<SEC-DOCUMENT>0001144204-18-020281.txt : 20180412
<SEC-HEADER>0001144204-18-020281.hdr.sgml : 20180412
<ACCEPTANCE-DATETIME>20180412160241
ACCESSION NUMBER:		0001144204-18-020281
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20180412
FILED AS OF DATE:		20180412
DATE AS OF CHANGE:		20180412

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DAQO NEW ENERGY CORP.
		CENTRAL INDEX KEY:			0001477641
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34602
		FILM NUMBER:		18752143

	BUSINESS ADDRESS:	
		STREET 1:		666 LONGDU AVENUE
		CITY:			WANZHOU, CHONGQING
		STATE:			F4
		ZIP:			404000
		BUSINESS PHONE:		(86-23) 6486-6666

	MAIL ADDRESS:	
		STREET 1:		666 LONGDU AVENUE
		CITY:			WANZHOU, CHONGQING
		STATE:			F4
		ZIP:			404000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tv490762_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt 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>FORM 6-K</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of April 2018</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-34602</B>&nbsp;</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">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DAQO NEW ENERGY CORP.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;_____________________________&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>666 Longdu Avenue </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Wanzhou, Chongqing 404000 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(+86-23) 6486-6666</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.</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">Form 20-F&nbsp;<FONT STYLE="font-family: Wingdings">&#120;
</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

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

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

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

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

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

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




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">The document attached as exhibits 1.1, 5.1,
8.1, 8.2, 23.1 and 23.2 to this Form 6-K are hereby incorporated by reference into the Registration Statement on Form&nbsp;F-3
of Daqo New Energy Corp. (Registration Number 333-223754).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>DAQO NEW ENERGY CORP.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Ming Yang</P></TD>
    <TD STYLE="vertical-align: bottom">
&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name: Ming Yang</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title: Chief Financial Officer</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: April 12, 2018</P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT INDEX</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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt"></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: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 85%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 1.1</FONT></TD>
    <TD STYLE="padding-right: 24pt"><FONT STYLE="font-size: 10pt">  Underwriting Agreement dated April 12, 2018 between the
    Registrant and the underwriter </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 5.1 </FONT></TD>
    <TD STYLE="padding-right: 24pt"><FONT STYLE="font-size: 10pt">Opinion of Travers Thorp Alberga, the Cayman Islands counsel to the Registrant, regarding the issue of ordinary shares being registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 8.1</FONT></TD>
    <TD STYLE="padding-right: 24pt"><FONT STYLE="font-size: 10pt">Opinion of Travers Thorp Alberga regarding certain Cayman Islands tax matters (included in Exhibit&nbsp;5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 8.2</FONT></TD>
    <TD STYLE="padding-right: 24pt"><FONT STYLE="font-size: 10pt">Opinion of DaHui Lawyers regarding certain PRC tax law matters</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 23.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Travers Thorp Alberga (included in Exhibit 5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 23.2</FONT></TD>
    <TD STYLE="padding-right: 24pt"><FONT STYLE="font-size: 10pt">Consent of Dahui Lawyers</FONT></TD></TR>
</TABLE>


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

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

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



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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tv490762_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.1</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 0; text-align: right"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2,000,000 American Depositary Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>representing 50,000,000 Shares, par value $0.0001 per Share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 66.5pt 0pt 1in; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 66.5pt 0pt 1in; text-align: center; text-indent: -0.1pt"><B>DAQO
NEW ENERGY CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 66.5pt 0pt 1in; text-align: center; text-indent: -0.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 66.5pt 0pt 1in; text-align: center; text-indent: -0.1pt"><B><U>UNDERWRITING AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 0; text-align: right">April 12, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps">Credit
Suisse Securities (USA) LLC</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Eleven Madison Avenue</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">New York, N.Y. 10010-3629</FONT><BR>
United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 9pt; text-indent: -9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As the lead manager (the &ldquo;<B>Lead
Manager</B>&rdquo;), sole bookrunner and representative of the several underwriters named in Schedule A hereto (the &ldquo;<B>Underwriters</B>&rdquo;)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Daqo New Energy Corp.,
an exempted company incorporated in the Cayman Islands (the &ldquo;<B>Company</B>&rdquo;), proposes to issue and sell to the Underwriters
an aggregate of 2,000,000 American Depositary Shares (the &ldquo;<B>ADSs</B>&rdquo;), each representing 25 of the Company&rsquo;s
ordinary shares, par value $0.0001 per share (the &ldquo;<B>Shares</B>&rdquo;), and also proposes to issue and sell to the Underwriters,
at the option of the Underwriters exercisable by the Lead Managers on behalf of the Underwriters, an aggregate of not more than
300,000 additional ADSs (the &ldquo;<B><U>Optional ADSs</U></B>&rdquo;). The above 2,000,000 ADSs (the &ldquo;<B>Firm ADSs</B>&rdquo;)
and all or any part of the Optional ADSs are hereinafter collectively called the &ldquo;<B>Offered ADS</B>s.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Shares represented
by the Offered ADSs are hereinafter called the &ldquo;<B>Offered Shares</B>.&rdquo; Unless the context otherwise requires, each
reference to the Offered ADSs herein also includes the Shares represented by such ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ADSs purchased
by the Underwriters will be issued pursuant to the amended and restated deposit agreement dated October 11, 2016 (the &ldquo;<B>Deposit
Agreement</B>&rdquo;), entered into among the Company, JPMorgan Chase Bank, N.A., as depositary (the &ldquo;<B>Depositary</B>&rdquo;),
and all holders from time to time of the ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration of
the mutual agreements contained herein and the interest of the parties in the transactions contemplated hereby, the parties hereto
agree as follows:</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">Section&nbsp;1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Representations and Warranties of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company represents and warrants to, and agrees with, the Underwriters that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has filed with the Commission a registration statement, on Form F-3 (File No. 333-223754) under the Act covering
the registration of the securities of the Company described therein to be sold by the Company from time to time, including the
Offered ADSs, including a related prospectus or prospectuses (the &ldquo;<B>Base Prospectus</B>&rdquo;). At any particular time,
this initial registration statement, in the form then on file with the Commission, including all information contained in the registration
statement (if any) pursuant to Rule 462(b) and then deemed to be a part of the initial registration statement, and all 430A Information,
all 430B Information and all 430C Information, that in any case has not then been superseded or modified, shall be referred to
as the &ldquo;<B>Initial Registration Statement</B>.&rdquo; The Company may also have filed, or may file with the Commission, a
Rule 462(b) registration statement covering the registration of the Offered ADSs. At any particular time, this Rule 462(b) registration
statement, in the form then on file with the Commission, including the contents of the Initial Registration Statement incorporated
by reference therein and including all 430A Information, all 430B Information and all 430C Information, that in any case has not
then been superseded or modified, shall be referred to as the &ldquo;<B>Additional Registration Statement</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the time of execution and delivery
of this Agreement, the Initial Registration Statement has been declared effective under the Act and is not proposed to be amended.
Any Additional Registration Statement has or will become effective upon filing with the Commission pursuant to Rule 462(b) and
is not proposed to be amended. The Offered ADSs all have been or will be duly registered under the Act pursuant to the Initial
Registration Statement and, if applicable, the Additional Registration Statement. No order preventing or suspending the use of
any Statutory Prospectus or any Issuer Free Writing Prospectus has been issued by the Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
Agreement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>430A Information</B>&rdquo;,
with respect to any registration statement, means information included in a prospectus and retroactively deemed to be a part of
such registration statement pursuant to Rule 430A(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>430B Information</B>&rdquo;,
with respect to any registration statement, means information included in a prospectus then deemed to be a part of such registration
statement pursuant to Rule 430B(e) or retroactively deemed to be a part of such registration statement pursuant to Rule 430B(f).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>430C Information</B>&rdquo;,
with respect to any registration statement, means information included in a prospectus then deemed to be a part of such registration
statement pursuant to Rule 430C.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Act</B>&rdquo;
means the United States Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Applicable
Time</B>&rdquo; means 8:25 A.M. (New York time) on the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Closing Date</B>&rdquo;
has the meaning defined in Section&nbsp;2 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Commission</B>&rdquo;
means the United States Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Effective
Time</B>&rdquo; with respect to the Initial Registration Statement or, if filed prior to the execution and delivery of this Agreement,
the Additional Registration Statement, means the date and time as of which such Registration Statement was declared effective by
the Commission or has become effective upon filing pursuant to Rule 462(b). If an Additional Registration Statement has not been
filed prior to the execution and delivery of this Agreement but the Company has advised the Underwriters that it proposes to file
one, &ldquo;Effective Time&rdquo; with respect to such Additional Registration Statement means the date and time as of which such
Registration Statement is filed and becomes effective pursuant to Rule 462(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Exchange
Act</B>&rdquo; means the United States Securities Exchange Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Final Prospectus</B>&rdquo;
means the Statutory Prospectus that discloses the public offering price, other 430B Information and other final terms of the Offered
ADSs and otherwise satisfies Section&nbsp;10 of the Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>General Use
Issuer Free Writing Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is intended for general distribution to
prospective investors, as evidenced by its being so specified in Schedule B to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Issuer Free
Writing Prospectus</B>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433, relating to the Offered
ADSs in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the
Company&rsquo;s records pursuant to Rule 433(g).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Limited Use
Issuer Free Writing Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is not a General Use Issuer Free Writing
Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Initial Registration
Statement and the Additional Registration Statement are referred to collectively as the &ldquo;Registration Statements&rdquo; and
individually as a &ldquo;Registration Statement.&rdquo; A &ldquo;Registration Statement&rdquo; with reference to a particular time
means the Initial Registration Statement and any Additional Registration Statement as of such time. A &ldquo;Registration Statement&rdquo;
without reference to a time means such Registration Statement as of its Effective Time. For purposes of the foregoing definitions,
430A Information or 430B Information with respect to a Registration Statement shall be considered to be included in such Registration
Statement as of the time specified in Rule 430A or Rule 430B.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Rules and
Regulations</B>&rdquo; means the rules and regulations of the Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Securities
Laws</B>&rdquo; means, collectively, the Sarbanes-Oxley Act of 2002 (&ldquo;Sarbanes-Oxley&rdquo;), the Act, the Exchange Act,
the Rules and Regulations, the auditing principles, rules, standards and practices applicable to auditors of &ldquo;issuers&rdquo;
(as defined in Sarbanes-Oxley) promulgated or approved by the Public Company Accounting Oversight Board and, as applicable, the
rules of the New York Stock Exchange (&ldquo;<B>Exchange Rules</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Statutory
Prospectus</B>&rdquo; with reference to a particular time means the prospectus included in a Registration Statement immediately
prior to that time, including any 430A Information, 430B Information or 430C Information with respect to such Registration Statement.
For purposes of the foregoing definition, 430A Information and 430B Information shall be considered to be included in the Statutory
Prospectus only as of the actual time that form of prospectus (including a prospectus supplement) is filed with the Commission
pursuant to Rule 424(b) or Rule 462(c) and not retroactively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Time of Sale
Prospectus</B>&rdquo; means, the Base Prospectus, as supplemented by the preliminary prospectus supplement specifically relating
to the Offered ADSs dated April 11, 2018 (together with the Base Prospectus, the &ldquo;<B>Preliminary Prospectus</B>&rdquo;),
together with the documents and pricing information set forth in Schedule B hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used herein, the
terms &ldquo;<B>Registration Statement</B>,&rdquo; &ldquo;<B>Preliminary Prospectus</B>,&rdquo; &ldquo;<B>Time of Sale Prospectus</B>&rdquo;
and &ldquo;<B>Final Prospectus</B>&rdquo; shall be deemed to include the documents incorporated by reference therein as of the
Effective Time of the Registration Statement or the date of the Preliminary Prospectus, the date hereof or the date of the Final
Prospectus, as the case may be. The terms &ldquo;<B>supplement</B>,&rdquo; &ldquo;<B>amendment</B>,&rdquo; and &ldquo;<B>amend</B>&rdquo;
as used herein with respect to the Registration Statement, the Preliminary Prospectus, the Time of Sale Prospectus and the Final
Prospectus shall include all documents subsequently filed by the Company with the Commission pursuant to the Exchange Act that
are deemed to be incorporated by reference therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified,
a reference to a &ldquo;<B>rule</B>&rdquo; is to the indicated rule under the Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(A) (x) At their respective Effective Times, (y) on the date of this Agreement and (z) on each Closing Date, each of the
Initial Registration Statement and the Additional Registration Statement (if any) conformed and will conform in all material respects
to the requirements of the Act and the Rules and Regulations and did not and will not include any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading,
and (B) on its date, at the time of filing of the Final Prospectus pursuant to Rule 424(b) or (if no such filing is required) at
the Effective Time of the Additional Registration Statement in which the Final Prospectus is included, and on each Closing Date,
the Final Prospectus will conform in all material respects to the requirements of the Act and the Rules and Regulations and will
not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading. The preceding sentence
does not apply to statements in or omissions from any such document based upon written information furnished to the Company by
the Underwriters specifically for use therein, it being understood and agreed that the only such information is that described
as such in Section&nbsp;7(b) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A registration statement on Form F-6 (File No. 333-164310) in respect of the Offered ADSs has been filed with the Commission;
such registration statement in the form then on file with the Commission has been declared effective by the Commission in such
form and is not proposed to be amended; no stop order suspending the effectiveness of such registration statement has been issued
and no proceeding for that purpose has been initiated or, to the Company&rsquo;s knowledge, threatened by the Commission (the various
parts of such registration statement, including all exhibits thereto, each as amended at the time such part of the registration
statement became effective, being hereinafter called the &ldquo;<B>ADS Registration Statement</B>&rdquo;); and the ADS Registration
Statement when it became effective conformed, and any further amendments thereto will conform, in all material respects to the
requirements of the Act and the Rules and Regulations, and did not, as of the applicable effective date, contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(A) At the time of the initial filing of the Initial Registration Statement and (B) at the date of this Agreement, the Company
was not and is not an &ldquo;ineligible issuer,&rdquo; as defined in Rule 405, including (x) the Company or any Subsidiary in the
preceding three years not having been convicted of a felony or misdemeanor or having been made the subject of a judicial or administrative
decree or order as described in Rule 405 and (y) the Company in the preceding three years not having been the subject of a bankruptcy
petition or insolvency or similar proceeding, not having had a registration statement be the subject of a proceeding under Section&nbsp;8
of the Act and not being the subject of a proceeding under Section&nbsp;8A of the Act in connection with the offering of the Offered
ADSs, all as described in Rule 405.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As of the Applicable Time, neither the Time of Sale Prospectus nor any individual Limited Use Issuer Free Writing Prospectus
specified in Schedule C to this Agreement, when considered together with the Time of Sale Prospectus, included any untrue statement
of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from
any Statutory Prospectus or any Issuer Free Writing Prospectus in reliance upon and in conformity with written information furnished
to the Company by the Underwriters specifically for use therein, it being understood and agreed that the only such information
furnished by the Underwriters consists of the information described as such in Section&nbsp;7(b) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the public
offer and sale of the Offered ADSs or until any earlier date that the Company notified or notifies the Underwriters as described
in the next sentence, did not, does not and will not include any information that conflicted, conflicts or will conflict with the
information then contained in the Registration Statement. If at any time following issuance of an Issuer Free Writing Prospectus
there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict
with the information then contained in the Registration Statement or as a result of which such Issuer Free Writing Prospectus,
if republished immediately following such event or development, would include an untrue statement of a material fact or omitted
or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, (A) the Company has promptly notified or will promptly notify the Underwriters and (B)&nbsp;the
Company has promptly amended or will promptly amend or supplement such Issuer Free Writing Prospectus to eliminate or correct such
conflict, untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has been duly incorporated and is a validly existing exempted company in good standing under the laws of the
Cayman Islands, with power and authority (corporate and other) to own its properties and conduct its business in the manner as
described in the Time of Sale Prospectus and the Final Prospectus; and the Company is duly qualified to do business as a foreign
corporation in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business
requires such qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the subsidiaries (collectively, the &ldquo;<B>Subsidiaries</B>&rdquo;, and each a &ldquo;<B>Subsidiary</B>&rdquo;)
of the Company, as listed in Annex A hereto, has been duly incorporated and is validly existing and in good standing under the
laws of the jurisdiction of its incorporation, with power and authority (corporate and other) to own its properties and conduct
its business as described in the Time of Sale Prospectus and the Final Prospectus; and each of the Subsidiaries is duly qualified
to do business as a foreign corporation in good standing in all other jurisdictions in which its ownership or lease of property
or the conduct of its business requires such qualification; except where the failure to be so qualified would not, individually
or in the aggregate, result in a material adverse effect on the condition (financial or otherwise), results of operations, business,
properties or prospects of the Company or the Subsidiaries taken as a whole (the occurrence of any such effect being referred to
as a &ldquo;<B>Material Adverse Effect</B>&rdquo;); all of the issued and outstanding share capital or equity interests, as the
case may be, of each of the Subsidiaries has been duly authorized and validly issued and is fully paid, or has been granted extensions
of the deadlines of such payments, as the case may be, and non-assessable; the share capital or equity interests, as the case may
be, of each Subsidiary owned by the Company, to the extent shown in Annex A hereto, directly or through Subsidiaries, is owned
free from liens, encumbrances and defects; and none of the outstanding share capital of or equity interest in any Subsidiary was
issued in violation of pre-emptive or similar rights of any security holder of such Subsidiary. The memorandum and articles of
association or other constitutive or organizational documents of each of the Company and the Subsidiaries comply with the requirement
of applicable law in its respective jurisdiction of incorporation and are in full force and effect. As of the date of this Agreement,
except for the Subsidiaries, the Company does not own or control, directly or indirectly, any equity or other ownership interest
in any corporation, partnership, joint venture or any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Offered ADSs and the underlying Offered Shares to be sold by the Company, when issued and delivered against payment
heretofore pursuant to this Agreement, will not be subject to any security interest, other encumbrance or adverse claims, and have
been issued in compliance with all applicable securities laws. Upon payment of the purchase price in accordance with this Agreement
at each Closing Date, the Depositary or its nominee, as the registered holder of the Offered Shares represented by the Offered
ADSs, will be, subject to the terms of the Deposit Agreement, entitled to all the rights of a shareholder conferred by the memorandum
and articles of association of the Company; except as disclosed in the Time of Sale Prospectus and the Final Prospectus and subject
to the terms and provisions of the Deposit Agreement, there are no restrictions on transfers of the Offered Shares or the Offered
ADSs under the laws of the Cayman Islands, the People&rsquo;s Republic of China (the &ldquo;<B>PRC</B>&rdquo;) or the United States,
as the case may be. The Offered Shares represented by the Offered ADSs may be freely deposited by the Company with the Depositary
or its nominee against issuance of the Offered ADSs as contemplated by the Deposit Agreement. There are no outstanding securities
convertible into or exchangeable for, or warrants, rights or options to purchase from the Company, or obligations of the Company
to issue, Shares or any other class of share capital of the Company except pursuant to the terms of the Company&rsquo;s 2009 Share
Incentive Plan and 2014 Share Incentive Plan, each as described in the Time of Sale Prospectus and the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Offered Shares represented by the Offered ADSs and all other outstanding shares of share capital of the Company have
been duly authorized; the authorized equity capitalization of the Company is as set forth in the Time of Sale Prospectus and the
Final Prospectus; all outstanding shares of share capital of the Company are, and, when the Offered ADSs have been delivered and
paid for in accordance with this Agreement on each Closing Date, such Offered ADSs, including the Offered Shares represented thereby,
will have been, validly issued, fully paid and nonassessable, and conform to the information in the Time of Sale Prospectus and
to the description of such Offered ADSs and the Offered Shares contained in the Final Prospectus; the shareholders of the Company
have no preemptive rights with respect to the Shares; none of the outstanding shares of share capital of the Company have been
issued in violation of any preemptive or similar rights of any security holder; neither the filing of the Registration Statement
or the ADS Registration Statement, nor the offering or sale of the Offered ADSs and the Offered Shares as contemplated by this
Agreement gives rise to any rights, other than those which have been waived or satisfied, for or relating to the registration of
any Shares. The form of certificates for the Shares conforms to the corporate law of the Cayman Islands and to any requirements
of the memorandum and articles of association or other constitutive or organizational documents of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Deposit Agreement has been duly authorized and is a legal, valid and binding agreement of the Company enforceable against
the Company in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors&rsquo; rights; upon due issuance by the Depositary of the Offered ADSs against
the deposit of the Offered Shares in respect thereof in accordance with the Deposit Agreement, such ADSs will be duly and validly
issued and the holders thereof will be entitled to the rights specified therein and in the Deposit Agreement; and the Deposit Agreement
and the ADSs conform in all material respects to the descriptions thereof contained in the Time of Sale Prospectus as of the Applicable
Time and the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no contracts, agreements or understandings between the Company and any person that would give rise to a valid
claim against the Company or the Underwriters for a brokerage commission, finder&rsquo;s fee or other like payment in connection
with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xiii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as disclosed in the Time of Sale Prospectus and the Final Prospectus, there are no contracts, agreements or understandings
between the Company and any person granting such person the right to require the Company to file a registration statement under
the Act with respect to any securities of the Company owned or to be owned by such person or to require the Company to include
such securities in the securities registered pursuant to a Registration Statement or in any securities being registered pursuant
to any other registration statement filed by the Company under the Act (collectively, &ldquo;<B>Registration Rights</B>&rdquo;),
and any person to whom the Company has granted Registration Rights has agreed not to exercise such rights until after the expiration
of the Lock-Up Period referred to in Section&nbsp;4 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xiv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Offered ADSs have been approved for listing on The New York Stock Exchange, Inc. (the &ldquo;<B>NYSE</B>&rdquo;), subject
to notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No consent, approval, authorization, or order of, clearance by, or filing or registration with, any person (including any
governmental agency or body or any court or any stock exchange) is required to be obtained or made by the Company for the consummation
of the transactions contemplated by this Agreement or the Deposit Agreement in connection with the issuance and sale of the Offered
ADSs by the Company, including the deposit of any Offered Shares represented by the Offered ADSs with the Depositary and the issuance
of the ADSs and the listing of the ADSs on the NYSE; and a filing with the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;)
is not required because the Company is eligible for Form F-3 registration statement based on the eligibility requirements for such
form prior to October 21, 1992.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xvi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Company and the Subsidiaries has good and marketable title to all real properties and all other properties and
assets owned by them, in each case free from and clear of all liens, charges, encumbrances, defects, claims, options or restrictions
that would materially affect the value thereof or materially interfere with the use made or to be made thereof by them; and the
Company and each of the Subsidiaries hold any leased real or personal property under valid and enforceable leases with no terms
or provisions that would materially interfere with the use made or to be made thereof by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xvii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The execution, delivery and performance of this Agreement and the Deposit Agreement, the consummation of the transactions
contemplated herein, the fulfillment of the terms thereof and hereof, and the issuance and sale of the Offered ADSs, including
the deposit of any Offered Shares represented by the ADSs with the Depositary and the issuance of the ADSs and the listing of the
ADSs on the NYSE, do not and will not result in a breach or violation of any of the terms and provisions of, or constitute a default
or a Debt Repayment Triggering Event (as defined below) under, or result in the imposition of any lien, charge or encumbrance upon
any property or assets of the Company or any of the Subsidiaries, the charter or by-laws of the Company or any of the Subsidiaries,
any statute, rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction
over the Company or any of the Subsidiaries or any of their properties, or any agreement or instrument to which the Company or
any of the Subsidiaries is a party or by which the Company or any of the Subsidiaries is bound or to which any of the properties
of the Company or any of the Subsidiaries is subject; a &ldquo;<B>Debt Repayment Triggering Event</B>&rdquo; means any event or
condition that gives, or with the giving of notice or lapse of time would give, the holder of any note, debenture, or other evidence
of indebtedness (or any person acting on such holder&rsquo;s behalf) the right to require the repurchase, redemption or repayment
of all or a portion of such indebtedness by the Company or any of the Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xviii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of the Subsidiaries is (or with the giving of notice or lapse of time would be in default) (A)
in violation of its respective charter, by-laws or other organizational documents or (B) in violation of any law, order, rule or
regulation, judgment, order, writ or decree applicable to the Company, any of the Subsidiaries of any court, stock exchange or
any government, regulatory body, administrative agency or other governmental body having jurisdiction, or (C) in default under
any existing obligation, agreement, covenant or condition contained in any indenture, loan agreement, mortgage, lease or other
agreement or instrument to which any of them is a party or by which any of them is bound or to which any of the properties of any
of them is subject, except such defaults that would not, individually or in the aggregate, result in a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement has been duly authorized, executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xx)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and its Subsidiaries possess, and are in compliance with the terms of, all adequate certificates, authorizations,
franchises, licenses and permits (the &ldquo;<B>Licenses</B>&rdquo;) necessary or material to the conduct of the business now conducted
or proposed in the Time of Sale Prospectus and the Final Prospectus to be conducted by them and have not received any notice of
proceedings relating to the revocation or modification of any License that, if determined adversely to the Company or any of the
Subsidiaries, would individually or in the aggregate have a Material Adverse Effect. All of the Licenses possessed by the Company
and the Subsidiaries are valid and in full force and effect, and none of the Licenses contains any materially burdensome restriction
or condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No labor dispute with the employees of the Company or any of the Subsidiaries that could have a Material Adverse Effect
exists or, to the knowledge of the Company, is imminent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and its Subsidiaries own, possess or can acquire on reasonable terms sufficient trademarks, trade names, patent
rights, copyrights, domain names, licenses, approvals, trade secrets, inventions, technology, know-how and other intellectual property
(collectively, &ldquo;<B>Intellectual Property Rights</B>&rdquo;) necessary or material to the conduct of the business now conducted
or proposed in the Time of Sale Prospectus and the Final Prospectus to be conducted by them, and the expected expiration of any
such Intellectual Property Rights would not, individually or in the aggregate, have a Material Adverse Effect. There are no rights
of third parties to any of the Intellectual Property Rights owned by the Company or its Subsidiaries; there is no material infringement,
misappropriation breach, default or other violation, or the occurrence of any event that with notice or the passage of time would
constitute any of the foregoing, by the Company or its Subsidiaries or third parties of any of the Intellectual Property Rights
of the Company or its Subsidiaries; there is no pending or, to the best knowledge of the Company after due inquiry, threatened
action, suit, proceeding or claim by others challenging the Company&rsquo;s or any Subsidiary&rsquo;s rights in or to, or the violation
of any of the terms of, any of their Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable
basis for any such claim; there is no pending or, to the best knowledge of the Company after due inquiry, threatened action, suit,
proceeding or claim by others challenging the validity, enforceability or scope of any such Intellectual Property Rights, and the
Company is unaware of any facts which would form a reasonable basis for any such claim; there is no pending or threatened action,
suit, proceeding or claim by others that the Company or any Subsidiary infringes, misappropriates or otherwise violates or conflicts
with any Intellectual Property Rights or other proprietary rights of others and the Company is unaware of any other fact which
would form a reasonable basis for any such claim; and none of the Intellectual Property Rights used by the Company or its Subsidiaries
in their businesses has been obtained or is being used by the Company or its Subsidiaries in violation of any contractual obligation
binding on the Company or any of its Subsidiaries in violation of the rights of any persons, and which infringement or conflict
(if the subject of any unfavorable decision, ruling or finding) or invalidity or inadequacy, individually or in the aggregate,
would result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxiii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of the Subsidiaries is in violation of any statute, rule, regulation, decision or order of any
governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances
or relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances (collectively,
&ldquo;<B>Environmental Laws</B>&rdquo;), owns or operates any real property contaminated with any substance that is subject to
any Environmental Laws, is liable for any off-site disposal or contamination pursuant to any Environmental Laws, or is subject
to any claim relating to any Environmental Laws, which violation contamination, liability or claim would individually or in the
aggregate have a Material Adverse Effect; and the Company is not aware of any pending investigation which might lead to such a
claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxiv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as disclosed in the Time of Sale Prospectus and the Final Prospectus, no stamp or other issuance or transfer taxes
or duties and no capital gains, income, withholding or other taxes are payable by or on behalf of the Underwriters to the PRC or
the Cayman Islands or any political subdivision or taxing authority thereof or therein in connection with (A) the issuance of the
Offered Shares, (B) the deposit by the Company of the Offered Shares with the Depositary, the issuance of the Offered ADSs and
the delivery of the Offered ADSs to or for the account of the Underwriters, (C) the purchase from the Company and the sale and
delivery of the Offered ADSs by the Underwriters to the initial purchasers as part of the Underwriters&rsquo; distribution of the
Offered ADSs as contemplated hereunder; or (D) the execution and delivery of this Agreement or the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Company and the Subsidiaries has filed on a timely basis all required tax returns, reports and filings or have
been granted extensions thereof. Such returns, reports or filings are correct and on a proper basis in all material respects and
are not the subject of any disputes with revenue or other authorities other than these disputes which if determined adversely to
the Company or the Subsidiaries, would not have a Material Adverse Effect. The Company and each of the Subsidiaries have paid all
taxes (including any assessments, fines or penalties) required to be paid by them and have no knowledge of any tax deficiency which
might be assessed against any of them, except as would not have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxvi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The statements in the Time of Sale Prospectus and the Final Prospectus under the headings &ldquo;Description of Share Capital&rdquo;
and &ldquo;Description of American Depositary Shares&rdquo; insofar as they purport to constitute a summary of the terms of the
Shares and the ADSs, respectively, and under the headings &ldquo;Risk Factors,&rdquo; &ldquo;Enforceability of Civil Liabilities,&rdquo;
&ldquo;Taxation&rdquo; and &ldquo;Underwriting&rdquo; and the statements in the section entitled &ldquo;Item 4. Information on
the Company&mdash;B. Business Overview&mdash;Regulation&rdquo; in the Company&rsquo;s annual report on Form 20-F for the year ended
December 31, 2017 filed with the Commission on March 16, 2018 (the &ldquo;<B>2017 Annual Report</B>&rdquo;) incorporated by reference
in the Time of Sale Prospectus insofar as such statements summarize legal matters, agreements, documents or proceedings discussed
therein, are accurate and fair summaries of such matters described therein in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxvii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The section entitled &ldquo;Item 5. Operating and Financial Review and Prospects&mdash;A. Operating Results&mdash;Critical
Accounting Policies&rdquo; in the Company&rsquo;s 2017 Annual Report incorporated by reference in the Time of Sale Prospectus accurately
and fully describes (A)&nbsp;accounting policies which the Company believes are the most important in the portrayal of the financial
condition and results of operations of the Company and its Subsidiaries on a consolidated basis and which require management&rsquo;s
most difficult, subjective or complex judgments (&ldquo;<B>Critical Accounting Policies</B>&rdquo;); (B)&nbsp;judgments and uncertainties
affecting the application of Critical Accounting Policies; and (C)&nbsp;explanation of the likelihood that materially different
amounts would be reported under different conditions or using different assumptions. The Company&rsquo;s senior management have
reviewed and agreed with the selection, application and disclosure of Critical Accounting Policies. The section entitled &ldquo;Item
5. Operating and Financial Review and Prospects&rdquo; in the Company&rsquo;s 2017 Annual Report incorporated by reference in the
Time of Sale Prospectus, as supplemented by the statements under the heading &ldquo;Prospectus Supplement Summary&rdquo; in the
Time of Sale Prospectus, accurately and fully describes all material trends, demands, commitments, events, uncertainties and risks,
and the potential effects thereof, that the Company believes would materially affect liquidity and are reasonably likely to occur.
Neither the Company nor any of the Subsidiaries is engaged in any transaction with, or has any obligation to, its unconsolidated
entities (if any) that is contractually limited to narrow activities that facilitate the transfer of or access to assets by the
Company or any of the Subsidiaries, including, without limitation, structured finance entities and special purpose entities, or
otherwise engage in, or have any obligation under, any off-balance sheet transaction or arrangement. As used herein, the phrase
&ldquo;reasonably likely&rdquo; refers to a disclosure threshold lower than &ldquo;more likely than not.&rdquo; Except as disclosed
in the Time of Sale Prospectus, there are no outstanding guarantees or other contingent obligations of the Company or the Subsidiaries
that could reasonably be expected to have a Material Adverse Effect. All governmental tax waivers from national and local governments
of the PRC and other local and national PRC tax relief, concession and preferential treatment claimed or obtained by the Company
or the Subsidiaries are valid, binding and enforceable, subject to the risks and uncertainties disclosed in the Time of Sale Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxviii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of its affiliates has taken, directly or indirectly, any action that is designed to or that
has constituted or that would reasonably be expected to cause or result in the stabilization or manipulation of the price of any
security of the Company to facilitate the sale or resale of the Offered ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any third-party statistical, industry-related and market-related data included in a Registration Statement, or the Time
of Sale Prospectus or the Final Prospectus are based on or derived from sources that the Company believes to be reliable and accurate,
and the Company has obtained the written consents to the use of such data from such sources to the extent required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxx)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and its Subsidiaries carry, or are covered by, insurance in such amounts and covering such risks as is adequate
for the conduct of their respective businesses and the value of their respective properties, if applicable, and as is customary
for companies engaged in similar businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of its Subsidiaries nor any of their respective directors or officers, nor, to the Company&rsquo;s
best knowledge after due inquiry, any of their respective employees, affiliates, agents, or representatives, has (i) used any funds
for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken
an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign
or domestic government official or employee, including of any government-owned or controlled entity or of a public international
organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or
party official or candidate for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices
Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public
Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, or
any other applicable anti-bribery or anti-corruption laws; or (iv) made, offered, agreed, requested or taken an act in furtherance
of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback
or other unlawful or improper payment or benefit. The Company and its Subsidiaries have instituted, maintain and enforce, and will
continue to maintain and enforce policies and procedures designed to promote and ensure compliance with all applicable anti-bribery
and anti-corruption laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable
financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, the applicable money laundering statutes of all jurisdictions where the Company or any of its Subsidiaries conduct
business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered
or enforced by any governmental agency (collectively, the &ldquo;<B>Anti-Money Laundering Laws</B>&rdquo;), and no action, suit
or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of
its Subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Company after due inquiry,
threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxiii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of its Subsidiaries nor any of their respective directors or officers, nor, to the best knowledge
of the Company after due inquiry, any of their respective employees, affiliates, agents, or representatives, is or is controlled
by a person that is currently the subject or the target of any sanctions administered or enforced by the U.S. government, (including,
without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State
and including, without limitation, the designation as a &ldquo;specially designated national&rdquo; or &ldquo;blocked person&rdquo;),
the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, the Swiss State Secretariat for Economic
Affairs or the Swiss Directorate of International Law, or any other relevant sanctions authority (collectively, &ldquo;<B>Sanctions</B>&rdquo;),
nor is the Company or any of its Subsidiaries located, organized or resident in a country or territory that is the subject or the
target of Sanctions, including, without limitation, Crimea, Cuba, Iran, North Korea, Sudan and Syria (each, a &ldquo;<B>Sanctioned
Country</B>&rdquo;); and the Company will not directly or indirectly use the proceeds of the offering of the Offered ADSs hereunder,
or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity
i) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the
subject or the target of Sanctions, ii) to fund or facilitate any activities of or business in any Sanctioned Country or iii) in
any other manner that will result in a violation by any person (including any person participating in the transactions hereunder,
whether as Underwriters, advisor, investor or otherwise) of Sanctions; furthermore, the Company and its Subsidiaries have not for
the past five years knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions
or undertakes any material business with any person that at the time of the dealing or transaction is or was the subject or the
target of Sanctions or within any Sanctioned Country.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxiv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set forth in the Time of Sale Prospectus and the Final Prospectus, (i) to the extent applicable, the Company,
the Subsidiaries and the Company&rsquo;s Board of Directors (the &ldquo;<B>Board</B>&rdquo;) are in compliance with Sarbanes-Oxley
and all applicable Exchange Rules; (ii) the Company has adopted, or upon consummation of the offering of the Offered ADSs will
adopt, corporate governance guidelines; (iii) the Company maintains a system of internal controls, including but not limited to
&ldquo;disclosure controls and procedures&rdquo; and &ldquo;internal control over accounting matters and financial reporting,&rdquo;
each as defined in Rules 13a-15 and 15d-15 under the Exchange Act, an internal audit function and legal and regulatory compliance
controls (collectively, &ldquo;<B>Internal Controls</B>&rdquo;). The disclosure controls and procedures are designed to ensure
that material information relating to the Company, including the Subsidiaries, is made known to the Company&rsquo;s chief executive
officer and chief financial officer by others within those entities, and such disclosure controls and procedures are effective.
Except as disclosed in the Time of Sale Prospectus and the Final Prospectus, the Internal Controls are sufficient to provide reasonable
assurances that (i)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific authorizations, (ii)
transactions are recorded as necessary to permit preparation of financial statements in conformity with the generally accepted
accounting principles in the United States (&ldquo;<B>US GAAP</B>&rdquo;) and to maintain accountability for assets, (iii) access
to assets is permitted only in accordance with management&rsquo;s general or specific authorization, (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences,
and (v)&nbsp;the Company has made and kept books, records and accounts which, in reasonable detail, accurately and fairly reflect
in all material respects the transactions and dispositions of assets of such entity. Except as disclosed in the Time of Sale Prospectus
and the Final Prospectus, since the date of the most recent evaluation of the Internal Controls, there have been no significant
changes in the Internal Controls or in other factors that could significantly affect the Internal Controls, including any corrective
actions with regard to significant deficiencies and material weaknesses. The Internal Controls are, or upon consummation of the
offering of the Offered ADSs will be, overseen by the Audit Committee (the &ldquo;<B>Audit Committee</B>&rdquo;) of the Board in
accordance with Exchange Rules. Except as disclosed in the Time of Sale Prospectus and the Final Prospectus, (A) there has not
been any significant deficiency, material weakness, adverse change in Internal Controls or fraud involving management or other
employees who have a significant role in Internal Controls (each, an &ldquo;<B>Internal Control Event</B>&rdquo;), any violation
of, or failure to comply with, the Securities Laws, or any matter which, if determined adversely, would have a Material Adverse
Effect, and (B) within the next 135 days, the Company does not reasonably expect to publicly disclose or report to the Audit Committee
or the Board an Internal Control Event, any violation of, or failure to comply with, the Securities Laws, or any matter which,
if determined adversely, would have a Material Adverse Effect. The Company has taken all necessary actions to ensure that, upon
and at all times after the filing of the Initial Registration Statement, the Company and the Subsidiaries and their respective
officers and directors, in their capacities as such, will be in compliance in all material respects with the applicable provisions
of Sarbanes-Oxley.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board is not reviewing or investigating, and neither the Company&rsquo;s independent auditors nor its internal auditors
have recommended that the Board review or investigate, (i) adding to, deleting, changing the application of, or changing the Company&rsquo;s
disclosure with respect to, any of the Company&rsquo;s material accounting policies; (ii) any matter which could result in a restatement
of the Company&rsquo;s financial statements for any annual or interim period during the current or prior three fiscal years; or
(iii) any Internal Control Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxvi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no pending actions, suits or proceedings (including any inquiries or investigations by any court or governmental
agency or body, domestic or foreign) against or affecting the Company, any of the Subsidiaries or any of their respective properties
that, if determined adversely to the Company or any of the Subsidiaries, would individually or in the aggregate have a Material
Adverse Effect, or would materially and adversely affect the ability of the Company to perform its obligations under this Agreement
or the Deposit Agreement, or which are otherwise material in the context of the sale of the Offered ADSs; and no such actions,
suits or proceedings (including any inquiries or investigations by any court or governmental agency or body, domestic or foreign)
are, to the Company&rsquo;s knowledge, threatened or contemplated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxvii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The consolidated financial statements (including the notes thereto) included in each Registration Statement, the Time of
Sale Prospectus and the Final Prospectus present fairly the financial position of the Company and its consolidated Subsidiaries
and Daqo New Material Co., Ltd. (the &ldquo;<B>Former Variable Interest Entity</B>&rdquo;) as of the dates shown and their results
of operations and cash flows for the periods shown, and such financial statements have been prepared in conformity with US GAAP
applied on a consistent basis. The other financial and statistical data relating to the Company set forth in the Time of Sale Prospectus
and each Registration Statement are accurately presented and prepared based on the books and records of the Company. There is no
financial statement or schedule (historical or pro forma) that is required to be included in the Time of Sale Prospectus or any
Registration Statement that is not included as required, and the Company, the Subsidiaries and the Former Variable Interest Entity
do not have any material liability or obligation, direct or contingent (including any off-balance sheet obligation), not disclosed
in the Time of Sale Prospectus and each Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxviii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Deloitte Touche Tohmatsu Certified Public Accountants LLP, who has audited the financial statements included or incorporated
by reference in each of the Registration Statement, the Time of Sale Prospectus and the Final Prospectus, is an independent registered
public accounting firm as required by the Act, the Rules and Regulations and the Public Company Accounting Oversight Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as disclosed in the Time of Sale Prospectus, (i) since the end of the period covered by the latest audited financial
statements included in the Time of Sale Prospectus, there has been no change, nor any development or event involving a prospective
change, in the condition (financial or otherwise), results of operations, business, properties or prospects of the Company and
the Subsidiaries, taken as a whole, that is material and adverse, (ii) since the end of the period covered by the latest audited
financial statements included in the Time of Sale Prospectus, there has been no dividend or distribution of any kind declared,
paid or made by the Company on any class of its share capital, (iii)&nbsp;there has been no material adverse change in the share
capital, short-term indebtedness, long-term indebtedness, net current assets or net assets of the Company and the Subsidiaries
on a consolidated basis, as compared with the end of the period covered by the latest audited financial statements included in
the Time of Sale Prospectus, and (iv) there has been no material adverse change in the gross profit and net income for the two
months ended February 28, 2018, as compared with the corresponding period in the preceding year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xl)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company is not and, after giving effect to the offering and sale of the Offered ADSs and the application of the proceeds
thereof as described in the Time of Sale Prospectus and the Final Prospectus, will not be an &ldquo;investment company&rdquo; as
defined in the Investment Company Act of 1940, as amended (the &ldquo;<B>Investment Company Act</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xli)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on the Company&rsquo;s current projected income, assets and activities, the Company does not expect to be classified
as a &ldquo;passive foreign investment company&rdquo; (&ldquo;<B>PFIC</B>&rdquo;) as defined in Section&nbsp;1297 of the United
States Internal Revenue Code of 1986, as amended, for the current taxable year or any subsequent taxable year. The Company has
no plan or intention to take any action that would be reasonably expected to result in the Company becoming a PFIC in the future
under current laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xlii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Under current laws and regulations of the Cayman Islands and any political subdivision thereof, all dividends and other
distributions declared and payable on the share capital of the Company may be paid by the Company to the holder thereof in U.S.
dollars and all such payments made to holders thereof who are non-residents of the Cayman Islands will not be subject to income,
withholding or other taxes under laws and regulations of the Cayman Islands or any political subdivision or taxing authority thereof
or therein and are otherwise free and clear of any other tax, duty, withholding or deduction in the Cayman Islands or any political
subdivision or taxing authority thereof or therein and without the necessity of obtaining any consents, approvals, authorizations,
orders, registrations, clearances or qualifications of or with any governmental agency having jurisdiction over the Company or
any of its Subsidiaries or any of their respective properties (hereinafter referred to as &ldquo;<B>Governmental Authorizations</B>&rdquo;)
in the Cayman Islands or any political subdivision or taxing authority thereof or therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xliii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The application of the net proceeds from the offering of the Offered ADSs, as described in the Time of Sale Prospectus and
the Final Prospectus, will not contravene any provision of any current and applicable laws or the current constituent documents
of the Company or any of the Subsidiaries or contravene the terms or provisions of, or constitute a default under, any indenture,
mortgage, deed of trust, loan agreement, note, lease or other agreement or instrument currently binding upon the Company or any
of the Subsidiaries or any Governmental Authorization applicable to any of the Company or any of the Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xliv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as disclosed in the Time of Sale Prospectus and the Final Prospectus, none of the Subsidiaries is currently prohibited,
directly or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary&rsquo;s
share capital or equity interest, as the case may be, from repaying to the Company any loans or advances to such Subsidiary from
the Company or from transferring any of such Subsidiary&rsquo;s property or assets to the Company. All dividends declared by a
Subsidiary in the PRC may under the current laws and regulations of the PRC be freely transferred out of the PRC and may be paid
in United States dollars, subject to the successful completion of PRC formalities required for such remittance, and except as disclosed
in the Time of Sale Prospectus and the Final Prospectus, all such dividends and other distributions will not be subject to withholding
or other taxes under the laws and regulations of the PRC and are otherwise free and clear of any other tax, withholding or deduction
in the PRC, and without the necessity of obtaining any Governmental Authorization in the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xlv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has not, directly or indirectly, distributed and will not distribute any offering material in connection with
the offering and sale of the Offered ADSs other than the Base Prospectus, the Preliminary Prospectus, any Issuer Free Writing Prospectus,
the Final Prospectus and other materials, if any, permitted under the Act and consistent with Section&nbsp;5 below. The Company
will file with the Commission all Issuer Free Writing Prospectuses in the time required under Rule 433(d) under the Act. The Company
has satisfied or will satisfy the conditions in Rule 433 under the Act to avoid a requirement to file with the Commission any electronic
road show.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xlvi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no affiliations or associations between any member of the FINRA and any of the Company&rsquo;s officers, directors
or 5% or greater security holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xlvii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company is a &ldquo;foreign private issuer&rdquo; within the meaning of Rule 405 of under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xlviii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of this Agreement and the Deposit Agreement is in proper form to be enforceable against the Company in the Cayman Islands
in accordance with its terms; to ensure the legality, validity, enforceability or admissibility into evidence in the Cayman Islands
of this Agreement or the Deposit Agreement, it is not necessary that this Agreement or the Deposit Agreement be filed or recorded
with any court or other authority in the Cayman Islands or that any stamp or similar tax in the Cayman Islands be paid on or in
respect of this Agreement, the Deposit Agreement or any other documents to be furnished hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xlix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No holder of any of the Shares or the Offered ADSs after the consummation of the transactions contemplated by this Agreement
or the Deposit Agreement is or will be subject to any personal liability in respect of any liability of the Company by virtue only
of its holding of any such Shares or Offered ADSs; and except as set forth in the Time of Sale Prospectus and the Final Prospectus,
there are no limitations on the rights of holders of the Shares or the Offered ADSs to hold, vote or transfer their securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Under the laws of the Cayman Islands, each holder of Offered ADSs issued pursuant to the Deposit Agreement shall be entitled,
subject to the Deposit Agreement, to seek enforcement of its rights through the Depositary or its nominee registered as representative
of the holders of the ADSs in a direct suit, action or proceeding against the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(li)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Registration Statement, the Preliminary Prospectus, the Final Prospectus, any Issuer Free Writing Prospectus and the
ADS Registration Statement, and the filing of the Registration Statement, the Preliminary Prospectus, the Final Prospectus, any
Issuer Free Writing Prospectus and the ADS Registration Statement with the Commission have been duly authorized by and on behalf
of the Company, and the Registration Statement and the ADS Registration Statement have been duly executed pursuant to such authorization
by and on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(lii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The choice of laws of the State of New York as the governing law of this Agreement and the Deposit Agreement is a valid
choice of law under the laws of the Cayman Islands and the PRC and will be honored by courts in the Cayman Islands and the PRC.
The Company has the power to submit, and pursuant to Section&nbsp;14 of this Agreement, has legally, validly, effectively and irrevocably
submitted, to the personal jurisdiction of each U.S. federal court and New York state court located in the Borough of Manhattan
in The City of New York, New York, U.S.A. (each, a &ldquo;<B>New York Court</B>&rdquo;). The Company has the power to submit, and,
pursuant to Section&nbsp;18 of the Deposit Agreement, has legally, validly, effectively and irrevocably submitted, to the personal
jurisdiction of each New York Court. The Company has the power to designate, appoint and authorize, and pursuant to Section&nbsp;14
of this Agreement and Section&nbsp;18 of the Deposit Agreement, has legally, validly, effectively and irrevocably designated and
appointed an authorized agent for service of process in any action arising out of or relating to this Agreement, the Deposit Agreement
or the Offered ADSs in any New York Court, and service of process effected on such authorized agent will be effective to confer
valid personal jurisdiction over the Company as provided in Section&nbsp;14 of this Agreement and Section&nbsp;18 of the Deposit
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(liii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of the Subsidiaries or any of their respective properties, assets or revenues has any right
of immunity under Cayman Islands, PRC or New York law, from any legal action, suit or proceeding, from the giving of any relief
in any such legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any Cayman Islands, PRC, New
York or U.S. federal court, from service of process, attachment upon or prior to judgment, or attachment in aid of execution of
judgment, or from execution of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement
of a judgment, in any such court, with respect to its obligations, liabilities or any other matter under or arising out of or in
connection with this Agreement or the Deposit Agreement; and, to the extent that the Company, or any of the Subsidiaries or any
of their respective properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any
such court in which proceedings may at any time be commenced, each of the Company and the Subsidiaries waives or will waive such
right to the extent permitted by law and has consented to such relief and enforcement as provided in Section&nbsp;14 of this Agreement
and Section&nbsp;18 of the Depositary Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(liv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any final judgment for a fixed sum of money rendered by a New York Court having jurisdiction under its own domestic laws
in respect of any suit, action or proceeding against the Company based upon this Agreement and the Deposit Agreement, or an arbitral
award rendered against the Company based on the Deposit Agreement, as the case may be, would be recognized and enforced against
the Company by Cayman Islands courts without re-examining the merits of the case under the common law doctrine of obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(lv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The entering into and the consummation of the transactions contemplated in the relevant documents described under &ldquo;Item
4. Information on the Company&mdash;A. History and Development of the Company&rdquo; in the Company&rsquo;s 2017 Annual Report
incorporated by reference in the Time of Sale Prospectus and the Final Prospectus constitute legal, valid and binding obligations
of all the parties therein, enforceable against all the parties therein, in accordance with their terms; all necessary steps for
transactions contemplated in such documents have been taken and all consents required from the respective parties have been obtained
and are in full force and effect; and, to the extent applicable, all necessary governmental approvals, consents, registrations
and filings and all steps required for the transactions contemplated therein have been obtained, made and taken and are in full
force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(lvi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and each of the Company&rsquo;s directors who signed the Initial Registration Statement is aware of and has
been advised as to, the contents of the Rules on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors jointly
promulgated by the Ministry of Commerce, the State Assets Supervision and Administration Commission, the State Tax Administration,
the State Administration of Industry and Commerce, the China Securities Regulatory Commission (the &ldquo;<B>CSRC</B>&rdquo;) and
the State Administration of Foreign Exchange of the PRC on August 8, 2006 and effective as of September 8, 2006 (the &ldquo;<B>M&amp;A
Rules</B>&rdquo;), in particular the relevant provisions thereof which purport to require offshore special purpose vehicles, or
SPVs, formed for listing purposes and controlled directly or indirectly by PRC companies or individuals, to obtain the approval
of the CSRC prior to the listing and trading of their securities on an overseas stock exchange; and the Company has received legal
advice specifically with respect to the M&amp;A Rules from its PRC counsel and the Company understands such legal advice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(lvii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The issuance, sale of the Offered ADSs (including the Offered Shares underlying the Offered ADSs), the listing and trading
of the Offered ADSs on the NYSE or the consummation of the transactions contemplated by this Agreement and the Deposit Agreement
is not and will not be, as of the date hereof or at each Closing Date, adversely affected by the M&amp;A Rules or any official
clarifications, guidance, interpretations or implementation rules in connection with or related to the M&amp;A Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(lviii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Company and its Subsidiaries that was incorporated outside of the PRC has taken, or is in the process of taking,
all reasonable steps to comply with, and to ensure compliance by each of the Company&rsquo;s and such Subsidiary&rsquo;s shareholders
and option holders that is, or is directly or indirectly owned or controlled by, a PRC resident or citizen with any applicable
rules and regulations of the relevant PRC government agencies (including but not limited to the Ministry of Commerce, the National
Development and Reform Commission and the State Administration of Foreign Exchange) relating to overseas investment by PRC residents
and citizens or overseas listing by offshore special purpose vehicles controlled directly or indirectly by PRC companies and individuals,
such as the Company (the &ldquo;<B>PRC Overseas Investment and Listing Regulations</B>&rdquo;), including, without limitation,
requesting each shareholder and option holder that is, or is directly or indirectly owned or controlled by, a PRC resident or citizen
to complete any registration and other procedures required under the applicable PRC Overseas Investment and Listing Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(lix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each &ldquo;forward-looking statement&rdquo; (within the meaning of Section&nbsp;27A of the Act or Section&nbsp;21E of the
Exchange Act) contained in the Registration Statement, the Preliminary Prospectus, the Time of Sale Prospectus, the Final Prospectus
and each Issuer Free Writing Prospectus, if any, has been made or reaffirmed with a reasonable basis and in good faith at the time
when such statement was made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, any certificate signed by
any officer of the Company and delivered to the Underwriters or counsel for the Underwriters as required or contemplated by this
Agreement shall constitute a representation and warranty hereunder by the Company, as to matters covered thereby, to the Underwriters.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">Section&nbsp;2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Purchase, Sale and Delivery of Offered ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the basis of the
representations, warranties and agreements herein contained and subject to the terms and conditions set forth herein, the Company
agrees to sell to the Underwriters, and the Underwriters agree to, severally and not jointly, purchase from the Company, at a purchase
price of $52.525 per ADS (being the issue price of $55.0 per ADS net of a commission that is 4.5% of the issue price), the number
of Firm ADSs set forth opposite the name of the Underwriters in Schedule A hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, upon written
notice from the Lead Manager (on behalf of the Underwriters) given to the Company from time to time not more than 30 days subsequent
to the date of the Final Prospectus, the Underwriters may purchase all or less than all of the Optional ADSs. The Company agrees
to sell to the Underwriters, and the Underwriters agree to, severally and not jointly, purchase, at a purchase price of $52.525
per ADS (same as that for the Firm ADSs), the number of Optional ADSs specified by the Underwriters in such notice. The number
of Optional ADSs to be purchased by each Underwriter shall be the number (subject to such adjustment as the Lead Manager may determine
to avoid fractional shares) that bears the same proportion to the total number of Optional ADSs being purchased by the several
Underwriters pursuant to such exercise as the number of Firm ADSs set forth opposite the name of such Underwriter in Schedule A
hereto bears to the total number of Firm ADSs. Such Optional ADSs shall be purchased for the account of the Underwriters and may
be purchased by the Underwriters only for the purpose of covering over-allotments made in connection with the sale of the Firm
ADSs. No Optional ADSs shall be sold or delivered unless the Firm ADSs previously have been, or simultaneously are, sold and delivered.
The right to purchase the Optional ADSs or any portion thereof may be exercised by the Lead Manager (on behalf of the Underwriters)
from time to time not more than 30 days subsequent to the date of the Final Prospectus, and to the extent not previously exercised
may be surrendered and terminated at any time upon notice by the Lead Manager to the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will deliver
the Offered ADSs to, or as instructed by, the Lead Manager (as representative of the Underwriters) through the facilities of The
Depositary Trust Company (&ldquo;<B>DTC</B>&rdquo;) for the account of the Lead Manager in a form reasonably acceptable to the
Lead Manager against payment of the purchase price in U.S. dollars (same day) funds by wire transfer to an account at a bank acceptable
to the Lead Manager (i) with respect to the Firm ADSs, at 9:00 A.M., New York time, on April 16, 2018, or at such other time not
later than seven full business days thereafter as the Lead Manager and the Company determine, such time being herein referred to
as the &ldquo;<B>First Closing Date</B>,&rdquo; and (ii) with respect to the Optional ADSs, at 9:00 A.M. on the date specified
by the Lead Manager in the written notice for the delivery of and payment for the Optional ADSs, such time being herein referred
to as an &ldquo;<B>Optional Closing Date</B>&rdquo; (together with the First Closign Date, being sometimes referred to as a &ldquo;<B>Closing
Date</B>), which may be the First Closing Date and shall be not later than five business days after written notice of election
to purchase Optional ADSs is given by the Lead Manager. For purposes of Rule 15c6-1 under the Exchange Act, the First Closing Date
(if later than the otherwise applicable settlement date) shall be the settlement date for payment of funds and delivery of securities
for all the Offered ADSs sold pursuant to the offering. The Offered ADSs so to be delivered or evidence of their issuance will
be made available for checking at the Hong Kong office of Cleary Gottlieb Steen &amp; Hamilton LLP or such other place designated
by the Lead Manager at least 24 hours prior to each Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Section&nbsp;3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Offering by Underwriters</I><FONT STYLE="font-size: 10pt">. It is understood that the Underwriters propose to offer the
Offered ADSs for sale to the public as set forth in the Final Prospectus.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">Section&nbsp;4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Certain Agreements of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company agrees with the Underwriters that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless filed pursuant to Rule 462(b) as part of the Additional Registration Statement in accordance with the next sentence,
the Company will file the Final Prospectus, in a form approved by the Underwriters, with the Commission pursuant to and in accordance
with subparagraph (1) (or, if applicable and if consented to by the Underwriters, subparagraph (4)) of Rule&nbsp;424(b) not later
than the second business day following the execution and delivery of this Agreement. The Company will advise the Underwriters promptly
of any such filing pursuant to Rule 424(b) and provide satisfactory evidence to the Underwriters of such timely filing. If an Additional
Registration Statement is necessary to register a portion of the Offered ADSs under the Act but the Effective Time thereof has
not occurred as of the execution and delivery of this Agreement, the Company will file the Additional Registration Statement or,
if filed, will file a post-effective amendment thereto with the Commission pursuant to and in accordance with Rule 462(b) on or
prior to 10:00 P.M., New York time, on the date of this Agreement or, if earlier, on or prior to the time the Final Prospectus
is finalized and distributed to the Underwriters, or will make such filing at such later date as shall have been consented to by
the Lead Managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During the period on and prior to the completion of the Offering, the Company will (A) promptly advise the Underwriters
of any proposal to amend or supplement at any time the Initial Registration Statement, any Additional Registration Statement or
any Statutory Prospectus and will not effect such amendment or supplementation without the Lead Manager&rsquo;s consent; and (B)&nbsp;advise
the Underwriters promptly of (i) the filing of any Additional Registration Statement following the execution and delivery of this
Agreement, (ii) any amendment or supplementation of a Registration Statement or any Statutory Prospectus, (iii) any request by
the Commission or its staff for any amendment to any Registration Statement, for any supplement to any Statutory Prospectus or
for any additional information, (iv) the institution by the Commission of any stop order proceedings in respect of a Registration
Statement or the threatening of any proceeding for that purpose, and (v) the receipt by the Company of any notification with respect
to the suspension of the qualification of the Offered ADSs in any jurisdiction or the institution or threatening of any proceedings
for such purpose. The Company will use its best efforts to prevent the issuance of any such stop order or the suspension of any
such qualification and, if issued, to obtain as soon as possible the withdrawal thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, at any time when a prospectus relating to the Offered ADSs is (or but for the exemption in Rule 172 would be) required
to be delivered under the Act by the Underwriters or dealers, any event occurs as a result of which the Final Prospectus as then
amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary at
any time to amend any Registration Statement or supplement the Final Prospectus to comply with the Act, the Company will promptly
notify the Underwriters of such event and will promptly prepare and file with the Commission and furnish, at its own expense, to
the Underwriters and the dealers and any other dealers upon request of the Underwriters, an amendment or supplement which will
correct such statement or omission or an amendment which will effect such compliance. Neither the Underwriters&rsquo; consent to,
nor the Underwriters&rsquo; delivery of, any such amendment or supplement shall constitute a waiver of any of the conditions set
forth in Section&nbsp;6 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To make generally available to its security holders as soon as practicable, but in any event not later than sixteen months
after the effective date of the Registration Statement (as defined in Rule 158(c) under the Act), a consolidated earnings statement
of the Company and its Subsidiaries (which need not be audited) complying with Section&nbsp;11(a) of the Act and the rules and
regulations of the Commission thereunder (including, at the option of the Company, Rule 158).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will furnish upon request to the Underwriters copies of each Registration Statement and the ADS Registration
Statement (three of which will be signed and will include all exhibits), each related Statutory Prospectus, and, so long as a prospectus
relating to the Offered ADSs is (or but for the exemption in Rule 172 would be) required to be delivered under the Act, the Final
Prospectus and all amendments and supplements to such documents, in each case in such quantities as the Underwriters shall request.
The Final Prospectus shall be so furnished on or prior to 3:00 P.M., New York time, on the business day following the execution
and delivery of this Agreement. All other such documents shall be so furnished as soon as available. The Company will pay the expenses
of printing and distributing to the Underwriters all such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company agrees to make available to the Underwriters, as soon as practicable after the Initial Registration Statement
becomes effective, and thereafter from time to time to furnish to the Underwriters, as many written and electronic copies of the
Time of Sale Prospectus (or of the Statutory Prospectus as amended or supplemented if the Company shall have made any amendments
or supplements thereto after the Effective Time of the Initial Registration Statement) as the Underwriters may request for the
purposes contemplated by the Act. If the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under
the Act) is (or but for the exemption in Rule 172 would be) required at any time prior to the expiration of nine months after the
time of issue of the Final Prospectus in connection with the offering or sale of Offered ADSs and if at such time any event shall
have occurred as a result of which the Final Prospectus as then amended or supplemented would include an untrue statement of a
material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made when such Final Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act)
is (or but for the exemption in Rule 172 would be) delivered, not misleading, or, if for any other reason it shall be necessary
during such same period to amend or supplement the Final Prospectus in order to comply with the Act, to notify the Underwriters
and upon the Underwriters&rsquo; request to prepare and furnish without charge to the Underwriters and to any dealer in securities
as many written and electronic copies as the Underwriters may from time to time reasonably request of an amended Final Prospectus
or a supplement or amendment to the Final Prospectus which will correct such statement or omission or effect such compliance; and
in case the Underwriters are (or but for the exemption in Rule 172 would be) required to deliver a prospectus (or in lieu thereof,
the notice referred to in Rule 173(a) under the Act) in connection with sales of any of the Offered ADSs at any time nine months
or more after the time of issue of the Final Prospectus, upon any Underwriter&rsquo;s request but at the expense of such Underwriter,
to prepare and deliver to such Underwriter as many written and electronic copies as such Underwriter may request of an amended
or supplemented Final Prospectus complying with Section&nbsp;10(a)(3) of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will arrange for the qualification of the Offered ADSs for sale under the laws of such jurisdictions as the
Underwriters designate and will continue such qualifications in effect so long as required for the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During the period of five years hereafter, the Company will furnish to the Underwriters as soon as practicable after the
end of each fiscal year, a copy of its annual report to shareholders for such year; and the Company will furnish to the Underwriters
(i) as soon as available a copy of each report and definitive proxy statement (if any) of the Company filed with the Commission
under the Exchange Act or mailed to shareholders, and (ii) from time to time, such other information concerning the Company as
the Underwriters may reasonably request. However, so long as the Company is subject to the reporting requirements of either Section&nbsp;13
or Section&nbsp;15(d) of the Exchange Act and is timely filing reports with the Commission on its Electronic Data Gathering, Analysis
and Retrieval system (&ldquo;<B>EDGAR</B>&rdquo;), it is not required to furnish such reports or statements to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to the Closing Date, the Company will furnish to the Underwriters, as soon as they have been prepared by or are available
to the Company, a copy of any unaudited interim financial statements of the Company for any period subsequent to the period covered
by the most recent financial statements appearing in the Registration Statement, the Time of Sale Prospectus and the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will use its best efforts to comply with Sarbanes-Oxley, and to use its best efforts to cause the Company&rsquo;s
directors and officers, in their capacities as such, to comply with Sarbanes-Oxley.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will maintain a transfer agent and, if necessary under the jurisdiction of incorporation of the Company, a registrar
for the Shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to the Closing Date, the Company will not issue any press release or other communication directly or indirectly and
will not hold any press conference with respect to the Company, any of the Subsidiaries, the financial condition, results of operations,
business, properties, assets, or liabilities of the Company or any of the Subsidiaries, or the offering of the ADSs, without the
prior consent of the Lead Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xiii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon request of the Underwriters, the Company will furnish, or cause to be furnished, to the Underwriters an electronic
version of the Company&rsquo;s trademarks, servicemarks and corporate logo for use on the website, if any, operated by the Underwriters
for the purpose of facilitating the online offering of the Offered ADSs in connection with this offering; provided, however, that
any such license is granted without any fee and may not be assigned or transferred to any person without the Company&rsquo;s consent
other than affiliates of the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xiv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company agrees not to attempt to avoid any judgment obtained by it or denied to it in a court of competent jurisdiction
outside the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company agrees with the Underwriters that the Company will pay all expenses, costs, fees and taxes in connection with
(1) the performance of the obligations of the Company under this Agreement, including but not limited to any filing fees and other
expenses incurred in connection with qualification of the Offered ADSs and the Offered Shares represented thereby for sale under
the laws of such jurisdictions as the Underwriters designate, (2) the costs and expenses of distributing the Preliminary Prospectus
and the Final Prospectus (including any amendments and supplements thereto and including wrappers) to the Underwriters and expenses
incurred for preparing, printing and distributing any Issuer Free Writing Prospectuses to investors or prospective investors, (3)
the costs and expenses related to the review by the FINRA of the Offered ADSs (including filing fees), (4) the costs and expenses
relating to investor presentations or any &ldquo;road show&rdquo; in connection with the offering and sale of the Offered ADSs
including travel and out-of-pocket expenses of the Company, (5) the fees and disbursements of counsel to the Company and of the
Company&rsquo;s independent registered public accounting firm, and (6) the performance of the Company&rsquo;s other obligations
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xvi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will use its best efforts to list the Offered ADSs and to maintain such listing on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xvii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will use the net proceeds received by the Company from the sale of the Offered ADSs in the manner specified
in the Final Prospectus and the Time of Sale Prospectus under the caption &ldquo;Use of Proceeds&rdquo; and, in this respect, will
not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to
any Subsidiary, joint venture partner or other Person: (A) to fund or facilitate any activities or business of or with any Person
or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or (B) in any other
manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether
as underwriter, advisor, investor or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xviii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any Subsidiary will engage in, any dealings or transactions with any Person, or in any country or
territory, that at the time of the dealing or transaction is the subject of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not invest, or otherwise use the proceeds received by the Company from its sale of the Offered ADSs in
such a manner (i) as would require the Company or any of the Subsidiaries to register as an investment company under the 1940 Act,
or (ii) that would result in the Company being not in compliance with any applicable laws, rules and regulations of the State Administration
of Foreign Exchange of the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xx)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will not take, directly or indirectly, any action designed to or that would constitute or that might reasonably
be expected to cause or result in, stabilization or manipulation of the price of any securities of the Company to facilitate the
sale or resale of the Offered ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will indemnify and hold harmless each Underwriter against any documentary, stamp or similar issue tax, including
any interest and penalties, on the creation, issue, delivery and sale of the Offered ADSs to such Underwriter and on the execution
and delivery of this Agreement or the Deposit Agreement. All payments to be made by the Company hereunder shall be made without
withholding or deduction for or on account of any present or future taxes, duties or governmental charges whatsoever unless the
Company is compelled by law to deduct or withhold such taxes, duties or charges. In that event, the Company shall pay such additional
amounts as may be necessary in order that the net amounts received after such withholding or deduction shall equal the amounts
that would have been received if no withholding or deduction had been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For the period specified below (the &ldquo;<B>Lock-Up Period</B>&rdquo;), the Company will not, directly or indirectly,
take any of the following actions with respect to its Shares or ADSs representing the Shares, or any securities convertible into
or exchangeable or exercisable for any of its Shares, including ADSs representing the Shares (&ldquo;<B>Lock-Up Securities</B>&rdquo;):
(i) offer, sell (including in a short sale), issue, contract to sell, pledge or otherwise dispose of Lock-Up Securities, (ii) offer,
sell, issue, contract to sell, contract to purchase or grant any option, right or warrant to purchase or sell Lock-Up Securities,
(iii) enter into any swap, hedge or any other agreement that transfers, in whole or in part, the economic consequences of ownership
of Lock-Up Securities, (iv) establish or increase a put equivalent position or liquidate or decrease a call equivalent position
in Lock-Up Securities within the meaning of Section&nbsp;16 of the Exchange Act or (v) file with the Commission a registration
statement under the Act relating to Lock-Up Securities, or publicly disclose the intention to take any such action, without the
prior written consent of the Lead Manager, except (A) issuances of Lock-Up Securities pursuant to this Agreement, (B) grants of
employee stock options, restricted shares or other equity incentives pursuant to the terms of 2009 Share Incentive Plan and 2014
Share Incentive Plan, each as described in the Time of Sale Prospectus and the Final Prospectus, or issuances of Lock-Up Securities
pursuant to the exercise of such options or (C) issuance of Lock-Up Securities pursuant to the conversion or exchange of convertible
or exchangeable securities or the exercise of options, in each case outstanding on the date hereof. The initial Lock-Up Period
will commence on the date hereof and continue for 90 days after the date hereof or such earlier date that the Lead Manager consents
to in writing; provided, however, that if (1) during the last 17 days of the initial Lock-Up Period, the Company releases earnings
results or material news or a material event relating to the Company occurs or (2) prior to the expiration of the initial Lock-Up
Period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the initial
Lock-Up Period, then in each case the Lock-Up Period will be extended until the expiration of the 18-day period beginning on the
date of release of the earnings results or the occurrence of the material news or material event, as applicable, unless the Lead
Manager waives, in writing, such extension. The Company will provide the Lead Manager with notice of any announcement described
in clause (2) of the preceding sentence that gives rise to an extension of the Lock-Up Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxiii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During the period on and prior to the completion of the Offering, the Company will not release the Depositary from the obligations
set forth in, or otherwise amend, terminate or fail to enforce, the Depositary Agreement without the consent of the Lead Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxiv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will comply with the terms of the Deposit Agreement so that the ADSs will be duly delivered to the Underwriters,
pursuant to this Agreement at the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will furnish to its shareholders as soon as practicable after the end of each fiscal year an annual report (in
English) (including a balance sheet and statements of income, shareholders&rsquo; equity and cash flows of the Company and its
consolidated subsidiaries prepared in conformity with US GAAP and certified by independent public accountants) and, as soon as
practicable after the end of each of the first three quarters of each fiscal year (beginning with the fiscal quarter ending after
the effective date of the Initial Registration Statement), to make available to its shareholders consolidated summary financial
information of the Company and the Subsidiaries for such quarter in reasonable detail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Section&nbsp;5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Free Writing Prospectuses<FONT STYLE="font-size: 10pt">.</FONT></I><FONT STYLE="font-size: 10pt"> The Company represents
and agrees that, unless it obtains the prior consent of the Lead Manager, and each Underwriter represents and agrees that, unless
it obtains the prior consent of the Company, it has not made and will not make any offer relating to the Offered ADSs that would
constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a &ldquo;free writing prospectus,&rdquo; as defined
in Rule 405, required to be filed with the Commission. Any such free writing prospectus consented to by the Company and the Lead
Manager is hereinafter referred to as a &ldquo;Permitted Free Writing Prospectus.&rdquo; The Company represents that it has treated
and agrees that it will treat each Permitted Free Writing Prospectus as an &ldquo;issuer free writing prospectus,&rdquo; as defined
in Rule 433, and has complied and will comply with the requirements of Rules 164 and 433 applicable to any Permitted Free Writing
Prospectus, including making timely Commission filing where required, legending and record keeping. The Company represents that
it has satisfied and agrees that it will satisfy the conditions in Rule 433 to avoid a requirement to file with the Commission
any electronic road show. The Company agrees that if at any time following issuance of an Issuer Free Writing Prospectus any event
occurred or occurs as a result of which such Issuer Free Writing Prospectus would conflict with the information in the Registration
Statement, the Time of Sale Prospectus or the Final Prospectus or would include an untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein, in the light of the circumstances then prevailing,
not misleading, the Company will give prompt notice thereof to the Underwriters and, if requested by the Underwriters, will prepare
and furnish without charge to each Underwriter an Issuer Free Writing Prospectus or other document which will correct such conflict,
statement or omission; provided, however, that this representation and warranty shall not apply to any statements or omissions
in an Issuer Free Writing Prospectus made in reliance upon and in conformity with information furnished in writing to the Company
by an Underwriter through the Underwriters expressly for use therein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Section&nbsp;6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Conditions of the Obligations of the Underwriters<FONT STYLE="font-size: 10pt">. </FONT></I><FONT STYLE="font-size: 10pt">The
obligations of the Underwriters to purchase and pay for the Firm ADSs on the First Closing Date and the Optional ADSs on each Optional
Closing Date will be subject to the accuracy of the representations and warranties on the part of the Company herein (as though
made on such Closing Date), to the accuracy of the statements of Company officers made pursuant to the provisions hereof, to the
performance by the Company of its obligations hereunder and to the following additional conditions precedent:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Lead Manager shall have received letters, dated, respectively, the date hereof and at each Closing Date, of Deloitte
Touche Tohmatsu Certified Public Accountants LLP, confirming that they are a registered public accounting firm and independent
public accountants within the meaning of the Securities Laws and in form and substance satisfactory to the Lead Manager, containing
statements and information of the type ordinarily included in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters
with respect to the financial statements and certain financial information contained in the Registration Statement, the Time of
Sale Prospectus and the Final Prospectus; provided that the letter delivered on each Closing Date shall use a &ldquo;cut-off date&rdquo;
no earlier than four business days prior to the date the letter is dated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Effective Time of the Additional Registration Statement, if any, is not prior to the execution and delivery of this
Agreement, such Effective Time shall have occurred not later than 10:00 P.M., New York time, on the date of this Agreement or,
if earlier, the time the Final Prospectus is finalized and distributed to the Underwriters, or shall have occurred at such later
date as shall have been consented to by the Lead Manager. The Final Prospectus shall have been filed with the Commission in accordance
with the Rules and Regulations and Section&nbsp;4(a) of this Agreement. The ADS Registration Statement shall have been declared
effective not later than 10:00&nbsp;P.M., New York time, on the date of this Agreement or such later date as shall have been consented
to by the Lead Manager. Prior to each Closing Date, no stop order suspending the effectiveness of a Registration Statement or the
ADS Registration Statement shall have been issued and no proceedings for that purpose shall have been instituted or, to the knowledge
of the Company or the Underwriters, shall have been contemplated by the Commission.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subsequent to the execution and delivery of this Agreement, there shall not have occurred (i) any change, or any development
or event involving a prospective change, in the condition (financial or otherwise), results of operations, business, properties
or prospects or of the Company and the Subsidiaries taken as a whole which, in the judgment of the Lead Manager, is material and
adverse and makes it impractical or inadvisable to market the Offered ADSs; (ii) any loss or interference with the Company&rsquo;s
or any Subsidiary&rsquo;s business from fire, explosion, flood or other calamity, whether or not covered by insurance, or any change
in the share capital or short-term debt or long term debt of the Company or any of the Subsidiaries, the effect of which, in the
judgment of the Lead Manager, is material and adverse and makes it impractical or inadvisable to market the Offered ADSs; (iii)
a change in U.S., the PRC, the Cayman Islands or international financial, political or economic conditions or currency exchange
rates, exchange controls the effect of which is such as to make it, in the judgment of the Lead Manager, impractical to market
or to enforce contracts for the sale of the Offered ADSs, whether in the primary market or in respect of dealings in the secondary
market; (iv) any suspension or material limitation of trading in securities generally on the NYSE or the Nasdaq Stock Market, or
any setting of minimum or maximum prices for trading on such exchange; (v) any suspension of trading of any securities of the Company
on any exchange or in the over-the-counter market; (vi) any banking moratorium declared by U.S. federal, New York, PRC or the Cayman
Islands authorities; (vii) any major disruption of settlements of securities, payment or clearance services in the United States,
the PRC or the Cayman Islands; or (viii) any attack on, outbreak or escalation of hostilities or act of terrorism involving the
United States, the Cayman Islands or the PRC, any declaration of war by the U.S. Congress, the PRC or any other national or international
calamity or emergency if, in the judgment of the Lead Manager, the effect of any such attack, outbreak, escalation, act, declaration,
calamity or emergency is such as to make it impractical or inadvisable to market the Offered ADSs or to enforce contracts for the
sale of the Offered ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Lead Manager shall have received opinions and a negative assurance letter, dated each Closing Date, of Skadden, Arps,
Slate, Meagher &amp; Flom LLP, United States counsel for the Company, addressed to the Lead Manager in form and substance satisfactory
to the Lead Manager.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Lead Manager shall have received an opinion, dated each Closing Date, of DaHui Lawyers, PRC counsel for the Company,
in form and substance satisfactory to the Lead Manager.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Lead Manager shall have received an opinion dated each Closing Date, of Travers Thorp Alberga, Cayman Islands counsel
for the Company, addressed to the Lead Manager in form and substance satisfactory to the Lead Manager.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Lead Manager shall have received an opinion, dated each Closing Date, from Ziegler, Ziegler &amp; Associates LLP, counsel
for the Depositary, addressed to the Lead Manager in form and substance satisfactory to the Lead Manager.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Lead Manager shall have received from Cleary Gottlieb Steen &amp; Hamilton LLP, United States counsel for the Underwriters,
such opinion dated each Closing Date and negative assurance letter dated the First Closing Date, addressed to the Lead Manager,
with respect to such matters as the Lead Manager may require, and the Company shall have furnished to such counsel such documents
as they may reasonably request for the purpose of enabling them to pass upon such matters. In rendering such opinion and negative
assurance letter, Cleary Gottlieb Steen &amp; Hamilton LLP may rely as to the incorporation of the Company and all other matters
governed by Cayman Islands laws upon the opinion of Travers Thorp Alberga and as to all matters governed by the laws of the PRC
upon the opinions of Jun He Law Offices referred to below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Lead Manager shall have received from Jun He Law Offices, PRC counsel to the Underwriters, such opinion, dated each
Closing Date, with respect to such matters as the Lead Manager may require, and the Company shall have furnished to such counsel
such documents as they may reasonably request for the purpose of enabling them to pass upon such matters.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Deposit Agreement shall be in full force and effect and the Company and the Depositary shall have taken all action necessary
to permit the deposit of the Shares and the issuance of the ADSs in accordance with the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Lead Manager shall have received a certificate, dated each Closing Date, of the Chief Executive Officer and the Chief
Financial Officer of the Company in which such officers shall state that, as of such Closing Date, the representations and warranties
of the Company in this Agreement are true and correct; the Company has complied with all agreements and satisfied all conditions
on its part to be performed or satisfied hereunder at or prior to such Closing Date; no stop order suspending the effectiveness
of any Registration Statement or the ADS Registration Statement has been issued and no proceedings for that purpose have been instituted
or, to the best of their knowledge after reasonable investigation, are contemplated by the Commission, the Additional Registration
Statement (if any) satisfying the requirements of subparagraphs (1) and (3)&nbsp;of Rule 462(b) was timely filed pursuant to Rule
462(b), including payment of any applicable filing fees; and, subsequent to the date of the most recent financial statements in
the Time of Sale Prospectus, there has been no material adverse change, nor any development or event involving a prospective material
adverse change, in the condition (financial or otherwise), results of operations, business, properties or prospects of the Company
and the Subsidiaries taken as a whole, except as set forth in such certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Lead Manager shall have received on the date hereof and on each Closing Date a certificate, dated such date, of the
Chief Finan<FONT STYLE="font-family: Times New Roman, Times, Serif">c</FONT>ial Officer of the Company, with respect to certain
operating data contained in the Registration Statement, the Time of Sale Prospectus and the Final Prospectus in the form of Annex
B hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On or prior to the date hereof, the Lead Manager shall have received Lock-Up Agreements, substantially in the form of Annex
C-I hereto, from each of the persons or entities named in Annex C-II hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Offered ADSs shall have been approved for listing on the NYSE.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There shall not be any litigation, proceedings, investigations, processes for administrative sanctions or other actions
initiated or threatened by any Governmental Agency, in each case with due authority, against or involving any party hereto, in
the PRC or elsewhere, that seeks to declare non-compliant, unlawful or illegal, under PRC laws, rules and regulations or otherwise,
the issuance and sale of the Offered ADSs, the listing and trading of the Offered ADSs on the NYSE or the transactions contemplated
by this Agreement and the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Issuer Free Writing Prospectus, Statutory Prospectus or amendment or supplement to the Registration Statement, the ADS
Registration Statement, the Preliminary Prospectus or the Final Prospectus shall have been filed to which the Lead Manager objects
in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The ADSs and the Ordinary Shares represented thereby shall be &ldquo;actively-traded securities&rdquo; excepted from the
requirements of Rule 101 of Regulation M under the Exchange Act by subsection (c)(1) of such rule as of the Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will furnish
the Lead Manager with such conformed copies of such opinions, certificates, letters and documents as the Lead Manager reasonably
requests. The Lead Manager may in its sole discretion waive compliance with any conditions to the obligations of the Underwriters
hereunder.</P>

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

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

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">Section&nbsp;7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Indemnification and Contribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will indemnify and hold harmless each Underwriter, its partners, members, directors, officers, employees, agents,
affiliates and each person, if any, who controls such Underwriter within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20
of the Exchange Act (each an &ldquo;<B>Indemnified Party</B>&rdquo;), from and against any and all losses, claims, damages or liabilities,
joint or several, to which such Indemnified Party may become subject, under the Act, the Exchange Act, other federal or state statutory
law or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any part of any Registration
Statement or the ADS Registration Statement, at any time, any Statutory Prospectus as of any time, the Final Prospectus or any
Issuer Free Writing Prospectus, or arise out of or are based upon the omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Indemnified Party for
any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending against
any loss, claim, damage, liability, action, litigation, investigation or proceeding whatsoever (whether or not such Indemnified
Party is a party thereto), whether threatened or commenced, and in connection with the enforcement of this provision with respect
to any of the above as such expenses are incurred; provided, however, that the Company will not be liable in any such case to the
extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement
in or omission or alleged omission from any of such documents in reliance upon and in conformity with written information furnished
to the Company by the Underwriters specifically for use therein, it being understood and agreed that the only such information
furnished by the Underwriters consists of the information described as such in subsection (b) below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Underwriters agree to, severally and not jointly, indemnify and hold harmless the Company, each of its directors and
each of its officers who signs a Registration Statement and each person, if any, who controls the Company within the meaning of
Section&nbsp;15 of the Act or Section&nbsp;20 of the Exchange Act (each, an &ldquo;<B>Underwriter Indemnified Party</B>&rdquo;)
from and against any losses, claims, damages or liabilities to which such Underwriter Indemnified Party may become subject, under
the Act, the Exchange Act, or other federal or state statutory law or regulation or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact contained in any Registration Statement, the ADS Registration Statement, at any time, any Statutory Prospectus
at any time, the Final Prospectus or any Issuer Free Writing Prospectus or arise out of or are based upon the omission or the alleged
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case
to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was
made in reliance upon and in conformity with written information furnished to the Company by the Underwriters specifically for
use therein, and will reimburse any legal or other expenses reasonably incurred by such Underwriter Indemnified Party in connection
with investigating or defending against any such loss, claim, damage, liability, action, litigation, investigation or proceeding
whatsoever (whether or not such Underwriter Indemnified Party is a party thereto), whether threatened or commenced, based upon
any such untrue statement or omission, or any such alleged untrue statement or omission as such expenses are incurred; it being
understood and agreed that the only such information furnished by the Underwriters consist of the names and address of the Underwriters
in the first paragraph and the table below that paragraph under the caption &ldquo;Underwriting,&rdquo; the underwriting discounts
and commissions amounts appearing in the table below the ninth paragraph under the caption &ldquo;Underwriting,&rdquo; and the
information in the twelfth paragraph under the caption &ldquo;Underwriting.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of
which indemnity may be sought pursuant to subsection (a) or (b) above, such person (the &ldquo;<B>indemnified party</B>&rdquo;)
shall promptly notify the person against whom such indemnity may be sought (the &ldquo;<B>indemnifying party</B>&rdquo;) in writing
and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified
party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the
fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the
right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless
(i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named
parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party
and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between
them. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection
with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate
firm (in addition to any local counsel) for all such indemnified parties and that all such fees and expenses shall be reimbursed
as they are incurred. Such firm shall be designated in writing by the Lead Manager, in the case of parties indemnified pursuant
to subsection (a) above, and by the Company, in the case of parties indemnified pursuant to subsection (b). The indemnifying party
shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent
or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against
any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified
party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated
by the second and third sentences of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of
any proceeding effected without its written consent if (x) such settlement is entered into more than 30 days after receipt by such
indemnifying party of the aforesaid request and (y) such indemnifying party shall not have reimbursed the indemnified party in
accordance with such request prior to the date of such settlement. No indemnifying party shall, without the prior written consent
of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party
is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement
includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent that the indemnification provided for in this section is unavailable or insufficient to hold harmless an indemnified
party under subsection (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of the losses, claims, damages or liabilities referred to in subsection (a) or (b) above (i) in such proportion
as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other from
the offering of the Offered ADSs or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative
fault of the Company on the one hand and the Underwriters on the other in connection with the statements or omissions, which resulted
in such losses, claims, damages or liabilities as well as any other relevant equitable considerations. The relative benefits received
by the Company on the one hand and the Underwriters, on the other, shall be deemed to be in the same proportion as the total net
proceeds from the offering of the Offered ADSs (before deducting expenses) received by the Company bear to the total underwriting
discounts and commissions received by the Underwriters. The relative fault shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company or the Underwriters and the parties&rsquo; relative intent, knowledge, access to
information and opportunity to correct or prevent such untrue statement or omission. The amount paid by an indemnified party as
a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed
to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending
any action or claim which is the subject of this subsection (d). Notwithstanding the provisions of this subsection (d), the Underwriters
shall not be required to contribute any amount in excess of the amount by which the total price at which the Offered ADSs underwritten
by it and distributed to the public were offered to the public exceeds the amount of any damages which the Underwriters have otherwise
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. The Company and the Underwriters agree that it would not be just and equitable
if contribution pursuant to this Section&nbsp;7(d) were determined by pro rata allocation or by any other method of allocation
which does not take account of the equitable considerations referred to in this Section&nbsp;7(d).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Section&nbsp;8.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Default of Underwriters<FONT STYLE="font-size: 10pt">. </FONT></I><FONT STYLE="font-size: 10pt">If any of the Underwriters
defaults in its obligations to purchase the Offered ADSs hereunder on a Closing Date and the aggregate number of Offered ADSs that
the defaulting Underwriter agreed but failed to purchase does not exceed 10% of the total number of Offered ADSs that the Underwriters
are obligated to purchase on such Closing Date, the Lead Manager may make arrangements satisfactory to the Company for the purchase
of such Offered ADSs by other persons. If any of the Underwriter so defaults and the aggregate number of Offered ADSs with respect
to which such default occurs exceeds 10% of the total number of Offered ADSs that the Underwriters are obligated to purchase on
such Closing Date and arrangements satisfactory to the Lead Manager and the Company for the purchase of such Offered ADSs by other
persons are not made within 36 hours after such default, this Agreement will terminate without liability on the part of the Company,
except as provided in Section&nbsp;9; <I>provided that </I>if such default occurs with respect to any Optional ADSs after the First
Closing Date, this Agreement will not terminate as to the Firm ADSs or any Optional ADSs purchased prior to such default. As used
in this Agreement, the term &ldquo;Underwriter&rdquo; includes any person substituted for an Underwriter under this Section. Nothing
herein will relieve the defaulting Underwriter from liability for its default.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Section&nbsp;9.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Survival of Certain Representations and Obligations<FONT STYLE="font-size: 10pt">. </FONT></I><FONT STYLE="font-size: 10pt">The
respective indemnities, agreements, representations, warranties and other statements of the Company or its officers and of the
Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation,
or statement as to the results thereof, made by or on behalf of the Underwriters, the Company, or any of their respective representatives,
officers or directors or any controlling person, and will survive delivery of and payment for the Offered ADSs. If the purchase
of the Offered ADSs by the Underwriters is not consummated for any reason other than solely because of the termination of this
Agreement pursuant to Section&nbsp;8 hereof, the Company will reimburse the Underwriters for all out-of-pocket expenses (including
fees and disbursements of counsel) reasonably incurred by them in connection with the offering of the Offered ADSs, and the respective
obligations of the Company and the Underwriters pursuant to Section&nbsp;7 hereof shall remain in effect. In addition, if any Offered
ADSs have been purchased hereunder, the representations and warranties in Section&nbsp;1 and all obligations under Section&nbsp;4
shall also remain in effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Section&nbsp;10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notices<FONT STYLE="font-size: 10pt">. </FONT></I><FONT STYLE="font-size: 10pt">All communications hereunder will be in
writing and, if sent to the Lead Manager or Underwriters, will be mailed or delivered and confirmed to: Credit Suisse Securities
(USA) LLC, Eleven Madison Avenue, New York, N.Y. 10010-3629, United States of America Attention: Legal &amp; Compliance Department
&ndash; Investment Banking Division; if sent to the Company, will be mailed or delivered and confirmed to it at Daqo New Energy
Corp., 666 Longdu Avenue, Wanzhou, Chongqing F4 404000, People&rsquo;s Republic of China, Attention: Chief Financial Officer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Section&nbsp;11.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Successors<FONT STYLE="font-size: 10pt">. </FONT></I><FONT STYLE="font-size: 10pt">This Agreement will inure to the benefit
of and be binding upon the parties hereto and their respective successors and the officers and directors and controlling persons
referred to in Section&nbsp;7, and no other person will have any right or obligation hereunder. No purchaser of the Offered ADSs
from the Underwriters shall be deemed as a successor or assign merely because of such purchase.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Section&nbsp;12.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparts<FONT STYLE="font-size: 10pt">. </FONT></I><FONT STYLE="font-size: 10pt">This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one
and the same Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Section&nbsp;13.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Absence of Fiduciary Relationship<FONT STYLE="font-size: 10pt">. </FONT></I><FONT STYLE="font-size: 10pt">The Company acknowledges
and agrees that:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Underwriters have been retained solely to act, severally and not jointly, as the underwriters in connection with the
sale of the Offered ADSs and no fiduciary, advisory or agency relationship between the Company, on the one hand, and any of the
Underwriters, on the other hand, has been created in respect of any of the transactions contemplated by this Agreement or the Final
Prospectus, irrespective of whether the Underwriters have advised or is advising the Company on other matters;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The price of the Offered ADSs set forth in this Agreement was established by the Company following discussions and arms-length
negotiations with the Underwriters and the Company is capable of evaluating and understanding and understands and accepts the terms,
risks and conditions of the transactions contemplated by this Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has been advised that the Underwriters and their respective affiliates are engaged in a broad range of transactions
which may involve interests that differ from those of the Company and that the Underwriters have no obligation to disclose such
interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company waives, to the fullest extent permitted by law, any claims it may have against the Underwriters for breach of
fiduciary duty or alleged breach of fiduciary duty and agrees that the Underwriters shall have no liability (whether direct or
indirect) to the Company in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf
of or in right of the Company, including shareholders, employees or creditors of the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Section&nbsp;14.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Applicable Law<FONT STYLE="font-size: 10pt">. </FONT></I><FONT STYLE="font-size: 10pt">This Agreement shall be governed
by, and construed in accordance with, the laws of the State of New York.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company hereby
submits to the non-exclusive jurisdiction of the U.S. federal and state courts in the Borough of Manhattan in The City of New York
in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. The Company irrevocably
and unconditionally waives, to the fullest extent permitted by law, any objection to the laying of venue of any suit or proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby in U.S. federal and state courts in the Borough
of Manhattan in the City of New York, and irrevocably and unconditionally waives, to the fullest extent permitted by law, and agrees
not to plead or claim in any such court that any such suit or proceeding in any such court has been brought in an inconvenient
forum. The Company irrevocably appoints Law Debenture Corporate Services Inc., 801 2nd Avenue, Suite 403, New York, New York 10017
as its authorized agent in the Borough of Manhattan in The City of New York upon which process may be served in any such suit or
proceeding, and agrees that service of process upon such agent, and written notice of said service to the Company by the person
serving the same to the address provided in Section&nbsp;10, shall be deemed in every respect effective service of process upon
the Company in any such suit or proceeding. The Company further agrees to take any and all action as may be necessary to maintain
such designation and appointment of such agent in full force and effect for a period of seven years from the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligation of the
Company pursuant to this Agreement in respect of any sum due to any Underwriter shall, notwithstanding any judgment in a currency
other than United States dollars, not be discharged until the first business day, following receipt by such Underwriter of any
sum adjudged to be so due in such other currency, on which (and only to the extent that) such Underwriter may in accordance with
normal banking procedures purchase United States dollars with such other currency; if the United States dollars so purchased are
less than the sum originally due to such Underwriter hereunder, the Company agrees, as a separate obligation and notwithstanding
any such judgment, to indemnify such Underwriter against such loss. If the United States dollars so purchased are greater than
the sum originally due to such Underwriter hereunder, such Underwriter agrees to pay to the Company an amount equal to the excess
of the dollars so purchased over the sum originally due to such Underwriter hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is
in accordance with your understanding of our agreement, kindly sign and return to the Company one of the counterparts hereof, whereupon
it will become a binding agreement among the Company and the Underwriters in accordance with its terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[<I>Signature Pages to
Follow</I>]</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">DAQO NEW ENERGY CORP.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</font></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&#9;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">/s/ Longgen Zhang&#9;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 40%"> <FONT STYLE="font-size: 10pt">Longgen Zhang</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&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">Director and Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

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

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="width: 80%; text-align: center">SIGNATURE PAGE TO UNDERWRITING AGREEMENT</TD><TD STYLE="width: 10%">&nbsp;</TD></TR></TABLE>&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0">The foregoing Underwriting Agreement is<BR>
hereby confirmed and accepted as of the date first<BR>
above written</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 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: bottom">
    <TD COLSPAN="4" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">CREDIT SUISSE SECURITIES (USA) LLC</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-size: 10pt">By:&#9;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 30%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Stefanie Gallagher&#9;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">Stefanie Gallagher</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">Managing Director</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">As the Lead Manager, sole bookrunner and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">representative
of the Underwriters named in</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Schedule A hereto and acting on behalf of itself and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">the other Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Underwriter</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number
        of Offered ADS<BR>
        to be Purchased</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Credit Suisse Securities (USA) LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,800,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Roth Capital Partners, LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">200,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">2,000,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 6pt"></TD><TD STYLE="width: 35.95pt">1.</TD><TD>Number of ADSs offered in this offering:&#9;2,000,000</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: 6pt"></TD><TD STYLE="width: 35.95pt">2.</TD><TD>Offering price:&#9;$55.0 per ADS</TD></TR></TABLE>

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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Limited Use Issuer Free Writing Prospectus</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 5.85pt 0pt 5pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
roadshow presentation materials relating to the Offered ADSs posted on the website www.netroadshow.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt">&nbsp;</P>


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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&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: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Subsidiary</B></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Place of Incorporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Chongqing Daqo New Energy Co., Ltd.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">People&rsquo;s Republic of China</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Xinjiang Daqo New Energy Co., Ltd.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">People&rsquo;s Republic of China</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">April [&bull;], 2018</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">DAQO NEW
ENERGY CORP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CHIEF FINANCIAL OFFICER&rsquo;S CERTIFICATE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">I,
Ming Yang, Chief Financial Officer of Daqo New Energy Corp., a company incorporated in the Cayman Islands (the &ldquo;Company&rdquo;),
pursuant to Section 6(m) of the Underwriting Agreement, dated April 12, 2018 (the &ldquo;Underwriting Agreement&rdquo;), between
the Company and Credit Suisse Securities (USA) LLC, as the representative of the several underwriters named in Schedule A thereto,
hereby certify that I am familiar with the accounting, operations, records systems and internal controls of the Company, I have
participated in the preparation of the Time of Sale Prospectus, the Registration Statement and the Final Prospectus (as defined
in the Underwriting Agreement), reviewed the disclosure therein, and performed the following procedures on the financial and operating
information and data identified and circled by you therein attached hereto as Annex A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">I
have reviewed each of the circled financial and operating information and data in Annex A, and have performed the following procedures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.3pt; text-align: justify; text-indent: 0.2pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.3pt; text-align: justify; text-indent: 0.2pt; background-color: white">I
have compared the amount, percentage or ratio to, or computed the amount, percentage or ratio from,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.3pt; text-align: justify; text-indent: 0.2pt; background-color: white">(i) the Company&rsquo;s accounting
books and records prepared by the Company&rsquo;s accounting personnel, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.3pt; text-align: justify; text-indent: 0.2pt; background-color: white">(ii) the corresponding data and other records maintained
by the Company, as applicable, for the periods, or as of the dates, indicated and found such information to be in agreement,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">and I have no
reason to believe that such information is not true, complete and accurate (giving effect to rounding where applicable).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.3pt">I further certify
that except as disclosed in the Time of Sale Prospectus, the Registration Statement and the Final Prospectus, there have been no
changes to the Company&rsquo;s accounting principles, procedures or methodologies since December 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">Capitalized
terms used and not otherwise defined herein shall have the meanings given to them in the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">[<I>Signature page
follows</I>]</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, I have signed this
certificate as of the date first written above.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Ming Yang</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Financial
Officer</TD></TR>
</TABLE>

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 283.5pt"></P>


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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: right">[&bull;], 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 13.5pt; text-indent: -13.5pt"><FONT STYLE="font-variant: small-caps">Credit
Suisse Securities (USA) LLC</FONT><BR>
Eleven Madison Avenue<BR>
New York, N.Y. 10010<BR>
United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 13.5pt; text-indent: -13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned understands
that Credit Suisse Securities (USA) LLC (&ldquo;<B>Credit Suisse</B>&rdquo;) proposes to enter into an underwriting agreement (the
&ldquo;<B>Underwriting Agreement</B>&rdquo;) with Daqo New Energy Corp., an exempted company incorporated in the Cayman Islands
(the &ldquo;<B>Company</B>&rdquo;), providing for the underwritten purchase and sale (the &ldquo;<B>Offering</B>&rdquo;) of 2,000,000
American depositary shares (&ldquo;<B>ADSs</B>&rdquo;), each representing 25&nbsp;ordinary shares, par value US$0.0001 per share,
of the Company (&ldquo;<B>Ordinary Shares</B>&rdquo;). The underwritten ADSs and the underlying Ordinary Shares are hereinafter
referred to as the &ldquo;<B>Offered Securities</B>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As an inducement to
Credit Suisse to enter into the Underwriting Agreement, the undersigned hereby agrees that, beginning on the date of this letter
(the &ldquo;<B>Letter Agreement</B>&rdquo;) and continuing for 90 days after the date of the prospectus used to sell the Offered
Securities (the &ldquo;<B>Lock-Up Period</B>&rdquo;), the undersigned will not offer, sell, contract to sell, pledge, grant any
option to purchase, purchase any option or contract to sell, make any short sale, establish or increase a put equivalent position
or liquidate or decrease a call equivalent position within the meaning of Section&nbsp;16 of the Exchange Act or otherwise dispose
of any ADSs or Ordinary Shares, or any securities of the Company that are substantially similar to the ADSs or Ordinary Shares,
or any options or warrants to purchase any ADSs or Ordinary Shares, or any securities convertible into, exchangeable for or that
represent the right to receive ADSs or Ordinary Shares, whether now owned or hereinafter acquired, owned directly by the undersigned
(including holding as a custodian) or with respect to which the undersigned has beneficial ownership within the rules and regulations
of the SEC (collectively the &ldquo;<B>Undersigned&rsquo;s Shares</B>&rdquo;), without, in each case, the prior written consent
of Credit Suisse. The foregoing restrictions are expressly agreed to preclude the undersigned from engaging in any hedging or other
transaction which is designed to or which could reasonably be expected to lead to or result in a sale or disposition of the Undersigned&rsquo;s
Shares even if such Undersigned&rsquo;s Shares would be disposed of by someone other than the undersigned. Such prohibited hedging
or other transactions would include, without limitation, any short sale or any purchase, sale or grant of any right (including
without limitation any put or call option) with respect to any of the Undersigned&rsquo;s Shares or with respect to any security
that includes, relates to, or derives any significant part of its value from such Undersigned&rsquo;s Shares. In addition, the
undersigned agrees that, without the prior written consent of Credit Suisse, he, she or it will not, during the Lock-Up Period,
make any demand for or exercise any right with respect to, the registration of any Offered Securities or any security convertible
into or exercisable or exchangeable for the Offered Securities. The foregoing restrictions shall not apply to (or otherwise limit
or restrict) (1) the exercise of options to purchase ADSs or Ordinary Shares, including options issued pursuant to the Company&rsquo;s
equity compensation plans described in its 2017 Annual Report on Form 20-F for the year ended December 31, 2017, provided that
such ADSs or Ordinary Shares shall remain subject to the terms of this Letter Agreement; (2) the receipt from the Company of ADSs
or Ordinary Shares in connection with the vesting of restricted stock units or the disposition of ADSs or Ordinary Shares to the
Company or third parties in connection with the payment of taxes due in connection with any such vesting; (3) the transfer of ADSs
or Ordinary Shares to the Company upon the exercise of options to cover tax withholding obligations in connection with such exercise;
or (4) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of ADSs or Ordinary
Shares; provided that (i) such plan does not provide for the transfer of ADSs or Ordinary Shares during the Lock-Up Period and
(ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on
behalf of the undersigned or the Company regarding the establishment of such plan, such announcement or filing shall include a
statement to the effect that no transfer of ADSs or Ordinary Shares may be made under such plan during the Lock-Up Period.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
foregoing, the undersigned may transfer the Undersigned&rsquo;s Shares (i) as a <I>bona fide </I>gift or gifts, provided that the
donee or donees thereof agree to be bound in writing by the restrictions set forth herein, (ii) to any trust for the direct or
indirect benefit of the undersigned or the immediate family of the undersigned, provided that the trustee of the trust agrees to
be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition
for value, (iii) to partners or immediate family members of the undersigned provided that the transferee agrees to be bound in
writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value,
(iv) in distributions to limited partners or stockholders of the undersigned, provided that such distributee or distributees agree
to be bound in writing by the restrictions set forth herein or (v) with the prior written consent of Credit Suisse; <I>provided,
however, </I>that no filing by any party (donor, donee, transferor or transferee) under the Securities Exchange Act of 1934 shall
be required or shall be voluntarily made in connection with such transfer (other than a filing on a Form 5 made after the expiration
of the Lock-Up Period). For purposes of this Letter Agreement, &ldquo;immediate family&rdquo; shall mean any relationship by blood,
marriage or adoption, not more remote than first cousin.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
foregoing, if (1) during the last 17 days of the 90-day lock-up period, the Company issues an earnings release or material news
or a material event relating to the Company occurs; or (2) prior to the expiration of the 90-day lock-up period, the Company announces
that it will release earnings results or becomes aware that material news or a material event will occur during the 16-day period
beginning on the last day of the 90-day lock-up period, the restrictions imposed by this lock-up agreement shall continue to apply
until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news
or material event, as applicable, unless the Initial Purchaser waives, in writing, such extension.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In furtherance of the
foregoing, the Company and its transfer agent and registrar are hereby authorized to decline to make any transfer of shares of
the Undersigned&rsquo;s Shares if such transfer would constitute a violation or breach of this Letter Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Letter Agreement
shall be binding on the undersigned and the successors, heirs and assigns of the undersigned, and shall expire upon the expiration
of the Lock-Up Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>This agreement shall
be governed by, and construed in accordance with, the laws of the State of New York.</B></P>

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 30%">Very truly yours,</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>[NAME]</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Guangfu Xu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Xiang Xu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Dafeng Shi</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Longgen Zhang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Gongda Yao</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Fumin Zhuo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Rongling Chen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Minsong Liang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Shuming Zhao</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Arthur Wong</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Ming Yang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Qiangmin Zhou</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Shihua Su</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Gold Intellect Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Duke Elite Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Plenty China Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">Lucky Prosper Investments Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.5pt 0pt 0">&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; text-align: right"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tv490762_ex5-1.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: 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: right"><B>Exhibit 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><IMG SRC="image_001.jpg" ALT="" STYLE="width: 175px; height: 131px"></B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Office:</B></TD><TD STYLE="text-align: justify">+852 2801 6066</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Mobile:</B></TD><TD STYLE="text-align: justify">+852 6621 8994</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit Suisse Securities (USA) LLC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10010-3629</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">JPMorgan Chase Bank, N.A. (the &quot;<B>Depositary</B>&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4 New York Plaza, Floor 12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10004</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">12 April 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs</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: justify"><B>Daqo New Energy Corp. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as Cayman Islands legal advisers
to Daqo New Energy Corp. (the &quot;<B>Company</B>&quot;) in connection with the offering and sale of up to a total of US$250,000,000
American Depositary Shares (the &quot;<B>ADSs</B>&quot;), each representing 25 ordinary shares, par value US$0.0001 per share (the
&quot;<B>Ordinary Shares</B>&quot;). This opinion is given at your request pursuant to Section 6 of the Underwriting Agreement
between you (the &quot;<B>Underwriter</B>&quot;) and the Company dated 12 April (the &quot;<B>Underwriting Agreement</B>&quot;).
Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Underwriting
Agreement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">1</FONT></TD><TD STYLE="text-align: justify">DOCUMENTS REVIEWED</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this opinion we have
reviewed originals, copies or final drafts of the documents listed in Schedule 1 to this opinion.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">2</FONT></TD><TD STYLE="text-align: justify">ASSUMPTIONS</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The following opinion
is given only as to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion. This
opinion only relates to the laws of the Cayman Islands which are in force on the date of this opinion. In giving this opinion we
have relied (without further verification) upon the completeness and accuracy of the Director&rsquo;s Certificate, a copy of which
is attached to this opinion. We have also relied upon the assumptions set out in Schedule 2 to this opinion, which we have not
independently verified.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">3</FONT></TD><TD STYLE="text-align: justify">QUALIFICATIONS</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The opinions expressed below are subject
to the qualifications set out in Schedule 3 to this opinion.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">4</FONT></TD><TD STYLE="text-align: justify">OPINIONS</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify">The Company is duly incorporated and validly existing under the laws of the Cayman Islands and
is in good standing, and has the corporate power and authority to conduct its business to own, lease and operate its properties
and to deal in its assets in accordance with its memorandum and articles of association and as described in the Prospectus.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify">When executed by and on behalf of the Company, the share certificate will be admissible as proof
of title of the shareholder named therein in relation to the shares specified in the share certificate.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify">The Company has the necessary corporate power and authority to enter into and perform its obligations
under the Transaction Documents and the Registration Statement including the issuance, sale and offer of the Ordinary Shares and
the ADSs and the deposit of the Ordinary Shares with the Depositary against the issuance of American Depositary Receipts (&quot;<B>ADRs</B>&quot;)
evidencing the ADSs. The issue, sale and delivery of the Ordinary Shares and the ADSs, the deposit of the Ordinary Shares with
the Depositary against the issuance of ADRs evidencing the ADSs, the filing of the Registration Statement and the Prospectus, the
execution and delivery of the Transaction Documents by the Company and the performance by the Company of its obligations under
the Transaction Documents will not violate the memorandum and articles of association of the Company, nor any applicable law, rule,
regulation, order or decree in the Cayman Islands. Reference in this opinion to a &quot;deposit&quot; of Ordinary Shares pursuant
to the Deposit Agreement means the allotment and issue to the Depositary of the Ordinary Shares by the Company, and the registration
of the Depositary (or its nominee) in the register of members of the Company as the registered holder of such Ordinary Shares and
the delivery to the Depositary (or its custodian) of a share certificate in respect of such registration, all for the purpose of
enabling the Depositary to issue ADSs representing such Ordinary Shares.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.4</TD><TD STYLE="text-align: justify">The Company has taken all corporate action required to authorize its execution, delivery and performance
of the Transaction Documents, the execution and filing of the Registration Statement and the Prospectus with the SEC. The Transaction
Documents have been duly executed and delivered by or on behalf of the Company, and constitute legal, valid and binding obligations
of the Company enforceable against the Company in accordance with the terms thereof.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.5</TD><TD STYLE="text-align: justify">No order, consent, approval, license, permission, authorisation or validation of or exemption by
any government or public body or authority of the Cayman Islands or any sub-division thereof is required to authorize or is required
in connection with the execution, delivery, performance and enforcement of the Transaction Documents, the issue and sale of the
Ordinary Shares pursuant to the Underwriting Agreement and the deposit of the Ordinary Shares with the Depositary against the issuance
of ADRs evidencing the ADSs, the issuance, sale and offer of the ADSs, the filing of the Registration Statement and the Prospectus
with the SEC and the listing of ADSs on The New York Stock Exchange, the payment of any amount under the Transaction Documents
(other than court filings if legal proceedings are brought in the Cayman Islands), the payment of dividends and other distributions
declared and payable on the Ordinary Shares (including to the Depositary), and the execution, delivery or performance of the Transaction
Documents by the Depositary.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.6</TD><TD STYLE="text-align: justify">It is not necessary or desirable to ensure the validity, enforceability, legality or admissibility
in evidence in the Cayman Islands of the Transaction Documents that any document be registered in any register kept by, or filed
with, any governmental authority or regulatory body in the Cayman Islands or that any other action be taken in the Cayman Islands.</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.7</TD><TD STYLE="text-align: justify">There is no stamp, registration or similar tax, levy or duty to be paid on or in relation to the
execution, delivery, enforcement, performance of obligations and payments made under or pursuant to the Transaction Documents provided
that they are executed and remain outside the Cayman Islands, including but not limited to (i) the issuance of the Ordinary Shares
and the entering of the Depositary as registered holder of the Ordinary Shares, (ii) the transfer to a custodian (on behalf of
the Depositary) of the Ordinary Shares against the issue of the ADSs for the account of the Underwriter (as defined in the Underwriting
Agreement) and the deposit of the certificates representing the Ordinary Shares with the Depositary, (iii) the issuance by the
Depositary of ADRs evidencing the ADSs, (iv) the filing of the Registration Statement with the SEC, (v) the sale and delivery outside
of the Cayman Islands by the Underwriter of the ADSs to the initial purchasers, (vi) the declaration and payment of dividends and
other distributions on the Ordinary Shares or the ADSs, (vii) the issue, circulation or distribution of the Registration Statement
and the Prospectus, (viii) the listing of the ADSs on the New York Stock Exchange or (ix) the filing of the Registration Statement
and the Prospectus with the SEC. The Transaction Documents will be subject to nominal stamp duty if they are executed in or brought
into the Cayman Islands but will otherwise not be subject to stamp duty, registration tax or similar tax, levy or duty. In the
case of any Transaction Document creating security over movable property granted by an exempted company, an ordinary non-resident
company or a foreign company, stamp duty will be payable on an ad valorem basis to a maximum of CI$500.00 (US$600.00). Apart from
the payment of stamp duty, there are no acts, conditions or things required by the laws and regulations of the Cayman Islands to
be done, fulfilled or performed in order to make any of the Transaction Documents admissible in evidence in the Cayman Islands.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.8</TD><TD STYLE="text-align: justify">All dividends and other distributions declared and payable on the Ordinary Shares may under the
current laws and regulations of the Cayman Islands be paid to the Depositary as the registered member of the Ordinary Shares and
where they are to be paid from the Cayman Islands may be freely transferred out of the Cayman Islands. All such dividends and other
distributions will not be subject to withholding or other taxes under the laws and regulations of the Cayman Islands and are otherwise
free and clear of any other tax, withholding or deduction in the Cayman Islands and without the necessity of obtaining any governmental
authorization in the Cayman Islands. There is no exchange control legislation and no exchange control regulations imposed under
the laws of the Cayman Islands, and accordingly there are no restrictions under Cayman Islands law which would prevent the Company
from paying dividends to shareholders in U.S. dollars or any other foreign currency.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.9</TD><TD STYLE="text-align: justify">The statements in the Prospectus and Registration Statement under the captions &quot;Risk Factors&quot;,
&quot;Description of Share Capital&quot;, &quot;Taxation &ndash; Cayman Islands Taxation&quot; and &quot;Enforceability of Civil
Liabilities&quot;, insofar and to the extent that they constitute a summary or description of the laws and regulations of the Cayman
Islands and a summary of the terms of the share capital are true and correct in all respects and nothing has been omitted from
such statements which would make them misleading in any material respect. The information relating to the Company&rsquo;s memorandum
and articles of association and the Cayman Islands company law contained or incorporated by reference in the Time of Sale Prospectus
and the Final Prospectus are true and accurate and nothing has been omitted from such statements to make them misleading in any
material respect.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.10</TD><TD STYLE="text-align: justify">There is no income or other tax of the Cayman Islands imposed by withholding or otherwise on any
payment to be made to or by the Company pursuant to the Transaction Documents.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.11</TD><TD STYLE="text-align: justify">The Transaction Documents are in an acceptable legal form under the laws of the Cayman Islands
for enforcement thereof against the Company in the Cayman Islands in accordance with their respective terms.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.12</TD><TD STYLE="text-align: justify">Based solely on our search of the Register of Writs and Other Originating Process and the Register
of Appeals (together, the &quot;<B>Court Registers</B>&quot;) maintained by the Clerk of the Court of the Grand Court of the Cayman
Islands and by the Registrar of the Court of Appeal of the Cayman Islands respectively from the date of incorporation of the Company
to the close of business in the Cayman Islands on [ ] April 2018 (the &quot;<B>Litigation Search</B>&quot;), the Court Registers
disclosed no writ, originating summons, originating motion, petition, counterclaim nor third party notice (the &quot;<B>Originating
Process</B>&quot;) nor any amended Originating Process pending before the courts of the Cayman Islands nor any appeal pending before
the Court of Appeal, in which the Company is a defendant or respondent.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.13</TD><TD STYLE="text-align: justify">Neither the Underwriter nor the Depositary will be deemed to be resident, domiciled or carrying
on business in the Cayman Islands or subject to taxation in the Cayman Islands or in violation of any law thereof by reason only
of the execution, performance and/or enforcement of the Transaction Documents by the Underwriter and the Depositary to which it
is a party.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.14</TD><TD STYLE="text-align: justify">Each of the Underwriter and the Depositary has standing to bring an action or proceedings before
the appropriate courts in the Cayman Islands for the enforcement of the Transaction Documents to which it is a party. It is not
necessary or advisable in order for either the Underwriter or the Depositary to enforce their rights under the Transaction Documents
to which either of them is a party, including the exercise of remedies thereunder or as a consequence of the execution, delivery
and performance of the Transaction Documents, that they be licensed, qualified, approved or otherwise entitled to carry on business
in the Cayman Islands.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.15</TD><TD STYLE="text-align: justify">The Company has the legal capacity to sue and be sued in its own name and capacity under the laws
of the Cayman Islands.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.16</TD><TD STYLE="text-align: justify">The Company is not entitled to any immunity under the laws of the Cayman Islands, whether characterised
as sovereign immunity or otherwise, from any legal, regulatory or administrative proceedings to enforce the Transaction Documents
in respect of itself or its property.</TD></TR></TABLE>

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<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: 0.5in">4.17</TD><TD STYLE="text-align: justify">There are no exchange control restrictions in the Cayman Islands. The Company is free to acquire,
hold and sell foreign currency and securities without restriction.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.18</TD><TD STYLE="text-align: justify">The choice of the laws of the State of New York as the governing law of the Transaction Documents
is a valid choice of law and would be recognized and given effect to in any action brought before a court of competent jurisdiction
in the Cayman Islands, except for those laws (i) which such court considers to be procedural in nature, (ii) which are revenue
or penal laws or (iii) the application of which would be inconsistent with public policy, as such term is interpreted under the
laws of the Cayman Islands. The submission in the Transaction Documents to the jurisdiction of the New York Courts is legal, valid
and binding upon the Company.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.19</TD><TD STYLE="text-align: justify">Each person who has agreed to become a member of the Company and whose name is entered in the register
of members of the Company is deemed to be a member of the Company and, accordingly, has the rights of a member as provided for
in the Articles of Association of the Company.</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.20</TD><TD STYLE="text-align: justify">The courts of the Cayman Islands would recognize as a valid judgment, a final and conclusive judgment
<I>in personam</I> obtained in the New York Courts against the Company based upon the Transaction Documents under which a sum of
money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature or
in respect of a fine or other penalty) or, in certain circumstances, an <I>in personam</I> judgment for non-monetary relief, and
would give a judgment based thereon provided such judgment:</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">is given by a competent foreign court with jurisdiction
to give the judgment;</TD>
</TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</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>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">is final and conclusive;</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">(d)</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">was not obtained in a
manner and is not of a kind the enforcement of which is contrary to the public policy of the Cayman Islands</FONT>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The submission
of any action, controversy, claim or dispute based on, arising out of or relating to the Deposit Agreement or the ADRs or the transactions
contemplated thereby to arbitration with the American Arbitration Association or the Hong Kong International Arbitration Centre
is a valid and enforceable submission that will be recognized and given effect and enforced by the courts of the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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"></TD><TD STYLE="width: 0.5in">4.21</TD><TD STYLE="text-align: justify">The appointment of Law Debenture Corporate Services Inc. as agent to accept service of process
in the New York Courts and the waiver by the Company of any objections to the venue of any proceedings in the New York Courts pursuant
to the Transaction Documents and the Appointment Agreement is legal, valid and binding on the Company if such appointment or waiver
is legal, valid and binding under the laws of the State of New York and no other procedural requirements are necessary in order
to validate such appointment or waiver. Service of process effected in the manner set forth in the Transaction Documents is legal,
valid and binding on the Company.</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: 0.5in">4.22</TD><TD STYLE="text-align: justify">The indemnification and contribution provisions set forth in Section 7 of the Underwriting Agreement
and Section 16 of the Deposit Agreement do not contravene the laws or public policy of the Cayman Islands.</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: 0.5in">4.23</TD><TD STYLE="text-align: justify">The Ordinary Shares to be issued and sold by the Company under the Underwriting Agreement have
been duly authorised, and when issued by the Company to the Underwriter in accordance with the Underwriting Agreement against payment
in full of the consideration set forth in the Underwriting Agreement, will have been validly issued as fully paid and non-assessable
(which term when used herein means that no further sums are required to be paid by the holders thereof in connection with the issue
thereof), such Ordinary Shares may be freely transferred to and deposited with the Depositary against issuance of the ADRs evidencing
the ADSs, and such Ordinary Shares immediately upon closing of the Offering (i) will not be subject to any voting or transfer restrictions
(provided that such transfers are made in compliance with the Memorandum and Articles) nor any pre-emptive or similar rights under
the Companies Law and the Memorandum and Articles, (ii) will have attached thereto the rights set out in the Memorandum and Articles
and (iii) will rank pari passu with all other issued ordinary shares of the Company. Upon entry of the name of the Depositary on
the register of members of the Company, the Depositary will have <I>prima facie</I> legal title to the Ordinary Shares. The register
of members of the Company is a prima facie evidence of any matters which the Companies Law directs or authorises to be inserted
therein and a member registered in the register of members will be deemed, as a matter of Cayman Islands law, to have legal title
to those shares as set against its name in the register of members.</TD></TR></TABLE>

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

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

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<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: 0.5in">4.24</TD><TD STYLE="text-align: justify">Based on the register of members of the Company as of the date hereof, a certified extract of which
is annexed hereto as Schedule 4, JPMorgan Chase Bank, N.A. is the registered holder of and holds 179,214,040 Ordinary Shares.</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: 0.5in">4.25</TD><TD STYLE="text-align: justify">The Depositary will not be subject to any reporting or similar requirements under the law of the
Cayman Islands with respect to the ADSs or the Ordinary Shares solely by virtue of being a party to the Deposit Agreement and exercising
its rights and performing their obligations thereunder.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We express no view as to the commercial
terms of the Transaction Documents or whether such terms represent the intentions of the parties and make no comment with regard
to the representations which may be made by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion may be relied upon by the
addressees only. It may not be relied upon by any other person except with our prior written consent.</P>

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

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

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

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

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

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have reviewed originals, copies, drafts
or conformed copies of the following documents:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: italic 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: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">the Certificate of Incorporation dated 22
November 2007;</FONT></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="width: 100%; font: italic 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: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">the Certificate of Incorporation on Change
of Name dated 21 August 2009;</FONT></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: italic 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: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">the Certificate of Incorporation on Adoption
of Dual Foreign Name dated 16 December 2016; </FONT></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: italic bold 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: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">the Fourth Amended and Restated Memorandum
and Articles of Association of the Company as adopted by a resolution passed on 16 December 2016 (the &quot;</FONT><FONT STYLE="font-style: normal">Memorandum
and Articles<FONT STYLE="font-weight: normal">&quot;);</FONT></FONT></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: italic bold 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: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">the written resolutions of the board of directors
of the Company dated 16 March 2018 (the &quot;</FONT><FONT STYLE="font-style: normal">Resolutions<FONT STYLE="font-weight: normal">&quot;),
the minute book, register of members (the &quot;</FONT>Register of Members<FONT STYLE="font-weight: normal">&quot;), register of
mortgages and charges and the other corporate records of the Company maintained at its registered office in the Cayman Islands
(together with the documents listed in paragraphs 1, 2 and 3 above, the &quot;</FONT>Corporate Records<FONT STYLE="font-weight: normal">&quot;);</FONT></FONT></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: italic bold 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: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">a Certificate of Good Standing issued by
the Registrar of Companies in the Cayman Islands (the &quot;</FONT><FONT STYLE="font-style: normal">Certificate of Good Standing<FONT STYLE="font-weight: normal">&quot;);</FONT></FONT></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: italic bold 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: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">a certificate from a Director of the Company
addressed to this firm, a copy of which is attached hereto (the &quot;</FONT><FONT STYLE="font-style: normal">Director&rsquo;s
Certificate<FONT STYLE="font-weight: normal">&quot;);</FONT></FONT></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: italic bold 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: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">the Company&rsquo;s Registration Statement
on Form F-3 (the &quot;</FONT><FONT STYLE="font-style: normal">Registration Statement<FONT STYLE="font-weight: normal">&quot;)
initially filed with the Securities and Exchange Commission in the United States (&quot;</FONT>SEC<FONT STYLE="font-weight: normal">&quot;)
on 23 December 2014;</FONT></FONT></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: italic bold 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: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">the Company&rsquo;s preliminary prospectus
supplement expected to be dated 19 March 2018, the time of sale prospectus attached to the Underwriting Agreement as Schedule B
and the final prospectus supplement expected to be dated around first week of April 2018 including all supplements, and amendments
thereto (collectively, the &quot;</FONT><FONT STYLE="font-style: normal">Prospectus<FONT STYLE="font-weight: normal">&quot;);</FONT></FONT></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: italic bold 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: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">the Annual Report on Form 20 F (the &quot;</FONT><FONT STYLE="font-style: normal">Annual
Report<FONT STYLE="font-weight: normal">&quot;) filed with the Commission on or around 16 March 2018 but in any case prior to 30
April 2018 and incorporated by reference into the Registration Statement and the Prospectus; </FONT></FONT></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: italic bold 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: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">the amended and restated deposit agreement
dated as of 11 October 2016, among the Company, JPMorgan Chase Bank, N.A., as the depositary (the &quot;</FONT><FONT STYLE="font-style: normal">Depositar<FONT STYLE="font-weight: normal">y&quot;)
and the holders from time to time of American Depositary Receipts issued thereunder, (the &quot;</FONT>Deposit Agreement<FONT STYLE="font-weight: normal">&quot;);
</FONT></FONT></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: italic 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: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">the Underwriting Agreement; and</FONT></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: italic bold 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: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">the executed service agent appointment letter
by the Company appointing Law Debenture Corporate Services Inc. as its service process agent under the Underwriting Agreement dated
26 March 2018 (the &quot;</FONT><FONT STYLE="font-style: normal">Appointment Agreement<FONT STYLE="font-weight: normal">&quot;).</FONT></FONT></TD></TR></TABLE>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">The
documents listed in Sections 9 through 11 are collectively referred to as the &quot;</FONT><FONT STYLE="font-style: normal">Transaction
Documents<FONT STYLE="font-weight: normal">&quot;. </FONT></FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><U>SCHEDULE 2</U></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have relied upon the following assumptions,
which we have not independently verified:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 0.5in">1</TD><TD STYLE="text-align: justify">the Transaction Documents have been or will be authorised and duly executed and delivered by or
on behalf of all relevant parties (other than the Company as a matter of Cayman Islands law) in accordance with all relevant laws
(other than the laws of the Cayman Islands);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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"></TD><TD STYLE="width: 0.5in">2</TD><TD STYLE="text-align: justify">the Transaction Documents are, or will be, legal, valid, binding and enforceable against all relevant
parties in accordance with their terms under the laws of the State of New York and all other relevant laws (other than the laws
of the Cayman Islands);</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"></TD><TD STYLE="width: 0.5in">3</TD><TD STYLE="text-align: justify">the choice of the laws of the State of New York as the governing law of the Transaction Documents
has been made in good faith and would be regarded as a valid and binding selection which will be upheld by the courts of the State
of New York as a matter of the laws of the State of New York and all other relevant laws (other than the laws of the Cayman Islands);</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"></TD><TD STYLE="width: 0.5in">4</TD><TD STYLE="text-align: justify">copies of documents, conformed copies 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="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: 0.5in">5</TD><TD STYLE="text-align: justify">all signatures, initials and seals are genuine;</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"></TD><TD STYLE="width: 0.5in">6</TD><TD STYLE="text-align: justify">the power, authority and legal right of all parties under all relevant laws and regulations (other
than, with respect to the Company, the laws of the Cayman Islands) to enter into, execute, deliver and perform their respective
obligations under the Transaction Documents;</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"></TD><TD STYLE="width: 0.5in">7</TD><TD STYLE="text-align: justify">all conditions precedent contained in the Transaction Documents have been satisfied or duly waived
and there has been no breach of the terms of the Transaction Documents at the date hereof;</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"></TD><TD STYLE="width: 0.5in">8</TD><TD STYLE="text-align: justify">all conditions to the adoption by the Company of the Memorandum and Articles have been satisfied;</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"></TD><TD STYLE="width: 0.5in">9</TD><TD STYLE="text-align: justify">there is no contractual or other prohibition (other than as may arise by virtue of the laws of
the Cayman Islands) binding on the Company or on any other party prohibiting it from entering into and performing its obligations
under the Transaction Documents;</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"></TD><TD STYLE="width: 0.5in">10</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 hereinafter appearing. Specifically, we have made no independent investigation of the laws of the State of
New York;</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"></TD><TD STYLE="width: 0.5in">11</TD><TD STYLE="text-align: justify">the Company is not a sovereign entity of any state or of the Cayman Islands and is not a subsidiary,
direct or indirect, of any sovereign entity or state; and</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"></TD><TD STYLE="width: 0.5in">12</TD><TD STYLE="text-align: justify">the issued shares in the capital of the Company have been fully paid up and there are no contractual
or other obligations (other than as may arise by virtue of the laws of the Cayman Islands) binding on the Company or any of the
persons to whom such shares have been issued to make any further payment or give further consideration in relation thereto.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 3</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Qualifications</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 opinions expressed above are subject to the following <FONT STYLE="font-size: 10pt">qualifications:</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: 0.5in">1</TD><TD STYLE="text-align: justify">the term &quot;<B>enforceable</B>&quot; as used above means that the obligations assumed by the
Company under the Transaction Documents are of a type which the courts of the Cayman Islands will enforce. It does not mean that
those obligations will necessarily be enforced in all circumstances in accordance with their terms. In particular:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&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: 36pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD STYLE="text-align: justify">enforcement may be limited by bankruptcy, insolvency, liquidation, reorganisation, readjustment
of debts or moratorium or other laws of general application relating to or affecting the rights of creditors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&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: 36pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: justify">enforcement may be limited by general principles of equity. For example, equitable remedies such
as specific performance may not be available, <I>inter alia</I>, where damages are considered to be an adequate remedy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&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: 36pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD STYLE="text-align: justify">some claims may become barred under the statutes of limitation or may be or become subject to defenses
of set-off, counterclaim, estoppel and similar defenses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&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: 36pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD STYLE="text-align: justify">where obligations are to be performed in a jurisdiction outside the Cayman Islands, they may not
be enforceable in the Cayman Islands to the extent that performance would be illegal under the laws of that jurisdiction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&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: 36pt"></TD><TD STYLE="width: 27pt">(e)</TD><TD STYLE="text-align: justify">the Cayman Islands court has jurisdiction to give judgment in the currency of the relevant obligation
and statutory rates of interest payable upon judgments will vary according to the currency of the judgment. If the Company becomes
insolvent and is made subject to a liquidation proceeding, the Cayman Islands court will require all debts to be proved in a common
currency, which is likely to be the &quot;functional currency&quot; of the Company determined in accordance with applicable accounting
principles. Currency indemnity provisions have not been tested, so far as we are aware, in the courts of the Cayman Islands;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&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: 36pt"></TD><TD STYLE="width: 27pt">(f)</TD><TD STYLE="text-align: justify">obligations to make payments that may be regarded as penalties will not be enforceable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&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: 36pt"></TD><TD STYLE="width: 27pt">(g)</TD><TD STYLE="text-align: justify">the courts of the Cayman Islands may decline to exercise jurisdiction in relation to substantive
proceedings brought under or in relation to the Transaction Documents in matters where they determine that such proceedings may
be tried in a more appropriate forum;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -0.5in">&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: 36pt"></TD><TD STYLE="width: 27pt">(h)</TD><TD STYLE="text-align: justify">any provision in the Transaction Documents whereby the Company agrees to irrevocably waive any
right to invoke the jurisdiction of the Grand Court is subject to the equitable jurisdiction of the Grand Court and accordingly
may not be enforceable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&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: 36pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify">based on principles of privity of contract, any indemnity or other provision of the Transaction
Documents (not being in the form of a deed) which is expressed to be in favour of persons who are not parties to the Transaction
Documents may not be enforceable by such persons in the absence of a trust in their favour;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&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: 36pt"></TD><TD STYLE="width: 27pt">(j)</TD><TD STYLE="text-align: justify">whilst parties to an agreement may agree <I>inter se</I> that respective rights and obligations
take effect &quot;as of&quot; a date prior to the date of execution and delivery, the rights of third parties, to the extent that
the same may be available thereunder, only take effect from the date of actual execution and delivery;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&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: 36pt"></TD><TD STYLE="width: 27pt">(k)</TD><TD STYLE="text-align: justify">under the Companies Law (2016 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 (2016 Revision) directs
or authorises to be inserted therein. A third party interest including a security interest in the shares of the Company in question
would not appear. An entry in the register of members may be subject to a court order for rectification (for example, in the event
of fraud or manifest error);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&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: 36pt"></TD><TD STYLE="width: 27pt">(l)</TD><TD STYLE="text-align: justify">a company cannot, by agreement or in its articles of association, restrict the exercise of a statutory
power and there exists doubt as to enforceability of any provision in the Transaction Documents whereby the Company covenants not
to exercise powers specifically given to its shareholders by the Companies Law (2016 Revision) of the Cayman Islands, including,
without limitation, the power to increase its authorised share capital, amend its memorandum and articles of association, or present
a petition to a Cayman Islands court for an order to wind up the Company; and</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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: 36pt"></TD><TD STYLE="width: 27pt">(m)</TD><TD STYLE="text-align: justify">enforcement may be prohibited if any of the shares, interests, rights or obligations, if any, which
are directly or indirectly the subject of the transactions contemplated by the Transaction Documents is or in the future becomes
either subject to, or otherwise affected by any restriction notice issued pursuant to the Companies Law or the Limited Liabilities
Law, 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&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: 0.5in">2</TD><TD STYLE="text-align: justify">as discussed above, Cayman Islands stamp duty may be payable if the original Transaction Documents
are brought to or executed in the Cayman Islands;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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: 0.5in">3</TD><TD STYLE="text-align: justify">to maintain the Company in good standing under the laws of the Cayman Islands, annual filing fees
must be paid and returns made to the Registrar of Companies;</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"></TD><TD STYLE="width: 0.5in">4</TD><TD STYLE="text-align: justify">the obligations of the Company may be subject to restrictions pursuant to United Nations sanctions
as implemented under the laws of the Cayman Islands;</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"></TD><TD STYLE="width: 0.5in">5</TD><TD STYLE="text-align: justify">a certificate, determination, calculation or designation of any party to the Transaction Documents
as to any matter provided therein might be held by a Cayman Islands court not to be conclusive, final and binding if, for example,
it could be shown to have an unreasonable or arbitrary basis, or in the event of manifest error;</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"></TD><TD STYLE="width: 0.5in">6</TD><TD STYLE="text-align: justify">in principle a Cayman Islands court will award costs and disbursements in litigation in accordance
with the relevant contractual provisions but there remains some uncertainty as to the way in which the rules of the Grand Court
will be applied in practice. Whilst it is clear that costs incurred prior to judgment can be recovered in accordance with the contract,
it is likely that post-judgment costs (to the extent recoverable at all) will be subject to taxation in accordance with Grand Court
Rules Order 62;</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"></TD><TD STYLE="width: 0.5in">7</TD><TD STYLE="text-align: justify">we reserve our opinion as to the extent to which a Cayman Islands court would, in the event of
any relevant illegality, sever the offending provisions and enforce the remainder of the transaction of which such provisions form
a part, notwithstanding any express provisions in this regard; and</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"></TD><TD STYLE="width: 0.5in">8</TD><TD STYLE="text-align: justify">we make no comment with regard to the references to foreign statutes in the Transaction Documents.</TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 4</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Certified Extract of Register of Members
</U></B></P>

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


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



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<TYPE>EX-8.2
<SEQUENCE>4
<FILENAME>tv490762_ex8-2.htm
<DESCRIPTION>EXHIBIT 8.2
<TEXT>
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<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 8.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">12 April 2018</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">666 Longdu Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Wanzhou, Chongqing F4 404000</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Re: Certain PRC Tax Matters</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are qualified to practice law in the
People&rsquo;s Republic of China (&ldquo;<B>PRC</B>&rdquo;) and to issue opinions on PRC law. For the purpose of this legal opinion
(this &ldquo;<B>Opinion</B>&rdquo;), the PRC does not include the Hong Kong Special Administrative Region, the Macau Special Administrative
Region or Taiwan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been requested by Daqo New
Energy Corp. (the &ldquo;<B>Company</B>&rdquo;) to issue this opinion in connection with (A) the Company&rsquo;s registration
statement on Form F-3 publicly filed with the Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) on 19 March
2018 (the &ldquo;<B>Registration Statement</B>&rdquo;) as supplemented by the prospectus supplement dated 12 April 2018 (the
&ldquo;<B>Prospectus Supplement</B>&rdquo;, together with the Registration Statement, the &ldquo;<B>Disclosure
Documents</B>&rdquo;), relating to the offering (the &ldquo;<B>Offering</B>&rdquo;) of American depositary shares (the
&ldquo;<B>ADSs</B>&rdquo;) each representing 25 of the Company&rsquo;s ordinary shares, par value $0.0001 per share (the
&ldquo;<B>Shares</B>&rdquo;); and (B) the sale of the ADSs and listing of the ADSs on New York Stock Exchange.</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: justify">In so acting, we have examined the Registration
Statement, originals or copies, certified or otherwise identified to our satisfaction, provided to us by the Company and such other
documents, corporate records, certificates, approvals and other instruments as we have deemed necessary for the purpose of rendering
this Opinion, including, without limitation, originals or copies of the agreements and certificates issued by PRC authorities and
officers of the PRC Subsidiaries. In such examination, we have assumed the accuracy of the factual matters described in the Registration
Statement and that the Registration Statement and other documents will be executed by the parties in the forms provided to and
reviewed by us. We have also assumed the genuineness of all signatures, seals and chops, the authenticity of all documents submitted
to us as originals, and the conformity with the originals of all documents submitted to us as copies, and the truthfulness, accuracy
and completeness of all factual statements in the documents.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on and subject to the foregoing,
and subject to the qualifications, assumptions and limitations stated herein and in the Registration Statement we are of the opinion
that the statements set forth under the caption &ldquo;Taxation&rdquo; in the Registration Statement, to the extent that they constitute
statement of PRC enterprise income tax law, are true and accurate in all material respects and that such statements constitute
our opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not express any opinion herein concerning
any law other than the enterprise income tax law of the PRC in effect as of the date of this opinion and there is no guarantee
that the enterprise income tax law will not be changed, amended or revoked in the immediate future or in the longer term with or
without retroactive effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this
Opinion with SEC as an exhibit to the Registration Statement and to the reference to our firm under the headings &ldquo;Taxation&rdquo;
in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.3pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.3pt 0pt 0; text-align: right">Yours faithfully,</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>/s/ DaHui Lawyers</U></P>

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

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

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

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

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

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



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

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>tv490762_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<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: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_004.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">12 April 2018</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">666 Longdu Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Wanzhou, Chongqing F4 404000</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the use of our name
under the captions &ldquo;Enforceability of Civil Liabilities&rdquo; and &ldquo;Legal Matters&rdquo; in the prospectus included
in the registration statement on Form F-3, originally filed by Daqo New Energy Corp. with the Securities and Exchange Commission
on 19 March 2018 under the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 Securities Act of 1933, as amended,
or the regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.3pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.3pt 0pt 0; text-align: right">Yours faithfully,</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>/s/ DaHui Lawyers</U></P>

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

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

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

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

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

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



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

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<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>image_001.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
