<SEC-DOCUMENT>0001104659-20-134429.txt : 20201211
<SEC-HEADER>0001104659-20-134429.hdr.sgml : 20201211
<ACCEPTANCE-DATETIME>20201211060513
ACCESSION NUMBER:		0001104659-20-134429
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20201211
FILED AS OF DATE:		20201211
DATE AS OF CHANGE:		20201211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NIO Inc.
		CENTRAL INDEX KEY:			0001736541
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38638
		FILM NUMBER:		201382171

	BUSINESS ADDRESS:	
		STREET 1:		BUILDING 20, NO. 56 ANTUO ROAD
		STREET 2:		ANTING TOWN, JIADING DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			201804
		BUSINESS PHONE:		(86)(21)69083306

	MAIL ADDRESS:	
		STREET 1:		BUILDING 20, NO. 56 ANTUO ROAD
		STREET 2:		ANTING TOWN, JIADING DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			201804
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2038130d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

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

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

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

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>For the month of December 2020</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Commission File Number: 001-38638</B></P>

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

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NIO Inc.</B></P>

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

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

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Building 20, 56 Antuo Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Jiading District, Shanghai 201804</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>People&rsquo;s Republic of China</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of Principal Executive Offices)</P>

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

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover 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">Form&nbsp;20-F&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;<FONT STYLE="font-family: Wingdings">o</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">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1): <FONT STYLE="font-family: Wingdings">o</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">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7): <FONT STYLE="font-family: Wingdings">o</FONT></P>

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">EXPLANATORY NOTE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">The document
attached as Exhibit 1.1 to this Current Report on&nbsp;Form&nbsp;6-K&nbsp;is hereby incorporated by reference into the Registration
Statement on&nbsp;Form&nbsp;F-3&nbsp;of NIO Inc. (File&nbsp;No.&nbsp;333-239047).</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></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; text-indent: 0.5in">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;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="3"><B>NIO Inc.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</FONT></TD>
    <TD STYLE="width: 37%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Wei Feng</P></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">:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wei Feng</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 184.5pt"></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">Date: December 11, 2020</P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">EXHIBIT INDEX</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 10%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Exhibit Number</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 88%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Description
        of Document</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt">1.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Form of Underwriting Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt">99.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Press Release&mdash;NIO Inc. Announces Proposed Offering of 60,000,000 American Depositary Shares</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left; text-indent: 0in">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tm2038130d1_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.1</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>[ <FONT STYLE="font-family: Symbol">&middot;</FONT>
] American Depositary Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[ <FONT STYLE="font-family: Symbol">&middot;</FONT>
] Class A Ordinary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(par value US$0.00025 per share)</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[ <FONT STYLE="font-family: Symbol">&middot;</FONT>
], 2020</B></P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: right; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: right; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: right; text-indent: 1in">[ <FONT STYLE="font-family: Symbol">&middot;</FONT>
], 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: right; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1585 Broadway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S.A.</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">China International Capital Corporation Hong Kong
Securities Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">29th Floor, One International Finance Centre</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1 Harbour View Street, Central, Hong Kong</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As representatives (the &ldquo;<B>Representatives</B>&rdquo;)
of the several Underwriters named in Schedule I hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</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: 0.5in">NIO Inc., an exempted company
incorporated in the Cayman Islands (the &ldquo;<B>Company</B>&rdquo;), proposes to issue and sell to the several Underwriters
named in Schedule&nbsp;I hereto (the &ldquo;<B>Underwriters</B>&rdquo;) [ <FONT STYLE="font-family: Symbol">&middot;</FONT> ]
American Depositary Shares representing [ <FONT STYLE="font-family: Symbol">&middot;</FONT> ] Class A ordinary shares, par
value US$0.00025 per share, of the Company (the &ldquo;<B>Firm ADSs</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company also proposes to issue and
sell to the several Underwriters not more than an additional [ <FONT STYLE="font-family: Symbol">&middot;</FONT> ] American
Depositary Shares representing [ <FONT STYLE="font-family: Symbol">&middot;</FONT> ] Class A ordinary shares, par value
US$0.00025 per share, of the Company (the &ldquo;<B>Additional ADSs</B>&rdquo;) if and to the extent that the
Representatives, as managers of the offering, shall have determined to exercise, on behalf of the Underwriters, the right to
purchase such American Depositary Shares granted to the Underwriters in Section 2 hereof. The Firm ADSs and the Additional
ADSs are hereinafter collectively referred to as the &ldquo;<B>ADSs</B>.&rdquo; The Class A ordinary shares, par value
US$0.00025 per share, the Class B ordinary shares, par value US$0.00025 per share, the Class C ordinary shares, par value
US$0.00025 per share and the Class D ordinary shares, par value US$0.00025 per share, of the Company are hereinafter referred
to as the &ldquo;<B>Ordinary Shares</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The ADSs are to be issued pursuant to a
deposit agreement (the &ldquo;<B>Deposit Agreement</B>&rdquo;), dated as of September 11, 2018, among the Company, Deutsche Bank
Trust Company Americas, as depositary (the &ldquo;<B>Depositary</B>&rdquo;), and holders from time to time of the American Depositary
Receipts (the &ldquo;<B>ADRs</B>&rdquo;) issued by the Depositary and evidencing the ADSs. The ADSs will represent the right to
receive the Ordinary Shares deposited pursuant to the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has filed with the
Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) a registration statement (File No. 333-239047),
including a prospectus, on Form F-3, relating to the securities (the &ldquo;<B>Shelf Securities</B>&rdquo;), including the
Ordinary Shares represented by the ADSs, to be issued from time to time by the Company. The registration statement as amended
to the date of this Agreement, including the information (if any) deemed to be part of the registration statement at the time
of effectiveness pursuant to Rule&nbsp;430A or Rule 430B under the Securities Act of 1933, as amended (the
 &ldquo;<B>Securities Act</B>&rdquo;), is hereinafter referred to as the &ldquo;<B>Registration Statement</B>&rdquo;; the
related prospectus covering the Shelf Securities dated June 9, 2020 in the form first used to confirm sales of ADSs (or in
the form first made available to the Underwriters by the Company to meet requests of purchasers pursuant to Rule 173 under
the Securities Act) is hereinafter referred to as the &ldquo;<B>Base Prospectus</B>.&rdquo; The Base Prospectus, as
supplemented by the prospectus supplement specifically relating to the ADSs in the form first used to confirm sales of the
ADSs (or in the form first made available to the Underwriters by the Company to meet requests of purchasers pursuant to Rule
173 under the Securities Act) is hereinafter referred to as the &ldquo;<B>Prospectus</B>,&rdquo; and the term
 &ldquo;preliminary prospectus&rdquo; means any preliminary form of the Prospectus. The Company has filed a registration
statement on Form F-6 relating to the ADSs with the Commission (such registration statement on Form F-6, including all
exhibits thereto, as amended at the time such registration statement becomes effective, being hereafter referred to as the
 &ldquo;<B>ADS Registration Statement</B>&rdquo;). The Company has also filed, in accordance with Section&nbsp;12 of the
Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), a registration statement on Form 8-A
(the &ldquo;<B>Form 8-A Registration Statement</B>&rdquo;) to register the Ordinary Shares and the Class A ordinary shares,
par value US$0.00025 per share, of the Company under Section 12(b) of the Exchange Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of this Agreement, &ldquo;<B>free
writing prospectus</B>&rdquo; has the meaning set forth in Rule 405 under the Securities Act, &ldquo;<B>Time of Sale Prospectus</B>&rdquo;
means the preliminary prospectus together with the documents and pricing information set forth in Schedule II hereto, and &ldquo;<B>broadly
available road show</B>&rdquo; means a &ldquo;bona fide electronic road show&rdquo; as defined in Rule 433(h)(5) under the Securities
Act that has been made available without restriction to any person. As used herein, the terms &ldquo;Registration Statement,&rdquo;
 &ldquo;Base Prospectus&rdquo;, &ldquo;preliminary prospectus,&rdquo; &ldquo;Time of Sale Prospectus&rdquo; and &ldquo;Prospectus&rdquo;
shall include the documents, if any, incorporated by reference therein as of the date hereof. The terms &ldquo;supplement,&rdquo;
 &ldquo;amendment,&rdquo; and &ldquo;amend&rdquo; as used herein with respect to the Registration Statement, the Base Prospectus,
the Time of Sale Prospectus, any preliminary prospectus or the Prospectus shall include all documents subsequently filed by the
Company with the Commission pursuant to the Exchange Act, that are deemed to be incorporated by reference therein.</P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Representations and Warranties of the Company. <FONT STYLE="font-style: normal">The Company represents and warrants
to and agrees with each of the Underwriters that:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Registration Statement, ADS Registration Statement and the Form 8-A Registration Statement has become effective;
no stop order suspending the effectiveness of the Registration Statement, the ADS Registration Statement or the Form 8-A Registration
Statement is in effect, and no proceedings for such purpose are pending before or threatened by the Commission. If the Registration
Statement is an automatic shelf registration statement as defined in Rule 405 under the Securities Act, the Company is a well-known
seasoned issuer (as defined in Rule 405 under the Securities Act) eligible to use the Registration Statement as an automatic shelf
registration statement and the Company has not received notice that the Commission objects to the use of the Registration Statement
as an automatic shelf registration statement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> (i) Each document, if any, filed or to be filed pursuant to the Exchange Act and incorporated by reference in the Time
of Sale Prospectus or the Prospectus, including, but not limited to, the Company&rsquo;s Annual Report on Form 20-F for the fiscal
year ended December 31, 2019 filed with the Commission pursuant to the Exchange Act on May 14, 2020 (the &ldquo;<B>Annual Report</B>&rdquo;),
complied or will comply when so filed in all material respects with the Exchange Act and the rules and regulations of the Commission
thereunder, (ii) each of the Registration Statement, the ADS Registration Statement and the Form 8-A Registration Statement, when
it became effective, did not contain and, as amended or supplemented, if applicable, will not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading,
(iii) each of the Registration Statement, the ADS Registration Statement and the Prospectus complies and, as amended or supplemented,
if applicable, will comply in all material respects with the Securities Act and the applicable rules and regulations of the Commission
thereunder, (iv) the Form 8-A Registration Statement complies and, as amended or supplemented, if applicable, will comply in all
material respects with the Exchange Act and the applicable rules and regulations of the Commission thereunder, (v) the Time of
Sale Prospectus does not, and at the time of each sale of the ADSs in connection with the offering when the Prospectus is not yet
available to prospective purchasers and at the Closing Date (as defined in Section&nbsp;4) and at each Option Closing Date (as
defined in Section 2), the Time of Sale Prospectus, as then amended or supplemented by the Company, if applicable, will not, contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading, (vi) each broadly available road show, if any, when considered
together with the Time of Sale Prospectus, does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and
(vii) the Prospectus does not contain and, as amended or supplemented, if applicable, will not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading, except that the representations and warranties set forth in this paragraph do not apply to
statements or omissions in the Registration Statement, the Time of Sale Prospectus or the Prospectus (including any amendments
or supplements thereto) based upon information relating to any Underwriter furnished to the Company in writing by such Underwriter
through the Representatives expressly for use therein, it being understood and agreed that the only such information is that described
in Section 9(b).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company is not an &ldquo;ineligible issuer&rdquo; in connection with the offering pursuant to Rules 164, 405 and 433 under
the Securities Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the
Securities Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act and
the applicable rules and regulations of the Commission thereunder. Each free writing prospectus that the Company has filed,
or is required to file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or on behalf of or used or
referred to by the Company complies or will comply in all material respects with the requirements of the Securities Act and
the applicable rules and regulations of the Commission thereunder. Any such free writing prospectus, as of its issue date and
at all subsequent times through the completion of the sale of the ADSs, did not, does not and will not include any
information that conflicted, conflicts or will conflict with the information then contained in the Registration Statement,
the Time of Sale Prospectus or any preliminary or other prospectus deemed to part thereof that has not been superseded or
modified. Except for the free writing prospectuses, if any, identified in Schedule II hereto, and electronic road shows, if
any, each furnished to the Representatives before first use, the Company has not prepared, used or referred to, and will not,
without the prior consent of the Representatives, prepare, use or refer to, any free writing prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company has been duly incorporated, is validly existing as a corporation in good standing under the laws of the jurisdiction
of its incorporation, has the corporate power and authority to own its property and to conduct its business as described in the
Time of Sale Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct
of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be
so qualified or be in good standing would not have a material adverse effect on the condition (financial or otherwise), earnings,
results of operations, business or prospects of the Company and its Subsidiaries and Affiliated Entities (as defined below), taken
as a whole, or on the ability of the Company to carry out its obligations under this Agreement and the Deposit Agreement (a &ldquo;<B>Material
Adverse Effect</B>&rdquo;). The currently effective memorandum and articles of association or other constitutive or organizational
documents of the Company comply with the requirements of applicable Cayman Islands law and are in full force and effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Each
of the Company&rsquo;s direct and indirect subsidiaries (as such term is defined in Rule 405 under the Securities Act, but
for the avoidance of any doubt, excluding (i) any non-consolidated joint ventures, associates and their subsidiaries that are
not controlled by the Company and (ii) NIO China Technology Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#34074;&#26469;&#27773;&#36710;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;</FONT>),
which is undergoing de-registration procedures) has been identified on Schedule IV-A hereto (the
 &ldquo;<B>Subsidiaries</B>&rdquo;), and the entities through which the Company conducts its operations in the People&rsquo;s
Republic of China (&ldquo;<B>PRC</B>&rdquo;) by way of contractual arrangements and their subsidiaries (the
 &ldquo;<B>Affiliated Entities</B>&rdquo;) have been identified on Schedule IV-B hereto. Each of the Subsidiaries and
Affiliated Entities has been duly incorporated, is validly existing as a corporation or organization in good standing under
the laws of the jurisdiction of its incorporation or organization, has the corporate power and authority to own its property
and to conduct its business as described in the Time of Sale Prospectus and is duly qualified to transact business and is in
good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such
qualification, except to the extent that the failure to be so qualified or be in good standing would not have a Material
Adverse Effect; all of the Equity Interests of each Subsidiary have been duly and validly authorized and issued, are owned
directly or indirectly by the Company, are fully paid and non-assessable (to the extent they have become due and payable
under the charter documents of the applicable Subsidiaries) and are free and clear of all material (individually or in
aggregate) liens, encumbrances, equities or claims (for purpose of this Agreement, &ldquo;<B>Equity Interests</B>&rdquo;
shall mean the share capital or equity interest of each Subsidiary owned by the Company, another Subsidiary or another
affiliate (as defined in Rule 405 under the Securities Act) of the Company); all of the equity interests in each of the
Affiliated Entities have been duly and validly authorized and issued, are fully paid and non-assessable (to the extent they
have become due and payable under the charter documents of the applicable Subsidiaries) and are owned as described in the
Time of Sale Prospectus, free and clear of all liens, encumbrances, equities or claims (other than the share pledge
contemplated under the Corporate Structure Contracts). None of the outstanding share capital or equity interest in any
Subsidiary or Affiliated Entity was issued in violation of preemptive or similar rights of any security holder of such
Subsidiary or Affiliated Entity. All of the currently effective constitutive or organizational documents of each of the
Subsidiaries and Affiliated Entities comply with the requirements of applicable laws of its jurisdiction of incorporation or
organization and are in full force and effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, (i) none of the Company
nor any of its Subsidiaries or Affiliated Entities is prohibited, directly or indirectly, from (1) paying any dividends or
making any other distributions on its share capital, (2) making or repaying any loan or advance to the Company or any other
Subsidiary or Affiliated Entity or (3) transferring any of its properties or assets to the Company or any other Subsidiary or
Affiliated Entity; and (ii) all dividends and other distributions declared and payable upon the share capital of the Company
or any of its Subsidiaries or Affiliated Entities (1) may be converted into foreign currency that may be freely transferred
out of such entity&rsquo;s jurisdiction of incorporation or tax residence, without the consent, approval, authorization or
order of, or qualification with, any court or governmental agency or body in such entity&rsquo;s jurisdiction of
incorporation or tax residence; (2) are not and will not be subject to withholding, value added or other taxes under the
currently effective laws and regulations of such entity&rsquo;s jurisdiction of incorporation or tax residence as long as, to
the extent German withholding tax on dividends or other distributions from NIO GmbH are concerned, such dividends are fully
sourced from the tax contribution account (<I>steuerliches Einlagekonto</I>) of NIO GmbH; and (3) may be made without the
necessity of obtaining any consents, approvals, authorizations, orders, registrations, clearances or qualifications of or
with any arbitrator, court, governmental body, regulatory body, administrative agency or other authority, body or agency
having jurisdiction over the Company, any of the Subsidiaries or the Affiliated Entities or any of their respective
properties, assets or operations (each, a &ldquo;<B>Governmental Entity</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The description of the corporate structure of the Company and the various contracts among certain Subsidiaries, the shareholders
of the Affiliated Entities and the Affiliated Entities (each a &ldquo;<B>Corporate Structure Contract</B>&rdquo; and collectively
the &ldquo;<B>Corporate Structure Contracts</B>&rdquo;), as the case may be, as set forth in the Time of Sale Prospectus under
the captions &ldquo;Corporate History and Structure&rdquo; and &ldquo;Related Party Transactions&rdquo; and filed as Exhibits 4.10
through 4.19 to the Annual Report, is true and accurate in all material respects and nothing has been omitted from such description
which would make it misleading in any material respect. There is no other material agreement, contract or other document relating
to the corporate structure or the operation of the Company together with its Subsidiaries and the Affiliated Entities taken as
a whole, which has not been previously disclosed or made available to the Underwriters and disclosed in the Time of Sale Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Corporate Structure Contract has been duly authorized, executed and delivered by the parties thereto and constitutes
a valid and legally binding obligation of the parties thereto, enforceable in accordance with its terms (except as disclosed in
each of the Registration Statement, the Time of Sale Prospectus and the Prospectus) subject, as to enforceability, to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting
creditors&rsquo; rights and to general equity principles. No consent, approval, authorization, or order of, or filing or registration
with, any Governmental Entity is required for the performance of the obligations under any Corporate Structure Contract by the
parties thereto, except as already obtained or disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus;
and no consent, approval, authorization, order, filing or registration that has been obtained is being withdrawn or revoked or
is subject to any condition precedent which has not been fulfilled or performed. Except as described in each of the Registration
Statement, the Time of Sale Prospectus and the Prospectus under the heading &ldquo;Risks Relating to Our Corporate Structure&rdquo;,
the corporate structure of the Company complies with all applicable PRC laws and regulations, and neither the corporate structure
of the Company nor any of the Corporate Structure Contracts violates, breaches, contravenes or otherwise conflicts with any applicable
PRC laws. There is no legal or governmental proceeding, inquiry or investigation pending against the Company, the Subsidiaries
or the Affiliated Entities or shareholders of the Affiliated Entities in any jurisdiction challenging the validity of any of the
Corporate Structure Contracts, and to the knowledge of the Company, no such proceeding, inquiry or investigation is threatened
in any jurisdiction.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
execution, delivery and performance of each Corporate Structure Contract by the parties thereto do not and will not result in
a breach or violate any of the terms or provisions of, or constitute a default under, or result in the imposition of any
lien, encumbrance, equity or claim upon any property or assets of the Company or any of the Subsidiaries or the Affiliated
Entities pursuant to (i) the constitutive or organizational documents of the Company or any of the Subsidiaries or the
Affiliated Entities, (ii) any existing statute, rule, regulation or order of any Governmental Entity as currently in effect
having jurisdiction over the Company or any of the Subsidiaries or the Affiliated Entities or any of their properties, or any
arbitration award, or (iii) any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which
the Company or any of the Subsidiaries or any of the Affiliated Entities is a party or by which the Company or any of the
Subsidiaries or the Affiliated Entities is bound or to which any of the properties of the Company or any of the Subsidiaries
or the Affiliated Entities is subject, except, in the case of (iii), where such breach, violation or default would not
individually or in the aggregate have a Material Adverse Effect. Each Corporate Structure Contract is in full force and
effect and none of the parties thereto is in breach or default in the performance of any of the terms or provisions of such
Corporate Structure Contract. None of the parties to any of the Corporate Structure Contracts has sent or received any
communication regarding termination of, or intention not to renew, any of the Corporate Structure Contracts, and to the
knowledge of the Company, no such termination or non-renewal has been threatened by any of the parties thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company possesses, directly or indirectly, the power to direct or cause the direction of the management and policies
of the Affiliated Entities, through certain of its Subsidiaries' rights to exercise the voting rights of the shareholders of the
Affiliated Entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
ADSs have been approved for listing on the New York Stock Exchange, subject to official notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This
Agreement has been duly authorized, executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Deposit Agreement has been duly authorized and, when executed and delivered by the Company and constitutes a valid and
legally binding agreement of the Company, enforceable in accordance with its terms, subject, as to enforceability, to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting
creditors&rsquo; rights and to general equity principles, and upon issuance by the Depositary of ADRs evidencing ADSs and the deposit
of Ordinary Shares in respect thereof in accordance with the provisions of the Deposit Agreement, such ADRs will be duly and validly
issued and the persons in whose names the ADRs are registered will be entitled to the rights specified therein and in the Deposit
Agreement; and the Deposit Agreement and the ADRs conform in all material respects to the descriptions thereof contained in each
of the Time of Sale Prospectus and the Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The authorized share capital of the Company conforms as to legal matters to the description thereof contained in each of
the Time of Sale Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Ordinary Shares outstanding prior to the issuance of the Ordinary Shares represented by the ADSs to be sold by the Company have
been duly authorized and are validly issued, fully paid and non&#45;assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Ordinary Shares represented by the ADSs to be sold by the Company have been duly authorized and, when issued and delivered in
accordance with the terms of this Agreement, will be validly issued, fully paid and non-assessable, and the issuance of such Ordinary
Shares will not be subject to any preemptive or similar rights. No person has the right, contractual or otherwise, to cause the
Company to issue or sell to it any Ordinary Shares, ADSs or any other share capital of or other equity interests in the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
the Company nor any of its Subsidiaries or Affiliated Entities is (i) in breach of or in default under any laws, regulations,
rules, orders, decrees, guidelines or notices of its jurisdiction of organization or any other jurisdiction where it operates,
(ii) in violation of its constitutive or organizational documents, or (iii) in default in the performance or observance of any
obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other
agreement or instrument to which it is a party or by which it or any of its properties may be bound, except in the case of (i)
and (iii) above, where any such breach or default would not, individually or in aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The execution and delivery by the Company of, and the performance by the Company of its obligations under, this Agreement
and the Deposit Agreement will not contravene any provision of applicable law or the memorandum and articles of incorporation of
the Company or any agreement or other instrument binding upon the Company or any of its Subsidiaries or Affiliated Entities that
is material to the Company and its Subsidiaries and Affiliated Entities, taken as a whole, or any judgment, order or decree of
any Governmental Entity having jurisdiction over the Company or any Subsidiary or Affiliated Entity, and no consent, approval,
authorization or order of, or qualification with, any Governmental Entity is required for the performance by the Company of its
obligations under this Agreement and the Deposit Agreement, except such as may be required by the securities or Blue Sky laws of
the various states of the United States of America in connection with the offer and sale of the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
application of the net proceeds from the offering of ADSs, as described in the Time of Sale Prospectus and the Prospectus,
will not (i) contravene any provision of any current and applicable laws or the current constituent documents of the Company
or any of its Subsidiaries or Affiliated Entities, (ii) contravene the terms or provisions of, or constitute a default under,
any material indenture, mortgage, deed of trust, loan agreement, note, lease or other agreement or instrument currently
binding upon the Company or any of its Subsidiaries or Affiliated Entities, or (iii) contravene or violate the terms or
provisions of any order or decree of any Governmental Entity having jurisdiction over the Company or any Subsidiary or
Affiliated Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There has not occurred any material adverse change, or any development involving a prospective material adverse change,
in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its Subsidiaries and Affiliated
Entities, taken as a whole, from that set forth in the Time of Sale Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There are no legal or governmental proceedings pending, or to the knowledge of the Company, threatened, to which the Company
or any of its Subsidiaries or Affiliated Entities is a party or to which any of the properties of the Company or any of its Subsidiaries
or Affiliated Entities is subject (other than proceedings accurately described in all material respects in the Time of Sale Prospectus
and proceedings that would not have a Material Adverse Effect).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each preliminary prospectus filed as part of the registration statement as originally filed or as part of any amendment
thereto, or filed pursuant to Rule&nbsp;424 under the Securities Act, complied when so filed in all material respects with the
Securities Act and the applicable rules and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company is not, and after giving effect to the offering and sale of the ADSs and the application of the proceeds thereof as described
in the Prospectus will not be, required to register as an &ldquo;investment company&rdquo; as such term is defined in the Investment
Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company and its Subsidiaries and Affiliated Entities (i) are in compliance with any and all applicable national, provincial, local
and foreign laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic
substances or wastes, pollutants or contaminants (&ldquo;<B>Environmental Laws</B>&rdquo;), (ii) have received all permits, licenses
or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) are in
compliance with all terms and conditions of any such permit, license or approval, except where such noncompliance with Environmental
Laws, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such
permits, licenses or approvals would not, singly or in the aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There
are no costs or liabilities associated with Environmental Laws (including, without limitation, any capital or operating
expenditures required for clean&#45;up, closure of properties or compliance with Environmental Laws or any permit, license or
approval, any related constraints on operating activities and any potential liabilities to third parties) which would, singly
or in the aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except as disclosed in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, there are no
contracts, agreements or understandings between the Company and any person granting such person the right to require the Company
to file a registration statement under the Securities Act with respect to any securities of the Company or to require the Company
to include such securities with the Ordinary Shares registered pursuant to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(aa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i) None of the Company or its Subsidiaries or Affiliated Entities or any director or officer thereof, or, to the Company&rsquo;s
knowledge, any of its or their affiliates or employees, or any agent or other representative thereof, is aware of or has taken
or will take any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practice
Act of 1977, as amended, and the rules of regulations thereunder, the U.K. Bribery Act 2010, as amended, and the rules and regulations
thereunder, or any other applicable anti-corruption law in furtherance of an offer, payment, promise to pay, or authorization or
approval of the payment, giving or receipt of money, property, gifts or anything else of value, directly or indirectly, to any
government official (including any officer or employee of a government or government-owned or controlled entity or of a public
international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political
party or party official or candidate for political office) (&ldquo;<B>Government Official</B>&rdquo;) in order to influence official
action, or to any person in violation of any applicable anti-corruption laws; (ii) the Company and its Subsidiaries and Affiliated
Entities and its and their affiliates have conducted their businesses in compliance with applicable anti-corruption laws and have
instituted and since instituting have maintained and will continue to maintain policies and procedures reasonably designed to promote
and achieve compliance with such laws and with the representations and warranties contained herein; and (iii) neither the Company
nor its Subsidiaries or Affiliated Entities will use, directly or indirectly, the proceeds of the offering in furtherance of an
offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in
violation of any applicable anti-corruption laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(bb)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
operations of the Company and its Subsidiaries and Affiliated Entities are and have been conducted at all times in compliance
with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended
by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001 (USA PATRIOT Act) and the applicable anti-money laundering statutes of jurisdictions where the Company
and its Subsidiaries and Affiliated Entities conduct business, the rules and regulations thereunder and any related or
similar rules, regulations or guidelines, issued, administered or enforced by any governmental or regulatory agency
(collectively, the &ldquo;<B>Anti-Money </B>Laundering Laws&rdquo;), and no action, suit or proceeding by or before any court
or governmental or regulatory agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries or
Affiliated Entities with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Company,
threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(cc)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)
None of the Company, any of its Subsidiaries or Affiliated Entities, or any director or officer thereof, or, to the Company&rsquo;s
knowledge, any agent, affiliate, employee or other representative of the Company or any of its Subsidiaries or Affiliated Entities,
is an individual or entity (&ldquo;<B>Person</B>&rdquo;) that is, or is owned or controlled by one or more Persons that are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.6in; text-indent: 0.9in">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
subject of any sanctions administered or enforced by the U.S. Department of Treasury&rsquo;s Office of Foreign Assets Control
(&ldquo;<B>OFAC</B>&rdquo;), the U.S. Department of State, the United Nations Security Council (&ldquo;<B>UNSC</B>&rdquo;), the
European Union (&ldquo;<B>EU</B>&rdquo;) (including under Council Regulation (EC) No. 194/2008), Her Majesty&rsquo;s Treasury
(&ldquo;<B>HMT</B>&rdquo;), the State Secretariat for Economic Affairs, or other relevant sanctions authority (collectively, &ldquo;<B>Sanctions</B>&rdquo;),
or engaged in any activities sanctionable under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010,
the Iran Sanctions Act, the Iran Threat Reduction and Syria Human Rights Act, or any applicable executive order, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.6in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.6in; text-indent: 0.9in">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation,
Crimea, Cuba, Iran, North Korea and Syria).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.6in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will not, directly or indirectly, use the proceeds of the offering received by the Company, or lend, contribute
or otherwise make available such proceeds to any Subsidiary, Affiliated Entity, joint venture partner or other Person:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.6in; text-indent: 0.9in">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding
or facilitation, is the subject of Sanctions; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.6in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.6in; text-indent: 0.9in">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the
offering, whether as underwriter, advisor, investor or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.6in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>For
the past 5 years, the Company and its Subsidiaries and Affiliated Entities have not knowingly engaged in, are not now
knowingly engaged in, and will not knowingly engage in, any dealings or transactions with any Person, or in any country or
territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(dd)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subsequent to the respective dates as of which information is given in each of the Registration Statement, the Time of Sale
Prospectus and the Prospectus, (i) the Company and its Subsidiaries and Affiliated Entities have not incurred any material liability
or obligation, direct or contingent, nor entered into any material transaction; (ii) the Company has not purchased any of its outstanding
share capital, nor declared, paid or otherwise made any dividend or distribution of any kind on its share capital other than ordinary
and customary dividends; and (iii) there has not been any material change in the share capital, short-term debt or long-term debt
of the Company and its Subsidiaries and Affiliated Entities, except in each case as described in each of the Registration Statement,
the Time of Sale Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ee)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and its Subsidiaries and Affiliated Entities have good and marketable title (in fee simple in the case of real
property in applicable jurisdictions, and valid land use rights and building ownership certificates in the case of real property
in the PRC) to all real property and good and marketable title to all personal property owned by them which is material to the
business of the Company and its Subsidiaries and Affiliated Entities taken as a whole, in each case free and clear of all liens,
encumbrances and defects except such as are described in each of the Registration Statement, the Time of Sale Prospectus and the
Prospectus or such as do not materially affect the value of such property or interfere with the use made and proposed to be made
of such property by the Company and its Subsidiaries and Affiliated Entities; and any real property and buildings held under lease
by the Company and its Subsidiaries and Affiliated Entities which are material to the business of the Company and its Subsidiaries
and Affiliated Entities taken as a whole are held by them under valid, subsisting and enforceable leases with such exceptions as
are not material and do not materially interfere with the use made and proposed to be made of such property and buildings by the
Company and its Subsidiaries and Affiliated Entities, except in each case as described in each of the Registration Statement, the
Time of Sale Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ff)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company and its Subsidiaries and Affiliated Entities own, possess, or have been authorized to use, or can acquire on
reasonable terms sufficient trademarks, trade names, patent rights, copyrights, domain names, licenses, trade secrets,
inventions, technology, know-how and other intellectual property and similar rights, including registrations and applications
for registration thereof (collectively, &ldquo;<B>Intellectual Property Rights</B>&rdquo;) necessary or material to the
conduct of the business as now conducted, and either the expected expiration of any such Intellectual Property Rights would
not, individually or in the aggregate, have a Material Adverse Effect or the Company believes it will be able to renew such
Intellectual Property Rights on acceptable terms. To the knowledge of the Company, (i) there is no material infringement,
misappropriation, breach, default or other violation, or the occurrence of any event that with notice would constitute any of
the foregoing, by the Company or its Subsidiaries or Affiliated Entities or third parties of any of the Intellectual Property
Rights of the Company or its Subsidiaries or Affiliated Entities; (ii) there is no pending or threatened action, suit,
proceeding or claim by others challenging the Company&rsquo;s or the Subsidiaries&rsquo; or Affiliated Entities&rsquo; rights
in or to, or the violation of any of the terms of, any of their Intellectual Property Rights, and the Company is unaware of
any facts which would form a reasonable basis for any such claim; and (iii) there is no pending or threatened action, suit,
proceeding or claim by others that the Company or any of its Subsidiaries or Affiliated Entities infringes, misappropriates
or otherwise violates or conflicts with any Intellectual Property Rights or other proprietary rights of others and the
Company is unaware of any other fact which would form a reasonable basis for any such claim, except in each case covered by
clauses (i) to (iii) such as would not, if determined adversely to the Company or its Subsidiaries or Affiliated Entities,
individually or in the aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(gg)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No material labor dispute with the employees of the Company or any of its Subsidiaries or Affiliated Entities exists, except
as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, or, to the knowledge of the
Company, is imminent; and, to the Company&rsquo;s knowledge, there is no existing, threatened or imminent labor disturbance by
the employees of any of its principal suppliers, manufacturers or contractors that could have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(hh)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of its Subsidiaries or Affiliated Entities has sent or received any written communication regarding
termination of, or intent not to renew, any of the material contracts or agreements specifically referred to or described in the
Time of Sale Prospectus, or specifically referred to or described in, or filed as an exhibit to, the Registration Statement, and
no such termination or non-renewal has been threatened by the Company, any of its Subsidiaries or Affiliated Entities or, to the
Company&rsquo;s knowledge, any other party to any such contract or agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and each of its Subsidiaries and Affiliated Entities are insured by insurers of recognized financial responsibility
against such losses and risks and in such amounts as the Company believes are prudent and customary in the businesses in which
they are engaged; neither the Company nor any of its Subsidiaries or Affiliated Entities has been refused any insurance coverage
sought or applied for; and neither the Company nor any of its Subsidiaries or Affiliated Entities has any reason to believe that
it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from
similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect, except in
each case as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(jj)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Except as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus under the heading
 &ldquo;We may be adversely affected by the complexity, uncertainties and changes in PRC regulations on internet-related business,
automotive businesses and other business carried out by our PRC subsidiaries&rdquo;, (i) the Company and its Subsidiaries and Affiliated
Entities possess all licenses, consents, authorizations, approvals, orders, certificates and permits issued by the appropriate
national, provincial, local or foreign regulatory authorities necessary to conduct their respective businesses; (ii) neither the
Company nor any of its Subsidiaries or Affiliated Entities has received any notice of proceedings relating to the revocation or
modification of any such license, consent, authorization, approval, order, certificate or permit which, singly or in the aggregate,
if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect; and (iii) the Company and its
Subsidiaries and Affiliated Entities are in compliance with the provisions of all such licenses, consents, authorizations, approvals,
orders, certificates or permits in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(kk)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, the Company and
each of its Subsidiaries and Affiliated Entities maintain effective internal control over financial reporting (as defined under
Rule 13-a15 and Rule 15d-15 under the Exchange Act) and a system of internal accounting controls sufficient to provide reasonable
assurance that (i) transactions are executed in accordance with management&rsquo;s general or specific authorizations; (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management&rsquo;s general or
specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences. Except as described in each of the Registration Statement, the
Time of Sale Prospectus and the Prospectus, since the end of the Company&rsquo;s most recent audited fiscal year, there has been
(i) no material weakness in the Company&rsquo;s internal control over financial reporting (whether or not remediated) and (ii)
no change in the Company&rsquo;s internal control over financial reporting that has materially affected, or is reasonably likely
to materially affect, the Company&rsquo;s internal control over financial reporting. The Company maintains disclosure controls
and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act); such disclosure controls and procedures have
been designed to ensure that material information relating to the Company and its Subsidiaries and Affiliated Entities is made
known to the Company&rsquo;s principal executive officer and principal financial officer by others within those entities; and such
disclosure controls and procedures are effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ll)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company is in compliance with all provisions of the Sarbanes-Oxley Act of 2002 and all rules and regulations promulgated
thereunder or implementing the provisions thereof (the &ldquo;<B>Sarbanes-Oxley Act</B>&rdquo;) with which the Company is required
to comply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(mm)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> PricewaterhouseCoopers Zhong Tian LLP, who have certified certain financial statements of the Company, are independent
public accountants as required by the Securities Act and the rules and regulations of the Commission thereunder and are independent
in accordance with the requirements of the U.S. Public Company Accounting Oversight Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(nn)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The audited consolidated financial statements (and the notes thereto) of the Company included in the Registration Statement,
Time of Sale Prospectus and Prospectus fairly present in all material respects the consolidated financial position of the Company
as of the dates specified and the consolidated results of operations and changes in the consolidated financial position of the
Company for the periods specified, and such financial statements have been prepared in conformity with U.S. GAAP applied on a consistent
basis throughout the periods presented (other than as described therein); the summary and selected consolidated financial data
included in the Registration Statement, Time of Sale Prospectus and Prospectus present fairly the information shown therein and
have been compiled on a basis consistent with that of the audited consolidated financial statements included therein. The Company
is not reviewing or investigating, and neither the Company&rsquo;s independent auditors nor its internal auditors have recommended
that the Company review or investigate, (i) adding to, deleting, changing the application of, or changing the Company&rsquo;s disclosure
with respect to, any of the Company&rsquo;s material accounting policies, (ii) any matter that could result in a restatement of
the Company&rsquo;s financial statements for any annual or interim period during the current or prior two fiscal years, or (iii)
except as disclosed in the Time of Sale Prospectus, any material weakness, change in internal controls or fraud involving management
or other employees who have a significant role in internal controls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(oo)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The section entitled &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations
 &mdash; Critical Accounting Policies&rdquo; in the Time of Sale Prospectus accurately describes: (i) accounting policies which
the Company believes are the most important in the portrayal of the Company&rsquo;s financial condition and results of operations
and which require management&rsquo;s most difficult, subjective or complex judgments (&ldquo;<B>Critical Accounting Policies</B>&rdquo;);
and (ii) judgments and uncertainties affecting the application of Critical Accounting Policies; and the Company&rsquo;s Board of
Directors and management have reviewed and agreed with the selection, application and disclosure of Critical Accounting Policies
and have consulted with its legal counsel and independent public accountants with regard to such disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(pp)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
section entitled &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo; in
the Time of Sale Prospectus accurately and fairly describes: (i) all material trends, demands, commitments, events,
uncertainties and risks, and the potential effects thereof, that the Company believes would materially affect liquidity and
are reasonably likely to occur; and (ii) all off-balance sheet transactions, arrangements, and obligations, including,
without limitation, relationships with unconsolidated entities that are contractually limited to narrow activities that
facilitate the transfer of or access to assets by the Company or any of its Subsidiaries or Affiliated Entities, such as
structured finance entities and special purpose entities (collectively, &ldquo;off-balance sheet arrangements&rdquo;) that
are reasonably likely to have a material effect on the liquidity of the Company and its Subsidiaries and Affiliated Entities
taken as a whole or the availability thereof or the requirements of the Company or any of its Subsidiaries or Affiliated
Entities for capital resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(qq)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The statements (i) in the Time of Sale Prospectus and the Prospectus under the headings &ldquo;Prospectus Supplement Summary,&rdquo;
 &ldquo;Risk Factors,&rdquo; &ldquo;Hefei Strategic Investors,&rdquo; &ldquo;Certain Financial Data,&rdquo; &ldquo;Description of
Share Capital,&rdquo; &ldquo;Description of American Depositary Shares,&rdquo; &ldquo;Dividend Policy,&rdquo; &ldquo;Enforceability
of Civil Liabilities,&rdquo; &ldquo;Taxation,&rdquo; and &ldquo;Underwriting&rdquo; and (ii) in the Annual Report incorporated
by reference into the Time of Sale Prospectus or the Prospectus under the headings &ldquo;Item 3. Key Information,&rdquo; &ldquo;Item
4. Information of the Company,&rdquo; &ldquo;Item 5. Operating and Financial Review and Prospects,&rdquo; &ldquo;Item 6. Directors,
Senior Management and Employees,&rdquo; and &ldquo;Item 7. Major Shareholders and Related Party Transactions,&rdquo; insofar as
such statements summarize legal matters, agreements, documents or proceedings discussed therein, are accurate and fair summaries
of such matters described therein in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(rr)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any statistical and market-related data included in the Registration Statement, the Time of Sale Prospectus or the Prospectus
are based on or derived from sources that the Company reasonably believes to be reliable and accurate and, to the extent required,
the Company has obtained the written consent to the use of such data from such sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ss)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, the Company has
not sold, issued or distributed any Ordinary Shares during the six-month period preceding the date hereof, including any sales
pursuant to Rule&nbsp;144A under, or Regulation&nbsp;D or S of, the Securities Act, other than shares issued pursuant to employee
benefit plans, qualified share option plans or other employee compensation plans or pursuant to outstanding options, rights or
warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(tt)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of its Subsidiaries, Affiliated Entities or, to the knowledge of the Company, any of its affiliates
has taken, directly or indirectly, any action which was designed to or which has constituted or which might reasonably be expected
to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale
of the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(uu)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
Company and each of its Subsidiaries and Affiliated Entities have filed all national, provincial, local and foreign tax
returns required to be filed through the date of this Agreement or have requested extensions thereof (except where the
failure to file would not, individually or in the aggregate, have a Material Adverse Effect) and have paid all taxes required
to be paid through the date of this Agreement (except for cases in which the failure to pay would not have a Material Adverse
Effect, or, except as currently being contested in good faith and for which adequate reserves required by U.S. GAAP have been
created in the financial statements of the Company), and no tax deficiency has been, or could reasonably expected to be,
determined adversely to the Company or any of its Subsidiaries or Affiliated Entities which has had (nor does the Company nor
any of its Subsidiaries or Affiliated Entities have any notice or knowledge of any tax deficiency which could reasonably be
expected to be determined adversely to the Company or its Subsidiaries or Affiliated Entities and which could reasonably be
expected to have) a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(vv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>From the time of the filing of the Registration Statement with the Commission (or, if earlier, the first date on which the
Company engaged directly or through any person authorized to act on its behalf in any Testing-the-Waters Communication) through
the date hereof, the Company has been and is an &ldquo;emerging growth company,&rdquo; as defined in Section 2(a) of the Securities
Act (an &ldquo;<B>Emerging Growth Company</B>&rdquo;). &ldquo;<B>Testing-the-Waters Communication</B>&rdquo; means any oral or
written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ww)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company (i) has not alone engaged in any Testing-the-Waters Communication other than Testing-the-Waters Communications
with the consent of the Representatives with entities that are qualified institutional buyers within the meaning of Rule 144A under
the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act and (ii)
has not authorized anyone other than the Representatives to engage in Testing-the-Waters Communications. The Company reconfirms
that the Representatives have been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company
has not distributed any Written Testing-the-Waters Communications other than those listed on Schedule III hereto. &ldquo;<B>Written
Testing-the-Waters Communication</B>&rdquo; means any Testing-the-Waters Communication that is a written communication within the
meaning of Rule 405 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(xx)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>As
of the time of each sale of ADSs in connection with the offering when the Prospectus is not yet available to prospective
purchasers, none of (i) the Time of Sale Prospectus, (ii) any free writing prospectus, when considered together with the Time
of Sale Prospectus, and (iii) any individual Written Testing-the-Waters Communication, when considered together with the Time
of Sale Prospectus, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit
to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading, except that the representations and warranties set forth in this paragraph do not apply to
statements or omissions in the Time of Sale Prospectus and any free writing prospectus based upon information relating to any
Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use therein, it
being understood and agreed that the only such information is that described in Section 9(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(yy)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has not distributed and, prior to the later of the Closing Date or any Option Closing Date and the completion
of the distribution of the ADSs will not distribute any offering material in connection with the offering and sale of the ADSs
other than any preliminary prospectus, the Prospectus, any free writing prospectuses, if any, identified in Schedule II hereto
and any Written Testing-the-Waters Communications listed on Schedule III hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(zz)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, none of the Company
or any of its Subsidiaries or Affiliated Entities is engaged in any material transactions with its directors, officers, management,
shareholders, or any other affiliate, including any person who formerly held a position as a director, officer and/or shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(aaa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no contracts, agreements or understandings between the Company and any person that would give rise to a valid
claim against the Company or any Underwriter for a brokerage commission, finder&rsquo;s fee or other similar payment in connection
with the issuance and sale of the ADSs and the Ordinary Shares represented thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(bbb)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company is aware of and has been advised as to, the content of the <I>Rules on Mergers and Acquisitions of Domestic
Enterprises by Foreign Investors </I>jointly promulgated by the Ministry of Commerce, the State Assets Supervision and Administration
Commission, the State Tax Administration, the State Administration of Industry and Commerce, the China Securities Regulatory Commission
(&ldquo;<B>CSRC</B>&rdquo;) and the State Administration of Foreign Exchange of the PRC on August 8, 2006 (as amended, together
with any official clarification, guidance, interpretation or implementation rules related thereto, the &ldquo;<B>M&amp;A Rules</B>&rdquo;),
in particular the relevant provisions thereof which purport to require offshore special purpose vehicles, or SPVs, formed for listing
purposes and controlled directly or indirectly by PRC companies or individuals, to obtain the approval of the CSRC prior to the
listing and trading of their securities on an overseas stock exchange; the Company has received legal advice specifically with
respect to the M&amp;A Rules from its PRC counsel and the Company understands such legal advice; and the Company has fully communicated
all relevant portions of such legal advice from its PRC counsel to each of its directors that signed the Registration Statement
and each director has confirmed that he or she understands such legal advice; the Company and each director of the Company that
signed the Registration Statement understand the potential personal liability to which each director of the Company that signed
the Registration Statement and the executive officers of the Company may be subject in the event that the offering and sales of
the ADSs as contemplated in this Agreement or the listing and trading of the ADSs on the New York Stock Exchange were deemed not
to be in compliance with the M&amp;A Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ccc)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> The issuance and sale of the ADSs and the Ordinary Shares represented thereby, the listing and trading of the ADSs on the
New York Stock Exchange and the consummation of the transactions contemplated by this Agreement and the Deposit Agreement are not
and will not be at the Closing Date or any Option Closing Date adversely affected by the M&amp;A Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ddd)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, each of the Company
and its Subsidiaries that were incorporated outside of the PRC has taken, or is in the process of taking, reasonable steps to comply
with, and to request each of its shareholders, option holders, directors, officers and employees that, to the knowledge of the
Company, is, or is directly or indirectly owned or controlled by, a PRC resident or PRC citizen to comply with any applicable rules
and regulations of the relevant PRC government agencies (including but not limited to the Ministry of Commerce, the National Development
and Reform Commission and the State Administration of Foreign Exchange) relating to overseas investment by PRC residents and citizens
or the repatriation of the proceeds from overseas offering and listing by offshore special purpose vehicles controlled directly
or indirectly by PRC companies and individuals, such as the Company (the &ldquo;<B>PRC Overseas Investment and Listing Regulations</B>&rdquo;),
including without limitation, requesting each shareholder, option holder, director, officer and employee that, to the knowledge
of the Company, is, or is directly or indirectly owned or controlled by, a PRC resident or citizen to complete any registration
and other procedures required under applicable PRC Overseas Investment and Listing Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(eee)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, the Company has
taken all reasonable steps to comply with, and to request all of the Company&rsquo;s shareholders and prior holders who, to the
knowledge of the Company, are PRC residents or PRC citizens to comply with respect to their shareholding in the Company with any
applicable rules and regulations of the State Administration of Foreign Exchange (the &ldquo;<B>SAFE Rules and Regulations</B>&rdquo;),
including without limitation, taking reasonable steps to require each of its shareholders and option holders that, to the knowledge
of the Company, is, or is directly or indirectly owned or controlled by, a PRC resident or PRC citizen to complete any registration
and other procedures required under applicable SAFE Rules and Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(fff)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, there are no
affiliations or associations between any member of FINRA and the Company; there are no affiliations or associations between (i)
any member of FINRA and (ii) any of the Company&rsquo;s officers, directors or 5% or greater security holders or any beneficial
owner of the Company&rsquo;s unregistered equity securities that were acquired at any time on or after the 180th day immediately
preceding the date the Registration Statement was initially filed with the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ggg)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> No stamp, documentary, issuance, registration, transfer, withholding, capital gains, income or other taxes or duties are
payable by or on behalf of the Underwriters, the Company or any of its Subsidiaries in the Cayman Islands, the PRC, or in any other
jurisdiction in which the Company is organized, incorporated, engaged in business for tax purposes or is otherwise resident for
tax purposes, any jurisdiction from or through which a payment is made by or on behalf of the Company or any political subdivision
thereof or therein having the authority to tax, in connection with (i) the execution, delivery or consummation of, or consummation
of the transactions contemplated by, this Agreement, (ii) the creation, allotment and issuance of the Ordinary Shares represented
by the ADSs, (iii) the deposit with the Depositary of the Ordinary Shares represented by the ADSs by the Company against the issuance
of ADRs evidencing the ADSs, (iv) the sale and delivery of the ADSs to the Underwriters or purchasers procured by the Underwriters,
or (v) the resale and delivery of the ADSs by the Underwriters in the manner contemplated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(hhh)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company does not believe that it was a &ldquo;passive foreign investment company&rdquo; (&ldquo;<B>PFIC</B>&rdquo;)
for U.S. federal income tax purposes for the taxable year ended December 31, 2019 and based on the Company&rsquo;s current and
expected composition of income and assets and the value of its assets, the Company does not expect to be a PFIC for the current
taxable year or in the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>It is not necessary under the laws of the Cayman Islands (i) to enable the Underwriters to enforce their rights under this
Agreement or to enable any holder of ADSs to enforce their respective rights thereunder, <I>provided</I> that they are not otherwise
engaged in business in the Cayman Islands, or (ii) solely by reason of the execution, delivery or consummation of this Agreement,
for any of the Underwriters or any holder of ADSs or Ordinary Shares to be qualified or entitled to carry out business in the Cayman
Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(jjj)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Under the laws of the Cayman Islands, each holder of ADRs evidencing ADSs issued pursuant to the Deposit Agreement shall
be entitled, subject to the Deposit Agreement, to seek enforcement of its rights through the Depositary or its nominee registered
as representative of the holders of the ADRs in a direct suit, action or proceeding against the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(kkk)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of this Agreement and the Deposit Agreement is in proper form under the laws of the Cayman Islands for the enforcement
thereof against the Company; and to ensure the legality, validity, enforceability or admissibility into evidence in Cayman Islands
of this Agreement and the Deposit Agreement, it is not necessary that this Agreement or the Deposit Agreement be filed or recorded
with any court or other authority in the Cayman Islands or that any stamp or similar tax in the Cayman Islands be paid on or in
respect of this Agreement, the Deposit Agreement or any other documents to be furnished hereunder, except for nominal stamp duty
if the documents are executed in or brought into the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(lll)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> The Company is a &ldquo;foreign private issuer&rdquo; as defined in Rule 405 of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(mmm)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>Except as described under the section &ldquo;Enforceability of Civil Liabilities&rdquo; in the Time of Sale Prospectus and
the Prospectus, the courts of the Cayman Islands and the PRC would recognize as a valid judgment any final monetary judgment obtained
against the Company in the courts of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(nnn)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of its Subsidiaries or Affiliated Entities nor any of its or their properties or assets has
any immunity from the jurisdiction of any court or from any legal process (whether through service or notice, attachment prior
to judgment, attachment in aid of execution or otherwise) under the laws of the Cayman Islands or the PRC. The irrevocable and
unconditional waiver and agreement of the Company contained in Section 19(a) not to plead or claim any such immunity in any legal
action, suit or proceeding based on this Agreement is valid and binding under the laws of the Cayman Islands and the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ooo)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The choice of law of the State of New York as the governing law of this Agreement is a valid choice of law under the laws
of the Cayman Islands, and the PRC and will be honored by the courts of the Cayman Islands and the PRC. The Company has the power
to submit, and pursuant to Section 19(a) has, to the extent permitted by law, legally, validly, effectively and irrevocably submitted,
to the jurisdiction of the Specified Courts (as defined in Section 19(a)), and has the power to designate, appoint and empower,
and pursuant to Section 19(b), has legally, validly and effectively designated, appointed and empowered an agent for service of
process in any suit or proceeding based on or arising under this Agreement in any of the Specified Courts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ppp)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No forward-looking statement&nbsp;(within the meaning of Section&nbsp;27A of the Act and Section&nbsp;21E of the Exchange
Act) contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus (including all amendments and supplements
thereto) has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(qqq)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no legal or governmental proceedings or contracts or other documents of a character required to be described in
the Registration Statement, the ADS Registration Statement or the Form 8-A Registration Statement or, in the case of documents,
to be filed as exhibits to the Registration Statement, that are not described and filed as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(rrr)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company is subject to the reporting requirements of either Section 13 or Section 15(d) of the Exchange Act and timely
files reports with the Commission on the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(sss)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> The interactive data in the inline eXtensible Business Reporting Language incorporated by reference in the Registration
Statement fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&rsquo;s
rules and guidelines applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ttt)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Except
as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, for the period from
October 1, 2020 to [ &#9679; ], 2020, there have not been any decreases, as compared with the corresponding period in the
preceding year, in revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Agreements to Sell and Purchase. <FONT STYLE="font-style: normal">The Company hereby agrees to sell to the several
Underwriters, and each Underwriter, upon the basis of the representations and warranties herein contained, but subject to the conditions
hereinafter stated, agrees, severally and not jointly, to purchase from the Company at US$[ &#9679; ] per ADS (the &ldquo;Purchase Price&rdquo;) the number of Firm ADSs (subject to such adjustments to eliminate fractional shares
as the Representatives may determine) that bears the same proportion to the number of Firm ADSs to be sold by the Company as the
number of Firm ADSs set forth in Schedule&nbsp;I hereto opposite the name of such Underwriter bears to the total number of Firm
ADSs.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On the basis of the representations and
warranties contained in this Agreement, and subject to its terms and conditions, the Company agrees to sell to the Underwriters
the Additional ADSs, and the Underwriters shall have the right to purchase, severally and not jointly, up to [ &#9679; ] Additional ADSs at the Purchase Price, <I>provided</I>, however, that the amount paid by the Underwriters for any Additional
ADSs shall be reduced by an amount per share equal to any dividends declared by the Company and payable on the Firm ADSs but not
payable on such Additional ADSs. The Representatives may exercise this right on behalf of the Underwriters in whole or from time
to time in part by giving written notice not later than 30 days after the date of this Agreement. Any exercise notice shall specify
the number of Additional ADSs to be purchased by the Underwriters and the date on which such shares are to be purchased. Each purchase
date must be at least one business day after the written notice is given and may not be earlier than the closing date for the Firm
ADSs nor later than ten business days after the date of such notice. On each day, if any, that Additional ADSs are to be purchased
(an &ldquo;<B>Option Closing Date</B>&rdquo;), each Underwriter agrees, severally and not jointly, to purchase the number of Additional
ADSs (subject to such adjustments to eliminate fractional shares as the Representatives may determine) that bears the same proportion
to the total number of Additional ADSs to be purchased on such Option Closing Date as the number of Firm ADSs set forth in Schedule&nbsp;I
hereto opposite the name of such Underwriter bears to the total number of Firm ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company hereby agrees that,
without the prior written consent of the Representatives on behalf of the Underwriters, it will not, during the period ending
90 days after the date of the Prospectus (the &ldquo;<B>Restricted Period</B>&rdquo;), (1) offer, pledge, sell, contract to
sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to
purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any ADSs or Ordinary Shares beneficially owned
(as such term is used in Rule 13d-3 of the Exchange Act) or any other securities so owned convertible into or exercisable or
exchangeable for ADSs or Ordinary Shares or (2) enter into any swap or other arrangement that transfers to another, in whole
or in part, any of the economic consequences of ownership of the ADSs or Ordinary Shares, whether any such transaction
described in clause&nbsp;(1) or (2) above is to be settled by delivery of ADSs, Ordinary Shares or such other securities, in
cash or otherwise or (3) file any registration statement with the Commission relating to the offering of any ADSs or Ordinary
Shares or any securities convertible into or exercisable or exchangeable for ADSs or Ordinary Shares.</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-indent: 0.5in">The restrictions contained in the preceding
paragraph shall not apply to (a)&nbsp;the ADSs to be sold hereunder, (b)&nbsp;the issuance by the Company of ADSs or Ordinary Shares
upon the exercise of an option or warrant or the conversion of a security outstanding on the date hereof and which is described
in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus or (c) the establishment of a trading plan
pursuant to Rule 10b5-1 under the Exchange Act for the transfer of ADSs or Ordinary Shares, <I>provided</I> that (i) such plan
does not provide for the transfer of ADSs or Ordinary Shares during the Restricted Period and (ii) no public announcement or filing
under the Exchange Act is required of or voluntarily made by or on behalf of the Company regarding the establishment of such plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Terms of Public Offering. <FONT STYLE="font-style: normal">The Company is advised by the Representatives that the
Underwriters propose to make a public offering of their respective portions of the ADSs as soon after the Registration Statement
and this Agreement have become effective as in the judgment of the Representatives is advisable. The Company is further advised
by the Representatives that the ADSs are to be offered to the public initially at US$[ &#9679; ] per ADS (the &ldquo;<B>Public Offering Price</B>&rdquo;).</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Payment and Delivery. <FONT STYLE="font-style: normal">Payment for the Firm ADSs to be sold by the Company shall
be made to the Company in Federal or other funds immediately available in New York City to the account specified by the Company
to the Underwriters at least forty-eight hours in advance of such payment against delivery of such Firm ADSs for the respective
accounts of the several Underwriters at 10:00&nbsp;a.m., New York City time, on [ &#9679; ], 2020, or at such other time on the same or such other date, not later than [ &#9679; ], 2020, as shall be designated in writing by the Representatives. The time and date of such payment are hereinafter referred to
as the &ldquo;<B>Closing Date</B>.&rdquo;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment for any Additional ADSs shall be
made to the Company in Federal or other funds immediately available in New York City to the account specified by the Company to
the Underwriters at least forty-eight hours in advance of such payment against delivery of such Additional ADSs for the respective
accounts of the several Underwriters at 10:00&nbsp;a.m., New York City time, on the date specified in the corresponding notice
described in Section 2 or at such other time on the same or on such other date, in any event not later than [ &#9679; ], 2020, as shall be designated in writing by the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Firm ADSs and Additional ADSs shall
be registered in such names and in such denominations as the Representatives shall request in writing not later than one full business
day prior to the Closing Date or the applicable Option Closing Date, as the case may be. The Firm ADSs and Additional ADSs shall
be delivered to the Representatives on the Closing Date or an Option Closing Date, as the case may be, for the respective accounts
of the several Underwriters through the facilities of the Depository Trust Company. The Purchase Price payable by the Underwriters
shall be reduced by (i) any transfer taxes paid by, or on behalf of, the Underwriters in connection with the transfer of the ADSs
to the Underwriters duly paid and (ii) any withholding required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Conditions to the Underwriters&rsquo; Obligations. <FONT STYLE="font-style: normal">The obligations of the Company
to sell the ADSs to the Underwriters and the several obligations of the Underwriters to purchase and pay for the ADSs on the Closing
Date are subject to the condition that the Registration Statement shall have become effective not later than 4:00 P.M. (New York
City time) on the date hereof.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The several obligations of the Underwriters
are subject to the following further conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subsequent to the execution and delivery of this Agreement and prior to the Closing Date there shall not have occurred any
change, or any development involving a prospective change, in the condition, financial or otherwise, or in the earnings, business
or operations of the Company and its Subsidiaries and Affiliated Entities, taken as a whole, from that set forth in the Time of
Sale Prospectus that, in the judgment of the Representatives, is material and adverse and that makes it, in the judgment of the
Representatives, impracticable to market the ADSs on the terms and in the manner contemplated in the Time of Sale Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Underwriters shall have received on the Closing Date a certificate, dated the Closing Date and signed by an executive
officer of the Company, to the effect set forth in Section&nbsp;5(a), Section 5(p) and Section 5(u) and to the effect that the
representations and warranties of the Company contained in this Agreement are true and correct as of the Closing Date and that
the Company has complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied
hereunder on or before the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The officer signing and delivering such
certificate may rely upon the best of his or her knowledge as to proceedings threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Underwriters shall have received on the Closing Date an opinion and negative assurance letter of Skadden, Arps, Slate,
Meagher &amp; Flom LLP, U.S. counsel for the Company, dated the Closing Date, in form and substance reasonably satisfactory to
the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Underwriters shall have received on the Closing Date an opinion of Maples and Calder (Hong Kong) LLP, Cayman Islands
counsel for the Company, dated the Closing Date, in form and substance reasonably satisfactory to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Underwriters shall have received on the Closing Date an opinion of Han Kun Law Offices, PRC counsel for the Company,
dated the Closing Date, in form and substance reasonably satisfactory to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Underwriters shall have received on the Closing Date an opinion of Miao &amp; Co (in Association with Han Kun Law Offices),
Hong Kong counsel for NIO Nextev Limited, NIO User Enterprise Limited, XPT Limited, NIO Power Express Limited, NIO SPORT LIMITED
and XPT Technology Limited, dated the Closing Date, in form and substance reasonably satisfactory to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Underwriters shall have received on the Closing Date an opinion of Fenwick &amp; West LLP, U.S. counsel for NIO USA,
Inc. and XPT Inc., dated the Closing Date, in form and substance reasonably satisfactory to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Underwriters shall have received on the Closing Date an opinion of Bristows LLP, U.K. counsel for NIO Performance Engineering
Limited, dated the Closing Date, in form and substance reasonably satisfactory to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Underwriters shall have received on the Closing Date an opinion of Orrick, Herrington &amp; Sutcliffe LLP, German counsel
for NIO GmbH, dated the Closing Date, in form and substance reasonably satisfactory to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The opinions of counsel for the Company
(except for the opinion of PRC counsel for the Company) described above shall be rendered to the Underwriters at the request of
the Company, and shall so state therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Underwriters shall have received on the Closing Date an opinion and negative assurance letter of Latham &amp; Watkins
LLP, U.S. counsel for the Underwriters, dated the Closing Date, in form and substance satisfactory to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Underwriters shall have received on the Closing Date an opinion of Commerce &amp; Finance Law Offices, PRC counsel for
the Underwriters, dated the Closing Date, in form and substance satisfactory to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Underwriters shall have received on the Closing Date an opinion of White &amp; Case LLP, counsel for the Depositary,
dated the Closing Date, in form and substance satisfactory to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
Underwriters shall have received, on each of the date hereof and the Closing Date, a letter dated the date hereof or the
Closing Date, as the case may be, in form and substance satisfactory to the Underwriters, from PricewaterhouseCoopers Zhong
Tian LLP, independent public accountants, containing statements and information of the type ordinarily included in
accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters with respect to the financial statements and certain
financial information contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus; <I>provided</I>
that the letter delivered on the Closing Date shall use a &ldquo;cut-off date&rdquo; not earlier than the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The &ldquo;lock&#45;up&rdquo; agreements, each substantially in the form of Exhibit A hereto, between the Company, the Representatives
and the persons listed on Exhibit B hereto relating to sales and certain other dispositions of ADSs, Ordinary Shares or certain
other securities, delivered to the Representatives on or before the date hereof, shall be in full force and effect on the Closing
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The several obligations of the Underwriters to purchase Additional ADSs hereunder are subject to the delivery to the Representatives
on the applicable Option Closing Date of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a certificate, dated the Option Closing Date and signed by an executive officer of the Company, confirming that the certificate
delivered on the Closing Date pursuant to Section 5(b) hereof remains true and correct as of such Option Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an opinion and negative assurance letter Skadden, Arps, Slate, Meagher &amp; Flom LLP, U.S. counsel for the Company, dated
the Option Closing Date, relating to the Additional ADSs to be purchased on such Option Closing Date and otherwise to the same
effect as the opinion required by Section 5(c) hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an opinion of Maples and Calder (Hong Kong) LLP, Cayman Islands counsel for the Company, dated the Option Closing Date,
relating to the Additional ADSs to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required
by Section 5(d) hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an opinion of Han Kun Law Offices, PRC counsel for the Company, dated the Option Closing Date, relating to the Additional
ADSs to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by Section 5(e) hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>an
opinion of Miao &amp; Co (in Association with Han Kun Law Offices), Hong Kong counsel for NIO Nextev Limited, NIO User
Enterprise Limited, XPT Limited, NIO Power Express Limited, NIO SPORT LIMITED and XPT Technology Limited, dated the Option
Closing Date, relating to the Additional ADSs to be purchased on such Option Closing Date and otherwise to the same effect as
the opinion required by Section 5(f) hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an opinion of Fenwick &amp; West LLP, U.S. counsel for NIO USA, Inc. and XPT Inc., dated the Option Closing Date, relating
to the Additional ADSs to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by
Section 5(g) hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an opinion of Bristows LLP, U.K. counsel for NIO Performance Engineering Limited, relating to the Additional ADSs to be
purchased on such Option Closing Date and otherwise to the same effect as the opinion required by Section 5(h) hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an opinion of Orrick, Herrington &amp; Sutcliffe LLP, German counsel for NIO GmbH, relating to the Additional ADSs to be
purchased on such Option Closing Date and otherwise to the same effect as the opinion required by Section 5(i) hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an opinion and negative assurance letter of Latham &amp; Watkins LLP, U.S. counsel for the Underwriters, dated the Option
Closing Date, relating to the Additional ADSs to be purchased on such Option Closing Date and otherwise to the same effect as the
opinion required by Section 5(j) hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an opinion of Commerce &amp; Finance Law Offices, PRC counsel for the Underwriters, dated the Option Closing Date, relating
to the Additional ADSs to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by
Section 5(k) hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an opinion of White &amp; Case LLP, counsel for the Depositary, dated the Option Closing Date, relating to the Additional
ADSs to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by Section 5(l) hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a letter dated the Option Closing Date, in form and substance satisfactory to the Underwriters, from PricewaterhouseCoopers
Zhong Tian LLP, independent public accountants, substantially in the same form and substance as the letter furnished to the Underwriters
pursuant to Section 5(m) hereof; <I>provided</I> that the letter delivered on the Option Closing Date shall use a &ldquo;cut-off
date&rdquo; not earlier than three business days prior to such Option Closing Date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">(xiii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>such
other documents as the Representatives may reasonably request with respect to the good standing of the Company, the due
authorization and issuance of the Additional ADSs to be sold on such Option Closing Date and other matters related to the
issuance of such Additional ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There shall not have been any adverse legislative or regulatory developments in the PRC following the signing of this Agreement,
which in the Representatives&rsquo; sole judgment in good faith after consultation with the Company, would make it inadvisable
or impractical to proceed with the public offering or the delivery of the ADSs at the Closing Date or any Option Closing Date,
as the case may be, on the terms and in the manner contemplated in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and the Depositary shall have executed and delivered a side letter addressed to the Depositary, instructing
the Depositary not to accept any shareholder&rsquo;s deposit of Ordinary Shares in the Company&rsquo;s American Depositary Receipt
facility or issue any new ADSs evidencing the ADSs to any shareholder or any third party, unless consented to by the Company, and
the Deposit Agreement shall be in full force and effect on the Closing Date. The Company and the Depositary shall have taken all
actions necessary to permit the deposit of the ADSs and the issuance of the ADSs representing such Ordinary Shares in accordance
with the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Depositary shall have furnished or caused to be furnished to the Underwriters a certificate satisfactory to the Representatives
of one of its authorized officers with respect to the deposit with it of the ADSs against issuance of the ADSs, the execution,
issuance, countersignature and delivery of the ADSs pursuant to the Deposit Agreement and such other matters related thereto as
the Representatives may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have filed the Prospectus with the Commission (including the information required by Rule 430A and Rule
430B under the Securities Act) in the manner and within the time period required by Rule 424(b) under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No free writing prospectus, Prospectus or amendment or supplement to the Registration Statement, the ADS Registration Statement
or the Prospectus shall have been filed to which the Representatives object in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No stop order suspending the effectiveness of the Registration Statement, the ADS Registration Statement, or any post-effective
amendment to the Registration Statement, shall be in effect and no proceedings for such purpose shall have been instituted or threatened
by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>FINRA shall not have raised any objection with respect to the fairness or reasonableness of the underwriting, or other arrangements
of the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> At or prior to the Closing Date and each Option Closing Date, the ADSs shall be eligible for clearance and settlement through
the facilities of the DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Closing Date or Option Closing Date, as the case may be, the Representatives and counsel for the Underwriters shall
have received such information, documents, certificates and opinions as they may reasonably require for the purposes of enabling
them to pass upon the accuracy and completeness of any statement in the Registration Statement, the Time of Sale Prospectus and
the Prospectus, issuance and sale of the ADSs as contemplated herein, or in order to evidence the accuracy of any of the representations
and warranties, or the satisfaction of any of the conditions or agreements, herein contained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Covenants of the Company. The Company covenants with each Underwriter as follows:</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To comply with the requirements of Rule 430A and Rule 430B, and notify the Representatives promptly, and confirm the notice
in writing, (i) when any post-effective amendment to the Registration Statement, the Form 8-A Registration Statement or the ADS
Registration Statement shall become effective, or any supplement to the Prospectus (including any prospectus wrapper) or any amended
Prospectus shall have been filed, (ii) of the receipt of any comments from the Commission, (iii) of any request by the Commission
for any amendment to the Registration Statement, the Form 8-A Registration Statement, the ADS Registration Statement or any amendment
or supplement to the Prospectus or for additional information, (iv) of the issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement, the Form 8-A Registration Statement, the ADS Registration Statement or any post-effective
amendment or of any order preventing or suspending the use of any preliminary prospectus or the Prospectus, or of the suspension
of the qualification of the ADSs for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings
for any of such purposes or of any examination pursuant to Section 8(e) of the 1933 Act concerning the Registration Statement or
the ADS Registration Statement and (v) if the Company becomes the subject of a proceeding under Section 8A of the 1933 Act in connection
with the offering of the ADSs. The Company will effect all filings required under Rule 424(b), in the manner and within the time
period required by Rule 424(b) (without reliance on Rule 424(b)(8)). The Company will use commercially reasonable efforts to prevent
the issuance of any stop order, prevention or suspension and, if any such order is issued, to obtain the lifting thereof at the
earliest possible moment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>To
furnish to the Representatives, without charge, copies of the Registration Statement (including exhibits thereto and
documents incorporated by reference therein) and for delivery to each other Underwriter a copy of the Registration Statement
(without exhibits thereto) and to furnish to the Representatives in New York City, without charge, prior to 10:00&nbsp;a.m.
New York City time on the business day next succeeding the date of this Agreement and during the period mentioned in Section
6(i) or 6(j) below, as many copies of the Time of Sale Prospectus, the Prospectus and documents incorporated by reference
therein and any supplements and amendments thereto or to the Registration Statement as the Representatives may reasonably
request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Before amending or supplementing the Registration Statement, the ADS Registration Statement, the Form 8-A Registration Statement,
the Time of Sale Prospectus or the Prospectus, to furnish to the Representatives a copy of each such proposed amendment or supplement
and not to file any such proposed amendment or supplement to which the Representatives reasonably object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To give the Representatives notice of its intention to make any filing pursuant to the Exchange Act prior to or on the later
of the Closing Date or any Option Closing Date and to furnish the Representatives with copies of any such documents a reasonable
amount of time prior to such proposed filing, and not to file or use any such document to which the Representatives or counsel
for the Underwriters shall reasonably object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To furnish to the Representatives a copy of each proposed free writing prospectus (including any electronic roadshow), or
amendment thereof or supplement thereto, to be prepared by or on behalf of, used by, or referred to by the Company and not to use
or refer to any proposed free writing prospectus to which the Representatives reasonably object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If at any time following issuance of a free writing prospectus there occurred or occurs an event or development as a result
of which such free writing prospectus conflicted or would conflict with the information contained in the Registration Statement
or the ADS Registration Statement relating to the ADSs or included or would include an untrue statement of a material fact or omitted
or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances, prevailing
at that subsequent time, not misleading, to promptly notify the Representatives and to promptly (subject to Section 6(e)) amend
or supplement, at its own expense, such free writing prospectus to eliminate or correct such conflict, untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not to take any action that would result in an Underwriter or the Company being required to file with the Commission pursuant
to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter
otherwise would not have been required to file thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not to (and to cause its Subsidiaries and Affiliated Entities not to) take, directly or indirectly, any action which is
designed to or which constitutes or which would reasonably be expected to cause or result in stabilization or manipulation of the
price of any security of the Company or facilitate the sale or resale of the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> If the Time of Sale Prospectus is being used to solicit offers to buy the ADSs at a time when the Prospectus is not yet
available to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary to amend
or supplement the Time of Sale Prospectus so that it will not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements therein, in the light of the circumstances, not misleading, or if any event shall
occur or condition exist as a result of which the Time of Sale Prospectus conflicts with the information contained in the Registration
Statement then on file, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Time
of Sale Prospectus to comply with applicable law, forthwith to prepare, file with the Commission (subject to the last clause of
this subsection (i)) and furnish, at its own expense, to the Underwriters and to any dealer upon request, either amendments or
supplements to the Time of Sale Prospectus so that the Time of Sale Prospectus as so amended or supplemented will not contain any
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances when the Time of Sale Prospectus is delivered to a prospective purchaser, not misleading, or so that
the Time of Sale Prospectus, as amended or supplemented, will no longer conflict with the Registration Statement, or so that the
Time of Sale Prospectus, as amended or supplemented, will comply with applicable law; to promptly give the Representatives written
notice of any such event or condition of which the Company becomes aware; and before amending or supplementing the Time of Sale
Prospectus, to furnish to the Representatives a copy of each such proposed amendment or supplement and not to file any such proposed
amendment or supplement to which the Representatives reasonably object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>If,
during such period after the first date of the public offering of the ADSs as in the opinion of counsel for the Underwriters
the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is required by law to be
delivered in connection with sales by an Underwriter or dealer, any event shall occur or condition exist as a result of which
it is necessary to amend or supplement the Prospectus so that it will not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements therein, in the light of the circumstances when the Prospectus
(or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is delivered to a purchaser, not misleading,
or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Prospectus to comply with
applicable law, forthwith to prepare, file with the Commission (subject to the last clause of this subsection (j)) and
furnish, at its own expense, to the Underwriters and to the dealers (whose names and addresses the Representatives will
furnish to the Company) to which ADSs may have been sold by the Representatives on behalf of the Underwriters and to any
other dealers upon request, either amendments or supplements to the Prospectus so that the Prospectus as so amended or
supplemented will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in the light of the circumstances when the Prospectus (or in lieu thereof the notice referred to
in Rule 173(a) of the Securities Act) is delivered to a purchaser, not misleading or so that the Prospectus, as amended or
supplemented, will comply with applicable law; to promptly give the Representatives written notice of any such event or
condition of which the Company becomes aware; and before amending or supplementing the Prospectus, to furnish to the
Representatives a copy of each such proposed amendment or supplement and not to file any such proposed amendment or
supplement to which the Representatives reasonably object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To endeavor to qualify the ADSs for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives
shall reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To make generally available to the Company&rsquo;s security holders and to the Representatives as soon as practicable an
earnings statement covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring
after the date of this Agreement which shall satisfy the provisions of Section 11(a) of the Securities Act and the rules and regulations
of the Commission thereunder. The Company, during the period when the Prospectus is required to be delivered under the Securities
Act, will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required
by the Exchange Act and the applicable rules and regulations of the Commission thereunder. During the three-year period after the
date of this Agreement, the Company will furnish to the Representatives and, upon written request, to each of the other Underwriters,
as soon as practicable after the end of each fiscal year, a copy of its annual report to shareholders for such year; and the Company
will furnish to the Representatives (i) as soon as available, a copy of each report of the Company filed with the Commission under
the Exchange Act or mailed to shareholders, and (ii) from time to time, such other information concerning the Company as the Representatives
may reasonably request in writing. However, so long as the Company is subject to the reporting requirements of either Section 13
or Section 15(d) of the Exchange Act and is timely filing reports with the Commission on its EDGAR reporting system, or otherwise
makes such reports publicly available on its or its investor relations website, it is not required to furnish such reports or statements
filed through EDGAR to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>To
use the net proceeds received by it from the sale of the ADSs pursuant to this Agreement in the manner specified in the Time
of Sale Prospectus under the caption &ldquo;Use of Proceeds&rdquo; and in compliance with any applicable laws, rules and
regulations of any governmental body, agency or court having jurisdiction over the Company or any Subsidiary or Affiliated
Entity; to not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available
such proceeds to any Subsidiary, Affiliated Entity joint venture partner or other Person to fund or facilitate any activities
or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the
subject of Sanctions, or in any other manner that will result in a violation of Sanctions by any Person (including any Person
participating in the offering, whether as underwriter, advisor, investor or otherwise); and to maintain and implement
adequate internal controls and procedures to monitor and audit transactions that are reasonably designed to detect and
prevent any use of the proceeds from the offering of the ADSs contemplated hereby that is inconsistent with any of the
Company&rsquo;s representations and obligations under the preceding sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not to facilitate any shareholder&rsquo;s conversion of Ordinary Shares to ADSs during the Restricted Period and not to
release the Depositary from the obligations set forth in, or otherwise amend, terminate or fail to enforce, the Depositary Agreement
without the prior written consent of the Representatives. The Company shall at all times maintain transfer restrictions with respect
to the ADSs and Ordinary Shares that are subject to transfer restrictions pursuant to this Agreement and the &ldquo;lock-up&rdquo;
agreements referred to in Section 5(n) and shall ensure compliance with such restrictions on transfer of restricted ADSs and Ordinary
Shares. The Company shall retain all share certificates that are by their terms subject to transfer restrictions until such time
as such transfer restrictions are no longer applicable to such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To pay, and indemnify and hold the Underwriters harmless against, any stamp, issue, registration, documentary, sales, transfer
or other similar taxes or duties imposed under the laws of Cayman Islands or the PRC or any political sub-division or taxing authority
thereof or therein that is payable in connection with (i) the execution, delivery, consummation or enforcement of this Agreement
or the Deposit Agreement, (ii) the creation, allotment and issuance of the Ordinary Shares represented by the ADSs, (iii) the sale
and delivery of the ADSs to the Underwriters or purchasers procured by the Underwriters, or (iv) the resale and delivery of the
ADSs by the Underwriters in the manner contemplated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To promptly notify the Representatives if the Company ceases to be an Emerging Growth Company at any time prior to the later
of (a) completion of the distribution of the ADSs within the meaning of the Securities Act and (b) completion of the Restricted
Period referred to in Section 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If at any time following the distribution of any Written Testing-the-Waters Communication there occurred or occurs an event
or development as a result of which such Written Testing-the-Waters Communication included or would include an untrue statement
of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances existing at that subsequent time, not misleading, to promptly notify the Representatives and if requested
by the Representatives, will promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication to
eliminate or correct such untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>To
comply with the terms of the Deposit Agreement so that the ADSs will be issued by the Depositary and delivered to each
Underwriter&rsquo;s participant account in DTC, pursuant to this Agreement on the Closing Date and each applicable Option
Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) To not attempt to avoid any judgment in connection with this Agreement obtained by it, applied to it, or denied to it
in a court of competent jurisdiction outside the Cayman Islands; (ii)&nbsp;following the consummation of the offering, to use its
best efforts to obtain and maintain all approvals required in the Cayman Islands to pay and remit outside the Cayman Islands all
dividends declared by the Company and payable on the Ordinary Shares, if any; and (iii)&nbsp;to use its best efforts to obtain
and maintain all approvals, if any, required in the Cayman Islands for the Company to acquire sufficient foreign exchange for the
payment of dividends and all other relevant purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To comply with the PRC Overseas Investment and Listing Regulations in all material aspects, and to use its reasonable efforts
to request holders of its Ordinary Shares that, to the knowledge of the Company, are, or that are directly or indirectly owned
or controlled by, Chinese residents or Chinese citizens, to comply with the PRC Overseas Investment and Listing Regulations applicable
to them, including, without limitation, requesting each such shareholder to complete any registration and other procedures required
under applicable PRC Overseas Investment and Listing Regulations (including any applicable rules and regulations of the SAFE).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To use its best efforts to have the ADSs accepted for listing on the New York Stock Exchange and maintain the listing of
the ADSs on the New York Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon request of any Underwriter, to furnish, or cause to be furnished, to such Underwriter an electronic version of the
Company&rsquo;s trademarks, service marks and corporate logo for use on the website, if any, operated by such Underwriter, solely
for the purpose of facilitating the offering of the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>That
all sums payable by the Company under this Agreement shall be paid free and clear of and without deductions or withholdings
of any present or future taxes or duties, unless the deduction or withholding is required by law, in which case the Company
shall pay such additional amount as will result in the receipt by each Underwriter of the full amount that would have been
received had no deduction or withholding been made; except that no additional amounts shall be payable in respect of (i) any
reasonable taxes that would not have been imposed but for a present or former connection between the recipient of such
payment and the applicable taxing jurisdiction other than a connection arising solely from such recipient having executed,
delivered or performed its obligations, or received a payment, under this Agreement or from the enforcement of this Agreement
or (ii) any taxes that would not have been imposed but for the failure of the recipient of such payment to use reasonable
efforts to comply, upon commercially reasonable request by the Company, with any certification, identification or other
reporting requirements concerning the nationality, residence, identity or connection with the taxing jurisdiction of the
recipient if such compliance is required or imposed by law as a precondition to an exemption from, or reduction in, such
taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>That all sums payable by the Company to an Underwriter shall be (i) exclusive of any value added or similar taxes (including
related local levies and any other related tax collected at source) (&ldquo;VAT&rdquo;) which is chargeable thereon and such VAT
shall be paid at the same time as the payment to which it relates, or, if later, upon the provision of a valid VAT invoice and
(b) shall be paid free and clear of and without deductions or withholdings of, or reductions for, or on account of, any tax (a
 &ldquo;Tax Deduction&rdquo;), unless a Tax Deduction is required by law. If a Tax Deduction is required in respect of sum payable
by the Company under this Agreement (or any part thereof), the Company shall be obliged to pay to the Underwriter such sum as will
after such Tax Deduction has been made leave the Underwriter with the same amount as it would have been entitled to receive in
the absence of any such requirement to make a Tax Deduction. For the avoidance of doubt, all amounts charged by an Underwriter
or for which the Underwriters are to be reimbursed will be invoiced and payable together with VAT, where applicable. In case VAT
has been charged in respect of any cost, charge or expense, incurred by the Underwriters and for which the Underwriters are to
be reimbursed, the Company shall be obligated to reimburse the Underwriters for such VAT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To deliver to the Representatives, on the date of execution of this Agreement, a properly completed and executed Certification
Regarding Beneficial Owners of Legal Entity Customers, together with copies of identifying documentation, and to provide such additional
supporting documentation as the Representatives may reasonably request in connection with the verification of the foregoing certification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the third anniversary of the initial effective date of the Registration Statement occurs before all the ADSs have been
sold by the Underwriters, prior to the third anniversary to file a new shelf registration statement and to take any other action
necessary to permit the public offering of the Shares to continue without interruption; references herein to the Registration Statement
shall include the new registration statement declared effective by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Expenses.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, the Company
agrees to pay or cause to be paid all expenses incident to the performance of its obligations under this Agreement, including:
(i) the fees, disbursements and expenses of the Company&rsquo;s counsel, the Company&rsquo;s accountants in connection with the
registration and delivery of the ADSs and Ordinary Shares represented thereby under the Securities Act and all other fees or expenses
in connection with the preparation and filing of the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus,
the Prospectus, any free writing prospectus prepared by or on behalf of, used by, or referred to by the Company and amendments
and supplements to any of the foregoing, including all printing costs associated therewith, and the mailing and delivering of
copies thereof to the Underwriters and dealers, in the quantities hereinabove specified, (ii) all costs and expenses related to
the transfer and delivery of the ADSs to the Underwriters, including any transfer or other taxes payable thereon, (iii) the cost
of printing or producing any Blue Sky or Legal Investment memorandum in connection with the offer and sale of the ADSs under state
securities laws and all expenses in connection with the qualification of the ADSs for offer and sale under state securities laws
as provided in Section&nbsp;6(k) hereof, including filing fees and the reasonable fees and disbursements of counsel for the Underwriters
in connection with such qualification and in connection with the Blue Sky or Legal Investment memorandum, (iv) all filing fees
and the reasonable fees and disbursements of counsel to the Underwriters incurred in connection with the review and qualification
of the offering of the ADSs by the Financial Industry Regulatory Authority, (v) all fees and expenses in connection with the preparation
and filing of the Form 8-A Registration Statement relating to the Class A ordinary shares, par value US$0.00025 per share, of
the Company and all costs and expenses incident to listing the ADSs on the New York Stock Exchange, (vi) the cost of printing
certificates representing the ADSs or Ordinary Shares represented thereby, (vii) the costs and charges of any transfer agent,
registrar or depositary, (viii) the document production charges and expenses associated with printing this Agreement and (ix)
all other costs and expenses incident to the performance of the obligations of the Company hereunder for which provision is not
otherwise made in this Section. It is understood, however, that except as provided in this Section 7, Section 9 entitled &ldquo;Indemnity
and Contribution&rdquo; and the last paragraph of Section&nbsp;12 below, the Underwriters will pay all of their costs and expenses,
including fees and disbursements of their counsel, share transfer taxes payable on resale of any of the ADSs by them and any advertising
expenses connected with any offers they may make. [Notwithstanding the foregoing, the Underwriters will reimburse the Company
for bona fide expenses incurred in connection with offering of the ADSs in the amount of (x) US$[<FONT STYLE="font-family: Symbol">&middot;</FONT>]
plus (y) [<FONT STYLE="font-family: Symbol">&middot;</FONT>]% of the Public Offering Price times the number of Additional ADSs purchased by the Underwriters (if any), with the
amount reimbursed by each Underwriter bearing the same proportion to the aggregate amount reimbursed by the Underwriters as the
number of Firm ADSs to be purchased by such Underwriter bears to the total number of Firm ADSs. The reimbursement due from the
Underwriters hereunder shall be paid on the Closing Date (in the case of (x) above) and each Option Closing Date (in the case
of (y) above).]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><I>Covenants of the Underwriters.</I> <FONT STYLE="font-style: normal">Each Underwriter severally covenants with
the Company not to take any action that would result in the Company being required to file with the Commission under Rule 433(d)
a free writing prospectus prepared by or on <FONT STYLE="font-weight: normal">behalf of such Underwriter that otherwise would
not be required to be filed by the Company thereunder, but for the action of the Underwriter.</FONT></FONT></P>

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

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

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Indemnity and Contribution. <FONT STYLE="font-style: normal">(a) The Company agrees to indemnify and hold harmless
each Underwriter, each person, if any, who controls any Underwriter within the meaning of either Section&nbsp;15 of the Securities
Act or Section 20 of the Exchange Act, and each affiliate of any Underwriter within the meaning of Rule&nbsp;405 under the Securities
Act, and each of their respective directors, officers and employees, from and against any and all losses, claims, damages and liabilities
(including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any
such action or claim), joint or several, arising out of or based upon any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement or any amendment thereof, any preliminary prospectus, the Time of Sale Prospectus
or any amendment or supplement thereto, any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act,
any Company information that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act, any
 &ldquo;road show&rdquo; as defined in Rule 433(h) under the Securities Act (a &ldquo;road show&rdquo;), or the Prospectus or any
amendment or supplement thereto, or any Written Testing-the-Waters Communication or arising out of or based upon any omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, except insofar as such losses, claims, damages or liabilities arise out of or are based upon any such untrue statement
or omission or alleged untrue statement or omission based upon information furnished to the Company in writing by such Underwriter
through the Representatives expressly for use therein, it being understood and agreed that the only such information is that described
in Section 9(b);</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Each
Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, the directors of the Company, the
officers of the Company who sign the Registration Statement and each person, if any, who controls the Company within the
meaning of either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act from and against any and all
losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in
connection with defending or investigating any such action or claim) arising out of or based upon any untrue statement or
alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, any preliminary
prospectus, the Time of Sale Prospectus or any amendment or supplement thereto, or any issuer free writing prospectus as
defined in Rule 433(h) under the Securities Act, or arising out of or based upon any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, but only
with reference to information furnished to the Company in writing by such Underwriter through the Representatives expressly
for use in the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, any issuer free writing
prospectus, road show, or the Prospectus or any amendment or supplement thereto, it being understood and agreed that the only
such information furnished by any Underwriter through the Representatives consists of the name of the Underwriter and the
disclosure on stabilization appearing in the sixteenth paragraph under the caption &ldquo;Underwriting&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In
case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which
indemnity may be sought pursuant to Section 9(a) or 9(b), such person (the &ldquo;<B>indemnified party</B>&rdquo;) shall
promptly notify the person against whom such indemnity may be sought (the &ldquo;<B>indemnifying party</B>&rdquo;) in writing
and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the
indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceeding
and shall pay the fees and disbursements of such counsel related to such proceeding; <I>provided</I> that the failure to
notify the indemnifying party shall not relieve it from any liability that it may have under the preceding paragraphs of this
Section 9 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or
defenses) by such failure. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but
the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and
the indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such
proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation
of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is
understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection
with any proceeding or related proceedings in the same jurisdiction, be liable for (i) the fees and expenses of more than one
separate firm (in addition to any local counsel) for all Underwriters and all persons, if any, who control any Underwriter
within the meaning of either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act or who are
affiliates of any Underwriter within the meaning of Rule&nbsp;405 under the Securities Act, (ii) the fees and expenses of
more than one separate firm (in addition to any local counsel) for the Company, its directors, its officers who sign the
Registration Statement and each person, if any, who controls the Company within the meaning of either such Section, and that
all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the
Underwriters and such control persons and affiliates of any Underwriters, such firm shall be designated in writing by the
Representatives. In the case of any such separate firm for the Company, and such directors, officers and control persons of
the Company, such firm shall be designated in writing by the Company. The indemnifying party shall not be liable for any
settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final
judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or
liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified
party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as
contemplated by the second and third sentences of this paragraph, the indemnifying party agrees that it shall be liable for
any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30
days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have
reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party
shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened
proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought
hereunder by such indemnified party, unless such settlement (x) includes an unconditional release of such indemnified party
from all liability on claims that are the subject matter of such proceeding and (y) does not include a statement as to or an
admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent the indemnification provided for in Section 9(a) or 9(b) is unavailable to an indemnified party or insufficient
in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying
party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable
by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) (i) in such
proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand and
the indemnified party or parties on the other hand from the offering of the ADSs or (ii) if the allocation provided by clause&nbsp;9(d)(i)
above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred
to in clause&nbsp;9(d)(i) above but also the relative fault of the indemnifying party or parties on the one hand and of the indemnified
party or parties on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages
or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received
by the Company on the one hand and the Underwriters on the other hand in connection with the offering of the ADSs shall be deemed
to be in the same respective proportions as the net proceeds from the offering of the ADSs (before deducting expenses) received
by the Company on the one hand and the total underwriting discounts and commissions received by the Underwriters on the other hand,
in each case as set forth in the table on the cover of the Prospectus, bear to the aggregate Public Offering Price of the ADSs.
The relative fault of the Company on the one hand and the Underwriters on the other hand shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company or by the Underwriters and the parties&rsquo; relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. The Underwriters&rsquo; respective obligations
to contribute pursuant to this Section&nbsp;9 are several in proportion to the respective number of ADSs they have purchased hereunder,
and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> The Company and the Underwriters agree that it would not be just or equitable if contribution pursuant to this Section&nbsp;9
were determined by <I>pro rata</I> allocation (even if the Underwriters were treated as one entity for such purpose) or by any
other method of allocation that does not take account of the equitable considerations referred to in Section 9(d). The amount paid
or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred
to in Section 9(d) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 9, no Underwriter shall be required to contribute any amount in excess of the amount by which the total
price at which the ADSs underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages
that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall
be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for
in this Section 9 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified
party at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The indemnity and contribution provisions contained in this Section 9 and the representations, warranties and other statements
of the Company contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination
of this Agreement, (ii) any investigation made by or on behalf of any Underwriter, any person controlling any Underwriter or any
affiliate of any Underwriter or the Company, its officers or directors or any person controlling the Company and (iii) acceptance
of and payment for any of the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><I>Termination.</I> <FONT STYLE="font-style: normal">The Underwriters may terminate this Agreement by notice given
by the Representatives to the Company, if after the execution and delivery of this Agreement and prior to the Closing Date (i)
trading generally shall have been suspended or materially limited on, or by, as the case may be, any of the New York Stock Exchange,
the NYSE MKT, the NASDAQ Global Market, The Stock Exchange of Hong Kong Limited, or the London Stock Exchange, (ii) trading of
any securities of the Company shall have been suspended on any exchange or in any over&#45;the&#45;counter market, (iii) a material
disruption in securities settlement, payment or clearance services in the United States, the United Kingdom, the PRC, Hong Kong,
the Cayman Islands or other relevant jurisdiction shall have occurred, (iv) any moratorium on commercial banking activities shall
have been declared by Federal, New York State, Hong Kong, London, PRC, Cayman Islands or other relevant authorities or (v) there
shall have occurred any epidemic, pandemic or outbreaks of diseases, outbreak or escalation of hostilities, or any change in financial
markets, currency exchange rates or controls or any calamity or crisis that, in the judgment of the Representatives, is material
and adverse and which, singly or together with any other event specified in this clause&nbsp;(v), makes it, in the judgment of
the Representatives, impracticable or inadvisable to proceed with the offer, sale or delivery </FONT>of the ADSs on the terms
and in the manner contemplated in the Time of Sale Prospectus or the Prospectus.</P>

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

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

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Representations, Warranties and Agreements to Survive<FONT STYLE="font-style: normal">. All representations, warranties
and agreements contained in this Agreement or in certificates of officers of the Company submitted pursuant hereto, shall remain
operative and in full force and effect regardless of (i) any investigation made by or on behalf of any Underwriter or its affiliates
or selling agents, any person controlling any Underwriter, its officers or directors, any person controlling the Company and (ii)
delivery of and payment for the ADSs.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Effectiveness; <FONT STYLE="font-style: normal">Defaulting Underwriters. This Agreement shall become effective upon
the execution and delivery hereof by the parties hereto.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If, on the Closing Date or an Option
Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase ADSs that it has or
they have agreed to purchase hereunder on such date, and the aggregate number of ADSs which such defaulting Underwriter or
Underwriters agreed but failed or refused to purchase is not more than one&#45;tenth of the aggregate number of the ADSs to
be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Firm
ADSs set forth opposite their respective names in Schedule&nbsp;I bears to the aggregate number of Firm ADSs set forth
opposite the names of all such non&#45;defaulting Underwriters, or in such other proportions as the Representatives may
specify, to purchase the ADSs which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on
such date; <I>provided</I> that in no event shall the number of ADSs that any Underwriter has agreed to purchase pursuant to
this Agreement be increased pursuant to this Section&nbsp;12 by an amount in excess of one&#45;ninth of such number of ADSs
without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or
refuse to purchase Firm ADSs and the aggregate number of Firm ADSs with respect to which such default occurs is more than
one&#45;tenth of the aggregate number of Firm ADSs to be purchased on such date, and arrangements satisfactory to the
Representatives, the Company for the purchase of such Firm ADSs are not made within 36 hours after such default, this
Agreement shall terminate without liability on the part of any non&#45;defaulting Underwriter, the Company. In any such case
either the Representatives or the Company shall have the right to postpone the Closing Date, but in no event for longer than
seven days, in order that the required changes, if any, in the Registration Statement, in the Time of Sale Prospectus, in the
Prospectus or in any other documents or arrangements may be effected. If, on an Option Closing Date, any Underwriter or
Underwriters shall fail or refuse to purchase Additional ADSs and the aggregate number of Additional ADSs with respect to
which such default occurs is more than one-tenth of the aggregate number of Additional ADSs to be purchased on such Option
Closing Date, the non-defaulting Underwriters shall have the option to (i) terminate their obligation hereunder to purchase
the Additional ADSs to be sold on such Option Closing Date or (ii) purchase not less than the number of Additional ADSs that
such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under
this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter
under this Agreement.</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-indent: 0.5in">If this Agreement shall be terminated by
the Underwriters, or any of them, because of any failure or refusal on the part of the Company to comply with the terms or to fulfill
any of the conditions of this Agreement, or if for any reason the Company shall be unable to perform its obligations under this
Agreement, the Company will reimburse the Underwriters or such Underwriters as have so terminated this Agreement with respect to
themselves, severally, for all out&#45;of&#45;pocket expenses (including the fees and disbursements of their counsel) reasonably
incurred by such Underwriters in connection with this Agreement or the offering contemplated hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Entire Agreement. <FONT STYLE="font-style: normal">(a) This Agreement, together with any contemporaneous written
agreements and any prior written agreements (to the extent not superseded by this Agreement) that relate to the offering of the
ADSs, represents the entire agreement between the Company, on the one hand, and the Underwriters, on the other, with respect to
the preparation of any preliminary prospectus, the Time of Sale Prospectus, the Prospectus, the conduct of the offering, and the
purchase and sale of the ADSs.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-style: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company acknowledges that in connection with the offering of the ADSs: (i) the Underwriters have acted at arms&rsquo;
length, are not agents of, and owe no fiduciary duties to, the Company or any other person, (ii) the Underwriters owe the Company
only those duties and obligations set forth in this Agreement and prior written agreements (to the extent not superseded by this
Agreement), if any, and (iii) the Underwriters may have interests that differ from those of the Company. The Company waives to
the full extent permitted by applicable law any claims it may have against the Underwriters arising from an alleged breach of fiduciary
duty in connection with the offering of the Shares.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Trial by Jury. <FONT STYLE="font-style: normal">The Company and each of the Underwriters hereby irrevocably waives,
to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or
relating to this Agreement or the transactions contemplated hereby.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Counterparts. <FONT STYLE="font-style: normal">This Agreement may be signed in two or more counterparts, each of
which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery
of an executed counterpart of a signature or signature page to this Agreement by facsimile, DocuSign, or other e-signature or electronic
transmission (e.g., a &ldquo;pdf&rdquo; or &ldquo;tif&rdquo;) shall be effective as delivery of a manually executed counterpart
thereof.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Applicable Law. <FONT STYLE="font-style: normal">This Agreement shall be governed by and construed in accordance
with the internal laws of the State of New York.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Headings<FONT STYLE="font-style: normal">. The headings of the sections of this Agreement have been inserted for
convenience of reference only and shall not be deemed a part of this Agreement.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> Notices. <FONT STYLE="font-style: normal">All communications hereunder shall be in writing and effective only upon
receipt and if to the Underwriters shall be delivered, mailed or sent to the Representatives, at:</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1585 Broadway<BR>
New York, New York 10036</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">China International Capital Corporation Hong Kong
Securities Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">29th Floor, One International Finance Centre</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1 Harbour View Street, Central, Hong Kong</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">if to the Company shall be delivered, mailed or sent to Building
20, No. 56 AnTuo Road, Jiading District, Shanghai, 201804, People&rsquo;s Republic of China.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Submission to Jurisdiction; <FONT STYLE="font-style: normal">Appointment of Agents for Service. (a) The Company hereby
submits to the exclusive jurisdiction of any New York State or United States Federal court sitting in Borough of Manhattan in The
City of New York (the &ldquo;<B>Specified Courts</B>&rdquo;) over any suit, action or proceeding arising out of or relating to
this Agreement, the Prospectus, the Registration Statement or the offering of the ADSs (each, a &ldquo;<B>Related Proceeding</B>&rdquo;).
The Company irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the
laying of venue of any Related Proceeding brought in such a court and any claim that any such Related Proceeding brought in such
a court has been brought in an inconvenient forum. To the extent that the Company has or hereafter may acquire any immunity (on
the grounds of sovereignty or otherwise) from the jurisdiction of any court or from any legal process with respect to itself or
its property, the Company irrevocably waives, to the fullest extent permitted by law, such immunity in respect of any such suit,
action or proceeding.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company hereby irrevocably appoints Cogency Global Inc., with offices at 122 East 42<SUP>nd</SUP> Street, 18th Floor,
New York, NY 10168, United States of America, as its agent for service of process in any Related Proceeding and agrees that service
of process in any such Related Proceeding may be made upon it at the office of such agent. The Company waives, to the fullest extent
permitted by law, any other requirements of or objections to personal jurisdiction with respect thereto. The Company represents
and warrants that such agent has agreed to act as the Company&rsquo;s agent for service of process, and the Company agrees to take
any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment
in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Judgment Currency. <FONT STYLE="font-style: normal">If for the purposes of obtaining judgment in any court it is
necessary to convert a sum due hereunder into any currency other than United States dollars, the parties hereto agree, to the fullest
extent permitted by law, that the rate of exchange used shall be the rate at which in accordance with normal banking procedures
the Underwriters could purchase United States dollars with such other currency in The City of New York on the business day preceding
that on which final judgment is given. The obligation of the Company with respect to any sum
due from it to any Underwriter or any person controlling any Underwriter shall, notwithstanding any judgment in a currency other
than United States dollars, not be discharged until the first business day following receipt by such Underwriter or controlling
person of any sum in such other currency, and only to the extent that such Underwriter or controlling person may in accordance
with normal banking procedures purchase United States dollars with such other currency. If the United States dollars so purchased
are less than the sum originally due to such Underwriter or controlling person hereunder, the Company agrees as a separate obligation
and notwithstanding any such judgment, to indemnify such Underwriter or controlling person against such loss. If the United States
dollars so purchased are greater than the sum originally due to such Underwriter or controlling person hereunder, such Underwriter
or controlling person agrees to pay to the Company an amount equal to the excess of the dollars so purchased over the sum originally
due to such Underwriter or controlling person hereunder.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Recognition of the U.S. Special Resolution Regimes.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the
transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective
to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such
interest and obligation, were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted
to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this
Agreement were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In this Section 21:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;BHC Act Affiliate&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted
in accordance with, 12 U.S.C. &sect; 1841(k).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;Covered Entity&rdquo; means any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;Default Right&rdquo; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R.
 &sect;&sect; 252.81, 47.2 or 382.1, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;U.S. Special Resolution Regime&rdquo; means each of (i) the Federal Deposit Insurance Act and the regulations promulgated
thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-style: normal">22.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Representatives. <FONT STYLE="font-style: normal">The Representatives will act for the several Underwriters in connection
with the transactions contemplated by this Agreement, and any action under this Agreement taken by the Representatives jointly
will be binding upon all the Underwriters.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in"></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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NIO Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>[Signature page
to Underwriting Agreement]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accepted as of the date hereof<BR>
<BR>
Morgan Stanley &amp; Co. LLC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">China International Capital Corporation Hong Kong
Securities Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
Acting severally on behalf of themselves and the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">several Underwriters named in Schedule&nbsp;I hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.35in 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Morgan Stanley &amp; Co. LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; width: 4%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 41%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.35in 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>[Signature page
to Underwriting Agreement]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.35in 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.35in 0pt 0.25in; text-indent: -0.25in"></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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.35in 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">China International Capital Corporation Hong Kong
Securities Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 91%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>[Signature page
to Underwriting Agreement]</I></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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right">Schedule&nbsp;I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Underwriter</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Number of <BR>
Firm ADSs To <BR>
Be Purchased</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left">Morgan Stanley &amp; Co. LLC</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">China International Capital Corporation Hong Kong
Securities Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">Total:</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black medium double; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">I-1</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right">SCHEDULE
II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Time of Sale Prospectus</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">1.
Base Prospectus dated June 9, 2020 relating to the Shelf Securities</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">2.
<FONT STYLE="font-family: Times New Roman, Times, Serif">Preliminary prospectus dated [<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2020 relating to the Shelf Securities</FONT></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">3.
<FONT STYLE="font-family: Times New Roman, Times, Serif">ADSs offered by us: [</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]
ADSs (or [<FONT STYLE="font-family: Symbol">&middot;</FONT>] ADSs if the underwriters exercise the option to purchase additional ADSs in full)</FONT></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">4.
<FONT STYLE="font-family: Times New Roman, Times, Serif">[Free writing prospectus dated [<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2020]</FONT></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">5.
Pricing information: US$[<FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">] per ADS</FONT></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal"></FONT>&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Written Testing-the-Waters Communications</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All written communications presented to
potential investors in reliance on Section&nbsp;5(d) of the U.S. Securities Act of 1933, as amended, and submitted to the U.S.
Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">III-1</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right">SCHEDULE
IV-A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; width: 9%; text-align: justify; padding-bottom: 5pt">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.04in; padding-top: 2pt; width: 91%; padding-bottom: 5pt">NIO Nextev Limited</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 5pt">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.04in; padding-top: 2pt; padding-bottom: 5pt">NIO User Enterprise Limited</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 5pt">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.04in; padding-top: 2pt; padding-bottom: 5pt">XPT Limited</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 5pt">4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.04in; padding-top: 2pt; padding-bottom: 5pt">NIO Power Express Limited</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 5pt">5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.04in; padding-top: 2pt; padding-bottom: 5pt">XPT Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 5pt">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.04in; padding-top: 2pt; padding-bottom: 5pt">NIO Performance Engineering Limited (became a Subsidiary from September 16, 2019)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 5pt">7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.04in; padding-top: 2pt; padding-bottom: 5pt">NIO NEXTEV (UK) LTD (ceased to be a Subsidiary from September 16, 2019)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 5pt">8.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.04in; padding-top: 2pt; padding-bottom: 5pt">NIO GmbH</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 5pt">9.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.04in; padding-top: 2pt; padding-bottom: 5pt">NIO USA, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 5pt">10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.04in; padding-top: 2pt; padding-bottom: 5pt">NIO SPORT LIMITED</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 5pt">11.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.04in; padding-top: 2pt; padding-bottom: 5pt">XPT Technology Limited</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 5pt">12.&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.04in; padding-top: 2pt; padding-bottom: 5pt">NIO Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#19978;&#28023;&#34074;&#26469;&#27773;&#36710;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 5pt">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.04in; padding-top: 2pt; padding-bottom: 5pt">NIO Energy Investment (Hubei) Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#34074;&#26469;&#33021;&#28304;&#25237;&#36164;&#65288;&#28246;&#21271;&#65289;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 5pt">14.&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.04in; padding-top: 2pt; padding-bottom: 5pt">Wuhan NIO Energy Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#27494;&#27721;&#34074;&#26469;&#33021;&#28304;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 5pt">15.&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.04in; padding-top: 2pt; padding-bottom: 5pt">Shanghai NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#19978;&#28023;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 5pt">16.&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.04in; padding-top: 2pt; padding-bottom: 5pt">Beijing NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#21271;&#20140;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border: Black 1pt solid; width: 9%; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 91%; padding-top: 2pt; padding-bottom: 5pt">Shanghai NIO User Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#19978;&#28023;&#34074;&#26469;&#27773;&#36710;&#29992;&#25143;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">18.&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Guangzhou NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#24191;&#24030;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">19.&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Hangzhou NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#26477;&#24030;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">20.&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Shenzhen NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#28145;&#22323;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">21.&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Nanjing NIO Sales Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#21335;&#20140;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">22.&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Suzhou Weiran Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#33487;&#24030;&#34074;&#28982;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">23.&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Chengdu NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#25104;&#37117;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">24.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Chengdu Weiran Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#25104;&#37117;&#34074;&#28982;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">25.&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Wuhan NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#27494;&#27721;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">26.&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">XPT (Jiangsu) Investment Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#34074;&#28982;&#65288;&#27743;&#33487;&#65289;&#25237;&#36164;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">27.&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Shanghai XPT Technology Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#19978;&#28023;&#34074;&#20848;&#21160;&#21147;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">28.&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">XPT (Nanjing) E-Powertrain Technology Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#34074;&#28982;&#65288;&#21335;&#20140;&#65289;&#21160;&#21147;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">29.&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">XPT (Nanjing) Energy Storage System Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#34074;&#28982;&#65288;&#21335;&#20140;&#65289;&#20648;&#33021;&#25216;&#26415;&#26377;&#38480;&#20844;&#21496;</FONT>) </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">30.&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">XTRONICS (Nanjing) Automotive Intelligence Technologies Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#34074;&#38534;&#65288;&#21335;&#20140;&#65289;&#27773;&#36710;&#26234;&#33021;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">31.&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">XPT (Jiangsu) Automotive Technology Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#27743;&#33487;&#34074;&#28982;&#27773;&#36710;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;</FONT>) </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">32.&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Beijing Yufeng Automotive Technology Development Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#21271;&#20140;&#39533;&#38155;&#27773;&#36710;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">33.&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Shanghai NIO Energy Technology Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#19978;&#28023;&#34074;&#26469;&#33021;&#28304;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;</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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    <TD STYLE="padding-left: 0.25in; border: Black 1pt solid; vertical-align: top; width: 9%; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">34.&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 91%; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">XTRONICS (Nanjing) Electronics Technology Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#21335;&#20140;&#34074;&#38534;&#27773;&#36710;&#30005;&#23376;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">35.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Beijing NIO Energy Technology Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#21271;&#20140;&#34074;&#26469;&#33021;&#28304;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">36.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Nanjing NIO Energy Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#21335;&#20140;&#34074;&#26469;&#33021;&#28304;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">37.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Hangzhou NIO Energy Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#26477;&#24030;&#34074;&#26469;&#33021;&#28304;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">38.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Guangzhou NIO Energy Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#24191;&#24030;&#34074;&#26469;&#33021;&#28304;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">39.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Chengdu NIO Energy Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#25104;&#37117;&#34074;&#26469;&#33021;&#28304;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">40.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Suzhou NIO Energy Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#33487;&#24030;&#34074;&#26469;&#33021;&#28304;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">41.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Hefei NIO Energy Technology Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#21512;&#32933;&#34074;&#30005;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">42.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Wuhan NIO Energy Equipment Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#27494;&#27721;&#34074;&#26469;&#33021;&#28304;&#35774;&#22791;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">43.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Wuhan NIO Energy Service Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#27494;&#27721;&#34074;&#26469;&#33021;&#28304;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">44.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Shenzhen NIO Energy Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#28145;&#22323;&#34074;&#26469;&#33021;&#28304;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">45.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Shanghai NIO Energy Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#19978;&#28023;&#34074;&#26469;&#33021;&#28304;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">46.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Wuhan NIO Energy Leasing Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#27494;&#27721;&#34074;&#26469;&#33021;&#28304;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">47.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Wuhan NIO Energy Technology Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#27494;&#27721;&#34074;&#26469;&#33021;&#28304;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">48.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Changzhou NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#24120;&#24030;&#34074;&#28982;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">49.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Chongqing NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#37325;&#24198;&#34074;&#38160;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">50.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Jiaxing NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#22025;&#20852;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">51.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Wuxi NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#26080;&#38177;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">52.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Xi'an NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#35199;&#23433;&#34074;&#28982;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.04in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 91%; padding-top: 2pt; padding-bottom: 5pt">Qingdao NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#38738;&#23707;&#34074;&#28982;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Shijiazhuang NIO Sales Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#30707;&#23478;&#24196;&#34074;&#38160;&#27773;&#36710;&#38144;&#21806;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Nantong NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#21335;&#36890;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">56.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Dongguan NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#19996;&#33694;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Zhengzhou NIO Sales Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#37073;&#24030;&#34074;&#28982;&#27773;&#36710;&#38144;&#21806;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">58.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Zhenjiang NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#38215;&#27743;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Shaoxing NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#32461;&#20852;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">60.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Jinhua NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#37329;&#21326;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Xiamen NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#21414;&#38376;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Kunming NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#26118;&#26126;&#34074;&#38160;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Changsha NIO Sales Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#38271;&#27801;&#34074;&#28572;&#27773;&#36710;&#38144;&#21806;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Ningbo NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#23425;&#27874;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Wenzhou NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#28201;&#24030;&#34074;&#28982;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>) </TD></TR>
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    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">66.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Tianjin NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#22825;&#27941;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
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    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Shanghai NIO Financial Leasing Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#19978;&#28023;&#34074;&#26469;&#34701;&#36164;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">68.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Zhuhai NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#29664;&#28023;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">69.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Fuzhou NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#31119;&#24030;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border: Black 1pt solid; width: 9%; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">70.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 91%; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Shenyang NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#27784;&#38451;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">71.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Sanya NIO Sales Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#19977;&#20122;&#34074;&#28982;&#27773;&#36710;&#38144;&#21806;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">72.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Taiyuan NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#22826;&#21407;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">73.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Lanzhou NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#20848;&#24030;&#34074;&#30005;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">74.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Jinan NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#27982;&#21335;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">75.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Dalian NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#22823;&#36830;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">76.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Haikou NIO Sales Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#28023;&#21475;&#34074;&#28572;&#27773;&#36710;&#38144;&#21806;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">77.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Zhengzhou NIO Energy Technology Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#37073;&#24030;&#34074;&#30005;&#26032;&#33021;&#28304;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">78.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Tianjin NIO Energy Technology Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#22825;&#27941;&#34074;&#26469;&#26032;&#33021;&#28304;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">79.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Chongqing NIO Energy Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#37325;&#24198;&#34074;&#30005;&#33021;&#28304;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">80.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Xi'an NIO Energy Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#35199;&#23433;&#34074;&#28982;&#33021;&#28304;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">81.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Shijiazhuang NIO Energy Technology Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#30707;&#23478;&#24196;&#34074;&#26469;&#33021;&#28304;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">82.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Changsha NIO Energy Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#38271;&#27801;&#34074;&#28982;&#33021;&#28304;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">83.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Qingdao NIO Energy Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#38738;&#23707;&#34074;&#28982;&#33021;&#28304;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">84.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Dalian NIO Energy Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#22823;&#36830;&#34074;&#26469;&#33021;&#28304;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">85.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Xiamen NIO Energy Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#21414;&#38376;&#34074;&#26469;&#33021;&#28304;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">86.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Haikou NIO Energy Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#28023;&#21475;&#34074;&#28572;&#33021;&#28304;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">87.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Nanning NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#21335;&#23425;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">88.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt">Guiyang NIO Sales and Services Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#36149;&#38451;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
</TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.25in; padding-top: 2pt; border: Black 1pt solid; width: 9%; text-align: justify; padding-bottom: 5pt">89.&nbsp;</TD>
<TD STYLE="padding-left: 0.04in; padding-top: 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 91%; padding-bottom: 5pt">Nanchang NIO Sales and Services Co., Ltd. (&#21335;&#26124;&#34074;&#28982;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;)</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.25in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-bottom: 5pt">90.&nbsp;</TD>
<TD STYLE="padding-left: 0.04in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt">Foshan NIO Sales and Services Co., Ltd. (&#20315;&#23665;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;)</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.25in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-bottom: 5pt">91.&nbsp;</TD>
<TD STYLE="padding-left: 0.04in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt">Changchun NIO Sales and Services Co., Ltd. (&#38271;&#26149;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;)</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.25in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-bottom: 5pt">92.&nbsp;</TD>
<TD STYLE="padding-left: 0.04in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt">Shanghai Weijing Trade Co., Ltd. (&#19978;&#28023;&#34074;&#26223;&#21830;&#36152;&#26377;&#38480;&#20844;&#21496;)</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.25in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-bottom: 5pt">93.&nbsp;</TD>
<TD STYLE="padding-left: 0.04in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt">Huzhou NIO Sales and Services Co., Ltd. (&#28246;&#24030;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;)</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.25in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-bottom: 5pt">94.&nbsp;</TD>
<TD STYLE="padding-left: 0.04in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt">NIO Technology Co., Ltd. (&#19978;&#28023;&#34074;&#26469;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;)</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.25in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-bottom: 5pt">95.&nbsp;</TD>
<TD STYLE="padding-left: 0.04in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt">Shanghai NIO New Energy Automobile Co., Ltd. (&#19978;&#28023;&#34074;&#26469;&#26032;&#33021;&#28304;&#27773;&#36710;&#26377;&#38480;&#20844;&#21496;)</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.25in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-bottom: 5pt">96.&nbsp;</TD>
<TD STYLE="padding-left: 0.04in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt">NIO Holding Co., Ltd. (&#34074;&#26469;&#25511;&#32929;&#26377;&#38480;&#20844;&#21496;)</TD></TR>
<TR>
<TD STYLE="padding-left: 0.25in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: justify; padding-bottom: 5pt">97.&nbsp;</TD>
<TD STYLE="padding-left: 0.04in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt">Yangzhou NIO Sales and Services Co., Ltd. (&#25196;&#24030;&#34074;&#38160;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;)</TD></TR>
<TR>
<TD STYLE="padding-left: 0.25in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: justify; padding-bottom: 5pt">98.&nbsp;</TD>
<TD STYLE="padding-left: 0.04in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt">Huhhot NIO Sales and Services Co., Ltd. (&#21628;&#21644;&#28009;&#29305;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;)</TD></TR>
<TR>
<TD STYLE="padding-left: 0.25in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: justify; padding-bottom: 5pt">99.&nbsp;</TD>
<TD STYLE="padding-left: 0.04in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt">Huangshan NIO Sales and Services Co., Ltd. (&#40644;&#23665;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;)</TD></TR>
<TR>
<TD STYLE="padding-left: 0.25in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: justify; padding-bottom: 5pt">100.&nbsp;</TD>
<TD STYLE="padding-left: 0.04in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt">Xuzhou NIO Sales and Services Co., Ltd. (&#24464;&#24030;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;)</TD></TR>
<TR>
<TD STYLE="padding-left: 0.25in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: justify; padding-bottom: 5pt">101.&nbsp;</TD>
<TD STYLE="padding-left: 0.04in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt">NIO (Anhui) Co., Ltd. (&#34074;&#26469;&#27773;&#36710;&#65288;&#23433;&#24509;&#65289;&#26377;&#38480;&#20844;&#21496;)</TD></TR>
<TR>
<TD STYLE="padding-left: 0.25in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: justify; padding-bottom: 5pt">102.&nbsp;</TD>
<TD STYLE="padding-left: 0.04in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt">NIO Technology (Anhui) Co., Ltd. (&#34074;&#26469;&#27773;&#36710;&#31185;&#25216;&#65288;&#23433;&#24509;&#65289;&#26377;&#38480;&#20844;&#21496;)</TD></TR>
<TR>
<TD STYLE="padding-left: 0.25in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: justify; padding-bottom: 5pt">103.&nbsp;</TD>
<TD STYLE="padding-left: 0.04in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt">Anhui NIO Sales Co., Ltd. (&#23433;&#24509;&#34074;&#36920;&#27773;&#36710;&#38144;&#21806;&#26377;&#38480;&#36131;&#20219;&#20844;&#21496;)</TD></TR>
<TR>
<TD STYLE="padding-left: 0.25in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: justify; padding-bottom: 5pt">104.&nbsp;</TD>
<TD STYLE="padding-left: 0.04in; padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt">Harbin NIO Sales and Services Co., Ltd. (&#21704;&#23572;&#28392;&#34074;&#26469;&#27773;&#36710;&#38144;&#21806;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;)</TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right">SCHEDULE
IV-B</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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="padding-left: 0.25in; border: Black 1pt solid; width: 9%; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 91%; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Shanghai Anbin Technology Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#19978;&#28023;&#23433;&#32548;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;</FONT>)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</TD>
    <TD STYLE="padding-left: 0.04in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 5pt; text-align: justify">Beijing NIO Network Technology Co., Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#21271;&#20140;&#34074;&#26469;&#32593;&#32476;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;</FONT>) </TD></TR>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT A</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM OF LOCK-UP LETTER</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">PARTIES DELIVERING
LOCK-UP LETTER&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Bin Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Lihong Qin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Feng Shen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Xin Zhou</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Wei Feng</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Ganesh V. Iyer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Hai Wu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Denny Ting Bun Lee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">James Gordon Mitchell</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Tencent entities (as defined in the
Registration Statement)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<TYPE>EX-99.1
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<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="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NIO Inc. Announces Proposed Offering
of 60,000,000 American Depositary Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHANGHAI, China, December 10, 2020&mdash;NIO Inc. (NYSE: NIO)
(&ldquo;NIO&rdquo; or the &ldquo;Company&rdquo;), a pioneer in China&rsquo;s premium smart electric vehicle market, today announced
the commencement of the offering of 60,000,000 American depositary shares (the &ldquo;ADSs&rdquo;), each representing one Class
A ordinary share of the Company (the &ldquo;ADS Offering&rdquo;). The Company intends to grant the underwriters in the ADS Offering
a 30-day option to purchase up to an additional 9,000,000 ADSs.</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">Morgan Stanley &amp; Co. LLC and China International Capital
Corporation Hong Kong Securities Limited are acting as representatives for the underwriters for the ADS Offering.</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">The ADSs will be offered under the Company&rsquo;s shelf registration
statement on Form F-3 which was filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and automatically became
effective on June 9, 2020. A preliminary prospectus supplement related to the proposed ADS Offering has been filed with the SEC.
The registration statement on Form F-3 and the preliminary prospectus supplement are available at the SEC website at: http://www.sec.gov.
Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained from (1) Morgan Stanley &amp; Co.
LLC, Prospectus Department, 2nd Floor, 180 Varick Street, New York, NY 10014, United States of America, Attention: Prospectus Department;
and (2) China International Capital Corporation Hong Kong Securities Limited, 29th Floor, One International Finance Centre, 1 Harbour
View Street, Central, Hong Kong.</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">The Company plans to use the net proceeds from the ADS Offering
mainly for (i) research and development of new products and next generations of autonomous driving technologies, (ii) sales and
service network expansion and market penetration and (iii) general corporate purposes.</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">This press release shall not constitute an offer to sell or
a solicitation of an offer to purchase any securities, nor shall there be a sale of the securities in any state or jurisdiction
in which such an offer, solicitation or sale would be&nbsp;unlawful.</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">This press release contains information about the pending offering
of the ADSs, and there can be no assurance that the offering will be&nbsp;completed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About&nbsp;NIO Inc. </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">NIO Inc. is a pioneer in China&rsquo;s premium smart electric
vehicle market. Founded in November 2014, NIO&rsquo;s mission is to shape a joyful lifestyle. NIO aims to build a community starting
with smart electric vehicles to share joy and grow together with users. NIO designs, jointly manufactures, and sells smart premium
electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving, and artificial intelligence.
Redefining the user experience, NIO provides users with comprehensive and convenient power solutions, innovative Battery as a Service
(BaaS) program, and other user-centric services. NIO began deliveries of the ES8, a 7-seater flagship premium electric SUV, in
China in June 2018, and its variant, the 6-seater ES8, in March 2019. NIO officially launched the ES6, a 5-seater high-performance
premium electric SUV, in December 2018 and began deliveries of the ES6 in June 2019. NIO officially launched the EC6, a 5-seater
premium electric coupe SUV, in December 2019 and began deliveries of the EC6 in September 2020.</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"></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"><B>Safe Harbor Statement</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release contains statements that may constitute &ldquo;forward-looking&rdquo;
statements pursuant to the &ldquo;safe harbor&rdquo; provisions of the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as &ldquo;will,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo;
 &ldquo;aims,&rdquo; &ldquo;future,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;believes,&rdquo; &ldquo;estimates,&rdquo;
 &ldquo;likely to&rdquo; and similar statements. NIO may also make written or oral forward-looking statements in its periodic reports
to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIO&rsquo;s
beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties.
A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including
but not limited to the following: NIO&rsquo;s strategies; NIO&rsquo;s future business development, financial condition and results
of operations; NIO&rsquo;s ability to develop and manufacture a car of sufficient quality and appeal to customers on schedule and
on a large scale; its ability to grow manufacturing in collaboration with partners; its ability to provide convenient charging
solutions to its customers; the viability, growth potential and prospects of the newly introduced BaaS model; NIO's ability to
satisfy the mandated safety standards relating to motor vehicles; its ability to secure supply of raw materials or other components
used in its vehicles; its ability to secure sufficient reservations and sales of the ES8,ES6 and EC6; its ability to control costs
associated with its operations; its ability to build the NIO brand; general economic and business conditions globally and in China
and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included
in NIO&rsquo;s filings with the SEC. All information provided in this press release is as of the date of this press release, and
NIO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.</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">For more information, please visit: <U>http://ir.nio.com</U></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">For investor and media inquiries, please contact:</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">NIO Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: +86-21-6908-2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: ir@nio.com</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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