EXHIBIT 4.48


 


Trademark License Agreement


 


The trademark license agreement was signed
on January 1, 2011 between and by both parties to the agreement in Pudong New Area, Shanghai.


 


Shanda Computer (Shanghai) Co., Ltd.,
with its registered domicile being Room 712-A, No. 625, Zhangjiang Road, Shanghai, China, is a company established and exists in
accordance with laws of the People’s Republic of China (hereinafter referred to as the “licensor”.)


 


Shanghai Shanda Networking Co., Ltd.,
with its registered domicile being Room 712-A, No. 625, Zhangjiang Road, Shanghai, China, is is a company established and exists
in accordance with laws of the People’s Republic of China. (hereinafter referred to as the “licensor”.)


 


Shengqu Information Technology (Shanghai)
Co., Ltd., with its registered domicile being Building 1, No. 690, Bibo Road, Pudong New Area, Shanghai, China, is a company
established and exists in accordance with laws of the People’s Republic of China ((hereinafter referred to as the “licensee”.)


 


Description


 


		A.	In accordance with law, the licensor is the registration owner of the trademark.



 


		B.	The licensor and the licensee agree to permit the licensee to use trademarks of the licensor in
accordance with the agreement.



 


Formal Articles


 


		1.	General Rules



 


		1.1.	Definition



 


Except as otherwise required
in the context, in this agreement,


 


The “agreement”
refers to this trademark license agreement.


 


CIETAC refers to China International
Economic and Trade Arbitration Commission


 


“Confidential information”
refers to written or oral information that the licensor believes is confidential and proprietary, all undisclosed technical or
financial relating to trademark, but excluding the following information that the licensee can confirm:


 


		(a)	These information is not confidential information when being disclosed or after being disclosed,
except it is disclosed violating the Agreement; or



 


		(b)	Is obtained legally from other party that has the right to disclose the information in accordance
with law.



 


“Effective Day”
refers to the date on which the Agreement is signed.


 


“Force
majeure” refers to all events that will happen after
the Agreement is signed that are uncontrollable by both parties, unforeseeable, unavoidable and cannot be overcome even if foreseen.
These events will all or partly influence both parties to perform the Agreement, including but not limited to earthquake, typhoon,
flood, fire hazards, pestilence or any other natural disaster, war, strike or other industrial behavior, political upheaval and
turmoil or other event that are unforeseeable, and whose occurrence or results unpreventable or unavoidable.


 




    	 



    	 



    

 


“License Area”
refers to the whole world.


 


“Both Parties”
refers to the licensor and the licensee.


 


“China” refers
to the People’s Republic of China, and for the purpose of the Agreement, excluding Hong Kong and Macao Special Administrative
Regions and Taiwan Region.


 


“One trademark”
or “Many Trademark” refers to one or many trademarks listed in Appendix 2.


 


		1.2.	Reference



 


Except otherwise required in
the context, in the Agreement:


 


		(a)	The reference such as “including” or “includes” must be understood as the
meaning of having “but not limited”.



 


		(b)	Reference such as article, appendix or annex refers to the article, appendix or attachment in the
Agreement or relating to the Agreement;



 


		(c)	Appendix or annex is the component part of the Agreement;



 


		(d)	Reference for any agreement or document is the reference for the Agreement or document after being
amended, updated, restated or replaced (if applicable, any other article of the Agreement or document; and



 


		(e)	The reference for the Agreement or any other document or arranged by one party include executor,
alternative, successor and approved transferee of the party.



 


		2.	License, license fee and other charges.



 


		2.1.	License



 


Limited by article of the Agreement,
on and from the date the Agreement comes into force, the licensor permits the licensee and the licensee accepts the license and
uses the trademarks listed in Appendix 1 within licensed fields on the basis of non-exclusive license and non-transferability.


 


		2.2.	License charge



 


The license of the Agreement
is free license.


 


		2.3.	Other charges



 


In the process of using trademark,
if any charge is incurred, including but not limited to handling charges, trademark refused for retrial or dispute, charges caused
by dispute and infringement case arising of using the trademark, and other charges relating to using trademarks, shall all be borne
by the licensee of the Agreement. If the aforesaid charges are already borne by the licensor, the licensee shall compensate the
licensor.


 


		3.	Guarantee and Confirmation



 


		3.1.	Guarantee of the licensor



 


The licensor guarantees:


 




    	2



    	 



    

 


		(a)	it has the right to permit the licensee to use the trademark in accordance with the Agreement;



 


		(b)	it will abide by and obey applicable law and implement all necessary events to ensure the licensee
can exercise, enforce and enjoy all rights and obligation under the Agreement, including, if the licensee itself cannot obtain
the permit, license or approval that may be required for the licensee to continue to exercise, enforce and enjoy all rights and
obligations under the Agreement, the licensor shall help the licensee to obtain these permit, license or approval; and



 


		(c)	it will not take any action that damages and is inconsistent with the right, under the Agreement,
the licensee exercises the right under the Agreement.



 


		3.2.	Reliance on Guarantee



 


The licensor confirms the licensee
signs the Agreement and agrees to participate in deal formulated by it in accordance with the statement and promise made by the
licensor in Chapter 3.


 


		3.3.	Conditions of Agreement



 


		(a)	The license granted by the Agreement is on the condition of the following contents:



 


		(1)	Trademark is the property legally held by the licensor;



 


		(2)	The use of trademark by the licensee shall not damage the licensor’s rights;



 


		(3)	The Agreement has not any content:



 


		A.	granting the licensee trademark proprietary right and interests; or



 


		B.	Constituting the sales or transfer of trademark to the licensee;



 


		(4)	Except granting the license the right to use trademark in accordance with articles of the Agreement,
the Agreement does not grant the licensee any other right relating to trademark.



 


		3.4.	Licensee’s requirement



 


The licensee shall not itself
and shall not help any third party:


 


		(a)	Question, negate or dispute the following contents in any country or region:



 


		(1)	The licensor’s trademark right; or



 


		(2)	The effectiveness or enforceability of trademark;



 


		(b)	Take any action that is inconsistent with the right and interest of trademark held by the licensor.



 


		4.	Term and Termination



 


		4.1.	Term



 


The term of this license agreement
is forever.


 




    	3



    	 



    

 


		4.2.	Termination



 


		(a)	After any of the following events, any party can notify in writing the other party to terminate
the Agreement immediately, the notifying party does not need to bear any contract-violating responsibility for it:



 


		(1)	When one party seriously violates the Agreement, and if the violation can be remedied, fails to
make remedy within thirty (30) days after receipt of written notice from the other party;



 


		(2)	One party goes bankrupt, is unable to repay debt, goes into solvency or dissolution procedure or
no longer engage in business or unable to pay due debt; or



 


		(3)	In accordance with Article 5.3, over ninety (90) days have passed after force majeur happens.



 


		(b)	After written notice in Article 4.2 (a) is given:



 


		(1)	The Agreement shall not be carried out, except any right and obligation generated or right claim
enforced at or before the termination.



 


		4.3.	The Termination of the Use of Trademark



 


When the Agreement terminates,
the licensee must:


 


		(a)	Immediately pay to the licensor all due and payable sums in accordance with article 2.3;



 


		(b)	Immediately stop the use of trademark or any similar trademark;



 


		(c)	Shall not attempt to register or use trademark similar to these trademarks; and



 


		(d)	At the request of the licensor, take any further reasonable action to confirm the licensee shall
not claim any right relating to the trademark.



 


		5.	Force Majeure



 


		5.1.	Obligations to notify and halt



 


If one party is influenced or
may be influenced by force majeure event:


 


		(a)	The party must immediately notify the other party of the fact, including:



 


		(1)	All details of the force majeure even;



 


		(2)	The estimation of the time the event may last;



 


		(3)	The obligation influenced and the influence degree;



 


		(4)	Steps planned to take to reduce loss and lower negative influence; and



 


		(b)	As long as the force majeure event still continues, within the limit influenced by relevant force
majeure, the notice sender suspends the performance of its obligation under the agreement.



 


		5.2.	Efforts to Overcome



 


Claim the party influenced by
force majeure event must do its best to eliminate and overcome as soon as possible or minimize the influence of the force majeure
event.


 




    	4



    	 



    

 


		5.3.	Termination



 


If the force majeure event last
over ninety (90) days, any party can terminate the Agreement in accordance with the stipulations of Article 4. 2.


 


		6.	Dispute Settlement



 


		6.1.	Friendly consultation



 


If both parties have any dispute
on the Agreement, one party must:


 


		(a)	Send a notice to the other party, telling the existence of the relevant dispute; and



 


		(b)	Do its best to settle the dispute through friendly consultation.



 


		6.2.	Arbitration



 


		(a)	If the dispute mentioned in Article 6.1 is not settled through friendly consultation, one party
can submit the dispute to China International Economic and Trade Arbitration Commission for settlement through its universally
applicable arbitration rules, and through citation of this article, and these rules shall be deemed as the component part of this
article.



 


		(b)	Arbitration tribunal must consist of three arbitrators, and the arbitrators must be selected from
the list of arbitrators of China International Economic and Trade Arbitration Commission in the following way;



 


		(1)	The applicant selects one (1) arbitrator in accordance with arbitration rules;



 


		(2)	The respondent selects one (1) arbitrator in accordance with arbitration rules; and



 


		(3)	The director of the arbitration commission selects one (1) arbitrator as chief arbitrator in accordance
with arbitration rules.



 


		(c)	Arbitration hearing must:



 


		(1)	be held in Shanghai, China; and



 


		(2)	be conducted in Chinese.



 


		(d)	The arbitration award must be final, and shall be binding on both parties, and both parties agree
to do in accordance with the arbitration award.



 


		(e)	The arbitration charge must be borne by the party appointed by the award.



 


		6.3.	Extended rights and obligations



 


Settlement through friendly
consultation in accordance with Article 6.1 or Arbitration in accordance with the rule of Article 6.2, both parties:


 


		(a)	can exercise their respective other rights under the Agreement; and



 


		(b)	must perform their rest obligation under the Agreement, except disputed matters.



 


		7.	Confidentiality



 


During the effective term of
the Agreement and within two years after the termination of the agreement, the licensee shall not:


 




    	5



    	 



    

 


		(a)	Without the written approval of the licensor, directly or indirectly disclose any confidential
information to anyone other than its employees or consultant; or



 


		(b)	Use or duplicate confidential information not for the purpose of the Agreement.



 


		8.	Transfer or sub-license



 


Without the written consent
of the licensor, the licensee shall not


 


		(a)	Transfer or sub-license all or part of the Agreement; or



 


		(b)	Transfer to its affiliated company all or part of its rights and/or obligations under the contract.



 


		9.	Notification



 


		9.1.	Ways of notification



 


Any notice, consent, approval
or other correspondence sent in accordance with the Agreement:


 


		(a)	Witten in Chinese;



 


		(b)	Signed by the sender or representative authorized by the sender; and



 


		(c)	Through:



 


		(1)	Dedicated person posts or posts as prepaid mail to other party’s address; or



 


		(2)	Send through fax to fax number of the other party, and the facsimile apparatus sending the text
shall give the completely sent report.



 


		9.2.	Notified Address



 


Parties’ addresses, postcodes
and fax numbers shall be as follows, or in accordance with notice given to other party:


 


Licensor: Shanda Computer (Shanghai)
Co. Ltd.)


 


Address: No. 208, Juli Road,
Pudong New Area, Shanghai


 


Postcode: 201203


 


Licensor: Shanghai Shanda Networking
Co., Ltd.


 


Address: No. 208, Juli Road,
Pudong New Area, Shanghai


 


Postcode: 201203


 


Licensee: Shenqu Information
Technology (Shanghai) Co., Ltd.


 


Address: Building 1, No. 690,
Bibo Road, Pudong New Area, Shanghai


 


Postcode: 201203


 




    	6



    	 



    

 


		10.	Miscellaneous



 


		10.1.	Agreement Amendment



 


Both parties can only amend,
add, replace or update the Agreement by otherwise signing written document


 


		10.2.	Governing Law



 


The agreement is governed by
Chinese laws that are already published, come into force, and announced.


 


		10.3.	Effectiveness of the Agreement



 


The agreement shall come into
force upon signature and seal by both parties.


 


		10.4.	Waive



 


For waiving any right, a written
document must be issued, and signed by the party putting forward the waiving, and:


 


		(a)	Any other behavior of one party (including not exercising or delay in exercising the right) shall
all not act as waiving the right, or stop exercising the right in any other way;



 


		(b)	If a party has already waived a certain right on one or many occasions, and when the right is generated
again, the party shall not be deemed as waiving the right; and



 


		(c)	Exercising a certain right shall not stop further exercising the right or any other right.



 


		10.5.	Severability



 


The invalidity of any article
of the agreement shall not influence the effectiveness of any other article of the Agreement.


 


		10.6.	Language



 


The Agreement shall be written
in Chinese.


 


		10.7.	Signature



 


The Agreement shall be in duplicate
with Chinese version, and each party shall keep one (1) copy respectively.


 


[The remainder of this page
is intentionally left blank; please find the signature page herewith attached]


 




    	7



    	 



    

 


[Signature Page]


 


		Licensors:	Shanda Computer (Shanghai) Co. Ltd.



 


/s/ (stamp)


 





Shanghai Shanda Networking
Co., Ltd.


 


/s/ (stamp)


 


		Licensee:	Shengqu Information Technology (Shanghai) Co., Ltd.



 


/s/ (stamp)


 




    	8



    	 



    

 


Appendix 1


 


	No.	Trademark	Owner	Type	 Application
    No. 	 Application
    Date 	 Registration
    Date 	 Expiration
    Date 
	1	盛大巨星	Shanda
    Computer (Shanghai) Co. Ltd.	16	6448734	12/20/2007	 	 
	Shanda
    Computer (Shanghai) Co. Ltd.	25	6448730	9/28/2010	9/27/2020
	Shanghai
    Shanda Networking Co., Ltd.	41	6448726	12/7/2010	12/6/2020
	Shanda
    Computer (Shanghai) Co. Ltd.	28	6448729	7/14/2010	7/13/2020
	Shanda
    Computer (Shanghai) Co. Ltd.	42	6448731	9/21/2010	9/20/2020
	Shanda
    Computer (Shanghai) Co. Ltd.	18	6448733	9/28/2010	9/27/2020
	Shanda
    Computer (Shanghai) Co. Ltd.	30	6448728	 	 
	Shanda
    Computer (Shanghai) Co. Ltd.	32	6448727	3/21/2010	3/20/2020
	Shanda
    Computer (Shanghai) Co. Ltd.	9	6448732	5/7/2010	5/6/2020
	2		Shanda
    Computer (Shanghai) Co. Ltd.	9	4765789	7/8/2005	5/28/2008	5/27/2018
	Shanda
    Computer (Shanghai) Co. Ltd.	35	4765788	1/28/2009	1/27/2019
	Shanda
    Computer (Shanghai) Co. Ltd.	38	4765787	2/21/2009	2/20/2019
	Shanghai
    Shanda Networking Co., Ltd.	41	4765786	2/21/2009	2/20/2019
	Shanda
    Computer (Shanghai) Co. Ltd.	42	4765785	2/28/2009	2/27/2019
	3		Shanda
    Computer (Shanghai) Co. Ltd.	9	6172433	7/19/2007	12/21/2010	12/20/2020
	Shanghai
    Shanda Networking Co., Ltd.	41	6172432	7/19/2007	6/7/2010	6/6/2020
	4	 盛大疯狂坦克	Shanghai
    Shanda Networking Co., Ltd.	41	3380917	11/25/2002	8/7/2004	8/6/2014
	5		Shanda
    Computer (Shanghai) Co. Ltd.	9	5208422	3/13/2006	7/14/2009	7/13/2019
	Shanda
    Computer (Shanghai) Co. Ltd.	28	5208421	7/14/2009	7/13/2019
	Shanghai
    Shanda Networking Co., Ltd.	41	5208420	 	 
	6		Shanda
    Computer (Shanghai) Co. Ltd.	9	3860177	12/24/2003	1/21/2006	1/20/2016
	Shanda
    Computer (Shanghai) Co. Ltd.	16	3860176	5/7/2006	5/6/2016
	Shanda
    Computer (Shanghai) Co. Ltd.	25	3860175	1/14/2007	1/13/2017
	Shanda
    Computer (Shanghai) Co. Ltd.	28	3860174	1/14/2007	1/13/2017
	Shanda
    Computer (Shanghai) Co. Ltd.	38	3860173	6/7/2006	6/6/2016
	Shanghai
    Shanda Networking Co., Ltd.	41	3860172	4/7/2006	4/6/2016
	Shanda
    Computer (Shanghai) Co. Ltd.	42	3860171	11/7/2006	11/6/2016
	7	盛大游戏
    (LOGO)	Shanda
    Computer (Shanghai) Co. Ltd.	9	8968932	12/20/2010	2013/08/07	2023/08/07
	Shanda
    Computer (Shanghai) Co. Ltd.	16	8960861	12/16/2010	2011/12/28	2021/12/27
	Shanda
    Computer (Shanghai) Co. Ltd.	25	8960925	12/16/2010	2012/02/28	2022/02/27
	Shanda
    Computer (Shanghai) Co. Ltd.	28	8960983	12/16/2010	1/21/2013	1/20/2023
	Shanda
    Computer (Shanghai) Co. Ltd.	35	8963291	12/17/2010	 	 
	Shanda
    Computer (Shanghai) Co. Ltd.	38	8963346	12/17/2010	 	 
	Shanda
    Computer (Shanghai) Co. Ltd.	42	8963392	12/17/2010	 	 
	Shanda
    Computer (Shanghai) Co. Ltd.	41	8955319	12/15/2010	2012/02/21·	2/20/2022
	8		Shanda
    Computer (Shanghai) Co. Ltd.	9	8968931	12/20/2010	12/7/2012	12/6/2022
	Shanda
    Computer (Shanghai) Co. Ltd.	16	8960876	12/16/2010	2/7/2012	2/6/2022
	Shanda
    Computer (Shanghai) Co. Ltd.	25	8960941	12/16/2010	2/28/2012	2/27/2022
	Shanda
    Computer (Shanghai) Co. Ltd.	28	8960996	12/16/2010	11/14/2012	11/13/2012
	Shanda
    Computer (Shanghai) Co. Ltd.	35	8963305	2011.01.05	1/7/2012	1/7/2022
	Shanda
    Computer (Shanghai) Co. Ltd.	38	8960354	2011.01.05	 	 
	Shanda
    Computer (Shanghai) Co. Ltd.	42	8963405	12/17/2010	 	 
	Shanghai
    Shanda Networking Co., Ltd.	41	8955329	12/15/2010	 	 
	9	盛大游戏图形  
    (新LOLGO)	Shanda
    Computer (Shanghai) Co. Ltd.	9	8968933	12/20/2010	2/14/2012	2/13/2022
	Shanda
    Computer (Shanghai) Co. Ltd.	16	8960852	12/16/2010	12/28/2011	12/27/2021
	Shanda
    Computer (Shanghai) Co. Ltd.	25	8960913	12/16/2010	 	 
	Shanda
    Computer (Shanghai) Co. Ltd.	28	8960961	12/16/2010	 	 
	Shanda
    Computer (Shanghai) Co. Ltd.	35	8963273	12/17/2010	3/7/2012	3/6/2022
	Shanda
    Computer (Shanghai) Co. Ltd.	38	8963332	12/17/2010	12/28/2011	12/27/2021
	Shanda
    Computer (Shanghai) Co. Ltd.	42	8963382	12/17/2010	 	 
	Shanghai
    Shanda Networking Co., Ltd.	41	8955324	12/15/2010	 	 
	10	盛大传奇	Shanda
    Computer (Shanghai) Co. Ltd.	9	9836470	8/12/2011	 	 
	Shanda
    Computer (Shanghai) Co. Ltd.	42	9820540	8/8/2011	10/7/2012	10/6/2022
	Shanghai
    Shanda Networking Co., Ltd.	41	9820571	8/8/2011	 	 
	11	game
    all star (图形)	Shanda
    Computer (Shanghai) Co. Ltd.	9	9875684	8/22/2011	12/7/2012	12/6/2022
	Shanda
    Computer (Shanghai) Co. Ltd.	35	9875753	8/22/2011	10/28/2012	10/27/2022
	12	all
    star (图形)	Shanda
    Computer (Shanghai) Co. Ltd.	9	9875732	 	 	 
	Shanda
    Computer (Shanghai) Co. Ltd.	35	9875731	 	 	 
	13		Shanda
    Computer (Shanghai) Co. Ltd.	25	7686364	9/10/2009	2011-10-21	10/20/2021
	Shanda
    Computer (Shanghai) Co. Ltd.	41	7686371	9/10/2009	2011-10-21	10/20/2021
	Shanda
    Computer (Shanghai) Co. Ltd.	41	7626919	8/18/2009	2012-8-28	8/27/2022
	Shanda
    Computer (Shanghai) Co. Ltd.	42	7686368	9/10/2009	2011-10-21	10/20/2021
	14		Shanghai
    Shanda Networking Co., Ltd.	41	7686372	9/10/2009	2011-10-21	10/20/2021
	Shanghai
    Shanda Networking Co., Ltd.	42	7686353	9/10/2009	2011-10-21	10/20/2021