Series B Subscription Agreement

The transaction was led by Hillhouse COFL and TPG Asia and jointly led by Loyal Valley Capital and other private equity firms. In some scenarios, liquidation rights and enjoyment rights can have a significant impact on the return achieved by the investor and founders, so it is important to obtain legal and financial advice before agreeing to transfer these rights as part of the termssheet or shareholders` agreement. As a result, they usually have little or no voice in the day-to-day operation of the partnership and are less at risk than full partners. The risk of loss of activity of any commander is limited to the initial investment of that partner. The subscription agreement for limited partnership membership describes the investment experience, refinement and net assets of the potential limited partner.