<SEC-DOCUMENT>0001104659-20-112177.txt : 20201005
<SEC-HEADER>0001104659-20-112177.hdr.sgml : 20201005
<ACCEPTANCE-DATETIME>20201005160238
ACCESSION NUMBER:		0001104659-20-112177
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20201005
FILED AS OF DATE:		20201005
DATE AS OF CHANGE:		20201005

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			The9 LTD
		CENTRAL INDEX KEY:			0001296774
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34238
		FILM NUMBER:		201223530

	BUSINESS ADDRESS:	
		STREET 1:		17 FLOOR, NO. 130 WU SONG ROAD,
		STREET 2:		HONG KOU DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			201203
		BUSINESS PHONE:		(86) 21 - 5172 9999

	MAIL ADDRESS:	
		STREET 1:		17 FLOOR, NO. 130 WU SONG ROAD,
		STREET 2:		HONG KOU DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			201203
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2032444-1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of October 2020</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">Commission File Number: 001-34238</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: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE9 LIMITED</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>17 Floor, No. 130 Wu Song Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hong Kou District, Shanghai 201203</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>People&#8217;s Republic of China</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F <FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F <FONT STYLE="font-family: Wingdings">&#168;</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">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

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

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

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

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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 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: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2032444d1_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></A></TD>
    <TD STYLE="text-align: justify"><A HREF="tm2032444d1_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement dated September 29, 2020 between The9 Limited and Maxim Group LLC</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2032444d1_ex4-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></A></TD>
    <TD STYLE="text-align: justify"><A HREF="tm2032444d1_ex4-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant Agent Agreement dated October 2, 2020 among The9 Limited, Computershare Inc. and Computershare Trust Company, N.A.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2032444d1_ex4-4.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></A></TD>
    <TD STYLE="text-align: justify"><A HREF="tm2032444d1_ex4-4.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant Offered in the Offering (included in Exhibit 4.4)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2032444d1_ex4-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></A></TD>
    <TD STYLE="text-align: justify"><A HREF="tm2032444d1_ex4-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representative&#8217;s Warrant</FONT></A></TD></TR>
<TR>
    <TD><A HREF="tm2032444d1_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="text-align: justify; vertical-align: top"><A HREF="tm2032444d1_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release &#8211; The9 Announces Closing of US$8.7 Million Underwritten Offering</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold"><B>THE9 LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By</TD>
    <TD STYLE="text-align: center; width: 2%">:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%">/s/ George Lai</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD>George Lai</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD>Director and Chief Financial Officer</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: October 5, 2020</P>

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



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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tm2032444d1_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0pt"></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: right"><B>Exhibit 1.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE9 LIMITED</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CLASS&nbsp;A
ORDINARY SHARES, PAR VALUE US$0.01 PER SHARE</B></FONT><B><BR>
IN THE FORM&nbsp;OF AMERICAN DEPOSITARY SHARES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>WARRANTS TO PURCHASE CLASS&nbsp;A ORDINARY SHARES
IN THE FORM&nbsp;OF AMERICAN DEPOSITARY SHARES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>UNDERWRITING AGREEMENT</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: right">September&nbsp;29, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Maxim Group LLC<BR>
405 Lexington Avenue<BR>
New York, New York 10174</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representative of the several Underwriters named in Schedule
I 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: 0pt 0">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The9 Limited, an exempted
company with limited liability incorporated in the Cayman Islands. (the &#8220;<B><I>Company</I></B>&#8221;), proposes to sell
to the underwriters named in Schedule I (the &#8220;<B><I>Underwriters</I></B>&#8221;) to this agreement (the &#8220;<B><I>Agreement&#8221;</I></B>)
for which Maxim Group LLC is acting as representative (in such capacity, the &#8220;<B><I>Representative</I></B>&#8221;) an aggregate
of (i)&nbsp;70,500,000 Class&nbsp;A ordinary shares, par value $0.01 per share of the Company (the &#8220;<B><I>Ordinary Shares</I></B>&#8221;)
in the form of 23,500,000 American Depositary Shares (the &#8220;<B><I>American Depositary Shares</I></B>&#8221; or &#8220;<B><I>ADSs</I></B>&#8221;),
the 23,500,000 ADSs to be sold by the Company is hereinafter referred to as the &#8220;<B>Firm Shares</B>,&#8221; and (ii)&nbsp;warrants
to purchase an aggregate of 23,500,000 American Depositary Shares (the &#8220;<B><I>Firm Warrants</I></B>&#8221;). In addition,
the Company proposes to grant to the Underwriters an option to purchase up to an aggregate of (i)&nbsp;10,575,000 additional Ordinary
Shares in the form of 3,525,000 additional American Depositary Shares (the &#8220;<B><I>Option Shares</I></B>&#8221; and collectively
with the Firm Shares, the &#8220;<B><I>Shares</I></B>&#8221;) and/or (ii)&nbsp;warrants to purchase an aggregate of 3,525,000 additional
American Depositary Shares (the &#8220;<B><I>Option Warrants</I></B>&#8221; and collectively with the Firm Warrants, the &#8220;<B><I>Warrants</I></B>&#8221;),
each on the terms set forth in Section&nbsp;2. Each Warrant entitles the holder to purchase one American Depositary Share (as more
fully described in Section&nbsp;2 hereof). The Shares, the Warrants and the American Depositary Shares issuable upon exercise of
the Warrants (the &#8220;<B><I>Warrant Shares</I></B>&#8221;) are hereinafter referred to collectively as the &#8220;<B><I>Securities</I></B>.&#8221;
The offering and sale of the Securities contemplated by this Agreement is referred to herein as the &#8220;<B><I>Offering</I>&#8221;.</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: 1in">The Underwriters will
take delivery of the Shares in the form of American Depositary Shares. The American Depositary Shares are to be issued pursuant
to the Amended and Restated Deposit Agreement dated as of June&nbsp;28, 2019, as amended (the &#8220;<B><I>Deposit Agreement</I></B>&#8221;)
among the Company, The Bank of New York Mellon, as Depositary (the &#8220;<B><I>Depositary</I></B>&#8221;), and the owners and
holders from time to time of the American Depositary Shares issued under the Deposit Agreement. Each American Depositary Share
will initially represent the right to receive three Ordinary Shares deposited pursuant to the Deposit Agreement. The Ordinary Shares
of the Company represented by the ADSs may hereinafter be referred to as the &#8220;<B><I>Underlying Securities</I></B>&#8221;.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Representations,
Warranties and Agreements of the Company. The Company represents, warrants and agrees that:</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company has filed with the Securities and Exchange Commission (the &#8220;<B><I>Commission</I></B>&#8221;) a registration statement
on Form&nbsp;F-1, including a prospectus, relating to the Shares, the Warrants and the Warrant Shares. A registration statement
relating to the American Depositary Shares has been filed with the Commission. The registration statement relating to the Shares,
the Warrants and the Warrant Shares (Registration No.&nbsp;333-240331), as amended, at the time it becomes effective, including
the information (if any) deemed to be part of the registration statement at the time of effectiveness pursuant to Rule&nbsp;430A
and Rule&nbsp;430C under the U.S. Securities Act of 1933, as amended (the &#8220;<B><I>Securities Act</I></B>&#8221;), that in
any case has not then been superseded or modified, is hereinafter referred to as the &#8220;<B><I>Registration Statement</I></B>;&#8221;
the prospectus in the form first used to confirm sales of Securities is hereinafter referred to as the &#8220;<B><I>Preliminary
Prospectus</I></B>.&#8221; Any reference to the &#8220;<B><I>most recent Preliminary Prospectus</I></B>&#8221; is here after referred
to the latest Preliminary Prospectus included in the Registration Statement or filed pursuant to Rule&nbsp;424(b)&nbsp;under the
Securities Act prior to or on the date hereof. The final prospectus relating to the Securities, as filed with the Commission pursuant
to Rule&nbsp;424(b)&nbsp;under the Securities Act is hereafter referred to as the &#8220;<B><I>Prospectus</I></B>&#8221;. The registration
statement on Form&nbsp;F-6 relating to the American Depositary Shares (Registration No.&nbsp;333- 156635), as amended at the time
it becomes effective, is hereinafter referred to as the &#8220;<B><I>ADS Registration Statement</I></B>.&#8221; If the Company
has filed abbreviated registration statements to register additional Shares, Warrants, Warrant Shares and/or American Depositary
Shares pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act (the &#8220;<B><I>Rule&nbsp;462 Registration Statements</I></B>&#8221;),
then any reference herein to the terms &#8220;Registration Statement&#8221; and &#8220;ADS Registration Statement&#8221; shall
be deemed to include the corresponding Rule&nbsp;462 Registration Statement. The Company has filed, in accordance with Section&nbsp;12(b)&nbsp;of
the U.S. Securities Exchange Act of 1934, as amended (the &#8220;<B><I>Exchange Act</I></B>&#8221;), a registration statement on
Form&nbsp;8-A to register the Shares and the American Depositary Shares (the &#8220;<B><I>Form&nbsp;8-A Registration Statement</I></B>&#8221;).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#8220;<B><I>Applicable
Time</I></B>&#8221; means 8:00P.M.&nbsp;(New York City time) on September&nbsp;29, 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#8220;<B><I>Effective
Date</I></B>&#8221; means the date and time at which the Registration Statement, or the most recent post-effective amendment thereto,
was declared effective by the Commission.</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: 1in">&#8220;<B><I>free writing
prospectus</I></B>&#8221; has the meaning set forth in Rule&nbsp;405 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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#8220;<B><I>Issuer Free
Writing Prospectus</I></B>&#8221; means each &#8220;issuer free writing prospectus&#8221; (as defined in Rule&nbsp;433 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: justify; text-indent: 1in">&#8220;<B><I>Pricing
Disclosure Package</I></B>&#8221; means the preliminary prospectus together with the documents and pricing information set forth
in Schedule IV hereto and all the Issuer Free Writing Prospectuses (if any).</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 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
of the Registration Statement and the ADS Registration Statement and any amendment thereto has become effective under the Securities
Act.. The Form&nbsp;8-A Registration Statement has become effective as provided in Section&nbsp;12 of the Exchange Act. No stop
order suspending the effectiveness of the Registration Statement, the ADS Registration Statement, the Form&nbsp;8-A Registration
Statement, any Rule&nbsp;462 Registration Statement, or any post-effective amendment thereto has been issued under the Securities
Act, no order preventing or suspending the use of the Pricing Disclosure Package, the Prospectus or any free writing prospectus
has been issued and no proceedings for any of those purposes or pursuant to Section&nbsp;8A of the Securities Act have been instituted
or are pending or, to the Company&#8217;s knowledge, contemplated. The Company has complied with each request (if any) from the
Commission for additional information. The Commission has not issued any order preventing or suspending the use of any Preliminary
Prospectus or the Prospectus or suspending the effectiveness of the Registration Statement, and no proceeding or examination for
such purpose has been instituted or, to the Company&#8217;s knowledge, threatened by the Commission.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company was not at the time of initial filing of the Registration Statement and at the earliest time thereafter that the Company
or another offering participant made a <I>bona fide</I> offer (within the meaning of Rule&nbsp;164(h)(2)&nbsp;under the Securities
Act) of the Securities, is not on the date hereof and will not be on the applicable Delivery Date, an &#8220;ineligible issuer&#8221;
(as defined in Rule&nbsp;405 under the Securities Act). As of the time of each sale of the Securities in connection with the offering
when the Prospectus is not yet available to prospective purchasers, no free writing prospectuses, when considered together with
the Pricing Disclosure Package, included, includes or will include an untrue statement of a material fact or omitted, omits or
will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Registration Statement conformed in all material respects on the Effective Date, and any amendment to the Registration Statement
filed after the date hereof will conform in all material respects when filed, to the requirements of the Securities Act and the
rules&nbsp;and regulations thereunder. The most recent Preliminary Prospectus conformed, and the Prospectus will conform, in all
material respects when filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act to the requirements
of the Securities Act and the rules&nbsp;and regulations thereunder.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Registration Statement did not, as of the Effective Date, contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading; <I>provided</I> that no representation
or warranty is made as to information contained in or omitted from the Registration Statement in reliance upon and in conformity
with written information furnished to the Company through the Representative by or on behalf of any Underwriter specifically for
inclusion therein, which information is specified in Section&nbsp;8(e).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Prospectus will not, as of its date or as of the applicable Delivery Date, contain an untrue statement of a material fact or omit
to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading; <I>provided</I> that no representation or warranty is made as to information contained in or omitted from the Prospectus
in reliance upon and in conformity with written information furnished to the Company through the Representative by or on behalf
of any Underwriter specifically for inclusion therein, which information is specified in Section&nbsp;8(e).</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Pricing Disclosure Package did not, as of the Applicable Time, contain an untrue statement of a material fact or omit to state
a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
<I>provided</I> that no representation or warranty is made as to information contained in or omitted from the Pricing Disclosure
Package in reliance upon and in conformity with written information furnished to the Company through the Representative by or on
behalf of any Underwriter specifically for inclusion therein, which information is specified in Section&nbsp;8(e).</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
Issuer Free Writing Prospectus listed in Schedule V hereto, when taken together with the Pricing Disclosure Package, did not, as
of the Applicable Time, contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; <I>provided</I> that no representation or
warranty is made as to information contained in or omitted from such Issuer Free Writing Prospectus listed in Schedule V hereto,
when taken together with the Pricing Disclosure Package, in reliance upon and in conformity with written information furnished
to the Company through the Representative by or on behalf of any Underwriter specifically for inclusion therein, which information
is specified in Section&nbsp;8(e).</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
Issuer Free Writing Prospectus conformed or will conform in all material respects to the requirements of the Securities Act and
the rules&nbsp;and regulations thereunder on the date of first use, and the Company has complied with all prospectus delivery and
any filing requirements applicable to such Issuer Free Writing Prospectus pursuant to the Securities Act and rules&nbsp;and regulations
thereunder. The Company has not made any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus without
the prior written consent of the Representative, except as set forth on Schedule V hereto.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(j)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
ADS Registration Statement, at the time it became effective under the Securities Act, (A)&nbsp;conformed in all material respects
to the requirements of the Securities Act and the rules&nbsp;and regulations thereunder, and (B)&nbsp;does not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(k)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company has been duly incorporated, is validly existing as an exempted company with limited liability in good standing under
the laws of the Cayman Islands, has the corporate power and authority to own or lease its property and to conduct its
business as described in the Pricing Disclosure Package and is duly qualified to transact business and is in good standing in
each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification,
except where the failure to so qualify would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. The currently effective second amended and restated memorandum and articles of association or other
constitutive or organizational documents of the Company comply with the requirements of applicable Cayman Islands law and are
in full force and effect. Complete and correct copies of all constitutive documents of the Company and all amendments thereto
have been delivered to the Representative; except as set forth in the exhibits to the Registration Statements, no change will
be made to any such constitutive documents on or after the date of this Agreement through and including the Delivery Date. A
 &#8220;<B>Material Adverse Effect</B>&#8221; means a material adverse effect on the condition (financial or otherwise),
earnings, results of operations, business, properties or prospects of the Company and its Subsidiaries and Affiliated
Entities, taken as a whole, or on the ability of the Company and its Subsidiaries and Affiliated Entities to carry out their
obligations under this Agreement and the Deposit Agreement.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(l)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
of the Company&#8217;s direct and indirect significant subsidiaries (each a &#8220;<B><I>Subsidiary</I></B>&#8221; and
collectively, the &#8220;<B><I>Subsidiaries</I></B>&#8221;) has been identified on Schedule VII-A hereto, and each of the
entities through which the Company conducts its operations in the People&#8217;s Republic of China
(&#8220;<B><I>PRC</I></B>&#8221;) by way of contractual arrangements (each an &#8220;<B><I>Affiliated Entity</I></B>&#8221;
and collectively, the &#8220;<B><I>Affiliated Entities</I></B>&#8221;) has been identified on Schedule VII-B hereto. Each of
the Subsidiaries and Affiliated Entities has been duly incorporated, is validly existing as a corporation with limited
liability, and in good standing under the laws of the jurisdiction of its incorporation, has full corporate or other
requisite power and authority to own its property and to conduct its business as described in the most recent Preliminary
Prospectus and the Prospectus, and is duly qualified to transact business and is in good standing in each jurisdiction in
which the conduct of its business or its ownership or leasing of property requires such qualification, except as described in
the most recent Preliminary Prospectus and the Prospectus or for such qualification that would not have a Material Adverse
Effect; all of the equity interests of each Subsidiary have been duly and validly authorized and issued, are owned directly
or indirectly by the Company, are duly paid in accordance with its articles of association and non-assessable, and, except
for the statutory veto right and/or right of first refusal that the other shareholder(s)&nbsp;(if any) of such Subsidiary may
have in respect of any transfer or other disposal of equity interests by any shareholder of such Subsidiary as provided under
the applicable laws, free and clear of all liens, encumbrances, equities or claims; all of the equity interests in each
Affiliated Entity have been duly and validly authorized and issued, are duly paid in accordance with its articles of
association and non-assessable and are owned as described in the most recent Preliminary Prospectus and the Prospectus, and,
except for the pledges and options on those as expressly provided in VIE Agreements (as defined below) and as described in
the most recent Preliminary Prospectus and the Prospectus and except for the statutory veto right and/or right of first
refusal that the other shareholder(s)&nbsp;(if any) of such Affiliated Entity may have in respect of any transfer or other
disposal of equity interests by any shareholder of such Affiliated Entity as provided under the applicable laws, free and
clear of all liens, encumbrances, equities or claims. None of the outstanding share capital or equity interest in any
Subsidiary was issued in violation of preemptive or similar rights of any security holder of such Subsidiary. All of the
constitutive or organizational documents of each of the Subsidiaries and Affiliated Entities comply with the requirements of
applicable laws of its jurisdiction of incorporation or organization and are in full force and effect.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(m)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
description of the corporate structure of the Company and each of the contracts among the Subsidiaries, the shareholders of the
Affiliated Entities and the Affiliated Entities, as the case may be (each a &#8220;<B><I>VIE Agreement</I></B>&#8221; and collectively
the &#8220;<B><I>VIE Agreements</I></B>&#8221;), as set forth in the most recent Preliminary Prospectus and the Prospectus under
the captions &#8220;Corporate History and Structure&#8221; and &#8220;Related Party Transactions&#8221; and filed as Exhibits 10.6
through 10.10 to the Registration Statement, is true and accurate in all material respects and nothing has been omitted from such
description which would make it misleading. There is no other material agreement, contract or other document relating to the corporate
structure or the operation of the Company together with its Subsidiaries and Affiliated Entities taken as a whole, which has not
been previously disclosed or made available to the Underwriters and disclosed in the most recent Preliminary Prospectus and the
Prospectus.</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 0pt 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
VIE Agreement has been duly authorized, executed and delivered by the parties thereto and constitutes a valid and legally binding
obligation of the parties thereto, enforceable in accordance with its terms, subject, as to enforceability, to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&#8217;
rights and to general equity principles. No consent, approval, authorization, or order of, or filing or registration with, any
person (including any governmental agency or body or any court) is required for the performance of the obligations under any VIE
Agreement by the parties thereto, other than those as described in the Registration Statement, the most recent Preliminary Prospectus
and the Prospectus; and no consent, approval, authorization, order, filing or registration that has been obtained is being withdrawn
or revoked or is subject to any condition precedent which has not been fulfilled or performed. Except as described in the most
recent Preliminary Prospectus and the Prospectus, the corporate structure of the Company complies with all applicable laws and
regulations of the PRC, and neither the corporate structure nor the VIE Agreements violate, breach, contravene or otherwise conflict
with any applicable laws of the PRC. There is no legal or governmental proceeding, inquiry or investigation pending against the
Company, the Subsidiaries and Affiliated Entities or shareholders of the Affiliated Entities in any jurisdiction challenging the
validity of any of the VIE Agreements, and to the knowledge of the Company, no such proceeding, inquiry or investigation is threatened
in any jurisdiction.</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 0pt 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Except
as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the execution, delivery and
performance of each VIE Agreement by the parties thereto do not and will not result in a breach or violation of any of the
terms and provisions of, or constitute a default under, or, result in the imposition of any lien, encumbrance, equity or
claim upon any property or assets of the Company or any of the Subsidiaries and Affiliated Entities pursuant to (A)&nbsp;the
constitutive or organizational documents of the Company or any of the Subsidiaries and Affiliated Entities, (B)&nbsp;any
statute, rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction
over the Company or any of the Subsidiaries and Affiliated Entities or any of their properties, or any arbitration award, or
(C)&nbsp;any indenture, mortgage, deed of trust, loan agreement or other material agreement or instrument to which the
Company or any of the Subsidiaries and Affiliated Entities is a party or by which the Company or any of the Subsidiaries and
Affiliated Entities is bound or to which any of the properties of the Company or any of the Subsidiaries and Affiliated
Entities is subject, except, in the case of (C), where such conflict, breach, violation or default would not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect. Each VIE Agreement is in full force and effect
and none of the parties thereto is in breach or default in the performance of any of the terms or provisions of such VIE
Agreement. None of the parties to any of the VIE Agreements has sent or received any communication regarding termination of,
or intention not to renew, any of the VIE Agreements, and no such termination or non-renewal has been threatened by any of
the parties thereto.</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 0pt 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of the Affiliated
Entities, through its rights to authorize the shareholders, as the case may be, of the Affiliated Entities to exercise their voting
rights.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(n)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">This
Agreement has been duly authorized, executed and delivered by the Company and, assuming due and valid authorization,
execution and delivery thereof by the Representative, constitutes a valid and legally binding obligation of the Company
enforceable against the Company in accordance with its terms, subject to (i)&nbsp;the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors&#8217; rights
generally, (ii)&nbsp;general equitable principles (whether considered in a proceeding in equity or at law), and (iii)&nbsp;an
implied covenant of good faith and fair dealing. The description of this Agreement contained in each of the Registration
Statement, the most recent Preliminary Prospectus and the Prospectus is true and accurate in all material respects. The
Company will enter into a Warrant Agent Agreement (the &#8220;<B><I>Warrant Agreement</I></B>&#8221;) with Computershare Inc.
and Computershare Trust Company, N.A., as warrant agent, with respect to the Warrants substantially in the form filed as an
exhibit to the Registration Statement on or prior to the Initial Delivery Date. Each of the Warrants, the
Representative&#8217;s Warrants and the Warrant Agreement has been duly authorized, and upon the execution and delivery by
the Company, will constitute a valid and legally binding obligation of the Company enforceable against the Company in
accordance with its terms, subject to (i)&nbsp;the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws relating to or affecting creditors&#8217; rights generally, (ii)&nbsp;general equitable
principles (whether considered in a proceeding in equity or at law), and (iii)&nbsp;an implied covenant of good faith and
fair dealing. The description of the Warrants, the Representative&#8217;s Warrants and the Warrant Agreement contained in
each of the Registration Statement, the most recent Preliminary Prospectus and the Prospectus is true and accurate in all
material respects.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(o)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Deposit Agreement has been duly authorized, executed and delivered by the Company and, assuming due and valid authorization, execution
and delivery thereof by the Depositary, constitutes a valid and legally binding obligation of the Company enforceable against the
Company in accordance with its terms, subject to (i)&nbsp;the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws relating to or affecting creditors&#8217; rights generally, (ii)&nbsp;general equitable principles
(whether considered in a proceeding in equity or at law), and (iii)&nbsp;an implied covenant of good faith and fair dealing. The
Deposit Agreement conforms in all material respects to the description thereof contained in the Registration Statement, the Prospectus
and the most recent Preliminary Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(p)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
ADSs, when issued by the Depositary against the deposit of Shares in respect thereof in accordance with the provisions of the Deposit
Agreement, will be duly authorized, validly issued and the persons in whose names such ADSs are registered will be entitled to
the rights of registered holders of ADSs specified therein and in the Deposit Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(q)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
authorized share capital of the Company conforms as to legal matters to the description thereof contained in each of the Registration
Statement, the most recent Preliminary Prospectus and the Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(r)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Ordinary Shares and ADSs outstanding prior to the issuance of the Shares have been duly authorized and are validly issued, fully
paid and non-assessable. As of the date hereof, the Company has authorized and outstanding capitalization as set forth in the sections
of the most recent Preliminary Prospectus and the Prospectus under the headings &#8220;Capitalization&#8221; and &#8220;Description
of Share Capital&#8221; and, as of the Delivery Date, the Company shall have authorized and outstanding capitalization as set forth
in the sections of the most recent Preliminary Prospectus and the Prospectus under the headings &#8220;Capitalization&#8221; and
 &#8220;Description of Share Capital.&#8221; (ii)&nbsp;Except as described in the most recent Preliminary Prospectus and the Prospectus,
there are (A)&nbsp;no outstanding securities issued by the Company convertible into or exchangeable for, rights, warrants or options
to acquire from the Company, or obligations of the Company to issue, Ordinary Shares or any of the share capital of the Company,
and (B)&nbsp;no outstanding rights, warrants or options to acquire, or instruments convertible into or exchangeable for, any share
capital of, or any direct interest in, any of the Company&#8217;s Subsidiaries and Affiliated Entities, or obligations of any of
the Company&#8217;s Subsidiaries and Affiliated Entities to issue any share capital or direct interest in any of the Company&#8217;s
Subsidiaries and Affiliated Entities.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(s)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Shares to be issued and sold by the Company have been duly authorized and, when issued and delivered in accordance with the
terms of this Agreement, will be validly issued, fully paid and non-assessable, and the issuance of the Shares will not be
subject to any preemptive rights, resale rights, rights of first refusal or similar rights. The Shares, when issued and
delivered against payment therefor in accordance with the terms of this Agreement, will be free of any restriction upon the
voting or transfer thereof pursuant to the Company&#8217;s constitutive documents or any agreement or other instrument to
which the Company is a party. The Shares, when issued, are freely transferable by the Company to or for the account of the
several Underwriters and the initial purchasers thereof, and, except as described in the most recent Preliminary Prospectus
and the Prospectus, there are no restrictions on subsequent transfers of the Shares under the laws of the Cayman Islands, the
PRC, Hong Kong or the United States.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(t)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Warrant Shares have been duly authorized and reserved for issuance, conform to the description thereof in the Registration Statement,
the Pricing Disclosure Package and the Prospectus and have been validly reserved for issuance and will, upon exercise of the Warrants
and payment of the exercise price thereof, be duly and validly issued, fully paid and non-assessable and will not have been issued
in violation of or be subject to preemptive or similar rights to subscribe for or purchase securities of the Company and the holders
thereof will not be subject to personal liability by reason of being such holders. When issued, the Warrants will constitute valid
and binding obligations of the Company to issue and sell, upon exercise thereof and payment of the respective exercise prices therefor,
the number and type of securities of the Company called for thereby in accordance with the terms thereof and such Warrants are
enforceable against the Company in accordance with their respective terms, except: (i)&nbsp;as such enforceability may be limited
by bankruptcy, insolvency, reorganization or similar laws affecting creditors&#8217; rights generally; (ii)&nbsp;as enforceability
of any indemnification or contribution provision may be limited under foreign, federal and state securities laws; and (iii)&nbsp;that
the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses
and to the discretion of the court before which any proceeding therefor may be brought. The ADSs issuable upon exercise of the
Representative&#8217;s Warrants have been duly authorized and reserved for issuance, conform to the description thereof in the
Registration Statement, the Pricing Disclosure Package and the Prospectus and have been validly reserved for issuance and will,
upon exercise of the Representative&#8217;s Warrants and payment of the exercise price thereof, be duly and validly issued, fully
paid and non-assessable and will not have been issued in violation of or be subject to preemptive or similar rights to subscribe
for or purchase securities of the Company and the holders thereof will not be subject to personal liability by reason of being
such holders. When issued, the Representative&#8217;s Warrants will constitute valid and binding obligations of the Company to
issue and sell, upon exercise thereof and payment of the respective exercise prices therefor, the number and type of securities
of the Company called for thereby in accordance with the terms thereof and such Representative&#8217;s Warrants are enforceable
against the Company in accordance with their respective terms, except: (i)&nbsp;as such enforceability may be limited by bankruptcy,
insolvency, reorganization or similar laws affecting creditors&#8217; rights generally; (ii)&nbsp;as enforceability of any indemnification
or contribution provision may be limited under foreign, federal and state securities laws; and (iii)&nbsp;that the remedy of specific
performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of
the court before which any proceeding therefor may be brought.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(u)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Except
as described in the most recent Preliminary Prospectus and the Prospectus, neither the Company nor any of the Subsidiaries and
Affiliated Entities is (i)&nbsp;in breach or violation of any provision of applicable law or (ii)&nbsp;is in breach or violation
of its respective constitutive documents, or (iii)&nbsp;in default under (nor has any event occurred which, with notice, lapse
of time or both, would result in any breach or violation of, constitute a default under or give the holder of any indebtedness
(or a person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a part
of such indebtedness under) any agreement or other instrument that is binding upon the Company or any of the Subsidiaries and Affiliated
Entities, or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or any
of the Subsidiaries and Affiliated Entities, except in the case of (i)&nbsp;and (iii)&nbsp;above, where such breach, violation
or default would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
issue and sale of the Shares, the execution, delivery and performance of this Agreement, the Warrants, the Warrant Agreement, the
Representative&#8217;s Warrants and the Deposit Agreement by the Company, the consummation of the transactions contemplated hereby
and the application of the proceeds from the sale of the Securities as described under &#8220;Use of Proceeds&#8221; in the most
recent Preliminary Prospectus will not (i)&nbsp;conflict with or result in a breach or violation of any of the terms or provisions
of, impose any lien, charge or encumbrance upon any property or assets of the Company and its Subsidiaries and Affiliated Entities,
or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, license, lease or other agreement or instrument
to which the Company or any of its Subsidiaries and Affiliated Entities is a party or by which the Company or any of its Subsidiaries
and Affiliated Entities is bound or to which any of the property or assets of the Company or any of its Subsidiaries and Affiliated
Entities is subject; (ii)&nbsp;result in any violation of the provisions of the constitutive documents of the Company or any of
its Subsidiaries and Affiliated Entities; or (iii)&nbsp;result in any violation of any statute or any judgment, order or decree
of any governmental body, agency or court having jurisdiction over the Company or any of the Subsidiaries, except in the case of
(i)&nbsp;and (iii)&nbsp;above, where such conflict, breach or violation would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(w)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">No
consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental agency
or body having jurisdiction over the Company or any of its Subsidiaries and Affiliated Entities or any of their properties or
assets is required for the issue and sale of the Shares, the execution, delivery and performance of this Agreement, the
Warrants, the Warrant Agreement, the Representative&#8217;s Warrants and the Deposit Agreement by the Company, the
consummation of the transactions contemplated hereby, the application of the proceeds from the sale of the Securities as
described under &#8220;Use of Proceeds&#8221; in the most recent Preliminary Prospectus, except such as have been obtained,
or made on or prior to the Delivery Date, and are, or on the Delivery Date will be, in full force and effective, including
(i)&nbsp;such as may be required by the securities or Blue Sky laws of the various states of the United States of America in
connection with the offer and sale of the Shares or the American Depositary Shares, (ii)&nbsp;under the rules&nbsp;and
regulations of FINRA, or (iii)&nbsp;otherwise described in the most recent Preliminary Prospectus and the
Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(x)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
financial statements included in the Registration Statement, the most recent Preliminary Prospectus and the Prospectus, together
with the related notes and schedules thereto, comply as to form in all material respects with the requirements of Regulation S-X
under the Securities Act and present fairly the consolidated financial position of the Company and the Subsidiaries and Affiliated
Entities as of the dates indicated and the consolidated results of operations, cash flows and changes in shareholders&#8217; equity
of the Company for the periods specified and have been prepared in compliance with the applicable accounting requirements of the
Securities Act and the related rules&nbsp;and regulations adopted by the Commission and in conformity with United States generally
accepted accounting principles applied on a consistent basis during the periods involved in all material respects; the other financial
data contained in the Registration Statement, the most recent Preliminary Prospectus and the Prospectus are accurately and fairly
presented and prepared on a basis consistent with the financial statements and books and records of the Company; there are no financial
statements (historical or pro forma) that are required to be included in the Registration Statement, the most recent Preliminary
Prospectus or the Prospectus that are not included as required; and the Company and the Subsidiaries and Affiliated Entities do
not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations) not described
in the Registration Statement, the most recent Preliminary Prospectus and the Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(y)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Grant
Thornton, who has certified certain financial statements of the Company and the Subsidiaries and Affiliated Entities, whose report
appears in the most recent Preliminary Prospectus and who have delivered the initial letter referred to in Section&nbsp;7(h)&nbsp;hereof,
are independent public accountants as required by the Securities Act and the rules&nbsp;of the Public Company Accounting Oversight
Board.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(z)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Except
as disclosed in the most recent Preliminary Prospectus and the Prospectus, the Company and each of its Subsidiaries and
Affiliated Entities maintain a system of internal control over financial reporting (as such term is defined in
Rule&nbsp;13a-15(f)&nbsp;of the Exchange Act) that complies with the requirements of the Exchange Act and that has been
designed by, or under the supervision of, the Company&#8217;s principal executive and principal financial officers, to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles in the United States. Except as disclosed in
the most recent Preliminary Prospectus and the Prospectus, the Company and each of its Subsidiaries and Affiliated Entities
maintain internal accounting controls sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in
accordance with management&#8217;s general or specific authorization, (ii)&nbsp;transactions are recorded as necessary to
permit preparation of the Company&#8217;s financial statements in conformity with accounting principles generally accepted in
the United States and to maintain accountability for its assets, (iii)&nbsp;access to the Company&#8217;s assets is permitted
only in accordance with management&#8217;s general or specific authorization,(iv)&nbsp;the recorded accountability for the
Company&#8217;s assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect
to any differences and (v)&nbsp;information relating to the Company, its Subsidiaries and Affiliated Entities is made known
to the Company&#8217;s principal executive officer and principal financial officer by others within those entities. Except as
disclosed in the most recent Preliminary Prospectus and the Prospectus, since the end of the Company&#8217;s most recent
audited fiscal year, there has been (i)&nbsp;no material weakness in the Company&#8217;s internal control over financial
reporting (whether or not remediated) and (ii)&nbsp;no change in the Company&#8217;s internal control over financial
reporting that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control
over financial reporting.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(aa)</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(i)&nbsp;Except
as disclosed in the most recent Preliminary Prospectus and the Prospectus, the Company and each of its Subsidiaries and Affiliated
Entities maintain disclosure controls and procedures (as such term is defined in Rule&nbsp;13a-15(e)&nbsp;under the Exchange Act),
(ii)&nbsp;such disclosure controls and procedures are designed to ensure that the information is accumulated and communicated to
management of the Company and its Subsidiaries and Affiliated Entities, including their respective principal executive officers
and principal financial officers, as appropriate and (iii)&nbsp;such disclosure controls and procedures are effective in all material
respects to perform the functions for which they were established.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(bb)</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Since
the date of the most recent balance sheet of the Company and its Subsidiaries and Affiliated Entities reviewed or audited by Grant
Thornton and the Audit Committee, except as disclosed in the most recent Preliminary Prospectus and the Prospectus, (i)&nbsp;the
Company has not been advised of or become aware of (A)&nbsp;any significant deficiencies in the design or operation of internal
controls that could adversely affect the ability of the Company or any of its Subsidiaries and Affiliated Entities to record, process,
summarize and report financial data, or any material weaknesses in internal controls, or (B)&nbsp;any fraud, whether or not material,
that involves management or other employees who have a significant role in the internal controls of the Company and each of its
Subsidiaries and Affiliated Entities; and (ii)&nbsp;there have been no significant changes in internal controls or in other factors
that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies and
material weaknesses.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(cc)</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
section entitled &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations &#8211; Critical
Accounting Policies and Estimates&#8221; set forth in the most recent Preliminary Prospectus and the Prospectus accurately and
fully describes (i)&nbsp;the accounting policies that the Company believes are the most important in the portrayal of the Company&#8217;s
financial condition and results of operations and that require management&#8217;s most difficult, subjective or complex judgments
(&#8220;<B><I>Critical Accounting Policies</I></B>&#8221;); (ii)&nbsp;the judgments and uncertainties affecting the application
of Critical Accounting Policies; and (iii)&nbsp;the likelihood that materially different amounts would be reported under different
conditions or using different assumptions and an explanation thereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(dd)</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Since
the date of the latest audited financial statements included in the most recent Preliminary Prospectus and the Prospectus,
except as disclosed in the most recent Preliminary Prospectus and the Prospectus, neither the Company nor any of its
Subsidiaries and Affiliated Entities has (i)&nbsp;sustained any loss or interference with its business from fire, explosion,
flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action,
order or decree, (ii)&nbsp;issued or granted any securities, (iii)&nbsp;incurred any material liability or obligation, direct
or contingent, other than liabilities and obligations that were incurred in the ordinary course of business,
(iv)&nbsp;entered into any material transaction not in the ordinary course of business, or (v)&nbsp;declared or paid any
dividend on its capital stock, and since such date, there has not been any change in the capital stock or long-term
borrowings of the Company or any of its Subsidiaries and Affiliated Entities or any adverse change, or any development
involving a prospective adverse change, in or affecting the condition (financial or otherwise), results of operations,
stockholders&#8217; equity, properties, management, business or prospects of the Company and its Subsidiaries and Affiliated
Entities taken as a whole, in each case except as could not, in the aggregate, reasonably be expected to have a Material
Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ee)</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(i)&nbsp;Each
of the Company and its Subsidiaries and Affiliated Entities has good and marketable title to all real and personal property owned
by them, in each case free and clear of all liens, encumbrances and defects, except such as do not materially affect the value
of such property and do not interfere with the use made of such property by the Company and its Subsidiaries and Affiliated Entities;
and (ii)&nbsp;all assets held under lease by the Company and its Subsidiaries and Affiliated Entities are held by them under valid,
subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made of such property
by the Company and its Subsidiaries and Affiliated Entities.</FONT></P>

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<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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ff)</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(i)&nbsp;The
Company and each of its Subsidiaries and Affiliated Entities have such permits, licenses, certificates of need and other approvals
or authorizations of governmental or regulatory authorities (&#8220;<B><I>Permits</I></B>&#8221;) as are necessary under applicable
law to own their properties and conduct their businesses in the manner described in the most recent Preliminary Prospectus and
the Prospectus, except as disclosed in the most recent Preliminary Prospectus and the Prospectus and except for any of the foregoing
that could not, in the aggregate, reasonably be expected to have a Material Adverse Effect; (ii)&nbsp;each of the Company and its
Subsidiaries and Affiliated Entities is in compliance with the terms and conditions of all such Permits in all material respects
except as disclosed in the most recent Preliminary Prospectus and the Prospectus; (iii)&nbsp;such Permits are valid and in full
force and effect and contain no materially burdensome restrictions or conditions not described in the most recent Preliminary Prospectus
or the Prospectus; (iv)&nbsp;neither the Company nor any of its Subsidiaries and Affiliated Entities has received notice of any
revocation or modification of any such Permits or has any reason to believe that any such Permits will not be renewed in the ordinary
course; and (vi)&nbsp;except as disclosed in the most recent Preliminary Prospectus and the Prospectus, neither the Company nor
any of its Subsidiaries or Affiliated Entities has any reason to believe that any such Permits will not be renewed in the ordinary
course, except for such failure to renew that would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(gg)</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company and each of its Subsidiaries and Affiliated Entities owns or possesses or has valid rights to use all patents, patent
applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights,
licenses, inventions, trade secrets and similar rights (&#8220;<B><I>Intellectual Property Rights</I></B>&#8221;) necessary
for the conduct of the respective businesses of the Company and its Subsidiaries and Affiliated Entities as described in the
Registration Statement, the Pricing Disclosure Package and the Prospectus. To the knowledge of the Company, no action or use
by the Company or any of its Subsidiaries or Affiliated Entities necessary for the conduct of any of their respective
businesses business as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus will
involve or give rise to any infringement of, or license or similar fees for, any Intellectual Property Rights of others.
Except as disclosed in the Registration Statement,, the Pricing Disclosure Package and the Prospectus, neither the Company
nor any of its Subsidiaries or Affiliated Entities has received any notice alleging any such infringement, fee or conflict
with asserted Intellectual Property Rights of others. Except as would not reasonably be expected to result, individually or
in the aggregate, in a Material Adverse Effect (A)&nbsp;to the knowledge of the Company, there is no infringement,
misappropriation or violation by third parties of any of the Intellectual Property Rights owned by the Company or any of its
Subsidiaries or Affiliated Entities; (B)&nbsp;there is no pending or, to the knowledge of the Company, threatened action,
suit, proceeding or claim by others challenging the rights of the Company or any of its Subsidiaries or Affiliated Entities
in or to any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis
for any such claim, that would, individually or in the aggregate, together with any other claims in this Section, reasonably
be expected to result in a Material Adverse Effect; (C)&nbsp;the Intellectual Property Rights owned by the Company or any of
its Subsidiaries or Affiliated Entities and, to the knowledge of the Company, the Intellectual Property Rights licensed to
the Company or any of its Subsidiaries or Affiliated Entities have not been adjudged by a court of competent jurisdiction
invalid or unenforceable, in whole or in part, and there is no pending or, to the Company&#8217;s knowledge, threatened
action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property Rights, and
the Company is unaware of any facts which would form a reasonable basis for any such claim that would, individually or in the
aggregate, together with any other claims in this Section, reasonably be expected to result in a Material Adverse Effect;
(D)&nbsp;there is no pending or, to the Company&#8217;s knowledge, threatened action, suit, proceeding or claim by others
that the Company or any of its Subsidiaries or Affiliated Entities infringes, misappropriates or otherwise violates any
Intellectual Property Rights or other proprietary rights of others, the Company has not received any written notice of such
claim and the Company is unaware of any other facts which would form a reasonable basis for any such claim that would,
individually or in the aggregate, together with any other claims in this Section, reasonably be expected to result in a
Material Adverse Effect; and (E)&nbsp;to the Company&#8217;s knowledge, no employee of the Company or any of its Subsidiaries
or Affiliated Entities is in or has ever been in violation in any material respect of any term of any employment contract,
patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement,
nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation relates to
such employee&#8217;s employment with the Company or any of its Subsidiaries or Affiliated Entities, or actions undertaken by
the employee while employed with the Company and could reasonably be expected to result, individually or in the aggregate, in
a Material Adverse Effect. To the Company&#8217;s knowledge, all material technical information developed by and belonging to
the Company or any of its Subsidiaries or Affiliated Entities which has not been patented has been kept confidential. Neither
the Company nor any of its Subsidiaries or Affiliated Entities is a party to or bound by any options, licenses or agreements
with respect to the Intellectual Property Rights of any other person or entity that are required to be set forth in the
Registration Statement, the Pricing Disclosure Package and the Prospectus and are not described therein. The Registration
Statement, the Pricing Disclosure Package and the Prospectus contain in all material respects the same description of the
matters set forth in the preceding sentence. None of the technology employed by the Company or any of its Subsidiaries or
Affiliated Entities has been obtained or is being used by the Company or any of its Subsidiaries or Affiliated Entities in
violation of any contractual obligation binding on the Company, any of its Subsidiaries or Affiliated Entities or, to the
Company&#8217;s knowledge, any of the respective officers, directors or employees of the Company or any of its Subsidiaries
or Affiliated Entities, or otherwise in violation of the rights of any persons.</FONT></P>

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<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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(hh)</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Except
as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no legal or governmental
proceedings pending to which the Company or any of its Subsidiaries and Affiliated Entities is a party or of which any property
or assets of the Company or any of its Subsidiaries and Affiliated Entities is the subject that could, in the aggregate, reasonably
be expected to have a Material Adverse Effect; and to the Company&#8217;s knowledge, no such proceedings are threatened or contemplated
by governmental authorities or others.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">There
are no contracts or other documents required to be described in the Registration Statement or the most recent Preliminary Prospectus
and the Prospectus or filed as exhibits to the Registration Statement, that are not described and filed as required.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(jj)</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
statements made in the most recent Preliminary Prospectus and the Prospectus under the captions &#8220;Prospectus Summary,&#8221;
 &#8220;Risk Factors,&#8221; &#8220;Use of Proceeds,&#8221; &#8220;Dividend Policy,&#8221; &#8220;Enforceability of Civil Liabilities,&#8221;
 &#8220;Corporate History and Structure,&#8221; &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results
of Operations,&#8221; &#8220;Business,&#8221; &#8220;Management,&#8221; &#8220;Principal Shareholders,&#8221; &#8220;Related Party
Transactions,&#8221; &#8220;Description of Share Capital,&#8221; &#8220;Description of American Depositary Shares,&#8221; &#8220;Taxation&#8221;
and &#8220;Underwriting,&#8221;, insofar as they purport to constitute summaries of the terms of statutes, rules&nbsp;or regulations,
legal or governmental proceedings or contracts and other documents, constitute accurate summaries of the terms of such statutes,
rules&nbsp;and regulations, legal and governmental proceedings and contracts and other documents in all material respects.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(kk)</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
of the Company and its Subsidiaries and Affiliated Entities are insured by insurers of recognized financial responsibility
against such losses and risks and in such amounts which are reasonably adequate and customary in the businesses in which they
are engaged; neither the Company nor any of its Subsidiaries and Affiliated Entities has been refused any insurance coverage
sought or applied for; and neither the Company nor any of its Subsidiaries and Affiliated Entities has any reason to believe
that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar
coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse
Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ll)</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Except
as described in the most recent Preliminary Prospectus and the Prospectus, no material relationship, direct or indirect, exists
between or among the Company, on the one hand, and the directors, officers and shareholders of the Company, on the other hand,
that is required to be described in the most recent Preliminary Prospectus and the Prospectus which is not so described.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(mm)</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Except
as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no brokerage or finder&#8217;s fees
or commissions are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder,
placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement, the Warrant
Agreement, the Warrants and the Representative&#8217;s Warrants. To the Company&#8217;s knowledge, there are no other arrangements,
agreements or understandings of the Company or, to the Company&#8217;s knowledge, any of its stockholders that may affect the Underwriters&#8217;
compensation, as determined by FINRA. The Company has not made any direct or indirect payments (in cash, securities or otherwise)
to (i)&nbsp;any person, as a finder&#8217;s fee, investing fee or otherwise, in consideration of such person raising capital for
the Company or introducing to the Company persons who provided capital to the Company, (ii)&nbsp;any FINRA member, or (iii)&nbsp;any
person or entity that has any direct or indirect affiliation or association with any FINRA member participating in the Offering
within the 12-month period prior to the date on which the Registration Statement was filed with the Commission (the &#8220;<B>Filing
Date</B>&#8221;) or thereafter. To the Company&#8217;s knowledge, no (i)&nbsp;officer&nbsp;or director of the Company or its subsidiaries,
(ii)&nbsp;owner of 5% or more of the Company&#8217;s unregistered securities or that of its subsidiaries or (iii)&nbsp;owner of
any amount of the Company&#8217;s unregistered securities acquired within the 180-day period prior to the Filing Date, has any
direct or indirect affiliation or association with any FINRA member participating in the Offering. The Company will advise the
Underwriters and their respective counsel if it becomes aware that any officer, director or stockholder of the Company or its subsidiaries
is or becomes an affiliate or associated person of a FINRA member participating in the Offering.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(nn)</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(i)&nbsp;There
are no proceedings that are pending, or known to be contemplated, against the Company or any of its Subsidiaries and
Affiliated Entities under any laws, regulations, ordinances, rules, orders, judgments, decrees, permits or other legal
requirements of any governmental authority, including without limitation any international, foreign, national, state,
provincial, regional, or local authority, relating to pollution, the protection of human health or safety, the environment,
or natural resources, or to use, handling, storage, manufacturing, transportation, treatment, discharge, disposal or release
of hazardous or toxic substances or wastes, pollutants or contaminants (&#8220;<B><I>Environmental Laws</I></B>&#8221;) in
which a governmental authority is also a party, other than such proceedings that would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, (ii)&nbsp;neither the Company nor any of its Subsidiaries and
Affiliated Entities are aware of any issues regarding compliance with Environmental Laws, including any pending or proposed
Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning hazardous or toxic substances
or wastes, pollutants or contaminants, that could reasonably be expected to have a Material Adverse Effect, and
(iii)&nbsp;neither the Company nor any of its Subsidiaries and Affiliated Entities anticipate material capital expenditures
relating to Environmental Laws.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(oo)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(i)&nbsp;The
Company and each of its Subsidiaries and the Affiliated Entities have filed all national, local and foreign tax returns required
to be filed through the date of this Agreement or have requested extensions thereof and have paid all taxes required to be paid
thereon, except where the failure to file such tax return or pay such taxes would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect, and no tax deficiency has been determined adversely to the Company or any of its
Subsidiaries and the Affiliated Entities which has had (nor does the Company nor any of its Subsidiaries and the Affiliated Entities
have any notice or knowledge of any tax deficiency which could reasonably be expected to be determined adversely to the Company
or its Subsidiaries and the Affiliated Entities and which could reasonably be expected to have) a Material Adverse Effect. (ii)&nbsp;The
charges, accruals and reserves on the books of the Company in respect of any income and corporation tax liability for any years
not finally determined are adequate to meet any assessments or re-assessments for additional income tax for any years not finally
determined. (iii)&nbsp;All local and national PRC governmental tax holidays, exemptions, waivers, financial subsidies, and other
local and national PRC tax relief, concessions and preferential treatment enjoyed by the Company or any of the Subsidiaries and
Affiliated Entities as described in the Registration Statement, the most recent Preliminary Prospectus and the Prospectus are valid,
binding and enforceable and do not violate any applicable laws, regulations, rules, orders, decrees, guidelines, judicial interpretations,
notices or other legislation of the PRC.</FONT></P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(pp)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">No
transaction, stamp, capital or other documentary, issuance, registration, transaction, transfer, withholding or other similar taxes
or duties are payable by or on behalf of the Underwriters to the government of the PRC, Hong Kong or Cayman Islands or any political
subdivision or taxing authority thereof in connection with (i)&nbsp;the creation, allotment, issuance, sale and delivery of the
Shares by the Company or the deposit of the Shares with the Depositary and the Custodian, as defined in the Deposit Agreement (the
 &#8220;<B><I>Custodian</I></B>&#8221;), the issuance of the American Depositary Shares by the Depositary, and the delivery of the
American Depositary Shares to or for the account of the Underwriters, (ii)&nbsp;the purchase from the Company of the Shares and
the initial sale and delivery of the American Depositary Shares representing the Shares to purchasers thereof by the Underwriters
in the manner contemplated herein, or (iii)&nbsp;the execution, delivery or performance of this Agreement, the Representative&#8217;s
Warrants or the Deposit Agreement; except that Cayman Islands and PRC stamp duty may be payable in the event that this Agreement,
the Warrants, the Warrant Agreement, the Representative&#8217;s Warrants or the Deposit Agreement is executed in or brought within
the jurisdiction of the Cayman Islands and the PRC, as applicable.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(qq)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company is not, and as of the applicable Delivery Date and, after giving effect to the offer and sale of the Shares and the
application of the proceeds therefrom as described under &#8220;Use of Proceeds&#8221; in the most recent Preliminary
Prospectus </FONT>and the Prospectus, will not be, required to register as an &#8220;investment company&#8221; within the
meaning of the Investment Company Act of 1940, as amended.</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 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(rr)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Except
as described in the most recent Preliminary Prospectus and the Prospectus, there are no contracts, agreements or understandings
between the Company and any person granting such person the right to require the Company to file a registration statement under
the Securities Act with respect to any securities of the Company owned or to be owned by such person or to require the Company
to include such securities in the securities registered pursuant to the Registration Statement or in any securities being registered
pursuant to any other registration statement filed by the Company under the Securities Act. Each officer, director and shareholder
of the Company, whose names are listed in Schedule III<U>,</U> has furnished to the Representative on or prior to the date hereof
a letter or letters substantially in the form of <U>Exhibit&nbsp;A </U>hereto (the &#8220;<B><I>Lock-Up Agreement</I></B>&#8221;).</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ss)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Neither
the Company nor any of its Subsidiaries and Affiliated Entities is a party to any contract, agreement or understanding with any
person (other than this Agreement) that would give rise to a valid claim against any of them or the Underwriters for a brokerage
commission, finder&#8217;s fee or like payment in connection with the offering and sale of the Securities.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(tt)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company has not sold or issued any securities that would be integrated with the offering of the Securities contemplated by this
Agreement pursuant to the Securities Act, the rules&nbsp;and regulations thereunder or the interpretations thereof by the Commission.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(uu)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company and its affiliates have not taken, directly or indirectly, any action designed to constitute, or that has constituted,
or that could reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the
Company in connection with the offering of the Securities.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vv)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company&#8217;s ADSs are listed on The Nasdaq Capital Market (&#8220;<B><I>Nasdaq</I></B>&#8221;) under the symbol &#8220;NCTY&#8221;
and the Company has taken no action designed to, or likely to have the effect of, delisting the ADSs from Nasdaq, nor has the Company
received any notification that Nasdaq is contemplating terminating such listing. Except as disclosed in the Registration Statement,
the Pricing Disclosure Package and the Prospectus, the Company is in compliance with the requirements of Nasdaq for continued listing
of the ADSs. The Company will comply with all requirements of Nasdaq with respect to the transactions contemplated by this Agreement
including the issuance of the Shares and the underlying ADSs.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ww)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">No
material labor dispute with the employees or third-party contractors of the Company or any of its Subsidiaries and Affiliated
Entities exists, or, is imminent; and the Company is not aware of any existing, threatened or imminent labor disturbance by
the employees of any of the principal suppliers, service providers or business partners of the Company and its Subsidiaries
and Affiliated Entities. The Company and its Subsidiaries and Affiliated Entities are and have been in all times in </FONT>compliance
with all applicable labor laws and regulations in all material respects, and no governmental investigation or proceedings
with respect to labor law compliance exists, or, to the Company&#8217;s knowledge, is imminent.</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 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xx)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Neither
the Company nor any of its Subsidiaries and Affiliated Entities or their respective affiliates, nor any director, officer or employee
thereof nor, to the Company&#8217;s knowledge, any agent or representative of the Company or of any of its Subsidiaries and Affiliated
Entities or their respective affiliates, has on behalf of the Company or any of its Subsidiaries and Affiliated Entities offered,
made, or caused to make, directly or indirectly: (i)&nbsp;any unlawful contribution, gift, or other unlawful expense relating to
political activity; (ii)&nbsp;any bribe, kickback, rebate, payoff, influence payment, or otherwise unlawfully provided anything
of value, to any &#8220;foreign official&#8221; (as defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (collectively,
the &#8220;<B><I>FCPA</I></B>&#8221;)) or domestic government official; or (iii)&nbsp;any other improper payment to any other person
or entity to obtain or keep business or to secure some other business advantage that has violated or is in violation of any provision
of the FCPA, the Bribery Act 2010 of the United Kingdom, as amended (the &#8220;<B><I>Bribery Act 2010</I></B>&#8221;), the Anti-Unfair
Competition Law of the PRC, the Criminal Law of the PRC or any other applicable anti-bribery statute or regulation (collectively,
the &#8220;<B><I>Anti-Corruption Laws</I></B>&#8221;). The Company and its Subsidiaries and Affiliated Entities and, to the knowledge
of the Company, the Company&#8217;s affiliates, have conducted their respective businesses in compliance with the Anti-Corruption
Laws, and have instituted and maintained and enforced, and will continue to maintain and enforce policies and procedures with associated
internal controls designed to ensure, and which are reasonably expected to ensure, that violations of anti-corruption laws can
be prevented, detected, and deterred. No investigation, action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or any of its Subsidiaries and Affiliated Entities with respect to the
Anti-Corruption Laws is pending or, to the knowledge of the Company, threatened.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(yy)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
operations of the Company and its Subsidiaries and Affiliated Entities are and have been conducted at all times in compliance with
applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as
amended, the money laundering statutes of all jurisdictions, the rules&nbsp;and regulations thereunder and any related or similar
rules, regulations or guidelines, that have been issued, administered or enforced by any governmental agency (collectively, the
 &#8220;<B><I>Money Laundering Laws</I></B>&#8221;) and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or any of its Subsidiaries and Affiliated Entities with respect to the
Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(zz)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Neither
the Company nor any of its Subsidiaries and Affiliated Entities nor, to the knowledge of the Company, after due inquiry, any director,
officer, agent, employee or affiliate of the Company or any of its Subsidiaries and Affiliated Entities is: (i)&nbsp;currently
subject to or the target of any sanctions administered or enforced by the Office of Foreign Assets Control of the U.S. Treasury
Department (&#8220;<B><I>OFAC</I></B>&#8221;), the U.S. Department of State, the United Nations Security Council (&#8220;<B><I>UNSC</I></B>&#8221;),
the European </FONT>Union (&#8220;<B><I>EU</I></B>&#8221;), Her Majesty&#8217;s Treasury (&#8220;<B><I>HMT</I></B>&#8221;), or
other relevant sanctions authority (collectively, &#8220;<B><I>Sanctions</I></B>&#8221;); or (ii)&nbsp;located, organized or resident
in a country or territory that is the subject or target of comprehensive Sanctions (including, without limitation, Cuba,&nbsp;Iran,
North Korea, Sudan, Syria and Crimea); and the Company will not directly or knowingly indirectly use the proceeds of the offering,
or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity,
for the purpose of financing the activities of any person, or in any country or territory, that currently is the subject or target
of comprehensive Sanctions or in any other manner that will result in a violation by any person (including any person participating
in the transaction whether as an underwriter, advisor, investor or otherwise) of Sanctions. The Company and its Subsidiaries and
Affiliated Entities have not knowingly engaged in for the past five years, are not now knowingly engaged in, and will not knowingly
engage in, any dealings or transactions with any individual or entity, or in any country or territory, that at the time of the
dealing or transaction, is or was the subject or target of comprehensive Sanctions.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(aaa)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company has not distributed and, prior to the later of the occurrence of any delivery date and completion of the distribution of
the Securities, will not distribute any offering material in connection with the offering and sale of the Securities other than
the preliminary prospectus filed as part of the Registration Statement or as part of any amendment thereto, the Prospectus and
any issuer free writing prospectus to which the Representative has consented, as set forth on Schedule V hereto.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(bbb)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Except
as described in the Registration Statement, the most recent Preliminary Prospectus and the Prospectus, (i)&nbsp;none of the Company
nor any of its Subsidiaries and Affiliated Entities is prohibited, directly or indirectly, from (A)&nbsp;paying any dividends or
making any other distributions on its share capital, (B)&nbsp;making or repaying any loan or advance to the Company or any other
Subsidiary or Affiliated Entity or (C)&nbsp;transferring any of its properties or assets to the Company or any other Subsidiary
or Affiliated Entity; and (ii)&nbsp;all dividends and other distributions declared and payable upon the share capital of the Company
or any of its Subsidiaries and Affiliated Entities (A)&nbsp;may be converted into United States dollars, that may be freely transferred
out of such Person&#8217;s jurisdiction of incorporation, without the consent, approval, authorization or order of, or qualification
with, any court or governmental agency or body in such Person&#8217;s jurisdiction of incorporation or tax residence; and (B)&nbsp;are
not and will not be subject to withholding, value added or other taxes under the currently effective laws and regulations of such
Person&#8217;s jurisdiction of incorporation, without the necessity of obtaining any consents, approvals, authorizations, orders,
registrations, clearances or qualifications of or with any court or governmental agency or body having jurisdiction over such Person.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ccc)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Except
as described in the most recent Preliminary Prospectus and the Prospectus, each of the Company and its Subsidiaries and
Affiliated Entities has complied, and has taken all reasonable steps to ensure compliance by each of its shareholders that
is, or is directly or indirectly owned or controlled by, a PRC resident or citizen with any applicable rules&nbsp;and
regulations of the relevant PRC government agencies (including the Ministry of Commerce, the National Development and Reform
Commission, the China Securities Regulatory Commission (&#8220;<B><I>CSRC</I></B>&#8221;) and the State Administration of
Foreign Exchange (&#8220;<B><I>SAFE</I></B>&#8221;)) relating to overseas investment by PRC residents and </FONT>citizens
(the &#8220;<B><I>PRC Overseas Investment and Listing Regulations</I></B>&#8221;), including, without limitation, requesting
each such Person that is, or is directly or indirectly owned or controlled by, a PRC resident or citizen, to complete any
registration and other procedures required under applicable PRC Overseas Investment and Listing Regulations (including any
applicable rules&nbsp;and regulations of SAFE).</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 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ddd)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company is aware of and has been advised as to the content of the Rules&nbsp;on Mergers and Acquisitions of Domestic Enterprises
by Foreign Investors and any official clarifications, guidance, interpretations or implementation rules&nbsp;in connection with
or related thereto (the &#8220;<B><I>PRC Mergers and Acquisitions Rules</I></B>&#8221;) jointly promulgated by the Ministry of
Commerce, the State Assets Supervision and Administration Commission, the State Tax Administration, the State Administration of
Industry and Commerce, the CSRC and SAFE on August&nbsp;8, 2006 and amended by the Ministry of Commerce on June&nbsp;22, 2009,
including the provisions thereof which purport to require offshore special purpose entities formed for listing purposes and controlled
directly or indirectly by PRC companies or individuals to obtain the approval of the CSRC prior to the listing and trading of their
securities on an overseas stock exchange. The Company has received legal advice specifically with respect to the PRC Mergers and
Acquisitions Rules&nbsp;from its PRC counsel, and the Company understands such legal advice. In addition, the Company has communicated
such legal advice in full to each of its directors that signed the Registration Statement and each such director has confirmed
that he or she understands such legal advice. Except as described in the most recent Preliminary Prospectus and Prospectus, the
issuance and sale of the Securities, the listing and trading of the American Depositary Shares on the NASDAQ and the consummation
of the transactions contemplated by this Agreement, the Warrants, the Warrant Agreement, the Representative&#8217;s Warrants and
the Deposit Agreement (i)&nbsp;are not and will not be, as of the date hereof or at the Delivery Date or an Option Delivery Date,
as the case may be, adversely affected by the PRC Mergers and Acquisitions Rules&nbsp;and (ii)&nbsp;do not require the prior approval
of the CSRC. The Company is a &#8220;foreign private issuer&#8221; within the meaning of Rule&nbsp;405 under the Securities Act.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(eee)</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">None
of the Company, the Subsidiaries and Affiliated Entities or any of their respective properties, assets or revenues has any
right of immunity, under the laws of the Cayman Islands, Hong Kong, the PRC, the State of New York or the United States, from
any legal action, suit or proceeding, the giving of any relief in any such legal action, suit or proceeding, set-off or
counterclaim, the jurisdiction of any Cayman Islands, Hong Kong, PRC, New York or United States federal court, service of
process, attachment upon or prior to judgment, or attachment in aid of execution of judgment, or execution of a judgment, or
other legal process or proceeding for the giving of any relief or for the enforcement of a judgment, in any such court, with
respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement, the
Warrants, the Warrant Agreement, the Representative&#8217;s Warrants or the Deposit Agreement; and, to the extent that the
Company, any of the Subsidiaries and Affiliated Entities or any of their respective properties, assets or revenues may have
or may hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be
commenced, each of the Company and the Subsidiaries and Affiliated Entities waives or </FONT>will waive such right to the
extent permitted by law and has consented to such relief and enforcement as provided in Section&nbsp;19 hereof and
Section&nbsp;7.8 of the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(fff)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
choice of the laws of the State of New York as the governing law of this Agreement, the Warrants, the Warrant Agreement, the Representative&#8217;s
Warrants and the Deposit Agreement is a valid choice of law under the laws of the Cayman Islands and the PRC and will be honored
by courts in the Cayman Islands and the PRC. The Company has the power to submit, and pursuant to Section&nbsp;19 hereof and Section&nbsp;7.7
of the Deposit Agreement, has legally, validly, effectively and irrevocably submitted, to the personal jurisdiction of each New
York State and United States Federal court sitting in The City of New York (each, a &#8220;<B>New York Court</B>&#8221;) and has
validly and irrevocably waived any objection to the laying of venue of any suit, action or proceeding brought in any such court;
and the Company has the power to designate, appoint and empower, and pursuant to Section&nbsp;19 hereof and Section&nbsp;7.7 of
the Deposit Agreement, has legally, validly, effectively and irrevocably designated, appointed and empowered, an authorized agent
for service of process in any action arising out of or relating to this Agreement, the Warrants, the Warrant Agreement, the Representative&#8217;s
Warrants, the Deposit Agreement, any preliminary prospectus, the most recent Preliminary Prospectus, the Prospectus, the Registration
Statement, the ADS Registration Statement or the offering of the Securities in any New York Court, and service of process effected
on such authorized agent will be effective to confer valid personal jurisdiction over the Company as provided in Section&nbsp;19
hereof and Section&nbsp;7.7 of the Deposit Agreement.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ggg)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Except
as disclosed in the most recent Preliminary Prospectus, the Pricing Disclosure Package and the Prospectus, any final judgment for
a fixed sum of money rendered by a New York Court having jurisdiction under its own domestic laws in respect of any suit, action
or proceeding against the Company based upon this Agreement, the Warrants, the Warrants Agreement, the Representative&#8217;s Warrants
and the Deposit Agreement would be recognized and enforced by (A)&nbsp;Cayman Islands courts without re-examining the merits of
the case under the common law doctrine of obligation; provided that (i)&nbsp;such judgments must be final and conclusive and for
a liquidated sum, (ii)&nbsp;such judgments must not be in respect of taxes or fine or penalty; (iii)&nbsp;such judgments or the
enforcement thereof are not contrary to natural justice or public policy of the Cayman Islands, (iv)&nbsp;such judgments were not
obtained by fraudulent means and do not conflict with any other valid judgment in the same matter between the same parties and
(v)&nbsp;an action between the same parties in the same matter is not pending in any Cayman Islands court at the time the lawsuit
is instituted in the foreign court; and (B)&nbsp;PRC courts, subject to compliance with relevant requirements under the PRC civil
law and rules&nbsp;of civil procedures. It is not necessary that this Agreement, the Warrants, the Warrants Agreement, the Representative&#8217;s
Warrants, the Deposit Agreement, the most recent Preliminary Prospectus, the Pricing Disclosure Package, the Prospectus or any
other document be filed or recorded with any court or other authority in the Cayman Islands or the PRC. .</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(hhh)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Any
certificate signed by any officer of the Company and delivered to the Representative or counsel for the Underwriters in connection
with the offering of the Securities shall be deemed a representation and warranty by the Company, as to matters covered thereby,
to each Underwriter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Purchase
of the Shares and the Warrants by the Underwriters</I> On the basis of the representations, warranties and covenants contained
in, and subject to the terms and conditions of, this Agreement, the Company agrees to sell an aggregate of (i)&nbsp;23,500,000
Firm Shares to the several Underwriters at a purchase price (net of discounts and commissions) per Firm Share of $0.3348 which
represents a 7% discount to the public offering price per Firm Share and ,(ii)&nbsp;23,500,000 Firm Warrants to the several Underwriters
at a purchase price (net of discounts and commissions) per Firm Warrant of $0.0093 which represents a 7% discount to the public
offering price per Firm Warrants and each of the Underwriters, severally and not jointly, agrees to purchase the number of Firm
Shares and Firm Warrants set forth opposite that Underwriter&#8217;s name in Schedule I hereto. The respective purchase obligations
of the Underwriters with respect to the Firm Shares and Firm Warrants shall be rounded among the Underwriters to avoid fractional
shares, as the Representative may determine. For the avoidance of doubt, each underwriter shall be liable only with respect to
the securities that they agree to purchase as set forth in Schedule I hereto.</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; text-align: justify; text-indent: 1in">In addition, the Company
grants to the Underwriters an option to purchase up to (i)&nbsp;3,525,000&nbsp;additional Option Shares at a purchase price (net
of discounts and commissions) per Option Share of $0.3348, which represents a 7% discount to the public offering price per Option
Share and/or (ii)&nbsp;3,525,000&nbsp;additional Option Warrants at a purchase price (net of discounts and commissions) per Option
Warrant of $0.0093, which represents a 7% discount to the public offering price per Option Warrant, in each case, to cover over-allotments.
Each Underwriter agrees, severally and not jointly, to purchase the number of Option Shares and/or Option Warrants (subject to
such adjustments to eliminate fractional securities as the Representative may determine) that bears the same proportion to the
total number of Option Shares and/or Option Warrants to be sold on such Delivery Date as the number of Firm Shares and/or Firm
Warrants set forth in Schedule I hereto opposite the name of such Underwriter bears to the total number of Firm Shares and/or Firm
Warrants. For the avoidance of doubt, all Option Warrants purchased by the Representative in the over-allotment will be used by
the Representative for the benefit of investors in the Offering and not for the account of the Representative.</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: 1in">The Company is not obligated
to deliver any of the Firm Shares or Firm Warrants or the Option Shares or Option Warrants to be delivered on the applicable Delivery
Date, except upon payment for all such Shares to be purchased on such Delivery Date as provided 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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">3.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Offering
of Securities by the Underwriters</I>. Upon authorization by the Representative of the release of the Shares and the Warrants,
the several Underwriters propose to offer the Shares and the Warrants for sale upon the terms and conditions to be set forth in
the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">4.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Delivery
of and Payment for the Securities.</I> Delivery of and payment for the Firm Shares and the Firm Warrants shall be made at
10:00&nbsp;A.M., New York City time, on October&nbsp;2, 2020 or at such other date or place as shall be determined by
agreement between the Representative and the Company, not later than October&nbsp;2, 2020. This date and time are hereinafter
referred to as the &#8220;<B><I>Initial Delivery Date</I></B>&#8221;. Delivery of the Firm Shares and the Firm Warrants shall
be made to the Representative for the account of each Underwriter against payment by the several Underwriters through the
Representative and of the respective aggregate purchase prices of the </FONT>Firm Shares and Firm Warrants being sold by the
Company, by wire transfer in immediately available funds, to the accounts specified by the Company. The Company shall deliver
the Firm Shares and the Firm Warrants through the facilities of DTC unless the Representative shall otherwise instruct.</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: 1in">The option granted in
Section&nbsp;2 will expire 45 days after the date of this Agreement and may be exercised in whole or from time to time in part
by written notice being given to the Company by the Representative; <I>provided</I> that if such date falls on a day that is not
a business day, the option granted in Section&nbsp;2 will expire on the next succeeding business day. Such notice shall set forth
the aggregate number of Option Shares and/or Option Warrants as to which the option is being exercised, the names in which the
Option Shares and/or Option Warrants are to be registered, the denominations in which the Option Shares and/or Option Warrants
are to be issued and the date and time, as determined by the Representative, when Option Shares and/or Option Warrants are to be
delivered; <I>provided, however</I>, that this date and time shall not be earlier than the Initial Delivery Date nor earlier than
the second business day after the date on which the option shall have been exercised nor later than the fifth business day after
the date on which the option shall have been exercised. Each date and time the Option Shares and/or Option Warrants are delivered
is sometimes referred to as an &#8220;<B><I>Option Delivery Date</I></B>&#8221;, and the Initial Delivery Date and any Option Delivery
Date are sometimes each referred to as a &#8220;<B><I>Delivery Date</I></B>&#8221;.</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; text-align: justify; text-indent: 1in">Delivery of the Option
Shares and/or Option Warrants by the Company and payment for the Option Shares and/or Option Warrants by the several Underwriters
through the Representative shall be made at 10:00&nbsp;A.M., New York City time, on the date specified in the corresponding notice
described in the preceding paragraph or at such other date or place as shall be determined by agreement between the Representative
and the Company. On each Option Delivery Date, the Company shall deliver, or cause to be delivered, the Option Shares and/or the
Option Warrants, to the Representative for the account of each Underwriter, against payment by the several Underwriters through
the Representative and of the respective aggregate purchase prices of the Option Shares and/or Option Warrants being sold by the
Company, by wire transfer in immediately available funds, to the accounts specified by the Company. The Company shall deliver the
Option Shares and/or Option Warrants through the facilities of DTC unless the Representative shall otherwise instruct.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Further
Agreements of the Company and the Underwriters</I>. (a)&nbsp;The Company agrees:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">To
prepare the Prospectus in a form approved by the Representative and to file such Prospectus pursuant to
Rule&nbsp;424(b)&nbsp;under the Securities Act not later than the Commission&#8217;s close of business on the second business
day following the execution and delivery of this Agreement; to make no further amendment or any supplement to the
Registration Statement or the Prospectus prior to the last Delivery Date except as provided herein; to advise the
Representative, promptly after it receives notice thereof, of the time when any amendment or supplement to the Registration
Statement, the ADS Registration Statement or the Prospectus has been filed and to furnish the Representative with copies
thereof; to advise the Representative, promptly after it receives notice thereof, of the issuance by the Commission of any
stop order </FONT>or of any order preventing or suspending the use of the Prospectus or any Issuer Free Writing Prospectus,
of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, of the initiation or
threatening of any proceeding or examination for any such purpose or of any request by the Commission for the amending or
supplementing of the Registration Statement, the ADS Registration Statement, the Prospectus or any Issuer Free Writing
Prospectus or for additional information; and, in the event of the issuance of any stop order or of any order preventing or
suspending the use of the Prospectus or any Issuer Free Writing Prospectus or suspending any such qualification, to use
promptly its best efforts to obtain its withdrawal.</P>

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<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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">To
furnish promptly to the Representative and to counsel for the Underwriters a conformed copy of the Registration Statement as originally
filed with the Commission, and each amendment thereto filed with the Commission, including all consents and exhibits filed therewith.</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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">To
deliver promptly, without charge, to the Representative such number of the following documents as the Representative shall reasonably
request: (A)&nbsp;conformed copies of the Registration Statement as originally filed with the Commission and each amendment thereto
(in each case excluding exhibits other than this Agreement and the computation of per share earnings), (B)&nbsp;each Preliminary
Prospectus, the Prospectus and any amended or supplemented Prospectus, and (C)&nbsp;each Issuer Free Writing Prospectus; and, if
the delivery of a prospectus is required at any time after the date hereof in connection with the offering or sale of the Securities
or any other securities relating thereto and if at such time any events shall have occurred as a result of which the Prospectus
as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made when such Prospectus is delivered,
not misleading, or, if for any other reason it shall be necessary to amend or supplement the Prospectus in order to comply with
the Securities Act, to notify the Representative and to file such document and, upon their request, to prepare and furnish without
charge to each Underwriter and to any dealer in securities as many copies as the Representative may from time to time reasonably
request of an amended or supplemented Prospectus that will correct such statement or omission or effect such compliance.</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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">To
file promptly with the Commission any amendment or supplement to the Registration Statement or the Prospectus that may, in the
judgment of the Company or the Representative, be required by the Securities Act or requested by the Commission.</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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Prior
to filing with the Commission any amendment or supplement to the Registration Statement, the ADS Registration Statement or the
Prospectus, to furnish a copy thereof to the Representative and counsel for the Underwriters and consult in good faith with the
Representative to the filing.</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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Not
to make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus without the prior written
consent of the Representative.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">To
comply with all applicable requirements of Rule&nbsp;433 under the Securities Act with respect to any Issuer Free Writing Prospectus.
If at any time after the date hereof any events shall have occurred as a result of which any Issuer Free Writing Prospectus, as
then amended or supplemented, would conflict with the information in the Registration Statement, the ADS Registration Statement,
the most recent Preliminary Prospectus or the Prospectus or would include an untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading, or, if for any other reason it shall be necessary to amend or supplement any Issuer Free Writing Prospectus, to
notify the Representative and to file such document and, upon their request, to prepare and furnish without charge to each Underwriter
as many copies as the Representative may from time to time reasonably request of an amended or supplemented Issuer Free Writing
Prospectus that will correct such conflict, statement or omission or effect such compliance.</FONT></P>

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<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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(viii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">To
make generally available to the Company&#8217;s security holders and to the Representative as soon as practicable but no later
than the Availability Date (as defined below), an earnings statement covering a period of at least twelve months beginning with
the first fiscal quarter of the Company occurring after the date of this Agreement, which shall satisfy the provisions of Section&nbsp;11(a)&nbsp;of
the Securities Act and the rules&nbsp;and regulations of the Commission thereunder (including but not limited to Rule&nbsp;158
under the Securities Act). For the purpose of the preceding sentence, &#8220;<B>Availability Date</B>&#8221; means the 60th day
after the end of the fourth fiscal quarter following the fiscal quarter that includes such Effective Time, except that, if such
fourth fiscal quarter is the last quarter of the Company&#8217;s fiscal year, &#8220;<B>Availability Date</B>&#8221; means the
120th day after the end of such fourth fiscal quarter.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ix)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">During
the period when the Prospectus is required to be delivered under the Securities Act, to file all documents required to be
filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and the
rules&nbsp;and regulations of the Commission thereunder; during the three-year period after the date of this Agreement, to
furnish to the Representative and, upon request, to each of the other Underwriters, as soon as practicable after the end of
each fiscal year, a copy of its annual report to shareholders for such year; and to furnish to the Representative (i)&nbsp;as
soon as available, a copy of each report and any definitive proxy statement of the Company filed with or furnished to the
Commission under the Exchange Act or mailed to shareholders, and (ii)&nbsp;from time to time, such other information
concerning the Company as the Representative may </FONT>reasonably request. However, so long as the Company is subject to the
reporting requirements of either Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act and is timely filing reports
with the Commission on its EDGAR reporting system, it is not required to furnish such reports or statements filed through
EDGAR to the Underwriters.</P>

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<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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(x)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">To
endeavor to qualify the Securities and the American Depositary Shares for offer and sale under the securities or Blue Sky laws
of such jurisdictions as the Representative shall reasonably request.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xi)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">To
advise the Representative promptly and confirming such advice in writing, of any request by the Commission for amendments or supplements
to the Registration Statement, the ADS Registration Statement, the Form&nbsp;8-A Registration Statement, any Preliminary Prospectus,
Prospectus or free writing prospectus or for additional information with respect thereto, or of notice of institution of proceedings
for, or the entry of a stop order, suspending the effectiveness of the Registration Statement, the ADS Registration Statement or
the Form&nbsp;8-A Registration Statement and, if the Commission should enter a stop order suspending the effectiveness of the Registration
Statement, the ADS Registration Statement or the Form&nbsp;8-A Registration Statement, to use its best efforts to obtain the lifting
or removal of such order as soon as possible.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">For
a period commencing on the date hereof and ending on the 90th day after the date of the Prospectus (the &#8220;<B><I>Lock-Up
Period</I></B>&#8221;), not to, directly or indirectly, (A)&nbsp;issue (in the case of the Company), offer for sale, sell,
pledge, or otherwise dispose of (or enter into any transaction or device that is designed to, or could be expected to, result
in the disposition by any person at any time in the future of) any Ordinary Shares, American Depositary Shares or any
securities convertible into or exercisable or exchangeable for Ordinary Shares or American Depositary Shares (other than the
Shares, the Warrant Shares and shares issued or issuable pursuant to employee benefit plans, qualified stock option plans or
other employee compensation plans existing on the date hereof or pursuant to currently outstanding options, convertible
notes, warrants or rights not issued under one of those plans, which shall include the warrants issued to Splendid Days
Limited and the convertible notes issued to Illiad Research and Trading, L.P. as described in the Prospectus), or sell or
grant options, rights or warrants with respect to any Ordinary Shares, American Depositary Shares or any securities
convertible into or exchangeable for Ordinary Shares or American Depositary Shares (other than the grant of options pursuant
to option plans existing on the date hereof), (B)&nbsp;enter into any swap or other derivatives transaction that transfers to
another, in whole or in part, any of the economic benefits or risks of ownership of such Ordinary Shares or American
Depositary Shares, whether any such transaction described in clause (A)&nbsp;or (B)&nbsp;above is to be settled by delivery
of Ordinary Shares, American Depositary Shares or other securities, in cash or otherwise, (C)&nbsp;file or cause to be filed
a registration statement, including any amendments thereto, with respect to the registration of any Ordinary Shares, American </FONT>Depositary
Shares or any securities convertible, exercisable or exchangeable into Ordinary Shares, American Depositary Shares or any
other securities of the Company (other than any registration statement on Form&nbsp;S-8), or (D)&nbsp;publicly disclose the
intention to do any of the foregoing, in each case without the prior written consent of the Representative, on behalf of the
Underwriters, and to cause such persons as set forth on Schedule III hereto to furnish to the Representative, prior to the
Initial Delivery Date, Lock-Up Agreements..</P>

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<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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xiii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">If
the Representative, in its sole discretion, agree to release or waive the restrictions set forth in a Lock-Up Agreement for an
officer or director of the Company and provides the Company with notice of the impending release or waiver at least three business
days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by issuing
a press release substantially in the form of <U>Exhibit&nbsp;B</U> hereto, and containing such other information as the Representative
may reasonably require with respect to the circumstances of the release or waiver and/or the identity of the officer(s)&nbsp;and/or
director(s)&nbsp;with respect to which the release or waiver applies, through a major news service at least two business days before
the effective date of the release or waiver.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xiv)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">To
apply the net proceeds from the sale of the Securities being sold by the Company substantially in the manner as set forth in the
Prospectus under the caption &#8220;Use of Proceeds,&#8221; and to file such reports with the Commission with respect to the sale
of the Shares and the application of the proceeds therefrom as may be required by Rule&nbsp;463 under the Securities Act; not to
invest, or otherwise use the proceeds received by the Company from its sale of the Securities in such a manner (i)&nbsp;as would
require the Company or any of the Subsidiaries and Affiliated Entities to register as an investment company under the 1940 Act,
and (ii)&nbsp;that would result in the Company being not in compliance with any applicable laws, rules&nbsp;and regulations of
the State Administration of Foreign Exchange of the PRC.</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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xv)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">If
the Company elects to rely upon Rule&nbsp;462(b)&nbsp;under the Securities Act, the Company shall file a Rule&nbsp;462(b)&nbsp;Registration
Statement with the Commission in compliance with Rule&nbsp;462(b)&nbsp;under the Securities Act by 10:00 P.M., Washington, D.C.
time, on the date of this Agreement, and the Company shall at the time of filing pay the Commission the filing fee for the Rule&nbsp;462(b)&nbsp;Registration
Statement or given irrevocable instructions for the payment of such fee pursuant to Rule&nbsp;111(b)&nbsp;under the Securities
Act.</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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xvi)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">To
comply with the terms of the Deposit Agreement so that the ADSs will be issued by the Depositary and delivered to each Underwriter&#8217;s
participant account in DTC, pursuant to this Agreement on the Delivery Date and each applicable Option Delivery Date.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xvii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(i)&nbsp;Not
attempt to avoid any judgment in connection with this Agreement obtained by it, applied to it, or denied to it in a court of competent
jurisdiction outside the Cayman Islands; (ii)&nbsp;following the consummation of the offering, to use its reasonable commercial
efforts to obtain and maintain all approvals required in the Cayman Islands to pay and remit outside the Cayman Islands all dividends
declared by the Company and payable on the Ordinary Shares, if any; and (iii)&nbsp;to use its reasonable commercial efforts to
obtain and maintain all approvals, if any, required in the Cayman Islands for the Company to acquire sufficient foreign exchange
for the payment of dividends and all other relevant purposes.</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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xviii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">To
comply with the PRC Overseas Investment and Listing Regulations, and to use its reasonable commercial efforts to cause holders
of its Ordinary Shares that are, or that are directly or indirectly owned or controlled by, Chinese residents or Chinese citizens,
to comply with the PRC Overseas Investment and Listing Regulations applicable to them, including, without limitation, requesting
each such shareholder to complete any registration and other procedures required under applicable PRC Overseas Investment and
Listing Regulations (including any applicable rules&nbsp;and regulations of SAFE).</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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xix)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">To
use reasonable commercial effort to rectify or cure any non-compliance and maintain compliance with PRC laws and regulations applicable
to the Company&#8217;s operations.</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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xx)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Prior
to the Delivery Date, to have purchased insurance covering its directors and officers for liabilities or losses arising in connection
with this offering, including, without limitation, liabilities or losses arising under the Securities Act, the Exchange Act and
the rules&nbsp;and regulations thereof.</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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xxi)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company and its affiliates will not take, and cause each of its Subsidiaries and Affiliated Entities not to take, directly or indirectly,
any action designed to or that has constituted or that reasonably would be expected to cause or result in the stabilization or
manipulation of the price of any security of the Company in connection with the offering of the Securities.</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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xxii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company will, without duplication, indemnify and hold harmless the Underwriters against any documentary, stamp, sales,
transaction, issue, capital, registration, transfer, withholding, or other similar tax (other than, for the avoidance of
doubt, taxes imposed on the net income of the Underwriters), including any interest and penalties, on the creation, issue and
sale of the Securities and the ADSs and on the execution and delivery of this Agreement. All payments to be made by the
Company to the Underwriters under this Agreement shall be made without withholding or deduction for or on account of any
present or future taxes, duties or </FONT>governmental charges whatsoever unless the Company is compelled by law to deduct or
withhold such taxes, duties or charges. In that event, the Company shall pay to the Underwriters such additional amounts as
may be necessary (after taking into account any taxes payable as a result) in order that the net amounts received after such
withholding or deduction shall equal the amounts that would have been received if no withholding or deduction had been made;
provided, however, that no such additional amounts shall be paid (A)&nbsp;in respect of any income, capital gains or
franchise taxes that would not have been imposed but for a present or former connection between an Underwriter and the
jurisdiction imposing such taxes, duties or charges (other than a connection that would not have arisen but for the
transactions contemplated by this Agreement) or (B)&nbsp;the failure of an Underwriter to provide, upon reasonable request,
any certification, identification or other documentation concerning such Underwriter&#8217;s nationality, residence, identity
or connection with the jurisdiction imposing such taxes, duties or charges that would be necessary in order to reduce or
eliminate such taxes, duties or charges, to the extent that such Underwriter is legally entitled to do so.</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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xxiii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company hereby grants the Representative the right of participation for a period of twelve (12) months after the closing of this
Offering to act as lead left bookrunner and lead left manager and/or lead left placement agent, as the case may be, <FONT STYLE="font-family: Times New Roman, Times, Serif">with
at least US$10.0 million of the economics</FONT> for any and all future <FONT STYLE="font-family: Times New Roman, Times, Serif">private
and public offerings of equity or equity-linked, convertible or debt securities undertaken by the Company or any successor or subsidiary
of the Company that occur after the closing of the Offering. </FONT> The Company shall provide written notice to the Representative
of any such proposed offering. If the Representative fails to accept in writing any such proposal within 10 business days after
receipt of a written notice from the Company containing such proposal, then Representative will have no claim or right with respect
to any such offering contained in any such notice.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
Underwriter severally agrees that such Underwriter shall not include any &#8220;issuer information&#8221; (as defined in Rule&nbsp;433
under the Securities Act) in any &#8220;free writing prospectus&#8221; (as defined in Rule&nbsp;405 under the Securities Act) used
or referred to by such Underwriter without the prior consent of the Company (any such issuer information with respect to whose
use the Company has given its consent, &#8220;<B><I>Permitted Issuer Information</I></B>&#8221;); <I>provided</I> that (i)&nbsp;no
such consent shall be required with respect to any such issuer information contained in any document filed by the Company with
the Commission prior to the use of such free writing prospectus, and (ii)&nbsp;&#8220;issuer information&#8221;, as used in this
Section&nbsp;5(b), shall not be deemed to include information prepared by or on behalf of such Underwriter on the basis of or derived
from issuer information.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Expenses.</I>
Whether or not the transactions contemplated by this Agreement, the Registration Statement and the Prospectus are consummated or
this Agreement is terminated, the Company hereby agrees to pay all reasonable and documented costs and expenses incident to the
performance of its obligations hereunder including the following:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">all
filing fees and communication expenses related to the registration of the Securities to be sold in the Offering including all expenses
in connection with the preparation, printing, formatting for EDGAR and filing of the Registration Statement, any Preliminary Prospectus
and the Prospectus and any and all amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters
and dealers;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">all
fees and expenses in connection with filings with FINRA;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">all
fees, disbursements and expenses of the Company&#8217;s counsel and accountants in connection with the registration of the Securities
under the Securities Act and the Offering;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">all
fees and expenses in connection with listing the Shares on the Nasdaq Capital Market;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">the
costs of all mailing and printing of the underwriting documents (including this Agreement, any blue sky surveys and, if appropriate,
any Agreement Among Underwriters, Selected Dealers&#8217; Agreement, Underwriters&#8217; Questionnaire and Power of Attorney);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">all
reasonable travel expenses of the Company&#8217;s officers and employees and any other expense of the Company incurred in connection
with attending or hosting meetings with prospective purchasers of the Securities;</FONT></P>

<P STYLE="text-align: justify; 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">any
stock transfer taxes payable upon the transfer of securities by the Company to the Underwriters and any other taxes incurred by
the Company in connection with this Agreement or the Offering;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(viii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">the
costs associated with book building, prospectus tracking and compliance software and the cost of preparing certificates representing
the Securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ix)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">the
cost and charges of any transfer agent or registrar for the Securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(x)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">any
reasonable cost and expenses in conducting background checks of the Company&#8217;s officers and directors by a background search
firm acceptable to the Representative;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xi)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">certain
legal fees, costs and expenses incurred by the Representative;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">the
cost of preparing, printing and delivering certificates representing each of the Securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xiii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">all
other costs, fees and expenses incident to the performance of the Company obligations hereunder which are not otherwise specifically
provided for in this Section&nbsp;5.</FONT></P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The maximum amount of the Representative&#8217;s
total out-of-pocket accountable expenses payable by the Company in connection with the Offering, including the Representative&#8217;s
legal fees and expenses, shall not exceed $90,000 in the event of the closing of the Offering, and shall not exceed $35,000 in
the event that there is no closing of the Offering. The Company and the Representative acknowledge that the Company has previously
paid to the Representative advances in an amount of $35,000 (the &#8220;<B>Advance&#8221;</B>) against the Representative&#8217;s
out-of-pocket expenses. Any portion of the Advance not used shall be returned back to the Company to the extent not actually incurred.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">6.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Representative&#8217;s
Warrants. </I>The Company hereby agrees to issue to the Representative (and/or its designees) on the Initial Delivery Date and
each Option Delivery Date, warrants substantially in the form attached hereto as <U>Exhibit&nbsp;C</U> to purchase a number of
Shares in the form of ADSs equal to an aggregate of 5% of number of Shares in the form of ADSs sold in the Offering (the &#8220;<B><I>Representative&#8217;s
Warrants</I></B>&#8221;). The Representative&#8217;s Warrants shall be exercisable, in whole or in part, commencing 180 days from
the Effective Date and expiring on the three-year anniversary of the Effective Date at an initial exercise price of $0.407 per
ADS, which is equal to one hundred and ten percent (110%) of the Offering price of an ADS. The Representative&#8217;s Warrants
and the ADSs issuable upon exercise of the Representative&#8217;s Warrants are hereinafter referred to collectively as the &#8220;<B>Representative&#8217;s
Securities</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: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Conditions
of Underwriters&#8217; Obligations</I>. The respective obligations of the Underwriters hereunder are subject to the accuracy, when
made and on each Delivery Date, of the representations and warranties of the Company contained herein, to the performance by the
Company of its obligations hereunder, and to each of the following additional terms and conditions:</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Prospectus shall have been timely filed with the Commission in accordance with Section&nbsp;5(a)(i). The Company shall have complied
with all filing requirements applicable to any Issuer Free Writing Prospectus used or referred to after the date hereof in all
material respects; no stop order suspending the effectiveness of the Registration Statement or preventing or suspending the use
of the Prospectus or any Issuer Free Writing Prospectus shall have been issued and, to the Company&#8217;s knowledge, no proceeding
or examination for such purpose shall have been initiated or threatened by the Commission; and any request of the Commission for
inclusion of additional information in the Registration Statement or the Prospectus or otherwise shall have been complied with.
If the Company has elected to rely upon Rule&nbsp;462(b)&nbsp;under the Securities Act, the Rule&nbsp;462(b)&nbsp;Registration
Statement shall have become effective by 10:00 P.M., Washington, D.C. time, on the date of this Agreement.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">All
corporate proceedings and other legal matters incident to the authorization, form and validity of this Agreement, the Securities,
the ADSs, the Registration Statement, the Prospectus and any Issuer Free Writing Prospectus, and all other legal matters relating
to this Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all material respects to counsel
for the Underwriters, and the Company shall have furnished to such counsel all documents and information that they may reasonably
request to enable them to pass upon such matters.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Representative shall have received on the Delivery Date or an Option Delivery Date, as the case may be, an opinion and negative
assurance letter of Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP counsel for the Company, dated the Delivery Date or Option
Delivery Date, as the case may be, in form and substance reasonably satisfactory to the Underwriters.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Representative shall have received on the Delivery Date or an Option Delivery Date, as the case may be, an opinion of Maples and
Calder (Hong Kong) LLP, Cayman Islands counsel for the Company, dated the Delivery Date or Option Delivery Date, as the case may
be, in form and substance reasonably satisfactory to the Underwriters.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company shall have received on the Delivery Date or an Option Delivery Date, as the case may be, an opinion of Grandall Law Firm,
PRC counsel for the Company, dated the Delivery Date or Option Delivery Date, as the case may be, in form and substance reasonably
satisfactory to the Underwriters. A reliance letter relating to such opinion shall have been provided to the Representative.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">[Reserved].</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">At
the time of execution of this Agreement, the Representative shall have received from Grant Thornton a letter, in form and substance
reasonably satisfactory to the Representative, addressed to the Underwriters and dated the date hereof (i)&nbsp;confirming that
they are independent public accountants within the meaning of the Securities Act and are in compliance with the applicable requirements
relating to the qualification of accountants under Rule&nbsp;2-01 of Regulation S-X of the Commission, and (ii)&nbsp;stating, as
of the date hereof (or, with respect to matters involving changes or developments since the respective dates as of which specified
financial information is given in the most recent Preliminary Prospectus, as of a date not more than three days prior to the date
hereof), the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered
by accountants&#8217; &#8220;comfort letters&#8221; to underwriters in connection with registered public offerings.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">With
respect to the letter of Grant Thornton referred to in the preceding paragraph and delivered to the Representative
concurrently with the execution of this Agreement (the &#8220;<B><I>initial letter</I></B>&#8221;), the Company shall have
furnished to the Representative a letter (the &#8220;<B><I>bring-down letter</I></B>&#8221;) of such accountants, addressed
to the Underwriters and dated such Delivery Date (i)&nbsp;confirming that they are independent public accountants within the
meaning of the Securities Act and are in compliance with the applicable requirements relating to the qualification of
accountants under Rule&nbsp;2-01 of Regulation S-X of the Commission, (ii)&nbsp;stating, as of the date of the bring-down
letter (or, with respect to matters involving changes or developments since the respective dates as of which specified
financial information is given in the Prospectus, as of a date not more than three days prior to the date of the bring-down
letter), the conclusions and findings of such firm with respect to the financial information and other matters covered by the
initial letter, and (iii)&nbsp;confirming in all material respects the conclusions and findings set forth in the </FONT>initial
letter; <I>provided</I> that the letter delivered on the Delivery Date shall use a &#8220;cut-off date&#8221; not earlier
than the date 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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company shall have furnished to the Representative a certificate, dated such Delivery Date, of its Chief Executive Officer and
its Chief Financial Officer as to such matters as the Representative may reasonably request, including, without limitation, a statement:</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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">That
the representations, warranties and agreements of the Company in Section&nbsp;1 are true and correct on and as of such Delivery
Date, and the Company has complied with all its agreements contained herein and satisfied all the conditions on its part to be
performed or satisfied hereunder at or prior to such Delivery Date;</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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">That
no stop order suspending the effectiveness of the Registration Statement has been issued; and no proceedings or examination for
that purpose have been instituted or, to the knowledge of such officers, threatened;</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 0pt 1.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">That
they have examined the Registration Statement, the Prospectus and the Pricing Disclosure Package, and, in their opinion, since
the Effective Date, no event has occurred that should have been set forth in a supplement or amendment to the Registration Statement,
the Prospectus or any Issuer Free Writing Prospectus that has not been so set forth.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(j)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Subsequent
to the execution and delivery of this Agreement and prior to the Delivery Date, there shall not have occurred any change, or any
development involving a prospective change, in the condition, financial or otherwise, or in the earnings, business or operations
of the Company and its Subsidiaries and Affiliated Entities, taken as a whole, from that set forth in the Pricing Disclosure Package
as of the date of this Agreement that, in the judgment of the Representative, is material and adverse and that makes it, in the
judgment of the Representative, impracticable or inadvisable to market the Securities on the terms and in the manner contemplated
in the Pricing Disclosure Package.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(k)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">On
or before the date of this Agreement, the Representative shall have received Lock-up Agreements from each of the persons whose
names are listed in Schedule III.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(l)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">FINRA
shall not have raised any objection with respect to the fairness or reasonableness of the underwriting or other arrangements of
the transactions contemplated hereunder.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(m)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">On
or prior to each Delivery Date, the Company shall have furnished to the Underwriters such further certificates and documents as
the Representative may reasonably request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All opinions, letters,
evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions
hereof only if they are in form and substance reasonably satisfactory to counsel for the Underwriters.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">8.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Indemnification
and Contribution</I>.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company hereby agrees to indemnify and hold harmless each Underwriter, its affiliates, directors, officers and employees and each
person, if any, who controls any Underwriter within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of
the Exchange Act, from and against any loss, claim, damage or liability, joint or several, or any action in respect thereof (including,
but not limited to, any loss, claim, damage, liability or action relating to purchases and sales of the Securities), to which that
Underwriter, affiliate, director, officer, employee or controlling person may become subject, under the Securities Act or otherwise,
insofar as such loss, claim, damage, liability or action arises out of, or is based upon, (i)&nbsp;any untrue statement or alleged
untrue statement of a material fact contained in (A)&nbsp;any Preliminary Prospectus, the Registration Statement, the Form&nbsp;8-A
Registration Statement, the ADS Registration Statement, the Prospectus or in any amendment or supplement thereto, (B)&nbsp;any
Issuer Free Writing Prospectus or in any amendment or supplement thereto, or (C)&nbsp;any Company information that the Company
has filed, or is required to file, pursuant to Rule&nbsp;433(d)&nbsp;under the Securities Act, including any &#8220;road show&#8221;
(as defined in Rule&nbsp;433 under the Securities Act) not constituting an Issuer Free Writing Prospectus (&#8220;<B><I>Marketing
Materials</I></B>&#8221;), or (ii)&nbsp;the omission or alleged omission to state in any Preliminary Prospectus, the Registration
Statement, the Form&nbsp;8-A Registration Statement, the ADS Registration Statement, the Prospectus, any Issuer Free Writing Prospectus
or in any amendment or supplement thereto or in any Marketing Materials, any material fact required to be stated therein or necessary
to make the statements therein not misleading, and shall reimburse each Underwriter and each such affiliate, director, officer,
employee or controlling person promptly upon demand for any legal or other expenses reasonably incurred by that Underwriter, affiliate,
director, officer, employee or controlling person in connection with investigating or defending or preparing to defend against
any such loss, claim, damage, liability or action as such expenses are incurred; <I>provided</I>, <I>however</I>, that the Company
shall not be liable in any such case to the extent that any such loss, claim, damage, liability or action arises out of, or is
based upon, any untrue statement or alleged untrue statement or omission or alleged omission made in any Preliminary Prospectus,
the Registration Statement, the Form&nbsp;8-A Registration Statement, the ADS Registration Statement, the Prospectus, any Issuer
Free Writing Prospectus or in any such amendment or supplement thereto or in any Marketing Materials, in reliance upon and in conformity
with written information concerning such Underwriter furnished to the Company through the Representative by or on behalf of any
Underwriter specifically for inclusion therein, which information consists solely of the information specified in Section&nbsp;8(e).
The foregoing indemnity agreement is in addition to any liability which the Company may otherwise have to any Underwriter or to
any affiliate, director, officer, employee or controlling person of that Underwriter.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
Underwriter, severally and not jointly, shall indemnify and hold harmless the Company, its directors, officers who sign the
Registration Statement, and each person, if any, who controls the Company within the meaning of Section&nbsp;15 of </FONT>the
Securities Act or Section&nbsp;20 of the Exchange Act, from and against any loss, claim, damage or liability, joint or
several, or any action in respect thereof, to which the Company or any such director, officer, employee or controlling person
may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises
out of, or is based upon, (i)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in any
Preliminary Prospectus, the Registration Statement, the Prospectus, any Issuer Free Writing Prospectus or in any amendment or
supplement thereto or in any Marketing Materials, or (ii)&nbsp;the omission or alleged omission to state in any Preliminary
Prospectus, the Registration Statement, the Prospectus, any Issuer Free Writing Prospectus or in any amendment or supplement
thereto or in any Marketing Materials or Blue Sky Application, any material fact required to be stated therein or necessary
to make the statements therein not misleading, but in each case only to the extent that the untrue statement or alleged
untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information
concerning such Underwriter furnished to the Company through the Representative by or on behalf of that Underwriter
specifically for inclusion therein, which information is limited to the information set forth in Section&nbsp;8(e). The
foregoing indemnity agreement is in addition to any liability that any Underwriter may otherwise have to the Company or any
such director, officer, employee or controlling person.</P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Promptly
after receipt by an indemnified party under this Section&nbsp;8 of notice of any claim or the commencement of any action, the
indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under this
Section&nbsp;8, notify the indemnifying party in writing of the claim or the commencement of that action; <I>provided</I>, <I>however</I>,
that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this
Section&nbsp;8 except to the extent it has been materially prejudiced (through the forfeiture of substantive rights and
defenses) by such failure and, <I>provided</I>, <I>further</I>, that the failure to notify the indemnifying party shall not
relieve it from any liability which it may have to an indemnified party otherwise than under this Section&nbsp;8. If any such
claim or action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the
indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other
similarly notified indemnifying party, to assume the defense thereof with counsel reasonably satisfactory to the indemnified
party. After notice from the indemnifying party to the indemnified party of its election to assume the defense of such claim
or action, the indemnifying party shall not be liable to the indemnified party under this Section&nbsp;8 for any legal or
other expenses subsequently incurred by the indemnified party in connection with the defense thereof other than reasonable
costs of investigation; <I>provided, however</I>, that the indemnified party shall have the right to employ counsel to
represent jointly the indemnified party and those other indemnified parties and their respective directors, officers,
employees and controlling persons who may be subject to liability arising out of any claim in respect of which indemnity may
be sought under this Section&nbsp;8 if (i)&nbsp;the indemnified party and the indemnifying party shall have so mutually
agreed; (ii)&nbsp;the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory to the
indemnified party; (iii)&nbsp;the indemnified party and its directors, officers, employees and controlling persons shall have
reasonably concluded that there may be legal defenses available to them that are different from or in addition to those
available to the </FONT>indemnifying party; or (iv)&nbsp;the named parties in any such proceeding (including any impleaded
parties) include both the indemnified parties or their respective directors, officers, employees or controlling persons, on
the one hand, and the indemnifying party, on the other hand, and representation of both sets of parties by the same counsel
would be inappropriate due to actual or potential differing interests between them, and in any such event the fees and
expenses of such separate counsel shall be paid by the indemnifying party. No indemnifying party shall (x)&nbsp;without the
prior written consent of the indemnified parties (which consent shall not be unreasonably withheld), settle or compromise or
consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect
of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or
potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of
each indemnified party from all liability arising out of such claim, action, suit or proceeding and does not include a
statement as to, or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party, or
(y)&nbsp;be liable for any settlement of any such action effected without its written consent (which consent shall not be
unreasonably withheld), but if settled with the consent of the indemnifying party or if there be a final judgment for the
plaintiff in any such action, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and
against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any
time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses
of counsel as contemplated by Section&nbsp;9(a)&nbsp;hereof, the indemnifying party agrees that it shall be liable for any
settlement of any proceeding effected without its written consent if (i)&nbsp;such settlement is entered into more than 30
days after receipt by such indemnifying party of the aforesaid request and (ii)&nbsp;such indemnifying party shall not have
reimbursed the indemnified party in accordance with such request or disputed in good faith the indemnified party&#8217;s
entitlement to such reimbursement prior to the date of such settlement.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">If
the indemnification provided for in this Section&nbsp;8 shall for any reason be unavailable to or insufficient to hold
harmless an indemnified party under Section&nbsp;8(a)&nbsp;or 8(b)&nbsp;in respect of any loss, claim, damage or liability,
or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such
indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage
or liability, or action in respect thereof, (i)&nbsp;in such proportion as shall be appropriate to reflect the relative
benefits received by the Company, on the one hand, and the Underwriters, on the other, from the offering of the Securities,
or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;above is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the relative fault of the
Company, on the one hand, and the Underwriters, on the other, with respect to the statements or omissions that resulted in
such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations.
The relative benefits received by the Company, on the one hand, and the Underwriters, on the other, with respect to such
offering shall be deemed to be in the same proportion as the total net proceeds from the offering of the Securities purchased
under this Agreement (before deducting expenses) received by the Company, as set forth in the table on the cover page&nbsp;of
the Prospectus, on the one hand, and the total </FONT>underwriting discounts and commissions received by the Underwriters
with respect to the Securities purchased under this Agreement, as set forth in the table on the cover page&nbsp;of the
Prospectus, on the other hand. The relative fault shall be determined by reference to whether the untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the
Company or the Underwriters, the intent of the parties and their relative knowledge, access to information and opportunity to
correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable
if contributions pursuant to this Section&nbsp;8(d)&nbsp;were to be determined by pro rata allocation (even if the
Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take into
account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of
the loss, claim, damage or liability, or action in respect thereof, referred to above in this Section&nbsp;8(d)&nbsp;shall be
deemed to include, for purposes of this Section&nbsp;8(d), any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of
this Section&nbsp;8(d), in no event shall an Underwriter be required to contribute any amount in excess of the amount by
which the total underwriting discounts and commissions received by such Underwriter with respect to the offering of the
Securities exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within
the meaning of Section&nbsp;9(f)&nbsp;of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The Underwriters&#8217; obligations to contribute as provided in this
Section&nbsp;9(d)&nbsp;are several in proportion to their respective underwriting obligations and not joint.</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 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Underwriters severally confirm and the Company acknowledges and agrees that the only such information furnished by any Underwriter
consists of : the statements set forth in the &#8220;Underwriting&#8221; section of the Registration Statement, the Pricing Disclosure
Package and the Prospectus only insofar as such statements relate to the names and corresponding share amounts set forth in the
table of Underwriters, the amount of selling concession and re-allowance or to over-allotment and related activities that may be
undertaken by the Underwriters and the paragraph relating to stabilization by the Underwriters.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">9.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Defaulting
Underwriters</I>. If any Underwriter or Underwriters default in their obligations to purchase Securities hereunder on any
Delivery Date and the aggregate number of shares of Securities that such defaulting Underwriter or Underwriters agreed but
failed to purchase does not exceed 10% of the total number of shares of Securities that the Underwriters are obligated to
purchase on such Delivery Date, the Representative may make arrangements satisfactory to the Company for the purchase of such
Securities by other persons, including any of the Underwriters, but if no such arrangements are made by such Delivery Date,
the non-defaulting Underwriters shall be obligated severally, in proportion to their respective commitments hereunder, to
purchase the Securities that such defaulting Underwriters agreed but failed to purchase on such Delivery Date. If any
Underwriter or Underwriters so default and the aggregate number of shares of Securities with respect to which such default or
defaults occur exceeds 10% of the total number of shares of Securities that the Underwriters are obligated to purchase on
such Delivery Date and arrangements </FONT>satisfactory to the Representatives and <FONT STYLE="font-size: 10pt">the Company
for the purchase of such Offered Securities by other persons are not made within 36 hours after such default, this Agreement
will terminate without liability on the part of any non-defaulting Underwriter or Company, except as provided in
Section&nbsp;16 (provided that if such default occurs with respect to Option Securities after the Initial Delivery Date, this
Agreement will not terminate as to the Firm Shares and Firm Warrants or any Option Shares or Option Warrants purchased prior
to such termination). As used in this Agreement, the term &#8220;Underwriter&#8221; includes any person substituted for an
Underwriter under this Section. Nothing herein will relieve a defaulting Underwriter from liability for its
default.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">10.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Termination.</I>
The Underwriters may terminate this Agreement by notice given by the Representative to the Company, if after the execution and
delivery of this Agreement and prior to the Closing Date, (A)&nbsp;trading generally shall have been suspended or materially limited
on, or by, as the case may be, any of the New York Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market or
the Nasdaq Capital Market, (B)&nbsp;trading of any securities of the Company shall have been suspended on any exchange or in any
over-the-counter market, (C)&nbsp;a material disruption in securities settlement, payment or clearance services in the United States,
the Cayman Islands, Hong Kong or the PRC shall have occurred, (D)&nbsp;any moratorium on commercial banking activities shall have
been declared by United States Federal, New York State, Cayman Islands, Hong Kong or the PRC authorities or (E)&nbsp;there shall
have occurred any outbreak or escalation of hostilities, or any change in financial markets, currency exchange rates or controls
or any calamity or crisis that, in the reasonable judgement of the Representatives, is material and adverse and which, singly or
together with any other event specified in this clause (E), makes it, in the reasonable judgement of the Representatives, impracticable
to proceed with the offering, sale or delivery of the Offered Securities on the terms and in the manner contemplated in the Registration
Statement, the Pricing Disclosure Package or the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">11.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Reimbursement
of Underwriters&#8217; Expenses.</I> If (a)&nbsp;the Company shall fail to tender the Shares and/or Warrants for delivery to the
Underwriters for any reason, or (b)&nbsp;the Underwriters shall decline to purchase the Shares and/or Warrants for any reason permitted
under this Agreement or (c)&nbsp;this Agreement is terminated for any reason permitted herein, the Company will reimburse the Underwriters
for all reasonable out-of-pocket expenses (including reasonable fees and disbursements of counsel for the Underwriters) incurred
by the Underwriters in accordance with Section&nbsp;5(c)&nbsp;herein in connection with this Agreement and the proposed purchase
of the Securities, and upon demand the Company shall pay the full amount thereof to the Representative.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">12.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Research
Analyst Independence. </I>The Company acknowledges that the Underwriters&#8217; research analysts and research departments
are required to be independent from their respective investment banking divisions and are subject to certain regulations and
internal policies, and that such Underwriters&#8217; research analysts may hold views and make statements or investment
recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of
their respective investment banking divisions. The Company hereby waives and releases, to the fullest extent permitted by
law, any claims that the Company may have against the Underwriters with respect to any conflict of interest that may arise
from the fact that the views expressed by their independent research analysts and research departments may be different from
or inconsistent with the views or advice communicated to the Company by such Underwriters&#8217; investment banking
divisions. The Company acknowledges that </FONT>each of the Underwriters is a full service securities firm and as such from
time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its
customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the
transactions contemplated by this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">13.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>No
Fiduciary Duty</I>. The Company acknowledges and agrees that in connection with this offering, sale of the Securities or any other
services the Underwriters may be deemed to be providing hereunder, notwithstanding any preexisting relationship, advisory or otherwise,
between the parties or any oral representations or assurances previously or subsequently made by the Underwriters: (a)&nbsp;no
fiduciary or agency relationship between the Company and any other person, on the one hand, and the Underwriters, on the other,
exists; (b)&nbsp;the Underwriters are not acting as advisors, expert or otherwise, to the Company, including, without limitation,
with respect to the determination of the public offering price of the Securities, and such relationship between the Company, on
the one hand, and the Underwriters, on the other, is entirely and solely commercial, based on arms-length negotiations; (c)&nbsp;any
duties and obligations that the Underwriters may have to the Company shall be limited to those duties and obligations specifically
stated herein; and (d)&nbsp;the Underwriters and their respective affiliates may have interests that differ from those of the Company.
The Company hereby waives any claims that the Company may have against the Underwriters with respect to any breach of fiduciary
duty in connection with this offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">14.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Notices,&nbsp;etc.</I>
All statements, requests, notices and agreements hereunder shall be in writing, and:</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">if
to the Underwriters, shall be delivered or sent by mail or facsimile transmission to the Representative at Maxim Group LLC, 405
Lexington Avenue, New York, New York 10174., Attention: Legal Department (Fax: +1 212 895 3555); and</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">if
to the Company, shall be delivered or sent by mail or facsimile transmission to the address of the Company set forth in the Registration
Statement, Attention: George Lai.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any such statements, requests, notices
or agreements shall take effect at the time of receipt thereof. The Company shall be entitled to act and rely upon any request,
consent, notice or agreement given or made on behalf of the Underwriters by the Representative.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">15.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Persons
Entitled to Benefit of Agreement</I>. This Agreement shall inure to the benefit of and be binding upon the Underwriters, the
Company, and the controlling Persons, directors, officers, employees and agents referred to herein, and their respective
successors and assigns, and no other Person shall have or be construed to have any legal or equitable right, remedy or claim
under or in respect of or by virtue of this Agreement or any provision herein contained. This Agreement and the terms and
provisions hereof are for the sole benefit of only those persons, except that (a)&nbsp;the representations, warranties,
indemnities and agreements of the Company contained in this Agreement shall also be deemed to be for the benefit of the
directors, officers and employees of the Underwriters and each person or persons, if any, who control any Underwriter within
the meaning of Section&nbsp;12 of the Securities Act, and (b)&nbsp;the indemnity agreement of the Underwriters contained in
Section&nbsp;9(b)&nbsp;of this Agreement shall be deemed to be for the benefit of </FONT>the directors of the Company, the
officers of the Company who have signed the Registration Statement and any person controlling the Company within the meaning
of Section&nbsp;12 of the Securities Act. Nothing in this Agreement is intended or shall be construed to give any person,
other than the persons referred to in this Section&nbsp;16, any legal or equitable right, remedy or claim under or in respect
of this Agreement or any provision contained 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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">16.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Survival.</I>
The respective indemnities, representations, warranties and agreements of the Company and the Underwriters contained in this Agreement
or made by or on behalf of them, respectively, pursuant to this Agreement, shall survive the delivery of and payment for the Shares
and shall remain in full force and effect, regardless of any investigation made by or on behalf of any of them or any person controlling
any of them.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">17.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Definition
of the Terms &#8220;Business Day&#8221;, &#8220;Affiliate&#8221; and &#8220;Subsidiary&#8221;</I>. For purposes of this Agreement,
(a)&nbsp;&#8220;<B><I>business day</I></B>&#8221; means each Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on
which banking institutions in New York are generally authorized or obligated by law or executive order to close, and (b)&nbsp;&#8220;<B><I>affiliate</I></B>&#8221;
and &#8220;<B><I>subsidiary</I></B>&#8221; have the meanings set forth in Rule&nbsp;405 under the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">18.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Governing
Law</I>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard
to conflict of laws principles (other than Section&nbsp;5-1401 of the General Obligations Law).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">19.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Submission
to Jurisdiction, Etc.</I> The Company hereby submits to the non-exclusive jurisdiction of the U.S. federal and New York state courts
in the Borough of Manhattan, The City of New York in any suit or proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby. The parties hereby irrevocably and unconditionally waive any objection to the laying of venue
of any lawsuit, action or other proceeding in such courts, and hereby further irrevocably and unconditionally waive and agree not
to plead or claim in any such court that any such lawsuit, action or other proceeding brought in any such court has been brought
in an inconvenient forum. To the extent that the Company has or hereafter may acquire any immunity (on the grounds of sovereignty
or otherwise) from the jurisdiction of any court or from any legal process with respect to itself or its property, the Company
irrevocably waives, to the fullest extent permitted by law, such immunity in respect of any such suit, action or proceeding. The
Company irrevocably appoints Puglisi&nbsp;&amp; Associates., as its authorized agent in the Borough of Manhattan, The City of New
York, New York upon which process may be served in any such suit or proceeding, and agrees that service of process upon such agent
shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. The Company further
agrees to take any and all actions as may be necessary to maintain such designation and appointment of such agent in full force
and effect for a period of seven years from the date of this Agreement.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">20.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Judgment
Currency.</I> The obligation of the Company in respect of any sum due to any Underwriter under this Agreement shall,
notwithstanding any judgment in a currency other than U.S. dollars (the &#8220;<B><I>Judgment Currency</I></B>&#8221;), not
be discharged until the first business day, following receipt by such Underwriter of any sum adjudged to be so due in the
Judgment Currency, on which (and only to the extent that) such Underwriter may in accordance with normal banking procedures
purchase U.S. dollars with the Judgment Currency; if the U.S. dollars so purchased are </FONT>less than the sum originally
due to such Underwriter hereunder, the Company agrees, as a separate obligation and notwithstanding any such judgment, to
indemnify such Underwriter against such loss. If the U.S. dollars so purchased are greater than the sum originally due to
such Underwriter hereunder, such Underwriter agrees to pay to the Company an amount equal to the excess of the U.S. dollars
so purchased over the sum originally due to such Underwriter hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">21.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Counterparts.</I>
This Agreement may be executed in one or more counterparts and, if executed in more than one counterpart, the executed counterparts
shall each be deemed to be an original but all such counterparts shall together constitute one and the same instrument.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">22.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Headings.</I>
The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning
or interpretation of, this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">23.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Entire
Agreement</I>. This Agreement, together with any contemporaneous written agreements and any prior written agreements (to the extent
not superseded by this Agreement) that relate to the offering of the Securities, represents the entire agreement among the Company
and the Underwriters, or any of them, with respect to the subject matter hereof.</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"></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">If the foregoing correctly sets forth the
agreement between the Company and the Underwriters, please indicate your acceptance in the space provided for that purpose below.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE9 LIMITED</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 47%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ George Lai</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: George Lai</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: CFO</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Maxim Group LLC<BR>
For itself and as Representative<BR>
of the several Underwriters named<BR>
in Schedule I 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: 0pt 0"></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 COLSPAN="2" STYLE="font-size: 10pt"><B>MAXIM GROUP LLC</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 87%; font-size: 10pt">/s/ Clifford A. Teller</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Clifford A. Teller</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: </font></TD>
    <TD STYLE="font-size: 10pt">Executive Managing Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Head of Investment Banking</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Number of<BR> Firm Shares</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Number of Firm Warrants</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Maximum Number of Option Shares</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Maximum Number<BR> of Option Warrants</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 32%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Maxim Group LLC</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">23,500,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">23,500,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,525,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,525,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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




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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PERSONS DELIVERING LOCK-UP AGREEMENTS</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"><U>All directors and executive officers of the Company:</U></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Jun Zhu</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Davin A. Maxkenzie</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Kwok Keung Chau</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Ka Keung Young</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>George Lai (Lai Kwok Ho)</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Chris Shen</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 0.5in; text-indent: -0.5in"><U>Principal shareholders of
the Company:</U></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Incsight Limited</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Jie Qin</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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. <I>Public offering price</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE V</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: center">ISSUER FREE WRITING PROSPECTUSES &#8211;
ROAD SHOW MATERIALS</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE VII-A</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: center">SIGNIFICANT SUBSIDIARIES OF THE COMPANY</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; width: 49%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 49%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Place of Incorporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Crown Technology Limited.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GameNow.net (Hong Kong) Limited</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Star International Development Limited</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FF The9 China Joint Venture Limited</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Red 5 Studios,&nbsp;Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hui Ling Computer Technology Consulting (Shanghai) Co.,&nbsp;Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jiutuo (Shanghai) Information Technology Co.,&nbsp;Ltd.</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shanghai Jiugang Electronic Technology Co.,&nbsp;Ltd.</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">The9 EV Limited</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PRC</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">Hong Kong</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China The9 Interactive Limited</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE VII-B</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: center">AFFILIATED ENTITIES OF THE COMPANY</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Place of Incorporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai The9 Information Technology Co.,&nbsp;Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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




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

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

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

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

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

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

<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<!-- Field: Split-Segment; Name: 3 -->
<P STYLE="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;C</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Form&nbsp;of Representative&#8217;s
Warrant</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: center"><B>WARRANT TO PURCHASE ORDINARY SHARES<BR>
REPRESENTED BY AMERICAN DEPOSITARY SHARES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE9 LIMITED</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">American Depositary Shares: _______</FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial Exercise Date: ________, 2020</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; text-align: justify; text-indent: 1in">THIS WARRANT TO PURCHASE
CLASS&nbsp;A ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (the &#8220;<U>Warrant</U>&#8221;) certifies that, for value
received, Maxim Group LLC or its assigns (the &#8220;<U>Holder</U>&#8221;) is entitled, upon the terms and subject to the limitations
on exercise and the conditions hereinafter set forth, at any time on or after _______ __, 2021 (the &#8220;<U>Initial Exercise
Date</U>&#8221;) and, in accordance with FINRA Rule&nbsp;5110(f)(2)(G)(i), will expire at 5:00 p.m.&nbsp;(New York time) on the
date that is three (3)&nbsp;years following the Effective Date (the &#8220;<U>Termination Date</U>&#8221;) but not thereafter,
to subscribe for and purchase from The9 Limited., an Cayman Islands company (the &#8220;<U>Company</U>&#8221;), up to ______ Class&nbsp;A
ordinary shares (the &#8220;<U>Warrant Shares</U>&#8221;), par value US$0.01 per share, of the Company (&#8220;<U>Ordinary Shares</U>&#8221;)
in the form of American Depositary Shares (each, an &#8220;<U>ADS</U>&#8221; and, collectively, the &#8220;<U>ADSs</U>&#8221; )
as subject to adjustment hereunder. Each ADS will initially represent three Ordinary Shares deposited pursuant to the Deposit Agreement.
The ADSs issuable upon exercise of this Warrant shall be referred to herein as the &#8220;<U>Warrant ADSs</U>&#8221;. The purchase
price of one Warrant ADS shall be equal to the Exercise Price, as defined in Section&nbsp;2(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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Underwriting Agreement
dated September&nbsp;29, 2020 by and between the Company and Maxim Group, LLC, as representative of the several underwriters. In
addition to the terms defined elsewhere in this Agreement, the following terms have the meanings indicated in this Section&nbsp;1:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Affiliate</U>&#8221;
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule&nbsp;405 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 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Board
of Directors</U>&#8221; means the board of directors of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Business
Day</U>&#8221; means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.</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 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Commission</U>&#8221;
means the United States Securities and Exchange Commission.</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>

<!-- Field: Page; Sequence: 53; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Effective
Date</U>&#8221; means the date that the Registration Statement on Form&nbsp;F-1 (File No.&nbsp;333-240331) was declared effective
by the Commission.</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 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Exchange
Act</U>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations promulgated thereunder.</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 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Liens</U>&#8221;
means a lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.</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 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Person</U>&#8221;
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</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 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Proceeding</U>&#8221;
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.</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 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Rule&nbsp;144</U>&#8221;
means Rule&nbsp;144 promulgated by the Commission pursuant to the Securities Act, as such Rule&nbsp;may be amended or interpreted
from time to time, or any similar rule&nbsp;or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.</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 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Securities
Act</U>&#8221; means the Securities Act of 1933, as amended, and the rules&nbsp;and regulations promulgated thereunder.</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 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Trading
Day</U>&#8221; means a day on which the Nasdaq Stock Market is open for trading.</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 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Trading
Market</U>&#8221; means any of the following markets or exchanges on which ADSs and/or the Ordinary Shares are listed or quoted
for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global
Select Market, the New York Stock Exchange (or any successors to any of the foregoing).</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 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>VWAP</U>&#8221;
means, for any date, the price determined by the first of the following clauses that applies: (a)&nbsp;if the ADSs are then listed
or quoted on a Trading Market, the daily volume weighted average price of the ADS for such date (or the nearest preceding date)
on the Trading Market on which an ADS is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m.&nbsp;(New York City time) to 4:02 p.m.&nbsp;(New York City time)), (b)&nbsp; if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of an ADS for such date (or the nearest preceding date) on the OTCQB or OTCQX as applicable, (c)&nbsp;if
ADSs are not then listed or quoted for trading on the OTCQB or OTCQX and if prices for ADSs are then reported in the &#8220;Pink
Sheets&#8221; published by OTC Markets Group,&nbsp;Inc. (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of an ADS so reported, or (d)&nbsp;in all other cases, the fair market value of an
ADS as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the
fees and expenses of which shall be paid by the Company.</P>

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

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

<!-- Field: Page; Sequence: 54; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Exercise.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Exercise
of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
Exercise Date and on or before the Termination Date by delivery via email to the Company at georgelai@corp.the9.com and to the
registered office provider of the Company at kim.lewis@collascrill.com (or such other office or agency of the Company as it may
designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company and
the Depositary) of a duly executed scanned copy of the Notice of Exercise in the form annexed hereto. Within three (3)&nbsp;Trading
Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant ADSs specified
in the applicable Notice of Exercise by wire transfer or cashier&#8217;s check drawn on a United States bank or, if available,
pursuant to the cashless exercise procedure specified in Section&nbsp;2(c)&nbsp;below if specified in the applicable Notice of
Exercise. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant
to the Company until the Holder has purchased all of the Warrant ADSs available hereunder and the Warrant has been exercised in
full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3)&nbsp;Trading Days
of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases
of a portion of the total number of Warrant ADSs available hereunder shall have the effect of lowering the outstanding number of
Warrant ADSs purchasable hereunder in an amount equal to the applicable number of Warrant ADSs purchased. The Holder and the Company
shall maintain records showing the number of Warrant ADSs purchased and the date of such purchases. The Company shall deliver any
objection to any Notice of Exercise within two (2)&nbsp;Business Days of receipt of such notice. <B>The Holder and any assignee,
by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase
of a portion of the Warrant ADSs hereunder, the number of Warrant ADSs available for purchase hereunder at any given time may be
less than the amount stated on the face hereof.</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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Exercise
Price</U>. The exercise price per ADS under this Warrant shall be <B>$______</B><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>,
subject to adjustment hereunder (the &#8220;<U>Exercise Price</U>&#8221;).</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Cashless
Exercise</U>. If at the time of exercise hereof, the last VWAP immediately preceding the time of delivery of the Notice of Exercise
is higher than the Exercise Price, then this Warrant may also be exercised, in whole or in part, at such time by means of a &#8220;cashless
exercise&#8221; in which the Holder shall be entitled to receive the number of Warrant ADSs equal to the quotient obtained by
dividing [(A-B) (X)] by (A), where:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt"></FONT></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 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt"><SUP>1
</SUP>110% of the public offering price&nbsp;</FONT></P>

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

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

<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">(A)&nbsp;= the last VWAP immediately preceding the time of delivery of the Notice of Exercise
giving rise to the applicable &#8220;cashless exercise&#8221;, as set forth in the applicable Notice of Exercise (to clarify,
the &#8220;last VWAP&#8221; will be the last VWAP as calculated over an entire Trading Day such that, in the event that this Warrant
is exercised at a time that the Trading Market is open, the prior Trading Day&#8217;s VWAP shall be used in this calculation);</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 0pt 0.5in; text-indent: -0.5in">(B)&nbsp;= the Exercise Price
of this Warrant, as adjusted hereunder; and</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">(X)&nbsp;= the number of Warrant
ADSs that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by
means of a cash exercise rather than a cashless exercise.</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 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">If
Warrant ADSs are issued in such a &#8220;cashless exercise,&#8221; the parties acknowledge and agree that in accordance with Section&nbsp;3(a)(9)&nbsp;of
the Securities Act, the Warrant ADSs shall take on the registered characteristics of the Warrants being exercised, and the holding
period of the Warrants being exercised may be tacked on to the holding period of the Warrant ADSs.&nbsp;&nbsp;The Company agrees
not to take any position contrary to this Section&nbsp;2(c).</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Mechanics
of Exercise</U>.</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 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Delivery
of Warrant ADSs Upon Exercise</U>. The Company shall cause its registrar to deposit the Warrant Shares subject to such exercise
with the custodian of The Bank of New York Mellon, the Depositary for the ADSs (the &#8220;<U>Depositary</U>&#8221;), and cause
the Depositary to credit the account of the Holder&#8217;s prime broker with The Depository Trust Company through its Deposit/Withdrawal
At Custodian system (&#8220;<U>DWAC</U>&#8221;) if the Depositary is then a participant in such system and either (A)&nbsp;there
is an effective registration statement permitting the issuance of the Warrant ADSs to or resale by the Holder or (B)&nbsp;the
Warrant ADSs are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule&nbsp;144 and,
in either case, the Warrant ADSs have been sold by the Holder prior to the Warrant ADS Delivery Date (as defined below), by the
date that is fifth (5)&nbsp;Trading Days after the delivery to the Company of the Notice of Exercise (such date, the &#8220;<U>Warrant
ADS Delivery Date</U>&#8221;), provided that the Company shall not be obligated to deliver the Warrant ADSs hereunder unless the
Company has received the aggregate Exercise Price on or before the Warrant ADS Delivery Date. If the Warrant ADSs can be delivered
via DWAC, then in addition to the delivery of the Warrant Shares to the Depositary, within 3 Trading Days of the applicable exercise,
the Depositary shall have received from the Company any legal opinions or other documentation required by the Depositary to deliver
such ADSs without legend (subject to receipt by the Company of reasonable back up documentation from the Underwriter, including
with respect to affiliate status) and, if applicable and requested by the Company prior to the Warrant ADS Delivery Date, the
Depositary shall have received from the Holder a confirmation of sale of the Warrant ADSs (provided the requirement of the Holder
to provide a confirmation as to the sale of Warrant ADSs shall not be applicable to the issuance of unlegended Warrant ADSs upon
a cashless exercise of this Warrant if the Warrant ADSs are then eligible for resale pursuant to Rule&nbsp;144(b)(1)). If the
Company fails for any reason to deliver to the Holder the Warrant ADSs subject to a Notice of Exercise by the Warrant ADS Delivery
Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant ADSs
subject to such exercise (based on the VWAP of an ADS on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing
to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day following
such Warrant ADS Delivery Date until such Warrant ADSs are delivered or Holder rescinds such exercise.</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>

<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Delivery
of New Warrants Upon Exercise</U>. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the Warrant ADSs, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant ADSs called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.</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 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Rescission
Rights</U>. If the Company fails to cause the Depositary to deliver to the Holder the Warrant ADSs pursuant to Section&nbsp;2(d)(i)&nbsp;by
the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise; <U>provided</U>, <U>however</U>, that
the Holder shall be required to return any Warrant ADSs subject to any such rescinded exercise notice concurrently with the return
to Holder of the aggregate Exercise Price paid to the Company for such Warrant ADSs and the restoration of Holder&#8217;s right
to acquire such Warrant ADSs pursuant to this Warrant (including, issuance of a replacement warrant certificate evidencing such
restored right).</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 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>No
Fractional Shares or Scrip</U>. No fractional Warrant Shares or Warrant ADSs shall be issued upon the exercise of this Warrant.
As to any fraction of an ADS which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall round
up to the next whole ADS.</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 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Charges,
Taxes and Expenses</U>. Issuance of Warrant ADSs shall be made without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such Warrant ADSs, all of which taxes and expenses shall be paid by the Company,
and such Warrant ADSs shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <U>provided</U>,
<U>however</U>, that in the event that Warrant ADSs are to be issued in a name other than the name of the Holder, this Warrant
when surrendered for exercise shall be accompanied by the Assignment Form&nbsp;attached hereto duly executed by the Holder and
the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental
thereto. The Company shall pay all Depositary fees required for same-day processing of any Notice of Exercise.</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>

<!-- Field: Page; Sequence: 57; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Closing
of Books</U>. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Holder&#8217;s
Exercise Limitations</U>. The Company shall not effect any exercise of this Warrant, and the Holder shall not have the right to
exercise any portion of this Warrant, pursuant to Section&nbsp;2 or otherwise, to the extent that after giving effect to such
issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&#8217;s Affiliates
and any other Persons acting as a group together with the Holder or any of the Holder&#8217;s Affiliates (such Persons, collectively,
the &#8220;<U>Attribution Parties</U>&#8221;) would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below). For purposes of the foregoing sentence, the number of Ordinary Shares beneficially owned by the Holder and its Attribution
Parties shall include the number of Ordinary Shares underlying ADSs held by the Holder and its Attribution Parties plus the number
of Ordinary Shares underlying ADSs issuable upon exercise of this Warrant with respect to which the determination is being made,
but shall exclude the number of Ordinary Shares underlying ADSs which would be issuable upon (i)&nbsp;exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the Holder or any Attribution Parties and (ii)&nbsp;exercise or conversion
of the nonexercised or nonconverted portion of any other securities of the Company (including, without limitation, any Ordinary
Share or ADS equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein that
are beneficially owned by the Holder or any of its Attribution Parties. Except as set forth in the preceding sentence, for purposes
of this Section&nbsp;2(e), beneficial ownership shall be calculated in accordance with Section&nbsp;13(d)&nbsp;of the Exchange
Act and the rules&nbsp;and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing
to the Holder that such calculation is in compliance with Section&nbsp;13(d)&nbsp;of the Exchange Act and the Holder is solely
responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this
Section&nbsp;2(e)&nbsp;applies, the determination of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole
discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder&#8217;s determination of
whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Attribution Parties)
and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section&nbsp;13(d)&nbsp;of the Exchange Act and the rules&nbsp;and
regulations promulgated thereunder. For purposes of this Section&nbsp;2(e), in determining the number of outstanding Ordinary
Shares, the Holder may rely on the number of Ordinary Shares as reflected in (x)&nbsp;the Company&#8217;s most recent Annual Report
on Form&nbsp;20-F, Current Report on Form&nbsp;6-K or other public filing with the Commission, as the case may be, (y)&nbsp;a
more recent public announcement by the Company or (z)&nbsp;any other written notice by the Company or Depositary setting forth
the number of Ordinary Shares outstanding. Upon the written request of the Holder, the Company shall within two (2)&nbsp;Trading
Days confirm in writing or by electronic mail to the Holder the number of Ordinary Shares then outstanding. In any case, the number
of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company,
including this Warrant, by the Holder and any Attribution Party since the date as of which such number of outstanding Ordinary
Shares was reported. The &#8220;<U>Beneficial Ownership Limitation</U>&#8221; shall be 4.99% of the number of Ordinary Shares
outstanding immediately after giving effect to the issuance of Ordinary Shares or ADSs issuable upon exercise of this Warrant.
The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section&nbsp;2(e),
provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately
after giving effect to the issuance of Ordinary Shares upon exercise of this Warrant held by the Holder and the provisions of
this Section&nbsp;2(e)&nbsp;shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective
until the sixty-first (61<SUP>st</SUP>) day after such notice is delivered to the Company. The provisions of this paragraph shall
be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section&nbsp;2(e)&nbsp;to
correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation
herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations
contained in this paragraph shall apply to a successor holder of this Warrant.</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>

<!-- Field: Page; Sequence: 58; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">3.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Certain
Adjustments.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Share
Dividends and Splits</U>. If the Company, at any time while this Warrant is outstanding: (i)&nbsp;pays a share dividend or otherwise
makes a distribution or distributions on its Ordinary Shares or ADSs or any other equity or equity equivalent securities payable
in Ordinary Shares or ADSs (which, for avoidance of doubt, shall not include any ADSs issued by the Company upon exercise of this
Warrant), as applicable, (ii)&nbsp;subdivides outstanding Ordinary Shares or ADSs into a larger number of shares or ADSs, as applicable,
(iii)&nbsp;combines (including by way of reverse share split) outstanding Ordinary Shares or ADSs into a smaller number of shares
or ADSs, as applicable, or (iv)&nbsp;issues by reclassification of Ordinary Shares or any shares of capital stock of the Company,
as applicable, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number
of Ordinary Shares or ADSs, as applicable, (excluding treasury shares, if any) outstanding immediately before such event and of
which the denominator shall be the number of Ordinary Shares or ADSs, as applicable, outstanding immediately after such event,
and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise
Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section&nbsp;3(a)&nbsp;shall become effective
immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and
shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Pro
Rata Distributions</U>. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other
distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares or ADSs, by way of return of capital
or otherwise, other than cash (including, without limitation, any distribution of stock or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a &#8220;<U>Distribution</U>&#8221;), at any time after the issuance of this Warrant, then, in each such case, the Holder shall
be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder
had held the number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record
is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares or ADSs
are to be determined for the participation in such Distribution (<U>provided</U>, <U>however</U>, to the extent that the Holder's
right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the
Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Ordinary
Shares or ADSs as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance
for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation).</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Subsequent
Rights Offerings</U>. In addition to any adjustments pursuant to Section&nbsp;3(a)&nbsp;above, if at any time the Company grants,
issues or sells any Ordinary Share or ADS equivalents or rights to purchase shares, warrants, securities or other property pro
rata to the record holders of any class of Ordinary Shares or ADSs (the &#8220;<U>Purchase Rights</U>&#8221;), then the Holder
will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant
(without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately
before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken,
the date as of which the record holders of Ordinary Shares or ADSs are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, to the extent that the Holder&#8217;s right to participate in any such Purchase Right would result
in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase
Right to such extent (or beneficial ownership of such ADSs as a result of such Purchase Right to such extent) and such Purchase
Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result
in the Holder exceeding the Beneficial Ownership Limitation).</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>

<!-- Field: Page; Sequence: 59; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Fundamental
Transaction</U>. If, at any time while this Warrant is outstanding, (i)&nbsp;the Company, directly or indirectly, in one or more
related transactions effects any merger or consolidation of the Company with or into another Person, (ii)&nbsp;the Company, directly
or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii)&nbsp;any, direct or indirect, purchase offer, tender offer
or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares or ADSs
are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders
of 50% or more of the total voting power of the Company&#8217;s ordinary shares, (iv)&nbsp;the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or
ADSs or any compulsory share exchange pursuant to which the Ordinary Shares or ADSs is effectively converted into or exchanged
for other securities, cash or property, or (v)&nbsp;the Company, directly or indirectly, in one or more related transactions consummates
a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than
50% of the total voting power of the Company&#8217;s ordinary shares (not including any Ordinary Shares or ADSs held by the other
Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock
or share purchase agreement or other business combination) (each a &#8220;<U>Fundamental Transactio</U>n&#8221;), then, upon any
subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable
upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard
to any limitation in Section&nbsp;2(e)&nbsp;on the exercise of this Warrant), the number of Ordinary Shares or shares of common
stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the &#8220;<U>Alternate Consideration</U>&#8221;) receivable by holders of Ordinary Shares or ADSs as a result of such Fundamental
Transaction for each Ordinary Share or ADS for which this Warrant is exercisable immediately prior to such Fundamental Transaction
(without regard to any limitation in Section&nbsp;2(e)&nbsp;on the exercise of this Warrant). For purposes of any such exercise,
the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the
amount of Alternate Consideration issuable in respect of one Ordinary Shares or ADS in such Fundamental Transaction, and the Company
shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any
different components of the Alternate Consideration. If holders of Ordinary Shares or ADSs are given any choice as to the securities,
cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any
successor entity in a Fundamental Transaction in which the Company is not the survivor (the &#8220;Successor Entity;) to assume
in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the
provisions of this Section&nbsp;3(e)&nbsp;pursuant to written agreements in form and substance reasonably satisfactory to the
Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option
of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares or ADSs acquirable and receivable upon
exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction,
and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account
the relative value of the Ordinary Shares or ADSs pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of
this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form
and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and
be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other
Transaction Documents referring to the &#8220;Company&#8221; shall refer instead to the Successor Entity), and may exercise every
right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction
Documents with the same effect as if such Successor Entity had been named as the Company herein.</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>

<!-- Field: Page; Sequence: 60; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Calculations</U>.
All calculations under this Section&nbsp;3 shall be made to the nearest cent or the nearest 1/100th of an ADS, as the case may
be. For purposes of this Section&nbsp;3, the number of Ordinary Shares or ADSs, as applicable, deemed to be issued and outstanding
as of a given date shall be the sum of the number of Ordinary Shares or ADSs, as applicable, (excluding treasury shares, if any)
issued and outstanding.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Notice
to Holder</U>.</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 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Adjustment
to Exercise Price</U>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section&nbsp;3, the Company shall
promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the
number of Warrant ADSs and setting forth a brief statement of the facts requiring such adjustment.</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 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Notice
to Allow Exercise by Holder</U>. If (A)&nbsp;the Company shall declare a dividend (or any other distribution in whatever form)
on the Ordinary Shares or ADSs, (B)&nbsp;the Company shall declare a special nonrecurring cash dividend on or a redemption of
the Ordinary Shares or ADSs, (C)&nbsp;the Company shall authorize the granting to all holders of the Ordinary Shares or ADSs rights
or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D)&nbsp;the approval of any
shareholders of the Company shall be required in connection with any reclassification of the Ordinary Shares or ADSs, any consolidation
or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any
compulsory share exchange whereby the Ordinary Shares or ADSs are converted into other securities, cash or property, or (E)&nbsp;the
Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then,
in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register
of the Company, at least 10 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating
(x)&nbsp;the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants,
or if a record is not to be taken, the date as of which the holders of the Ordinary Shares or ADSs of record to be entitled to
such dividend, distributions, redemption, rights or warrants are to be determined or (y)&nbsp;the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it
is expected that holders of the Ordinary Shares or ADSs of record shall be entitled to exchange their Ordinary Shares or ADSs
for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share
exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity
of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes,
or contains, material, non-public information regarding the Company or any of the Subsidiaries or Affiliated Entities, the Company
shall simultaneously file such notice with the Commission pursuant to a Report on Form&nbsp;6-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.</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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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">4.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Transfer
of Warrant.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Transferability</U>.
Pursuant to FINRA Rule&nbsp;5110(g)(1), neither this Warrant nor any Warrant ADSs issued upon exercise of this Warrant shall be
sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction
that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately following
the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant is being issued, except the transfer
of any security:</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 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">by
operation of law or by reason of reorganization of the Company;</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 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">to
any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred remain
subject to the lock-up restriction in this Section&nbsp;4(a)&nbsp;for the remainder of the time period;</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>

<!-- Field: Page; Sequence: 62; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">if
the aggregate amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities being
offered;</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 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">that
is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages
or otherwise directs investments by the fund, and participating members in the aggregate do not own more than 10% of the equity
in the fund; or</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 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">the
exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section&nbsp;4(a)&nbsp;for
the remainder of the time period.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Subject to the foregoing restriction,
any applicable securities laws and the conditions set forth in Section&nbsp;4(d), this Warrant and all rights hereunder (including,
without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal
office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the
purchase of Warrant ADSs without having a new Warrant issued.</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 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>New
Warrants</U>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed
by the Holder or its agent or attorney. Subject to compliance with Section&nbsp;4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant ADSs issuable
pursuant thereto.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Warrant
Register</U>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the &#8220;<U>Warrant
Register</U>&#8221;), in the name of the record Holder hereof from time to time.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Representation
by the Holder</U>. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any
exercise hereof, will acquire the Warrant ADSs issuable upon such exercise, for its own account and not with a view to or for distributing
or reselling such Warrant ADSs or any part thereof in violation of the Securities Act or any applicable state securities law, except
pursuant to sales registered or exempted under the Securities Act.</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>

<!-- Field: Page; Sequence: 63; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Registration
Rights</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;<U>Piggy-Back
Registration.</U></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">i. <U>Piggy-Back Rights</U>. If at any time during
the seven year period after the Effective Date, the Company proposes to file a registration statement under the Securities Act
with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible
into, equity securities, by the Company for its own account or for shareholders of the Company for their account (or by the Company
and by shareholders of the Company), other than a registration statement (i)&nbsp;filed in connection with any employee share
option or other benefit plan, (ii)&nbsp;for an exchange offer or offering of securities solely to the Company&#8217;s existing
shareholders, or (iii)&nbsp;for a dividend reinvestment plan, then the Company shall (x)&nbsp;give written notice of such proposed
filing to the holders of the Ordinary Shares issued or issuable upon the exercise of the Warrants (the &#8220;Registrable Securities&#8221;)
as soon as practicable but in no event less than ten days before the anticipated filing date, which notice shall describe the
amount and type of securities to be included in such offering, the intended method(s)&nbsp;of distribution, and the name of the
proposed managing underwriter or underwriters, if any, of the offering, and (y)&nbsp;offer to the holders of Registrable Securities
in such notice the opportunity to register the sale of such number of Warrant Shares held by such holder (the &#8220;<U>Piggy-Back
Registrable Securities</U>&#8221;), as such holders may request in writing within five days following receipt of such notice (a
 &#8220;<U>Piggy-Back Registration</U>&#8221;). The Company shall cause such Piggy-Back Registrable Securities to be included in
such registration and shall use its commercially reasonable efforts to cause the managing underwriter or underwriters of a proposed
underwritten offering to permit the Piggy-Back Registrable Securities requested to be included in a Piggy-Back Registration on
the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such Piggy-Back
Registrable Securities in accordance with the intended method(s)&nbsp;of distribution thereof. All holders of Piggy-Back Registrable
Securities proposing to distribute their securities through a Piggy-Back Registration that involves an underwriter or underwriters
shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such Piggy-Back
Registration.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">ii. <U>Reduction of Offering</U>. If the managing underwriter
or underwriters for a Piggy-Back Registration that is to be an underwritten offering advises the Company and the holders of Registrable
Securities in writing that the dollar amount or number of Ordinary Shares which the Company desires to sell, taken together with
Ordinary Shares, if any, as to which registration has been requested pursuant to written contractual arrangements with persons
other than the holders of Piggy-Back Registrable Securities hereunder, the Piggy-Back Registrable Securities as to which registration
has been requested under this Section&nbsp;5(b), and the Ordinary Shares, if any, as to which registration has been requested pursuant
to the written contractual piggy-back registration rights of other shareholders of the Company, exceeds the maximum dollar amount
or maximum number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing,
the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares,
as applicable, the &#8220;<U>Maximum Number of Shares</U>&#8221;), then the Company shall include in any such registration:</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>

<!-- Field: Page; Sequence: 64; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(x)&nbsp;If the registration is undertaken for the Company&#8217;s
account: (A)&nbsp;first, the Ordinary Shares or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; and (B)&nbsp;second, subject to the requirements of registration rights granted by the Company prior
to the date hereof, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), up to
the amount of shares of Ordinary Shares or other securities that can be sold without exceeding the Maximum Number of Shares, on
a pro rata basis, from (i)&nbsp;Piggy-Back Registrable Securities as to which registration has been requested and (ii)&nbsp;the
Ordinary Shares or other securities for the account of other persons that the Company is obligated to register pursuant to written
contractual piggy-back registration rights with such persons;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">iii. <U>Withdrawal</U>. Any holder of Piggy-Back Registrable
Securities may elect to withdraw such holder&#8217;s request for inclusion of such Piggy-Back Registrable Securities in any Piggy-Back
Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the registration
statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a demand pursuant to
written contractual obligations) may withdraw a registration statement at any time prior to the effectiveness of the registration
statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders of Piggy-Back Registrable
Securities in connection with such Piggy-Back Registration as provided in Section&nbsp;5(b)(iv).</P>




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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">iv. <U>Terms</U>. The Company shall bear all fees and
expenses attendant to registering the Piggy-Back Registrable Securities, including the expenses of one legal counsel selected by
the Holders to represent them in connection with the sale of the Piggy-Back Registrable Securities but the Holders shall pay any
and all underwriting commissions related to the Piggy-Back Registrable Securities. In the event of such a proposed registration,
the Company shall furnish the then Holders of outstanding Piggy-Back Registrable Securities with not less than fifteen days written
notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given
for each applicable registration statement filed (during the period in which the Warrant is exercisable) by the Company until such
time as all of the Piggy-Back Registrable Securities have been registered and sold. The Holders of the Piggy-Back Registrable Securities
shall exercise the &#8220;piggy-back&#8221; rights provided for herein by giving written notice, within ten days of the receipt
of the Company&#8217;s notice of its intention to file a registration statement. The Company shall cause any registration statement
filed pursuant to the above &#8220;piggyback&#8221; rights to remain effective for at least nine (9)&nbsp;months from the date
that the Holders of the Piggy-Back Registrable Securities are first given the opportunity to sell all of such securities.</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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;<U>General Terms</U>.
These additional terms shall relate to registration under Sections 5(a)&nbsp;above:</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: 1in">i. <U>Indemnification</U>.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(w)&nbsp;The Company shall, to the fullest extent permitted
by applicable law, indemnify the Holder(s)&nbsp;of the Registrable Securities to be sold pursuant to any registration statement
hereunder and each person, if any, who controls such Holders within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20(a)&nbsp;of
the Exchange Act against all loss, claim, damage, expense or liability (including all reasonable attorneys&#8217; fees and other
expenses reasonably incurred in investigating, preparing or defending against litigation, commenced or threatened, or any claim
whatsoever whether arising out of any action between the underwriter and the Company or between the underwriter and any third party
or otherwise) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration
statement; <U>provided</U>, <U>however</U>, that, with respect to any Holder of Registrable Securities, this indemnity shall not
apply to any loss, liability, claim, damage or expense to the extent arising out of an untrue statement or omission or alleged
untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by such
Holder expressly for use in the registration statement (or any amendment thereto), or any preliminary prospectus or the prospectus
(or any amendment or supplement thereto).</P>

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




<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(x)&nbsp;The Holder(s)&nbsp;of the Registrable Securities
to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify
the Company, its officers and directors and each person, if any, who controls the Company within the meaning of Section&nbsp;15
of the Act or Section&nbsp;20(a)&nbsp;of the Exchange Act, against all loss, claim, damage, expense or liability (including all
reasonable attorneys&#8217; fees and other expenses reasonably incurred in investigating, preparing or defending against any claim
whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise, arising from information furnished by
or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement(or
any amendment thereto), or any preliminary prospectus or the prospectus (or any amendment or supplement thereto).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(y)&nbsp;Each indemnified party shall give prompt notice
to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure
to so notify an indemnifying party shall not relieve the indemnifying party from any liability it may have under this Agreement,
except to the extent that the indemnifying party is prejudiced thereby. If it so elects, after receipt of such notice, an indemnifying
party, jointly with any other indemnifying parties receiving such notice, may assume the defense of such action with counsel chosen
by it; <U>provided</U>, <U>however</U>, that the indemnified party shall be entitled to participate in (but not control) the defense
of such action with counsel chosen by it, the reasonable fees and expenses of which shall be paid by such indemnified party, unless
a conflict would arise if one counsel were to represent both the indemnified party and the indemnifying party, in which case the
reasonable fees and expenses of counsel to the indemnified party shall be paid by the indemnifying party or parties. In no event
shall the indemnifying party or parties be liable for a settlement of an action with respect to which they have assumed the defense
if such settlement is effected without the written consent of such indemnifying party, or for the reasonable fees and expenses
of more than one counsel for (i)&nbsp;the Company, its officers, directors and controlling persons as a group, and (ii)&nbsp;the
selling Holders and their controlling persons as a group, in each case, in connection with any one action or separate but similar
or related actions in the same jurisdiction arising out of the same general allegations or circumstances; <U>provided</U>, <U>however</U>,
that if, in the reasonable judgment of an indemnified party, a conflict of interest may exist between such indemnified party and
the Company or any other of such indemnified parties with respect to such claim, the indemnifying party shall be obligated to pay
the reasonable fees and expenses of such additional counsel.</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>

<!-- Field: Page; Sequence: 66; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(z)&nbsp;If the indemnification
provided for in or pursuant to Section&nbsp;5(b)(i)&nbsp;is due in accordance with the terms hereof, but held by a court of competent
jurisdiction to be unavailable or unenforceable in respect of any losses, claims, damages, liabilities or expenses referred to
therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount
paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion
as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the
other in connection with the statements or omissions which result in such losses, claims, damages, liabilities or expenses as
well as any other relevant equitable considerations. The relative fault of the indemnifying party on the one hand and of the indemnified
party on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of
a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying
party or by the indemnified party, and by such party&#8217;s relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.</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: 1in">ii. <U>Supplemental Prospectus</U>.
Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event as a result of which the prospectus
included in the registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
then existing, such Holder will immediately discontinue disposition of Registrable Securities pursuant to the registration statement
covering such Registrable Securities until such Holder&#8217;s receipt of the copies of a supplemental or amended prospectus, and,
if so desired by the Company, such Holder shall deliver to the Company (at the expense of the Company) or destroy (and deliver
to the Company a certificate of such destruction) all copies, other than permanent file copies then in such Holder&#8217;s possession,
of the prospectus covering such Registrable Securities current at the time of receipt of such notice. Immediately after discovering
of such an event which causes the prospectus included in the registration statement, as then in effect, includes an untrue statement
of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing, the Company shall prepare and file, as soon as practicable, a supplement
or amendment to the prospectus so that such registration statement does not include any untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing and distribute such supplement or amendment to each Holder.</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>

<!-- Field: Page; Sequence: 67; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">6.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Miscellaneous.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>No
Rights as Stockholder Until Exercise</U>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a holder of Warrant ADSs prior to the Warrant ADSs Delivery Date.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Loss,
Theft, Destruction or Mutilation of Warrant</U>. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any certificate relating to the Warrant ADSs,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of
such Warrant or stock certificate.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Saturdays,
Sundays, Holidays,&nbsp;etc</U>. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Authorized
Shares</U>. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Ordinary Shares a sufficient number of shares to provide for the issuance of the Warrant ADSs and underlying Ordinary Shares upon
the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute
full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase
rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant ADSs
may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the applicable
Trading Market upon which the Ordinary Shares and ADSs may be listed. The Company covenants that all Warrant ADSs which may be
issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented
by this Warrant and payment for such Warrant ADSs in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect
of any transfer occurring contemporaneously with such issue).</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>

<!-- Field: Page; Sequence: 68; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Except and to the extent as waived
or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of
incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will
at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality
of the foregoing, the Company will (i)&nbsp;not increase the par value of any Warrant ADSs above the amount payable therefor upon
such exercise immediately prior to such increase in par value, (ii)&nbsp;take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant ADSs upon the exercise of this Warrant
and (iii)&nbsp;use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Before taking any action which
would result in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable or in the Exercise Price, the
Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.</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 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Jurisdiction</U>.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Underwriting Agreement.</FONT></P>

<P STYLE="text-align: justify; 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 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Restrictions</U>.
The Holder acknowledges that the Warrant ADSs acquired upon the exercise of this Warrant, if not registered, will have restrictions
upon resale imposed by state and federal securities laws.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Nonwaiver
and Expenses</U>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder&#8217;s rights, powers or remedies. Without limiting any other provision
of this Warrant or the Underwriting Agreement, if the Company willfully and knowingly fails to comply with any provision of this
Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient
to cover any costs and expenses including, but not limited to, reasonable attorneys&#8217; fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.</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>

<!-- Field: Page; Sequence: 69; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Notices</U>.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Underwriting Agreement.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Limitation
of Liability</U>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Ordinary Shares or ADSs or as a shareholder of the Company, whether such liability is asserted by
the Company or by creditors of the Company.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(j)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Remedies</U>.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.</FONT>&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(k)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Successors
and Assigns</U>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant ADSs.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(l)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Amendment</U>.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(m)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Severability</U>.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(n)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Headings</U>.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.</FONT></P>

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

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

<!-- Field: Page; Sequence: 70; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE9 LIMITED.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></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; text-align: justify"></P>

<!-- Field: Page; Sequence: 71; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF EXERCISE</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">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">To:</FONT></TD>
    <TD STYLE="width: 90%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE9 LIMITED,<BR>
THE BANK OF NEW YORK MELLON</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; text-align: justify; text-indent: 1in">(1)&nbsp;The undersigned
hereby elects to purchase ________ Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.</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: 1in">(2)&nbsp;Payment shall
take the form of (check applicable box):</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 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT>
in lawful money of the United States; or</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 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT>
if permitted the cancellation of such number of Warrant ADSs as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant ADSs purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).</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: 1in">(3)&nbsp;Please register
and issue said Warrant ADSs in the name of the undersigned or in such other name as is specified below:</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>

<!-- 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Warrant ADSs shall be delivered to the following DWAC Account
Number or by physical delivery of a certificate to:</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"></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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[SIGNATURE OF HOLDER]</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Investing Entity:</FONT></TD>
    <TD STYLE="width: 80%; border-bottom: black 1pt solid">&nbsp;</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="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Signature of Authorized Signatory of Investing Entity</I></FONT><FONT STYLE="font-size: 10pt">:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Authorized Signatory:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 24%"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 53%"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></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 COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of Authorized Signatory:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 73%"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></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; text-align: center"></P>

<!-- Field: Page; Sequence: 72; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(To assign the foregoing warrant, execute<BR>
this form and supply required information.<BR>
Do not use this form to exercise the warrant.)</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: 1in">FOR VALUE RECEIVED, [____]
all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to</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">_____________________________________________________ whose
address is</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>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: ______________, _______</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 20%">&nbsp;</TD>
    <TD STYLE="width: 24%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holder&#8217;s Signature:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holder&#8217;s Address:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&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; text-align: justify">NOTE: The signature to this Assignment
Form&nbsp;must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change
whatsoever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence
of authority to assign the foregoing Warrant.</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"></P>

<!-- Field: Page; Sequence: 73; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></FONT></P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>3
<FILENAME>tm2032444d1_ex4-4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.4</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WARRANT AGENT AGREEMENT
(this &ldquo;<U>Warrant Agreement</U>&rdquo;) dated as of October 2, 2020 (the &ldquo;<U>Issuance Date</U>&rdquo;) between The9
Limited., a company incorporated under the laws of the Cayman Islands (the &ldquo;<U>Company</U>&rdquo;), and Computershare Inc.,
a Delaware corporation (&ldquo;<U>Computershare</U>&rdquo;), and its wholly-owned subsidiary, Computershare Trust Company, N.A.,
a federally chartered trust company (the &ldquo;<U>Warrant Agent</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to
the terms of that certain Underwriting Agreement (&ldquo;<U>Underwriting Agreement</U>&rdquo;), dated September 29, 2020, between
the Company and Maxim Group., LLC (&ldquo;Maxim&rdquo;), as representative of the underwriters set forth therein, the Company is
engaged in a public offering (the &ldquo;<U>Offering</U>&rdquo;) of up to 27,025,000 American Depositary Shares (&ldquo;<U>ADSs</U>&rdquo;),
each ADS representing three (3) Class A ordinary shares of the Company, par value US$0.01 per share (&ldquo;<U>Ordinary Shares</U>&rdquo;),
and up to 27,025,000 Warrants (the &ldquo;<U>Warrants</U>&rdquo;), with each such Warrant representing the right of the holder
thereof to purchase one ADS (each, a &ldquo;<U>Warrant ADS</U>&rdquo;) for US$0.37 per ADS, subject to adjustment as described
herein, plus applicable fees, charges and taxes;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the ADSs are
issuable under the Amended and Restated Deposit Agreement dated as of June 28, 2019 (the &ldquo;<U>Deposit Agreement</U>&rdquo;)
among the Company, The Bank of New York Mellon, as depositary (the &ldquo;<U>Depositary</U>&rdquo;), and all Owners and Holders
(each as defined in the Deposit Agreement) from time to time of the ADSs issued thereunder;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
has filed with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) a Registration Statement, No. 333-240331,
on Form F-1 (as the same may be amended from time to time, the &ldquo;<U>Registration Statement</U>&rdquo;) for the registration,
under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), of, among other securities, the Warrants
and the Ordinary Shares underlying the Warrant ADSs issuable upon exercise of the Warrants (the &ldquo;<U>Warrant Shares</U>&rdquo;),
and such Registration Statement was declared effective on September 29, 2020;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance with the terms
set forth in this Warrant Agreement in connection with the issuance, registration, registration of transfer and exercise of the
Warrants;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
desires to provide for the provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective
rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, all acts and
things have been done and performed which are necessary to make the Warrants the valid, binding and legal obligations of the Company,
and to authorize the execution and delivery of this Warrant Agreement.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> <U>Appointment of Warrant Agent</U>. The Company hereby appoints the Warrant Agent to act as agent for the Company
with respect to the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance
with the express terms and conditions set forth in this Warrant Agreement (and no implied terms or conditions).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Warrants</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Form of Warrants</U>. The Warrants shall be registered securities in book entry form and shall be evidenced by
a global certificate (&ldquo;<U>Global Certificate</U>&rdquo;) in the form of <U>Annex A</U> to this Warrant Agreement, which shall
be deposited on behalf of the Company with a custodian for The Depository Trust Company (&ldquo;<U>DTC</U>&rdquo;) and registered
in the name of Cede &amp; Co., a nominee of DTC. If DTC subsequently ceases to make its book-entry settlement system available
for the Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In
the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, book-entry form,
the Company may instruct the Warrant Agent to provide written instructions to DTC to deliver to the Warrant Agent for cancellation
the Global Certificate, and the Company shall instruct the Warrant Agent to deliver each holder of the Warrants separate certificates
in the form of <U>Annex A</U> evidencing Warrants (&ldquo;<U>Definitive Certificates</U>&rdquo; and, together with the Global Certificate,
 &ldquo;<U>Warrant Certificates</U>&rdquo;) registered as requested through the DTC system. In the event Definitive Certificates
are delivered to the Holders, the transfer, exchange or exercise of the Warrants shall be conducted in accordance with the customary
procedures of the Warrant Agent. The Company shall use its best efforts to enable the Warrants be &ldquo;DTC eligible&rdquo; so
that the interests in the Warrants may be held in book-entry through DTC for the term of the Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Exchange of Interest in Global Certificate for Definitive Certificate</U>. Notwithstanding Section 2.1 above,
a holder of a security entitlement in Warrants evidenced by the Global Certificate has the right to elect at any time to exchange
it for a Definitive Certificate evidencing the same number of Warrants. Upon written notice by a Participant having Warrants credited
to its DTC account for the exchange of some or all that entitlement for a Definitive Certificate evidencing the same number of
Warrants, which request shall be in the form attached hereto as <U>Annex D</U> (a &ldquo;<U>Warrant Certificate Request Notice</U>&rdquo;
and the date of delivery of such Warrant Certificate Request Notice by the Holder, the &ldquo;<U>Warrant Certificate Request Notice
Date</U>&rdquo; and the exchange made pursuant to the Warrant Certificate Request Notice, a &ldquo;<U>Warrant Exchange</U>&rdquo;),
and upon surrender by that Participant of the Warrants to be exchanged to the Warrant Agent through DTC&rsquo;s system, the Warrant
Agent shall, without unreasonable delay, effect the Warrant Exchange by issuing and delivering a Definitive Certificate for such
number of Warrants in the name and mailed to the address set forth in the Warrant Certificate Request Notice. Such Definitive Certificate
shall be dated the original issue date of the Warrants, shall be manually executed by an authorized signatory of the Company and
shall be in the form attached hereto as <U>Annex A</U> In connection with a Warrant Exchange, the Company agrees to deliver, or
to direct the Warrant Agent to deliver, the Definitive Certificate to the specified Holder within ten (10) Business Days of the
Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (the &ldquo;<U>Warrant
Certificate Delivery Date</U>&rdquo;). &ldquo;Business Day&rdquo; means any day other than a Saturday, Sunday, or a day on which
banking institutions in the State of New York are authorized or obligated by law or executive order to close.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> The Company shall provide to the Warrant Agent an opinion of counsel on or prior to the issuance of Warrants to
set up a reserve of Warrant Shares for the outstanding Warrants. The opinion shall state that all Warrants or Warrant Shares, as
applicable, are, (i) registered under the Securities Act of 1933, as amended, and (ii) validly issued, fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Issuance and Registration of Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Warrant Register</U>. Upon the receipt of all relevant information from the Company or its agents, the Warrant
Agent shall maintain books (&ldquo;<U>Warrant Register</U>&rdquo;) for the registration of original issuance and the registration
of transfer of the Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Issuance of Warrants</U>. Upon the initial issuance of the Warrants, the Warrant Agent shall issue the Global
Certificate and deliver the Warrants in the DTC book-entry settlement system in accordance with written instructions delivered
to the Warrant Agent by the Company. Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such
ownership shall be effected through, records maintained (i) by DTC and (ii) by institutions that have accounts with DTC (each,
with respect to a Warrant in its account, a &ldquo;<U>Participant</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Beneficial Owner; Holder</U>. Prior to due presentment for registration of transfer of any Warrant, the Company
and the Warrant Agent may deem and treat the person in whose name that Warrant shall be registered on the Warrant Register (the
 &ldquo;<U>Holder</U>&rdquo;, which shall include, if the Warrants are held in &ldquo;street name&rdquo;, a Participant or a designee
appointed by such Participant) as the absolute owner of such Warrant for purposes of any exercise thereof, and for all other purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing
herein shall prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any
written certification, proxy or other authorization furnished by DTC governing the exercise of the rights of a holder of a beneficial
interest in any Warrant. The rights of beneficial owners in a Warrant evidenced by the Global Certificate shall be exercised by
the Holder or a Participant through the DTC system.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Execution</U>. The Warrant Certificates shall be executed on behalf of the Company by any authorized officer
of the Company (an &ldquo;<U>Authorized Officer</U>&rdquo;), which need not be the same authorized signatory for all of the Warrant
Certificates, either manually or by facsimile signature. The Warrant Certificates shall be countersigned by an authorized signatory
of the Warrant Agent either by manual, electronic or facsimile signature, which need not be the same signatory for all of the
Warrant Certificates, and no Warrant Certificate shall be valid for any purpose unless so countersigned. In case any Authorized
Officer of the Company that signed any of the Warrant Certificates ceases to be an Authorized Officer of the Company before countersignature
by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless, may be countersigned by
the Warrant Agent, issued and delivered with the same force and effect as though the person who signed such Warrant Certificates
had not ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by any person
who, at the actual date of the execution of such Warrant Certificate, shall be an Authorized Officer of the Company authorized
to sign such Warrant Certificate, although at the date of the execution of this Warrant Agreement any such person was not such
an Authorized Officer.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Registration of Transfer</U>. At any time at or prior to the Expiration Date (as defined below), a transfer of
any Warrants may be registered and any Warrant Certificate or Warrant Certificates may be split up, combined or exchanged for another
Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates
surrendered. Any Holder desiring to register the transfer of Warrants or to split up, combine or exchange any Warrant Certificate
shall make such request in writing delivered to the Warrant Agent, and shall surrender to the Warrant Agent the Warrant Certificate
or Warrant Certificates evidencing the Warrants the transfer of which is to be registered or that is or are to be split up, combined
or exchanged and, in the case of registration of transfer, shall provide a signature guarantee by an &ldquo;eligible guarantor
institution&rdquo; that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable &ldquo;signature
guarantee program.&rdquo; Thereupon, the Warrant Agent shall countersign and deliver to the person entitled thereto a Warrant Certificate
or Warrant Certificates, as the case may be, as so requested. The Company and the Warrant Agent may require payment, by the Holder
requesting a registration of transfer of Warrants or a split-up, combination or exchange of a Warrant Certificate (but, for purposes
of clarity, not upon the exercise of the Warrants and issuance of Warrant ADS to the Holder), of a sum sufficient to cover any
tax or governmental charge that may be imposed in connection with such registration of transfer, split-up, combination or exchange,
together with reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto. The Warrant Agent
shall not have any duty or obligation to take any action under any section of this Warrant Agreement that requires the payment
of taxes and/or charges unless and until it is satisfied that all such payments have been made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Loss, Theft and Mutilation of Warrant Certificates</U>. Upon receipt by the Company and the Warrant Agent of evidence
reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft
or destruction, of indemnity or security acceptable to the Warrant Agent, and reimbursement to the Company and the Warrant Agent
of all reasonable expenses incidental thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate
if mutilated, the Warrant Agent shall, on behalf of the Company, countersign and deliver a new Warrant Certificate of like tenor
to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated. The Warrant Agent may charge the Holder
an administrative fee for processing the replacement of lost Warrant Certificates, which shall be charged only once in instances
where a single surety bond obtained covers multiple certificates. The Warrant Agent may receive compensation from the surety companies
or surety agents for administrative services provided to them. Notwithstanding anything herein to the contrary, in connection with
a Warrant in book entry or electronic form through DTC, no posting of a bond shall be required under this Section 2.2.6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.2.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Proxies</U>. The Holder of a Warrant may grant proxies or otherwise authorize any person, including the Participants
and beneficial holders that may own interests through the Participants, to take any action that a Holder is entitled to take under
this Warrant Agreement or the Warrants; <U>provided</U>, <U>however</U>, that at all times that Warrants are evidenced by a Global
Certificate, exercise of those Warrants shall be effected on their behalf by Participants through DTC in accordance with the procedures
administered by DTC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> <U>Terms and Exercise of Warrants</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Exercise Price</U>. Each Warrant shall entitle the Holder, subject to the provisions of the applicable Warrant
Certificate and of this Warrant Agreement, to purchase from the Company the number of ADSs stated therein, at the price of US$0.37
per ADS, subject to the subsequent adjustments provided in Section 4 hereof. The term &ldquo;<U>Exercise Price</U>&rdquo; as used
in this Warrant Agreement refers to the price per ADS at which ADSs may be purchased at the time a Warrant is exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Duration of Warrants</U>. Warrants may be exercised only during the period (&ldquo;<U>Exercise Period</U>&rdquo;)
commencing on the Issuance Date and terminating at 5:00 P.M., New York City time (the &ldquo;<U>close of business</U>&rdquo;) on
October 2, 2023 (&ldquo;<U>Expiration Date</U>&rdquo;). Each Warrant not exercised on or before the Expiration Date shall become
void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement shall cease at the close of business
on the Expiration Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Exercise of Warrants</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">3.3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Exercise and Payment</U>. (a) Subject to the provisions of this Warrant Agreement, a Holder (or a Participant
acting on behalf of a Holder in accordance with DTC procedures) may exercise Warrants by delivering to the Warrant Agent, not later
than 5:00 P.M., New York City time, on any Business Day during the Exercise Period an election to purchase the Warrant ADSs underlying
the Warrants to be exercised (A) in the form included in <U>Annex B</U> to this Warrant Agreement or (B) via an electronic warrant
exercise through the DTC system (each, an &ldquo;<U>Election to Purchase</U>&rdquo;). Within one Trading Day following the delivery
of the Election to Purchase, the Holder shall deliver (i) the Warrants to be exercised by (A) surrender of the Warrant Certificate
evidencing the Warrants to the Warrant Agent at its office designated for such purpose or (B) delivery of the Warrants to an account
of the Warrant Agent at DTC designated for such purpose in writing by the Warrant Agent to DTC from time to time, (ii) and (ii)
the Exercise Price for each Warrant to be exercised (and, if applicable, any taxes or charges due in connection with the exercise
of such Warrants), in lawful money of the United States of America by (A) certified or official bank check or wire transfer from
a United States bank payable to the Warrant Agent or (B) payment to the Warrant Agent through the DTC system, unless cashless exercise
is applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>If any of (i) the Warrants, (ii) the Election to Purchase, or (iii) the Exercise Price therefor (and, if applicable,
any taxes or charges due in connection with the exercise of such Warrants), is received by the Warrant Agent on any date after
5:00 P.M., New York City time, or on a date that is not a Trading Day, the Warrants with respect thereto will be deemed to have
been received and exercised on the Trading Day next succeeding such date. The &ldquo;<U>Exercise Date</U>&rdquo; will be the date
on which the Election to Purchase is delivered to the Warrant Agent. <U>However</U>, the Warrants shall not be deemed to be duly
exercised if (i) the Warrants and (ii) the Exercise Price therefore are not received by the Warrant Agent on or prior to the Trading
Day following the delivery of the Election to Purchase. If the Warrants are received or deemed to be received after the Expiration
Date, the exercise thereof will be null and void and any funds delivered to the Warrant Agent will be returned to the Holder or
Participant, as the case may be, as soon as practicable. &ldquo;<U>Trading Day</U>&rdquo; means any day on which the ADSs are
traded on the Trading Market, or, if the Trading Market is not the principal trading market for the ADSs, then on the principal
securities exchange or securities market in the United States on which the ADSs are then traded. &ldquo;<U>Trading Market</U>&rdquo;
means NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock
Exchange.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Warrant Agent shall deposit all funds received by it in payment of the Exercise Price in the account maintained
by the Warrant Agent in its name as agent for the Company. The Warrant Agent shall forward funds received for warrant exercises
in a given month by the fifth Business Day of the following month by wire transfer to an account designated by the Company, or
as otherwise from time to time as reasonably requested by the Company. All funds received by Computershare under this Agreement
that are to be distributed or applied by Computershare in the performance of services hereunder (the &ldquo;Funds&rdquo;) shall
be held by Computershare as agent for the Company and deposited in one or more bank accounts to be maintained by Computershare
in its name as agent for the Company. Until paid pursuant to the terms of this Warrant Agreement, Computershare will hold the Funds
through such accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating
above investment grade by S&amp;P (LT Local Issuer Credit Rating), Moody&rsquo;s (Long Term Rating) and Fitch Ratings, Inc. (LT
Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare shall have no responsibility or liability for
any diminution of the Funds that may result from any deposit made by Computershare in accordance with this Section 3.3.1(c), including
any losses resulting from a default by any bank, financial institution or other third party. Computershare may from time to time
receive interest, dividends or other earnings in connection with such deposits. Computershare shall not be obligated to pay such
interest, dividends or earnings to the Company, any holder or any other party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>If less than all the Warrants evidenced by a surrendered Warrant Certificate are exercised, the Warrant Agent shall
split up the surrendered Warrant Certificate and return to the Holder a Warrant Certificate evidencing the Warrants that were not
exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">3.3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Issuance of Warrant Shares</U>. (a) The Warrant Agent shall, by 11:00 a.m., New York City time, on the Trading
Day following the Exercise Date of any Warrant, advise the Company, the transfer agent and registrar for Ordinary Shares and the
Depositary, in respect of (i) the number of Warrant Shares indicated on the Election to Purchase as issuable upon such exercise
with respect to such exercised Warrants, (ii) the instructions of the Holder or Participant, as the case may be, provided to the
Warrant Agent with respect to the delivery of the Warrant ADSs and the number of Warrants that remain outstanding after such exercise
and (iii) such other information as the Company or the Depositary shall reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company shall, by no later than 5:00 P.M., New York City time, on the fourth Trading Day following the Exercise
Date of any Warrant, provided the funds in payment of the Exercise Price for each Warrant to be exercised have cleared on the Trading
Day following the Exercise Date, cause its registrar to deliver the Warrant Shares issuable upon that exercise to the Depositary&rsquo;s
custodian for deposit under the Deposit Agreement and instruct the Depositary to deliver the Warrant ADSs issuable upon that deposit
of Warrant Shares as requested in the Election to Purchase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> The Company shall, by no later than 5:00 P.M., New York City time, on the fifth Trading Day following the Exercise
Date of any Warrant, provided the funds in payment of the Exercise Price for each Warrant to be exercised have cleared on the Trading
Day following the Exercise Date, cause the Depositary to deliver the Warrant ADSs to the Holder pursuant to the Election to Purchase
(the &ldquo;<U>Warrant ADS Delivery Date</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">3.3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Valid Issuance</U>. All Warrant Shares and Warrant ADSs issuable by the Company upon the proper exercise of a
Warrant in conformity with this Warrant Agreement shall be validly issued, fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">3.3.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>No Fractional Exercise</U>. No fractional Warrant ADSs will be issued upon the exercise of the Warrant, but rather
the Company shall adjust the number of Warrant Shares issued up or down to the nearest integral multiple of the number of Ordinary
Shares at the time represented by one ADS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">3.3.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>No Transfer Taxes</U>. The Company shall not be required to pay any stamp or other tax or charge required to be
paid in connection with the exercise of Warrants; and the Company shall not be required to issue or deliver any Warrant Shares
until such tax or other charge shall have been paid or it has been established to the Company&rsquo;s and the Warrant Agent&rsquo;s
satisfaction that no such tax or other charge is due. For purposes of clarity, the Company shall pay any stamp or other tax or
charge required to be paid in connection with any issuance to the Holder of the Warrant ADSs or Warrant Shares upon the exercise
of Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">3.3.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Date of Issuance</U>. (a) The Holder shall only be deemed for all corporate purposes to have become the holder
of record of the Warrant ADSs on the Exercise Date, except that, if the Exercise Date is a date when the stock transfer books of
the Company are closed, such person shall be deemed to have become the holder of such shares at the open of business on the next
succeeding date on which the stock transfer books are open. <U>However</U>, it is understood and agreed that Warrant ADSs will
not be registered or issued until the Depositary receives notice from its custodian that the Warrant Shares have been deposited
under the Deposit Agreement; provided further, however, it is acknowledged and agreed that the Company shall take all reasonable
steps to ensure the Warrant ADSs are delivered to the Holder on or prior to the Warrant ADS Delivery Date in accordance with Section
3.3.2(c) hereof and, if the Warrant ADSs are not delivered to the Holder on or prior to the Warrant ADS Delivery Date, the provisions
of Section 3.3.9 shall apply.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>No exercising Holder, which Holder effected a Warrant Exchange pursuant to Section 2.1.1 prior to the Exercise Date,
shall be required to surrender its Warrant to the Warrant Agent, unless such exercise is for the remaining numbers of ADSs issuable
upon exercise of such Warrant, in which case the Holder shall deliver the Warrant Certificate to the Warrant Agent within three
(3) Business Days.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="color: #010000">3.3.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Restrictive Legend Events; Cashless Exercise Under Certain Circumstances</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company shall use its commercially reasonable efforts to maintain the effectiveness of the Registration Statement
and the current status of the prospectus included therein or to file and maintain the effectiveness of another registration statement
and another current prospectus covering the Warrants and the Warrant Shares at any time that the Warrants are exercisable. The
Company shall provide to the Warrant Agent and each Holder prompt written notice of any time that the Company is unable to deliver
the Warrant ADSs via DTC transfer or otherwise without restrictive legend because (A) the Commission has issued a stop order with
respect to the Registration Statement, (B) the Commission otherwise has suspended or withdrawn the effectiveness of the Registration
Statement, either temporarily or permanently, (C) the Company has suspended or withdrawn the effectiveness of the Registration
Statement, either temporarily or permanently, (D) the prospectus contained in the Registration Statement is not available for
the issuance of the Warrant ADSs to the Holder, (E) the Registration Statement or the prospectus contained in the Registration
Statement is not current and does not conform to the requirements of the applicable rules and regulations, or the SEC has not
declared effective a post-effective amendment to the Registration Statement if one is required to be filed to update the disclosure
in the Registration Statement, or (F) otherwise (each a &ldquo;<U>Restrictive Legend Event</U>&rdquo;). To the extent that the
Warrants cannot be exercised as a result of a Restrictive Legend Event or a Restrictive Legend Event occurs after a Holder has
exercised Warrants in accordance with the terms of the Warrants but prior to the delivery of the Warrant ADSs, the Company shall,
at the election of the Holder, which shall be given within five (5) days of receipt of such notice of the Restrictive Legend Event,
either (A) rescind the previously submitted Election to Purchase and the Company shall return all consideration paid by registered
holder for such shares upon such rescission or (B) treat the attempted exercise as a cashless exercise as described in paragraph
(ii) below and refund the cash portion of the exercise price to the Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>If a Restrictive Legend Event has occurred, the Warrant shall only be exercisable on a cashless basis. Notwithstanding
anything herein to the contrary, other than the rights of any Holder to receive cash payments pursuant to Section 3.3.9 herein,
the Company shall not be required to make any cash payments or net cash settlement to the Holder in lieu of delivery of the Warrant
ADSs. Upon a &ldquo;cashless exercise&rdquo;, the Holder shall be entitled to receive the number of Warrant ADSs equal to the quotient
obtained by dividing (A-B) (X) by (A), where:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;=
as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Election to Purchase if such Election
to Purchase is (1) both executed and delivered pursuant to Section 3.3.1 hereof on a day that is not a Trading Day or (2) both
executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of &ldquo;regular trading hours&rdquo;
(as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the
option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Election to Purchase
or (z) the Bid Price of the Ordinary Shares on the principal Trading Market as reported by Bloomberg L.P. as of the time of the
Holder&rsquo;s execution of the applicable Election to Purchase if such Election to Purchase is executed during &ldquo;regular
trading hours&rdquo; on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the
close of &ldquo;regular trading hours&rdquo; on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of
the applicable Election to Purchase if the date of such Election to Purchase is a Trading Day and such Election to Purchase is
both executed and delivered pursuant to Section 2(a) hereof after the close of &ldquo;regular trading hours&rdquo; on such Trading
Day;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;= the
Exercise Price of the Warrant, as adjusted as set forth herein; and</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(X)</TD><TD>= the number of Warrant ADSs that would be issuable upon exercise of the Warrant in accordance with the terms of the Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Warrant ADSs
are issued in such a cashless exercise, the Company acknowledges and agrees that, in accordance with Section 3(a)(9) of the Securities
Act, the Warrant ADSs shall take on the registered characteristics of the Warrants being exercised and the Company agrees not to
take any position contrary thereto. Upon receipt of an Election to Purchase for a cashless exercise, the Warrant Agent will promptly
deliver a copy of the Election to Purchase to the Company to confirm the number of Warrant ADSs issuable in connection with the
cashless exercise. The Company shall calculate and transmit to the Warrant Agent in a written notice, and the Warrant Agent shall
have no duty, responsibility or obligation under this section to calculate, the number of Warrant ADSs issuable in connection with
any cashless exercise. The Warrant Agent shall be entitled to rely conclusively on any such written notice provided by the Company,
and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with such written
instructions or pursuant to this Warrant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
Warrant Agreement the term <U>&ldquo;VWAP</U>&rdquo; shall mean, for any date, the price determined by the first of the following
clauses that applies: (a) if the ADSs are then listed or quoted on a Trading Market, the daily volume weighted average price of
the ADSs for such date (or the nearest preceding date) on the Trading Market on which the ADSs are then listed or quoted as reported
by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) the volume
weighted average price of the ADSs for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the ADSs are
not then listed or quoted for trading on the OTC Bulletin Board and if prices for the ADSs are then reported in the OTCQB maintained
by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent
bid price per ADS so reported, or (d) in all other cases, the fair market value of an ADS as determined by an independent appraiser
selected in good faith by the Company, the fees and expenses of which shall be paid by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Bid Price</U>&rdquo;
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then
listed or quoted on a Trading Market, the bid price of the Ordinary Shares for the time in question (or the nearest preceding date)
on the Trading Market on which the Ordinary Shares is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day
from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)&nbsp; if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary Shares are
then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the
most recent bid price per share of the Ordinary Shares so reported, or (d)&nbsp;in all other cases, the fair market value of an
Ordinary Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the
Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">3.3.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> <U>Disputes</U>. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation
of the number of Warrant ADSs issuable in connection with any exercise, the Company shall promptly deliver to the Holder the number
of Warrant ADSs that are not disputed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">3.3.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Compensation for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise</U>.&nbsp; In addition to any
other rights available to the Holder, if the Company fails to cause the Depositary to deliver the Warrant ADSs to the Holder pursuant
to Section 3.3.2, and if after such date the beneficial owner is required by its broker to purchase (in an open market transaction
or otherwise) or the beneficial owner&rsquo;s brokerage firm otherwise purchases, ADSs or Ordinary Shares to deliver in satisfaction
of a sale by the beneficial owner of the Warrant ADSs, which the beneficial owner anticipated receiving upon such exercise (a &ldquo;<U>Buy-In</U>&rdquo;),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the beneficial owner&rsquo;s total purchase
price (including brokerage commissions, if any) for the Warrant ADSs or Warrant Shares so purchased exceeds (y) the amount obtained
by multiplying (1) the number of Warrant ADSs or Warrant Shares, as applicable, that the Company was required to deliver to the
Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation
was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant
ADSs or Warrant Shares, as applicable, for which such exercise was not honored (in which case such exercise shall be deemed rescinded)
or deliver to the Holder the number of Warrant ADSs or Warrant Shares, as applicable, that would have been issued had the Company
timely complied with its delivery obligations.&nbsp; For example, if the beneficial owner purchases ADSs or Ordinary Shares having
a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Warrant ADSs with an aggregate sale
price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence, the Company shall
be required to pay the Holder $1,000 for the benefit of the beneficial owner. The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount
of such loss.&nbsp; Nothing herein shall limit right of a Holder to pursue any other remedies available to it hereunder, at law
or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company&rsquo;s
failure to timely deliver Warrant ADSs upon exercise of Warrants as required pursuant to the terms of this Warrant Agreement. The
Warrant Agent shall have no liability for the Company&rsquo;s failure to deliver to the Holders the Warrant ADSs as set forth in
this Section 3.3.9.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In addition, if the Company
fails for any reason to deliver to the Holder the Warrant ADSs subject to an Election to Purchase by the Warrant ADS Delivery Date,
the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant ADSs subject
to such exercise (based on the VWAP of the ADSs on the date of the applicable Election to Purchase), $10 per Trading Day (increasing
to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such
Warrant ADS Delivery Date until such Warrant ADSs are delivered or Holder rescinds such exercise. The Company agrees to maintain
a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. In addition,
if the Company fails to cause the Depository to transmit to the Holder the Warrant ADSs by the Warrant ADS Delivery Date, then
the Holder will have the right to rescind such exercise.</P>

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

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

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

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.3.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
Beneficial Ownership Limitation. A Holder shall not have the right to exercise any Warrants to the extent that after giving effect
to the issuance of Warrant ADSs as set forth on the applicable Election to Purchase, such Holder or a person holding through such
Holder (together with such Holder&rsquo;s or person&rsquo;s Affiliates (as defined in Rule 405 under the Securities Act), and
any other persons acting as a group together with that Holder or person or any of that Holder&rsquo;s or person&rsquo;s Affiliates),
would beneficially own in excess of 4.99% (or, at the election of the Holder prior to the issuance of the Warrants, 9.99%) (&ldquo;<U>Beneficial
Ownership Limitation</U>&rdquo;) of the Company&rsquo;s Ordinary Shares. For purposes of the foregoing sentence, the number of
Ordinary Shares beneficially owned by a person shall include the number of Ordinary Shares underlying ADSs held by the Holder
plus the number of Ordinary Shares underlying the Warrant ADSs that would be owned by that person issuable upon exercise of the
Warrants with respect to which such determination is being made, but shall exclude the number of Ordinary Shares (i) underlying
the Warrant ADSs which would be issuable upon exercise of the remaining, non-exercised Warrants beneficially owned by that person
or any of its Affiliates and (ii) underlying any other securities of the Company held by such Holder or its Affiliates that are
exercisable or convertible into Ordinary Shares and subject to a limitation on conversion or exercise that is analogous to the
limitation contained in this Section 3.3.10. Except as set forth in the preceding sentence, for purposes of this Section 3.3.10,
beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the
 &ldquo;<U>Exchange Act</U>&rdquo;) and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that
neither the Warrant Agent nor the Company is representing to the Holder that such calculation is in compliance with Section 13(d)
of the Exchange Act and the Holder or beneficial owner is solely responsible for any schedules required to be filed in accordance
therewith. To the extent that the limitation contained in this Section 3.3.10 applies, the determination of whether a Warrant
is exercisable and of the number of Warrants that are exercisable shall be in the sole discretion of the Holder, and the submission
of an Election to Purchase shall be deemed to be the Holder&rsquo;s determination of whether such Warrant is exercisable and of
the number of Warrants that are exercisable, and neither the Warrant Agent nor the Company shall have any obligation to verify
or confirm the accuracy of such determination and neither of them shall have any liability for any error made by the Holder or
any other person. In addition, a determination as to any group status as contemplated above shall be determined in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 3.3.10,
in determining the number of outstanding Ordinary Shares, a Holder or other person may rely on the number of outstanding Ordinary
Shares as reflected in (A) the Company&rsquo;s most recent periodic or annual report filed with the Securities and Exchange Commission,
as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or
the Company&rsquo;s transfer agent setting forth the number of Ordinary Shares outstanding. For any reason at any time, upon the
written or oral request of a person that represents that it is or is acting on behalf of a Holder, the Company shall, within two
(2) Trading Days, confirm orally or in writing or by e-mail to that person the number of Ordinary Shares then outstanding. Upon
delivery of a written notice to the Company, the Holder may from time to time increase or decrease the Beneficial Ownership Limitation
to any other percentage not in excess of 9.99% as specified in such notice, provided that any increase in the Beneficial Ownership
Limitation will not be effective until the sixty-first (61<SUP>st</SUP>) day after such notice is delivered to the Company and
any such increase or decrease will apply only to the Holder and its Affiliates and not to any other holder of Warrants. The provisions
of this Section 3.3.10 shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this
Section 3.3.10 to correct this subsection (or any portion hereof) which may be defective or inconsistent with the intended beneficial
ownership limitation herein contained.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">3.3.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company shall pay all Warrant Agent and Depositary fees required for timely processing of any Election to Purchase
and all fees to DTC (or another established clearing corporation performing similar functions) required for electronic issuance
and delivery of the Warrant ADSs for timely delivery of Warrant ADSs on or prior to the Warrant ADSs Delivery Date. The Company
shall pay all applicable fees and expenses of the Depositary in connection with the issuance of the Warrants ADSs hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Adjustments</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Adjustment upon Subdivisions or Combinations</U>. If the Company at any time after the Issuance Date subdivides
(by any stock split, stock dividend, recapitalization, reorganization, scheme of arrangement or otherwise) its outstanding Ordinary
Shares into a greater number of Ordinary Shares or the ratio of Ordinary Shares per ADS is reduced (e.g., the ratio is changed
from 3 Ordinary Shares per one ADS to 2 Ordinary Shares per one ADS), the Exercise Price in effect immediately prior to such subdivision
will be proportionately reduced and the number of Warrant ADSs will be proportionately increased. If the Company at any time after
the Issuance Date combines (by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise)
its outstanding Ordinary Shares into a smaller number of Ordinary Shares or the ratio of Ordinary Shares per ADS is increased (e.g.,
the ratio is changed from 3 Ordinary Shares per one ADS to 5 Ordinary Shares per one ADS), the Exercise Price in effect immediately
prior to such combination will be proportionately increased and the number of Warrant ADSs will be proportionately decreased. Any
adjustment under this Section 4.1 shall become effective at the close of business on the date the subdivision or combination or
ratio change becomes effective. The Company shall promptly notify the Warrant Agent in writing of any adjustment to the Warrants
and give specific instructions to the Warrant Agent with respect to any adjustments to the warrant register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Adjustment for Other Distributions.</U> In the event the Company shall fix a record date for the making of a dividend
or distribution to all holders of Ordinary Shares of any evidences of indebtedness or assets or subscription rights, options or
warrants (excluding those referred to in Section 4.1 or other dividends paid out of retained earnings), then in each such case
the Holder will, upon the exercise of Warrants, be entitled to receive, in addition to the number of Warrant ADSs issuable thereupon,
and without payment of any additional consideration therefor, the amount of such dividend or distribution, as applicable, which
such Holder would have held on the date of such exercise had such Holder been the holder of record of such Warrant ADSs as of the
date on which holders of ADSs became entitled to receive such dividend or distribution. Such adjustment shall be made whenever
any such distribution is made and shall become effective immediately after the record date mentioned above.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Reclassification, Consolidation, Purchase, Combination, Sale or Conveyance</U>. If, at any time while the Warrants
are outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation
of the Company with or into another person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment,
transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions,
(iii) any direct or indirect purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed
pursuant to which holders of ordinary shares (including those represented by ADSs) are permitted to sell, tender or exchange their
shares for other securities, cash or property and has been accepted by the holders of 50% or more of the total voting power of
the Company&rsquo;s ordinary shares (including those represented by ADSs) (not including any Ordinary Shares (including those
represented by ADSs) held by the other person or other persons making or party to, or associated or affiliated with the other
persons making, such purchase offer, tender offer or exchange offer), (iv) the Company, directly or indirectly, in one or more
related transactions effects any reclassification, reorganization or recapitalization of ADSs or Ordinary Shares or any compulsory
share exchange pursuant to which the ADSs or Ordinary Shares are effectively converted into or exchanged for other securities,
cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share
purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off
or scheme of arrangement) with another person whereby such other person acquires more than 50% of the total voting power of the
Company&rsquo;s ordinary shares (including those represented by ADSs) (not including any Ordinary Shares (including those represented
by ADSs) held by the other person or other persons making or party to, or associated or affiliated with the other persons making
or party to, such stock or share purchase agreement or other business combination) (each a &ldquo;<U>Fundamental Transaction</U>&rdquo;),
then, upon any subsequent exercise of a Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction (without regard to any
limitation in Section 3.3.10 on the exercise of the Warrants), the number of shares, if any, of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, or depositary shares representing those shares, and any additional consideration
(the &ldquo;<U>Alternate Consideration</U>&rdquo;) receivable as a result of such Fundamental Transaction by a holder of the number
of ADSs for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation
in Section 3.3.10 on the exercise of the Warrants). For purposes of any such exercise, the determination of the Exercise Price
shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one ADS in such Fundamental Transaction and the Company shall apportion the Exercise Price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of
ADSs are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not
the survivor (the &ldquo;<U>Successor Entity</U>&rdquo;), to assume in writing all of the obligations of the Company under this
Warrant Agreement in accordance with the provisions of this Section 4.3 pursuant to written agreements in form reasonably satisfactory
to the Warrant Agent and shall, upon the written request of the Holder of Warrants, deliver to that Holder in exchange for those
Warrants a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to those
Warrants that is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity),
if any, plus any Alternate Consideration, receivable as a result of such Fundamental Transaction by a holder of the number of
ADSs for which those Warrants were exercisable immediately prior to such Fundamental Transaction, and with an exercise price which
applies the exercise price hereunder to such shares of capital stock, if any, plus any Alternate Consideration (but taking into
account the relative value of the ADSs or Ordinary Shares prior to such Fundamental Transaction and the value of such shares of
capital stock plus Alternate Consideration after that Fundamental Transaction, for the purpose of protecting the economic value
those Warrants had immediately prior to the consummation of such Fundamental Transaction). Upon the occurrence of any such Fundamental
Transaction the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental
Transaction, the provisions of this Warrant Agreement and the Warrant referring to the &ldquo;Company&rdquo; shall refer instead
to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the
Company under this Warrant Agreement and the Warrant with the same effect as if such Successor Entity had been named as the Company
herein.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall instruct
the Warrant Agent in writing to mail by first class mail, postage prepaid, to each Holder, written notice of the execution of any
such amendment, supplement or agreement with the Successor Entity. Any supplemented or amended agreement entered into by the successor
corporation or transferee shall provide for adjustments, which shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Section 4.3. The Warrant Agent shall have no duty, responsibility or obligation to determine the correctness
of any provisions contained in such agreement or such notice, including but not limited to any provisions relating either to the
kind or amount of securities or other property receivable upon exercise of warrants or with respect to the method employed and
provided therein for any adjustments, and shall be entitled to rely conclusively for all purposes upon the provisions contained
in any such agreement. The provisions of this Section 4.3 shall similarly apply to successive reclassifications, changes, consolidations,
mergers, sales and conveyances of the kind described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Other Events</U>. If any event occurs of the type contemplated by the provisions of Section 4.1 or 4.2 but not
expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock
rights or other rights with equity features to all holders of ADSs for no consideration), then the Company&rsquo;s Board of Directors
will, at its discretion and in good faith, make an adjustment in the Exercise Price and the number of Warrant ADSs or designate
such additional consideration to be deemed issuable upon exercise of a Warrant, so as to protect the rights of the registered Holder.
No adjustment to the Exercise Price will be made pursuant to more than one sub-section of this Section 4 in connection with a single
issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">4.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Notices of Changes in Warrant</U>. Upon every adjustment of the Exercise Price or the number of Warrant ADSs
issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state
the Exercise Price resulting from such adjustment and the increase or decrease, if any, in the number of Warrant ADSs purchasable
at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based. Upon the occurrence of any event specified in Sections 4.1 or 4.2, then, in any such event, the
Company shall give written notice to each Holder, at the last address set forth for such holder in the Warrant Register, as of
the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality
or validity of such event. The Warrant Agent shall be entitled to rely conclusively on, and shall be fully protected in relying
on, any certificate, notice or instructions provided by the Company with respect to any adjustment of the Exercise Price or the
number of shares issuable upon exercise of a Warrant, or any related matter, and the Warrant Agent shall not be liable for any
action taken, suffered or omitted to be taken by it in accordance with any such certificate, notice or instructions or pursuant
to this Warrant Agreement. The Warrant Agent shall not be deemed to have knowledge of any such adjustment unless and until it
shall have received written notice thereof from the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Restrictive Legends; Fractional Warrants</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that a
Warrant Certificate surrendered for transfer bears a restrictive legend, the Warrant Agent shall not register that transfer until
the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
the Warrants must also bear a restrictive legend upon that transfer. The Warrant Agent shall not be required to effect any registration
of transfer or exchange which will result in the transfer of or delivery of a Warrant Certificate for a fraction of a Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Expense Reimbursement</U>. The Company shall reimburse the Holder, upon the Holder&rsquo;s request, for any reasonable
fees charged to the Holder by the Depositary in connection with the issuance or holding or sale of ADSs, Warrant ADSs and/or Ordinary
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Other Provisions Relating to Rights of Holders of Warrants</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>No Rights as Stockholder</U>. Except as otherwise specifically provided herein, a Holder, solely in its capacity
as a holder of Warrants, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company
for any purpose, nor shall anything contained in this Warrant Agreement be construed to confer upon a Holder, solely in its capacity
as the registered holder of Warrants, any of the rights of a stockholder of the Company or any right to vote, give or withhold
consent to any corporate action (whether any reorganization, issue of stock, reclassification of share capital, consolidation,
merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights or rights to participate
in new issues of shares, or otherwise, prior to the issuance to the Holder of the Warrant ADSs which it is then entitled to receive
upon the due exercise of Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Reservation of Ordinary Shares</U>. The Company shall at all times reserve and keep available a number of its
authorized but unissued Ordinary Shares that will be sufficient to permit the exercise in full of all outstanding Warrants issued
pursuant to this Warrant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Concerning the Warrant Agent and Other Matters</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">8.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>(a) Whether or not any Warrants are exercised, the Company agrees to pay to the Warrant Agent reasonable compensation
for all services rendered by it hereunder in accordance with a fee schedule to be mutually agreed upon and, from time to time,
on demand of the Warrant Agent, to reimburse the Warrant Agent for all of its reasonable expenses and counsel fees and other disbursements
incurred in the preparation, delivery, negotiation, amendment, administration and execution of this Warrant Agreement and the
exercise and performance of its duties hereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>All amounts owed by the Company to the Warrant Agent under this Warrant Agreement are due within 30 days of the invoice
date. Delinquent payments are subject to a late payment charge of one and one-half percent (1.5%) per month commencing 45 days
from the invoice date. The Company agrees to reimburse the Warrant Agent for any attorney&rsquo;s fees and any other costs associated
with collecting delinquent payments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>No provision of this Warrant Agreement shall require Warrant Agent to expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its duties under this Warrant Agreement or in the exercise of its rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">8.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>As agent for the Company hereunder the Warrant Agent:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>shall have no duties or obligations other than those specifically set forth in this Warrant Agreement or as may subsequently
be agreed to in writing by the Warrant Agent and the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>shall have no obligation to effect any delivery of Warrant ADSs other than to instruct the Depositary with respect
to that delivery;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>shall be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value,
or genuineness of the Warrants or any Warrant Shares or Warrant ADSs;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>shall not be obligated to take any legal action under this Warrant Agreement; if, however, the Warrant Agent determines
to take any legal action under this Warrant Agreement, and where the taking of such action might, in its judgment, subject or expose
it to any expense or liability it shall not be required to act unless it has been furnished with an indemnity satisfactory to it;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>may rely on and shall be fully authorized and protected in acting or failing to act upon any certificate, instrument,
opinion, notice, letter, telegram, telex, facsimile transmission or other document or security delivered to the Warrant Agent and
believed by it to be genuine and to have been signed by the proper party or parties;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>shall not be liable or responsible for any recital or statement contained in the Registration Statement or any other
documents relating thereto, this Warrant Agreement or any Warrant Certificate except as to its countersignature thereof, or be
required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>shall not have any liability for or be under any responsibility in respect of the validity of this Warrant Agreement
or the execution and delivery hereof (except the due execution hereof by the Warrant Agent) or in respect of the legality or validity
or execution of any Warrant Certificate (including in the case of book entry shares, by notation in book entry accounts reflecting
ownership), except its countersignature thereof; nor shall it be responsible for any breach by the Company of any covenant or
failure by the Company to satisfy any condition contained in this Warrant Agreement or in any Warrant Certificate; nor shall it
be liable or responsible for modification by or order of any court, tribunal, or governmental authority in connection with the
foregoing, any change in the exercisability of the Warrant ADSs or any adjustment required under this Warrant Agreement or responsible
for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such
adjustment;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>shall not be liable or responsible for any failure on the part of the Company to comply with any of its covenants
and obligations relating to the Warrants, including without limitation obligations under this Warrant Agreement and applicable
securities laws;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>may rely on and shall be fully authorized and protected in acting or failing to act upon the written, telephonic
or oral instructions with respect to any matter relating to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing
or qualifying any such actions) of officers of the Company, and is hereby authorized and directed to accept instructions with respect
to the performance of its duties hereunder from the Company or counsel to the Company, and may apply to the Company, for advice
or instructions in connection with the Warrant Agent&rsquo;s duties hereunder, and the Warrant Agent shall not be liable for any
delay in acting while waiting for those instructions; any applications by the Warrant Agent for written instructions from the Company
may, at the option of the Warrant Agent, set forth in writing any action proposed to be taken or omitted by the Warrant Agent under
this Warrant Agreement and the date on or after which such action shall be taken or such omission shall be effective; the Warrant
Agent shall not be liable for any action taken by, or omission of, the Warrant Agent in accordance with a proposal included in
such application on or after the date specified in such application (which date shall not be less than five Business Days after
the date such application is sent to the Company, unless the Company shall have consented in writing to any earlier date) unless
prior to taking any such action, the Warrant Agent shall have received written instructions in response to such application specifying
the action to be taken or omitted;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>may consult with counsel satisfactory to the Warrant Agent and the advice or opinion of such counsel shall be full
and complete authorization and protection in respect of any action taken, suffered, or omitted by it hereunder in accordance with
the advice or opinion of such counsel;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself
or by or through its attorneys or agents, and the Warrant Agent shall not be answerable or accountable for any act, omission, default,
neglect or misconduct of any such attorneys or agents or for any loss to the Company, to Holders or any other person resulting
from any such act, omission, default, neglect or misconduct, absent gross negligence or willful misconduct in the selection and
continued employment thereof (which gross negligence or willful misconduct must be determined by a final, non-appealable judgment
of a court of competent jurisdiction;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>is not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any person;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> shall not be required hereunder to comply with the laws or regulations of any country other than the United States
of America or any political subdivision thereof; and Warrant Agent may, after consulting with the Company to the extent practical,
consult with foreign counsel, the fees and expenses of which shall be at the Company&rsquo;s expense, to resolve any foreign law
issues that may arise as a result of the Company or any other party being subject to the laws or regulations of any foreign jurisdiction;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>(and any stockholder, affiliate, member, director, officer, agent, representative or employee of the Warrant Agent)
may buy, sell or deal in any of the Warrant ADSs or other securities of the Company or become pecuniarily interested in any transaction
in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though
it were not the Warrant Agent under this Warrant Agreement. Nothing herein shall preclude the Warrant Agent or any such stockholder,
affiliate, director, member, officer, agent, representative or employee from acting in any other capacity for the Company or for
any other person; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>shall not be required to take notice or be deemed to have notice of any event or condition hereunder, including any
event or condition that may require action by the Warrant Agent, unless the Warrant Agent shall be specifically notified in writing
of such event or condition by the Company, and all notices or other instruments required by this Warrant Agreement to be delivered
to the Warrant Agent must, in order to be effective, be received by the Warrant Agent as specified in Section 8.10 hereof, and
in the absence of such notice so delivered, the Warrant Agent may conclusively assume no such event or condition exists.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">8.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>(a) In the absence of gross negligence or willful misconduct on its part (which gross negligence or willful misconduct
must be determined by a final, non-appealable judgment of a court of competent jurisdiction), the Warrant Agent shall not be liable
for any action taken, suffered, or omitted by it or for any error of judgment made by it in the performance of its duties under
this Warrant Agreement. Anything in this Warrant Agreement to the contrary notwithstanding, in no event shall Warrant Agent be
liable for special, indirect, incidental, consequential or punitive losses or damages of any kind whatsoever (including but not
limited to lost profits), even if the Warrant Agent has been advised of the possibility of such losses or damages and regardless
of the form of action. Any liability of the Warrant Agent will be limited in the aggregate to the amount of fees (but not reimbursed
costs, charges or expenses) paid by the Company hereunder for the twelve months preceding the event for which recovery from the
Warrant Agent is being sought. The Warrant Agent shall not be liable for any failures, delays or losses, arising directly or indirectly
out of conditions beyond its reasonable control including, but not limited to, acts of government, exchange or market ruling, suspension
of trading, work stoppages or labor disputes, fires, civil disobedience, riots, rebellions, storms, electrical or mechanical failure,
computer hardware or software failure, communications facilities failures including telephone failure, war, terrorism, insurrection,
earthquakes, floods, epidemics, pandemics, acts of God or similar occurrences.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>In the event any question or dispute arises with respect to the proper interpretation of the Warrants or the Warrant
Agent&rsquo;s duties under this Warrant Agreement or the rights of the Company or of any Holder, the Warrant Agent shall not be
required to act and shall not be held liable or responsible for its refusal to act until the question or dispute has been judicially
settled (and, if appropriate, it may, but shall not be required to, file a suit in interpleader or for a declaratory judgment
for such purpose) by final judgment rendered by a court of competent jurisdiction, binding on all persons interested in the matter
which is no longer subject to review or appeal, or settled by a written document in form and substance satisfactory to Warrant
Agent and executed by the Company and each such Holder. In addition, the Warrant Agent may require for such purpose, but shall
not be obligated to require, the execution of such written settlement by all the Holders and all other persons that may have an
interest in the settlement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Warrant Agent shall not have any duty or responsibility in the case of the receipt of any written demand from
any Holder with respect to any action or default by the Company, including, without limiting the generality of the foregoing, any
duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company
on behalf of any Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">8.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company covenants to indemnify the Warrant Agent and hold it harmless from and against loss, liability, damage,
judgment, fine, penalty, claim, demand, settlement, cost or expense (including, without limitation, the reasonable fees and expenses
of legal counsel) that may be paid, incurred or suffered by it, or which it may become subject, without gross negligence or willful
misconduct on the part of the Warrant Agent (which gross negligence or willful misconduct must be determined by a final, non-appealable
judgment of a court of competent jurisdiction), for any action taken, suffered, or omitted to be taken by the Warrant Agent in
connection with the execution, acceptance, administration, exercise and performance of its duties under this Warrant Agreement,
including the costs and expenses of defending against any claim of liability arising therefrom, directly or indirectly, or enforcing
its rights hereunder. The provisions under Sections 8.1, 8.2, 8.3 and this Section 8.4 shall survive the expiration of the Warrant
ADSs and the termination of this Warrant Agreement and the resignation, replacement or removal of the Warrant Agent. The costs
and expenses incurred in enforcing this right of indemnification shall be borne by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">8.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Unless terminated earlier by the parties hereto, this Warrant Agreement shall terminate 90 days after the earlier
of the Expiration Date and the date on which no Warrants remain outstanding (the &ldquo;<U>Termination Date</U>&rdquo;). On the
Business Day following the Termination Date, the Agent shall deliver to the Company any entitlements, if any, held by the Warrant
Agent under this Warrant Agreement. The Agent&rsquo;s right to be indemnified and held harmless and to be reimbursed for fees,
charges and out-of-pocket expenses as provided in this Section 8 shall survive the termination of this Warrant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">8.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>If any provision of this Warrant Agreement shall be held illegal, invalid, or unenforceable by any court, this Warrant
Agreement shall be construed and enforced as if such provision had not been contained herein and shall be deemed an agreement among
the parties to it to the full extent permitted by applicable law; provided, however, that if such excluded provision shall adversely
affect the rights, immunities, liabilities, duties or obligations of the Warrant Agent, the Warrant Agent shall be entitled to
resign immediately upon written notice to the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">8.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> The Company represents and warrants that (a) it is duly incorporated and validly existing under the laws of its
jurisdiction of incorporation, (b) the offer and sale of the Warrants and the execution, delivery and performance of all transactions
contemplated thereby (including this Warrant Agreement) have been duly authorized by all necessary corporate action and will not
result in a breach of or constitute a default under the articles of association, bylaws or any similar document of the Company
or any indenture, agreement or instrument to which it is a party or is bound, (c) this Warrant Agreement has been duly executed
and delivered by the Company and constitutes the legal, valid, binding and enforceable obligation of the Company, (d) the Warrants
will comply in all material respects with all applicable requirements of law and (e) to the best of its knowledge, there is no
litigation pending or threatened as of the date hereof in connection with the offering of the Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">8.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>In the event of inconsistency between this Warrant Agreement and the descriptions in the Registration Statement,
as they may from time to time be amended, the terms of this Warrant Agreement shall control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">8.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Set forth in <U>Annex C</U> hereto is a list of the names and specimen signatures of the persons authorized to act
for the Company under this Warrant Agreement and the Company shall, from time to time, certify to you the names and signatures
of any other persons authorized to act for the Company under this Warrant Agreement (collectively, the &ldquo;<U>Authorized Representatives</U>&rdquo;).
The Warrant Agent shall be fully authorized and protected in relying upon the advice or instructions received from any such Authorized
Representatives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">8.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Except as expressly set forth elsewhere in this Warrant Agreement, all notices, instructions and communications under
this Warrant Agreement shall be in writing, by overnight delivery service, first-class mail, postage prepaid, properly addressed
shall be effective upon receipt and shall be addressed, if to the Company, to its address set forth beneath its signature to this
Warrant Agreement, or, if to the Warrant Agent, to:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">Computershare
Trust Company, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">150 Royall Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">Canton, MA 02021</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">or to such other address
of which a party hereto has notified the other party; and, if to a Holder made if sent by first-class mail, postage prepaid, or
overnight delivery service, addressed to such Holder at the last address of such Holder set forth for such holder in the Warrant
Register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">8.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>(a) This Warrant Agreement shall be governed by and construed in accordance with the laws of the State of New York.
All actions and proceedings relating to or arising from, directly or indirectly, this Warrant Agreement may be litigated in courts
located within the Borough of Manhattan in the City and State of New York. The Company hereby submits to the personal jurisdiction
of such courts and consents that any service of process may be made by certified or registered mail, return receipt requested,
directed to the Company at its address last specified for notices hereunder. Each of the parties hereto hereby waives the right
to a trial by jury in any action or proceeding arising out of or relating to this Warrant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> This Warrant Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties
hereto. This Warrant Agreement may not be assigned, or otherwise transferred, in whole or in part, by either party without the
prior written consent of the other party, which the other party will not unreasonably withhold, condition or delay; except that
(i) consent is not required for an assignment or delegation of duties by Warrant Agent to any affiliate of Warrant Agent and (ii)
any reorganization, merger, consolidation, sale of assets or other form of business combination by Warrant Agent or the Company
shall not be deemed to constitute an assignment of this Warrant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>No provision of this Warrant Agreement may be amended, modified or waived, except in a written document signed by
both parties. The Company and the Warrant Agent may amend or supplement this Warrant Agreement without the consent of any Holder
for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding
or changing any other provisions with respect to matters or questions arising under this Warrant Agreement as the parties may deem
necessary or desirable and that the parties determine, in good faith, shall not adversely affect the interest of the Holders in
any material respect.&nbsp;&nbsp;All other amendments and supplements shall require the vote or written consent of Holders of at
least 50.1% of the then outstanding Warrants, <U>provided</U>, <U>however</U>, that no modification of the terms (including but
not limited to the adjustments described in Section 4 herein) upon which the Warrants are exercisable (including by cashless exercise
or the rights of the holders of Warrants to receive payments in cash from the Company, including, without limitation, pursuant
to Section 3.3.9 of the Warrant, or no reduction of the percentage required for consent to modification of this Warrant Agreement
or no requirement for a holder of Warrants in book entry or electronic form held through DTC to deliver any ink-original Election
to Purchase or any medallion guarantee (or other type of guarantee or notarization) of an Election to Purchase or no or to modification
of the terms of the beneficial ownership limitation in Section 3.3.10 or reimbursement to the Holder pursuant to Section 6 may
be made without the consent of the Holder of each outstanding Warrant affected thereby. As a condition precedent to the Warrant
Agent executing any amendment or supplement, the Company shall deliver a certificate from an Authorized Representative which states
that the proposed supplement or amendment is in compliance with the terms of this Section 8.11(c). Notwithstanding anything in
this Warrant Agreement to the contrary, the Warrant Agent shall not be required to execute any supplement or amendment to this
Warrant Agreement that it has determined would adversely affect its own rights, duties, obligations or immunities under this Warrant
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">8.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Payment of Taxes</U>. The Company will from time to time promptly pay all taxes and charges that may be imposed
upon the Company or the Warrant Agent in respect of the issuance or delivery of Warrant Shares or Warrant ADSs upon the exercise
of Warrants, but the Company may require the Holders to pay any transfer taxes in respect of the Warrants or such shares. The Warrant
Agent may refrain from registering any transfer of Warrants or any delivery of any Warrant ADSs unless or until the persons requesting
the registration or issuance shall have paid to the Warrant Agent for the account of the Company the amount of such tax or charge,
if any, or shall have established to the reasonable satisfaction of the Company and the Warrant Agent that such tax or charge,
if any, has been paid.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">8.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Resignation of Warrant Agent</U>.</P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">8.13.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT> <U>Appointment of Successor Warrant Agent</U>. The Warrant Agent, or any successor to it hereafter appointed, may
resign its duties and be discharged from all further duties and liabilities hereunder after giving thirty (30) days&rsquo; notice
in writing to the Company, or such shorter period of time agreed to by the Company. The Company may terminate the services of the
Warrant Agent, or any successor Warrant Agent, after giving thirty (30) days&rsquo; notice in writing to the Warrant Agent or successor
Warrant Agent. In the event any transfer agency relationship in effect between the Company and the Warrant Agent terminates, the
Warrant Agent will be deemed to have resigned automatically and be discharged from its duties under this Warrant Agreement as of
the effective date of such termination, If the office of the Warrant Agent becomes vacant by resignation, termination or incapacity
to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company
shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity
by the Warrant Agent, then the Warrant Agent or any Holder may apply to any court of competent jurisdiction for the appointment
of a successor Warrant Agent at the Company&rsquo;s cost. Pending appointment of a successor to such Warrant Agent, either by the
Company or by such a court, the duties of the Warrant Agent shall be carried out by the Company. Any successor Warrant Agent (but
not including the initial Warrant Agent), whether appointed by the Company or by such court, shall be a person organized and existing
under the laws of any state of the United States of America, in good standing, and authorized under such laws to exercise corporate
trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant
Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent
with like effect as if originally named as Warrant Agent hereunder, without any further act or deed, and except for executing and
delivering documents as provided in the sentence that follows, the predecessor Warrant Agent shall have no further duties, obligations,
responsibilities or liabilities hereunder, but shall be entitled to all rights that survive the termination of this Warrant Agreement
and the resignation or removal of the Warrant Agent, including but not limited to its right to indemnity hereunder. If for any
reason it becomes necessary or appropriate or at the request of the Company, the predecessor Warrant Agent shall execute and deliver,
at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights
of such predecessor Warrant Agent hereunder, except the rights and immunities retained by the predecessor Warrant Agent under the
terms hereof; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver at the
expense of the Company any and all instruments in writing for more fully and effectually vesting in and confirming to such successor
Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">8.13.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Notice of Successor Warrant Agent</U>. In the event a successor Warrant Agent shall be appointed, the Company
shall give notice thereof to the predecessor Warrant Agent and the transfer agent for the ADSs not later than the effective date
of any such appointment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">8.13.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Merger or Consolidation of Warrant Agent</U>. Any person into which the Warrant Agent may be merged or converted
or with which it may be consolidated or any person resulting from any merger, conversion or consolidation to which the Warrant
Agent shall be a party or any person succeeding to the shareowner services business of the Warrant Agent or any successor Warrant
Agent shall be the successor Warrant Agent under this Warrant Agreement, without any further act or deed. For purposes of this
Warrant Agreement, &ldquo;person&rdquo; shall mean any individual, firm, corporation, partnership, limited liability company,
joint venture, association, trust or other entity, and shall include any successor (by merger or otherwise) thereof or thereto.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Miscellaneous Provisions</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">9.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Persons Having Rights under this Warrant Agreement</U>. Nothing in this Warrant Agreement expressed and nothing
that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person
or corporation other than the parties hereto and the Holders any right, remedy, or claim under or by reason of this Warrant Agreement
or of any covenant, condition, stipulation, promise, or agreement hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">9.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Examination of the Warrant Agreement</U>. A copy of this Warrant Agreement shall be available at all reasonable
times at the office of the Warrant Agent designated for such purpose for inspection by any Holder. Prior to such inspection, the
Warrant Agent may require any such holder to provide reasonable evidence of its interest in the Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">9.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Counterparts</U>. This Warrant Agreement may be executed in any number of original, facsimile or electronic counterparts
and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">9.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Effect of Headings</U>. The Section headings herein are for convenience only and are not part of this Warrant
Agreement and shall not affect the interpretation thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">9.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Further Assurance.</U> The Company agrees that it will perform, execute, acknowledge and deliver or cause to be
performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be
required or requested by the Warrant Agent for the carrying out or performing by the Warrant Agent of the provisions of this Warrant
Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, this Warrant Agreement
has been duly executed by the parties hereto as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&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: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">THE9 LIMITED</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</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; text-align: left; width: 3%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 47%"><FONT STYLE="font-size: 10pt">/s/ George Lai</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; text-align: left"><FONT STYLE="font-size: 10pt">Name: George Lai</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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; text-align: left"><FONT STYLE="font-size: 10pt">Title: CFO</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; text-align: left"><FONT STYLE="font-size: 10pt">Address for notices:</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; text-align: left"><FONT STYLE="font-size: 10pt">17 Floor, No. 130 Wu
    Song Road</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; text-align: left"><FONT STYLE="font-size: 10pt">Hong Kou District, Shanghai
    201203</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; text-align: left"><FONT STYLE="font-size: 10pt">People&rsquo;s Republic
    of China</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">Attention:</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">Telephone:</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">Facsimile:</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">E-mail:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</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; text-align: left"><FONT STYLE="font-size: 10pt">Computershare 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; text-align: left"><FONT STYLE="font-size: 10pt">Computershare Trust Company,
    N.A.,</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">As Warrant Agent</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</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; text-align: left"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Collin Ekeogu</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; text-align: left"><FONT STYLE="font-size: 10pt">Name: Collin Ekeogu</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; text-align: left"><FONT STYLE="font-size: 10pt">Title: Manger, Corporate
    Actions</FONT></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; text-align: justify">Annex A Form of Warrant Certificates</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Annex D Form of Warrant Certificate Request Notice</P>

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

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

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 2.5in">ANNEX A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Unless this certificate is presented
by an authorized representative of The Depository Trust Company, a New York corporation (&ldquo;DTC&rdquo;), to issuer or its agent
for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede&nbsp;&amp; Co.
or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede&nbsp;&amp; Co. or
to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede&nbsp;&amp; Co., has an interest herein.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE9 LIMITED.<BR>
WARRANT CERTIFICATE<BR>
NOT EXERCISABLE AFTER OCTOBER 2, 2023</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This certifies that
the person whose name and address appears below, or registered assigns, is the registered owner of the number of Warrants set forth
below. Each Warrant entitles its registered holder to purchase from The9 Limited., a company incorporated under the laws of the
Cayman Islands (the &ldquo;<B>Company</B>&rdquo;) at any time prior to 5:00 P.M. (New York City time) on October 2, 2023, at the
designated office of Computershare Inc. and Computershare Trust Company, N.A., as warrant agent (the &ldquo;<B>Warrant Agent</B>&rdquo;)
set forth below, one American Depositary Share (each, an &ldquo;<B>ADS</B>&rdquo;), each ADS representing three (3) Class A ordinary
shares, par value US$0.01 per share, of the Company (each, a &ldquo;<B>Share</B>&rdquo; and collectively, the &ldquo;<B>Shares</B>&rdquo;),
at price of US$0.37 per whole ADS, subject to possible adjustments as provided in the Warrant Agreement (as defined below). The
Company will pay the issuance fee for each ADS issued pursuant to the Warrants to the Depositary under the Amended and Restated
Deposit Agreement dated as of June 28, 2019 (the &ldquo;<B>Deposit Agreement</B>&rdquo;) among the Company, The Bank of New York
Mellon, as depositary, and all Owners and Holders (each as defined in the Deposit Agreement) from time to time of the ADSs issued
thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Warrant Certificate,
with or without other Warrant Certificates, upon surrender at the designated office of the Warrant Agent, may be exchanged for
another Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant
Certificates surrendered. A transfer of the Warrants evidenced hereby may be registered upon surrender of this Warrant Certificate
at the designated office of the Warrant Agent by the registered holder in person or by a duly authorized attorney, properly endorsed
or accompanied by proper instruments of transfer, a signature guarantee, and such other and further documentation as the Warrant
Agent may reasonably request and duly stamped as may be required by the laws of the State of New York and of the United States
of America.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms and conditions
of the Warrants and the rights and obligations of the holder of this Warrant Certificate are set forth in the Warrant Agent Agreement
dated as of October 2, 2020 (the &ldquo;<B>Warrant Agreement</B>&rdquo;) between the Company and the Warrant Agent. A copy of the
Warrant Agreement is available for inspection during business hours at the office of the Warrant Agent.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Warrant Certificate
shall not be valid or obligatory for any purpose until it shall have been countersigned by an authorized signatory of the Warrant
Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WITNESS the facsimile
signature of a proper officer of the Company.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">THE9 LIMITED</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 50%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 4%">By:</TD>
                                                                                        <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 46%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Name:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Title:</TD></TR>
</TABLE>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Dated: _____, 2020</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Countersigned</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">__________________________________,</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">As Warrant Agent</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 45%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Certificate No.:_________ Number of Warrants:__________</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">WARRANT CUSIP NO.: _________</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">THE9 LIMITED</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">[Name &amp; Address of Holder]</TD>
    <TD STYLE="width: 50%; font-size: 10pt">__________________________, Warrant Agent</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By mail:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 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="border-bottom: Black 1pt solid; font: italic 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="border-bottom: Black 1pt solid; font: italic 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="border-bottom: Black 1pt solid; font: italic 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">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By hand or overnight courier:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 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="border-bottom: Black 1pt solid; font: italic 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="border-bottom: Black 1pt solid; font: italic 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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Form of Election to Purchase]</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">(To Be Executed Upon Exercise Of Warrants
not evidenced by a Global Certificate)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned hereby
irrevocably elects to exercise the right, represented by Warrants evidenced by this Warrant Certificate, to receive &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ADSs and herewith tenders payment for such ADSs to the order of [_____________], in the amount of US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
in accordance with the terms hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[In cases where cashless
exercise is permitted under the Warrant Agreement] &mdash; The undersigned hereby irrevocably elects to exercise the right, represented
by Warrants evidenced by this Warrant Certificate, to receive &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ADSs (before giving effect to the cashless exercise provisions) and herewith agrees to make payment therefor pursuant to the cashless
exercise provisions of the Warrant Agreement, all on the terms and the conditions specified in the Warrant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The undersigned requests
that a certificate for such ADSs be registered in the name of&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,whose
address is <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U>&#9;and that such certificate be delivered to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;whose
address is &nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If the number of Warrants
being exercised hereby is less than all the Warrants evidenced by this Warrant Certificate, the undersigned requests that a new
Warrant Certificate representing the remaining unexercised Warrants be registered in the name of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
whose address is<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;and
that such certificate be delivered to<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;whose
address is <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signatures must be guaranteed by an &ldquo;eligible
guarantor institution&rdquo; meeting the requirements of the Warrant Agent, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (&ldquo;STAMP&rdquo;) or such other &ldquo;signature guarantee
program&rdquo; as may be determined by the Warrant Agent in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.</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: right">ANNEX C</P>

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

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

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

<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: 31%; border-bottom: black 1pt solid; padding-top: 12pt; text-align: center; font-size: 10pt">Name</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 36%; border-bottom: black 1pt solid; padding-top: 12pt; text-align: center; font-size: 10pt">Title</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 31%; border-bottom: black 1pt solid; padding-top: 12pt; text-align: center; font-size: 10pt">Signature</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Annex D: Form of Warrant Certificate
Request Notice</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To: ___________________
as Warrant Agent for The9 Limited (the &ldquo;Company&rdquo;)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned Holder
of Series _____ American Depositary Share Purchase Warrants (&ldquo;Warrants&rdquo;) in the form of Global Warrants issued by the
Company hereby elects to receive a Warrant Certificate evidencing the Warrants held by the Holder as specified below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Name of Holder of Warrants in form of Global Warrants:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Name
of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of Global
Warrants)_________________________&nbsp;&nbsp;&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Number of Warrants in name of Holder in form of Global Warrants: ___________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Number of Warrants for which Warrant Certificate shall be issued: __________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Number of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate, if any: ___________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Warrant Certificate shall be delivered to the following address:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><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></TR></TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned hereby
acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate, the Holder
is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of
Warrants evidenced by the Warrant Certificate.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">[SIGNATURE OF HOLDER]</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name of Investing Entity:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Signature of Authorized
    Signatory of Investing Entity:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name of Authorized Signatory:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title of Authorized Signatory:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 5%"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</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-4.6
<SEQUENCE>4
<FILENAME>tm2032444d1_ex4-6.htm
<DESCRIPTION>EXHIBIT 4.6
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 4.6</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WARRANT TO PURCHASE ORDINARY SHARES<BR>
REPRESENTED BY AMERICAN DEPOSITARY SHARES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE9 LIMITED</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">American Depositary Shares: 1,175,000</TD>
    <TD STYLE="width: 50%; font-size: 10pt">Initial Exercise Date: April 1, 2021</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">THIS WARRANT TO PURCHASE
CLASS A ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (the &ldquo;<U>Warrant</U>&rdquo;) certifies that, for value
received, Maxim Partners LLC or its assigns (the &ldquo;<U>Holder</U>&rdquo;) is entitled, upon the terms and subject to the limitations
on exercise and the conditions hereinafter set forth, at any time on or after April 1, 2021 (the &ldquo;<U>Initial Exercise Date</U>&rdquo;)
and, in accordance with FINRA Rule 5110(f)(2)(G)(i), will expire at 5:00 p.m. (New York time) on the date that is three (3) years
following the Effective Date (the &ldquo;<U>Termination Date</U>&rdquo;) but not thereafter, to subscribe for and purchase from
The9 Limited., an Cayman Islands company (the &ldquo;<U>Company</U>&rdquo;), up to 3,525,000 Class A ordinary shares (the &ldquo;<U>Warrant
Shares</U>&rdquo;), par value US$0.01 per share, of the Company (&ldquo;<U>Ordinary Shares</U>&rdquo;) in the form of American
Depositary Shares (each, an &ldquo;<U>ADS</U>&rdquo; and, collectively, the &ldquo;<U>ADSs</U>&rdquo; ) as subject to adjustment
hereunder. Each ADS will initially represent three Ordinary Shares deposited pursuant to the Deposit Agreement. The ADSs issuable
upon exercise of this Warrant shall be referred to herein as the &ldquo;<U>Warrant ADSs</U>&rdquo;. The purchase price of one Warrant
ADS shall be equal to the Exercise Price, as defined in Section 2(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Underwriting Agreement dated September 29, 2020 by and between the Company and Maxim Group, LLC, as representative of the several
underwriters. In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings indicated in
this Section 1:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Board
of Directors</U>&rdquo; means the board of directors of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business
Day</U>&rdquo; means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Effective
Date</U>&rdquo; means the date that the Registration Statement on Form F-1 (File No. 333-240331) was declared effective by the
Commission.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Liens</U>&rdquo;
means a lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Proceeding</U>&rdquo;
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rule
144</U>&rdquo; means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trading
Day</U>&rdquo; means a day on which the Nasdaq Stock Market is open for trading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trading
Market</U>&rdquo; means any of the following markets or exchanges on which ADSs and/or the Ordinary Shares are listed or quoted
for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global
Select Market, the New York Stock Exchange (or any successors to any of the foregoing).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>VWAP</U>&rdquo;
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or
quoted on a Trading Market, the daily volume weighted average price of the ADS for such date (or the nearest preceding date) on
the Trading Market on which an ADS is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.
(New York City time) to 4:02 p.m. (New York City time)), (b)&nbsp; if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of an ADS for such date (or the nearest preceding date) on the OTCQB or OTCQX as applicable, (c) if ADSs are not
then listed or quoted for trading on the OTCQB or OTCQX and if prices for ADSs are then reported in the &ldquo;Pink Sheets&rdquo;
published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the
most recent bid price per share of an ADS so reported, or (d)&nbsp;in all other cases, the fair market value of an ADS as determined
by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> Exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or
after the Initial Exercise Date and on or before the Termination Date by delivery via email to the Company at georgelai@corp.the9.com
and to the registered office provider of the Company at kim.lewis@collascrill.com (or such other office or agency of the Company
as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company
and the Depositary) of a duly executed scanned copy of the Notice of Exercise in the form annexed hereto. Within three (3) Trading
Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant ADSs specified
in the applicable Notice of Exercise by wire transfer or cashier&rsquo;s check drawn on a United States bank or, if available,
pursuant to the cashless exercise procedure specified in Section 2(c) below if specified in the applicable Notice of Exercise.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
until the Holder has purchased all of the Warrant ADSs available hereunder and the Warrant has been exercised in full, in which
case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final
Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total
number of Warrant ADSs available hereunder shall have the effect of lowering the outstanding number of Warrant ADSs purchasable
hereunder in an amount equal to the applicable number of Warrant ADSs purchased. The Holder and the Company shall maintain records
showing the number of Warrant ADSs purchased and the date of such purchases. The Company shall deliver any objection to any Notice
of Exercise within two (2) Business Days of receipt of such notice. <B>The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant ADSs
hereunder, the number of Warrant ADSs available for purchase hereunder at any given time may be less than the amount stated on
the face hereof.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise Price</U>. The exercise price per ADS under this Warrant shall be $0.407 subject to adjustment hereunder (the
 &ldquo;<U>Exercise Price</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cashless Exercise</U>. If at the time of exercise hereof, the last VWAP immediately preceding the time of delivery of
the Notice of Exercise is higher than the Exercise Price, then this Warrant may also be exercised, in whole or in part, at such
time by means of a &ldquo;cashless exercise&rdquo; in which the Holder shall be entitled to receive the number of Warrant ADSs
equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">(A) = the last VWAP immediately
preceding the time of delivery of the Notice of Exercise giving rise to the applicable &ldquo;cashless exercise&rdquo;, as set
forth in the applicable Notice of Exercise (to clarify, the &ldquo;last VWAP&rdquo; will be the last VWAP as calculated over an
entire Trading Day such that, in the event that this Warrant is exercised at a time that the Trading Market is open, the prior
Trading Day&rsquo;s VWAP shall be used in this calculation);</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">(B) = the Exercise Price of this
Warrant, as adjusted hereunder; and</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">(X) = the number of Warrant ADSs
that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means
of a cash exercise rather than a cashless exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">If
Warrant ADSs are issued in such a &ldquo;cashless exercise,&rdquo; the parties acknowledge and agree that in accordance with Section
3(a)(9) of the Securities Act, the Warrant ADSs shall take on the registered characteristics of the Warrants being exercised, and
the holding period of the Warrants being exercised may be tacked on to the holding period of the Warrant ADSs.&nbsp;&nbsp;The Company
agrees not to take any position contrary to this Section 2(c).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Mechanics of Exercise</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Delivery
of Warrant ADSs Upon Exercise</U>. The Company shall cause its registrar to deposit the Warrant Shares subject to such
exercise with the custodian of The Bank of New York Mellon, the Depositary for the ADSs (the
 &ldquo;<U>Depositary</U>&rdquo;), and cause the Depositary to credit the account of the Holder&rsquo;s prime broker with The
Depository Trust Company through its Deposit/Withdrawal At Custodian system (&ldquo;<U>DWAC</U>&rdquo;) if the Depositary is
then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the
Warrant ADSs to or resale by the Holder or (B) the Warrant ADSs are eligible for resale by the Holder without volume or
manner-of-sale limitations pursuant to Rule 144 and, in either case, the Warrant ADSs have been sold by the Holder prior to
the Warrant ADS Delivery Date (as defined below), by the date that is fifth (5) Trading Days after the delivery to the
Company of the Notice of Exercise (such date, the &ldquo;<U>Warrant ADS Delivery Date</U>&rdquo;), provided that the Company
shall not be obligated to deliver the Warrant ADSs hereunder unless the Company has received the aggregate Exercise Price on
or before the Warrant ADS Delivery Date. If the Warrant ADSs can be delivered via DWAC, then in addition to the delivery of
the Warrant Shares to the Depositary, within 3 Trading Days of the applicable exercise, the Depositary shall have received
any legal opinions or other documentation required by the Depositary to deliver such ADSs without legend (subject to receipt
by the Company of reasonable back up documentation from the Underwriter, including with respect to affiliate status) and, if
applicable and requested by the Company prior to the Warrant ADS Delivery Date, the Depositary shall have received from the
Holder a confirmation of sale of the Warrant ADSs (provided the requirement of the Holder to provide a confirmation as to the
sale of Warrant ADSs shall not be applicable to the issuance of unlegended Warrant ADSs upon a cashless exercise of this
Warrant if the Warrant ADSs are then eligible for resale pursuant to Rule 144(b)(1)). If the Company fails for any reason to
deliver to the Holder the Warrant ADSs subject to a Notice of Exercise by the Warrant ADS Delivery Date, the Company shall
pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant ADSs subject to such
exercise (based on the VWAP of an ADS on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to
$20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day following
such Warrant ADS Delivery Date until such Warrant ADSs are delivered or Holder rescinds such exercise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of New Warrants Upon Exercise</U>. If this Warrant shall have been exercised in part, the Company shall, at
the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant ADSs, deliver to
the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant ADSs called for by this Warrant,
which new Warrant shall in all other respects be identical with this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 130.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rescission Rights</U>. If the Company fails to cause the Depositary to deliver to the Holder the Warrant ADSs pursuant
to Section 2(d)(i) by the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise; <U>provided</U>,
<U>however</U>, that the Holder shall be required to return any Warrant ADSs subject to any such rescinded exercise notice concurrently
with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant ADSs and the restoration of Holder&rsquo;s
right to acquire such Warrant ADSs pursuant to this Warrant (including, issuance of a replacement warrant certificate evidencing
such restored right).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Fractional Shares or Scrip</U>. No fractional Warrant Shares or Warrant ADSs shall be issued upon the exercise of
this Warrant. As to any fraction of an ADS which the Holder would otherwise be entitled to purchase upon such exercise, the Company
shall round up to the next whole ADS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Charges, Taxes and Expenses</U>. Issuance of Warrant ADSs shall be made without charge to the Holder for any issue or
transfer tax or other incidental expense in respect of the issuance of such Warrant ADSs, all of which taxes and expenses shall
be paid by the Company, and such Warrant ADSs shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; <U>provided</U>, <U>however</U>, that in the event that Warrant ADSs are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed
by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer
tax incidental thereto. The Company shall pay all Depositary fees required for same-day processing of any Notice of Exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Closing of Books</U>. The Company will not close its shareholder books or records in any manner which prevents the timely
exercise of this Warrant, pursuant to the terms hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Holder&rsquo;s
Exercise Limitations</U>. The Company shall not effect any exercise of this Warrant, and the Holder shall not have the right
to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such
issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&rsquo;s
Affiliates and any other Persons acting as a group together with the Holder or any of the Holder&rsquo;s Affiliates (such
Persons, collectively, the &ldquo;<U>Attribution Parties</U>&rdquo;) would beneficially own in excess of the Beneficial
Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of Ordinary Shares beneficially
owned by the Holder and its Attribution Parties shall include the number of Ordinary Shares underlying ADSs held by the
Holder and its Attribution Parties plus the number of Ordinary Shares underlying ADSs issuable upon exercise of this Warrant
with respect to which the determination is being made, but shall exclude the number of Ordinary Shares underlying ADSs which
would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder
or any Attribution Parties and (ii) exercise or conversion of the nonexercised or nonconverted portion of any other
securities of the Company (including, without limitation, any Ordinary Share or ADS equivalents) subject to a limitation on
conversion or exercise analogous to the limitation contained herein that are beneficially owned by the Holder or any of its
Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership
shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is
in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be
filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of
whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Attribution
Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the
submission of a Notice of Exercise shall be deemed to be the Holder&rsquo;s determination of whether this Warrant is
exercisable (in relation to other securities owned by the Holder together with any Attribution Parties) and of which portion
of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no
obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as
contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Ordinary Shares, the
Holder may rely on the number of Ordinary Shares as reflected in (x) the Company&rsquo;s most recent Annual Report on Form
20-F, Current Report on Form 6-K or other public filing with the Commission, as the case may be, (y) a more recent public
announcement by the Company or (z) any other written notice by the Company or Depositary setting forth the number of Ordinary
Shares outstanding. Upon the written request of the Holder, the Company shall within two (2) Trading Days confirm in writing
or by electronic mail to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding
Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including
this Warrant, by the Holder and any Attribution Party since the date as of which such number of outstanding Ordinary Shares
was reported. The &ldquo;<U>Beneficial Ownership Limitation</U>&rdquo; shall be 4.99% of the number of Ordinary Shares
outstanding immediately after giving effect to the issuance of Ordinary Shares or ADSs issuable upon exercise of this
Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of
this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Ordinary
Shares outstanding immediately after giving effect to the issuance of Ordinary Shares upon exercise of this Warrant held by
the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership
Limitation will not be effective until the sixty-first (61<SUP>st</SUP>) day after such notice is delivered to the Company.
The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the
terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the
intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to
properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of
this Warrant.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Certain Adjustments.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Share Dividends and Splits</U>. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend
or otherwise makes a distribution or distributions on its Ordinary Shares or ADSs or any other equity or equity equivalent securities
payable in Ordinary Shares or ADSs (which, for avoidance of doubt, shall not include any ADSs issued by the Company upon exercise
of this Warrant), as applicable, (ii) subdivides outstanding Ordinary Shares or ADSs into a larger number of shares or ADSs, as
applicable, (iii) combines (including by way of reverse share split) outstanding Ordinary Shares or ADSs into a smaller number
of shares or ADSs, as applicable, or (iv) issues by reclassification of Ordinary Shares or any shares of capital stock of the Company,
as applicable, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number
of Ordinary Shares or ADSs, as applicable, (excluding treasury shares, if any) outstanding immediately before such event and of
which the denominator shall be the number of Ordinary Shares or ADSs, as applicable, outstanding immediately after such event,
and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise
Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately
after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision, combination or re-classification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Pro
Rata Distributions</U>. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or
other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares or ADSs, by way of return of
capital or otherwise, other than cash (including, without limitation, any distribution of stock or other securities, property
or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar
transaction) (a &ldquo;<U>Distribution</U>&rdquo;), at any time after the issuance of this Warrant, then, in each such case,
the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant
(without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation)
immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of
which the record holders of Ordinary Shares or ADSs are to be determined for the participation in such Distribution
(<U>provided</U>, <U>however</U>, to the extent that the Holder's right to participate in any such Distribution would result
in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such
Distribution to such extent (or in the beneficial ownership of any Ordinary Shares or ADSs as a result of such Distribution
to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time,
if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsequent Rights Offerings</U>. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Ordinary Share or ADS equivalents or rights to purchase shares, warrants, securities or other property
pro rata to the record holders of any class of Ordinary Shares or ADSs (the &ldquo;<U>Purchase Rights</U>&rdquo;), then the Holder
will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant
(without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately
before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken,
the date as of which the record holders of Ordinary Shares or ADSs are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, to the extent that the Holder&rsquo;s right to participate in any such Purchase Right would result in
the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase
Right to such extent (or beneficial ownership of such ADSs as a result of such Purchase Right to such extent) and such Purchase
Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in
the Holder exceeding the Beneficial Ownership Limitation).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Fundamental
Transaction</U>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more
related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or
substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary
Shares or ADSs are permitted to sell, tender or exchange their shares for other securities, cash or property and has been
accepted by the holders of 50% or more of the total voting power of the Company&rsquo;s ordinary shares, (iv) the Company,
directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of the Ordinary Shares or ADSs or any compulsory share exchange pursuant to which the Ordinary Shares or ADSs is effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or
more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons
whereby such other Person or group acquires more than 50% of the total voting power of the Company&rsquo;s ordinary shares
(not including any Ordinary Shares or ADSs held by the other Person or other Persons making or party to, or associated or
affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination)
(each a &ldquo;<U>Fundamental Transactio</U>n&rdquo;), then, upon any subsequent exercise of this Warrant, the Holder shall
have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the
occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on
the exercise of this Warrant), the number of Ordinary Shares or shares of common stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the &ldquo;<U>Alternate
Consideration</U>&rdquo;) receivable by holders of Ordinary Shares or ADSs as a result of such Fundamental Transaction for
each Ordinary Share or ADS for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without
regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the
determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the
amount of Alternate Consideration issuable in respect of one Ordinary Shares or ADS in such Fundamental Transaction, and the
Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of Ordinary Shares or ADSs are given any choice
as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same
choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the
survivor (the &ldquo;Successor Entity;) to assume in writing all of the obligations of the Company under this Warrant and the
other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and
substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which
is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity)
equivalent to the Ordinary Shares or ADSs acquirable and receivable upon exercise of this Warrant (without regard to any
limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies
the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary
Shares or ADSs pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares
of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately
prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the
Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other
Transaction Documents referring to the &ldquo;Company&rdquo; shall refer instead to the Successor Entity), and may exercise
every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other
Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Calculations</U>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an
ADS, as the case may be. For purposes of this Section 3, the number of Ordinary Shares or ADSs, as applicable, deemed to be issued
and outstanding as of a given date shall be the sum of the number of Ordinary Shares or ADSs, as applicable, (excluding treasury
shares, if any) issued and outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice to Holder</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 27pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjustment to Exercise Price</U>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3,
the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant ADSs and setting forth a brief statement of the facts requiring such adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 135pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 27pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Notice
to Allow Exercise by Holder</U>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on
the Ordinary Shares or ADSs, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the
Ordinary Shares or ADSs, (C) the Company shall authorize the granting to all holders of the Ordinary Shares or ADSs rights or
warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any
shareholders of the Company shall be required in connection with any reclassification of the Ordinary Shares or ADSs, any
consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of
the Company, or any compulsory share exchange whereby the Ordinary Shares or ADSs are converted into other securities, cash
or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the
affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last address as it
shall appear upon the Warrant Register of the Company, at least 10 calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the
Ordinary Shares or ADSs of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be
determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is
expected to become effective or close, and the date as of which it is expected that holders of the Ordinary Shares or ADSs of
record shall be entitled to exchange their Ordinary Shares or ADSs for securities, cash or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice
or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be
specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material,
non-public information regarding the Company or any of the Subsidiaries or Affiliated Entities, the Company shall
simultaneously file such notice with the Commission pursuant to a Report on Form 6-K. The Holder shall remain entitled to
exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Transfer of Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transferability</U>. Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant ADSs issued upon exercise
of this Warrant shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative,
put, or call transaction that would result in the effective economic disposition of the securities by any person for a period of
180 days immediately following the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant
is being issued, except the transfer of any security:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>by operation of law or by reason of reorganization of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred
remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 139.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if the aggregate amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities
being offered;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>that
is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member
manages or otherwise directs investments by the fund, and participating members in the aggregate do not own more than 10% of
the equity in the fund; or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this
Section 4(a) for the remainder of the time period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Subject to the foregoing restriction,
any applicable securities laws and the conditions set forth in Section 4(d), this Warrant and all rights hereunder (including,
without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal
office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the
purchase of Warrant ADSs without having a new Warrant issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>New Warrants</U>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant ADSs issuable
pursuant thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Warrant Register</U>. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose (the &ldquo;<U>Warrant Register</U>&rdquo;), in the name of the record Holder hereof from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representation by the Holder</U>. The Holder, by the acceptance hereof, represents and warrants that it is acquiring
this Warrant and, upon any exercise hereof, will acquire the Warrant ADSs issuable upon such exercise, for its own account and
not with a view to or for distributing or reselling such Warrant ADSs or any part thereof in violation of the Securities Act or
any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> Registration Rights</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a) <U>Piggy-Back Registration.</U></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">i. <U>Piggy-Back Rights</U>. If at any time during the
seven year period after the Effective Date, the Company proposes to file a registration statement under the Securities Act with
respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible
into, equity securities, by the Company for its own account or for shareholders of the Company for their account (or by the Company
and by shareholders of the Company), other than a registration statement (i) filed in connection with any employee share option
or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company&rsquo;s existing shareholders,
or (iii) for a dividend reinvestment plan, then the Company shall (x) give written notice of such proposed filing to the holders
of the Ordinary Shares issued or issuable upon the exercise of the Warrants (the &ldquo;Registrable Securities&rdquo;) as soon
as practicable but in no event less than ten days before the anticipated filing date, which notice shall describe the amount and
type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing
underwriter or underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the
opportunity to register the sale of such number of Warrant Shares held by such holder (the &ldquo;<U>Piggy-Back Registrable Securities</U>&rdquo;),
as such holders may request in writing within five days following receipt of such notice (a &ldquo;<U>Piggy-Back Registration</U>&rdquo;).
The Company shall cause such Piggy-Back Registrable Securities to be included in such registration and shall use its commercially
reasonable efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Piggy-Back
Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities
of the Company and to permit the sale or other disposition of such Piggy-Back Registrable Securities in accordance with the intended
method(s) of distribution thereof. All holders of Piggy-Back Registrable Securities proposing to distribute their securities through
a Piggy-Back Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary
form with the underwriter or underwriters selected for such Piggy-Back Registration.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">ii. <U>Reduction of
Offering</U>. If the managing underwriter or underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of
Ordinary Shares which the Company desires to sell, taken together with Ordinary Shares, if any, as to which registration has
been requested pursuant to written contractual arrangements with persons other than the holders of Piggy-Back Registrable
Securities hereunder, the Piggy-Back Registrable Securities as to which registration has been requested under this Section
5(b), and the Ordinary Shares, if any, as to which registration has been requested pursuant to the written contractual
piggy-back registration rights of other shareholders of the Company, exceeds the maximum dollar amount or maximum number of
shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the
distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares,
as applicable, the &ldquo;<U>Maximum Number of Shares</U>&rdquo;), then the Company shall include in any such
registration:</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(x) If the registration is undertaken for the Company&rsquo;s
account: (A) first, the Ordinary Shares or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; and (B) second, subject to the requirements of registration rights granted by the Company prior to
the date hereof, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), up to the
amount of shares of Ordinary Shares or other securities that can be sold without exceeding the Maximum Number of Shares, on a pro
rata basis, from (i) Piggy-Back Registrable Securities as to which registration has been requested and (ii) the Ordinary Shares
or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
piggy-back registration rights with such persons;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">iii. <U>Withdrawal</U>. Any holder of Piggy-Back Registrable
Securities may elect to withdraw such holder&rsquo;s request for inclusion of such Piggy-Back Registrable Securities in any Piggy-Back
Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the registration
statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a demand pursuant to
written contractual obligations) may withdraw a registration statement at any time prior to the effectiveness of the registration
statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders of Piggy-Back Registrable
Securities in connection with such Piggy-Back Registration as provided in Section 5(b)(iv).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">iv. <U>Terms</U>. The Company
shall bear all fees and expenses attendant to registering the Piggy-Back Registrable Securities, including the expenses of one
legal counsel selected by the Holders to represent them in connection with the sale of the Piggy-Back Registrable Securities but
the Holders shall pay any and all underwriting commissions related to the Piggy-Back Registrable Securities. In the event of such
a proposed registration, the Company shall furnish the then Holders of outstanding Piggy-Back Registrable Securities with not
less than fifteen days written notice prior to the proposed date of filing of such registration statement. Such notice to the
Holders shall continue to be given for each applicable registration statement filed (during the period in which the Warrant is
exercisable) by the Company until such time as all of the Piggy-Back Registrable Securities have been registered and sold. The
Holders of the Piggy-Back Registrable Securities shall exercise the &ldquo;piggy-back&rdquo; rights provided for herein by giving
written notice, within ten days of the receipt of the Company&rsquo;s notice of its intention to file a registration statement.
The Company shall cause any registration statement filed pursuant to the above &ldquo;piggyback&rdquo; rights to remain effective
for at least nine (9) months from the date that the Holders of the Piggy-Back Registrable Securities are first given the opportunity
to sell all of such securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b) <U>General Terms</U>.
These additional terms shall relate to registration under Sections 5(a) above:</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(w) The Company shall, to the fullest extent permitted
by applicable law, indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder
and each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20(a) of the Exchange
Act against all loss, claim, damage, expense or liability (including all reasonable attorneys&rsquo; fees and other expenses reasonably
incurred in investigating, preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether
arising out of any action between the underwriter and the Company or between the underwriter and any third party or otherwise)
to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement;
<U>provided</U>, <U>however</U>, that, with respect to any Holder of Registrable Securities, this indemnity shall not apply to
any loss, liability, claim, damage or expense to the extent arising out of an untrue statement or omission or alleged untrue statement
or omission made in reliance upon and in conformity with written information furnished to the Company by such Holder expressly
for use in the registration statement (or any amendment thereto), or any preliminary prospectus or the prospectus (or any amendment
or supplement thereto).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(x) The Holder(s) of the Registrable Securities to be
sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the
Company, its officers and directors and each person, if any, who controls the Company within the meaning of Section 15 of the Act
or Section 20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including all reasonable attorneys&rsquo;
fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they
may become subject under the Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders,
or their successors or assigns, in writing, for specific inclusion in such registration statement(or any amendment thereto), or
any preliminary prospectus or the prospectus (or any amendment or supplement thereto).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(y) Each indemnified party
shall give prompt notice to each indemnifying party of any action commenced against it in respect of which indemnity may be
sought hereunder, but failure to so notify an indemnifying party shall not relieve the indemnifying party from any liability
it may have under this Agreement, except to the extent that the indemnifying party is prejudiced thereby. If it so elects,
after receipt of such notice, an indemnifying party, jointly with any other indemnifying parties receiving such notice, may
assume the defense of such action with counsel chosen by it; <U>provided</U>, <U>however</U>, that the indemnified party
shall be entitled to participate in (but not control) the defense of such action with counsel chosen by it, the reasonable
fees and expenses of which shall be paid by such indemnified party, unless a conflict would arise if one counsel were to
represent both the indemnified party and the indemnifying party, in which case the reasonable fees and expenses of counsel to
the indemnified party shall be paid by the indemnifying party or parties. In no event shall the indemnifying party or parties
be liable for a settlement of an action with respect to which they have assumed the defense if such settlement is effected
without the written consent of such indemnifying party, or for the reasonable fees and expenses of more than one counsel for
(i) the Company, its officers, directors and controlling persons as a group, and (ii) the selling Holders and their
controlling persons as a group, in each case, in connection with any one action or separate but similar or related actions in
the same jurisdiction arising out of the same general allegations or circumstances; <U>provided</U>, <U>however</U>, that if,
in the reasonable judgment of an indemnified party, a conflict of interest may exist between such indemnified party and the
Company or any other of such indemnified parties with respect to such claim, the indemnifying party shall be obligated to pay
the reasonable fees and expenses of such additional counsel.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(z) If the indemnification
provided for in or pursuant to Section 5(b)(i) is due in accordance with the terms hereof, but held by a court of competent jurisdiction
to be unavailable or unenforceable in respect of any losses, claims, damages, liabilities or expenses referred to therein, then
each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable
by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate
to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection
with the statements or omissions which result in such losses, claims, damages, liabilities or expenses as well as any other relevant
equitable considerations. The relative fault of the indemnifying party on the one hand and of the indemnified party on the other
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified
party, and by such party&rsquo;s relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ii. <U>Supplemental
Prospectus</U>. Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event as a
result of which the prospectus included in the registration statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing, such Holder will immediately discontinue disposition of Registrable
Securities pursuant to the registration statement covering such Registrable Securities until such Holder&rsquo;s receipt of
the copies of a supplemental or amended prospectus, and, if so desired by the Company, such Holder shall deliver to the
Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of such destruction) all copies,
other than permanent file copies then in such Holder&rsquo;s possession, of the prospectus covering such Registrable
Securities current at the time of receipt of such notice. Immediately after discovering of such an event which causes the
prospectus included in the registration statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing, the Company shall prepare and file, as soon as practicable, a supplement or
amendment to the prospectus so that such registration statement does not include any untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing and distribute such supplement or amendment to each Holder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Miscellaneous.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Rights as Stockholder Until Exercise</U>. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a holder of Warrant ADSs prior to the Warrant ADSs Delivery Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Loss, Theft, Destruction or Mutilation of Warrant</U>. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any certificate relating to the
Warrant ADSs, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the
case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Saturdays, Sundays, Holidays, etc</U>. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised
on the next succeeding Business Day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Authorized
Shares</U>. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and
unissued Ordinary Shares a sufficient number of shares to provide for the issuance of the Warrant ADSs and underlying
Ordinary Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance
of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary
Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action
as may be necessary to assure that such Warrant ADSs may be issued as provided herein without violation of any applicable law
or regulation, or of any requirements of the applicable Trading Market upon which the Ordinary Shares and ADSs may be listed.
The Company covenants that all Warrant ADSs which may be issued upon the exercise of the purchase rights represented by this
Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant ADSs in
accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and
charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue).</P>

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Except and to the extent as waived
or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of
incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will
at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality
of the foregoing, the Company will (i) not increase the par value of any Warrant ADSs above the amount payable therefor upon such
exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and nonassessable Warrant ADSs upon the exercise of this Warrant and
(iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Before taking any action which
would result in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable or in the Exercise Price, the
Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Jurisdiction</U>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be determined in accordance with the provisions of the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restrictions</U>. The Holder acknowledges that the Warrant ADSs acquired upon the exercise of this Warrant, if not registered,
will have restrictions upon resale imposed by state and federal securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Nonwaiver and Expenses</U>. No course of dealing or any delay or failure to exercise any right hereunder on the part
of Holder shall operate as a waiver of such right or otherwise prejudice the Holder&rsquo;s rights, powers or remedies. Without
limiting any other provision of this Warrant or the Underwriting Agreement, if the Company willfully and knowingly fails to comply
with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such
amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys&rsquo; fees,
including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise
enforcing any of its rights, powers or remedies hereunder.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Notices</U>. Any notice, request or other document required or permitted to be given or delivered to the Holder by the
Company shall be delivered in accordance with the notice provisions of the Underwriting Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation of Liability</U>. No provision hereof, in the absence of any affirmative action by the Holder to exercise
this Warrant to purchase Warrant ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to
any liability of the Holder for the purchase price of any Ordinary Shares or ADSs or as a shareholder of the Company, whether such
liability is asserted by the Company or by creditors of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Remedies</U>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors
and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time
of this Warrant and shall be enforceable by the Holder or holder of Warrant ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment</U>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the
Company and the Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Headings</U>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose,
be deemed a part of this Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; text-align: center">(Signature Page Follows)</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>THE9 LIMITED.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt">/s/ George Lai</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name: George Lai</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title: CFO</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; text-align: justify"></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="text-transform: uppercase">To:</FONT></TD>
    <TD STYLE="width: 95%; font-size: 10pt">THE9 LIMITED,<BR>
THE BANK OF NEW YORK MELLON</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1) The undersigned hereby
elects to purchase ________ Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only if exercised in full),
and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2) Payment shall take
the form of (check applicable box):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT>
in lawful money of the United States; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT>
if permitted the cancellation of such number of Warrant ADSs as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant ADSs purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(3) Please register and
issue said Warrant ADSs in the name of the undersigned or in such other name as is specified below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 33%">&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">The Warrant ADSs shall be delivered to the following DWAC Account
Number or by physical delivery of a certificate to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="font-size: 1pt; vertical-align: top">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 1pt; vertical-align: top">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&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">[SIGNATURE OF HOLDER]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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="white-space: nowrap; width: 18%; font-size: 10pt">Name of Investing Entity:</TD>
    <TD STYLE="width: 82%; border-bottom: black 1pt solid">&nbsp;</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 COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt"><I>Signature of Authorized Signatory of Investing Entity</I>:</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Name of Authorized Signatory:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 59%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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 COLSPAN="2" STYLE="font-size: 10pt">Title of Authorized Signatory:</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 10%">Date:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 80%">&nbsp;</TD></TR>
</TABLE>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(To assign the foregoing warrant, execute<BR>
this form and supply required information.<BR>
Do not use this form to exercise the warrant.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">FOR VALUE RECEIVED, [____]
all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: justify">Dated: ______________, _______</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 20%">&nbsp;</TD>
    <TD STYLE="width: 24%; font-size: 10pt; text-align: justify">Holder&rsquo;s Signature:</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Holder&rsquo;s Address:</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTE: The signature to this Assignment Form must correspond
with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever. Officers of
corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign
the foregoing Warrant.</P>



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<TYPE>EX-99.1
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<FILENAME>tm2032444d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The9 Announces Closing of US$8.7 Million
Underwritten Offering</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">Shanghai, China, October 5, 2020&mdash;The9 Limited (Nasdaq:
NCTY) (&ldquo;The9&rdquo; or the &ldquo;Company&rdquo;), an established Internet company, today announced the completion of an
underwritten offering of 23,500,000 American depositary shares (the &ldquo;ADSs&rdquo;) and warrants (the &ldquo;Warrants&rdquo;)
to purchase 23,500,000 ADSs at a combined offering price of US$0.37 for one ADS and one Warrant to purchase one ADS. The ADSs and
the Warrants were issued and sold to investors in a combination of one ADS and one Warrant to purchase one ADS, and are immediately
separated upon issuance. Each Warrant is immediately exercisable for one ADS at an exercise price of US$0.37 per ADS and will expire
three years from issuance.</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">Maxim Group LLC acted as sole book-running manager in connection
with the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has granted the underwriter a 45-day option to purchase
up to an additional 3,525,000 ADSs and/or up to an additional 3,525,000 Warrants, at the offering price less discounts and commissions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The offering was conducted pursuant to the Company&rsquo;s registration
statement on Form F-1 (File No. 333-240331) previously filed with and subsequently declared effective by the Securities and Exchange
Commission (&ldquo;SEC&rdquo;) on September 29, 2020. A final prospectus relating to the offering was filed with the SEC and is
available on the SEC&rsquo;s website at http://www.sec.gov. Electronic copies of the prospectus relating to this offering may be
obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company plans to use the net proceeds from the offering
mainly for (i) mobile games development and general corporate working capital, (ii) game license fee payment, and (iii) hyper-casual
game operation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release shall not constitute an offer to sell or
a solicitation of an offer to purchase any securities, nor shall there be a sale of the securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About The9 Limited</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">The9 Limited (The9) is an Internet company based in China listed
on Nasdaq in 2004. The9 aims to become a diversified Internet company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><B>Safe Harbor Statement </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">This announcement contains forward-looking statements. These
statements are made under the &ldquo;safe harbor&rdquo; provisions of the United States Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by terminology such as &ldquo;will,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo;
 &ldquo;future,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;believes,&rdquo; &ldquo;estimates&rdquo; and similar statements.
Such statements are based upon management&rsquo;s current expectations and current market and operating conditions and relate to
events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of
which are beyond The9&rsquo;s control. The9 may also make written or oral forward-looking statements in its periodic reports to
the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that are not historical facts, including statements about The9&rsquo;s
beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties.
A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including
but not limited to the following: The9&rsquo;s goal and strategies; The9&rsquo;s expansion plans; The9&rsquo;s future business
development, financial condition and results of operations; The9&rsquo;s expectations regarding demand for, and market acceptance
of, its products and services; The9&rsquo;s expectations regarding keeping and strengthening its relationships with business partners
it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing.
Further information regarding these and other risks is included in The9&rsquo;s filings with the SEC. All information provided
in this press release and in the attachments is as of the date of this press release, and The9 does not undertake any obligation
to update any forward-looking statement, except as required under applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For further information, please contact:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The9 Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: +86-21-6108-6080</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: IR@corp.the9.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Website: https://www.the9.com/en</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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