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Joe and Clara Tsai Foundation Limited
As of December 31, 2019, the Joe and Clara Tsai Foundation Limited directly held 41,458,344 Ordinary Shares. These Ordinary Shares were acquired upon the exercise of certain options granted by the Issuer. For each of the eight years beginning September 18, 2015, the Joe and Clara Tsai Foundation Limited may sell up to 15,000,000 Ordinary Shares (as adjusted for the Stock Split) per year acquired from the exercise of such options (plus any Ordinary Shares acquired pursuant to such options not sold in prior years). Joseph Tsai has the sole power to direct voting and investment decisions with respect to the Ordinary Shares held by the Joe and Clara Tsai Foundation Limited and, accordingly, may be deemed to have beneficial ownership of the Ordinary Shares held by the Joe and Clara Tsai Foundation Limited.
JSP Investment Limited
As of December 31, 2019, JSP Investment Limited directly held 350,404,608 Ordinary Shares. Cathy Ying Zhang is the sole director of JSP Investment Limited and may, therefore, have been deemed to beneficially own such Ordinary Shares. JSP Investment Limited and Cathy Ying Zhang on its behalf have granted Jack Yun Ma a revocable proxy to vote the Ordinary Shares owned by JSP Investment Limited.
Parufam Limited
As of December 31, 2019, Parufam Limited directly held 153,385,672 Ordinary Shares. Joseph Tsai is a director of Parufam Limited and has been granted a revocable proxy to vote the Ordinary Shares owned by Parufam Limited. Joseph Tsai may, therefore, have been deemed to beneficially own the Ordinary Shares owned by Parufam Limited.
PMH Holding Limited
As of December 31, 2019, PMH Holding Limited directly held 72,985,424 Ordinary Shares. Joseph Tsai is the sole director of PMH Holding Limited with voting and dispositive power over the Ordinary Shares owned by PMH Holding Limited and may, therefore, have been deemed to beneficially own such Ordinary Shares. PMH Holding Limited has also granted Joseph Tsai a revocable proxy to vote the Ordinary Shares owned by PMH Holding Limited.
Ying Capital Limited and Yun Capital Limited
As of December 31, 2019, each of Ying Capital Limited and Yun Capital Limited was the direct holder of 83,591,368 Ordinary Shares. These Ordinary Shares were acquired upon the exercise of certain options granted by the Issuer. For each of the eight years beginning September 18, 2015, each of Ying Capital Limited and Yun Capital Limited may sell up to 17,500,000 (as adjusted for the Stock Split) Ordinary Shares per year acquired from the exercise of such options (plus any Ordinary Shares acquired pursuant to such options unsold from previous tranches). Each of Ying Capital Limited and Yun Capital Limited has agreed to grant Jack Yun Ma a revocable proxy to vote the Ordinary Shares owned by such entity and, accordingly, Jack Yun Ma may have been deemed to have voting power over the Ordinary Shares held by Ying Capital Limited and Yun Capital Limited. Lion International Management Limited, a professional management company, is sole director of each of Ying Capital Limited and Yun Capital Limited. The Jack Ma Philanthropic Foundation is the sole shareholder of each of Ying Capital Limited and Yun Capital Limited. Lion International Management Limited is required to take investment direction with respect to the shares held by Ying Capital Limited and Yun Capital Limited from the Investment Committee of the Jack Ma Philanthropic Foundation. The Jack Ma Philanthropic Foundation and Cathy Ying Zhang, as the sole member of the Jack Ma Philanthropic Foundation Investment Committee, therefore, may each have been deemed to beneficially own the Ordinary Shares over which Ying Capital Limited and Yun Capital Limited had dispositive power as of December 31, 2019.
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