DATED 20 NOVEMBER 2017 KOFU INTERNATIONAL LIMITED and TAOBAO CHINA HOLDING LIMITED

Exhibit 4.36

EXECUTION VERSION

DATED 20 NOVEMBER 2017

KOFU INTERNATIONAL LIMITED

and

TAOBAO CHINA HOLDING LIMITED

SHARE PURCHASE AGREEMENT
relating to the sale and purchase of
shares in A-RT Retail Holdings Limited

CONTENTS

THIS AGREEMENT is made the 20th day of November, 2017

PARTIES:

1.                                      KOFU INTERNATIONAL LIMITED, a company incorporated in the British Virgin Islands under registration number 306919, whose registered office is at Palm Grove House, PO Box 438, Road Town, Tortola, British Virgin Islands (the “Seller”); and

2.                                      TAOBAO CHINA HOLDING LIMITED, a company incorporated in Hong Kong under registration number 842504, whose registered office is at 26/F, Tower One, Times Square, ▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇ ▇▇▇▇ (the “Purchaser”).

BACKGROUND:

(A)                               As at the date hereof, the Company is held by CGC, the Seller, Auchan and Monicole as to approximately 25.42%, 23.58%, 36.70% and 14.30% respectively.

(B)                               As at the date hereof, Listco is held by the Company, CGC, the Seller and Auchan as to approximately 51.00, 8.46%, 7.84% and 9.71% respectively.

(C)                               Pursuant to the Share Exchange and Transfer Agreements:

(i)                                     CGC and the Seller have conditionally agreed to sell, and Auchan has conditionally agreed to purchase, an aggregate of 35,631,491 Shares (representing approximately 19.04% of the issued share capital of the Company), in consideration of the transfer of an aggregate of 926,418,766 ordinary shares in Listco (representing approximately 9.71 % of the issued share capital of Listco) by Auchan to CGC and the Seller; and

(ii)                                  CGC and the Seller have conditionally agreed to sell, and Monicole has conditionally agreed to purchase, an aggregate of 1,684,156 Shares (representing approximately 0.90% of the issued share capital of the Company) at an aggregate consideration of HK$284,622,364.

(D)                               Immediately following the completion of the Share Exchange and Transfer Agreements, the Company will be held by CGC, the Seller, Auchan and Monicole as to approximately 15.08%, 13.98%, 55.74% and 15.20% respectively.

(E)                                Immediately following the completion of the Share Exchange and Transfer Agreements, Listco will be held by the Company, CGC and the Seller as to approximately 51.00%, 13.50% and 12.52% respectively, and Auchan will have no direct shareholding in Listco.

(F)                                 The Seller has agreed to sell and the Purchaser has agreed to purchase the Sale Shares on the terms and subject to the conditions of this Agreement.

THE PARTIES AGREE as follows:

1.                                      Interpretation

1.1                               In this Agreement, the Schedules and the Attachments to it:

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1.2                               In this Agreement, unless otherwise specified:

(A)                               references to clauses, sub-clauses, paragraphs, sub-paragraphs, Schedules and Attachments are to clauses, sub-clauses, paragraphs and sub-paragraphs of and Schedules and Attachments to, this Agreement;

(B)                               references to any document in the “agreed form” means that document in a form agreed by the parties;

(C)                               use of any gender includes the other genders;

(D)                               a reference to any statute or statutory provision shall be construed as a reference to the same as it may have been, or may from time to time be, amended, modified or re-enacted and shall include any subordinate legislation made from time to time under that statute or statutory provision;

(E)                                references to a “company” shall be construed so as to include any corporation or other body corporate, wherever and however incorporated or established;

(F)                                 references to a “person” shall be construed so as to include any individual, firm, company, corporation, body corporate, government, state or agency of a state, local or municipal authority or government body or any joint venture, association or partnership (whether or not having separate legal personality);

(G)                               the expressions “accounting reference date”, “accounting reference period”, “body corporate”, “holding company”, “subsidiary” and “subsidiary undertaking” shall have the meaning given in the Companies Ordinance (Cap. 622 of the Laws of Hong Kong);

(H)                              references to “indemnify” and “indemnifying” any person against any circumstance include indemnifying and keeping him harmless on an after-Tax basis from all actions, claims and proceedings from time to time made against that person and all loss or damage and all payments, costs or expenses made or incurred by that person as a consequence of or which would not have arisen but for that circumstance;

(I)                                   any reference to a “day” (including the phrase “Business Day”) shall mean a period of 24 hours running from midnight to midnight;

(J)                                   references to times are to Hong Kong time;

(K)                               any indemnity or obligation to pay (the “Payment Obligation”) being given or assumed on an “after-Tax basis” or expressed to be “calculated on an after-Tax basis” means that the amount payable pursuant to such Payment Obligation (the “Payment”) shall be calculated in such a manner as will ensure that, after taking into account:

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(i)                                     any Tax required to be deducted or withheld from the Payment;

(ii)                                  the amount and timing of any additional Tax which becomes payable as a result of the Payment’s being subject to Tax; and

(iii)                               the amount and timing of any Tax benefit which is obtained by the recipient of the Payment, to the extent that such Tax benefit is attributable to the matter giving rise to the Payment Obligation,

the recipient of the Payment is in the same position as that in which it would have been if the matter giving rise to the Payment Obligation had not occurred (or, in the case of a Payment Obligation arising by reference to a matter affecting a person other than the recipient of the Payment, the recipient of the Payment and that other person are, taken together, in the same position as that in which they would have been had the matter giving rise to the Payment Obligation not occurred), provided that the amount of the Payment shall not exceed that which it would have been if it had been regarded for all Tax purposes as received solely by the recipient and not any other person;

(L)                                references to writing shall include any modes of reproducing words in a legible and non-transitory form and whether sent or supplied by electronic mail;

(M)                            references to the knowledge of the Seller shall be treated as including any knowledge which each director appointed by the Seller and/or CGC to the board of any Group Company would have if such director made all usual and reasonable enquiries;

(N)                               references to any Hong Kong legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official, or any legal concept or thing shall in respect of any jurisdiction other than Hong Kong be deemed to include what most nearly approximates in that jurisdiction to the Hong Kong legal term;

(O)                               (i)                                     the rule known as the ejusdem generis rule shall not apply and accordingly general words introduced by the word “other” shall not be given a restrictive meaning by reason of the fact that they are preceded by words indicating a particular class of acts, matters or things; and

(ii)                                  general words shall not be given a restrictive meaning by reason of the fact that they are followed by particular examples intended to be embraced by the general words;

(P)                                 all headings and titles are inserted for convenience only and are to be ignored in the interpretation of this Agreement; and

(Q)                               the Schedules and Attachments form part of this Agreement and shall have the same force and effect as if expressly set out in the body of this Agreement, and any reference to this Agreement shall include the Schedules and Attachments.

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2.                                      Sale and purchase

2.1                               The Seller shall sell, or procure the sale of, and the Purchaser shall purchase, the Sale Shares with all rights attached or accruing to them at Completion.

2.2                               Save for the Security, the release of which the Seller shall procure pursuant to its obligations under sub-clause 6.2 (Completion) and paragraph 4 of Part A of Schedule 2 (Completion arrangements), the Seller has the right to transfer legal and beneficial title to the Sale Shares.

2.3                               The Sale Shares shall as at Completion be free from all charges and encumbrances and from all other rights exercisable by or claims by third parties.

2.4                               The Purchaser shall be entitled to exercise all rights attached or accruing to the Sale Shares including, without limitation, the right to receive all dividends, distributions or any return of capital declared, paid or made by the Company on or after the Completion Date.

2.5                               The Seller waives all rights of pre-emption over any of the Shares conferred upon it by the articles of association of the Company or in any other way and undertakes to take all steps necessary to ensure that any rights of pre-emption over any of the Shares are waived prior to Completion.

3.                                      Conditions

3.1                               The sale and purchase of the Sale Shares pursuant to this Agreement is in all respects conditional upon those matters listed in Schedule 1 (Conditions to Completion).

3.2                               (A)                               The Seller will use all reasonable endeavours to fulfil or procure the fulfilment of the conditions listed in paragraphs 1 and 3 of Schedule 1 (Conditions to Completion) as soon as possible and in any event before the Long Stop Date and will notify the Purchaser in writing, as soon as reasonably practicable, of the satisfaction of each such condition.

(B)                          The Purchaser will use all reasonable endeavours to fulfil or procure the fulfilment of the condition listed in paragraph 8 of Schedule 1 (Conditions to Completion) as soon as possible and in any event by 5.00 p.m. on the Completion Date and will notify the Seller in writing, as soon as reasonably practicable, of the satisfaction of each such condition.

(C)                          Each of the Seller and the Purchaser will use all reasonable endeavours to fulfil or procure the fulfilment of the conditions listed in paragraphs 4 to 7 (inclusive) of Schedule 1 (Conditions to Completion) as soon as possible and in any event (in respect of paragraphs 4 to 6 (inclusive) of Schedule 1 (Conditions to Completion)) before the Long Stop Date and (in respect of paragraph 7 of Schedule 1 (Conditions to Completion) by 5.00 p.m. on the Completion Date and will notify the other in writing, as soon as reasonably practicable after it becomes aware of the satisfaction of each such condition.

3.3                               The Purchaser may waive in writing in whole or in part all or any of the conditions listed in paragraphs 1, 2, 7 and 8 of Schedule 1 (Conditions to Completion). The condition set out in paragraphs 3 to 6 (inclusive) of Schedule 1 (Conditions to Completion) may not be waived, in whole or in part, by any party.

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3.4                               Each of the Seller and the Purchaser undertakes to disclose in writing to the other anything which will or may prevent any of the conditions set out in Schedule 1 (Conditions to Completion) from being satisfied on or prior to the Long Stop Date (or subsequently) immediately after it comes to their attention. Without prejudice to the generality of the foregoing, this includes disclosure of any indication that any Regulatory Authority may intend to withhold its approval of, or raise an objection to, or withdraw any licence or authorisation following, or impose a condition on or following, the sale and purchase of the Sale Shares pursuant to this Agreement.

3.5                               If any of the conditions set out in Schedule 1 (Conditions to Completion) (other than the conditions set out in paragraphs 7 and 8 of Schedule 1 (Conditions to Completion)) is not fulfilled or waived by the Purchaser or the Seller, as the case may be, by midnight on the Long Stop Date then:

(A)                               if it was the obligation of the Seller to satisfy the relevant condition (or conditions) then the Purchaser may, in its absolute discretion, postpone the Long Stop Date by up to 10 Business Days; or

(B)                               if it was the obligation of the Purchaser to satisfy the relevant condition (or conditions) then the Seller may, in its absolute discretion, postpone the Long Stop Date by up to 10 Business Days; or

(C)                               if responsibility for satisfaction of the relevant condition or conditions falls either:

(i)                                     upon each of the Seller and the Purchaser; or

(ii)                                  upon neither the Seller nor the Purchaser,

then the parties may postpone the Long Stop Date by agreement between them,

(the Long Stop Date, as so postponed, being the “Postponed Long Stop Date”).

3.6                               If, in the circumstances set out in sub-clause 3.5, either:

(A)                               the Long Stop Date is not postponed; or

(B)                               any of the conditions remains to be fulfilled or waived, by midnight on the Postponed Long Stop Date,

subject to sub-clause 3.9, this Agreement shall be capable of termination by either the Purchaser or the Seller forthwith on written notice to the other provided that the party proposing to terminate has complied with its obligations under this clause 3 (Conditions).

3.7                               If any of the conditions set out in paragraphs 7 and 8 of Schedule 1 (Conditions to Completion) is not fulfilled or waived by the Purchaser or the Seller, as the case may be, by 5.00 p.m. on the Completion Date then:

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(A)                               if it was the obligation of the Seller to satisfy the relevant condition (or conditions) then the Purchaser may defer Completion by up to 10 Business Days (so that the provisions of clause 6 (Completion) shall apply to Completion as so deferred); or

(B)                               if it was the obligation of the Purchaser to satisfy the relevant condition (or conditions) then the Seller may defer Completion by up to 10 Business Days (so that the provisions of clause 6 (Completion) shall apply to Completion as so deferred); or

(C)                               if responsibility for satisfaction of the relevant condition or conditions falls either:

(i)                                     upon each of the Seller and the Purchaser; or

(ii)                                  upon neither the Seller nor the Purchaser,

then the parties may defer Completion by agreement between them.

3.8                               If, in the circumstances set out in sub-clause 3.7, either:

(A)                               Completion is not deferred; or

(B)                               any of the conditions remains to be fulfilled or waived, by 5.00 p.m. of the date of the Completion as so deferred,

subject to sub-clause 3.9, this Agreement shall be capable of termination by either the Purchaser or the Seller forthwith on written notice to the other provided that the party proposing to terminate has complied with its obligations under this clause 3 (Conditions).

3.9                               If this Agreement terminates in accordance with sub-clause 3.6 or 3.8 and without limiting the Purchaser’s or the Seller’s (as the case may be) right to any right, power or remedy provided by law or under this Agreement:

(A)                               and if the Seller has not, as at the relevant time, fulfilled its obligation to satisfy any condition set out in Schedule 1 (Conditions to Completion), the Seller will indemnify the Purchaser on demand on an after-Tax basis for all reasonable costs and expenses incurred by the Purchaser in accordance with sub-clause 17.2 (Costs and expenses); and

(B)                               all obligations of the parties under this Agreement shall end except for those expressly stated to continue without limit in time but (for the avoidance of doubt) all rights and liabilities of the parties which have accrued before termination shall continue to exist.

4.                                      Conduct of business before Completion

4.1                               The Seller shall procure that, between the date of this Agreement and Completion, each RTM Group Company shall, and shall use all reasonable endeavours to procure that, between the date of this Agreement and Completion, each AC Group Company shall, carry on its business in the ordinary and usual course in the same manner as carried on during the six months preceding the date of this Agreement.

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4.2                               Without prejudice to the generality of sub-clause 4.1, the Seller shall procure that no RTM Group Company will, and shall use all reasonable endeavours to procure that no AC Group Company will, between the date of this Agreement and Completion, undertake any of the acts or matters listed in Schedule 4 (Conduct of Business before Completion) without the consent in writing of the Purchaser (not to be unreasonably withheld or delayed), save to the extent contemplated under the Share Purchase Documents.

4.3                               Subject to applicable law, as from the date of this Agreement, the Seller shall procure (in respect of the RTM Group Companies), and shall use all reasonable endeavours to procure (in respect of the AC Group Companies) the provision of reasonable access in favour of the Purchaser and any persons authorised by it to the premises and all the books and records and title deeds of such Group Companies and the directors appointed by the Seller and/or CGC and employees of the RTM Group Companies and each RTM Group Company will be instructed to give promptly all information and explanations to the Purchaser or any such persons as they may request, provided that the Purchaser and such persons authorised by it shall be bound by clause 16 (Confidentiality) in relation to any information received or obtained pursuant to this sub-clause 4.3.

5.                                      Consideration

5.1                               The total consideration for the sale of the Sale Shares shall be the payment by the Purchaser of an amount in US Dollars being the equivalent of HK$3,028,010,856 as converted at the Agreed Exchange Rate (the “Purchase Price”) payable in accordance with clause 6 (Completion).

5.2                               Any payment made by the Seller to the Purchaser under this Agreement shall (so far as possible) be treated as a reduction of the consideration for the Sale Shares to the extent of the payment.

6.                                      Completion

6.1                               Completion shall take place on the Completion Date at the offices of the Purchaser’s Solicitors at 47/▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇ ▇ong.

6.2                               At Completion the Seller shall do those things listed in paragraphs 1, 2, 4 and 5 of Part A (Parties’ obligations) of Schedule 2 (Completion arrangements) and the Purchaser shall do those things listed in paragraph 3 of Part A (Parties’ obligations) of Schedule 2 (Completion arrangements). Completion shall take place in accordance with Part B (General) of Schedule 2 (Completion arrangements).

6.3                               The Purchaser shall not be obliged to complete the sale and purchase of the Sale Shares unless the Seller complies with the requirements of sub-clause 6.2 and paragraphs 1, 2,  4 and 5 of Part A (Parties’ obligations) of Schedule 2 (Completion arrangements). The Seller shall not be obliged to complete the sale and purchase of the Sale Shares unless the Purchaser complies with the requirements of paragraph 3 of Part A (Parties’ obligations) of Schedule 2 (Completion arrangements).

6.4                               Neither party shall be obliged to complete the sale and purchase of any of the Sale Shares unless:

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(A)                               the sale and purchase of all the Sale Shares is completed simultaneously; and

(B)                               this Agreement, the CGC SPA, the Listco SPA (save for the Second Completion (as defined under the Listco SPA)) and the CGC Listco SPA (save for the Second Completion (as defined under the CGC Listco SPA)) are completed substantially contemporaneously.

6.5                               If the obligations of the Seller under sub-clause 6.2 and paragraphs 1, 2, 4 and 5 of Part A (Parties’ obligations) of Schedule 2 (Completion arrangements) are not complied with on the Completion Date, the Purchaser may, and if the obligations of the Purchaser under sub-clause 6.2 and paragraph 3 of Part A (Parties’ obligations) of Schedule 2 (Completion arrangements) are not complied with on the Completion Date, the Seller may:

(A)                               defer Completion (so that the provisions of this clause 6 shall apply to Completion as so deferred);

(B)                               proceed to Completion as far as practicable (without limiting its rights under this Agreement); or

(C)                               terminate this Agreement by notice in writing to the Seller or the Purchaser, as the case may be.

6.6                               If this Agreement is terminated by the Purchaser in accordance with sub-clause 6.5 and without limiting either party’s right to any right, power or remedy provided by law or under this Agreement:

(A)                               the Seller will indemnify the Purchaser on demand on an after-Tax basis for all reasonable costs and expenses incurred by the Purchaser in accordance with sub-clause 17.2 (Costs and expenses); and

(B)                               all obligations of the parties under this Agreement shall end except for those expressly stated to continue without limit in time but (for the avoidance of doubt) all rights and liabilities of the parties which have accrued before termination shall continue to exist.

6.7                               The Seller undertakes to indemnify the Purchaser against any loss, expense or damage which it may suffer as a result of any document delivered to it pursuant to this clause being unauthorised, invalid or for any other reason ineffective for its purpose.

6.8                               The Seller covenants with the Purchaser to pay to the Purchaser an amount calculated on an after-Tax basis equal to the value of any and all claims which may be made against any member of the Group by any of ▇▇▇▇▇ ▇▇▇▇-▇▇▇▇ and ▇▇▇▇▇ ▇▇▇▇▇-▇▇▇, because of their resignation from office or of their employment being terminated and an amount equal to all costs, charges and expenses incurred by any member of the Group which are incidental to any such claim.

6.9                               Payment by or on behalf of the Purchaser for the amount stated in sub-clause 5.1 (Consideration) in accordance with paragraph 3 of Part A (Parties’ obligations) of Schedule 2 (Completion arrangements) shall constitute payment of the consideration for the Sale Shares and shall fully discharge the obligations of the Purchaser under sub-clause 2.1 (Sale and purchase).

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7.                                      Warranties

Purchaser Warranties

7.1                               The Purchaser warrants to the Seller, at the date of this Agreement, the Completion Date as if repeated immediately before the Completion Date by reference to the facts and circumstances subsisting at the Completion Date, on the basis that any reference in the Purchaser Warranties, whether express or implied, to the date of this Agreement is substituted by a reference to the Completion Date, that:

(A)                               the Purchaser is validly incorporated, in existence and duly registered and has the requisite capacity, power and authority to enter into and perform this Agreement and to execute, deliver and perform any obligations it may have under each document to be delivered by the Purchaser at Completion;

(B)                               the obligations of the Purchaser under this Agreement constitute, and the obligations of the Purchaser at Completion will when delivered constitute, binding obligations of the Purchaser in accordance with their respective terms;

(C)                               the execution and delivery of, and the performance by the Purchaser of its obligations under, this Agreement will not:

(i)                                     result in a breach of any provision of the memorandum or articles of association of the Purchaser; or

(ii)                                  result in a breach of, or constitute a default under, any instrument by which the Purchaser is bound; or

(iii)                               result in a material breach of any statute, law, rule, regulation, order, judgment or decree of any court or governmental agency by which the Purchaser is bound; or

(iv)                              require the consent or approval of the shareholders of the Purchaser or of any other person; and

(D)                               the Purchaser will have at Completion immediately available on an unconditional basis (subject only to Completion) the necessary cash resources outside of mainland PRC to meet its obligations under this Agreement.

7.2                               The Purchaser acknowledges and agrees that the Seller is a person connected with Listco (such expression shall be construed in accordance with section 287 of the SFO) and the Seller may possess inside information (as defined under the SFO) relating to the Group.

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Seller Warranties

7.3                               The Seller warrants to the Purchaser that each of the Seller Warranties is accurate and not misleading at the date of this Agreement and will be accurate and not misleading at the Completion Date as if repeated immediately before Completion by reference to the facts and circumstances subsisting at that date on the basis that any reference in the Seller Warranties, whether express or implied, to the date of this Agreement is substituted by a reference to the Completion Date.

7.4                               The Seller shall procure that no act shall be performed or omission allowed in the period between the date of this Agreement and Completion, either by itself or any member of the Retained Group or any RTM Group Company, which would result in any of the Seller Warranties being breached or misleading at the time of Completion. The Seller shall further use all reasonable endeavours to procure that no act shall be performed or omission allowed in the period between the date of this Agreement and Completion by any AC Group Company which would result in any of the Seller Warranties given by it being breached or misleading at the time of Completion.

7.5                               The Seller undertakes to disclose in writing to the Purchaser anything which is or may constitute a breach of or be inconsistent with any of the Seller Warranties promptly after it comes to its notice before or at the time of Completion.

7.6                               The Seller undertakes (in the absence of fraud) that if any claim is made against it in connection with the sale of the Sale Shares to the Purchaser, no member of the Retained Group or the Group will make any claim against any member of the Group or any director, employee, agent or adviser of any member of the Group on whom it may have relied before agreeing to any term of this Agreement or authorising any statement in the Disclosure Letter.

7.7                               Each of the Warranties shall be construed as being separate and independent and (except where expressly provided to the contrary) shall not be limited or restricted by reference to or inference from the terms of any other Warranty.

7.8                               Without restricting the rights of the Purchaser or its ability to claim damages on any basis, in the event that any of the Seller Warranties is breached or is untrue or misleading, the Seller covenants with the Purchaser that the Seller will pay to the Purchaser or to such person as the Purchaser may direct an amount calculated on an after-Tax basis equal to the aggregate of:

(A)                               the amount equal to any and all losses and damages suffered or incurred by the Purchaser in connection with the value of any asset or the amount of any liability of any member of the Group being or becoming respectively less than or greater than it would have been if the Seller Warranties had not been breached or not been untrue or misleading; and

(B)                               the amount equal to any and all losses and damages suffered or incurred by the Purchaser in connection with the profits or losses of any member of the Group being respectively less than or greater than would have been the case if the Seller Warranties had not been breached or not been untrue or misleading; and

(C)                               an amount equal to any costs and expenses incurred directly or indirectly as a result of or in connection with a claim pursuant to sub-paragraphs (A) or (B).

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7.9                               If in respect of or in connection with any breach of any of the Seller Warranties or any facts or matters warranted not being true and being misleading any amount payable by the Seller (whether under this clause 7 or otherwise) is subject to Tax in the hands of the recipient or the person beneficially entitled to such payment (the “Recipient”), the Seller shall pay such additional amounts so as to ensure that the net amount received by the Recipient is equal to the full amount payable by the Seller under this Agreement.

7.10                        The Seller undertakes to indemnify the Purchaser on an after-Tax basis against all costs (including legal costs on an indemnity basis as defined in Rule 28(4A) of The Rules of the High Court (Cap. 4A of the Laws of Hong Kong) and expenses or other liabilities which the Purchaser may reasonably incur either before or after the commencement of any action in connection with:

(A)                               the settlement of any claim that any of the Seller Warranties are untrue or misleading or have been breached or that any sum is payable under sub-clause 7.8;

(B)                               any legal proceedings in which the Purchaser claims that any of the Seller Warranties are untrue or misleading or have been breached or that any sum is payable under sub-clause 7.8 and in which judgment is given for the Purchaser; or

(C)                               the enforcement of any such settlement or judgment.

7.11                        If the Seller or the Purchaser (as the case may be) defaults in the payment when due of any sum payable under this Agreement (whether determined by agreement or pursuant to an order of a court or otherwise), the liability of the Seller or the Purchaser (as the case may be) shall be increased to include interest on the balance of such sum outstanding from time to time from the date when such payment is due until the date of actual payment (after as well as before judgment) at a rate per annum of two per cent. above the 12- month Hong Kong Interbank Offered Rate as at the date when such payment is due. Such interest shall accrue from day to day, shall be compounded monthly and shall be payable on demand by the Purchaser or the Seller (as the case may be).

7.12                        The Seller undertakes to comply with the obligations set out in Schedule 6 (PRC Tax reporting).

8.                                      Purchaser’s remedies

8.1                               The Purchaser shall not be entitled to claim that any fact, matter or circumstance causes any of the Seller Warranties to be breached or renders any of the Seller Warranties misleading if it has been fairly disclosed in the Share Purchase Documents, the Disclosure Letter or the Audited Accounts in the absence of any fraud or dishonesty on the part of the Seller or its agents or advisers and only those matters so disclosed in the Share Purchase Documents, the Disclosure Letter or the Audited Accounts shall qualify the Seller Warranties.

8.2                               No liability shall attach to the Seller in respect of claims under the Seller Warranties if and to the extent that the limitations referred to in sub-clause 8.1 apply, in the absence of any fraud or dishonesty on the part of the Seller or its agents or advisers.

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8.3                               The Seller’s liability for any claims under this Agreement shall be limited or excluded, as the case may be, as set out in Schedule 5 (Limitations on Seller’s Liability).

8.4                               (A)                               If, between the execution of this Agreement and Completion, the Purchaser becomes aware (whether it does so by reason of any disclosure made under clause 7.3 (Seller Warranties) or not) that any of the Seller Warranties is or was inaccurate or misleading or that there has been any breach or breaches of any of the Seller Warranties or any other term of this Agreement, in each case having a Material Adverse Effect, the Purchaser may terminate this Agreement by notice in writing to the Seller.

(B)                               If this Agreement is terminated in accordance with sub-clause 8.4(A) (and without limiting the Purchaser’s right to claim damages):

(i)                                     the Seller will indemnify the Purchaser on demand on an after-Tax basis for all reasonable costs and expenses incurred by the Purchaser in accordance with sub-clause 17.2 (Costs and expenses); and

(ii)                                  all obligations of the Purchaser under this Agreement shall end (except for the provisions of clauses 15 (Announcements) and 16 (Confidentiality)),

but (for the avoidance of doubt) all rights and liabilities of the parties which have accrued before termination for breach of this Agreement shall continue to exist.

(C)                               (For the avoidance of doubt but without limiting clause 10 (Remedies and waivers)), the Purchaser’s right to terminate this Agreement in accordance with sub-clause 8.4(A) is not exclusive of any rights, powers and remedies provided by law.

8.5                               If, following Completion, the Purchaser becomes aware that there has been any breach of the Seller Warranties or any other term of this Agreement, the Purchaser shall not be entitled to terminate this Agreement but shall be entitled to claim damages or exercise any other right, power or remedy under this Agreement or as otherwise provided by law.

9.                                      Effect of Completion

Any provision of this Agreement and any other documents referred to in it which is capable of being performed after but which has not been performed at or before Completion and all Warranties, indemnities, covenants and other undertakings and obligations contained in or entered into pursuant to this Agreement shall remain in full force and effect notwithstanding Completion.

10.                               Remedies and waivers

10.1                        No delay or omission by any party to this Agreement in exercising any right, power or remedy provided by law or under this Agreement or any other documents referred to in it shall:

(A)                               affect that right, power or remedy; or

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(B)                               operate as a waiver of it.

10.2                        The single or partial exercise of any right, power or remedy provided by law or under this Agreement shall not preclude any other or further exercise of it or the exercise of any other right, power or remedy.

10.3                        The rights, powers and remedies provided in this Agreement are cumulative and not exclusive of any rights, powers and remedies provided by law.

11.                               Assignment

No party shall without the prior written consent of the other party:

(A)                               assign, or purport to assign, all or any part of the benefit of, or its rights or benefits under, this Agreement or any other Share Purchase Document (together with any causes of action arising in connection with any of them);

(B)                               make a declaration of trust in respect of or enter into any arrangement whereby it agrees to hold in trust for any other person all or any part of the benefit of, or its rights or benefits under, this Agreement or any other Share Purchase Document; or

(C)                               sub-contract or enter into any arrangement whereby another person is to perform any or all of its obligations under this Agreement or any other Share Purchase Document.

12.                               Further assurance

The Seller shall at its own cost, from time to time on request of the Purchaser, now or at any time in the future, do or procure the doing of all acts and/or execute or procure the execution of all documents in a form satisfactory to the Purchaser which the Purchaser may consider necessary for giving full effect to the Share Purchase Documents and securing to the Purchaser the full benefit of the rights, powers and remedies conferred upon the Purchaser in the Share Purchase Documents.

13.                               Entire agreement

13.1                        The Share Purchase Documents constitute the whole and only agreement between the parties relating to the sale and purchase of the Sale Shares.

13.2                        Except in the case of fraud, each party acknowledges that it is entering into the Share Purchase Documents in reliance upon only the Share Purchase Documents and that it is not relying upon any other pre-contractual statement.

13.3                        For the purposes of this clause, “pre-contractual statement” means any draft, agreement, undertaking, representation, warranty, promise, assurance or arrangement of any nature whatsoever, whether or not in writing, relating to the subject matter of the Share Purchase Documents made or given by any person at any time prior to this Agreement becoming legally binding.

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13.4                        This Agreement may only be varied in writing signed by each of the parties.

14.                               Notices

14.1                        A notice under this Agreement shall only be effective if it is in writing. E-mail is permitted.

14.2                        Notices under this Agreement shall be sent to a party at its address or number and for the attention of the individual or department set out below:

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Provided that a party may change its notice details on giving notice to the other party of the change in accordance with this clause 14. That notice shall only be effective on the day falling five clear Business Days after the notification has been received or such later date as may be specified in the notice.

14.3                        Any notice given under this Agreement shall, in the absence of earlier receipt, be deemed to have been duly given as follows:

(A)                               if delivered personally, on delivery;

(B)                               if sent by airmail, six clear Business Days after the date of posting;

(C)                               if sent by facsimile, at the expiration of 48 hours after the time it was sent; and

(D)                               if sent by e-mail, upon confirmation (electronic or otherwise) of delivery receipt of such e-mail.

14.4                        Any notice given under this Agreement outside Working Hours in the place to which it is addressed shall be deemed not to have been given until the start of the next period of Working Hours in such place.

14.5                        The provisions of this clause 14 shall not apply in relation to the service of Service Documents.

15.                               Announcements

15.1                        Neither party shall, and each party shall procure that each of its Relevant Persons shall not, make any announcement concerning the transaction contemplated under this Agreement or any Share Purchase Document or any ancillary matter without the prior written approval of the other party. This sub-clause does not apply in the circumstances described in sub-clause 15.2. For the purpose of this clause 15, a “Relevant Person”, in relation to the Seller, means any member of the Retained Group and, in relation to the Purchaser, means any member of the Purchaser’s Group.

15.2                        Either party, after consultation with the other party, may, and shall not be required to procure that any Relevant Person shall not, make an announcement concerning the transaction contemplated under this Agreement or any Share Purchase Agreement or any ancillary matter if required by:

(A)                               law;

(B)                               existing contractual obligations; or

(C)                               any securities exchange or Regulatory Authority to which that party or Relevant Person (as the case may be) is subject, wherever situated, whether or not the requirement has the force of law,

in which case the first-mentioned party shall take all such steps as may be reasonable and practicable in the circumstances to agree the contents of the announcement with the other party before making the announcement.

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15.3                        The restrictions contained in this clause 15 shall continue to apply after Completion or the termination of this Agreement without limit in time.

16.                               Confidentiality

16.1                        Subject to clause 15 (Announcements) and sub-clause 16.2:

(A)                               each party shall treat as confidential and not disclose or use any information received or obtained as a result of entering into or performing the Share Purchase Documents which relates to:

(i)                                     the provisions of the Share Purchase Documents; or

(ii)                                  the negotiations relating to the Share Purchase Documents;

(B)                               the Purchaser shall treat, and shall procure that each member of the Purchaser’s Group shall treat, as confidential and not disclose or use any information concerning any member of the Retained Group and (prior to Completion) the Group obtained or received as a result of the negotiation and entering into of the Share Purchase Documents; and

(C)                               the Seller shall treat, and shall procure that each member of the Retained Group shall treat, as confidential and not disclose or use any information concerning any member of the Purchaser’s Group obtained or received as a result of the negotiation and entering into of the Share Purchase Documents.

16.2                        Notwithstanding the provisions of sub-clause 16.1, a party may disclose or use any such confidential information if and to the extent:

(A)                               required by applicable law of any relevant jurisdiction or for the purposes of any Proceedings;

(B)                               required by any securities exchange or Regulatory Authority to which that party is subject, wherever situated, whether or not the requirement for information has the force of law;

(C)                               required to vest the full benefit of any Share Purchase Document in that party;

(D)                               the disclosure is made to the professional advisers, auditors and bankers of that party on a need to know basis and provided they have a duty to keep such information confidential;

(E)                                the information has come into the public domain through no fault of that party; or

(F)                                 the other party has given prior written consent to the disclosure.

Provided that any such information disclosed pursuant to sub-clause 16.2(A) or (B) shall be disclosed only after notice has been given to the other party of such requirement with a view to providing the other party with the opportunity to contest such disclosure or use or otherwise agreeing the content and timing of such disclosure.

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16.3                        The restrictions contained in this clause 16 shall continue to apply after Completion or the termination of this Agreement without limit in time.

17.                               Costs and expenses

17.1                        Except as otherwise stated in sub-clauses 17.2 and 17.3 and any other provision of this Agreement or the other Share Purchase Documents, each party shall pay its own costs and expenses in relation to the negotiations leading up to the sale and purchase of the Sale Shares and the preparation, execution and carrying into effect of this Agreement, the other Share Purchase Documents and all other documents referred to in this Agreement and the Seller confirms that no expense of whatever nature relating to the sale and purchase of the Sale Shares has been or is to be borne by any member of the Group.

17.2                        The Seller shall indemnify the Purchaser on demand on an after-Tax basis (and the amount payable under the indemnity may, without limiting the Purchaser’s rights, be claimed as a debt or liquidated demand) in respect of all reasonable costs and expenses incurred by the Purchaser (including, but not limited to, the fees of all external legal advisers and their disbursements and out of pocket expenses):

(A)                               in connection with investigating the affairs of the Group;

(B)                               in connection with the negotiation, preparation, execution and carrying into effect of the Share Purchase Documents and all other documents forming part of the sale and purchase of the Sale Shares; and

(C)                               in enforcing, perfecting, protecting or preserving or seeking to enforce, perfect, protect or preserve any of the Purchaser’s rights, or in suing for or recovering any sum due from the Seller under this Agreement

if the Purchaser exercises its right to terminate or rescind this Agreement or not to proceed to Completion pursuant to sub-clauses 3.6 or 3.8 (Conditions), sub-clause 6.5 (Completion), or exercises its right to terminate this Agreement under sub-clause 8.4 (Purchaser’s remedies) or any other provision of this Agreement or any document referred to in it.

17.3                        Any stamp duty payable on the sale and purchase of the Sale Shares shall be borne equally by the Seller and the Purchaser.

18.                               Counterparts

18.1                        This Agreement may be executed in any number of counterparts, and by the parties on separate counterparts, but shall not be effective until each party has executed at least one counterpart.

18.2                        Each counterpart shall constitute an original of this Agreement, but all the counterparts shall together constitute but one and the same instrument.

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19.                               Invalidity

If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair:

(A)                               the legality, validity or enforceability in that jurisdiction of any other provision of this Agreement; or

(B)                               the legality, validity or enforceability under the law of any other jurisdiction of that or any other provision of this Agreement.

20.                               Contracts (Rights of Third Parties) Ordinance

The parties do not intend that any term of this Agreement should be enforceable, by virtue of the Contracts (Rights of Third Parties) Ordinance (Cap. 623 of the Laws of Hong Kong), by any person who is not a party to this agreement.

21.                               Choice of governing law

This Agreement is to be governed by and construed in accordance with Hong Kong law. Any matter, claim or dispute arising out of or in connection with this Agreement, whether contractual or non-contractual, is to be governed by and determined in accordance with Hong Kong law.

22.                               Jurisdiction

22.1                        The courts of Hong Kong are to have jurisdiction to settle any dispute, whether contractual or non-contractual, arising out of or in connection with this Agreement. Any Proceedings may be brought in the Hong Kong courts.

22.2                        Each party waives (and agrees not to raise) any objection, on the ground of forum non conveniens or on any other ground, to the taking of Proceedings by the other party in any court in accordance with this clause. Each party also agrees that a judgment against it in Proceedings brought in any jurisdiction in accordance with this clause shall be conclusive and binding upon it and may be enforced in any other jurisdiction.

22.3                        Each party irrevocably submits and agrees to submit to the jurisdiction of the Hong Kong courts and of any other court in which Proceedings may be brought.

23.                               Agent for service

23.1                        The Seller irrevocably appoints the Process Agent (Attn: The Service Process Team) to be its agent for the receipt of Service Documents. It agrees that any Service Document may be effectively served on it in connection with Proceedings in Hong Kong by service on its agent effected in any manner permitted by Hong Kong law.

23.2                        If the agent of the Seller at any time ceases for any reason to act as such, the Seller shallappoint a replacement agent having an address for service in Hong Kong and shall notify the Purchaser of the name and address of the replacement agent. Failing such appointment and notification, the Purchaser shall be entitled by notice to the Seller to appoint a replacement agent to act on behalf of the Seller. The provisions of this clause applying to service on an agent apply equally to service on a replacement agent.

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23.3                        A copy of any Service Document served on an agent of a party shall be sent by post to that party. Failure or delay in so doing shall not prejudice the effectiveness of service of the Service Document.

24.                               Language

24.1                        Each notice, demand, request, statement, instrument, certificate, or other communication under or in connection with this Agreement shall be:

(A)                               in English; or

(B)                               if not in English, accompanied by an English translation which is certified by an officer of the party giving the communication to be true and accurate.

24.2                        The receiving party or its agent (as appropriate) shall be entitled to assume the accuracy of and rely upon any English translation of any document provided pursuant to sub-clause 24.1(B).

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IN WITNESS WHEREOF this Agreement has been entered into on the date first before written.

KOFU INTERNATIONAL LIMITED

[Signatory Page to Kofu A-RT SPA]

TAOBAO CHINA HOLDING LIMITED

[Signatory Page to Kofu A-RT SPA]