<SEC-DOCUMENT>0000950127-25-000046.txt : 20250326
<SEC-HEADER>0000950127-25-000046.hdr.sgml : 20250326
<ACCEPTANCE-DATETIME>20250326060009
ACCESSION NUMBER:		0000950127-25-000046
CONFORMED SUBMISSION TYPE:	F-6 POS
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250326

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lion Group Holding Ltd
		CENTRAL INDEX KEY:			0001806524
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6 POS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-273223
		FILM NUMBER:		25769912

	BUSINESS ADDRESS:	
		STREET 1:		3 PHILLIP STREET
		STREET 2:		#15-04 ROYAL GROUP BUILDING
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			048693
		BUSINESS PHONE:		65 8877 3871

	MAIL ADDRESS:	
		STREET 1:		3 PHILLIP STREET
		STREET 2:		#15-04 ROYAL GROUP BUILDING
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			048693

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Deutsche Bank Trust Co Americas/ ADR Group
		CENTRAL INDEX KEY:			0001471515
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6 POS

	BUSINESS ADDRESS:	
		STREET 1:		60 WALL STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		212-319-7600

	MAIL ADDRESS:	
		STREET 1:		60 WALL STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-6 POS
<SEQUENCE>1
<FILENAME>f-6_registration_statement.htm
<TEXT>
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            <div style="text-align: justify; font-weight: bold;">As filed with the Securities and Exchange Commission on March 26, 2025</div>
          </td>
          <td style="border-bottom: 0.666667px dashed; vertical-align: top; white-space: nowrap; width: 30.94%;">
            <div style="text-align: justify; font-weight: bold;">Registration No. 333-273223</div>
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    <div style="text-align: justify; margin-bottom: 9pt;">
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
    <div style="text-align: center; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold;">Washington, D.C.&#160;&#160;20549</div>
    <div style="text-align: center;">______________________________</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">POST-EFFECTIVE AMENDMENT NO. 1 TO</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">FORM F-6</div>
    <div style="text-align: center; font-weight: bold;">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 FOR</div>
    <div style="text-align: center; font-weight: bold;">DEPOSITARY SHARES EVIDENCED BY AMERICAN DEPOSITARY RECEIPTS</div>
    <div style="text-align: center;">______________</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Lion Group Holding Ltd.</div>
    <div style="text-align: center;">(Exact name of issuer of deposited securities as specified in its charter)</div>
    <div style="text-align: center;">______________</div>
    <div style="text-align: center; font-weight: bold;">Not Applicable</div>
    <div style="text-align: center;">(Translation of issuer&#8217;s name into English)</div>
    <div style="text-align: center;">______________</div>
    <div style="text-align: center; font-weight: bold;">Cayman Islands</div>
    <div style="text-align: center;">(Jurisdiction of incorporation or organization of issuer<font style="font-weight: bold;">)</font></div>
    <div style="text-align: center;">____________________________</div>
    <div style="text-align: center; font-weight: bold;">Deutsche Bank Trust Company Americas</div>
    <div style="text-align: center;">(Exact name of depositary as specified in its charter<font style="font-weight: bold;">)</font></div>
    <div style="text-align: center;">____________</div>
    <div style="text-align: center; font-weight: bold;">1 Columbus Circle</div>
    <div style="text-align: center; font-weight: bold;">New York, New York 10019</div>
    <div style="text-align: center; font-weight: bold;">+1 (212) 250-9100</div>
    <div style="text-align: center;">(Address, including zip code, and telephone number, including area code, of depositary&#8217;s principal executive offices)</div>
    <div style="text-align: center;">____________</div>
    <div style="text-align: center; font-weight: bold;">Cogency Global Inc.</div>
    <div style="text-align: center; font-weight: bold;">122 East 42nd&#160;Street, 18th&#160;Floor</div>
    <div style="text-align: center; font-weight: bold;">New York, New York 10168</div>
    <div style="text-align: center; font-weight: bold;">+1 (212) 947-7200</div>
    <div style="text-align: center;">(Address, including zip code, and telephone number, including area code, of agent for service)</div>
    <div style="text-align: center;">______________________________</div>
    <div style="text-align: center;">Copies to:</div>
    <br>
    <div style="text-align: center;">
      <div style="font-weight: bold;">Melissa Butler, Esq.</div>
      <div style="font-weight: bold;">Bree Peterson, Esq.<br>
        White &amp; Case LLP<br>
        5 Old Broad Street<br>
        London EC2N 1DW<br>
        United Kingdom<br>
        +(44) 20 7532-1432</div>
    </div>
    <div style="text-align: center;">__________________________________</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z12f7d7d9c1a04d7fb7f45ee79b306b46">

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          <td nowrap="nowrap" style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">It is proposed that this filing become effective under Rule 466:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">&#9746; immediately upon filing.</div>
            <div style="text-align: justify;">&#9744; on (Date) at (Time).</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;">If a separate registration statement has been filed to register the deposited shares, check the following box :&#160;&#160;&#9744;</div>
    <div style="text-align: center;">_________________________________</div>
    <div style="text-align: center; font-weight: bold;">CALCULATION OF REGISTRATION FEE</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z3a57431c0ee7419daff8267f474fb79e">

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            <div style="text-align: center; font-weight: bold;">Title of each class<br>
              of Securities to be registered</div>
          </td>
          <td style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-top: 1px solid #000000; vertical-align: bottom; width: 17.72%; padding: 0px 5px;">
            <div style="text-align: center; font-weight: bold;">Amount to be registered</div>
          </td>
          <td style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-top: 1px solid #000000; vertical-align: bottom; width: 22.11%; padding: 0px 5px;">
            <div style="text-align: center; font-weight: bold;">Proposed<br>
              maximum aggregate price per unit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-top: 1px solid #000000; vertical-align: bottom; width: 21.23%; padding: 0px 5px;">
            <div style="text-align: center; font-weight: bold;">Proposed<br>
              maximum aggregate offering price<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid; border-top: 1px solid #000000; vertical-align: bottom; width: 13.32%; padding: 0px 5px;">
            <div style="text-align: center; font-weight: bold;">Amount of registration fee<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
          </td>
        </tr>
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          <td style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-top: 1px solid #000000; vertical-align: top; width: 25.62%; padding: 0px 5px;">
            <div>American Depositary Shares, each representing 2,500 Class A ordinary shares of Lion Group Holding Ltd.</div>
          </td>
          <td style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-top: 1px solid #000000; vertical-align: top; width: 17.72%; padding: 0px 5px;">
            <div style="text-align: justify;">N/A</div>
          </td>
          <td style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-top: 1px solid #000000; vertical-align: top; width: 22.11%; padding: 0px 5px;">
            <div style="text-align: justify;">N/A</div>
          </td>
          <td style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-top: 1px solid #000000; vertical-align: top; width: 21.23%; padding: 0px 5px;">
            <div style="text-align: justify;">N/A</div>
          </td>
          <td style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid; border-top: 1px solid #000000; vertical-align: top; width: 13.32%; padding: 0px 5px;">
            <div style="text-align: justify;">N/A</div>
          </td>
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          <td style="width: 36pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>For the purpose of this table only the term &#8220;unit&#8221; is defined as one American Depositary Share.</div>
          </td>
        </tr>

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    <div style="text-align: justify; margin-bottom: 9pt;">
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            <td style="width: 36pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Estimated solely for the purpose of calculating the registration fee.&#160; Pursuant to Rule 457(k), such estimate is computed on the basis of the maximum aggregate fees or charges to be imposed in connection with the issuance of American
                Depositary Shares.</div>
            </td>
          </tr>

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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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            <td style="width: 36pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Previously paid.</div>
            </td>
          </tr>

      </table>
      This registration statement may be executed in any number of counterparts, each of which shall be deemed an original, and all of such counterparts together shall constitute one and the same instrument.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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    <div style="margin-bottom: 9pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 9pt; font-weight: bold;">EXPLANATORY NOTE</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 9pt;">This Post-Effective Amendment No. 1 to the Registration Statement on Form F-6 (Registration No. 333-273223) is being filed solely to (i) effect a ratio change for each American
      Depositary Share so that the new ratio shall be one (1) American Depositary Share to 2,500 Class A ordinary shares of Lion Group Holding Ltd. and (ii) make corresponding changes reflecting the ratio change to the previously filed Deposit Agreement.</div>
    <div style="text-align: center; margin-bottom: 9pt; font-weight: bold;">PART I</div>
    <div style="text-align: center; margin-bottom: 9pt; font-weight: bold;">INFORMATION REQUIRED IN PROSPECTUS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 9pt;">The prospectus consists of the proposed form of American Depositary Receipt (&#8220;Receipt&#8221;) included as Exhibits A and B to Amendment No. 2 to the Deposit Agreement filed as Exhibit
      (a)(iii) to this Post-Effective Amendment to the Registration Statement on Form F-6 (File No. 333-273223), which is incorporated herein by reference.</div>
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          <td style="width: 9.41%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">Item 1.</div>
          </td>
          <td style="width: 90.59%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">DESCRIPTION OF SECURITIES TO BE REGISTERED</div>
          </td>
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    <div style="margin-bottom: 9pt;"><br>
    </div>
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          <td colspan="3" style="width: 51.23%; vertical-align: bottom; border-bottom: #000000 1px double;">
            <div style="text-align: justify; font-weight: bold;">Required Information</div>
          </td>
          <td style="width: 3.56%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.21%; vertical-align: bottom; border-bottom: #000000 1px double;">
            <div style="text-align: justify; font-weight: bold;">Location in Form of Receipt Filed Herewith as Prospectus</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">&#160;</td>
          <td style="width: 39.94%; vertical-align: top;">&#160;</td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.2%; vertical-align: top;">
            <div style="text-align: justify;">1.</div>
          </td>
          <td colspan="2" style="width: 47.04%; vertical-align: top;">
            <div style="text-align: justify;">Name of depositary and address of its principal executive office</div>
          </td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">
            <div style="text-align: justify;">Face of Receipt &#8211; introductory paragraph</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">&#160;</td>
          <td style="width: 39.94%; vertical-align: top;">&#160;</td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.2%; vertical-align: top;">
            <div style="text-align: justify;">2.</div>
          </td>
          <td colspan="2" style="width: 47.04%; vertical-align: top;">
            <div style="text-align: justify;">Title of Receipts and identity of deposited securities</div>
          </td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">
            <div style="text-align: justify;">Face of Receipt &#8211; top center</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">&#160;</td>
          <td style="width: 39.94%; vertical-align: top;">&#160;</td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.23%; vertical-align: top;">
            <div style="text-align: justify;">Terms of Deposit:</div>
          </td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">&#160;</td>
          <td style="width: 39.94%; vertical-align: top;">&#160;</td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">
            <div style="text-align: justify;">(i)</div>
          </td>
          <td style="width: 39.94%; vertical-align: top;">
            <div style="text-align: justify;">The amount of deposited securities represented by one American Depositary Share (&#8220;ADS&#8221;)</div>
          </td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">
            <div style="text-align: justify;">Face of Receipt &#8211; upper right corner</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">&#160;</td>
          <td style="width: 39.94%; vertical-align: top;">&#160;</td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">
            <div style="text-align: justify;">(ii)</div>
          </td>
          <td style="width: 39.94%; vertical-align: top;">
            <div style="text-align: justify;">The procedure for voting the deposited securities</div>
          </td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">
            <div style="text-align: justify;">Reverse of Receipt &#8211; Articles 14 and 15</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">&#160;</td>
          <td style="width: 39.94%; vertical-align: top;">&#160;</td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">
            <div style="text-align: justify;">(iii)</div>
          </td>
          <td style="width: 39.94%; vertical-align: top;">
            <div style="text-align: justify;">The procedure for collecting and distributing dividends</div>
          </td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">
            <div style="text-align: justify;">Reverse of Receipt &#8211; Articles 13 and 14</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">&#160;</td>
          <td style="width: 39.94%; vertical-align: top;">&#160;</td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">
            <div style="text-align: justify;">(iv)</div>
          </td>
          <td style="width: 39.94%; vertical-align: top;">
            <div style="text-align: justify;">The procedures for transmitting notices, reports and proxy soliciting material</div>
          </td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">
            <div style="text-align: justify;">Face of Receipt &#8211; Article 12;</div>
            <div style="text-align: justify;">Reverse of Receipt &#8211; Articles 14 and 15</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">&#160;</td>
          <td style="width: 39.94%; vertical-align: top;">&#160;</td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">
            <div style="text-align: justify;">(v)</div>
          </td>
          <td style="width: 39.94%; vertical-align: top;">
            <div style="text-align: justify;">The sale or exercise of rights</div>
          </td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">
            <div style="text-align: justify;">Reverse of Receipt &#8211; Articles 13 and 14</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">&#160;</td>
          <td style="width: 39.94%; vertical-align: top;">&#160;</td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">
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          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">
            <div style="text-align: justify;">Reverse of Receipt &#8211; Articles 20 and 21 (no provision for extension)</div>
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          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">&#160;</td>
          <td style="width: 39.94%; vertical-align: top;">&#160;</td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">
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            <div style="text-align: justify;">The rights of holders of Receipts to inspect the books of the depositary and the list of holders of Receipts</div>
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          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">
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          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">&#160;</td>
          <td style="width: 39.94%; vertical-align: top;">&#160;</td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">
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            <div style="text-align: justify;">Restrictions upon the right to transfer or withdraw the underlying securities</div>
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          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">Face of Receipt &#8211; Articles 2, 3, 4, 6, 8, 9 and 10;</div>
            <div style="text-align: justify;">Reverse of Receipt &#8211; Article 22</div>
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          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">&#160;</td>
          <td style="width: 39.94%; vertical-align: top;">&#160;</td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">
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            <div style="text-align: justify;">Limitation on the depositary&#8217;s liability</div>
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          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">Face of Receipt &#8211; Article 10;</div>
            <div style="text-align: justify;">Reverse of Receipt &#8211; Articles 15, 16, 17 and 18</div>
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          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td style="width: 7.1%; vertical-align: top;">&#160;</td>
          <td style="width: 39.94%; vertical-align: top;">&#160;</td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">&#160;</td>
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        <tr>
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            <div style="text-align: justify;">3.</div>
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            <div style="text-align: justify;">Fees and charges that a holder of Receipts may have to pay, either directly or indirectly</div>
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          <td style="width: 45.21%; vertical-align: top;">
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          <td style="width: 4.2%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 47.04%; vertical-align: top;">&#160;</td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 45.21%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.2%; vertical-align: top;">
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            <div style="text-align: justify;">Face of Receipt &#8211; Article 9</div>
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    <div style="margin-bottom: 9pt;"><br>
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        <tr>
          <td style="width: 9.41%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">Item 2.</div>
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            <div style="text-align: justify; font-weight: bold;">AVAILABLE INFORMATION</div>
          </td>
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    <div style="text-align: justify; text-indent: 36pt; margin-top: 9pt; margin-bottom: 9pt;">Lion Group Holding Ltd. (the &#8220;Company&#8221;) is subject to the periodic reporting requirements of the United States Securities Exchange Act of 1934, as amended, and,
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      the public reference facilities maintained by the Commission at 100 F Street, N.E., Washington D.C. 20549.</div>
    <div style="text-align: center; margin-bottom: 9pt; font-weight: bold;">PART II</div>
    <div style="text-align: center; margin-bottom: 9pt; font-weight: bold;">INFORMATION NOT REQUIRED IN PROSPECTUS</div>
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        <tr>
          <td style="width: 11.24%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">Item 3.</div>
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          <td style="width: 88.76%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">EXHIBITS</div>
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    <div style="margin-bottom: 9pt;"><br>
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            <div>&#160;</div>
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            <div>(a)(i)</div>
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            <div>Form of Deposit Agreement, by and among the Company, Deutsche Bank Trust Company Americas, as depositary (the &#8220;Depositary&#8221;), and all holders and beneficial owners from time to time of ADSs issued thereunder (&#8220;Deposit Agreement&#8221;).&#160; &#8212;
              Previously filed as Exhibit (a) to Form F-6 (File No. 333-273223) and incorporated herein by reference.</div>
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          <td style="width: 10.88%; vertical-align: top;">&#160;</td>
          <td style="width: 8.71%; vertical-align: top;">&#160;</td>
          <td style="width: 80.41%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.88%; vertical-align: top;">&#160;</td>
          <td style="width: 8.71%; vertical-align: top;">
            <div>(a)(ii)</div>
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          <td style="width: 80.41%; vertical-align: top;">
            <div>Amendment No.1 to the Deposit Agreement&#8212; Previously filed as Exhibit (a)(ii) to the registration statement on Form F-6 to (File No. 333-273223) and incorporated herein by reference.</div>
          </td>
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          <td style="width: 10.88%; vertical-align: top;">&#160;</td>
          <td style="width: 8.71%; vertical-align: top;">&#160;</td>
          <td style="width: 80.41%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.88%; vertical-align: top;">&#160;</td>
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            <div>(a)(iii)</div>
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          <td style="width: 80.41%; vertical-align: top;">
            <div>Amendment No.2 to the Deposit Agreement&#8212; Filed herewith as Exhibit (a)(iii).</div>
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          <td style="width: 10.88%; vertical-align: top;">&#160;</td>
          <td style="width: 8.71%; vertical-align: top;">&#160;</td>
          <td style="width: 80.41%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.88%; vertical-align: top;">
            <div>&#160;</div>
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          <td style="width: 8.71%; vertical-align: top;">
            <div>(b)</div>
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          <td style="width: 80.41%; vertical-align: top;">
            <div>Any other agreement to which the Depositary is a party relating to the issuance of the ADSs registered hereunder or the custody of the deposited securities represented thereby. &#8212; Not applicable.</div>
          </td>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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          <td style="width: 8.71%; vertical-align: top;">&#160;</td>
          <td style="width: 80.41%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.88%; vertical-align: top;">
            <div>&#160;</div>
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          <td style="width: 8.71%; vertical-align: top;">
            <div>(c)</div>
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          <td style="width: 80.41%; vertical-align: top;">
            <div>Every material contract relating to the deposited securities between the Depositary and the issuer of the deposited securities in effect at any time within the last three years. &#8212; Not applicable.</div>
          </td>
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          <td style="width: 10.88%; vertical-align: top;">&#160;</td>
          <td style="width: 8.71%; vertical-align: top;">&#160;</td>
          <td style="width: 80.41%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.88%; vertical-align: top;">
            <div>&#160;</div>
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          <td style="width: 8.71%; vertical-align: top;">
            <div>(d)</div>
          </td>
          <td style="width: 80.41%; vertical-align: top;">
            <div>Opinion of White &amp; Case LLP, counsel to the Depositary, as to the legality of the securities to be registered. &#8212; Previously filed as Exhibit (d) to Form F-6 (File No. 333-273223) and incorporated herein by reference.</div>
          </td>
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          <td style="width: 10.88%; vertical-align: top;">&#160;</td>
          <td style="width: 8.71%; vertical-align: top;">&#160;</td>
          <td style="width: 80.41%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.88%; vertical-align: top;">
            <div>&#160;</div>
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          <td style="width: 8.71%; vertical-align: top;">
            <div>(e)</div>
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          <td style="width: 80.41%; vertical-align: top;">
            <div>Certification under Rule 466. &#8212; Filed herewith as Exhibit (e).</div>
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          <td style="width: 10.88%; vertical-align: top;">&#160;</td>
          <td style="width: 8.71%; vertical-align: top;">&#160;</td>
          <td style="width: 80.41%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.88%; vertical-align: top;">
            <div>&#160;</div>
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            <div>(f)</div>
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          <td style="width: 80.41%; vertical-align: top;">
            <div>Powers of attorney for certain officers and directors of the Company. &#8212;&#8211; Set forth on the signature pages hereto.</div>
          </td>
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    <div style="margin-bottom: 9pt;"><br>
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        <tr>
          <td style="width: 11.24%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">Item 4.</div>
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          <td style="width: 88.76%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">UNDERTAKINGS</div>
          </td>
        </tr>

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    <div style="margin-bottom: 9pt;"><br>
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            <div>(a)</div>
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          <td style="width: 80.41%; vertical-align: top;">
            <div>The Depositary hereby undertakes to make available at the principal office of the Depositary in the United States, for inspection by holders of the ADRs, any reports and communications received from the issuer of the deposited securities
              which are both (1) received by the Depositary as the holder of the deposited securities; and (2) made generally available to the holders of the underlying securities by the issuer.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.19%; vertical-align: top;">&#160;</td>
          <td style="width: 8.4%; vertical-align: top;">&#160;</td>
          <td style="width: 80.41%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 11.19%; vertical-align: top;">&#160;</td>
          <td style="width: 8.4%; vertical-align: top;">
            <div>(b)</div>
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            <div>If the amount of fees charged is not disclosed in the prospectus, the Depositary undertakes to prepare a separate document stating the amount of any fee charged and describing the service for which it is charged and to deliver promptly a
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          </td>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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    <div style="text-align: center; margin-bottom: 9pt; font-weight: bold;">SIGNATURES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 9pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that all the requirements for filing on
      Form F-6 are met and has duly caused this Post-Effective Amendment No. 1 to the Registration Statement on Form F-6 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on March 26,
      2025.</div>
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        <tr>
          <td style="width: 44.89%; vertical-align: top;">&#160;</td>
          <td colspan="4" style="width: 55.11%; vertical-align: top;">
            <div style="text-align: justify;">Legal entity created by the form of Deposit Agreement for the issuance of American Depositary Receipts for Class A ordinary shares, par value US$0.0001 per share of Lion Group Holding Ltd.</div>
            <div style="text-align: justify;">Deutsche Bank Trust Company Americas, as Depositary</div>
          </td>
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        <tr>
          <td style="width: 44.89%; vertical-align: top;">&#160;</td>
          <td colspan="4" style="width: 55.11%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.89%; vertical-align: top;">&#160;</td>
          <td colspan="4" style="width: 55.11%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.89%; vertical-align: top;">&#160;</td>
          <td style="width: 6.34%; vertical-align: top;">
            <div style="text-align: justify;">By:</div>
          </td>
          <td colspan="2" style="width: 43.72%; vertical-align: top; border-bottom: #000000 1px solid;">/s/ Michael Tompkins</td>
          <td style="width: 5.05%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.89%; vertical-align: top;">&#160;</td>
          <td style="width: 6.34%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">Name:</div>
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          <td style="width: 34.32%; vertical-align: top;">Michael Tompkins<br>
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          <td style="width: 5.05%; vertical-align: top;">&#160;</td>
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        <tr>
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          <td style="width: 6.34%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">Title:</div>
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          <td style="width: 34.32%; vertical-align: top;">Director<br>
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        <tr>
          <td style="width: 44.89%; vertical-align: top;">&#160;</td>
          <td colspan="4" style="width: 55.11%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.89%; vertical-align: top;">&#160;</td>
          <td colspan="4" style="width: 55.11%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.89%; vertical-align: top;">&#160;</td>
          <td style="width: 6.34%; vertical-align: top;">
            <div style="text-align: justify;">By:</div>
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          <td colspan="2" style="width: 43.72%; vertical-align: top; border-bottom: #000000 1px solid;">/s/ Kelvyn Correa</td>
          <td style="width: 5.05%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 44.89%; vertical-align: top;">&#160;</td>
          <td style="width: 6.34%; vertical-align: top;">&#160;</td>
          <td style="width: 9.4%; vertical-align: top;">
            <div style="text-align: justify;">Name:</div>
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          <td style="width: 34.32%; vertical-align: top;">Kelvyn Correa<br>
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          <td style="width: 5.05%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.89%; vertical-align: top;">&#160;</td>
          <td style="width: 6.34%; vertical-align: top;">&#160;</td>
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          <td style="width: 34.32%; vertical-align: top;">Director<br>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 24pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, Lion Group Holding Ltd. certifies that it has reasonable grounds to believe that all the requirements for
      filing on Form F-6 are met and has duly caused this Post-Effective Amendment No. 1 to Registration Statement on Form F-6 to be signed on its behalf by the undersigned, thereunto duly authorized, in Singapore, on March 26, 2025.</div>
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            <div style="text-align: justify; font-weight: bold;">LION GROUP HOLDING LTD.</div>
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          <td style="width: 44.89%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">/s/ Chunning Wang</div>
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    <div style="text-align: center; margin-bottom: 9pt; font-weight: bold;">POWER OF ATTORNEY</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 9pt;"><font style="font-weight: bold;">KNOW ALL PERSONS BY THESE PRESENTS</font>, that each person whose signature appears below constitutes and appoints Chunning Wang, his true and
      lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective amendments) to this
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      Securities and Exchange Commission, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 24pt;">Under the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 1 to the Registration Statement on Form F-6 has been signed by the following
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            <div style="text-align: center;">/s/ Tak Wing Lo</div>
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          <td nowrap="nowrap" style="width: 3.98%; vertical-align: bottom;">
            <div>&#160;</div>
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            <div style="text-align: center;">Name: Tak Wing Lo</div>
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            <div style="text-align: center;">/s/ Zhang Zhixiang</div>
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    <div style="text-align: center; margin-bottom: 9pt; font-weight: bold;">SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 9pt;">Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Lion Group Holding Ltd., has signed this
      Post-Effective Amendment No. 1 to the Registration Statement on Form F-6 in New York, New York, United States of America on March 26, 2025.</div>
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          <td style="width: 44.89%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; font-weight: bold;">Cogency Global Inc</div>
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          <td style="width: 44.89%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">By:</div>
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            <div style="text-align: justify;">/s/ Colleen A. DeVries</div>
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            <div style="text-align: justify;">Name:</div>
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          <td style="width: 34.32%; vertical-align: top;">
            <div style="text-align: justify;">Colleen A. DeVries</div>
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          <td style="width: 5.05%; vertical-align: top;">&#160;</td>
        </tr>
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            <div style="text-align: justify;">Senior Vice President on behalf of Cogency Global Inc.</div>
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          <td style="width: 5.05%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 44.89%; vertical-align: top;">&#160;</td>
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    <div style="text-align: center; margin-bottom: 9pt; font-weight: bold;">Index to Exhibits</div>
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          </td>
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          <td style="width: 39.68%; vertical-align: top;">
            <div style="text-align: justify;">(a)(iii)</div>
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          <td style="width: 60.32%; vertical-align: top;">
            <div style="text-align: justify;">Amendment No. 2 to the Deposit Agreement</div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.68%; vertical-align: top;">
            <div style="text-align: justify;">(e)</div>
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            <div style="text-align: justify;">Rule 466 Certification</div>
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        </tr>

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<TYPE>EX-99.1
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<TEXT>
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  <div>
    <div style="text-align: center; margin-bottom: 9pt; font-weight: bold;">AMENDMENT NO. 2 TO THE DEPOSIT AGREEMENT</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">THIS AMENDMENT NO.2</font> dated as of March 26, 2025 (the &#8220;<font style="font-weight: bold;">Effective Date</font>&#8221;) to the Deposit Agreement,
      dated as of&#160; May 20, 2020, as amended by Amendment No. 1 to the Deposit Agreement dated July 13, 2023, (the &#8220;<font style="font-weight: bold;">Deposit Agreement</font>&#8221;) by and among (i)&#160;Lion Group Holding Ltd., a company incorporated in the Cayman
      Islands, with its principal executive office at 3 Phillip Street, #15-04 Royal Group Building, Singapore 048693 and its registered office at 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands (together with its successors, the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), (ii)&#160;Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank AG, acting in its capacity as depositary, with its principal office at 1 Columbus Circle, New York,
      NY&#160;10019, United States of America (the &#8220;<font style="font-weight: bold;">Depositary</font>&#8221; which term shall include any successor depositary hereunder), and (iii)&#160;all Holders and Beneficial Owners of American Depositary Shares evidenced by American
      Depositary Receipts issued hereunder (all such capitalized terms as hereinafter defined).</div>
    <div style="text-align: center; margin-bottom: 9pt;"><u>W I T N E S S E T H:</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">WHEREAS, the Company and the Depositary executed the Deposit Agreement; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">WHEREAS, pursuant to Section 6.1 of the Deposit Agreement, the Company and the Depositary desire to amend certain terms of the Deposit Agreement and Receipts.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Depositary hereby agree to amend the
      Deposit Agreement and the Receipts, effective as of the Effective Date, as follows:</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Article I<br>
      <br>
      <br>
      Definitions</div>
    <div style="text-align: justify; margin-bottom: 9pt;"><font style="font-weight: bold;">Section 1.01</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" class="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>Definitions</u></font>.&#160; Unless otherwise defined in this Amendment, all capitalized terms used, but not otherwise defined, herein shall have the meaning given to such terms in the Deposit Agreement.</div>
    <div style="text-align: center; margin-bottom: 9pt; font-weight: bold;">Article II<br>
      <br>
      <br>
      Amendments to the Deposit Agreement and Receipts</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 9pt;"><font style="font-weight: bold;">Section 2.01</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" class="TRGRRTFtoHTMLTab">&#160;</font>All
      references in the Deposit Agreement and the Receipts to the term &#8220;Deposit Agreement&#8221; shall refer to the Deposit Agreement, as amended by this Amendment.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 9pt;"><font style="font-weight: bold;">Section 2.02</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" class="TRGRRTFtoHTMLTab">&#160;</font>The second
      sentence of Section 1.3 of the Deposit Agreement, and all corresponding references to the number of Shares represented by each ADS set forth in the form of Receipt and all outstanding Receipts, is amended by replacing &#8220;Each American Depositary Share
      shall represent the right to receive fifty (50) Shares&#8221; with &#8220;Each American Depositary Share shall represent the right to receive 2,500 Shares&#8221;.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 9pt;"><font style="font-weight: bold;">Section 2.03</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" class="TRGRRTFtoHTMLTab">&#160;</font>The form of
      Receipt and all outstanding Receipts (including, without limitation, the terms of each outstanding American Depositary Share) are amended and restated to read as set forth in Exhibit A hereto as of the Effective Date.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Article III<br>
      <br>
      <br>
      Representations and Warranties</div>
    <div style="text-align: justify; margin-bottom: 9pt;"><font style="font-weight: bold;">Section 3.01</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" class="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>Representations and Warranties of the Company</u></font>.&#160; The Company represents and warrants to, and agrees with, the Depositary and the Holders and Beneficial Owners, that this Amendment,</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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    </div>
    <div style="margin-bottom: 9pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">when executed and delivered by the Company, and assuming due execution and delivery by the Depositary, and the Deposit Agreement, as amended by this Amendment, will be, and the Deposit Agreement
      previously entered into has been, respectively, duly and validly authorized, executed and delivered by the Company, and each constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its
      respective terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, moratorium and similar laws of general applicability relating to or affecting creditors&#8217; rights and to general equity principles.</div>
    <div style="text-align: justify; margin-bottom: 9pt;"><font style="font-weight: bold;">Section 3.02</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" class="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>Representations and Warranties of the Depositary</u></font>.&#160; The Depositary represents and warrants to the Company that this Amendment, when executed and delivered by Depositary, and assuming due execution and delivery by the Company,
      and the Deposit Agreement, as amended by this Amendment, will be, and the Deposit Agreement previously entered into has been, respectively, duly and validly authorized, executed and delivered by the Depositary, and each constitutes the legal, valid
      and binding obligation of the Depositary, enforceable against the Depositary in accordance with its respective terms, subject to bankruptcy, insolvency, fraudulent transfer, moratorium and similar laws of general applicability relating to or
      affecting creditors&#8217; rights and to general equity principles.</div>
    <div style="text-align: center; margin-bottom: 9pt; font-weight: bold;">Article IV<br>
      <br>
      <br>
      Miscellaneous</div>
    <div style="text-align: justify; margin-bottom: 9pt;"><font style="font-weight: bold;">Section 4.01</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" class="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>Effective Date</u></font>.&#160; This Amendment is dated as of the Effective Date.&#160; Upon and after the Effective Date, each Holder shall be deemed, by continuing to hold Receipts, to have consented and agreed to this Amendment and to be
      subject to and bound by all of the terms and conditions of the Deposit Agreement, as amended by this Amendment. This Amendment is supplemental to the Deposit Agreement and shall be read and construed as one instrument together with the Deposit
      Agreement. Except as amended by this Amendment, the Deposit Agreement shall continue in full force and effect and all of the provisions thereof (as amended hereby) are hereby in all respects ratified and confirmed.</div>
    <div style="text-align: justify; margin-bottom: 9pt;"><font style="font-weight: bold;">Section 4.02</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" class="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>Outstanding Receipts</u></font>.&#160; Receipts issued prior to the date hereof, which do not reflect the changes to the form of Receipt effected hereby, do not need to be called in for exchange and may remain outstanding until such time as
      the Holders thereof choose to surrender them for any reason under the Deposit Agreement, as amended by this Amendment.&#160; The Depositary is authorized and directed to take any and all actions deemed necessary to effect the foregoing.&#160; Holders and
      Beneficial Owners of American Depositary Shares issued and outstanding under the Deposit Agreement prior to the date hereof, shall in all respects, from and after the date hereof, be deemed Holders and Beneficial Owners of American Depositary Shares
      issued pursuant and be subject to all of the terms and conditions of the Deposit Agreement, as amended by this Amendment.</div>
    <div style="text-align: justify; margin-bottom: 9pt;"><font style="font-weight: bold;">Section 4.03</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" class="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>Indemnification</u></font>.&#160; The parties hereto accept and shall be entitled to the benefits of the indemnification provisions of Section 5.8 of the Deposit Agreement in connection with any and all liability it or they may incur as a
      result of the terms of this Amendment and the transactions contemplated herein.</div>
    <div style="text-align: justify; margin-bottom: 9pt;"><font style="font-weight: bold;">Section 4.04</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" class="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>Governing Law</u></font>.&#160; THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.</div>
    <div style="text-align: justify; margin-bottom: 9pt;"><font style="font-weight: bold;">Section 4.05</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" class="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>Counterparts</u></font>.&#160; This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.</div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">IN WITNESS WHEREOF</font>, the Company and the Depositary have caused this Amendment to be executed by representatives hereunto duly authorized
      as of the Effective Date.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zf9bf5656df4644fb9db52b7108a0d7e9">

        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="4" style="width: 55.02%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">Lion Group Holding Ltd.,</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">&#160;</td>
          <td nowrap="nowrap" colspan="4" style="width: 55.02%; vertical-align: top;">
            <div style="text-align: justify;">as the Company</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="4" style="width: 55.02%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="4" style="width: 55.02%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.96%; vertical-align: top;">
            <div style="text-align: justify;">By:</div>
          </td>
          <td nowrap="nowrap" colspan="2" style="width: 39.98%; vertical-align: top; border-bottom: #000000 1px double;">
            <div style="text-align: justify;">&#160;/s/ Chunning Wang</div>
          </td>
          <td nowrap="nowrap" style="width: 5.08%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.96%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.26%; vertical-align: top;">
            <div style="text-align: justify;">Name:</div>
          </td>
          <td nowrap="nowrap" style="width: 30.72%; vertical-align: top;">
            <div style="text-align: justify;">Chunning Wang</div>
          </td>
          <td nowrap="nowrap" style="width: 5.08%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.96%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.26%; vertical-align: top;">
            <div style="text-align: justify;">Title:</div>
          </td>
          <td nowrap="nowrap" style="width: 30.72%; vertical-align: top;">
            <div style="text-align: justify;">Chairman of the Board and Chief Executive Officer</div>
          </td>
          <td nowrap="nowrap" style="width: 5.08%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="4" style="width: 55.02%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="4" style="width: 55.02%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-weight: bold;">DEUTSCHE BANK TRUST COMPANY AMERICAS</font>,</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="4" style="width: 55.02%; vertical-align: top;">
            <div style="text-align: justify;">as the Depositary</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="4" style="width: 55.02%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="4" style="width: 55.02%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">&#160;</td>
          <td nowrap="nowrap" style="width: 9.96%; vertical-align: top;">
            <div style="text-align: justify;">By:</div>
          </td>
          <td nowrap="nowrap" colspan="2" style="width: 39.98%; vertical-align: top; border-bottom: 1px double #000000;">/s/ Michael Tompkins<br>
          </td>
          <td nowrap="nowrap" style="width: 5.08%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.96%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.26%; vertical-align: top;">
            <div style="text-align: justify;">Name:</div>
          </td>
          <td nowrap="nowrap" style="width: 30.72%; vertical-align: top;"> Michael Tompkins<br>
          </td>
          <td nowrap="nowrap" style="width: 5.08%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.96%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.26%; vertical-align: top;">
            <div style="text-align: justify;">Title:</div>
          </td>
          <td nowrap="nowrap" style="width: 30.72%; vertical-align: top;"> Director<br>
          </td>
          <td nowrap="nowrap" style="width: 5.08%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="4" style="width: 55.02%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">&#160;</td>
          <td nowrap="nowrap" style="width: 9.96%; vertical-align: top;">
            <div style="text-align: justify;">By:</div>
          </td>
          <td nowrap="nowrap" colspan="2" style="width: 39.98%; vertical-align: top; border-bottom: 1px double #000000;">/s/ Kelvyn Correa</td>
          <td nowrap="nowrap" style="width: 5.08%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.96%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.26%; vertical-align: top;">
            <div style="text-align: justify;">Name:</div>
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          <td nowrap="nowrap" style="width: 30.72%; vertical-align: top;"> Kelvyn Correa </td>
          <td nowrap="nowrap" style="width: 5.08%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">&#160;</td>
          <td nowrap="nowrap" style="width: 9.96%; vertical-align: top;">&#160;</td>
          <td nowrap="nowrap" style="width: 9.26%; vertical-align: top;">
            <div style="text-align: justify;">Title:</div>
          </td>
          <td nowrap="nowrap" style="width: 30.72%; vertical-align: top;">Director<br>
          </td>
          <td nowrap="nowrap" style="width: 5.08%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: right; margin-bottom: 12pt; font-weight: bold;">EXHIBIT A</div>
    <div style="text-align: right; margin-bottom: 12pt;">CUSIP________</div>
    <div style="text-align: right; margin-bottom: 12pt;">ISIN________</div>
    <div style="text-align: center; margin-left: 324pt; margin-bottom: 12pt;">American Depositary Shares (Each<br>
      American Depositary Share<br>
      representing 2,500<br>
      Fully Paid Class A Ordinary Shares)</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">[FORM OF FACE OF RECEIPT]</div>
    <div style="text-align: center; margin-bottom: 12pt;">AMERICAN DEPOSITARY RECEIPT</div>
    <div style="text-align: center; margin-bottom: 12pt;">for</div>
    <div style="text-align: center; margin-bottom: 12pt;">AMERICAN DEPOSITARY SHARES</div>
    <div style="text-align: center; margin-bottom: 12pt;">representing</div>
    <div style="text-align: center; margin-bottom: 12pt;">DEPOSITED CLASS A ORDINARY SHARES</div>
    <div style="text-align: center; margin-bottom: 12pt;">of</div>
    <div style="text-align: center; margin-bottom: 12pt;">LION GROUP HOLDING LTD.</div>
    <div style="text-align: center; margin-bottom: 12pt;">(Incorporated under the laws of the Cayman Islands)</div>
    <div style="text-align: justify; margin-bottom: 12pt;">DEUTSCHE BANK TRUST COMPANY AMERICAS, as depositary (herein called the &#8220;<font style="font-weight: bold;">Depositary</font>&#8221;), hereby certifies that ________________ is the owner of ______________
      American Depositary Shares (hereinafter &#8220;<font style="font-weight: bold;">ADS</font>&#8221;), representing deposited Class A ordinary shares, each of Par Value of U.S. $0.0001 including evidence of rights to receive such Class A ordinary shares (the &#8220;<font style="font-weight: bold;">Shares</font>&#8221;) of<font style="font-weight: bold;">&#160;</font>Lion Group Holding Ltd., a company incorporated under the laws of the Cayman Islands (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;). As of the date of
      the Deposit Agreement (hereinafter referred to), each ADS represents 2,500 Shares deposited under the Deposit Agreement with the Custodian which at the date of execution of the Deposit Agreement is Deutsche Bank AG, Hong Kong Branch (the &#8220;<font style="font-weight: bold;">Custodian</font>&#8221;). The ratio of Depositary Shares to shares of stock is subject to subsequent amendment as provided in Article IV of the Deposit Agreement.&#160; The Depositary&#8217;s Corporate Trust Office is located at 1
      Columbus Circle, New York, New York 10019, U.S.A.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(1)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>The Deposit Agreement</u>.&#160; This American Depositary Receipt is one of an
      issue of American Depositary Receipts (&#8220;<font style="font-weight: bold;">Receipts</font>&#8221;), all issued or to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of May 20, 2020 (as amended from time to time, the &#8220;<font style="font-weight: bold;">Deposit Agreement</font>&#8221;), by and among the Company, the Depositary, and all Holders and Beneficial Owners from time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees to become a party
      thereto and becomes bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners of Receipts and the rights and duties of the Depositary in respect of the Shares deposited
      thereunder and any and all other securities, property and cash from time to time, received in respect of such Shares and held thereunder (such Shares, other securities, property and cash are herein called &#8220;<font style="font-weight: bold;">Deposited
        Securities</font>&#8221;). Copies of the Deposit Agreement are on file at the Corporate Trust Office of the Depositary and the Custodian.</div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Each owner and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement, shall be deemed for all
      purposes to (a)&#160;be a party to and bound by the terms of the Deposit Agreement and applicable ADR(s), and (b)&#160;appoint the Depositary its attorney&#8209;in&#8209;fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated
      in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes
      of the Deposit Agreement and the applicable ADR(s) (the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof).</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and the Memorandum and Articles of Association (as in effect on the date of
      the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. All capitalized terms used herein which are not otherwise defined herein shall have the meanings ascribed
      thereto in the Deposit Agreement. To the extent there is any inconsistency between the terms of this Receipt and the terms of the Deposit Agreement, the terms of the Deposit Agreement shall prevail. Prospective and actual Holders and Beneficial
      Owners are encouraged to read the terms of the Deposit Agreement. The Depositary makes no representation or warranty as to the validity or worth of the Deposited Securities.&#160; The Depositary has made arrangements for the acceptance of the American
      Depositary Shares into DTC.&#160; Each Beneficial Owner of American Depositary Shares held through DTC must rely on the procedures of DTC and the DTC Participants to exercise and be entitled to any rights attributable to such American Depositary Shares.&#160;
      The Receipt evidencing the American Depositary Shares held through DTC will be registered in the name of a nominee of DTC.&#160; So long as the American Depositary Shares are held through DTC or unless otherwise required by law, ownership of beneficial
      interests in the Receipt registered in the name of DTC (or its nominee) will be shown on, and transfers of such ownership will be effected only through, records maintained by (i)&#160;DTC (or its nominee), or (ii)&#160;DTC Participants (or their nominees).</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(2)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Surrender of Receipts and Withdrawal of Deposited Securities</u>.&#160; Upon
      surrender, at the Corporate Trust Office of the Depositary, of ADSs evidenced by this Receipt for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i)&#160;the fees and charges of the Depositary for the making
      of withdrawals of Deposited Securities and cancellation of Receipts (as set forth in Section&#160;5.9 of the Deposit Agreement and Article&#160;(9) hereof) and (ii)&#160;all fees, taxes and/or governmental charges payable in connection with such surrender and
      withdrawal, and, subject to the terms and conditions of the Deposit Agreement, the Memorandum and Articles of Association, Section&#160;7.11 of the Deposit Agreement, Article&#160;(22) hereof and the provisions of or governing the Deposited Securities and
      other applicable laws, the Holder of the American Depositary Shares evidenced hereby is entitled to Delivery, to him or upon his order, of the Deposited Securities represented by the ADS so surrendered.&#160; ADS may be surrendered for the purpose of
      withdrawing Deposited Securities by Delivery of a Receipt evidencing such ADS (if held in registered form) or by book&#8209;entry delivery of such ADS to the Depositary.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">A Receipt surrendered for such purposes shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary so
      requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of a person or persons designated in such
      order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian or through a book-entry delivery of the Shares (in either case subject to the terms and conditions of the
      Deposit Agreement, to the Memorandum and Articles of Association, and to the provisions of or governing the Deposited Securities and applicable laws, now or hereafter in effect), to or upon the written order of the person or persons designated in the
      order delivered to the Depositary as provided above, the Deposited Securities represented by such ADSs, together with any certificate or other proper documents of or relating to title for the Deposited Securities or evidence of the electronic
      transfer thereof (if available) as the case may be to or for the account of such person.&#160; Subject to Article (4) hereof, in the case of surrender of a Receipt evidencing a number of ADSs representing other than a whole number of Shares, the</div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i)&#160;issue and
      Deliver to the person surrendering such Receipt a new Receipt evidencing American Depositary Shares representing any remaining fractional Share, or (ii)&#160;sell or cause to be sold the fractional Shares represented by the Receipt so surrendered and
      remit the proceeds thereof (net of (a)&#160;applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b)&#160;taxes and/or governmental charges) to the person surrendering the Receipt.&#160; At
      the request, risk and expense of any Holder so surrendering a Receipt, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held
      in respect of, and any certificate or certificates and other proper documents of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary for Delivery at the Corporate Trust Office of the Depositary, and for
      further Delivery to such Holder.&#160; Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. Upon receipt of such direction by the Depositary, the Depositary may make
      delivery to such person or persons entitled thereto at the Corporate Trust Office of the Depositary of any dividends or cash distributions with respect to the Deposited Securities represented by such Receipt, or of any proceeds of sale of any
      dividends, distributions or rights, which may at the time be held by the Depositary.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(3)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Transfers, Split&#8209;Ups and Combinations of Receipts</u>.&#160; Subject to the
      terms and conditions of the Deposit Agreement, the Registrar shall register transfers of Receipts on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized
      attorney, properly endorsed in the case of a certificated Receipt or accompanied by, or in the case of Receipts issued through any book-entry system, including, without limitation, DRS/Profile, receipt by the Depositary of proper instruments of
      transfer (including signature guarantees in accordance with standard industry practice) and duly stamped as may be required by the laws of the State of New York, of the United States, of the Cayman Islands and of any other applicable jurisdiction.&#160;
      Subject to the terms and conditions of the Deposit Agreement, including payment of the applicable fees and expenses incurred by, and charges of, the Depositary, the Depositary shall execute and Deliver a new Receipt(s) (and if necessary, cause the
      Registrar to countersign such Receipt(s)) and deliver same to or upon the order of the person entitled to such Receipts evidencing the same aggregate number of ADSs as those evidenced by the Receipts surrendered. Upon surrender of a Receipt or
      Receipts for the purpose of effecting a split&#8209;up or combination of such Receipt or Receipts upon payment of the applicable fees and charges of the Depositary, and subject to the terms and conditions of the Deposit Agreement, the Depositary shall
      execute and deliver a new Receipt or Receipts for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as the Receipt or Receipts surrendered.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(4)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Pre&#8209;Conditions to Registration, Transfer, Etc</u>.&#160; As a condition
      precedent to the execution and Delivery, registration, registration of transfer, split&#8209;up, subdivision, combination or surrender of any Receipt, the delivery of any distribution thereon (whether in cash or shares) or withdrawal of any Deposited
      Securities, the Depositary or the Custodian may require (i)&#160;payment from the depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with
      respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in the Deposit Agreement and in this Receipt, (ii)&#160;the
      production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter and (iii)&#160;compliance with (A)&#160;any laws or governmental regulations relating to the execution and Delivery of Receipts and ADSs or to the
      withdrawal of Deposited Securities and (B)&#160;such reasonable regulations of the Depositary or the Company consistent with the Deposit Agreement and applicable law.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the issuance of ADSs against the deposit of particular Shares may be
      withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfer of Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed or if any
      such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or</div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">from time to time because of any requirement of law, any government or governmental body or commission or any securities exchange upon which the Receipts or Share are listed, or under any provision
      of the Deposit Agreement or provisions of, or governing, the Deposited Securities or any meeting of shareholders of the Company or for any other reason, subject in all cases to Article&#160;(22) hereof.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The Depositary shall not issue ADSs prior to the receipt of Shares or deliver Shares prior to the receipt and cancellation of ADSs.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(5)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Compliance With Information Requests</u>.&#160; Notwithstanding any other
      provision of the Deposit Agreement or this Receipt, each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to the laws of the Cayman Islands, the rules and requirements of NASDAQ and
      any other stock exchange on which the Shares are, or will be registered, traded or listed, the Memorandum and Articles of Association, which are made to provide information as to the capacity in which such Holder or Beneficial Owner owns ADSs and
      regarding the identity of any other person interested in such ADSs and the nature of such interest and various other matters whether or not they are Holders and/or Beneficial Owner at the time of such request. The Depositary agrees to use reasonable
      efforts to forward any such requests to the Holders and to forward to the Company any such responses to such requests received by the Depositary.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(6)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Liability of Holder for Taxes, Duties and Other Charges</u>.&#160; If any tax or
      other governmental charge shall become payable by the Depositary or the Custodian with respect to any Receipt or any Deposited Securities or ADSs, such tax or other governmental charge shall be payable by the Holders and Beneficial Owners to the
      Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities and may sell for the account of the Holder and/or Beneficial Owner any or all of the Deposited
      Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) or charges, with the Holder and the Beneficial Owner hereof remaining fully liable for any deficiency.&#160; The Custodian may
      refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to deliver Receipts, register the transfer, split&#8209;up or combination of ADRs and (subject to Article&#160;(22) hereof) the withdrawal of Deposited Securities, until payment in full
      of such tax, charge, penalty or interest is received.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The liability of Holders and Beneficial Owners under the Deposit Agreement shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities or the
      termination of the Deposit Agreement.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Holders understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which may exceed the number of decimal places used by the Depositary to report
      distribution rates (which in any case will not be less than two decimal places).&#160; Any excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and
      shall not be subject to escheatment.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(7)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Representations and Warranties of Depositors</u>.&#160; Each person depositing
      Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that (i)&#160;such Shares (and the certificates therefor) are duly authorized, validly issued, fully paid, non&#8209;assessable and were legally obtained by such person,
      (ii)&#160;all preemptive (and similar) rights, if any, with respect to such Shares, have been validly waived or exercised, (iii)&#160;the person making such deposit is duly authorized so to do, (iv)&#160;the Shares presented for deposit are free and clear of any
      lien, encumbrance, security interest, charge, mortgage or adverse claim, and are not, and the ADSs issuable upon such deposit will not be, Restricted Securities, (v)&#160;the Shares presented for deposit have not been stripped of any rights or
      entitlements and (vi)&#160;the Shares are not subject to any lock&#8209;up agreement with the Company or other party, or the Shares are subject to a lock-up agreement but such lock-up agreement has terminated or the lock-up restrictions imposed thereunder have
      expired or been validly waived.&#160; Such representations and warranties shall survive the deposit and withdrawal of Shares and the issuance, cancellation</div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">and transfer of ADSs.&#160; If any such representations or warranties are false in any way, the Company and Depositary shall be authorized, at the cost and expense of the person depositing Shares, to
      take any and all actions necessary to correct the consequences thereof.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(8)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Filing Proofs, Certificates and Other Information</u>.&#160; Any person
      presenting Shares for deposit shall provide, any Holder and any Beneficial Owner may be required to provide, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary such proof of citizenship or residence, taxpayer
      status, payment of all applicable taxes and/or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of the Deposit Agreement and the
      provisions of, or governing, the Deposited Securities or other information as the Depositary deems necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations under the Deposit
      Agreement. Pursuant to the Deposit Agreement, the Depositary and the Registrar, as applicable, may withhold the execution or Delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or other distribution of
      rights or of the proceeds thereof, or to the extent not limited by the terms of Article (22) hereof or the terms of the Deposit Agreement, the Delivery of any Deposited Securities until such proof or other information is filed or such certifications
      are executed, or such representations and warranties are made, or such other documentation or information provided, in each case to the Depositary&#8217;s and the Company&#8217;s satisfaction. The Depositary shall from time to time on the written request of the
      Company advise the Company of the availability of any such proofs, certificates or other information and shall, at the Company&#8217;s sole expense, provide or otherwise make available copies thereof to the Company upon written request therefor by the
      Company, unless such disclosure is prohibited by law. Each Holder and Beneficial Owner agrees to provide any information requested by the Company or the Depositary pursuant to this paragraph. Nothing herein shall obligate the Depositary to (i) obtain
      any information for the Company if not provided by the Holders or Beneficial Owners or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, the Agents and each of their respective directors, officers, employees, agents and Affiliates
      against, and to hold each of them harmless from, any Losses which any of them may incur or which may be made against any of them as a result of or in connection with any inaccuracy in or omission from any such proof, certificate, representation,
      warranty, information or document furnished by or on behalf of such Holder and/or Beneficial Owner or as a result of any such failure to furnish any of the foregoing.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The obligations of Holders and Beneficial Owners under the Deposit Agreement shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities or the
      termination of this Deposit Agreement.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(9)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Charges of Depositary</u>.&#160; The Depositary reserves the right to charge the
      following fees for the services performed under the terms of the Deposit Agreement, provided, however, that no fees shall be payable upon distribution of cash dividends so long as the charging of such fee is prohibited by the exchange, if any, upon
      which the ADSs are listed:</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(i)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>to any person to whom ADSs are issued or to any person to
      whom a distribution is made in respect of ADS distributions pursuant to stock dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash), a fee not in excess of U.S. $
      5.00 per 100 ADSs (or fraction thereof) so issued under the terms of the Deposit Agreement to be determined by the Depositary;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(ii)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>to any person surrendering ADSs for withdrawal of
      Deposited Securities or whose ADSs are cancelled or reduced for any other reason including, inter alia, cash distributions made pursuant to a cancellation or withdrawal, a fee not in excess of U.S. $ 5.00 per 100 ADSs reduced, cancelled or
      surrendered (as the case may be);</div>
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    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(iii)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>to any holder of ADSs (including, without limitation,
      Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs&#160; held for the distribution of cash dividends;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(iv)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>to any holder of ADSs (including, without limitation,
      Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs&#160; held for the distribution of cash entitlements (other than cash dividends) and/or cash proceeds, including proceeds from the sale of rights, securities and other entitlements;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(v)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>to any holder of ADSs (including, without limitation,
      Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs (or portion thereof) issued upon the exercise of rights; and</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(vi)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>for the operation and maintenance costs in administering
      the ADSs an annual fee of U.S. $ 5.00 per 100 ADSs, such fee to be assessed against Holders of record as of the date or dates set by the Depositary as it sees fit and collected at the sole discretion of the Depositary by billing such Holders for such
      fee or by deducting such fee from one or more cash dividends or other cash distributions.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">In addition, Holders, Beneficial Owners, any person depositing Shares for deposit and any person surrendering ADSs for cancellation and withdrawal of Deposited Securities will be required to pay
      the following charges:</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(i)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>taxes (including applicable interest and penalties) and
      other governmental charges;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(ii)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>such registration fees as may from time to time be in
      effect for the registration of Shares or other Deposited Securities with the Foreign Registrar and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any nominees upon the making of
      deposits and withdrawals, respectively;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(iii)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>such cable, telex, facsimile and electronic transmission
      and delivery expenses as are expressly provided in the Deposit Agreement to be at the expense of the depositor depositing or person withdrawing Shares or Holders and Beneficial Owners of ADSs;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(iv)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>the expenses and charges incurred by the Depositary and/or
      a division or Affiliate(s) of the Depositary in the conversion of Foreign Currency;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(v)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>such fees and expenses as are incurred by the Depositary in
      connection with compliance with exchange control regulations and other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(vi)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>the fees and expenses incurred by the Depositary in
      connection with the delivery of Deposited Securities, including any fees of a central depository for securities in the local market, where applicable;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(vii)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>any additional fees, charges, costs or expenses that may
      be incurred by the Depositary or a division or Affiliate(s) of the Depositary from time to time.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Any other fees and charges of, and expenses incurred by, the Depositary or the Custodian under the Deposit Agreement shall be for the account of the Company unless otherwise agreed in writing
      between the Company and the Depositary from time to time.&#160; All fees and charges may, at any time and from time to time, be changed by agreement between the Depositary and Company but, in the case of fees and charges payable by Holders or Beneficial
      Owners, only in the manner contemplated by Article&#160;(20) hereof.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The Depositary may make payments to the Company and/or may share revenue with the Company derived from fees collected from Holders and Beneficial Owners, upon such terms and conditions as the
      Company and the Depositary may agree from time to time.</div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 9pt;">(10)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Title to Receipts</u>.&#160; It is a condition of this Receipt, and every
      successive Holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt (and to each ADS evidenced hereby) is transferable by delivery of the Receipt, provided it has been properly endorsed or accompanied by
      proper instruments of transfer, such Receipt being a certificated security under the laws of the State of New York.&#160; Notwithstanding any notice to the contrary, the Depositary may deem and treat the Holder of this Receipt (that is, the person in
      whose name this Receipt is registered on the books of the Depositary) as the absolute owner hereof for all purposes.&#160; The Depositary shall have no obligation or be subject to any liability under the Deposit Agreement or this Receipt to any holder of
      this Receipt or any Beneficial Owner unless such holder is the Holder of this Receipt registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner&#8217;s representative is the Holder
      registered on the books of the Depositary.</div>
    <div style="text-align: justify; margin-bottom: 9pt;">(11)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Validity of Receipt</u>.&#160; This Receipt shall not be entitled to any
      benefits under the Deposit Agreement or be valid or enforceable for any purpose, unless this Receipt has been (i)&#160;dated, (ii)&#160;signed by the manual or facsimile signature of a duly authorized signatory of the Depositary, (iii)&#160;if a Registrar for the
      Receipts shall have been appointed, countersigned by the manual or facsimile signature of a duly authorized signatory of the Registrar and (iv)&#160;registered in the books maintained by the Depositary or the Registrar, as applicable, for the issuance and
      transfer of Receipts.&#160; Receipts bearing the facsimile signature of a duly&#8209;authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly&#8209;authorized signatory of the Depositary or the Registrar, as the case may be,
      shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the execution and delivery of such Receipt by the Depositary or did not hold such office on the date of issuance of such Receipts.</div>
    <div style="text-align: justify; margin-bottom: 9pt;">(12)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Available Information; Reports; Inspection of Transfer Books</u>.&#160; The
      Company is subject to the periodic reporting requirements of the Exchange Act applicable to foreign private issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information with the Commission.&#160; These reports and
      documents can be inspected and copied at the public reference facilities maintained by the Commission located at 100&#160;F Street, N.E., Washington D.C.&#160;20549, U.S.A.&#160; The Depositary shall make available during normal business hours on any Business Day
      for inspection by Holders at its Corporate Trust Office any reports and communications, including any proxy soliciting materials, received from the Company which are both (a)&#160;received by the Depositary, the Custodian, or the nominee of either of them
      as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company.</div>
    <div style="text-align: justify; margin-bottom: 9pt;">The Depositary or the Registrar, as applicable, shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Company
      and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary&#8217;s or the Registrar&#8217;s knowledge, for the purpose of communicating with Holders of such Receipts in the interest of a business or object other than the
      business of the Company or other than a matter related to the Deposit Agreement or the Receipts.</div>
    <div style="text-align: justify; margin-bottom: 9pt;">The Depositary or the Registrar, as applicable, may close the transfer books with respect to the Receipts, at any time or from time to time, when deemed necessary or advisable by it in good faith in
      connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Article&#160;(22) hereof.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z9cfe9b963e3d40ee8c101e46b2830873">

        <tr>
          <td style="width: 52.24%; vertical-align: top;">
            <div style="text-align: justify;">Dated:</div>
          </td>
          <td colspan="3" style="width: 47.76%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">DEUTSCHE BANK TRUST COMPANY AMERICAS, as Depositary</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.24%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 47.76%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 52.24%; vertical-align: top;">&#160;</td>
          <td style="width: 6.53%; vertical-align: top;">
            <div style="text-align: justify;">By:</div>
          </td>
          <td style="width: 37.31%; vertical-align: top; border-bottom: 1px solid #000000;">&#160;</td>
          <td style="width: 3.92%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 52.24%; vertical-align: top;">&#160;</td>
          <td style="width: 6.53%; vertical-align: top;">&#160;</td>
          <td style="width: 37.31%; vertical-align: top;">&#160;</td>
          <td style="width: 3.92%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
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            <div style="text-align: justify;">By:</div>
          </td>
          <td style="width: 37.31%; vertical-align: top; border-bottom: 1px solid #000000;">&#160;</td>
          <td style="width: 3.92%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 52.24%; vertical-align: top;">&#160;</td>
          <td style="width: 6.53%; vertical-align: top;">&#160;</td>
          <td style="width: 37.31%; vertical-align: top;">&#160;</td>
          <td style="width: 3.92%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt;">The address of the Corporate Trust Office of the Depositary is 1 Columbus Circle, New York, New York 10019, U.S.A.</div>
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    <div style="text-align: right; margin-bottom: 12pt; font-weight: bold;">EXHIBIT B</div>
    <div style="text-align: center; margin-bottom: 12pt;">[<font style="font-weight: bold;">FORM OF REVERSE OF RECEIPT]</font><br>
      SUMMARY OF CERTAIN ADDITIONAL PROVISIONS<br>
      OF THE DEPOSIT AGREEMENT</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(13)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Dividends and Distributions in Cash, Shares, etc</u>.&#160; Whenever the
      Depositary receives confirmation from the Custodian of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights securities or other entitlements under the Deposit
      Agreement, the Depositary will, if at the time of receipt thereof any amounts received in a Foreign Currency can, in the judgment of the Depositary (upon the terms of the Deposit Agreement), be converted on a practicable basis, into Dollars
      transferable to the United States, promptly convert or cause to be converted such dividend, distribution or proceeds into Dollars and will distribute promptly the amount thus received (net of applicable fees and charges of, and expenses incurred by,
      the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) to the Holders of record as of the ADS Record Date in proportion to the number of ADSs representing such Deposited Securities held by such
      Holders respectively as of the ADS Record Date.&#160; The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent.&#160; Any such fractional amounts shall be rounded down to the
      nearest whole cent and so distributed to Holders entitled thereto.&#160; Holders and Beneficial Owners understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which exceeds the number of decimal places used
      by the Depositary to report distribution rates. The excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment.
      If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges,
      the amount distributed to Holders on the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority.&#160;
      Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. The Depositary shall forward to the Company or its agent such information from its records as the Company may reasonably request to enable
      the Company or its agent to file with governmental agencies such reports as are necessary to obtain benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with the Custodian and registered,
      as the case may be, in the name of the Depositary, the Custodian or their nominees.&#160; Upon receipt of confirmation of such deposit, the Depositary shall, subject to and in accordance with the Deposit Agreement, establish the ADS Record Date and either
      (i)&#160;distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held by such Holders as of the ADS Record Date, additional ADSs, which represent in aggregate the number of Shares received as such dividend, or free
      distribution, subject to the terms of the Deposit Agreement (including, without limitation, the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes and/or governmental charges), or (ii)&#160;if additional ADSs are not so
      distributed, each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional Shares distributed upon the Deposited Securities represented thereby
      (net of the applicable fees and charges of, and the expenses incurred by, the Depositary, and taxes and/or governmental charges).&#160; In lieu of delivering fractional ADSs, the Depositary shall sell the number of Shares represented by the aggregate of
      such fractions and distribute the proceeds upon the terms set forth in the Deposit Agreement.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">In the event that (x)&#160;the Depositary determines that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary is obligated to
      withhold, or, (y)&#160;if the Company, in the fulfillment of its obligations under the Deposit Agreement, has either (a)&#160;furnished an opinion of U.S.&#160;counsel determining that Shares must be registered under the Securities Act or other laws in order to be</div>
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    <div style="text-align: justify; margin-bottom: 12pt;">distributed to Holders (and no such registration statement has been declared effective), or (b)&#160;fails to timely deliver the documentation contemplated in the Deposit Agreement, the Depositary may
      dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall
      distribute the net proceeds of any such sale (after deduction of taxes and/or governmental charges, and fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary) to Holders entitled thereto
      upon the terms of the Deposit Agreement. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Upon timely receipt of a notice indicating that the Company wishes an elective distribution to be made available to Holders upon the terms described in the Deposit Agreement, the Depositary shall,
      upon provision of all documentation required under the Deposit Agreement, (including, without limitation, any legal opinions the Depositary may request under the Deposit Agreement) determine whether such distribution is lawful and reasonably
      practicable.&#160; If so, the Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish an ADS Record Date according to Article&#160;(14) hereof and establish procedures to enable the Holder hereof to elect to receive the
      proposed distribution in cash or in additional ADSs.&#160; If a Holder elects to receive the distribution in cash, the dividend shall be distributed as in the case of a distribution in cash.&#160; If the Holder hereof elects to receive the distribution in
      additional ADSs, the distribution shall be distributed as in the case of a distribution in Shares upon the terms described in the Deposit Agreement.&#160; If such elective distribution is not lawful or reasonably practicable or if the Depositary did not
      receive satisfactory documentation set forth in the Deposit Agreement, the Depositary shall, to the extent permitted by law, distribute to Holders, on the basis of the same determination as is made in the Cayman Islands, in respect of the Shares for
      which no election is made, either (x)&#160;cash or (y)&#160;additional ADSs representing such additional Shares, in each case, upon the terms described in the Deposit Agreement.&#160; Nothing herein shall obligate the Depositary to make available to the Holder
      hereof a method to receive the elective dividend in Shares (rather than ADSs).&#160; There can be no assurance that the Holder hereof will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of
      Shares.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least 60
      days prior to the proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs. Upon timely receipt by the Depositary of a notice indicating that the Company wishes such rights to be made available to
      Holders of ADSs, the Company shall determine whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to any Holders only if the Company shall have timely requested
      that such rights be made available to Holders, the Depositary shall have received the documentation required by the Deposit Agreement, and the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable.&#160; If
      such conditions are not satisfied, the Depositary shall sell the rights as described below.&#160; In the event all conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date and establish procedures (x)&#160;to distribute such
      rights (by means of warrants or otherwise) and (y)&#160;to enable the Holders to exercise the rights (upon payment of the applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and
      taxes and/or governmental charges).&#160; Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs).&#160; If (i)&#160;the Company does not
      timely request the Depositary to make the rights available to Holders or if the Company requests that the rights not be made available to Holders, (ii)&#160;the Depositary fails to receive the documentation required by the Deposit Agreement or determines
      it is not lawful or reasonably practicable to make the rights available to Holders, or (iii)&#160;any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable
      to sell such rights, and if it so determines that it is lawful and reasonably practicable, endeavour to sell such rights in a riskless principal capacity or otherwise, at such place and upon such terms (including public and/or private sale) as it may
      deem proper.&#160; The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of</div>
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    <div style="text-align: justify; margin-bottom: 12pt;">applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) upon the terms hereof and in the
      Deposit Agreement.&#160; If the Depositary is unable to make any rights available to Holders or to arrange for the sale of the rights upon the terms described above, the Depositary shall allow such rights to lapse.&#160; The Depositary shall not be responsible
      for (i)&#160;any failure to determine that it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular, (ii)&#160;any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or
      (iii)&#160;the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Notwithstanding anything herein to the contrary, if registration (under the Securities Act and/or any other applicable law) of the rights or the securities to which any rights relate may be
      required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i)&#160;unless and until a registration statement
      under the Securities Act covering such offering is in effect or (ii)&#160;unless the Company furnishes to the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights
      would be distributed, in each case satisfactorily to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities
      Act or any other applicable laws.&#160; In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes and/or other
      governmental charges, the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other
      governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private
      sale, as the Depositary deems necessary and practicable to pay any such taxes and/or charges.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions as the holders of Shares or to
      exercise such rights.&#160; Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights or otherwise to register or qualify the offer
      or sale of such rights or securities under the applicable law of any other jurisdiction for any purpose.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Upon receipt of a notice regarding property other than cash, Shares or rights to purchase additional Shares, to be made to Holders of ADSs, the Depositary shall determine, after consultation with
      the Company, whether such distribution to Holders is lawful and reasonably practicable.&#160; The Depositary shall not make such distribution unless (i)&#160;the Company shall have timely requested the Depositary to make such distribution to Holders, (ii)&#160;the
      Depositary shall have received the documentation required by the Deposit Agreement, and (iii)&#160;the Depositary shall have determined that such distribution is lawful and reasonably practicable.&#160; Upon satisfaction of such conditions, the Depositary
      shall distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to the number of ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such
      distribution (i)&#160;upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii)&#160;net of any taxes and/or governmental charges.&#160; The Depositary may dispose of all or a portion of the property so
      distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges
      applicable to the distribution.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">If the conditions above are not satisfied, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem proper
      and shall distribute the proceeds of such sale received by the Depositary (net of (a)&#160;applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b)&#160;taxes and/or</div>
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    <div style="text-align: justify; margin-bottom: 12pt;">governmental charges) to the Holders upon the terms hereof and of the Deposit Agreement.&#160; If the Depositary is unable to sell such property, the Depositary may dispose of such property in any way
      it deems reasonably practicable under the circumstances.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(14)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Fixing of Record Date</u>.&#160; Whenever necessary in connection with any
      distribution (whether in cash, Shares, rights or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, or whenever the Depositary shall receive notice of any meeting
      of or solicitation of holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient in connection with the giving of any notice, or any other matter, the Depositary shall fix a record date (the &#8220;ADS
      Record Date&#8221;), as close as practicable to the record date fixed by the Company with respect to the Shares (if applicable), for the determination of the Holders who shall be entitled to receive such distribution, to give instructions for the exercise
      of voting rights at any such meeting, or to give or withhold such consent, or to receive such notice or solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each
      ADS or for any other reason. Subject to applicable law and the terms and conditions of this Receipt and the Deposit Agreement, only the Holders of record at the close of business in New York on such ADS Record Date shall be entitled to receive such
      distributions, to give such voting instructions, to receive such notice or solicitation, or otherwise take action.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(15)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Voting of Deposited Securities</u>. Subject to the next sentence, as soon
      as practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in
      respect of such meeting or such solicitation of consents or proxies. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been
      received by the Depositary at least 30 Business Days prior to the date of such vote or meeting) and at the Company&#8217;s expense, and provided no U.S. legal prohibitions exist, mail by regular, ordinary mail delivery (or by electronic mail or as
      otherwise may be agreed between the Company and the Depositary in writing from time to time) or otherwise distribute as soon as practicable after receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of
      consent or proxy; (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of this Deposit Agreement, the Company&#8217;s Memorandum and Articles of Association and the
      provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities
      represented by such Holder&#8217;s American Depositary Shares; and (c) a brief statement as to the manner in which such voting instructions may be given to the Depositary, or in which instructions may be deemed to have been given in accordance with this
      Article (15) including an express indication that instructions may be given (or be deemed to have been given in accordance with the immediately following paragraph of this section if no instruction is received) to the Depositary to give a
      discretionary proxy to a person or persons designated by the Company.&#160; Voting instructions may be given only in respect of a number of American Depositary Shares representing an integral number of Deposited Securities.&#160; Upon the timely receipt of
      voting instructions of a Holder on the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement, the Company&#8217;s
      Memorandum and Articles of Association and the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote the Deposited Securities (in person or by proxy) represented by American Depositary Shares evidenced by such
      Receipt in accordance with such voting instructions.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">In the event that (i) the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by
      such Holder&#8217;s ADSs or (ii)&#160;no timely instructions are received by the Depositary from a Holder with respect to any of the Deposited Securities represented by the ADSs held by such Holder on the ADS Record Date, the Depositary shall (unless otherwise
      specified in the notice distributed to Holders) deem such Holder to have instructed the Depositary</div>
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    <div style="text-align: justify; margin-bottom: 12pt;">to give a discretionary proxy to a person designated by the Company with respect to such Deposited Securities and the Depositary shall give a discretionary proxy to a person designated by the
      Company to vote such Deposited Securities, provided, however, that no such instruction shall be deemed to have been given and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and
      the Company agrees to provide such information as promptly as practicable in writing, if applicable) that (x) the Company does not wish to give such proxy, (y) the Company is aware or should reasonably be aware that substantial opposition exists from
      Holders against the outcome for which the person designated by the Company would otherwise vote or (z) the outcome for which the person designated by the Company would otherwise vote would materially and adversely affect the rights of holders of
      Deposited Securities, provided, further, that the Company will have no liability to any Holder or Beneficial Owner resulting from such notification.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">In the event that voting on any resolution or matter is conducted on a show of hands basis in accordance with the Memorandum and Articles of Association, the Depositary will refrain from voting and
      the voting instructions (or the deemed voting instructions, as set out above) received by the Depositary from Holders shall lapse.&#160; The Depositary will have no obligation to demand voting on a poll basis with respect to any resolution and shall have
      no liability to any Holder or Beneficial Owner for not having demanded voting on a poll basis.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt to exercise the right
      to vote, or in any way make use of for purposes of establishing a quorum or otherwise, Deposited Securities represented by ADSs except pursuant to and in accordance with such written instructions from Holders, including the deemed instruction to the
      Depositary to give a discretionary proxy to a person designated by the Company. Deposited Securities represented by ADSs for which (i) no timely voting instructions are received by the Depositary from the Holder, or (ii) timely voting instructions
      are received by the Depositary from the Holder but such voting instructions fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder&#8217;s ADSs, shall be voted in the manner provided in this
      Article (15). Notwithstanding anything else contained herein, and subject to applicable law, regulation and the Memorandum and Articles of Association, the Depositary shall, if so requested in writing by the Company, represent all Deposited
      Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the purpose of establishing quorum at a meeting of shareholders.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">There can be no assurance that Holders or Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient time to enable the
      Holder to return voting instructions to the Depositary in a timely manner.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Notwithstanding the above, save for applicable provisions of the law of the Cayman Islands, and in accordance with the terms of Section&#160;5.3 of the Deposit Agreement, the Depositary shall not be
      liable for any failure to carry out any instructions to vote any of the Deposited Securities or the manner in which such vote is cast or the effect of such vote.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(16)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Changes Affecting Deposited Securities</u>.&#160; Upon any change in par value,
      split&#8209;up, subdivision, cancellation, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, amalgamation or consolidation or sale of assets affecting the Company or to which it
      otherwise is a party, any securities which shall be received by the Depositary or a Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated
      as new Deposited Securities under the Deposit Agreement, and the Receipts shall, subject to the provisions of the Deposit Agreement and applicable law, evidence ADSs representing the right to receive such additional securities. Alternatively, the
      Depositary may, with the Company&#8217;s approval, and shall, if the Company shall so requests, subject to the terms of the Deposit Agreement and receipt of satisfactory documentation contemplated by the Deposit Agreement, execute and deliver additional
      Receipts as in the case of a stock dividend on the Shares, or call for the surrender of outstanding Receipts to be exchanged for new</div>
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    <div style="text-align: justify; margin-bottom: 12pt;">Receipts, in either case, as well as in the event of newly deposited Shares, with necessary modifications to this form of Receipt specifically describing such new Deposited Securities and/or
      corporate change. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company&#8217;s approval, and shall if the Company requests, subject to receipt
      of satisfactory legal documentation contemplated in the Deposit Agreement, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of fees
      and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) for the account of the Holders otherwise entitled to such securities and distribute the net proceeds
      so allocated to the extent practicable as in the case of a distribution received in cash pursuant to the Deposit Agreement. The Depositary shall not be responsible for (i)&#160;any failure to determine that it may be lawful or feasible to make such
      securities available to Holders in general or any Holder in particular, (ii)&#160;any foreign exchange exposure or loss incurred in connection with such sale, or (iii)&#160;any liability to the purchaser of such securities.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(17)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Exoneration</u>.&#160; None of the Depositary, the Custodian or the Company
      shall be obligated to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or shall incur any liability to Holders, Beneficial Owners or any third parties (i)&#160;if the Depositary, the Custodian or the Company or
      their respective controlling persons or agents shall be prevented or forbidden from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required by the terms of the Deposit
      Agreement and this Receipt, by reason of any provision of any present or future law or regulation of the United States<font style="font-weight: bold;">,</font> the Cayman Islands or any other country, or of any other governmental authority or
      regulatory authority or stock exchange, or by reason of any provision, present or future of the Memorandum and Articles of Association or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other
      circumstances beyond its control, (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer failure), (ii)&#160;by reason of any exercise
      of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the Memorandum and Articles of Association or provisions of or governing Deposited Securities, (iii)&#160;for any action or inaction of the Depositary, the Custodian or
      the Company or their respective controlling persons or agents in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative
      thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv)&#160;for any inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made
      available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADS or (v)&#160;for any special, consequential, indirect or punitive damages for any breach of the terms of the Deposit
      Agreement or otherwise.&#160; The Depositary, its controlling persons, its agents (including without limitation, the Agents), any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written
      notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.&#160; No disclaimer of liability under the Securities Act or the Exchange Act is intended by any provision of the
      Deposit Agreement.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(18)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Standard of Care</u>.&#160; The Company and the Depositary and their respective
      directors, officers, Affiliates, employees and agents (including without limitation, the Agents) assume no obligation and shall not be subject to any liability under the Deposit Agreement or the Receipts to Holders or Beneficial Owners or other
      persons, except in accordance with Section&#160;5.8 of the Deposit Agreement, provided, that the Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including without limitation, the Agents) agree to
      perform their respective obligations specifically set forth in the Deposit Agreement without gross negligence or wilful misconduct.&#160; The Depositary and its directors, officers, Affiliates, employees and agents (including without limitation, the
      Agents) shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect of any vote.&#160; The Depositary shall not incur any liability for any failure to
      determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to</div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for
      the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit&#8209;worthiness of any third party, for allowing any rights to lapse upon the terms of
      the Deposit Agreement or for the failure or timeliness of any notice from the Company or for any action or non action by it in reliance upon the opinion, advice of or information from legal counsel, accountants, any person presenting Shares for
      deposit, any Holder or any other person believed by it in good faith to be competent to give such advice or information. The Depositary and its agents (including without limitation, the Agents) shall not be liable for any acts or omissions made by a
      successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which
      such potential liability arises the Depositary performed its obligations without gross negligence or willful misconduct while it acted as Depositary.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(19)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Resignation and Removal of the Depositary; Appointment of Successor
        Depositary</u>.&#160; The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i)&#160;the 90th day after delivery thereof
      to the Company (whereupon the Depositary shall, in the event no successor depositary has been appointed by the Company, be entitled to take the actions contemplated in the Deposit Agreement), or (ii) the appointment of a successor depositary and its
      acceptance of such appointment as provided in the Deposit Agreement, save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise agreed in writing between the
      Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation. The Company shall use reasonable efforts to appoint such successor depositary, and give notice to the Depositary of such appointment, not more
      than 90 days after delivery by the Depositary of written notice of resignation as provided in the Deposit Agreement.&#160; The Depositary may at any time be removed by the Company by written notice of such removal which notice shall be effective on the
      later of (i)&#160;the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in the Deposit Agreement if a successor depositary has not been appointed), or (ii) the appointment of a
      successor depositary and its acceptance of such appointment as provided in the Deposit Agreement save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise
      agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such removal. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts
      to appoint a successor depositary which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York and if it shall have not appointed a successor depositary the provisions referred to in Article (21) hereof
      and correspondingly in the Deposit Agreement shall apply. Every successor depositary shall be required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and
      thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor.&#160; The predecessor depositary, upon payment of all sums due to it and on the written
      request of the Company, shall (i)&#160;execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in the Deposit Agreement), (ii)&#160;duly assign, transfer and deliver all
      right, title and interest to the Deposited Securities to such successor, and (iii)&#160;deliver to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders thereof as the successor may
      reasonably request. Any such successor depositary shall promptly mail notice of its appointment to such Holders.&#160; Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the
      execution or filing of any document or any further act and, notwithstanding anything to the contrary in the Deposit Agreement, the Depositary may assign or otherwise transfer all or any of its rights and benefits under the Deposit Agreement
      (including any cause of action arising in connection with it) to Deutsche Bank AG or any branch thereof or any entity which is a direct or indirect subsidiary or other affiliate of Deutsche Bank AG.</div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">(20)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Amendment/Supplement</u>.&#160; Subject to the terms and conditions of this
      Article&#160;(20), and applicable law, this Receipt and any provisions of the Deposit Agreement may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem
      necessary or desirable without the consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than the charges of the Depositary in connection with foreign exchange control
      regulations, and taxes and/or other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to
      outstanding Receipts until 30&#160;days after notice of such amendment or supplement shall have been given to the Holders of outstanding Receipts. Notice of any amendment to the Deposit Agreement or form of Receipts shall not need to describe in detail
      the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for
      Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission's, the Depositary's or the Company's website or upon request from the Depositary). The parties hereto agree that any amendments
      or supplements which (i)&#160;are reasonably necessary (as agreed by the Company and the Depositary) in order for (a)&#160;the ADSs to be registered on Form&#160;F&#8209;6 under the Securities Act or (b)&#160;the ADSs or Shares to be traded solely in electronic book&#8209;entry
      form and (ii)&#160;do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time
      any amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADS, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended or supplemented thereby. In no event shall any
      amendment or supplement impair the right of the Holder to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing,
      if any governmental body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and
      the Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders
      or within any other period of time as required for compliance with such laws, or rules or regulations.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(21)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Termination</u>.&#160; The Depositary shall, at any time at the written
      direction of the Company, terminate the Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 90&#160;days prior to the date fixed in such notice for such termination provided that, the Depositary
      shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms of the Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the Depositary from time
      to time, prior to such termination shall take effect. If 90&#160;days shall have expired after (i)&#160;the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii)&#160;the Company shall have delivered to the Depositary a
      written notice of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment as provided herein and in the Deposit Agreement, the Depositary may terminate the Deposit Agreement
      by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30&#160;days prior to the date fixed for such termination. On and after the date of termination of the Deposit Agreement, each Holder will, upon surrender of
      such Holder&#8217;s Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of Receipts referred to in Article&#160;(2) hereof and in the Deposit Agreement and subject to the conditions and
      restrictions therein set forth, and upon payment of any applicable taxes and/or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain
      outstanding after the date of termination of the Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall
      not give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights or other property</div>
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    <div style="text-align: justify; margin-bottom: 12pt;">as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the conditions and restrictions set forth in the Deposit Agreement, together with any dividends
      or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case the charges
      of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes and/or governmental charges or assessments). At any time after
      the expiration of six months from the date of termination of the Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other
      cash then held by it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be
      discharged from all obligations under the Deposit Agreement with respect to the Receipts and the Shares, Deposited Securities and ADSs, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each
      case the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes and/or governmental charges or assessments)
      and except as set forth in the Deposit Agreement. Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations under the Deposit Agreement except as set forth in the Deposit Agreement. The obligations under the
      terms of the Deposit Agreement and Receipts of Holders and Beneficial Owners of ADSs outstanding as of the effective date of any termination shall survive such effective date of termination and shall be discharged only when the applicable ADSs are
      presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement and the Holders have each satisfied any and all of their obligations hereunder (including, but not limited to, any payment and/or reimbursement
      obligations which relate to prior to the effective date of termination but which payment and/or reimbursement is claimed after such effective date of termination).</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Notwithstanding anything contained in the Deposit Agreement or any ADR, in connection with the termination of the Deposit Agreement, the Depositary may, independently and without the need for any
      action by the Company, make available to Holders of ADSs a means to withdraw the Deposited Securities represented by their ADSs and to direct the deposit of such Deposited Securities into an unsponsored American depositary shares program established
      by the Depositary, upon such terms and conditions as the Depositary may deem reasonably appropriate, subject however, in each case, to satisfaction of the applicable registration requirements by the unsponsored American depositary shares program
      under the Securities Act, and to receipt by the Depositary of payment of the applicable fees and charges of, and reimbursement of the applicable expenses incurred by, the Depositary.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(22)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Compliance with U.S. Securities Laws; Regulatory Compliance</u>.&#160;
      Notwithstanding any provisions in this Receipt or the Deposit Agreement to the contrary, the withdrawal or Delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Section&#160;I.A.(1) of the
      General Instructions to Form&#160;F&#8209;6 Registration Statement, as amended from time to time, under the Securities Act.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(23)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Certain Rights of the Depositary</u>. The Depositary, its Affiliates and
      their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any agent of the Company or any
      custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(24)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Ownership Restrictions</u>.&#160; Owners and Beneficial Owners shall comply
      with any limitations on ownership of Shares under the Memorandum and Articles of Association or applicable Cayman Islands law as if they held the number of Shares their American Depositary Shares represent.&#160; The Company shall inform the Owners,
      Beneficial Owners and the Depositary of any such ownership restrictions in place from time to time.</div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">(25)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><u>Waiver.</u> EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE
      OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ANY ADRs) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE
      DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR
      THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">(ASSIGNMENT AND TRANSFER SIGNATURE LINES)</div>
    <div style="text-align: justify; margin-bottom: 12pt;">FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto ______________________________ whose taxpayer identification number is _______________________ and whose
      address including postal zip code is ____________________________, the within Receipt and all rights thereunder, hereby irrevocably constituting and appointing ________________________ attorney&#8209;in&#8209;fact to transfer said Receipt on the books of the
      Depositary with full power of substitution in the premises.</div>
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            <div style="text-align: justify;">Dated:</div>
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            <div style="text-align: justify;">Name:</div>
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            <div style="text-align: justify;">By:</div>
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          <td nowrap="nowrap" colspan="2" style="width: 5.08%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">&#160;</div>
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          <td nowrap="nowrap" style="width: 9.12%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
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          <td nowrap="nowrap" colspan="2" style="width: 10.1%; vertical-align: top;">
            <div style="text-align: justify;">Title:</div>
          </td>
          <td nowrap="nowrap" style="width: 30.72%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
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          <td nowrap="nowrap" colspan="2" style="width: 5.08%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
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            <div style="text-align: justify;">&#160;</div>
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          <td nowrap="nowrap" colspan="6" style="width: 55.02%; vertical-align: top;">
            <div style="text-align: justify;">&#160;</div>
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        </tr>
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          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change
              whatsoever.</div>
          </td>
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          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">&#160;</td>
          <td nowrap="nowrap" colspan="6" style="width: 55.02%; vertical-align: top;">&#160;</td>
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          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority
              to act in such capacity, if not on file with the Depositary, must be forwarded with this Receipt.</div>
          </td>
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          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">&#160;</td>
          <td nowrap="nowrap" colspan="6" style="width: 55.02%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">SIGNATURE GUARANTEED</div>
          </td>
          <td nowrap="nowrap" colspan="6" style="width: 55.02%; vertical-align: top;">&#160;</td>
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          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top; border-bottom: 1px solid #000000;">&#160;</td>
          <td nowrap="nowrap" colspan="6" style="width: 55.02%; vertical-align: top;">&#160;</td>
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          <td nowrap="nowrap" style="width: 44.98%; vertical-align: top;">&#160;</td>
          <td nowrap="nowrap" colspan="6" style="width: 55.02%; vertical-align: top;">&#160;</td>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>e_rule_466_certification.htm
<TEXT>
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    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>Certification under Rule 466</u></div>
    <div style="text-align: justify; margin-bottom: 9pt;">The depositary, Deutsche Bank Trust Company Americas, represents and certifies the following:</div>
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            <div style="text-align: justify;">(1)</div>
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          <td style="width: 85.07%; vertical-align: top;">
            <div style="text-align: justify;">That it previously had filed a registration statement on Form F-6 (Lion Group Holding Ltd., File No. 333-273223) that the Securities and Exchange Commission declared effective, with terms of deposit identical
              to the terms of deposit of this Post-Effective Amendment No. 1 to Form F-6 Registration Statement except for the number of ordinary shares that an American Depositary Share represents.</div>
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            <div style="text-align: justify;">(2)</div>
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            <div style="text-align: justify;">That its ability to designate the date and time of effectiveness under Rule 466 has not been suspended.</div>
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              <div style="text-align: justify;">By:</div>
            </td>
            <td style="width: 37.2%; vertical-align: top;" colspan="2">
              <div>DEUTSCHE BANK TRUST COMPANY&#160;AMERICAS, as Depositary</div>
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            <td style="vertical-align: top; width: 8%;">&#160;</td>
            <td style="width: 37.2%; vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 6.26%; vertical-align: top;">&#160;</td>
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            <td style="width: 42.88%; vertical-align: top;">&#160;</td>
            <td style="width: 3.98%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top; width: 8%;">&#160;</td>
            <td style="width: 37.2%; vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 6.26%; vertical-align: top;">&#160;</td>
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            <td style="width: 42.88%; vertical-align: top;">&#160;</td>
            <td style="width: 3.98%; vertical-align: top;">&#160;</td>
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              <div style="text-align: justify;">By:</div>
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            <td nowrap="nowrap" style="width: 37.2%; vertical-align: top; border-bottom: #000000 1px solid;" colspan="2">/s/ Michael Tompkins<br>
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            <td style="vertical-align: top; width: 8%;">&#160;</td>
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              <div style="text-align: justify;">Name:</div>
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            <td style="width: 27.94%; vertical-align: top;">Michael Tompkins<br>
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            <td style="vertical-align: top; width: 8%;">&#160;</td>
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              <div style="text-align: justify;">Title:</div>
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            <td style="width: 27.94%; vertical-align: top;">Director<br>
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            <td style="width: 6.26%; vertical-align: top;">&#160;</td>
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            <td style="vertical-align: top; width: 8%;">&#160;</td>
            <td style="width: 37.2%; vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 6.26%; vertical-align: top;">&#160;</td>
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            <td style="width: 3.98%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top; width: 8%;">&#160;</td>
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            <td style="width: 3.98%; vertical-align: top;">&#160;</td>
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              <div style="text-align: justify;">By:</div>
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            <td style="width: 37.2%; vertical-align: top; border-bottom: #000000 1px solid;" colspan="2">/s/ Kelvyn Correa<br>
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            <td style="width: 6.26%; vertical-align: top;">&#160;</td>
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            <td style="width: 42.88%; vertical-align: top;">&#160;</td>
            <td style="width: 3.98%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top; width: 8%;">&#160;</td>
            <td style="width: 9.26%; vertical-align: top;">
              <div style="text-align: justify;">Name:</div>
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            <td style="width: 27.94%; vertical-align: top;">Kelvyn Correa<br>
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            <td style="width: 6.26%; vertical-align: top;">&#160;</td>
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            <td style="width: 42.88%; vertical-align: top;">&#160;</td>
            <td style="width: 3.98%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top; width: 8%;">&#160;</td>
            <td style="width: 9.26%; vertical-align: top;">
              <div style="text-align: justify;">Title:</div>
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            <td style="width: 27.94%; vertical-align: top;">Director<br>
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            <td style="width: 6.26%; vertical-align: top;">&#160;</td>
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            <td style="width: 42.88%; vertical-align: top;">&#160;</td>
            <td style="width: 3.98%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top; width: 8%;">&#160;</td>
            <td style="width: 37.2%; vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 6.26%; vertical-align: top;">&#160;</td>
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