Certain Ordinary Shares of Phoenix Tree Holdings Limited are subject to a Lock-Up Agreement Ending on 15-JUL-2020. These Ordinary Shares will be under lockup for 181 days starting from 16-JAN-2020 to 15-JUL-2020. Details: The company, directors, executive officers and existing shareholders have agreed not to sell, transfer or dispose of, directly or indirectly, any of ordinary shares, in the form of ADSs or otherwise, or any securities convertible into or exchangeable or exercisable for ordinary shares for a period of 180 days after the date this prospectus without the prior written consent of Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC.