Document:

EX-4.21

 Exhibit 4.21 

SHARE PURCHASE AGREEMENT 

dated as of 
 January 15,
2022 
 between 
 AMTD
INTERNATIONAL INC. 
 and 

NGSP HOLDINGS LIMITED 

Summary of Key Terms 
 Purchaser:
NGSP HOLDINGS LIMITED 
 Shares to be purchased: 58,411 Class A ordinary shares of AMTD International Inc., par value US$0.0001 each, to
be newly issued 
 Purchase price: US$4.28 per Class A ordinary share, or US$250,000 in aggregate 

Lock-up period: six (6) months after the closing 

Long stop date of closing: January 18, 2022. 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	
	Article 1	  

	
	DEFINITIONS	  

			
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 Other Definitional and Interpretative Provisions
	  	 	4	 
	
	Article 2	  

	
	PURCHASE AND SALE	  

			
	 Section 2.01
	 	 Purchase and Sale
	  	 	4	 
	 Section 2.02
	 	 Closing
	  	 	4	 
	
	Article 3	  

	
	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	  

			
	 Section 3.01
	 	 Organization and Qualification
	  	 	5	 
	 Section 3.02
	 	 Subsidiaries
	  	 	5	 
	 Section 3.03
	 	 Capitalization.
	  	 	6	 
	 Section 3.04
	 	 Authorization; Enforcement; Validity
	  	 	6	 
	 Section 3.05
	 	 No Conflicts
	  	 	6	 
	 Section 3.06
	 	 Consents
	  	 	6	 
	 Section 3.07
	 	 Valid Issuance
	  	 	7	 
	 Section 3.08
	 	 No Registration
	  	 	7	 
	 Section 3.09
	 	 SEC Documents
	  	 	7	 
	 Section 3.10
	 	 Financial Statements
	  	 	7	 
	 Section 3.11
	 	 Internal Controls and Procedures
	  	 	8	 
	 Section 3.12
	 	 Compliance with Applicable Laws
	  	 	8	 
	 Section 3.13
	 	 Insolvency and Winding Up
	  	 	8	 
	
	Article 4	  

	
	REPRESENTATIONS AND WARRANTIES OF THE PURCHASER	  

			
	 Section 4.01
	 	 Organization
	  	 	9	 
	 Section 4.02
	 	 Authorization; Enforcement; Validity
	  	 	9	 
	 Section 4.03
	 	 No Conflicts
	  	 	9	 
	 Section 4.04
	 	 Consents
	  	 	9	 
	 Section 4.05
	 	 Status and Investment Intent of the Purchaser
	  	 	9	 
	 Section 4.06
	 	 Restricted Securities
	  	 	10	 
	 Section 4.07
	 	 Legends
	  	 	10	 

  
 i 

							
	
	Article 5	  

	
	COVENANTS	  

			
	 Section 5.01
	 	 Interim Conduct; Further Assurances
	  	 	10	 
	 Section 5.02
	 	 Listing of Securities
	  	 	11	 
	 Section 5.03
	 	 Lock-up
	  	 	11	 
	
	Article 6	  

	
	CONDITIONS TO CLOSING	  

			
	 Section 6.01
	 	 Conditions to Obligations of All Parties
	  	 	11	 
	 Section 6.02
	 	 Conditions to Obligation of the Purchaser
	  	 	11	 
	 Section 6.03
	 	 Conditions to Obligation of the Company
	  	 	12	 
	
	Article 7	  

	
	SURVIVAL; INDEMNIFICATION	  

			
	 Section 7.01
	 	 Survival
	  	 	12	 
	 Section 7.02
	 	 Indemnification
	  	 	12	 
	 Section 7.03
	 	 Third Party Claim Procedures.
	  	 	13	 
	 Section 7.04
	 	 Direct Claim Procedures
	  	 	14	 
	
	Article 8	  

	
	TERMINATION	  

			
	 Section 8.01
	 	 Grounds for Termination
	  	 	14	 
	 Section 8.02
	 	 Effect of Termination
	  	 	15	 
	
	Article 9	  

	
	MISCELLANEOUS	  

			
	 Section 9.01
	 	 Notices
	  	 	15	 
	 Section 9.02
	 	 Amendments and Waivers
	  	 	15	 
	 Section 9.03
	 	 Expenses
	  	 	16	 
	 Section 9.04
	 	 Successors and Assigns
	  	 	16	 
	 Section 9.05
	 	 Governing Law
	  	 	16	 
	 Section 9.06
	 	 Arbitration
	  	 	16	 
	 Section 9.07
	 	 Counterparts; Effectiveness; Third Party Beneficiaries
	  	 	16	 
	 Section 9.08
	 	 Entire Agreement
	  	 	16	 
	 Section 9.09
	 	 Severability
	  	 	16	 

  

  
 ii 

 SHARE PURCHASE AGREEMENT 

This SHARE PURCHASE AGREEMENT dated as of January 15, 2022 (this “Agreement”) is made and entered into by and between
(i) AMTD International Inc., a company incorporated under the laws of the Cayman Islands (the “Company”), and (ii) NGSP Holdings Limited, a company organized under the laws of British Virgin Islands (the
“Purchaser”). 
 W I T N E S S E T H: 

WHEREAS, the Company desires to issue, sell and deliver to the Purchaser, and the Purchaser desires to purchase and acquire from the Company
(the “Investment”), upon the terms and conditions set forth in this Agreement, certain Class A Shares (as defined below) of the Company. 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS

 Section 1.01 Definitions. (a) The following terms, as used herein, have the following meanings: 

“ADSs” means the American depositary shares of the Company, each representing one (1) Class A Share. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under
common control with such Person; provided that none of the Company, any of its Subsidiaries shall be considered an Affiliate of the Purchaser. For purposes of this definition, “control” when used with respect to any Person
means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and
“controlled” have correlative meanings. 
 “Applicable Law” means, with respect to any Person, any
international, domestic or foreign federal, state or local law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted,
adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Person, as amended unless expressly specified otherwise. 

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

“Business Day” means a day, other than Saturday, Sunday or other day on which commercial banks in New York, NY, the Cayman
Islands or Hong Kong are authorized or required by Applicable Law to close. 

  
 1 

 “Class A Shares” means Class A ordinary shares, par
value US$0.0001 per share, in the share capital of the Company. 
 “Class B Shares” means the
Class B ordinary shares, par value US$0.0001 per share, in the share capital of the Company. 
 “Closing Date” means
the date of the Closing. 
 “Contract” means any agreement, contract, lease, indenture, instrument, note, debenture, bond,
mortgage or deed of trust or other agreement, commitment, arrangement or understanding, whether written or oral. 

“Encumbrance” means any security interest, pledge, mortgage, lien, charge, claim, hypothecation, title defect, right of first
option or refusal, right of preemption, or other encumbrance of any kind. 
 “Exchange Act” means the U.S. Securities
Exchange Act of 1934, as amended, and any rules and regulations promulgated thereunder. 
 “Governmental Authority” means
any transnational, domestic or foreign federal, state or local governmental, regulatory or administrative authority, department, court, agency or official, including any political subdivision thereof. 

“Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China. 

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

“Issued Shares” means 58,411 Class A Shares to be newly issued by the Company to the Purchaser on the Closing Date. 

“knowledge” of any Person that is not an individual means the knowledge of such Person’s officers after reasonable
inquiry. 
 “Material Adverse Effect” means any event, circumstance, development, change or effect that, individually or in
the aggregate, has or would reasonably be expected to have a material adverse effect on (i) the financial condition or results of operations of the Company and its Subsidiaries, taken as a whole, excluding any such effect resulting from
(A) the announcement of the transactions contemplated by this Agreement, (B) changes affecting any of the industries in which the Company or its Subsidiaries operate generally or the economy generally or (C) changes affecting general
worldwide economic or capital market conditions, or (ii) the authority or ability of the Company to perform its obligations under this Agreement and to consummate the transactions contemplated hereby. 

“Memorandum and Articles” means the Memorandum and Articles of Association of the Company in effect from time to time. 

“NYSE” means the New York Stock Exchange. 

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

  
 2 

 “Person” means an individual, corporation, partnership, limited liability
company, association, trust or other entity or organization, including a Governmental Authority. 
 “Sarbanes-Oxley Act”
means the Sarbanes-Oxley Act of 2002. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Securities” means any Ordinary Shares or any equity interest of, or shares of any class in the share capital (ordinary,
preferred or otherwise) of, the Company and any convertible securities, options, warrants and any other type of equity or equity-linked securities convertible, exercisable or exchangeable for any such equity interest or shares of any class in the
share capital of the Company. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 
 “Subsidiary” of any Person means any corporation, partnership, limited liability
company, joint stock company, joint venture or other organization or entity, whether incorporated or unincorporated, which is controlled by such Person. 

“Transfer” means directly or indirectly, offer, sell, contract to sell, pledge, transfer, assign, give, hypothecate,
encumber, grant a security interest in, convey in trust, gift, devise or descent, or otherwise dispose of, or suffer to exist (whether by operation of law of otherwise) any Encumbrance on, any Issued Shares or any right, title or interest therein or
thereto, or enter into a transaction which would have the same effect, or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of any Issued Shares, whether any such
aforementioned transaction is to be settled by delivery of the Ordinary Shares, ADSs or such other securities, in cash or otherwise, or publicly disclose the intention to make any such disposition or to enter into any such transaction, swap, hedge
or other arrangement, including transfers pursuant to divorce or legal separation, transfers to receivers, levying creditors, trustees or receivers in bankruptcy proceedings or general assignees for the benefit of creditors, whether voluntary or by
operation of law, directly or indirectly, of any Issued Shares. 
 “U.S.” or “United States” means the
United States of America. 
 (b) Each of the following terms is defined in the Section set forth opposite such term: 

 

					
	 Term
	  	Section	 
	 Agreement
	  	 	Preamble	 
	 Bankruptcy Exception
	  	 	Section 3.04	 
	 Closing
	  	 	Section 2.02	 
	 Company
	  	 	Preamble	 
	 Company ESOP
	  	 	Section 3.03(a)	 
	 e-mail
	  	 	Section 9.01	 
	 Financial Statements
	  	 	Section 3.10	 
	 HKIAC
	  	 	Section 9.06	 
	 Indemnified Parties
	  	 	Section 7.02(a)	 
	 Indemnifying Party
	  	 	Section 7.02(a)	 
	 Investment
	  	 	Recitals	 
	 Lock-Up Period
	  	 	Section 5.03	 
	 Losses
	  	 	Section 7.02(a)	 
	 Permits
	  	 	Section 3.12	 
	 Purchaser
	  	 	Preamble	 
	 Rules
	  	 	Section 9.06	 
	 SEC Documents
	  	 	Section 3.09	 
	 Subscription Price
	  	 	Section 2.01	 
	 Third Party Claim
	  	 	Section 7.03(a)	 

  
 3 

 Section 1.02 Other Definitional and Interpretative Provisions. The words
“hereof,” “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for
convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified.
All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein,
shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include,” “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed by those words or words of like import. “Writing,” “written” and comparable
terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations
promulgated thereunder. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof; provided that with respect to any agreement or
contract listed on any schedules hereto, all such amendments, modifications or supplements must also be listed in the appropriate schedule. References to any Person include the successors and permitted assigns of that Person. References from or
through any date mean, unless otherwise specified, from and including or through and including, respectively. References to “law,” “laws” or to a particular statute or law shall be deemed also to include any and all Applicable
Law. 
 ARTICLE 2 

PURCHASE AND SALE 

Section 2.01 Purchase and Sale. Upon the terms and subject to the conditions of this Agreement, at the Closing, the Company agrees
to issue and sell to the Purchaser, and the Purchaser agrees to subscribe for and purchase from the Company, the Issued Shares. The aggregate subscription price for the Issued Shares is US$250,000 (“Subscription Price”), or US$4.28
per share. The Subscription Price shall be paid as provided in Section 2.02. 
 Section 2.02 Closing.
The closing (the “Closing”) of the issuance and sale of the Issued Shares hereunder shall take place remotely via the electronic exchange of documents and signatures, as soon as possible, but in no event later than one
(1) Business Day, after satisfaction or, to the extent permissible, waiver by the party or parties entitled to the benefit of the conditions set forth in Article 6 (other than conditions that by their nature are to be satisfied at the
Closing, but subject to the satisfaction or, to the extent permissible, waiver of those conditions at the Closing), or at such other time or place as the parties hereto may agree. At the Closing: 

(a) the Purchaser shall deliver to the Company the Subscription Price by wire transfer in U.S. dollars of immediately available funds to a
bank account designated by the Company at least one (1) Business Day prior to the Closing Date; and 

  
 4 

 (b) the Company shall deliver to the Purchaser: (i) a certified copy of the relevant
page of the register of members of the Company reflecting the Purchaser as the owner of Issued Shares, and (ii) a share certificate representing the Issued Shares duly executed on behalf of the Company and registered in the name of the
Purchaser (or, if not available at the Closing, a certified copy of such share certificate with the original to be delivered promptly as soon as possible after the Closing). 

ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company hereby represents and warrants to the Purchaser that: 

Section 3.01 Organization and Qualification. The Company is an exempted company duly incorporated, validly existing and in good
standing under the laws of the Cayman Islands, and has the requisite corporate power and authorization to own, lease and operate its properties and to carry on its business as now being conducted and as described in the SEC Documents. The Company is
duly qualified or licensed to do business in each jurisdiction in which the property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary, except to the extent that the failure
to be so qualified or licensed would not have a Material Adverse Effect. The memorandum and articles of association of the Company as filed with the SEC is the current Memorandum and Articles and is in full force and effect. The Company is not in
violation of any of the provisions of its Memorandum and Articles except as would not have a Material Adverse Effect. 
 Section 3.02
Subsidiaries. Each Subsidiary of the Company has been duly organized, is validly existing and in good standing (with respect to jurisdictions that recognize the concept of good standing) under the laws of its jurisdiction of organization, and
has the requisite corporate power and authorization to own, lease and operate its properties and to carry on its business as now being conducted and as described in the SEC Documents. Each Subsidiary of the Company is duly qualified or licensed to
do business in each jurisdiction in which the property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary, except to the extent that the failure to be so qualified or
licensed would not have a Material Adverse Effect. The constitutional documents of each of the Company’s Subsidiaries are in full force and effect except as would not have a Material Adverse Effect. None of the Company’s Subsidiaries is in
violation of any of the provisions of its constitutional documents except as would not have a Material Adverse Effect. 

  
 5 

 Section 3.03 Capitalization. 

(a) As of the date of this Agreement, the authorized share capital of the Company consists of 8,000,000,000 Class A Shares and
2,000,000,000 Class B Shares. As of the date of this Agreement, (i)(A) 62,327,851 Class A Shares are issued and outstanding, (B) 27,017,263 Class A Shares are reserved and available for issuance pursuant to share-based compensation
awards granted under the Company’s SpiderMan Share Incentive Plan (the “Company ESOP”) and (ii) 183,283,628 Class B Shares are issued and outstanding. Except as set forth in this Section 3.03(a),
as of the date of this Agreement, no Securities were issued, reserved for issuance or outstanding and no securities of any of its Subsidiaries convertible into or exchangeable or exercisable for any Securities were issued or are outstanding. All
outstanding Ordinary Shares are, and all such shares that may be issued prior to the date hereof will be, when issued, duly authorized, validly issued, fully paid and non-assessable and not subject to
preemptive rights. Except for any obligations pursuant to this Agreement or as otherwise set forth above in this Section 3.03(a) and other than pursuant to the Company ESOP, as of the date of this Agreement, there are no
options or other rights to acquire from the Company, or other obligation of the Company to issue, any additional Securities, and there are no outstanding obligations of the Company or any of its Subsidiaries to repurchase, redeem or otherwise
acquire any Securities. 
 (b) All of the outstanding capital or other voting securities of each Subsidiary is owned by the Company,
directly or indirectly, free and clear of any Encumbrance. All of the issued equity securities of each Subsidiary of the Company are validly issued, fully paid and non-assessable, and were issued in compliance
with the applicable registration and qualification requirements of Applicable Laws. 
 (c) There are no preemptive rights, registration
rights, rights of first offer, rights of first refusal, tag-along rights, director appointment rights, governance rights, veto rights or other similar rights with respect to the Securities or the securities of
any Subsidiary of the Company that have been granted to any Person (other than the Company or any Subsidiary). 
 Section 3.04
Authorization; Enforcement; Validity. The Company has the requisite corporate power and authority to execute and deliver this Agreement and perform its obligations under this Agreement and to issue the Issued Shares in accordance with the
terms hereof. This Agreement has been duly executed and delivered by the Company, and, assuming the due authorization, execution and delivery by the Purchaser (and each other party thereto), constitutes a legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and
to general equity principles (the “Bankruptcy Exception”). 
 Section 3.05 No Conflicts. The execution,
delivery and performance by the Company of this Agreement and the consummation by the Company of the transactions contemplated hereby (including the issuance of the Issued Shares) will not (i) result in a violation of the Memorandum and
Articles, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any Contract
to which the Company or any of its Subsidiaries is a party, or (iii) result in a violation of any Applicable Law to the Company or by which any property or asset of the Company or any of its Subsidiaries is bound or affected, except in the case
of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not have a Material Adverse Effect. 

Section 3.06 Consents. The execution, delivery and performance of this Agreement by the Company require no (i) consent,
approval, authorization, action or order of, any exemption by, any notice to, or any filing or registration with, any Governmental Authority or (ii) any consent, approval or authorization from or any waiver by any third party pursuant to any
Contract to which the Company or any of its Subsidiaries except as would not have a Material Adverse Effect. 

  
 6 

 Section 3.07 Valid Issuance. The Issued Shares are duly authorized, and, when
issued and paid for in accordance with the terms hereof and entered in the register of members of the Company, shall be validly issued and non-assessable and free from all preemptive or similar rights and
Encumbrances, and the Purchaser shall be entitled to all rights accorded to a holder of the Class A Shares with respect to the Issued Shares (as applicable). 

Section 3.08 No Registration. Assuming the accuracy of the representations and warranties set forth in
Section 4.05 of this Agreement, it is not necessary in connection with the issuance and sale of the Issued Shares to register the Issued Shares under the Securities Act or to qualify or register the Issued Shares under
applicable U.S. state securities laws. None of the Company, its Subsidiaries or their respective Affiliates or any Person acting on its or their behalf have engaged in any “directed selling efforts” within the meaning of Rule 903 of
Regulation S under the Securities Act or any form of general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act with respect to the Issued Shares. 

Section 3.09 SEC Documents. The Company has timely filed or furnished, as applicable, all reports, schedules, forms, statements
and other documents required to be filed or furnished by it with the SEC pursuant to the Securities Act or the Exchange Act (all of the foregoing documents filed with or furnished to the SEC and all exhibits included therein and financial
statements, notes and schedules thereto and documents incorporated by reference therein being hereinafter referred to as the “SEC Documents”). As of their respective filing or furnishing dates, the SEC Documents complied in all
material respects with the requirements of the Sarbanes-Oxley Act, the Securities Act or the Exchange Act, as the case may be, and the rules and regulations promulgated thereunder, as applicable, to the respective SEC Documents, and, other than as
corrected or clarified in a subsequent SEC Document prior to the date of this Agreement, none of the SEC Documents, at the time they were filed or furnished, contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The information contained in the SEC Documents, considered as a whole and as amended as
of the date hereof, do not as of the date hereof, and will not as of the Closing Date, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading. There are no contracts, agreements, arrangements, transactions or documents which are required to be described or disclosed in the SEC Documents or to be filed as exhibits to the SEC Documents which have not
been so described, disclosed or filed. 
 Section 3.10 Financial Statements. As of their respective dates, the financial
statements of the Company included in the SEC Documents (the “Financial Statements”) complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with
respect thereto. The Financial Statements (including any related notes thereto) included or incorporated by reference in the SEC Documents fairly presented in all material respects the consolidated financial position of the Company as of the dates
indicated therein and the consolidated results of its operations, cash flows and changes in shareholders’ equity for the periods specified therein. Such Financial Statements were prepared in accordance with IFRS applied on a consistent basis
(except (i) as may be otherwise indicated in such Financial Statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed to summary statements). 

  
 7 

 Section 3.11 Internal Controls and Procedures. The Company has established and
maintains disclosure controls and procedures as such terms are defined in, and required by, Rule 13a-15 or Rule 15d-15 under the Exchange Act. Except as may be disclosed
in the SEC Documents, such disclosure controls and procedures are effective to ensure that all material information required to be disclosed by the Company in the reports that it files or furnishes under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the rules and forms of the SEC. The Company maintains a system of internal controls over financial reporting sufficient to, except to the extent disclosed in the SEC Documents, provide
reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations and (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with IFRS. Other than the material weaknesses in such internal controls over financial reporting disclosed in the SEC Documents, there are no such other material weaknesses in such system of internal controls. To the knowledge of the Company, there
is no reason that its chief executive officer and chief financial officer will not be able to give the certifications and attestations required pursuant to the rules and regulations adopted pursuant to Section 404 of the Sarbanes-Oxley Act,
without qualification, when next due. 
 Section 3.12 Compliance with Applicable Laws. The Company and each of its Subsidiaries
have conducted their businesses in compliance with all Applicable Laws (including, without limitation, the U.S. Foreign Corrupt Practices Act, as amended) except as may be disclosed in the SEC Documents and as would not have a Material Adverse
Effect. Except as may be disclosed in the SEC Documents, the Company and each of its Subsidiaries have all permits, licenses, authorizations, consents, orders and approvals (collectively, “Permits”) that are required in order to
carry on their business as presently conducted, except where the failure to have such Permits or the failure to make such filings, applications and registrations, would not have a Material Adverse Effect. Except as may be disclosed in the SEC
Documents, all such Permits are in full force and effect and, to the knowledge of the Company, no suspension or cancellation of any of them is threatened, except where such absence, suspension or cancellation, would not have a Material Adverse
Effect. The Company is in compliance with the applicable listing and corporate governance rules and regulations of the NYSE. The Company and its Subsidiaries have taken no action designed to, or reasonably likely to have the effect of, delisting the
ADSs from the NYSE. The Company has not received any notification that the SEC or the NYSE is contemplating suspending or terminating such listing (or the applicable registration under the Exchange Act related thereto), and has no knowledge of any
facts that would reasonably be expected to lead to delisting or suspension of its ADSs from the NYSE in the foreseeable future. 

Section 3.13 Insolvency and Winding-up. Both before and after giving effect to the
transactions contemplated by this Agreement, each of the Company and its Subsidiaries (i) will be solvent (in that both the fair value of its assets will not be less than the sum of its debts and that the present fair saleable value of its
assets will not be less than the amount required to pay its probable liability on its recourse debts as they mature or become due) and (ii) will have adequate capital and liquidity with which to engage in the their businesses as currently
conducted and as described in the SEC Documents. No order or petition has been presented or resolution passed for the administration, winding-up, dissolution, or liquidation of any of the Company and its
Subsidiaries and no administrator, receiver, or manager has been appointed in respect thereof. None of the Company and its Subsidiaries has commenced any other proceeding under any bankruptcy, reorganization, composition, arrangement,
adjustment of debt, release of debtors, dissolution, insolvency, liquidation, or similar law of any jurisdiction and no such proceedings have been commenced or is anticipated to be commenced against any of the Company and its Subsidiaries. 

  
 8 

 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

The Purchaser represents and warrants to the Company that: 

Section 4.01 Organization. The Purchaser is duly established, validly existing and in good standing under the laws of its
jurisdiction of formation and has the requisite power and authorization to own, lease and operate its properties and to carry on its business as now being conducted. 

Section 4.02 Authorization; Enforcement; Validity. The Purchaser has the requisite power and authority to execute and deliver this
Agreement and perform its obligations under this Agreement in accordance with the terms hereof. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly
authorized by all requisite action by the Purchaser and no other filing, consent or authorization on the part of the Purchaser is necessary to authorize or approve this Agreement or to consummate the transactions contemplated hereby. This Agreement
has been duly executed and delivered by the Purchaser, and, assuming the due authorization, execution and delivery by the Company, constitutes a legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance
with its terms, subject to the Bankruptcy Exception. 
 Section 4.03 No Conflicts. The execution, delivery and performance by
the Purchaser of this Agreement and the consummation by the Purchaser of the transactions contemplated hereby will not (i) result in a violation of the organizational or constitutional documents of the Purchaser, (ii) conflict with, or
constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any Contract to which the Purchaser is a party, or
(iii) result in a violation of any Applicable Law to the Purchaser or by which any property or asset of the Purchaser is bound or affected. 

Section 4.04 Consents. The execution, delivery and performance of this Agreement by the Purchaser require no (i) consent,
approval, authorization, action or order of, any exemption by, any notice to, or any filing or registration with, any Governmental Authority or (ii) any consent, approval or authorization from or any waiver by any third party pursuant to any
Contract to which it is a party. 
 Section 4.05 Status and Investment Intent of the Purchaser. 

(a) The Purchaser is (i) not a “U.S. person” within the meaning of Regulation S under the Securities Act and is acquiring the
Issued Shares in an offshore transaction under Rule 903 of Regulation S under the Securities Act, or (ii) an “accredited investor” within the meaning of SEC Rule 501 of Regulation D, as presently in effect, under the Act. 

  
 9 

 (b) The Purchaser (i) has sufficient knowledge and experience in financial and business
matters to be capable of evaluating the merits and risks involved in purchasing the Issued Shares and (ii) is capable of bearing the economic risk of the Investment. 

(c) The Purchaser is acquiring the Issued Shares for its own account and not with a view towards, or for resale in connection with, the public
sale or distribution thereof, except pursuant to sales registered or exempted under the Securities Act. By executing this Agreement, the Purchaser further represents that, as of the date of this Agreement, it does not have any contract with any
person to sell, transfer, or grant participation to any person, with respect to any of the Issued Shares. 
 (d) The Purchaser acknowledges
and affirms that, with the assistance of its advisors (if applicable), it has conducted and completed its own investigation, analysis and evaluation related to the investment in the Issued Shares. 

Section 4.06 Restricted Securities. The Purchaser understands that the Issued Shares it is purchasing are characterized as
“restricted securities” under U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be
resold without registration under the Act only in certain limited circumstances. 
 Section 4.07 Legends. It is understood
that the certificates evidencing the Issued Shares shall bear the following legend: 
 “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR A VALID EXEMPTION THEREFROM.”

 ARTICLE 5 

COVENANTS 

Section 5.01 Interim Conduct; Further Assurances. 

(a) From the date hereof until the Closing Date, the Company shall, and shall cause each of its Subsidiaries to, (i) conduct its business
and affairs in the ordinary course of business consistent with past practice, (ii) not take any action, or omit to take any action, that would reasonably be expected to make (x) any of its representations and warranties in this Agreement
untrue, or (y) any of the conditions for the benefit of the Purchaser set forth in Article 6 not to be satisfied, in each case, at, or as of any time before, the Closing Date. 

(b) Each party hereto shall use its respective best efforts to promptly fulfill or obtain the fulfillment of the conditions precedent to the
consummation of the transactions contemplated by this Agreement, including the execution and delivery of any documents, certificates, instruments or other papers that are required for the consummation of such transactions, and will cooperate and
consult with the other and use its best efforts to prepare and file all necessary documentation, to effect all necessary applications, notices, petitions, filings and other documents, and to obtain all necessary Permits of, or any exemption by, all
Governmental Authorities, necessary or advisable to consummate the transactions contemplated by this Agreement. After the Closing Date, each party shall execute and deliver such further certificates, agreements and other documents and take such
other actions as the other party may reasonably request to consummate or implement any applicable transactions contemplated hereby or to evidence any relevant events or matters. 

  
 10 

 Section 5.02 Listing of Securities. The Company shall (i) take all actions
necessary to continue the listing and trading of its ADSs on the NYSE and shall materially comply with the Company’s reporting, filing and other obligations under the rules of the NYSE, in each case, through the Closing, and (ii) at its
own cost file with the NYSE a supplemental listing application in respect of the Issued Shares. 
 Section 5.03 Lock-up. The Purchaser shall not, during the Lock-Up Period (as defined below), Transfer any Issued Shares or any interest therein without the prior written consent of the
Company (which the Company may grant or withhold in the Company’s sole discretion), except for the Affiliate of the Purchaser. As used herein, the “Lock-Up Period” with respect to
any Issued Shares held by the Purchaser will commence on the Closing Date and continue until and include the date that is six (6) months after the Closing Date. 

ARTICLE 6 
 CONDITIONS
TO CLOSING 
 Section 6.01 Conditions to Obligations of All Parties. The obligations of each party hereto to consummate the
Closing are subject to the satisfaction of the following conditions: 
 (a) No provision of any Applicable Law or no judgment entered by or
with any Governmental Authority with competent jurisdiction, shall be in effect that enjoins, prohibits or materially alters the terms of the transactions contemplated by this Agreement. 

(b) No Proceeding challenging this Agreement or the transactions contemplated hereby, or seeking to prohibit, alter, prevent or materially
delay the Closing, shall have been instituted or be pending before any Governmental Authority. 
 Section 6.02 Conditions to
Obligation of the Purchaser. The obligation of the Purchaser to consummate the Closing is subject to the satisfaction of the following further conditions: 

(a) (i) the representations and warranties of the Company that are qualified by materiality or Material Adverse Effect shall be true and
correct in all respects on and as of the Closing Date as though made on and as of the Closing Date; (ii) the representations and warranties of the Company that are not qualified by materiality or Material Adverse Effect shall be true and
correct in all respects on and as of the Closing Date as though made on and as of the Closing Date; (iv) the Company shall have performed or complied with all obligations and conditions in this Agreement required to be performed or complied
with by the Company on or prior to the Closing Date; and (v) there shall have been no Material Adverse Effect. 

  
 11 

 Section 6.03 Conditions to Obligation of the Company. The obligations of the
Company to consummate the Closing are subject to the satisfaction of the following further conditions: 
 (a) The representations and
warranties of the Purchaser in this Agreement 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) The Purchaser shall have performed all obligations and conditions herein required to be performed or observed by the Purchaser on or prior
to the Closing Date (including but not limited to its payment obligations under Section 2.02(a)). 
 ARTICLE 7

 SURVIVAL; INDEMNIFICATION 

Section 7.01 Survival. 

(a) All representations and warranties made by any Party contained in this Agreement shall survive the Closing until twelve (12) months
after of the Closing Date. 
 (b) Notwithstanding anything to the contrary in the foregoing clause, (i) any breach of representation or
warranty in respect of which indemnity may be sought under this Agreement shall survive the time at which it would otherwise terminate pursuant to the preceding clause (a), if notice of the inaccuracy or breach thereof giving rise to such right of
indemnity shall have been given to the party against whom such indemnity may be sought prior to such time and (ii) any breach of representation or warranty in respect of which indemnity may be sought that was caused as a result of fraud or
intentional misrepresentation shall survive indefinitely or until the latest date permitted by law. 
 Section 7.02
Indemnification. 
 (a) Effective at and after the Closing, each Party hereto, as applicable (the “Indemnifying
Party”) shall indemnify and hold harmless the other Party and its Affiliates (the “Indemnified Parties”) against and from any and all damage, loss, liability and expense (including reasonable expenses of investigation and
reasonable attorneys’ fees and expenses) (“Losses”), incurred or suffered by the Indemnified Parties arising out of any misrepresentation or breach of representation or warranty or breach of covenants or agreements by the
Indemnifying Party under this Agreement; provided that (i) the Indemnifying Party’s maximum liability under this Section 7.02 shall not exceed the Subscription Price, (ii) no Indemnifying Party shall
be liable for any Losses consisting of punitive damages, (iii) the amount of any Losses for which indemnification is provided under this section shall be reduced by (a) any amounts that have been recovered by any Indemnified Party from any
third party, and (b) any insurance proceeds or other cash receipts or source of reimbursement that have been received by any Indemnified Party with respect to such Losses, in each case, net of any costs of recovery, and (iv) each
Indemnified Party shall use commercially reasonable efforts to mitigate the Losses it incurs. 
 (b) Notwithstanding any other provision
contained herein, the remedies contained in this Section shall be the sole and exclusive monetary remedy of the Indemnified Parties for any claim arising out of or resulting from this Agreement, except that no limitation or exceptions with respect
to the obligations or liabilities on either Party provided hereunder shall apply to a Loss incurred by any Indemnified Party arising due to the fraud or fraudulent misrepresentation of the Indemnifying Party. 

  
 12 

 Section 7.03 Third Party Claim Procedures. 

(a) The Indemnified Party seeking indemnification under Section 7.02 agrees to give reasonably prompt notice in
writing to Indemnifying Party of the assertion of any claim or the commencement of any suit, action or proceeding by any third party (“Third Party Claim”) in respect of which indemnity may be sought under
Section 7.02. Such notice shall set forth in reasonable detail such Third Party Claim and the basis for indemnification (taking into account the information then available to the Indemnified Party). The failure to so notify
the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent such failure shall have actually materially and adversely prejudiced the Indemnifying Party. 

(b) The Indemnifying Party shall be entitled to participate in the defense of any Third Party Claim and, subject to the limitations set forth
in this Section 7.03, shall be entitled to control and appoint lead counsel (that is reasonably satisfactory to the Indemnified Party) for such defense, in each case at its own expense; provided that prior to
assuming control of such defense, the Indemnifying Party must (i) acknowledge in writing that it would have an indemnity obligation to the Indemnified Party for the Losses resulting from such Third Party Claim and (ii) furnish the
Indemnified Party with reasonable evidence that the Indemnifying Party has adequate resources to defend the Third Party Claim and fulfill its indemnity obligations hereunder. 

(c) The Indemnifying Party shall not be entitled to assume or maintain control of the defense of any Third Party Claim and shall pay the
reasonable fees, costs and expenses of counsel retained by the Indemnified Party if (i) the Indemnifying Party does not deliver the acknowledgment referred to in Section 7.03(b) within thirty (30) days of receipt
of notice of the Third Party Claim pursuant to Section 7.03(a), (ii) the Third Party Claim relates to or arises in connection with any criminal proceeding, action, indictment, allegation or investigation, (iii) the
Indemnified Party reasonably believes an adverse determination with respect to the Third Party Claim would be materially detrimental to the reputation or future business prospects of the Indemnified Party or any of its Affiliates, (iv) the
Third Party Claim seeks an injunction or equitable relief against the Indemnified Party or any of its Affiliates or (v) the Indemnifying Party has failed or is failing to prosecute or defend the Third Party Claim vigorously and prudently. 

(d) If the Indemnifying Party shall assume the control of the defense of any Third Party Claim in accordance with the provisions of
Section 7.03(c), the Indemnifying Party shall obtain the prior written consent of the Indemnified Party (which shall not be unreasonably withheld) before entering into any settlement of such Third Party Claim if the
settlement does not expressly unconditionally release the Indemnified Party and its Affiliates from all liabilities and obligations with respect to such Third Party Claim or the settlement imposes injunctive or other equitable relief against the
Indemnified Party or any of its Affiliates. 
 (e) In circumstances where the Indemnifying Party is controlling the defense of a Third Party
Claim in accordance with Section 7.03(c), the Indemnified Party shall be entitled to participate in the defense of any Third Party Claim and to employ separate counsel of its choice for such purpose, in which case the fees,
costs and expenses of such separate counsel shall be borne by the Indemnified Party; provided that Indemnifying Party shall pay the fees, costs and expenses of such separate counsel of the Indemnified Party if (i) incurred by the
Indemnified Party prior to the date the Indemnifying Party assumes control of the defense of the Third Party Claim, (ii) if representation of both the Indemnifying Party and the Indemnified Party by the same counsel would create a conflict of
interest or (iii) the Indemnified Party shall have reasonably concluded that there may be legal defenses available to it which are different from or additional to those available to the Indemnifying Party. 

  
 13 

 (f) Each party shall reasonably cooperate, and cause their respective Affiliates to
reasonably cooperate, in the defense or prosecution of any Third Party Claim. 
 Section 7.04 Direct Claim Procedures. In the
event an Indemnified Party has a claim for indemnity under Section 7.02 against the Indemnifying Party that does not involve a Third Party Claim, the Indemnified Party agrees to give notice in writing of such claim to the
Indemnifying Party. Such notice shall set forth in reasonable detail such claim and the basis for indemnification (taking into account the information then available to the Indemnified Party). The failure to so notify the Indemnifying Party shall
not relieve the Indemnifying Party of its obligations hereunder, except to the extent such failure shall have actually materially and adversely prejudiced the Indemnifying Party. If the Indemnifying Party does not notify the Indemnified Party within
thirty (30) days following the receipt of a notice with respect to any such claim that the Indemnifying Party disputes its indemnity obligation to the Indemnified Party for any Losses with respect to such claim, such Losses shall be
conclusively deemed a liability of the Indemnifying Party and the Indemnifying Party shall promptly pay to the Indemnified Party any and all Losses arising out of such claim. If the Indemnifying Party has timely disputed its indemnity obligation for
any Losses with respect to such claim, the parties shall proceed in good faith to negotiate a resolution of such dispute and, if not resolved through such negotiations, such dispute shall be resolved by arbitration determined pursuant to
Section 9.06. 
 ARTICLE 8 

TERMINATION 

Section 8.01 Grounds for Termination. This Agreement may be terminated at any time prior to the Closing: 

(a) by the mutual written consent of each party hereto; 

(b) by the Purchaser or the Company if the Closing shall not have occurred on or before January 18, 2022; provided that such right
to terminate this Agreement shall not be available to any party whose failure to fulfill any obligation under this Agreement shall have been the cause of, or shall have resulted in, the failure of the Closing to occur on or prior to such date; or

 (c) by any party in the event that any Governmental Authority shall have issued a judgment or taken any other action restraining,
enjoining or otherwise prohibiting the transactions contemplated by this Agreement and such judgment or other action shall have become final and non-appealable. 

The party desiring to terminate this Agreement pursuant to Section 8.01(b) or
Section 8.01(c) shall give notice of such termination to the other parties hereto specifying the provision hereof pursuant to which such termination is made. 

  
 14 

 Section 8.02 Effect of Termination. In the event of termination of this
Agreement, this Agreement shall forthwith become void and of no further force or effect (except for Article 9, which shall survive such termination) and there shall be no liability on the part of any party hereto except that nothing
herein shall relieve any party from any liability for Losses for any breach of this Agreement. 
 ARTICLE 9 

MISCELLANEOUS 

Section 9.01 Notices. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile transmission and by letter, so long as a receipt of such letter is requested and received) and shall be given, 
 if to the
Company, to: 
 AMTD International Inc. 

23/F, Nexxus Building 
 41
Connaught Road Central 
 Hong Kong 

Attention: 
 Facsimile: 

Email: 
 if to the Purchaser, to:

 NGSP Holdings Limited 
 74
Ocean Drive, Singapore 098313 
 Attention: 

Email: 
 or such other address or
facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received
prior to 5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of
receipt. 
 Section 9.02 Amendments and Waivers. (a) Any provision of this Agreement may be amended or waived if, but only
if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective. 

(b) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by law. 

  
 15 

 Section 9.03 Expenses. Except as otherwise provided herein, all costs and
expenses incurred in connection with this Agreement shall be paid by the party incurring such cost or expense. 
 Section 9.04
Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that no party may assign, delegate or otherwise
transfer any of its rights or obligations under this Agreement without the consent of each other party hereto. 
 Section 9.05
Governing Law. This Agreement, the rights and obligations of the parties hereto, and all claims or disputes relating hereto, shall be governed by and construed in accordance with the law of Hong Kong, without regard to the conflicts of law
rules thereunder. 
 Section 9.06 Arbitration. Any dispute, controversy or claim arising out of or relating to this Agreement,
including, but not limited to, any question regarding the breach, termination or invalidity thereof shall be finally resolved by arbitration in Hong Kong in accordance with the administered rules (the “Rules”) of the Hong Kong
International Arbitration Centre (the “HKIAC”) in force at the time of commencement of the arbitration, which Rules are deemed to be incorporated by reference into this Section. The number of arbitrators shall be three and shall be
selected in accordance with the Rules. All selections shall be made within thirty (30) days after the selecting party gives or receives, as the case may be, the demand for arbitration. The seat of the arbitration shall be in Hong Kong and the
language to be used shall be English. Any arbitration award shall be (i) in writing and shall contain the reasons for the decision, (ii) final and binding on the parties hereto and (iii) enforceable in any court of competent
jurisdiction, and the parties hereto agree to be bound thereby and to act accordingly. 
 Section 9.07 Counterparts; Effectiveness;
Third Party Beneficiaries. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Signatures in the form of
facsimile or electronically imaged “PDF” shall be deemed to be original signatures for all purposes hereunder. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by all of the other
parties hereto. Until and unless each party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or
written agreement or other communication). No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations, or liabilities hereunder upon any Person other than the parties hereto and their respective successors and
assigns. 
 Section 9.08 Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to
the subject matter of this Agreement and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter of this Agreement. 

Section 9.09 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired
or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

  
 16 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	 AMTD INTERNATIONAL INC.

		
	By:	 	 /s/ William Fung

		 	Name: William Fung
		 	Title: Chief Executive Officer

 [Signature Page to SPA] 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	 NGSP HOLDINGS LIMITED

		
	By:	 	 /s/ Nimil Rajnikant Parekh

		 	Name: Nimil Rajnikant Parekh
		 	Title: Director

 [Signature Page to SPA]EX-4.22

 Exhibit 4.22 

SHARE PURCHASE AGREEMENT 

Dated January 19, 2022 

by and between 
 AMTD
INTERNATIONAL INC. 
 and 

VALUE PARTNERS HONG KONG LIMITED ACTING AS THE INVESTMENT 

MANAGER FOR AND ON BEHALF OF VALUE PARTNERS GREATER CHINA HIGH 

YIELD INCOME FUND 

 TABLE OF CONTENTS 

 

							
	 1.  DEFINITIONS
	  	 	1	 
	 2.  THE TRANSACTION
	  	 	4	 
	 3.  CLOSING; CLOSING DELIVERIES
	  	 	5	 
	 3.1
	  	Closing	  	 	5	 
	 3.2
	  	Deliveries by the Buyer at the Closing	  	 	5	 
	 3.3
	  	Deliveries by the Selling Shareholder at the Closing	  	 	5	 
	 3.4
	  	Conditions to the Obligation of the Buyer to Effect the Closing	  	 	5	 
	 3.5
	  	Conditions to the Obligation of the Selling Shareholder to Effect the Closing	  	 	6	 
	 4.  REPRESENTATIONS AND WARRANTIES OF THE BUYER
	  	 	6	 
	 4.1
	  	Due Formation; Qualification	  	 	6	 
	 4.2
	  	Authorization; Enforceability	  	 	6	 
	 4.3
	  	Due Issuance	  	 	6	 
	 4.4
	  	Non-Contravention	  	 	7	 
	 4.5
	  	SEC Matters; Financial Statements	  	 	7	 
	 4.6
	  	No Registration	  	 	7	 
	 4.7
	  	Brokers	  	 	7	 
	 4.8
	  	No Other Representations and Warranties	  	 	8	 
	 5.  REPRESENTATIONS AND WARRANTIES OF THE SELLING SHAREHOLDER
	  	 	8	 
	 5.1
	  	Due Formation; Qualification	  	 	8	 
	 5.2
	  	Authorization; Enforceability	  	 	8	 
	 5.3
	  	Valid Title	  	 	8	 
	 5.4
	  	Non-Contravention	  	 	8	 
	 5.5
	  	Consents and Approvals	  	 	8	 
	 5.6
	  	Compliance with Law	  	 	9	 
	 5.7
	  	Solvency	  	 	9	 
	 5.8
	  	Brokers	  	 	9	 
	 5.9
	  	Status; Purchase for Own Account	  	 	9	 
	 5.10
	  	Solicitation	  	 	9	 
	 5.11
	  	Restricted Securities	  	 	9	 
	 6.  COVENANTS; ADDITIONAL AGREEMENTS
	  	 	10	 
	 6.1
	  	Further Assurances	  	 	10	 
	 6.2
	  	Taxes	  	 	10	 
	 6.3
	  	Release	  	 	10	 
	 6.4
	  	Confidentiality	  	 	10	 
	 7.  TERMINATION
	  	 	11	 
	 7.1
	  	Termination	  	 	11	 
	 7.2
	  	Effects of Termination	  	 	12	 
	 8.  INDEMNITY
	  	 	12	 
	 8.1
	  	Survival	  	 	12	 
	 8.2
	  	Indemnification	  	 	12	 
	 8.3
	  	Reliance	  	 	13	 

  
 i 

							
	 9.  MISCELLANEOUS
	  	 	13	 
	 9.1
	  	Governing Law	  	 	13	 
	 9.2
	  	Successors and Assigns	  	 	13	 
	 9.3
	  	Entire Agreement	  	 	13	 
	 9.4
	  	Notices	  	 	13	 
	 9.5
	  	Amendments	  	 	14	 
	 9.6
	  	Specific Performance	  	 	14	 
	 9.7
	  	Fees and Expenses	  	 	14	 
	 9.8
	  	Delays or Omissions; Waivers	  	 	14	 
	 9.9
	  	Interpretation	  	 	14	 
	 9.10
	  	Counterparts	  	 	15	 
	 9.11
	  	Severability	  	 	15	 
	 9.12
	  	Dispute Resolution	  	 	15	 
	 Exhibit A Instrument of Transfer
	  	 	A-1	 

  

  
 ii 

 SHARE PURCHASE AGREEMENT 

THIS SHARE PURCHASE AGREEMENT (this “Agreement”) is entered into on January 19, 2022 by and between AMTD International
Inc., an exempted company incorporated under the laws of the Cayman Islands (the “Buyer”) and Value Partners Hong Kong Limited, acting as the investment manager for and on behalf of Value Partners Greater China High Yield Income
Fund, an exempted company incorporated under the laws of the Cayman Islands (the “Selling Shareholder” and, together with the Buyer, the “Parties”). 

RECITALS 
 WHEREAS, the
Selling Shareholder holds 5,500,000 Class A ordinary shares of US$0.0001 par value each (the “Sale Shares”) in AMTD Digital Inc., an exempted company incorporated under the laws of the Cayman Islands (the
“Company”); 
 WHEREAS, the Selling Shareholder desires to sell and transfer to the Buyer, and the Buyer desires to
purchase and accept from the Selling Shareholder, upon the terms and subject to the conditions set forth in this Agreement, the Sale Shares held by the Selling Shareholder; 

WHEREAS, as consideration for the Sale Shares, the Buyer desires to issue to the Selling Shareholder, and the Selling Shareholder desires to
subscribe for, upon the terms and subject to the conditions set forth in this Agreement, 11,647,606 Class A ordinary shares of US$0.0001 par value each in the Buyer (the “Subscription Shares”); and 

WHEREAS, the Parties desire to enter into this Agreement and make the respective representations, warranties, covenants and agreements set
forth herein on the terms and subject to the conditions set forth herein. 
 AGREEMENT 

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

	1.	 DEFINITIONS 

In this Agreement, unless the context otherwise requires, the following words and expressions have the meanings as follows: 

“Affiliate” means, (i) with respect to a Person that is a natural person, such Person’s relatives and any other
Person (other than natural persons) directly or indirectly Controlled by such Person, and (ii) with respect to a Person that is not a natural person, a Person that directly, or indirectly through one or more intermediaries, Controls, or is
Controlled by, or is under common Control with, such Person. For the purposes of this definition, a “relative” of a Person means such Person’s spouse, parent, grandparent, child, grandchild, sibling, uncle, aunt, nephew, niece or
great-grandparent or the spouse of such Person’s child, grandchild, sibling, uncle, aunt, nephew or niece. 

  
 1 

 “Agreement” has the meaning set forth in the preamble. 

“Arbitration Notice” has the meaning set forth in Section 9.12. 

“Authorization” has the meaning set forth in Section 5.5. 

“Business Day” means a day (other than a Saturday or a Sunday) that the banks in New York, Hong Kong, the PRC, or the Cayman
Islands are generally open for business. 
 “Buyer” has the meaning set forth in the preamble. 

“Buyer Group” or “Buyer Group Companies” means, collectively, the Buyer and its Affiliates, and each an
“Buyer Group Company.” 
 “Buyer Indemnitee” has the meaning set forth in
Section 8.2(b). 
 “Closing” has the meaning set forth in Section 3.1.

 “Closing Date” has the meaning set forth in Section 3.1. 

“Company” has the meaning set forth in the recitals. 

“Company Entities” means, collectively, the Company and its Affiliates, and each an “Company Entity.” 

“Confidential Information” has the meaning set forth in Section 6.4(a). 

“Contracts” means legally binding contracts, agreements, engagements, purchase orders, commitments, understandings,
indentures, notes, bonds, loans, instruments, leases, mortgages, franchises, licenses or any other contractual arrangements or obligations which are currently subsisting and not terminated or completed (with each of such Contracts being referred to
as a “Contract”). 
 “Control” means the possession, direct or indirect, of the power to direct, or cause
the direction of, the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Dispute” has the meaning set forth in Section 9.12. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations
promulgated thereunder. 
 “Fundamental Representations of the Buyer” shall mean the representations and warranties made by
the Buyer to the Selling Shareholder contained in Section 4.1, Section 4.2, Section 4.3 and Section 4.4. 

“Fundamental Representations of the Selling Shareholder” shall mean the representations and warranties made by the Selling
Shareholder to the Buyer contained in Section 5.1, Section 5.2, Section 5.4 and Section 5.5. 

  
 2 

 “Governmental Authorities” means any nation, government, province, state,
or any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board, commission or instrumentality of any
government or any political subdivision thereof, court, tribunal, arbitrator, the governing body of any securities exchange, and self-regulatory organization, in each case having competent jurisdiction. 

“Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China. 

“IFRS” means the International Financial Reporting Standards and interpretations thereof as established by the International
Accounting Standards Board, as in effect at the time any applicable financial statements were prepared. 
 “Indemnified
Party” has the meaning set forth in Section 8.2(c). 
 “Indemnifying Party” has the
meaning set forth in Section 8.2(c). 
 “Instrument of Transfer” has the meaning set forth in
Section 3.3(b). 
 “Law” means any law, rule, constitution, code, ordinance, statute, treaty,
decree, regulation, common law, order, official policy, circular, provision, administrative order, interpretation, injunction, judgment, ruling, assessment, writ or other legislative measure, in each case of any Governmental Authority. 

“Liability” means all indebtedness, obligations and other liabilities of a Person, whether direct or indirect, absolute,
accrued, contingent or otherwise, known or unknown, fixed or otherwise, due or to become due, whether or not accrued or paid. 

“Lien” means (a) any mortgage, charge, lien, pledge or other encumbrance securing any obligation of any Person,
(b) any option, right to acquire, right of pre-emption, right of set off or other arrangement under which money or claims to, or for the benefit of, any Person may be applied or set off so as to effect
discharge of any sum owed or payable to any Person, or (c) any equity, assignment, hypothecation, title retention, claim, restriction, power of sale or other type of preferential arrangement the effect of which is to give a creditor in respect
of indebtedness a preferential position in relation to any asset of a Person on any insolvency proceeding of that Person. 

“Losses” has the meaning set forth in Section 8.2(a). 

“Order” means any injunction, judgment, order, decree, stipulation or determination by or with any Governmental Authority.

 “Parties” has the meaning set forth in the preamble. 

“Person” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability
company, firm, trust, estate or other enterprise, entity or legal person. 

  
 3 

 “PRC” means the People’s Republic of China and, for purposes of this
Agreement, excludes Hong Kong, the Macao Special Administrative Region and Taiwan. 
 “Sale Shares” has the meaning set
forth in the recitals. 
 “SEC” means the Securities and Exchange Commission of the United States or any other federal
agency at the time administering the Securities Act. 
 “SEC Documents” has the meaning set forth in
Section 4.5(a). 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Selling Shareholder” has the meaning set forth in the preamble. 

“Selling Shareholder Indemnitee” has the meaning set forth in Section 8.2(a). 

“Subscription Shares” has the meaning set forth in the recitals. 

“Tax Return” means any return, report or statement showing Taxes, used to pay Taxes, or required to be filed with respect to
any Tax (including any elections, declarations, schedules or attachments thereto, and any amendment thereof), including any information return, claim for refund, amended return or declaration of estimated or provisional Tax. 

“Taxes” means (i) any net income, alternative or add-on minimum tax, gross
income, gross receipts, sales, use, ad valorem, value added, goods and services, transfer, franchise, business and occupation, profits, license, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, environmental
or windfall profit tax, custom duty or other tax, governmental fee or other like assessment or charge, together with any interest or any penalty, addition to tax or additional amount imposed by any Governmental Authority responsible for the
imposition of any such tax (domestic or foreign), whether disputed or not, (ii) any liability for the payment of any amounts of the type described in clause (i) of this sentence as a result of being a member of an affiliated, consolidated,
combined, unitary or aggregate group for any taxable period, and (iii) any liability for the payment of any amounts of the type described in clause (i) or (ii) of this sentence as a result of being a transferee of or successor to any
Person or as a result of any express or implied obligation to indemnify any other Person. 
 “U.S.,” “US”
and “United States” means the United States of America. 
 “US$” means United States Dollars, the lawful
currency of the United States. 
  

	2.	 THE TRANSACTION  

At the Closing, the Selling Shareholder shall transfer to the Buyer, and the Buyer shall accept from the Selling Shareholder, the Sale Shares,
free and clear of any Lien and with all rights attaching on and from the Closing, and the Buyer shall issue to the Selling Shareholder, and the Selling Shareholder shall subscribe for, the Subscription Shares on the terms and subject to the
conditions of this Agreement. 

  
 4 

	3.	 CLOSING; CLOSING DELIVERIES  

3.1 Closing. The closing of the transactions contemplated under Article 2 (the “Closing”) shall take
place remotely within five (5) Business Days following the satisfaction or waiver of the conditions set forth in Section 3.4 and Section 3.5 (other than those conditions that
by their terms are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions), or at such other time as the Parties may agree in writing, but in any event shall not be later than 15 February 2022 (the date on
which the Closing occurs, the “Closing Date”). All transactions occurring at the Closing shall be deemed to occur simultaneously, and shall be effective as of the Closing and upon occurrence of all transactions contemplated by
Article 2 and this Article 3. For the avoidance of doubt, the consummation of the transactions described in Article 2 and this Article 3 shall occur together, and the Closing shall be deemed not to have occurred if
any party fails to deliver any agreement or other instrument or document required under Article 2 and this Article 3. At the Closing, share certificate issued in the name of the Selling Shareholder in relation to the Sale Shares
shall be cancelled, and the Selling Shareholder shall, promptly after Closing, deliver to the Company any such share certificate issued to the Selling Shareholder in relation to the Sale Shares or, where any such share certificate has been issued
but has been lost, stolen or destroyed, such indemnity in respect of such lost, stolen or destroyed share certificate as the Buyer may reasonably request. 

3.2 Deliveries by the Buyer at the Closing. At the Closing, the Buyer shall deliver to the Selling Shareholder a copy of the share
certificate issued in the name of the Selling Shareholder, dated on the Closing Date, evidencing the ownership by the Selling Shareholder of the Subscription Shares (the original copy of which shall be delivered to the Selling Shareholder after the
Closing). 
 3.3 Deliveries by the Selling Shareholder at the Closing. At the Closing, the Selling Shareholder shall deliver to the
Buyer: 
 (a) a copy of the share certificate issued in the name of the Buyer, dated on the Closing Date, evidencing the ownership by the
Buyer of the Sale Shares (the original copy of which shall be delivered to the Buyer after the Closing); and 
 (b) an instrument of
transfer duly executed by the Selling Shareholder in the form attached as Exhibit A to this Agreement (an “Instrument of Transfer”). 

3.4 Conditions to the Obligation of the Buyer to Effect the Closing. The obligation of the Buyer to consummate the transactions
contemplated by Article 2 is subject to the satisfaction, as of the Closing Date, of the following conditions, any of which may be waived in writing by the Buyer in its sole discretion: 

(a) The Selling Shareholder shall have performed and complied in all material respects with all, and not be in breach or default in any
material respects under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date; and 

(b) No court or other Governmental Authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any Law
(whether temporary, preliminary or permanent) that is in effect and restrains, enjoins or otherwise prohibits consummation of the transactions contemplated hereby. 

  
 5 

 3.5 Conditions to the Obligation of the Selling Shareholder to Effect the Closing.
The obligation of the Selling Shareholder to consummate the transactions contemplated by Article 2 is subject to the satisfaction, as of the Closing Date, of the following conditions, any of which may be waived in writing by the Selling
Shareholder in its sole discretion: 
 (a) The Buyer shall have performed and complied in all material respects with all, and not be in
breach or default in any material respects under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date; and 

(b) No court or other Governmental Authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any Law
(whether temporary, preliminary or permanent) that is in effect and restrains, enjoins or otherwise prohibits consummation of the transactions contemplated hereby. 
  

	4.	 REPRESENTATIONS AND WARRANTIES OF THE BUYER 

The Buyer hereby represents and warrants to the Selling Shareholder the following. 

4.1 Due Formation; Qualification. The Buyer is an exempted company, duly incorporated, validly existing and in good standing under the
laws of the Cayman Islands, has the requisite corporate power and authority to own, lease and operate its business and assets and to conduct its business as currently conducted and as described in the SEC Documents, and is duly qualified to transact
business in all material respects in each jurisdiction in which the conduct of its business or its ownership, leasing or operation of property requires such qualification. 

4.2 Authorization; Enforceability. The Buyer has requisite legal power and authority to execute, deliver and perform its obligations
under this Agreement and to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by the Buyer and, assuming due authorization, execution and delivery by the Selling Shareholder, constitutes a legal,
valid and binding obligation of the Buyer, enforceable against the Buyer in accordance with its terms, except as limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting
enforcement of creditors’ rights generally, and (ii) applicable Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies or general principles of equity. 

4.3 Due Issuance. The Subscription Shares are duly authorized and, when issued in accordance with this Agreement, will be validly
issued, fully paid and non-assessable and free and clear of any Lien, right of first refusal, third-party right or interest, claim or restriction of any kind or nature, except for restrictions arising under
the Securities Act or created by virtue of this Agreement. Good and valid title to the Subscription Shares will be passed to the Selling Shareholder upon entry of the Selling Shareholder into the register of members of the Buyer as the respective
legal owners of the applicable Subscription Shares. 

  
 6 

 4.4    Non-Contravention.
Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated hereby by the Buyer, will (i) violate any provision of the organizational documents of the Buyer or materially violate any Law to
which the Buyer is subject, or (ii) conflict with, result in a breach of or constitute a default under any material Contract to which the Buyer is a party or by which the Buyer is bound, except in each case of (i) and (ii) above, would not
reasonably be expected to prohibit, materially delay or materially impair the consummation of the transactions contemplated hereby. 

4.5    SEC Matters; Financial Statements. 

(a)    The Buyer has filed or furnished, as applicable, on a timely basis, all registration statements, proxy statements
and other statements, reports, schedules, forms and other documents required to be filed or furnished by it with the SEC (all of the foregoing documents filed with or furnished to the SEC and all exhibits included therein and financial statements,
notes and schedules thereto and documents incorporated by reference therein, the “SEC Documents”). As of their respective effective dates (in the case of the SEC Documents that are registration statements filed pursuant to the
requirements of the Securities Act) and as of their respective SEC filing dates (in the case of all other SEC Documents), or in each case, if amended prior to the date hereof, as of the date of the last such amendment: (A) each of the SEC
Documents complied in all material respects with the applicable requirements of the Securities Act and the Exchange Act and any rules and regulations promulgated thereunder applicable to the SEC Documents (as the case may be) and (B) none of
the SEC Documents contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the material statements therein, in the light of the circumstances under which they
were made, not misleading. 
 (b)    The financial statements (including any related notes) contained in the SEC
Documents: (i) complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, (ii) were prepared in accordance with IFRS and (iii) fairly
present in all material respects the consolidated financial position of the Buyer Group Companies as of the respective dates thereof and the consolidated results of operations and cash flows of the Buyer Group for the periods covered thereby, except
as disclosed therein and as permitted under the Exchange Act. 
 4.6    No Registration. Assuming the accuracy of
the representations and warranties of the Selling Shareholder set forth in Section 5.9, Section 5.10 and Section 5.11, it is not necessary in connection with the issuance and sale of the Subscription Shares to register the
Subscription Shares under the Securities Act. No directed selling efforts (as defined in Rule 902 of Regulation S under the Securities Act) have been made by any Buyer Group Company or any person acting on its behalf with respect to any Subscription
Shares. 
 4.7    Brokers. None of the Buyer Group Companies has engaged with or received services from any
broker, finder, commission agent, placement agent or arranger in connection with the transactions contemplated by this Agreement. 

  
 7 

 4.8    No Other Representations and Warranties. The Buyer makes
no other representations and warranties, implied or otherwise, other than those expressly set out in this Agreement. 
  

	5.	 REPRESENTATIONS AND WARRANTIES OF THE SELLING SHAREHOLDER 

The Selling Shareholder hereby represents and warrants to the Buyer the following. 

5.1    Due Formation; Qualification. The Selling Shareholder is duly incorporated, validly existing and in good
standing under the laws of its jurisdiction of organization and has all necessary corporate power and authority to enter into this Agreement and the applicable Instrument of Transfer, to carry out its obligations hereunder and thereunder and to
consummate the transactions contemplated hereby and thereby. 
 5.2    Authorization; Enforceability. The Selling
Shareholder has requisite legal power and authority to execute, deliver and perform its obligations under this Agreement and the applicable Instrument of Transfer and to consummate the transactions contemplated hereby and thereby. This Agreement has
been duly executed and delivered by the Selling Shareholder and, assuming due authorization, execution and delivery by the Buyer, constitutes a legal, valid and binding obligation of the Selling Shareholder, enforceable against the Selling
Shareholder in accordance with its terms, except as limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and
(ii) applicable Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies or general principles of equity. 

5.3    Valid Title. The Selling Shareholder is the sole record and beneficial owner of and has good and valid title
to the Sale Shares, free and clear of any Lien, right of first refusal, third-party right or interest, claim or restriction of any kind or nature, except for restrictions created by virtue of this Agreement. The Selling Shareholder is not a party
nor subject to any Contract that affects or relates to the voting or giving of written consents with respect to the Sale Shares. Good and valid title to the Sale Shares will be passed to the Buyer upon entry of the Buyer into the register of members
of the Company as the legal owner of the Sale Shares. 

5.4    Non-Contravention. Neither the execution and the delivery of this
Agreement or any Instrument of Transfer, nor the consummation of the transactions contemplated hereby and thereby by the Selling Shareholder, will (i) violate any provision of the organizational documents of the Company or materially violate
any Law to which the Selling Shareholder is subject, or (ii) conflict with, result in a breach of or constitute a default under any material Contract to which the Selling Shareholder is a party or by which the Selling Shareholder is bound,
except in each case of (i) and (ii) above, would not reasonably be expected to prohibit, materially delay or materially impair the consummation of the transactions contemplated hereby. 

5.5    Consents and Approvals. Neither the execution and the delivery of this Agreement or the applicable
Instrument of Transfer, nor the consummation of the transactions contemplated hereby and thereby by the Selling Shareholder, requires any consent, approval, order, license or authorization of, registration, certificate, declaration or filing with or
notice to any Governmental Authority or other third party (each, an “Authorization”), except for those Authorizations that have already been obtained. 

  
 8 

 5.6    Compliance with Law. The Selling Shareholder has, in
connection with the execution and delivery of this Agreement and the Instrument of Transfer and the consummation of the transactions contemplated hereby and thereby, complied with all applicable Laws. 

5.7    Solvency. No bankruptcy, insolvency or judicial composition proceedings concerning the Selling Shareholder
have been applied for. No circumstances exist which could require an application for any bankruptcy, insolvency or judicial composition proceedings concerning the Selling Shareholder nor do any circumstances exist according to any applicable
bankruptcy or insolvency Laws which could justify the avoidance of this Agreement. No steps have been taken or proposed in relation to the winding-up, bankruptcy, administration, insolvency or dissolution of
the Selling Shareholder, nor has any analogous procedure or step been taken or proposed in any jurisdiction in relation to the Selling Shareholder. The Selling Shareholder is not or is not expected to be insolvent under the laws of its jurisdiction
of incorporation nor is unable to pay its debts as they fall due and the Selling Shareholder has not stopped paying its debts or indicated an intention to do so.  

5.8    Brokers. The Selling Shareholder has not engaged with or received services from any broker, finder,
commission agent, placement agent or arranger in connection with the acquisition of the Subscription Shares, the transfer of the Sale Shares or matters in connection therewith. 

5.9    Status; Purchase for Own Account. The Selling Shareholder is not a “U.S. person” as defined in
Rule 902 of Regulation S under the Securities Act. The Selling Shareholder is acquiring the applicable Subscription Shares outside the United States in reliance upon the exemption from registration provided by Regulation S under the Securities Act,
and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction. The Selling Shareholder has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating
the merits and risks of its investment in the applicable Subscription Shares. The Selling Shareholder is capable of bearing the economic risks of its investment, including a complete loss thereof. The Subscription Shares will be acquired for the
Selling Shareholder’s own account, not as a nominee or agent and not with a view to or in connection with the sale or distribution of any part thereof. The Selling Shareholder does not have any direct or indirect arrangement, or understanding
with any other Persons regarding the distribution of the Subscription Shares in violation of the Securities Act or any other applicable state securities law. 

5.10    Solicitation. The Selling Shareholder was not identified or contacted through the marketing of the
transactions contemplated by this Agreement. The Selling Shareholder did not contact the Buyer as a result of any general solicitation or directed selling efforts. The purchase of the Subscription Shares by the Selling Shareholder was not solicited
by or through anyone other than the Buyer. 
 5.11    Restricted Securities. The Selling Shareholder acknowledges
that the Subscription Shares are “restricted securities” that have not been registered under the Securities Act or any applicable state securities law. The Selling Shareholder further acknowledges that, absent an effective registration
under the Securities Act, the Subscription Shares may only be offered, sold or otherwise transferred (i) to the Buyer, (ii) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, or
(iii) pursuant to an exemption from registration under the Securities Act. 

  
 9 

	6.	 COVENANTS; ADDITIONAL AGREEMENTS 

6.1    Further Assurances. Each Party shall use reasonable best efforts to make, do, execute, or cause or procure
to be made, done and executed such further acts, deeds, conveyances, consents and assurances without further consideration, which may reasonably be required or advisable to effect the transactions contemplated by this Agreement and the Instruments
of Transfer. 
 6.2    Taxes. Except as otherwise provided in this Agreement, each Party shall bear its
respective Taxes incurred in connection with the consummation of the transactions contemplated by this Agreement and the Instruments of Transfer. 

6.3    Release. From and after the Closing, except as arising out of actions or omissions occurring after the
Closing Date or arising as a result of this Agreement, the Selling Shareholder hereby waives and releases, on behalf of itself and each of its Affiliates, the Company from any and all Liabilities, rights, defenses, claims and causes of action, known
or unknown, foreseen or unforeseen which the Selling Shareholder or any of its Affiliates has or may have in the future against the Company with respect to matters in connection with its ownership in the Selling Shares and arising prior to the
Closing Date. 
 6.4    Confidentiality. 

(a)    Each Party shall, and shall cause its Affiliates to, keep confidential any
non-public material or information with respect to this Agreement and the Instruments of Transfer, any of the terms and conditions of, and the status or other facts with respect to, this Agreement and the
Instruments of Transfer and the transactions contemplated hereby and thereby, including the existence of this Agreement and the Instruments of Transfer (including written or non-written information,
hereinafter the “Confidential Information”). Confidential Information shall not include any information that is (a) previously known on a non-confidential basis by the receiving Party,
(b) in the public domain through no fault of such receiving Party, its Affiliates or its or its Affiliates’ officers, directors or employees, (c) received from a party other than the Parties or their Affiliates, representatives or
agents, so long as such party was not, to the knowledge of the receiving Party, subject to a duty of confidentiality to such Party or Affiliates or (d) developed independently by the receiving Party without reference to confidential information
of the disclosing Party. No Party shall disclose such Confidential Information to any third party. Each Party may use the Confidential Information only for the purpose of, and to the extent necessary for, performing this Agreement, and shall not use
such Confidential Information for any other purposes. 

  
 10 

 (b)    Notwithstanding any other provisions in this
Section 6.4, if any Party believes in good faith that any announcement or notice must be prepared or published pursuant to applicable Laws (including any rules or regulations of any relevant securities exchange or valid
legal process) or information is otherwise required to be disclosed to any Governmental Authority, such Party may, in accordance with its understanding of the applicable Laws, make the required disclosure in the manner it deems in compliance with
the requirements of applicable Laws, rules or regulations. In addition, each Party may disclose, subject to any practicable arrangements to protect confidentiality, Confidential Information to the extent required under judicial or regulatory process
or in connection with any judicial process regarding any legal action, suit or proceeding arising out of or relating to this Agreement or the Instruments of Transfer. 

(c)    Each Party may disclose the Confidential Information only to its Affiliates and its and its Affiliates’
officers, directors, employees, agents and representatives on a need-to-know basis in the performance of this Agreement; provided that such Party shall ensure
such Persons strictly abide by the confidentiality obligations hereunder. 
 (d)    The confidentiality obligations of
each Party hereunder shall survive the termination of this Agreement for a period of two (2) years. Each Party shall continue to abide by the confidentiality clause hereof and perform the obligation of confidentiality it undertakes until the
other Party approves release of that obligation or until a breach of the confidentiality clause hereof will no longer result in any prejudice to the other Party. 
  

	7.	 TERMINATION 

7.1    Termination. This Agreement may be terminated at any time prior to the Closing: 

(a)    by any Party through written notice to the other Parties if any Governmental Authority shall have enacted or issued
any Law or Order or taken any other action permanently restraining, enjoining, preventing, prohibiting or otherwise making illegal the consummation of the transactions contemplated under this Agreement and such Law, Order or other action has become
final and non-appealable; provided that a Party shall have no right to terminate this Agreement pursuant to this Section 7.1(a) if the imposition of such Law, Order or other
action was caused by the breach by such Party or its Affiliate of any representation, warranty, covenant or agreement in this Agreement; 

(b)    by the Buyer if there exists a material breach of any representation, warranty, covenant or agreement of the
Selling Shareholder such that the conditions set forth in Section 3.4 would not be satisfied and such breach has not been cured, or is incapable of being cured, by the Selling Shareholder within fifteen (15) days
following its receipt of written notice from the Buyer of such breach; 
 (c)    by the Selling Shareholder, if there
exists a material breach of any representation, warranty, covenant or agreement of the Buyer such that the conditions set forth in Section 3.5 would not be satisfied and such breach has not been cured, or is incapable of
being cured, by the Buyer within fifteen (15) days following its receipt of written notice from the Selling Shareholder of such breach; or 

(d)    by occurrence of listing of the Company’s shares on the New York Stock Exchange (or any other recognized stock
exchange elsewhere) prior to the Closing. 

  
 11 

 7.2 Automatic Termination. This Agreement will be automatically terminated if the
Closing does not occur by the Closing Date. 
 7.3 Effects of Termination. Upon the termination of this Agreement pursuant to
Section 7.1, this Agreement (other than Article 1 and Article 9) shall become void and have no further force or effect; provided that no such termination shall relieve any Party of liability for any
breach of this Agreement prior to such termination. 
  

	8.	 INDEMNITY  

8.1 Survival. The representations and warranties of the Buyer and the Selling Shareholder and their respective Affiliates contained in
this Agreement shall survive the Closing for a period of eighteen (18) months after the Closing Date, save for the Fundamental Representations of the Buyer and the Fundamental Representations of the Selling Shareholder which shall survive until
the expiration of the applicable statutory limitation periods. The covenants and agreements of the Buyer and the Selling Shareholder and their respective Affiliates set forth herein shall survive the Closing until fully discharged in accordance with
their terms, except for those covenants and agreements which shall be complied with or discharged prior to the Closing in accordance with the terms of this Agreement. Notwithstanding the foregoing, any breach of any representation, warranty,
covenant or agreement in respect of which indemnity may be sought under this Agreement shall survive the time at which it would otherwise terminate, if notice of the inaccuracy or breach thereof giving rise to such right of indemnity shall have been
given to the party against whom such indemnity may be sought prior to such time. 
 8.2 Indemnification. 

(a) Indemnification by the Buyer. From and after the Closing, the Buyer shall indemnify and hold harmless the Selling
Shareholder and its directors, officers, employees, Affiliates, agents and assigns (each, a “Selling Shareholder Indemnitee”) against any losses, liabilities, damages, penalties, diminution in value, reasonable costs and
expenses, including reasonable advisor’s fees and other expenses of investigation and defense of any of the foregoing (collectively, “Losses”), incurred by the Selling Shareholder Indemnitee as a result of, arising out of or in
connection with (i) any material breach or violation of, or inaccuracy in, any representation or warranty made by the Buyer in this Agreement; and (ii) any material breach or violation of, or failure to perform, any covenants or agreements
made by or on behalf of, or to be performed by, the Buyer in this Agreement. 
 (b) Indemnification by the Selling Shareholder. From
and after the Closing, the Selling Shareholder shall indemnify and hold harmless the Buyer and its directors, officers, employees, Affiliates, agents and assigns (each, a “Buyer Indemnitee”) against any Losses incurred by
such Buyer Indemnitee as a result of, arising out of or in connection with (i) any breach or violation of, or inaccuracy in, any representation or warranty made by or on behalf of the Selling Shareholder in this Agreement or any claim by any
third party alleging, constituting or involving such a breach violation or inaccuracy; (ii) any breach or violation of, or failure to perform, any covenants or agreements made by or on behalf of, or to be performed by, the Selling Shareholder
in this Agreement, or any claim by any third party alleging, constituting or involving any such breach or violation or default or failure to perform; (iii) any violation or non-compliance with applicable
Laws by the Selling Shareholder or Company Entity on or prior to the Closing Date, whether in the course of business or in connection with the execution and delivery of this Agreement and the Instrument of Transfer and the consummation of the
transactions contemplated hereby and thereby; (iv) any failure to timely file applicable Tax Returns (or any failure for such Tax Returns to be true, correct and complete) by any Company Entity or any failure to timely and fully pay applicable
Taxes owed by any Company Entity, for any tax period (or portion thereof) up to the Closing Date; and (v) any litigation or arbitration proceedings involving any Company Entity arising out of or based on an event that occurred or an action that
was taken on or prior to the Closing Date. 

  
 12 

 (c) For purposes of this Agreement, (i) “Indemnifying Party” means the
Buyer (with respect to Section 8.2(a)) or the Selling Shareholder (with respect to Section 8.2(b)); and (ii) “Indemnified Party” means the Selling Shareholder Indemnitee(s) (with
respect to Section 8.2(a)) or the Buyer Indemnitee(s) (with respect to Section 8.2(b)). 

8.3 Reliance. Each of the Buyer and the Selling Shareholder acknowledge and agree that (i) the Buyer has entered into this
Agreement and agreed to the purchase of the Sale Shares from the Selling Shareholder and the allotment and issuance of the Subscription Shares to the Selling Shareholder hereunder, in reliance on the representations and warranties, and covenants and
agreements, made by the Selling Shareholder in this Agreement, and (ii) the Selling Shareholder has entered into this Agreement and agreed to transfer the Sale Shares to the Buyer and to subscribe for the Subscription Shares in reliance on the
representations and warranties, and covenants and agreements, made by the Buyer in this Agreement. 
  

	9.	 MISCELLANEOUS 

9.1 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Cayman Islands without giving
effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than Cayman Islands to the rights and duties of the Parties hereunder. 

9.2 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be
binding upon, the successors, assigns, heirs, executors and administrators of the Parties. This Agreement and the rights and obligations therein may not be assigned by any Party without the written consent of the other Party. 

9.3 Entire Agreement. This Agreement, including the schedules and exhibits hereto, constitute the entire understanding and agreement
among the Parties with regard to the subjects hereof and thereof. 
 9.4 Notices. All notices, requests, demands, and other
communications under this Agreement shall be in writing and shall be deemed to have been duly given to the Party at the address set forth below (a) if in writing and served by personal delivery upon the Party for whom it is intended, on the
date of such delivery, (b) if delivered by certified mail, registered mail or courier service, return-receipt received, on the date of such delivery, or (c) if delivered by email, upon confirmation of receipt by a non-automated response: 

  
 13 

 If to the Buyer, at: 

Address: 23/F, Nexxus Building, 41 Connaught Road Central, Hong Kong 

Attention: 
 Email: 

If to the Selling Shareholder, at: 

Address: c/o Value Partners Hong Kong Limited, 43/F, The Center, 

99 Queen’s Road Central, Hong Kong 

Attention: 
 Email: 

9.5 Amendments. Any term of this Agreement may be amended only by a written instrument executed by both the Buyer and the Selling
Shareholder. 
 9.6 Specific Performance. The Parties agree that irreparable damage would occur in the event that any
provision of this Agreement were not performed in accordance with the terms hereof or thereof, and that the Parties shall be entitled to seek specific performance of the terms hereof or thereof, in addition to any other remedy at law or equity. 

9.7 Fees and Expenses. Except as otherwise provided in this Agreement, each Party shall bear its respective expenses incurred in
connection with the negotiation, preparation and execution of this Agreement and the transactions contemplated hereby, including fees and expenses of attorneys, accountants, consultants and financial advisors. 

9.8 Delays or Omissions; Waivers. No delay or omission to exercise any right, power or remedy accruing to any Party, upon any breach or
default of any Party under this Agreement, shall impair any such right, power or remedy of such Party, nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach of default thereafter
occurring. Any waiver by any Party of any condition or breach of default under this Agreement must be in writing signed by such Party and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this
Agreement or by Laws or otherwise afforded to any Party shall be cumulative and not alternative. 
 9.9 Interpretation. This
Agreement shall be construed according to its fair language. The rule of construction to the effect that ambiguities are to be resolved against the drafting Party shall not be employed in interpreting this Agreement. The headings of the sections and
subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. Unless otherwise expressly provided herein, all references to sections and schedules herein are to sections and schedules
of this Agreement. Unless a provision hereof expressly provides otherwise: (i) the term “or” is not exclusive; (ii) the terms “herein,” “hereof,” and other similar words refer to this Agreement as a whole and
not to any particular section, subsection, paragraph, clause, or other subdivision; (iii) the masculine, feminine, and neuter genders will each be deemed to include the others; and (iv) whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 

  
 14 

 9.10 Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be an original, but all of which together shall constitute one instrument. 
 9.11 Severability. If any provision of
this Agreement is found to be invalid or unenforceable, then such provision shall be construed, to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on
substantially the same terms as originally set forth herein, and if no feasible interpretation would save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed
provision is essential to the rights or benefits intended by the Parties. In such event, the Parties shall use their best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which most nearly affects the
Parties’ intent in entering into this Agreement. 
 9.12 Dispute Resolution. Any dispute, controversy or claim (each, a
“Dispute”) arising out of or relating to this Agreement, or the interpretation, breach, termination, validity or invalidity thereof, shall be referred to arbitration upon the demand of either party to the dispute with notice (the
“Arbitration Notice”) to the other. The Dispute shall be settled by arbitration in Cayman Islands. Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of and providing
complete access to all information and documents requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. The award of the arbitral tribunal shall be final and
binding upon the parties thereto, and the prevailing party may apply to a court of competent jurisdiction for enforcement of such award. Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of
competent jurisdiction pending the constitution of the arbitral tribunal. During the course of the arbitral tribunal’s adjudication of the Dispute, this Agreement shall continue to be performed except with respect to the part in dispute and
under adjudication. 
 [SIGNATURE PAGES FOLLOW] 
  

  
 15 

 IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement on the date and
year first above written. 
  

			
	BUYER
	
	AMTD INTERNATIONAL INC.
		
	By:	 	 /s/ William Fung

		 	Name: William Fung
		 	Title: Chief Executive Officer

 [Signature Page to Share Purchase Agreement] 

 IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement on the date and
year first above written. 
  

			
	SELLING SHAREHOLDER
	
	VALUE PARTNERS HONG KONG LIMITED as investment manager of VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND
		
	By:	 	 /s/ Lam Mei Kuen Winnie

		 	Name: Lam Mei Kuen Winnie
		 	Title: Authorised signatory

 [Signature Page to Share Purchase Agreement] 

 

 Exhibit A 

Instrument of Transfer 

AMTD DIGITAL INC. 
 an
exempted company incorporated in the Cayman Islands 
 (the “Company”) 

SHARE TRANSFER FORM 
 dated
                               

VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (the “Transferor”), for good and valuable consideration received by it from AMTD
International Inc. (the “Transferee”), does hereby transfer to the Transferee the 5,500,000 fully paid Class A ordinary shares in the Company (of a par value of US$0.0001 each) standing in the Transferor’s name in the
Register of Members of the Company to hold unto the Transferee, its executors, administrators and assigns, subject to the several conditions on which the Transferor held the same at the time of execution of this Share Transfer Form. 

Signed by the Transferor on the date first above written: 
  

	
	 VALUE PARTNERS HONG KONG LIMITED as investment manager of VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND

 
 By: _____________________________

Name: Lam Mei Kuen Winnie
 Title: Authorised
signatory

  

  
 A-1

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