Onshore Share Pledge Agreement, dated September 10, 2007



 Exhibit 10.4 
 EXECUTION VERSION 
 ONSHORE SHARE PLEDGE
AGREEMENT 
 This SHARE PLEDGE AGREEMENT, dated as of September 10, 2007 (this
“Agreement”), is executed between 7 Days Group Holdings Limited, a corporation incorporated and established under the laws of the Cayman Islands (the “Pledgor”) and DB Trustees (Hong Kong) Limited
(with its successors in such capacity, the “Pledgee”). 
 WITNESSETH: 
 (1) The Pledgor incurred a certain amount of debt in connection with the issuance of the Guaranteed Senior Floating Rate Notes due 2010 (the
“Notes”) issued pursuant to an Indenture dated September 10, 2007 between the Pledgor, the Guarantors (as defined therein) and DB Trustees (Hong Kong) Limited as trustee; and 
 (2) The Pledgor owns all the issued and outstanding equity interests in 7 Days Inn (Shenzhen) Co., Ltd., a wholly foreign owned
enterprise organized and existing under the laws of the People’s Republic of China (“PRC”) (the “WFOE” or “Pledged Entity”). The Pledgor’s equity interest in the WFOE,
representing 100% of the outstanding equity interests of the WFOE, is set forth on Exhibit A attached hereto and made a part hereof (the “Equity Interests”); 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Pledgor and
the Pledgee hereby agree as follows: 
 1. Defined Terms. Unless otherwise defined herein, each capitalized term used
herein that is defined in the Notes shall have the meaning specified for such term in the Indenture. 
 2. Pledge. The
Pledgor hereby pledges to the Pledgee and grants to the Pledgee a security interest in, the following (collectively, the “Pledged Collateral”): 
 (a) All of the right, title and interest of the Pledgor in the Equity Interests, whether now existing or hereafter arising
(such now-existing shares being identified on Exhibit A attached hereto and made a part hereof), all options and warrants for the purchase of additional equity interests now or hereafter held in the name of the Pledgor (all of said Equity
Interests, options and warrants and all capital stock held in the name of the Pledgor as a result of the exercise of such options or warrants being hereinafter collectively referred to as the “Pledged Shares”), herewith
delivered to the Pledgee, and all dividends, distributions, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of, or in exchange for, any or all of the Pledged Shares; 
 (b) Any additional equity interests of the WFOE otherwise to be pledged to the Pledgee pursuant to the Notes or other
Security Documents (as defined in the Indenture) binding the Pledgor which equity interests are not already Pledged Collateral








 
(“Additional Equity Interests”) from time to time acquired by the Pledgor from the date hereof in any manner (any such additional equity interests shall constitute part of
the Pledged Shares and the Pledgee is irrevocably authorized to amend Exhibit A from time to time to reflect such additional equity interests), and all options, warrants, dividends, distributions, cash, instruments and other rights and
options from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Equity Interests or Additional Equity Interests; 
 (c) All proceeds of the foregoing; and 
 (d) The proceeds of any liquidation, winding up or dissolution of the WFOE payable to the Pledgor. 
 3. Security for Liabilities. The Pledged Collateral secures the full and prompt payment, performance and observance when due (whether
at stated maturity, by acceleration or otherwise) of (i) the payment of all of the principal of and interest and premium, if any, on the Notes, (ii) all other Note Obligations, and (iii) all obligations of the Pledgor under this
Agreement (all such obligations referred to in Clauses (i), (ii) and (iii) now or hereafter existing being hereinafter collectively referred to as the “Liabilities”). 
 4. Perfection of Pledge; Registration and Acknowledgments. 
 (a) The Pledgor shall, promptly after the execution of this Agreement but in no event later than ten (10) Business Days
from the date hereof, at its own cost, (i) grant a Power of Attorney (the “PoA”) to a foreign investment related service company to act as a sponsor (the “Sponsor”) designated by the Pledgee with
irrevocable instructions to the Sponsor to submit, on behalf of the Pledgor all the required documents and apply for the approval for the pledge over the Pledged Shares hereunder with the Ministry of Commerce of the PRC or its competent local
counterpart (“MOFCOM”, such approval from the MOFCOM being referred herein as the “MOFCOM Approval”), and (ii) deliver to the Pledgee a certified true copy of such approval upon its obtaining
MOFCOM Approval or any written evidence of disapproval received from MOFCOM if such application is denied by the MOFCOM. The PoA shall explicitly stipulate that the Pledgee shall be entitled to instruct the Sponsor or check with Sponsor directly
(and without consulting or informing the Pledgor or Pledged Entity thereof) regarding approval and registration process of the share pledge under this Agreement. Pledgor’s instructions to the Sponsor shall require that, within five
(5) calendar days after obtaining the MOFCOM Approval, the Sponsor shall, at the Pledgor’s cost, (x) register this Agreement and the Pledged Collateral with the State Administration of Industry and Commerce of the PRC or its competent
local counterpart (“SAIC”), and (y) deliver to the Pledgee a certified true copy of registration or filing certificate. 
 (b) Following the execution of this Agreement, Pledgor shall as soon as practicable procure the recording of the Pledged Shares under this Agreement in the register of shareholders of the WFOE, and at its
own cost, deliver to the Pledgee a copy of the register of shareholders certified by the legal representative of the WFOE in substance satisfactory to the Pledgee after such recordation. 
  

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 (c) Following the execution of this Agreement, the Pledgor shall as soon as
practicable procure the recording of the particulars of this Agreement and the security hereby created in its Register of Mortgages, Charges and other Encumbrances and provide a certified copy of such Register to the Pledgee. 
 5. Pledged Collateral Adjustments. If, during the term of this Agreement: 
 (a) Any share dividend, reclassification, readjustment or other change is declared or made in the capital structure of the
WFOE, or any option included within the Pledged Collateral is exercised, or both, or 
 (b) Any subscription
warrants, shares, or any other rights or options shall be issued in connection with the Pledged Collateral, 
 then all new, substituted and
additional shares, warrants, rights, options or other securities, issued by reason of any of the foregoing, shall be immediately delivered to and held by the Pledgee, under the terms of this Agreement and shall constitute Pledged Collateral
hereunder. The Pledgor further agrees and undertakes to cause the Sponsor to continuously and diligently complete the required approval, registration and recordation procedures with the PRC Governmental Authority with respect to the increase of the
registered capital of the Pledged Entity and in accordance with such procedures as described in the above Section 4(a) and Section 4(b) hereof. For the purpose of this Agreement, “Governmental
Authority” shall mean any court, tribunal, arbitrator, authority, agency, commission, official or other instrumentality of the PRC, any foreign country or any domestic or foreign state, county, city or other political subdivision.

 6. Representations and Warranties. The Pledgor represents and warrants as follows: 
 (a) The Pledgor is the sole legal and beneficial owner of the Equity Interests set forth opposite its name on Exhibit
A attached hereto and made a part hereof, free and clear of any Lien, except for the Liens created by this Agreement or arising by operation of law; 
 (b) The registered capital of the WFOE has been duly paid up by the Pledgor to the extent required (i) pursuant to the provisions of the WFOE’s current articles of association, as approved by
the MOFCOM and properly filed with the SAIC, (ii) by PRC law or regulation applicable to the WFOE, and (iii) by any PRC Governmental Authority; 
 (c) All of the Pledged Shares have been duly authorized, fully paid and duly verified; 
 (d) As of the date hereof, there are no existing options, warrants, calls or commitments of any character whatsoever relating to the Pledged Shares; 
 (e) The Pledgor has full power and authority to enter into this Agreement; 
  

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 (f) There are no restrictions upon the voting rights associated with, or
upon the transfer of, any of the Pledged Collateral except for the approval requirement in respect of the transfer of the Pledged Collateral pursuant to PRC law; 
 (g) The Pledgor has the right to vote, pledge, assign and grant a security interest in or otherwise transfer such Pledged
Collateral free of any Liens; 
 (h) Except for the approval by MOFCOM and registration with SAIC, no other
authorization, approval, or other action by, and no notice to or filing with, any Governmental Authority is required either (i) for the pledge of the Pledged Collateral pursuant to this Agreement or for the execution, delivery or performance of
this Agreement by the Pledgor or (ii) for the exercise by the Pledgee of the voting or other rights provided for in this Agreement or the remedies in respect of the Pledged Collateral pursuant to this Agreement; 
 (i) There is no action, suit, proceeding, governmental investigation or arbitration before or by any Governmental Authority,
pending, or to the knowledge of the Pledgor, threatened against the Pledgor or any of its property which will materially and adversely affect the ability of the Pledgor to perform its obligations under this Agreement; 
 (j) The execution, delivery and performance of this Agreement by the Pledgor (i) does not violate any indenture, trust
deed, mortgage, any other agreement or any applicable laws or regulations to which the Pledgor is a party or is subject to or by which any of its properties or assets may be bound; (ii) complies with all corporate organizational documents of
the Pledgor; and (iii) does not violate any restriction on such transfer or encumbrance of the Pledged Collateral; and 
 (k) The Pledged Shares constitute all of the issued and outstanding Equity Interests of the WFOE as set forth in Exhibit A hereto. 
 7. Dividends and Other Distributions. 
 (a) So long as no Default or an Event of Default under the Notes shall have occurred and be continuing: 
 (i) The Pledgor shall be entitled to receive and retain any and all dividends and distributions paid in respect of the Pledged Collateral upon obtaining the necessary approval(s) or completing the filing
procedures administered by the PRC Governmental Authorities, notwithstanding such dividends and distributions being subject to the pledge and assignment thereof pursuant to Section 2, provided, however, that any and all

 (A) dividends and distributions paid or payable other than in cash with respect to, and instruments and other
property received, receivable or otherwise distributed with respect to, or in exchange for, any of the Pledged Collateral; 
  

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 (B) dividends and other distributions paid or payable in cash with respect
to any of the Pledged Collateral on account of a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in surplus; and 
 (C) cash paid, payable or otherwise distributed with respect to principal of, or in redemption of, or in exchange for, any
of the Pledged Collateral; 
 shall be Pledged Collateral, and shall be forthwith delivered to the Pledgee to hold as Pledged
Collateral and shall, if received by the Pledgor, be received in trust for the Pledgee; and 
 (ii) The Pledgee
shall execute and deliver (or cause to be executed and delivered) to the Pledgor all such proxies and other instruments as the Pledgor may reasonably request for the purpose of enabling the Pledgor to receive the dividends which it is authorized to
receive and retain pursuant to clause (i) above. 
 (b) After the occurrence and during the continuation of a
Default or an Event of Default under the Notes: 
 (i) All rights of the Pledgor to receive the dividends and
other distributions which it would otherwise be authorized to receive and retain pursuant to Section 7(a)(i) hereof shall cease, and all such rights shall thereupon become vested in the Pledgee, which shall thereupon have the sole right
to receive and hold as Pledged Collateral such dividends and other distributions; 
 (ii) The Pledgor hereby
commits that it shall, and cause the WFOE to, endeavor to enable such Pledgee to receive the dividends and other distributions of the WFOE to the maximum extent permitted by the PRC law; 
 (iii) All dividends and other distributions which are received by the Pledgor contrary to the provisions of this
Section 7(b) shall be received in trust for the Pledgee; 
 (iv) The Pledgor shall cooperate with
Sponsor and procure the Pledged Entity and its legal representative and directors to execute and deliver all such instruments and documents to the Sponsor as may be required by applicable law or may be necessary in practice to dispose of the Pledged
Shares; 
 (v) The Pledgee shall be entitled to, at the expense of the Pledgor, grant an irrevocable instruction
to the Sponsor and deliver the Sponsor the Documents under Custody pursuant to Section 10(b) to let Sponsor apply for and obtain all the necessary governmental approvals and to complete the requisite filing procedures to legally validate
and perfect the disposal of the Pledged Collateral in any manner to the extent permitted under the applicable law, within or outside of the PRC; 
  

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 (vi) The Pledgee shall be entitled to, at the expense of the Pledgor, grant
an irrevocable instruction to the Sponsor and deliver to the Sponsor the Documents under Custody pursuant to Section 10(b) to complete the relevant government approval procedure in relation to all other acts and things as may be
necessary to make effect such sale of the Pledged Collateral or any part thereof valid and binding and in compliance with any applicable law. 
 The Pledgor will reimburse the Pledgee and the Sponsor for all expenses properly incurred by the Pledgee or the Sponsor (as the case may be), including, without limitation, attorneys’ and accountants’ fees and expenses in
connection with the foregoing. 
 8. Transfers and other Liens. Other than as permitted by the terms of the Notes, the
Pledgor agrees that it will not (i) sell, transfer or otherwise dispose of, or grant any option with respect to, any of the Pledged Collateral without the prior written consent of the Pledgee, or (ii) create or permit to exist any Lien
upon or with respect to any of the Pledged Collateral (except for the security interest under this Agreement or Liens arising by operation of law). Except as permitted by the Indenture, the Pledgor further agrees that it will procure, or take
reasonable efforts to procure, that the Pledged Entity and any other direct or indirect subsidiary thereof shall carry on business only in the ordinary course and will not dispose of or agree to dispose of a substantial part of its assets or
undertaking without the prior written approval of the Pledgee. 
 9. Defense of Title. The Pledgor will defend the title
to the Pledged Collateral and the Liens of the Pledgee in the Pledged Collateral against the claim of any person or entity and will maintain and preserve such Liens. 
 10. Remedies. (a) After the occurrence and during the continuation of an Event of Default under the Notes, the Pledgee shall have such powers of sale and other powers as may be conferred by
any applicable law. The Pledgor agrees to pay to the Pledgee all expenses (including, without limitation, court costs and attorneys’ and paralegals’ fees and expenses) of, or incident to, the enforcement of any of the provisions hereof.

 (b) In order to effect the remedies stipulated in this Section 10, after the execution of this Agreement,
upon the request of the Pledgee, the following documents shall be provided by the Pledgor and under the custody of the Pledgee (the “Documents under Custody”); 
 (i) Two (2) original copies of the executed Share Transfer Agreement in the form and substance acceptable to the
Pledgee, with the information of the name of the transferee, the transfer price and the date of execution being left in blank; 
 (ii) A copy of the business license and certificate of approval of the WFOE; 
 (iii) A copy of the articles of association of the WFOE (the “Charter”); 
  

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 (iv) A unanimous board resolution of the WFOE approving the share transfer
duly signed by all of the directors of the WFOE, with the resolution date left in blank; 
 (v) An amendment to
the Charter reflecting the share transfer and change to the shareholder, bearing the authorized signature of the Pledgor; 
 (vi) An application letter to assign the shares of the WFOE bearing the authorized signature of the Pledgor; 
 (vii) An original copy of a power of attorney ( the “Enforcement Power of Attorney”) issued by the Pledgor and the WFOE (with the company stamp of the WFOE and authorized signature
of the Pledgor and WFOE), in form and substance satisfactory to the Pledgee, entrusting the Sponsor to submit the required documents and apply for the sales of the shares and the share transfer with the competent PRC Governmental Authority while
leaving blank the issuance date. The Enforcement Power of Attorney shall explicitly stipulate that the Sponsor is obligated to take such action as set forth in the Enforcement Power of Attorney according to the sole instruction of the Pledgee. The
copy of business license of the WFOE and the contact details of the Sponsor shall be provided to the Pledgee together with the Enforcement Power of Attorney; and 
 (viii) Other documents used for the enforcement of the Pledge upon the occurrence of a Default or an Event of Default which
may be required by the Pledgee from time to time. 
 11. Pledgee Appointed Attorney-in-Fact. The Pledgor hereby appoints
the Pledgee and any of its delegates or sub-delegates to be its attorney-in-fact irrevocably coupled with an interest, with the detailed power of delegation duly executed, with full authority, in the name of the Pledgor or otherwise, after the
occurrence and during the continuation of an Event of Default, from time to time in the Pledgee’s sole discretion, to take any action and to execute any instrument which the Pledgee or any Secured Party may deem necessary or advisable to
accomplish the purposes of this Agreement, including, without limitation, to receive, endorse and collect all instruments made payable to the Pledgor representing any dividend or other distribution in respect of the Pledged Collateral or any part
thereof and to give full discharge for the same and to arrange for the transfer of all or any part of the Pledged Collateral on the books of the Pledged Entity to the name of the Pledgee or the Pledgee’s nominee. The Pledgee shall be entitled
to instruct the Sponsor to take the above actions at its discretion, pursuant to above Section 10. 
 12.
Waivers. The Pledgor waives, to the fullest extent permitted by applicable laws, presentment and demand for payment of any of the Liabilities or notice of Event of Default with respect to any of the Liabilities and all other notices to which
the Pledgor might otherwise be entitled except as otherwise expressly provided herein. 
  

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 13. Effectiveness and Term. 
 (a) This Agreement shall take effect upon execution, provided that the Lien on the Pledged Collateral under this Agreement shall only
become effective immediately after this Agreement is approved by the MOFCOM and properly filed with the SAIC. 
 (b) This
Agreement shall remain in full force and effect after satisfying the effectiveness conditions as stated in Section 13(a) above until the final payment in full, in cash, of the Liabilities. Upon the termination of this Agreement as
provided above (other than as a result of the sale of the Pledged Collateral), the Pledgee will release the security interest created hereunder and, if it then has possession of any Pledged Shares pledged hereunder, will deliver such Pledged Shares
previously delivered to it. 
 14. Definitions. The singular shall include the plural and vice versa and any gender shall
include any other gender as the context may require. 
 15. Binding Effect; Successors and Assignees. This Agreement
shall be binding upon the Pledgor and its successors and assignees, and shall inure to the benefit of the Pledgee and its successors and assignees. The Pledgor’s successors shall include, without limitation, a receiver or trustee of or for the
Pledgor. The Pledgee shall provide notice to the Pledgor prior to any assignment of this Agreement by Pledgee. The Pledgor hereby agrees and undertakes to cause the Sponsor to continuously and diligently complete the required approval, registration
and recordation procedures with the PRC Governmental Authority as described in the above Section 4(a) and Section 4(b) hereof upon receipt of such notice. 
 16. Governing Law and Dispute Resolution. 
 (a) Any dispute between the Pledgee and the Pledgor arising out of or related to the relationship established between them in connection with this Agreement, and whether arising in contract, tort, or
otherwise, shall be resolved in accordance with the laws of the PRC. 
 (b) Any dispute, controversy or claim arising out of or
in connection with this Agreement shall be settled through negotiations between the parties; if the parties fail to resolve such dispute within sixty (60) days after the date such negotiation was first requested in writing by either party, it
shall be settled by arbitration in accordance with the Arbitration Rules of the China International Economic and Trade Arbitration Commission (“CIETAC”) (as amended from time to time and by the rest of this Agreement). In the
case of any conflict between the terms of this Agreement and the CIETAC Arbitration Rules, the terms of this Agreement shall prevail. The institution administering the arbitration shall be CIETAC Beijing Headquarter. The seat of arbitration shall be
Beijing. The arbitral tribunal shall consist of three arbitrators, with one appointed by each of the parties and a third neutral arbitrator to be appointed by other two (2) party-appointed arbitrators and who shall not be a PRC national and
shall act as the Chairman. The parties agree to the appointment of arbitrators who are not on CIETAC’s Panel of Arbitrators. If either party fails to appoint an arbitrator within the time specified in the CIETAC Arbitration Rules, or if the two
party-appointed arbitrators fail to jointly appoint the third neutral arbitrator within the time specified in the CIETAC Arbitration Rules, the Chairman of CIETAC shall make such an appointment. The arbitration shall be conducted on a confidential
basis. All arbitration proceedings shall be held in the Chinese language (with an English translator present if any party so requests). Any arbitration award made by the arbitration panel

  

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shall be final and binding on the parties and may be entered and enforced in any court of competent jurisdiction. The parties shall submit to the jurisdiction of any such court for purposes of
the enforcement of any such award. Notwithstanding the foregoing agreement to arbitrate, the parties expressly reserve the right to seek provisional relief from any court of competent jurisdiction to preserve their respective rights pending
arbitration. 
 17. Advice of Counsel. The Pledgor represents and warrants to the Pledgee that it has discussed this
Agreement and, specifically, the provisions of Section 16 hereof, with the Pledgor’s lawyers. 
 18.
Severability. If any provision of this Agreement is held to be prohibited or unenforceable in any jurisdiction the substantive laws of which are held to be applicable hereto, such prohibition or unenforceability shall not affect the validity
or enforceability of the remaining provisions hereof and shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 19. Further Assurances. 
 (a) The Pledgor agrees that with effect from the
occurrence of an Event of Default under the Notes which has been notified to the Pledgor, the Pledgor or its appointed Sponsor will, at the expense of the Pledgor, promptly execute and deliver all further instruments and documents, and take all
further action, that may be required by applicable law or may be necessary or desirable, in order to perfect and protect any security interest granted or purported to be granted hereby or to enable the Pledgee to exercise and enforce its rights and
remedies hereunder with respect to any of the Pledged Collateral. 
 (b) The Pledgor hereby further agrees that it shall not
make any change to (i) its name or jurisdiction or the form of its organization or (ii) the current organization structure of the WFOE, i.e., the members of the board of directors, without prior written consent of the Pledgee. 

20. The Pledgee’s Duty of Care. 
 (a) The Pledgee shall not be liable for any acts, omissions, errors of judgment or mistakes of fact or law including, without limitation, acts, omissions, errors or mistakes with respect to the Pledged
Collateral, except for those arising out of or in connection with the Pledgee’s gross negligence or willful misconduct. Without limiting the generality of the foregoing, the Pledgee shall be under no obligation to take any steps necessary to
preserve rights in the Pledged Collateral against any other parties but may do so at its option. All expenses incurred in connection therewith shall be for the sole account of the Pledgor, and shall constitute part of the Liabilities secured hereby.

 (b) No provision of this Agreement shall require the Pledgee to do anything which may: (i) be illegal or contrary to
applicable law or regulation; (ii) cause it to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties or in the exercise of any of its own rights or powers, if it shall have grounds for
believing that repayment of such funds or satisfactory indemnity against such risk or the liability is not assured to it. The Pledgee shall have no duties or responsibilities except those expressly set forth in this Agreement or the other documents
binding upon the Pledgee. Notwithstanding

  

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anything to the contrary in this Agreement, the Pledgee shall not in any event be liable for any failure or delay in the performance of its obligations hereunder if it is prevented from so
performing its obligations by any existing or future law or regulation, any existing or future act of Governmental Authority, act of God, flood, war whether declared or undeclared, terrorism, riot, rebellion, civil commotion, strike, lockout, other
industrial action, general failure of electricity or other supply, aircraft collision, technical failure, accidental or mechanical or electrical breakdown, computer failure or failure of any money transmission system or any reason which is beyond
the control of the Pledgee. The Pledgee shall be entitled to rely on any communication, instrument, paper or other document reasonably believed by it to be genuine and correct and to have been signed or sent by the proper person. The Pledgee shall
engage and consult, at the expense of the Pledgor with any legal adviser and professional adviser selected by it and rely upon any advice so obtained the Pledgee and its respective directors, officers, employees and duly appointed agents shall be
protected and shall not be liable in respect of any action taken, or omitted to be done or suffered to be taken, in accordance with such advice. 
 (c) The Pledgee shall not be deemed to have notice of any Event of Default unless an officer of the Pledgee has actual knowledge thereof or unless written notice of any such Event of Default under the
Notes is received by the Pledgee at the office of the Pledgee. 
 (d) The Pledgee’s sole duty with respect to the custody,
safekeeping and physical preservation of the Pledged Collateral shall be to deal with it in the same manner as the Pledgee deals with similar property for its own account. 
 (e) Notwithstanding any other term or provision of this Agreement to the contrary, the Pledgee shall not be liable for special, punitive,
indirect or consequential loss or damage of any kind whatsoever including but not limited to loss of profits, whether or not foreseeable, and regardless of whether the claim for such loss or damage is made in negligence, for breach of contract,
breach of trust, breach of fiduciary obligation or otherwise. The provisions of this section shall survive the termination or expiry of this Agreement or the resignation or removal of the Pledgee. 
 (f) The Pledgee may execute any of its powers and perform any of its duties hereunder directly or through delegates or attorneys and may
consult with counsel, accountants and other skilled persons to be reasonably selected and retained by it. The Pledgee shall not be liable for the acts of such delegates or attorneys, or for anything done, suffered or omitted by it in accordance with
the advice or opinion of any such counsel, accountants or other skilled persons. 
 21. Additional Provisions Relating to the
Pledgee. 
 Any corporation, bank, trust company or association into which the Pledgee may be merged or converted or with
which it may be consolidated, or any corporation, bank, trust company or association resulting from any merger, conversion or consolidation to which the Pledgee shall be a party, or any corporation, bank, trust company or association succeeding to
all or substantially all the corporate trust business of the Pledgee, shall be the successor of the Pledgee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 
  

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 22. Notices. 
 Any notice, demand, request or any other communication required or desired to be served, given or delivered hereunder shall be in writing and
shall be served, given or delivered to the address and facsimile number of each party as specified below: 
 For the Pledgor:

 7 Days Group Holdings Limited 
  

			
	Address:	  	10/F, 705 Guangzhou Da Dao Nan Road
		
		  	Guangzhou 510290
		
		  	P.R.China
		
	Attention:	  	Mr. Zheng Nanyan
		
	Fax:	  	(+86 20) 8922 5507

 For the Pledgee: 
 DB Trustees (Hong Kong) Limited 
  

			
	Address:	  	55th Floor, Cheung Kong Center 2 Queen’s Road, Central 
		
		  	Hong Kong
		
	Attention:	  	The Managing Director
		
	Fax:	  	(+852) 2203 7320/(+852) 2203 7323

 23. Indemnity and Expenses. The Pledgor hereby unconditionally and irrevocably
covenants and undertakes to indemnify and hold harmless the Pledgee, its directors, officers, employees and agents (each an “Indemnified Party”) in full at all times against all losses, liabilities, actions, proceedings,
claims, demands, penalties, damages, costs, expenses disbursements, and other liabilities whatsoever (the “Losses”), including without limitation the costs and expenses of legal advisors and other experts, which may be
incurred, suffered or brought against such Indemnified Party as a result or in connection with (a) their appointment or involvement hereunder or the exercise of any of their powers or duties hereunder or the taking of any acts in accordance
with the terms of this Agreement or its usual practice; (b) this Agreement, or (c) any instruction or other direction upon which the Pledgee may rely under this Agreement, as well as the costs and expenses incurred by an Indemnified Party
of defending itself against or investigating any claim or liability with respect of the foregoing, provided that this indemnity shall not apply in respect of an Indemnified Party to the extent but only to the extent that any such Losses
incurred or suffered by or brought against such Indemnified Party arises directly from the fraud, wilful misconduct or gross negligence of such Indemnified Party. The parties hereto acknowledge that the foregoing indemnities shall survive the
termination of this Agreement. 
  

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 24. Amendments, Waivers and Consents. None of the terms or provisions of this
Agreement may be waived, altered, modified or amended, except by or pursuant to an instrument in writing which (i) is duly executed by the Pledgor and the Pledgee. Any such waiver shall be valid only to the extent set forth therein. A waiver by
the Pledgee of any right or remedy under this Agreement on any one occasion shall not be construed as a waiver of any right or remedy which the Pledgee would otherwise have on any future occasion. No failure to exercise or delay in exercising any
right, power or privilege under this Agreement on the part of the Pledgee shall operate as a waiver thereof; and no single or partial exercise of any right, power or privilege under this Agreement shall preclude any other or further exercise thereof
or the exercise of any other right, power or privilege. 
 25. Section Headings. The section headings herein are for
convenience of reference only, and shall not affect in any way the interpretation of any of the provisions hereof. 
 26.
Execution in Counterparts; Language. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which shall together constitute one and the same agreement. This Agreement is written in both
Chinese and English. The English and Chinese versions shall be equally valid. In the event that there is any discrepancy between the Chinese and English versions, the arbitration panel as constituted pursuant to above Section 16(b) shall
decide which version more accurately reflects the true intention of the parties hereto. 
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left blank] 
  

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 EXECUTION VERSION 
 ACKNOWLEDGEMENT 
 The undersigned hereby acknowledges
receipt of a copy of the foregoing Share Pledge Agreement, agrees promptly to note on its books the security interests granted under such Share Pledge Agreement, agrees it will not record a transfer of the Pledged Shares to any other person without
giving prior notification to the Pledgee (and that it shall place a notice to such effect on any certificates representing Pledged Shares), and waives any rights or requirement at any time hereafter to receive a copy of such Share Pledge Agreement
in connection with the registration of any Pledged Collateral in the name of the Pledgee or its nominee or the exercise of voting rights by the Pledgee. 
  

							
	 7 DAYS INN (SHENZHEN) CO., LTD.
 (SEAL)
	 	
	  
 By:
	 	  
 /s/ ZHENG,
Nanyan
	 
		 	Name:	 	ZHENG, Nanyan	 	
		 	Title:	 	CEO	 	









 IN WITNESS WHEREOF, the Pledgor and the Pledgee have executed this agreement as of
the date set forth above. 
  

					
	7 DAYS GROUP HOLDINGS LIMITED
		
	By:	 	 /s/ ZHENG, Nanyan

		 	Name:	 	ZHENG, Nanyan
		 	Title:	 	CEO


  

					
	 Acknowledged and agreed to 
 as of the date first written above

	
	 DB Trustees (Hong Kong) Limited
     as the Pledgee

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 [SIGNATURE PAGE TO SHARE PLEDGE AGREEMENT (WFOE)] 







 IN WITNESS WHEREOF, the Pledgor and the Pledgee have executed this Agreement as of
the date set forth above. 
  

					
	7 DAYS GROUP HOLDINGS LIMITED
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	


 Acknowledged and agreed to 
 as of the date first written above. 
  

											
	 DB Trustees (Hong Kong) Limited
	 	
	     as the Pledgee
	 	
					
	By:	 	 /s/ Aric Kay-Russell
	 		 	 /s/ Chiu Kin Wing Edward
	 	
		 	Name:	 	Aric Kay-Russell	 		 	Chiu Kin Wing Edward	 	
		 	Title:	 	Director	 		 	Authorized Signatory	 	

 [SIGNATURE PAGE TO ONSHORE SHARE PLEDGE AGREEMENT] 







 EXECUTION VERSION 
 EXHIBIT A 
 PLEDGED SHARES 
  

					
	Name of Pledgor	  	Name of the Pledged Entity	  	Percentage of
Share
	 7 Days
Group Holdings Limited
	  	7 Days Inn (Shenzhen) Co., Ltd. 	  	100%