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Filed
pursuant to Rule 424(b)(3)
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Registration
Statement on Form F-6
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Registration
No.: 333-146908
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No. of ADSs:
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Number
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Each ADS represents
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Ten Shares
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CUSIP:
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AMERICAN DEPOSITARY RECEIPT
evidencing
AMERICAN DEPOSITARY SHARES
representing
ORDINARY SHARES
of
AIRNET TECHNOLOGY INC.
(Incorporated under the laws of the Cayman
Islands)
JPMORGAN CHASE BANK, N.A., a national
banking association organized under the laws of the United States of America, as depositary hereunder (the "
Depositary
"),
hereby certifies that ________ is the registered owner (a "
Holder
") of American Depositary Shares ("
ADSs
"),
each (subject to paragraph (13) (
Changes Affecting Deposited Securities
)) representing ten ordinary shares (including the
rights to receive Shares described in paragraph (1) (
Issuance of ADSs
), "
Shares
" and, together with any
other securities, cash or property from time to time held by the Depositary in respect or in lieu of deposited Shares, the "
Deposited
Securities
"), of AirNet Technology Inc., a corporation organized under the laws of the Cayman Islands (the "
Company
"),
deposited under the Amended and Restated Deposit Agreement dated as of March 29, 2019 (as amended from time to time, the "
Deposit
Agreement
") among the Company, the Depositary and all holders from time to time of American Depositary Receipts issued
thereunder ("
ADRs
"), each of whom by accepting an ADR becomes a party thereto. The Deposit Agreement and this
ADR (which includes the provisions set forth on the reverse hereof) shall be governed by and construed in accordance with the
internal laws of the State of New York without giving effect to the application of the conflict of law principles thereof. All
capitalized terms used herein, and not defined herein, shall have the meanings ascribed to such terms in the Deposit Agreement.
(1)
Issuance of ADSs
.
(a)
Issuance
. This ADR is one of the
ADRs issued under the Deposit Agreement. Subject to the other provisions hereof, the Depositary may so issue ADRs for delivery
at the Transfer Office (as hereinafter defined) only against deposit of: (i) Shares in a form satisfactory to the Custodian; or
(ii) rights to receive Shares from the Company or any registrar, transfer agent, clearing agent or other entity recording Share
ownership or transactions.
(b)
Lending
. In its capacity as Depositary,
the Depositary shall not lend Shares or ADSs.
(c)
Representations and Warranties of Depositors
.
Every person depositing Shares under the Deposit Agreement represents and warrants that:
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(i)
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such Shares and the certificates therefor are duly authorized, validly issued and outstanding, fully paid, nonassessable and
legally obtained by such person,
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(ii)
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all pre-emptive and comparable rights, if any, with respect to such Shares have been validly waived or exercised,
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(iii)
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the person making such deposit is duly authorized so to do,
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(iv)
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the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse
claim and
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(v)
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such Shares (A) are not "restricted securities" as such term is defined in Rule 144 under the Securities Act of 1933
("
Restricted Securities
") unless at the time of deposit the requirements of paragraphs (c), (e), (f) and (h) of
Rule 144 shall not apply and such Shares may be freely transferred and may otherwise be offered and sold freely in the United States
or (B) have been registered under the Securities Act of 1933. To the extent the person depositing Shares is an "affiliate"
of the Company as such term is defined in Rule 144, the person also represents and warrants that upon the sale of the ADSs, all
of the provisions of Rule 144 which enable the Shares to be freely sold (in the form of ADSs) will be fully complied with and,
as a result thereof, all of the ADSs issued in respect of such Shares will not be on the sale thereof, Restricted Securities.
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Such representations and warranties shall
survive the deposit and withdrawal of Shares and the issuance and cancellation of ADSs in respect thereof and the transfer of such
ADSs.
(d) The Depositary may refuse to accept for
such deposit any Shares identified by the Company in order to facilitate compliance with the requirements of the laws, rules and
regulations of the United States, including, but not limited to, the Securities Act of 1933 and the rules and regulations promulgated
thereunder.
(2)
Withdrawal of Deposited Securities
.
Subject to paragraphs (4) (
Certain Limitations to Registration, Transfer etc.
) and (5) (
Liability for Taxes, Duties and
Other Charges
), upon surrender of (a) a certificated ADR in a form satisfactory to the Depositary at the Transfer Office or
(b) proper instructions and documentation in the case of a Direct Registration ADR, the Holder hereof is entitled to delivery at,
or to the extent in dematerialized form from, the Custodian's office of the Deposited Securities at the time represented by the
ADSs evidenced by this ADR. At the request, risk and expense of the Holder hereof, the Depositary may deliver such Deposited Securities
at such other place as may have been requested by the Holder. Notwithstanding any other provision of the Deposit Agreement or this
ADR, the withdrawal of Deposited Securities may be restricted only for the reasons set forth in General Instruction I.A.(1) of
Form F-6 (as such instructions may be amended from time to time) under the Securities Act of 1933.
(3)
Transfers, Split-Ups and Combinations
of ADRs
. The Depositary or its agent will keep, at a designated transfer office (the "
Transfer Office
"), (i)
a register (the "
ADR Register
") for the registration, registration of transfer, combination and split-up of ADRs,
and, in the case of Direct Registration ADRs, shall include the Direct Registration System, which at all reasonable times will
be open for inspection by Holders and the Company for the purpose of communicating with Holders in the interest of the business
of the Company or a matter relating to the Deposit Agreement and (ii) facilities for the delivery and receipt of ADRs. The term
ADR Register includes the Direct Registration System. Title to this ADR (and to the Deposited Securities represented by the ADSs
evidenced hereby), when properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper
instruments of transfer, is transferable by delivery with the same effect as in the case of negotiable instruments under the laws
of the State of New York;
provided
that the Depositary, notwithstanding any notice to the contrary, may treat the person
in whose name this ADR is registered on the ADR Register as the absolute owner hereof for all purposes and neither the Depositary
nor the Company will have any obligation or be subject to any liability under the Deposit Agreement or any ADR to any holder of
an ADR, unless such holder is the Holder hereof. Subject to paragraphs (4) and (5), this ADR is transferable on the ADR Register
and may be split into other ADRs or combined with other ADRs into one ADR, evidencing the aggregate number of ADSs surrendered
for split-up or combination, by the Holder hereof or by duly authorized attorney upon surrender of this ADR at the Transfer Office
properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer
and duly stamped as may be required by applicable law;
provided
that the Depositary may close the ADR Register at any time
or from time to time when deemed expedient by it or, in the case of the issuance book portion of the ADR Register, when reasonably
requested by the Company solely in order to enable the Company to comply with applicable law; provided further, that the Depositary
shall have no liability and shall be indemnified by the Company in such event. At the request of a Holder, the Depositary shall,
for the purpose of substituting a certificated ADR with a Direct Registration ADR, or vice versa, execute and deliver a certificated
ADR or a Direct Registration ADR, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate
number of ADSs as those evidenced by the certificated ADR or Direct Registration ADR, as the case may be, substituted.
(4)
Certain Limitations to Registration,
Transfer etc
. Prior to the issue, registration, registration of transfer, split-up or combination of any ADR, the delivery
of any distribution in respect thereof, or, subject to the last sentence of paragraph (2) (
Withdrawal of Deposited Securities
),
the withdrawal of any Deposited Securities, and from time to time in the case of clause (b)(ii) of this paragraph (4), the Company,
the Depositary or the Custodian may require:
(a) payment with respect thereto of (i) any
stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect for the registration
of transfers of Shares or other Deposited Securities upon any applicable register and (iii) any applicable charges as provided
in paragraph (7) (
Charges of Depositary
) of this ADR;
(b) the production of proof satisfactory to
it of (i) the identity of any signatory and genuineness of any signature and (ii) such other information, including without limitation,
information as to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance with applicable
law, regulations, provisions of or governing Deposited Securities and terms of the Deposit Agreement and this ADR, as it may deem
necessary or proper; and
(c) compliance with such regulations as the
Depositary may establish consistent with the Deposit Agreement.
The issuance of ADRs, the acceptance of
deposits of Shares, the registration, registration of transfer, split-up or combination of ADRs or, subject to the last sentence
of paragraph (2) (
Withdrawal of Deposited Securities
), the withdrawal of Deposited Securities may be suspended, generally
or in particular instances, when the ADR Register or any register for Deposited Securities is closed or when any such action is
deemed advisable by the Depositary. If a beneficial owner of ADSs is not a Holder, it must rely on the Holder of the ADR(s) evidencing
such ADSs in order to assert any rights or receive any benefits under this Deposit Agreement. The arrangements between a beneficial
owner of ADSs and the Holder of the corresponding ADRs may affect the beneficial owner’s ability to exercise any rights it
may have.
(5)
Liability for Taxes, Duties and Other
Charges
. If any tax or other governmental charges (including any penalties and/or interest) shall become payable by or on behalf
of the Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced hereby
or any distribution thereon, including, without limitation, any Chinese enterprise income tax owed if the Circular Guoshuifa [2009]
No. 82 issued by the Chinese State Administration of Taxation (SAT) or any other circular, edict, order or ruling, as issued and
as from time to time amended, is applied or otherwise, such tax or other governmental charge shall be paid by the Holder hereof
to the Depositary and by holding or having held an ADR or any ADSs evidenced thereby, the Holder and all beneficial owners hereof
and thereof and all prior Holders and beneficial owners hereof and thereof, jointly and severally, agree to indemnify, defend and
save harmless each of the Depositary and its agents in respect of such tax or other governmental charge. Each Holder of this ADR
and beneficial owner of the ADSs evidenced hereby, and each prior Holder and beneficial owner hereof and thereof (collectively,
the “
Tax Indemnitors
”), by holding or having held an ADR or an interest in ADSs, acknowledges and agrees that
the Depositary shall have the right to seek payment of amounts owing with respect to this ADR under this paragraph (5) from any
one or more Tax Indemnitor(s) as determined by the Depositary in its sole discretion, without any obligation to seek payment from
any other Tax Indemnitor(s). The Depositary may refuse to effect any registration, registration of transfer, split-up or combination
hereof or, subject to the last sentence of paragraph (2) (
Withdrawal of Deposited Securities
), any withdrawal of such Deposited
Securities until such payment is made. The Depositary may also deduct from any distributions on or in respect of Deposited Securities,
or may sell by public or private sale for the account of the Holder hereof any part or all of such Deposited Securities and may
apply such deduction or the proceeds of any such sale in payment of such tax or other governmental charge, the Holder hereof remaining
liable for any deficiency, and shall reduce the number of ADSs evidenced hereby to reflect any such sales of Shares. In connection
with any distribution to Holders, the Company will remit to the appropriate governmental authority or agency all amounts (if any)
required to be withheld and owing to such authority or agency by the Company; and the Depositary and the Custodian will remit to
the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency
by the Depositary or the Custodian. If the Depositary determines that any distribution in property other than cash (including Shares
or rights) on Deposited Securities is subject to any tax that the Depositary or the Custodian is obligated to withhold, the Depositary
may dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable
to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance
of any such property after deduction of such taxes to the Holders entitled thereto. Each Holder and beneficial owner of interests
in ADSs agrees to indemnify the Depositary, the Company, the Custodian and any of their respective officers, directors, employees,
agents and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes,
additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax
benefit obtained. The obligations of Holders and beneficial owners of interests in ADSs under this paragraph (5) shall survive
any transfer of ADSs, any surrender of ADSs and withdrawal of Deposited Securities and any termination of the Deposit Agreement.
(6)
Disclosure of Interests
. To the
extent that the provisions of or governing any Deposited Securities may require disclosure of or impose limits on beneficial or
other ownership of, or interests in, Deposited Securities, other Shares and other securities and may provide for blocking transfer,
voting or other rights to enforce such disclosure or limits, Holders and beneficial owners of interests in ADSs agree to comply
with all such disclosure requirements and ownership limitations and to comply with any reasonable Company instructions in respect
thereof. The Company reserves the right to instruct Holders (and through any such Holder, the beneficial owners of ADSs evidenced
by the ADRs registered in such Holder's name) to deliver their ADSs for cancellation and withdrawal of the Deposited Securities
so as to permit the Company to deal directly with the Holder and/or beneficial owner thereof as a holder of Shares and Holders
and beneficial owners of interests in ADSs agree to comply with such instructions. The Depositary agrees to cooperate with the
Company in its efforts to inform Holders of the Company's exercise of its rights under this paragraph and agrees to consult with,
and provide reasonable assistance without risk, liability or expense on the part of the Depositary, to the Company on the manner
or manners in which the Company may implement such requirements with respect to any Holder, provided, however, for the avoidance
of doubt, the Depositary shall be indemnified by the Company in connection with the foregoing.
(7)
Charges of Depositary
.
(a)
Rights of the Depositary
. The Depositary
may charge, and collect from, (i) each person to whom ADSs are issued, including, without limitation, issuances against
deposits of Shares, issuances in respect of Share Distributions, Rights and Other Distributions (as such terms are defined
in paragraph (10) (
Distributions on Deposited Securities
)), issuances pursuant to a stock dividend or stock split declared
by the Company, or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the
ADSs or the Deposited Securities, and (ii) each person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs
are cancelled or reduced for any other reason U.S.$5.00 for each 100 ADSs (or portion thereof) issued, delivered, reduced, cancelled or
surrendered, or upon which a Share Distribution or elective distribution is made or offered (as the case may be). The Depositary
may sell (by public or private sale) sufficient securities and property received in respect of Share Distributions, Rights and
Other Distributions prior to such deposit to pay such charge.
(b)
Additional charges by the Depositary
.
The following additional charges shall also be incurred by the Holders, by any party depositing or withdrawing Shares or by any
party surrendering ADSs and/or to whom ADSs are issued (including, without limitation, issuances pursuant to a stock dividend or
stock split declared by the Company or an exchange of stock regarding the ADSs or the Deposited Securities or a distribution of
ADSs pursuant to paragraph (10) (
Distributions on Deposited Securities
), whichever is applicable:
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(i)
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a fee of U.S.$0.05 or less per ADS held for any Cash distribution made, or for any elective cash/stock dividend offered, pursuant
to the Deposit Agreement,
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(ii)
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a fee for the distribution or sale of securities pursuant to paragraph (10) hereof, such fee being in an amount equal to the
fee for the execution and delivery of ADSs referred to above which would have been charged as a result of the deposit of such securities
(for purposes of this paragraph (7) treating all such securities as if they were Shares) but which securities or the net cash proceeds
from the sale thereof are instead distributed by the Depositary to Holders entitled thereto,
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(iii)
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an aggregate fee of U.S.$0.05 or less per ADS per calendar year (or portion thereof) for services performed by the Depositary
in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against
Holders as of the record date or record dates set by the Depositary during each calendar year and shall be payable at the sole
discretion of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends or other cash
distributions), and
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(iv)
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a fee for the reimbursement of such fees, charges and expenses as are incurred by the Depositary and/or any of its agents (including,
without limitation, the Custodian and expenses incurred on behalf of Holders in connection with compliance with foreign exchange
control regulations or any law or regulation relating to foreign investment) in connection with the servicing of the Shares or
other Deposited Securities, the sale of securities (including, without limitation, Deposited Securities), the delivery of Deposited
Securities or otherwise in connection with the Depositary's or its Custodian's compliance with applicable law, rule or regulation
(which fees and charges shall be assessed on a proportionate basis against Holders as of the record date or dates set by the Depositary
and shall be payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more
cash dividends or other cash distributions).
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(c)
Other Obligations and Charges
.
The Company will pay all other charges and expenses of the Depositary and any agent of the Depositary (except the Custodian) pursuant
to agreements from time to time between the Company and the Depositary, except:
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(i)
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stock transfer or other taxes and other governmental charges (which are payable by Holders or persons depositing Shares);
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(ii)
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SWIFT, cable, telex and facsimile transmission and delivery charges incurred at the request of persons depositing, or Holders
delivering Shares, ADRs or Deposited Securities (which are payable by such persons or Holders);
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(iii)
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transfer or registration fees for the registration or transfer of Deposited Securities on any applicable register in connection
with the deposit or withdrawal of Deposited Securities (which are payable by persons depositing Shares or Holders withdrawing Deposited
Securities; and
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(iv)
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in connection with the conversion of foreign currency into U.S. dollars, JPMorgan Chase Bank, N.A. shall deduct out of such
foreign currency the fees, expenses and other charges charged by it and/or its agent (which may be a division, branch or affiliate)
so appointed in connection with such conversion. JPMorgan Chase Bank, N.A. and/or its agent may act as principal for such conversion
of foreign currency. Such charges may at any time and from time to time be changed by agreement between the Company and the Depositary.
For further details see https://www.adr.com.
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(d)
Disclosure of Potential Depositary
Payments
. The Depositary may reimburse the Company for certain expenses incurred by the Company that are related to the establishment
and maintenance of the ADR program upon such terms and conditions as the Company and the Depositary may agree from time to time.
The Depositary may make available to the Company a set amount or a portion of the Depositary fees charged in respect of the ADR
program or otherwise upon such terms and conditions as the Company and the Depositary may agree from time to time.
(e) The right of the Depositary to receive
payment of fees, charges and expenses as provided above shall survive the termination of the Deposit Agreement. As to any Depositary,
upon the resignation or removal of such Depositary, such right shall extend for those fees, charges and expenses incurred prior
to the effectiveness of such resignation or removal.
(8)
Available Information
. The Deposit
Agreement, the provisions of or governing Deposited Securities and any written communications from the Company, which are both
received by the Custodian or its nominee as a holder of Deposited Securities and made generally available to the holders of Deposited
Securities, are available for inspection by Holders at the offices of the Depositary and the Custodian, at the Transfer Office,
on the U.S. Securities and Exchange Commission’s website, or upon request from the Depositary (which request may be refused
by the Depositary at its discretion). The Depositary will distribute copies of such communications (or English translations or
summaries thereof) to Holders when furnished by the Company. The Company is subject to the periodic reporting requirements of the
Securities Exchange Act of 1934 and accordingly files certain reports with the United States Securities and Exchange Commission
(the "
Commission
"). Such reports and other information may be inspected and copied through the Commission’s
EDGAR system or at public reference facilities maintained by the Commission located at the date hereof at 100 F Street, NE, Washington,
DC 20549.
(9)
Execution
. This ADR shall not
be valid for any purpose unless executed by the Depositary by the manual or facsimile signature of a duly authorized officer of
the Depositary.
Dated:
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JPMORGAN CHASE BANK, N.A., as Depositary
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By ..................................................
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Authorized Officer
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The Depositary's office is located at 383
Madison Avenue, Floor 11, New York, New York 10179.
[FORM OF REVERSE OF ADR]
(10)
Distributions on Deposited Securities
.
Subject to paragraphs (4) (
Certain Limitations to Registration, Transfer etc.
) and (5) (
Liability for Taxes, Duties and
other Charges
), to the extent practicable, the Depositary will distribute to each Holder entitled thereto on the record date
set by the Depositary therefor at such Holder's address shown on the ADR Register, in proportion to the number of Deposited Securities
(on which the following distributions on Deposited Securities are received by the Custodian) represented by ADSs evidenced by such
Holder's ADRs:
(a)
Cash
. Any U.S. dollars available
to the Depositary resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution
or portion thereof authorized in this paragraph (10) ("
Cash
"), on an averaged or other practicable basis, subject
to (i) appropriate adjustments for taxes withheld, (ii) such distribution being impermissible or impracticable with respect to
certain Holders, and (iii) deduction of the Depositary's and/or its agents' fees and expenses in (1) converting any foreign currency
to U.S. dollars by sale or in such other manner as the Depositary may determine to the extent that it determines that such conversion
may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the
Depositary may determine to the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining any
approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a reasonable
cost and within a reasonable time and (4) making any sale by public or private means in any commercially reasonable manner.
(b)
Shares
. (i) Additional ADRs evidencing
whole ADSs representing any Shares available to the Depositary resulting from a dividend or free distribution on Deposited Securities
consisting of Shares (a "
Share Distribution
") and (ii) U.S. dollars available to it resulting from the net proceeds
of sales of Shares received in a Share Distribution, which Shares would give rise to fractional ADSs if additional ADRs were issued
therefor, as in the case of Cash.
(c)
Rights
. (i) Warrants or other instruments
in the discretion of the Depositary representing rights to acquire additional ADRs in respect of any rights to subscribe for additional
Shares or rights of any nature available to the Depositary as a result of a distribution on Deposited Securities ("
Rights
"),
to the extent that the Company timely furnishes to the Depositary evidence satisfactory to the Depositary that the Depositary may
lawfully distribute the same (the Company has no obligation to so furnish such evidence), or (ii) to the extent the Company does
not so furnish such evidence and sales of Rights are practicable, any U.S. dollars available to the Depositary from the net proceeds
of sales of Rights as in the case of Cash, or (iii) to the extent the Company does not so furnish such evidence and such sales
cannot practicably be accomplished by reason of the nontransferability of the Rights, limited markets therefor, their short duration
or otherwise, nothing (and any Rights may lapse).
(d)
Other Distributions
. (i) Securities
or property available to the Depositary resulting from any distribution on Deposited Securities other than Cash, Share Distributions
and Rights ("
Other Distributions
"), by any means that the Depositary may deem equitable and practicable, or (ii)
to the extent the Depositary deems distribution of such securities or property not to be equitable and practicable, any U.S. dollars
available to the Depositary from the net proceeds of sales of Other Distributions as in the case of Cash. The Depositary reserves
the right to utilize a division, branch or affiliate of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any public and/or
private sale of securities hereunder. Such division, branch and/or affiliate may charge the Depositary a fee in connection with
such sales, which fee is considered an expense of the Depositary contemplated above and/or under paragraph (7) (
Charges of Depositary
).
Any U.S. dollars available will be distributed by checks drawn on a bank in the United States for whole dollars and cents. Fractional
cents will be withheld without liability and dealt with by the Depositary in accordance with its then current practices. All purchases
and sales of securities will be handled by the Depositary in accordance with its then current policies, which are currently set
forth in the "Depositary Receipt Sale and Purchase of Security" section of https://www.adr.com/Investors/FindOutAboutDRs,
the location and contents of which the Depositary shall be solely responsible for.
(11)
Record Dates
. The Depositary
may, after consultation with the Company if practicable, fix a record date (which, to the extent applicable, shall be as near as
practicable to any corresponding record date set by the Company) for the determination of the Holders who shall be responsible
for the fee assessed by the Depositary for administration of the ADR program and for any expenses provided for in paragraph (7)
hereof as well as for the determination of the Holders who shall be entitled to receive any distribution on or in respect of Deposited
Securities, to give instructions for the exercise of any voting rights, to receive any notice or to act or be obligated in respect
of other matters and only such Holders shall be so entitled or obligated.
(12)
Voting of Deposited Securities
.
(a)
Notice of any Meeting or Solicitation
.
Subject to the next sentence, as soon as practicable after receipt of notice of any meeting at which the holders of Shares are
entitled to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited Securities, the Depositary
shall fix the ADS record date in accordance with paragraph (11) above provided that if the Depositary receives a written request
from the Company in a timely manner and at least 30 days prior to the date of such vote or meeting, the Depositary shall, at the
Company's expense and provided no legal prohibitions exist, distribute to Holders a notice (the “
Voting Notice
”)
stating (i) final information particular to such vote and meeting and any solicitation materials, (ii) that each Holder on the
record date set by the Depositary will, subject to any applicable provisions of the laws of the Cayman Islands, be entitled to
instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by
the ADSs evidenced by such Holder's ADRs and (iii) the manner in which such instructions may be given or deemed given in accordance
with paragraph 12 (b)(ii) below, including instructions to give a discretionary proxy to a person designated by the Company. Each
Holder shall be solely responsible for the forwarding of Voting Notices to the beneficial owners of ADSs registered in such Holder's
name. There is no guarantee that Holders and beneficial owners of interests in ADSs generally or any Holder or beneficial owner
of interests in ADSs in particular will receive the notice described above with sufficient time to enable such Holder or beneficial
owner to return any voting instructions to the Depositary in a timely manner.
(b)
Voting of Deposited Securities
.
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(i)
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Following actual receipt by the ADR department responsible for proxies and voting of Holders’ instructions (including,
without limitation, instructions of any entity or entities acting on behalf of the nominee for DTC), the Depositary shall, in the
manner and on or before the time established by the Depositary for such purpose, endeavor to vote or cause to be voted the Deposited
Securities represented by the ADSs evidenced by such Holders’ ADRs in accordance with such instructions insofar as practicable
and permitted under the provisions of or governing Deposited Securities. The Depositary will not itself exercise any voting discretion
in respect of any Deposited Securities.
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(ii)
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To the extent that (A) the Depositary has been provided with at least 35 days' notice of the proposed meeting from the Company,
(B) the Voting Notice will be received by all Holders and beneficial owners no less than 10 days prior to the date of the meeting
and/or the cut-off date for the solicitation of consents, and (C) the Depositary does not receive instructions on a particular
agenda item from a Holder (including, without limitation, any entity or entities acting on behalf of the nominee for DTC) in a
timely manner, such Holder shall be deemed, and the Depositary is instructed to deem such Holder, to have instructed the Depositary
to give a discretionary proxy for such agenda item(s) to a person designated by the Company to vote the Deposited Securities represented
by the ADSs for which actual instructions were not so given by all such Holders on such agenda item(s),
provided that
no
such instruction shall be deemed given and no discretionary proxy shall be given unless (1) the Company informs the Depositary
in writing (and the Company agrees to provide the Depositary with such instruction promptly in writing) that (a) it wishes such
proxy to be given with respect to such agenda item(s), (b) there is no substantial opposition existing with respect to such agenda
item(s) and (c) such agenda item(s), if approved, would not materially or adversely affect the rights of holders of Shares, and
(2) the Depositary has obtained an opinion of counsel, in form and substance satisfactory to the Depositary, confirming that (i)
the granting of such discretionary proxy does not subject the Depositary to any reporting obligations in the Cayman Islands, (ii)
the granting of such proxy will not result in a violation of Cayman Island laws, rules, regulations or permits, (iii) the voting
arrangement and deemed instruction as contemplated herein will be given effect under Cayman Island laws, rules and regulations,
and (iv) the granting of such discretionary proxy will not under any circumstances result in the Shares represented by the ADSs
being treated as assets of the Depositary under Cayman Island laws, rules or regulations.
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(iii)
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The Depositary may from time to time access information available to it to consider whether any of the circumstances described
in (1)(b) or (1)(c) of subsection (ii) above exist, or request additional information from the Company in respect thereto. By taking
any such action, the Depositary shall not in any way be deemed or inferred to have been required, or have had any duty or responsibility
(contractual or otherwise), to monitor or inquire whether any of the circumstances described in (1)(b) or (1)(c) of subsection
(ii) above existed. In addition to the limitations provided for in paragraph (14) hereof, Holders and Beneficial Owners are advised
and agree that (a) the Depositary will rely fully and exclusively on the Company to inform the Depositary of any of the circumstances
set forth in (1) of subsection (ii) above, and (b) neither the Depositary, the Custodian nor any of their respective agents shall
be obliged to inquire or investigate whether any of the circumstances described in (1)(b) or (1)(c) of subsection (ii) above exist
and/or whether the Company complied with its obligation to timely inform the Depositary of such circumstances. Neither the Depositary,
the Custodian nor any of their respective agents shall incur any liability to Holders or Beneficial Owners (i) as a result of the
Company's failure to determine that any of the circumstances described in (1)(b) or (1)(c) of subsection (ii) above exist or its
failure to timely notify the Depositary of any such circumstances or (ii) if any agenda item which is approved at a meeting has,
or is claimed to have, a material or adverse effect on the rights of holders of Shares. Because there is no guarantee that Holders
and Beneficial Owners will receive the notices described above with sufficient time to enable such Holders or Beneficial Owners
to return any voting instructions to the Depositary in a timely manner, Holders and Beneficial Owners may be deemed to have instructed
the Depositary to give a discretionary proxy to a person designated by the Company in such circumstances, and neither the Depositary,
the Custodian nor any of their respective agents shall incur any liability to Holders or Beneficial Owners in such circumstances.
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(c)
Alternative Methods of Distributing
Materials.
Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited
by any law, rule or regulation or the rules and/or requirements of the stock exchange on which the ADSs are listed, in lieu of
distribution of the materials provided to the Depositary in connection with any meeting of or solicitation of consents or proxies
from, holders of Deposited Securities, distribute to the Holders a notice that provides Holders with, or otherwise publicizes to
Holders, instructions on how to retrieve such materials or receive such materials upon request (
i.e.
, by reference to a
website containing the materials for retrieval or a contact for requesting copies of the materials). Holders are strongly encouraged
to forward their voting instructions as soon as possible. Voting instructions will not be deemed received until such time as the
ADR department responsible for proxies and voting has received such instructions notwithstanding that such instructions may have
been physically received by JPMorgan Chase Bank, N.A., as Depositary, prior to such time.
(d) The Depositary has been advised by the
Company that under the Cayman Islands law and the Memorandum and Articles of Association of the Company, each as in effect as of
the date of the Deposit Agreement, voting at any meeting of shareholders of the Company is by show of hands unless a poll is (before
or on the declaration of the results of the show of hands) demanded. In the event that voting on any resolution or matter is conducted
on a show of hands basis in accordance with the Memorandum and Articles of Association, the Depositary will refrain from voting
and the voting instructions received by the Depositary from Holders shall lapse. The Depositary will not demand a poll or join
in demanding a poll, whether or not requested to do so by Holders of ADSs.
(13)
Changes Affecting Deposited Securities
.
(a) Subject to paragraphs (4) (
Certain
Limitations to Registration, Transfer etc.
) and (5) (
Liability for Taxes, Duties and Other Charges
), the Depositary
may, in its discretion, and shall if reasonably requested by the Company, amend this ADR or distribute additional or amended ADRs
(with or without calling this ADR for exchange) or cash, securities or property on the record date set by the Depositary therefor
to reflect any change in par value, split-up, consolidation, cancellation or other reclassification of Deposited Securities, any
Share Distribution or Other Distribution not distributed to Holders or any cash, securities or property available to the Depositary
in respect of Deposited Securities from (and the Depositary is hereby authorized to surrender any Deposited Securities to any person
and, irrespective of whether such Deposited Securities are surrendered or otherwise cancelled by operation of law, rule, regulation
or otherwise, to sell by public or private sale any property received in connection with) any recapitalization, reorganization,
merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all the assets of the Company.
(b) To the extent the Depositary does not
so amend this ADR or make a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever cash,
securities or property results from any of the foregoing shall constitute Deposited Securities and each ADS evidenced by this ADR
shall automatically represent its pro rata interest in the Deposited Securities as then constituted.
(c) Promptly upon the occurrence of any of
the aforementioned changes affecting Deposited Securities, the Company shall notify the Depositary in writing of such occurrence
and as soon as practicable after receipt of such notice from the Company, may instruct the Depositary to give notice thereof, at
the Company's expense, to Holders in accordance with the provisions hereof. Upon receipt of such instruction, the Depositary shall
give notice to the Holders in accordance with the terms thereof, as soon as reasonably practicable.
(14)
Exoneration
.
(a) The Depositary, the Company, and each
of their respective directors, officers, employees, agents and affiliates and each of them shall: (i) incur no liability to Holders
or beneficial owners of ADSs (A) if any present or future law, rule, regulation, fiat, order or decree of the United States, the
Cayman Islands, the People’s Republic of China (including the Hong Kong Special Administrative Region, the People’s
Republic of China) or any other country or jurisdiction, or of any governmental or regulatory authority or any securities exchange
or market or automated quotation system, the provisions of or governing any Deposited Securities, any present or future provision
of the Company's charter, any act of God, war, terrorism, nationalization, expropriation, currency restrictions, work stoppage,
strike, civil unrest, revolutions, rebellions, explosions, computer failure or circumstance beyond its direct and immediate control
shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection with, any act which
the Deposit Agreement or this ADR provides shall be done or performed by it or them (including, without limitation, voting pursuant
to paragraph (12) hereof), or (B) by reason of any non-performance or delay, caused as aforesaid, in the performance of any act
or things which by the terms of the Deposit Agreement it is provided shall or may be done or performed or any exercise or failure
to exercise any discretion given it in the Deposit Agreement or this ADR (including, without limitation, any failure to determine
that any distribution or action may be lawful or reasonably practicable); (ii) not incur or assume any liability to Holders or
beneficial owners of ADSs except to perform its obligations to the extent they are specifically set forth in this ADR and the Deposit
Agreement without gross negligence or willful misconduct and the Depositary shall not be a fiduciary or have any fiduciary duty
to Holders or beneficial owners of interests in ADSs; (iii) in the case of the Depositary and its agents, be under no obligation
to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities, the ADSs or this
ADR; (iv) in the case of the Company and its agents hereunder be under no obligation to appear in, prosecute or defend any action,
suit or other proceeding in respect of any Deposited Securities, the ADSs or this ADR, which in its opinion may involve it in expense
or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability
be furnished as often as may be required; and (v) not be liable to Holders or beneficial owners of ADSs for any action or inaction
by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit,
any Holder, any other person believed by it to be competent to give such advice or information, or in the case of the Depositary
only, the Company. The Depositary shall not be liable for the acts or omissions made by, or the insolvency of, any securities depository,
clearing agency or settlement system.
(b)
The Depositary
. The Depositary
shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any Custodian
that is not a branch or affiliate of JPMorgan Chase Bank, N.A. The Depositary shall not have any liability for the price received
in connection with any sale of securities, the timing thereof or any delay in action or omission to act nor shall it be responsible
for any error or delay in action, omission to act, default or negligence on the part of the party so retained in connection with
any such sale or proposed sale. Notwithstanding anything to the contrary contained in the Deposit Agreement (including the ADRs),
subject to the further limitations set forth in subparagraph (p) of( this paragraph (14), the Depositary shall not be responsible
for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the Custodian except
to the extent that any Holder has incurred liability directly as a result of the Custodian having (i) committed fraud or willful
misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial
services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the Custodian
is located.
(c) The Depositary, its agents and the Company
may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed by them
to be genuine and to have been signed, presented or given by the proper party or parties.
(d) The Depositary shall be under no obligation
to inform Holders or any other holders of an interest in any ADSs or ADRs about the requirements of the laws, rules or regulations
or any changes therein or thereto of any country or jurisdiction or of any governmental or regulatory authority or any securities
exchange or market or automated quotation system.
(e) The Depositary and its agents will not
be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, for the manner in which any
such vote is cast, including without limitation any vote cast by a person to whom the Depositary is required to grant a discretionary
proxy pursuant to paragraph (12) hereof, or for the effect of any such vote.
(f) The Depositary may rely upon instructions
from the Company or its counsel in respect of any approval or license required for any currency conversion, transfer or distribution.
(g) The Depositary and its agents may own
and deal in any class of securities of the Company and its affiliates and in ADRs.
(h) Notwithstanding anything to the contrary
set forth in the Deposit Agreement or an ADR, the Depositary and its agents may fully respond to any and all demands or requests
for information maintained by or on its behalf in connection with the Deposit Agreement, any Holder or Holders, any ADR or ADRs
or otherwise related hereto or thereto to the extent such information is requested or required by or pursuant to any lawful authority,
including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators.
(i) None of the Depositary, the Custodian
or the Company shall be liable for the failure by any Holder or beneficial owner of, or any other holder of an interest in, ADSs
or ADRs to obtain the benefits of credits or refunds of non-U.S. tax paid against such Holder's or beneficial owner's or other
holder’s income tax liability.
(j) The Depositary is under no obligation
to provide the Holders and Beneficial Owners, or any of them, with any information about the tax status of the Company.
(k) The Depositary and the Company shall not
incur any liability for any tax or tax consequences that may be incurred by Holders and beneficial owners on account of their ownership
or disposition of the ADRs or ADSs.
(l) The Depositary shall not incur any liability
for the content of any information submitted to it by or on behalf of the Company for distribution to the Holders or for any inaccuracy
of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the
validity or worth of the Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon
the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company.
(m) Notwithstanding anything herein or in
the Deposit Agreement to the contrary, the Depositary and the Custodian(s) may use third party delivery services and providers
of information regarding matters such as pricing, proxy voting, corporate actions, class action litigation and other services in
connection herewith and the Deposit Agreement, and use local agents to provide extraordinary services such as attendance at annual
meetings of issuers of securities. Although the Depositary and the Custodian will use reasonable care (and cause their agents to
use reasonable care) in the selection and retention of such third party providers and local agents, they will not be responsible
for any errors or omissions made by them in providing the relevant information or services.
(n) The Depositary shall not be liable for
any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or
in connection with any matter arising wholly after the removal or resignation of the Depositary.
(o) The Company has agreed to indemnify the
Depositary and its agents under certain circumstances and the Depositary has agreed to indemnify the Company under certain circumstances.
(p) Neither the Depositary nor any of its
agents shall be liable to Holders or beneficial owners of interests in ADSs for any indirect, special, punitive or consequential
damages (including, without limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person
or entity (including, without limitation, Holders and beneficial owners of interests in ADSs), whether or not foreseeable and regardless
of the type of action in which such a claim may be brought.
(q) No provision of the Deposit Agreement
or this ADR is intended to constitute a waiver or limitation of any rights which Holders or Beneficial Owners may have under the
Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable.
(15)
Resignation and Removal of Depositary;
the Custodian
.
(a)
Resignation
. The Depositary may
resign as Depositary by written notice of its election so to do delivered to the Company, such resignation to take effect upon
the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement.
(b)
Removal
. The Depositary may at
any time be removed by the Company by no less than 60 days' prior written notice of such removal, to become effective upon the
later of (i) the 60th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and
its acceptance of such appointment as provided in the Deposit Agreement.
(c)
The Custodian
. The Depositary may
appoint substitute or additional Custodians and the term "
Custodian
" refers to each Custodian or all Custodians
as the context requires.
(16)
Amendment
. Subject to the last
sentence of paragraph (2) (
Withdrawal of Deposited Securities
), the ADRs and the Deposit Agreement may be amended by the
Company and the Depositary,
provided
that any amendment that imposes or increases any fees or charges (other than stock
transfer or other taxes and other governmental charges, transfer or registration fees, SWIFT, cable, telex or facsimile transmission
costs, delivery costs or other such expenses), or that shall otherwise prejudice any substantial existing right of Holders or beneficial
owners of interests in ADSs, shall become effective 30 days after notice of such amendment shall have been given to the Holders.
Every Holder and beneficial owner of interests in ADSs at the time any amendment to the Deposit Agreement so becomes effective
shall be deemed, by continuing to hold such ADR, to consent and agree to such amendment and to be bound by the Deposit Agreement
as amended thereby. In no event shall any amendment impair the right of the Holder of any ADR to surrender such ADR and receive
the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Any amendments
or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be
registered on Form F-6 under the Securities Act of 1933 or (b) the ADSs or Shares to be traded solely in electronic book-entry
form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to
prejudice any substantial rights of Holders or beneficial owners of interests in ADSs. Notwithstanding the foregoing, if any governmental
body or regulatory body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit
Agreement or the form of ADR to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit
Agreement and the ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the
Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders
or within any other period of time as required for compliance. Notice of any amendment to the Deposit Agreement or form of ADRs
shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments
in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders
identifies a means for Holders and beneficial owners of interests in ADSs to retrieve or receive the text of such amendment (
i.e.
,
upon retrieval from the U.S. Securities and Exchange Commission's, the Depositary's or the Company's website or upon request from
the Depositary).
(17)
Termination
. The Depositary
may, and shall at the written direction of the Company, terminate the Deposit Agreement and this ADR by mailing notice of such
termination to the Holders at least 30 days prior to the date fixed in such notice for such termination; provided, however, if
the Depositary shall have (i) resigned as Depositary hereunder, notice of such termination by the Depositary shall not be provided
to Holders unless a successor depositary shall not be operating hereunder within 60 days of the date of such resignation, or (ii)
been removed as Depositary hereunder, notice of such termination by the Depositary shall not be provided to Holders unless a successor
depositary shall not be operating hereunder on the 60
th
day after the Company's notice of removal was first provided
to the Depositary. Notwithstanding anything to the contrary herein, the Depositary may terminate the Deposit Agreement without
notice to the Company, but subject to giving 30 days’ notice to the Holders, under the following circumstances: (i) in the
event of the Company’s bankruptcy or insolvency, (ii) if the Company effects (or will effect) a redemption of all or substantially
all of the Deposited Securities, or a cash or share distribution representing a return of all or substantially all of the value
of the Deposited Securities, or (iii) there occurs a merger, consolidation, sale of assets or other transaction as a result of
which securities or other property are delivered in exchange for or in lieu of Deposited Securities.
After the date so fixed for termination,
(a) all Direct Registration ADRs shall cease to be eligible for the Direct Registration System and shall be considered ADRs issued
on the ADR Register and (b) the Depositary shall use its reasonable efforts to ensure that the ADSs cease to be DTC eligible so
that neither DTC nor any of its nominees shall thereafter be a Holder. At such time as the ADSs cease to be DTC eligible and/or
neither DTC nor any of its nominees is a Holder, the Depositary shall (a) instruct its Custodian to deliver all Deposited Securities
to the Company along with a general stock power that refers to the names set forth on the ADR Register and (b) provide the Company
with a copy of the ADR Register (which copy may be sent by email or by any means permitted under the notice provisions of the Deposit
Agreement). Upon receipt of such Deposited Securities and the ADR Register, the Company shall use its best efforts to issue to
each Holder a Share certificate representing the Shares represented by the ADSs reflected on the ADR Register in such Holder's
name and to deliver such Share certificate to the Holder at the address set forth on the ADR Register. After providing such instruction
to the Custodian and delivering a copy of the ADR Register to the Company, the Depositary and its agents will perform no further
acts under the Deposit Agreement and this ADR and shall cease to have any obligations under the Deposit Agreement and/or the ADRs.
After the Company receives the copy of the ADR Register and the Deposited Securities, the Company shall be discharged from all
obligations under the Deposit Agreement except (i) to distribute the Shares to the Holders entitled thereto and (ii) for its obligations
to the Depositary and its agents.
(18)
Appointment; Acknowledgements and
Agreements
. Each Holder and each beneficial owner or person holding an interest in ADSs or ADRs, upon acceptance of any ADSs
or ADRs (or any interest in any of them) issued in accordance with the terms and conditions of the Deposit Agreement shall be deemed
for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s), (b) appoint the
Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated
in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and
to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the
Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness
thereof, and (c) acknowledge and agree that (i) nothing in the Deposit Agreement or any ADR shall give rise to a partnership or
joint venture among the parties thereto nor establish a fiduciary or similar relationship among such parties, (ii) the Depositary,
its divisions, branches and affiliates, and their respective agents, may from time to time be in the possession of non-public information
about the Company, Holders, beneficial owners of interests in ADSs and/or their respective affiliates, (iii) the Depositary and
its divisions, branches and affiliates may at any time have multiple banking relationships with the Company, Holders, beneficial
owners of interests in ADSs and/or the affiliates of any of them, (iv) the Depositary and its divisions, branches and affiliates
may, from time to time, be engaged in transactions in which parties adverse to the Company or the Holders or beneficial owners
of interests in ADSs may have interests, (v) nothing contained in the Deposit Agreement or any ADR(s) shall (A) preclude the Depositary
or any of its divisions, branches or affiliates from engaging in such transactions or establishing or maintaining such relationships,
or (B) obligate the Depositary or any of its divisions, branches or affiliates to disclose such transactions or relationships or
to account for any profit made or payment received in such transactions or relationships, (vi) the Depositary shall not be deemed
to have knowledge of any information held by any branch, division or affiliate of the Depositary and (vii) notice to a Holder shall
be deemed, for all purposes of the Deposit Agreement and this ADR, to constitute notice to any and all beneficial owners of interests
in the ADSs evidenced by such Holder’s ADRs. For all purposes under the Deposit Agreement and this ADR, the Holder hereof
shall be deemed to have all requisite authority to act on behalf of any and all beneficial owners of interests in the ADSs evidenced
by this ADR.
(19)
Waiver
. EACH PARTY TO THE DEPOSIT
AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR HOLDER OF INTERESTS IN, ADSS OR ADRS)
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT,
ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES
OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR
THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).
(20)
Jurisdiction
. By holding an
ADS or an interest therein, Holders and beneficial owners of interests in ADSs each irrevocably agree that any legal suit, action
or proceeding against or involving Holders or beneficial owners of interests in ADSs brought by the Company or the Depositary,
arising out of or based upon the Deposit Agreement, the ADSs or the ADRs or the transactions contemplated thereby or hereby, may
be instituted in a state or federal court in New York, New York, and by holding an ADS or an interest therein each irrevocably
waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits
to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. By holding an ADS or an interest therein,
Holders and beneficial owners of interests in ADSs each also irrevocably agree that any legal suit, action or proceeding against
or involving the Company or the Depositary brought by Holders or beneficial owners of interests in ADSs, arising out of or based
upon the Deposit Agreement, the ADSs or the ADRs or the transactions contemplated thereby or hereby, may only be instituted in
a state or federal court in New York, New York, and by holding an ADS or an interest therein each irrevocably waives any objection
which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction
of such courts in any such suit, action or proceeding. Notwithstanding the above or anything in the Deposit Agreement to the contrary,
in the Deposit Agreement each of the parties thereto (i.e. the Company, the Depositary and all Holders from time to time of ADRs
issued thereunder (and any persons beneficially owning or holding interests in ADSs)) have agreed that: (i) the Depositary may,
in its sole discretion, elect to institute any dispute, suit, action, controversy, claim or proceeding directly or indirectly
based on, arising out of or relating to the Deposit Agreement, the ADSs or the ADRs or the transactions contemplated thereby or
hereby, including without limitation any question regarding its or their existence, validity, interpretation, performance or termination
(a "
Dispute
") against any other party or parties hereto (including, without limitation, Disputes, suits, actions
or proceedings brought against Holders and owners of interests in ADSs), by having the Dispute referred to and finally resolved
by an arbitration conducted under the terms set out below, and (ii) the Depositary may in its sole discretion require, by written
notice to the relevant party or parties, that any Dispute, suit, action, controversy, claim or proceeding brought by any party
or parties hereto (including, without limitation, Disputes, suits, actions or proceedings brought by Holders and owners of interests
in ADSs) against the Depositary shall be referred to and finally settled by an arbitration conducted under the terms set out in
the Deposit Agreement: provided however, notwithstanding the Depositary’s written notice under this (ii), to the extent
there are specific federal securities law violation aspects to any Disputes against the Company and/or the Depositary brought
by any Holder or beneficial owner of interests in ADSs, the federal securities law violation aspects of such Disputes brought
by a Holder and/or beneficial owner of interests in ADSs against the Company and/or the Depositary may, at the option of such
Holder and/or beneficial owner of interests in ADSs, remain in state or federal court in New York, New York and all other aspects,
claims, Disputes, legal suits, actions and/or proceedings brought by such Holder and/or beneficial owner of interests in ADSs
against the Company and/or the Depositary, including those brought along with, or in addition to, federal securities law violation
claims, would be referred to arbitration in accordance herewith. Any such arbitration shall at the Depositary’s election
be conducted either in New York, New York in accordance with the Commercial Arbitration Rules of the American Arbitration Association
or in Hong Kong following the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL) with the
Hong Kong International Arbitration Centre serving as the appointing authority, and the language of any such arbitration shall
be English, in each case as provided in the Deposit Agreement.
A-24
Airmedia Grp. ADS, Each Representing Two Ordinary Shares (MM) (NASDAQ:AMCN)
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Airmedia Grp. ADS, Each Representing Two Ordinary Shares (MM) (NASDAQ:AMCN)
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