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Cayman Islands
(State or other jurisdiction of
Incorporation or Organization) |
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Not Applicable
(I.R.S. Employer
Identification Number) |
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Jun Zou
Chief Financial Officer H World Group Limited No. 1299 Fenghua Road Jiading District Shanghai 201803 People’s Republic of China (86) 21 6195-2011 |
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Shuang Zhao
Cleary Gottlieb Steen & Hamilton LLP 37th Floor, Hysan Place 500 Hennessy Road, Causeway Bay Hong Kong (852) 2532-3783 |
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Page
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| | | | A-1 | | |
Cash transfer between our company, subsidiaries(1) and VIEs
(RMB in millions) Cash flows between subsidiaries and VIEs |
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2021
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2022
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2023
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Loans from subsidiaries to the VIEs under the contractual arrangement
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| | | | — | | | | | | 1 | | | | | | — | | |
Cash receipts by the VIEs from subsidiaries for services
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| | | | 34 | | | | | | 30 | | | | | | 21 | | |
Loans to subsidiaries by the VIEs
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| | | | (21) | | | | | | (2) | | | | | | — | | |
Repayment of loans by subsidiaries
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| | | | 7 | | | | | | 5 | | | | | | — | | |
Cash flows between holding company and subsidiaries
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2021
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2022
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2023
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Loans to subsidiaries
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| | | | (1,050) | | | | | | (750) | | | | | | (987) | | |
Repayment of loans by subsidiaries
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| | | | — | | | | | | 4,165 | | | | | | 2,061 | | |
Loans from subsidiaries
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| | | | — | | | | | | 798 | | | | | | 2,574 | | |
Repayment of loans from subsidiaries
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| | | | — | | | | | | — | | | | | | (540) | | |
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Taxation Scenario(1)
Statutory Tax and Standard Rates |
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Hypothetical pre-tax earnings in the PRC subsidiaries/VIEs
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| | | | 100% | | |
Tax on earnings at statutory rate of 25% at WFOE(2) level
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| | | | (25)% | | |
Amount to be distributed as dividend from WFOE(2) to Hong Kong or Singapore entities
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| | | | 75% | | |
Withholding tax at standard rate of 10%(3)
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| | | | (7.5)% | | |
Amount to be distributed as dividend at Hong Kong entities level/Singapore entities level
and net distribution to H World Group Limited(4) |
| | | | 67.5% | | |
Selling Securityholder
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Number of
Ordinary Shares Represented by ADSs to be Delivered upon Exchange |
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Number of
ADSs to be Delivered upon Exchange |
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Ownership of Shares
Before Exchange |
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Ownership of Shares
After Giving Effect to Exchange |
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Number
of Shares |
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% of
Outstanding Shares |
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Number
of Shares |
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% of
Outstanding Shares |
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Trip.com(1) | | | | | 128,107,500 | | | | | | 12,810,750 | | | | | | 220,494,460 | | | | | | 7.0% | | | | | | 92,386,960 | | | | | | 3.0% | | |
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Page
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ARTICLE 1
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Definitions
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| | | | 1 | | | |
| | | | 10 | | | |
ARTICLE 2
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Issue, Description, Execution, Registration and Exchange of Notes
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| | | | 10 | | | |
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ARTICLE 3
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Satisfaction and Discharge
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| | | | 18 | | | |
ARTICLE 4
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Particular Covenants of the Company
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| | | | 19 | | | |
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ARTICLE 5
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Lists of Holders and Reports by the Company and the Trustee
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| | | | 23 | | | |
| | | | 23 | | | |
ARTICLE 6
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Defaults and Remedies
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| | | | 23 | | | |
| | | | 24 | | |
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Page
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ARTICLE 7
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Concerning the Trustee
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| | | | 28 | | | |
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ARTICLE 8
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Concerning the Holders
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| | | | 35 | | | |
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ARTICLE 9
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Holders’ Meetings
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| | | | 36 | | | |
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Page
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ARTICLE 10
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Supplemental Indentures
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| | | | 38 | | | |
| | | | 38 | | | |
| | | | 39 | | | |
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ARTICLE 11
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Consolidation, Merger, Sale, Conveyance and Lease
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| | | | 40 | | | |
| | | | 40 | | | |
| | | | 40 | | | |
ARTICLE 12
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Immunity of Incorporators, Stockholders, Officers and Directors
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| | | | 41 | | | |
ARTICLE 13
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Intentionally Omitted
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ARTICLE 14
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Exchange of Notes
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| | | | 41 | | | |
| | | | 43 | | | |
| | | | 46 | | | |
| | | | 48 | | | |
| | | | 55 | | | |
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| | | | 60 | | | |
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ARTICLE 15
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Repurchase of Notes at Option of Holders
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| | | | 60 | | | |
| | | | 62 | | | |
| | | | 64 | | | |
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| | | | 65 | | |
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Page
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ARTICLE 16
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Optional Redemption, Cleanup Redemption and Tax Redemption
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| | | | 65 | | | |
| | | | 66 | | | |
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| | | | 68 | | | |
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ARTICLE 17
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Miscellaneous Provisions
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| | | | 68 | | | |
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| | | | | A-1 | | | |
| | | | | B-1 | | |
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ADS price
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Effective date
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US$33.63
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US$36.00
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US$40.36
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US$45.00
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US$52.47
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US$60.00
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US$70.00
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US$80.00
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US$100.00
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US$125.00
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US$150.00
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July 20, 2020
|
| | | | 4.9558 | | | | | | 4.0722 | | | | | | 2.8997 | | | | | | 2.0809 | | | | | | 1.2897 | | | | | | 0.8413 | | | | | | 0.5044 | | | | | | 0.3121 | | | | | | 0.1174 | | | | | | 0.0223 | | | | | | 0.0000 | | |
July 1, 2021
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| | | | 4.9558 | | | | | | 4.0722 | | | | | | 2.8669 | | | | | | 2.0031 | | | | | | 1.2037 | | | | | | 0.7702 | | | | | | 0.4550 | | | | | | 0.2791 | | | | | | 0.1033 | | | | | | 0.0189 | | | | | | 0.0000 | | |
July 1, 2022
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| | | | 4.9558 | | | | | | 4.0722 | | | | | | 2.7428 | | | | | | 1.8578 | | | | | | 1.0821 | | | | | | 0.6793 | | | | | | 0.3954 | | | | | | 0.2405 | | | | | | 0.0872 | | | | | | 0.0143 | | | | | | 0.0000 | | |
July 1, 2023
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| | | | 4.9558 | | | | | | 3.7519 | | | | | | 2.4876 | | | | | | 1.6611 | | | | | | 0.9369 | | | | | | 0.5730 | | | | | | 0.3273 | | | | | | 0.1974 | | | | | | 0.0702 | | | | | | 0.0099 | | | | | | 0.0000 | | |
July 1, 2024
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| | | | 4.9558 | | | | | | 3.7100 | | | | | | 2.2924 | | | | | | 1.4380 | | | | | | 0.7578 | | | | | | 0.4472 | | | | | | 0.2514 | | | | | | 0.1515 | | | | | | 0.0535 | | | | | | 0.0062 | | | | | | 0.0000 | | |
July 1, 2025
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| | | | 4.9558 | | | | | | 3.1006 | | | | | | 1.8625 | | | | | | 1.1129 | | | | | | 0.5403 | | | | | | 0.3038 | | | | | | 0.1690 | | | | | | 0.1033 | | | | | | 0.0367 | | | | | | 0.0031 | | | | | | 0.0000 | | |
July 1, 2026
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| | | | 4.9558 | | | | | | 2.9961 | | | | | | 1.4893 | | | | | | 0.7151 | | | | | | 0.2741 | | | | | | 0.1450 | | | | | | 0.0837 | | | | | | 0.0535 | | | | | | 0.0194 | | | | | | 0.0011 | | | | | | 0.0000 | | |
July 1, 2027
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| | | | 4.9558 | | | | | | 2.9961 | | | | | | 0.0000 | | | | | | 0.0000 | | | | | | 0.0000 | | | | | | 0.0000 | | | | | | 0.0000 | | | | | | 0.0000 | | | | | | 0.0000 | | | | | | 0.0000 | | | | | | 0.0000 | | |
| | | | TRIP.COM GROUP LIMITED | | ||||||
| | | | By: | | |
/s/ Cindy Xiaofan Wang
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| | | | | | | Name: | | | Cindy Xiaofan Wang | |
| | | | | | | Title: | | | Chief Financial Officer | |
| | | | THE BANK OF NEW YORK MELLON, as Trustee | | ||||||
| | | | By: | | |
/s/ Mir Sajid Hussain
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| | | | | | | Name: | | | Mir Sajid Hussain | |
| | | | | | | Title: | | | Vice President | |
| No. [ ] | | |
[Initially]1 US$[ ]
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| 1 | | | Include if a Global Note. | |
| 2 | | | Include if a Global Note. | |
| 3 | | | Include if a Physical Note. | |
| 4 | | | Include if a Global Note. | |
| 5 | | | Include if a Physical Note. | |
Date of exchange
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Amount of
decrease in principal amount of this Global Note |
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Amount of
increase in principal amount of this Global Note |
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Principal amount
of this Global Note following such decrease or increase |
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Signature of
authorized signatory of Trustee |
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Date of exchange
|
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Amount of
decrease in principal amount of this Global Note |
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Amount of
increase in principal amount of this Global Note |
| |
Principal amount
of this Global Note following such decrease or increase |
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Signature of
authorized signatory of Trustee |
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| | | | | | | | | | | | | |
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Dated:
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Signature(s)
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Signature Guarantee
Signature(s) must be guaranteed
by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15 if ADSs are to be issued, or Notes are to be delivered, other than to and in the name of the registered holder. |
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| Fill in for registration of ADSs if to be issued, and Notes if to be delivered, other than to and in the name of the registered holder: | | | | |
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(Name)
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| | | |
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(Street Address)
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|
(City, State and Zip Code)
Please print name and address |
| | | |
| | | | Principal amount to be exchanged (if less than all): US$ ,000 | |
| | | | NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever. | |
| | | |
Social Security or Other Taxpayer
Identification Number |
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Certificate Number(s):
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Dated:
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| | | |
Signature(s)
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| | | |
Social Security or Other Taxpayer
Identification Number
Principal amount to be repaid (if less than all): US$ ,000
NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.
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Certificate Number(s):
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Dated:
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| | | |
Signature(s)
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| | | |
Social Security or Other Taxpayer
Identification Number
Principal amount to be repaid (if less than all): US$ ,000
NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.
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Dated:
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Signature(s)
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Signature Guarantee
Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15 if Notes are to be delivered, other than to and in the name of the registered holder.
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| | | | [Name] | |
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By:
Name:
Title: |
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Name
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Title, Fax No., Email
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Signature
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Tel No.
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Signatures
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Title
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/s/ Qi Ji
Qi Ji
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Executive Chairman of the Board of Directors
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/s/ Hui Jin
Hui Jin
|
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Chief Executive Officer (Principal Executive Officer)
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/s/ John Jiong Wu
John Jiong Wu
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Independent Director
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/s/ Tong Tong Zhao
Tong Tong Zhao
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Independent Director
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/s/ Jie Zheng
Jie Zheng
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Executive Director
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/s/ Jian Shang
Jian Shang
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Independent Director
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/s/ Theng Fong Hee
Theng Fong Hee
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Independent Director
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/s/ Lei Cao
Lei Cao
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Independent Director
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/s/ Jun Zou
Jun Zou
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Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
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