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An ti-Dilutio n反稀释条款 The Conversion Price shall be adjusted on a full-ratchet basis for issuanee of any securities of the Company at a purchase price less than the then-effective conversion price. Additi on ally, the Con vers ion Price shall be proporti on ally adjusted for share splits, share divide nds, recapitalizati ons and the like.若公司以低于届时转股价格的价格发行任何证券，转股价格将调整为新发行的证券的价格。 发生股票分拆、发放股票股利、再资本化和类似情形时，转股价格亦将按比例作相应调整。Protective Provisi ons保护性条款The consent of 75% of the CN holders will be required for any of the followingactions of the Compa ny and its subsidiaries:公司及其子公司的下述事项须征得75%的可转换债券持有人同意：1) Ame ndme nt to the Memora ndum of Articles of Associati on公司章程的修改2) Make any material cha nge in the n ature of its bus in ess公司业务性质的任何重大改变3) Merger, con solidati on, reorga ni zatio n, liquidatio n, dissolutio n, or windin g-up合并、收购、重组、清算、解散或停业4) Acquire, grant an operati ng right in relatio n to or otherwise dispose of any shares or securitiesor material part of its bus in ess or assets (exclud ing curre nt assets)股权、重要业务或重大资产(不包括流动资产)的收购、处置，经营权的获取、授予5) Sell, mortgage, pledge, lease, tran sfer or otherwise dispose of a substa ntial portion of assets重大资产的出售、抵押、担保、租赁、转让或处置6) Issuanee of equity or debt securities, repurchase or redemption of any equity security: re-classificati on of issued securities; in creases, decreases or alters the exist ing issued share capital 股权或债权证券的发行，任何股权证券的赎回，已发行证券的重新分类，现有股本的增加、减少或改变7) Declarati on or payme nt of divide nds宣布发放或支付股利8) En ter into any joint ven ture, part nership or con sortium arran geme nt签订任何合营或联营协议9) Termination, or material amendment to the terms of stock option plan including number of optio ns, vest ing period, and exercise price of opti ons股票期权计划的终止，或其中条款的重大改变(包括期权总额、行权期、行权价格)10) Any loa ns to any director, officer or employee提供给任何董事、高管人员或雇员的贷款11) Any related party tran sact ion outside the ordinary course of bus in ess任何非正常业务之外的关联交易12) In curre nee of any exter nal borrowi ng by the Compa ny which exceeds US$ , or a series of external borrowing by the Company which in the aggregate over any 12 month period exceed US$ .公司超过美元的任何外部借贷，或12个月内累计超过美元的一系列外部借贷的发生13) Change the terms of employment of any employee whose base salary is in excess of US$50,000 per ann um任何底薪超过5万美元/年的雇员雇用条款的改变14）Hire or dismiss key man ageme nt staff聘用或解雇关键管理人员15）En ter into any con tract or arran geme nt which in volves a con sideratio n or payme nt exceedi ng US$ to be made with in any one year任何1年内须支付对价超过美元的合同或安排的达成16）Change of the Auditors or any material cha nge in acco unting practices or policies审计师事务所的变更或任何会计制度或政策的重大改变17）Select the list ing excha nge or the un derwriters for an IPO or approve the valuati on and terms and con ditio ns for the IPO, whether or not the IPO is a Qualified IPOIPO上市交易所或承销商的选择，或IPO （不管是否合格IPO）估值以及条款的批准18）Annual budget in clud ing capital expe nditure.年度预算（包括资本支出）。Un dertak ings by Foun ders仓収台人股东保证The Founders un dertakes with the In vestors that, at all times after the Clos ingDate, they will not sell or tran sfer any of their shares prior to the completi on of a Qualified IPO, uni ess the prior writte n consen t is obta ined from the In vestors.创始人股东向投资人保证，投资交易完成日之后到合格IPO完成之前，不出售或转让任何持有的公司股份，除非事先得到投资人的书面许可。Pre-emptive Rights优先购买权The In vestors shall have a pro-rata right, based on their perce ntage equity own ershipon a as-if con verted basis, to participate in any subseque nt equity financing of the Compa ny on the same price and terms and con diti ons as the Compa ny proposes to offer such new securities. The In vestors will have a right to subscribe any portion of the new issue that is not subscribed by the exist ing shareholders.投资人将有权优先按比例（根据假定转换为普通股后在总股本中所占的比例），以相同价格和条件参与公司后续的权益融资。投资人将有权优先认购现有股东在新证券发行中未认购的 股份。Right of First Refusal, and Co-Sale Rights优先受让权和共同出售权The Investors shall have first refusal rights and co-sale rightswhereby any holder of Ordinary Shares who proposed to sell all or a portion of his shares to a third party must first permit the in vestors at their opti on （i） to purchase such shares on the same terms as the proposed tran sferee, or （ii） sell a proporti on ate part of their shares on the same terms offered by the proposed tran sferee. Such rights of first refusal and co-sale rights would term in ate upon the clos ing of a Qualified IPO.投资人享有优先受让权和共同销售权，任何欲向第三方出售全部或部分股份的普通股股东须首先允许投资人（i）以与拟受让人同等条款购买该股份，或（ii）以同等条款按比例向拟受让人出售股份。合格IPO完成后，该优先受让权和共同出售权即终止。In formatio n Rights信息获取权The Compa ny shall provide to all In vestors:公司须向所有投资人提供：1) audited con solidated profit and loss acco un ts, bala nee sheets and stateme nts of cash flow of the Compa ny with in three (3) mon ths after the end of each finan cial year;每个会计年度结束后3个月内提供公司经审计的合并损益表、资产负债表和现金流量表；2) mon thly man ageme nt acco unts of the Compa ny and in dividual compa ny sta ndard acco unts for each en tity with in the Compa ny, to be provided with in 15 bus in ess days after each month end; 每月度结束后15个工作日内提供公司月度管理报表及公司内每一主体单独的标准报表；3) quarterly con solidated man ageme nt acco unts with in 30 days after each quarter end;每季度结束后30日内提供合并的季度管理报表；4) annual budgets and forecasts no t less tha n 30 days prior to the comme nceme nt of each finan cial year;不迟于每个会计年度开始30日前提年度预算和财务预测；5) all other in formatio n which In vestors may reas on ably require within 7 days of the Compa ny receipt of a no tice request ing such in formati on, or a clear dem on strati on of best efforts if more tha n 7 days are required;在收到信息索要通知后7日内提供投资人合理要求的任何其他信息，如果需要7天以上，则需提供公司已尽最大努力的清楚证明；6) full details of any progress in relati on to any IPO of all or part of the bus in ess as soon as practicable;及时提供公司全部或部分业务IPO相关的任何进展的细节；7) access to books and records, the facilities, properties, man ageme nt, employees, and acco un ti ng and legal advisors of the Compa ny at any reas on able time after reas on able prior no tice by In vestors;在投资人提前通知后的合理时间内，准许其接触帐簿和记录、设施、房产、管理层、员工，以及会计和法律顾问；8) prompt no tificati on of any withdrawal of bank facilities of the Compa ny, and the Compa ny best efforts to restore adequate banking facilities;在银行撤销公司任何授信额度时，迅即通知投资人，以及公司为恢复足够的银行授信所做的最大努力；9) prompt no tificati on of any material litigati on or any circumsta nces that would likely give rise to material litigati on; and迅即通知任何重大诉讼或可能导致重大诉讼的情形；以及10) prior no tificati on of any cha nge in the equity perce ntages of any subsidiary or affiliate, or any joint venture to which the Company is a party .提前通知投资人任何下属子公司、附属企业或公司作为其中一方的合资企业股权结构的任何变化。All finan cial stateme nts shall be prepared to In vestors in En glish and prepared in accorda nee with IAS.所有财务报表均应以英语提供给投资人，并依照国际会计准则编制。These in formatio n rights shall term in ate upon the IPO of the Compa ny.公司IPO后，投资人的上述信息获取权即终止。Registrati on Rights注册权 1) Dema nd, S-3, F-3 or Equivale nt, and Piggyback Rights: The specific terms of registration rights would include at least the following: (i) starting three years after the Closing Date, the holders of 50% of the outsta nding CN may request a Form F-1 registrati on stateme nt to be filed; (ii) start ing one year after the IPO, two (2) dema nd registrati ons upon request of holders of 50% of the outsta nding CN on Form S-3 or F-3 or equivale nt if listed on a non-US stock excha nge; (iii) un limited piggyback registrati ons in connection with registrati ons of shares for the acco unt of the Compa ny or selli ng shareholders exercis ing dema nd rights; and (iv) cut-back provisions providing that registrations must include at least 25% of the shares requested to be in cluded by the holders of registrable securities and employees, directors, etc. must be cut back before the holders of registrable securities would be cut back.要求注册、按S-3、F-3 (或相当的表格)注册和附带注册权：注册权的特定条款至少包括如 下内容：(i)本次融资完成3年后，持有50%已发行可转换债券的股东有权要求公司向美国 SEC提交F-1注册申请；(ii) IPO后1年内，持有50%已发行可转换债券的股东有权向公司提 出两次按S-3、F-3 (或相当的表格，若在美国之外的股票交易所挂牌)请求注册；(iii)次数不限的当公司或其他出售股票的股东注册时的附带注册权或与其相当的权利；以及(iv)注册削减条款：任何注册削减条款应规定，所有注册(除与IPO相关的注册)应至少满足原持有人要求注册数的25%，且股东要求的注册数被削减的前提是公司的董事、高管、员工、顾问和普通股股东要求的注册数首先被削减。2) Expenses: The Company would bear the registration expenses (excluding underwriting disco unts and commissi ons but in cludi ng all other expe nses related to the registrati on) of all such dema nd, piggyback and S-3, F-3 or equivale nt registrati on.费用：公司应承担上述注册的注册费用(不包括承销折让与佣金，但包括所有其他与注册相关的费用)。3) Tran sfer of Rights: The registrati on rights may be tran sferred.权利的转让：注册权可以转让。4) Termination: The registration rights would terminate on the earlier date of: (1) five (5) years after the clos ing of this financing, or (2) whe n any holder can sell all of such holderany three-m onth period without registrati on pursua nt to Rule 144 un der the 1934 Act.权利的终止：注册权在下述较早实现之日终止：(1)本次融资完成5年后，或(2)任何股东可以依据美国1934年证券交易法第 144条在任何3个月期内出售所有股份而不必登记 之时。Exclusivity排他性 The Investors will have the exclusive right to negotiate and complete the Investment for a period of eight weeks from the sig ning of this Term Sheet. During this Exclusive Period, n either the Company, nor the Founders, shall provide information, solicit or entertain proposals, or con duct any discussi on or n egotiati on with any third party regard ing the issua nee of shares or other securities or instruments by the Company, or any other subsidiary or affiliate of the Compa ny.自本投资条款签署之日起八周内， 投资人享有商洽并完成投资的排他性权利。在排他期限内，公司或公司创始人股东均不得就公司、子公司或其他附属公司发行股份、其他证券或金融工具事宜向任何第三方提供信息、发出要约邀请或意向，或与第三方进行任何探讨或谈判。Costs费用 The Compa ny shall bear all costs and expe nses reason ably in curred by the In vestors in relati on to the In vestors in vestme nt con templated un der this Term Sheet in cludi ng but n ot limitedto the preparati on, n egotiati on and executi on of Tran sacti on Docume nts and the legal, finan cial, commercial and technical due diligenee undertaken by the Investors, up to a maximum limit of US$200,000.投资人依照本投资条款而合理支出的全部成本和费用（包括但不限于交易文件的准备、谈判、实施以及法律/财务/商业/技术尽职调查费用）由公司承担，其上限为20万美元。In the eve nt Completio n does not take place, the Compa ny and the In vestors shall bear their own costs and expenses, provided that if the Company unlaterally decides not to proceed with Completio n, the Compa ny shall bear all costs and expe nses reas on ably in curred by or on behalf of the Investors in relation to the Investors intended investment under this Term Sheet including butnot limited to the preparati on and n egotiati on of the Tran sacti on Docume nts and the due dilige nee un dertake n by the In vestors, up to a maximum limit of US$200,000.在投资最终未能完成的情形下，公司和投资人将自行承担各自的成本和费用。若公司单方面决定终止投资完成，公司将承担投资人（或通过其代表）依照本投资条款而合理支出的全部 成本和费用（包括但不限于交易文件的准备、谈判以及尽职调查费用），其上限为20万美元。Con fide ntiality保密性 The terms and conditions stipulated in this Term Sheet, including its existenee, and the in formatio n about the Compa ny shall be con fide ntial in formati on and shall not be disclosed to any third party uni ess required by applicable law or regulati ons of any stock excha nge. This restrictio n does not apply to employees, legal coun sels, acco untan ts, and other professi onal advisors of the Compa ny, the Foun ders, or the In vestors, on a n eed-to-k now basis.本投资条款规定的条款和条件，包括本投资条款的存在，以及关于公司的信息均为保密信息，除非适用法律或股票交易所规则要求，不得向任何第三方披露。上述限制不适用于公司、创始人股东或投资人的员工、会计师、律师及其他专业顾问（因其需要获知相关信息）。Lan guage of Performa nee履行语言 All no tices, com muni catio ns, and proceedi ngs relati ng to this In vestme nt and the exercise or performa nee of the parties respective rights and duties will be in En glish.所有与本次投资相关的通知、来往函件和记录，以及各方权利和责任的行使、履行，均应以英语进行。Termin ati on终止 The CN and CN Holders rights hereunder terminate upon the closhg of any Qualified IPO, except for any public offering or registration rights, which continue for the respective agreed periods. In the event of a Qualified IPO, the terms of the CNs and CNs will have to be disclosed in the offeri ng docume nt / prospectus and therefore the con fide ntiality clause can no Ion ger be able to complied with.本投资条款中可转换债券及可转换债券持有人的权利在合格IPO完成后即终止，但公开发行及注册权除外（该权利持续至相应的约定期限）。合格IPO发生时，可转换债券及可转换债券的相关条款须在发行文件 /招股说明书中披露，因而保密条款不再适用。Gover ning Law管辖法律 Ho ng Kong Law香港法律Jurisdict ion司法管辖权 Ho ng Kong SAR香港特别行政区Qualification: This Term Sheet is not an offer or a commitment, but is for information and discussion purposes only. Each of the Investors and the Company reserves the right to amend terms. Final prici ng and terms are subject to detailed due dilige nee and further discussi on.说明：本投资条款并非要约或承诺，仅供信息参考和讨论之用。投资人及公司均保留修订条 款的权利。最终的定价和条款取决于详细的尽职调查和进一步的讨论。
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