展覽 2.10
各類證券的權利描述
根據1934年證券交易法（「交易法」）第12條註冊的美國存托股（「ADSs」），每個ADS代表新東方教育科技集團有限公司的十個普通股（以下簡稱「我們」，「我們的」，「我們的公司」或「我們」），在紐約證券交易所上市和交易，並且，在此上市（但不包括交易），普通股根據交易法第12（b） 條進行註冊。本展覽包含對（i）普通股持有人和（ii）ADS持有人的權利描述。 ADS潛在的普通股由德意志銀行信託公司美洲作爲託管人持有， ADS持有人將不被視爲持有普通股的持有人。
以下是我們目前有效的第三次修訂的備忘錄（「備忘錄」）和公司章程（「公司章程」）以及開曼群島關於我 們普通股重要條款的《公司法》第22章（1961年第3號法案，經過整理和修訂）（「公司法」）的主要規定摘要。雖然如此，由於這是摘要，它可能沒有包含您認爲重要的所有信息。有關更完整的信息，您應閱讀完整的備忘錄和公司章程，該備忘錄已作爲我們的表格的一部分提交給SEC展覽的 001-32993號）。
普通股股份說明
無。 6-K （卷宗333-261845） 001-32993號）。
證券的種類和類別（表格 第9.A.5項） 20-F)
每股普通股面值爲0.001美元。截至公司各自財年最後一天發行的普通股數量 在年度報表表格的封面上提供 20-F （即「表格」） 20-F”). 代表我們普通股的股份證書以記名形式發行。
優先認購權（表格 第9.A.3項） 20-F)
我們的股東沒有優先認購權。
限制或資格（表格 第9.A.6項） 20-F)
不適用。
其他類型證券的權利（表格9.A.7項目 20-F)
不適用。
普通股份的權利（表格10.b.3項目 20-F)
常規
我們所有未流通的普通股均已繳足 無需追加認繳款。 以登記形式發行表示普通股的證書。我們的股東是 業務 開曼群島股東可以自由持有並投票表決他們的股份。
股息
我們普通股股東有權獲得董事會宣佈的分紅派息，但須遵守《公司法》和我們的備忘錄和章程。
您可以指示託管人投票所存股份的數量。託管人將通知您股東大會的召開，並應我們的請求安排向您交付選票材料。這些材料將描述要表決的事項並說明ADS持有人如何指示託管人如何投票。爲使指示有效，必須在託管人規定的日期之前到達託管人處。在這種情況下，如果您未能及時獲悉會議，您將不能行使投票權。託管人將盡可能地努力按照ADS持有人的指示投票或委託其代理投票所代表的股份或其他存入的證券，前提是符合澳大利亞法律和我們的憲章或類似文件的規定。託管人只會按照指示進行投票或嘗試進行投票。
每一普通股在所有普通股有表決權的事項上有一票。股東會上的表決是通過舉手表決進行，除非要求進行無記名投票。無記名投票可以由我們的主席或任何持有至少10%有權在會議上投票的股東提出，無論親自到場還是通過委託代表。
股東大會所需的法定人數包括至少兩名親自出席的股東或 通過代理人，或者，如果是公司或其他機構 非自然 個人，由其正式授權的代表提出，總共持有至少 十分之一 的有表決權的股本， 只要股票繼續在香港證券交易所上市，或者至少是這樣 三分之一 我們的有表決權的股本。股東大會每年舉行一次，可能由我們召集 董事會自行決定或應總持有不少於我們有表決權股本的10％的股東向董事提出的要求，直至股份仍在香港證券交易所上市，或 (ii) 否則不少於我們有表決權股本的33％。召開年度股東大會所需的最短通知期爲21天，任何其他股東大會都應至少提前14天通知召開，只要我們 股票仍在香港證券交易所上市，或至少提前七個工作日發出通知。
將由該委員會通過的一項普通決議 股東需要在股東大會上獲得普通股所附選票的簡單多數的贊成票，而特別決議則要求不少於普通股的贊成票 三分之一 與普通股相關的選票的百分比。更改名稱等重要事項需要通過特別決議。普通股持有人可能會影響普通股的某些變化 解決方案，包括增加我們的法定股本金額，將我們的全部或任何股本合併爲金額大於現有股本的股份，以及取消任何股份。
股份轉讓
受我們的限制 備忘錄和公司章程（如適用），我們的任何股東均可通過紐約證券交易所規定的通常或普通形式的轉讓文書或以任何其他形式轉讓其全部或任何普通股 表格已獲董事會批准。
我們的董事會可自行決定拒絕登記任何未完全轉讓的普通股 已付清或者我們有留置權。我們的董事也可以拒絕登記任何普通股的轉讓，除非 (1) 轉讓文書已提交給我們，並附有與之相關的普通股證書 以及我們董事會可能合理要求的其他證據，以證明轉讓人進行轉讓的權利；（2）轉讓文書僅涉及一類普通股；（3）轉讓文書 轉讓須經適當簽署；（4）如果轉讓給共同持有人，則向其轉讓普通股的共同持有人人數不超過四人；（5）出讓的股份不附帶任何有利於以下人的留置權 我們；或 (6) 就此向我們支付了紐約證券交易所可能確定的最大應付金額的費用，或我們董事會可能不時要求的較小金額。
如果我們的董事拒絕登記轉讓，他們應在轉讓文書提交之日起兩個月內向每位董事發送 轉讓人和受讓人關於此類拒絕的通知。在通過在這類或多份報紙上刊登廣告或通過電子手段發出通知提前14天發出通知後，可暫停轉讓登記，並於該日關閉登記冊 時間和期限由董事會不時決定，但任何一年中暫停轉讓登記或關閉登記冊的時間不得超過30天。
清算
關於清盤時的資本回報或 否則（轉換、贖回或購買股份除外），可供普通股持有人分配的資產應按比例分配給普通股持有人。如果我們的資產可用於 分配不足以償還所有款項 已付款 資本，資產將進行分配，使損失由我們的股東按比例承擔。
股票認購和沒收股份
我們的董事會 董事可在規定的付款時間和地點前至少14天向股東發出通知，不時要求股東繳納未繳的股份款項。已被贖回的股票以及 在規定時間內未付清的款項將被沒收。
2
股份的贖回
根據《公司法》的規定，我們可以發行股票，其條款受贖回條款限制，根據我們的選擇或持有人的選擇，以特別決議確定的條款和方式。
書籍和記錄的檢查
根據開曼群島法，普通股股東沒有一般權利查看或獲取我們的股東名冊或公司記錄的副本。但是，我們將向股東提供年度審計的基本報表。
更改普通股持有人權利的要求 （表格第10.b.4項） 20-F)
股份權利的變化
所有或任何類別股份附有的特殊權利可以根據《公司法》的規定，經該類股份持有人的書面同意進行變更。 三分之二 該類股份已發行股份的開多持有人通過特別決議或通過該類股份持有人的股東大會批准。
普通股所有權限制（表單第10.b.6項 20-F)
開曼群島法律或章程下沒有限制股東或外國業主持有或投票普通股的權利。 非居民 或外國所有者持有或投票普通股的權利沒有任何限制。
影響任何控制權變更的規定（表格第10.b.7項 20-F)
章程中的反收購規定
我公司章程的某些規定可能會阻礙、延遲或阻止股東認爲有利的公司或管理層控制權的變更，包括授權董事會發行一系列或多系列優先股，並指定這些優先股的價格、權利、優先權、特許和限制，而無需進一步由股東投票或採取行動。
然而，在開曼群島法律下，我們的董事只能行使根據我們的《備忘錄和章程》賦予他們的權利和職權，這些權利和職權不斷修訂，他們必須真心相信這是爲了公司最大利益。
持有閾值（表格第10.b.8項 20-F)
在開曼群島法律或《備忘錄和章程》中，沒有規定股東持有的所有權門檻，超過此門檻的股東持有必須公開披露。
在開曼群島法律下成立的免稅公司必須在註冊辦公室設立一份有關最終擁有或控制公司股權或表決權25%以上的人的受益所有權登記簿，或者直接或間接行使對公司管理的最終實際控制，或以其他方式被確認爲通過其他手段控制公司的人。 受益所有權登記簿不是公開文件，只能由開曼群島的指定主管當局查閱。然而，這一要求不適用於在批准交易所上市的免稅公司，包括紐交所。因此，只要公司的股票在紐交所上市，公司就不需要維護受益所有權登記簿，只要我們的公司服務提供商向開曼群島的主管當局提交關於上市的某些必要資料。
不同司法管轄區法律的差異（表格第10.b.9項 20-F)
公司法在很大程度上源自英格蘭舊公司法，但並不符合英格蘭最近的法定法令。此外，公司法與適用於美國公司及其股東的法律不同。下面總結了適用於我們的公司法條款與適用於美國公司的法律之間的顯著差異。
3
合併和類似安排。 《公司法》允許開曼群島之間的合併和合並 島嶼公司和開曼群島公司之間的公司和 非開曼群島 島嶼公司。出於這些目的，(a) 「合併」 是指合併兩家或多家組成公司並歸屬 他們在其中一家公司（例如倖存的公司）中的企業、財產和負債；（b）「合併」 是指將兩家或多家組成公司合併爲一家合併後的公司，然後將其歸屬 這些公司對合並公司的承諾、財產和負債。爲了實現這樣的合併或合併，每個組成公司的董事必須批准一份書面合併或合併計劃，然後該計劃必須得到批准 獲得 (a) 每個組成公司股東的特別決議的授權，以及 (b) 該組成公司章程中可能規定的其他授權（如果有）的授權。
合併或合併的書面計劃必須連同合併後的償付能力聲明一起提交給公司註冊處 或尚存的公司，每家組成公司的資產和負債清單，並承諾將向每家組成公司的成員和債權人提供合併或合併證書的副本，以及 合併或合併的通知將在《開曼群島公報》上公佈。持異議的股東有權獲得其股票的公允價值（如果雙方未達成協議，則將由開曼群島決定） 島嶼法院），前提是他們遵循了規定的程序，但有某些例外情況。根據這些法定程序進行的合併或合併不需要法院的批准。
此外，還有一些法律條款可以促進公司的重建和合並，前提是該安排必須得到政府的批准 與之達成安排的每類股東和債權人的人數佔多數，此外，他們還必須代表在場的每類股東或債權人的價值的75％ 在爲此目的召開的一次或多次會議上親自或通過代理人進行投票。會議的召開以及隨後的安排必須得到開曼群島大法院的批准。雖然持異議的股東有 有權向法院表達不應批准交易的觀點，如果開曼群島大法院裁定 (a) 關於所需內容的法律條款，則可以預期開曼群島大法院批准該安排 已獲得多數票；(b) 股東在有關會議上得到了公平的代表，法定多數是善意行事，沒有少數人的脅迫，以促進不利於該階層的利益； (c) 該安排可以得到該階層中爲其利益行事的聰明而誠實的人的合理批准；以及 (d) 該安排不是一種更適合根據其他安排予以制裁的安排 《公司法》的規定。
如果安排和重建因此獲得批准，則持異議的股東將沒有與之相當的權利 評估權，否則通常會提供給特拉華州公司的持異議的股東，它規定了按司法確定的股票價值獲得現金付款的權利。
當收購要約在四個月內提出並被 90% 的受影響股份的持有人接受時，要約人可以在 兩個月 從該四個月期限到期之日起的期限內，要求剩餘股份的持有人根據要約條款轉讓此類股份。可以向大法院提出異議 開曼群島，但如果要約獲得批准，除非有欺詐、惡意或串通的證據，否則這種做法不太可能成功。
股東訴訟。 原則上，我們通常是適當的原告，一般而言，不得由任何人提起衍生訴訟 少數股東。但是，根據英國當局（英國當局很可能在開曼群島具有說服力），上述原則也有例外情況，包括 (a) 公司採取行動或提議採取行動時 非法或越權；(b) 被投訴的行爲雖然不是越權，但只有獲得未獲得的簡單多數票的授權，才能正式生效；以及 (c) 控制公司的人正在犯罪 「對少數群體的欺詐」。
4
董事及行政人員的賠償及責任限制. 開曼 離島法律不限制公司的組織章程可能規定對官員和董事的賠償的程度，除非開曼群島法院可能認為該等條文違反 公共政策，例如針對民事欺詐或犯罪的後果提供賠償。本公司章程備忘錄及公司章程允許人員及董事就損失、損害、費用及開支賠償 除非該等損失或損害是由於可能涉及該等董事或人員的不誠實或欺詐而引起的。此行為標準通常與特拉華州一般公司法所允許的相同 用於特拉華州公司。此外，我們已與董事和高級行政人員簽訂賠償協議，為該等人士提供額外的賠償，超過本公司備忘錄及條款所規定的額外賠償。 協會。
在根據《證券法》所產生的責任，可能允許我們的董事、高級人員或人士賠償 根據上述條文控制我們，我們得到通知，根據證券交易委員會認為，該等賠償違反《證券法》中所述的公共政策，因此無法執行。
董事的信託職責。 根據開曼群島法律，一家開曼群島公司的董事處於信託人的位置 尊重公司，因此被認為他對公司承擔以下責任：為了公司最好的利益行為真誠的義務，一項責任 不 根據他或她的董事職位獲利 （除非該公司允許他這樣做），並有責任不將自己置於公司的利益與其個人利益或其對第三者的義務衝突的情況。開曼群島公司的董事欠下 公司有責任採取技巧和謹慎行動。此前曾被認為，董事在履行其職務時，不需要展示超過其知識的人士可能合理預期的技能程度，以及 經驗。然而，英國和聯邦法院在所需的技能和照顧方面已朝向客觀標準進行了一個客觀的標準，開曼群島很可能會遵循這些當局。
此外，開曼群島公司的董事不得將自己置於其對公司的責任與責任之間存在衝突的職位。 他們的個人利益。但是，公司的組織章程細則可能會更改此義務，該條例可允許董事就其有個人利益的事項投票，但他已披露其性質 對董事會的利益。本公司章程細則規定，有權（直接或間接）與公司簽訂合同或安排或建議合同或安排的董事必須聲明其性質 對於首次考慮簽訂合同或安排的問題的董事會會議的利益（如果他知道自己的利益於那時存在，或在任何其他情況下，在其他情況下在後的董事會第一次會議上 他有或已經變得如此感興趣。
董事會會會會在董事會會議上發出一般通知，聲明 (i) 董事為 指定公司或事務所的成員/主任，並被視為對任何合同或安排在發出之日後可以與該公司或公司作出書面通知書面通知的有興趣；或 (ii) 他須被視為有興趣 在向董事會發出書面通知之日後，可與其有關係的指定人士簽訂的合同或安排，將被視為足夠的利益聲明。披露後 根據我們的組織備忘錄和章程細則，以及根據適用法律或紐約證券交易所上市規則的審核委員會另行要求，除非有關董事會會議主席取消資格，否則 董事可就任何有關董事感興趣的合同或安排進行投票，並可被列入該會議的法定人數。然而，即使董事披露自己的利益，因此被允許投票，他仍然必須 遵守他的責任，為了我們公司最好的利益行為真誠。
相比之下，根據特拉華州公司法，特拉華州的董事 公司對該公司及其股東有信託責任。這項責任有兩個部分：關懷責任和忠誠的責任。照顧的責任要求董事必須以良心行為，並遵守普通謹慎的照顧 人會在類似的情況下運動。根據此職責，董事必須通知自己有關重大交易的所有合理可用的重要資料，並向股東披露。忠誠的責任要求 董事以合理認為符合本公司最佳利益的方式行事。他或她不得將其公司職位用於個人利益或利益。此職責禁止董事自行交易及授權 該公司及其股東的最佳利益優先於董事、主任或控股股東擁有的任何權益，而股東一般不共享。一般而言，董事的行為是假設 必須以明智的基礎，並以誠實的信念，認為採取的行動是為本公司最大利益而作出的。然而，這種假設可以通過違反其中一項信託責任的證據來反駁。 如董事就某項交易提交有關證據，董事必須證明該交易的程序公平，以及該交易對該公司具有公平價值。
5
Shareholder Proposals. Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided that it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.
There are no statutory requirements under Cayman Islands law allowing our shareholders to requisition a shareholders’ meeting. However, under our Articles of Association, on the requisition of shareholders representing not less than 33% of the voting rights entitled to vote at general meetings, the board shall convene an extraordinary general meeting. As an exempted Cayman Islands company, we are not obliged by law to call shareholders’ annual general meetings, and our Articles of Association do not require us to call such meetings every year.
Cumulative Voting. Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation’s certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder’s voting power with respect to electing such director. As permitted under Cayman Islands law, our Articles of Association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.
Removal of Directors. Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Articles of Association, directors may be removed by an ordinary resolution of shareholders.
Transactions with Interested Shareholders. The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an “interested shareholder” for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target’s outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target’s board of directors.
Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and for a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders.
Dissolution; Winding Up. Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation’s outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.
Under the Companies Act, our company may be dissolved, liquidated or wound up by a special resolution of our shareholders.
6
Variation of Rights of Shares. Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under Cayman Islands law and our Articles of Association, if our share capital is divided into more than one class of shares, we may vary the rights attached to any class only with the consent in writing of the holders of two-thirds of the issued shares of that class, or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of that class.
Amendment of Governing Documents. Under the Delaware General Corporation Law, a corporation’s governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, our Memorandum and Articles of Association may only be amended by a special resolution of our shareholders.
Rights of Non-Resident or Foreign Shareholders. There are no limitations imposed by our Memorandum and Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.
Directors’ Power to Issue Shares. Subject to applicable law, our board of directors is empowered to issue or allot shares or grant options and warrants with or without preferred, deferred, qualified or other special rights or restrictions.
Changes in Capital (Item 10.B.10 of Form 20-F)
Our shareholders may from time to time by ordinary resolution in accordance with the Companies Act alter the conditions of our Memorandum of Association to:
| • | increase our share capital by such sum, to be divided into shares of such amount, as the resolution shall prescribe; |
| • | consolidate and divide all or any of our share capital into shares of a larger amount than our existing shares; |
| • | sub-divide our existing shares, or any of them into shares of a smaller amount provided that in the subdivision the proportion between the amount paid and the amount, if any unpaid on each reduced share shall be the same as it was in case of the share from which the reduced share is derived; or |
| • | cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled. |
Our shareholders may from time to time by special resolution, subject to any confirmation or consent required by the Companies Act, reduce our share capital or any capital redemption reserve in any manner permitted by the Companies Act.
Debt Securities (Item 12.A of Form 20-F)
Not applicable.
Warrants and Rights (Item 12.B of Form 20-F)
Not applicable.
Other Securities (Item 12.C of Form 20-F)
Not applicable.
7
Description of American Depositary Shares (Items 12.D.1 and 12.D.2 of Form 20-F)
American Depositary Receipts
Deutsche Bank Trust Company Americas is the depositary bank for the ADSs representing our common shares. Each ADS represents an ownership interest in ten common shares which we deposit with the custodian under the deposit agreement among our company, the depositary and yourself as an ADS holder. Each ADS also represents any securities, cash or other property deposited with the depositary but which it has not distributed directly to you. Your ADSs will be evidenced by what are known as American depositary receipts, or ADRs, in the same way a share is evidenced by a share certificate.
The following is a summary of the material provisions of the deposit agreement dated as of September 12, 2006, as amended as of June 5, 2007, August 5, 2011, April 25, 2012 and April 8, 2022. For more complete information, you should read the entire deposit agreement and the form of ADR and supplements and amendments thereto. Copies of the deposit agreement, as amended, are on file with the SEC under covers of Registration Statements on Form F-6 (File No. 333-136862), Form F-6 (File No. 333-176069) and Form F-6 (File No. 333-253812). You may also obtain a copy of the deposit agreement at the SEC’s public Reference Room located at 100 F Street, N.E., Washington, D.C. 20549, United States of America. You may obtain information on the operation of the Public Reference Room by calling the SEC at +1-800-732-0330. Copies of the deposit agreement and the form of ADR are also available for inspection at the corporate trust office of Deutsche Bank Trust Company Americas, currently located at 60 Wall Street, New York, New York 10005, United States of America, and at the principal office of Deutsche Bank AG, Hong Kong Branch, as the custodian, currently located at 57/F International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong S.A.R., People’s Republic of China. Deutsche Bank Trust Company Americas’ principal executive office is located at 60 Wall Street, New York, New York 10005, United States of America. The depositary will keep books at its corporate trust office for the registration of ADRs and transfers of ADRs which, at all reasonable times, shall be open for inspection by ADS holders, provided that inspection shall not be for the purpose of communicating with ADS holders in the interest of a business or object other than our business or a matter related to the deposit agreement or the ADSs.
Holding the ADSs
How will you hold your ADSs?
ADSs shall be held electronically in book-entry form through The Depository Trust Company in your name or indirectly through your broker or other financial institution. If you hold the ADSs indirectly, you must rely on the procedures of your broker or other financial institution to assert the rights of ADR holders described in this section. You should consult with your broker or financial institution to find out what those procedures are. This description assumes that you hold your ADSs directly solely for the purposes of summarizing the deposit agreement.
We will not treat an ADR holder as one of our shareholders and you will not have shareholder rights. Cayman Islands law governs shareholder rights. The depositary will be the holder of the shares underlying your ADSs. As a holder of ADRs, you will have ADR holder rights. A deposit agreement among us, the depositary and you, as an ADR holder, and the beneficial owners of ADRs sets out ADR holder rights, representations and warranties as well as the rights and obligations of the depositary.
If you become a holder of ADSs, you will become a party to the deposit agreement and therefore will be bound by its terms and by the terms of the ADR that represents your ADSs. The deposit agreement and the ADR specify our rights and obligations as well as your rights and obligations as a holder of ADSs and those of the depositary bank. As an ADS holder you appoint the depositary bank to act on your behalf in certain circumstances. The deposit agreement and the ADRs are governed by New York law. However, our obligations to the holders of common shares will continue to be governed by Cayman Islands law, which may be different from the laws in the US.
8
Dividends and Other Distributions
How will you receive dividends and other distributions on the shares?
The depositary has agreed to pay to you the cash dividends or other distributions it or the custodian receives on shares or other deposited securities, after deducting its fees, charges and expenses and any taxes withheld, duties or other governmental charges. You will receive these distributions in proportion to the number of shares your ADSs represent as of the record date (which will be as close as practicable to the record date for our common shares) set by the depositary with respect to the ADSs.
| • | Cash. The depositary will convert any cash dividend or other cash distribution we pay on the shares or any proceeds from the sale of any shares, rights, securities or other entitlements into U.S. dollars, if it can do so in its judgment on a practicable basis and can transfer the U.S. dollars to the United States. If that is not practicable or if any government approval is needed and cannot be obtained, the deposit agreement allows the depositary to distribute the foreign currency only to those ADR holders to whom it is practicable to do so. The depositary will hold the foreign currency it cannot convert for the account of the ADR holders who have not been paid. The depositary will not invest the foreign currency and it will not be liable for any interest. |
| • | Before making a distribution, the depositary will deduct any withholding taxes that must be paid. See “Taxation.” It will distribute only whole U.S. dollars and cents and will round fractional cents to the nearest whole cent. If the exchange rates fluctuate during a time when the depositary cannot convert the foreign currency, you may lose some or all of the value of the distribution. |
| • | Shares. The depositary may distribute additional ADSs representing any shares we distribute as a dividend or free distribution to the extent permissible by law. The depositary will only distribute whole ADSs. It will try to sell shares which would require it to deliver a fractional ADS and distribute the net proceeds in the same way as it does with cash. If the depositary does not distribute additional ADSs, the outstanding ADSs will also represent the new shares. |
| • | Elective Distributions in Cash or Shares. If we offer holders of our common shares the option to receive dividends in either cash or common shares, the depositary, after consultation with us and having received timely notice of such elective distribution by us, has discretion to determine to what extent such elective distribution will be made available to you as a holder of the ADSs. We must first instruct the depositary to make such elective distribution available to you and furnish it with satisfactory evidence that it is legal to do so. The depositary could decide it is not legal or reasonably practical to make such elective distribution available to you, or it could decide that it is only legal or reasonably practical to make such elective distribution available to some but not all holders of the ADSs. In such case, the depositary shall, on the basis of the same determination as is made in respect of the common shares for which no election is made, distribute either cash in the same way as it does in a cash distribution, or additional ADSs representing common shares in the same way as it does in a share distribution. The depositary is not obligated to make available to you a method to receive the elective dividend in common shares rather than in ADSs. There can be no assurance that you will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of common shares. |
| • | Rights to Receive Additional Shares. If we offer holders of our securities any rights to subscribe for additional common shares or any other rights, the depositary, after consultation with us and having received timely notice of such distribution by us, has discretion to determine how these rights become available to you as a holder of ADSs. We must first instruct the depositary to do so and furnish it with satisfactory evidence that it is legal to do so. The depositary could decide it is not legal or reasonably practical to make the rights available to you, or it could decide that it is only legal or reasonably practical to make the rights available to some but not all holders of the ADSs. The depositary may decide to sell the rights and distribute the proceeds in the same way as it does with cash. If the depositary decides that it is not legal or reasonably practical to make the rights available to you or to sell the rights, the rights that are not distributed or sold could lapse. In that case, you will receive no value for them. The depositary is not responsible for a failure in determining whether or not it is legal or reasonably practical to distribute the rights. The depositary is liable for damages, however, if it acts with gross negligence or bad faith, in accordance with the provisions of the deposit agreement. |
9
If the depositary makes rights available to you, it will exercise the rights and purchase the common shares on your behalf. The depositary will then deposit the common shares and issue ADSs to you. It will only exercise rights if you pay it the exercise price and any other fees and charges of, and expenses incurred by, the depositary and any taxes and other governmental charges the rights require you to pay.
U.S. securities laws may restrict the sale, deposit, cancellation, and transfer of the ADSs issued after an exercise of rights. For example, you may not be able to trade the new ADSs freely in the United States. In this case, the depositary may issue the new ADSs under a separate restricted deposit agreement which will contain the same provisions as the deposit agreement, except for changes needed to put the restrictions in place.
Other Distributions. Subject to receipt of timely notice from us with the request to make any such distribution available to you, and provided the depositary has determined such distribution is lawful and reasonably practicable and feasible and in accordance with the terms of the deposit agreement, the depositary will send to you anything else we distribute on deposited securities by any means it deems practical in proportion to the number of ADSs held by you, upon receipt of applicable fees and charges of, and expenses incurred by, the depositary and net of any taxes and other governmental charges withheld. If it cannot make the distribution in that way, or has not received a timely request for distribution from us, the depositary has a choice. It may decide to sell by public or private sale, net of fees and charges of, and expenses incurred by, the depositary and any taxes and other governmental charges, what we distributed and distribute the net proceeds, in the same way as it does with cash. Or, it may decide to dispose of such property in any way it deems reasonably practicable for nominal or no consideration. However, the depositary is not required to distribute any securities (other than ADSs) to you unless it receives satisfactory evidence from us that it is legal to make that distribution.
The depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADR holders. We have no obligation to register ADSs, shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution of ADRs, shares, rights or anything else to ADR holders. This means that you may not receive the distributions we make on our shares or any value for them if it is illegal, impractical or infeasible for us or the depositary to make them available to you.
Deposit and Withdrawal
How are ADSs issued?
The depositary will deliver ADSs if you or your broker deposits shares with the custodian. Shares deposited in the future with the custodian must be accompanied by documents, including instruments showing that those shares have been properly transferred or endorsed to the person on whose behalf the deposit is being made.
The custodian will hold all deposited shares, including those being deposited by or on behalf of us in connection with this offering to which this prospectus relates, for the account of the depositary. You thus have no direct ownership interest in the shares and only have the rights that are set out in the deposit agreement. The custodian also will hold any additional securities, property and cash received on, or in substitution for, the deposited shares. The deposited shares and any such additional items are all referred to as “deposited securities.”
Upon each deposit of shares, receipt of related delivery documentation and compliance with the other provisions of the deposit agreement, including the payment of the fees and charges of, and expenses incurred by, the depositary and of any taxes or charges, such as stamp taxes or share transfer taxes or fees, the depositary will issue an ADR or ADRs in the name of the person entitled thereto evidencing the number of ADSs to which that person is entitled.
How do ADS holders cancel an ADR and obtain shares?
You may surrender your ADRs through instruction provided to your broker. Upon payment of its fees and charges of, and expenses incurred by, it and of any taxes or charges, such as stamp taxes or share transfer taxes or fees, the depositary will deliver the shares and any other deposited securities underlying the ADR to you or a person you designate at the office of the custodian. Or, at your request, risk and expense, the depositary will deliver the deposited securities at its principal New York office or any other location that it may designate as its transfer office, if feasible.
10
You have the right to cancel your ADSs and withdraw the underlying common shares at any time subject only to:
| • | temporary delays caused by closing our or the depositary’s transfer books or the deposit of our common shares in connection with voting at a shareholders’ meeting or the payment of dividends; |
| • | the payment of fees, taxes and similar charges; or |
| • | compliance with any U.S. or foreign laws or governmental regulations relating to the ADRs or to the withdrawal of the deposited securities. |
U.S. securities laws provide that this right of withdrawal may not be limited by any other provision of the deposit agreement.
Redemption
Whenever we decide to redeem any of the shares on deposit with the custodian, we will notify the depositary. If it is reasonably practicable and if we provide all of the documentation contemplated in the deposit agreement, the depositary bank will mail notice of the redemption to the holders.
The custodian will be instructed to surrender the shares being redeemed against payment of the applicable redemption price. The depositary will convert the redemption funds received into US dollars upon the terms of the deposit agreement and will establish procedures to enable holders to receive the net proceeds from the redemption upon surrender of their ADSs to the depositary bank. You may have to pay fees, expenses, taxes and other governmental charges upon the redemption of your ADSs. If less than all ADSs are being redeemed, the ADSs to be redeemed will be selected by lot or on a pro rata basis, as the depositary bank may determine.
Transmission of Notices to Shareholders
We will promptly transmit to the depositary those communications that we make generally available to our shareholders together with annual and other reports prepared in accordance with applicable requirements of U.S. securities laws in English. If those communications were not originally in English, we will translate them. Upon our request, and at our expense, subject to the distribution of any such communications being lawful and not in contravention of any regulatory restrictions or requirements if so distributed and made available to holders, the depositary will arrange for the timely mailing of copies of such communications to all ADS holders and will make a copy of such communications available for inspection at the depositary’s Corporate Trust Office, the office of the custodian or any other designated transfer office of the depositary.
Voting Rights
How do you vote?
You may instruct the depositary to vote the shares underlying your ADSs. You could exercise your right to vote directly if you withdraw the common shares. However, you may not know about the meeting sufficiently in advance to withdraw the common shares.
Upon receipt of timely notice from us, the depositary will notify you of the upcoming vote and arrange to deliver our voting materials to you. The materials will describe the matters to be voted on and explain how you, if you hold the ADSs on a date specified by the depositary, may instruct the depositary to vote the common shares or other deposited securities underlying your ADSs as you direct. For your instructions to be valid, the depositary must receive them in writing on or before a date specified by the depositary. The depositary will try, as far as practical, subject to any applicable law and the provisions of our memorandum and articles of association, to vote or to have its agents vote the common shares or other deposited securities as you instruct. The depositary will only vote or attempt to vote as you instruct and will not vote any shares where no instructions have been received. Furthermore, under the deposit agreement, if we do not timely procure the demand for a vote by poll with respect to any given resolution, and no other relevant party has made such a demand, the depositary shall refrain from voting and any voting instructions received from any ADS holders shall lapse.
11
如果託管人未能及時收到您的投票指示，託管人已同意授予我們指定的人行使自由裁量權，以投票您的ADS代表的存入證券數量。在這種情況下，除非我們通知託管人：
| • | 我們不希望獲得自由裁量權; |
| • | 我們知道存在重大股東反對意見，反對我們指定人要投票的結果;或 |
| • | 我們指定人要投票的結果將對股東權益產生重大不利影響。 |
我們無法保證您會及時收到投票材料，以確保您可以指示託管人投票您的股份。此外，託管人及其代理不承擔未能執行投票指示或未能執行投票指示的方式的責任。這意味着您可能無法行使投票權，如果您的普通股未按您的要求投票，您可能無法追索。
股票分類、股本重組和合並
如果我們採取影響存款證券的行動，包括任何淨值變化， 分拆、 根據任何適用法律允許的情況，可以取消、合併或重新分類存入的證券，沒有分配給您的股票分紅，以及任何影響我們的或我們作爲一方所涉及的資產的資本再投資、重組、合併、合併、清算或出售，那麼託管人收到的現金、股票或其他證券將成爲存入的證券和ADR，將受存款協議和任何適用法律約束，證明有權接收這些額外存入的證券，託管人可以選擇：
| • | 分發額外的ADR； |
| • | 要求交出未兌現的ADR，以交換爲新的ADR； |
| • | 分發託管所接收的現金、證券或其他財產； |
| • | 在公開或私人銷售中按平均或其他可行的方式出售任何證券或資產，而不考慮各持有人之間的任何區別，並將淨收益作爲現金分配； 或 |
| • | 將收到的現金、證券或其他財產視爲存入的證券的一部分，每張ADS然後將表示對該財產的相應利益。 |
修訂和終止
存款協議如何修改？
我們可能會同存託人就修改存託協議和ADS協議達成一致，無需徵得您的同意，因爲可能認爲有必要或值得。對於徵收或增加任何費用或收費的任何修改，您將至少提前30天收到通知，但不包括稅收、政府收費、交付費用或與匯率控制法規及存託協議下ADS持有人特指應支付的其他費用有關、或以其他方式實質性地損害任何ADS持有人或受益人的現有重大權利。如果ADS持有人在收到這些更改的通知後繼續持有ADS，則將被視爲同意該修改，並受ADR和修訂後的協議約束。如果必要爲確保依法遵從新的法律、法規，修改可能在通知前生效。
12
存款協議如何終止？
在任何時候，我們可以指示存託人終止存託協議，在這種情況下，存託人將在終止前至少90天通知您。如果存託人告訴我們他希望辭職，或者我們已經解除了存託人並且我們在90天內沒有任命新的存託銀行，則存託人也可以終止協議；在這種情況下，存託人將在終止前至少30天通知您。終止後，存託人唯一的責任將是交付存入的證券給申購美國存托股的持有者，後者在支付任何費用、收費、稅收或其他政府費用後放棄其申購美國存托股。終止後一年，存託人可以出售剩餘的存入證券並保留這些銷售的淨收益，未投資且不負利息責任，以供尚未放棄其申購美國存托股的持有者按比例受益。出售存入證券後，存託人除了應對這些淨收益和其他現金外，不再負有任何義務。在終止存託協議時，我們將被免除所有義務，除非對存託人的義務。
託管人的賬簿
存託人將在其存託辦公室維護ADS持有人記錄。您可以在該辦公室的常規營業時間內查看這些記錄，但僅限於與其他持有人交流，討論與ADS和存託協議有關的業務事宜。
存託人將在紐約設立設施來記錄和處理ADR的發行、註銷、組合， 存入美國存託憑證的拆分或合併的前提條件是持有人選擇出示存單，並可要求存管人發出對已申請美國存託憑證數目與持有人所持存單上記錄的美國存託憑證數目相同的新存單。 和轉讓。
這些設施可能不時關閉，但不得違反法律規定。
義務和責任的限制
對我們和託管人的責任和ADR持有人的責任有限
存託協議明確限制了我們和託管人的責任和義務。
我們和託管人，包括其代理人：
| • | 只有在存託協議中明確規定的情況下，承諾在沒有重大過失或惡意的情況下采取行動； |
| • | 如果我們或託管人由於法律或存託協議規定的任何法律或現實環境，包括但不限於任何現行或將來的法律、法規、政府或監管機構的要求，任何現行或將來的我方章程和公司章程的規定，爲可能的民事或刑事處罰或約束所阻止或延遲履行任何義務，任何存託的證券的規定，或任何天災、戰爭或存託協議規定的任何我們控制之外的其他情況，我們均不承擔責任； |
| • | 如果我們或託管人行使或未行使存託協議、存託的證券的規定或我方章程和公司章程允許的自由裁量權，我們均不承擔責任； |
| • | 對於基於法律顧問、會計師、任何提出股份存入請求的人、ADR持有人和受益所有人（或授權代表）、任何被善意認爲有資格提供此類建議或信息的人的建議或信息而採取的或未採取的任何行動/不行動，我們概不承擔責任； |
| • | 對於任何持有人無法從任何分配、發行、權利或其他 提供給存放證券持有人而不提供給ADS持有人的利益，概不負有責任； |
13
| • | 無義務參與與任何存入的證券、ADS或存款協議有關的訴訟或其他訴訟，無論是代表您還是代表其他任何一方； |
| • | 可以依賴我們相信真實並由正確當事人簽署或提交的任何文件； |
| • | 不對存款協議條款的任何違約承擔任何間接或懲罰性賠償責任； |
存託人及其任何代理還不承擔對於未能執行任何投票指示，投票的方式以及任何投票的影響或未確定任何分配或行動可能是合法或合理可行的，或爲允許任何權益根據存款協議的規定過期而導致的風險，我們的任何通知的未能或及時性，我們提交給它用於分發給您的任何信息的內容或任何翻譯不準確性，因收購存入證券而帶來的任何投資風險，被存入證券的有效性或價值，以及由於擁有ADSs，股份或存入證券而可能產生的任何稅收後果，以及任何間接，特別，懲罰性或連帶的損害不承擔責任；
我們已同意在特定情況下賠償存託人。 存託人可能擁有和交易我們的任何類證券和ADSs。
存託人
誰是存託人？
存託人是德意志銀行美洲信託公司。 存託人是一家總部位於紐約州的公司銀行，並且是美國聯邦儲備系統的成員，主要受美國聯邦儲備委員會和紐約州銀行監管。 存託人成立於1903年3月5日，註冊地爲紐約州。 存託人的公司信託辦公室位於美國紐約州紐約市華爾街60號10005號。 存託人根據紐約州法律和管轄權運營。
14