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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on December 23, 2019</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration
No. 333-______</B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</P>

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<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM S-8</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Youdao, Inc.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

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    <TD STYLE="width: 33%; text-align: center"><B>Cayman Islands</B></TD>
    <TD STYLE="width: 34%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: center"><B>Not Applicable</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of<BR>
    incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer<BR>
    Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>No.
        399, Wangshang Road, Binjiang District</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hangzhou, People&rsquo;s Republic
        of China</B></P></TD>
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>310051</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp; <B>Share Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(Full
title of the plan)</FONT></P>

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    <TD STYLE="width: 33%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 34%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cogency Global Inc.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>122 East 42nd Street, 18th Floor</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10168</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 33%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name and address of agent for service)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>+1 800-221-0102</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">(Telephone number, including area code, of agent for service)</FONT></P>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><I>Copies to:</I></B></P>



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    <TD STYLE="text-align: center; width: 33%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Feng Zhou</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Chief Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Youdao, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="background-color: white">No. 399, Wangshang Road,
        Binjiang District</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="background-color: white">Hangzhou
        310051, People&rsquo;s Republic of China</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">+86 0571-8985-2163</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
    <TD STYLE="text-align: center; width: 34%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Li He, Esq.</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Davis Polk &amp; Wardwell LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2201 China World Office 2</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">No. 1 Jian Guo Men Wai Avenue</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Chaoyang District, Beijing, 100004</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">People&rsquo;s Republic of China</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">+86 10-8567-5000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
    <TD STYLE="text-align: center; width: 33%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>James C. Lin, Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Davis Polk &amp; Wardwell LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">c/o 18th Floor, The Hong Kong Club Building</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">3A Chater Road, Central</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Hong Kong</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">+852 2533-3300</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting
company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act:</P>

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    <TD STYLE="padding: 2pt; width: 63%; text-indent: 0in"><FONT STYLE="font-size: 10pt">Large accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD>
    <TD STYLE="padding: 2pt; width: 37%; text-indent: 0in"><FONT STYLE="font-size: 10pt">Accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Non-accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD>
    <TD STYLE="padding: 2pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Smaller reporting company&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding: 2pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Emerging growth company&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding: 1pt; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt; width: 41%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Title of Securities to be Registered<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt; width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Amount to be Registered<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt; width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Proposed Maximum Offering Price Per Share </FONT></TD>
    <TD STYLE="padding: 1pt; width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Proposed Maximum Aggregate Offering Price </FONT></TD>
    <TD STYLE="padding: 1pt; width: 15%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Amount of Registration Fee<SUP>(6)</SUP></FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Class A
    ordinary shares, par value US$0.0001 per share&#9;</TD>
    <TD STYLE="padding: 1pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">8,349,300<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> US<FONT STYLE="font-size: 10pt">$2.40<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> US<FONT STYLE="font-size: 10pt">$20,038,320.00 </FONT></TD>
    <TD STYLE="padding: 1pt; vertical-align: top; border-bottom: Black 1pt solid"> US<FONT STYLE="font-size: 10pt">$2,600.97 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Class A ordinary shares, par value  US$0.0001 per share&#9;</TD>
    <TD STYLE="padding: 1pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">1,872,922<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> US<FONT STYLE="font-size: 10pt">$13.95<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> US<FONT STYLE="font-size: 10pt">$26,127,261.90 </FONT></TD>
    <TD STYLE="padding: 1pt; vertical-align: top; border-bottom: Black 1pt solid"> US<FONT STYLE="font-size: 10pt">$3,391.32 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1.5pt double">Total&#9;</TD>
    <TD STYLE="padding: 1pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">10,222,222<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> US<FONT STYLE="font-size: 10pt">$46,165,581.90 </FONT></TD>
    <TD STYLE="padding: 1pt; vertical-align: top; border-bottom: Black 1pt solid"> US<FONT STYLE="font-size: 10pt">$5,992.29 </FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>The Class A ordinary shares of Youdao, Inc. (the &ldquo;Registrant&rdquo;) registered hereunder are represented by the Registrant&rsquo;s
American depositary shares (&ldquo;ADSs&rdquo;), with each ADS representing one Class A ordinary share, par value US$0.0001 per share.
The Registrant&rsquo;s ADSs issuable upon deposit of the Class A ordinary shares have been registered under a separate registration
statement on Form F-6 (333-234194).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Represents Class A ordinary shares which are issuable upon exercise of options and pursuant to other awards granted under the
Share Incentive Plan (the &ldquo;Plan&rdquo;) of the Registrant. Pursuant to Rule 416(a) under the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;), this registration statement is deemed to cover an indeterminate number of Class A ordinary
shares which may be offered and issued to prevent dilution resulting from share splits, share dividends or similar transactions
as provided in the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Represents Class A ordinary shares which are issuable upon the exercise of outstanding options previously granted under the
Plan as of the date of this registration statement and the corresponding proposed maximum offering price per share represents the
weighted average of the exercise price of options which have been already granted and are outstanding under the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Represents Class A ordinary shares to be issued pursuant to the Plan. The proposed maximum offering price per share, which
is estimated solely for the purposes of calculating the registration fee under Rule 457(h) and Rule 457(c) under the Securities
Act, is based on US$13.95 per ADS, the average of the high and low prices for the Registrant&rsquo;s ADSs as quoted on the New
York Stock Exchange on December 17, 2019.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>Any Class A ordinary shares covered by an award granted under the Plan (or portion of an award) that is forfeited, cancelled
or otherwise expires for any reason without having been exercised shall be deemed not to have been issued for purposes of determining
the maximum aggregate number of ordinary shares which may be issued under the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD>Pursuant to Rule 457(p) under the Securities Act, the Registrant hereby offsets a portion of the registration fee for this
registration statement on Form S-8 by US$1,962.58, which represents the entirety of the registration fee of US$1,962.58 previously
paid with respect to the 840,000 unsold securities previously registered on the Registrant&rsquo;s Registration Statement on Form
F-1 (File No. 333-234009) initially filed by the Registrant with the Securities and Exchange Commission on September 30, 2019 and
declared effective on October 24, 2019.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 1. PLAN INFORMATION*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>









<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Information required by Part I to be contained in the Section
10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act and the Note
to Part I of Form S-8. The documents containing information specified in this Part I will be separately provided to the participants
in the Plan covered by this Registration Statement, as specified by Rule 428(b)(1) under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 3.&nbsp; INCORPORATION OF DOCUMENTS BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following documents previously filed
with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) by the Registrant are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant&rsquo;s prospectus filed with the Commission on October 25, 2019 pursuant to Rule&nbsp;424(b)(4)&nbsp;under the Securities
Act (Securities Act File No.&nbsp;333-234009); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
description of the Registrant&rsquo;s Class A ordinary shares contained in the Registrant&rsquo;s registration statement on Form&nbsp;8-A
under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) filed on October 15, 2019, as modified by
any amendment or report filed for the purpose of updating such description (Exchange Act File No.&nbsp;001-39087).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All documents subsequently filed by the
Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d)&nbsp;of the Exchange Act, prior to the filing of a post-effective amendment
which indicates that all securities offered have been sold, or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein, or in any other subsequently filed document which also is incorporated
or deemed to be incorporated by reference herein, modifies or supersedes such statement. Any such statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 4.&nbsp; DESCRIPTION OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 5.&nbsp; INTERESTS OF NAMED EXPERTS AND COUNSEL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 6.&nbsp; INDEMNIFICATION OF DIRECTORS AND OFFICERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Cayman Islands law does not limit the extent
to which a company&rsquo;s articles of association may provide for indemnification of officers and directors, except to the extent
any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
against civil fraud or the consequences or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">committing a crime. The Registrant&rsquo;s
fourth amended and restated memorandum and articles of association provide for indemnification of officers and directors against
all actions, proceedings, costs, charges, losses, damages and expenses which they or any of them shall or may incur or sustain
by reason of any act done or omitted in or about the execution of their duty in their respective offices, except such (if any)
as they shall incur or sustain by or through their own willful neglect or default and no such director or officer shall be answerable
for the acts, receipts, neglects or defaults of any other director or officer or for joining in any receipt for the sake of conformity
or for the solvency or honesty of any banker or other persons with whom any monies or effects belonging to the Registrant may be
lodged or deposited for safe custody or for any insufficiency of any security upon which any monies of the Registrant may be invested
or for any other loss or damage due to any such cause as aforesaid or which may happen in or about the execution of his office
unless the same shall happen through the willful neglect or default of such director or officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the indemnification agreements,
the form of which was filed as Exhibit&nbsp;10.2 to the Registrant&rsquo;s registration statement on Form&nbsp;F-1, as amended
(File No.&nbsp;333-234009), the Registrant has agreed to indemnify its directors and officers against, to the fullest extent permitted
by applicable law, any and all expenses and liabilities actually and reasonably incurred by reason of such director&rsquo;s or
officer&rsquo;s corporate status.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Registrant maintains standard policies
of insurance under which coverage is provided (a)&nbsp;to its directors and officers against loss arising from claims made by reason
of breach of duty or other wrongful act and (b)&nbsp;to the Registrant with respect to payments which may be made by the Registrant
to such officers and directors pursuant to the above indemnification provision or otherwise as a matter of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">ITEM 8. EXHIBITS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Exhibits listed on the accompanying
Exhibit&nbsp;Index are filed as a part of, or incorporated by reference into, this Registration Statement (See Exhibit&nbsp;Index
below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 9.&nbsp; UNDERTAKINGS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.7pt"></TD><TD STYLE="width: 18.7pt">(1)</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.7pt"></TD><TD STYLE="width: 20.15pt">(i)</TD><TD>To include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.7pt"></TD><TD STYLE="width: 20.15pt">(ii)</TD><TD>To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the Registration Statement; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.7pt"></TD><TD STYLE="width: 20.15pt">(iii)</TD><TD>To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
or any material change to such information in the Registration Statement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.7pt"><I>provided, however,&nbsp;</I>that paragraphs (a)(1)(i)&nbsp;and
(a)(1)(ii)&nbsp;do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of
the Exchange Act that are incorporated by reference in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.7pt"></TD><TD STYLE="width: 18.7pt">(2)</TD><TD>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial&nbsp;<I>bona fide</I>&nbsp;offering thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.7pt"></TD><TD STYLE="width: 18.7pt">(3)</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Exchange Act (and,
where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d)&nbsp;of the Exchange
Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial&nbsp;<I>bona
fide</I>&nbsp;offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; width: 11%; text-align: center; font-weight: bold">Exhibit<BR>
 <U>Number</U></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 2pt; width: 87%; text-align: left; font-weight: bold"><U>Description of Exhibit</U></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; vertical-align: top; text-align: right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 2pt; vertical-align: bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1781753/000119312519258627/d771710dex32.htm" STYLE="color: Blue">Fourth
    Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to
    Exhibit&nbsp;3.2 to the Registrant&rsquo;s registration statement on Form&nbsp;F-1 initially filed on September 30, 2019, as
    amended) (Securities Act File No. 333-234009)</A></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; vertical-align: top; text-align: right">4.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 2pt; vertical-align: bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1781753/000119312519267549/d771710dex42.htm" STYLE="color: Blue">Registrant&rsquo;s Specimen Certificate for Class A Ordinary Shares (incorporated herein by reference to Exhibit&nbsp;4.2 to the Registrant&rsquo;s registration statement on Form&nbsp;F-1 initially filed on September 30, 2019, as amended) (Securities Act File No. 333-234009)</A></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; vertical-align: top; text-align: right">4.3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 2pt; vertical-align: bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1781753/000119312519267549/d771710dex43.htm" STYLE="color: Blue">Form of Deposit Agreement between the Registrant, the depositary and holders of the American Depositary Shares (incorporated herein by reference to Exhibit&nbsp;4.3 to the Registrant&rsquo;s registration statement on Form&nbsp;F-1 initially filed on September 30, 2019, as amended) (Securities Act File No. 333-234009)</A></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; vertical-align: top; text-align: right">5.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 2pt; vertical-align: bottom"><A HREF="dp117772_s8-ex0501.htm" STYLE="color: Blue">Opinion of Maples and Calder (Hong Kong) LLP (filed herewith)</A></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; vertical-align: top; text-align: right">10.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 2pt; vertical-align: bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1781753/000119312519258627/d771710dex101.htm" STYLE="color: Blue">The First Amended and Restated 2015 Share Incentive Plan (incorporated herein by reference to Exhibit&nbsp;10.1 to the Registrant&rsquo;s registration statement on Form&nbsp;F-1 initially filed on September 30, 2019, as amended) (Securities Act File No. 333-234009)</A></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; vertical-align: top; text-align: right">23.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 2pt; vertical-align: bottom"><A HREF="dp117772_s8-ex0501.htm" STYLE="color: Blue">Consent of Maples and Calder (Hong Kong) LLP (included in Exhibit 5.1)</A></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; vertical-align: top; text-align: right">23.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 2pt; vertical-align: bottom"><A HREF="dp117772_s8-ex2302.htm" STYLE="color: Blue">Consent of Independent Registered Public Accounting Firm (filed herewith)</A></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; vertical-align: top; text-align: right">24.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 2pt; vertical-align: bottom"><A HREF="#a_001" STYLE="color: Blue">Power of Attorney (included on the signature page of this Registration Statement)</A></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form&nbsp;S-8&nbsp;and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Beijing, China, on December 23, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Youdao, Inc.</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%">By:</TD>
    <TD STYLE="vertical-align: bottom; width: 36%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Feng Zhou</P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Name:&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Feng Zhou</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">Chief Executive Officer and Director</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Each person whose signature appears below
constitutes and appoints Dr. Feng Zhou, as his true and lawful attorney-in-fact and agent, with full power of substitution and
re-substitution, for him and in his name, place, and stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments, exhibits thereto and other documents in connection therewith) to this Registration Statement, and to
file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said
attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agent, or his substitute, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on December 23,
2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; width: 45%"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="text-align: center; width: 55%"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ William Lei
Ding</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Director</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Name: William Lei Ding</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Feng Zhou</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="background-color: white">Chief Executive Officer, Director</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Name: Feng Zhou</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">(principal executive officer)</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Harry Heung
Yeung Shum</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Independent Director</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Name: Harry Heung Yeung Shum</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Jimmy Lai</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Independent Director</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Name: Jimmy Lai</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Yongwei Li</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="background-color: white">Vice President of Finance</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Name: Yongwei Li</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">(principal financial officer and principal accounting officer)</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SIGNATURE OF
AUTHORIZED REPRESENTATIVE IN THE UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Pursuant to the
Securities Act of 1933, the undersigned, the duly authorized representative in the United States of Youdao, Inc., has signed this
registration statement or amendment thereto in New York on December 23, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>Authorized U.S. Representative</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><P STYLE="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Colleen A. De Vries</P>

</TD></TR>
<TR>
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 34%">Colleen A. De Vries</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Senior Vice President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white"></P>

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[{"type": "S-8", "sequence": "1", "filename": "dp117772_s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 61602}]
{"company-data": {"conformed-name": "Youdao, Inc.", "cik": "0001781753", "assigned-sic": "8200", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-235688", "film-number": "191306232"}, "business-address": {"street1": "NO. 399, WANGSHANG ROAD", "city": "BINJIANG DISTRICT, HANGZHOU", "state": "F4", "zip": "310051", "phone": "86 0571-8985-2163"}, "mail-address": {"street1": "NO. 399, WANGSHANG ROAD", "city": "BINJIANG DISTRICT, HANGZHOU", "state": "F4", "zip": "310051"}}
As filed with the Securities and Exchange
Commission on December 23, 2019
Registration
No. 333-______
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Youdao, Inc.
(Exact name of registrant as specified in
its charter)
Cayman Islands
Not Applicable
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
No.
        399, Wangshang Road, Binjiang District
Hangzhou, People's Republic
        of China
310051
(Address of Principal Executive Offices)
(Zip Code)
Share Incentive Plan
(Full
title of the plan)
Cogency Global Inc.
122 East 42nd Street, 18th Floor
New York, NY 10168
(Name and address of agent for service)
+1 800-221-0102
(Telephone number, including area code, of agent for service)
Copies to:
Feng Zhou
Chief Executive Officer
Youdao, Inc.
No. 399, Wangshang Road,
        Binjiang District
Hangzhou
        310051, People's Republic of China
+86 0571-8985-2163
Li He, Esq.
Davis Polk & Wardwell LLP
2201 China World Office 2
No. 1 Jian Guo Men Wai Avenue
Chaoyang District, Beijing, 100004
People's Republic of China
+86 10-8567-5000
James C. Lin, Esq.
Davis Polk & Wardwell LLP
c/o 18th Floor, The Hong Kong Club Building
3A Chater Road, Central
Hong Kong
+852 2533-3300
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting
company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☒
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 7(a)(2)(B) of the Securities Act.
☒
CALCULATION OF REGISTRATION FEE
Title of Securities to be Registered
(1)
Amount to be Registered
(2)
Proposed Maximum Offering Price Per Share
Proposed Maximum Aggregate Offering Price
Amount of Registration Fee
(6)
Class A
    ordinary shares, par value US$0.0001 per share
8,349,300
(3)
US
$2.40
(3)
US
$20,038,320.00
US
$2,600.97
Class A ordinary shares, par value  US$0.0001 per share
1,872,922
(4)
US
$13.95
(4)
US
$26,127,261.90
US
$3,391.32
Total
10,222,222
(5)
—
US
$46,165,581.90
US
$5,992.29
(1)
The Class A ordinary shares of Youdao, Inc. (the "Registrant") registered hereunder are represented by the Registrant's
American depositary shares ("ADSs"), with each ADS representing one Class A ordinary share, par value US$0.0001 per share.
The Registrant's ADSs issuable upon deposit of the Class A ordinary shares have been registered under a separate registration
statement on Form F-6 (333-234194).
(2)
Represents Class A ordinary shares which are issuable upon exercise of options and pursuant to other awards granted under the
Share Incentive Plan (the "Plan") of the Registrant. Pursuant to Rule 416(a) under the Securities Act of 1933, as amended
(the "Securities Act"), this registration statement is deemed to cover an indeterminate number of Class A ordinary
shares which may be offered and issued to prevent dilution resulting from share splits, share dividends or similar transactions
as provided in the Plan.
(3)
Represents Class A ordinary shares which are issuable upon the exercise of outstanding options previously granted under the
Plan as of the date of this registration statement and the corresponding proposed maximum offering price per share represents the
weighted average of the exercise price of options which have been already granted and are outstanding under the Plan.
(4)
Represents Class A ordinary shares to be issued pursuant to the Plan. The proposed maximum offering price per share, which
is estimated solely for the purposes of calculating the registration fee under Rule 457(h) and Rule 457(c) under the Securities
Act, is based on US$13.95 per ADS, the average of the high and low prices for the Registrant's ADSs as quoted on the New
York Stock Exchange on December 17, 2019.
(5)
Any Class A ordinary shares covered by an award granted under the Plan (or portion of an award) that is forfeited, cancelled
or otherwise expires for any reason without having been exercised shall be deemed not to have been issued for purposes of determining
the maximum aggregate number of ordinary shares which may be issued under the Plan.
(6)
Pursuant to Rule 457(p) under the Securities Act, the Registrant hereby offsets a portion of the registration fee for this
registration statement on Form S-8 by US$1,962.58, which represents the entirety of the registration fee of US$1,962.58 previously
paid with respect to the 840,000 unsold securities previously registered on the Registrant's Registration Statement on Form
F-1 (File No. 333-234009) initially filed by the Registrant with the Securities and Exchange Commission on September 30, 2019 and
declared effective on October 24, 2019.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS
ITEM 1. PLAN INFORMATION*
ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION*
* Information required by Part I to be contained in the Section
10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act and the Note
to Part I of Form S-8. The documents containing information specified in this Part I will be separately provided to the participants
in the Plan covered by this Registration Statement, as specified by Rule 428(b)(1) under the Securities Act.
PART II
INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT
ITEM 3.  INCORPORATION OF DOCUMENTS BY REFERENCE
The following documents previously filed
with the Securities and Exchange Commission (the "Commission") by the Registrant are incorporated herein by reference.
(1)         The
Registrant's prospectus filed with the Commission on October 25, 2019 pursuant to Rule 424(b)(4) under the Securities
Act (Securities Act File No. 333-234009); and
(2)         The
description of the Registrant's Class A ordinary shares contained in the Registrant's registration statement on Form 8-A
under the Securities Exchange Act of 1934, as amended (the "Exchange Act") filed on October 15, 2019, as modified by
any amendment or report filed for the purpose of updating such description (Exchange Act File No. 001-39087).
All documents subsequently filed by the
Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment
which indicates that all securities offered have been sold, or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents.
Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein, or in any other subsequently filed document which also is incorporated
or deemed to be incorporated by reference herein, modifies or supersedes such statement. Any such statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
ITEM 4.  DESCRIPTION OF SECURITIES
Not applicable.
ITEM 5.  INTERESTS OF NAMED EXPERTS AND COUNSEL
Not applicable.
ITEM 6.  INDEMNIFICATION OF DIRECTORS AND OFFICERS
Cayman Islands law does not limit the extent
to which a company's articles of association may provide for indemnification of officers and directors, except to the extent
any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
against civil fraud or the consequences or
committing a crime. The Registrant's
fourth amended and restated memorandum and articles of association provide for indemnification of officers and directors against
all actions, proceedings, costs, charges, losses, damages and expenses which they or any of them shall or may incur or sustain
by reason of any act done or omitted in or about the execution of their duty in their respective offices, except such (if any)
as they shall incur or sustain by or through their own willful neglect or default and no such director or officer shall be answerable
for the acts, receipts, neglects or defaults of any other director or officer or for joining in any receipt for the sake of conformity
or for the solvency or honesty of any banker or other persons with whom any monies or effects belonging to the Registrant may be
lodged or deposited for safe custody or for any insufficiency of any security upon which any monies of the Registrant may be invested
or for any other loss or damage due to any such cause as aforesaid or which may happen in or about the execution of his office
unless the same shall happen through the willful neglect or default of such director or officer.
Pursuant to the indemnification agreements,
the form of which was filed as Exhibit 10.2 to the Registrant's registration statement on Form F-1, as amended
(File No. 333-234009), the Registrant has agreed to indemnify its directors and officers against, to the fullest extent permitted
by applicable law, any and all expenses and liabilities actually and reasonably incurred by reason of such director's or
officer's corporate status.
The Registrant maintains standard policies
of insurance under which coverage is provided (a) to its directors and officers against loss arising from claims made by reason
of breach of duty or other wrongful act and (b) to the Registrant with respect to payments which may be made by the Registrant
to such officers and directors pursuant to the above indemnification provision or otherwise as a matter of law.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED
Not applicable.
ITEM 8. EXHIBITS
The Exhibits listed on the accompanying
Exhibit Index are filed as a part of, or incorporated by reference into, this Registration Statement (See Exhibit Index
below).
ITEM 9.  UNDERTAKINGS
(a)       The
undersigned Registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)
To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the Registration Statement; and
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
or any material change to such information in the Registration Statement;
provided, however,
that paragraphs (a)(1)(i) and
(a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of
the Exchange Act that are incorporated by reference in the Registration Statement.
(2)
That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial
bona fide
offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.
(b)       The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and,
where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange
Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
(c)       Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.
EXHIBIT INDEX
Exhibit
Number
Description of Exhibit
4.1
Fourth
    Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to
    Exhibit 3.2 to the Registrant's registration statement on Form F-1 initially filed on September 30, 2019, as
    amended) (Securities Act File No. 333-234009)
4.2
Registrant's Specimen Certificate for Class A Ordinary Shares (incorporated herein by reference to Exhibit 4.2 to the Registrant's registration statement on Form F-1 initially filed on September 30, 2019, as amended) (Securities Act File No. 333-234009)
4.3
Form of Deposit Agreement between the Registrant, the depositary and holders of the American Depositary Shares (incorporated herein by reference to Exhibit 4.3 to the Registrant's registration statement on Form F-1 initially filed on September 30, 2019, as amended) (Securities Act File No. 333-234009)
5.1
Opinion of Maples and Calder (Hong Kong) LLP (filed herewith)
10.1
The First Amended and Restated 2015 Share Incentive Plan (incorporated herein by reference to Exhibit 10.1 to the Registrant's registration statement on Form F-1 initially filed on September 30, 2019, as amended) (Securities Act File No. 333-234009)
23.1
Consent of Maples and Calder (Hong Kong) LLP (included in Exhibit 5.1)
23.2
Consent of Independent Registered Public Accounting Firm (filed herewith)
24.1
Power of Attorney (included on the signature page of this Registration Statement)
Signatures
Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Beijing, China, on December 23, 2019.
Youdao, Inc.
By:
/s/ Feng Zhou
Name:
Feng Zhou
Title:
Chief Executive Officer and Director
POWER OF ATTORNEY
Each person whose signature appears below
constitutes and appoints Dr. Feng Zhou, as his true and lawful attorney-in-fact and agent, with full power of substitution and
re-substitution, for him and in his name, place, and stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments, exhibits thereto and other documents in connection therewith) to this Registration Statement, and to
file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said
attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agent, or his substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on December 23,
2019.
Signature
Title
/s/ William Lei
Ding
Director
Name: William Lei Ding
/s/ Feng Zhou
Chief Executive Officer, Director
Name: Feng Zhou
(principal executive officer)
/s/ Harry Heung
Yeung Shum
Independent Director
Name: Harry Heung Yeung Shum
/s/ Jimmy Lai
Independent Director
Name: Jimmy Lai
/s/ Yongwei Li
Vice President of Finance
Name: Yongwei Li
(principal financial officer and principal accounting officer)
SIGNATURE OF
AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the
Securities Act of 1933, the undersigned, the duly authorized representative in the United States of Youdao, Inc., has signed this
registration statement or amendment thereto in New York on December 23, 2019.
Authorized U.S. Representative
By:
/s/ Colleen A. De Vries
Name:
Colleen A. De Vries
Title:
Senior Vice President