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Filed
pursuant to Rule 424(b)(3)
Registration
Statement on Form F-6
Registration
No.: 333-209231
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Number
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Each American
Depositary
Share represents
Five Shares
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JPMorgan Chase Bank, N.A.
American Depositary Receipt
Evidencing
American Depositary Shares
For Ordinary Shares of
CK Infrastructure
Holdings Limited
(Incorporated under the laws of Hong
Kong)
JPMorgan
Chase Bank, N.A., as Depositary (hereinafter referred to as the Depositary), hereby certifies that (i) at the date hereof
there have been deposited with the Depositary or its agent, nominee, custodian or correspondent the Shares described above
or evidence of the right to receive such Shares; (ii) at the date hereof each American Depositary Share evidenced by
this Receipt represents the amount of such securities shown above and deposited or deemed to be deposited hereunder as
provided in clause (i) above or Article 7 of this Receipt, as the case may be, (iii) from time to time hereafter, each
American Depositary Share evidenced by this Receipt shall represent such number of Shares and any and all other shares,
stock, securities, cash and/or other property held by the Depositary in place thereof or in addition thereto (collectively,
the "Deposited Securities") as provided herein and (iv) ____________ or registered assigns IS THE HOLDER OF
________ AMERICAN DEPOSITARY SHARES evidenced by this Receipt and, except as otherwise herein expressly provided, is
entitled, upon surrender at the designated office of the Depositary or its designated agent as may be required by the
Depositary for this purpose at its discretion of this Receipt duly endorsed for transfer, upon payment of the fees and
charges as provided on the reverse of this Receipt and in compliance with applicable laws and governmental regulations, at
the Holder's option (1) to delivery at the office of the agent, nominee, custodian or correspondent of the Depositary, to a
person specified by the Holder, of the amount of Deposited Securities represented hereby or evidence of the right to receive
the same, or (2) to have such Deposited Securities forwarded at such Holder's cost and risk to him at the designated office
of the Depositary or its designated agent, at the option of the Depositary.
The term "Beneficial
Owner" shall mean any person who has a beneficial interest in any American Depositary Share evidenced by this Receipt. The
term "Holder" shall mean the person or persons in whose name this Receipt is registered upon the books of the Depositary
from time to time. The term "Securities Act of 1933" shall mean the United States Securities Act of 1933, as amended
from time to time. The term "Shares" shall mean the ordinary shares of CK Infrastructure Holdings Limited (the "Issuer")
heretofore validly issued and outstanding and fully paid, nonassessable and free of any pre-emptive rights of the holders of outstanding
Shares or hereafter validly issued and outstanding and fully paid, nonassessable and free of any pre-emptive rights of the holders
of outstanding Shares or interim certificates representing such Shares. Holders should contact the Depositary for information
about the location of the designated office of the Depositary or its designated agent.
1.
Receipts
.
This Receipt is one of a continuing issue of Receipts, all evidencing rights of like tenor with respect to the Deposited Securities,
and all issued or to be issued upon the terms and conditions provided herein, which shall govern the continuing arrangement by
the Depositary with respect to initial deposits as well as the rights of Holders and Beneficial Owners of Receipts subsequent to
such deposits.
2.
Withdrawal
of Deposited Securities
.
The surrender of outstanding Receipts and the withdrawal of Deposited Securities may only be suspended
for (i) temporary delays caused by closing the transfer books of the Depositary or the Issuer or the deposit of Shares in connection
with voting at a shareholders' meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii)
compliance with any U.S. or foreign laws or governmental regulations relating to the Receipts or to the withdrawal of the Deposited
Securities, or (iv) any other reason that may at any time be specified in paragraph I(A)(1) of the General Instructions to Form
F-6, as from time to time in effect, or any successor provision thereto. Receipts may only be surrendered for cancellation in multiples
of whole Shares of the Issuer.
3.
Transfer
of Receipts; Combination and Split-up of Receipts
.
Until the surrender of this Receipt in accordance with the terms hereof,
the Depositary or its agent will keep , (a) a register for the registration and registration of transfers of Receipts and where
the Holders of Receipts may, during regular business hours, inspect the transfer books or the list of Holders of Receipts as maintained
by the Depositary. The transfer of this Receipt is registrable on the transfer books of the Depositary by the Holder hereof in
person or by duly authorized attorney, upon surrender of this Receipt properly endorsed for transfer or accompanied by proper instruments
of transfer and payment of funds sufficient to pay the fees and expenses of the Depositary and any applicable taxes and other governmental
charges and upon compliance with such regulations, if any, as the Depositary may establish for such purpose. This Receipt may be
split into other such Receipts, or may be combined with other such Receipts into one Receipt, representing the same aggregate number
of Deposited Securities as were represented by the American Depositary Shares evidenced by the Receipt or Receipts surrendered.
Upon such split or combination not involving a transfer, a charge may be made as provided herein. The Depositary may close the
transfer books at any time or from time to time when deemed expedient by it in connection with the performance of its duties hereunder,
subject to the provisions of Article 2 hereof.
4.
Proof
of Citizenship or Residence
.
The Depositary may require any Holder or Beneficial Owner of Receipts, or any person presenting
securities for deposit against the issuance of Receipts, from time to time, to file such proof of citizenship or residence and
to furnish such other information, by affidavit or otherwise, and to execute such certificates and other instruments as may be
necessary or proper to comply with any laws or regulations relating to the issuance or transfer of Receipts, the receipt or distribution
of dividends or other property, or the taxation thereof or of Receipts or Deposited Securities, and the Depositary may withhold
the issuance or registration of transfer of any Receipt or payment of such dividends or delivery of such property from any Holder,
Beneficial Owner or other person, as the case may be, who shall fail to file such proofs, certificates or other instruments.
5.
Transferability
and Record Ownership
.
It is a condition of this Receipt, and every successive Holder and Beneficial Owner of this Receipt
by accepting or holding the same consents and agrees, that title to this Receipt, when properly endorsed or accompanied by proper
instrument of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument;
provided
,
however
, that prior to the due presentation of this Receipt for registration of transfer as provided in Article 3 hereof,
and subject to the provisions of Article 14 hereof, the Depositary, notwithstanding any notice to the contrary, may treat the person
in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining
the persons entitled to dividends or other distributions or to any notice pursuant to the terms hereof and for all other purposes.
6.
Limitations
on Execution and Delivery, Transfer and Surrender of Receipts
.
Subject to the provisions of Article 2 hereof, the delivery
of Receipts against deposits of Shares generally or against deposits of particular Shares may be suspended, or the registration
of transfer of Receipts in particular instances may be refused, or registration of transfer of outstanding Receipts or the combination
or split-up of Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed, or
if any such action is deemed necessary or advisable by the Depositary at any time or from time to time because of any requirement
of law or of any government or governmental body or commission, or under any provision of this Receipt, or for any other reason.
7.
Pre-Release
of Receipts
.
Notwithstanding any other provision of this Receipt, the Depositary may execute and deliver Receipts prior
to the receipt of Shares (each such transaction hereinafter referred to as a "Pre-Release"). The Depositary may deliver
Deposited Securities upon the receipt and cancellation of Receipts which have been pre-released, whether or not such cancellation
is prior to the termination of such Pre-Release or the Depositary knows that such Receipt has been pre-released. The Depositary
may receive Receipts issued by the Depositary in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a)
preceded or accompanied by a written representation from the person to whom the Receipts are to be delivered that such person,
or its customer, owns the Shares or Receipts to be delivered in satisfaction of a Pre-Release, as the case may be, (b) at all times
fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on
not more than five (5) business days' notice and (d) subject to such further indemnities and credit regulations as the Depositary
deems appropriate. The number of American Depositary Shares which is outstanding at any time as a result of Pre-Releases will not
normally exceed thirty percent (30%) of the Shares deposited in accordance with the terms of Receipts;
provided
,
however
,
that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The Depositary
may retain for its own account any compensation earned or received by it in connection with the foregoing.
8.
Liability
of Holder for Taxes
.
The Depositary shall not be liable for any governmental taxes, assessments or charges or corporate
assessments or charges which may become payable in respect of the Deposited Securities or Receipts, but a ratable part of any and
all of the same, whether such tax, assessment or charge becomes payable by reason of any present or future tax, statute, charter
provision, by-law, regulation or otherwise, shall be payable by the Holder of this Receipt to the Depositary at any time upon request
and by holding or having held an American Depositary Share or Receipt, the Holder and all prior Holders hereof, jointly and severally,
agree to indemnify, defend and save harmless each of the Depositary and its agents in respect thereof. Upon the failure of the
Holder of this Receipt to pay any such amount, the Depositary may withhold dividends or other distributions, or may sell for the
account of such Holder all or any part of the Deposited Securities represented by the American Depositary Shares evidenced by this
Receipt, and may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax, assessment
or charge, and the Holder hereof shall remain liable for any deficiency. If the Depositary determines that any distribution other
than cash (including, without limitation, Shares and rights) is subject to any tax that the Depositary or the Custodian is obligated
to withhold, the Depositary may dispose of all or a portion of such property in such amounts and in such manner as the Depositary
deems necessary and practicable to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds
of any such sale or the balance of any such property after deduction of such taxes to the Holders entitled thereto. None of the
Depositary or its agents shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on
the basis of non-U.S. tax paid against such Holder's or Beneficial Owner's income tax liability. Neither the Depositary nor its
agents shall incur any liability for any tax consequences that may be incurred on account of their ownership of Receipts or American
Depositary Shares. Every Holder and Beneficial Owner agrees to, and shall, indemnify the Depositary, the Custodian and each and
every of their respective officers, directors, employees, agents and affiliates against, and hold each of them harmless from, any
claims with respect to taxes, additions to tax (including applicable interest and penalties thereon) arising out of any refund
of taxes, reduced rate of withholding at source or other tax benefit obtained.
9.
Representations,
Warranties and Agreements
.
Every person depositing Shares for deposit shall be deemed to represent and warrant that (a)
such Shares and the certificates therefor, if applicable, are duly authorized, validly issued and outstanding, fully paid, nonassessable
and legally obtained by such person (b) all pre-emptive and comparable rights, if any, with respect to such Shares have been validly
waived or exercised, (c) the person making such deposit is duly authorized so to do, (d) the Shares presented for deposit are free
and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim. Each such person shall also be deemed
to represent that the Shares would not be required to be registered under the Securities Act of 1933 in connection with the offer
or sale thereof in the United States. All such representations and warranties shall survive the deposit and withdrawal of Shares
and the issuance and cancellation of American Depositary Shares in respect thereof and the transfer of such American Depositary
Shares.
To the extent that
the provisions of or governing any Deposited Securities may require disclosure of or impose limits on beneficial or other ownership
of Deposited Securities, other Shares and other securities and may provide for blocking transfer, voting or other rights to enforce
such disclosure or limits, Holders and Beneficial Owners agree to comply with all such disclosure requirements and ownership limitations.
10.
Further
Conditions
.
This Receipt is issued subject, and all rights of the Holder and Beneficial Owner hereof are expressly subject,
to the terms and conditions set forth on both sides of this Receipt, all of which form a part of the agreement evidenced in this
Receipt and to all of which the Holder and Beneficial Owner hereof by accepting this Receipt consent and agree.
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JPMorgan Chase Bank,
N.A., as Depositary
By:
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Attest:
The Depositary's Office
is currently located at 4 New York Plaza, New York, New York 10004.
(REVERSE OF RECEIPT)
11.
Available
Information
. As of the date of the establishment of the program for issuance of Receipts by the Depositary, the Depositary
had a good faith belief (after limited investigation), that the Issuer publishes information in English required to maintain the
exemption from registration under Rule 12g3-2(b) under the Securities Exchange Act of 1934, as amended (the "Securities Exchange
Act of 1934") on its Internet Web site (www.cki.com.hk) or through an electronic information delivery system generally available
to the public in its primary trading market. Should such Issuer become subject to the periodic reporting or other informational
requirements under the Securities Exchange Act of 1934, it will be required in accordance therewith to file reports and other information
with the U.S. Securities and Exchange Commission. The Depositary does not assume any duty to determine if the Issuer is complying
with the current requirements of Rule 12g3-2(b) under the Securities Exchange Act of 1934 or to take any action if the Issuer is
not complying with those requirements.
12.
Notices;
Voting Rights
.
The Depositary shall be under no obligation to give notice to the Holder or any Beneficial Owner of this
Receipt of any meeting of shareholders or of any report of or communication from the Issuer or of any other matter concerning the
affairs of such Issuer, except as herein expressly provided. The Depositary undertakes to make available for inspection by Holders
of the Receipts at a designated office of the Depositary any reports and communications received by the Depositary or any agent,
nominee, custodian or correspondent of the Depositary from the Issuer which were both (a) received by the Depositary as the holder
of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Issuer. Such reports
and communications will be available in the language in which they were received by the Depositary from the Issuer, except to the
extent, if any, that the Depositary in its sole discretion elects both (i) to translate into English any of such reports or communications
that were not in English when received by the Depositary and (ii) to make any such translation available for such inspection by
Holders of the Receipts. The Depositary has no obligation of any kind to translate any of such reports or communications or to
make any such translation available for inspection. The Depositary shall not incur any liability to any Holder or Beneficial Owner
by reason of any such translation provided by the Depositary, whether or not such translation was prepared by the Depositary.
Upon the written request
of the Holder hereof and the payment by the Holder to the Depositary of a fee determined by the Depositary and any expenses and
costs involved, the Depositary will endeavor insofar as practicable to exercise any then existing voting rights with respect to
an amount of the deposited Shares represented hereby in accordance with such request.
13.
Distributions
.
Until the termination of the agreement evidenced in this Receipt in accordance with the terms hereof, the Depositary shall
distribute or otherwise make available to the Holder hereof, at a time and in such manner as it shall determine, any cash dividend,
other cash distribution, distribution of Shares, subscription or other rights, or any other distribution with respect to the amount
of Deposited Securities represented by the American Depositary Shares evidenced hereby, after deduction, or upon payment of the
fees and expenses of the Depositary and/or its agents, and the withholding of any taxes in respect thereof;
provided
,
however
,
that the Depositary shall not make any distribution which in the opinion of counsel may violate the Securities Act of 1933 or any
other applicable law and for which it shall not have received adequate assurances with respect to compliance with such law or laws,
and, in such cases, the Depositary may sell such Shares, subscription or other rights, securities or other property. In the event
that the Depositary elects not to make any such distribution the Depositary need only notify Holders of the disposition thereof
and the proceeds, if any, of any such sales. Any dividend or other distribution received by the Depositary in cash in a currency
other than U.S. dollars shall, subject to the provisions of the following paragraph, be converted into U.S. dollars and distributed
as herein provided in U.S. dollars. In lieu of distributing fractional Shares, the Depositary may, in its discretion, sell the
amount of securities or property equal to the aggregate of any fractional Shares. The Depositary shall have discretion as to the
procedure to be followed in making subscription or other rights available to any Holder or in disposing of such rights on behalf
of any Holder and making the net proceeds available to such Holder, provided that if by the terms of such rights offering or for
any other reason it would be unlawful for the Depositary either to make such rights available to any Holder or dispose of such
rights and make the net proceeds from the sale of such rights available to such Holder, then the Depositary may allow such rights
to lapse. Sales of subscription or other rights, securities or other property by the Depositary may be made at such time and in
such manner as the Depositary may deem advisable, and in such case, the Depositary shall distribute to the Holder hereof the net
proceeds after deduction of the fees and expenses of the Depositary and/or its agents and any applicable withholding taxes or other
governmental charges in respect thereof.
If the Depositary shall
determine in its sole judgment that any cash distribution is not convertible in its entirety or with respect to the Holders of
a portion of the Receipts on a reasonable basis into U.S. dollars available to it in the City of New York, or if any required approval
or license of any government or agency for such conversion is denied or is not obtainable within a reasonable period, the Depositary
may in its discretion make such conversion and distribution in U.S. dollars to the extent possible to the Holders entitled thereto,
at such time and rates of conversion as the Depositary shall deem appropriate, and shall with respect to any such currency not
converted or convertible either (i) distribute such currency to the Holders entitled thereto or (ii) hold such currency for the
respective accounts of such Holders and distribute appropriate warrants or other instruments evidencing rights to receive such
foreign currency. The Depositary reserves the right to utilize a division, branch or affiliate of JPMorgan Chase Bank, N.A. to
direct, manage and/or execute any public and/or private sale of securities hereunder. Such division, branch and/or affiliate may
charge the Depositary a fee in connection with such sales, which fee is considered an expense of the Depositary contemplated above
and/or under Article 20 hereof. Any U.S. dollars available will be distributed by checks drawn on a bank in the United States for
whole dollars and cents. Fractional cents will be withheld without liability and dealt with by the Depositary in accordance with
its then current practices.
14.
Record
Dates
.
Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall
be made, or whenever rights shall be issued, with respect to Deposited Securities, or whenever the Depositary shall receive notice
of any meeting of holders of Shares or other Deposited Securities, or whenever it is necessary in the judgment of the Depositary
to determine the Holders of Receipts, the Depositary will fix a record date for the determination of the Holders generally or the
Holders of Receipts who shall be entitled to receive such dividend, distribution or rights, or the net proceeds of the sale thereof,
or to give instructions for the exercise of voting rights at any such meeting. Surrender of this Receipt for registration of transfer
subsequent to any such record date and prior to the date of payment, distribution or meeting shall not affect the right of the
Holder hereof on such record date to receive such payment or distribution or, subject to Article 12 hereof, to direct the manner
of voting the Deposited Securities represented hereby.
15.
Forwarding
and Delivery of Deposited Securities
.
At any time the Depositary may, in its sole discretion, cause any or all Deposited
Securities to be forwarded at the cost and risk of the Holders of the Receipts to the Depositary's Office or to any agent, nominee,
custodian or correspondent of the Depositary, to be held by the Depositary, or such agent, nominee, custodian or correspondent,
in which case the Holder hereof shall have, in lieu of the option set forth in clauses (1) and (2) of the first paragraph on the
face hereof, the right (i) to receive at no additional cost at the Depositary's Office or the office of such agent, nominee, custodian
or correspondent, as the case may be, or (ii) to have forwarded, at the cost and risk of such Holder, to or upon the order of such
Holder at the address designated by such Holder to the Depositary in writing, such amount of Deposited Securities as are represented
hereby upon the surrender of this Receipt properly endorsed or accompanied by proper instruments of transfer and upon payment of
the applicable fees, taxes and charges. The Depositary shall not incur any liability to any Holder or Beneficial Owner of this
Receipt by reason of any such forwarding or failure to forward any or all Deposited Securities.
16.
Changes
Affecting Deposited Securities
.
Upon (i) any change in nominal or par value, or any split-up, combination or any other
reclassification, of any Deposited Securities, or (ii) any recapitalization, reorganization, sale of assets, liquidation, receivership,
bankruptcy, merger or consolidation affecting the Issuer or to which it is a party, then and in any such case the Depositary shall
have the right to exchange or surrender such Deposited Securities and accept and hold hereunder in lieu thereof other shares, securities,
cash or property to be issued or delivered in lieu of or in exchange for, or distributed or paid with respect to, such Deposited
Securities. Upon any such exchange or surrender, the Depositary shall have the right, in its discretion, to call for surrender
of this Receipt in exchange (upon payment of fees and expenses of the Depositary and any applicable taxes and governmental or other
charges) for one or more new Receipts of the same form and tenor as this Receipt, specifically describing such new shares, securities,
cash or other property. In any such case the Depositary shall have the right to fix a date after which this Receipt shall only
entitle the Holder to receive such new Receipt or Receipts.
If any of the Deposited
Securities are redeemable, the Depositary shall have the rights set forth in the preceding paragraph. The Depositary shall mail
notice of any redemption of Deposited Securities to the Holders of Receipts, provided that in the case of any redemption of less
than all of the Deposited Securities, the Depositary shall draw in such manner as it shall determine an equivalent number of American
Depositary Shares and shall mail notice of redemption only to the Holders of Receipts evidencing the American Depositary Shares
so drawn for redemption, in whole or in part. The sole right of the Holders of Receipts evidencing American Depositary Shares designated
for redemption after the mailing of any such notice of redemption shall be to receive the cash, rights and/or other property applicable
to the same, upon surrender to the Depositary (and upon payment of the fees and expenses of the Depositary and any applicable taxes
and governmental or other charges) of the Receipts evidencing such American Depositary Shares.
17.
Liability
of the Depositary
.
Neither the Depositary nor any of its agents assumes any obligation and none of them shall incur any
liability to any Holder or Beneficial Owner of this Receipt (including, without limitation, liability with respect to the validity
or worth of the Deposited Securities, the investment risk associated with acquiring an interest in the Deposited Securities, for
any action or inaction on the part of the Depositary or its agents, or with respect to the time, rates for and manner of conversion
of any foreign currency into U.S. dollars) except that it agrees to perform its obligations specifically set forth in this Receipt
without gross negligence or willful misconduct. In addition, neither the Depositary nor any of its agents shall incur any liability
to any Holder or Beneficial Owner of this Receipt or any other person or entity if, by reason of any provisions of any present
or future law, rule, regulation, fiat, order or decree of the United States of America, or of any state thereof, or of any foreign
country, or political subdivision thereof or of any governmental entity or regulatory authority or stock exchange, market or automated
quotation system, or by reason of any provision, present or future, of the charter or certificate of incorporation, memorandum
or articles of association, statutes, code of regulations, by-laws or resolutions of the Issuer, the Depositary or its agents shall
be prevented or forbidden from or subjected to any civil or criminal penalty or expenses on account of doing or performing any
act or thing which by the terms hereof shall be done or performed; nor shall the Depositary or its agents incur any liability to
any Holder or Beneficial Owner hereof by reason of any delay in the performance or non-performance of any act or thing which by
the terms hereof shall be done or performed, caused as aforesaid or arising out of any act of God, war, terrorism, nationalization
or any other circumstances beyond its control, or by reason of any exercise of, or failure to exercise, any discretion provided
for herein (including, without limitation, any failure to determine that any distribution or action may be lawful or practicable).
Notwithstanding any other provision of this Receipt to the contrary, neither the Depositary nor any of its agents shall be liable
for any indirect, special, punitive or consequential damages (including, without limitation, lost profits) of any form incurred
by any person or entity, whether or not foreseeable and regardless of the type of action in which such a claim may be brought.
The Depositary shall
not be responsible for any failure to carry out any requests to vote or for the manner or effect of any vote made either with or
without request, or for not exercising any right to vote. The Depositary shall be under no obligation to appear in, prosecute or
defend any action, suit or other proceeding in respect of any of the Deposited Securities or in respect of the Receipts which in
its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expenses and liability be furnished
as often as may be required. The Depositary shall not incur any liability to any Holder or Beneficial Owner of a Receipt for any
action or inaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares
for deposit, any Holder or Beneficial Owner or any other person believed by it to be competent to give such advice or information.
The Depositary and any of its affiliates may each become the owner of and deal in securities of any class of the Issuer and in
Receipts.
The Depositary shall
not be liable for the acts or omissions made by, or the insolvency of, any securities depository, clearing agency or settlement
system. The Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency
of any Custodian that is not a branch or affiliate of JPMorgan Chase Bank, N.A. ("J.P. Morgan") The Depositary shall
not have any liability for the price received in connection with any sale of securities, the timing thereof or any delay in action
or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the
part of the party so retained in connection with any such sale or proposed sale. The Depositary shall not be responsible for, and
shall incur no liability in connection with or arising from, any act or omission to act on the part of the Custodian. The Depositary
and its agents may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed
by them to be genuine and to have been signed, presented or given by the proper party or parties. The Depositary shall be under
no obligation to inform Holders or Beneficial Owners about the requirements of any laws, rules or regulations or any changes therein
or thereto.
The issuer of the Receipts
is deemed to be the legal entity resulting from the agreement evidenced in this Receipt.
18.
Amendment
of Receipts
.
The form of the Receipts may at any time and from time to time be amended by the Depositary in any respect
which it may deem necessary or desirable. Any amendment which shall prejudice any substantial existing right of Holders shall not
become effective as to outstanding Receipts until the expiration of thirty (30) days after notice of such amendment shall have
been given to the Holders of outstanding Receipts;
provided
,
however
, that such thirty (30) days' notice shall in
no event be required with respect to any amendment which shall impose or increase any taxes or other governmental charges, registration
fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses. Every Holder of a Receipt at the time
any amendment so becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment
and to be bound by the agreement evidenced in this Receipt as amended thereby. In no event shall any amendment impair the right
of the Holder of any Receipt to surrender such Receipt and receive therefor the Deposited Securities represented by the American
Depositary Shares evidenced thereby, except in order to comply with mandatory provisions of applicable law. Any amendments or supplements
which the Depositary believes (i) are reasonably necessary in order for (a) the American Depositary Shares to be registered on
Form F-6 under the Securities Act of 1933 or (b) the American Depositary Shares or Shares to be traded solely in electronic book-entry
form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to
prejudice any substantial rights of Holders. Notwithstanding the foregoing, if any governmental body or regulatory body should
adopt new laws, rules or regulations which would require amendment or supplement of the terms hereof to ensure compliance therewith,
the Depositary may amend or supplement the terms hereof at any time in accordance with such changed laws, rules or regulations.
Such amendment or supplement to the terms hereof in such circumstances may become effective before a notice of such amendment or
supplement is given to Holders or within any other period of time as required for compliance. Notice of any amendment to the terms
hereof shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments
in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders
identifies a means for Holders to retrieve or receive the text of such amendment.
19.
Termination
of Agreement and Surrender of this Receipt
.
The Depositary may at any time terminate the agreement evidenced in this Receipt
and all other Receipts by mailing notice of such termination to the Holders of all the Receipts then outstanding at their addresses
appearing upon the books of the Depositary, at least thirty (30) days prior to the date fixed in such notice of termination. On
and after such date of termination the Holder hereof, upon surrender of this Receipt at the designated office of the Depositary
or its designated agent, as may be required by the Depositary at its option, will be entitled to delivery of the amount of the
Deposited Securities represented by the American Depositary Shares evidenced hereby at such date of termination upon the same terms
and conditions, upon payment of a fee at the rates provided herein with respect to the surrender of this Receipt for Deposited
Securities and upon payment of any applicable taxes and governmental or other charges. The Depositary may convert any dividends
received by it in cash after the termination date into U.S. dollars as herein provided, and after deducting therefrom the fees
and expenses of the Depositary and taxes and other governmental charges referred to herein, hold the balance of said dividends
for the
pro rata
benefit of the Holders of the respective Receipts. As to any Receipts not so surrendered within thirty
(30) days after such date of termination, the Depositary shall thereafter have no obligation with respect to the collection or
disbursement of any subsequent dividends or any subscriptions or other rights accruing on the Deposited Securities. After the expiration
of six months from such date of termination the Depositary may sell any remaining Deposited Securities in such manner as it may
determine appropriate, and may thereafter hold uninvested the net proceeds of any such sale or sales, together with any dividends
received prior to such sale or the U.S. dollars received on conversion thereof, unsegregated and without liability for interest
thereon, for the
pro rata
benefit of the Holders of the Receipts which have not theretofore been surrendered for cancellation,
such Holders thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making such sale,
or if no such sale can be made after the expiration of two years from such date of termination, the Depositary shall be discharged
from all obligations whatsoever to the Holders and Beneficial Owners of the Receipts except to make distributions of the net proceeds
of sale and of such dividends (after deducting all fees, charges and expenses of the Depositary) or of the Deposited Securities
in case no sale can be made upon surrender of the Receipts.
20.
Certain
Fees and Charges of the Depositary
.
The Depositary may charge any party depositing or withdrawing Shares, any party transferring
or surrendering Receipts, any party to whom Receipts are issued (including issuance pursuant to a stock dividend or stock split
or an exchange of stock or distribution or a change in the number of Shares represented by each American Depositary Share) or Holders,
as applicable, (i) fees for the delivery or surrender of American Depositary Shares and/or Receipts and deposit or withdrawal of
Shares, (ii) fees for distributing cash, Shares or other property received in respect of Deposited Securities, (iii) taxes (including
applicable interest and penalties) and other governmental charges, (iv) registration or custodial fees or charges relating to the
Shares, (v) cable, telex and facsimile transmission expenses and delivery charges, (vi) foreign currency conversion expenses and
fees, (vii) depositary servicing fees and (viii) any other fees, charges and expenses as are incurred by the Depositary and/or
any of its agents (including, without limitation, the Custodian and expenses incurred on behalf of Holders in connection with compliance
with foreign exchange control regulations or any law or regulation relating to foreign investment) in connection with the Receipt
program, the servicing of the Shares or other Deposited Securities, the sale of securities (including, without limitation, Deposited
Securities), the delivery of Deposited Securities or otherwise in connection with the Depositary's or its Custodian's compliance
with applicable laws, rules or regulations. The Depositary's fees and charges may differ from those of other depositaries.
Holders and Beneficial Owners are advised that in connection with the conversion of foreign currency into U.S. dollars, J.P. Morgan
shall deduct out of such foreign currency the fees, expenses and other charges charged by it and/or its agent (which may be a division,
branch or affiliate ) so appointed in connection with such conversion. J.P. Morgan and/or its agent may act as principal for such
conversion of foreign currency. For further details see https://www.adr.com. The Depositary reserves the right to modify, reduce
or increase its fees upon thirty (30) days' notice to the Holder hereof. The Depositary will provide, without charge, a copy
of its latest schedule of fees and charges to any party requesting it.
21.
Governing
Law
.
This Receipt shall be interpreted in accordance with, and all rights and obligations hereunder and provisions hereof
shall be governed by, the laws of the State of New York applicable to contracts made in and to be performed in that state.
All actions and proceedings
brought by any Holder, Beneficial Owner or beneficial holder of this Receipt against the Depositary arising out of or relating
to the Shares or other Deposited Securities, the American Depositary Shares or the Receipts, or any transaction contemplated herein,
shall be litigated only in courts located within the State of New York.
EACH HOLDER AND BENEFICIAL
OWNER AND/OR HOLDER OF INTERESTS IN ADRS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, OR ANY TRANSACTION CONTEMPLATED
HEREIN, OR THE BREACH HEREOF, INCLUDING WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
22.
Miscellaneous.
From time to time the Depositary may pay rebates to brokers (including, without limitation, brokers that are affiliates
of the Depositary) that deposit shares with the Depositary for the issuance of depositary receipts. The Depositary assumes no obligation
or responsibility, and expressly disclaims any liability arising out of, or relating to, such rebates, including without limitation
whether such rebates or any portion thereof are passed on to the beneficial holders by such brokers. Each Holder or Beneficial
Owner of this Receipt hereby acknowledges that affiliates of the Depositary may provide services in connection with this Receipt
or otherwise earn commissions or fees in connection with transactions related hereto.
FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
(Please print or typewrite name
and address of assignee)
________________________________the within American
Depositary Receipt and all rights and interests represented thereby, and hereby irrevocably constitutes and appoints
________________________________attorney, to transfer
the same on the books of the within named Depositary, with full power of substitution in the premises.
Dated ____________Signature
NOTE: The signature
to any endorsement hereon must correspond with the name as written upon the face of this Receipt in every particular, without alteration
or enlargement or any change whatsoever.
If the endorsement
be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his full
title in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded
with this Receipt.
All endorsements or
assignments of Receipts must be guaranteed by an "eligible institution" as such term is defined in Rule 17Ad-15 under
the United States Securities Exchange Act of 1934, having an office or correspondent in The City of New York.
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