Exhibit 10.4


 


Equity Pledge Agreement


 


This Equity Pledge Agreement
(this "Agreement") has been executed by and among the following parties on June 3, 2017 in Wuhan, the People’s
Republic of China (“China” or the “PRC”):


 


	Party A:	Wuhan Shengshi Leju Management Co., Ltd. (hereinafter "Pledgee")
	 	 
	Address:	Room 1, 15F, Building 6, Fanhai International Tower, Soho City, Central Business Area, Wang Jia Dun, Jianghan District, Wuhan
	 	 
	Party B:	LI Jianbao (hereinafter "Pledgor")
	 	 
	ID No.:	410621198005141513
	 	 
	Party C:	Shengshi Leju (Wuhan) Technology Holdings Co. Ltd.
	 	 
	Address:	No.1, 23F, Building 4, Fanhai International Tower, Soho City, Central Business Area, Jianghan District, Wuhan


 


In this Agreement,
each of Pledgee, Pledgor and Party C shall be referred to as a "Party" respectively, and they shall be collectively referred
to as the "Parties".


 


Whereas:


 


		1.	Pledgor is a citizen of China, and holds 20% of the equity interest in Party C in record. Party
C is a limited liability company registered in Wuhan, China. Party C acknowledges the respective rights and obligations of Pledgor
and Pledgee under this Agreement, and intends to provide any necessary assistance in registering the Pledge;



 


		2.	Pledgee is a wholly-foreign-owned enterprise registered in China. Pledgee, Pledgor and Party C
owned by Pledgor have executed Technical Consultation and Service Agreement and other control agreements (the “Control
Agreements”);



 




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		3.	To ensure that Pledgor and Party C fully perform their obligations under the Control Agreements,
and pay the consulting and service fees thereunder to the Pledgee when the sum becomes due, Pledgor hereby pledges to the Pledgee
all of the equity interest he holds in Party C as security for payment of the consulting and service fees by Party C under the
Control Agreements.



 


To perform the provisions of
the Control Agreements, the Parties have mutually agreed to execute this Agreement upon the following terms.


 


		1.	Definitions



 


Unless otherwise provided herein,
the terms below shall have the following meanings:


 


		1.1.	Pledge: shall refer to the security interest granted by Pledgor to Pledgee pursuant to Section
2 of this Agreement, i.e., the right of Pledgee to be compensated on a preferential basis with the conversion, auction or sales
price of the Equity Interest.



 


		1.2.	Equity Interest: shall refer to all of the equity interest lawfully now held and hereafter acquired
by Pledgor in Party C.



 


		1.3.	Term of Pledge: shall refer to the term set forth in Section 3 of this Agreement.



 


		1.4.	Control Agreements: shall refer to Technical Consultation and Service Agreements, Business Cooperation
Agreement and other relevant control agreements executed by and among Pledgor, Party C and Pledgee on June 3, 2017.



 


		1.5.	Event of Default: shall refer to any of the circumstances set forth in Section 7 of this Agreement.



 


		1.6.	Notice of Default: shall refer to the notice issued by Pledgee in accordance with this Agreement
declaring an Event of Default.



 


		2.	The Pledge



 


As collateral security for the
performance of the Control Agreements and the timely and complete payment when due (whether at stated maturity, by acceleration
or otherwise) of any or all of the payments due by Party C and/or Pledgor, including without limitation the consulting and services
fees payable to the Pledgee under the Control Agreements, Pledgor hereby pledges to Pledgee a first security interest in all of
Pledgor's right, title and interest, whether now owned or hereafter acquired by Pledgor, in the Equity Interest of Party C. The
pledged Equity Interest shall be 52,000,000 (fifty-two million) RMB. The secured claim shall be 52,000,000 (fifty-two million)
RMB.


 




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		3.	Term of Pledge



 


		3.1.	The Pledge shall become effective on such date when the pledge of the Equity Interest contemplated
herein has been registered with relevant Administration for Industry and Commerce (the “AIC”). The Pledge shall be
continuously valid until the Pledgor is no longer a shareholder of Party C or the satisfaction of all its obligations by the Party
C under the Control Agreements. The Pledgors shall be responsible for recording the Pledge in the Company’s Register of Shareholders.



 


		3.2.	During the Term of Pledge, in the event Party C fails to pay the consulting or service fees in
accordance with the Control Agreements, Pledgee shall have the right, but not the obligation, to dispose of the Pledge in accordance
with the provisions of this Agreement.



 


		4.	Custody of Records for Equity Interest subject to Pledge



 


		4.1.	During the Term of Pledge set forth in this Agreement, Pledgor shall deliver to Pledgee's custody
the capital contribution certificate for the Equity Interest and the shareholders' register containing the Pledge within one week
from the execution of this Agreement. Pledgee shall have custody of such items during the entire Term of Pledge set forth in this
Agreement.



 


		4.2.	Pledgee shall have the right to collect dividends generated by the Equity Interest during the Term
of Pledge.



 


		5.	Representations and Warranties of Pledgor



 


		5.1.	Pledgor is the owner of the Equity Interest in record of register of shareholder.



 


		5.2.	Pledgee shall have the right to dispose of and transfer the Equity Interest in accordance with
the provisions set forth in this Agreement.



 


		5.3.	Except for the Pledge, Pledgor has not placed any security interest or other encumbrance on the
Equity Interest.



 


		6.	Covenants and Further Agreements of Pledgor



 


		6.1.	Pledgor hereby covenants to the Pledgee, that during the term of this Agreement, Pledgor shall:



 




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		6.1.1.	not transfer the Equity Interest, place or permit the existence of any security interest or other
encumbrance on the Equity Interest, without the prior written consent of Pledgee, except for the performance of the Share Disposal
Agreement (the “Share Disposal Agreement”) executed by Pledgor, the Pledgee and Party C on the execution date of this
Agreement;



 


		6.1.2.	comply with the provisions of all laws and regulations applicable to the pledge of rights, and
within 5 working days of receipt of any notice, order or recommendation issued or prepared by relevant competent authorities regarding
the Pledge, shall present the aforementioned notice, order or recommendation to Pledgee, and shall comply with the aforementioned
notice, order or recommendation or submit objections and representations with respect to the aforementioned matters upon Pledgee's
reasonable request or upon consent of Pledgee;



 


		6.1.3.	promptly notify Pledgee of any event or notice received by Pledgor that may have an impact on Pledgee's
rights to the Equity Interest or any portion thereof, as well as any event or notice received by Pledgor that may have an impact
on any guarantees and other obligations of Pledgor arising out of this Agreement.



 


		6.2.	Pledgor agrees that the rights acquired by Pledgee in accordance with this Agreement with respect
to the Pledge shall not be interrupted or harmed by Pledgor or any heirs or representatives of Pledgor or any other persons through
any legal proceedings.



 


		6.3.	To protect or perfect the security interest granted by this Agreement for payment of the consulting
and service fees under the Control Agreements, Pledgor hereby undertakes to execute in good faith and to cause other parties who
have an interest in the Pledge to execute all certificates, agreements, deeds and/or covenants required by Pledgee. Pledgor also
undertakes to perform and to cause other parties who have an interest in the Pledge to perform actions required by Pledgee, to
facilitate the exercise by Pledgee of its rights and authority granted thereto by this Agreement, and to enter into all relevant
documents regarding ownership of Equity Interest with Pledgee or designee(s) of Pledgee (natural persons/legal persons). Pledgor
undertakes to provide Pledgee within a reasonable time with all notices, orders and decisions regarding the Pledge that are required
by Pledgee.



 




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		6.4.	Pledgor hereby undertakes to comply with and perform all guarantees, covenants, agreements, representations
and conditions under this Agreement. In the event of failure or partial performance of its guarantees, covenants, agreements, representations
and conditions, Pledgor shall indemnify Pledgee for all losses resulting therefrom.



 


		6.5.	The Pledgors shall process the registration procedures with the AIC concerning the Pledge as soon
as practical after the execution of this Agreement.



 


		6.6.	Without notifying Pledgee in advance and obtaining Pledgee’s prior written consent, Pledgor
shall not transfer the Equity Interest and any action for the proposed transfer of the Equity Interest of Pledgor shall be invalid.
Any payment received by Pledgor for transfer of the Equity Interest shall be firstly used to repay the secured obligations to Pledgee
or be placed in escrow with a third party as agreed with Pledgee.



 


		7.	Event of Default



 


		7.1.	The following circumstances shall be deemed Event of Default:



 


		7.1.1.	Party C fails to fully and timely fulfill any liabilities under the Control Agreements, including
without limitation failure to pay in full any of the consulting and service fees payable under the Control Agreements or breaches
any other obligations of Party C thereunder;



 


		7.1.2.	Pledgor or Party C has committed a material breach of any provisions of this Agreement;



 


		7.1.3.	Except for the performance of the Share Disposal Agreement, Pledgor abandons, transfers or purports
to transfer the Equity Interest pledged without the written consent of Pledgee;



 


		7.1.4.	The successor or custodian of Party C is capable of only partially performing or refusing to perform
the payment obligations under the Control Agreements;



 


		7.1.5.	The occurrence of any adverse change to the assets or property of the Pledgor, which in Pledgee’s
determination, may impact the ability of the Pledgor to perform its obligations hereunder;and



 


		7.1.6.	The occurrence of any other circumstances under which the Pledgee is not or may not able to exercise
its rights hereunder in accordance with the applicable law.



 


		7.2.	Upon notice or discovery of the occurrence of any circumstances or event that may lead to the aforementioned
circumstances described in Section 7.1, Pledgor shall immediately notify Pledgee in writing accordingly.



 




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		7.3.	Unless an Event of Default set forth in this Section 7.1 has been successfully resolved to Pledgee's
satisfaction within twenty (20) days after the Pledgee delivers a notice to the Pledgor requesting ratification of such Event of
Default, Pledgee may issue a Notice of Default to Pledgor in writing at any time thereafter, demanding immediate disposal of the
Pledge in accordance with the provisions of Section 8 of this Agreement.



 


		8.	Exercise of Pledge



 


		8.1.	Prior to the full payment of the consulting and service fees described in the Control Agreements,
without the Pledgee's written consent, Pledgor shall not assign the Equity Interest in Party C.



 


		8.2.	Pledgee may issue a written notice to Pledgor when exercising the Pledge.



 


		8.3.	Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge
at any time after the issuance of the Notice of Default in accordance with Section 7.3. Once Pledgee elects to enforce the Pledge,
Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest.



 


		8.4.	In the Event of Default, Pledgee is entitled to dispose of the Equity Interest in accordance with
applicable PRC laws. Only to the extent permitted under applicable PRC laws, Pledgee has no obligation to account to Pledgor for
proceeds of disposition of the Equity Interest, and Pledgor hereby waives any rights it may have to demand any such accounting
from Pledgee.



 


		8.5.	When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and Party C shall
provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement.



 


		9.	Assignment



 


		9.1.	Without Pledgee's prior written consent, Pledgor shall not have the right to assign or delegate
its rights and obligations under this Agreement.



 


		9.2.	This Agreement shall be binding on Pledgor and its successors and permitted assigns, and shall
be valid with respect to Pledgee and each of its successors and assigns.



 


		9.3.	At any time, Pledgee may assign any and all of its rights and obligations under the Control Agreements
to its designee(s) (natural/legal persons), in which case the assignee shall have the rights and obligations of Pledgee under this
Agreement, as if it were the original party to this Agreement. When the Pledgee assigns the rights and obligations under the Control
Agreements, upon Pledgee's request, Pledgor shall execute relevant agreements and/or other documents relating to such assignment.



 




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		9.4.	In the event of a change in Pledgee due to an assignment, Pledgor shall, at the request of Pledgee,
execute a new pledge agreement with the new pledgee on the same terms and conditions as this Agreement, and register the same with
the relevant AIC.



 


		9.5.	Pledgor shall strictly abide by the provisions of this Agreement and other contracts jointly or
separately executed by the Parties hereto or any of them, including the Share Disposal Agreement and the Power of Attorney granted
to Pledgee, perform the obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness
and enforceability thereof. Any remaining rights of Pledgor with respect to the Equity Interest pledged hereunder shall not be
exercised by Pledgor except in accordance with the written instructions of Pledgee.



 


		10.	Termination



 


Upon the full payment of the consulting
and service fees under the Control Agreements and upon termination of Party C's obligations under the Control Agreements, this
Agreement shall be terminated, and Pledgee shall then terminate the equity pledge under this Agreement as soon as reasonably practicable.


 


		11.	Handling Fees and Other Expenses



 


All fees and out of pocket expenses
relating to this Agreement, including but not limited to legal costs, costs of production, stamp tax and any other taxes and fees,
shall be borne by Party C.


 


		12.	Confidentiality



 


The Parties acknowledge that the
existence and the terms of this Agreement and any oral or written information exchanged between the Parties in connection with
the preparation and performance this Agreement are regarded as confidential information. Each Party shall maintain confidentiality
of all such confidential information, and without obtaining the written consent of the other Party, it shall not disclose any relevant
confidential information to any third parties, except for the information that: (a) is or will be in the public domain (other than
through the receiving Party’s unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable
laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to
be disclosed by any Party to its shareholders, investors, legal counsels or financial advisors regarding the transaction contemplated
hereunder, provided that such shareholders, investors, legal counsels or financial advisors shall be bound by the confidentiality
obligations similar to those set forth in this Section. Disclosure of any confidential information by the staff members or agencies
hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable
for breach of this Agreement. This Section shall survive the termination of this Agreement for any reason.


 




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		13.	Governing Law and Resolution of Disputes



 


		13.1.	The execution, effectiveness, construction, performance, amendment and termination of this Agreement
and the resolution of disputes hereunder shall be governed by the laws of China.



 


		13.2.	In the event of any dispute with respect to the construction and performance of this Agreement,
the Parties shall first resolve the dispute through friendly negotiations. In the event the Parties fail to reach an agreement
on the dispute within 30 days after either Party's request to the other Parties for resolution of the dispute through negotiations,
either Party may submit the relevant dispute to the China International Economic and Trade Arbitration Commission Hubei Sub-Commission
for arbitration, in accordance with its Arbitration Rules. The arbitration shall be conducted in Wuhan City, Hubei Province, and
the language used in arbitration shall be Chinese. The arbitration award shall be final and binding on all Parties.



 


		13.3.	Upon the occurrence of any disputes arising from the construction and performance of this Agreement
or during the pending arbitration of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue
to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement.



 


		14.	Notices



 


		14.1.	All notices and other communications required or permitted to be given pursuant to this Agreement
shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission
to the address of such party set forth below. A confirmation copy of each notice shall also be sent by E-mail. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows:



 




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		14.1.1.	Notices given by personal delivery, by courier service or by registered mail, postage prepaid,
shall be deemed effectively given on the date of acceptance or refusal at the address specified for notices.



 


		14.1.2.	Notices given by facsimile transmission shall be deemed effectively given on the date of successful
transmission (as evidenced by an automatically generated confirmation of transmission).



 


		14.2.	For the purpose of notices, the addresses of the Parties are as follows:



 


	Party A:	Wuhan Shengshi Leju Management Co., Ltd.
	 	 
	Address:	Room 1, 15F, Building 6, Fanhai International Tower, Soho City, Central Business Area, Wang Jia Dun, Jianghan District, Wuhan
	 	 
	Attn:	ZHENG WEI
	 	 
	Phone:	027-83668638
	 	 
	Party B:	LI Jianbao
	 	 
	Address:	901, Unit 1, Tower 1, Lan Hai Yuan, Fan Hai Guo Ji, 88 Shangwuzhong Road, Jianghan District, Wuhan, China
	 	 
	Phone:	15623326666
	 	 
	Party C:	Shengshi Leju (Wuhan) Technology Holdings Co. Ltd.
	 	 
	Address:	No.1, 23F, Building 4, Fanhai International Tower, Soho City, Central Business Area, Jianghan District, Wuhan
	 	 
	Attn:	ZHENG, Wei
	 	 
	Phone:	027-83668638


 


		14.3.	If any Party change its address for notices or its contact person, a notice shall be delivered
to the other Parties in accordance with the terms hereof.



 




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		15.	Severability



 


In the event that one or several
of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws
or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or
compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions
with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic
effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable
provisions.


 


		16.	Attachments



 


The attachments set forth herein
shall be an integral part of this Agreement.


 


		17.	Effectiveness



 


		17.1.	This Agreement shall become effective when the Parties have duly executed this Agreement.



 


		17.2.	Any amendments, changes and supplements to this Agreement shall be in writing and shall become
effective after the affixation of the signatures or seals of the Parties.



 


		17.3.	This Agreement is written in Chinese and English in three copies. Pledgor, Pledgee and Party C
shall hold one copy respectively. Each copy of this Agreement shall have equal validity. In case there is any conflict between
the Chinese version and the English version, the Chinese version shall prevail.



 


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IN WITNESS WHEREOF,
the Parties have caused their authorized representatives to execute this Equity Pledge Agreement as of the date first above written.


 


	Party A:	Wuhan Shengshi Leju Management Co., Ltd.&
	 	 
	By:	/s/ ZHENG Wei	 
	Name:	ZHENG Wei
	Title:	Legal Representative
	 	 
	Party B:	LI Jianbao
	 	 
	By:	/s/ LI Jianbao	 
	 	 
	Party C:	Shengshi Leju (Wuhan) Technology Holdings Co. Ltd.
	 	 
	By:	/s/ ZHENG Wei	 
	Name:	ZHENG Wei
	Title:	Legal Representative


 




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Attachments:


 


		1.	Shareholders' register of Shengshi Leju (Wuhan) Technology Holdings Co. Ltd.;



 


		2.	The Capital Contribution Certificate for Shengshi Leju (Wuhan) Technology Holdings Co. Ltd.;



 


		3.	Technical Consultation and Service Agreement



 


		4.	Business Cooperation Agreement



 




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