7.2 in any twelve (12) month period. The substantive provisions of
Section 7.5 shall be applicable to each Registration initiated under this
Section 7.2.

          7.3 Right of Deferral. Notwithstanding anything in this Section 7 to
the contrary, the Company shall not be obligated to file a Registration
Statement pursuant to this Section 7:

          (a) in any particular jurisdiction in which the Company would be
     required to execute a general consent to service of process in effecting
     that Registration, qualification, or compliance, unless the Company is
     already subject to service in that jurisdiction and except as may be
     required by the Securities Act or other applicable law in a jurisdiction
     other than the United States in which the Registration is being effected;

          (b) if the Company, within fifteen (15) days of the receipt of the
     request of any Initiating Holder(s), gives notice of its bona fide
     intention to effect the filing of a Registration Statement with the
     Commission or comparable regulatory agency for a Registration in a
     jurisdiction other than the United States (other than a Registration of
     securities in a Rule 145 transaction or of securities being offered to the
     employees of the

                                       14

<PAGE>

     Group Companies pursuant to a stock option, stock purchase or similar plan,
     a registration relating to a corporate reorganization, a registration on
     any form that does not include substantially the same information as would
     be required to be included in a registration statement covering the sale of
     the Registrable Securities, or a registration in which the only Ordinary
     Shares being registered is Ordinary Shares issuable upon conversion of debt
     securities that are also being registered), then the Company shall have the
     right to defer such filing for a period of not more than one hundred twenty
     (120) days after receipt of the request of the Holders requesting
     Registration pursuant to Section 7.1 or Section 7.2, provided that the
     Company may not utilize this right more than once in every twelve (12)
     month period and that the Company shall not Register any other shares
     during such twelve (12) month period. Any Registration of Registrable
     Securities as a result of such efforts shall be deemed to have been
     initiated by the Company, not by the Initiating Holders under Section 7.1,
     and the original request by the Initiating Holders to Register Registrable
     Securities shall instead be deemed a request to include the Registrable
     Securities specified in the request in such Registration under Section 8;

          (c) within one hundred eighty (180) days immediately following the
     effective date of any Registration Statement pertaining to the securities
     of the Company (other than a Registration of securities in a Rule 145
     transaction or of securities being offered to the employees of the Group
     Companies pursuant to a stock option, stock purchase or similar plan, a
     Registration relating to a corporate reorganization, a Registration on any
     form that does not include substantially the same information as would be
     required to be included in a Registration Statement covering the sale of
     the Registrable Securities, or a Registration in which the only Ordinary
     Shares being Registered is Ordinary Shares issuable upon conversion of debt
     securities that are also being Registered); or

          (d) if the Company furnishes to those Holders a certificate signed by
     the President of the Company stating that in the good faith judgment of the
     Board it would be materially detrimental to the Company and its
     shareholders for a Registration Statement to be filed in the near future.
     Then the Company's obligation to use its commercially reasonable efforts to
     file a Registration Statement shall be deferred for a period not to exceed
     one hundred twenty (120) days from the receipt of the request to file the
     Registration by that Holder provided that the Company shall not exercise
     the right contained in this Section 7.3(d) more than once in any twelve
     (12) month period and provided further, that during such one hundred twenty
     (120) day period the Company shall not file a Registration Statement with
     respect to the public offering of securities of the Company (other than a
     Registration of securities in a Rule 145 transaction or of securities being
     offered to the employees of the Group Companies pursuant to a stock option,
     stock purchase or similar plan, a Registration on any form that does not
     include substantially the same information as would be required to be
     included in a Registration Statement covering the sale of the Registrable
     Securities, or a Registration in which the only Ordinary Shares issuable
     upon conversion of debt securities that are also being Registered).

          7.4 Registration of Other Securities in Demand Registration. Any
Registration Statement filed pursuant to the request of any Holder under this
Section 7 may,

                                       15

<PAGE>

subject to the provisions of Section 7.5, include Ordinary Shares of the Company
other than Registrable Securities.

          7.5 Underwriting in Demand Registration.

          (a) Notice of Underwriting. If the Initiating Holders intend to
distribute the Registrable Securities covered by their request by means of an
underwriting, they shall so advise the Company as a part of their request made
pursuant to this Section 7, and the Company shall include that information in
the written notice referred to in Section 7.1 or 7.2 of this Agreement. In such
event, the right of any Holder to Registration pursuant to this Section 7 shall
be conditioned upon such Holder's agreement to participate in the underwriting
arrangement required by this Section 7.5, and the inclusion of that Holder's
Registrable Securities in the underwriting to the extent provided herein. The
Company shall (together with all Holders proposing to distribute their
securities through the underwriting) enter into an underwriting agreement with
the representative (the "UNDERWRITERS' REPRESENTATIVE") of the underwriter or
underwriters selected for the underwriting by the Company and reasonably
acceptable to Holders of a majority of the Registrable Securities that are being
proposed to be distributed through such underwriting.

          (b) Inclusion of Other Holders in Demand Registration. If the Company,
officers or directors of the Company holding Ordinary Shares other than
Registrable Securities, or holders of securities other than Registrable
Securities, request inclusion of such Ordinary Shares or other securities in the
Registration, the Initiating Holders, to the extent they deem advisable and
consistent with the goals of that Registration, may, in their reasonable
discretion, on behalf of all Holders, offer to any or all of the Company, those
officers or directors, and the holders of securities other than Registrable
Securities that such Ordinary Shares or other securities be included in the
underwriting and may condition that offer on the acceptance by those persons of
the terms of this Section 7. If, however, the number of shares so included
exceeds the number of shares of Registrable Securities included by all Holders,
the Registration shall be treated as governed by Section 8 of this Agreement
rather than this Section 7, and it shall not count as a Registration for
purposes of this Section 7.

          (c) Marketing Limitation in Demand Registration. Notwithstanding
anything in this Section 7 to the contrary, if the Underwriters' Representative
advises the Initiating Holders in writing that marketing factors (including,
without limitation, the aggregate number of Ordinary Shares 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 shares to be underwritten, then the Initiating Holders shall so
advise all Holders of Registrable Securities which would otherwise be
underwritten pursuant hereto, and the number of shares of Registrable Securities
that may be included in the Registration and underwriting shall be allocated
among all Holders thereof in proportion, as nearly as practicable, to the
respective amounts of Registrable Securities entitled to inclusion in that
Registration held by such Holders at the time of filing the Registration
Statement; provided that securities described in Section 7.5(b) shall first be
excluded from such Registration, and that at least twenty-five percent (25%) of
the Registrable Securities requested by the Initiating Holders to be included in
such Registration and underwriting shall be so included. No Registrable
Securities or other securities excluded from the underwriting by reason of this
Section 7.5(d) shall be included in

                                       16

<PAGE>

such Registration Statement. To facilitate the allocation of shares in
accordance with the above provisions, the Company and the Underwriters'
Representative may round the number of shares allocated to any Holder to the
nearest one hundred (100) shares.

          (d) Right of Withdrawal in Demand Registration. If any Holder of
Registrable Securities, or a holder of other securities entitled (upon request)
to be included in such Registration, disapproves of the terms of the
underwriting, such person may elect to withdraw therefrom by written notice to
the Company, the Underwriter's Representative, and the Initiating Holders
delivered at least seven (7) Business Days prior to the effective date of the
Registration Statement. The securities so withdrawn shall also be withdrawn from
the Registration Statement, and such securities shall not be transferred in a
public distribution prior to one hundred eighty (180) days after the effective
date of such Registration, or such other period of time as the underwriters may
require.

          7.6 Other Securities Laws in Demand Registration. In the event of any
Registration pursuant to this Section 7, the Company shall exercise its
commercially reasonable endeavors to Register and qualify the securities covered
by the Registration Statement under the securities laws of any other
jurisdictions in the United States as shall be reasonably appropriate for the
distribution of the securities; provided, however, that: (a) the Company shall
not be required to do business or to file a general consent to service of
process in any such state or jurisdiction; and (b) notwithstanding anything in
this Agreement to the contrary, in the event any jurisdiction in which the
securities shall be qualified imposes a non-waivable requirement that expenses
incurred in connection with the qualification of the securities be borne by
selling shareholders, the expenses shall be payable pro rata by the selling
shareholders.

          7.7 Other Registration Rights. The Company and the Existing
Shareholder hereby jointly and severally (i) represent and warrant to the Series
A Preferred Shareholders that the Company has not granted any rights to any
shareholder or other person with respect to the Registration of securities of
the Company and (ii) covenant that the Company will not, and the Existing
Shareholder will not permit the Company to, grant any such rights to any Person
without the prior written consent of Holders holding at least a majority of the
Registrable Securities.

     SECTION 8. Piggyback Registration.

          8.1 Notice of Piggyback Registration and Inclusion of Registrable
Securities. Subject to the terms of this Agreement, if the Company decides to
Register any of its Ordinary Shares (either for its own account or the account
of a security holder or holders exercising their respective demand registration
rights (other than Holders exercising their demand rights pursuant to Section 7
of this Agreement)) (other than a Registration relating solely to the sale of
securities to participants in a Company stock plan, a Registration relating to a
corporate reorganization or other transaction under Rule 145 of the Securities
Act, a Registration on any form that does not include substantially the same
information as would be required to be included in a registration statement
covering the sale of the Registrable Securities, or a Registration in which the
only Ordinary Shares being registered is Ordinary Shares issuable upon
conversion of debt securities that are also being Registered), the Company
shall: (a) promptly give each Holder written notice thereof (which shall include
a list of the jurisdictions in which the Company intends to attempt to

                                       17

<PAGE>

qualify those securities under the applicable Blue Sky or other securities
laws); and (b) include in that Registration (and any related qualification under
Blue Sky laws or other compliance), and in any underwriting involved therein,
all the Registrable Securities specified in a written request delivered to the
Company by any Holder within twenty (20) days after delivery of the written
notice from the Company. The Company shall have the right to terminate or
withdraw any Registration initiated by it under this Section 8 prior to the
effectiveness of such Registration whether or not any Holder has elected to
include securities in such Registration.

          8.2 Underwriting in Piggyback Registration.

          (a) Notice of Underwriting in Piggyback Registration. If the
Registration of which the Company gives notice is for a Registered public
offering involving an underwriting, the Company shall so advise the Holders as a
part of the written notice given pursuant to Section 8.1. In such event, the
right of any Holder to Registration shall be conditioned upon such Holder's
participation in such underwriting and the inclusion of such Holder's
Registrable Securities in such underwriting to the extent provided in this
Section 8. All Holders proposing to distribute their securities through the
underwriting shall (together with the Company and any other holders distributing
their securities through the underwriting) enter into an underwriting agreement
with the Underwriter's Representative for such offering. The Holders shall have
no right to participate in the selection of the underwriters for an offering
pursuant to this Section 8.

          (b) Marketing Limitation in Piggyback Registration. Notwithstanding
anything in this Section 8 to the contrary, if the Underwriter's Representative
advises the Holders seeking Registration of Registrable Securities pursuant to
this Section 8 in writing that marketing factors (including, without limitation,
the aggregate number of Ordinary Shares 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
shares to be underwritten, the Underwriters' Representative (subject to the
allocation priority set forth in Section 8.2(c)) may:

               (i) in the case of the Company's initial public offering pursuant
          to a Registration Statement, exclude some or all Registrable
          Securities from the Registration and underwriting; and

               (ii) in the case of any Registered public offering subsequent to
          the initial public offering, limit the number of shares of Registrable
          Securities to be included in the Registration and underwriting, to not
          less than thirty-five percent (35%) of the Registrable Securities
          requested to be included in the Registration.

          (c) Allocation of Shares in Piggyback Registration. If the
Underwriter's Representative limits the number of shares to be included in a
Registration pursuant to Section 8.2(b), the number of shares to be included in
the Registration shall be allocated among all other Holders and other holders of
securities (other than Registrable Securities) requesting and legally entitled
to include securities in that Registration, in the following order of priority:

               (i) first, to the Company, to the extent it is offering shares
          for its own account; and

                                       18

<PAGE>

               (ii) next, to Holders requesting inclusion of Registrable
          Securities in the offering, in proportion, as nearly as practicable,
          to the respective amounts of securities (including Registrable
          Securities), which such Holders would otherwise be entitled to include
          in the Registration; and

               (iii) next, to the other holders requesting inclusion of such
          securities (other than Registrable Securities) in the offering, in
          proportion, as nearly as practicable to the respective amounts of
          securities which such other holders would otherwise be entitled to
          include in the Registration.

          For any Registration subsequent to an initial public offering, the
number of Registrable Securities that may be included in the Registration and
underwriting under Section 8.2(b)(ii) shall not be reduced to less than
thirty-five percent (35%) of the aggregate Registrable Securities requested to
be included in the Registration without the prior consent of at least a majority
of the Holders who have requested their Registrable Securities be included in
the Registration and underwriting. No Registrable Securities or other securities
excluded from the underwriting by reason of this Section 8.2(c) shall be
included in the Registration Statement. To facilitate the allocation of shares
in accordance with the above provisions, the Company and the Underwriters'
Representative may round the number of shares allocated to any Holder to the
nearest 100 shares.

          (d) Withdrawal in Piggyback Registration. If any Holder disapproves of
the terms of any underwriting, the Holder may elect to withdraw therefrom by
written notice to the Company and the Underwriter's Representative delivered at
least seven days prior to the effective date of the Registration Statement. Any
Registrable Securities or other securities excluded or withdrawn from the
underwriting shall be withdrawn from the Registration.

     SECTION 9. Expenses of Registration. All Registration Expenses reasonably
incurred in connection with up to three (3) Registrations pursuant to Section
7.1 and unlimited Registrations pursuant to Sections 8.2 and 9 shall be borne by
the Company. All Registration Expenses incurred in connection with any other
Registration, qualification or compliance shall be apportioned among the
Holders, and other holders, including the Company, of the securities so
Registered on the basis of the number of shares Registered. Notwithstanding the
above, the Company shall not be required to pay for any expenses of any
Registration proceeding commenced pursuant to Section 7 if the Registration
request is subsequently withdrawn at the request of the Holders of a majority of
the Registrable Securities to be Registered (which Holders shall bear those
expenses), unless the Holders of a majority of the Registrable Securities agree
to forfeit their right to one (1) corresponding Registration pursuant to Section
7; provided, however, that if at the time of such withdrawal, such Holders have
learned of a material adverse change in the condition, business, or prospects of
the Company not known to such Holders at the time of their request for such
Registration, and have withdrawn their request for Registration with reasonable
promptness after learning of such material adverse change, then the Holders
shall not be required to pay any such expenses and such Registration shall not
constitute the use of a Registration under Section 7. All Selling Expenses shall
be borne by the holders of the securities Registered pro rata on the basis of
the number of shares Registered.

                                       19

<PAGE>

     SECTION 10. Termination of Registration Rights. The rights of any Holder to
cause the Company to Register securities granted under Sections 7 and 8 and to
receive notices pursuant to Section 8 of this Agreement shall terminate on the
earlier of: (a) the date five (5) years a Qualified IPO; (b) with respect to
such Holder, after a Qualified IPO or the Company's initial public offering of
securities pursuant to a Registration Statement, if following such Qualified IPO
or initial public offering, such Holder, together with its Affiliates, holds
less than one percent (1%) of the outstanding Ordinary Shares, (c) with respect
to such Holder, when such Holder is eligible to sell all of the Registrable
Securities held by it (together with any Affiliate of such Holder with whom such
Holder must aggregate its sales under Rule 144) either (i) under Rule 144 within
any ninety (90) day period without volume limitations or (ii) under Rule 144(k),
or (d) with respect to such Holder's right with respect to Registration of
Registrable Securities in any jurisdiction other than the United States, when
that Holder is eligible to sell all of its Registrable Securities under a
provision of that jurisdiction's securities laws comparable to Rule 144 or
144(k).

     SECTION 11. Registration Procedures and Obligations. Whenever required
under this Agreement to effect the Registration of any Registrable Securities,
the Company shall, as expeditiously as reasonably possible:

          (a) Prepare and file with the Commission (or comparable regulatory
     agency with respect to a Registration in a jurisdiction other than the
     United States) a Registration Statement with respect to such Registrable
     Securities and use its commercially reasonable efforts to cause that
     Registration Statement to become effective, and, upon the request of the
     Holders of a majority of the Registrable Securities Registered thereunder,
     keep the Registration Statement effective for up to ninety (90) days, or if
     earlier, until the distribution contemplated by the Registration has been
     completed.

          (b) Prepare and file with the Commission (or comparable regulatory
     agency for a Registration in a jurisdiction other than the United States),
     such amendments and supplements to such Registration Statement and the
     prospectus used in connection with such Registration Statement as may be
     necessary to comply with the provisions of the Securities Act (or, with
     respect to a Registration in a jurisdiction other than the United States,
     other applicable law in a jurisdiction other than the United States) 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, required by the Securities Act (or,
     with respect to a Registration in a jurisdiction other than the United
     States, other applicable law in a jurisdiction other than the United
     States), and such other documents as the underwriters may reasonably
     request in order to facilitate the disposition of such Registrable
     Securities;

          (d) Otherwise use its commercially reasonable efforts to comply with
     the Securities Act, the Exchange Act and any other applicable rules and
     regulations of the Commission, and make available to the securities
     holders, as soon as reasonably practicable, an earnings statement covering
     the period of at least twelve (12) months after the effective date of such
     Registration Statement, which earnings statement shall satisfy

                                       20

<PAGE>

     Section 11(a) of the Securities Act and any applicable regulations
     thereunder, including Rule 158;

          (e) Use its commercially reasonable efforts to Register and qualify
     the securities covered by the Registration Statement under the securities
     or Blue Sky laws of any other jurisdictions as shall be 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 states or jurisdictions, and provided further that if any
     jurisdiction in which the securities shall be qualified imposes a
     non-waivable requirement that expenses incurred in connection with the
     qualification of the securities be borne by selling shareholders, such
     expenses shall be payable pro rata by selling shareholders;

          (f) Appoint a qualified independent underwriter, if necessary under
     the circumstances or if reasonably requested by the Holders of more than
     fifty percent (50%) of the Registrable Securities in any Registration made
     pursuant to the terms hereof;

          (g) In the event of any underwritten public offering, enter into and
     perform its obligations under an underwriting agreement, in usual and
     customary form, with the managing underwriter of such offering, provided
     that each Holder participating in the underwriting shall also enter into
     and perform its obligations under such an agreement;

          (h) 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 the Securities Act of the happening of any
     event as a result of which the 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;

          (i) Provide a transfer agent and registrar for all Registrable
     Securities Registered pursuant to the Registration Statement and a CUSIP
     number for all such Registrable Securities, in each case not later than the
     effective date of such Registration;

          (j) Use its commercially reasonable efforts to furnish, at the request
     of any Holder requesting Registration of Registrable Securities pursuant to
     this Agreement, on the date that Registrable Securities are delivered to
     the underwriters for sale in connection with a Registration pursuant to
     this Agreement, (i) an opinion, dated the date of the sale, of the counsel
     representing the Company for the purposes of such Registration, in form and
     substance as is customarily given to underwriters in an underwritten public
     offering, and (ii) a "comfort" letter dated the date of the sale, 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, if any; and

          (k) Use its commercially reasonable efforts to list the Registrable
     Securities on the primary exchange upon which similar securities issued by
     the Company are then traded.

                                       21

<PAGE>

     SECTION 12. Information Furnished by Holder. It shall be a condition
precedent of the Company's obligations under this Agreement that each Holder of
Registrable Securities included in any Registration furnish to the Company
information regarding such Holder, the Registrable Securities held by it and the
distribution of such Registrable Securities proposed by such Holder as the
Company may reasonably request.

     SECTION 13. Indemnification.

          13.1 Company's Indemnification of the Holders. In the event any
Registrable Securities are included in a Registration Statement under this
Agreement, to the extent permitted by law, the Company shall indemnify each
Holder, each of its officers, directors, partners and legal counsel, and each
person controlling such Holder, with respect to which Registration,
qualification, or compliance of Registrable Securities has been effected
pursuant to this Agreement, and each underwriter, if any, and each person who
controls such underwriter within the meaning of Section 15 of the Securities Act
against all claims, losses, damages, liabilities, or actions in respect thereof
(collectively, "DAMAGES") arising out of or based upon any untrue statement (or
alleged untrue statement) of a material fact contained in any prospectus or
other document (including any related Registration Statement) incident to any
Registration, qualification, or compliance, or are based on any omission (or
alleged omission) to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, or any violation by
the Company of any rule or regulation promulgated under the Securities Act,
Exchange Act, applicable Blue Sky laws, or other applicable laws in the
jurisdiction other than the United States in which the Registration occurred,
applicable to the Company and relating to action or inaction required of the
Company in connection with any Registration, qualification, or compliance, and
the Company shall reimburse each such Holder, its directors, partners, legal
counsel and independent accountant, each such underwriter, and each such person
who controls such Holder or any such underwriter, for any legal and any other
expenses reasonably incurred in connection with investigating or defending any
such claim, loss, damage, liability, or action; provided, however, that the
indemnity contained in this Section 13.1 shall not apply to amounts paid in
settlement of any Damages if settlement is effected without the consent of the
Company (which consent shall not unreasonably be withheld); and provided,
further, that the Company will not be liable in any case to the extent that any
Damages arise out of or are based upon any untrue statement or omission based
upon written information furnished to the Company by a Holder, underwriter, or
controlling person and stated to be for use in connection with the offering of
securities of the Company.

          13.2 Holder's Indemnification of Company. In the event any Registrable
Securities are included in a Registration Statement under this Agreement, to the
extent permitted by law, each Holder shall, if Registrable Securities held by
that Holder are included in the securities as to which Registration,
qualification or, compliance is being effected pursuant to this Agreement,
indemnify the Company, each of its directors and officers, each legal counsel
and independent accountant of the Company, each underwriter, if any, of the
Company's securities covered by the Registration Statement, each person who
controls the Company or such underwriter within the meaning of Section 15 of the
Securities Act, and each other Holder, each of its officers, directors, and
constituent partners, and each person controlling such other Holder, against all
Damages arising out of or based upon any untrue statement (or alleged untrue
statement) of a material fact contained in any Registration Statement,
prospectus, offering

                                       22

<PAGE>

circular, or other document, or any omission (or alleged omission) to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, or any violation by the Holder of any rule or
regulation promulgated under the Securities Act, Exchange Act, applicable Blue
Sky laws, or other applicable laws in the jurisdiction other than the United
States in which the Registration occurred, applicable to such Holder and
relating to action or inaction required of such Holder in connection with any
Registration, qualification, or compliance, and shall reimburse the Company,
such other Holders, directors, officers, partners, persons, law firms and
accounting firms, underwriters or control persons for any legal and any other
expenses reasonably incurred in connection with investigating or defending any
claim, loss, damage, liability, or action, in each case to the extent, but only
to the extent, that the untrue statement (or alleged untrue statement) or
omission (or alleged omission) or violation is made in that Registration
Statement, prospectus, offering circular, or other document in reliance upon and
in conformity with written information furnished to the Company by such Holder
and stated to be specifically for use in connection with the offering of
securities of the Company, provided, however, that the indemnity contained in
this Section 13.2 shall not apply to amounts paid in settlement of any Damages
if settlement is effected without the consent of such Holder (which consent
shall not be unreasonably withheld) and provided, further, that such Holder's
liability under this Section 13.2 shall not exceed the Holder's proceeds (less
underwriting discounts and selling commissions) from the offering of securities
made in connection with such Registration, except in the case of fraud or
willful misconduct by such Holder.

          The obligations of the Holders under this Section 13.2 shall be
several, and not joint and several, among the Holders whose Registrable
Securities are included in the Registration.

          13.3 Condition to Indemnity. The foregoing indemnity agreements of the
Company and the Holders are subject to the condition that, insofar as they
relate to any violation made in a preliminary prospectus but eliminated or
remedied in the amended prospectus on file with the Commission at the time the
Registration Statement in question becomes effective or the amended prospectus
filed with the Commission pursuant to Rule 424(b) (the "FINAL PROSPECTUS"), such
indemnity agreement shall not inure to the benefit of any person if a copy of
the Final Prospectus was furnished to the indemnified party and was not
furnished to the person asserting the loss, liability, claim or damage at or
prior to the time such action is required by the Securities Act.

          13.4 Indemnification Procedure. Promptly after receipt by an
indemnified party under this Section 13 of notice of the commencement of any
action, the indemnified party shall, if a claim is to be made against an
indemnifying party under this Section 13, notify the indemnifying party in
writing of the commencement thereof and generally summarize the action. The
indemnifying party shall have the right to participate in and to assume the
defense of that claim; provided, however, that the indemnifying party shall be
entitled to select counsel for the defense of the claim with the approval of any
parties entitled to indemnification, which approval shall not be unreasonably
withheld; provided further, however, that if either party reasonably determines
that there may be a conflict between the position of the Company and the Holders
in conducting the defense of the action, suit, or proceeding by reason of
recognized claims for indemnity under this Section 13, then counsel for such
party shall be entitled to conduct the defense to the extent reasonably
determined by counsel to be necessary to protect the interests of

                                       23

<PAGE>

such party. The failure to notify an indemnifying party promptly of the
commencement of any action, if prejudicial to the ability of the indemnifying
party to defend the action, shall relieve the indemnifying party, to the extent
so prejudiced, of any liability to the indemnified party under this Section 13,
but the omission to notify the indemnifying party shall not relieve the party of
any liability that the party may otherwise have to any indemnified party
otherwise under this Section 13.

          13.5 Contribution. If the indemnification provided for in this Section
13 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any Damages, then the indemnifying party, in
lieu of indemnifying the indemnified party hereunder, shall contribute to the
amount paid or payable by the indemnified party as a result of those Damages 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
hand, in connection with the statements or omissions that resulted in Damages 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 or the indemnified party and the parties' relative
intent, knowledge, access to information, and opportunity to correct or prevent
the statement or omission. No Holder will be required to contribute any amount
in excess of the net proceeds received from the sale of all such Registrable
Securities offered and sold by such Holder pursuant to such Registration
Statement, except in the case of fraud or willful misconduct by such Holder; and
no person or entity guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) will be entitled to contribution from
any person or entity who was not guilty of such fraudulent misrepresentation.

          13.6 Conflicts. Notwithstanding the foregoing, to the extent that
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; provided however, that the provision in any such
underwriting agreement pertaining to indemnification and contribution will be
(i) substantially similar to those contained herein, or (ii) typical of such
provisions found in underwriting agreements of companies similarly situated to
the Company.

          13.7 Survival of Obligations. The obligations of the Company and
Holders under this Section 13 shall survive the completion of any offering of
Registrable Securities in a Registration Statement under this Agreement or
otherwise. No indemnifying party, in the defense of any such claim or
litigation, shall, except with the consent of each indemnified party, consent to
entry of any judgment or enter into any settlement which admits fault on behalf
of the indemnified party or which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such indemnified party of a
release from all liability with respect to such claim or litigation.

     SECTION 14. Lock-Up. Each Holder hereby agrees that, if requested by the
Company or the Underwriter's Representative (if any) in connection with the
Company's initial public offering, such Holder shall not sell, contract to sell,
make any short sale of, loan, grant any option for the purchase of, pledge,
charge or otherwise transfer or dispose of any Registrable

                                       24

<PAGE>

Securities or other securities of the Company without the prior written consent
of the Company or the Underwriter's Representative, as the case may be, for such
period of time (not to exceed one hundred eighty (180) days) following the
effective date of a Registration Statement of the Company filed under the
Securities Act (or other applicable law in a jurisdiction other than the United
States in which a Registration occurred) as may be requested by the
Underwriter's Representative or pursuant to any regulations or rules of the
stock exchange on which shares of the Company are listed. The obligations of
Holders under this Section 14 shall be conditioned upon similar agreements being
in effect with each other shareholder who is an officer, director, or five
percent (5%) shareholder of the Company. The Company shall not release any of
the shareholders who is an officer, director, or five percent (5%) shareholder
of the Company from the lock-up without first releasing the Holders.

     SECTION 15. No Action Letter. Notwithstanding anything else in this
Agreement, if: (a) the Company obtains from the Commission (or comparable
regulatory agency in case of Registration in a jurisdiction other than the
United States) a "no-action" letter in which the Commission or such comparable
regulatory agency has indicated that it will take no action if, without
Registration under the Securities Act or comparable law, any Holder disposes of
Registrable Securities covered by any request for Registration made under
Section 7 of this Agreement in the specific manner in which the Holder proposes
to dispose of Registrable Securities included in that request (such as
including, without limitation, inclusion of the Registrable Securities in an
underwriting initiated by either the Company or the Holders) and that the
Registrable Securities may be sold to the public without Registration in
accordance with an established procedure or Rule-based "safe harbor" without
unreasonable legal risk or uncertainty, then the Registrable Securities included
in the request shall not be eligible for Registration under this Agreement. Any
Registrable Securities not so disposed of shall be eligible for Registration in
accordance with the terms of this Agreement with respect to other proposed
dispositions to which this Section 15 does not apply. The Registration rights of
the Holders of Registrable Securities set forth in this Agreement are
conditioned upon the conversion of the Registrable Securities with respect to
which Registration is sought into Ordinary Shares prior to the effective date of
the Registration Statement.

     SECTION 16. Reports Under the Exchange Act. With a view to making available
to Holders the benefits of Rule 144 promulgated under the Securities Act and any
other rule or regulation of the Commission 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, the Company agrees to:

          (a) make and keep public information available, as those terms are
understood and defined in Rule 144, at all times after ninety (90) days after
the effective date of the first Registration Statement filed by the Company for
the offering of its securities to the public so long as the Company is subject
to the periodic reporting requirements under Section 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 the Securities Act and the Exchange Act;

                                       25

<PAGE>
          (c) furnish to any Holder, so long as the Holder owns any Registrable
Securities, promptly upon written request (i) a written statement by the Company
that it has complied with the reporting requirements of Rule 144 (at any time
after ninety (90) days after the effective date of the first Registration
Statement filed by the Company), the Securities Act, and the Exchange Act (at
any time after it has become subject to reporting requirements thereunder), or
that it qualifies as a registrant whose securities may be resold pursuant to
Form F-3 (at any time after it so qualifies); (ii) a copy of the most recent
annual or quarterly report of the Company and any other reports and documents
filed by the Company; and (iii) such other information as may be reasonably
requested in availing any Holder of any rule or regulation of the Commission
which permits the selling of any such securities without Registration or
pursuant to that form; and

          (d) with respect to a Registration in a jurisdiction other than the
United States, take actions similar to those set forth in paragraphs (a), (b),
(c) and (d) of this Section 16 with a view to making available to Holders the
benefits of the corresponding provision or provisions of that jurisdiction's
securities laws.

          (e) at the request of a Holder, use its best efforts to enable such
Holder to sell the maximum number of Registrable Securities permitted under Rule
144, including without limitation promptly issuing appropriate instructions to
the Company's share transfer agent to remove legends from such Holder's share
certificates, causing the Company's counsel to issue legal opinions to support
such instructions, and if applicable promptly issuing appropriate instructions
to the Company's share registrar and depository agent to convert such Holder's
shares into depository receipts or similar instruments to be deposited into such
Holder's brokerage account(s). The Company acknowledges that time is of the
essence with respect to its obligations under this Section 16(e), and that any
unreasonable delay will cause the Holders irreparable harm and constitutes a
material breach of its obligations hereunder.

     SECTION 17. Transfer of Rights. The rights to cause the Company to Register
Registrable Securities under this Agreement may be assigned (but only with all
related obligations) by a Holder to (i) another Holder of Registrable Securities
who already possesses registration rights granted under this Agreement, (ii) a
transferee or assignee acquiring five percent (5%) or more of the Ordinary
Shares Equivalent, (iii) an affiliated limited partnership, a limited partner,
or general partner or other Affiliates of a Holder, provided that (x) the
Company is, within 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, (y) 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 and (z) such Holder shall procure that the
transferee or assignee of such Holder's Registrable Securities execute a deed of
adherence to this Agreement.

     SECTION 18. Legend; Stop Transfer Instructions.

          18.1 Legend. Each certificate representing shares or securities of the
Company now or hereafter owned by the Existing Shareholder, the Investor and any
transferee of such shares and securities shall be endorsed with the following
legend:

                                       26

<PAGE>

          "THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES
     REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A
     SHAREHOLDERS AGREEMENT BY AND BETWEEN THE HOLDER HEREOF, THE COMPANY AND
     CERTAIN OTHER SHAREHOLDERS OF THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE
     OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY."

          "THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES TO
     BE ISSUED UPON THEIR CONVERSION (IF APPLICABLE) HAVE NOT BEEN REGISTERED
     UNDER THE U.S. SECURITIES ACT OF 1933 (THE "SECURITIES ACT"), AND MAY NOT
     BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS BY OR ON BEHALF
     OF ANY U.S. PERSON, UNLESS REGISTERED UNDER THE SECURITIES ACT OR AN
     EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. IN ORDER TO TRANSFER OR
     EXERCISE ANY INTEREST IN THESE SECURITIES, THE BENEFICIAL HOLDER MUST
     FURNISH TO THE COMPANY EITHER (A) A WRITTEN CERTIFICATION THAT IT IS NOT A
     U.S. PERSON AND THE PREFERRED SHARES ARE NOT BEING CONVERTED ON BEHALF OF A
     U.S. PERSON OR (B) A WRITTEN OPINION OF COUNSEL TO THE EFFECT THAT THE
     SECURITIES DELIVERED UPON CONVERSION OF THESE SECURITIES HAVE BEEN
     REGISTERED UNDER THE SECURITIES ACT OR THAT THE DELIVERY OF SUCH SECURITIES
     IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. EACH
     BENEFICIAL HOLDER BY ACCEPTING AN INTEREST IN THESE SECURITIES AGREES THAT
     ANY HEDGING TRANSACTION INVOLVING SUCH SECURITIES OR THE SECURITIES TO BE
     ISSUED UPON CONVERSION OF SUCH SECURITIES MAY NOT BE CONDUCTED UNLESS IN
     COMPLIANCE WITH THE SECURITIES ACT. TERMS IN THIS LEGEND HAVE THE MEANINGS
     GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT."

          18.2 Stop Transfer Instructions. The Parties hereto agree that the
Company may instruct its transfer agent to impose transfer restrictions on the
shares represented by certificates bearing the legend referred to in Section
18.1 to enforce the provisions of this Agreement, and the Company agrees
promptly to do so. The legend shall be removed upon termination of this
Agreement.

     SECTION 19. Covenants.

          (a) In addition to any other rights provided by law and the provisions
of the Articles of Association or Memorandum of Association of the Company, the
Company and the Existing Shareholder shall not, and shall procure that the
Company and the Operating Subsidiary shall not, without first obtaining the
affirmative vote or written consent of the holders of a majority of the Series A
Preferred Shares then outstanding, voting as a single class, effect or otherwise
consummate any of the following:

                                       27

<PAGE>

               (i) Issue or sell any equity, equity-related or debt securities
          of any Group Company, other than Ordinary Shares to be issued upon
          conversion of the Shares purchased by the Investor or upon the
          exercise of options granted under a stock option plan approved by the
          Board;

               (ii) Redeem, acquire or otherwise purchase any Ordinary Shares or
          any preferred stock or any other securities of the Company, or any
          equity or securities of other Group Companies, other than any such
          securities from an employee or consultant of the Company upon
          termination of such person's employment or consulting arrangement, as
          the case may be, with the Company or in connection with a corporate
          reorganization within the Group (as approved by the holders of a
          majority of the Series A Preferred Shares);

               (iii) Make any acquisitions, merger or consolidation, enter into
          a joint venture arrangement, incorporate any subsidiary unless such
          action is incurred pursuant to a budget or business plan approved by
          the Board and the Investor;

               (iv) Acquire any shares, securities or interests in any Person
          other than any of the Company's Affiliates, including any joint
          venture entities in which the Company or its Affiliates hold an equity
          interest, unless pursuant to a budget or business plan approved by the
          Board and the Investor;

               (v) Sell, lease, dispose of or otherwise transfer all or
          substantially all of the assets of any Group Company;

               (vi) Incur any indebtedness or assume any financial obligation or
          issue, assume, guarantee or create any liability for borrowed money in
          excess of US$3 million in aggregate at any time outstanding unless
          such liability is incurred pursuant to a budget or business plan
          approved by the Board and the Investor and in the ordinary course of
          business;

               (vii) Extend any loan to, or guarantee any indebtedness or
          financial obligations of, any Person other than any of the Company's
          Affiliates, including any joint venture entities in which the Company
          or its Affiliates hold an equity interest, unless pursuant to a
          business plan approved by the Board and the Investor;

               (viii) Approve or make any capital expenditure in excess of US$3
          million unless such capital expenditure is approved or made pursuant
          to a budget or business plan approved by the Board and the Investor;

               (ix) Enter into any transaction with the Existing Shareholder or
          any of its Affiliates, unless in connection with an employment or
          consulting arrangement with a Group Company approved by the
          Compensation Committee of the Board;

               (x) Approve annual budgets and business plans;

                                       28

<PAGE>

               (xi) Appoint, terminate or change the terms of employment
          (including an increase in compensation in a twelve-month period by
          more than ten percent (10%) in the aggregate compared to the
          immediately preceding twelve-month period) with respect to the ten
          (10) most highly compensated employees of the Company;

               (xii) Amend, repeal or modify the Memorandum or Articles of
          Association of the Company, any equivalent articles of association or
          any by-laws, or other constitutional documents of any Group Company;

               (xiii) Declare or pay any dividends or any other distributions to
          any of the Shareholders;

               (xiv) Make any material change in the accounting methods or
          policies or appoint, remove or change the independent public
          accountants other than as required by applicable law, regulations or
          accounting standards;

               (xv) Dissolve, liquidate, wind up, recapitalize, reorganize or
          commence any bankruptcy proceedings with respect to any Group Company;
          or

               (xvi) Change the principal business activities of the Company or
          the Operating Subsidiary's registered capital other than through a
          Transfer to an Affiliate of the Company or the Operating Subsidiary.

          (b) Restrictions on Transfer. The Existing Shareholder undertakes to
the Investor that it will not transfer, alienate or dispose of any share capital
of the Operating Subsidiary held by it or otherwise create any Encumbrance on
any share capital of the Operating Subsidiary held by it without the written
consent of the Investor.

     SECTION 20. Conflict with Charter Documents. In the event of any conflict
or inconsistency between the provisions of this Agreement and the provisions of
the Company's Articles or Memorandum of Association or other constitutional
documents, the parties shall, notwithstanding the conflict or inconsistency, act
so as to effect the intent of this Agreement to the extent possible under the
circumstances and shall promptly take all reasonable steps to amend the
conflicting constitutional documents to conform to this Agreement to the extent
possible.

     SECTION 21. Miscellaneous.

          21.1 Governing Law. This Agreement shall be governed by, and construed
in accordance with, the laws of New York, without regard to principles of
conflicts of law.

          21.2 Dispute Resolution. Any controversy or claim arising out of or
relating to this Agreement, or any breach of this Agreement, shall be initiated,
maintained and finally determined by binding arbitration under the rules of
conciliation and arbitration of the International Chamber of Commerce (the
"ICC"); and the site of the arbitration, unless the parties agree otherwise,
shall be in Hong Kong. The arbitral tribunal shall be appointed within thirty
(30) days of the notice of dispute, and shall consist of three arbitrators, one
of which shall be appointed by the Investor and one by the Company and the third
by the Investor and the

                                       29

<PAGE>

Company jointly; provided, however, that if the Investor and the Company shall
be unable to select the third arbitrator within such thirty (30)-day period,
such third arbitrator shall be chosen by the International Court of Arbitration
of the ICC. Judgment upon any award rendered may be entered in any court having
jurisdiction thereof, or application may be made to such court for a judicial
acceptance of the award and an order of enforcement, as the case may be. Any
award pursuant to such proceeding shall be granted in U.S. Dollars. The fees and
costs of the arbitration shall be shared equally by all disputing parties. The
arbitrators shall award legal fees, disbursements and other expenses to the
prevailing party for such amounts as determined by the arbitrators to be
appropriate.

          21.3 Counterparts and Facsimile Execution. 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. Any
counterpart or other signature delivered by facsimile shall be deemed for all
purposes as being a good and valid execution and delivery of this Agreement by
that party.

          21.4 Headings. The headings of the Sections of this Agreement are for
convenience and shall not by themselves determine the interpretation of this
Agreement.

          21.5 Notices. Except as may be otherwise provided herein, all notices,
requests, waivers and other communications made pursuant to this Agreement shall
be in writing and shall be conclusively deemed to have been duly given (i) when
hand delivered to the other party; (ii) when received when sent by facsimile at
the number set forth below (or hereafter amended by subsequent notice to the
parties hereto), with printed confirmation sheet verifying successful
transmission of the facsimile; (iii) ten (10) Business Days after deposit in the
mail as certified mail, postage prepaid and addressed to the other party as set
forth below; or (iv) five (5) Business Days after deposit with an overnight
delivery service, postage prepaid, addressed to the parties as set forth below,
provided that the sending party receives a confirmation of delivery from the
delivery service provider.

          (a)  If to the Investor, to:

               Inspiration Partners Limited
               AZIA Center, Unit 2701B
               1233 Lujiazui Ring Road
               Shanghai P.R.China 200120
               Facsimile No.: +86 21 58767238
               Attn: Shujun Li and Donglei Zhou

               with a copy to:

               Paul, Hastings, Janofsky & Walker
               22/Fl Bank of China Tower
               1 Garden Road
               Central, Hong Kong
               Facsimile No.: 852 3192 9731
               Attn: Maurice Hoo, Esq.

                                       30

<PAGE>

          (b)  If to the Existing Shareholder or the Company, to:

               Yingli Power Holding Company Ltd.
               No. 3055 Middle Fuxing Road
               Baoding, People's Republic of China
               Facsimile No.: +86 312 2151 881
               Attn: Conghui Liu

               with a copy to:

               Simpson Thacher & Bartlett LLP
               7/F ICBC Tower
               3 Garden Road
               Central, Hong Kong
               Facsimile No.: +852-2869-7694
               Attn: Leiming Chen, Esq.

          Each person making a communication hereunder by facsimile shall
promptly confirm by telephone to the person to whom such communication was
addressed each communication made by it by facsimile pursuant hereto but the
absence of such confirmation shall not affect the validity of any such
communication. A party may change or supplement the addresses given above, or
designate additional addresses, for purposes of this Section 21.5 by giving the
other parties written notice of the new address in the manner set forth above.

          21.6 Amendment of Agreement. This Agreement may be amended at any time
by a written instrument signed by the Parties. No waivers of or exceptions to
any term, condition or provision of this Agreement, in any one or more
instances, shall be deemed to be, or construed as, a further or continuing
waiver of any such term, condition or provision.

          21.7 Severability. In case any provision of this Agreement shall be
invalid, illegal, or unenforceable, the validity, legality, and enforceability
of the remaining provisions shall not in any way be affected or impaired
thereby.

          21.8 Entire Agreement; Successors and Assigns. Except as specifically
referenced in this Agreement, this Agreement, together with any Exhibits to this
Agreement, constitute the entire contract among the Parties with respect to the
subject matter of this Agreement. Any prior or contemporaneous agreement,
discussion, understanding, or correspondence among the parties (including any
prior representations or warranties given by the Parties) regarding the purchase
of shares of the Company is superseded by this Agreement. Subject to the
exceptions specifically set forth in this Agreement, the terms and conditions of
this Agreement shall inure to the benefit of and be binding upon the respective
executors, administrators, heirs, successors, and assigns of the Parties to this
Agreement.

          21.9 Assignability. Subject to Section 18, the rights and obligation
under this Agreement shall not be assignable by any party without the prior
written consent of all the other Parties, except that the assignment by the
Investor of its rights and obligations hereunder to its

                                       31

<PAGE>

Affiliates provided that any such Affiliate agrees in writing to be bound by all
of the terms, conditions and provisions contained herein.

          21.10 Termination. The provisions of this Agreement, except for
Sections 1, 2, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 20 and 21 and other
provisions that by their express terms survive termination, shall cease to have
effect immediately upon a Qualified IPO and no parties shall have any rights or
obligations under these provisions (save as excepted above) save for any
obligations arising in connection prior to the Qualified IPO.

                [Remainder of this page intentionally left blank]

                                       32

<PAGE>

          IN WITNESS WHEREOF, each of the Parties hereto has caused this
Agreement to be duly executed by its respective authorized officers:

                                        INSPIRATION PARTNERS LIMITED

                                        By: /s/ Shujun Li
                                            ------------------------------------
                                        Name: Shujun Li
                                        Title: Director

                                        YINGLI POWER HOLDING COMPANY LTD.

                                        By: /s/ Liansheng Miao
                                            ------------------------------------
                                        Name: Liansheng Miao
                                        Title: Director

                                        YINGLI GREEN ENERGY HOLDING COMPANY
                                        LIMITED

                                        By: /s/ Liansheng Miao
                                            ------------------------------------
                                        Name: Liansheng Miao
                                        Title: Chairman and Chief Executive
                                               Officer

                                        /s/ Liansheng Miao
                                        ----------------------------------------
                                        Liansheng Miao

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