<SEC-DOCUMENT>0001104659-26-083694.txt : 20260715
<SEC-HEADER>0001104659-26-083694.hdr.sgml : 20260715
<ACCEPTANCE-DATETIME>20260715062240
ACCESSION NUMBER:		0001104659-26-083694
CONFORMED SUBMISSION TYPE:	S-8 POS
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20260715
DATE AS OF CHANGE:		20260715
EFFECTIVENESS DATE:		20260715

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Zhihu Inc.
		CENTRAL INDEX KEY:			0001835724
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8 POS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-265451
		FILM NUMBER:		261175819

	BUSINESS ADDRESS:	
		STREET 1:		18 XUEQING ROAD
		STREET 2:		HAIDIAN DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100083
		BUSINESS PHONE:		86 10 82716605

	MAIL ADDRESS:	
		STREET 1:		18 XUEQING ROAD
		STREET 2:		HAIDIAN DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100083
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8 POS
<SEQUENCE>1
<FILENAME>tm2620359d1_s8pos.htm
<DESCRIPTION>FORM S-8 POS
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on July&nbsp;15, 2026</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-265451</B>&nbsp;</P>

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

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

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

<P STYLE="font: 10pt 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"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POST-EFFECTIVE AMENDMENT NO.1 TO</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-8</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE SECURITIES ACT OF 1933</P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 4.65pt; padding-left: 4.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cayman Islands</B></FONT></TD>
    <TD STYLE="width: 35%; padding-right: 4.65pt; padding-left: 4.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 35%; padding-right: 4.65pt; padding-left: 4.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4.65pt; padding-left: 4.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of</FONT></TD>
    <TD STYLE="padding-right: 4.65pt; padding-left: 4.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 4.65pt; padding-left: 4.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4.65pt; padding-left: 4.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">incorporation or organization)</FONT></TD>
    <TD STYLE="padding-right: 4.65pt; padding-left: 4.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 4.65pt; padding-left: 4.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification Number)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>18 Xueqing Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Haidian District, Beijing 100083</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 (10)&nbsp;8271-6603</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of registrant&rsquo;s principal executive offices)</P>

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amended and Restated 2022 Share Incentive Plan</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>122 East 42nd Street, 18th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10168</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+1&nbsp;800-221-0102</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, including zip code, and telephone
number, including area code, of agent for service)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of
 &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &quot;emerging growth
company&quot; in Rule&nbsp;12b-2 of the Exchange Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="width: 14%; padding-left: 9.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 4%; padding-left: 4.55pt">&nbsp;</TD>
    <TD STYLE="width: 37%; padding-left: 4.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="width: 15%; padding-left: 11.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="padding-left: 9.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="padding-left: 4.55pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD STYLE="padding-left: 11.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 4.55pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</FONT></TD>
    <TD STYLE="padding-left: 11.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Han Wang, Chief Financial Officer</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Zhihu Inc.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>18 Xueqing Road</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Haidian District, Beijing 100083</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 (10)&nbsp;8271-6603</B></P></TD></TR>
  </TABLE>


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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June&nbsp;30, 2026, the shareholders of Zhihu
Inc. (the &ldquo;Registrant&rdquo;) resolved to adopt the Amended and Restated 2022 Share Incentive Plan (the &ldquo;Amended Plan&rdquo;),
which amends and restates the Registrant&rsquo;s 2022 Share Incentive Plan (the &ldquo;Prior Plan&rdquo;). Under the Amended Plan, the
separate Option Grant Limit and the Restricted Share Unit Grant Limit previously set forth in Section&nbsp;3.1(a)&nbsp;of the Prior Plan
are eliminated and consolidated into a single award pool, thereby permitting the Registrant to grant awards in any combination of options
and restricted share units within the remaining available share capacity under the Prior Plan, subject to the 10% scheme limit under Chapter
17 of the Rules&nbsp;Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the Prior Plan, as of the date
hereof, the Class&nbsp;A ordinary shares previously registered for issuance under the registration statement on Form&nbsp;S-8 as filed
with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on June&nbsp;7, 2022 (File No.&nbsp;333-265451) (the &ldquo;Prior
Registration Statement&rdquo;) that remain unissued thereunder are now issuable under the Amended Plan for all forms of awards (including
both options and restricted share units) as a result of the consolidation of the Option Grant Limit and the Restricted Share Unit Grant
Limit into the single award pool described above. No additional securities are being registered by this Post-Effective Amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In accordance with General Instruction E to Form&nbsp;S-8,
the content of the Prior Registration Statement is incorporated herein by reference, except as otherwise set forth herein.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>INFORMATION
REQUIRED IN THE SECTION&nbsp;10(a)&nbsp;PROSPECTUS</B></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-top: 0pt; margin-bottom: 0pt"><B>Item 1.&#8239;&#8239;&#8239;<U>Plan Information*</U></B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>Item 2.&#8239;&#8239;</B> <B><U>Registrant Information and Employee Plan Annual Information*</U></B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">* Information required by Part&nbsp;I to be contained
in the Section&nbsp;10(a)&nbsp;prospectus is omitted from this Registration Statement in accordance with Rule&nbsp;428 under the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) and the Note to Part&nbsp;I of Form&nbsp;S-8. The documents containing information
specified in this Part&nbsp;I will be separately provided to the participants covered by the plans, as specified by Rule&nbsp;428(b)(1)&nbsp;under
the Securities Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</B></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-top: 0pt; margin-bottom: 0pt"> <B>Item 3.</B> <B>&#8239;&#8239;<U>Incorporation of Documents by Reference</U></B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">The following documents previously filed by the
Registrant with the Commission are incorporated by reference herein:</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: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The Registrant&rsquo;s annual report on <FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001835724/000110465926044557/zh-20251231x20f.htm" STYLE="-sec-extract: exhibit">Form&nbsp;20-F</A></FONT> (File No.&nbsp;001-40253) for the fiscal year
ended December&nbsp;31, 2025, filed with the Commission on April&nbsp;17, 2026 pursuant to Section&nbsp;13(a)&nbsp;of the Securities Exchange
Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;); 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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>The description of the Registrant&rsquo;s Class&nbsp;A ordinary shares and ADSs incorporated by reference in the Registrant&rsquo;s
registration statement on <FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1835724/000119312521087077/d155150d8a12b.htm" STYLE="-sec-extract: exhibit">Form&nbsp;8-A</A></FONT> (File No.&nbsp;001-40253) filed with the Commission on March&nbsp;19,
2021, including any amendment and report subsequently filed for the purpose of updating that description.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All documents subsequently filed by the Registrant
pursuant to Sections 13(a), 13(c), 14 or 15(d)&nbsp;of the Exchange Act, after the date of this Registration Statement and prior to the
filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to
be part hereof from the date of filing of such documents. Any statement in a document incorporated or deemed to be incorporated by reference
in this Registration Statement will be deemed to be modified or superseded to the extent that a statement contained in this Registration
Statement or in any other later filed document that also is or is deemed to be incorporated by reference modifies or supersedes such statement.
Any such statement so modified or superseded will not be deemed, except as so modified or superseded, to be a part of this Registration
Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>Item 4.&#8239;&#8239;</B> <B><U>Description of Securities</U></B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</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-top: 0pt; margin-bottom: 0pt"> <B>Item 5.&#8239;&#8239;</B> <B><U>Interests of Named Experts and Counsel</U></B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</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-top: 0pt; margin-bottom: 0pt"> <B>Item 6.&#8239;&#8239;</B> <B><U>Indemnification of Directors and Officers</U></B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cayman Islands law does not limit the extent to
which a company&rsquo;s articles of association may provide for indemnification of directors and officers, except to the extent any such
provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud
or the consequences of committing a crime. The Registrant&rsquo;s currently effective eleventh amended and restated articles of association
provides that the Registrant shall indemnify its directors and officers against all actions, proceedings, costs, charges, expenses, losses,
damages or liabilities incurred or sustained by such persons, other than by reason of such persons&rsquo; own dishonesty, willful default
or fraud, in or about the conduct of the Registrant&rsquo;s business or affairs (including as a result of any mistake of judgment) or
in the execution or discharge of their duties, powers, authorities or discretions, including without prejudice to the generality of the
foregoing, any costs, expenses, losses or liabilities incurred by such persons in defending (whether successfully or otherwise) any civil
proceedings concerning the Registrant or its affairs in any court whether in the Cayman Islands or elsewhere.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the indemnification agreements, the
form of which was filed as <FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1835724/000119312521070815/d72883dex103.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;10.3</A></FONT> to the Registrant&rsquo;s registration statement on Form&nbsp;F-1,
as amended (File No.&nbsp;333-253910) (the &ldquo;Form&nbsp;F-1&rdquo;), the Registrant has agreed to indemnify its directors and officers
against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director
or officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions,
the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the
Securities Act and is therefore unenforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrant also maintains a directors and officers
liability insurance policy for its directors and officers.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>Item 7.&#8239;&#8239;</B> <B><U>Exemption from Registration Claimed</U></B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</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-top: 0pt; margin-bottom: 0pt"> <B>Item 8.&#8239;&#8239;</B> <B><U>Exhibits</U></B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See the Index to Exhibits attached hereto.</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-top: 0pt; margin-bottom: 0pt"> <B>Item 9.</B> <B>&#8239;&#8239;<U>Undertakings</U></B></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: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The undersigned Registrant hereby undertakes:</TD></TR></TABLE>

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

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

<P STYLE="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: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>to include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act;</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: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in this Registration Statement; 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: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
or any material change to that information in the Registration Statement;</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 0pt 1.5in"><I>provided, however</I>, that paragraphs (a)(1)(i)&nbsp;and
(a)(1)(ii)&nbsp;above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange
Act that are incorporated by reference in this Registration Statement;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="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: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit<BR>
    Number</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 90%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Description</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1835724/000110465922070339/tm2218169d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1835724/000110465922070339/tm2218169d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eleventh
    Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit&nbsp;3.1
    to the current report on Form&nbsp;6-K (File No.&nbsp;001-40253) furnished with the Securities and Exchange Commission on June&nbsp;13,
    2022)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/0001835724/000119312521087198/d72883dex42.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></A></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/0001835724/000119312521087198/d72883dex42.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrant&rsquo;s
    Specimen Certificate for Class&nbsp;A Ordinary Shares under the Cayman Islands Share Registrar (incorporated herein by reference
    to Exhibit&nbsp;4.2 to the registration statement on Form&nbsp;F-1 (File No.&nbsp;333-253910), as amended, initially filed with the
    Securities and Exchange Commission on March&nbsp;5, 2021)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1835724/000110465922045300/tm2210705d8_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1835724/000110465922045300/tm2210705d8_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrant&rsquo;s
    Specimen Certificate for Class&nbsp;A Ordinary Shares under the Hong Kong Share Registrar (incorporated herein by reference to Exhibit&nbsp;4.1
    to the current report on Form&nbsp;6-K (File No.&nbsp;001-40253) furnished with the Securities and Exchange Commission on April&nbsp;13,
    2022)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1835724/000110465921067364/tm2116611d1_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1835724/000110465921067364/tm2116611d1_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit
    Agreement, among the Registrant, JPMorgan Chase Bank, N.A., as depositary, and holders and beneficial owners of the American Depositary
    Receipts issued thereunder dated March&nbsp;25, 2021 (incorporated herein by reference to Exhibit&nbsp;4.3 to the registration statement
    on Form&nbsp;S-8 (File No.&nbsp;333-256178) filed with the Securities and Exchange Commission on May&nbsp;17, 2021)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2620359d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</FONT></A></TD>
    <TD><A HREF="tm2620359d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Maples and Calder (Hong Kong) LLP, Cayman
    Islands counsel to the Registrant, regarding the legality of the Class&nbsp;A Ordinary Shares being registered</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1835724/000110465922068760/tm2217803d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1835724/000110465922068760/tm2217803d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022
    Share Incentive Plan (incorporated herein by reference to Exhibit&nbsp;10.1 to the registration statement on Form&nbsp;S-8 (File
    No.&nbsp;333-265451) filed with the Securities and Exchange Commission on June&nbsp;7, 2022)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2620359d1_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2*</FONT></A></TD>
    <TD><A HREF="tm2620359d1_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated 2022 Share Incentive Plan</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2620359d1_ex23-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</FONT></A></TD>
    <TD><A HREF="tm2620359d1_ex23-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of PricewaterhouseCoopers Zhong Tian LLP, an
    independent registered public accounting firm</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2620359d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</FONT></A></TD>
    <TD><A HREF="tm2620359d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Maples and Calder (Hong Kong) LLP (included
    in Exhibit&nbsp;5.1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1*</FONT></A></TD>
    <TD><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on signature
    page&nbsp;hereto)</FONT></A></TD></TR>
  </TABLE>


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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">* Filed herewith.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form&nbsp;S-8
and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Shanghai,
China, on July&nbsp;15, 2026.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Zhihu Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">/s/
    Yuan Zhou</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Yuan Zhou</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Chairman 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A><B>Power of Attorney</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">KNOW ALL PERSONS BY THESE PRESENTS,
that each person whose signature appears below constitutes and appoints, severally and not jointly, each of Yuan Zhou and Han Wang, with
full power to act alone, as his or her true and lawful attorney-in-fact, with the power of substitution, for and in such person&rsquo;s
name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration
Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto each said attorney-in-fact full power and authority to do and perform each and every act and thing requisite
and necessary to be done as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming
all that each said attorney-in-fact may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">Pursuant to the requirements
of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons on July&nbsp;15,
2026 in the capacities indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 40%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Signature</U></B></FONT></TD>
    <TD STYLE="text-align: center; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Title</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Yuan Zhou</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    and Chief Executive Officer </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yuan
    Zhou</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(principal
    executive officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Dahai Li</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    &nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dahai
    Li</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Zhaohui Li</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    &nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhaohui
    Li</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Qu Chen</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    &nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qu
    Chen</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Li-Lan Cheng</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    &nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Li-Lan
    Cheng</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Hope Ni</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    &nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hope
    Ni</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Derek Chen</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    &nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derek
    Chen</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Han Wang</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Han
    Wang</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(principal
    financial and accounting officer)</FONT></TD></TR>
</TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">Pursuant to the Securities Act
of 1933, as amended, the undersigned, the duly authorized representative in the United States of Zhihu Inc., has signed this Registration
Statement or amendment thereto in New York on July&nbsp;15, 2026.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Authorized U.S. Representative</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">COGENCY GLOBAL INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Colleen A. DeVries</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%"><FONT STYLE="font-size: 10pt">Colleen A. DeVries</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Senior Vice President on behalf of Cogency Global
    Inc.</FONT></TD></TR>
  </TABLE>


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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2620359d1_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">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

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

<P STYLE="margin: 0"><IMG SRC="tm2620359d1_ex5-1img001.jpg" ALT=""></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: 1in; text-align: left">Our&#8239;ref</TD><TD STYLE="text-align: justify">JSQ/781374-000001/86978197v6</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 57%">Zhihu Inc.<BR> 18 Xueqing Road<BR> Haidian District, Beijing 100083<BR> People&rsquo;s Republic of China People&rsquo;s Republic of China</TD>
<TD STYLE="width: 43%; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

<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">15 July&nbsp;2026</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">Dear Sir or Madam</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>Zhihu Inc. (the &quot;Company&quot;)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as Cayman Islands legal counsel
to the Company in connection with a post-effective amendment no. 1 to the registration statement on Form&nbsp;S-8 (Registration No.&nbsp;333-265451)
(the &ldquo;<B>Prior Registration Statement</B>&rdquo;) to be filed with the Securities and Exchange Commission (the &quot;<B>Commission</B>&quot;)
on 15 July&nbsp;2026 (the &quot;<B>Registration Statement</B>&quot;, which term does not include any other document or agreement whether
or not specifically referred to therein or attached as an exhibit or schedule thereto) relating to the registration under the United States
Securities Act of 1933, as amended (the &quot;<B>Securities Act</B>&quot;) of such number of Class&nbsp;A ordinary shares, par value US$0.000125
each (the &quot;<B>Shares</B>&quot;), as were previously registered for issuance under the Prior Registration Statement and remain unissued
thereunder, issuable by the Company pursuant to the Amended and Restated 2022 Share Incentive Plan adopted by the directors of the Company
on 3 June&nbsp;2026 and the shareholders of the Company on 30 June&nbsp;2026 (the &quot;<B>Plan</B>&quot; which term does not include
any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto).</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">For the purpose of giving this opinion letter,
we have examined copies of the Registration Statement and the Plan. We have also reviewed copies of the eleventh amended and restated
memorandum and articles of association of the Company adopted by special resolution passed on 10 June&nbsp;2022 (the &quot;<B>Memorandum
and Articles</B>&quot;), the minutes (the &quot;<B>2022 Board Minutes</B>&quot;) of the meeting of the board of directors of the Company
held on 30 March&nbsp;2022 (the &quot;<B>2022 Board Meeting</B>&quot;), the minutes (the &quot;<B>2026 Board Minutes</B>&quot;) of the
meeting of the board of directors of the Company held on 3 June&nbsp;2026 (the &quot;<B>2026 Board Meeting</B>&quot; and, together with
the 2022 Board Meeting, the &quot;<B>Board Meetings</B>&quot;) and the minutes (the &quot;<B>2026 AGM Minutes</B>&quot; and, together
with the 2022 Board Minutes and the 2026 Board Minutes, the &quot;<B>Minutes</B>&quot;) of the general meeting of the shareholders of
the Company held on 30 June&nbsp;2026 (the &quot;<B>2026 General Meeting</B>&quot; and, together with the Board Meetings, the &quot;<B>Meetings</B>&quot;).</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"><IMG SRC="tm2620359d1_ex5-1img002.jpg" ALT=""></P>

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

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

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

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

<P STYLE="font: 10pt 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 Shares to be issued by the Company and registered under the Registration Statement have been duly
and validly authorised.</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">2.</TD><TD STYLE="text-align: justify">When issued and paid for in accordance with the terms of the Plan and in accordance with the resolutions
set out in the Minutes, and when appropriate entries are made in the register of members (shareholders) of the Company, the Shares will
be validly issued, fully paid and non-assessable.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this opinion letter, the phrase &quot;non-assessable&quot;
means, with respect to the issuance of Shares and in the absence of a contractual arrangement to the contrary, that a shareholder shall
not, in respect of the relevant Shares, have any obligation to make further contributions to the Company's assets (except in exceptional
circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances
in which a court may be prepared to pierce or lift the corporate veil).</P>

<P STYLE="font: 10pt 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">These opinions are subject to the qualification
that under the Companies Act (As Revised) of the Cayman Islands (the &quot;<B>Companies Act</B>&quot;), 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 Act directs or authorises to
be inserted therein. A third party interest in the Shares would not appear. An entry in the register of members may yield to a court order
for rectification (for example, in the event of fraud or manifest error).</P>

<P STYLE="font: 10pt 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">These opinions are given only as to, and based
on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to the laws
of the Cayman Islands which are in force on the date of this opinion letter. We express no opinion as to the meaning, validity or effect
of any references to foreign (i.e. non-Cayman Islands) statutes, rules, regulations, codes, judicial authority or any other promulgations.</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">We have also relied upon the assumptions, which
we have not independently verified, that (a)&nbsp;all signatures, initials and seals are genuine, (b)&nbsp;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, (c)&nbsp;where
a document has been provided to us in draft or undated form, it will be duly executed, dated and unconditionally delivered in the same
form as the last version provided to us, (d)&nbsp;the Memorandum and Articles remain in full force and effect and are unamended, (e)&nbsp;the
Minutes are a true and correct record of the proceedings of the Meetings, which were duly convened and held, and at which a quorum was
present throughout, in each case, in the manner prescribed in the Memorandum and Articles and the resolutions set out in the Minutes were
duly passed in the manner prescribed in the Memorandum and Articles (including without limitation, with respect to the disclosure of interests
(if any) by directors of the Company) and have not been amended, varied or revoked in any respect, (f)&nbsp;there is nothing under any
law (other than the laws of the Cayman Islands) which would or might affect the opinions set out above, (g)&nbsp;there is nothing contained
in the minute book or corporate records of the Company (which we have not inspected) which would or might affect the opinions set out
above, and (h)&nbsp;upon the issue of any Shares, the Company will receive consideration which shall be equal to at least the par value
of such Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the use of this opinion letter as
an exhibit to the Registration Statement and further consent to all references to us in the Registration Statement and any amendments
thereto. In giving such consent, we do not consider that we are &quot;experts&quot; within the meaning of such term as used in the Securities
Act, or the rules&nbsp;and regulations of the Commission issued thereunder, with respect to any part of the Registration Statement, including
this opinion letter as an exhibit or otherwise.</P>

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

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<TD STYLE="width: 50%; text-align: left">Yours faithfully</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">/s/ Maples and Calder (Hong Kong) LLP</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Maples and Calder (Hong Kong) LLP</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

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

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm2620359d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 10.2</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>ZHIHU
INC.</B></FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>AMENDED
AND RESTATED 2022 SHARE INCENTIVE PLAN</B></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">The purpose
of this Amended and Restated 2022 Share Incentive Plan is to promote the success and enhance the value of Zhihu Inc., an exempted company
formed under the laws of the Cayman Islands (the &ldquo;<U>Company</U>&rdquo;), by linking the personal interests of the Directors, Employees,
and Service Providers to those of the Company&rsquo;s shareholders and by providing such individuals with an incentive for outstanding
performance to generate superior returns to the Company&rsquo;s shareholders. The Plan is further intended to provide flexibility to
the Company in its ability to motivate, attract, and retain the services of the Directors, Employees, and Service Providers upon whose
judgment, interest, and special effort, the successful conduct of the Company&rsquo;s operation is largely dependent.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Wherever
the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise.
The singular pronoun should include the plural where the context so indicates.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 28.45pt"><FONT STYLE="font-size: 10pt">2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>ADS</U>&rdquo;
                                            means the American Depositary Shares representing the Shares.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Applicable
                                            Laws</U>&rdquo; means the legal requirements relating to the Plan and the Awards under applicable
                                            provisions of the corporate, securities, tax and other laws, rules, regulations and government
                                            orders, and the rules of any applicable stock exchange or national market system (including
                                            the Hong Kong Listing Rules), of any jurisdiction applicable to Awards granted to residents
                                            therein.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Award</U>&rdquo;
                                            means an Option and a Restricted Share Unit award or other types of awards approved by the
                                            Committee granted to a Participant pursuant to the Plan.</FONT></TD></TR></TABLE>

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

<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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Award
                                            Agreement</U>&rdquo; means any written agreement, contract, or other instrument or document
                                            evidencing an Award, including through electronic medium.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 28.45pt"><FONT STYLE="font-size: 10pt">2.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Board</U>&rdquo;
                                            means the board of directors of the Company.</FONT></TD></TR></TABLE>

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

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

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

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

<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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Cause</U>&rdquo;
                                            with respect to a Participant means (unless otherwise expressly provided in the applicable
                                            Award Agreement, or another applicable contract with the Participant that defines such term
                                            for purposes of determining the effect that a &ldquo;for cause&rdquo; termination has on
                                            the Participant&rsquo;s Awards) a termination of employment or service based upon a finding
                                            by the Service Recipient, acting in good faith and based on its reasonable belief at the
                                            time, that the Participant:</FONT></TD></TR></TABLE>

<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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.4pt"></TD><TD STYLE="width: 28.1pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">has
                                            been negligent in the discharge of his or her duties to the Service Recipient, has refused
                                            to perform stated or assigned duties or is incompetent in or (other than by reason of a disability
                                            or analogous condition) incapable of performing those duties;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.4pt"></TD><TD STYLE="width: 28.1pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">has
                                            been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach
                                            of confidentiality, an unauthorized disclosure or use of inside information, customer lists,
                                            trade secrets or other confidential information;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.4pt"></TD><TD STYLE="width: 28.1pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">has
                                            breached a fiduciary duty, or willfully and materially violated any other duty, law, rule,
                                            regulation or policy of the Service Recipient; or has been convicted of, or plead guilty
                                            or nolo contendere to, a felony or misdemeanor (other than minor traffic violations or similar
                                            offenses);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.4pt"></TD><TD STYLE="width: 28.1pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">has
                                            materially breached any of the provisions of any agreement with the Service Recipient;</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.4pt"></TD><TD STYLE="width: 28.1pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">has
                                            engaged in unfair competition with, or otherwise acted intentionally in a manner injurious
                                            to the reputation, business or assets of, the Service Recipient; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.4pt"></TD><TD STYLE="width: 28.1pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">has
                                            improperly induced a vendor or customer to break or terminate any contract with the Service
                                            Recipient or induced a principal for whom the Service Recipient acts as agent to terminate
                                            such agency relationship.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">A termination
for Cause shall be deemed to occur (subject to reinstatement upon a contrary final determination by the Committee) on the date on which
the Service Recipient first delivers written notice to the Participant of a finding of termination for Cause.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 28.45pt"><FONT STYLE="font-size: 10pt">2.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Code</U>&rdquo;
                                            means the Internal Revenue Code of 1986 of the United States, as amended.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Committee</U>&rdquo;
                                            means a committee of the Board described in Article 9.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Corporate
Transaction</U>&rdquo;, unless otherwise defined in an Award Agreement, means any of the following transactions, <I>provided</I>, <I>however</I>,
that the Committee shall determine under (d) and</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">(e)
whether multiple transactions are related, and its determination shall be final, binding and conclusive:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                            amalgamation, arrangement or consolidation or scheme of arrangement (i) in which the Company
                                            is not the surviving entity, except for a transaction the principal purpose of which is to
                                            change the jurisdiction in which the Company is incorporated or (ii) following which the
                                            holders of the voting securities of the Company do not continue to hold more than 50% of
                                            the combined voting power of the voting securities of the surviving entity;</FONT></TD></TR></TABLE>

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

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

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

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

<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">
<TD STYLE="width: 28.5pt"></TD><TD STYLE="width: 26.95pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 10pt">the
                                            sale, transfer or other disposition of all or substantially all of the assets of the Company;</FONT></TD></TR></TABLE>

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

<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">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            complete liquidation or dissolution of the Company;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            reverse takeover or series of related transactions culminating in a reverse takeover (including,
                                            but not limited to, a tender offer followed by a reverse takeover) in which the Company is
                                            the surviving entity but (A) the Company&rsquo;s equity securities outstanding immediately
                                            prior to such takeover are converted or exchanged by virtue of the takeover into other property,
                                            whether in the form of securities, cash or otherwise, or (B) in which securities possessing
                                            more than fifty percent (50%) of the total combined voting power of the Company&rsquo;s outstanding
                                            securities are transferred to a person or persons different from those who held such securities
                                            immediately prior to such takeover or the initial transaction culminating in such takeover,
                                            but excluding any such transaction or series of related transactions that the Committee determines
                                            shall not be a Corporate Transaction; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">acquisition
                                            in a single or series of related transactions by any person or related group of persons (other
                                            than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership
                                            (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than
                                            fifty percent (50%) of the total combined voting power of the Company&rsquo;s outstanding
                                            securities but excluding any such transaction or series of related transactions that the
                                            Committee determines shall not be a Corporate Transaction.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Director</U>&rdquo;,
                                            means a member of the Board or a member of the board of directors of any Subsidiary of the
                                            Company.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Disability</U>&rdquo;,
                                            unless otherwise defined in an Award Agreement, means that the Participant qualifies to receive
                                            long-term disability payments under the Service Recipient&rsquo;s long-term disability insurance
                                            program, as it may be amended from time to time, to which the Participant provides services
                                            regardless of whether the Participant is covered by such policy. If the Service Recipient
                                            to which the Participant provides service does not have a long-term disability plan in place,
                                            &ldquo;Disability&rdquo; means that a Participant is unable to carry out the responsibilities
                                            and functions of the position held by the Participant by reason of any medically determinable
                                            physical or mental impairment for a period of not less than ninety (90) consecutive days.
                                            A Participant will not be considered to have incurred a Disability unless he or she furnishes
                                            proof of such impairment sufficient to satisfy the Committee in its discretion.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Effective
                                            Date</U>&rdquo; shall have the meaning set forth in Section 10.1.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Employee
                                            Participant</U>&rdquo; means any person, including an officer or a Director, who is in the
                                            employment of a Service Recipient (including persons who are granted Awards under the Plan
                                            as an inducement to enter into employment contracts with these companies), subject to the
                                            control and direction of the Service Recipient as to both the work to be performed and the
                                            manner and method of performance. The payment of a director&rsquo;s fee by a Service Recipient
                                            shall not be sufficient to constitute &ldquo;employment&rdquo; by the Service Recipient.
                                            In assessing the eligibility of Employee Participants, the Board or the Committee will consider,
                                            amongst others, (i) the individual performance; (ii) time commitment, responsibilities or
                                            employment conditions according to the prevailing market practice and industry standard;
                                            (iii) the length of engagement with the Group; and (iv) the individual contribution or potential
                                            contribution the Employee Participant made or is likely to make to the development and growth
                                            of the Group.</FONT></TD></TR></TABLE>

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

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

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

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

<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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.14</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Exchange
                                            Act</U>&rdquo; means the Securities Exchange Act of 1934 of the United States, as amended.</FONT></TD></TR></TABLE>

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

<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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Fair
                                            Market Value</U>&rdquo; means, as of any date, the value of Shares determined as follows:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            the Shares (or ADSs) are listed on one or more established stock exchanges or national market
                                            systems, including without limitation, the New York Stock Exchange, the Nasdaq Stock Market
                                            or the Hong Kong Stock Exchange, its Fair Market Value shall be determined as follows:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">for
                                            Options denominated in U.S. Dollars and exercisable into ADSs, the Fair Market Value shall
                                            be the higher of: (i) the closing sales price for the ADSs (or the closing bid, if no sales
                                            were reported) as quoted on the principal exchange or system on which the ADSs are listed
                                            (as determined by the Committee) on the date of grant (or, if no closing sales price or closing
                                            bid was reported on that date, as applicable, on the last Trading Date such closing sales
                                            price or closing bid was reported), and (ii) the average closing sales price (or the closing
                                            bid, if no sales were reported) for the ADSs as quoted on such exchange or system for the
                                            five business days immediately preceding the date of grant; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">for
                                            Options denominated in Hong Kong Dollars and exercisable into Shares, the Fair Market Value
                                            shall be the higher of: (i) the closing sales price for the Shares (or the closing bid, if
                                            no sales were reported) as quoted on the Hong Kong Stock Exchange on the date of grant (or,
                                            if no closing sales price or closing bid was reported on that date, as applicable, on the
                                            last Trading Date such closing sales price or closing bid was reported), and (ii) the average
                                            closing sales price (or the closing bid, if no sales were reported) for the Shares as quoted
                                            on the Hong Kong Stock Exchange for the five business days immediately preceding the date
                                            of grant; or</FONT></TD></TR></TABLE>

<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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            the Shares are not listed on one or more established stock exchanges or national market systems
                                            but are regularly quoted on an automated quotation system (including the OTC Bulletin Board)
                                            or by a recognized securities dealer, its Fair Market Value shall be the closing sales price
                                            for such Shares as quoted on such system or by such securities dealer on the date of determination,
                                            but if selling prices are not reported, the Fair Market Value of a Share shall be the mean
                                            between the high bid and low asked prices for the Shares on the date of determination (or,
                                            if no such prices were reported on that date, on the last date such prices were reported),
                                            as reported in The Wall Street Journal or such other source as the Committee deems reliable;
                                            or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In
                                            the absence of an established market for the Shares of the type described in (a) and (b)
                                            above, the Fair Market Value thereof shall be determined by the Committee in good faith and
                                            in its discretion by reference to (i) the placing price of the latest private placement of
                                            the Shares and the development of the Company&rsquo;s business operations and the general
                                            economic and market conditions since such latest private placement, (ii) other third party
                                            transactions involving the Shares and the development of the Company&rsquo;s business operation
                                            and the general economic and market conditions since such transaction, (iii) an independent
                                            valuation of the Shares, or (iv) such other methodologies or information as the Committee
                                            determines to be indicative of Fair Market Value.</FONT></TD></TR></TABLE>

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

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

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

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

<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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.16</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Group</U>&rdquo;
                                            means the Company and Subsidiaries of the Company.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.17</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Group
                                            Entity</U>&rdquo; means the Company and any of the Subsidiaries of the Company.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.18</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Hong
                                            Kong Dollars</U>&rdquo; means Hong Kong Dollars, the lawful currency of Hong Kong Special
                                            Administrative Region.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.19</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Hong
                                            Kong Stock Exchange</U>&rdquo; means The Stock Exchange of Hong Kong Limited.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.20</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Hong
                                            Kong Listing Rules</U>&rdquo; means The Rules Governing the Listing of Securities on The
                                            Stock Exchange of Hong Kong Limited.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.21</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Incentive
                                            Share Option</U>&rdquo; means an Option that is intended to meet the requirements of Section
                                            422 of the Code or any successor provision thereto.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 28.45pt"><FONT STYLE="font-size: 10pt">2.22</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Independent
                                            Non-executive Director</U>&rdquo; means a Director of the Company who meets the requirements
                                            of an independent non-executive director under the Hong Kong Listing Rules.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.23</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Non-Qualified
                                            Share Option</U>&rdquo; means an Option that is not intended to be an Incentive Share Option.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.24</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Option</U>&rdquo;
                                            means a right granted to a Participant pursuant to Article 5 of the Plan to purchase a specified
                                            number of Shares at a specified price during specified time periods. An Option may be either
                                            an Incentive Share Option or a Non-Qualified Share Option.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.25</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Participant</U>&rdquo;
                                            means a person who, as an Employee Participant, a Related Entity Participant, or a Service
                                            Provider, has been granted an Award pursuant to the Plan.</FONT></TD></TR></TABLE>

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

<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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.26</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Parent</U>&rdquo;
                                            means any entity that is a &ldquo;holding company&rdquo; of the Company as defined in the
                                            Hong Kong Listing Rules.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.27</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Plan</U>&rdquo;
                                            means this Amended and Restated 2022 Share Incentive Plan of Zhihu Inc., as amended and/or
                                            restated from time to time.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.28</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Related
                                            Entity</U>&rdquo; means any Parent, fellow subsidiary, or associated company of the Company
                                            (as such terms are defined or interpreted under the Hong Kong Listing Rules).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.29</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Related
                                            Entity Participant</U>&rdquo; means directors and employees of the holding companies, fellow
                                            subsidiaries or associated companies of the Company. In assessing the eligibility of Related
                                            Entity Participants, the Board or the Committee will consider, amongst others, (i) the actual
                                            degree of participation and contribution to the development of the Group; (ii) the extent
                                            of benefits and synergies brought to the Group; and (iii) the length of engagement with the
                                            Group.</FONT></TD></TR></TABLE>

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

<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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.30</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Restricted
                                            Share Unit</U>&rdquo; means the right granted to a Participant pursuant to Article 6.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.31</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Securities
                                            Act</U>&rdquo; means the Securities Act of 1933 of the United States, as amended.</FONT></TD></TR></TABLE>

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

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

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

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

<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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.32</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Service
                                            Provider</U>&rdquo;:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">means
                                            persons who provide services to the Company or its Subsidiaries on a continuing or recurring
                                            basis in its ordinary and usual course of business which are in the interests of the long
                                            term growth of the Group, including service providers in the capacity of independent contractors,
                                            consultants and/or advisors who provide services to the Group in relation to:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">research
                                            and development, specifically, the exploration of cutting-edge frontier technologies, proprietary
                                            technological asset accumulation, the iterative development of next-generation platform features,
                                            and pipeline product design;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">core
                                            technology support and infrastructure, specifically, proprietary algorithmic development,
                                            cloud infrastructure optimization, system and platform architecture design, data privacy
                                            and network security enhancement, and AI-enabled software solutions;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">content
                                            creation, specifically, the creation, sourcing, creation, and licensing of high-quality original
                                            content, vertical media resources, or proprietary copyrights essential to enrich and populate
                                            the Group&rsquo;s principal platforms;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">product
                                            commercialization and marketing, specifically, market requirement analysis, product launch
                                            strategies, and the planning and execution of large-scale brand promotions or user acquisition
                                            campaigns;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">innovation
                                            upgrading and strategic/commercial planning, specifically, business model transformation,
                                            the commercialization and monetization planning of innovative projects, and strategic layout
                                            optimization to adapt to regulatory changes and industry trends;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">business
                                            development, specifically, the identification and execution of value-accretive strategic
                                            corporate partnerships and exploration of new business diversification lines;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">human
                                            resources, specifically, identifying, headhunting and attracting top-tier senior executives
                                            or core R&amp;D technical talent for key strategic positions;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">investor
                                            relations; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">corporate
                                            governance, specifically, capital market communication strategies, shareholder engagement
                                            and listed company compliance management;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">but
                                            excluding placing agents or financial advisers providing advisory services for fundraising,
                                            mergers or acquisitions, and professional service providers such as auditors or valuers who
                                            provide assurance, or are required to perform their services with impartiality and objectivity;</FONT></TD></TR></TABLE>

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

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

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

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

<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">
<TD STYLE="width: 28.5pt"></TD><TD STYLE="width: 26.95pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in
                                            assessing the eligibility of Service Providers, the Board or the Committee will consider,
                                            amongst others, (i) the individual performance of the relevant Service Provider; (ii) the
                                            length of business relationship with the Group; (iii) the materiality and nature of the business
                                            relationship with the Group (such as whether they relate to the core business of the Group
                                            and whether such business dealings could be readily replaced by third parties); (iv) the
                                            background, reputation, and track record of the relevant Service Provider; and (v) the scale
                                            of business dealings with the Group with regard to factors such as the actual or expected
                                            change in the Group&rsquo;s revenue or profits which is or may be attributable to the relevant
                                            Service Provider.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.33</FONT></TD><TD STYLE="text-align: justify; padding-right: 1pt"><FONT STYLE="font-size: 10pt">&ldquo;<U>Service
                                            Recipient</U>&rdquo; means the Company or Subsidiary of the Company to which a Participant
                                            provides services as a Director, an Employee or a Service Provider.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.34</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Share</U>&rdquo;
                                            means the class A ordinary shares of the Company, par value US$0.000125 per share, and such
                                            other securities of the Company that may be substituted for Shares pursuant to Article 8.</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.35</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Subsidiary</U>&rdquo;
                                            means any corporation or other entity of which a majority of the outstanding voting shares
                                            or voting power is beneficially owned or controlled through contractual arrangements directly
                                            or indirectly by the Company.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.36</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>Trading
                                            Date</U>&rdquo; means any day on which the Hong Kong Stock Exchange and/or the New York Stock
                                            Exchange (as applicable) is open for the business of dealing in securities.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">2.37</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<U>U.S.
                                            Dollars</U>&rdquo; means the United States dollars, the lawful currency for the tie being
                                            of the United States of America.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any terms
used herein but not defined, including &ldquo;connected person&rdquo;, &ldquo;close associates&rdquo;, &ldquo;associates&rdquo;, &ldquo;chief
executive&rdquo;, and &ldquo;substantial shareholder&rdquo;, shall have the meanings ascribed to them under the Hong Kong Listing Rules.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>SHARES
SUBJECT TO THE PLAN</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">3.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Number
                                            of Shares</U>.</FONT></TD></TR></TABLE>

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

<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">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subject
                                            to the provisions of Article 8 and Section 3.1(c), the maximum aggregate number of Shares
                                            which may be issued pursuant to all Awards granted after the date of approval of the amendments
                                            to the Plan by the shareholders of the Company (the &ldquo;<B>Scheme Mandate Limit</B>&rdquo;)
                                            shall be the sum of: (i) the number of Shares available for future grant of Awards under
                                            the Plan (as in effect immediately prior to such amendments) as of such date of approval;
                                            and (ii) the number of Shares underlying any Awards granted prior to the date of approval
                                            of the amendments to the Plan that lapse or are forfeited in accordance with the terms of
                                            the Plan after such date; provided that, the Scheme Mandate Limit, together with the number
                                            of Shares which may be issued pursuant to awards under any other share schemes (including
                                            share incentive plans) of the Company, must not exceed 10% of the Shares in issue and outstanding
                                            (excluding treasury Shares) as at the date of approval of the amendments to the Plan by the
                                            shareholders of the Company. To the extent that an Award granted after the date of approval
                                            of the amendments to the Plan lapses or is forfeited, the Shares underlying such Award shall
                                            not be counted for the purpose of calculating the Scheme Mandate Limit and shall become available
                                            for future grants. The Scheme Mandate Limit shall be equitably adjusted in the event of any
                                            share dividend, subdivision, reclassification, recapitalization, split, reverse split, combination,
                                            consolidation or similar transactions.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.15pt; text-align: justify"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subject
                                            to Section 3.1(a), the total number of Shares which may be issued in respect of all Awards
                                            to be granted to Service Providers under the Plan and any other share schemes of the Company
                                            must not exceed 0.2% of the relevant class of Shares in issue (excluding treasury Shares)
                                            as at the date of approval of the Plan by the shareholders of the Company (the &ldquo;<B>Service
                                            Provider Sublimit</B>&rdquo;).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            any Award is forfeited or lapses in accordance with the terms of the Plan, the unissued Shares
                                            subject to such Award shall again be available for grant under the Plan. For the avoidance
                                            of doubt, Shares withheld by the Company to satisfy any tax withholding obligations and cancelled
                                            Awards shall not be added back to the Scheme Mandate Limit and shall not again be available
                                            for grant under the Plan.</FONT></TD></TR></TABLE>

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

<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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            Scheme Mandate Limit (and the Service Provider Sublimit) may be refreshed at any time by
                                            obtaining approval of the Shareholders in general meeting after three years from Effective
                                            Date or the date of Shareholders&rsquo; approval for the last refreshment, provided that:</FONT></TD></TR></TABLE>

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

<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">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            total number of Shares which may be issued in respect of all Awards to be granted under the
                                            Plan and any other share schemes of the Company under the Scheme Mandate Limit as refreshed
                                            (the &ldquo;<B>New Scheme Mandate Limit</B>&rdquo;) must not exceed 10% (and the Service
                                            Provider Sublimit as refreshed (the &ldquo;<B>New Service Provider Sublimit</B>&rdquo;) must
                                            not exceed 0.2%) of the total number of Shares in issue (excluding treasury Shares) at the
                                            date of the Shareholders&rsquo; approval of such New Scheme Mandate Limit (and New Service
                                            Provider Sublimit). Awards previously granted under the Plan or any other share schemes of
                                            the Company (including those exercised, outstanding, cancelled or lapsed in accordance with
                                            the terms of the Plan or any other share schemes of the Company) will not be regarded as
                                            utilized for the purpose of calculating the total number of Shares subject to the New Scheme
                                            Mandate Limit (and the New Service Provider Sublimit);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            refreshment to the Scheme Mandate Limit (and the Service Provider Sublimit) within any three-year
                                            period must be approved by the Shareholders, where any controlling shareholders and their
                                            associates (or if there is no controlling shareholder, Directors (excluding Independent Non-executive
                                            Directors) and the chief executive of Company and their respective associates) must abstain
                                            from voting in favour of the relevant resolution at the general meeting and in accordance
                                            with the requirements under the Hong Kong Listing Rules; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            requirements under (i) and (ii) above do not apply if the refreshment is made immediately
                                            after an issue of securities by the Company to the Shareholders on a pro rata basis as set
                                            out in Listing Rule 13.36(2)(a) of the Hong Kong Listing Rules such that the unused part
                                            of the Scheme Mandate Limit (as a percentage of the total number of Shares in issue) upon
                                            refreshment is the same as the unused part of the New Scheme Mandate Limit immediately before
                                            the issue of securities, rounded to the nearest whole Share.</FONT></TD></TR></TABLE>

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

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

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

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

<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">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Without
                                            prejudice to the above, the Company may seek separate approval of the Shareholders in general
                                            meeting to grant Awards under the Plan or any other share schemes of the Company beyond the
                                            Scheme Mandate Limit (or the Service Provider Sublimit) or, if applicable, the extended limits
                                            referred to herein, provided the Awards in excess of the Scheme Mandate Limit (or the Service
                                            Provider Sublimit) are granted only to Eligible Participants specifically identified by the
                                            Company before such approval is sought. The Company must send a circular to the Shareholders
                                            containing the name of each specified Eligible Participant who may be granted such Awards,
                                            the number and terms of the Awards to be granted to each specified Participant, and the purpose
                                            of granting Awards to the specified Participants with an explanation as to how the terms
                                            of the Awards serve such purpose. The number and terms of Awards to be granted to such Eligible
                                            Participants must be fixed before Shareholders&rsquo; approval.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">3.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Shares
                                            Distributed</U>. Any Shares distributed pursuant to an Award may consist, in whole or in
                                            part, of authorized and unissued Shares, treasury Shares (subject to Applicable Laws) or
                                            Shares purchased on the open market. Additionally, at the discretion of the Committee, any
                                            Shares distributed pursuant to an Award may be represented by American Depository Shares.
                                            If the number of Shares represented by an American Depository Share is other than on a one-to-one
                                            basis, the limitations of Section 3.1 shall be adjusted to reflect the distribution of American
                                            Depository Shares in lieu of Shares.</FONT></TD></TR></TABLE>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>ARTICLE 4</B></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">4.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Eligibility</U>.
                                            Persons eligible to participate in this Plan include Employee Participants, Related Entity
                                            Participants, and Service Providers as determined by the Committee.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">4.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Participation</U>.
                                            Subject to the provisions of the Plan, the Committee may, from time to time, select from
                                            among all eligible individuals, those to whom Awards shall be granted and shall determine
                                            the nature and amount of each Award. No individual shall have any right to be granted an
                                            Award pursuant to this Plan.</FONT></TD></TR></TABLE>

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

<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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">4.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Jurisdictions</U>.
                                            In order to assure the viability of Awards granted to Participants employed in various jurisdictions,
                                            the Committee may provide for such special terms as it may consider necessary or appropriate
                                            to accommodate differences in local law, tax policy, or custom applicable in the jurisdiction
                                            in which the Participant resides, is employed, operates or is incorporated. Moreover, the
                                            Committee may approve such supplements to, or amendments, restatements, or alternative versions
                                            of, the Plan as it may consider necessary or appropriate for such purposes without thereby
                                            affecting the terms of the Plan as in effect for any other purpose; <I>provided, however</I>, that no such supplements, amendments, restatements, or alternative versions shall increase
                                            the share limitations contained in Section 3.1 of the Plan. Notwithstanding the foregoing,
                                            the Committee may not take any action hereunder, and no Awards shall be granted, that would
                                            violate any Applicable Laws.</FONT></TD></TR></TABLE>

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

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 221.5pt">&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>General</U>.
                                            The Committee is authorized to grant Options to Participants on the following terms and conditions:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Timing
                                            of grant</U>. No Option shall be granted to any Participant in circumstances prohibited by
                                            any Applicable Laws or at a time when the Participant would or might be prohibited from dealing
                                            in the Shares by any Applicable Laws. No Option shall be granted to any Participant where
                                            such person is in possession of any unpublished inside information in relation to the Company
                                            until such inside information has been published in an announcement in accordance with the
                                            Applicable Laws. Furthermore, no Option shall be granted:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">during
                                            the period of 60 days immediately preceding the publication date of the annual results of
                                            the Company or, if shorter, the period from the end of the relevant financial year up to
                                            the publication date of such results; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">during
                                            the period of 30 days immediately preceding the publication date of the quarterly and half-year
                                            results of the Company or, if shorter, the period from the end of the relevant half-year
                                            period up to the publication date of such results.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.5pt"><FONT STYLE="font-size: 10pt">Such period will also cover
any period of delay in the publication of any results announcement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Exercise
                                            Price</U>. The exercise price per Share subject to an Option shall be determined by the Committee
                                            and set forth in the Award Agreement which shall not be lower than the Fair Market Value
                                            on the date of grant.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Time
                                            and Conditions of Exercise</U>. The Committee (or the remuneration committee of the Board
                                            where the arrangements relate to grants of Options to the Directors and/or senior managers
                                            of the Company) shall determine the vesting schedule of each Option, which shall be set forth
                                            in the Award Agreement; <I>provided</I> that the term of any Option granted under the Plan
                                            shall not exceed ten years, except as provided in Section 11.1. The vesting period for Options
                                            shall not be less than twelve months from the date of grant. Notwithstanding the foregoing,
                                            Options granted to Employee Participants may be subject to a shorter vesting period under
                                            specific circumstances as determined by the Committee (or the remuneration committee of the
                                            Board where the arrangements relate to grants of Options to the Directors and/or senior managers
                                            of the Company), including but not limited to: (a) grants of Options where the total vesting
                                            period together with any holding or lock-up period exceeds twelve months; (b) grants of &ldquo;make-whole&rdquo;
                                            Options to new joiners to replace share awards they forfeited when leaving their previous
                                            employers; (c) grants to an Employee Participant whose employment is terminated due to death
                                            or disability or occurrence of any out of control event as provided in this Section Article
                                            5; (d) grants with performance-based vesting conditions, or grants made in lieu of, or to
                                            satisfy or replace, performance-based cash bonuses, salary, or other compensation entitlements;
                                            (e) grants of Options that are made in batches during a year for administrative and compliance
                                            reasons, including Options that should have been granted earlier but for such administrative
                                            or compliance reasons and that are granted in a subsequent batch, in which case the vesting
                                            period may be shortened to reflect the time from which such Options would otherwise have
                                            been granted; and (f) grants with a mixed or accelerated vesting schedule such as where the
                                            Options may vest evenly over a period of twelve months. The Committee (or the remuneration
                                            committee of the Board where the arrangements relate to grants of Options to the Directors
                                            and/or senior managers of the Company) shall also determine any conditions, if any, that
                                            must be satisfied before all or part of an Option may be exercised. Any Option granted but
                                            not exercised by the end of its term will automatically lapse and be cancelled.</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Payment</U>.
                                            The Committee shall determine the methods by which the exercise price of an Option may be
                                            paid, the form of payment, including, without limitation (i) cash or check denominated in
                                            U.S. Dollars, (ii) to the extent permissible under the Applicable Laws, cash or check in
                                            Chinese Renminbi, (iii) cash or check denominated in any other local currency as approved
                                            by the Committee, (iv) Shares held for such period of time as may be required by the Committee
                                            in order to avoid adverse financial accounting consequences and having a Fair Market Value
                                            on the date of delivery equal to the aggregate exercise price of the Option or exercised
                                            portion thereof, (v) after the Trading Date the delivery of a notice that the Participant
                                            has placed a market sell order with a broker with respect to Shares then issuable upon exercise
                                            of the Option, and that the broker has been directed to pay a sufficient portion of the net
                                            proceeds of the sale to the Company in satisfaction of the Option exercise price; <I>provided</I>
                                            that payment of such proceeds is then made to the Company upon settlement of such sale, (vi)
                                            other property acceptable to the Committee with a Fair Market Value equal to the exercise
                                            price, or (vii) any combination of the foregoing. Notwithstanding any other provision of
                                            the Plan to the contrary, no Participant who is a member of the Board or an &ldquo;executive
                                            officer&rdquo; of the Company within the meaning of Section 13(k) of the Exchange Act shall
                                            be permitted to pay the exercise price of an Option in any method which would violate Section
                                            13(k) of the Exchange Act.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Evidence
                                            of Grant</U>. All Options shall be evidenced by an Award Agreement between the Company and
                                            the Participant. The Award Agreement shall include such additional provisions as may be specified
                                            by the Committee.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Effects
                                            of Termination of Employment or Service on Options</U>. Termination of employment or service
                                            shall have the following effects on Options granted to the Participants:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Dismissal
                                            for Cause</U>. Unless otherwise provided in the Award Agreement, if a Participant&rsquo;s
                                            employment by or service to the Service Recipient is terminated by the Service Recipient
                                            for Cause, the Participant&rsquo;s Options will terminate upon such termination, whether
                                            or not the Option is then vested and/or exercisable;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Death
                                            or Disability</U>. Unless otherwise provided in the Award Agreement or with prior written
                                            approval from the Committee, if a Participant&rsquo;s employment by or service to the Service
                                            Recipient terminates as a result of the Participant&rsquo;s death or Disability:</FONT></TD></TR></TABLE>

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

<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">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.45pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            Participant (or his or her legal representative or beneficiary, in the case of the Participant&rsquo;s
                                            Disability or death, respectively), will have until the date that is twelve months after
                                            the Participant&rsquo;s termination of Employment or service to exercise the Participant&rsquo;s
                                            Options (or portion thereof) to the extent that such Options were vested and exercisable
                                            on the date of the Participant&rsquo;s termination of Employment or service on account of
                                            death or Disability;</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.5pt"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.5pt"></TD><TD STYLE="width: 26.95pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            Options, to the extent not vested and exercisable on the date of the Participant&rsquo;s
                                            termination of Employment or service, shall terminate upon the Participant&rsquo;s termination
                                            of Employment or service on account of death or Disability; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 28.45pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            Options, to the extent exercisable for the 12-month period following the Participant&rsquo;s
                                            termination of Employment or service and not exercised during such period, shall terminate
                                            at the close of business on the last day of the 12-month period.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Other
                                            Terminations of Employment or Service</U>. Unless otherwise provided in the Award Agreement,
                                            if a Participant&rsquo;s employment by or service to the Service Recipient terminates for
                                            any reason other than a termination by the Service Recipient for Cause or because of the
                                            Participant&rsquo;s death or Disability:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 28.45pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            Participant will have until the date that is 90 days after the Participant&rsquo;s termination
                                            of Employment or service to exercise his or her Options (or portion thereof) to the extent
                                            that such Options were vested and exercisable on the date of the Participant&rsquo;s termination
                                            of Employment or service;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 28.45pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            Options, to the extent not vested and exercisable on the date of the Participant&rsquo;s
                                            termination of Employment or service, shall terminate upon the Participant&rsquo;s termination
                                            of Employment or service; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 28.45pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            Options, to the extent exercisable for the 90-day period following the Participant&rsquo;s
                                            termination of Employment or service and not exercised during such period, shall terminate
                                            at the close of business on the last day of the 90-day period.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Incentive
                                            Share Options</U>. Incentive Share Options may be granted to Employees of the Company or
                                            a Subsidiary of the Company. Incentive Share Options may not be granted to employees of a
                                            Related Entity or to Independent Non-executive Directors or Service Providers. The terms
                                            of any Incentive Share Options granted pursuant to the Plan, in addition to the requirements
                                            of Section 5.1, must comply with the following additional provisions of this Section 5.2:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Individual
                                            Dollar Limitation</U>. The aggregate Fair Market Value (determined as of the time the Option
                                            is granted) of all Shares with respect to which Incentive Share Options are first exercisable
                                            by a Participant in any calendar year may not exceed USD100,000 or such other limitation
                                            as imposed by Section 422(d) of the Code, or any successor provision. To the extent that
                                            Incentive Share Options are first exercisable by a Participant in excess of such limitation,
                                            the excess shall be considered Non-Qualified Share Options.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Exercise
                                            Price</U>. The exercise price of an Incentive Share Option shall be equal to the Fair Market
                                            Value on the date of grant. However, the exercise price of any Incentive Share Option granted
                                            to any individual who, at the date of grant, owns Shares possessing more than ten percent
                                            of the total combined voting power of all classes of shares of the Company or any Parent
                                            or Subsidiary of the Company may not be less than 110% of Fair Market Value on the date of
                                            grant and such Option may not be exercisable for more than five years from the date of grant.</FONT></TD></TR></TABLE>

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

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

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

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

<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">
<TD STYLE="width: 28.3pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Transfer
                                            Restriction</U>. The Participant shall give the Company prompt notice of any disposition
                                            of Shares acquired by exercise of an Incentive Share Option within (i) two years from the
                                            date of grant of such Incentive Share Option or (ii) one year after the transfer of such
                                            Shares to the Participant.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.3pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Expiration
                                            of Incentive Share Option</U>s. No Award of an Incentive Share Option may be made pursuant
                                            to this Plan after the tenth anniversary of the Effective Date.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.3pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Right
                                            to Exercise</U>. During a Participant&rsquo;s lifetime, an Incentive Share Option may be
                                            exercised only by the Participant.</FONT></TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.45pt"><FONT STYLE="font-size: 10pt">6.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Grant
                                            of Restricted Share Units</U>. The Committee is authorized to grant Restricted Shares Units
                                            to Participants on the following terms and conditions:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.45pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Timing
                                            of grant</U>. No Restricted Shares Unit shall be granted to any Participant in circumstances
                                            prohibited by any Applicable Laws or at a time when the Participant would or might be prohibited
                                            from dealing in the Shares by any Applicable Laws. No Restricted Shares Unit shall be granted
                                            to any Participant where such person is in possession of any unpublished inside information
                                            in relation to the Company until such inside information has been published in an announcement
                                            in accordance with the Applicable Laws. Furthermore, no Restricted Shares Unit shall be granted:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.65pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">during
                                            the period of 60 days immediately preceding the publication date of the annual results of
                                            the Company or, if shorter, the period from the end of the relevant financial year up to
                                            the publication date of such results; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.65pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">during
                                            the period of 30 days immediately preceding the publication date of the quarterly and half-year
                                            results of the Company or, if shorter, the period from the end of the relevant half-year
                                            period up to the publication date of such results.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.45pt"><FONT STYLE="font-size: 10pt">Such period will also cover
any period of delay in the publication of any results announcement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.3pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Restricted
                                            Share Units Award Agreement</U>. Each Award of Restricted Share Units shall be evidenced
                                            by an Award Agreement that shall specify any vesting conditions, the number of Restricted
                                            Share Units granted, the purchase price (if any), and such other terms and conditions as
                                            the Committee, in its sole discretion, shall determine. The basis of determination of the
                                            purchase price of Shares awarded shall be determined by the Committee from time to time based
                                            on considerations such as the purpose of the Plan, the prevailing market price of the Shares,
                                            the Company&rsquo;s performance, and the Participant&rsquo;s contribution.</FONT></TD></TR></TABLE>

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

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

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

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

<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">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Vesting
                                            Period</U>. The vesting period for Restricted Share Units shall not be less than twelve months
                                            from the date of grant. Notwithstanding the foregoing, Restricted Share Units granted to
                                            Employee Participants may be subject to a shorter vesting period under specific circumstances
                                            as determined by the Committee (or the remuneration committee of the Board where the arrangements
                                            relate to grants of Restricted Share Units to the Directors and/or senior managers of the
                                            Company), including but not limited to: (a) grants of Restricted Share Units where the total
                                            vesting period together with any holding or lock-up period exceeds twelve months; (b) grants
                                            of &ldquo;make-whole&rdquo; Restricted Share Units to new joiners to replace share awards
                                            they forfeited when leaving their previous employers; (c) grants to an Employee Participant
                                            whose employment is terminated due to death or disability or occurrence of any out of control
                                            event; (d) grants with performance-based vesting conditions, or grants made in lieu of, or
                                            to satisfy or replace, performance-based cash bonuses, salary, or other compensation entitlements;
                                            (e) grants of Restricted Share Units that are made in batches during a year for administrative
                                            and compliance reasons, including Restricted Share Units that should have been granted earlier
                                            but for such administrative or compliance reasons and that are granted in a subsequent batch,
                                            in which case the vesting period may be shortened to reflect the time from which such Restricted
                                            Share Units would otherwise have been granted; and (f) grants with a mixed or accelerated
                                            vesting schedule such as where the Restricted Share Units may vest evenly over a period of
                                            twelve months.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 28.45pt"><FONT STYLE="font-size: 10pt">6.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Form
                                            and Timing of Payment of Restricted Share Units</U>. At the time of grant, the Committee
                                            shall specify the date or dates on which the Restricted Share Units shall become fully vested
                                            and nonforfeitable. Upon vesting, the Committee, in its sole discretion, may pay Restricted
                                            Share Units in the form of cash, Shares or a combination thereof.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">6.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Forfeiture/Repurchase</U>.
                                            Except as otherwise determined by the Committee at the time of the grant of the Award or
                                            thereafter, upon termination of employment or service during the applicable restriction period,
                                            Restricted Share Units that are at that time unvested shall be forfeited or repurchased in
                                            accordance with the Award Agreement; <I>provided, however</I>, the Committee may (a) provide
                                            in any Restricted Share Unit Award Agreement that restrictions or forfeiture and repurchase
                                            conditions relating to Restricted Share Units will be waived in whole or in part in the event
                                            of terminations resulting from specified causes, and (b) in other cases waive in whole or
                                            in part restrictions or forfeiture and repurchase conditions relating to Restricted Share
                                            Units.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>PROVISIONS
APPLICABLE TO AWARDS</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">7.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Award
                                            Agreement</U>. Awards under the Plan shall be evidenced by Award Agreements that set forth
                                            the terms, conditions and limitations for each Award which may include the term of an Award,
                                            the provisions applicable in the event the Participant&rsquo;s employment or service terminates,
                                            and the Company&rsquo;s authority to unilaterally or bilaterally amend, modify, suspend,
                                            cancel or rescind an Award.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">7.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Maximum
                                            Individual Limit</U>. Where any grant of Awards to a Participant would result in the Shares
                                            issued and to be issued in respect of all options and awards granted to such person (excluding
                                            any Awards lapsed in accordance with the terms of the Plan) under the Plan and any other
                                            share schemes of the Company in the 12-month period up to and including the date of such
                                            grant representing in aggregate over 1% of the Shares in issue and outstanding (excluding
                                            treasury shares), such grant must be separately approved by shareholders of the Company in
                                            general meeting with such Participant and his/her close associates (or associates if the
                                            Participant is a connected person) abstaining from voting. In this case a circular shall
                                            be sent to the Shareholders, which must disclose the identity of the Participants, the number
                                            and terms of the Awards to be granted (and those previously granted to such Participant in
                                            the 12-month period), the purpose of granting the Awards to the Participant and an explanation
                                            as to how the terms of the Awards serve such purpose. The number and terms of the Awards
                                            to be granted to such Participant must be fixed before Shareholders&rsquo; approval. In respect
                                            of any Award, the date of the board meeting for proposing such further grant should be taken
                                            as the date of grant for the purpose of calculating the exercise price under Hong Kong Listing
                                            Rule 17.03E.</FONT></TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">7.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Grant
                                            of Awards to Connected Persons</U>.</FONT></TD></TR></TABLE>

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

<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">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">7.3.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any
                                            grant of Awards to a Director, chief executive or substantial shareholder of the Company,
                                            or any of their respective associates, must be approved by the Independent Non-executive
                                            Directors (excluding Independent Non-executive Director who is the grantee).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">7.3.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Where
                                            any grant of Awards (excluding grant of Options) to a Director (other than an Independent
                                            Non-executive Director) or chief executive of the Company, or any of their associates would
                                            result in the Shares issued and to be issued in respect of all awards granted (excluding
                                            any awards lapsed) to such person under the Plan and any other share schemes of the Company
                                            in the 12-month period up to and including the date of such grant, representing in aggregate
                                            over 0.1% of the Shares in issue and outstanding (excluding treasury shares), such further
                                            grant of Awards must be approved by shareholders of the Company in general meeting.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">7.3.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Where
                                            any grant of Awards to an independent non-executive director or a substantial shareholder
                                            of the Company, or any of their respective associates would result in the Shares issued and
                                            to be issued in respect of all options and awards granted (excluding any options and awards
                                            lapsed) to such person under the Plan and any other share schemes of the Company in the 12-month
                                            period up to and including the date of such grant, representing in aggregate over 0.1% of
                                            the Shares in issue and outstanding (excluding treasury shares), such further grant of Awards
                                            must be approved by shareholders of the Company in general meeting.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">7.3.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In
                                            the event of any grant of Awards made under Sections 7.3.2 or 7.3.3, a circular shall be
                                            sent to the Shareholders, which must contain: (a) details of the number and terms of the
                                            Awards to be granted to each Participant, which must be fixed before the Shareholders&rsquo;
                                            meeting. In respect of any Options to be granted, the date of board meeting for proposing
                                            such further grant is to be taken as the date of grant for the purpose of calculating the
                                            exercise price under Hong Kong Listing Rule 17.03E; (b) the views of the Independent Non-executive
                                            Directors (excluding any Independent Non-executive Director who is the Participant) as to
                                            whether the terms of the grant are fair and reasonable and whether such grant is in the interests
                                            of the Company and its Shareholders as a whole, and their recommendation to the independent
                                            Shareholders as to voting; (c) information relating to any Directors who are trustees of
                                            the Plan or have a direct or indirect interest in the trustees; and (d) the information required
                                            under Hong Kong Listing Rule 2.17.</FONT></TD></TR></TABLE>

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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">7.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>No
                                            Transferability; Limited Exception to Transfer Restrictions</U>.</FONT></TD></TR></TABLE>

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

<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">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">7.4.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Limits
                                            on Transfer</U>. Unless otherwise expressly provided in (or pursuant to) this Section 7.4,
                                            by applicable law and by the Award Agreement, as the same may be amended:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">all
                                            Awards are non-transferable and will not be subject in any manner to sale, transfer, anticipation,
                                            alienation, assignment, pledge, encumbrance or charge;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Awards
                                            will be exercised only by the Participant; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">amounts
                                            payable or Shares issuable pursuant to an Award will be delivered only to (or for the account
                                            of), and, in the case of Shares, registered in the name of, the Participant.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.5pt"><FONT STYLE="font-size: 10pt">In addition, the Shares shall
be subject to the restrictions set forth in the applicable Award Agreement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">7.4.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Further
                                            Exceptions to Limits on Transfer</U>. The exercise and transfer restrictions in Section 7.4.1
                                            will not apply to, subject to the prior approval of the Committee or an executive officer
                                            or director of the Company authorized by the Committee, and subject to the Hong Kong Stock
                                            Exchange granting an express waiver, transfer to entities owned and controlled by the Participant
                                            and/or the Participant&rsquo;s family members, including but not limited to trusts or other
                                            entities whose beneficiaries or beneficial owners are the Participant and/or the Participant&rsquo;s
                                            family members, or to such other persons or entities as may be expressly approved by the
                                            Committee and the Hong Kong Stock Exchange, pursuant to such conditions and procedures as
                                            the Committee or the Hong Kong Stock Exchange may establish. Any permitted transfer shall
                                            be subject to the condition that the Committee receives evidence satisfactory to it that
                                            the transfer is being made for estate and/or tax planning purposes (or such other reasons
                                            as the Board and the Hong Kong Stock Exchange consider to be justifiable) and on a basis
                                            consistent with the Company&rsquo;s lawful issue of securities.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
anything else in this Section 7.4.2 to the contrary, but subject to compliance with all Applicable Laws, Incentive Share Options and
Restricted Share Units will be subject to any and all transfer restrictions under the Hong Kong Listing Rules and the Code applicable
to such Awards or necessary to maintain the intended tax consequences of such Awards.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">7.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Beneficiaries</U>.
                                            Notwithstanding Section 7.4, a Participant may, in the manner determined by the Committee,
                                            designate a beneficiary to settle the rights of the Participant and to receive any distribution
                                            with respect to any Award upon the Participant&rsquo;s death. A beneficiary, legal guardian,
                                            legal representative, or other person claiming any rights pursuant to the Plan is subject
                                            to all terms and conditions of the Plan and any Award Agreement applicable to the Participant
                                            as well as the Applicable Laws, except to the extent the Plan and Award Agreement otherwise
                                            provide, and to any additional restrictions deemed necessary or appropriate by the Committee.
                                            If the Participant is married and resides in a community property state, a designation of
                                            a person other than the Participant&rsquo;s spouse as his or her beneficiary with respect
                                            to more than 50% of the Participant&rsquo;s interest in the Award shall not be effective
                                            without the prior written consent of the Participant&rsquo;s spouse. If no beneficiary has
                                            been designated or survives the Participant, payment shall be made to the person entitled
                                            thereto pursuant to the Participant&rsquo;s will or the laws of descent and distribution.
                                            Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant
                                            at any time provided the change or revocation is filed with the Committee.</FONT></TD></TR></TABLE>

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

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

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

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

<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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">7.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Performance
                                            Objectives and Clawback</U>.</FONT></TD></TR></TABLE>

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

<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">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            Committee may, in its absolute discretion, specify in the Award Agreement the performance
                                            objectives or other vesting criteria which, depending on the extent to which they are met,
                                            will determine the number or value of the Awards that will be granted or paid out to the
                                            Participants. If no performance objectives are attached to the Awards, the Committee shall
                                            state the reasons in the grant announcement.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In
                                            determining the performance targets applicable to an Award, the Committee will consider general
                                            factors including, without limitation, (i) the financial results, operating performance,
                                            business growth and other relevant indicators of the Group, any of its business segments,
                                            the relevant Related Entity Participant or the relevant Service Provider; and (ii) the individual
                                            Participant&rsquo;s contribution, work performance and other specific personal factors which
                                            the Committee may consider appropriate. Such performance targets will be reviewed and assessed
                                            periodically, whether on an absolute basis or by reference to relative benchmarks, including
                                            pre-determined targets, prior year results or a specified peer or comparison group, as determined
                                            by the Committee in its sole discretion.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            Company has established a clawback mechanism. The Committee may, in its absolute discretion,
                                            determine that an Award shall lapse or be subject to clawback in the event of serious misconduct,
                                            a material misstatement in the Company&rsquo;s financial statements, when the Award to the
                                            Grantee will no longer be appropriate and aligned with the purpose of the Plan, or other
                                            circumstances as specified in the Award Agreement.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">7.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Share
                                            Certificates</U>. Notwithstanding anything herein to the contrary, the Company shall not
                                            be required to issue or deliver any certificates evidencing the Shares pursuant to the exercise
                                            of any Award, unless and until the Committee has determined, with advice of counsel, that
                                            the issuance and delivery of such certificates is in compliance with all Applicable Laws,
                                            regulations of governmental authorities and, if applicable, the requirements of any exchange
                                            on which the Shares are listed or traded. All Share certificates delivered pursuant to the
                                            Plan are subject to any stop-transfer orders and other restrictions as the Committee deems
                                            necessary or advisable to comply with all Applicable Laws, and the rules of any national
                                            securities exchange or automated quotation system on which the Shares are listed, quoted,
                                            or traded (including the Hong Kong Listing Rules). The Committee may place legends on any
                                            Share certificate to reference restrictions applicable to the Shares. In addition to the
                                            terms and conditions provided herein, the Committee may require that a Participant make such
                                            reasonable covenants, agreements, and representations as the Committee, in its discretion,
                                            deems advisable in order to comply with any such laws, regulations, or requirements. The
                                            Committee shall have the right to require any Participant to comply with any timing or other
                                            restrictions with respect to the settlement or exercise of any Award, including a window-period
                                            limitation, as may be imposed in the discretion of the Committee.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">7.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Paperless
                                            Administration</U>. Subject to Applicable Laws, the Committee may make Awards and provide
                                            applicable disclosure and procedures for exercise of Awards by an internet website or interactive
                                            voice response system for the paperless administration of Awards.</FONT></TD></TR></TABLE>

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

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

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

<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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">7.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Foreign
                                            Currency</U>. A Participant may be required to provide evidence that any currency used to
                                            pay the exercise or purchase price of any Award was acquired and taken out of the jurisdiction
                                            in which the Participant resides in accordance with Applicable Laws, including foreign exchange
                                            control laws and regulations. In the event the exercise or purchase price for an Award is
                                            paid in Chinese Renminbi or other foreign currency, as permitted by the Committee, the amount
                                            payable will be determined by conversion from U.S. Dollars at the official rate promulgated
                                            by the People&rsquo;s Bank of China for Chinese Renminbi, or for jurisdictions other than
                                            the People&rsquo;s Republic of China, the exchange rate as selected by the Committee on the
                                            date of exercise or purchase.</FONT></TD></TR></TABLE>

<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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>CHANGES
IN CAPITAL STRUCTURE</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">8.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Adjustments</U>.
                                            In the event of a capitalization issue, rights issue, sub-division or consolidation, or any
                                            other change affecting the Shares or the share price of a Share, the Committee shall make
                                            such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate
                                            to reflect such change with respect to (a) the aggregate number and type of Shares that may
                                            be issued under the Plan (including, but not limited to, adjustments of the limitations in
                                            Section 3.1); (b) the terms and conditions of any outstanding Awards (including, without
                                            limitation, any applicable performance objective or criteria with respect thereto); and (c)
                                            the exercise or purchase price per Share for any outstanding Awards under the Plan, provided
                                            that any adjustments must give a Participant the same proportion of the equity capital, rounded
                                            to the nearest whole share, as that to which that person was previously entitled, but no
                                            such adjustments may be made to the extent that a Share would be issued at less than its
                                            nominal value. In respect of any such adjustments, other than any made on a capitalisation
                                            issue, an independent financial adviser or the Company&rsquo;s auditors must confirm to the
                                            Directors in writing that the adjustments satisfy the requirements set out in the Hong Kong
                                            Listing Rules.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">8.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Corporate
                                            Transactions</U>. Except as may otherwise be provided in any Award Agreement or any other
                                            written agreement entered into by and between the Company and a Participant, if the Committee
                                            anticipates the occurrence, or upon the occurrence, of a Corporate Transaction, the Committee
                                            may, in its sole discretion, provide for (i) any and all Awards outstanding hereunder to
                                            terminate at a specific time in the future and shall give each Participant the right to exercise
                                            the vested portion of such Awards during a period of time as the Committee shall determine,
                                            or (ii) the purchase of any Award for an amount of cash equal to the Fair Market Value of
                                            the Shares underlying such Award, or (iii) the replacement of such Award with other rights
                                            or property selected by the Committee in its sole discretion or the assumption of or substitution
                                            of such Award by the successor or surviving corporation, or a Parent or Subsidiary thereof,
                                            with appropriate adjustments as to the number and kind of Shares, or (iv) payment of such
                                            Award in cash based on the value of Shares on the date of the Corporate Transaction plus
                                            reasonable interest on the Award through the date as determined by the Committee when such
                                            Award would otherwise be vested or have been paid in accordance with its original terms,
                                            if necessary to comply with Section 409A of the Code.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">8.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Outstanding
                                            Awards &ndash; Other Changes</U>. In the event of any other change in the capitalization
                                            of the Company or corporate change other than those specifically referred to in this Article
                                            8, the Committee may, in its absolute discretion, make such adjustments in the number and
                                            class of shares subject to Awards outstanding on the date on which such change occurs and
                                            in the per share grant or exercise price of each Award as the Committee may consider appropriate
                                            to prevent dilution or enlargement of rights.</FONT></TD></TR></TABLE>

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

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

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

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

<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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">8.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>No
                                            Other Rights</U>. Except as expressly provided in the Plan, no Participant shall have any
                                            rights by reason of any subdivision or consolidation of Shares of any class, the payment
                                            of any dividend, any increase or decrease in the number of Shares of any class or any dissolution,
                                            liquidation, merger, or consolidation of the Company or any other corporation. Except as
                                            expressly provided in the Plan or pursuant to action of the Committee under the Plan, and
                                            no issuance by the Company of shares of any class, or securities convertible into shares
                                            of any class, shall affect, and no adjustment by reason thereof shall be made with respect
                                            to, the number of Shares subject to an Award or the grant or exercise or purchase price of
                                            any Award.</FONT></TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">9.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Committee</U>.
                                            The Plan shall be administered by the Board or a committee of one or more members of the
                                            Board (the &ldquo;<B>Committee</B>&rdquo;) to whom the Board shall delegate the authority
                                            to grant or amend Awards to Participants other than any of the Committee members, Independent
                                            Non-executive Directors and executive officers of the Company. Reference to the Committee
                                            shall refer to the Board in absence of the Committee. Notwithstanding the foregoing, the
                                            full Board, acting by majority of its members in office, shall conduct the general administration
                                            of the Plan if required by Applicable Laws, and with respect to Awards granted to the Committee
                                            members, Independent Non-executive Directors and executive officers of the Company and for
                                            purposes of such Awards the term &ldquo;Committee&rdquo; as used in the Plan shall be deemed
                                            to refer to the Board.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">9.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Action
                                            by the Committee</U>. A majority of the Committee shall constitute a quorum. The acts of
                                            a majority of the members present at any meeting at which a quorum is present, and acts approved
                                            unanimously in writing by all members of the Committee in lieu of a meeting, shall be deemed
                                            the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely
                                            or act upon any report or other information furnished to that member by any officer or other
                                            employee of a Group Entity, the Company&rsquo;s independent certified public accountants,
                                            or any executive compensation consultant or other professional retained by the Company to
                                            assist in the administration of the Plan.</FONT></TD></TR></TABLE>

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

<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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">9.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Authority
                                            of the Committee</U>. Subject to any specific designation in the Plan, the Committee has
                                            the exclusive power, authority and discretion to:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">designate
                                            Participants to receive Awards;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">determine
                                            the type or types of Awards to be granted to each Participant;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">determine
                                            the number of Awards to be granted and the number of Shares to which an Award will relate;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">designate
                                            an administrator to administer the Awards to Participants other than Committee members, Independent
                                            Non-executive Directors or executive officers of the Company, including designating Participants
                                            to receive Awards, determining the type or types of Awards to be granted to each Participant,
                                            and determining the number of Awards to be granted and the number of Shares to which an Award
                                            will relate;</FONT></TD></TR></TABLE>

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

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

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

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

<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">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">determine
                                            the terms and conditions of any Award granted pursuant to the Plan, including, but not limited
                                            to, the exercise or grant price, or purchase price, any restrictions or limitations on the
                                            Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability
                                            or vesting of an Award, any performance objectives, and accelerations or waivers thereof,
                                            and any provisions related to non-competition and recapture of gain on an Award, based in
                                            each case on such considerations as the Committee in its sole discretion determines;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">determine
                                            whether, to what extent, and pursuant to what circumstances an Award may be settled in, or
                                            the exercise or purchase price of an Award may be paid in, cash, Shares, other Awards, or
                                            other property, or an Award may be canceled, forfeited, or surrendered. The various circumstances
                                            under which Awards may be cancelled include, but not limited to:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">where
                                            the Service Recipient pays to the Participant an amount equal to the purchase price (if any)
                                            paid by the Participant for the relevant Award;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">where
                                            the Committee makes any arrangement as the Board or the Committee and the Participant may
                                            mutually agree in order to compensate him/her for the cancellation; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">where
                                            the Committee determines that such cancellation is in the best interest of the Company and
                                            its Shareholders as a whole due to strategic adjustments, corporate restructuring;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">prescribe
                                            the form of each Award Agreement, which need not be identical for each Participant;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">decide
                                            all other matters that must be determined in connection with an Award;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">establish,
                                            adopt, or revise any rules and regulations as it may deem necessary or advisable to administer
                                            the Plan;</FONT></TD></TR></TABLE>

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

<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">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">interpret
                                            the terms of, and any matter arising pursuant to, the Plan or any Award Agreement;</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">amend
                                            terms and conditions of Award Agreements; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.15pt"><FONT STYLE="font-size: 10pt">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">make
                                            all other decisions and determinations that may be required pursuant to the Plan or as the
                                            Committee deems necessary or advisable to administer the Plan, including design and adopt
                                            from time to time new types of Awards that are in compliance with Applicable Laws.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">9.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Decisions
                                            Binding</U>. The Committee&rsquo;s interpretation of the Plan, any Awards granted pursuant
                                            to the Plan, any Award Agreement and all decisions and determinations by the Committee with
                                            respect to the Plan are final, binding, and conclusive on all parties.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 28.45pt"><FONT STYLE="font-size: 10pt">9.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Shareholders&rsquo;
                                            approval</U>. Notwithstanding the other provisions of this Plan, to the extent required under
                                            the rules of any securities exchange or market system on which the Shares are listed (including
                                            the Hong Kong Listing Rules), amendments to the terms of Awards granted under the Plan shall
                                            be subject to approval by the Company&rsquo; shareholders entitled to vote at a meeting of
                                            shareholders.</FONT></TD></TR></TABLE>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>EFFECTIVE
AND EXPIRATION DATE</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 28.45pt"><FONT STYLE="font-size: 10pt">10.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Effective
                                            Date</U>. The Plan shall become effective as of the date on which the Plan is approved by
                                            the shareholders of the Company in general meeting (the &ldquo;<B><U>Effective Date</U></B>&rdquo;).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">10.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Expiration
                                            Date</U>. The Plan will expire on, and no Award may be granted pursuant to the Plan after,
                                            the tenth anniversary of the first Effective Date.<SUP>1</SUP> Any Awards that are outstanding
                                            on the tenth anniversary of the first Effective Date shall remain in force according to the
                                            terms of the Plan and the applicable Award Agreement.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>AMENDMENT,
MODIFICATION, AND TERMINATION</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">11.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Amendment,
                                            Modification, and Termination</U>. At any time and from time to time, the Board may terminate,
                                            amend or modify the Plan; <I>provided, however</I>, that (a) to the extent necessary and
                                            desirable to comply with Applicable Laws or stock exchange rules, the Company shall obtain
                                            shareholder approval of any Plan amendment in such a manner and to such a degree as required,
                                            unless the Company decides to follow home country practice in lieu of shareholder approval
                                            as permissible under the applicable stock exchange rules, and (b) unless the Company decides
                                            to follow home country practice in lieu of shareholder approval as permissible under the
                                            applicable stock exchange rules, shareholder approval is required for any amendment to the
                                            Plan that increases the number of Shares available under the Plan (other than any adjustment
                                            as provided by Article 8 or 3.1(a)).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">11.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Awards
                                            Previously Granted</U>. Except with respect to amendments made pursuant to Section 11.1,
                                            no termination, amendment, or modification of the Plan shall adversely affect in any material
                                            way any Award previously granted pursuant to the Plan without the prior written consent of
                                            the Participant. In the event that the Plan is terminated while any Award remains outstanding
                                            and unexercised or unvested, the provisions of this Plan shall remain in full force to the
                                            extent necessary to give effect to the exercise or vesting of any such Award.</FONT></TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">12.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>No
                                            Rights to Awards</U>. No Participant, employee, or other person shall have any claim to be
                                            granted any Award pursuant to the Plan, and neither the Company nor the Committee is obligated
                                            to treat Participants, employees, and other persons uniformly.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">12.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>No
                                            Shareholders Rights</U>. No Award gives the Participant any of the rights of a shareholder
                                            of the Company unless and until Shares are in fact issued to such person in connection with
                                            such Award. Accordingly, except as otherwise determined by the Committee, a Participant shall
                                            not have any voting rights, or rights to participate in any dividends or distributions (including
                                            those arising on a liquidation of the Company) declared or recommended or resolved to be
                                            paid to the shareholders on the register of members of the Company on a date prior to the
                                            name of such Participant being registered on such register. Any trustee holding unvested
                                            Shares of the Plan, whether directly or indirectly, shall abstain from voting on matters
                                            that require shareholders&rsquo; approval under the Hong Kong Listing Rules, unless otherwise
                                            required by the Applicable Laws to vote in accordance with the beneficial owner&rsquo;s direction
                                            and such a direction is given.</FONT></TD></TR></TABLE>

<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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
date of initial adoption of the 2022 Share Incentive Plan was on 30 March 2022.</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">12.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Taxes</U>.
                                            No Shares shall be delivered under the Plan to any Participant until such Participant has
                                            made arrangements acceptable to the Committee for the satisfaction of any income and employment
                                            tax withholding obligations under Applicable Laws. The Company or any Subsidiary shall have
                                            the authority and the right to deduct or withhold, or require a Participant to remit to the
                                            Company, an amount sufficient to satisfy all applicable taxes (including the Participant&rsquo;s
                                            payroll tax obligations) required or permitted by Applicable Laws to be withheld with respect
                                            to any taxable event concerning a Participant arising as a result of this Plan. The Committee
                                            may in its discretion and in satisfaction of the foregoing requirement allow a Participant
                                            to elect to have the Company withhold Shares otherwise issuable under an Award (or allow
                                            the return of Shares) having a Fair Market Value equal to the sums required to be withheld.
                                            Notwithstanding any other provision of the Plan, the number of Shares which may be withheld
                                            with respect to the issuance, vesting, exercise or payment of any Award (or which may be
                                            repurchased from the Participant of such Award after such Shares were acquired by the Participant
                                            from the Company) in order to satisfy any income and payroll tax liabilities applicable to
                                            the Participant with respect to the issuance, vesting, exercise or payment of the Award shall,
                                            unless specifically approved by the Committee, be limited to the number of Shares which have
                                            a Fair Market Value on the date of withholding or repurchase equal to the aggregate amount
                                            of such liabilities based on the minimum statutory withholding rates for the applicable income
                                            and payroll tax purposes that are applicable to such supplemental taxable income.</FONT></TD></TR></TABLE>

<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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">12.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>No
                                            Right to Employment or Services</U>. Nothing in the Plan or any Award Agreement shall interfere
                                            with or limit in any way the right of the Service Recipient to terminate any Participant&rsquo;s
                                            employment or services at any time, nor confer upon any Participant any right to continue
                                            in the employment or services of any Service Recipient.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">12.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Unfunded
                                            Status of Awards</U>. The Plan is intended to be an &ldquo;unfunded&rdquo; plan for incentive
                                            compensation. With respect to any payments not yet made to a Participant pursuant to an Award,
                                            nothing contained in the Plan or any Award Agreement shall give the Participant any rights
                                            that are greater than those of a general creditor of the relevant Group Entity.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">12.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Indemnification</U>.
                                            To the extent allowable pursuant to Applicable Laws, each member of the Committee or of the
                                            Board shall be indemnified and held harmless by the Company from any loss, cost, liability,
                                            or expense that may be imposed upon or reasonably incurred by such member in connection with
                                            or resulting from any claim, action, suit, or proceeding to which he or she may be a party
                                            or in which he or she may be involved by reason of any action or failure to act pursuant
                                            to the Plan and against and from any and all amounts paid by him or her in satisfaction of
                                            judgment in such action, suit, or proceeding against him or her; <I>provided</I> he or she
                                            gives the Company an opportunity, at its own expense, to handle and defend the same before
                                            he or she undertakes to handle and defend it on his or her own behalf. The foregoing right
                                            of indemnification shall not be exclusive of any other rights of indemnification to which
                                            such persons may be entitled pursuant to the Company&rsquo;s Memorandum of Association and
                                            Articles of Association, as a matter of law, or otherwise, or any power that the Company
                                            may have to indemnify them or hold them harmless.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.5pt; text-align: justify"></P>

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

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

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

<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">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 28.45pt"><FONT STYLE="font-size: 10pt">12.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Relationship
                                            to Other Benefits</U>. No payment pursuant to the Plan shall be taken into account in determining
                                            any benefits pursuant to any pension, retirement, savings, profit sharing, group insurance,
                                            welfare or other benefit plan of the any Group Entity except to the extent otherwise expressly
                                            provided in writing in such other plan or an agreement thereunder.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">12.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Expenses</U>.
                                            The expenses of administering the Plan shall be borne by the Group Entities.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">12.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Titles
                                            and Headings</U>. The titles and headings of the Sections in the Plan are for convenience
                                            of reference only and, in the event of any conflict, the text of the Plan, rather than such
                                            titles or headings, shall control.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">12.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Fractional
                                            Shares</U>. No fractional Shares shall be issued and the Committee shall determine, in its
                                            discretion, whether cash shall be given in lieu of fractional Shares or whether such fractional
                                            Shares shall be eliminated by rounding up or down as appropriate.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">12.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Limitations
                                            Applicable to Section 16 Persons</U>. Notwithstanding anything herein to the contrary, the
                                            Plan, and any Award granted or awarded to any Participant who is then subject to Section
                                            16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable
                                            exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3
                                            of the Exchange Act from time to time) that are requirements for the application of such
                                            exemptive rule. To the extent permitted by the Applicable Laws, the Plan and Awards granted
                                            or awarded hereunder shall be deemed amended to the extent necessary to conform to such applicable
                                            exemptive rule.</FONT></TD></TR></TABLE>

<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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">12.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Government
                                            and Other Regulations</U>. The obligation of the Company to make payment of awards in Shares
                                            or otherwise shall be subject to all Applicable Laws, and to such approvals by government
                                            agencies as may be required. The Company shall be under no obligation to register any of
                                            the Shares paid pursuant to the Plan under the Securities Act or any other similar law in
                                            any applicable jurisdiction. If the Shares paid pursuant to the Plan may in certain circumstances
                                            be exempt from registration pursuant to the Securities Act or other Applicable Laws, the
                                            Company may restrict the transfer of such Shares in such manner as it deems advisable to
                                            ensure the availability of any such exemption.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">12.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Governing
                                            Law</U>. The Plan and all Award Agreements shall be construed in accordance with and governed
                                            by the laws of the Cayman Islands.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">12.14</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Section
                                            409A</U>. To the extent that the Committee determines that any Award granted under the Plan
                                            is or may become subject to Section 409A of the Code, the Award Agreement evidencing such
                                            Award shall incorporate the terms and conditions required by Section 409A of the Code. To
                                            the extent applicable, the Plan and the Award Agreements shall be interpreted in accordance
                                            with Section 409A of the Code and the U.S. Department of Treasury regulations and other interpretative
                                            guidance issued thereunder, including without limitation any such regulation or other guidance
                                            that may be issued after the Effective Date. Notwithstanding any provision of the Plan to
                                            the contrary, in the event that following the Effective Date the Committee determines that
                                            any Award may be subject to Section 409A of the Code and related Department of Treasury guidance
                                            (including such Department of Treasury guidance as may be issued after the Effective Date),
                                            the Committee may adopt such amendments to the Plan and the applicable Award agreement or
                                            adopt other policies and procedures (including amendments, policies and procedures with retroactive
                                            effect), or take any other actions, that the Committee determines are necessary or appropriate
                                            to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment
                                            of the benefits provided with respect to the Award, or (b) comply with the requirements of
                                            Section 409A of the Code and related U.S. Department of Treasury guidance.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 10pt">12.15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Appendices</U>.
                                            Subject to Section 11.1, the Committee may approve such supplements, amendments or appendices
                                            to the Plan as it may consider necessary or appropriate for purposes of compliance with Applicable
                                            Laws or otherwise and such supplements, amendments or appendices shall be considered a part
                                            of the Plan; provided, however, that no such supplements shall increase the share limitation
                                            contained in Section 3.1 of the Plan without the approval of the Board.</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.5pt; text-align: justify"></P>

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

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>tm2620359d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We hereby consent to the incorporation
by reference in this Registration Statement on Form</FONT><FONT STYLE="color: red"><B>&nbsp;</B></FONT>S-8 of Zhihu Inc. of our report
dated April&nbsp;17, 2026 relating to the financial statements and the effectiveness of internal control over financial reporting, which
appears in Zhihu Inc.'s Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2025.</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">/s/ <FONT STYLE="font-size: 10pt">PricewaterhouseCoopers </FONT>Zhong
Tian LLP<BR> Beijing, the People&rsquo;s Republic of China <FONT STYLE="color: red"><B><BR> </B></FONT>July&nbsp;15, 2026</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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# ?_9

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