History, Reorganization and Corporate Structure

Home , 5Y Capital, Hillhouse Capital Group

THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. HISTORY, REORGANIZATION AND CORPORATE STRUCTURE

OVERVIEW

We are the largest digital medical service platform in China in terms of both the number of Internet hospitals as of December 31, 2020 and volume of digital medical consultations provided in 2019, according to Frost & Sullivan. Guided by our principle of “your health, we care” (“您的健康,我們的責任”), our vision is to establish the largest digital service platform in the world driven by technology and innovation to empower people to live healthier. Our Group was founded by Mr. Liao, the chairman of the Board, executive Director and the CEO of our Company. For the biography and industry experience of Mr. Liao, please refer to the section headed “Directors and Senior Management” in this Document.

Our Group was established in 2004. In preparation for the [REDACTED], we conducted the Reorganization, details of which are set out in the sub-section headed “Reorganization” in this section.

BUSINESS MILESTONES

The following is a summary of our key business development milestones since our inception in 2004:

Year Event

2004 Our Company was incorporated in the BVI

2006 Our Company registered by way of continuation in the Cayman Islands

2011 Our Company launched guahao.com, an online doctor appointment platform, in the PRC

2015 We upgraded our brand name from “guahao.com” to “We Doctor”

We established Wuzhen Internet Hospital in Wuzhen, China, which was the first Internet hospital in the PRC

2017 We opened our first Internet hospital service center

2018 We launched our “mobile hospital” services empowered by our Internet hospital

We established We Doctor Taishan Chronic Disease Internet Hospital, which was the first Internet hospital focusing on CDM in the PRC

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Year Event

2019 We acquired Tai’an Pharmacy and launched China’s first municipal-level CDM services recognized by local healthcare security administration in Tai’an, Shandong Province

2020 We acquired Genea

We partnered with Tianjin Municipal Government to establish a medical consortium (醫聯體), with our Company’s Internet hospital being the lead hospital, to offer digital medical services including digital CDM services in Tianjin

We launched our WeDoctor COVID-19 platform to offer free consultation sessions and enabled direct settlement of medical bills for digital medical services by public health insurance in cities such as Tianjin and Wuhan

We were recognized as one of the top 50 smartest companies in China by MIT Technology Review

OUR MAJOR SUBSIDIARIES AND OPERATING ENTITIES

The principal business activities and date of establishment and commencement of business of each member of our Group that made a material contribution to our results of operations during the Track Record Period are shown below:

Name of entity Principal business activities Date of establishment

Guahao Hangzhou Online doctor appointment May 20, 2014 and digital medical consultation services

We Doctor Cloud Technology services March 2, 2012

We Doctor Zhejiang “Mobile hospital” services March 2, 2016

Wuzhen Internet Internet hospital business December 18, 2015 Hospital

Tai’an Pharmacy Chronic disease medicine November 5, 2010 fulfillment services

Genea Fertility treatment services October 2, 1984

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MAJOR SHAREHOLDING CHANGES OF OUR COMPANY

Our Company was incorporated as an exempted company with limited liability in the BVI on January 8, 2004, with an authorized share capital of US$50,000 divided into 50,000 shares with a par value of US$1.00 each, and later registered by way of continuation in the Cayman Islands on January 20, 2006. For subsequent shareholding changes, please refer to the section headed “Statutory and General Information – A. Further Information about Our Group – 2. Changes in the Share Capital of Our Company” in this Document.

MAJOR ACQUISITION

We have conducted a major acquisition during the Track Record Period, namely We Doctor HK obtained majority voting in Genea in January 2020 and subsequently increased the equity interest in Genea to 89.5% in June 2020. For other transactions we have conducted, including minority investments, none of which we consider to be material, please see note 34 to the Accountant’s Report as set out in Appendix I to this Document.

In September 2018, We Doctor HK formed a consortium with Wealth Infinity Global Limited (“Wealth Infinity”) and Aldworth Equity Fund SPC on account of Aldworth Equity 1 SP and Aldworth Opportunities Fund SP (collectively, the “Aldworth Entities”) and incorporated TT Holdings Limited (“TT Holdings”) in the Cayman Islands. We Doctor HK made a capital contribution of US$5 million to TT Holdings in exchange for 7.86% of the issued share capital of TT Holdings, and the remaining share capital of TT Holdings was held by Wealth Infinity and the Aldworth Entities. Around the same time, We Doctor HK subscribed for a promissory note (the “Promissory Note”) issued by TT Holdings for US$6 million and granted a loan facility (the “Loan Facility”) of US$29 million to MW Fertility Pte. Ltd. (“MW Fertility”), a non-wholly owned subsidiary of TT Holdings. MW Fertility in turn acquired approximately 89.5% of the issued share capital of Genea. In June 2020, we completed an upstream reorganization of Genea, whereby We Doctor HK converted the Promissory Note and the Loan Facility into shares of TT Holdings, and acquired the interest held by Wealth Infinity and the Aldworth Entities in TT Holdings and the interest held by other independent shareholders in MW Fertility in exchange for common shares issued by our Company. In connection with the upstream reorganization, we also issued to one shareholder of TT Holdings a promissory note of US$11.5 million. The total consideration for the acquisition equals to 21,793,028 common shares allotted and issued by our Company and US$14.8 million in cash. Upon completion of the upstream reorganization of Genea, We Doctor HK directly holds the entire issued share capital of TT Holdings and MW Fertility and indirectly holds approximately 89.5% of the entire issued share capital of Genea.

The acquisition of Genea was undertaken in order to introduce advanced fertility treatment technologies to enter into and better serve China’s growing fertility treatment market and to further expand our service offerings and service capabilities to users. The consideration for the acquisition was determined based on arm’s length negotiation among the parties with reference to the profitability of Genea. The Directors confirm that the acquisition of Genea was properly and legally completed (except for the cash consideration of US$11.5 million to be settled before the [REDACTED]).

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REORGANIZATION

The following diagram illustrates a simplified corporate structure of our Company and its principal subsidiaries immediately before the commencement of the Reorganization as described below.

Our Company

100% 100% 100% 100% 100% Wuzhen Internet We Doctor Guahao We Doctor We Doctor Hospital Management HK Hangzhou Zhejiang Cloud (Tongxiang) Co., Ltd.

100% 90% 100% 70% 51% TT Holdings Tai’an Wuzhen Shanghai Limited Hospital Internet We Doctor Online We Doctor(3) Management(4) Hospital 100% 100% Talent Triump Sanming Development Internet Limited Hospital 69.72% 30.28% 100%

MW Fertility(1)

89.5%

Genea(2)

Notes:

(1) MW Fertility is wholly owned by MWF Four Limited. MWF Four Limited is wholly owned by MWF Three Limited. MWF Three Limited is wholly owned by MWF Two Limited. MWF Two Limited is wholly owned by MWF One Limited. MWF One Limited is owned by Talent Triump Development Limited as to 69.72% and We Doctor HK as to 30.28%.

(2) Genea is owned by MW Fertility Pte. Ltd. as to 89.5% and an aggregate of 292 public shareholders as of the Latest Practicable Date as to 10.5%.

(3) Shanghai We Doctor is owned by Guahao Hangzhou as to 70% and Hangzhou Yikang as to 30%.

(4) Immediately before the commencement of the Reorganization, Tai’an Hospital Management was owned by Guahao Hangzhou as to 51% and Mr. Jing Weiguo as to 49%.

(5) Immediately before the commencement of the Reorganization, Wuzhen Internet Hospital was owned by Wuzhen Internet Hospital Management (Tongxiang) Co., Ltd. as to 90% and Tongxiang Health Investment Development Co., Ltd. (桐鄉市健康投資發展有限公司) as to 10%.

In preparation for the [REDACTED] and to streamline our corporate structure and business operations, we underwent the following Reorganization steps before the [REDACTED].

1. Setting up of the Contractual Arrangements

(i) Setting up of Flemington BVI and Flemington Hong Kong

On May 13, 2020, Flemington BVI was incorporated under the laws of BVI with limited liability. On May 9, 2020, Flemington Hong Kong was incorporated under the laws of Hong Kong with limited liability. Upon incorporation of Flemington Hong Kong, Flemington BVI held the entire issued share capital of Flemington Hong Kong.

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(ii) Changes of equity interest in Hangzhou Hospital Management

Hangzhou We Doctor is the shareholding platform of six companies established in the PRC with medical institution practice licenses. Hangzhou We Doctor is owned by Hangzhou Hospital Management as to 70% and Hangzhou Yikang as to 30%. On June 28, 2020, Flemington Hong Kong acquired 5% equity interest in Hangzhou Hospital Management from Ms. Fang Qin, one of our employees, at a consideration of RMB10,000. Afterwards, We Doctor Online acquired the remaining 95% equity interest in Hangzhou Hospital Management from Ms. Wang Yumei, one of our employees, at a consideration of RMB10,000.

(iii) Share swap between our Company and Flemington BVI

On December 10, 2020, our Company allotted 1,800 common shares to Flemington BVI in exchange for the entire issued share capital in Flemington Hong Kong. Upon completion of the share swap, Flemington Hong Kong became a wholly-owned subsidiary of our Company and Hangzhou Management became an indirectly wholly-owned subsidiary of our Company.

(iv) Entering into of the Contractual Arrangements

We entered into the Contractual Arrangements in order to comply with PRC laws and regulations while availing ourselves of international capital markets and maintaining effective control over all of our operations. In particular, the Medical Services Contractual Arrangements which took effect on June 5, 2020, whereby We Doctor Online and Hangzhou Hospital Management have acquired effective control over the financial and operational policies of Hangzhou Yikang, Shanghai We Doctor, Hangzhou We Doctor and their respective subsidiaries and have become entitled to all the economic benefits derived from their operations (excluding the economic benefits attributable to their minority shareholders). The Value-Added Telecommunication Services Contractual Arrangements which took effect on June 5, 2020, whereby Guahao Hangzhou has acquired effective control over the financial and operational policies of Hangzhou Health and has become entitled to all the economic benefits derived from its operations. For further details on the Contractual Arrangements, please see the section headed “Contractual Arrangements” in this Document.

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2. Streamlining of our corporate structure and business operations

(i) Establishment of the Excluded Group

Prior to the Reorganization, the principal businesses of our Group primarily consisted of two business units, namely (i) digital medical services and (ii) non-digital medical services including insurance brokerage, medicine exchange platform, medical education, video technology and equity investment in areas other than digital medical services. Due to the difference in nature of the two business units, they were operated separately under different management and business strategies. In order to streamline our corporate structure and business operations, on May 4, 2020, WDG was incorporated under the laws of the Cayman Islands with limited liability to be the shareholding platform of the companies which will be excluded for the purpose of the [REDACTED].

(ii) Acquisitions and disposals of certain companies between our Group and the Excluded Group

To streamline our corporate structure and business operations, our Group disposed of certain companies that primarily engage in non-digital medical services to the Excluded Group for an aggregate consideration of approximately RMB510 million which was determined with reference to historical investment costs of the relevant companies. Upon completion of such acquisitions and disposals, the principal business of our Group is digital medical services, whereas the principal businesses of the Excluded Group are non-digital medical services including insurance brokerage, medicine exchange platform, medical education, video technology and equity investment in areas other than digital medical services. As a consequence, we are of the view that the services offered by our Group and those offered by the Excluded Group are clearly segregated, and there are no competition or potential competition between them. For further details on the business delineation between our Group and the Excluded Group, please see the section headed “Relationship with our Controlling Shareholders – Excluded Group” in this Document.

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(iii) Settlement of historical intra-group account payables

To settle historical intra-group account payables due from the Excluded Group to our Company, on December 8, 2020, our Company declared a special dividend in an aggregate amount of US$300 million to the then shareholders of our Company. As agreed among our Company and the then shareholders of our Company, funds equal to the amount of the special dividend were injected into the Excluded Group, which used the funds to settle historical intra-group account payables to our Group. After such payment and before [REDACTED], there will be no material outstanding payables or receivables due between our Group and the Excluded Group.

RECLASSIFICATION AND RE-DESIGNATION OF OUR COMMON SHARES

On [●], our Shareholders resolved, among other things that, the common shares originally held by New Forte shall be reclassified as Class A Shares and all other common shares issued and unissued shall be reclassified as Class B Shares. In addition, our Shareholders resolved that, subject to the [REDACTED] becoming unconditional, all the issued and unissued Preferred Shares will be reclassified and re-designated as Class B Shares. After these changes are effected, the authorized share capital of our Company shall be US$500,000 divided into (i) 172,372,357 Class A Shares of US$0.0001 par value each and (ii) 4,827,627,643 Class B Shares of US$0.0001 par value each, and the issued share capital (including those Preferred Shares to be reclassified and re-designated as Class B Shares) shall be US$[REDACTED] divided into (i) [REDACTED] Class A Shares of US$0.0001 par value each and (ii) [REDACTED] Class B Shares of US$0.0001 par value each.

– 194 – CAPITALIZATION OF OUR COMPANY DOCUMENT. BE THIS MUST OF INFORMATION COVER THAT THE AND ON CHANGE “WARNING” TO HEADED SUBJECT SECTION AND THE INCOMPLETE WITH FORM, CONJUNCTION DRAFT IN IN READ IS DOCUMENT THIS ITR,ROGNZTO N OPRT STRUCTURE CORPORATE AND REORGANIZATION HISTORY,

The following table sets out our shareholding structure as of the date of this Document.

Aggregate

number of

shares ofAggregate

Common par valueownership

shares of US$0.0001percentage

par valueSeriesSeries A A-1Series BSeries CSeries C-1Series C-2Series DSeries D-1Series ESeries FSeries F-1Series F-2each as of theas of the

US$0.0001PreferredPreferredPreferredPreferredPreferredPreferredPreferredPreferredPreferredPreferredPreferredPreferreddate of thisdate of this (1) (1) Shareholders each Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares SharesDocumentDocument (%)

(2) New Forte 172,372,357 ––––––––––––172,372,357 13.49 Computershare Hong Kong 9 – 195 – (3) Trustees Limited 153,027,203 ––––––––––––153,027,203 11.97 Medical Connection

Technology Limited–––––––––––– 23,334,580 23,334,580 1.83 John Wu Jiong–––––––––––– 38,814,634 38,814,634 3.04 Alphabest Investment Limited–––––––––––– 2,584,315 2,584,315 0.22 Au Man Chung Malcolm–––––––––––– 3,529,766 3,529,766 0.28 Kwan Ming Sang Savio–––––––––––– 3,529,766 3,529,766 0.28 Fortune Hub Holdings Limited–––––––––––– 3,200,000 3,200,000 0.25 Inspired Elite Investments

Limited–––––––––––– 5,134,858 5,134,858 0.40 Cheer Win Ventures Limited–––––––––––– 9,100,000 9,100,000 0.71 Intelligence Sourcing Limited–––––––––––– 1,875,000 1,875,000 0.15 Zzlinvest Limited–––––––––––– 2,200,000 2,200,000 0.17 Sgghealth Limited–––––––––––– 1,000,000 1,000,000 0.08 Sequoia Capital China GF (4) Holdco III-A, Ltd. 9,917,740 ––––––––––5,586,592 – 15,504,332 1.21 Lead Flourish Limited–––––––––––– 1,641,939 1,641,939 0.13 Lingfeng CGK Limited–––––––––––– 6,102,957 6,102,957 0.48 EDI OJNTO IHTESCINHAE WRIG NTECVRO HSDOCUMENT. BE THIS MUST OF INFORMATION COVER THAT THE AND ON CHANGE “WARNING” TO HEADED SUBJECT SECTION AND THE INCOMPLETE WITH FORM, CONJUNCTION DRAFT IN IN READ IS DOCUMENT THIS Aggregate

number of STRUCTURE CORPORATE AND REORGANIZATION HISTORY,

shares ofAggregate

Common par valueownership

shares of US$0.0001percentage

par valueSeriesSeries A A-1Series BSeries CSeries C-1Series C-2Series DSeries D-1Series ESeries FSeries F-1Series F-2each as of theas of the

Frontier Turbo Limited 2,440,513––––––––––––2,440,513 0.19 Innovac International Limited6––– 1,220,25 –––––––––1,220,256 0.10 HK HongCheng Science &

Technology Limited 650,000––––––––––––650,000 0.05 Hi Team (Hong Kong) Online

Hospital Management Co., Limited 230,000––––––––––––230,000 0.02 9 – 196 – New Aspiration Limited3,729,084––––––––––––3,729,084 0.29

Aldworth Equity(5) 1 SP 1,406,551–––––––––762,870 – – 2,169,4210.17 Aldworth Opportunities (5) Fund SP 7,989,432–––––––––661,154 – – 8,650,5860.68 Classic Harmony Limited8––– 2,337,39 –––––––––2,337,398 0.18 Gaia Investment Management

Limited 1,829,951––––––––––––1,829,951 0.14 Dominos Fund L.P. 1,146,931––––––––––––1,146,931 0.09 Fortuna Fund L.P. 3,475,516––––––––––––3,475,516 0.27 Integrated Asset Management

(Asia) Limited 2,032,463––––––––––––2,032,463 0.16 Great Elite Global Limited6––– 1,574,78 –––––––––1,574,786 0.12 Fortune Glory Technology

(Hong Kong) Limited2,954,392––––––––––––2,954,392 0.23 TechBridge, Inc. 1,502,100––––––––––––1,502,100 0.12 Jinyu Yang 39,400––––––––––––39,400 0.00 SeeSi Universal Limited353,700––––––––––––353,700 0.03 Longling Capital Ltd 264,451––––––––––––264,451 0.02 Filwood Investments Limited9––– 161,60 –––––––––161,609 0.01 EDI OJNTO IHTESCINHAE WRIG NTECVRO HSDOCUMENT. BE THIS MUST OF INFORMATION COVER THAT THE AND ON CHANGE “WARNING” TO HEADED SUBJECT SECTION AND THE INCOMPLETE WITH FORM, CONJUNCTION DRAFT IN IN READ IS DOCUMENT THIS Aggregate

number of STRUCTURE CORPORATE AND REORGANIZATION HISTORY,

shares ofAggregate

Common par valueownership

shares of US$0.0001percentage

par valueSeriesSeries A A-1Series BSeries CSeries C-1Series C-2Series DSeries D-1Series ESeries FSeries F-1Series F-2each as of theas of the

Licton Springs Limited0––– 2,000,00 –––––––––2,000,000 0.16 Guoyuanjun Limited 9,342,059––––––––––––9,342,059 0.73 Golden Spring Limited66,300––––––––––––66,300 0.01 Sunnywish Limited 890,300––––––––––––890,300 0.07 Merge Investment Limited121,900––––––––––––121,900 0.01 Flemington International

Holdings Limited 1,800––––––––––––1,800 0.00 9 – 197 – Pegasus Force Limited247,321––––––––––––247,321 0.02 Glee Power Limited 1,243,376––––––––––––1,243,376 0.10 We Doctor Investment Limited 152,300––––––––––––152,300 0.01 QF BJ WY Limited 312,200––––––––––––312,200 0.02 Dragonstone Capital

Management Limited558,659––––––––––––558,659 0.04 Zippo Star Inc. 210,860––––––––––––210,860 0.02 Booming Development Limited9––– 510,96 –––––––––510,969 0.04 BLOSSOM RICH LIMITED 914,634––––––––––––914,634 0.07 Great Extent Investments (6) Limited 6,345,908––––––––––3,654,092 – 10,000,000 0.78 Oriental Success International (7) Limited – – – 4,602,531 –––––––––4,602,531 0.36 China Smarter Health Valley (8) Inc. – 14,000,000 – 4,730,809 –––––––––18,730,809 1.47 Sequoia Capital China Partners (4) Fund I, L.P. – 905,000 – 362,000 –––––––––1,267,000 0.10 Sequoia Capital China (4) Principals Fund I, L.P. – 1,219,000 – 487,600 –––––––––1,706,600 0.13 EDI OJNTO IHTESCINHAE WRIG NTECVRO HSDOCUMENT. BE THIS MUST OF INFORMATION COVER THAT THE AND ON CHANGE “WARNING” TO HEADED SUBJECT SECTION AND THE INCOMPLETE WITH FORM, CONJUNCTION DRAFT IN IN READ IS DOCUMENT THIS Aggregate

number of STRUCTURE CORPORATE AND REORGANIZATION HISTORY,

shares ofAggregate

Common par valueownership

shares of US$0.0001percentage

par valueSeriesSeries A A-1Series BSeries CSeries C-1Series C-2Series DSeries D-1Series ESeries FSeries F-1Series F-2each as of theas of the

Sequoia Capital China I, (4) L.P. – 7,876,000 – 3,150,400 –––––––––11,026,400 0.86 Yangzi River Investment (4) Limited – – 60,605,743 – – – – 43,754,910 – 9,154,443 – – – 113,515,0968.88 Morningside Technology (9) Investments Limited – – – 33,333,330 –––––––––33,333,330 2.61

9 – 198 – Morningside China TMT Fund (4) II, L.P. ––––28,000,000 23,129,940–––––––51,129,940 4.00 Emerald Hummingbird (10) Limited ––––33,600,000 ––––––––33,600,000 2.63 (11) Bay Owl Limited –––––18,503,950 –––––––18,503,950 1.45 (12) CAC Capital Limited –––––17,628,397 –––––– – 17,628,397 1.38 (13) CAC Capital-A Limited –––––4,068,641–––––– – 4,068,641 0.32 (14) CAC Capital-B Limited –––––6,102,962–––––– – 6,102,962 0.48 Fosun Industrial Co., (15) Limited –––––34,786,884 – ––––– – 34,786,884 2.72 Qiming Venture Partners IV, (4) L.P. –––––33,722,127 ––––– – – 33,722,127 2.64 Qiming Managing Directors (4) Fund IV, L.P. –––––1,064,757––––– – – 1,064,757 0.08 Morningside China TMT Top (4) Up Fund, L.P. –––––7,208,766––––– – – 7,208,766 0.56 Hillhouse GH Holdings (4) Limited –––––1,687,852 6,373,73 –2–––– – 8,061,584 0.63 EDI OJNTO IHTESCINHAE WRIG NTECVRO HSDOCUMENT. BE THIS MUST OF INFORMATION COVER THAT THE AND ON CHANGE “WARNING” TO HEADED SUBJECT SECTION AND THE INCOMPLETE WITH FORM, CONJUNCTION DRAFT IN IN READ IS DOCUMENT THIS Aggregate

number of STRUCTURE CORPORATE AND REORGANIZATION HISTORY,

shares ofAggregate

Common par valueownership

shares of US$0.0001percentage

par valueSeriesSeries A A-1Series BSeries CSeries C-1Series C-2Series DSeries D-1Series ESeries FSeries F-1Series F-2each as of theas of the

Great Health Investments (16) Limited –––––5,634,041 4,426,747 – 30,514,811 – – – – 40,575,599 3.17 Hillhouse GHJV Holdings (4) Limited –––––6,759,889 5,311,34 –1–––– – 12,071,230 0.94 Hillhouse GH-III Holdings (4) Limited –––––6,424,171––––– – – 6,424,171 0.50

9 – 199 – Hillhouse GH-II Holdings (4) Limited –––––––––36,617,773 – – – 36,617,773 2.87 Broad Street Investments

Holding (Singapore) Pte. Ltd.(4) –––––––––19,936,343 – – – 19,936,343 1.56 MBD Bridge Street 2015

Investments (Singapore) Pte. Ltd.(4) –––––––––4,984,086 – – – 4,984,0860.39 Suzhou Industrial Park

Kaiyuan Yikang Venture Capital, L.P. (蘇州工業園區開元怡康創業投資企業) (17) –––––––––30,514,811 – – – 30,514,811 2.39 (18) Regal Gesture Limited –––––––––39,669,253 – – – 39,669,253 3.10 Shanghai Lianxi Investment

Management, L.P. (上海聯羲投資管理中心有限合夥((19) )) –––––––––6,102,962 – – – 6,102,9620.48 China Healthcare Opportunities (20) WD 1 Pte. Ltd. –––––––––5,594,382 – – – 5,594,3820.44 EDI OJNTO IHTESCINHAE WRIG NTECVRO HSDOCUMENT. BE THIS MUST OF INFORMATION COVER THAT THE AND ON CHANGE “WARNING” TO HEADED SUBJECT SECTION AND THE INCOMPLETE WITH FORM, CONJUNCTION DRAFT IN IN READ IS DOCUMENT THIS Aggregate

number of STRUCTURE CORPORATE AND REORGANIZATION HISTORY,

shares ofAggregate

Common par valueownership

shares of US$0.0001percentage

par valueSeriesSeries A A-1Series BSeries CSeries C-1Series C-2Series DSeries D-1Series ESeries FSeries F-1Series F-2each as of theas of the

Botannia Investment Holdings (21) Limited ––––––––––12,195,122 – – 12,195,1220.95 (4) AIA Company Limited ––––––––––20,343,207 – – 20,343,2071.59 (22) Acute Neptune Limited ––––––––––8,148,085 – – 8,148,085 0.64 Great Health Investment (23) Limited Partnership ––––––––––5,594,382 – – 5,594,382 0.44

0 – 200 – CICFH Healthcare Investment (4) LP ––––––––––12,205,925 – – 12,205,9250.96 Great Wall International (24) Investment XXII Limited––––––––––10,171,604 – – 10,171,6040.80 (25) GDZ International Limited––––––––––10,171,604 – – 10,171,6040.80 Zhongtai Pre-IPO Funds-We (26) Doctor SP ––––––––––2,034,321 – – 2,034,321 0.16 AMTD Biomedical Investment (27) Limited ––––––––––2,034,321 – – 2,034,321 0.16 CCB International Overseas (28) Limited ––––––––––3,051,481 – – 3,051,481 0.24 (29) Pacific Creation Limited ––––––––––1,017,160 – – 1,017,160 0.08 Richlink Healthcare Tech Fund (30) I L.P. ––––––––––813,728 – – 813,728 0.06 CTS Hermitage China Fund

SPC – CM Digital Healthcare(31) Fund SP ––––––––––9,866,455 – – 9,866,455 0.77 EDI OJNTO IHTESCINHAE WRIG NTECVRO HSDOCUMENT. BE THIS MUST OF INFORMATION COVER THAT THE AND ON CHANGE “WARNING” TO HEADED SUBJECT SECTION AND THE INCOMPLETE WITH FORM, CONJUNCTION DRAFT IN IN READ IS DOCUMENT THIS Aggregate

number of STRUCTURE CORPORATE AND REORGANIZATION HISTORY,

shares ofAggregate

Common par valueownership

shares of US$0.0001percentage

par valueSeriesSeries A A-1Series BSeries CSeries C-1Series C-2Series DSeries D-1Series ESeries FSeries F-1Series F-2each as of theas of the

BOCOM International

Holdings Company Limited(32) ––––––––––1,017,160 – – 1,017,160 0.08 (33) Merlion Macro Fund ––––––––––915,445 – – 915,445 0.07 Caprice Development (S) (34) Pte. Ltd. ––––––––––50,858 – – 50,858 0.00

0 – 201 – Chua Sai Men ––––––––––50,858 – – 50,858 0.00 (35) Kaginic Prime Limited ––––––––––508,580 – – 508,580 0.04 (36) Duxton Pavilion Pte. Ltd.––––––––––101,716 – – 101,716 0.01 Huagai Healthcare Wedoc (37) Company Limited –––––––––––1,330,730 – 1,330,7300.10 Bradbury Private Equity (38) Fund A –––––––––––5,586,592 – 5,586,5920.44 Starry Castle Holdings (39) Limited –––––––––––548,861 – 548,861 0.04 Integrated Core Strategies (4) (Asia) Pte. Ltd. –––––––––––12,104,283 – 12,104,283 0.95 CICFH New Dynamics

Investment SPC for and on behalf of CICFH Healthcare Investment Fund I Segregated Portfolio

(4) –––––––––––13,035,382 – 13,035,382 1.02 (40) Perfect Combo Limited –––––––––––5,094,284 – 5,094,2840.40 (41) Sunshine Colours Limited–––––––––––956,080 – 956,080 0.07 EDI OJNTO IHTESCINHAE WRIG NTECVRO HSDOCUMENT. BE THIS MUST OF INFORMATION COVER THAT THE AND ON CHANGE “WARNING” TO HEADED SUBJECT SECTION AND THE INCOMPLETE WITH FORM, CONJUNCTION DRAFT IN IN READ IS DOCUMENT THIS Aggregate

number of STRUCTURE CORPORATE AND REORGANIZATION HISTORY,

shares ofAggregate

Common par valueownership

shares of US$0.0001percentage

par valueSeriesSeries A A-1Series BSeries CSeries C-1Series C-2Series DSeries D-1Series ESeries FSeries F-1Series F-2each as of theas of the

Huaxintong International

Investment Management Limited(42) –––––––––––3,724,395 – 3,724,3950.29 Jubilance Real Estate (43) Limited –––––––––––1,862,197 – 1,862,1970.15 Pure Delta Capital (44)

0 – 202 – Fund L.P. –––––––––––5,586,592 – 5,586,5920.44 China Union Financial Holding (45) Limited –––––––––––1,188,082 – 1,188,0820.09 CICFH New Dynamics

Investment SPC for and on behalf of CPIC-CICFH Healthcare Investment I Segregated Portfolio

(4) ––––––––––––17,884,615 17,884,615 1.40

Total 495,622,234 24,000,000 60,605,743 46,666,670 61,600,000 41,633,890 27,800,000 141,043,397 16,111,820 183,088,864 101,716,036 60,258,162 17,884,615 1,278,031,431 100.00 THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. HISTORY, REORGANIZATION AND CORPORATE STRUCTURE

Notes:

(1) Our Company will adopt a WVR structure through two classes of Shares, namely Class A Shares and Class B Shares, upon completion of the [REDACTED]. Class A Shares entitle the holder to ten votes per share at general meetings of our Company (other than with respect to the Reserved Matters) and Class B Shares entitle the holders to one vote per share at general meetings of our Company. In all other respects, Class A Shares and Class B Shares rank pari passu.

(2) New Forte is wholly-owned by Willgreat, which is in turn wholly-owned by Mr. Liao. Willgreat is in the process of transferring its assets to Mr. Liao’s family trust to be established before the [REDACTED]. Accordingly, Mr. Liao is deemed to be interested in the total number of Class A Shares to be held by New Forte.

(3) Computershare Hong Kong Trustees Limited (the “Trustee”) holds 153,027,203 common shares in our Company on trust for the Share Incentive Plan.

(4) For details of these Shareholders, please refer to the sub-section headed “[REDACTED] Investments – Information on the Principal [REDACTED] Investors” in this section.

(5) Each of Aldworth Equity 1 SP and Aldworth Opportunities Fund SP is a segregated portfolio under Aldworth Equity Fund SPC. Aldworth Equity Fund SPC (“Aldworth SPC”) is a segregated portfolio company incorporated in the Cayman Islands with limited liability and is managed by Aldworth Equity Advisors Limited (formerly known as Aldworth Equity Management Limited). Aldworth SPC invests in online healthcare projects, assisted reproductive service provider and related equipment manufacturer.

(6) Great Extent Investments Limited (“Great Extent”) is a limited liability company incorporated in the BVI. Great Extent is wholly owned by China Merchants Union (BVI) Limited. China Merchants Union (BVI) Limited is an overseas investment platform dedicated to support international expansion of China Merchants Group, a state-owned conglomerates in the PRC.

(7) Oriental Success International Limited (“Oriental Success”) is a limited liability company incorporated in the BVI and is wholly owned by Mr. Jiang Qing, who is an independent third party.

(8) China Smarter Health Valley Inc. (“China Smarter”) is a limited liability company incorporated in the BVI. China Smarter is wholly owned by Star Height Investments Limited.

(9) Morningside Technology Investments Limited (“Morningside Technology”) is a limited liability company incorporated in the BVI. Morningside Technology is wholly owned by Morningside CyberVentures Holdings Limited, which is wholly owned by a family trust established by Ms. Chan Tan Ching Fen, who is an independent third party.

(10) Emerald Hummingbird Limited is an investment holding vehicle incorporated in the BVI, whose issued share capital is majority owned by Fenghe Fund L.P. and GW Capital Fund II, L.P. The general partner of Fenghe Fund L.P. is Fenghe Fund GP Limited, which is wholly owned by Fenghe Holdings Ltd. (“Fenghe”). Fenghe is owned by Mr. John Wu Jiong, Mr. Matt Hu and Mr. Kwek Hyen Yong as to 45%, 45% and 10%. The general partner of GW Capital Fund II, L.P. is GW Capital GP Limited, which is indirectly wholly owned by Mr. Tang Hao.

(11) Bay Owl Limited is an investment holding vehicle incorporated in the BVI and is majority owned by Fenghe Fund II, L.P. and Fortune Park L.P., whose general partners are Fenghe Fund II GP Limited and Fortune Park Ltd, respectively. Both Fenghe Fund II GP Limited and Fortune Park Ltd are wholly owned by Fenghe. For details of the background of Fenghe, please refer to note (11) above.

(12) CAC Capital Limited (“CAC”) is a limited liability company incorporated in the BVI. CAC is owned by Shanghai CAC Venture Capital Co., Ltd. (上海正賽聯創業投資有限公司)(“Shanghai CAC”) as to 96% and Hangzhou Zheailing Equity Investment Partnership (Limited Partnership) (杭州浙愛靈股權投資合夥企業(有限合夥)) as to 4%. Shanghai CAC focuses on equity investment in early and mid-term innovative companies in new energy, energy conservation and environmental protection, mobile Internet and other industries.

(13) CAC Capital-A Limited is a limited liability company incorporated in the BVI. It is wholly owned by Chample International Limited (“Chample”). Chample is wholly owned by Mr. Li Feng, who is an independent third party.

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(14) CAC Capital-B Limited (“CAC B”) is a limited liability company incorporated in the BVI. CAC B is owned by CAC as to 51% and Homericapital HK Limited Partnership Fund (香港和創紀元有限合夥基金) as to 49%.

(15) Fosun Industrial Co., Limited (“Fosun Industrial”) is a limited liability company incorporated in Hong Kong. Fosun Industrial is wholly owned by Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (上海復興醫藥(集團) 股份有限公司), the shares of which are listed on the Stock Exchange (stock code: 02196) and the Shanghai Stock Exchange (stock code: 600196).

(16) Great Health Investments Limited (“Great Health”) is a limited liability company incorporated in the BVI. Great Health is an investment company that mainly invests in medical and health services related fields.

(17) Suzhou Industrial Park Kaiyuan Yikang Venture Capital, L.P. (蘇州工業園區開元怡康創業投資企業(有限合夥)) (“Suzhou Kaiyuan Yikang”) is a limited partnership established in the PRC. The general partner of Suzhou Kaiyuan Yikang is CDB Capital FoF Management Co., Ltd. (國開開元股權投資基金管理有限公司), which is owned by China Development Bank Capital Co., Ltd. (國開金融有限責任公司) as to 70% and Suzhou Oriza Holdings Co., Ltd. (蘇州元禾控股股份有限公司) as to 30%.

(18) Regal Gesture Limited (“Regal Gesture”) is a limited liability company incorporated in Hong Kong. Regal Gesture is wholly owned by Fosun Industrial.

(19) Shanghai Lianxi Investment Management, L.P. (上海聯羲投資管理中心(有限合夥)) (“Shanghai Lianxi”) is a limited partnership established in the PRC. Shanghai Lianxi is managed by Shanghai Lianxin Investment Consulting Co., Ltd. (上海聯新投資諮詢有限公司), which is owned by Mr. Qu Liefeng as to 70%, Mr. Xu Hai as to 15%, Shanghai Lianhe Asset Management Co., Ltd. (上海聯和資產管理有限公司)(“Shanghai Lianhe”) as to 10% and Mr. Li Degui as to 5%. Shanghai Lianhe is ultimately wholly owned by Shanghai State-owned Assets Supervision and Administration Commission (上海市國有資產監督管理委員會). Each of Mr. Qu Liefeng, Mr. Xu Hai and Mr. Li Degui is an independent third party.

(20) China Healthcare Opportunities WD 1 Pte. Ltd. (“China Healthcare”) is a limited liability company incorporated in the Republic of Singapore. China Healthcare is ultimately wholly owned by Investcorp Holdings B.S.C. (“Investcorp”), the shares of which are listed on the Bahrain Bourse (stock code: INVCORP). Investcorp is a global manager of alternative investments.

(21) Botannia Investment Holdings Limited is an investment holding company incorporated in the BVI and is wholly owned by Bradbury Private Equity Fund B. Bradbury Private Equity Fund B is an investment holding company incorporated in the Cayman Islands and is wholly owned by Bradbury Fund Management Limited, an investment holding company incorporated in the Cayman Islands. Bradbury Asset Management (Hong Kong) Limited, a part of Bradbury Group, is an asset management company incorporated in Hong Kong and has been appointed as the investment manager. Bradbury Group is a comprehensive financial institution consists of several licensed professional entities that specialize in offering international securities brokerage, asset management, investment funds and wealth management services to sophisticated investors globally. Their prime private equity portfolios spans across capital markets, real estate developments, green technology, e-commerce, healthcare, and others.

(22) Acute Neptune Limited (“Acute”) is a limited liability company incorporated in the BVI. Acute is wholly owned by Gravy Train Investments Limited. Gravy Train Investments Limited is ultimately owned by NWS Holdings Limited, the shares of which are listed on the Stock Exchange (stock code: 00659).

(23) Great Health Investment Partnership (“GHIP”) is a limited partnership established in the Cayman Islands. Alliance Capital Investment Limited is the general partner of GHIP.

(24) Great Wall International Investment XXII Limited (“Great Wall”) is a limited liability company incorporated in the BVI. Great Wall is wholly owned by China Great Wall AMC (International) Holdings Company Limited, which is in turn wholly owned by China Great Wall Asset Management Co., Ltd. (中國長城資產管理股份有限公司), a Chinese state-owned financial asset management company.

(25) GDZ International Limited is a limited liability company incorporated in the BVI and is wholly owned by Mr. Lu Weiding, who is an independent third party.

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(26) Zhongtai Pre-IPO Funds – We Doctor SP is a segregated portfolio under Win Win International Strategic Investment Funds SPC. Win Win International Strategic Investment Funds SPC is a segregated portfolio company incorporated in the Cayman Islands with limited liability, and is managed by Zhongtai International Asset Management Limited. Zhongtai International Asset Management Limited is ultimately wholly owned by Zhongtai Securities Co., Ltd. (中泰證券有限公司), the shares of which are listed on the Shanghai Stock Exchange (stock code: 600918).

(27) AMTD Biomedical Investment Limited (“AMTD Biomedical”) is a limited liability company incorporated in the BVI. AMTD Biomedical is indirectly and wholly owned by AMTD Digital Inc., which is a comprehensive digital solutions platform with businesses spanning digital financial services, digital investments, digital ecosystem solutions, digital media, content and marketing. AMTD Digital Inc. is controlled by AMTD Group Company Limited.

(28) CCB International Overseas Limited is a limited liability company incorporated in Hong Kong. It is indirectly wholly owned by CCB International (Holdings) Limited (建銀國際(控股)有限公司)(“CCBI”). CCBI is an investment services flagship indirectly wholly owned by China Construction Bank Corporation, a joint-stock company established in the PRC, the shares of which are listed on the Stock Exchange (stock code: 00939) and the Shanghai Stock Exchange (stock code: 601939).

(29) Pacific Creation Limited is a limited liability company incorporated in the BVI and is wholly owned by Mr. Ren Jun.

(30) Richlink Healthcare Tech Fund I L.P. (“Richlink”) is a limited partnership established in the Cayman Islands. The general partner of Richlink is Richlink Healthcare Tech Fund I GP Limited. Richlink Healthcare Tech Fund I GP Limited is ultimately controlled by Mr. Kung Sze Wai. Richlink focuses on making equity investments in private companies.

(31) CM Digital Healthcare Fund SP is the segregated portfolio under CTS Hermitage China Fund SPC. CTS Hermitage China Fund SPC – CM Digital Healthcare Fund SP is wholly controlled by Hermitage Fund Management Limited.

(32) BOCOM International Holdings Company Limited (“BOCOM International”) is a limited liability company incorporated in Hong Kong and its shares are listed on the Stock Exchange (stock code: 03329). BOCOM International is the only integrated platform for securities and securities-related financial services of Bank of Communications Co., Ltd. (a Chinese state-owned joint stock commercial bank) in Hong Kong.

(33) Merlion Macro Fund (“Merlion”) is a limited liability company incorporated in the Cayman Islands. Merlion is owned by Premium United Holdings Limited as to 37.97%, Maple Arch Holdings Limited as to 61.25% and Ms. Pauline Lyman as to 0.77%. Premium United Holdings Limited is wholly owned by Ms. Lu Elke. Maple Arch Holdings Limited is wholly owned by Ms. Li Su Lui. Each of Ms. Pauline Lyman, Ms. Lu Elke and Ms. Li Su Lui is an independent third party.

(34) Caprice Development (S) Pte. Ltd. (“Caprice”) is a limited liability company incorporated in the Republic of Singapore and ultimately controlled by Ms. Chou Geok Lin. Caprice primarily makes private equity investments in the information technology, oil & gas services, food & beverages services and healthcare sectors.

(35) Kaginic Prime Limited (“Kaginic”) is a limited liability company incorporated in the BVI. Kaginic is wholly owned by Kaginic Trustee Pte. Limited. Kaginic Trustee Pte. Limited is wholly owned by Trident Trust Company (Singapore) Pte. Limited.

(36) Duxton Pavilion Pte. Ltd. (“Duxton”) is a limited liability company incorporated in the Republic of Singapore. Duxton is wholly owned by Flux Pavilion Pte. Ltd. Flux Pavilion Pte. Ltd. is wholly owned by Mr. Kuan Ai We and Mr. Kuan Vin Seung, who are independent third parties.

(37) Huagai Healthcare Wedoc Company Limited (“Huagai”) is a limited liability company incorporated in the BVI. Huagai is wholly owned by Beijing Huagai Xincheng Yuanhang Medical Industry Investment Partnership (Limited Partnership) (北京華蓋信誠遠航醫療產業投資合夥企業(有限合夥)) (“Beijing Huagai”). The general partner of Beijing Huagai is Huagai Medical Investment Management (Beijing) Co., Ltd. (華蓋醫療投資管理 (北京)有限公司), which is controlled by Huagai Capital Co., Ltd. (華蓋資本有限責任公司).

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(38) Bradbury Private Equity Fund A is an investment holding company incorporated in the Cayman Islands and is wholly owned by Bradbury Fund Management Limited, an investment holding company incorporated in the Cayman Islands. For details of the background of Bradbury Fund Management Limited, please refer to note (21) above.

(39) Starry Castle Holdings Limited (“Starry Castle”) is a limited liability company incorporated in the BVI. Starry Castle is wholly owned by Shanghai Juhui Enterprise Management, L.P. (上海居慧企業管理合夥企業 (有限合夥)), which was owned by Beijing Fuhuixiang Education Technology Co. Ltd. (北京福慧祥教育科技有限公司)(“Beijing Fuhuixiang”) as to 99.95% and Ms. Jiang Ying as to 0.05%. Beijing Fuhuixiang is wholly owned by Ms. Jiang Ying, who is an independent third party.

(40) Perfect Combo Limited (“Perfect Combo”) is a limited liability company incorporated in the BVI. Perfect Combo is wholly owned by Shanghai Weizheng Yihe Enterprise Management Partnership (Limited Partnership) (上海微正醫和企業管理合夥企業(有限合夥)) (“Shanghai Weizheng Yihe”). Beijing Xinyoubang Information Technology Co. Ltd. (北京信友邦信息科技有限公司) is the general partner of Shanghai Weizheng Yihe.

(41) Sunshine Colours Limited (“Sunshine Colours”) is a limited liability company incorporated in the BVI. Sunshine Colours is wholly owned by Shanghai Guangru Investment Management Partnership (Limited Partnership) (上海廣如投資管理合夥企業(有限合夥)) (“Shanghai Guangru”). Shanghai Guangru is ultimately controlled by Ms. Ma Xiuhui, who is an independent third party.

(42) Huaxintong International Investment Management Limited is a limited liability company incorporated in the BVI and is wholly owned by Mr. Gao Yangyu, who is an independent third party.

(43) Jubilance Real Estate Limited is a limited liability company incorporated in the BVI and is wholly owned by Ms. Lam Fung Ying, who is an independent third party.

(44) Pure Delta Capital Fund L.P. (“Pure Delta”) is an exempted limited partnership established in the Cayman Islands. The general partner of Pure Delta is Brookdale Investment Management Co., Ltd. Brookdale Investment Management Co., Ltd. is wholly owned by Sino Hope Investment Management Co., Limited.

(45) China Union Financial Holding Limited is wholly owned by I Win Securities Limited. I Win Securities Limited is owned by Smark Holding Limited as to 66.67% and Lobster Financial Holdings Limited as to 33.33%. Smark Holding Limited is owned by Ms. Fung Yee Lin, Rita as to 75% and Mr. Wong Wai Kuen, Raphael as to 25%. Lobster Financial Holdings Limited is wholly owned by Mr. Zhu Yun. Each of Ms. Fung Yee Lin, Rita, Mr. Wong Wai Kuen, Raphael and Mr. Zhu Yun is an independent third party.

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[REDACTED] INVESTMENTS

1. Overview

Since our establishment, our Company has received 12 rounds of [REDACTED] Investments which are summarized in the table below.

Total number of shares subscribed under the Corresponding Date of share share Cost per Discount post-money subscription subscription share Amount of to the valuation of Round agreement Closing date agreement paid consideration [REDACTED](1) our Company(2) (US$) (US$) (US$)

Series A June 16, 2006 June 30, 2006 60,000,000 0.05 3,000,000 [REDACTED]% 10 million Series B August 7, 2007 August 15, 2007 80,000,000 0.15 12,000,000 [REDACTED]% 42 million Series C December 27, 2011 January 20, 2012 61,600,000 0.18 11,000,000 [REDACTED]% 68 million Series C-1 December 27, 2011 January 29, 2014 50,885,870 0.22 11,000,000 [REDACTED]% 111 million Series A-1 August 4, 2014 September 16, 2014 60,605,743 0.30 17,921,170 [REDACTED]% 497 million Series C-2 September 16, 2014 September 16, 2015 27,800,000 0.17 4,697,262 [REDACTED]% 497 million Series D November 21, 2014, December 31, 2015 141,043,397 0.70 97,827,700 [REDACTED]% 497 million May 15, 2015 Series D-1 May 15, 2015 December 31, 2015 16,111,820 1.00 16,111,820 [REDACTED]% 732 million Series E November 30, 2015 June 30, 2016 183,088,864 1.64 300,000,000 [REDACTED]% 1.5 billion Series F May 8, 2018 February 18, 2021 101,716,036 4.92 500,000,001 [REDACTED]% 5.5 billion Series F-1 and October 27, 2020 to December 21, 2020 78,142,777 5.20- 411,163,095 [REDACTED]% 6.7 billion F-2 February 11, 2021 and February 11, 5.28 2021

Notes:

(1) The discount to the [REDACTED] is calculated based on the assumption that the [REDACTED]is HK$[REDACTED] per Share, being the mid-point of the indicative [REDACTED] of HK$[REDACTED]to HK$[REDACTED] per [REDACTED] and an exchange rate of HK$7.7655 to US$1.00.

(2) The respective post-money valuation of our Company upon completion of Series A financing to Series F financing includes valuation of certain subsidiaries that have been disposed of as part of the Reorganization. The post-money valuation of our Company upon completion of Series F-1 and F-2 financing only include valuation of our current Group to be [REDACTED].

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Principal terms of the [REDACTED] Investments and [REDACTED] Investors’ rights

Lock-up period The Class B Shares to be held by the [REDACTED] Investors upon conversion of the Preferred Shares will be subject to restrictions on transferability and resale, including a lockup period of up to 180 days in the event of the [REDACTED].

All the [REDACTED] Investors that are sophisticated investors will retain at least an aggregate of 50% of their investment at the time of [REDACTED] for a period of at least six months following the [REDACTED], in accordance with the Stock Exchange’s Guidance Letter HKEX-GL93-18.

Use of [REDACTED] from the We utilized the proceeds from the [REDACTED] [REDACTED] Investments Investments for the operations of our Company and in accordance with the business plan or budget as approved by the Board. As of the Latest Practicable Date, the proceeds from the [REDACTED] Investments had not yet been fully utilized.

Strategic benefits the At the time of the [REDACTED] Investments, our [REDACTED] Investors Directors were of the view that our Company would brought to our Company benefit from the additional capital provided by the [REDACTED] Investors’ investments in our Company and their knowledge and experience.

Basis of determining the The consideration for the [REDACTED] Investments consideration paid were determined based on arm’s length negotiations between our Company and the [REDACTED] Investors after taking into account the timing of the investments and the status of our business and operations.

Conversion The conversion of the Preferred Shares to Class B Shares will be effected at a fixed conversion ratio for each series of the Preferred Shares as provided in the existing articles of association of our Company. The initial conversion ratio may be adjusted from time to time by customary events including, among others, share split, share combination, or payment of a share dividend.

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2. Special rights of the [REDACTED] Investors

All of our [REDACTED] Investors are currently bound by the terms of the existing articles of association of our Company, which will be replaced by our Articles effective upon completion of the [REDACTED]. Pursuant to the existing articles of association of our Company and the Investors’ Rights Agreement, the ROFR Agreement and the Voting Agreement entered into by, among others, our Company, holders of our common shares and Preferred Shares, the [REDACTED] Investors were granted certain special rights in relation to our Company, including, among others, customary rights of first refusal, co-sale rights, pre-emptive rights, redemption rights and information rights.

The redemption rights granted under the existing articles of association of our Company automatically terminated immediately before the submission of the first [REDACTED]byour Company to the Stock Exchange, provided that, the redemption rights shall be revived upon the earlier of (i) the rejection of such [REDACTED] by the Stock Exchange; (ii) the withdrawal of such [REDACTED] by our Company; and (iii) such [REDACTED] expiring or otherwise ceasing to be valid. The other special rights granted by our Company under the existing articles of association of our Company, the Investors’ Rights Agreement, the ROFR Agreement and the Voting Agreement will automatically terminate on the occurrence of an [REDACTED]ofthe shares of our Company.

In addition, to the extent permitted under applicable laws, regulations and rules of relevant regulatory authority or stock exchange, prior to the [REDACTED], each holder of Preferred Shares shall have the right to require our Company to issue additional shares to such holder of Preferred Shares (and/or any of its affiliates), which will be subscribed for at the [REDACTED], so that the aggregate ownership of such holder of Preferred Shares (together with its affiliates) in our Company immediately after the completion of the [REDACTED] will be the same as the aggregate ownership of such holder of Preferred Shares (together with its affiliates) in our Company immediately prior to the [REDACTED]. Finally, our controlling shareholder has granted certain special right to certain [REDACTED] Investor which will survive the [REDACTED] as permitted under Guidance Letter HKEX-G43-12 issued by the Stock Exchange in October 2012 and updated in July 2013 and March 2017.

3. Public Float

Upon completion of the [REDACTED] (assuming the [REDACTED] is not exercised and all the Class B Shares subject to the awards that can be granted under the Share Incentive Plan are allotted and issued), the [REDACTED] Investors will collectively hold [REDACTED] Class B Shares, representing approximately [REDACTED]% of the issued share capital of our Company (on a one share, one vote basis). No [REDACTED] Investor is a core connected person of our Company. Therefore, all the Class B Shares to be held by the [REDACTED] Investors will count towards the public float.

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4. Information on the Principal [REDACTED] Investors

Set out below is a description of our [REDACTED] Investors that are Sophisticated Investors, being private equity funds and investment companies that have made meaningful investments in our Company (each holding approximately 0.95% to 8.88% of our total issued Shares immediately prior to completion of the [REDACTED] (assuming all the Preferred Shares are converted into Class B Shares on a one-to-one basis)).

Yangzi River Investment Limited, a limited liability company incorporated under the laws of BVI, is wholly-owned by Tencent Holdings Limited (“Tencent”), a company listed on the Stock Exchange (stock code: 00700). Tencent is a leading provider of Internet value-added services in China, including communications and social, digital content, advertising, fintech and cloud services.

Hillhouse GH Holdings Limited (“HH GH”) is a company limited by shares formed under the laws of the BVI. HH GH is wholly owned by Hillhouse GH Holdings, L.P. (“GH L.P.”). GH L.P. is an exempted limited partnership registered in the Cayman Islands, the general partner of which is Hillhouse GH-II Co-Invest GP, Ltd. Hillhouse GH-II Holdings Limited (“HH GH-II”) is a company limited by shares formed under the laws of the BVI. HH GH-II is wholly owned by Hillhouse GH-II Co-Invest Holdings, L.P. (“GH-II L.P.”). GH-II L.P. is an exempted limited partnership registered in the Cayman Islands, the general partner of which is Hillhouse GH-II Co-Invest GP, Ltd. Hillhouse GH-III Holdings Limited (“HH GH-III”) is a company limited by shares formed under the laws of the BVI. HH GH-III is wholly owned by Hillhouse GH-III Holdings, L.P. (“GH-III L.P.”). GH-III L.P. is an exempted limited partnership registered in the Cayman Islands, the general partner of which is Hillhouse GH-II Co-Invest GP, Ltd. Hillhouse GHJV Holdings Limited (“HH GHJV”, together with HH GH, HH GH-II and HH GH-III, “Hillhouse Vehicles”) is a company limited by shares formed under the laws of the BVI. HH GHJV is wholly owned by Hillhouse GH Co-Invest Holdings, L.P. (“GHJV L.P.”). GHJV L.P. is an exempted limited partnership registered in the Cayman Islands, the general partner of which is Hillhouse GH-II Co-Invest GP, Ltd. Hillhouse GH-II Co-Invest GP, Ltd. the general partner of GH L.P., GH-II L.P., GH-III L.P. and GHJV L.P., is wholly owned by Hillhouse Capital Group Limited, which is affiliated to Hillhouse Capital Management, Ltd. (“Hillhouse Capital”). Founded in 2005, Hillhouse Capital is a global firm of investment professionals and operating executives who are focused on building and investing in high quality business franchises that achieve sustainable growth. Hillhouse Capital invests in the healthcare, consumer, TMT, advanced manufacturing, financial and business service sectors in companies across all equity stages. Hillhouse Capital and its group members manage assets on behalf of institutional clients such as university endowments, foundations, sovereign wealth funds and family offices.

Morningside China TMT Fund II, L.P. and Morningside China TMT Top Up Fund, L.P. (“5Y Capital”) are private equity funds registered in the Cayman Islands. Morningside China TMT Fund II, L.P. and Morningside China TMT Top Up Fund, L.P. are controlled by Morningside China TMT GP II, L.P., their general partner. Morningside China TMT GP II, L.P. is controlled by TMT General Partner Ltd., its general partner. TMT General Partner Ltd. is controlled by Mr. Liu Qin, Mr. Shi Jianming and Morningside Venture (VII) Limited.

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CICFH Healthcare Investment LP is an exempted limited partnership established in the Cayman Islands, whose general partner is CICFH Healthcare Investment GP Limited. CICFH Healthcare Investment GP Limited is ultimately controlled by China Investment Financial Holdings Fund Management Company Limited (中投中財基金管理有限公司)(“CIFH”). CICFH Healthcare Investment Fund I Segregated Portfolio and CPIC-CICFH Healthcare Investment I Segregated Portfolio are segregated portfolios of CICFH New Dynamics Investment SPC. CICFH New Dynamics Investment SPC is a segregated portfolio company incorporated in the Cayman Islands with limited liability, whose management shareholder is CICFH International Consulting Limited. CICFH International Consulting Limited is ultimately controlled by CIFH. CIFH is a registered private fund manager in the PRC mainly focusing on industrial investment.

AIA Company Limited is a limited liability company incorporated in Hong Kong and is wholly owned by AIA Group Limited (“AIA”), the shares of which are listed on The Stock Exchange of Hong Kong Limited (stock code: 01299). AIA and its subsidiaries are principally engaged in life and general insurance business.

Each of Qiming Venture Partners IV L.P. and Qiming Managing Directors Fund IV, L.P. is an exempted limited partnership registered in the Cayman Islands. The general partner of Qiming Venture Partners IV, L.P. is Qiming GP IV, L.P., an exempted limited partnership registered in the Cayman Islands, whose general partner is Qiming Corporate GP IV, Ltd., an exempted company incorporated in the Cayman Islands with limited liability. The general partner of Qiming Managing Directors Fund IV, L.P. is Qiming Corporate GP IV, Ltd. Voting and investment power of shares held by Qiming Venture Partners IV L.P. and Qiming Managing Directors Fund IV, L.P. is exercised by the shareholders of Qiming Corporate GP IV, Ltd, which consists of Mr. Duane Ziping Kuang, Mr. Gary Rieschel, Ms. Nisa Bernice Leung and Mr. Robert Headley. Both Qiming Venture Partners IV L.P. and Qiming Managing Directors Fund IV, L.P. (“Qiming”) are venture capital funds operated under Qiming Venture Partners focusing on investments in companies in the telecommunication, media and technology (TMT) and healthcare sectors across China.

Sequoia Capital China I, L.P., Sequoia Capital China Partners Fund I, L.P., Sequoia Capital China Principals Fund I, L.P. (all being limited liability partnerships incorporated under the laws of the Cayman Islands) and Sequoia Capital China GF Holdco III-A, Ltd. (a limited liability company incorporated in the Cayman Islands) are collectively referred to as the “Sequoia Capital China Funds”. The Sequoia Capital China Funds are investment funds whose primary purpose is to make equity investments in private companies. The general partner of each of Sequoia Capital China I, L.P., Sequoia Capital China Partners Fund I, L.P. and Sequoia Capital China Principals Fund I, L.P. is Sequoia Capital China Management I, L.P. (“Sequoia Capital China Management I”). The sole shareholder of Sequoia Capital China GF Holdco III-A, Ltd. is Sequoia Capital China Growth Fund III, L. P., whose general partner is SC China Growth III Management, L.P. (“Sequoia Capital China Growth III Management”). The general partner of each of Sequoia Capital China Management I and Sequoia Capital China Growth III Management is SC China Holding Limited, which is a wholly-owned subsidiary of SNP China Enterprises Limited. Neil Nanpeng Shen is the sole shareholder of SNP China Enterprises Limited.

–211– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. HISTORY, REORGANIZATION AND CORPORATE STRUCTURE

Broad Street Investments Holding (Singapore) Pte. Ltd. (“BSIH”) and MBD Bridge Street 2015 Investments (Singapore) Pte. Ltd. (“MBD,” together with BSIH, collectively the “Goldman Sachs Entities”) are companies incorporated under the laws of the Republic of Singapore with limited liability as investment vehicles. BSIH is ultimately wholly owned by The Goldman Sachs Group, Inc. (the “Goldman Sachs Group”), a company incorporated under the laws of Delaware and whose shares are listed on the NYSE (ticker symbol: GS). MBD is held by multiple employee funds of the Goldman Sachs Group, among which, all general partners of the funds are wholly-owned subsidiaries of the Goldman Sachs Group. Both Goldman Sachs Entities are managed by the principal investment area of the Asset Management Division of the Goldman Sachs Group (“AMD”). AMD is a Sophisticated Investor. Healthcare has been one of the focus sectors of AMD’s investments and it has invested in a number of companies in such areas, including Venus Medtech (Hangzhou) Inc. and Gan & Lee Pharmaceuticals Co Ltd.

Integrated Core Strategies (Asia) Pte. Ltd. (“Integrated Core”) is a limited liability company incorporated in the Republic of Singapore. Integrated Core is an indirect wholly-owned subsidiary of Millennium Partners, L.P. Millennium Management LLC, an investment adviser registered with the United States Securities and Exchange Commission, is the general partner of Millennium Partners, L.P. The ultimate controller of Millennium Management LLC (“Millennium”) is Israel A. Englander. Millennium is a global alternative investment management firm founded in 1989, which manages more than US$48 billion in assets. Millennium seeks to pursue a diverse array of investment strategies across industry sectors, asset classes and geographies.

COMPLIANCE WITH INTERIM GUIDANCE AND GUIDANCE LETTERS

Based on the documents provided by our Company relating to the [REDACTED] Investments, the Joint Sponsors confirm that the [REDACTED] Investments are in compliance with Guidance Letter HKEX-GL29-12 issued by the Stock Exchange in January 2012 and updated in March 2017, Guidance Letter HKEX-GL43-12 issued by the Stock Exchange in October 2012 and updated in July 2013 and March 2017 and Guidance Letter HKEX-GL44-12 issued by the Stock Exchange in October 2012 and updated in March 2017.

PRC REGULATORY REQUIREMENTS

Our PRC Legal Adviser has confirmed that the PRC subsidiaries in our Group have obtained the requisite government approvals in all material respects in relation to the relevant transfers of equity interests as described in this section. The transfers of equity interests described above have been properly settled and legally completed.

M&A RULES

As confirmed by Hangzhou Hospital Management, on June 28, 2020 when Flemington Hong Kong acquired 5% equity interest in Hangzhou Hospital Management at a consideration of RMB10,000, Flemington Hong Kong was a company incorporated in Hong Kong and was wholly owned by an independent third party. The independent third party at that time had no relationship with Hangzhou Hospital Management or its related parties, Hangzhou Hospital Management’s shareholders or their related parties. Therefore, Flemington Hong Kong

– 212 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. HISTORY, REORGANIZATION AND CORPORATE STRUCTURE converted Hangzhou Hospital Management into a Sino-foreign joint venture (“Hangzhou Equity M&A”) by purchasing equity interest in Hangzhou Hospital Management from an independent third party, which should not be regarded as a case where a domestic company, enterprise or natural person, in the name of a company that is legally established or controlled overseas, acquired a domestic company which is associated with it. Therefore, Hangzhou Equity M&A is not required to obtain approvals under the M&A Rules from the MOFCOM. In addition, Hangzhou Hospital Management has completed the necessary registration procedures with the Administration for Market Regulation and the foreign investment information reporting on Zhejiang Province Enterprise Registration Electronic Platform.

On June 28 2020, We Doctor Online acquired the remaining 95% equity interest in Hangzhou Hospital Management, which was a Sino-foreign joint venture instead of a domestic company defined under the M&A Rules. Therefore, the aforementioned acquisition is not subject to the approval under the M&A Rules from the MOFCOM. Additionally, necessary registration procedures with the Administration for Market Regulation related to the aforementioned acquisition and the foreign investment information reporting on Zhejiang Province Enterprise Registration Electronic Platform have been completed.

SAFE Circular 37

In 2014, the SAFE promulgated SAFE Circular 37. SAFE Circular 37 requires PRC residents to register with local branches of SAFE or competent banks designated by SAFE in connection with their direct establishment or indirect control of an offshore entity, for the purpose of overseas investment and financing, with such PRC residents’ legally owned assets or equity interests in domestic enterprises or offshore assets or interests, referred to in SAFE Circular 37 as a “special purpose vehicle.” The term “PRC residents” under SAFE Circular 37 is defined as PRC legal entities, other economic organizations, PRC citizens holding PRC ID or non-PRC citizens habitually residing in China due to economic interests.

The term “control” under SAFE Circular 37 is broadly defined as the operation rights, beneficiary rights or decision-making rights acquired by PRC residents in offshore special purpose vehicles by such means as acquisition, trust, proxy, voting rights, repurchase, convertible bonds or other arrangements. SAFE Circular 37 further requires amendment to the registration in the event of any changes with respect to the basic information of or any significant changes to the special purpose vehicle. If shareholders of the offshore holding company who are PRC residents do not complete their registration with their local SAFE branch, the PRC subsidiaries may be prohibited from distributing their profits and proceeds from any reduction in capital, share transfer or liquidation to the offshore company, and the offshore company may be restricted in its ability to contribute additional capital to its PRC subsidiaries. Moreover, failure to comply with SAFE registration and amendment requirements described above could result in liability under PRC law for evasion of applicable foreign exchange restrictions.

As of the Latest Practicable Date, Mr. Liao has completed the registration under the SAFE Circular 37 in relation to his interest in Willgreat.

– 213 – CORPORATE STRUCTURE DOCUMENT. BE THIS MUST OF INFORMATION COVER THAT THE AND ON CHANGE “WARNING” TO HEADED SUBJECT SECTION AND THE INCOMPLETE WITH FORM, CONJUNCTION DRAFT IN IN READ IS DOCUMENT THIS ITR,ROGNZTO N OPRT STRUCTURE CORPORATE AND REORGANIZATION HISTORY, Corporate structure immediately before completion of the [REDACTED]

The following diagram illustrates the simplified corporate and shareholding structure of our Company and principal subsidiaries after completion of the Reorganization and immediately prior to completion of the [REDACTED]:

(2) (3) (4) Hillhouse (6) (7) (8) Sequoia Capital Goldman Sachs Other Mr. Liao Trustee Tencent Vehicles(5) 5Y Capital CIFH Qiming China Funds(9) Entities(10) Shareholders(11)

13.49% 11.97% 8.88% 4.94% 4.56% 3.37% 2.72% 2.31% 1.95% 45.81%

Our Company

100% 100% 100% 100% 100% 100% Guahao Guangshengyuan We Doctor We Doctor HK Flemington Hangzhou Health We Doctor Cloud 100% Hong Kong Hangzhou Limited Zhejiang 1 – 214 – 51% 100% 100% We Doctor Online 5% 9% Tailiyuan TT Holdings Tai’an Hospital Management(12) Limited Limited 100% 100% 70% 35% 95% 5% 100% Talent Triump Shanghai 30% Tai’an Internet Hangzhou Hospital Tai’an Pharmacy Tai’an Development We Doctor Hospital(16) Management Zelin Limited 69.72% 30.28% 100% 70% 30% 70% Wuzhen Internet Sanming Internet 30% Hangzhou (15) MW Fertility(13) Hospital Hospital We Doctor 20% 89.5%

Genea(14) Hangzhou Yikang

Contractual Arrangements THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. HISTORY, REORGANIZATION AND CORPORATE STRUCTURE

Notes:

(1) Our Company will adopt a WVR structure upon completion of the [REDACTED]. For further details, please refer to the section headed “Share Capital – Weighted Voting Rights Structure” in this Document.

(2) New Forte holds 172,372,357 common shares in our Company immediately before completion of the [REDACTED] and is wholly-owned by Willgreat, which is in turn wholly-owned by Mr. Liao. Willgreat is in the process of transferring its assets to Mr. Liao’s family trust to be established before the [REDACTED]. Accordingly, Mr. Liao is deemed to be interested in the total number of shares held by New Forte.

(3) The Trustee holds 153,027,203 common shares in our Company on trust for the Share Incentive Plan.

(4) Yangzi River holds 60,605,743 Series A-1 Preferred Shares, 43,754,910 Series D Preferred Shares and 9,154,443 Series E Preferred Shares immediately before completion of the [REDACTED] and is wholly owned by Tencent. Accordingly, Tencent is deemed to be interested in the total number of shares held by Yangzi River.

(5) Hillhouse Vehicles’s interests in our Company include 1,687,852 Series D Preferred Shares and 6,373,732 Series D-1 Preferred Shares held by Hillhouse GH Holdings Limited, 6,759,889 Series D Preferred Shares and 5,311,341 Series D-1 Preferred Shares held by Hillhouse GHJV Holdings Limited, 36,617,773 Series E Preferred Shares held by Hillhouse GH-II Holdings Limited and 6,424,171 Series D Preferred Shares held by Hillhouse GH-III Holdings Limited.

(6) 5Y Capital’s interests in our Company include 28,000,000 Series C Preferred Shares and 23,129,940 Series C-1 Preferred Shares held by Morningside China TMT Fund II, L.P. and 7,208,766 Series D Preferred Shares held by Morningside China TMT Top Up Fund, L.P.

(7) CIFH’s interests include 12,205,925 Series F Preferred Shares held by CICFH Healthcare Investment LP, 13,035,382 Series F-1 Preferred Shares held by CICFH New Dynamics Investment SPC for and on behalf of CICFH Healthcare Investment Fund I Segregated Portfolio and 17,884,615 Series F-2 Preferred Shares held by CICFH New Dynamics Investment SPC for and on behalf of CPIC-CICFH Healthcare Investment I Segregated Portfolio.

(8) Qiming’s interests in our Company include 33,722,127 Series D Preferred Shares held by Qiming Venture Partners IV, L.P. and 1,064,757 Series D Preferred Shares held by Qiming Managing Directors Fund IV, L.P.

(9) Sequoia’s interests in our Company include 9,917,740 common shares and 5,586,592 Series F-1 Preferred Shares held by Sequoia Capital China GP Holdco III-A, Ltd., 7,876,000 Series A Preferred Shares and 3,150,400 Series B Preferred Shares held by Sequoia Capital China I, L.P., 905,000 Series A Preferred Shares and 362,000 Series B Preferred Shares held by Sequoia Capital China Partners Fund I, L.P. and 1,219,000 Series A Preferred Shares and 487,600 Series B Preferred Shares held by Sequoia Capital China Principals Fund I, L.P.

(10) Goldman Sachs Entities’ interests include 19,936,343 Series E Preferred Shares held by Broad Street Investments Holding (Singapore) Pte. Ltd. and 4,984,086 Series E Preferred Shares held by MBD Bridge Street 2015 Investments (Singapore) Pte. Ltd.

(11) Other Shareholders refer to 89 Shareholders holding an aggregate of 160,304,934 common shares, 14,000,000 Series A Preferred Shares, 42,666,670 Series B Preferred Shares, 33,600,000 Series C Preferred Shares, 18,503,950 Series C-1 Preferred Shares, 27,800,000 Series C-2 Preferred Shares, 40,420,925 Series D Preferred Shares, 4,426,747 Series D-1 Preferred Shares, 112,396,219 Series E Preferred Shares, 89,510,111 Series F Preferred Shares and 41,636,188 Series F-1 Preferred Shares. For further details, please refer to the sub-section headed “Capitalization of our Company” in this section.

(12) Tai’an Hospital Management is owned by Guahao Hangzhou as to 51%, Tai’an Yingfeng as to 35%, Tai’an Zelin as to 9% and Flemington Hong Kong as to 5%. Tai’an Yingfeng is ultimately wholly-owned by Mr. Jing Weiguo, one of our senior management.

(13) MW Fertility is wholly owned by MWF Four Limited. MWF Four Limited is wholly owned by MWF Three Limited. MWF Three Limited is wholly owned by MWF Two Limited. MWF Two Limited is wholly owned by MWF One Limited. MWF One Limited is owned by Talent Triump Development Limited as to 69.72% and We Doctor HK as to 30.28%.

(14) Genea is owned by MW Fertility Pte. Ltd. as to 89.5% and an aggregate of 292 public shareholders as of the Latest Practicable Date as to 10.5%.

(15) Sanming Internet Hospital is owned by We Doctor Online as to 70%, Hangzhou Yikang as to 20% and Sanming City Information Industry Development Co., Ltd. (三明市信息產業發展有限公司) as to 10%.

(16) Tai’an Internet Hospital is owned by We Doctor Online as to 35%, Hangzhou Yikang as to 30% and Tai’an Yingfeng as to 35%.

– 215 – Corporate structure immediately following completion of the [REDACTED] DOCUMENT. BE THIS MUST OF INFORMATION COVER THAT THE AND ON CHANGE “WARNING” TO HEADED SUBJECT SECTION AND THE INCOMPLETE WITH FORM, CONJUNCTION DRAFT IN IN READ IS DOCUMENT THIS ITR,ROGNZTO N OPRT STRUCTURE CORPORATE AND REORGANIZATION HISTORY, The following diagram illustrates the simplified corporate and shareholding structure of our Company and principal subsidiaries immediately following completion of the [REDACTED] (assuming the [REDACTED] is not exercised and all the Class B Shares subject to the awards that can be granted under the Share Incentive Plan are allotted and issued):

(2) (3) (4) Hillhouse (6) (7) (8) Sequoia Capital Goldman Sachs Other Public Mr. Liao Trustee Tencent Vehicles(5) 5Y Capital CIFH Qiming China Funds(9) Entities(10) Shareholders(11) Shareholders

[REDACTED]% [REDACTED]% [REDACTED]% [REDACTED]% [REDACTED]% [REDACTED]% [REDACTED]% [REDACTED]% [REDACTED]% [REDACTED]% [REDACTED]%

Our Company

100% 100% 100% 100% 100% 100% Guahao Guangshengyuan We Doctor We Doctor HK Flemington Hangzhou Health We Doctor Cloud 100% Hong Kong Hangzhou Limited Zhejiang 51% 100% 100% We Doctor Online 5% 9%

1 – 216 – Tailiyuan TT Holdings Tai’an Hospital Management(12) Limited Limited 100% 100% 70% 35% 95% 5% 100% Talent Triump Shanghai 30% Tai’an Internet Hangzhou Hospital Tai’an Pharmacy Tai’an Development We Doctor Hospital(16) Management Zelin Limited 69.72% 30.28% 100% 70% 30% 70% Wuzhen Internet Sanming Internet 30% Hangzhou (15) MW Fertility(13) Hospital Hospital We Doctor 20% 89.5%

(14) Hangzhou Genea Yikang

Contractual Arrangements Notes (1) to (15): Please refer to the details contained in the sub-section headed “Corporate Structure – Corporate structure immediately before completion of the [REDACTED]” above.