<SEC-DOCUMENT>0000950103-19-004111.txt : 20190329
<SEC-HEADER>0000950103-19-004111.hdr.sgml : 20190329
<ACCEPTANCE-DATETIME>20190329171325
ACCESSION NUMBER:		0000950103-19-004111
CONFORMED SUBMISSION TYPE:	F-3ASR
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20190329
DATE AS OF CHANGE:		20190329
EFFECTIVENESS DATE:		20190329

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Zai Lab Ltd
		CENTRAL INDEX KEY:			0001704292
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-230630
		FILM NUMBER:		19717617

	BUSINESS ADDRESS:	
		STREET 1:		4560 JINKE ROAD
		STREET 2:		BLDG. 1, 4F, PUDONG
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			201210
		BUSINESS PHONE:		862161632588

	MAIL ADDRESS:	
		STREET 1:		4560 JINKE ROAD
		STREET 2:		BLDG. 1, 4F, PUDONG
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			201210
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3ASR
<SEQUENCE>1
<FILENAME>dp103987_f3asr.htm
<DESCRIPTION>FORM F-3ASR
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>As filed with the Securities and Exchange
Commission on March 29, 2019<BR>
Registration No. 333-</B></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><IMG SRC="image_002.gif" ALT="" STYLE="height: 2px; width: 191px"></B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM F-3</B><BR>
<B>REGISTRATION STATEMENT</B>&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>UNDER</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><IMG SRC="image_003.gif" ALT="" STYLE="height: 2px; width: 191px"></B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Zai Lab Limited</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of Registrant as specified
in its charter)</B></P>

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

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_003.gif" ALT="" STYLE="width: 191px; height: 2px"></P>

<P STYLE="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="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cayman Islands</B>&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or other jurisdiction
of incorporation or organization)</B>&nbsp;</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>98-1144595</B>&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(I.R.S. Employer Identification Number)</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4560 Jinke Road<BR>
Bldg. 1, Fourth Floor<BR>
Pudong, Shanghai, China 201210</B></P>

<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"><B>+86 21 6163 2588</B></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive offices)</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><IMG SRC="image_003.gif" ALT="" STYLE="height: 2px; width: 191px"></B></P>

</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cogency Global Inc.<BR>
10 E. 40th Street, 10th Floor</B></P>

<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"><B>New York, NY 10016<BR>
Telephone: (800) 221 0102</B></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name, address, including zip code, and
telephone number, including area code,</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of agent for service))</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><IMG SRC="image_003.gif" ALT="" STYLE="height: 2px; width: 191px"></B></P>

</P>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Please send copies of all communications
to:</P>

<P STYLE="font: italic 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">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold; text-align: center; font-size: 10pt; font-style: italic"><FONT STYLE="font-style: normal">Samantha Du</FONT></TD>
    <TD STYLE="width: 50%; font-weight: bold; text-align: center; font-size: 10pt; font-style: italic"><FONT STYLE="font-style: normal">James C. Lin Esq.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal">Chief
        Executive Officer</FONT></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal">Zai
        Lab Limited</FONT></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal">4560
        Jinke Road</FONT></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal">Bldg.
        1, Fourth Floor</FONT></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal">Pudong</FONT></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal">Shanghai,
        China 201210</FONT></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal">Telephone:
        +86 21 6163 2588</FONT></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal">Davis
        Polk &amp; Wardwell LLP</FONT></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal">c/o
        18th Floor, The Hong Kong Club Building</FONT></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal">3A
        Chater Road</FONT></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal">Central,
        Hong Kong</FONT></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal">Telephone:
        +852-2533-3300</FONT></P>
        <P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: center; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; font-size: 10pt; font-style: italic">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><IMG SRC="image_003.gif" ALT="" STYLE="height: 2px; width: 191px"></B></P>

</P>


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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Approximate date of commencement of proposed sale to the
public: </B>From time to time after the effective date of this registration statement.</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 the only securities being registered on this Form are being
offered pursuant to dividend or interest reinvestment plans, please check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</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">If any of the securities being registered on this Form are to
be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</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">If this Form is filed to register additional securities for
an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</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">If this Form is a post-effective amendment filed pursuant to
Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</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">If this Form is a registration statement pursuant to General
Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to
Rule 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</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">If this Form is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities
pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</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 whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933.</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">Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</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">If an emerging growth company that prepares its financial statements
in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards&dagger; provided pursuant to Section 7(a)(2)(B) of the Securities
Act. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&dagger;</TD><TD>The term &ldquo;new or revised financial accounting standard&rdquo; refers to any update issued by the Financial Accounting
Standards Board to its Accounting Standards Codification after April 5, 2012.</TD></TR></TABLE>

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

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

<P STYLE="font: 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">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%; border: Black 1pt solid; padding: 1pt 2pt; font-size: 10pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt"><B>Title
                                         of Each Class of Securities to be </B></FONT><B>Registered<SUP>(1) </SUP></B></P></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 2pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amount to be Registered </B></FONT><B><SUP>(2)</SUP></B></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 2pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Proposed Maximum Offering Price Per Unit </B></FONT><B><SUP>(2)</SUP></B></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 2pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Proposed Maximum Aggregate Offering Price </B></FONT><B><SUP>(2)</SUP></B></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 2pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amount of </B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Registration Fee </B></FONT><B><SUP>(2)</SUP></B></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: 1pt 2pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Ordinary Shares, par value US$0.00006 per share <SUP>(3)(4)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 2pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 2pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 2pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 2pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Includes securities initially offered and sold outside the United States that may be resold from time to time in the United
States either as part of their distribution or within 40 days after the later of the effective date of this registration statement
and the date the securities are first bona fide offered to the public. These securities are not being registered for the purposes
of sales outside of the United States.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>An indeterminate aggregate initial offering price or number of the securities of each identified class is being registered
as may from time to time be offered at indeterminate prices. In accordance with Rules 456(b) and 457(r), the Registrant is deferring
payment of all of the registration fee. Registration fees will be paid subsequently on a pay as you go basis.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>To be issued by Zai Lab Limited.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">The Ordinary Shares may be represented by American depositary shares, or ADSs, each of which represents
one Ordinary Share. ADSs issuable upon deposit of Ordinary Shares registered hereby, have been registered under a separate registration
statement on Form F-6 (Registration No. 333-220256).</TD></TR></TABLE>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>ZAI LAB
LIMITED</B></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"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 55px; width: 188px"></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>Ordinary Shares</B></P>

<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"><B>in the form of ordinary shares or American
depositary shares</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">Zai Lab Limited may use this prospectus to offer from time to
time ordinary shares, directly or in the form of American depositary shares. Zai Lab Limited&rsquo;s American depositary shares,
or ADSs, each representing one ordinary share, are listed on NASDAQ Global Market under the symbol &ldquo;ZLAB.&rdquo;</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">In addition, from time to time, any selling shareholders named
in a prospectus supplement may offer and sell our ordinary shares, including ordinary shares represented by ADSs, held by them.
We will not receive any proceeds from the sale of shares of our ordinary shares by the selling shareholders.</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">We will provide the specific terms of any offering in a supplement
to this prospectus. Any prospectus supplement may also add, update or change information contained in this prospectus. You should
carefully read this prospectus and the applicable prospectus supplement as well as the documents incorporated by reference in this
prospectus before you purchase any of the securities offered hereby.</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 ordinary shares may be offered and sold in the same offering
or in separate offerings; to or through underwriters, dealers and agents; or directly to purchasers. The names of any underwriters,
dealers or agents involved in the sale of our ordinary shares, their compensation and any over-allotment options held by them will
be described in the applicable prospectus supplement. See &ldquo;Plan of Distribution.&rdquo;</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 addresses and telephone numbers of our principal executive
offices are set forth on page 4.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><IMG SRC="image_003.gif" ALT="" STYLE="height: 2px; width: 191px"></B></P>

</P>


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

<P STYLE="margin: 0pt 0"><B><I>Investing in these securities involves certain risks. See &ldquo;Risk Factors&rdquo; beginning
on page 5.</I></B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><IMG SRC="image_003.gif" ALT="" STYLE="height: 2px; width: 191px"></B></P>

</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>Neither the Securities and Exchange Commission nor any other
regulatory body has approved or disapproved of these securities, or passed upon the accuracy or adequacy of this prospectus. Any
representation to the contrary is a criminal offense.</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"><B>This prospectus may not be used to sell securities unless
it is accompanied by a prospectus supplement.</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><IMG SRC="image_003.gif" ALT="" STYLE="height: 2px; width: 191px"></B></P>

</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 57.65pt; text-align: center"><B>Prospectus dated March
29, 2019.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 57.65pt; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Page</U></B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6.45pt; padding-bottom: 0pt; padding-left: 13.95pt; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif">ABOUT
    THIS PROSPECTUS</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 6.45pt; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6.45pt; padding-bottom: 0pt; padding-left: 13.95pt">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</TD>
    <TD STYLE="text-align: right; padding-top: 6.45pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6.45pt; padding-bottom: 0pt; padding-left: 13.95pt">OUR COMPANY</TD>
    <TD STYLE="text-align: right; padding-top: 6.45pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6.45pt; padding-bottom: 0pt; padding-left: 13.95pt">RISK FACTORS</TD>
    <TD STYLE="text-align: right; padding-top: 6.45pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6.45pt; padding-bottom: 0pt; padding-left: 13.95pt">ENFORCEABILITY OF CERTAIN CIVIL LIABILITIES</TD>
    <TD STYLE="text-align: right; padding-top: 6.45pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">7</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6.45pt; padding-bottom: 0pt; padding-left: 13.95pt">USE OF PROCEEDS</TD>
    <TD STYLE="text-align: right; padding-top: 6.45pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6.45pt; padding-bottom: 0pt; padding-left: 13.95pt">DESCRIPTION OF SHARE CAPITAL</TD>
    <TD STYLE="text-align: right; padding-top: 6.45pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6.45pt; padding-bottom: 0pt; padding-left: 13.95pt">DESCRIPTION OF AMERICAN DEPOSITARY SHARES</TD>
    <TD STYLE="text-align: right; padding-top: 6.45pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">18</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6.45pt; padding-bottom: 0pt; padding-left: 13.95pt">TAXATION</TD>
    <TD STYLE="text-align: right; padding-top: 6.45pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">29</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6.45pt; padding-bottom: 0pt; padding-left: 13.95pt">PLAN OF DISTRIBUTION</TD>
    <TD STYLE="text-align: right; padding-top: 6.45pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">30</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6.45pt; padding-bottom: 0pt; padding-left: 13.95pt">LEGAL MATTERS</TD>
    <TD STYLE="text-align: right; padding-top: 6.45pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">33</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6.45pt; padding-bottom: 0pt; padding-left: 13.95pt">EXPERTS</TD>
    <TD STYLE="text-align: right; padding-top: 6.45pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">34</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6.45pt; padding-bottom: 0pt; padding-left: 13.95pt">WHERE YOU CAN FIND MORE INFORMATION</TD>
    <TD STYLE="text-align: right; padding-top: 6.45pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">35</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6.45pt; padding-bottom: 0pt; padding-left: 13.95pt">INCORPORATION OF DOCUMENTS BY REFERENCE</TD>
    <TD STYLE="text-align: right; padding-top: 6.45pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">36</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.65pt 0pt 57.65pt; text-align: center">ABOUT THIS PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.65pt 0pt 57.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus is part of a registration statement that we
filed with the Securities and Exchange Commission, or SEC, utilizing a shelf registration process. Under this shelf process, we
may sell any combination of the securities described in this prospectus in one or more offerings. This prospectus provides you
with a general description of the securities we may offer. Each time we sell securities, we will provide a prospectus supplement
that will contain specific information about the terms of those securities and their offering, including the specific amounts,
prices and terms of the offered securities. The prospectus supplement may also add, update or change information contained in this
prospectus. You should read both this prospectus and any prospectus supplement together with the additional information described
under the headings &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation of Documents by Reference.&rdquo;</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 you are in a jurisdiction where offers to sell, or solicitations
of offers to purchase, the securities offered by this document are unlawful, or if you are a person to whom it is unlawful to direct
these types of activities, then the offer presented in this document does not extend to you.</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">You should assume that the information in this prospectus or
any prospectus supplement, as well as the information incorporated by reference in this prospectus or any prospectus supplement,
is accurate only as of the date of the documents containing the information, unless the information specifically indicates that
another date applies. Our business, financial condition, results of operations and prospects may have changed since those dates.</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">Wherever references are made in this prospectus to information
that will be included in a prospectus supplement, to the extent permitted by applicable law, rules or regulations, we may instead
include such information or add, update or change the information contained in this prospectus by means of a post-effective amendment
to the registration statement of which this prospectus is a part, through filings we make with the SEC that are incorporated by
reference in this prospectus or by any other method as may then be permitted under applicable law, rules or regulations.</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">In this prospectus, the terms &ldquo;we,&rdquo; &ldquo;our&rdquo;
and &ldquo;us&rdquo; refer to Zai Lab Limited. Zai Lab Limited will be the issuer in an offering of ordinary shares. The ordinary
shares, including ordinary shares in the form of ADSs, that may be offered using this prospectus are referred to collectively as
the securities.</P>

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


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 57.65pt; text-align: center">CAUTIONARY STATEMENT
CONCERNING FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 57.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus and the documents incorporated herein by reference
contain forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance.
Instead, they are based on our current beliefs, expectations and assumptions regarding the future of our business, future plans
and strategies, our operational results and other future conditions. Forward-looking statements can be identified by words such
as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo;
&ldquo;plan,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;seek,&rdquo; &ldquo;target,&rdquo; &ldquo;potential,&rdquo;
&ldquo;will,&rdquo; &ldquo;would,&rdquo; &ldquo;could,&rdquo; &ldquo;should,&rdquo; &ldquo;continue,&rdquo; &ldquo;contemplate&rdquo;
and other similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking
statements include all matters that are not historical facts. They appear in a number of places throughout this prospectus and
the documents incorporated herein by reference and include statements regarding our intentions, beliefs or current expectations
concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the
industry in which we operate.</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">By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We believe that
these risks and uncertainties include, but are not limited to, those described in the &ldquo;Risk Factors&rdquo; section of this
prospectus and the documents incorporated herein by reference, which include, but are not limited to, the following:</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">our ability to successfully
                                         commercialize ZEJULA, Optune and any other products and drug candidates that we may obtain
                                         regulatory approval for;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">the initiation, timing, progress
                                         and results of our preclinical studies and clinical trials, and our research and development
                                         programs;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">the ability of our drug candidates
                                         to be granted or maintain Category 1 designation with the State Drug Administration,
                                         or SDA (formerly known as the CFDA, China Food and Drug Administration), and to receive
                                         a faster development, review or approval process;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">the timing or likelihood
                                         of regulatory filings and approvals;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">our ability to continue to
                                         develop our commercial team and our sales and marketing capabilities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">our ability to contract on
                                         commercially reasonable terms with contract research organizations, or CROs, third-party
                                         suppliers and manufacturers;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">the pricing and reimbursement
                                         of our drug candidates, if approved;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">our ability to contract on
                                         commercially reasonable terms with CROs;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">the disruption of our business
                                         relationships with our licensors;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">our ability to operate our
                                         business without breaching our licenses or other intellectual property-related agreements;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">cost associated with defending
                                         against intellectual property infringement, product liability and other claims;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">regulatory developments in
                                         China, the United States and other jurisdictions;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">the ability to obtain additional
                                         funding for our operations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"></P>

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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


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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">the rate and degree of market
                                         acceptance of our products and drug candidates;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">developments relating to
                                         our competitors and our industry;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">our ability to effectively
                                         manage our growth; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">our ability to retain key
                                         executives and to attract, retain and motivate personnel.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These factors should not be construed as exhaustive and should
be read with the other cautionary statements in this prospectus and the documents incorporated herein by reference.</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">Although we base these forward-looking statements on assumptions
that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance
and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate
may differ materially from those made in or suggested by the forward-looking statements contained in this prospectus and the documents
incorporated herein by reference. In addition, even if our results of operations, financial condition and liquidity, and the development
of the industry in which we operate, are consistent with the forward-looking statements contained in this prospectus and the documents
incorporated herein by reference, those results or developments may not be indicative of results or developments in subsequent
periods.</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">Given these risks and uncertainties, you are cautioned not to
place undue reliance on these forward-looking statements. Any forward-looking statement that we make in this prospectus and the
documents incorporated herein by reference speaks only as of the date of such statement. Comparisons of results for current and
any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed
as such, and should only be viewed as historical data.</P>

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


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 57.65pt; text-align: center">OUR COMPANY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 57.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 57.65pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We are an
innovative, research-based, commercial-stage biopharmaceutical company based in  China and United States focusing
on discovering or licensing, developing and commercializing proprietary therapeutics that address areas of large unmet
medical need in the China and global markets, including in the fields of oncology, infectious and autoimmune diseases. As
part of that effort, we have assembled a leadership team with global experience and an extensive track record in navigating
the regulatory process to develop and commercialize innovative drugs first in China and, potentially,  in the
rest of the world. Our mission is to leverage our expertise and insight to address the expanding needs of Chinese patients in
order to transform their lives and eventually utilize our China-based competencies to impact human health worldwide.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our company was founded
in the Cayman Islands on March 28, 2013 as an exempted company with limited liability under the Companies Law, Cap 22 (Law 3 of
1961, as consolidated and revised) of the Cayman Islands. Our principal executive offices are located at 4560 Jinke Road, Bldg.
1, Fourth Floor, Pudong, Shanghai, China 201210. Our telephone number at that address is +86 21 6163 2588. The address of our registered
office in the Cayman Islands is Harbour Place 2nd Floor, 103 South Church Street, P.O. Box 472, George Town, Grand Cayman KY1-1106,
Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc., located at 10 E. 40<SUP>th</SUP>
Street, 10th Floor, New York, NY 10016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
more information about us, se</FONT>e &ldquo;Item 4. Information on the Company&rdquo; in <FONT STYLE="font-family: Times New Roman, Times, Serif">our
Form 20-F.</FONT></P>

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


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 57.65pt; text-align: center">RISK FACTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 57.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Investing in the securities offered using this prospectus
involves risk. Before you decide to buy our securities, you should carefully consider the risks described under the heading &ldquo;Risk
Factors&rdquo; in our most recent annual report for the year ended December 31, 2018 on Form 20-F, which is incorporated herein
by reference, as well as the risks that are described in the applicable prospectus supplement and in other documents incorporated
by reference into this prospectus. If any of these risks actually occur, our business, financial condition and results of operations
could suffer, and the trading price and liquidity of the securities offered using this prospectus could decline, in which case
you may lose all or part of your investment.</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"><I>Please see &quot;Where You Can Find More Information&quot;
and &quot;Incorporation of Documents by Reference&quot; for information on where you can find the documents we have filed with
or furnished to the SEC and which are incorporated into this prospectus by reference.</I></P>

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


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.65pt 0pt 57.65pt; text-align: center">ENFORCEABILITY OF
CERTAIN CIVIL LIABILITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.65pt 0pt 57.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We are incorporated in
the Cayman Islands to take advantage of certain benefits associated with being a Cayman Islands exempted company, such as:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">political and economic stability;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an effective judicial system;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a favorable tax system;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the absence of exchange control or currency restrictions; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the availability of professional and support services.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">However, certain disadvantages
accompany incorporation in the Cayman Islands. These disadvantages include, but are not limited to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Cayman Islands has a less developed body of securities laws as compared to the United States
and these securities laws provide significantly less protection to investors as compared to the United States; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Cayman Islands companies may not have standing to sue before the federal courts of the United States.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our constituent documents
do not contain provisions requiring that disputes, including those arising under the securities laws of the United States, between
us, our officers, directors and shareholders, be arbitrated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Substantially all of
our operations are conducted in China, and substantially all of our assets are located in China. All of our directors and executive
officers are nationals or residents of jurisdictions other than the United States and most of their assets are located outside
the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon
these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon
the civil liability provisions of the securities laws of the United States or any state in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We have appointed Cogency
Global Inc., located at 10 E. 40th Street, 10th Floor, New York, NY 10016 as our agent upon whom process may be served in any action
brought against us under the securities laws of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Travers Thorp Alberga,
our legal counsel as to Cayman Islands law has advised us that there is uncertainty as to whether the courts of the Cayman Islands,
and there is also uncertainty as to whether the courts of the China, would:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">recognize or enforce judgments of United States courts obtained against us or our directors or
officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United
States; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">entertain original actions brought in each respective jurisdiction against us or our directors
or officers predicated upon the securities laws of the United States or any state in the United States.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">There is uncertainty
with regard to Cayman Islands law relating to whether a judgment obtained from the United States courts under civil liability provisions
of the securities laws will be determined by the courts of the Cayman Islands as penal or punitive in nature. If such a determination
is made, the courts of the Cayman Islands will not recognize or enforce the judgment against a Cayman Islands company. Because
the courts of the Cayman Islands have yet to rule on whether such judgments are penal or punitive in nature, it is uncertain whether
they would be enforceable in the Cayman Islands. Travers Thorp Alberga has advised us that although there is no statutory enforcement
in the Cayman Islands of judgments obtained in the federal or state courts of the United States, a judgment in personam obtained
in such jurisdiction will be recognized and enforced in the courts of the Cayman Islands at common law,
without any re-examination of the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the
Grand Court of the Cayman Islands, provided such judgment:</P>

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


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">is given by a competent foreign court with jurisdiction to give the judgment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">imposes a specific positive obligation on the judgment debtor (such as an obligation to pay a liquidated
sum or perform a specified obligation);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">is final and conclusive;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">is not in respect of taxes, a fine or a penalty; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural
justice or the public policy of the Cayman Islands.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The recognition and enforcement
of foreign judgments are provided for under the PRC Civil Procedures Law. PRC courts may recognize and enforce foreign judgments
in accordance with the requirements of the PRC Civil Procedures Law based either on treaties between China and the country where
the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or other form of reciprocity
with the United States or the Cayman Islands that provide for the reciprocal recognition and enforcement of foreign judgments.
In addition, according to the PRC Civil Procedures Law, courts in China will not enforce a foreign judgment against us or our directors
and officers if they decide that the judgment violates the basic principles of PRC law or national sovereignty, security or social
public interest. As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court
in the United States or in the Cayman Islands. Under the PRC Civil Procedures Law, foreign shareholders may originate actions based
on PRC law against a company in China for disputes if they can establish sufficient nexus to the PRC for a PRC court to have jurisdiction,
and meet other procedural requirements, including, among others, the plaintiff must have a direct interest in the case, and there
must be a concrete claim, a factual basis and a cause for the suit. However, it would be difficult for foreign shareholders to
establish sufficient nexus to China by virtue only of holding our ADSs or ordinary shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In addition, it will
be difficult for U.S. shareholders to originate actions against us in China in accordance with PRC laws because we are incorporated
under the laws of the Cayman Islands and it will be difficult for U.S. shareholders, by virtue only of holding our ADSs or ordinary
shares, to establish a connection to China for a PRC court to have jurisdiction as required under the PRC Civil Procedures Law.<BR STYLE="clear: both">
</P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.65pt 0pt 57.65pt; text-align: center">USE OF PROCEEDS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.65pt 0pt 57.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to use the net proceeds from
the sale of the securities offered by us as set forth in the applicable prospectus supplement.</P>

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


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DESCRIPTION OF SHARE CAPITAL</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">We are a Cayman Islands company, and our affairs are governed
by our Fourth Amended and Restated Memorandum of Association and the Companies 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">Our authorized share capital consists of $5,000.00 divided
into 83,333,333 ordinary shares, with a par value of $0.00006 each. As of March 1, 2019, we had 58,355,903 ordinary shares
outstanding.</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 following are summaries of material provisions of our Fourth
Amended and Restated Memorandum of Association, which became effective immediately prior to the completion of our initial public
offering in September 2017, insofar as they relate to the material terms of our 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"><B>Ordinary Shares</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"><B><I>General</I></B>. Our ordinary shares are issued in registered
form, and are issued when registered in our register of members. Certificates representing the ordinary shares are issued in registered
form.</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><I>Dividends</I></B>. The holders of our ordinary shares
are entitled to such dividends as may be declared by our board of directors. Our Fourth Amended and Restated Memorandum of Association
provides that dividends may be declared and paid out of our profits, realized or unrealized, or from any reserve set aside from
profits which our board of directors determine is no longer needed. Dividends may also be declared and paid out of share premium
account or any other fund or account which can be authorized for this purpose in accordance with the Companies Law. Holders of
ordinary shares will be entitled to the same amount of dividends, if declared.</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><I>Voting rights</I></B><I>.</I> In respect of all matters
subject to a shareholders&rsquo; vote, each ordinary share is entitled to one vote. Voting at any meeting of shareholders is by
show of hands unless a poll is demanded. A poll may be demanded by the chairman of such meeting or any one or more shareholders
present in person or by proxy and who together hold not less than 10% of the nominal value of the total issued voting shares of
our company. Each holder of our ordinary shares is entitled to have one vote for each ordinary share registered in his or her name
on our register of members.</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">A quorum required for a meeting of shareholders consists of
one or more shareholders who hold at least one-third of all voting power of our share capital in issue at the date of the meeting
present in person or by proxy or, if a corporation or other non-natural person, by its duly authorized representative. Shareholders&rsquo;
meetings may be held annually. Each general meeting, other than an annual general meeting, shall be an extraordinary general meeting.
Extraordinary general meetings may be called by a majority of our board of directors or our chairman or upon a requisition of shareholders
holding at the date of deposit of the requisition not less than one-third of the aggregate voting power of our company. Advance
notice of at least seven days is required for the convening of our annual general meeting and other general meetings unless such
notice is waived in accordance with our articles of association.</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">An ordinary resolution to be passed at a meeting by the shareholders
requires the affirmative vote of a simple majority of the votes attaching to all issued and outstanding shares cast at a meeting,
while a special resolution also requires the affirmative vote of no less than two-thirds of the votes cast attaching to the issued
and outstanding shares at a meeting. A special resolution will be required for important matters such as a change of name or making
changes to our Fourth Amended and Restated Memorandum of Association.</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><I>Transfer of ordinary shares</I></B><I>.</I> Subject to
the restrictions set out below, any of our shareholders may transfer all or any of his or her ordinary shares by an instrument
of transfer in the usual or common form or any other form approved by our board of directors.</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">Our board of directors may, in its absolute discretion, decline
to register any transfer of any ordinary share which is not fully paid up or on which we have a lien. Our board of directors may
also decline to register any transfer of any ordinary share unless:</P>

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


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the instrument of transfer is lodged with us, accompanied by the certificate for the ordinary shares to which it relates and
such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the instrument of transfer is in respect of only one class of ordinary shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the instrument of transfer is properly stamped, if required;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the case of a transfer to joint holders, the number of joint holders to whom the ordinary share is to be transferred does
not exceed four;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the shares are free from any lien in favor of the Company; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a fee of such maximum sum as the Nasdaq Global Market may determine to be payable or such lesser sum as our directors may from
time to time require is paid to us in respect thereof.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our directors refuse to register a transfer, they shall,
within two months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee
notice of such refusal.</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 registration of transfers may, on 14 days&rsquo; notice
being given by advertisement in one or more newspapers or by electronic means, be suspended and the register closed at such times
and for such periods as our board of directors may from time to time determine, provided, however, that the registration of transfers
shall not be suspended nor the register closed for more than 30 days in any year.</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><I>Liquidation</I></B><I>.</I> On a return of capital on
winding up or otherwise (other than on conversion, redemption or purchase of ordinary shares), assets available for distribution
among the holders of ordinary shares shall be distributed by a liquidator who may divide our assets for distribution among our
shareholders in his discretion. The liquidator also may vest all or part of our assets in trust. None of our shareholders may be
compelled to accept any shares subject to liability.</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><I>Calls on ordinary shares and forfeiture of ordinary shares</I></B><I>.</I>
Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their ordinary shares in a
notice served to such shareholders at least 14 clear days prior to the specified time of payment. The ordinary shares that have
been called upon and remain unpaid are subject to forfeiture.</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><I>Redemption of ordinary shares</I></B><I>.</I> The Companies
Law and Fourth Amended and Restated Memorandum of Association permit us to purchase our own shares. In accordance with our Fourth
Amended and Restated Memorandum of Association and provided the necessary shareholders or board approval have been obtained, we
may issue shares on terms that are subject to redemption, at our option or at the option of the holders of these shares, on such
terms and in such manner, including out of capital, as may be determined by our board of directors.</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><I>Variations of rights of shares</I></B><I>.</I> All or
any of the special rights attached to any class of shares may, subject to the provisions of the Companies Law, be varied with the
written consent of the holders of a majority of the issued shares of that class or with the sanction of a special resolution passed
at a general meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class
issued shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied
by the creation or issue of further shares ranking pari passu with such existing class of shares. &nbsp;</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><I>Inspection of books and records</I></B><I>.</I> Holders
of our ordinary shares have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or
our corporate records. However, we will file annual audited financial statements with the SEC. See &ldquo;Incorporation of Documents
by Reference.&rdquo;</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><I>Issuance of additional shares</I></B><I>.</I> Our Fourth
Amended and Restated Memorandum of Association authorizes our board of directors to issue additional ordinary shares from time
to time as our board of directors shall determine, to the extent of available authorized but unissued shares.</P>

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


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Fourth Amended and Restated Memorandum of Association also
authorizes our board of directors to establish from time to time one or more series of preferred shares and to determine, with
respect to any series of preferred shares, the terms and rights of that series, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the designation of the series;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the number of shares of the series;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the dividend rights, dividend rates, conversion rights, voting rights; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the rights and terms of redemption and liquidation preferences.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our board of directors may issue preferred shares without action
by our shareholders to the extent authorized but unissued. Issuance of these shares may dilute the voting power of holders of 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"><B><I>Anti-takeover provisions</I></B><I>.</I> Some provisions
of our Fourth Amended and Restated Memorandum of Association may discourage, delay or prevent a change of control of our company
or management that shareholders may consider favorable, including provisions that authorize our board of directors to issue preferred
shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preferred shares
without any further vote or action by our shareholders.</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><I>Exempted company</I></B><I>.</I> We are an exempted company
with limited liability under the Companies Law. The Companies Law distinguishes between ordinary resident companies and exempted
companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may
apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary
company except that an exempted company:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>does not have to file an annual return of its shareholders with the Registrar of Companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>is not required to open its register of members for inspection;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>does not have to hold an annual general meeting;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may issue negotiable or bearer shares or shares with no par value;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in
the first instance);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may register as a limited duration company; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may register as a segregated portfolio company.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Limited liability&rdquo; means that the liability of
each shareholder is limited to the amount unpaid by the shareholder on the shares of the company.</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>Differences in corporate law</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">The Companies Law is modeled after that of English law but does
not follow many recent English law statutory enactments. In addition, the Companies Law differs from laws applicable to United
States corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions
of the Companies Law applicable to us and the laws applicable to companies incorporated in the State of Delaware.</P>

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


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Mergers and similar arrangements</I></B><I>.</I> A merger
of two or more constituent companies under Cayman Islands law requires a plan of merger or consolidation to be approved by the
directors of each constituent company and authorization by (i) a special resolution of the shareholders and (ii) such other authorization,
if any, as may be specified in such constituent company&rsquo;s articles of association.</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">A merger between a Cayman parent company and its Cayman subsidiary
or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan
of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose,
a subsidiary is a company of which at least 90% of the issued shares entitled to vote are owned by the parent company.</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 consent of each holder of a fixed or floating security interest
over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.</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">Save in certain circumstances, a dissentient shareholder of
a Cayman constituent company is entitled to payment of the fair value of his shares upon dissenting to a merger or consolidation.
The exercise of appraisal rights will preclude the exercise of any other rights save for the right to seek relief on the grounds
that the merger or consolidation is void or 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">In addition, there are statutory provisions that facilitate
the reconstruction and amalgamation of companies, provided that the arrangement is approved by a majority in number of each class
of shareholders and creditors with whom the arrangement is to be made, and who must in addition represent three-fourths in value
of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at
a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned
by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the
transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the statutory provisions as to the required majority vote have been met;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the shareholders have been fairly represented at the meeting in question and the statutory majority
are acting bona fide without coercion of the minority to promote interests adverse to those of the class;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the arrangement is such that may be reasonably approved by an intelligent and honest man of that
class acting in respect of his interest; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the arrangement is not one that would more properly be sanctioned under some other provision of
the Companies Law.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When a takeover offer is made and accepted by holders of 90%
of the shares within four months, the offeror may, within a two-month period commencing on the expiration of such four month period,
require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the
Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there
is evidence of fraud, bad faith or collusion.</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 an arrangement and reconstruction is thus approved, the dissenting
shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders
of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the 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"><B><I>Shareholders&rsquo; suits</I></B><I>.</I> In principle,
we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder.
However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, there are
exceptions to the foregoing principle, including when:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a company acts or proposes to act illegally or ultra vires;</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the act complained of, although not ultra vires, could only be effected duly if authorized by more
than a simple majority vote that has not been obtained; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">those who control the company are perpetrating a &ldquo;fraud on the minority.&rdquo;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>Indemnification of directors and executive
officers and limitation of liability</I></B><I>.</I> Cayman Islands law does not limit the extent to which a company&rsquo;s memorandum
and articles of association may provide for indemnification of officers and directors, except to the extent any such provision
may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud
or the consequences of committing a crime. Our Fourth Amended and Restated Memorandum of Association permit indemnification of
officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such losses or damages
arise from dishonesty or fraud of such directors or officers. This standard of conduct is generally the same as permitted under
the Delaware General Corporation Law for a Delaware corporation. In addition, we intend to enter into indemnification agreements
with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our
Fourth Amended and Restated Memorandum of Association.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions,
we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities
Act and is therefore unenforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Directors&rsquo; fiduciary duties</I></B><I>.</I> Under
Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This
duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith,
with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform
himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The
duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation.
He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates
that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer
or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have
been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation.
However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented
concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction
was of fair value to the corporation.</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">As a matter of Cayman Islands law, a director of a Cayman Islands
company is in the position of a fiduciary with respect to the company and therefore it is considered that he or she owes the following
duties to the company&mdash;a duty to act bona fide in the best interests of the company, a duty not to make a profit based on
his or her position as director (unless the company permits him or her to do so) and a duty not to put himself or herself in a
position where the interests of the company conflict with his or her personal interest or his or her duty to a third party. A director
of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director
need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person
of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with
regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.</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><I>Shareholder action by written consent</I></B><I>. </I>Under
the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment
to its certificate of incorporation. Cayman Islands law and our Fourth Amended and Restated Memorandum of Association provide that
shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder
who would have been entitled to vote on such matter at a general meeting without a meeting being held.</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><I>Shareholder proposals</I></B><I>.</I> Under the Delaware
General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it
complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any
other person authorized to do so in the governing documents, but shareholders may be precluded from
calling special meetings.</P>

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


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">Cayman Islands law does not provide shareholders any right to
put proposal before a meeting or requisition a general meeting. However, these rights may be provided in articles of association.
Our Fourth Amended and Restated Memorandum of Association allow our shareholders holding not less than one-third of all voting
power of our share capital in issue to requisition a shareholders&rsquo; meeting. Other than this right to requisition a shareholders&rsquo;
meeting, our Fourth Amended and Restated Memorandum of Association do not provide our shareholders other right to put proposal
before a meeting. As an exempted Cayman Islands company, we are not obliged by law to call shareholders&rsquo; annual general meetings.</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><I>Cumulative voting</I></B><I>.</I> Under the Delaware General
Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation&rsquo;s certificate of incorporation
specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board
of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director,
which increases the shareholders&rsquo; voting power with respect to electing such director. There are no prohibitions in relation
to cumulative voting under the laws of the Cayman Islands but our Fourth Amended and Restated Memorandum of Association do not
provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than
shareholders of a Delaware corporation.</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><I>Removal of directors</I></B><I>.</I> Under the Delaware
General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of
a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Fourth
Amended and Restated Memorandum of Association, directors may be removed with or without cause, by an ordinary resolution of our
shareholders.</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><I>Transactions with interested shareholders</I></B><I>.</I>
The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless
the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it
is prohibited from engaging in certain business combinations with an &ldquo;interested shareholder&rdquo; for three years following
the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or
which owns or owned 15% or more of the target&rsquo;s outstanding voting share within the past three years. This has the effect
of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be
treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested
shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming
an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition
transaction with the target&rsquo;s board of directors.</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">Cayman Islands law has no comparable statute. As a result, we
cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman
Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions
must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority
shareholders.</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><I>Dissolution</I></B>; <B><I>winding up</I></B><I>.</I>
Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be
approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the
board of directors may it be approved by a simple majority of the corporation&rsquo;s outstanding shares. Delaware law allows a
Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions
initiated by the board. Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands
or by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution
of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the
opinion of the court, just and equitable to do so. Under the Companies Law and Fourth Amended and Restated Memorandum of Association,
our company may be dissolved, liquidated or wound up by a special resolution of our shareholders.</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><I>Variation of rights of shares</I></B><I>.</I> Under the
Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the
outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under Cayman Islands law and
our Fourth Amended and Restated Memorandum of Association, if our share capital is divided into more than one class of shares,
we may vary the rights attached to any class with the written consent of the holders of a majority of the issued shares of that
class or with the sanction of a special resolution passed at a general meeting of the holders of the shares of that class.</P>

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


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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><I>Amendment of governing documents</I></B><I>.</I> Under
the Delaware General Corporation Law, a corporation&rsquo;s governing documents may be amended with the approval of a majority
of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by Cayman
Islands law, our Fourth Amended and Restated Memorandum of Association may only be amended with a special resolution of our shareholders.</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><I>Rights of non-resident or foreign shareholders</I></B><I>.</I>
There are no limitations imposed by our fourth memorandum and articles of association on the rights of non-resident or foreign
shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Fourth Amended and Restated
Memorandum of Association governing the ownership threshold above which shareholder ownership must be disclosed.</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>Registration rights </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">In connection with our issuance of Series C preferred shares,
we and all of our then shareholders entered into a third amended and restated shareholders agreement in June 2017, or the Shareholders
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">Pursuant to our shareholders&rsquo; agreement, we have granted
certain registration rights to our shareholders. Such registration rights would terminate with respect to a shareholder upon the
earlier of (i) the date of a deemed liquidation event, (ii) five years following the consummation of our IPO in September 2017
and (iii) such time at which all registrable securities held by a shareholder proposed to be sold may be sold under Rule 144 of
the Securities Act in any 90-day period without registration in compliance with Rule 144 of the Securities Act. Set forth below
is a description of the registration rights granted under the 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; text-indent: 0in"><B><I>Demand registration rights</I></B><I>.</I>
Upon a written request from the holders of at least 10% of (a) the voting power of the registrable securities, (b) the then outstanding
Series B preferred shares and any ordinary shares converted from Series B shares together or (c) the then outstanding Series C
preferred shares and any ordinary shares converted from Series C preferred shares together, we must file a registration statement
covering the offer and sale of the registrable securities held by the requesting shareholders and other holders who choose to participate
in the offering in the event that the anticipated gross receipts from this offering are to exceed $10,000,000. Registrable securities
include, among others, our ordinary shares issued or to be issued upon conversion of the preferred shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">However, we are not obligated to proceed with
a demand registration if we have, within the six-month period preceding the date of such request, already effected a registration
under the Securities Act pursuant to the exercise of the holders&rsquo; demand registration rights or Form F-3 registration rights,
or in which the holders had an opportunity to participate in the piggyback registration rights, unless the registrable securities
of the holders were excluded from such registration. We have the right to defer filing of a registration statement for up to 90
days if our board of directors determines in good faith that the filing of a registration statement would be materially detrimental
to us and our shareholders, but we cannot exercise the deferral right more than once in any 12-month period. We are obligated to
effect only three demand registrations on forms other than Form F-3 so long as such registrations have been declared or ordered
effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>F-3 registration rights</I></B><I>.</I>
When we are eligible for registration on Form F-3, upon a written request from any holder all registrable securities, we must effect
a registration on Form-3 and any related qualification or compliance covering the offer and sale of the registrable securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We are not obligated to effect a Form F-3
registration, among other things, if we have, within the 12-month period preceding the date of the request, already effected two
registrations under the Securities Act or if the holders of Registrable securities proposed to sell at an aggregate price to the
public less than $2,000,000. We have the right to defer filing of a registration statement for up to 90 days if our board of directors
determines in good faith that the filing of a registration statement would be materially detrimental to us and our shareholders,
but we cannot exercise the deferral right more than once in any 12-month period.</P>

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


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>Piggyback registration rights</I></B><I>.</I>
If we propose to file a registration statement under the Securities Act for purposes of effecting a public offering of our securities
(including, but not limited to, registration statements relating to secondary offerings of our securities, but excluding registration
statements relating to any employee benefit plan, a corporate reorganization or this offering), we must afford holders of registrable
securities an opportunity to include in that registration all or any part of their registrable securities then held. We have the
right to terminate or withdraw any registration initiated by us under the piggyback registration rights prior to the effectiveness
of such registration whether or not any holder has elected to include securities in such registration. The underwriters of any
underwritten offering have the right to limit the number of shares with registration rights to be included in the registration
statement, subject to certain limitations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>Expenses of registration</I></B><I>.
</I>We will pay all expenses relating to any demand, Form F-3, or piggyback registration except for the underwriting discounts
and selling commissions applicable to the sale of registrable securities and certain other limited exceptions.</P>

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


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DESCRIPTION OF AMERICAN DEPOSITARY
SHARES</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">Citibank, N.A. acts as the depositary bank for the American
Depositary Shares. Citibank&rsquo;s depositary offices are located at 388 Greenwich Street, 23rd Floor, New York, New York 10013.
American Depositary Shares are frequently referred to as &ldquo;ADSs&rdquo; and represent ownership interests in securities that
are on deposit with the depositary bank. ADSs may be represented by certificates that are commonly known as &ldquo;American Depositary
Receipts&rdquo; or &ldquo;ADRs.&rdquo; The depositary bank typically appoints a custodian to safekeep the securities on deposit.
In this case, the custodian is Citibank, N.A.&mdash;Hong Kong, located at 9/F., Citi Tower, One Bay East, 83 Hoi Bun Road, Kwun
Tong, Kowloon, 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">We have appointed Citibank as depositary bank pursuant to a
deposit agreement. A copy of the deposit agreement is on file with the SEC under cover of a Registration Statement on Form F-6.
ADS holders may obtain a copy of the deposit agreement from the SEC&rsquo;s Public Reference Room at 100 F Street, N.E., Washington,
D.C. 20549 and from the SEC&rsquo;s website (www.sec.gov). Please refer to Registration Number 333-220256 when retrieving such
copy.</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">We are providing ADS holders with a summary description of the
material terms of the ADSs and of ADS holders&rsquo; material rights as an owner of ADSs. Please remember that summaries by their
nature lack the precision of the information summarized and that the rights and obligations of an owner of ADSs will be determined
by reference to the terms of the deposit agreement and not by this summary. We urge ADS holders to review the deposit agreement
in its entirety. The portions of this summary description that are italicized describe matters that may be relevant to the ownership
of ADSs but that may not be contained in the deposit 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">Each ADS represents the right to receive, and to exercise the
beneficial ownership interests in, one ordinary share that is on deposit with the depositary bank and/or custodian. An ADS also
represents the right to receive, and to exercise the beneficial interests in, any other property received by the depositary bank
or the custodian on behalf of the owner of the ADS but that has not been distributed to the owners of ADSs because of legal restrictions
or practical considerations. We and the depositary bank may agree to change the ADS-to-share ratio by amending the deposit agreement.
This amendment may give rise to, or change, the depositary fees payable by ADS owners. The custodian, the depositary bank and their
respective nominees will hold all deposited property for the benefit of the holders and beneficial owners of ADSs. The deposited
property does not constitute the proprietary assets of the depositary bank, the custodian or their nominees. Beneficial ownership
in the deposited property will under the terms of the deposit agreement be vested in the beneficial owners of the ADSs. The depositary
bank, the custodian and their respective nominees will be the record holders of the deposited property represented by the ADSs
for the benefit of the holders and beneficial owners of the corresponding ADSs. A beneficial owner of ADSs may or may not be the
holder of ADSs. Beneficial owners of ADSs will be able to receive, and to exercise beneficial ownership interests in, the deposited
property only through the registered holders of the ADSs, the registered holders of the ADSs (on behalf of the applicable ADS owners)
only through the depositary bank, and the depositary bank (on behalf of the owners of the corresponding ADSs) directly, or indirectly,
through the custodian or their respective nominees, in each case upon the terms of the deposit 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">An ADSs holder will become a party to the deposit agreement
and therefore will be bound to its terms and to the terms of any ADR that represents such ADSs. The deposit agreement and the ADR
specify our rights and obligations as well as ADS holders&rsquo; rights and obligations as owner of ADSs and those of the depositary
bank. ADS holders appoint the depositary bank to act on their behalf in certain circumstances. The deposit agreement and the ADRs
are governed by New York law. However, our obligations to the holders of ordinary shares will continue to be governed by the laws
of the Cayman Islands, which may be different from the laws in the United States. &nbsp;</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">In addition, applicable laws and regulations may require ADS
holders to satisfy reporting requirements and obtain regulatory approvals in certain circumstances. ADS holders are solely responsible
for complying with such reporting requirements and obtaining such approvals. Neither the depositary bank, the custodian, us or
any of their or our respective agents or affiliates shall be required to take any actions whatsoever on ADS holders&rsquo; behalf
to satisfy such reporting requirements or obtain such regulatory approvals under applicable laws and regulations.</P>

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


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>We will not treat ADS holders as our shareholders and ADS
holders will not have direct shareholder rights. The depositary bank will hold on ADS holders&rsquo; behalf the shareholder rights
attached to the ordinary shares underlying the ADSs. ADS holders will be able to exercise the shareholders rights for the ordinary
shares represented by the ADSs through the depositary bank only to the extent contemplated in the deposit agreement. To exercise
any shareholder rights not contemplated in the deposit agreement, an ADS holder will, as an ADS owner, need to arrange for the
cancellation of such ADSs and become a direct shareholder. </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">The manner in which ADS holders owns the ADSs (e.g., in a brokerage
account vs. as registered holder, or as holder of certificated vs. uncertificated ADSs) may affect the holders&rsquo; rights and
obligations, and the manner in which, and extent to which, the depositary bank&rsquo;s services are made available to the holders.
An ADS holder may hold the ADSs either by means of an ADR registered in such holder&rsquo;s name, through a brokerage or safekeeping
account, or through an account established by the depositary bank in such holder&rsquo;s name reflecting the registration of uncertificated
ADSs directly on the books of the depositary bank (commonly referred to as the &ldquo;direct registration system&rdquo; or &ldquo;DRS&rdquo;).
The direct registration system reflects the uncertificated (book-entry) registration of ownership of ADSs by the depositary bank.
Under the direct registration system, ownership of ADSs is evidenced by periodic statements issued by the depositary bank to the
holders of the ADSs. The direct registration system includes automated transfers between the depositary bank and The Depository
Trust Company (&ldquo;DTC&rdquo;), the central book-entry clearing and settlement system for equity securities in the United States.
If an ADS holder decides to hold the ADSs through such holder&rsquo;s brokerage or safekeeping account, the holder must rely on
the procedures of his/her broker or bank to assert his/her rights as an ADS owner. Banks and brokers typically hold securities
such as the ADSs through clearing and settlement systems such as DTC. The procedures of such clearing and settlement systems may
limit an ADS holder&rsquo;s ability to exercise such holder&rsquo;s rights as an owner of ADSs. ADS holders should consult with
their broker or bank if they have any questions concerning these limitations and procedures. All ADSs held through DTC will be
registered in the name of a nominee of DTC. This summary description assumes ADS holders have opted to own the ADSs directly by
means of ADSs registered in such holders&rsquo; name and, as such, we will refer to ADS holders as the &ldquo;holders.&rdquo;</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 registration of the ordinary shares in the name of the depositary
bank or the custodian shall, to the maximum extent permitted by applicable law, vest in the depositary bank or the custodian the
record ownership in the applicable ordinary shares with the beneficial ownership rights and interests in such ordinary shares being
at all times vested with the beneficial owners of the ADSs representing the ordinary shares. The depositary bank or the custodian
shall at all times be entitled to exercise the beneficial ownership rights in all deposited property, in each case only on behalf
of the holders and beneficial owners of the ADSs representing the deposited property.</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>Dividends and distributions </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">Holders of ADSs generally have the right to receive the distributions
we make on the securities deposited with the custodian. ADS holders&rsquo; receipt of these distributions may be limited, however,
by practical considerations and legal limitations. Holders of ADSs will receive such distributions under the terms of the deposit
agreement in proportion to the number of ADSs held as of the specified record date, after deduction of the applicable fees, taxes
and expenses.</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>Distributions of cash </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">Whenever we make a cash distribution for the securities on deposit
with the custodian, we will deposit the funds with the custodian. Upon receipt of confirmation of the deposit of the requisite
funds, the depositary bank will arrange for the funds received in a currency other than U.S. dollars to be converted into U.S.
dollars and for the distribution of the U.S. dollars to the holders, subject to Cayman Islands laws and regulations.</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 conversion into U.S. dollars will take place only if practicable
and if the U.S. dollars are transferable to the United States. The depositary bank will apply the same method for distributing
the proceeds of the sale of any property (such as undistributed rights) held by the custodian in respect of securities on deposit.</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 distribution of cash will be made net of the fees, expenses,
taxes and governmental charges payable by holders under the terms of the deposit agreement. The depositary bank will hold any cash
amounts it is unable to distribute in a non-interest bearing account for the benefit of the applicable holders and beneficial owners
of ADSs until the distribution can be effected or the funds that the depositary
bank holds must be escheated as unclaimed property in accordance with the laws of the relevant states of the United States.</P>

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


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>Distributions of shares </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">Whenever we make a free distribution of ordinary shares for
the securities on deposit with the custodian, we will deposit the applicable number of ordinary shares with the custodian. Upon
receipt of confirmation of such deposit, the depositary bank will either distribute to holders new ADSs representing the ordinary
shares deposited or modify the ADS-to-ordinary share ratio, in which case each ADS holders hold will represent rights and interests
in the additional ordinary shares so deposited. Only whole new ADSs will be distributed. Fractional entitlements will be sold and
the proceeds of such sale will be distributed as in the case of a cash distribution.</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 distribution of new ADSs or the modification of the ADS-to-ordinary
share ratio upon a distribution of ordinary shares will be made net of the fees, expenses, taxes and governmental charges payable
by holders under the terms of the deposit agreement. In order to pay such taxes or governmental charges, the depositary bank may
sell all or a portion of the new ordinary shares so distributed.</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">No such distribution of new ADSs will be made if it would violate
a law (e.g., the U.S. securities laws) or if it is not operationally practicable. If the depositary bank does not distribute new
ADSs as described above, it may sell the ordinary shares received upon the terms described in the deposit agreement and will distribute
the proceeds of the sale as in the case of a distribution of cash.</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>Distributions of rights </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">Whenever we intend to distribute rights to subscribe for additional
ordinary shares, we will give prior notice to the depositary bank and we will assist the depositary bank in determining whether
it is lawful and reasonably practicable to distribute rights to subscribe for additional ADSs to holders.</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 depositary bank will establish procedures to distribute
rights to subscribe for additional ADSs to holders and to enable such holders to exercise such rights if it is lawful and reasonably
practicable to make the rights available to holders of ADSs, and if we provide all of the documentation contemplated in the deposit
agreement (such as opinions to address the lawfulness of the transaction). Holders may have to pay fees, expenses, taxes and other
governmental charges to subscribe for the new ADSs upon the exercise of such rights. The depositary bank is not obligated to establish
procedures to facilitate the distribution and exercise by holders of rights to subscribe for new ordinary shares other than in
the form of ADSs. &nbsp;</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 depositary bank will not distribute the rights to holders
if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We do not timely request that the rights be distributed to holders or we request that the rights not be distributed to holders;
or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We fail to deliver satisfactory documents to the depositary bank; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>It is not reasonably practicable to distribute the rights.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The depositary bank will sell the rights that are not exercised
or not distributed if such sale is lawful and reasonably practicable. The proceeds of such sale will be distributed to holders
as in the case of a cash distribution. If the depositary bank is unable to sell the rights, it will allow the rights to lapse.</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>Elective distributions </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">Whenever we intend to distribute a dividend payable at the election
of shareholders either in cash or in additional shares, we will give prior notice thereof to the depositary bank and will indicate
whether we wish the elective distribution to be made available to holders. In such case, we will assist the depositary bank in
determining whether such distribution is lawful and reasonably practicable.</P>

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


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The depositary bank will make the election available to holders
only if it is reasonably practicable and if we have provided all of the documentation contemplated in the deposit agreement. In
such case, the depositary bank will establish procedures to enable holders to elect to receive either cash or additional ADSs,
in each case as described in the deposit 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">If the election is not made available to holders, holders will
receive either cash or additional ADSs, depending on what a shareholder in the Cayman Islands would receive upon failing to make
an election, as more fully described in the deposit 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"><B>Other distributions </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">Whenever we intend to distribute property other than cash, ordinary
shares or rights to subscribe for additional ordinary shares, we will notify the depositary bank in advance and will indicate whether
we wish such distribution to be made to holders. If so, we will assist the depositary bank in determining whether such distribution
to holders is lawful and reasonably practicable.</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 it is reasonably practicable to distribute such property
to holders and if we provide to the depositary bank all of the documentation contemplated in the deposit agreement, the depositary
bank will distribute the property to holders in a manner it deems practicable.</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 distribution will be made net of fees, expenses, taxes and
governmental charges payable by holders under the terms of the deposit agreement. In order to pay such taxes and governmental charges,
the depositary bank may sell all or a portion of the property received.</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 depositary bank will not distribute the property to holders
and will sell the property if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We do not request that the property be distributed to holders or if we request that the property not be distributed to holders;
or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We do not deliver satisfactory documents to the depositary bank; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The depositary bank determines that all or a portion of the distribution to holders is not reasonably practicable; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The proceeds of such a sale will be distributed to holders as in the case of a cash distribution.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption </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">Whenever we decide to redeem any of the securities on deposit
with the custodian, we will notify the depositary bank in advance. If it is practicable and if we provide all of the documentation
contemplated in the deposit agreement, the depositary bank will provide notice of the redemption to holders.</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 custodian will be instructed to surrender the shares being
redeemed against payment of the applicable redemption price. The depositary bank will convert into U.S. dollars upon the terms
of the deposit agreement the redemption funds received in a currency other than U.S. dollars and will establish procedures to enable
holders to receive the net proceeds from the redemption upon surrender of their ADSs to the depositary bank. Holders may have to
pay fees, expenses, taxes and other governmental charges upon the redemption of the ADSs. If less than all ADSs are being redeemed,
the ADSs to be retired will be selected by lot or on a pro rata basis, as the depositary bank may determine.</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><I>Changes affecting ordinary shares </I></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">The ordinary shares held on deposit for the ADSs may change
from time to time. For example, there may be a change in nominal or par value, split-up, cancellation, consolidation or any other
reclassification of such ordinary shares or a recapitalization, reorganization, merger, consolidation or sale of assets of the
Company.</P>

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


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any such change were to occur, the ADSs would, to the extent
permitted by law and the deposit agreement, represent the right to receive the property received or exchanged in respect of the
ordinary shares held on deposit. The depositary bank may in such circumstances deliver new ADSs to holders, amend the deposit agreement,
the ADRs and the applicable Registration Statement(s) on Form F-6, call for the exchange of holders&rsquo; existing ADSs for new
ADSs and take any other actions that are appropriate to reflect as to the ADSs the change affecting the ordinary shares. If the
depositary bank may not lawfully distribute such property to holders, the depositary bank may sell such property and distribute
the net proceeds to holders as in the case of a cash distribution.</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>Issuance of ADSs upon deposit of ordinary shares </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">Our ordinary shares have been and will be deposited with the
custodian. The depositary bank may create ADSs on a holder&rsquo;s behalf if such holder or such holder&rsquo;s broker deposits
ordinary shares with the custodian. The depositary bank will deliver these ADSs to the person such holder indicates only after
such holder pays any applicable issuance fees and any charges and taxes payable for the transfer of the ordinary shares to the
custodian. Holders&rsquo; ability to deposit ordinary shares and receive ADSs may be limited by U.S. and Cayman Islands legal considerations
applicable at the time of deposit.</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 issuance of ADSs may be delayed until the depositary bank
or the custodian receives confirmation that all required approvals have been given and that the ordinary shares have been duly
transferred to the custodian. The depositary bank will only issue ADSs in whole numbers.</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">When a holder makes a deposit of ordinary shares, such holder
will be responsible for transferring good and valid title to the depositary bank. As such, the holder will be deemed to represent
and warrant that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The ordinary shares are duly authorized, validly issued, fully paid, non-assessable and legally obtained.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>All preemptive (and similar) rights, if any, with respect to such ordinary shares have been validly waived or exercised.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The holder is duly authorized to deposit the ordinary shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The ordinary shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage
or adverse claim, and are not, and the ADSs issuable upon such deposit will not be, &ldquo;restricted securities&rdquo; (as defined
in the deposit agreement).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The ordinary shares presented for deposit have not been stripped of any rights or entitlements.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any of the representations or warranties are incorrect in
any way, we and the depositary bank may, at holders&rsquo; cost and expense, take any and all actions necessary to correct the
consequences of the misrepresentations.</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>Transfer, combination and split up of ADRs </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">Holders will be entitled to transfer, combine or split up their
ADRs and the ADSs evidenced thereby. For transfers of ADRs, a holder will have to surrender the ADRs to be transferred to the depositary
bank and also must:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>ensure that the surrendered ADR is properly endorsed or otherwise in proper form for transfer;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>provide such proof of identity and genuineness of signatures as the depositary bank deems appropriate;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>provide any transfer stamps required by the State of New York or the United States; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>pay all applicable fees, charges, expenses, taxes and other government charges payable by ADR holders pursuant to the terms
of the deposit agreement, upon the transfer of ADRs.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To have the ADRs either combined or split up, a holder must
surrender his/her ADRs in question to the depositary bank with such holder&rsquo;s request to have them combined or split up, and
such holder must pay all applicable fees, charges and expenses payable by ADR holders, pursuant to the terms of the deposit agreement,
upon a combination or split up of ADRs.</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>Withdrawal of ordinary shares upon cancellation of ADSs </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">Holders will be entitled to present their ADSs to the depositary
bank for cancellation and then receive the corresponding number of underlying ordinary shares at the custodian&rsquo;s offices.
Holders&rsquo; ability to withdraw the ordinary shares held in respect of the ADSs may be limited by U.S. and Cayman Islands considerations
applicable at the time of withdrawal. In order to withdraw the ordinary shares represented by the ADSs, holders will be required
to pay to the depositary bank the fees for cancellation of ADSs and any charges and taxes payable upon the transfer of the ordinary
shares. Holders assume the risk for delivery of all funds and securities upon withdrawal. Once canceled, the ADSs will not have
any rights under the deposit 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">If a holder holds ADSs registered in his/her name, the depositary
bank may ask such holder to provide proof of identity and genuineness of any signature and such other documents as the depositary
bank may deem appropriate before it will cancel the ADSs. The withdrawal of the ordinary shares represented by the ADSs may be
delayed until the depositary bank receives satisfactory evidence of compliance with all applicable laws and regulations. Please
keep in mind that the depositary bank will only accept ADSs for cancellation that represent a whole number of securities on deposit.</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">Holders will have the right to withdraw the securities represented
by the ADSs at any time except for:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Temporary delays that may arise because (i)&nbsp;the transfer books for the ordinary shares or ADSs are closed, or (ii)&nbsp;ordinary
shares are immobilized on account of a shareholders&rsquo; meeting or a payment of dividends.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Obligations to pay fees, taxes and similar charges.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Restrictions imposed because of laws or regulations applicable to ADSs or the withdrawal of securities on deposit.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The deposit agreement may not be modified to impair holders&rsquo; right to withdraw the securities represented by the ADSs
except to comply with mandatory provisions of law.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Voting rights </I></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">Holders generally have the right under the deposit agreement
to instruct the depositary bank to exercise the voting rights for the ordinary shares represented by ADSs. The voting rights of
holders of ordinary shares are described in &ldquo;Description of Share Capital.&rdquo;</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">At our request, the depositary bank will distribute to holders
any notice of shareholders&rsquo; meeting received from us together with information explaining how to instruct the depositary
bank to exercise the voting rights of the securities represented by 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">If the depositary bank timely receives voting instructions from
a holder, it will endeavor to vote the securities (in person or by proxy) represented by the holder&rsquo;s ADSs in accordance
with such voting instructions as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>In the event of voting by show of hands</I>, the depositary bank will vote (or cause the custodian to vote) all ordinary
shares held on deposit at that time in accordance with the voting instructions received from a majority of holders who provide
timely voting instructions.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>In the event of voting by poll</I>, the depositary bank will vote (or cause the Custodian to vote) the ordinary shares held
on deposit in accordance with the voting instructions received from the holders.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of voting by poll, holders in respect of which
no timely voting instructions have been received shall be deemed to have instructed the depositary bank to give a discretionary
proxy to a person designated by us to vote the ordinary shares represented by such holders&rsquo; ADSs; provided, that no such
instructions shall be deemed given and no such discretionary proxy shall be given with respect to any matter as to which we inform
the depositary bank that we do not wish such proxy to be given; provided, further, that no such discretionary proxy shall be given
(x)&nbsp;with respect to any matter as to which we inform the depositary that (i)&nbsp;there exists substantial opposition, or
(ii)&nbsp;the rights of holders or the shareholders of our company will be materially adversely affected, and (y)&nbsp;in the event
that the vote is on a show of hands.</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">Please note that the ability of the depositary bank to carry
out voting instructions may be limited by practical and legal limitations and the terms of the securities on deposit. We cannot
assure that holders will receive voting materials in time to enable them to return voting instructions to the depositary bank in
a timely manner.</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>Fees and charges </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">Holders will be required to pay the following fees under the
terms of the deposit agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="width: 64%; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Service</U></B></FONT></TD>
    <TD STYLE="width: 36%; font-size: 12pt; text-align: justify; padding-left: 0.125in"><FONT STYLE="font-size: 10pt"><B><U>Fees</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: justify; padding-left: 0.125in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; font-size: 12pt; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of ADSs (e.g., an issuance of ADS upon a deposit of ordinary shares, upon a change in the ADS(s)-to-share ratio, or for any other reason), excluding ADS issuances as a result of distributions of ordinary shares</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS issued</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; font-size: 12pt; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-left: 0.125in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; font-size: 12pt; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cancellation of ADSs (e.g., a cancellation of ADSs for delivery of deposited property, upon a change in the ADS(s)-to-share ratio, or for any other reason)</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS cancelled</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; font-size: 12pt; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-left: 0.125in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; font-size: 12pt; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements)</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS held</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; font-size: 12pt; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-left: 0.125in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; font-size: 12pt; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution of ADSs pursuant to (i)&nbsp;stock dividends or other free stock distributions, or (ii)&nbsp;exercise of rights to purchase additional ADSs</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS held</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; font-size: 12pt; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-left: 0.125in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; font-size: 12pt; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., upon a spin-off)</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS held</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; font-size: 12pt; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-left: 0.125in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; font-size: 12pt; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADS Services</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS held on the applicable record date(s) established by the depositary bank</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; font-size: 12pt; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-left: 0.125in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holders will also be responsible to pay certain charges such
as:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>taxes (including applicable interest and penalties) and other governmental charges;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the registration fees as may from time to time be in effect for the registration of ordinary shares on the share register and
applicable to transfers of ordinary shares to or from the name of the custodian, the depositary bank or any nominees upon the making
of deposits and withdrawals, respectively;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>certain cable, telex and facsimile transmission and delivery expenses;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the expenses and charges incurred by the depositary bank in the conversion of foreign currency;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the fees and expenses incurred by the depositary bank in connection with compliance with exchange control regulations and other
regulatory requirements applicable to ordinary shares, ADSs and ADRs; and</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the fees and expenses incurred by the depositary bank, the custodian, or any nominee in connection with the servicing or delivery
of deposited property.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ADS fees and charges payable upon (i) the issuance of ADSs,
and (ii) the cancellation of ADSs are charged to the person to whom the ADSs are issued (in the case of ADS issuances) and to the
person whose ADSs are cancelled (in the case of ADS cancellations). In the case of ADSs issued by the depositary bank into DTC,
the ADS issuance and cancellation fees and charges may be deducted from distributions made through DTC, and may be charged to the
DTC participant(s) receiving the ADSs being issued or the DTC participant(s) holding the ADSs being cancelled, as the case may
be, on behalf of the beneficial owner(s) and will be charged by the DTC participant(s) to the account of the applicable beneficial
owner(s) in accordance with the procedures and practices of the DTC participants as in effect at the time. ADS fees and charges
in respect of distributions and the ADS service fee are charged to the holders as of the applicable ADS record date. In the case
of distributions of cash, the amount of the applicable ADS fees and charges is deducted from the funds being distributed. In the
case of (i) distributions other than cash and (ii) the ADS service fee, holders as of the ADS record date will be invoiced for
the amount of the ADS fees and charges and such ADS fees and charges may be deducted from distributions made to holders of ADSs.
For ADSs held through DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted from
distributions made through DTC, and may be charged to the DTC participants in accordance with the procedures and practices prescribed
by DTC and the DTC participants in turn charge the amount of such ADS fees and charges to the beneficial owners for whom they hold
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">In the event of refusal to pay the depositary bank fees, the
depositary bank may, under the terms of the deposit agreement, refuse the requested service until payment is received or may set
off the amount of the depositary bank fees from any distribution to be made to holders. Certain of the depositary fees and charges
(such as the ADS services fee) may become payable shortly after the closing of an ADS offering. Note that the fees and charges
holders may be required to pay may vary over time and may be changed by us and by the depositary bank. Holders will receive prior
notice of such changes. The depositary bank may reimburse us for certain expenses incurred by us in respect of the ADR program,
by making available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions
as we and the depositary bank agree from time to time.</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>Amendments and termination </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">We may agree with the depositary bank to modify the deposit
agreement at any time without holders&rsquo; consent. We undertake to give holders 30 days&rsquo; prior notice of any modifications
that would materially prejudice any of their substantial rights under the deposit agreement. We will not consider to be materially
prejudicial to holders&rsquo; substantial rights any modifications or supplements that are reasonably necessary for the ADSs to
be registered under the Securities Act or to be eligible for book-entry settlement, in each case without imposing or increasing
the fees and charges holders are required to pay. In addition, we may not be able to provide holders with prior notice of any modifications
or supplements that are required to accommodate compliance with applicable provisions of 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">Holders will be bound by the modifications to the deposit agreement
if they continue to hold their ADSs after the modifications to the deposit agreement become effective. The deposit agreement cannot
be amended to prevent holders from withdrawing the ordinary shares represented by the ADSs (except as permitted by 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">We have the right to direct the depositary bank to terminate
the deposit agreement. Similarly, the depositary bank may in certain circumstances on its own initiative terminate the deposit
agreement. In either case, the depositary bank must give notice to holders at least 30 days before termination. Until termination,
holders&rsquo; rights under the deposit agreement will be unaffected.</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">After termination, the depositary bank will continue to collect
distributions received (but will not distribute any such property until holders request the cancellation of their ADSs) and may
sell the securities held on deposit. After the sale, the depositary bank will hold the proceeds from such sale and any other funds
then held for the holders of ADSs in a non-interest bearing account. At that point, the depositary bank will have no further obligations
to holders other than to account for the funds then held for the holders of ADSs still outstanding (after deduction of applicable
fees, taxes and expenses).</P>

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


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Books of depositary </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">The depositary bank will maintain ADS holder records at its
depositary office. Holders may inspect such records at such office during regular business hours but solely for the purpose of
communicating with other holders in the interest of business matters relating to the ADSs and the deposit 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">The depositary bank will maintain in New York facilities to
record and process the issuance, cancellation, combination, split-up and transfer of ADSs. These facilities may be closed from
time to time, to the extent not prohibited by 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"><B>Limitations on obligations and liabilities </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">The deposit agreement limits our obligations and the depositary
bank&rsquo;s obligations to holders. Please note the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we and the depositary bank are obligated only to take the actions specifically stated in the deposit agreement without negligence
or bad faith.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the depositary bank disclaims any liability for any failure to carry out voting instructions, for any manner in which a vote
is cast or for the effect of any vote, provided it acts in good faith and in accordance with the terms of the deposit agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the depositary bank disclaims any liability for any failure to determine the lawfulness or practicality of any action, for
the content of any document forwarded to holders on our behalf or for the accuracy of any translation of such a document, for the
investment risks associated with investing in ordinary shares, for the validity or worth of the ordinary shares, for any tax consequences
that result from the ownership of ADSs, for the credit-worthiness of any third party, for allowing any rights to lapse under the
terms of the deposit agreement, for the timeliness of any of our notices or for our failure to give notice.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we and the depositary bank will not be obligated to perform any act that is inconsistent with the terms of the deposit agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we and the depositary bank disclaim any liability if we or the depositary bank, or our respective controlling persons or agents
are prevented or forbidden from, or subject to any civil or criminal penalty or restraint on account of, or delayed in, doing or
performing any act or thing required by the terms of the deposit agreement, by reason of any provision, present or future of any
law or regulation, or by reason of present or future provision of any provision of our articles of association, or any provision
of or governing the securities on deposit, or by reason of any act of God or war or other circumstances beyond our control.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we and the depositary bank disclaim any liability by reason of any exercise of, or failure to exercise, any discretion provided
for in the deposit agreement or in our articles of association or in any provisions of or governing the securities on deposit.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we and the depositary bank further disclaim any liability for any action or inaction in reliance on the advice or information
received from legal counsel, accountants, any person presenting ordinary shares for deposit, any holder or authorized representatives
thereof, or any other person believed by either of us in good faith to be competent to give such advice or information.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we and the depositary bank also disclaim liability for the inability by a holder to benefit from any distribution, offering,
right or other benefit that is made available to holders of ordinary shares but is not, under the terms of the deposit agreement,
made available to holders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we and the depositary bank may rely without any liability upon any written notice, request or other document believed to be
genuine and to have been signed or presented by the proper parties.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we and the depositary bank also disclaim liability for any consequential, indirect or punitive damages for any breach of the
terms of the deposit agreement, or otherwise.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>no disclaimer of any Securities Act liability is intended by any provision of the deposit agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>nothing in the deposit agreement gives rise to a partnership or joint venture, or establishes a fiduciary relationship, among
us, the depositary bank and holders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>nothing in the deposit agreement precludes Citibank (or its affiliates) from engaging in transactions in which parties adverse
to us or the ADS owners have interests, and nothing in the deposit agreement obligates Citibank to disclose those transactions,
or any information obtained in the course of those transactions, to us or to the ADS owners, or to account for any payment received
as part of those transactions.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Pre-release transactions</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">Subject to the terms and conditions of the deposit agreement,
the depositary bank may issue to broker/dealers ADSs before receiving a deposit of ordinary shares or release ordinary shares to
broker/dealers before receiving ADSs for cancellation. These transactions are commonly referred to as &ldquo;pre-release transactions,&rdquo;
and are entered into between the depositary bank and the applicable broker/dealer. The deposit agreement limits the aggregate size
of pre-release transactions (not to exceed 30% of the ordinary shares on deposit in the aggregate) and imposes a number of conditions
on such transactions (e.g., the need to receive collateral, the type of collateral required, the representations required from
brokers, etc.). The depositary bank may retain the compensation received from the pre-release transactions.</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>Taxes </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">Holders will be responsible for the taxes and other governmental
charges payable on the ADSs and the securities represented by the ADSs. We, the depositary bank and the custodian may deduct from
any distribution the taxes and governmental charges payable by holders and may sell any and all property on deposit to pay the
taxes and governmental charges payable by holders. Holders will be liable for any deficiency if the sale proceeds do not cover
the taxes that are due.</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 depositary bank may refuse to issue ADSs, to deliver, transfer,
split and combine ADRs or to release securities on deposit until all taxes and charges are paid by the applicable holder. The depositary
bank and the custodian may take reasonable administrative actions to obtain tax refunds and reduced tax withholding for any distributions
on holders&rsquo; behalf. However, holders may be required to provide to the depositary bank and to the custodian proof of taxpayer
status and residence and such other information as the depositary bank and the custodian may require to fulfill legal obligations.
Holders are required to indemnify us, the depositary bank and the custodian for any claims with respect to taxes arising out of
any refund of taxes, reduced rate of withholding or of the tax benefit obtained for or by the holders.</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>Foreign currency conversion </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">The depositary bank will arrange for the conversion of all foreign
currency received into U.S. dollars if such conversion is practical, and it will distribute the U.S. dollars in accordance with
the terms of the deposit agreement. Holder may have to pay fees and expenses incurred in converting foreign currency, such as fees
and expenses incurred in complying with currency exchange controls and other governmental requirements.</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 the conversion of foreign currency is not practical or lawful,
or if any required approvals are denied or not obtainable at a reasonable cost or within a reasonable period, the depositary bank
may take the following actions in its discretion:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Convert the foreign currency to the extent practical and lawful and distribute the U.S. dollars to holders for whom the conversion
and distribution is lawful and practical.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Distribute the foreign currency to holders for whom the distribution is lawful and practical.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Hold the foreign currency (without liability for interest) for the applicable holders.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Governing law/waiver of jury trial</I></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">The deposit agreement and the ADRs will be interpreted in accordance
with the laws of the State of New York. The rights of holders of ordinary shares (including ordinary shares represented by ADSs)
is governed by the laws of the Cayman Islands.</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">By holding an ADS or an interest therein, ADS holders irrevocably
agree that any legal suit, action or proceeding against or involving us or the Depositary, arising out of or based upon the deposit
agreement, ADSs or ADRs, may only be instituted in a state or federal court in New York, New York, and ADS holders irrevocably
waive any objection to the laying of venue and irrevocably submit to the exclusive jurisdiction of such courts with respect to
any such suit, action or proceeding.</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">AS A PARTY TO THE DEPOSIT AGREEMENT, ADS HOLDERS IRREVOCABLY
WAIVE THE RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF THE DEPOSIT AGREEMENT, THE ADRs AND ANY TRANSACTIONS CONTEMPLATED
THEREIN (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE) AGAINST US AND/OR THE DEPOSITARY BANK.</P>

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


<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TAXATION</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">Tax considerations relating to the ownership and disposition
of any of the securities offered by this prospectus will be set forth in the applicable prospectus supplement relating to the offering
of those securities.</P>

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


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 57.65pt; text-align: center">PLAN OF DISTRIBUTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 57.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We and any selling shareholders may sell the securities offered
by this prospectus:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through or to underwriters;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through or to dealers;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through agents;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>directly to purchasers; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through a combination of these methods.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The prospectus supplement relating to any offering will identify
or describe:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any underwriter, dealers or agents;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>their compensation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the net proceeds to us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the purchase price of the securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the initial public offering price of the securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any discounts or concessions allowed or reallowed; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>confirm any exchange on which the securities will be listed, if any.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Underwriters</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">If we or any selling shareholders use underwriters in the sale,
we or the selling shareholders will enter into an underwriting agreement, and a prospectus supplement will set forth the names
of the underwriters and the terms of the transaction. The underwriters will acquire securities for their own account and may resell
the securities from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price
or at varying prices determined at the time of sale. Unless otherwise stated in the prospectus supplement, various conditions to
the underwriters&rsquo; obligation to purchase securities apply, and the underwriters will be obligated to purchase all of the
securities contemplated in an offering if they purchase any of such securities. Any initial public offering price and any discounts
or concessions allowed or reallowed or paid to dealers may be changed from time to time.</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">We or any selling shareholders may enter into derivative or
other hedging transactions with third parties, or sell securities not covered by this prospectus to third parties in privately
negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties
may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions.
If so, the third party may use securities covered by this prospectus including securities pledged by us or any selling shareholders
or borrowed from us, any selling shareholders or others to settle those sales or to close out any related open borrowing of stock,
and may use securities received from us in settlement of those derivatives to close out any related open borrowings of stock. The
third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be identified in the
applicable prospectus supplement (or in a post-effective amendment). We or any selling shareholders may also sell ordinary shares
short using this prospectus and deliver ordinary shares covered by this prospectus to close out such short positions, or loan or
pledge ordinary shares to financial institutions that in turn may sell the ordinary shares using this prospectus. We or any selling
shareholders may pledge or grant a security interest in some or all of the securities covered by this prospectus to support a derivative
or hedging position or other obligation and, if we or the selling shareholders default in the performance of its obligations, the
pledgees or secured parties may offer and sell the securities from time to time pursuant to this prospectus.</P>

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


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">If the prospectus supplement so indicates, we or any selling
shareholders may authorize agents and underwriters or dealers to solicit offers by certain purchasers to purchase the securities
from us at the public offering price set forth in the prospectus supplement. These contracts will be subject to only those conditions
set forth in the prospectus supplement, and the prospectus supplement will set forth the commission payable for solicitation of
such offers.</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">Certain persons participating in this offering may engage in
transactions that stabilize, maintain or otherwise affect the price of the securities. Specifically, the underwriters, if any,
may over-allot in connection with the offering, and may bid for, and purchase, the securities in the open market.</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>Dealers</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">If we or any selling shareholders use dealers in the sale, unless
otherwise indicated in the prospectus supplement, we or the selling shareholders will sell securities to the dealers as principals.
The dealers may then resell the securities to the public at varying prices that the dealers may determine at the time of resale.</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>Agents and Direct Sales</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">We or any selling shareholders may sell securities directly
or through agents that we or the selling shareholders designate. The prospectus supplement names any agent involved in the offering
and sale and states any commissions we or the selling shareholders will pay to that agent. Unless indicated otherwise in the prospectus
supplement, any agent is acting on a best efforts basis for the period of its appointment.</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>Institutional Investors</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">Unless otherwise indicated in the prospectus supplement, we
or any selling shareholders will authorize underwriters, dealers or agents to solicit offers from various institutional investors
to purchase securities. In this case, payment and delivery will be made on a future date that the prospectus supplement specifies.
The underwriters, dealers or agents may impose limitations on the minimum amount that the institutional investor can purchase.
They may also impose limitations on the portion of the aggregate amount of the securities that they may sell. These institutional
investors include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>commercial and savings banks;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>insurance companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>pension funds;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>investment companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>educational and charitable institutions; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>other similar institutions as we or any selling shareholders may approve.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The obligations of any of these purchasers pursuant to delayed
delivery and payment arrangements will not be subject to any conditions. However, one exception applies. An institution&rsquo;s
purchase of the particular securities cannot at the time of delivery be prohibited under the laws of any jurisdiction that governs:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the validity of the arrangements; or</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the performance by us or the institutional investor.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Indemnification</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">Agreements that we or any selling shareholders have entered
into or may enter into with underwriters, dealers or agents may entitle them to indemnification by us against various civil liabilities.
These include liabilities under the Securities Act of 1933, as amended. The agreements may also entitle them to contribution for
payments which they may be required to make as a result of these liabilities. Underwriters, dealers or agents may be customers
of, engage in transactions with, or perform services for, us in the ordinary course of business.</P>

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


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LEGAL MATTERS</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">We are being represented by Davis Polk &amp; Wardwell LLP with
respect to legal matters of United States federal securities and New York State law. Certain legal matters in connection with any
offering made pursuant to this prospectus will be passed upon for the underwriters by a law firm named in the applicable prospectus
supplement. The validity of the ordinary shares offered in any offering made pursuant to this prospectus and legal matters as to
Cayman Islands law will be passed upon for us by Travers Thorp Alberga.</P>

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


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXPERTS</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"></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">The consolidated financial statements, and the related financial statement schedule, incorporated in this prospectus by reference
from our annual report for the fiscal year ended December 31, 2018 on Form 20-F filed with the SEC on March 29, 2019, have
been audited by Deloitte Touche Tohmatsu Certified Public Accountants LLP, an independent registered public accounting firm,
as stated in their report, which is incorporated by reference herein. Such consolidated financial statements and financial
statement schedule have been so incorporated in reliance upon the report of such firm given upon their authority as experts
in accounting and auditing.</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 office of Deloitte Touche Tohmatsu Certified Public Accountants
LLP is located at 30/F Bund Center, 222 East Yan An Road, Shanghai 200002, People&rsquo;s Republic of China.</P>

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


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 57.65pt; text-align: center">WHERE YOU CAN FIND
MORE INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 57.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are subject to the reporting requirements of the Securities
Exchange Act of 1934, as amended, or the Exchange Act, that are applicable to a foreign private issuer. We file reports, including
annual reports on Form 20-F, and other information with the SEC pursuant to the rules and regulations of the SEC that apply to
foreign private issuers. You may read and copy any document that we file at SEC&rsquo;s Public Reference Room, 100 F Street, N.E.,
Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room. Documents that
we files with the SEC are also available on the website maintained by the SEC (www.sec.gov).</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">Our ADSs are listed on the Nasdaq Global Market. You can consult
reports and other information about Zai Lab Limited that it filed pursuant to the rules.</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">We previously filed with the SEC a registration statement on
Form F-6 (File Number 333-220256) to register our ADSs covered by this prospectus. This prospectus is a part of the registration
statement and does not contain all the information in the registration statement. Whenever a reference is made in this prospectus
to a contract or other document of Zai Lab Limited, the reference is only a summary and you should refer to the exhibits that are
a part of the registration statement for a copy of the contract or other document. You may review a copy of the registration statement
at the SEC&rsquo;s public reference room in Washington, D.C., as well as through the SEC&rsquo;s Internet site.<BR STYLE="clear: both">
</P>

<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 57.65pt; text-align: center">INCORPORATION OF DOCUMENTS
BY REFERENCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 57.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SEC allows us to incorporate by reference the information
we file with them. This means that we can disclose important information to you by referring to documents. The information that
we incorporate by reference is an important part of this prospectus. We incorporate by reference the following documents and any
future filings that we make with the SEC under Sections 13(a), 13(c) and 15(d) of the Securities Exchange Act of 1934, as amended,
until we complete the offerings using this prospectus:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our annual report on Form 20-F for the fiscal year ended December 31, 2018 filed with the SEC on
March 29, 2019; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">With respect to each offering of securities under this prospectus, all our future reports on Form
20-F and any report on Form 6-K that so indicates it is being incorporated by reference, in each case, that we file with the SEC
or furnish to the SEC, respectively, on or after the date on which the registration statement is first filed with the SEC and until
the termination or completion of that offering under this prospectus.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information that we file with the SEC will automatically update
and supersede the information included in this prospectus or previously incorporated by reference into this prospectus. All information
appearing in this prospectus is qualified in its entirety by the information and financial statements, including the notes, contained
in the documents that we incorporate by reference in this prospectus.</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">You may request a copy of these filings, at no cost, by writing
or telephoning us at the following address:</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">Zai Lab Limited</P>

<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">4560 Jinke Road</P>

<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">Bldg. 1, Fourth Floor</P>

<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">Pudong</P>

<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">Shanghai, China 201210</P>

<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">+86 21 6163 2588</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">You should rely only on the information that we incorporate
by reference or provide in this prospectus or the accompanying prospectus supplement. We have not authorized anyone to provide
you with different information. You should not assume that the information in this prospectus or any prospectus supplement is accurate
as of any date other than the date on the front of those documents.<BR STYLE="clear: both">
</P>

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


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 56.65pt 0pt 57.65pt; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 56.65pt 0pt 57.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 56.65pt 0pt 57.65pt; text-align: center"><B>INFORMATION NOT REQUIRED
IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 56.65pt 0pt 57.65pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 8.</B></TD><TD><B>Indemnification of Directors and Officers.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cayman Islands law does not limit the extent to which a company&rsquo;s
articles of association may provide for indemnification of officers and directors, except to the extent any such provision may
be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or
the consequences of committing a crime.</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">Our Fourth Amended and Restated Memorandum of Association provides
that we shall indemnify our directors and officers (each an indemnified person) against all actions, proceedings, costs, charges,
expenses, losses, damages or liabilities incurred or sustained by such indemnified person, other than by reason of such person&rsquo;s
own dishonesty, willful default or fraud, in or about the conduct of our company&rsquo;s business or affairs (including as a result
of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without
prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such indemnified person in
defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether
in the Cayman Islands or elsewhere.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the indemnification agreements we entered into with
each of our directors and executive officers, we agreed to indemnify our directors and executive officers against certain liabilities
and expenses incurred by such persons in connection with claims made by reason of their being such a director or officer.</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">Any underwriting agreement that we may enter into in connection
with an offering of securities pursuant to this registration statement may also provide for indemnification by the underwriters
of us and our officers and directors for certain liabilities, including liabilities arising under the Securities Act, but only
to the extent that such liabilities are caused by information relating to the underwriters furnished to us in writing expressly
for use in this registration statement and certain other disclosure documents.</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">Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have
been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and
is therefore unenforceable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 9.</B></TD><TD><B>Exhibits</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See Exhibit Index beginning on page II-4 of this registration
statement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 10.</B></TD><TD><B>Undertakings</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD>Each of the undersigned registrants <FONT STYLE="font-size: 10pt"><B>hereby
</B></FONT>undertakes:</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
Fee&rdquo; table in the effective registration statement; and</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 40; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.75pt"></TD><TD STYLE="width: 26.95pt">(iii)</TD><TD STYLE="padding-right: 13.6pt"><P STYLE="margin-top: 0; margin-bottom: 0">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;<I><BR></I></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><BR>
<I>provided</I>, however, that paragraphs (i), (ii) and (iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</P></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A.
of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise
required by Section 10(a)(3) of the Act need not be furnished, provided that the registrant includes in the prospectus, by means
of a post-effective amendment, financial statements required pursuant to this paragraph (4) and other information necessary to
ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding
the foregoing, a post-effective amendment need not be filed to include financial statements and information required by Section
10(a)(3) of the Act or Rule 3-19 of Regulation S-X if such financial statements and information are contained in periodic reports
filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of
1934 that are incorporated by reference in the registration statement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(A)</TD><TD>Each prospectus filed by a registrant pursuant to Rule
424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and
included in the registration statement; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 0.25in">(B)</TD><TD>Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information
required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale
of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any
person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which the prospectus relates, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement
or prospectus that was part
of the registration statement or made in any such document immediately prior to such effective date.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>That, for the purpose of determining liability of a registrant under the Securities Act of 1933 to any purchaser in the initial
distribution of the securities, each undersigned registrant undertakes that in a primary offering of securities of an undersigned
registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser,
if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD>Any preliminary prospectus or prospectus of an undersigned
registrant relating to the offering required to be filed pursuant to Rule 424;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>Any free writing prospectus relating to the offering prepared by or on behalf of an undersigned registrant or used or referred
to by an undersigned registrant;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>The portion of any other free writing prospectus relating to the offering containing material information about an undersigned
registrant or its securities provided by or on behalf of an undersigned registrant; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>Any other communication that is an offer in the offering made by an undersigned registrant to the purchaser.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>That, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant&rsquo;s annual
report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD>Insofar as indemnification for liabilities arising under
the Securities Act of 1933 may be permitted to directors, officers and controlling persons of each registrant pursuant to the
foregoing provisions, or otherwise, each registrant has been advised that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by a registrant of expenses incurred or paid by a director, officer or controlling
person of a registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, that registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such
issue.</TD>
</TR></TABLE>

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


<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 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">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Exhibit </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><U>Number</U></B></FONT></TD>
    <TD STYLE="width: 88%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Exhibit Title</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">1.1*</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Form of Underwriting Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1704292/000119312517275654/d358845dex41.htm">4.1</A></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1704292/000119312517275654/d358845dex41.htm">Deposit Agreement (incorporated by reference to Exhibit 4.1 to Amendment No. 2 to our Registration Statement on Form F-1 (File No. 333-219980) filed with the SEC on September 1, 2017)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1704292/000119312517275654/d358845dex41.htm">4.2</A></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1704292/000119312517275654/d358845dex41.htm">Registrant&rsquo;s American Depositary Receipt (incorporated by reference to Exhibit 4.1 to Amendment No. 2 to our Registration Statement on Form F-1 (File No. 333-219980) filed with the SEC on September 1, 2017)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1704292/000119312517275654/d358845dex43.htm">4.3</A></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1704292/000119312517275654/d358845dex43.htm">Registrant&rsquo;s Specimen Certificate for Ordinary Shares (incorporated by reference to Exhibit 4.3 to Amendment No. 2 to our Registration Statement on Form F-1 (File No. 333-219980) filed with the SEC on September 1, 2017)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="dp103987_ex0501.htm">5.1</A></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="dp103987_ex0501.htm">Opinion of Travers Thorp Alberga regarding the validity of the ordinary shares being registered</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="dp103987_ex2301.htm">23.1</A></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="dp103987_ex2301.htm">Consent of Deloitte Touche Tohmatsu Certified Public Accountants LLP</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="dp103987_ex0501.htm"><FONT STYLE="font-size: 10pt">23.2</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><A HREF="dp103987_ex0501.htm"><FONT STYLE="font-size: 10pt">Consent of Travers Thorp Alberga (included in Exhibit 5.1)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#poa"><FONT STYLE="font-size: 10pt">24.1</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><A HREF="#poa"><FONT STYLE="font-size: 10pt">Power of Attorney (included in the signature pages hereto)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">__________</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">* To be filed by amendment or
as an exhibit to a document to be incorporated by reference into this registration statement.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Pursuant to the requirements of the Securities Act of 1933,
the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-3
and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Shanghai,
the People's Republic of China, on March 29, 2019.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>ZAI LAB LIMITED</B></FONT></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 COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ SAMANTHA DU</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Samantha Du</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>
<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">&nbsp;</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><A NAME="poa" TITLE="Power of Attorney"></A>POWER OF <FONT STYLE="font-size: 10pt">ATTORNEY</FONT></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">The undersigned directors and officers of Zai Lab Limited hereby
appoint each of Samantha Du and William Ki Chul Cho, and each of them singly, as attorney-in-fact for the undersigned, with full
power of substitution and resubstitution, for and in the name, place and stead, in any and all capacities, to sign any or all amendments
(including post-effective amendments) and supplements to this registration statement on Form F-3 and any and all related registration
statements pursuant to Rule 462(b) under the Securities Act, and to file the same, with all exhibits thereto, and other documents
in connection therewith, with the SEC, hereby ratifying and confirming all that said attorney-in-fact and agent, or its substitute
or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act, this registration
statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="width: 34%; font-size: 10pt"><B><U>Name</U></B></TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><B><U>Title</U></B></TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><B><U>Date</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ SAMANTHA DU</P>
</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-top: Black 0.5pt solid">Samantha Du</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chief Executive Officer, Chairman of the
        Board of Directors</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Principal Executive Officer)</P>
</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">March 29, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ WILLIAM KI CHUL CHO</P>
</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-top: Black 0.5pt solid">William Ki Chul Cho</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chief Financial Officer</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Principal Financial and Accounting Officer)</P>
</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">March 29, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ KAI-XIAN CHEN</FONT></TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-top: Black 0.5pt solid">Kai-Xian Chen</P>
</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">March 29, 2019</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 44; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ JOHN DIEKMAN</P>
</TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-top: Black 0.5pt solid">John Diekman</P>
</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">March 29, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ TAO FU</P>
</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-top: Black 0.5pt solid">Tao Fu</P>
</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">March 29, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ NISA LEUNG</P>
</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-top: Black 0.5pt solid">Nisa Leung</P>
</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">March 29, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ PETER WIRTH</P>
</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-top: Black 0.5pt solid">Peter Wirth</P>
</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">March 29, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ WILLIAM LIS</P>
</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">William Lis</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center">Director</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">March 29, 2019</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 45; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 0; text-align: center"><B>SIGNATURE OF AUTHORIZED REPRESENTATIVE
OF THE REGISTRANT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Securities Act, the undersigned, the duly authorized
representative in the United States of Zai&nbsp;Lab Limited, has signed this registration statement in New York, New York, on March
29, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Cogency Global Inc.</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>(Authorized U.S. Representative)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Chiang Sheung Lin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 6%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 7%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Chiang Sheung Lin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Assistant Secretary</FONT></TD></TR>
</TABLE>


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

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

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

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

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

<!-- Field: Page; Sequence: 46; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>dp103987_ex0501.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit
5.1</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<P STYLE="margin: 0; text-align: right"><IMG SRC="ex0501_logo.jpg" ALT=""></P>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Office:</B></FONT></TD>
    <TD STYLE="width: 92%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+852 2801 6066</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Mobile:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+852 9718 8740</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Email:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">rthorp@tta.lawyer</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Zai Lab Limited</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">4560 Jinke Road</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Bldg. 1, Fourth Floor,</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Pudong, Shanghai,</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">China 201210&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">29 March 2019</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Dear Sirs</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Zai Lab Limited </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We have acted as Cayman Islands legal advisers
to Zai Lab Limited (the &quot;<B>Company</B>&quot;) in connection with the Company&rsquo;s registration statement on Form F-3,
including all amendments or supplements thereto (the &quot;<B>Registration Statement</B>&quot;), filed with the Securities and
Exchange Commission (the &quot;Commission&quot;) under the U.S. Securities Act of 1933, as amended to date, relating to the offering
(the &quot;<B>Offering</B>&quot;) by the Company of its ordinary shares of par value US$0.00006 each (the &quot;<B>Shares</B>&quot;),
including in the form of American Depositary Shares (the &quot;<B>ADSs</B>&quot;) , from time to time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We are furnishing this opinion as Exhibit
5.1 and 23.2 to the Registration Statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>1</B></TD><TD><B>Documents Reviewed</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the purposes of this opinion, we have
reviewed only originals, copies or final drafts of the following documents:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify">The certificate of incorporation dated 28 March 2013.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify">The Fourth Amended and Restated Memorandum and Articles of Association of the Company as adopted
by special resolution passed on 30 August 2017 and effective conditional and immediately prior to the completion of the Company&rsquo;s
initial public offering of the ADSs representing the ordinary shares of the Company in the United States (the &quot;<B>Memorandum
and Articles</B>&quot;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD STYLE="text-align: justify">The written resolutions of the directors of the Company dated   22 March 2019 (the
                                                           &quot;<B>Directors&rsquo; Resolutions</B>&quot;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD STYLE="text-align: justify">A certificate of good standing dated 19 March 2019, issued by the Registrar of Companies in the
Cayman Islands (the &quot;<B>Certificate of Good Standing</B>&quot;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.5</TD><TD STYLE="text-align: justify">The Registration Statement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><IMG SRC="ex0501_002.jpg" ALT="">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>2</B></TD><TD><B>Assumptions</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following opinions are given only as
to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions
only relate to the laws of the Cayman Islands which are in force on the date of this opinion letter. In giving these opinions we
have relied (without further verification) upon the completeness and accuracy of the Director&rsquo;s Certificate and the Certificate
of Good Standing. We have also relied upon the following assumptions, which we have not independently verified:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">Copy documents or drafts of documents provided to us are true and complete copies of, or in the
final forms of, the originals.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify">The genuineness of all signatures and seals.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify">There is nothing under any law (other than the law of the Cayman Islands) which would or might
affect the opinions set out below.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>3</B></TD><TD><B>Opinion</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Based upon the foregoing and subject to
the qualifications set out below and having regard to such legal considerations as we deem relevant, we are of the opinion that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify">The Company has been duly incorporated as an exempted company with limited liability for an unlimited
duration and is validly existing and in good standing under the laws of the Cayman Islands.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify">The authorised share capital of the Company is US$5,000 divided into 83,333,333 shares of a nominal
or par value of US$0.00006 each.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.3</TD><TD STYLE="text-align: justify">The issue and allotment of the Shares pursuant to the Offering has been duly authorised and when
allotted, issued and paid for as contemplated in the Registration Statement and entered in the register of members (shareholders),
the Shares will be legally issued and allotted, fully paid and non-assessable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.4</TD><TD STYLE="text-align: justify">The statements under the caption &quot;Taxation&quot; in the prospectus forming part of the Registration
Statement, to the extent that they constitute statements of Cayman Islands law, are accurate in all material respects and that
such statements constitute our opinion.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>4</B></TD><TD><B>Qualifications</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Except as specifically stated herein, we
make no comment with respect to any representations and warranties which may be made by or with respect to the Company in any of
the documents or instruments cited in this opinion or otherwise with respect to the commercial terms of the transactions the subject
of this opinion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Under the Companies Law (2018 Revision)
of the Cayman Islands, the register of members of a Cayman Islands company is by statute regarded as <I>prima facie</I> evidence
of any matters which the Companies Law (2018 Revision) directs or authorises to be inserted therein. A third party interest in
the shares in question would not appear. An entry in the register of members may yield to a court order for rectification (for
example, in the event of fraud or manifest error).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In this opinion, the phrase &quot;non-assessable&quot;
means, with respect to Shares, that a shareholder shall not, solely by virtue of its status as a shareholder, be liable for additional
assessments or calls on the Shares by the Company or its creditors (except in exceptional circumstances, such as involving fraud,
the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared
to pierce or lift the corporate veil).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this
opinion as an exhibit to the Registration Statement and to the reference to our name under the headings &quot;Enforceability of
Civil Liabilities&quot;, &quot;Taxation&quot; and &quot;Legal Matters&quot; and elsewhere in the prospectus included in the Registration
Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required
under Section 7 of the U.S. Securities Act of 1933, as amended, or the Rules and Regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Yours faithfully</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">/s/ Travers Thorp Alberga</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>TRAVERS THORP ALBERGA</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>



<P STYLE="margin: 0; text-align: left"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>dp103987_ex2301.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt; background-color: white"><B>Exhibit
23.1</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B><U>Consent
of Independent Registered Public Accounting Firm</U></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 56.7pt 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We consent
to the incorporation by reference in this Registration Statement on Form F-3 of our report dated March 29, 2019, relating to
the consolidated financial statements and financial statement schedule of Zai Lab Limited and its subsidiaries (the &ldquo;Group&rdquo;),
appearing in the Annual Report on Form 20-F of the Group for the year ended December&nbsp;31, 2018, and to the reference to us
under the heading &ldquo;Experts&rdquo; in the Prospectus, which is part of this Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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 STYLE="width: 69%; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%; font-size: 11pt"><FONT STYLE="font-size: 10pt">/s/ Deloitte Touche Tohmatsu Certified Public Accountants
    LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Shanghai, China&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">March 29, 2019&#9;</FONT></TD></TR>
</TABLE>


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

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

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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>ex0501_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex0501_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !8 /X# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#UO7-9UC3=
M1LH+33[">*]F\B%YKQXV#[&<[@(V &$/()Z]*L77B*RLX[B%YHFU""W>5K="
M2"RIO*!L8)QSCKCG&*M:AI,>H7.GSO*Z&QN/M"A<?,=C)@^V'/Y5D3^";*;6
M+N_$JK]J#LX-M$SJ[1F,LLA7<O';/Z$BJ7+I<EW-W3M0AU"W$D1^8!1(O/R,
M5#8SWX85<JGI]H]E (6N'F5<"/<H&Q0H&WCKTSD^M7*E[Z%(*QM<\3:1H+6J
M:C?6\#W$@15DF1" >KD,1\H[FMFJMW86][Y!G0L895F0YQAAG!_6A6Z@<Q-X
MS5/%D&C106TJ2R)&N+G]^X=-_FI'CYH@."V>H/I4FE>(]0UO3;F:PM-+EN8Y
M?+$']H-F,9.3-B/*'C@ '.>M6)_"4$^N'4/MLZ1O<I=/ L:<RH@52'QN P!Q
MGMZ$@Q2^$KB>'43+KMV;R^ACMWN1%&K+$F[Y0% &3N;)Z\\8K3]W;0GWKE_3
MM6N-6\,P:I:60\^>/>EO)+M&[.,;\?=[@XY'/>N?O/',^GZ6DMS9V5M<B\EL
MY7N+PQVH:-=QVRE,DMC"C:.01VKJ(-/N(-%^P)>[)5C*1W$<*)Y?IM0?*,#I
M]*PU\$E=.L[;^UI?-M#)Y4OV:(_*ZX?<I!#$]=W7)/J12CR7=Q:V&Q^,9Y)K
M>1M+:*PW6T5S+-+MDAEG52B[,<@;U#$D<MP#@UOZ?J'VZ;48O*V?9+HV^<YW
M81&S[??Q^%9%OX*M;6>V\J^N_L</D,]JQ!662%0L;L<9[*2!P2H_'9LM-2QF
MOI$D=C=W!N&#8^4[57 ]L**)<GV1KF,2;QK8QWFM0Q^5*-)B)D"W"^;+( ,J
ML?7 R 6.!N..<&J]SXV_LS3KLZK:VUMJ-O<1VP@%V/*=I%#HWF,%VKC=DD<;
M&Z\5--X$LKBZN7ENK@VTS3R+ JHOEO*,.P<#<>22 3@$^PPY_!RRQB5]3N'U
M(70N?MCQ1L=PC\L+LQMV[3CIUYSFG:GU$^;H66\4V1\1VFBQ2VKS2PB=W-RH
M&U@=@C'60G!/'89SR!70KTKD8/ 5E:SVK07EPL,1@:2,QQDRO"<HV[;E><9"
MX&!CCG/6KWJ9<OV1J_4=1114E##UK$&JWUW:7IT^R@DN8+Q[95GG,:$+CYBP
M4G\ #6X1SFL2Z\/&32M2LK:_GMFOYVF>9%4LF[&Y5S[#&>O--6$S$D\<S'3(
M;RWTH/LM&O;U7GV^5$KE#L.WYSE6(SM!"]1D5K:?XA-_XDU#2P+)8[3&T?:2
M9Y 41@_E[<;/GQG<>156X\&+=6\4,FI3QJ+;['.L$21K-;YR(]H&%QR,K@X)
MJQ>^%Y-0O9+F?5[GY8IHK54CC7[.)1AB"!EB!P,]/>K?(2N8=X>\31:_/>Q"
MW>#R7W0,[9^T0$E5F7_9)5OR]Z9KFKZQIFHV4%KI]A/#>S""%Y;QXV#['<[@
M(VP,(>02>1Q4MGX1TC2]0M+S2[6&P>")H76VA5!.A X? YP0"#ZY]35[4-+C
MU"?3IGE9#97/VA H'S'8Z8/MAS^5+W.:_0:O8I6/B:TFU.YTRZ>&"]AE\H1A
MRP<B)9#AB .C'@\X4GUJ_IVL:?JRN;&Y68)C=@$<'H>1RI[$<'!P3BJ4WAFV
MN)WDDFE*R7C73)Q@DPF$K]-I)]<TWPWX8M_#D4B0R))N5(PPMHHVVKG 8HH+
M'GJ?ZFDU'H&MR"SUO5M5876G:5;-I?FLBRW%V8Y9@K;2ZH$("Y!QE@2.>,U=
M;Q+HL9N0^HPJ+;)E9LA1AMI(/0X8@'&<'@XJM!X;GL)RNGZU=VMBTQE^RB.-
MPN6W,J,RDJI.>.<9XQ5*W\"6%L]T(I@L<K[DQ;1"1,RB4@R!=S#*@<G\S@TU
MRL3OT-4>*]%:6SB%ZIDNY'BA78V2R'# C&5(/KBHAXKT>=8Y8+V"2W.[?-OV
MJJJC.2,CYL!3G'3G/2D?PPHOEO(+Z>*874EP2%5@1(%#)@CIA1@]:B;P=:/H
M=AI+W,Y@LX)( PP&=7B:,YXZX8GCO1[@WS&A>:[I5AO%S>)&R.(RF"6W%"X4
M #))4$X'84_3M:TS5GD73[R.X,:JS;,XVMG!!Z$'!Y&1P1VK/M_#'EWHO+C4
M9[BX\]9RQ15!(A:(# '3#$_6I]%\.PZ*;<Q3R2^18Q6*[P.5C+$'CO\ -].*
M'R]PU,K4!?3>-]L0DDM;:VMYG']HR6ZQYDDRQ101)PHX; XQWJBOQ D33KR\
MELXKA+2XB4I9NS//'*NY#"K*"[>V!D D&NZ\E/,:0(N]@%+;>2!T&?Q/YU5B
MTC3[>598;&UB=3E62%5(X(X('N?SH4EU0-/H0Z3?SW\4,TC6122WCE'V><R$
M%LGTP5QC#=^>.*U*KV]E:VK%K>WAB)&"8XPN0,D#CW)_.IR<5+&A:YWQ+?ZY
M8R:>-*LH9TEN424O/L.#GY<;&P#_ 'NU=%2'ZT)V8SS>\U74E\=)NN9(X([Z
M"V?9=_*@:$,T7D<>8"3GS>HYP,*:EL+J&*RU>RUO4K@-:HEW/=6FJ22++&Y?
M8JG@QL< ;%QG(P3FN[;3[1[Q;QK: W2C:)C&"X'H&ZXJ :-I:6K6RZ;9BW=M
M[1"!0K-ZD8P35N:M:Q/*[F9I<=W)X.MTU:^D2;[/_I%PLP5T Y.7'&X#@MZY
M-<;=WVHC1-/CMKRZF@NKJYDMHY+\P2FW5,QEYR<\'#!3R0PST->CV]IIS6+V
MEM#:_9 6C>&)%\L'/S*5''7J*9_86DBV:V&F60MV?>8A;IM+=-V,8S[T*:3;
M"VAP%GJ]Y<265V=6N9;Q)-/A@M]QC6XBEC0R,T?1B<R-GG'E\$8.>TT2YFFN
M];261G6+4#&@8YVKY49P/;)/YUIFQM3<I<FWA,\:[(Y?+&Y%] >H'M3)9[*Q
M9S+-;P%\R,794W8P"QSU[#/TI2DGHD"C8XVRUV6^\4:E:ZDTT-G-)-9VWE7@
M3R5A&79D!#J6Y;?GIM'&<M0DO-4M/#-O)8SW9.N:B1;M<WA#06VQBH$DF[:[
MJF1G/+^PKT%;&R-S)<BU@\^5=LDGEC<Z^A/4BGSV-K=6QMKBWAFMSC,4D89.
M.G!XHYUV#E..%Q'X@U70)M-N-1@DN$6]N$^V/M2!. I4-M.]\#/<!C7<+G'-
M,C@BC8,D:*0H3*J =HZ#Z#/2I:EN^PT@HHHI#$/->92^+-2#Z_*YDA=UN8['
M;,KBW6W.UF:+&0W)?<<C&T<#&?33T-<_<ZUX:TW6)HYI[2*_D"K.RQ98 ]!(
MP'';&XBJA9=+B>I!X5E;[1J]I%>37MC;7$:V\\TQE;+1JSKO/4 G/7C=CM5O
MQ/-=6&EKJEL\@%A*MQ/&G/FP#(D7'<[22!ZJ*U;6VM[2W6&UMXH(1DA(D"J,
M^PJ5@&4JP!!&"",TFU>X)61YR-1UYFC@:XN0WB?$ED>]BN<LHX^7$&&&?XPU
M:U[XON[2XU2U73,S:8C23%Y2$925$.UL'[P)S_=*'KQ76F-=R':#M^[QT^E9
MFGV-@ESJBK(+F>:X#7?F8)4[5V)C'0+MP/?/4U7-%[K^O^&)L^YA7OBC4D6:
MP%M:17XEFA,K3,(5"1+)D'&=Q#C ]B<\5G^&_$6J1P6\ERR7-K+]BB>2:<B1
M6DM48L!C&-W)Y[D]N>XO+/3YK=UO;>U>%F#.)HU*EN "<\9Z"G);V2-Y*0P*
M5VML"C( &U3CVQ@'V]J?,K6L'*^YR5AXSO-1(MH+:Q>Z:Z6%'$S^44: S!QE
M0QX&.@SUJ_X;\37&MLGVBTAA2>RBO8?+E+D(Y*[6R!SE>U;D.FV%L^Z"RMHF
MSG,<2J<X(!X'H2/Q-2QVL$./*@CCVH$&U0,*.@^GM2O'H@LSA+W6+S0M0U>X
M\\7MR\<\]G)]N9K?9&1F.2(<1LF0,J.><D'BM63Q3J$$FI[K&TDATJU6>Y:"
M=F:0M&S;8QMYY7&2>ASCM6\UIID5Q<2&WM$GGC)G;RU#2)W+'J1]>*EM;:RB
MAS:00)$Z@ PH K+CC&.HP>*.9-;#L<>_CC4T@@3^RHFNIY&$;"4^4ZB,/P>N
MXYP,^A/2MG1M<OM0U6^BGAM(+:%8BB^<3+ET5_F&-N.2,@]JT?[&TG[*;7^S
M++[.S^88OLZ;"WKC&,^]6!8V:S"86L EV>6)/+&[:/X<^GM0Y1Z($GW.3\4)
MXUCU59O#KPR6AB6=XIB/OQYS$OH)05&>VT],UGW]M\1+ 6YTVZBOMMLEQ.)]
MHWSKD/"N.BMN# ]MF,\UTU]JVHR:Q+I>D6EK)+!"DUQ-=3,B+O)VJ JDDG:>
M> /?I4DGB.RL/W.IL;:Z6$S2JD<LD8VJ&?;)L ? YP.<<X%5&<DDK(32N[LY
M34;3XB6$L<>EWD5]%' DSR7& TDVWRVC' PN3YH^F*M:_:>(9QH\,"ZJ\>FW
M<?VJ>WEB5[Q3$<NH)QP^,@XZG K?N?%FBVC.)KML1E][1P22*H0*7)*J1M7>
MN3T&?8X<WBK2%B\UIY@@E\EB;67]VWR_?^7Y =RD,V <C!I<TM/=V"R74Y"Y
MLO&R^'1*MWJLVJ7$LJF))(46V4;_ "SC&6S\N?F].PP;*)X\GN'>.;R(CIYN
M(UG"9%WY6P0MC(V[P9,CU Z5UEKK^G7NHR6$$LAN$,@(:%U4E&VOM8@!L$@'
M!/6J-GXIMY-1N;*Z4QS+?/:6Z1QO(9 JHQ8[0=H^<9)X'K3YY6V"R[G.65EX
MRNET^TEU'4[:"28_:YVCA$L:^2<@,2^?W@X..,\9'2G?Z?XSN9+A6?59;:#5
M8)U>.2*.66 ,VY53)7Y?D.<@''(R#78Z9XHM;J"S%T&@N+HN$58G,9*E^/,V
M[=V$8[2<\=*='XOT6XMA/%<S%28PJ_9)A(^\%DV)MW," 2" 1P?0T^>2>PK+
MN<5'H_C;3)KR316G0WESJ$ABN&B\M-WS0OP/OL<]21GK@5H06?C&ZNH;9;W4
M[/2WO"#-,83=)#Y'.XX9?];]W@D=^U=)H'BBUUF"V3YTO)8%G>)8I"L:MG&7
MVX!(!X)!]JJW7BW[-XUC\/\ V:(J8EE>9I\,JG/S;=N-H8*O+!LNN 1S1S2;
MM;45E:]SC=+U#QCJ'VRYLIM2O(HIKN"4-)"B-LDVQ"(XR'X.XD8QTYQ5;6?#
M_BW6]$6*[L+N>[AM[R!9)7CW.K2Q-'T;^ZI'..178>)?%3>&-1CM;>SLC$UL
M]TR.YC:5MZKM3"D;CNSS^)'6MJ;Q+I\<SV\;L\T<R0R QR!49B@P7"E=W[Q2
M!GG/7@D5[26ZB@LENSCY8/&[0H()=0AL/M<N/,\I[Q8_+786P=I7S-YQG.-N
M>,TS5[KQ1I6DZGJU_JMY"ZSP0VEHB1*LP81;^S;6+;P#DA><!N*ZL>,-+:/S
MC))';*LY=YH)4;]TZJVU2OS#+8X/H "<X8OB:PNM5FTVZA<0R)"(?-MI,.9
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MX6V\L6<V\.REAE-N[! )W8QCO4M[JY@U[2]/CC1TO%FW/NY0HH(X[]:2<M-
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M8B-@ 7.X\$$]0#D9IKG2:N+W7;0ZJ3PIH,VGSV$FE6K6D\QN)8BGRM*3DO\
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M(P1M'-%%9/0L!%&!M"*!C& .U(84+%MBY/4[1DT44(!6B5UVNH9?1AD4X*
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!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>ex0501_logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex0501_logo.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !L +4# 2(  A$! Q$!_\0
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MX\YO^N;?RK(M+P6'A2&X(RRQX4>K$\5)/9ZH+>4MJBLH0Y'V<<C'UK-N0?\
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LDOZ_ ?,B&Q'GM-=L,B5L(#V1>!^?)_&BKD:+%&L:#"J  /045HE9$MW9_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>image_002.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.gif
M1TE&.#EAOP " '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     +     "_  ( @         (@!(*IR^T/HYRTVHNO":?S[X7@*);D
-::;HJK;LZ\;PG!8 .P$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>image_003.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_003.gif
M1TE&.#EAOP " '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
G! $     +    0"_  $ @         (-1(ZIR^T/HYRTVGM! 0 [

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
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M 0$! 0$! 0$!_\  $0@ -P"X P$1  (1 0,1 ?_$ !X   (" P$! 0$
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M4Y4&A<<X5 73L;([3W.]6Y6.8!4=QD+*3Z1=60!UC38]#47;>U<Y16^IB/\
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M4Y./-FWS+>W>W/:/EVK$J]D8.#MEV2<[79Y,3E$0 R;NNRTJT,0X!UE$5BF
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!V0$!

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