<SEC-DOCUMENT>0001104659-22-086971.txt : 20220808
<SEC-HEADER>0001104659-22-086971.hdr.sgml : 20220808
<ACCEPTANCE-DATETIME>20220808091330
ACCESSION NUMBER:		0001104659-22-086971
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20220808
FILED AS OF DATE:		20220808
DATE AS OF CHANGE:		20220808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Alibaba Group Holding Ltd
		CENTRAL INDEX KEY:			0001577552
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			K3

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36614
		FILM NUMBER:		221142778

	BUSINESS ADDRESS:	
		STREET 1:		26/F TOWER ONE
		STREET 2:		TIMES SQUARE, 1 MATHESON STREET
		CITY:			CAUSEWAY BAY
		STATE:			K3
		ZIP:			00000
		BUSINESS PHONE:		852-2215-5100

	MAIL ADDRESS:	
		STREET 1:		26/F TOWER ONE
		STREET 2:		TIMES SQUARE, 1 MATHESON STREET
		CITY:			CAUSEWAY BAY
		STATE:			K3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2222806d1_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report of Foreign Private Issuer&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16 of&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>August&nbsp;8,
</B></FONT><B>2022&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-36614</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Alibaba Group Holding Limited&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s name)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>26/F Tower One, Times Square&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1 Matheson Street&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Causeway Bay&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hong Kong&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;20-F
</FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT> Form&nbsp;40-F <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form&nbsp;6-K on paper as permitted by Regulation S-T Rule&nbsp;101(b)(1): </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form&nbsp;6-K on paper as permitted by Regulation S-T Rule&nbsp;101(b)(7): </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 100%; font-size: 10pt"><A HREF="tm2222806d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;99.1 &mdash; Announcement &ndash; Voluntary Conversion to Dual Primary Listing on the Hong Kong Stock Exchange</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ALIBABA GROUP HOLDING LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: August&nbsp;8, 2022</FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
<TD STYLE="border-bottom: black 1pt solid">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kevin
Jinwei ZHANG</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kevin Jinwei ZHANG</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
<TD>Company Secretary&nbsp;</TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2222806d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 100%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Hong Kong Exchanges and Clearing Limited and The
    Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy
    or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any
    part of the contents of this announcement.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We have one class of shares, and each holder of
    our shares is entitled to one vote per share. As the Alibaba Partnership&rsquo;s director nomination rights are categorized as a weighted
    voting rights structure (the &ldquo;<B>WVR structure</B>&rdquo;) under the Rules&nbsp;Governing the Listing of Securities on the Hong
    Kong Stock Exchange, we are deemed as a company with a WVR structure. Shareholders and prospective investors should be aware of the potential
    risks of investing in a company with a WVR structure. Our American depositary shares, each representing eight of our shares, are listed
    on the New York Stock Exchange in the United States under the symbol BABA.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2222806d1_ex99-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Alibaba Group Holding Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&#38463;&#37324;&#24052;&#24052;&#38598;&#22296;&#25511;&#32929;&#26377;&#38480;&#20844;&#21496;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Incorporated in the Cayman Islands with limited
liability)</I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Stock
Code: </B></FONT><B><FONT STYLE="font-size: 10pt">9988)</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>ANNOUNCEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>VOLUNTARY CONVERSION
TO DUAL PRIMARY LISTING<BR>
ON THE HONG KONG STOCK EXCHANGE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Reference is made to the announcement
of Alibaba Group Holding Limited (the &ldquo;<B>Company</B>&rdquo;) dated July&nbsp;26, 2022, regarding the decision of our Board of
Directors to pursue a voluntary conversion to primary listing on the Main Board of the Hong Kong Stock Exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
announcement is made in accordance with Guidance Letter HKEX-GL112-22 issued by the Hong Kong Stock Exchange (the &ldquo;</FONT><FONT STYLE="font-size: 10pt"><B>Change
of Listing Status Guidance Letter</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>VOLUNTARY CONVERSION TO PRIMARY LISTING
ON THE HONG KONG STOCK EXCHANGE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Introduction</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have made an application to the Hong Kong Stock Exchange to change our secondary listing status on the Main Board of the Hong Kong
Stock Exchange to a primary listing. On August&nbsp;8</FONT><FONT STYLE="font-size: 10pt">, 2022, the Hong Kong Stock Exchange
issued its Primary Conversion Exchange Acknowledgement pursuant to the Change of Listing Status Guidance Letter. The effective date
of our Primary Conversion is expected to be prior to the end of 2022. We will make a further announcement on the expected Primary
Conversion Date in due course. Upon the Primary Conversion Date, we will be dual primary listed on the Hong Kong Stock Exchange and
the NYSE and the stock marker &ldquo;S&rdquo; will be removed from our stock short name on the Hong Kong Stock Exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Reason for the Primary Conversion</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have been primary listed on the NYSE since September&nbsp;2014. </FONT><FONT STYLE="font-size: 10pt">Since our secondary listing in Hong
Kong in November&nbsp;2019, there has been a significant increase in our public float and trading volume on the Hong Kong Stock Exchange.
Given the substantial presence of our business operations in Greater China, and the nexus between Hong Kong and our principal business
operations in Greater China, we expect that the Primary Conversion will allow us to broaden our investor base and facilitate incremental
liquidity, and in particular expand access to China- and other Asia-based investors. Accordingly, our Board is of the view that the Primary
Conversion is in the interests of the Company and those of our Shareholders as a whole.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Compliance with the Hong Kong Listing
Rules</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Upon the Primary Conversion Date, it
is expected that we will be able to comply with all the relevant Hong Kong Listing Rules&nbsp;applicable to a dual primary listed issuer,
including the Hong Kong Listing Rules&nbsp;currently subject to the waivers and exemptions granted or applicable to us as a secondary
listed issuer on the Hong Kong Stock Exchange (the &ldquo;<B>Existing Waivers</B>&rdquo;) which are expected to be withdrawn or will
no longer be applicable upon the Primary Conversion Date, unless otherwise separately waived or exempted by the Hong Kong Stock Exchange.
In preparation of the Primary Conversion and prior to the Primary Conversion Date, we will make the necessary arrangements, including
among others, the following to enable the Company to comply with the relevant Hong Kong Listing Rules&nbsp;applicable to a dual primary
listed issuer:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">obtaining Shareholders&rsquo; approval
                                            at the EGM on certain matters, including the proposed amendments to our Articles of Association
                                            to comply with Appendix 3 to the Hong Kong Listing Rules, with the exception of the relevant
                                            provisions pertaining to our WVR structure and the threshold for requisition of Shareholders&rsquo;
                                            meetings; and the proposed grant of the share repurchase mandate and issuance mandate;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="font-size: 10pt">adoption of a new equity incentive plan compliant with the amended Chapter 17 of the Hong Kong Listing
                                                                                                                                         Rules as set out in the conclusions to the consultation paper on the proposed amendments to the Hong Kong Listing Rules relating to
                                                                                                                                         share schemes of listed issuers published on July 29, 2022 upon the Primary Conversion Date, subject to Shareholders&rsquo; approval
                                                                                                                                         at the EGM;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">amendment
                                            of the composition of our Nominating and Corporate Governance Committee to comply with Rule&nbsp;3.27A
                                            of the Hong Kong Listing Rules&nbsp;and the charters of our Board committees to comply with
                                            Appendix 14 of the Hong Kong Listing Rules;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">appointment
                                            of a second authorized representative with effect from our Primary Conversion Date; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">amendments to our internal policies,
                                            such as updating our code of conduct regarding securities transactions by Directors on terms
                                            no less exacting than the Model Code for Securities Transactions by Directors of Listed Issuers
                                            set out in Appendix 10 to the Hong Kong Listing Rules&nbsp;and policies with respect to restrictions
                                            on purchase of our own Shares, notifiable transactions and connected transactions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In the event we are unable to demonstrate
full compliance with any applicable Hong Kong Listing Rule&nbsp;in time (where no waiver has been granted by the Hong Kong Stock Exchange)
upon the Primary Conversion Date, the Hong Kong Stock Exchange may request us to delay the Primary Conversion Date. For the avoidance
of doubt, notwithstanding the submission of the application for the Primary Conversion or receipt of the Primary Conversion Exchange
Acknowledgment, we will continue to be entitled to the Existing Waivers before the Primary Conversion Date provided that we remain primary
listed on the NYSE, which is a recognized stock exchange under the Hong Kong Listing Rules. Such Existing Waivers include, among others,
the specific waivers granted by the Hong Kong Stock Exchange, exemptions and rulings granted by the Securities and Futures Commission
of Hong Kong, on an individual basis, in relation to the following rules:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rules</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subject
    matter</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">Rule 2.07A of the Hong Kong Listing Rules</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Printed Corporate Communications</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule&nbsp;13.25B
    of the Hong Kong Listing Rules</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monthly
    Return</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule&nbsp;19C.07(3)&nbsp;and
    Rule&nbsp;19C.07(7)&nbsp;of the Hong Kong Listing Rules</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder
    protection requirements in relation to approval, removal and remuneration of auditors; and requisition of extraordinary general meeting
    by Shareholders</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.1
    of the Takeovers Code</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    a public company in Hong Kong under Takeovers Code</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part&nbsp;XV
    of the SFO</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure
    of interests under Part&nbsp;XV of SFO</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Details of the aforementioned Existing
Waivers are set out in our Prospectus. In the event of withdrawal of any of the aforementioned Existing Waivers upon the Primary Conversion
Date, we would fully comply with such Hong Kong Listing Rules&nbsp;and provisions of the SFO and be considered a &ldquo;public company&rdquo;
in Hong Kong for the purposes of the Takeovers Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Applications for Waivers in Connection
with the Primary Conversion</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In preparation for the Primary Conversion,
the Company has sought, subject to the approval of Hong Kong Stock Exchange which may or may not be granted, the following waivers and
exemptions from strict compliance with the following provisions of the Hong Kong Listing Rules:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rules</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subject
    matter</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule&nbsp;19.25A
    of, and note 2.1 to paragraph 2 of Appendix 16 to, the Hong Kong Listing Rules</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of U.S. GAAP</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paragraphs
    4(2), 4(3)&nbsp;and 14(5)&nbsp;of Appendix 3 to the </FONT><FONT STYLE="font-size: 10pt">Hong Kong Listing Rules</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder
    protection requirements in relation to </FONT><FONT STYLE="font-size: 10pt">casual vacancy of directors, removal of directors and
    requisition of Shareholders&rsquo; meetings </FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rules&nbsp;14A.35,
    14A.36, 14A.39, 14A.44 to 14A.46, 14A.52 and 14A.53 of the Hong Kong Listing Rules</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuing
    Connected Transaction Requirements applicable to the Contractual Arrangements</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
    (1)&nbsp;to Rule&nbsp;17.03(9)&nbsp;of the Hong Kong Listing Rules</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise
    price of share options to be granted pursuant to the 2022 </FONT><FONT STYLE="font-size: 10pt">Post-IPO Equity Incentive Plan</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Use of U.S. GAAP</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule&nbsp;19.25A
of the Hong Kong Listing Rules&nbsp;provides that the annual accounts are required to conform with financial reporting standards acceptable
to the </FONT><FONT STYLE="font-size: 10pt">Hong Kong Stock Exchange, which are normally HKFRS or IFRS. Where the Hong Kong Stock Exchange
allows annual accounts to be drawn up otherwise than in conformity with HKFRS or IFRS, the annual accounts will be required to conform
with financial reporting standards acceptable to the Hong Kong Stock Exchange. In such cases, the Hong Kong Stock Exchange will normally
require the annual accounts to contain a reconciliation statement setting out the financial effect of the material differences (if any)
from either HKFRS or IFRS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
2.1 to Paragraph 2 of Appendix 16 to the </FONT><FONT STYLE="font-size: 10pt">Hong Kong Listing Rules&nbsp;requires us to prepare our
financial statements in the financial reports to be in conformity with: (a)&nbsp;HKFRS; (b)&nbsp;IFRS; or (c)&nbsp;China Accounting Standards
for Business Enterprises in the case of companies incorporated in China, subject to Note 2.6 to Paragraph 2 of Appendix 16 to the Hong
Kong Listing Rules. Note 2.6 to Paragraph 2 of Appendix 16 to the Hong Kong Listing Rules&nbsp;provides that the Hong Kong Stock Exchange
may allow the annual financial statements of an overseas issuer to be drawn up otherwise than in conformity with financial reporting
standards referred to in Note 2.1 to Paragraph 2 of Appendix 16 to the Hong Kong Listing Rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In the Change of Listing Status Guidance
Letter, the Hong Kong Stock Exchange has indicated that it has accepted that the financial statements and accountants&rsquo; reports
of overseas issuers with, or seeking, a dual primary or secondary listing in the U.S. and on the Hong Kong Stock Exchange can be prepared
in conformity with U.S. GAAP. The Change of Listing Status Guidance Letter further provides that, an overseas issuer adopting a body
of financial reporting standards other than HKFRS or IFRS for the preparation of its financial statements must include a reconciliation
statement setting out the financial effect of any material differences between those financial statements and financial statements prepared
adopting HKFRS or IFRS in its accountants&rsquo; reports, annual reports and interim reports.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As a company listed on NYSE, we prepare
our financial statements in accordance with U.S. GAAP which are audited under the standards of the U. S. Public Company Accounting Oversight
Board for the purpose of our filings with the U.S. Securities and Exchange Commission. U.S. GAAP is well recognized and accepted by the
international investment community, and significant progress has been made in the convergence between U.S. GAAP and IFRS. Additionally,
we note that there may be confusion among our investors and Shareholders if we are required to adopt different accounting standards for
our disclosures in Hong Kong and our disclosures in the U.S. Aligning the accounting standards used for disclosures in both markets will
prevent any such confusion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We have applied for a waiver from strict
compliance with the requirements of Rule&nbsp;19.25A and note 2.1 to paragraph 2 of Appendix 16 of the Hong Kong Listing Rules&nbsp;in
relation to our annual and interim reports, subject to the following conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">we
                                            will include adequate disclosure, including (a)&nbsp;a description of the relevant key differences
                                            between U.S. GAAP and IFRS; and (b)&nbsp;a reconciliation statement in our annual reports
                                            after the Primary Conversion, and such reconciliation statement will be included as a note
                                            to the audited financial statements in the annual report audited by our external auditor;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">we
                                            will include in our interim reports a reconciliation statement which will be reported by
                                            our external auditor in accordance with a standard that is at least equivalent to International
                                            Standard on Assurance Engagements 3000 or Hong Kong Standard on Assurance Engagements 3000;
                                            and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">in
                                            accordance with note 4 to Rule&nbsp;19.25A of the Hong Kong Listing Rules, we will adopt
                                            IFRS if we de-list from the NYSE and will do so for any annual and interim financial statements
                                            that fall due under the Hong Kong Listing Rules, and are published, after the first anniversary
                                            of the date of our de-listing.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Shareholder Protection Requirements</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Paragraphs 4(3)&nbsp;and 4(2)&nbsp;of
Appendix 3 to the Hong Kong Listing Rules&nbsp;provide as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Removal
                                            of Directors</U>: &ldquo;That, where not otherwise provided by law, members in general meeting
                                            shall have the power by ordinary resolution to remove any director (including a managing
                                            or other executive director, but without prejudice to any claim for damages under any contract)
                                            before the expiration of his term of office.&rdquo; (paragraph 4(3)&nbsp;of Appendix 3 to
                                            the Hong Kong Listing Rules)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Casual
                                            Vacancy of Directors</U>: &ldquo;That any person appointed by the directors to fill a casual
                                            vacancy on or as an addition to the board shall hold office only until the next following
                                            annual general meeting of the issuer after his appointment, and shall then be eligible for
                                            re-election.&rdquo; (paragraph 4(2)&nbsp;of Appendix 3 to the Hong Kong Listing Rules)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Note to both paragraphs 4(2)&nbsp;and
4(3)&nbsp;of Appendix 3 to the Hong Kong Listing Rules&nbsp;provides that &ldquo;In respect of Grandfathered Greater China Issuers and
Non-Greater China Issuers that are permitted to have a WVR structure that does not comply with Chapter 8A of the Listing Rules, the Hong
Kong Stock Exchange will consider the applicability of this requirement on a case-by-case basis based on the circumstances of each individual
case.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We have a &ldquo;director nomination
rights-based&rdquo; governance structure and are deemed to be a company with a WVR structure under the Hong Kong Listing Rules. Our Articles
give the Alibaba Partnership the exclusive right to nominate or, in limited situations, appoint, up to a simple majority of the members
of its Board of Directors; and govern the ability of Shareholders to make amendments to the above nomination and/or appointment rights,
as well as take actions that seek to undermine the governance rights granted to the Alibaba Partnership over our Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Removal of Directors</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
removal of Directors under our WVR structure is regulated by Article&nbsp;94 of the </FONT><FONT STYLE="font-size: 10pt">Articles, pursuant
to which, among other things, the Directors nominated by a Shareholder pursuant to the Articles are subject to removal, with or without
cause, only by the nominating party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Casual
Vacancy</U></I></FONT><I><U> <FONT STYLE="font-size: 10pt">of Directors</FONT></U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As part of our WVR structure:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Article&nbsp;84
                                            of the Articles provides for a vacancy due to the increase in the size of the Board of Directors
                                            to be appointed by the party entitled to designate a Director nominee to fill such vacancy
                                            as an interim Director until the next annual general meeting, rather than by the Board of
                                            Directors as contemplated by paragraph 4(2)&nbsp;of Appendix 3 to the Hong Kong Listing Rules.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Article&nbsp;85
                                            of the Articles provides that the Alibaba Partnership shall be entitled to nominate up to
                                            a simple majority of the members of the Board of Directors, including in the event of a vacancy
                                            because a Director previously nominated by the Alibaba Partnership ceased to be a Director
                                            or because the Alibaba Partnership had previously not exercised its right to nominate or
                                            appoint a simple majority of the total number of Directors on the Board of Directors. Accordingly,
                                            the Board of Directors does not have the right to fill such casual vacancies as contemplated
                                            by paragraph 4(2)&nbsp;of Appendix 3 to the Hong Kong Listing Rules.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Pursuant
                                            to Article&nbsp;92 of the Articles, the effectiveness of the appointment of such a Director
                                            is not subject to the requirement of any further approval by the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
above provisions of our </FONT><FONT STYLE="font-size: 10pt">Articles are part-and-parcel of the governance rights under our WVR structure.
As we are permitted to retain our WVR structure, which has in all material respects remained the same since our secondary listing on
the Hong Kong Stock Exchange, pursuant to paragraph 3.48 of the Change of Listing Status Guidance Letter, we have applied for a waiver
from strict compliance following our Primary Conversion with paragraphs 4(3)&nbsp;<I>(removal of directors)</I> and 4(2)&nbsp;<I>(casual
vacancy of directors) </I>of Appendix 3 to the Hong Kong Listing Rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Requisition of Shareholders&rsquo;
meetings</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paragraph
14(5)&nbsp;of Appendix 3 to the Hong Kong Listing Rules&nbsp;provides </FONT><FONT STYLE="font-size: 10pt">&ldquo;That members holding
a minority stake in the total number of issued shares must be able to convene an extraordinary general meeting and add resolutions to
a meeting agenda. The minimum stake required to do so must not be higher than 10% of the voting rights, on a one vote per share basis,
in the share capital of the issuer.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Article&nbsp;57(b)&nbsp;of our </FONT><FONT STYLE="font-size: 10pt">Articles, a Shareholders&rsquo; requisition is a requisition by
Shareholders holding not less than one-third of the voting rights. Article&nbsp;57(f)&nbsp;and (g)&nbsp;of our Articles set out the
limitations on the proposals raised by requisitionists. At the time of our secondary listing on the Hong Kong Stock Exchange, the
Hong Kong Stock Exchange granted us a waiver from compliance with Rule&nbsp;19C.07(7)&nbsp;of the Hong Kong Listing
Rules&nbsp;(which has, since January 1, 2022, become paragraph 14(5) of Appendix 3) on the conditions and basis set out in our
Prospectus. On the basis that the circumstances under which the waiver was granted, other than our listing status on the Hong Kong
Stock Exchange, have not changed, we have applied for a waiver from strict compliance with paragraph 14(5)<I>&nbsp;(requisition of
Shareholders&rsquo; meetings) </I>of Appendix 3 to the Hong Kong Listing Rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Continuing Connected Transaction
Requirements Applicable to the Contractual Arrangements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have in place </FONT><FONT STYLE="font-size: 10pt">various contractual arrangements with variable interest entities
(&ldquo;<B>VIEs</B>&rdquo;) that are incorporated and owned by PRC citizens or by PRC entities owned and/or controlled by PRC
citizens. The transactions contemplated under the contractual arrangements will constitute continuing connected transactions of our
Company under the Hong Kong Listing Rules&nbsp;upon the Primary Conversion Date where directors, chief executive officers or
substantial shareholders of the VIEs will become connected persons (as defined in Chapter 14A of the Hong Kong Listing Rules) of our
Company upon the Primary Conversion Date, unless they are exempt under the Hong Kong Listing Rules&nbsp;(the &ldquo;<B>Contractual
Arrangements</B>&rdquo;). The Contractual Arrangements were permissible for our secondary listing in Hong Kong on the basis that we
are a Grandfathered Greater China Issuer (as defined in the Hong Kong Listing Rules) and paragraph 3.48 of the Change of Listing
Status Guidance Letter confirmed that we, as a Grandfathered Greater China Issuer, is allowed to retain our existing VIE structure
if we become primary listed in Hong Kong as a result of Primary Conversion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Description of the Contractual
Arrangements</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of Contractual Arrangements with the </FONT><FONT STYLE="font-size: 10pt">VIEs and their shareholders, we include the financial
results of each of the VIEs in our consolidated financial statements in accordance with U.S. GAAP as if they were our wholly-owned subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details
of our VIE structure are summarized in the section headed &ldquo;Business Overview - VIE Structure&rdquo;, &ldquo;Business Overview -
</FONT><FONT STYLE="font-size: 10pt">Contracts that Give Us Effective Control of the Variable Interest Entities&rdquo; and &ldquo;Business
Overview - Contracts that Enable Us to Receive Substantially All of the Economic Benefits from the Variable Interest Entities&rdquo;
in our annual report. The Contractual Arrangements have been designed to ensure that there will be no limit on the amount of fees payable
to us pursuant to the agreements under the Contractual Arrangements. Therefore, there will be no monetary cap on any agreements under the
Contractual Arrangements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We have applied for a waiver from strict
compliance with the requirements of Chapter 14A of the Hong Kong Listing Rules&nbsp;in respect of the Contractual Arrangements on the
following grounds:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The
                                            Contractual Arrangements were entered into/contemplated to be entered into before we became
                                            secondary listed on the Hong Kong Stock Exchange.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">We
                                            are of the view that the Contractual Arrangements and the transactions contemplated therein
                                            are fundamental to our legal structure and business operations. Under this structure, the
                                            financial results of VIEs are consolidated into our financial statements as if they were
                                            our wholly-owned subsidiaries, and the economic benefits of their business flow to us.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The
                                            Contractual Arrangements are entered into for the benefit of our Group and, unlike typical
                                            connected transactions, since the registered owners of the VIEs act as shareholders or partners
                                            of the VIEs to facilitate the arrangements whereby economic benefits from the VIEs are transferred
                                            to us, there is no concern of leakage of economic benefits to connected persons to the detriment
                                            of our minority Shareholders under the Contractual Arrangements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">We
                                            also believe that it will not be in our interests and those of our Shareholders  to set any
                                            annual cap on the amount of fees payable to us under the Contractual Arrangements. Accordingly,
                                            notwithstanding that the transactions contemplated under the Contractual Arrangements shall
                                            technically constitute continuing connected transactions under Chapter 14A of the Hong Kong
                                            Listing Rules&nbsp;upon the date of the Primary Conversion, we consider that it would be
                                            unduly burdensome and impracticable to us if such transactions are subject to strict compliance
                                            with the requirements set out under Chapter 14A of the Hong Kong Listing Rules.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Conditions of waiver</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of the Contractual Arrangements, we have applied for a waiver from strict compliance with (i)&nbsp;the announcement, circular
(including independent financial advice) and independent Shareholders&rsquo; approval requirements under </FONT><FONT STYLE="font-size: 10pt">Rules&nbsp;14A.35,
14A.36, 14A.39, 14A.44, 14A.45 and 14A.46 of the Hong Kong Listing Rules&nbsp;in respect of the transactions contemplated under the Contractual
Arrangements, (ii)&nbsp;the requirement of setting an annual cap for the transactions under the Contractual Arrangements under Rule&nbsp;14A.53
of the Hong Kong Listing Rules, and (iii)&nbsp;the requirement of limiting the term of the Contractual Arrangements to three years or
less under Rule&nbsp;14A.52 of the Hong Kong Listing Rules, for so long as our Shares are listed on the Hong Kong Stock Exchange, subject
to the following conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Confirmation from independent non-executive
                                            Directors</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The independent non-executive
Directors will confirm, on or prior to the Primary Conversion, that the Contractual Arrangements are on normal commercial terms or better
and in the ordinary and usual course of business of our Group and are in our interests and those of our Shareholders as a whole.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>No change without independent non-executive
                                            Directors&rsquo; approval</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">No change to the Contractual
Arrangements will be made without the approval of the independent non-executive Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>No change without independent Shareholders&rsquo;
                                            approval</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Save as described in condition
(e)&nbsp;below, no material change to the agreements governing the Contractual Arrangements will be made without the approval of our
independent Shareholders. Once independent Shareholders&rsquo; approval of any change has been obtained, no further announcement or approval
of the independent Shareholders will be required under Chapter 14A of the Hong Kong Listing Rules&nbsp;unless and until further changes
are proposed. The periodic reporting requirement regarding the Contractual Arrangements in our annual reports (as set out in condition
(f)&nbsp;below) will, however, continue to be applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Economic benefits flexibility</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The Contractual Arrangements
shall continue to enable us to receive the economic benefits derived by the relevant VIEs through:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">an
                                            exclusive call option to (A)&nbsp;request the relevant VIE to decrease its registered capital
                                            at an exercise price equal to the higher of (a)&nbsp;the paid-in registered capital in the
                                            relevant VIE and (b)&nbsp;the minimum price as permitted by applicable PRC law, or the capital
                                            decrease price, and (B)&nbsp;to subscribe for the increased capital of relevant VIE at a
                                            price equal to the capital decrease price, or the sum of the capital decrease price and the
                                            unpaid registered capital, if applicable, as of the capital decrease;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the business structure under which
                                            the profit generated by the relevant VIEs is substantially retained by us, such that no annual
                                            cap shall be set on the amount of service fees payable to our wholly foreign owned entities
                                            (the &ldquo;<B>WFOEs</B>&rdquo;) by the relevant VIEs under the relevant exclusive service
                                            agreement; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">our right to control the management
                                            and operation of, as well as, in substance, all of the voting rights of the relevant VIEs.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Renewal and reproduction</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">On the basis that the Contractual
Arrangements provide an acceptable framework for the relationship between us and our subsidiaries in which we have direct shareholding,
on the one hand, and VIEs, on the other hand, the registered shareholders/ partners for VIEs may be changed, and that framework may be
renewed, terminated and/or reproduced upon the expiry of the existing arrangements or in relation to any existing or new WFOE or operating
company (including branch company) engaging in similar business as that of our Group which may wish to establish such framework, where
justified by business expediency, without obtaining the approval of the Shareholders, on substantially the same terms and conditions
as the existing Contractual Arrangements. Any other transactions, other than those under similar contractual arrangements between our
Group and connected persons of VIEs, shall comply with Chapter 14A of the Hong Kong Listing Rules. This condition is subject to relevant
PRC laws, regulations and approvals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Ongoing reporting and approvals</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">We will disclose details relating
to the Contractual Arrangements on an ongoing basis as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">A
                                            summary of the Contractual Arrangements in place during each financial reporting period will
                                            be disclosed in our annual report and accounts in accordance with the relevant provisions
                                            of the Hong Kong Listing Rules.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The
                                            independent non-executive Directors will review the Contractual Arrangements annually and
                                            confirm in our annual report and accounts for the relevant year that (i)&nbsp;the transactions
                                            carried out during such year thereunder have been entered into according to the agreements
                                            governing the Contractual Arrangements, (ii)&nbsp;no dividends or other distributions have
                                            been made by the Onshore Holdcos to the holders of its equity interests which are not otherwise
                                            subsequently assigned or transferred to us, and (iii)&nbsp;any new contracts entered into,
                                            renewed or reproduced between us and Onshore Holdcos during the relevant financial period
                                            under condition (e)&nbsp;above are fair and reasonable, and in our interests and those of
                                            the Shareholders as a whole.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Our
                                            auditor will carry out procedures annually on the transactions pursuant to the Contractual
                                            Arrangements and will provide a letter to the Directors with a copy to the Hong Kong Stock
                                            Exchange confirming that the transactions have received the approval of our Directors, have
                                            been entered into in accordance with the relevant Contractual Arrangements, and that no dividends
                                            or other distributions have been made by the Onshore Holdcos to the holders of its equity
                                            interests which are not otherwise subsequently assigned or transferred to us.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">For
                                            the purpose of Chapter 14A of the Hong Kong Listing Rules, and in particular the definition
                                            of &ldquo;connected person&rdquo;, the VIEs will be treated as our subsidiaries, and transactions
                                            between connected persons of such VIEs and our Group, other than those under the Contractual
                                            Arrangements, will be subject to requirements under Chapter 14A of the Hong Kong Listing
                                            Rules.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The
                                            VIEs will undertake that, for so long as our Shares are listed on the Hong Kong Stock Exchange,
                                            the VIEs will provide our Group&rsquo;s management and our auditor full access to its relevant
                                            records for the purpose of our auditor&rsquo;s reporting on the connected transactions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>PROPOSED AMENDMENT OF ARTICLES OF
ASSOCIATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We propose to amend the existing Articles
of Association by adopting a new set of Articles of Association in substitution for and to the exclusion of the existing Articles of
Association mainly to (i)&nbsp;comply with Appendix 3 to the Hong Kong Listing Rules, with the exception of the relevant provisions pertaining
to our WVR structure and the threshold for requisition of Shareholders&rsquo; meetings; and (ii)&nbsp;incorporate certain consequential
and housekeeping amendments. The new Articles of Association will come into effect on the Primary Conversion Date. Further details on
the new Articles of Association will be set out in our proxy statement/circular to be despatched to the Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>EQUITY INCENTIVE PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We have one existing equity incentive
plan currently in effect &ndash; the 2014 Post-IPO Equity Incentive Plan (&ldquo;<B>2014 Plan</B>&rdquo;). The 2014 Plan will remain
effective until its term expires, but no new grants will be made pursuant to the 2014 Plan after the Primary Conversion Date. Share options
and share awards already granted under the 2014 Plan will remain in full force and effect pursuant to the terms and conditions of the
2014 Plan as if it had not been amended or terminated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 456pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Upon the Primary Conversion Date, we
will have to comply with Chapter 17 of the Hong Kong Listing Rules. We note that the Hong Kong Stock Exchange has published the conclusions
to the consultation paper on the proposed amendments to the Hong Kong Listing Rules&nbsp;relating to share schemes of listed issuers
on July&nbsp;29, 2022. We intend to seek Shareholders&rsquo; approval to adopt a new share option/share award scheme (i.e. the 2022 Post-IPO
Equity Incentive Plan) at the EGM which will comply with the amended Chapter 17 of the Hong Kong Listing Rules&nbsp;(except to the extent
that a waiver from strict compliance with the relevant provision(s)&nbsp;is granted by the Hong Kong Stock Exchange).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exercise Price of Share Options to be Granted Pursuant to the 2022 Post-IPO Equity Incentive Plan</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Note (1)&nbsp;to Rule&nbsp;17.03(9)&nbsp;of
the Hong Kong Listing Rules&nbsp;states that the exercise price of an option must be at least the higher of: (i)&nbsp;the closing price
of the securities as stated in the Hong Kong Stock Exchange&rsquo;s daily quotations sheet on the date of grant, which must be a business
day; and (ii)&nbsp;the average closing price of the securities as stated in the Hong Kong Stock Exchange&rsquo;s daily quotations sheets
for the five business days immediately preceding the date of grant. We note that the relevant requirement specifies the value of the
exercise price but does not strictly limit the currency at which grants are made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Since the listing of our ADSs on the
NYSE in 2014, it has been our typical practice to issue options exercisable into ordinary shares or ADSs (each of which represents eight
underlying ordinary Share) denominated in U.S. dollars under our equity incentive plans, with reference to a benchmark price on the NYSE,
which is not less than the ADS closing price as quoted on the NYSE on the date of grant (or if no closing price was reported on that
date, on the last trading date when such closing price was reported).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
the Primary Conversion Date, it is expected that grants made by us will </FONT><FONT STYLE="font-size: 10pt">include options exercisable
into ADSs denominated in U.S. dollars under the 2022 Post-IPO Equity Incentive Plan. By definition, ADSs are denominated in U.S. dollars,
and the exercise price for options with respect to ADSs will necessarily be presented in U.S. dollars.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, it would be unduly burdensome for us to grant options exercisable into ADSs with exercise price denominated in Hong Kong dollars
under the </FONT><FONT STYLE="font-size: 10pt">2022 Post-IPO Equity Incentive Plan due to the following reasons:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            eligible grantees under the 2022 Post-IPO Equity Incentive Plan will include employees, officers,
                                            directors, and service providers (the &ldquo;<B>Grantees</B>&rdquo;). A portion of these
                                            Grantees reside overseas and expect to continue to be granted options exercisable into ADSs
                                            rather than ordinary shares and we intend to continue granting options exercisable into ADSs
                                            to such Grantees;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">our
                                            practice has been to issue options in the form of ADSs or ordinary shares with an exercise
                                            price denominated in U.S. dollars and with reference to the ADS trading price on the NYSE
                                            since 2014. We will continue to prepare our accounts based on U.S. GAAP after the Primary
                                            Conversion Date. It will likely cause confusion to the Grantees to whom we intend to continue
                                            to grant options exercisable into ADSs to change the method of determining the exercise price
                                            of the options and will likely lead to significant inconvenience for those Grantees with
                                            regard to the management of their holdings in our Company and their corresponding financial
                                            planning. It will also cause significant administrative burden to us, both from a timing
                                            and cost perspective, to change the determination and calculation of the exercise price of
                                            options exercisable into ADSs and to provide the necessary training to all affected Grantees;
                                            and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            current method for determining the exercise price of options covering ADSs is similar to
                                            the requirements under Rule&nbsp;17.03(9), that is, the closing sales price for such ADSs
                                            on the date grant, or if the date of determination of the exercise price is not on a trading
                                            day, the closing sales price on the trading date immediately preceding the date of determination.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the bases that (a)&nbsp;the method for determining the exercise price of the options based on the market price of ADSs is similar to
the requirement in Note (1)&nbsp;to Rule&nbsp;17.03(9)&nbsp;of the Hong Kong Listing Rules, (b)&nbsp;it has been our typical practice
to issue options in the form of ADSs or ordinary shares with an exercise price denominated in U.S. dollars and with reference to ADS
trading price on the NYSE since 2014, and that we will continue to prepare the accounts based on U.S. GAAP after the Primary Conversion
Date, and a portion of the grants made by us under the </FONT><FONT STYLE="font-size: 10pt">2022 Post-IPO Equity Incentive Plan will
consist of options exercisable into ADSs, after the Primary Conversion Date if the 2022 Post-IPO Equity Incentive Plan is approved by
our Shareholders at the EGM, and (c)&nbsp;it would be unduly burdensome for us to grant options exercisable into ADSs with exercise prices
denominated in Hong Kong dollars and based on the market prices of our ordinary shares in Hong Kong, we have applied for a waiver from
strict compliance with Note (1)&nbsp;to Rule&nbsp;17.03(9)&nbsp;of the Hong Kong Listing Rules, such that we will be able to determine
the exercise price for grant of options exercisable to ADSs under our 2022 Post-IPO Equity Incentive Plan based on the higher of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            closing sales price for such ADSs on the date of grant on the NYSE, or if the date of determination
                                            of the exercise price is not on a trading day, the closing sales price on the trading date
                                            immediately preceding the date of determination; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            average closing sales price for such ADSs on the NYSE for the five NYSE trading days immediately
                                            preceding the date of grant, subject to the condition that in the event that we issue any
                                            share options with an exercise price denominated in Hong Kong dollars, such exercise price
                                            shall comply with Note (1)&nbsp;to Rule&nbsp;17.03(9)&nbsp;of the Hong Kong Listing Rules.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>PROPOSED GRANT OF SHARE REPURCHASE
MANDATE AND ISSUANCE MANDATE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In order to give us the flexibility
to repurchase and issue Shares where appropriate, an ordinary resolution will be proposed at the EGM to approve the grant of (i)&nbsp;a
share repurchase mandate to our Directors to repurchase our ordinary Shares not exceeding 10% of the number of issued Shares as of the
date of the resolution granting the share repurchase mandate, and (ii)&nbsp;an issuance mandate to our Directors to allot, issue or deal
with unissued ordinary Shares not exceeding 20% of the number of issued Shares as of the date of the resolution granting the issuance
mandate. The share repurchase mandate and issuance mandate are subject to the approval of the Shareholders by way of the ordinary resolution
at the EGM. For further details on the share repurchase mandate and issuance mandate, please refer to our proxy statement/circular to
be despatched to the Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>GENERAL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">An EGM will be held for Shareholders
to consider and, if thought fit, approve resolutions relating to: (i)&nbsp;proposed adoption of the new Articles of Association; (ii)&nbsp;the
proposed adoption of the 2022 Post-IPO Equity Incentive Plan; and (iii)&nbsp;the share repurchase mandate and issuance mandate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">A proxy statement/circular containing,
among other things, (i)&nbsp;further information in relation to the proposed adoption of the new Articles of Association; (ii)&nbsp;the
proposed adoption of the 2022 Post-IPO Equity Incentive Plan; and (iii)&nbsp;the share repurchase mandate and issuance mandate; and (iv)&nbsp;a
notice convening the EGM will be published on our website and the website of the Hong Kong Stock Exchange as soon as practicable. We
will make further announcement(s)&nbsp;to inform the Shareholders of the results of the EGM, and as and when appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The completion of the Primary Conversion
has not materialized and is conditional upon and subject to, among other things, satisfaction of the relevant requirements of the Hong
Kong Stock Exchange and market conditions. We will make further announcement(s)&nbsp;with respect to the Primary Conversion as and when
appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This announcement is for information
purposes only and does not constitute, or form part of, any invitation or offer to acquire, purchase or subscribe for any of our securities.
Shareholders and potential investors should exercise caution when dealing in our securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>DEFINITIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In this announcement, unless the context
otherwise requires, the following terms shall have the following meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;ADS(s)&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">American
    Depositary Shares (each representing eight Shares)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Articles&rdquo;
    or &ldquo;Articles of Association&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    Articles of Association (as amended from time to time)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Board&rdquo;
    or &ldquo;Board of Directors&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    board of Directors</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Director(s)&rdquo;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">member(s)&nbsp;of
    our board</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;EGM&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    extraordinary general meeting to be convened by the Company </FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Group&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    Company, and our consolidated subsidiaries and our affiliated consolidated entities, including our variable interest entities and
    their subsidiaries, from time to time</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;HKFRS&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
    Kong Financial Reporting Standards</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Hong
    Kong Listing Rules&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Rules&nbsp;Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended or supplemented from time to
    time</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Hong
    Kong Stock Exchange&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Stock Exchange of Hong Kong Limited</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;IFRS&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
    Financial Reporting Standards</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;NYSE&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    New York Stock Exchange</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Onshore
    Holdcos&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">companies
    owned by the registered shareholders of VIEs and controlled by us through the Contractual Arrangements</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Primary
    Conversion&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    proposed voluntary conversion of our secondary listing status in Hong Kong to primary listing on the Hong Kong Stock Exchange</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Primary
    Conversion Date&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    date, expected to be prior to the end of 2022, on which the Primary Conversion will become effective</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Prospectus&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    prospectus published on November&nbsp;15, 2019 in connection to our offering of Shares for subscription by the public in Hong Kong</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;RSU(s)&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted
    share unit(s)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;SFO&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Share(s)&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
    share(s)&nbsp;in our capital with par value of US$0.000003125 each</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Shareholder(s)&rdquo;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">holder(s)&nbsp;of
    Shares and, where the context requires, ADSs</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Takeovers
    Code&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Codes on Takeovers and Mergers and Share Buy-backs, as approved by the Securities and Futures Commission of Hong Kong (as amended
    from time to time)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;U.S.&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    United States of America, its territories, its possessions and all areas subject to its jurisdiction</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;U.S.
    GAAP&rdquo;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">accounting
    principles generally accepted in the U.S.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 50%"><FONT STYLE="font-size: 10pt">By order of the
    Board&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Alibaba Group Holding
    Limited&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Kevin Jinwei ZHANG&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Secretary</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Hong Kong, August&nbsp;8, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at the date of this announcement, our board of directors is comprised of Mr.&nbsp;Daniel Yong ZHANG as the chairman, Mr.&nbsp;Joseph
C. TSAI, Mr.&nbsp;J. Michael EVANS</FONT><FONT STYLE="font-size: 10pt">, Ms.&nbsp;Maggie Wei WU and Mr.&nbsp;Kabir MISRA as directors,
and Mr.&nbsp;Chee Hwa TUNG, Mr.&nbsp;Walter Teh Ming KWAUK, Mr.&nbsp;Jerry YANG, Ms.&nbsp;Wan Ling MARTELLO, Mr.&nbsp;Weijian SHAN, Ms.&nbsp;Irene
Yun-Lien LEE and Mr.&nbsp;Albert Kong Ping NG as independent directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
