<SEC-DOCUMENT>0001213900-25-066359.txt : 20250722
<SEC-HEADER>0001213900-25-066359.hdr.sgml : 20250722
<ACCEPTANCE-DATETIME>20250722085755
ACCESSION NUMBER:		0001213900-25-066359
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20250722
DATE AS OF CHANGE:		20250722

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LakeShore Biopharma Co., Ltd.
		CENTRAL INDEX KEY:			0001946399
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94412
		FILM NUMBER:		251138790

	BUSINESS ADDRESS:	
		STREET 1:		BUILDING NO. 2, 38 YONGDA ROAD
		STREET 2:		DAXING BIOMEDICAL INDUSTRY PARK
		CITY:			DAXING DISTRICT, BEIJING
		STATE:			F4
		ZIP:			102629
		BUSINESS PHONE:		17327133678

	MAIL ADDRESS:	
		STREET 1:		BUILDING NO. 2, 38 YONGDA ROAD
		STREET 2:		DAXING BIOMEDICAL INDUSTRY PARK
		CITY:			DAXING DISTRICT, BEIJING
		STATE:			F4
		ZIP:			102629

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	YS Biopharma Co., Ltd.
		DATE OF NAME CHANGE:	20230310

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	YishengBio Co., Ltd
		DATE OF NAME CHANGE:	20220912

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crystal Peak Investment Inc.
		CENTRAL INDEX KEY:			0002078050
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D

	BUSINESS ADDRESS:	
		STREET 1:		3877 EL CAMINO REAL, STE 201
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94306
		BUSINESS PHONE:		86 13335711066

	MAIL ADDRESS:	
		STREET 1:		3877 EL CAMINO REAL, STE 201
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94306
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Crystal Peak Investment Inc. -->
          <cik>0002078050</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Ordinary Shares, par value $0.0002 per share</securitiesClassTitle>
      <dateOfEvent>07/08/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001946399</issuerCIK>
        <issuerCUSIP>G9845F208</issuerCUSIP>
        <issuerName>LakeShore Biopharma Co., Ltd.</issuerName>
        <address>
          <com:street1>Building No. 2, 38 Yongda Road</com:street1>
          <com:street2>Daxing Biomedical Industry Park</com:street2>
          <com:city>Daxing District, Beijing</com:city>
          <com:stateOrCountry>F4</com:stateOrCountry>
          <com:zipCode>102629</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Huaqin Xue</personName>
          <personPhoneNum>86 13335711066</personPhoneNum>
          <personAddress>
            <com:street1>3877 El camino Real, Ste 201</com:street1>
            <com:city>Palo Alto</com:city>
            <com:stateOrCountry>CA</com:stateOrCountry>
            <com:zipCode>94306</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0002078050</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Crystal Peak Investment Inc.</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>D8</citizenshipOrOrganization>
        <soleVotingPower>21021332.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>21021332.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>21021332.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>51.0</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
        <commentContent>Notes in relation to Items 7, 9 and 11: This includes (i) 21,021,332 Ordinary Shares (as defined below) held directly by Crystal Investment (as defined below), consisting of 16,987,542 Ordinary Shares issued pursuant to the Purchase Agreement (as defined below) on July 8, 2025, and (ii) 4,033,790 Ordinary Shares issued upon the full exercise of Warrants (as defined below) on a cashless basis on July 11, 2025. Crystal Investment is a wholly owned subsidiary of Crystal Holdings. Huaqin Xue is a director of both Crystal Investment and Crystal Holdings and is the sole shareholder of Crystal Holdings. Based on the foregoing, Huaqin Xue is deemed to be the beneficial owner of these shares.

Notes in relation to Item 13: This percentage is calculated based upon a total of 41,212,693 Ordinary Shares issued and outstanding as of July 11, 2025.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Crystal Peak Holdings Inc.</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>D8</citizenshipOrOrganization>
        <soleVotingPower>21021332.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>21021332.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>21021332.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>51.0</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
        <commentContent>Notes in relation to Items 7, 9 and 11: This includes (i) 21,021,332 Ordinary Shares held directly by Crystal Investment, consisting of 16,987,542 Ordinary Shares issued pursuant to the Purchase Agreement on July 8, 2025, and 4,033,790 Ordinary Shares issued upon the full exercise of Warrants on a cashless basis on July 11, 2025. Crystal Investment is a wholly owned subsidiary of Crystal Holdings. Huaqin Xue is a director of both Crystal Investment and Crystal Holdings and is the sole shareholder of Crystal Holdings. Based on the foregoing, Huaqin Xue is deemed to be the beneficial owner of these shares.

Notes in relation to Item 13: This percentage is calculated based upon a total of 41,212,693 Ordinary Shares issued and outstanding as of July 11, 2025.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Huaqin Xue</reportingPersonName>
        <fundType>PF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>K3</citizenshipOrOrganization>
        <soleVotingPower>21021332.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>21021332.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>21021332.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>51.0</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Notes in relation to Items 7, 9 and 11: This includes (i) 21,021,332 Ordinary Shares held directly by Crystal Investment, consisting of 16,987,542 Ordinary Shares issued pursuant to the Purchase Agreement on July 8, 2025, and 4,033,790 Ordinary Shares issued upon the full exercise of Warrants on a cashless basis on July 11, 2025. Crystal Investment is a wholly owned subsidiary of Crystal Holdings. Huaqin Xue is a director of both Crystal Investment and Crystal Holdings and is the sole shareholder of Crystal Holdings. Based on the foregoing, Huaqin Xue is deemed to be the beneficial owner of these shares.

Notes in relation to Item 13: This percentage is calculated based upon a total of 41,212,693 Ordinary Shares issued and outstanding as of July 11, 2025.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Ordinary Shares, par value $0.0002 per share</securityTitle>
        <issuerName>LakeShore Biopharma Co., Ltd.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>Building No. 2, 38 Yongda Road</com:street1>
          <com:street2>Daxing Biomedical Industry Park</com:street2>
          <com:city>Daxing District, Beijing</com:city>
          <com:stateOrCountry>F4</com:stateOrCountry>
          <com:zipCode>102629</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item2>
        <filingPersonName>The names of the persons filing this Schedule 13D (the "Reporting Persons") are:
(i) Crystal Peak Investment Inc. ("Crystal Investment"), a British Virgin Islands business company;
(ii) Crystal Peak Holdings Inc. ("Crystal Holdings"), a British Virgin Islands business company; and
(iii) Huaqin Xue, a natural person and a citizen of Hong Kong.
The boards of directors for both Crystal Investment and Crystal Holdings are identical, consisting solely of Huaqin Xue and Tianying Yao. No other officers have been appointed for either company.</filingPersonName>
        <principalBusinessAddress>The address of the principal business and principal office of each of the Reporting Persons and Tianying Yao is 3877 El Camino Real, Ste 201, Palo Alto CA 94306.</principalBusinessAddress>
        <principalJob>Huaqin Xue and Tianying Yao are currently the directors of both Crystal Investment and Crystal Holdings. The principal business of Crystal Investment is making, holding, and disposing of investments. The principal business of Crystal Holdings is acting as a holding company for Crystal Investment and other investments of Huaqin Xue.</principalJob>
        <hasBeenConvicted>During the last five years, none of the Reporting Persons or, to the best knowledge of the Reporting Persons,  Tianying Yao has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</hasBeenConvicted>
        <convictionDescription>During the last five years, none of the Reporting Persons or, to the best knowledge of the Reporting Persons, Tianying Yao was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws.</convictionDescription>
        <citizenship>Huaqin Xue is a citizen of Hong Kong and Tianying Yao is a Chinese citizen.</citizenship>
      </item2>
      <item3>
        <fundsSource>On July 8, 2025, the Issuer entered into a Share and Warrant Purchase Agreement (the "Purchase Agreement") with Crystal Investment, pursuant to which Crystal Investment purchased 16,987,542 Ordinary Shares at a purchase price of US$0.883 per Ordinary Share in a private placement transaction (the "Private Placement"). The total consideration for the Private Placement was US$15 million in cash.

As additional consideration for the investment, the Issuer also issued 16,987,542 warrants (the "Warrants") to Crystal Investment. Each Warrant shall entitle the holder thereof to purchase one Ordinary Share, at an exercise price of US$1.079.

On July 11, 2025, Crystal Investment fully exercised 16,987,542 Warrants on a cashless basis for 4,033,790 Ordinary Shares.

The source of funds for the Private Placement described in this Item 3 was the personal funds of Huaqin Xue.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>Item 6 of this statement is incorporated herein by reference. Capitalized terms used but not defined in this Item 4 or the preceding Items of this statement are defined in Item 6.

Each Reporting Person acquired all of their Ordinary Shares for investment purposes. Pursuant to the Purchase Agreement, the Issuer has agreed that it shall use the proceeds from the sale of the Shares and Warrants for its operations, the development and expansion of its core business, the replenishment of working capital, and other general corporate purposes, and may not use the proceeds for other purposes without the prior written approval of Crystal Investment.

In their capacities as shareholders of the Issuer, the Reporting Persons review and intend to continue to review, on an ongoing and continued basis, their investments in the Issuer. Depending on the factors discussed below and subject to applicable law, any Reporting Person may from time to time acquire additional securities of the Issuer, or otherwise dispose of some or all of such securities of the Issuer. Any transactions that any Reporting Person may pursue may be made at any time and from time to time without prior notice and will depend upon a variety of factors, including, without limitation, current and anticipated future trading prices of the securities of the Issuer, the financial condition, results of operations and prospects of the Issuer, general economic, financial market and industry conditions, other investment and business opportunities available to such Reporting Person, tax considerations and other factors.

Other than as described above, each of the Reporting Persons does not have present plans or proposals that relate to or would result in any of the transactions involving the Issuer described in subparagraphs (a) through (j) of Item 4 of Schedule 13D (although any Reporting Person may from time to time consider pursuing or proposing any such transactions and, in that connection, may discuss, evaluate and/or pursue any such transactions with their respective advisors, the Issuer or other persons).</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>The responses of the Reporting Persons to Rows (7) through (13) of the cover pages of this Schedule 13D are incorporated herein by reference. As of July 11, 2025, the Reporting Persons beneficially owned an aggregate of 21,021,332 Ordinary Shares, which represents approximately 51.0% of the total issued Ordinary Shares. This percentage is calculated based upon a total of 41,212,693 Ordinary Shares issued and outstanding as of July 11, 2025.</percentageOfClassSecurities>
        <numberOfShares>The information set forth in Item 5(a) of this Schedule 13D is hereby incorporated herein by reference.</numberOfShares>
        <transactionDesc>Except as set forth in this Schedule 13D, none of the Reporting Persons has effected any transaction during the past 60 days in any Ordinary Shares.</transactionDesc>
        <listOfShareholders>Not applicable.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>The information set forth in Items 2, 3 and 4 of this Schedule 13D is hereby incorporated by reference into this Item 6.

On July 8, 2025, the Issuer entered into a Purchase Agreement with Crystal Investment relating to the offer and sale of 16,987,542 Ordinary Shares (the "Shares") and 16,987,542 Warrants in a Private Placement, subject to customary closing conditions. The Purchase Agreement contains customary representations, warranties and covenants of the Issuer and Crystal Investment. The Private Placement was made in reliance on the exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act") pursuant to Regulation S promulgated thereunder. The Issuer has also undertaken to make and keep public information available and file all requisite reports with the SEC to permit the sale of the Shares pursuant to Rule 144, and to furnish Crystal Investment with related documentation upon reasonable request.

As described in Item 4, the Issuer agreed that without the prior written approval of Crystal Investment, the Issuer shall use the proceeds from the sale of the Shares and Warrants for its operations, the development and expansion of its core business, the replenishment of working capital, and other general corporate purposes.

Crystal Investment acquired the Shares and Warrants for its own account for investment purposes only and not with the view to, or with any intention of, resale, distribution, or other disposition thereof. Crystal Investment does not have any direct or indirect arrangement, or understanding with any other person to distribute, or regarding the distribution of the Shares or Warrants in violation of the Securities Act or any other applicable state securities law.

The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement, which is attached as Exhibit 99.2 hereto and incorporated herein by reference. Other than the relationship between the Reporting Persons as described above under Items 2-5 above and other arrangements described in the Purchase Agreement, there are no contracts, arrangements, understandings or relationships (legal or otherwise) between any of the Reporting Persons and any other person with respect to any securities of the Issuer.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Exhibit 99.1 Joint Filing Agreement, dated July 22, 2025, among the Reporting Persons
Exhibit 99.2 Share and Warrant Purchase Agreement, dated July 8, 2025, by and between the Issuer and Crystal Investment</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Crystal Peak Investment Inc.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Huaqin Xue</signature>
          <title>Huaqin Xue, Director</title>
          <date>07/22/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Crystal Peak Holdings Inc.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Huaqin Xue</signature>
          <title>Huaqin Xue, Director</title>
          <date>07/22/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Huaqin Xue</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Huaqin Xue</signature>
          <title>Huaqin Xue</title>
          <date>07/22/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>

</edgarSubmission>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea024982001ex99-1_lakeshore.htm
<DESCRIPTION>JOINT FILING AGREEMENT, DATED JULY 22, 2025, AMONG THE REPORTING PERSONS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">In accordance with Rule&nbsp;13d-1(k)&nbsp;promulgated under the Securities
Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with all other Reporting Persons (as such term is defined
in the Schedule 13D referred to below) on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect
to the ordinary shares, par value $0.0002 per share, of LakeShore Biopharma Co., Ltd, a Cayman Islands exempted company, and that this
Agreement may be included as an exhibit to such joint filing. This Agreement may be executed in any number of counterparts, all of which
taken together shall constitute one and the same instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as
of July 22, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Crystal Peak Investment Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Huaqin Xue</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huaqin Xue </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Crystal Peak Holdings Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Huaqin Xue</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huaqin Xue </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Huaqin Xue</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Huaqin Xue</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ea024982001ex99-2_lakeshore.htm
<DESCRIPTION>SHARE AND WARRANT PURCHASE AGREEMENT, DATED JULY 8, 2025, BY AND BETWEEN THE ISSUER AND CRYSTAL INVESTMENT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Exhibit 99.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>Certain confidential information
contained in this document, marked by [***], has been omitted because such information<BR>
is both not material and is the type that the Company customarily and actually treats that as private or confidential.<B>&nbsp;</B></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SHARE
AND WARRANT PURCHASE AGREEMENT</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This Share and Warrant Purchase
Agreement (this &ldquo;<B>Agreement</B>&rdquo;) dated as of July 8, 2025 by and between LakeShore Biopharma Co., Ltd (the &ldquo;<B>Company</B>&rdquo;),
an exempted company with limited liability incorporated under the laws of the Cayman Islands, and Crystal Peak Investment Inc. (the &ldquo;<B>Purchaser</B>&rdquo;),
a private company with limited liability incorporated under the laws of British Virgin Islands. The Company and the Purchaser are each
referred to as a &ldquo;<B>Party</B>&rdquo; and collectively as the &ldquo;<B>Parties</B>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">Whereas</FONT>,
upon the terms and subject to the conditions of this Agreement, the Company desires to issue and sell to the Purchaser, and the Purchaser
wishes to purchase from the Company, (i) certain ordinary shares, par value US$0.0002 per share of the Company (&ldquo;<B>Ordinary Shares</B>&rdquo;),
and (ii) certain warrants, each entitling the Purchaser to purchase one Ordinary Share at the exercise price, in a private placement exempt
from registration pursuant to Regulation S (&ldquo;<B>Regulation S</B>&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;<B>Securities
Act</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">Now,
Therefore</FONT>, in consideration of the foregoing recitals and the mutual promises hereinafter set forth, the Parties agree as follows.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article
I<BR>
PURCHASE AND SALE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>1.1
Issuance, Sale, and Purchase of Ordinary Shares.</B> Upon the terms and subject to the conditions hereof, the Purchaser hereby agrees
to purchase from the Company, and the Company hereby agrees to issue, sell, and deliver to the Purchaser, at the Closing (as defined below),
16,987,542 Ordinary Shares (the &ldquo;<B>Purchased Shares</B>&rdquo;), at US$0.883 per share, which represents a 10% discount to the
lower of (i) the average daily volume-weighted average price of the Ordinary Shares over the ten trading days immediately preceding the
date hereof and (ii) the closing price of the Ordinary Shares on the trading day immediately preceding the date hereof (the &ldquo;<B>Per
Share Purchase Price</B>&rdquo;), for a total cash consideration of US$15,000,000 (the &ldquo;<B>Aggregate Purchase Price</B>&rdquo;),
free and clear of any pledge, mortgage, security interest, encumbrance, lien, charge, assessment, right of first refusal, right of pre-emption,
third-party right or interest, claim or restriction of any kind or nature (collectively, &ldquo;<B>Encumbrances</B>&rdquo;) (except for
restrictions arising under the U.S. securities laws and regulations, including those created by virtue of Section 3.1 hereof). The purchase,
issuance, sale, and delivery of the Purchased Shares shall be made pursuant to and in reliance upon Regulation S.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>1.2
Issuance of Warrants.</B> In connection with the issuance and sale of the Purchased Shares, and as additional consideration for the Purchaser&rsquo;s
investment, the Company shall issue to the Purchaser, on the Closing Date, 16,987,542 warrants (the &ldquo;<B>Warrants</B>&rdquo;). Each
Warrant shall entitle the holder thereof to purchase one Ordinary Share, at an exercise price of US$1.079 (the &ldquo;<B>Exercise Price</B>&rdquo;),
which represents a 10% premium to the closing price of the Ordinary Shares on the trading day immediately preceding the date hereof. The
Warrants shall be exercisable in whole or in part, at any time and from time to time, during the 36-month period commencing on the Closing
Date. The terms of the Warrants shall be set forth in <U>Exhibit A</U> to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>1.3
Closing.</B> Subject to Section 1.4, the closing (the &ldquo;<B>Closing</B>&rdquo;) of the sale and purchase of the Purchased Shares and
Warrants pursuant to Sections 1.1 and 1.2 shall take place remotely via the electronic exchange of the closing documents and signatures
as soon as possible at such place and time as the Parties may mutually agree upon. The date and time of the Closing are referred to herein
as the &ldquo;<B>Closing Date</B>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(a)
Payment and Delivery.</B> At the Closing, subject to the satisfaction (or waiver) of the conditions set forth in Section 1.4 and delivery
of the documents required pursuant to Section 1.4(a) , the Purchaser shall commence payment of the Aggregate Purchase Price to the Company
in U.S. dollars by wire transfer, or by such other method mutually agreeable to the Parties, of immediately available funds to a bank
account designated by the Company, and the Company shall deliver or cause to be delivered to the Purchaser (i) a copy of the extract of
the register of members of the Company as of the Closing reflecting the total number of the Purchased Shares in the name of the Purchaser,
evidencing the Purchaser&rsquo;s ownership of the Purchased Shares, and (ii) a warrant certificate evidencing the Purchaser&rsquo;s ownership
of the Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(b)
Restrictive Legend.</B> The Purchaser understands and agrees that (i) the Purchased Shares and the Warrants to be issued pursuant to this
Agreement have not been registered under the Securities Act or any applicable state securities laws, and (ii) such securities may not
be offered, sold, transferred, pledged, or otherwise disposed of unless pursuant to an effective registration statement under the Securities
Act or an exemption therefrom, and in accordance with any applicable securities laws of any state or other jurisdiction.</P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">The Purchaser further acknowledges
that the Purchased Shares and the Warrants will be uncertificated and reflected in the register of members of the Company or in certificated
form, respectively, and any electronic registration, book-entry record, or certificate, as applicable, shall include or be deemed to include
a notation to the effect that such securities are subject to the following legend (or a substantially similar legend):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75in 0pt 1in; text-align: left">THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933 (AS AMENDED, THE &ldquo;ACT&rdquo;) OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT
BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED: (A) IN THE ABSENCE OF (1) AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE ACT OR (2) AN EXEMPTION OR QUALIFICATION UNDER THE ACT AND OTHER APPLICABLE SECURITIES LAWS OR (3) DELIVERY TO THE COMPANY OF AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED; AND (B) WITHIN THE UNITED STATES OR
TO ANY U.S. PERSON, AS EACH OF THOSE TERMS IS DEFINED IN REGULATION S UNDER THE ACT, DURING THE 40 DAYS FOLLOWING CLOSING OF THE PURCHASE.
ANY ATTEMPT TO TRANSFER, SELL, PLEDGE, OR HYPOTHECATE THESE SECURITIES IN VIOLATION OF THESE RESTRICTIONS SHALL BE VOID.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>1.4
Closing Conditions.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(a)
Conditions to the Purchaser&rsquo;s Obligations to Effect the Closing</B>. The obligation of the Purchaser to consummate the transactions
contemplated hereunder is subject to the satisfaction, on or before the Closing Date, of the following conditions, any of which may only
be waived in writing by the Purchaser in its sole discretion:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(i)
</B>All corporate and other actions required to be taken by the Company in connection with the issuance and sale of the Purchased Shares
and the Warrants hereunder and any other transactions contemplated hereunder and all the agreements and other documents required in connection
with implementing the transactions contemplated hereunder (together, the &ldquo;<B>Transaction Documents</B>&rdquo;) shall have been completed;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(ii)
</B>The representations and warranties of the Company contained in Section 2.1 hereof shall have been true and correct on the date hereof
and in all material respect on and as of the Closing Date; and the Company shall have performed and complied in all material respects
with all, and not be in breach or default in any material respects under any, agreements, covenants, conditions, and obligations contained
in this Agreement or any other Transaction Document that are required to be performed or complied with on or before the Closing Date;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(iii)  </B> The
Purchaser shall have received a certificate of good standing and certificate of incumbency of the Company (which should be dated no earlier
than five (5) Business Days before the Closing Date);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(iv) </B>No government
authority of competent jurisdiction shall have enacted, issued, promulgated, enforced, or entered any law (whether temporary, preliminary,
or permanent) that is in effect and restrains, enjoins, prevents, prohibits, or otherwise makes illegal the consummation of the transactions
contemplated by this Agreement or any other Transaction Document, or imposes any damages or penalties in connection with the transactions
contemplated by this Agreement or any other Transaction Document that are substantial in relation to the Company; and no action, suit,
proceeding, or investigation shall have been instituted by or before a government authority of competent jurisdiction that seeks to restrain,
enjoin, prevent, prohibit, or otherwise make illegal the consummation of the transactions contemplated by this Agreement or any other
Transaction Document, or imposes any damages or penalties in connection with the transactions contemplated by this Agreement or any other
Transaction Document that are substantial in relation to the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(v)
</B>Without limiting the generality of Section 1.4(a)(iv) above with respect to actions of government authorities, there shall be no actual
Legal Proceeding (defined in Section 3.4(a) hereof) by a third party;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(vi) </B>There shall
have been no (1) material adverse effect on the legality, validity, or enforceability of this Agreement and the other Transaction Documents,
(2) material adverse effect on the business, affairs, prospects, operations, properties, assets, or condition (financial or otherwise)
of the Group Companies (as defined below), except for any matter disclosed in the SEC Documents (as defined below), or (3) material adverse
effect on the Company&rsquo;s ability to perform in any material respect on a timely basis its obligations under this Agreement and the
other Transaction Documents (any of (1), (2) or (3), a &ldquo;<B>Material Adverse Effect</B>&rdquo;); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(vii)</B> The Company shall
have delivered to the Purchaser a certificate, dated the Closing Date, signed by the chief financial officer of the Company certifying
that the conditions specified in this Sections 1.4(a)(i) to (a)(vi) have been fulfilled and stipulating the wire transfer instructions
containing the information of the designated account for the Purchaser&rsquo;s payment of the Aggregate Purchase Price.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(b)</B> <B>Conditions to the
Company&rsquo;s Obligations to Effect the Closing.</B> The obligation of the Company to consummate the transactions contemplated hereunder
is subject to the satisfaction, on or before the Closing Date, of the following conditions, any of which may only be waived in writing
by the Company in its sole discretion:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(i)
</B> All corporate and other actions required to be taken by the Purchaser in connection with the purchase of the Purchased Shares and
the Warrants hereunder and any other transactions contemplated under the Transaction Documents shall have been completed;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(ii)
</B>The representations and warranties of the Purchaser contained in Section 2.2 hereof shall have been true and correct on the date hereof
and in all material respects on and as of the Closing Date; and the Purchaser shall have performed and complied in all material respects
with all, and not be in breach or default in any material respect under any, agreements, covenants, conditions, and obligations contained
in this Agreement or any other Transaction Document that are required to be performed or complied with on or before the Closing Date;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(iii)  </B>No government
authority of competent jurisdiction shall have enacted, issued, promulgated, enforced, or entered any law (whether temporary, preliminary,
or permanent) that is in effect and restrains, enjoins, prevents, prohibits, or otherwise makes illegal the consummation of the transactions
contemplated by this Agreement or any other Transaction Document, or imposes any damages or penalties in connection with the transactions
contemplated by this Agreement or any other Transaction Document that are substantial in relation to the Company; and no action, suit,
proceeding, or investigation shall have been instituted by or before a government authority of competent jurisdiction that seeks to restrain,
enjoin, prevent, prohibit, or otherwise make illegal the consummation of the transactions contemplated by this Agreement or any other
Transaction Document, or imposes any damages or penalties in connection with the transactions contemplated by this Agreement or any other
Transaction Document that are substantial in relation to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article
II<BR>
REPRESENTATIONS AND WARRANTIES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>2.1
Representations and Warranties of the Company.</B> The Company hereby represents and warrants to the Purchaser, as of the date hereof
and as of the Closing Date, as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(a)
Due Formation.</B> The Company is a company duly incorporated as an exempted company with limited liability, validly existing and in good
standing under the laws of the Cayman Islands. The Company has all requisite power and authority to carry on its business as it is currently
being conducted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(b)
Authority.</B> The Company has full power and authority to enter into, execute, and deliver this Agreement and other Transaction Documents
and each agreement, certificate, document, and instrument to be executed and delivered by the Company pursuant to this Agreement and other
Transaction Documents and to perform its obligations hereunder and thereunder. The execution and delivery by the Company
of this Agreement and other Transaction Documents and the performance by the Company of its obligations hereunder and thereunder have
been duly authorized by all requisite actions on its part.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(c)
Valid Agreement.</B> The Transaction Documents have all been duly authorized, executed, and delivered by the Company and constitute the
legal, valid, and binding obligation of the Company, enforceable against the Company in accordance with its terms, except: (i) as limited
by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors&rsquo;
rights generally, and (ii) as limited by the availability of specific performance, injunctive relief, or other equitable remedies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(d)
Non Contravention.</B>&nbsp;Except as may result from any facts or circumstances relating solely to the Purchaser, the execution, delivery,
and performance by the Company of this Agreement and the consummation by the Company of the transactions contemplated hereby, will not
constitute a violation (with or without the giving of notice or lapse of time, or both) of any law or order applicable to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(e)
Capitalization.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(i)
</B>The authorized share capital of the Company is US$50,000 divided into 250,000,000 Ordinary Shares of US$0.0002 par value each. As
of the date hereof, the Company had 20,191,361 Ordinary Shares issued and outstanding and 16,750,000 warrants to purchase Ordinary Shares
(each warrant is exercisable for 0.1 Ordinary Shares at the exercise price of US$115.00 per Ordinary Share). Other than the securities
mentioned above, there are no other securities of the Company or its Subsidiaries that are outstanding and would entitle the holder thereof
to acquire at any time shares of capital stock of the Company, including, without limitation, any debt, preferred stock, rights, options,
warrants, or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder
thereof to receive, shares of capital stock of the Company. No split, combination, or other restructuring with respect to the Ordinary
Shares has been effected since date hereof or will be effected prior to the Closing Date. All issued and outstanding Ordinary Shares are
validly issued, fully paid, and non-assessable. All outstanding shares of capital stock of the Company and all outstanding shares of capital
stock of each of the Company&rsquo;s subsidiaries and consolidated affiliates (each a &ldquo;<B>Subsidiary</B>&rdquo; and collectively
&ldquo;<B>Subsidiaries</B>&rdquo;) have been issued and granted in compliance with (1) all applicable securities laws and regulations
and other applicable laws and (2) all requirements set forth in applicable plans or contracts, without violation of any preemptive rights,
rights of first refusal, or other similar rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(ii) </B>As of the date
hereof, (1) other than the YS Biopharma 2020 Share Incentive Plan and the LakeShore Biopharma Co., Ltd Amended 2024 Share Incentive Plan
(the &ldquo;<B>Plans</B>&rdquo;), there are no other existing Company stock option plans and stock purchase plans, and (2) a total of
3,354,385 Ordinary Shares have been authorized for issuance under the Plans, and a total of 1,654,555 Ordinary Shares are available for
future issuance thereunder.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(iii) </B>The rights
of the Purchased Shares shall be as stated in the Amended and Restated Memorandum and Articles of Association of the Company, and there
has not been any change to the Amended and Restated Memorandum and Articles of Association of the Company since the date hereof that
will adversely affect the rights of holders of Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(f) Due Issuance.</B> The Purchased Shares and the Warrants, when issued in accordance with this Agreement, will be validly issued, fully
paid, and non-assessable, and free and clear of all Encumbrances, except for restrictions arising under the Securities Act or created
by virtue of Section 3.1 hereof. Upon delivery and entry into the register of members of the Company (with respect to the Purchased Shares)
and delivery and issuance of the warrant certificate (with respect to the Warrants), the Purchaser shall acquire good and valid title
to these securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(g)
Consents and Approvals.</B> Neither the execution and delivery by the Company of this Agreement or any other Transaction Document, nor
the consummation by the Company of any of the transactions contemplated hereby and thereby, nor the performance by the Company of this
Agreement or any other Transaction Document in accordance with its terms requires the consent, approval, order, or authorization of, or
registration with, or the giving notice to, any government or public body or authority or any third party, except such as have been or
will have been obtained, made or given on or prior to the Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(h)
Reservation of Shares for Warrant Exercise. </B>The Company has duly authorized and reserved, and shall at all times maintain reserved,
out of its authorized but unissued share capital, a number of Ordinary Shares sufficient to permit the full exercise of the Warrants issued
pursuant to this Agreement. The issuance of such Ordinary Shares upon exercise of the Warrants has been duly authorized and, when issued
in accordance with the terms in <U>Exhibit A</U> to this Agreement, will be validly issued, fully paid, and non-assessable, and not subject
to any preemptive rights, rights of first refusal, or similar rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(i) Compliance with Laws.</B> Except as disclosed in the SEC Documents or would not have a Material Adverse Effect, none of the Company and
its Subsidiaries (collectively, &ldquo;<B>Group Companies</B>&rdquo;) has knowingly conducted any activity in violation of any applicable
statute, rule, regulation, order, or restriction of any domestic or foreign government or any agency thereof in respect of the conduct
of its business or the ownership of its properties. All consents, permits, approvals, orders, authorizations, or registrations, qualifications,
designations, declarations, or filings by or with any government entities and any third party that are required to be obtained or made
by each Group Company in connection with the consummation of the transactions contemplated hereunder shall have been obtained or made
prior to and be effective as of the Closing, except as disclosed in the SEC
Documents or would not have a Material Adverse Effect. Each Group Company has all material permits, licenses, and any similar authority
necessary for the conduct of its business as currently conducted and as proposed to be conducted, the absence of which would be reasonably
likely to have a Material Adverse Effect. None of the Group Companies is in default under any of such permits, licenses, or other similar
authority. To the reasonable knowledge of the Company, there are no fines or penalties asserted against the Group Companies under any
applicable law, and none of the Group Companies has received any notice from any government entities with respect to any violation of
any applicable law.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(j) Material Changes; Undisclosed Events, Liabilities, or Developments.</B> Since the date of the latest audited financial statements included
within the SEC Documents, except as specifically disclosed in the SEC Documents filed prior to the date hereof: (i) there has been no
event, occurrence, or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company
has not incurred any liabilities (contingent or otherwise) other than (1) trade payables and accrued expenses incurred in the ordinary
course of business consistent with past practice and (2) liabilities not required to be reflected in the Company&rsquo;s financial statements
pursuant to U.S. GAAP or disclosed in filings made with the SEC, (iii) the Company has not altered its method of accounting, (iv) the
Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed, or
made any agreements to purchase or redeem any shares of its capital stock, and (v) the Company has not issued any equity securities to
any officer, director, or employee, except pursuant to existing Company stock option plans and stock purchase plans. The Company does
not have pending before the SEC any request for confidential treatment of information. Except for the transactions contemplated hereunder,
no event, liability, fact, circumstance, occurrence, or development has occurred or exists, or is reasonably expected to occur or exist,
with respect to the Company or its Subsidiaries or their respective business, properties, operations, assets, or financial condition,
that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed
made that has not been publicly disclosed at least one Business Day prior to the date that this representation is made. For purposes of
this Agreement, &ldquo;<B>Business Day</B>&rdquo; means any day, other than a Saturday, Sunday, and any day that is a legal holiday under
the laws of Hong Kong or Cayman Islands or is a day on which banking institutions located in Hong Kong or Cayman Islands are authorized
or required by applicable law or other government action to close.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(k)
No U.S. Registration and Qualification Exemptions.</B> Assuming the accuracy of the Purchaser&rsquo;s representations and warranties set
forth in Section 2.2 hereof, no registration under the Securities Act is required for the offer and sale of the Purchased Shares and the
Warrants by the Company to the Purchaser as contemplated hereby. The Company is relying upon the exemption from the registration requirements
of Regulation S promulgated under the Securities Act and has met all requirements, and taken all necessary actions, to make the issuance, sale, and delivery of the Purchased
Shares and the Warrants. The issuance and sale of the Purchased Shares and the Warrants hereunder does not contravene the rules and regulations
of the Nasdaq Capital Market. The Ordinary Shares are registered pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of
1934 (the &ldquo;<B>Exchange Act</B>&rdquo;), and the Company has taken no action designed to, or that to its knowledge is likely to have
the effect of, terminating the registration of the Ordinary Share under the Exchange Act, nor has the Company received any notification
that the SEC is contemplating terminating such registration. Except as specifically disclosed in the SEC Documents filed prior to the
date hereof, the Company has not, in the 12 months preceding the date hereof, received notice from Nasdaq Stock Market to the effect that
the Company is not in compliance with the listing or maintenance requirements of Nasdaq Stock Market. The Company is, and has no reason
to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements.
Assuming the accuracy of Purchaser&rsquo;s representations and warranties set forth in Section 2.2 hereof, neither the Company, nor any
of its affiliates, nor, to the knowledge of the Company, any person acting on its or their behalf has, directly or indirectly, made any
offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this sale of the Purchased
Shares and the Warrants to be integrated with prior offerings by the Company for purposes of (i) the Securities Act, which would require
the registration of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of Nasdaq Stock
Market on which the securities of the Company are listed or designated.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(l) SEC Documents.</B> The Company has timely filed or furnished, as applicable, all reports, schedules, forms, statements and other documents
required to be filed or furnished by it with the U.S. Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;) pursuant to the Securities
Act or the Exchange Act and the rules and regulations promulgated thereunder (all of the foregoing documents filed with or furnished to
the SEC and all exhibits included therein and financial statements, notes, and schedules thereto and documents incorporated by reference
therein being hereinafter referred to as the &ldquo;<B>SEC Documents</B>&rdquo;). As of their respective filing or furnishing dates, the
SEC Documents complied in all material respects with the requirements of the Sarbanes-Oxley Act of 2002, the Securities Act, or the Exchange
Act, as the case may be, and the rules and regulations promulgated thereunder, as applicable, to the respective SEC Documents, and, none
of the SEC Documents, at the time they were filed or furnished, contained any untrue statement of a material fact or omitted to state
a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The information contained in the SEC Documents, considered as a whole and as amended as of
the date hereof, do not as of the date hereof, and will not as of the Closing Date, contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading.</P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(m)  Application
of Takeover Protections.</B>&nbsp;The Company and its board of directors have taken all necessary action, if any, in order to render inapplicable
any control share acquisition, interested shareholder, business combination, poison pill (including, without limitation, any distribution
under a rights agreement), or other similar anti-takeover provision under the Amended and Restated Memorandum and Articles of Association
or other organizational documents or the laws of Cayman Islands that is or could become applicable to the Purchaser as a result of the
transactions contemplated by this Agreement, including, without limitation, the Company&rsquo;s issuance of the Purchased Shares and Warrants
and the Purchaser&rsquo;s ownership of the Purchased Shares and Warrants. The Company and its board of directors have taken all necessary
action, if any, in order to render inapplicable any shareholder rights plan or similar arrangement relating to accumulations of beneficial
ownership of Ordinary Shares or a change in control of the Company or any of its Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(n)
Off Balance Sheet Arrangements.</B> There is no transaction, arrangement, or other relationship between the Company or any of its Subsidiaries
and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in its SEC Documents and is not
so disclosed or that otherwise could be reasonably likely to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(o)
Investment Company.</B> The Company is not and, after giving effect to the sale of the Purchased Shares and issuance of the Warrants,
and the application of the proceeds hereof, will not be an &ldquo;investment company,&rdquo; as such term is defined in the U.S. Investment
Company Act of 1940, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(p)
Litigation. </B>Except as specifically disclosed in the SEC Documents filed prior to the date hereof, there are no actions by or against
the Company or its Subsidiaries or affecting the business or any of the assets of the Company or its Subsidiaries pending before any government
entities, or, to the Company&rsquo;s knowledge, threatened to be brought by or before any government entities, that has had or would reasonably
be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(q)
Regulation S.</B> No directed selling efforts (as defined in Rule 902 of Regulation S under the Securities Act) have been made by any
of the Company, any of its affiliates or any person acting on its behalf with respect to any Purchased Shares or Warrants that are not
registered under the Securities Act; and none of such persons has taken any actions that would result in the sale of the Purchased Shares
or Warrants to the Purchaser under this Agreement requiring registration under the Securities Act; and the Company is a &ldquo;foreign
issuer&rdquo; (as defined in Regulation S).</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>2.2
Representations and Warranties of the Purchaser.</B> The Purchaser, hereby represents and warrants to the Company as of the date hereof
and as of the Closing Date, as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(a)
Due Formation</B>. The Purchaser is duly formed, validly existing, and in good standing in the jurisdiction of its organization. The Purchaser
has all requisite power and authority to carry on its business as it is currently being conducted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(b)
Authority.</B> The Purchaser has full power and authority to enter into, execute, and deliver the Transaction Documents and each agreement,
certificate, document, and instrument to be executed and delivered by the Purchaser pursuant to the Transaction Documents and to perform
its obligations hereunder and thereunder. The execution and delivery by the Purchaser of the Transaction Documents and the performance
by the Purchaser of its obligations hereunder and thereunder have been duly authorized by all requisite actions on its part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(c)
Valid Agreement.</B> The Transaction Documents have been duly executed and delivered by the Purchaser and constitutes the legal, valid,
and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors&rsquo; rights
generally, and (ii) as limited by the availability of specific performance, injunctive relief, or other equitable remedies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(d)
Consents and Approvals.</B> Neither the execution and delivery by the Purchaser of this Agreement or other Transaction Documents, nor
the consummation by the Purchaser of any of the transactions contemplated hereby or thereby, nor the performance by the Purchaser of this
Agreement or any other Transaction Documents in accordance with its terms requires the consent, approval, order, or authorization of,
or registration with, or the giving notice to, any government or public body or authority or any third party, except such as have been
or will have been obtained, made or given on or prior to the Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(e)
Status and Investment Intent</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(i)
Experience.</B> The Purchaser has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating
the merits and risks of its investment in the Purchased Shares and the Warrants. The Purchaser is capable of bearing the economic risks
of such investment, including a complete loss of its investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(ii)
Purchase Entirely for Own Account.</B> The Purchaser is acquiring the Purchased Shares and Warrants for its own account for investment
purposes only and not with the view to, or with any intention of, resale, distribution, or other disposition thereof. The Purchaser does
not have any direct or indirect arrangement, or understanding with any other person to distribute, or regarding the distribution
of the Purchased Shares in violation of the Securities Act or any other applicable state securities law.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(iii)  Arm&rsquo;s
Length.</B> The Purchaser is acting solely in the capacity of an arm&rsquo;s length purchaser with respect to this Agreement and the Transaction
Documents and the transactions contemplated hereby and thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(iv) &nbsp; Solicitation.</B>
The Purchaser did not contact the Company as a result of any general solicitation or directed selling efforts (within the meaning of Regulation
S).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(v)
Restricted Securities.</B> The Purchaser acknowledges that the Purchased Shares and the Warrants are &ldquo;restricted securities&rdquo;
that have not been registered under the Securities Act or any applicable state securities law. The Purchaser further acknowledges that,
absent an effective registration under the Securities Act, the Purchased Shares and the Warrants may only be offered, sold, or otherwise
transferred (1) to the Company, (2) outside the United States in accordance with Rule 903 (if applicable) or Rule 904 of Regulation S,
(3) in compliance with and in accordance with Rule 144 under the Securities Act, or (4) otherwise pursuant to an exemption from registration
under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(vi) &nbsp; Information.</B>
The Purchaser has been furnished access to all materials and information that the Purchaser has requested relating to the Company and
its Subsidiaries and other due diligence documents in order to evaluate the transactions contemplated by this Agreement. The Purchaser
is relying solely on its own counsel and other advisors as to the financial, tax, legal, and related matters concerning an investment
in the Purchased Shares and Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(vii) Not U.S. Person.</B>
The Purchaser is not a &ldquo;U.S. person&rdquo; as defined in Rule 902 of Regulation S.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(viii)
Offshore Transaction.</B> The Purchaser has been advised and acknowledges that in issuing the Purchased Shares and Warrants to the Purchaser
pursuant hereto, the Company is relying upon the exemption from registration provided by Regulation S. The Purchaser acknowledges that
at the time of the origination of contact concerning this Agreement and the date of the execution and delivery of this Agreement, the
Purchaser is outside of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(ix) &nbsp; FINRA.</B>
The Purchaser does not, directly or indirectly, own more than five per cent of the outstanding common stock (or other voting securities)
of any member of the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;) or a holding company for a FINRA member,
and is not otherwise a &ldquo;restricted person&rdquo; for the purposes of FINRA Rule 5130.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article
III<BR>
COVENANTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>3.1
Distribution Compliance Period.</B> The Purchaser agrees not to resell, pledge, or transfer any Purchased Shares or Warrants within the
United States or to any U.S. Person, as each of those terms is defined in Regulation S, during the 40 days following the Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>3.2
CSRC Filing.</B> The Company shall promptly submit the necessary filing with the China Securities Regulatory Commission in connection
with the transactions contemplated hereunder in accordance with the laws of the People&rsquo;s Republic of China.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>3.3
Purchase Price Adjustment.</B> The Per Share Purchase Price with respect to the Purchased Shares and the number of Ordinary Shares issuable
on exercise of each Warrant&nbsp;and the Exercise Price thereof with respect to the Warrants shall be subject to appropriate adjustment
in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>3.4
Further Assurances</B>. From the date of this Agreement until the Closing Date, the Parties shall use their reasonable best efforts to
fulfill or obtain the fulfillment of the conditions precedent to the consummation of the transactions contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>3.5
Rule 144.</B> With a view to making available to the Purchaser the benefits of Rule 144 promulgated under the Securities Act or any other
similar rule or regulation of the SEC that may at any time permit the Purchaser to sell Ordinary Shares to the public without registration
(&ldquo;<B>Rule 144</B>&rdquo;), the Company agrees to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(a)
</B>make and keep public information available, as those terms are understood and defined in Rule 144;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(b)
</B>file with the SEC in a timely manner all reports and other materials required to be filed by the Company under the Securities Act
and the Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other materials is
required for the applicable provisions of Rule 144; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(c)
</B>furnish to the Purchaser (i) a written statement by the Company, if true, that it has complied with the reporting requirements of
Rule 144, the Securities Act, and the Exchange Act, (ii) a copy of the most recent annual report of the Company and such other reports
and materials so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Purchaser to sell
its Ordinary Shares pursuant to Rule 144 without registration.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>3.6
Use of Proceeds.</B> Without the prior written approval of the Purchaser, the Company shall use the proceeds from the sale of the Purchased
Shares and Warrants solely for its operations, the development and expansion of its core business (including, but not limited to, business
development, research and development, and production), the replenishment of working capital, and other general corporate purposes. The
proceeds shall be managed in good faith in accordance with applicable internal controls. For the avoidance of doubt, the Company shall
not use such proceeds for any purpose in violation of applicable laws or any material covenant under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>3.7
Purchaser Standstill. </B>After the Closing, so long as the Purchaser holds any equity securities of the Company, the Purchaser shall
not, directly or indirectly, (i) cause any change in the composition of the board of directors and senior management of the Company, (ii)
elect or appoint, or cause the board of directors to appoint, any director to the Company, or (iii) cause the board of directors to appoint
any officer to the senior management of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article
IV<BR>
MISCELLANEOUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>4.1
No Third Party Beneficiaries.</B> This Agreement is intended for the benefit of the parties hereto and their respective successors and
permitted assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>4.2
Governing Law.</B> This Agreement shall be governed and interpreted in accordance with the laws of the State of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>4.3
Arbitration.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(a)
</B>In the event of any dispute, controversy, difference, or claim arising out of or relating to this Agreement, including the existence,
validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out
of or relating to it (each a &ldquo;<B>Dispute</B>&rdquo;), the Parties shall seek to amicably settle or resolve such Dispute through
negotiations in good faith. Such negotiations shall begin immediately after one party has delivered to the other parties a written request
for such negotiations. If within ten (10) days following the date on which such notice is delivered a Dispute is not resolved, all such
unresolved Disputes shall be referred to arbitration upon the request of a Party with notice to the other Party.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(b)</B> The arbitration shall
be conducted in Hong Kong and administered by the Hong Kong International Arbitration Centre (&ldquo;<B>HKIAC</B>&rdquo;). The seat of
the arbitration shall be Hong Kong. There shall be three arbitrators. Such arbitrators shall be selected pursuant to the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(i)
</B> The claimant (the &ldquo;<B>Claimant</B>&rdquo;) shall designate one arbitrator in the notice of arbitration (the &ldquo;<B>Notice
of Arbitration</B>&rdquo;). If the Claimant does not designate one arbitrator in its Notice of Arbitration, HKIAC shall, within 15 days
upon application by either party, appoint one arbitrator for the Claimant;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(ii)
</B>The respondent (the &ldquo;<B>Respondent</B>&rdquo;) shall designate one arbitrator in the answer to the Notice of Arbitration (the
&ldquo;<B>Answer to the Notice of Arbitration</B>&rdquo;). If the Respondent fails (i) to designate one arbitrator in its Answer to the
Notice of Arbitration; or (ii) to file its Answer to the Notice of Arbitration by the time that it is required to do so, HKIAC shall,
within 15 days upon application by either party, appoint one arbitrator for the Respondent;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><B>(iii)  </B>The
two arbitrators so appointed above shall, within 15 days of confirmation of the second arbitrator, designate a third arbitrator who shall
act as the presiding arbitrator of the arbitral tribunal. Failing such designation within the 15 days from the confirmation of the second
arbitrator, HKIAC shall, within 15 days upon application by either party, appoint the presiding arbitrator.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(c)
</B>The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the Hong Kong International Arbitration
Center Administered Arbitration Rules (the &ldquo;<B>HKIAC Rules</B>&rdquo;) in force when the notice of arbitration is submitted in accordance
with the HKIAC Rules. The HKIAC Rules are deemed to be incorporated by reference to this sub-Section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(d)
</B>The arbitrators shall decide any Dispute submitted by the parties to the arbitration strictly in accordance with the laws of the State
of New York and shall not apply any other substantive law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(e)
</B>Each Party shall cooperate with the other Party in making full disclosure of and providing complete access to all relevant information
and documents requested by the other in connection with such arbitration proceedings; provided, that the Dispute shall be resolved in
a confidential manner, and none of the foregoing information or documents or the result of the arbitration shall be disclosed or otherwise
used unless required by law or to a court in aid of enforcement of the arbitration award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(f) &nbsp;
</B>During arbitration and prior to an arbitration award being granted, the Parties shall continue to perform those obligations under
this Agreement that are not in dispute. Notwithstanding anything to the contrary set forth herein, it is agreed and understood that each
Party retains its right to seek any temporary injunctive relief available under applicable law in respect of any breach by the Party of
its obligations under this Agreement.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><B>(g)
</B> Each of the Parties irrevocably waives any immunity to jurisdiction to which it may be entitled or become entitled (including without
limitation sovereign immunity, immunity to pre-award attachment, immunity to post-award attachment or otherwise) in any arbitration proceedings
and/or enforcement proceedings against it arising out of or based on this Agreement or the transactions contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>4.4
Amendment.</B> This Agreement shall not be amended, changed, or modified, except by another agreement in writing executed by the Parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>4.5
Binding Effect.</B> This Agreement shall inure to the benefit of, and be binding upon, each of the Parties and their respective heirs,
successors, and permitted assigns and legal representatives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>4.6
Assignment.</B> Neither this Agreement nor any of the rights, duties or obligations hereunder may be assigned by a Party without the express
written consent of the other Party. Any purported assignment in violation of the foregoing sentence shall be null and void.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>4.7
Notices.</B> All notices, requests, demands, and other communications under this Agreement shall be in writing and shall be deemed to
have been duly given on the date of actual delivery if delivered personally to the Party to whom notice is to be given, on the date sent
if sent by e-mail, on the next day following delivery to Federal Express properly addressed or on the day of attempted delivery by the
U.S. Postal Service if mailed by registered or certified mail, return receipt requested, postage paid. The address for such notices and
communications shall be as set forth on the signature pages attached hereto. Any Party may change its address for purposes of this Section
4.7 by giving the other Parties hereto written notice of the new address in the manner set forth above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>4.8
Entire Agreement.</B> This Agreement and the other Transaction Documents together constitute the entire understanding and agreement between
the Parties with respect to the matters covered hereby, and all prior agreements and understandings, oral or in writing, if any, between
the Parties with respect to the matters covered hereby are merged and superseded by this Agreement and the other Transaction Documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>4.9
Severability.</B> If any provisions of this Agreement shall be adjudicated to be illegal, invalid, or unenforceable in any action or proceeding
whether in its entirety or in any portion, then such provision shall be deemed amended, if possible, or deleted, as the case may be, from
the Agreement in order to render the remainder of the Agreement and any provision thereof both valid and enforceable, and all other provisions
hereof shall be given effect separately therefrom and shall not be affected thereby.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>4.10 Fees
and Expenses.</B> Upon the Closing, the Company will pay US$100,000 to the Purchaser for due diligence and legal fees in relation to the
transactions proposed in this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>4.11 Taxes.</B>
The Company shall bear all stamp duties, issue taxes, and any withholding taxes arising from the issuance of the Purchased Shares and
Warrants or any payments made hereunder. In the event any withholding is required, the Company shall gross-up such payments so that the
net amount received by the Purchaser is equal to the full amount payable had no such deduction or withholding been required.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>4.12 Confidentiality
and Public Announcement.</B> Each Party shall keep in confidence, and shall not use (except for the purposes of the transactions contemplated
hereby) or disclose, any non-public information disclosed to it or its affiliates, representatives or agents in connection with this Agreement
and other Transaction Documents or the transactions contemplated hereby and thereby. Each Party shall ensure that its affiliates, representatives
and agents keep in confidence, and do not use (except for the purposes of the transactions contemplated hereby) or disclose, any such
non-public information. Notwithstanding the foregoing, if any Party believes in good faith that any announcement or notice must be prepared
or published pursuant to applicable laws (including any rules or regulations of any securities exchange or valid legal process) or information
is otherwise required to be disclosed to any governmental authority, such Party may, in accordance with its understanding of the applicable
laws, make the required disclosure in the manner it deems in compliance with the requirements of applicable laws, <I>provided </I>that
any public announcement of this transaction by each Party shall be in form and substance reasonably satisfactory to the other Party. Notwithstanding
the foregoing, the Company shall not publicly disclose the name of the Purchaser or an affiliate of the Purchaser, or include the name
of the Purchaser or an affiliate of the Purchaser in any press release or filing with the SEC or any regulatory agency or Nasdaq, without
the prior written consent of the Purchaser, except (a) as required by federal securities law in connection with (i) any registration statement
and (ii) the filing of final Transaction Documents (including signature pages thereto) with the SEC and (b) to the extent such disclosure
is required by law, request of the SEC or Nasdaq regulations, in which case the Company shall provide the Purchaser with prior written
notice of such disclosure permitted under this subclause (b). From and after the Company&rsquo;s issuance of the press release disclosing
the material terms of the transactions contemplated hereby, the Company shall not, and shall cause its officers, directors, employees
and agents not to, provide to the Purchaser material, non-public information about the Company that would restriction the Purchaser&rsquo;s
ability to trade securities of the Company. The Purchaser, severally and not jointly with the other Purchaser(s), covenants that it will
comply with the provisions of any confidentiality or nondisclosure agreement executed by it and, in addition, until such time as the transactions
contemplated by this Agreement are required to be publicly disclosed by the Company, the Purchaser will maintain the confidentiality of
all disclosures made to it in connection with this transaction (including the existence and terms of this transaction).</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>4.13 Termination.</B>&nbsp;This
Agreement may be terminated by the Purchaser by written notice to the Company, if the Closing has not been consummated by July 31, 2025
(the &ldquo;<B>Long Stop Date</B>&rdquo;); provided that the right to terminate this Agreement pursuant to this Section 4.13 shall not
be available to the Purchaser whose failure to perform any material obligation required to be performed by the Purchaser under this Agreement
has been a cause of, or results in, the failure of the transactions contemplated hereby to be consummated by the Long Stop Date. No such
termination pursuant to this Section 4.13 will affect the right of any Party to sue for any breach by the other Party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>4.14 Specific
Performance</B>. The Parties agree that irreparable damage would occur in the event any provision of this Agreement were not performed
in accordance with the terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in addition to
any other remedy at law or equity. The Company recognizes that in the event that it fails to perform, observe, or discharge any or all
of its obligations under this Agreement or the other Transaction Documents, any remedy at law may prove to be inadequate relief to the
Purchaser. The Company agrees that the Purchaser shall be entitled to seek temporary and permanent injunctive relief in any such case
without the necessity of proving actual damages and without posting a bond or other security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>4.15 Payment
Set Aside.</B> To the extent that the Company makes a payment or payments to the Purchaser hereunder or pursuant to any of the other Transaction
Documents or the Purchaser enforces or exercises its rights hereunder or thereunder, and such payment or payments or the proceeds of such
enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered
from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other person
under any law (including, without limitation, any bankruptcy law, foreign, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued
in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>4.16 Headings</B>.
The headings of the various articles and sections of this Agreement are inserted merely for the purpose of convenience and do not expressly
or by implication limit, define or extend the specific terms of the section so designated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>4.17 Execution in
Counterparts</B>. For the convenience of the Parties and to facilitate execution, this Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same
instrument, provided that a signature delivered by an electronic mail which contains a portable document format (.pdf) file of an
executed signature page shall be considered due execution and shall be binding upon the signatory thereto with the same force and
effect as if the signature were an original.</P>

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>In
Witness Whereof</B></FONT>, the Parties have caused this Agreement to be executed as of the date first above written.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMPANY:</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2" STYLE="text-transform: uppercase"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lakeshore
  Biopharma Co., Ltd</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Rachel Yu</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rachel Yu</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and Chief Financial Officer</FONT></TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address of the Company:</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Building 2, 38 Yongda Road</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daxing Biomedical Industry Park</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daxing District, Beijing 102629</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">People&rsquo;s Republic of China</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Share and Warrant Purchase Agreement]</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>, the
Parties have caused this Agreement to be executed as of the date first above written.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">PURCHASER</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2"><B>CRYSTAL PEAK INVESTMENT INC.</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 60%">&nbsp;</TD>
  <TD STYLE="width: 5%">&nbsp;</TD>
  <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Huaqin Xue</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Name:&nbsp;</TD>
  <TD>Huaqin Xue</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD>Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">Address of the Purchaser:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2"> [***] </TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Share and Warrant Purchase Agreement]</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>TErms
and Conditions of the warrant</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22pt">1.</TD><TD STYLE="text-align: left"><U>Warrants</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">1.1
<U>Form of Warrant</U>. Each Warrant shall initially be issued in registered form only.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">1.2
<U>Effect of Countersignature</U>. If a physical certificate is issued, unless and until countersigned by the Company, a certificated
Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">1.3
[Reserved]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">1.4
<U>Detachability of Warrants</U>. The Warrants shall be detachable and separately transferable from the Ordinary Shares immediately upon
issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">1.5
<U>Fractional Warrants</U>. No fractional Warrants shall be issued. Any entitlement to a fractional Warrant shall be rounded down to the
nearest whole number.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">1.6
[Reserved]</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt">2.</TD><TD STYLE="text-align: left"><U>Terms and Exercise of Warrants</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.1
<U>Exercise Price</U>. Each whole Warrant shall entitle the holder thereof, subject to the provisions of such Warrant and of this Agreement,
to purchase one Ordinary Share from the Company, at an exercise price of US$1.079 (the &ldquo;<B>Exercise Price</B>&rdquo;), which represents
a 10% premium to the closing price of the Ordinary Shares on the trading day immediately preceding the date of the Share and Warrant Purchase
Agreement (this &ldquo;<B>Agreement</B>&rdquo;), subject to the adjustments provided in&nbsp;<U>Section&nbsp;3</U>&nbsp;hereof and in
the last sentence of this <U>Section 2.1</U>. The term &ldquo;<B>Exercise Price</B>&rdquo; as used in this Agreement shall mean the price
per share (including in cash or by payment of Warrants pursuant to a &ldquo;cashless exercise,&rdquo; to the extent permitted hereunder)
described in the prior sentence at which Ordinary Shares may be purchased at the time a Warrant is exercised. The Company in its sole
discretion may lower the Exercise Price at any time prior to the Expiration Date (as defined below) for a period of not less than fifteen
Business Days (unless otherwise required by applicable laws, regulations, or rules), <I>provided</I> that the Company shall provide at
least five days&rsquo; prior written notice of such reduction to holders of the Warrants, and <I>provided further</I> that any such reduction
shall be identical among all of the Warrants.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.2
<U>Duration of Warrants</U>. A Warrant may be exercised only during a period of 36 months (the &ldquo;<B>Exercise Period</B>&rdquo;) commencing
on the closing date of the transaction contemplated under the Agreement and terminating at 5:00 p.m., New York City time, on the last
day of such 36-month period (the &ldquo;<B>Expiration Date</B>&rdquo;); <I>provided</I>, <I>however</I>, that the exercise of any Warrant
shall be subject to the satisfaction of any applicable conditions as set forth in <U>subsection 2.3.2 </U>below. Except with respect to
the right to receive the Redemption Price (as defined below) in the event of a redemption, each Warrant not exercised on or before the
Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00
p.m., New York City time, on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying
the Expiration Date, <I>provided</I> that the Company shall provide at least 20 days prior written notice of any such extension to holders
of the Warrants and, <I>provided further</I>, that any such extension shall be identical in duration among all the Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.3
<U>Exercise of Warrants.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">2.3.1
<U>Payment</U>. Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the holder thereof by delivering
to the Company (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised, (ii)&nbsp;an election to purchase (&ldquo;<B>Election
to Purchase</B>&rdquo;) any Ordinary Shares pursuant to the exercise of a Warrant, properly completed and executed by the holder on the
reverse of the Definitive Warrant Certificate, and (iii) the payment in full of the Exercise Price for each Ordinary Share as to which
the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant
for the Ordinary Shares and the issuance of such Ordinary Shares, as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">(a) by wire transfer of immediately
available funds in lawful money of the United&nbsp;States, in good certified check or good bank draft payable to the order of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">(b) with the written consent
of the Company, this Warrant may also be exercised, in whole or in part, on a &ldquo;cashless basis,&rdquo; in which the holder shall
be entitled to receive the number of Ordinary Shares equal to the quotient obtained by dividing (A) the product of the number of Ordinary
Shares underlying the Warrants, multiplied by the difference between the volume weighted average price or market closing price of the
Ordinary Shares (at the option of the holder) and the Exercise Price by (B) the Fair Market Value; for the avoidance of doubt, the following
formula should be applied in this&nbsp;<U>subsection 2.3.1(b)</U>:</P>

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

<P STYLE="margin-left: 1.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><IMG SRC="ex99-2_001.jpg" ALT="" STYLE="height: 62px; width: 350px">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">For purposes of the foregoing
formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">N = Number of Ordinary Shares
underlying the Warrants;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">V = at the option of the holder,
either (i) the volume weighted average price on the trading day immediately preceding the date of the Election to Purchase delivered to
the Company, or (ii) the market closing price of the Ordinary Shares on the trading day immediately preceding the date of the Election
to Purchase delivered to the Company; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">(c) in the event of a redemption
pursuant to <U>Section 5</U> hereof in which the Company&rsquo;s board of directors has elected to require all holders of the Warrants
to exercise such Warrants on a &ldquo;cashless basis,&rdquo; by surrendering the Warrants for that number of Ordinary Shares equal to
the quotient obtained by dividing (A) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the difference
between the Fair Market Value (as defined below) and the Exercise Price by (B) the Fair Market Value; solely for purposes of this&nbsp;<U>subsection
2.3.1(c)</U> and <U>Section 5.3</U>, the &ldquo;<B>Fair Market Value</B>&rdquo; shall mean the average reported last sale price of the
Ordinary Shares for the 10&nbsp;trading days ending on the third trading day prior to the date on which the notice of redemption is sent
to the holders of the Warrants, pursuant to <U>Section 5</U> hereof; for the avoidance of doubt, the following formula should be applied
in this&nbsp;<U>subsection 2.3.1(c)</U>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><IMG SRC="ex99-2_002.jpg" ALT="" STYLE="height: 69px; width: 350px"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">For purposes of the foregoing
formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">N = Number of Ordinary Shares
underlying the Warrants;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">FMV = Fair Market Value as defined
in this&nbsp;subsection 2.3.1(c); or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">(d) [Reserved]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">(e) as provided in <U>Section
6.4</U> hereof.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">2.3.2
<U>Issuance of Ordinary Shares on Exercise</U>. As soon as practicable after the exercise of any Warrant and the clearance of the funds
in payment of the Exercise Price (if payment is pursuant to <U>subsection 2.3.1(a)</U>), the Company shall issue to the holder of such
Warrant a book-entry position or certificate, as applicable, for the number of Ordinary Shares to which such holder is entitled, registered
in such name or names as may be directed by such holder on the register
of members of the Company, and if such Warrant shall not have been exercised in full, a new Warrant, as applicable, for the number of
Ordinary Shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated
to deliver any Ordinary Shares pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless
(i) a registration statement under the Securities Act with respect to the Ordinary Shares underlying the Warrants is then effective and
a prospectus relating thereto is current, subject to the Company&rsquo;s satisfying its obligations under <U>Section 6.4</U>, (ii) a valid
exemption from registration is available, or (iii) such Ordinary Shares bear an appropriate restrictive legend. No Warrant shall be exercisable,
and the Company shall not be obligated to issue Ordinary Shares upon exercise of a Warrant, unless the Ordinary Shares issuable upon such
Warrant exercise have been registered, qualified, or deemed to be exempt from registration or qualification under the securities laws
of the state of residence of the holder of the Warrants or otherwise bear an appropriate restrictive legend. Subject to <U>Section 3.6</U>
hereof, a holder of Warrants may exercise its Warrants only for a whole number of Ordinary Shares. The Company may require holders of
Warrants to settle the Warrant on a &ldquo;cashless basis&rdquo; pursuant to <U>Section 6.4</U>. If, by reason of any exercise of Warrants
on a cashless basis as permitted under this Agreement, the holder of any Warrant would be entitled to receive a fractional interest in
an Ordinary Share, the Company shall round down to the nearest whole number the number of Ordinary Shares to be issued to such holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">2.3.3
<U>Valid Issuance</U>. All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement and the Amended
and Restated Memorandum and Articles of Association of the Company, following the necessary updates to the Register of Members of the
Company, shall be validly issued, fully paid, and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">2.3.4
<U>Date of Issuance</U>. Each person in whose name any book-entry position or certificate, as applicable, for Ordinary Shares is issued
and who is registered in the register of members of the Company shall for all purposes be deemed to have become the holder of record of
such Ordinary Shares on the date on which the Warrant, was surrendered and payment of the Exercise Price was made, irrespective of the
date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and payment is
a date when the register of members of the Company are closed, such person shall be deemed to have become the holder of such Ordinary
Shares at the close of business on the next succeeding date on which the share transfer books are open.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">2.3.5
[Reserved]</P>

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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt">3.</TD><TD STYLE="text-align: left"><U>Adjustments</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22pt">3.1</TD><TD STYLE="text-align: left"><U>Share Capitalizations</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">3.1.1
<U>Sub-Divisions</U>. If after the date hereof, and subject to the provisions of <U>Section 3.6</U> below, the number of issued and outstanding
Ordinary Shares is increased by a capitalization or share dividend of Ordinary Shares, or by a sub-division of Ordinary Shares or other
similar event, then, on the effective date of such share capitalization, sub-division, or similar event, the number of Ordinary Shares
issuable on exercise of each Warrant shall be increased in proportion to such increase in the issued and outstanding Ordinary Shares.
A rights offering made to all or substantially all holders of Ordinary Shares entitling holders to purchase Ordinary Shares at a price
less than the &ldquo;Historical Fair Market Value&rdquo; (as defined below) shall be deemed a capitalization of a number of Ordinary Shares
equal to the product of (i) the number of Ordinary Shares actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for the Ordinary Shares) multiplied by (ii) one minus the quotient
of (a) the price per Ordinary Share paid in such rights offering divided by (b) the Historical Fair Market Value. For purposes of&nbsp;this&nbsp;<U>subsection&nbsp;3.1.1</U>,
(y) if the rights offering is for securities convertible into or exercisable for Ordinary Shares, in determining the price payable for
Ordinary Shares, there shall be taken into account any consideration received for such rights, as well as any additional amount payable
upon exercise or conversion and (z) &ldquo;<B>Historical Fair Market Value</B>&rdquo; means the volume weighted average price of the Ordinary
Shares during the 10-trading day period ending on the trading day prior to the first date on which the Ordinary Shares trade on the applicable
exchange or in the applicable market, regular way, without the right to receive such rights. No Ordinary Shares shall be issued at less
than their par value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">3.1.2 <U>Extraordinary Dividends</U>.
If the Company, at any time while the Warrants are outstanding and unexpired, pays to all or substantially all of the holders of the
Ordinary Shares a dividend or make a distribution in cash, securities, or other assets on account of such Ordinary Shares (or other shares
into which the Warrants are convertible), other than (i) as described in <U>subsection 3.1.1 </U>above, (ii) Ordinary Cash Dividends
(as defined below), and (iii) to satisfy the redemption rights of the holders of the Ordinary Shares in connection with a shareholder
vote to amend the Company&rsquo;s <FONT STYLE="background-color: white">Amended and Restated Memorandum and Articles of Association</FONT>
with respect to any provision relating to the rights of holders of Ordinary Shares (any such non-excluded event being referred to herein
as an &ldquo;<B>Extraordinary Dividend</B>&rdquo;), then the Exercise Price shall be decreased, effective immediately after the effective
date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the board of directors of the
Company, in good faith) of any securities or other assets paid on each Ordinary Share in respect of such Extraordinary Dividend. For
purposes of this <U>subsection 3.1.2</U>, &ldquo;<B>Ordinary Cash Dividends</B>&rdquo; means any cash dividend or cash distribution that,
when combined on a per share basis with the per share amounts of all other cash dividends and cash distributions, paid on the Ordinary
Shares during the 365-day period ending on the date of declaration of such dividend or distribution to the extent it does not exceed
US$0.50 (which amount shall be adjusted to appropriately reflect any of the events referred to in other subsections of this <U>Section
3</U> and excluding cash dividends or cash distributions that resulted in an adjustment to the Exercise Price or to the number of Ordinary
Shares issuable on exercise of each Warrant).</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">3.2
<U>Aggregation of Shares</U>. If after the date hereof, and subject to the provisions of <U>Section 3.6</U> hereof, the number of issued
and outstanding Ordinary Shares is decreased by a consolidation, combination, reverse share split, or reclassification of Ordinary Shares
or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification, or similar
event, the number of Ordinary Shares issuable on exercise of each Warrant shall be decreased in proportion to such decrease in issued
and outstanding Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">3.3
<U>Adjustments in Exercise Price</U>. Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted,
as provided in <U>subsection 3.1.1</U> or <U>Section 3.2</U> above, the Exercise Price shall be adjusted (to the nearest cent) by multiplying
such Exercise Price immediately prior to such adjustment by a fraction (i) the numerator of which shall be the number of Ordinary Shares
purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (ii) the denominator of which shall be the number
of Ordinary Shares so purchasable immediately thereafter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">3.4
<U>Anti-Dilution Adjustments</U>. If the Company issues additional Ordinary Shares or equity-linked securities at an issue price or effective
issue price of less than Exercise Price (the &ldquo;<B>Newly Issued Price</B>&rdquo;), the Exercise Price shall be adjusted to be equal
to the Newly Issued Price, <I>provided</I>, <I>however</I>, that mergers and acquisitions, strategic financings, and certain employee
and consultant issuances will be excluded for purposes of such issuances under this <U>Section 3.4</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">3.5 <U>Replacement of
Securities upon Reorganization, etc</U>. In case of any reclassification or reorganization of the issued and outstanding Ordinary
Shares (other than a change under&nbsp;<U>Section 3.1</U> or <U>Section 3.2</U> hereof or that solely affects the par value of such
Ordinary Shares), or in the case of any merger or consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or
reorganization of the issued and outstanding Ordinary Shares), or in the case of any sale or conveyance to another corporation or
entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the
Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon
the terms and conditions specified in the Warrants and in lieu of the Ordinary Shares of the Company immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or stock or other
securities or property (including cash) receivable upon such reclassification, reorganization, merger, or consolidation, or upon a
dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised
such holder&rsquo;s Warrants immediately prior to such event (the &ldquo;<B>Alternative Issuance</B>&rdquo; ); <I>provided</I>, <I>however</I>,
that (i) if the holders of the Ordinary Shares were entitled to exercise a right of election as to the kind or amount of securities,
cash, or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash, or other assets
constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of
the kind and amount received per share by the holders of the Ordinary Shares in such consolidation or merger that affirmatively make
such election, and (ii)&nbsp;if a tender, exchange, or redemption offer shall have been made to and accepted by the holders of the
Ordinary Shares (other than a tender, exchange, or redemption offer made by the Company in connection with redemption rights held by
shareholders of the Company as provided for in the Company&rsquo;s Amended and Restated Memorandum and Articles of Association, as
amended from time to time) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof,
together with members of any group (within the meaning of Rule&nbsp;13d-5(b)(1) under the Exchange Act) of which such maker is a
part, and together with any affiliate or associate of such maker (within the meaning of Rule&nbsp;12b-2 under the Exchange Act) and
any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3
under the Exchange Act) more than 50% of the issued and outstanding Ordinary Shares, the holder of a Warrant shall be entitled to
receive as the Alternative Issuance, the highest amount of cash, securities, or other property to which such holder would actually
have been entitled as a shareholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or
exchange offer, accepted such offer and all of the Ordinary Shares held by such holder had been purchased pursuant to such tender or
exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as
possible to the adjustments provided for in this <U>Section 3</U>; <I>provided further</I> that if less than 70% of the
consideration receivable by the holders of the Ordinary Shares in the applicable event is payable in the form of shares in the
successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter
market, or is to be so listed for trading or quoted immediately following such event, and if the holder properly exercises the
Warrant within 30&nbsp;days following the public disclosure of the consummation of such applicable event by the Company pursuant to
a current report on Form 6-K filed with the SEC, the Exercise Price shall be reduced by an amount (in dollars) equal to the
difference of (y) the Exercise Price in effect prior to such
reduction minus (z) (a) the Per Share Consideration (as defined below) (but in no event less than zero) minus (b) the Black-Scholes Warrant
Value (as defined below). The &ldquo;<B>Black-Scholes Warrant Value</B>&rdquo; means the value of a Warrant immediately prior to the consummation
of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (assuming zero
dividends) (&ldquo;<B>Bloomberg</B>&rdquo;). For purposes of calculating such amount: <U>Section 5</U> of this Agreement shall be taken
into account; the price of each Ordinary Share shall be the volume weighted average price of the Ordinary Shares during the 10-trading
day period ending on the trading day prior to the effective date of the applicable event; the assumed volatility shall be the 90-day volatility
obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable
event; and&nbsp;the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term
of the Warrant. &ldquo;<B>Per Share Consideration</B>&rdquo; means if the consideration paid to holders of the Ordinary Shares consists
exclusively of cash, the amount of such cash per Ordinary Share, and in all other cases, the volume weighted average price of the Ordinary
Shares during the 10-trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification
or reorganization also results in a change in Ordinary Shares covered by <U>subsection 3.1.1</U>, then such adjustment shall be made pursuant
to <U>subsection 3.1.1</U> or <U>Sections 3.2</U>, <U>3.3</U>, and <U>Section 3.4</U>. The provisions of <U>Section 3.4</U> shall similarly
apply to successive reclassifications, reorganizations, mergers or consolidations, sales, or other transfers. In no event shall the Exercise
Price be reduced to less than the par value per share issuable upon exercise of such Warrant.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">3.6
<U>Notices of Changes in Warrants</U>. Upon the occurrence of any event specified in <U>Sections 3.1</U>, <U>3.2</U>, <U>3.3</U>, <U>3.4</U>,
or <U>3.5</U>, the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address
set forth for such holder in the Warrant Certificate, of the record date or the effective date of the event. Failure to give such notice,
or any defect therein, shall not affect the legality or validity of such event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">3.7
<U>No Fractional Shares</U>. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
Ordinary Shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this <U>Section 3</U>, the holder of any
Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such
exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to such holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">3.8 <U>Form of Warrant</U>.
The form of Warrant need not be changed because of any adjustment pursuant to this <U>Section 3</U>, and Warrants issued after such
adjustment may state the same Exercise Price and the same number of shares as is stated in the Warrants initially issued pursuant to
this Agreement; <I>provided</I>, <I>however</I>, that the Company may at any time in its sole discretion make any change in the form
of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued
or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt">4.</TD><TD STYLE="text-align: left"><U>Transfer and Exchange of Warrants</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">4.1
<U>Procedure for Surrender of Warrants</U>. Warrants may be surrendered to the Company, together with a written request for exchange or
transfer, and thereupon the Company shall issue in exchange therefor one or more new Warrants as requested by the holder of the Warrants
so surrendered, representing an equal aggregate number of Warrants; <I>provided</I>, <I>however</I>, that in the event that a Warrant
surrendered for transfer bears a restrictive legend, the Company shall not cancel such Warrant and issue new Warrants in exchange thereof
until the Company has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the
new Warrants must also bear a restrictive legend.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">4.2
<U>Fractional Warrants</U>. The Company shall not be required to effect any registration of transfer or exchange that shall result in
the issuance of a warrant certificate for a fraction of a warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">4.3
<U>Service Charges</U>. No service charge shall be made for any exchange of Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">4.4
<U>Warrant Execution and Countersignature</U>. The Company is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this <U>Section 4</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">4.5
<U>Transfer of Warrants</U>. The transfer of Warrants shall be subject to applicable securities laws and regulations.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt">5.</TD><TD STYLE="text-align: left"><U>Redemption</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.1
<U>Redemption of Warrants for Cash</U>. Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at
any time while they are exercisable and prior to their expiration, upon notice to the holders of the Warrants, as described in <U>Section
5.2</U> below, at the price of US$0.01 per Warrant (the &ldquo;<B>Redemption Price</B>&rdquo;), provided that the last sales price of
the Ordinary Shares reported has been at least US$18.00 per share (the &ldquo;<B>Redemption Trigger Price</B>,&rdquo; subject to adjustment
in compliance with <U>Section 3</U> hereof), on each
of 20 trading days within the 30-trading day period ending on the third trading day prior to the date on which notice of the redemption
is given and <I>provided</I> that (i) there is an effective registration statement covering the Ordinary Shares issuable upon exercise
of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in <U>Section
5.2</U> below), (ii) a valid exemption from registration is available, or (iii) such Ordinary Shares bear an appropriate restrictive legend,
or the Company has elected to require the exercise of the Warrants on a &ldquo;cashless basis&rdquo; pursuant to <U>subsection 2.3.1</U>;
<I>provided</I>, <I>however</I>, that if and when the Warrants become redeemable by the Company, the Company may not exercise such redemption
right if the issuance of Ordinary Shares upon exercise of the Warrants is not exempt from registration or qualification under applicable
state blue sky laws or the Company is unable to effect such registration or qualification.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.2
<U>Date Fixed for, and Notice of, Redemption; Redemption Price</U>. In the event that the Company elects to redeem the Warrants pursuant
to <U>Section 5.1</U>, the Company shall fix a date for the redemption (the &ldquo;<B>Redemption Date</B>&rdquo;). Notice of redemption
shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the Redemption Date (the &ldquo;<B>30-day
Redemption Period</B>&rdquo;) to the holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration
books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the holder
received such notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.3
<U>Exercise After Notice of Redemption</U>. The Warrants may be exercised, for cash at any time after notice of redemption shall have
been given by the Company pursuant to <U>Section 5.2</U> hereof and prior to the Redemption Date. In the event that the Company determines
to require all holders of Warrants to exercise their Warrants on a &ldquo;cashless basis&rdquo; pursuant to <U>subsection 2.3.1</U>, the
notice of redemption shall contain the information necessary to calculate the number of Ordinary Shares to be received upon exercise of
the Warrants, including the &ldquo;Fair Market Value&rdquo; (as such term is defined in <U>subsection 2.3.1(c) </U>hereof) in such case.
On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of
the Warrants, the Redemption Price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.4
[Reserved]</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt">6.</TD><TD STYLE="text-align: left"><U>Other Provisions Relating to Rights of Holders of Warrants</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">6.1
<U>No Rights as Shareholder</U>. A Warrant does not entitle the holder thereof to any of the rights of a shareholder of the Company, including,
without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect
of the meetings of shareholders or the election of directors of the Company or any other matter.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">6.2
<U>Lost, Stolen, Mutilated, or Destroyed Warrants</U>. If any Warrant is lost, stolen, mutilated, or destroyed, the Company may on such
terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the
surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed.
Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated,
or destroyed Warrant shall be at any time enforceable by anyone.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">6.3
<U>Reservation of Ordinary Shares</U>. The Company shall at all times reserve and keep available a number of its authorized but unissued
Ordinary Shares that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">6.4
<U>Registration of Ordinary Shares; Cashless Exercise at Company&rsquo;s Option</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">6.4.1
<U>Registration of the Ordinary Shares</U>. To the extent that a registration statement under the Securities Act is not effective for
the Ordinary Shares issuable upon exercise of the Warrants, holders of the Warrants shall have the right to exercise such Warrants on
a &ldquo;cashless basis,&rdquo; by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption)
for that number of Ordinary Shares equal to the quotient obtained by dividing (i) the product of the number of Ordinary Shares underlying
the Warrants, multiplied by the excess of the Fair Market Value (as defined below) less the Exercise Price by (ii) the Fair Market Value.
Solely for purposes of this <U>subsection&nbsp;6.4.1</U>, &ldquo;<B>Fair Market Value</B>&rdquo; shall mean the volume-weighted average
price of the Ordinary Shares as reported during the 10-trading day period ending on the trading day prior to the date that notice of exercise
is received by the Company from the holder of such Warrants or its securities broker or intermediary. The date that notice of &ldquo;cashless
exercise&rdquo; is received by the Company shall be conclusively determined by the Company. For the avoidance of doubt, the following
formula should be applied in this&nbsp;<U>subsection 6.4.1: </U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><IMG SRC="ex99-2_003.jpg" ALT="" STYLE="height: 48px; width: 350px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 88pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">For purposes of the foregoing
formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">N = Number of Ordinary Shares
underlying the Warrants;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">FMV = Fair Market Value as defined
in this&nbsp;<U>subsection 6.4.1.</U></P>

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">6.4.2
<U>Cashless Exercise at Company&rsquo;s Option</U>. If the Ordinary Shares are at the time of any exercise of a Warrant not listed on
a national securities exchange such that they satisfy the definition of a &ldquo;covered security&rdquo; under Section 18(b)(1) of the
Securities Act, the Company may, at its option, (i) require holders of Warrants who exercise Warrants to exercise such Warrants on a &ldquo;cashless
basis&rdquo; in accordance with Section 3(a)(9) of the Securities Act as described in <U>subsection 6.4.1</U> and (ii) in the event the
Company so elects, the Company shall (a) not be required to file or maintain in effect a registration statement for the registration,
under the Securities Act, of the Ordinary Shares issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to
the contrary, and (b) may cause restrictive legends to be added to the Ordinary Shares.</P>

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


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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NO. [&nbsp;&nbsp;&nbsp;&nbsp;] WARRANT</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>THIS
WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO<BR>
THE EXPIRATION OF THE EXERCISE PERIOD PURSUANT TO THE SHARE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>AND WARRANT PURCHASE AGREEMENT DESCRIBED BELOW<BR>
Lakeshore Biopharma Co., Ltd</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Incorporated Under the Laws of the Cayman
Islands</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT OF 1933 (AS AMENDED, THE &ldquo;ACT&rdquo;) OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE
TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED: (A) IN THE ABSENCE OF (1) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
ACT OR (2) AN EXEMPTION OR QUALIFICATION UNDER THE ACT AND OTHER APPLICABLE SECURITIES LAWS OR (3) DELIVERY TO THE COMPANY OF AN OPINION
OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED; AND (B) WITHIN THE UNITED STATES OR TO ANY U.S.
PERSON, AS EACH OF THOSE TERMS IS DEFINED IN REGULATION S UNDER THE ACT, DURING THE 40 DAYS FOLLOWING CLOSING OF THE PURCHASE. ANY ATTEMPT
TO TRANSFER, SELL, PLEDGE, OR HYPOTHECATE THESE SECURITIES IN VIOLATION OF THESE RESTRICTIONS SHALL BE VOID.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>This Warrant Certificate certifies that</B>&nbsp;_________,
or registered assigns, is the holder of _________ warrant(s) (the &ldquo;<B>Warrants</B>&rdquo; and each, a &ldquo;<B>Warrant</B>&rdquo;)
to purchase ordinary shares, par value US$0.0002 per share (&ldquo;<B>Ordinary Shares</B>&rdquo;), of LakeShore Biopharma Co., Ltd, a
Cayman Islands exempted company (the &ldquo;<B>Company</B>&rdquo;). Each Warrant entitles the holder, upon exercise during the period
set forth in the Share and Warrant Purchase Agreement (the &ldquo;<B>Agreement</B>&rdquo;), to receive from the Company that number of
fully paid and non-assessable Ordinary Shares as set forth below, at the exercise price (the &ldquo;<B>Exercise Price</B>&rdquo;) as determined
pursuant to the Agreement, payable in lawful money (or through &ldquo;<B>cashless exercise</B>&rdquo; as
provided for in the Agreement) of the United&nbsp;States of America upon surrender of this Warrant Certificate and payment of the Exercise
Price at the office or agency of the Company, subject to the conditions set forth herein and in the Agreement.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Defined terms used in this Warrant Certificate but
not defined herein shall have the meanings given to them in the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Each whole Warrant is initially exercisable for one
fully paid and non-assessable Ordinary Share. Fractional shares shall not be issued upon exercise of any Warrant. If, upon the exercise
of Warrants, a holder would be entitled to receive a fractional interest in an Ordinary Share, the Company shall, upon exercise, round
down to the nearest whole number the number of Ordinary Shares to be issued to the Warrant holder. The number of Ordinary Shares issuable
upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth in the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The initial Exercise Price per one Ordinary Share
for any Warrant is equal to US$ per share. The Exercise Price is subject to adjustment upon the occurrence of certain events as set forth
in the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Subject to the conditions set forth in the Agreement,
the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period, such
Warrants shall become void. The Warrants may be redeemed, subject to certain conditions, as set forth in the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Reference is hereby made to the further provisions
of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as
though fully set forth at this place.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Lakeshore Biopharma Co., Ltd</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">By:</P></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  </TABLE>



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

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

<!-- Field: Page; Sequence: 29 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Warrants evidenced by this Warrant Certificate
are part of a duly authorized issue of Warrants entitling the holder on exercise to receive _________ Ordinary Shares and are issued or
to be issued pursuant to a Share and Warrant Purchase Agreement dated as of July 8, 2025 (the &ldquo;<B>Agreement</B>&rdquo;), which is
hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation
of rights, obligations, duties and immunities thereunder of the Company and the holders. Defined terms used in this Warrant Certificate
but not defined herein shall have the meanings given to them in the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Warrants may be exercised at any time during the
Exercise Period set forth in the Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise them by surrendering
this Warrant Certificate, with the form of Election to Purchase set forth hereon properly completed and executed, together with payment
of the Exercise Price as specified in the Agreement (or through &ldquo;cashless exercise&rdquo; as provided for in the Agreement). In
the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of
Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing
the number of Warrants not exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Agreement provides that upon the occurrence of
certain events the number of Ordinary Shares issuable upon exercise of the Warrants set forth on the face hereof may, subject to certain
conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive a fractional interest in an Ordinary
Share, the Company shall, upon exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to the holder
of the Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Warrant Certificates, when surrendered in person
or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided
in the Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing
in the aggregate a like number of Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Upon due presentation for registration of transfer
of this Warrant Certificate, a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number
of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the
Agreement, without charge except for any tax or other governmental charge imposed in connection therewith.</P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company may deem and treat the holder(s) hereof
as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone),
for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and the Company shall
not be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights
of a shareholder of the Company.</P>

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


<!-- Field: Page; Sequence: 30 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(To Be Executed Upon Exercise of Warrant)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The undersigned hereby irrevocably elects to exercise
the right, represented by this Warrant Certificate, to receive _________ Ordinary Shares and herewith:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9633;</TD><TD STYLE="text-align: left">tenders payment for such Ordinary Shares to the order of LakeShore Biopharma Co., Ltd (the &ldquo;<B>Company</B>&rdquo;)
in the amount of US$ _________ in accordance with the terms hereof, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9633;</TD><TD STYLE="text-align: left">elects to exercise the Warrant on a &ldquo;cashless basis.&rdquo;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The undersigned requests that a certificate for such
Ordinary Shares be registered in the name of _________, whose address is _________ and that such Ordinary Shares be delivered to _________
whose address is _________. If said _________ number of Ordinary Shares is less than all of the Ordinary Shares purchasable hereunder,
the undersigned requests that a new Warrant Certificate representing the remaining balance of such Ordinary Shares be registered in the
name of _________, whose address is _________ and that such Warrant Certificate be delivered to _________, whose address is _________.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In the event that the Warrant is to be exercised
on a &ldquo;cashless basis&rdquo; pursuant to subsection 2.3.1(b) of Exhibit A in the Share and Warrant Purchase Agreement (the &ldquo;<B>Agreement</B>&rdquo;),
the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with subsection 2.3.1(b) of Exhibit
A in the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In the event that the Warrant is to be exercised
on a &ldquo;cashless basis&rdquo; pursuant to subsection 2.3.1(c) of Exhibit A in the Agreement, the number of Ordinary Shares that this
Warrant is exercisable for shall be determined in accordance with subsection 2.3.1(c) of Exhibit A in the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In the event that the Warrant is to be exercised
on a &ldquo;cashless basis&rdquo; pursuant to Section 6.4 of Exhibit A in the Agreement, the number of Ordinary Shares that this Warrant
is exercisable for shall be determined in accordance with Section 6.4 of Exhibit A in the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In the event that the Warrant may be exercised,
to the extent allowed by the Agreement, through cashless exercise (i)&nbsp;the number of Ordinary Shares that this Warrant is
exercisable for would be determined in accordance with the relevant section of the Agreement which allows for such cashless exercise
and (ii)&nbsp;the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the right,
represented by this Warrant Certificate, through the cashless exercise provisions of the Agreement, to receive Ordinary Shares. If
said number of shares is less than all of the Ordinary Shares purchasable hereunder (after giving effect to the cashless exercise),
the undersigned requests that a new Warrant Certificate representing the remaining balance of such Ordinary Shares be registered in
the name of , whose address is _________ and that such Warrant Certificate be delivered to _________, whose address is
_________.</P>

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

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

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


<!-- Field: Page; Sequence: 31 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Date:_________, 20___</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
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    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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

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