Exhibit 4.120


 





Equity Transfer Agreement


 


This equity transfer agreement (the “Agreement”) is
made in Beijing on May 25, 2015 by and between:


 


Transferor: Beijing Glory Technology Co., Ltd.


Address: Unit 1135, 10 Xuanwumenwai Street, Xuanwu District, Beijing


 


Transferee: Shanghai Zheshang Business Consultation Co., Ltd.


Address: Unit 104, Block 34, 58 South Baozhen Road, Baozhen Town,
Chongming County, Shanghai


 


WHEREAS:


 


		1.	Beijing Cowboy Network Technology Co., Ltd. (the “Target”) is a limited liability company
incorporated and validly existing under the laws of the People’s Republic of China. Registered capital of the Target is RMB5,000,000.



 


		2.	The Transferor holds 1.8% of equity in the Target, and it has fully paid its capital contribution
in accordance with the laws.



 


		3.	The Transferor intends to assign all its 1.8% of equity in the Target to the Transferee.



 


Therefore, the Transferor and the Transferee have reached the following
agreement through equal consultation:


 


Article 1                    
Subject of transfer


 


1.1 Under terms and conditions hereof, the Transferor agrees to
assign to the Transferee, and the Transferee agrees to accept from the Transferor the equity held by the Transferor in the Target
and represented by the registered capital of RMB90,000 the Transferor has fully paid (1.8% of total registered capital of the Target),
and all rights and interests attached thereto (the “Shareholder’s equity”).


 


Article 2                    
Consideration for transfer and payment


 


2.1 Consideration for transfer: the Transferee shall pay RMB5,400,000
to the account designated by the Transferor (the “Consideration for Transfer”) in the consideration of the Transferor
transferring the shareholder’s equity to the Transferee hereunder.


 


2.2 Payment method: the Transferee shall fully pay the consideration
for transfer equal to RMB5,400,000 within 5 working days upon completion of registration of change in equity with the commercial
& industrial authority.


 


Article 3                    
Closing of equity


 


3.1 For the purpose of this agreement, the term “completion
date of equity transfer” shall mean the date on which change in equity of the Target is registered with the commercial &
industrial authority (the “Completion Date”).As of the completion date, the Transferee shall undertake all rights and
obligations of the Transferor to the Target covered by the assigned equity.


 


3.2 The Parties shall take all necessary acts to assist the Transferee
and the Target in performing all necessary procedures for equity transfer until the completion date.


 


3.3 The Parties shall bear their own fees, taxes and duties incurred
in connection with the equity transfer in accordance with the laws.


 


Article 4                    
Representations and warranty:


 


4.1 The Transferor hereby unconditionally and irrevocably represents
and warrants to the Transferee as follows:


 






     

     

    

4.1.1 The Transferor is the legitimate and actual owner of the shareholder’s
equity. The equity is free from any lien, pledge, claim, and any other security interest and any third-party right, and it is not
bound by any prior right of shareholder (including but not limited to preemptive right or first refusal right).The Transferee will
not be recovered by any third party upon its acceptance of the shareholder’s equity.


 


4.1.2 The Target is a limited company legally incorporated and validly
existing under the laws of the PRC. Transfer of equity hereunder will not violate the articles of association of the Target.


 


4.1.3 Execution hereof and completion of transaction contemplated
hereunder will neither cause the Transferor to violate, cancel or terminate any agreement it has entered into, nor constitute any
event of breach under any agreement, undertaking or any other formal document.


 


4.1.4 Representations and warranties made by the Transferor hereunder,
and expressions in connection with this transfer are true, accurate and complete and contain no any concealed or misleading information
as of the date of this agreement.


 


4.2 The Transferee hereby unconditionally and irrevocably represents
and warrants to the Transferor as follows:


 


4.2.2 Execution hereof and completion of transaction contemplated
hereunder will neither cause the Transferee to violate, cancel or terminate any agreement it has entered into, nor constitute any
event of breach under any agreement, undertaking or any other formal document;


 


4.2.2 Representations and warranties made by the Transferee hereunder,
and expressions in connection with this transfer are true, accurate and complete and without any concealed or misleading information
as of the date of this agreement.


 


Article 5                    
Notice


 


5.1 Any notice, request, demand and any other correspondence under
or in connection with this agreement shall be made in writing. Any notice hereunder shall be sent by person, prepaid registered
air, recognized express service provider or fax to address and/or number of each Party. Any such notice shall be deemed to be delivered
as follows: (1) the date of delivery if such notice is given by person; (2) the seventh (7th) day after the date of deposit (stamp
date) if such notice is sent by prepaid registered air; (3) the third (3rd) day after such notice is delivered to the recognized
express provider if such notice is sent by express; and (4) the first working day after such notice is sent by fax.


 


Article 6                    
Liability for breach of contract


 


6.1 After this agreement is signed, if either Party violates or
fails to perform any obligation hereunder, such Party shall bear liability for breach and shall be liable for any and all consequential
economic losses of the other Party.


 


Article 7                    
Governing law


 


7.1 The conclusion, effects, interpretation and performance of this
agreement and any dispute arising out of this agreement shall be governed by Chinese law.


 


7.2 If any provision of this agreement is held to be invalid or
unenforceable under the relevant current laws and regulations, and such invalidity or unenforceability of such provision does not
affect the remaining provisions hereof, the rest of provisions hereof shall remain be performed, and the Parties shall adjust such
invalid or unenforceable provision under the relevant current laws and regulations so that such provision becomes valid provision
and complies with principles and spirit reflected herein as far as possible.


 


Article 8                    
Coming into force, and settlement of dispute


 


8.1 This agreement shall become effective as of the signing date.


 






     

     

    

8.2 Any dispute between the Parties in connection with interpretation
or performance of the relevant provision hereof shall be settled through friendly negotiations. If no written agreement is reached
through negotiations, such dispute shall be submitted for arbitration hereunder, and the arbitration shall be final and exclusive.
Unless expressly stated herein, either Party hereby expressly waives its right to bring any such dispute to court, and such waiver
shall be irrevocable.


 


8.3 Any such dispute shall be submitted to China International Economical
and Trade Arbitration Commission (the “Commission”) for arbitration in Beijing. Arbitration shall be performed under
the arbitration rules then in force. Unless otherwise specified in the arbitration award, the losing party shall bear arbitration
costs (including reasonable attorney fee and expenses).


 


Article 9                    
Supplementary provisions


 


9.1 Either Party’s failure to exercise or delay in exercising
any right hereunder shall not be deemed as waiver of such right, and single or partial exercise of any right shall not influence
exercise of such right in future.


 


9.2 Headings of provisions hereof are inserted for reference, and
such headings in no event shall be used for or influence interpretation of provisions hereof.


 


9.3 Each Party hereto enters into this agreement for legal purpose.
Any provision hereof is serviceable and separate from any other provision hereof. In the event that one or more provisions hereof
is or are invalid, unlawful or unenforceable at any time, validity, legality or enforceability of the remaining provisions hereof
shall not be consequentially influenced, and each Party shall do its utmost efforts to enter into a new provision to replace such
invalid, unlawful or unenforceable provision to achieve the same commercial purpose of the original provision to the maximum extent.


 


9.4 This agreement shall be binding upon legal successor of each
Party.


 


9.5 Any matter not mentioned herein shall be subject to negotiations
between the Parties. Supplementary agreement shall be made in writing, and shall not be effective until it is signed and acknowledged
by the Parties.


 


9.6 This agreement is made in quadruplicate, with each Party holding
one copy, and the remaining two copies for performing the relevant legal procedures. Each copy shall have the same legal effects.
(Intentionally left blank below)


 






     

     

    

(Execution page)


 


This agreement was executed by each party in Beijing on the date
first above written.


 


Transferor: Beijing Glory Technology Co., Ltd.


 


_______________ (Seal)


 


Transferee: Shanghai Zheshang Business Consultation Co., Ltd.


 


_______________ (Seal)